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Stock-based Compensation (Tables)

6 Months Ended

Jun. 30, 2024

Weighted-Average Fair Value of Options Granted

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​	​	​	​	​
​		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

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Three Months Ended June 30,

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Six Months Ended June 30,

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2024

​

2023

2024

​

2023

Research and development expense

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$

335,445

​

$

229,422

​

$

683,687

​

$

467,353

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General and administrative expense

​

871,877

​

628,666

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1,715,715

​

1,260,915

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Total stock-based compensation expense

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$

1,207,322

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$

858,088

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$

2,399,402

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$

1,728,268

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​

2013 Equity Incentive Plan

Company's Stock Option Activity

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​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	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

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​	​	​	​	​	​	​
​		​	​	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

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​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	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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- Definition

Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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