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Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2024

Stock-Based Compensation

Schedule of stock-based compensation expense

Stock-based compensation expense in the statements of operations, including the fair value of stock awards to consultants and advisors for services rendered, for the years ended December 31, 2024 and 2023 was as follows:

​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31,
​		2024			2023
General and administrative	​	$	2,510,444	​	$	2,414,867
Research and development	​		1,326,326	​	​	2,213,539
​	​	$	3,836,770	​	$	4,628,406

Schedule of stock option activity

The following table summarizes the Company’s stock option activity:

​

​	​	​	​	​	​	​	​	​	​	​
​		​		​	​		Weighted	​	​	​
​	​	​	​	​	​	​	Average	​	​	​
​	​	​	​	​	​	​	Remaining	​	Aggregate
​	​	​	​	Weighted		​	Contractual	​	Intrinsic
​	​	Number of	​	Average		​	Term	​	Value
​	​	Shares	​	Exercise Price		​	(Years)		(In Thousands)
Outstanding at December 31, 2023		1,954,774	​	$	13.41	​	6.1	​	$	17,863
Granted	​	870,494	​	​	6.01	​	​	​	​	—
Exercised	​	(300,000)	​	​	3.13	​	​	​	​	570
Forfeited	​	(189,248)	​	​	20.61	​	​	​	​	—
Outstanding at December 31, 2024		2,336,020	​	$	11.39	​	7.3	​	$	1,298
Exercisable at December 31, 2024	​	1,824,122	​	$	12.80	​	6.8	​	$	1,298

​

Schedule of weighted average assumptions used to determine fair value of options

​

​	​	​	​	​	​
​		Year Ended		Year Ended
​	​	December 31, 2024		December 31, 2023
Weighted average risk-free interest rate		4.18	%	4.17	%
Weighted average expected option term (years)		5.3	​	5.5	​
Weighted average expected volatility		123	%	120	%
Expected dividend yield		—	​	—	​

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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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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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