GlycoMimetics (GLYC) 10-K 2 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2020	Feb. 26, 2021	Jun. 30, 2020
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2020
Entity File Number	001-36177
Entity Registrant Name	GlycoMimetics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1686563
Entity Address, Address Line One	9708 Medical Center Drive
Entity Address, City or Town	Rockville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	240
Local Phone Number	243-1201
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	GLYC
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Entity Public Float			$ 137.8
Entity Common Stock, Shares Outstanding		51,493,571
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	FY
Entity Central Index Key	0001253689
Current Fiscal Year End Date	--12-31
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 137,035,017	$ 158,201,441
Prepaid expenses and other current assets	1,238,328	4,326,322
Total current assets	138,273,345	162,527,763
Property and equipment, net	620,673	822,920
Prepaid research and development expenses	1,560,607	1,560,607
Deposits	52,320	52,320
Operating lease right-of-use asset	2,325,224	3,006,069
Total assets	142,832,169	167,969,679
Current liabilities:
Accounts payable	2,089,939	1,435,660
Accrued expenses	9,439,881	8,710,790
Operating lease liabilities	898,549	804,126
Total current liabilities	12,428,369	10,950,576
Noncurrent accrued expenses	264,329
Noncurrent operating lease liabilities	1,920,015	2,818,516
Total liabilities	14,612,713	13,769,092
Stockholders' equity:
Preferred stock; $0.001 par value; 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2020 and December 31, 2019
Common stock; $0.001 par value; 100,000,000 shares authorized; 49,017,622 shares issued and outstanding at December 31, 2020; 43,466,933 shares issued and outstanding at December 31, 2019	49,018	43,465
Additional paid-in capital	437,639,991	412,599,772
Accumulated deficit	(309,469,553)	(258,442,650)
Total stockholders' equity	128,219,456	154,200,587
Total liabilities and stockholders' equity	$ 142,832,169	$ 167,969,679

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Balance Sheets
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	49,017,622	43,466,933
Common stock, shares outstanding	49,017,622	43,466,933

Statements of Operations and Co

Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Statements of Operations and Comprehensive Loss
Revenue	$ 10,162,935
Costs and expenses:
Research and development expense	44,929,198	$ 47,029,264	$ 40,091,773
General and administrative expense	16,743,127	14,360,038	11,413,050
Total costs and expenses	61,672,325	61,389,302	51,504,823
Loss from operations	(51,509,390)	(61,389,302)	(51,504,823)
Interest income	482,487	3,497,391	3,231,190
Net loss and comprehensive loss	$ (51,026,903)	$ (57,891,911)	$ (48,273,633)
Basic and diluted net loss per common share (in dollars per share)	$ (1.12)	$ (1.34)	$ (1.18)
Basic and diluted weighted-average number of common shares (in shares)	45,721,139	43,254,782	41,044,621

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Balance at Dec. 31, 2017	$ 34,358	$ 271,944,173	$ (152,277,106)	$ 119,701,425
Balance, shares at Dec. 31, 2017	34,359,799
Issuance of common stock, net of issuance costs	$ 8,050	128,417,030		128,425,080
Issuance of common stock, net of issuance costs, shares	8,050,000
Exercise of options and warrants and vesting of restricted stock units	$ 751	1,023,774		1,024,525
Exercise of options and warrants and vesting of restricted stock units, shares	750,952
Stock-based compensation		4,587,098		4,587,098
Net loss			(48,273,633)	(48,273,633)
Balance at Dec. 31, 2018	$ 43,159	405,972,075	(200,550,739)	205,464,495
Balance, shares at Dec. 31, 2018	43,160,751
Exercise of options and vesting of restricted stock units	$ 306	412,607		412,913
Exercise of options and vesting of restricted stock units, shares	306,182
Stock-based compensation		6,215,090		6,215,090
Net loss			(57,891,911)	(57,891,911)
Balance at Dec. 31, 2019	$ 43,465	412,599,772	(258,442,650)	154,200,587
Balance, shares at Dec. 31, 2019	43,466,933
Issuance of common stock, net of issuance costs	$ 5,163	17,819,554		17,824,717
Issuance of common stock, net of issuance costs, shares	5,161,502
Exercise of options and vesting of restricted stock units	$ 390	318,907		319,297
Exercise of options and vesting of restricted stock units, shares	389,187
Stock-based compensation		6,901,758		6,901,758
Net loss			(51,026,903)	(51,026,903)
Balance at Dec. 31, 2020	$ 49,018	$ 437,639,991	$ (309,469,553)	$ 128,219,456
Balance, shares at Dec. 31, 2020	49,017,622

