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Stock-based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Weighted-average fair value of options granted under all equity incentive plans

​

​	​	​	​	​
​		2024	​	2023
Expected term		6.25 years	​	6.25 years
Expected volatility		101.79%	​	78.36%
Risk-free interest rate		4.17%	​	3.60%
Expected dividend yield		0%	​	0%

Stock-Based Compensation Expense

​

​	​	​	​	​	​	​	​	​
​	​	​	​		​	​		​
​			2024			2023
Research and development expense	​	​	$	1,271,655	​	$	909,981	​
General and administrative expense	​	​		3,425,891	​		2,614,495	​
Total stock-based compensation expense	​	​	$	4,697,546	​	$	3,524,476	​

​

2013 Equity Incentive Plan

Company's Stock Option Activity

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	WEIGHTED-	​	AGGREGATE
​		​	​	WEIGHTED-		​	AVERAGE	​	INTRINSIC
​		​	​	AVERAGE		​	REMAINING	​	VALUE
​		OUTSTANDING	​	EXERCISE		​	CONTRACTUAL	​	(IN
​		OPTIONS		PRICE			TERM (YEARS)		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	​	(1,722,543)	​	​	6.58	​	​	​	​	​
Outstanding as of December 31, 2024	​	12,304,882	​	​	3.50	​	7.4	​	$	—
Vested or expected to vest as of December 31, 2024	​	6,561,952	​	​	5.06	​	6.0	​	​	—
Exercisable as of December 31, 2024	​	6,024,978	​	​	5.33	​	5.7	​	​	—

Summary of RSU Activity

The following is a summary of RSU activity for the 2013 Plan for the year ended December 31, 2024:

​

​	​	​	​	​	​	​
​		​	​	Weighted-Average
​	​	Number of Shares	​	Grant Date
​	​	Underlying RSUs		Fair Value
Unvested at December 31, 2023	​	117,157	​	$	3.81	​
Forfeited	​	(58,581)	​		3.81	​
Vested	​	(10,443)	​		3.81	​
Unvested at December 31, 2024	​	48,133	​		3.81	​

Inducement Plan

Company's Stock Option Activity

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	WEIGHTED-	​	AGGREGATE
​		​	​	WEIGHTED-		​	AVERAGE	​	INTRINSIC
​		​	​	AVERAGE		​	REMAINING	​	VALUE
​		OUTSTANDING	​	EXERCISE		​	CONTRACTUAL	​	(IN
​		OPTIONS		PRICE			TERM (YEARS)		THOUSANDS)
Outstanding as of December 31, 2023	​	2,590,400	​	$	1.97	​	8.0	​	​	​
Options granted	​	130,000	​	​	3.20	​	​	​	​	​
Options forfeited	​	(29,600)	​	​	3.85	​	​	​	​	​
Outstanding as of December 31, 2024	​	2,690,800	​	​	2.01	​	7.1	​	$	—
Vested or expected to vest as of December 31, 2024	​	1,610,833	​	​	1.96	​	6.9	​	​	—
Exercisable as of December 31, 2024	​	1,452,908	​	​	1.95	​	7.0	​	​	—

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