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Stock-Based Compensation
 6 Months Ended
Jun. 30, 2025
Stock-Based Compensation  
Stock-Based Compensation

(8) Stock-Based Compensation

The Company’s 2019 Equity Incentive Plan (the “2019 Plan”) became effective on January 31, 2020, succeeding the Company’s previous equity incentive plan. No new options may be issued under the previous plan, although shares subject to grants which are cancelled or forfeited will again be available under the 2019 Plan.

Effective June 1, 2021, the 2019 Plan was amended to increase the number of shares authorized to be issued from 1.0 million to 2.0 million. Effective June 12, 2024, the 2019 Plan was amended to increase the number of shares authorized from 2.0 million to 3.0 million. As of June 30, 2025, 0.4 million shares were available for future grants under the Plan.

Stock-based compensation expense reflected in the statement of operations was as follows:

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Three Months Ended

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Six Months Ended

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June 30, 

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June 30, 

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2025

    

2024

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2025

    

2024

General and administrative

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$

270,395

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$

997,779

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$

537,333

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$

1,233,519

Research and development

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226,223

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​

598,733

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459,172

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​

727,758

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$

496,618

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$

1,596,512

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$

996,505

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$

1,961,277

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Stock Options to Purchase Common Stock

The following table summarizes stock option activity:

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Weighted

    

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Average

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Remaining

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Aggregate

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Weighted

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Contractual

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Intrinsic

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Number of

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Average

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Life

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Value

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Options

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Exercise Price

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(Years)

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(Thousands)

Options outstanding at December 31, 2024

 

2,336,020

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$

11.39

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7.3

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$ 1,298

Options granted

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20,000

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$

1.64

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—

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—

Options expired

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(92,562)

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$

10.12

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—

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—

Options outstanding at June 30, 2025

 

2,263,458

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$

11.36

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7.0

 

$ 274

Options exercisable at June 30, 2025

​

1,912,281

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$

12.34

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6.8

 

$ 264

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The weighted-average grant date fair value of stock options granted was $1.39 during the three and six months ended June 30, 2025. The weighted-average grant date fair value of stock options granted was $5.12 during the three and six months ended June 30, 2024.

During the three and six months ended June 30, 2025, the Company granted 0 and 25,000 shares of restricted stock, respectively. The weighted-average grant date fair value of the restricted stock issued by the Company during the six months ended June 30, 2025 was $4.89 per share.