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating activities
Net loss	$ (51,026,903)	$ (57,891,911)	$ (48,273,633)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	270,754	279,234	275,123
Loss on disposal of property and equipment			168
Non-cash lease expense	680,845	620,068
Stock-based compensation expense	6,901,758	6,215,090	4,587,098
Changes in assets and liabilities:
Prepaid expenses and other current assets	3,087,994	(2,059,260)	943,360
Prepaid research and development expenses			(1,356,243)
Accounts payable	654,279	(1,227,919)	16,488
Accrued expenses	729,091	2,709,986	551,146
Noncurrent accrued expenses	264,329
Deferred rent			(74,637)
Operating lease liabilities	(804,078)	(629,427)
Net cash used in operating activities	(39,241,931)	(51,984,139)	(43,331,130)
Investing activities
Purchases of property and equipment	(68,507)	(144,928)	(125,618)
Net cash used in investing activities	(68,507)	(144,928)	(125,618)
Financing activities
Proceeds from issuance of common stock, net of issuance costs	17,824,717		128,425,080
Proceeds from exercise of stock options	319,297	412,913	1,024,525
Net cash provided by financing activities	18,144,014	412,913	129,449,605
Net change in cash and cash equivalents	(21,166,424)	(51,716,154)	85,992,857
Cash and cash equivalents, beginning of period	158,201,441	209,917,595	123,924,738
Cash and cash equivalents, end of period	$ 137,035,017	$ 158,201,441	$ 209,917,595

