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Stock-based Compensation (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2024
Weighted-Average Fair Value of Options Granted | ​
​ | ​ | ​ | ​ | ​
​ |  | 2024 | ​ | 2023
Expected term |  | 6.25 years | ​ | 6.25 years
Expected volatility |  | 101.79% | ​ | 81.26%
Risk-free interest rate |  | 4.17% | ​ | 3.54%
Expected dividend yield |  | 0% | ​ | 0%
Stock-Based Compensation Expense | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended June 30, | ​ | Six Months Ended June 30, | ​
​ |  | 2024 | ​ | 2023 |  | 2024 | ​ | 2023 |
Research and development expense | ​ | $ | 335,445 | ​ | $ | 229,422 | ​ | $ | 683,687 | ​ | $ | 467,353 | ​
General and administrative expense | ​ |  | 871,877 | ​ |  | 628,666 | ​ |  | 1,715,715 | ​ |  | 1,260,915 | ​
Total stock-based compensation expense | ​ | $ | 1,207,322 | ​ | $ | 858,088 | ​ | $ | 2,399,402 | ​ | $ | 1,728,268 | ​
​
2013 Equity Incentive 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 | ​ | 8,273,800 | ​ | $ | 5.29 | ​ | 6.3 | ​ | ​ | ​
Options granted | ​ | 5,756,875 | ​ | ​ | 1.85 | ​ | ​ | ​ | ​ | ​
Options exercised | ​ | (3,250) | ​ | ​ | 1.66 | ​ | ​ | ​ | ​ | ​
Options forfeited | ​ | (747,095) | ​ | ​ | 7.39 | ​ | ​ | ​ | ​ | ​
Outstanding as of June 30, 2024 | ​ | 13,280,330 | ​ | ​ | 3.68 | ​ | 7.7 | ​ | $ | 50
Vested or expected to vest as of June 30, 2024 | ​ | 10,771,055 | ​ | ​ | 4.47 | ​ | 7.2 | ​ | ​ | —
Exercisable as of June 30, 2024 | ​ | 5,572,477 | ​ | ​ | 6.11 | ​ | 4.9 | ​ | ​ | —
Summary of RSU Activity | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | 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 | ​
Forfeited | ​ | (9,581) | ​ | ​ | 3.81 | ​
Unvested at June 30, 2024 | ​ | 48,995 | ​ |  | 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 | ​ | ​ | ​ | ​ | ​
Options forfeited | ​ | (1,850) | ​ | ​ | 3.85 | ​ | ​ | ​ | ​ | ​
Outstanding as of June 30, 2024 | ​ | 2,718,550 | ​ | ​ | 2.02 | ​ | 7.5 | ​ | $ | —
Vested or expected to vest as of June 30, 2024 | ​ | 2,134,350 | ​ | ​ | 2.04 | ​ | 7.6 | ​ | ​ | —
Exercisable as of June 30, 2024 | ​ | 1,177,896 | ​ | ​ | 1.98 | ​ | 7.2 | ​ | ​ | —

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