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Stock-based Compensation (Tables)

3 Months Ended

Mar. 31, 2024

Weighted-Average Fair Value of Options Granted

​

​	​	​	​	​
​		2024	​	2023
Expected term		6.25 years	​	6.25 years
Expected volatility		90.37%	​	79.56%
Risk-free interest rate		3.89%	​	3.52%
Expected dividend yield		0%	​	0%

Stock-Based Compensation Expense

​

​	​	​	​	​	​	​
​	​	Three Months Ended March 31,
​		2024		​	2023
Research and development expense	​	$	348,242	​	$	237,931
General and administrative expense	​		843,838	​		632,249
Total stock-based compensation expense	​	$	1,192,080	​	$	870,180

​

2013 Equity Incentive Plan

Company's Stock Option Activity

A summary of the Company’s stock option activity under the 2013 Plan for the three months ended March 31, 2024 is as follows:

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	WEIGHTED-	​	​	​
​		​	​	WEIGHTED-		​	AVERAGE	​	​	AGGEGATE
​		​	​	AVERAGE		​	REMAINING	​	​	INTRINSIC
​		OUTSTANDING	​	EXERCISE		​	CONTRACTUAL	​	​	VALUE
​		OPTIONS		PRICE			TERM (YEARS)		​	(IN THOUSANDS)
Outstanding as of December 31, 2023	​	8,273,800	​	$	5.29	​	6.3	​	​	​
Options granted	​	3,094,500	​	​	3.10	​	​	​	​	​
Options exercised	​	(2,800)	​	​	1.75	​	​	​	​	​
Options forfeited	​	(597,642)	​	​	8.21	​	​	​	​	​
Outstanding as of March 31, 2024	​	10,767,858	​	​	4.50	​	7.5	​	$	4,028
Vested or expected to vest as of March 31, 2024	​	10,615,958	​	​	4.55	​	7.6	​	​	3,756
Exercisable as of March 31, 2024	​	5,118,477	​	​	6.52	​	5.3	​	​	1,758

Summary of RSU Activity

​

The following is a summary of RSU activity under the 2013 Plan for the three months ended March 31, 2024:

​

​	​	​	​	​	​	​
​		​	​	Weighted-Average
​	​	Number of Shares	​	Grant Date
​	​	Underlying RSUs		Fair Value
Unvested at December 31, 2023	​	117,157	​	$	3.81	​
Vested	​	(58,581)	​		3.81	​
Unvested at March 31, 2024	​	58,576	​		3.81	​

Inducement Plan

Company's Stock Option Activity

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	WEIGHTED-	​	​
​		​	​	WEIGHTED-		​	AVERAGE	​	​	AGGEGATE
​		​	​	AVERAGE		​	REMAINING	​	​	INTRINSIC
​		OUTSTANDING	​	EXERCISE		​	CONTRACTUAL	​	​	VALUE
​		OPTIONS		PRICE			TERM (YEARS)		​	(IN THOUSANDS)
Outstanding as of December 31, 2023	​	2,590,400	​	$	1.97	​	8.0	​	​	​
Options granted	​	130,000	​	​	3.20	​	​	​	​	​
Outstanding as of March 31, 2024	​	2,720,400	​	​	2.03	​	7.8	​	$	2,784
Vested or expected to vest as of March 31, 2024	​	2,136,200	​	​	2.04	​	7.9	​	​	2,184
Exercisable as of March 31, 2024	​	1,060,375	​	​	1.98	​	7.5	​	​	1,135

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