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Stock-Based Compensation | 9 Months Ended
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Sep. 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 September 30, 2025, 0.2 million shares were available for future grants under the Plan. Stock-based compensation expense reflected in the statement of operations was as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ | ​ | September 30, | ​ | September 30,
​ |  | 2025 |  | 2024 | ​ | 2025 |  | 2024
General and administrative | ​ | $ | 232,852 | ​ | $ | 203,785 | ​ | $ | 770,185 | ​ | $ | 1,437,305
Research and development | ​ |  | 211,795 | ​ | ​ | 189,295 | ​ |  | 670,967 | ​ | ​ | 917,052
​ | ​ | $ | 444,647 | ​ | $ | 393,080 | ​ | $ | 1,441,152 | ​ | $ | 2,354,357
​ Stock Options to Purchase Common Stock The following table summarizes stock option activity:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted |  | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | Remaining | ​ | Aggregate
​ | ​ | ​ | ​ | Weighted | ​ | Contractual | ​ | Intrinsic
​ | ​ | Number of | ​ | Average | ​ | Life | ​ | Value
​ | ​ | Options | ​ | Exercise Price | ​ | (Years) | ​ | (Thousands)
Options outstanding at December 31, 2024 |  | 2,336,020 | ​ | $ | 11.39 | ​ | 7.3 | ​ | $ 1,298
Options granted | ​ | 220,000 | ​ | $ | 2.09 | ​ | — | ​ | —
Options expired | ​ | (92,562) | ​ | $ | 10.12 | ​ | — | ​ | —
Options outstanding at September 30, 2025 |  | 2,463,458 | ​ | $ | 10.61 | ​ | 7.0 |  | $ 245
Options exercisable at September 30, 2025 | ​ | 1,994,267 | ​ | $ | 12.08 | ​ | 6.6 |  | $ 238
​ The weighted-average grant date fair value of stock options granted was $1.80 and $1.76, respectively, during the three and nine months ended September 30, 2025. The weighted-average grant date fair value of stock options granted was $4.47 and $5.04, respectively, during the three and nine months ended September 30, 2024. During the three and nine months ended September 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 nine months ended September 30, 2025 was $4.89 per share.

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