Description of the Business

Description of the Business	12 Months Ended
	Dec. 31, 2020
Description of the Business
Description of the Business	1. Description of the Business GlycoMimetics, Inc. (the Company), a Delaware corporation headquartered in Rockville, Maryland, was incorporated in 2003. The company is a clinical stage biotechnology company focused on the discovery and development of novel glycomimetic drugs to address unmet medical needs resulting from diseases in which carbohydrate biology plays a key role. Glycomimetics are molecules that mimic the structure of carbohydrates involved in important biological processes. Using its expertise in carbohydrate chemistry and knowledge of carbohydrate biology, the Company is developing a pipeline of proprietary glycomimetics that inhibit disease-related functions of carbohydrates, such as the roles they play in inflammation, cancer and infection. The Company’s executive personnel have devoted substantially all of their time to date to the planning and organization of the Company, the process of hiring scientists, initiating research and development programs and securing adequate capital for anticipated growth and operations. The Company has not commercialized any of its drug candidates and planned commercial operations have not commenced. The Company has incurred significant losses in the development of its drug candidates. The Company has not generated revenues from product sales. As a result, the Company has consistently reported negative cash flows from operating activities and net losses, had an accumulated deficit of $309.5 million at December 31, 2020 and expects to continue incurring losses for the foreseeable future.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Accounting The accompanying financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles (GAAP). Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one segment, which is the identification and development of glycomimetic compounds. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material. Cash and Cash Equivalents Cash and cash equivalents consist of investment in money market funds with commercial banks and financial institutions. The Company considers all investments in highly liquid financial instruments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at amortized cost, plus accrued interest, which approximates fair value. Fair Value Measurements The Company’s financial instruments include cash and cash equivalents. The fair values of the financial instruments approximated their carrying values at December 31, 2020 and 2019, due to their short-term maturities. The Company accounts for recurring and nonrecurring fair value measurements in accordance with ASC 820, Fair Value Measurements reliability of inputs, or assumptions, used in the determination of fair value, and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories: ● Level 1—Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. ● Level 2—Fair value is determined by using inputs, other than Level 1 quoted prices, that are directly and indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models that can be corroborated by observable market data. ● Level 3—Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity. In instances where the determination of the fair value measurement is based on inputs from different levels of fair value hierarchy, the fair value measurement will fall within the lowest level input that is significant to the fair value measurement in its entirety. The Company periodically evaluates financial assets and liabilities subject to fair value measurements to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC 820 hierarchy. The Company had no assets or liabilities that were measured using quoted prices for similar assets and liabilities or significant unobservable inputs (Level 2 and Level 3 assets and liabilities, respectively) either on a recurring or non-recurring basis as of December 31, 2020 and 2019. The carrying value of cash held in money market funds of approximately $135.0 million and $156.2 million as of December 31, 2020 and 2019, respectively, is included in cash and cash equivalents and approximates market values based on quoted market prices (Level 1 inputs). Concentration of Credit Risk Credit risk represents the risk that the Company would incur a loss if counterparties failed to perform pursuant to the terms of their agreements. Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Cash and cash equivalents consist of investment in money market funds with major financial institutions in the United States. These deposits and funds may be redeemed upon demand and, therefore, bear minimal risk. The Company does not anticipate any losses on such balances. Property and Equipment Property and equipment are recorded at cost and depreciated on a straight-line basis over estimated useful lives ranging from three seven years ​ ​ ​ ​ ​ ESTIMATED USEFUL LIVES Furniture and fixtures ​ 7 years Laboratory equipment ​ 5 years Office equipment ​ 5 years Computer equipment ​ 5 years Computer software ​ 3 years Leasehold improvements ​ Shorter of lease term or useful life ​ Impairment of Long-Lived Assets The Company periodically assesses the recoverability of the carrying value of its long-lived assets in accordance with the provisions of ASC 360, Property, Plant, and Equipment carrying value exceeds the sum of undiscounted cash flows, the Company then determines the fair value of the underlying asset. Any impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. As of December 31, 2020 and 2019, the Company determined that there were no impaired assets and it had no assets held for sale. Revenue Recognition The Company applies Accounting Standards Codification, or ASC, Topic 606, Revenue from Contracts with Customers The Company enters into licensing agreements which are within the scope of Topic 606, under which it licenses certain of its drug candidates’ rights to third parties. The terms of these arrangements typically include payment of one or more of the following: non-refundable, up-front license fees; development, regulatory and commercial milestone payments; and royalties on net sales of the licensed product, if and when earned. See Note 10 for additional information regarding a license agreement entered into during the year ended December 31, 2020. In determining the appropriate amount of revenue to be recognized as it fulfills its obligation under each of its agreements, the Company performs the five steps under Topic 606 described above. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement of personnel costs, discount rates and probabilities of technical and regulatory success. Licensing of Intellectual Property: Milestone Payments Royalties Manufacturing and Supply: Research and Development Costs Except for payments made in advance of services, research and development costs are expensed as incurred. For payments made in advance, the Company recognizes research and development expense as the services are rendered. Research and development costs primarily consist of salaries and related expenses for personnel, laboratory supplies and raw materials, sponsored research, depreciation of laboratory facilities and leasehold improvements, and utilities costs related to research space. Other research and development expenses include fees paid to consultants and outside service providers including clinical research organizations and clinical manufacturing organizations. Accruals for Clinical Trial Expenses Clinical trial costs primarily consist of expenses incurred under agreements with contract research organizations (CROs), investigative sites, laboratory testing expenses, data management and consultants that conduct the Company's clinical trials. Clinical trial expenses are a significant component of research and development expenses, and the Company outsources a significant portion of these clinical trial activities to third parties. The accrual for site and patient costs includes inputs such as estimates of patient enrollment, patient cycles incurred, clinical site activations, estimated project duration and other pass-through costs. These inputs are required to be estimated due to a lag in receiving the actual clinical information from third parties. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected on the balance sheets as a prepaid asset or accrued expenses. These third-party agreements are generally cancellable, and related costs are recorded as research and development expenses as incurred. Except for payments made in advance of services, clinical trial costs are expensed as incurred. Non-refundable advance clinical payments for goods or services that will be used or rendered for future research and development activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed. When evaluating the adequacy of the accrued expenses, management assessments include: (i) an evaluation by the project manager of the work that has been completed during the period; (ii) measurement of progress prepared internally and/or provided by the third-party service provider; (iii) analyses of data that justify the progress; and (iv) the Company’s judgment. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made. The Company’s historical clinical accrual estimates have not been materially different from the actual costs. Clinical trial accruals that are due longer than one year are classified as noncurrent accrued expenses. Stock-Based Compensation Stock-based payments are accounted for in accordance with the provisions of ASC 718, Compensation—Stock Compensation The Company has elected to use the Black-Scholes-Merton option pricing model to value any options granted. The Company will reconsider use of the Black-Scholes-Merton model if additional information becomes available in the future that indicates another model would be more appropriate or if grants issued in future periods have characteristics that prevent their value from being reasonably estimated using this model. A discussion of management’s methodology for developing some of the assumptions used in the valuation model follows: Expected Dividend Yield Expected Volatility— Volatility is a measure of the amount by which a financial variable such as share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. Effective January 1, 2020, the Company bases the expected volatility on the historical volatility of the Company’s publicly traded common stock. Prior to January 1, 2020, the Company utilized the historical volatilities of a peer group (e.g., several public entities of similar size, complexity, and stage of development), along with the Company’s historical volatility since its initial public offering, to determine its expected volatility. Risk-Free Interest Rate Expected Term Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Taxes The Company accounts for uncertain tax positions pursuant to ASC 740. Financial statement recognition of a tax position taken or expected to be taken in a tax return is determined based on a more-likely-than-not threshold of that tax position being sustained. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes. Comprehensive Loss Comprehensive loss comprises net loss and other changes in equity that are excluded from net loss. For the years ended December 31, 2020, 2019 and 2018, the Company’s net loss was equal to comprehensive loss and, accordingly, no additional disclosure is presented. Adopted Accounting Standards In November 2018, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606 Accounting Standards Not Yet Adopted With the exception of the new standard discussed above, there have been no new accounting pronouncements that have significance, or potential significance, to the Company’s financial statements.

