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Equity Incentive Plans (Tables)

3 Months Ended

Mar. 31, 2024

Equity Incentive Plan

Summary of the Company's stock option activity

​

​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​
​	​	​	​	​	Weighted Average	​	​	​
​	​	​	​	​	Grant Date	​	​	Weighted Average
​		Shares		​	Fair Value		​	Exercise Price
Options outstanding as of December 31, 2023		2,574,299	​	$	3.06	​	$	4.52
Options granted		1,097,500		​	2.74	​	​	4.31
Options exercised		(15,983)		​	2.62	​	​	3.61
Options cancelled/forfeited		(125,000)		​	3.47	​	​	4.77
Options outstanding as of March 31, 2024		3,530,816		$	2.95	​	$	4.45

Schedule of assumptions to determine grant-date fair value of stock options granted during the period

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​	​	​	​	​	​
​	​	Three Months Ended March 31,			​
​	​	2024	​	2023	​
Grant date fair value	$	2.74	$	3.46	​
Volatility		67	%	77	%
Expected term (years)		5.96	​	6.93	​
Risk-free interest rate		4.27	%	3.38	%
Expected dividend yield		—	​	—	​

Schedule of stock-based compensation expense recognized for stock options granted to employees and non-employees

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​	​	​	​	​	​
​	​	Three Months Ended March 31			​
​		2024		2023
Research and development		182,237		166,869
General and administrative		8,187		398,563
Total stock-based compensation	$	190,424	$	565,432	​

Schedule of unvested restricted stock units

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​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	​	​	​	​	Weighted Average
​	​	​	​	​	​	Grant Date Fair
​		​	Number of Shares	​	​	Value per Share
Outstanding as of December 31, 2023	​	​	493,799	​	$	2.54
Granted	​	​	25,000	​	​	4.37
Vested	​	​	(31,125)	​	​	4.19
Cancelled/forfeited	​	​	(118,764)	​	​	4.49
Outstanding as of March 31, 2024	​	​	368,910	​	$	1.90
Total unrecognized expense remaining	​	$	689,297	​	​	​
Years expected to be recognized over	​	​	3.00	​	​	​

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Tabular disclosure of the change in restricted stock units (RSUs).

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