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Stockholders' Equity

3 Months Ended

Mar. 31, 2024

Stockholders' Equity

Stockholders' Equity

Note 9 – Stockholders’ Equity

At-The-Market Offering

During the three months ended March 31, 2024, the Company received approximately $3.2 million in net proceeds from the sale of 1,833,323 shares of its common stock pursuant to a sales agreement (the “Sales Agreement”) with Leerink Partners, LLC, formerly known as SVB Securities LLC (“Leerink Partners”) in an ”at-the-market” offering.

Stock-Based Compensation Expense

The Company records stock-based compensation expense related to stock options and restricted stock units (“RSUs”). For the three months ended March 31, 2024 and 2023, the Company recorded stock-based compensation expense of $546,232 ($206,586 which was included within research and development expenses and $339,646 was included within general and administrative expenses on the statements of operations) and $819,064 ($375,130 of which was included within research and development expenses and $443,934 was included within general and administrative expenses on the statements of operations), respectively.

Restricted Stock Units

A summary of the restricted stock units (“RSUs”) activity during the three months ended March 31, 2024 is presented below:

​

​	​	​	​	​	​
​	​	​	​	Weighted
​	​	​	​	Average
​	​	Number of	​	Exercise
​		RSUs		Price
RSUs non-vested January 1, 2024		106,019	​	$	2.12
Granted		—	​		—
Vested		—	​		—
Forfeited		—	​		—
RSUs non-vested March 31, 2024		106,019	​	$	2.12
​	​	​	​	​	​
Vested RSUs undelivered March 31, 2024		135,745	​	$	2.22

​

To date, RSUs have only been granted to directors in accordance with the Company’s Amended and Restated 2018 Omnibus Stock Incentive Plan. The Company’s policy is not to deliver shares underlying the RSUs until the termination of service.

As of March 31, 2024, there was $63,095 of unrecognized stock-based compensation expense related to RSUs which will be recognized over a weighted average period of 0.3 years.

Stock Options

A summary of the option activity during the three months ended March 31, 2024 is presented below:

​

​	​	​	​	​	​	​	​	​	​	​
​				​			Weighted		​
​	​	​		Weighted			Average	​	​	​
​	​	​		Average			Remaining		Aggregate
​		Number of		Exercise			Life		Intrinsic
​		Options		Price			In Years		Value
Outstanding, January 1, 2024		5,306,377	​	$	3.31				​
Granted		863,000	​		1.88				​
Exercised		—	​		—				​
Forfeited		(146,500)	​	​	1.27		​	​	​	​
Outstanding, March 31, 2024	​	6,022,877	​	$	3.19	​	6.9	​	$	—
​	​	​	​	​	​	​	​	​	​	​
Exercisable, March 31, 2024		4,147,529	​	$	3.63		5.8	​	$	—

​

The following table presents information related to stock options as of March 31, 2024:

​

​	​	​	​	​	​	​	​
Options Outstanding					Options Exercisable
​	​	​	​		Weighted	​	​
​	​		Outstanding		Average		Exercisable
Exercise			Number of		Remaining Life		Number of
Price			Options		In Years		Options
​	$1.00 - $1.99		2,299,482	​	4.5		1,049,492
​	$2.00 - $2.99		1,446,663	​	6.6		995,502
​	$3.00 - $3.99		898,528	​	6.3		781,568
​	$4.00 - $4.99		333,000	​	7.4		275,930
​	$5.00 - $5.99		50,805	​	3.5		50,638
​	$6.00 - $6.99		843,759	​	5.9		843,759
​	$7.00+		150,640	​	4.0		150,640
​	​	​	6,022,877	​	5.8	​	4,147,529

​

In applying the Black-Scholes option pricing model to stock options granted, the Company used the following approximate assumptions:
​

​

​	​	​	​	​
​	​	For the Three Months Ended
​	​	March 31,
​		2024		2023
Expected term (years)	​	5.85 - 10.00		5.85 - 10.00
Risk free interest rate	​	4.04% - 4.24%	​	3.60% - 4.18%
Expected volatility	​	80% - 82%	​	82% - 83%
Expected dividends	​	0.00%	​	0.00%

​

As of March 31, 2024, there was $2,407,571 of unrecognized stock-based compensation expense related to stock options which will be recognized over a weighted average period of 2.1 years.

The weighted average estimated grant date fair value of the stock options granted for the three months ended March 31, 2024 and 2023 was approximately $1.33 and $1.61 per share, respectively.

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