Net Loss Per Share of Common St

Net Loss Per Share of Common Stock	12 Months Ended
	Dec. 31, 2020
Net Loss Per Share of Common Stock
Net Loss Per Share of Common Stock	3. Net Loss Per Share of Common Stock Basic net loss per common share is determined by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net income per share is computed by dividing net income by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method was used to determine the dilutive effect of the Company’s stock option grants, restricted stock units and warrants. The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2020, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 Net loss ​ $ (51,026,903) ​ $ (57,891,911) ​ $ (48,273,633) Basic and diluted net loss per common share ​ $ (1.12) ​ $ (1.34) ​ $ (1.18) Basic and diluted weighted average common shares outstanding ​ ​ 45,721,139 ​ ​ 43,254,782 ​ ​ 41,044,621 ​ The following potentially dilutive securities outstanding at December 31, 2020, 2019 and 2018 have been excluded from the computation of diluted weighted average shares outstanding, as they would be anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 Stock options and restricted stock units 6,143,594 5,106,493 3,937,167 ​

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Dec. 31, 2020
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	4. Prepaid Expenses and Other Current Assets The following is a summary of the Company’s prepaid expenses and other current assets at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Prepaid research and development expenses ​ $ 965,504 ​ $ 3,838,835 Other prepaid expenses ​ ​ 270,675 ​ ​ 301,534 Other receivables ​ 2,149 ​ 185,953 Prepaid expenses and other current assets ​ $ 1,238,328 ​ $ 4,326,322 ​

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2020
Property and Equipment
Property and Equipment	5. Property and Equipment Property and equipment, net consisted of the following at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Furniture and fixtures ​ $ 345,712 ​ $ 345,712 Laboratory equipment ​ 1,446,596 ​ 1,409,526 Office equipment ​ 16,755 ​ 11,085 Computer equipment ​ 327,776 ​ 302,009 Leasehold improvements ​ ​ 616,133 ​ ​ 616,133 Property and equipment ​ 2,752,972 ​ 2,684,465 Less accumulated depreciation ​ (2,132,299) ​ (1,861,545) Property and equipment, net ​ $ 620,673 ​ $ 822,920 ​ Depreciation of property and equipment totaled $270,754, $279,234 and $275,123 for the years ended December 31, 2020, 2019 and 2018, respectively.

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2020
Accrued Expenses
Accrued Expenses	6. Accrued Expenses The following is a summary of the Company’s accrued expenses at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Accrued research and development expenses ​ $ 5,114,420 ​ $ 5,149,697 Accrued bonuses ​ ​ 3,341,184 ​ ​ 2,677,288 Accrued consulting and other professional fees ​ 194,760 ​ 320,935 Accrued employee benefits ​ 569,048 ​ 351,966 Other accrued expenses ​ 220,469 ​ 210,904 Accrued expenses ​ $ 9,439,881 ​ $ 8,710,790 ​

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2020
Operating Leases
Operating Leases	7. Operating Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company determines a lease exists if the contract conveys the right to control an identified asset for a period of time in exchange for consideration. Control is considered to exist when the lessee has the right to obtain substantially all of the economic benefits from the use of an identified asset as well as direct the right to use of that asset. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and, if applicable, long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less on the lease commencement date. If a contract is considered to be a lease, the Company recognizes a lease liability based on the present value of the future lease payments over the expected lease term, with an offsetting entry to recognize a right-of-use asset. The Company has also elected to use the practical expedient and account for each lease component and related non-lease component as one single component. The lease component results in a right-of-use asset being recorded on the balance sheet and amortized as lease expense on a straight-line basis. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the appropriate incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a term similar to the term of the lease for which the rate is estimated. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. The Company leases office and research space in Rockville, Maryland under an operating lease with a term from June 15, 2015 through October 31, 2023 (the Lease) that is subject to annual rent increases. The Company has the right to sublease or assign all or a portion of the premises, subject to the conditions set forth in the Lease. The Lease may be terminated early by either the landlord or the Company in certain circumstances. In connection with the Lease, the Company received rent abatement as a lease incentive in the initial year of the Lease. In March 2016, the Company amended the Lease (the Lease Amendment) to lease additional space as of June 1, 2016. In May 2016, the Company also paid a security deposit of $52,320 to be held until the expiration or termination of the Company’s obligations under the Lease. The term of the Lease Amendment for the additional space continues through October 31, 2023, the same date as for the premises originally leased under the Lease, subject to the Company’s renewal option set forth in the Lease. The Company identified and applied the following significant assumptions in recognizing the right-of-use asset and corresponding liability for the Lease and Lease Amendment: ● Lease term – The lease term includes both the noncancelable period and, when applicable, cancelable option periods where failure to exercise such option would result in an economic penalty. The Company’s renewal option to extend is not reasonably certain of being exercised as of December 31, 2020. ● Incremental borrowing rate – As the Company’s lease does not provide an implicit rate, the Company used an incremental borrowing rate (IBR), which is the rate incurred to borrow on a collateralized basis over a term similar to the term of the lease for which the rate is estimated. The Company determined the IBR to be 8% based on an estimated rate that considered the Company’s credit risk in the United States for a collateralized borrowing and lease term similar to the Lease. As of December 31, 2020 the weighted-average remaining lease term was 2.8 years. There were no additional operating leases entered into during the year ended December 31, 2020. The components of lease expense and related cash flows were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 Operating lease cost ​ ​ ​ 927,957 ​ ​ 927,957 Variable lease cost ​ ​ ​ 593,973 ​ ​ 465,028 Total operating lease cost ​ ​ $ 1,521,930 ​ $ 1,392,985 ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash outflows from operating leases ​ ​ $ 1,051,190 ​ $ 941,089 ​ Maturities of lease liability due under these lease agreements as of December 31, 2020 were as follows: ​ ​ ​ ​ ​ ​ ​ Operating Lease ​ Obligation 2021 ​ $ 1,077,420 2022 ​ ​ 1,104,356 2023 ​ ​ 940,890 2024 ​ ​ — 2025 ​ ​ — Thereafter ​ ​ — Total ​ ​ 3,122,666 Present value adjustment ​ ​ (304,102) Present value of lease payments ​ $ 2,818,564 ​ ​

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2020
Stockholders' Equity
Stockholders' Equity	8. Stockholders’ Equity Common Stock At-The-Market Equity Offerings On September 28, 2017, the Company entered into an at-the-market sales agreement (the 2017 Sales Agreement) with Cowen and Company, LLC (Cowen) to sell up to $100.0 million of the Company’s common stock registered under a shelf registration statement filed with the U.S. Securities and Exchange Commission in September 2017. During the year ended December 31, 2020, the Company issued and sold 4,136,742 shares of common stock under the 2017 Sales Agreement at a weighted average price per share of $3.52, for aggregate net proceeds of $14.1 million, after deducting commissions and offering expenses. There were no shares sold under the 2017 Sales Agreement during the years ended December 31, 2018 or 2019. The shelf registration statement under which the shares that could be sold under the 2017 Sales Agreement were registered, expired on October 6, 2020. On October 7, 2020, the Company filed a prospectus supplement to a new shelf registration statement that it filed in May 2019 and entered into a new at-the-market sales agreement (the 2020 Sales Agreement) with Cowen. Under the 2020 Sales Agreement, the Company may sell up to $100.0 million of the Company’s common stock registered under the shelf registration statement that was filed in May 2019. The 2020 Sales Agreement replaces the 2017 Sales Agreement between the Company and Cowen, and the $100.0 million that may be sold under the 2020 Sales Agreement excludes any amounts that were sold under the 2017 Sales Agreement. During the year ended December 31, 2020, the Company issued and sold 1,024,760 shares of common stock under the 2020 Sales Agreement at a weighted average price per share of $3.74, for aggregate net proceeds of $3.7 million, after deducting commissions and offering expenses. Subsequent to December 31, 2020 and through February 26, 2021, the Company sold an additional 2,475,949 shares of common stock under the 2020 Sales Agreement at a weighted average price of $3.92, for aggregate net proceeds of $9.4 million, after deducting commissions and offering expenses. Public Offerings of Common Stock In March 2018, the Company completed a public offering in which the Company sold 8,050,000 shares of its common stock at a price to the public of $17.00 per share. The Company received net proceeds of $128.4 million from this offering, after deducting underwriting discounts, commissions and other offering expenses. Warrants to Acquire Company Stock In connection with the prior issuance of convertible unsecured promissory notes, the Company issued warrants to purchase shares of common stock. During the year ended December 31, 2018, all of the outstanding warrants for an aggregate of 553,868 shares were exercised at an exercise price of $0.33; a total of 536,564 shares of common stock were issued to stockholders upon the net exercise of 546,709 outstanding warrants, and 7,159 shares of common stock were issued to stockholders upon the cash exercise of outstanding warrants, for total proceeds to the Company of $2,336. The Company no longer has any outstanding warrants to purchase shares of its capital stock. 2003 Stock Incentive Plan The 2003 Stock Incentive Plan (the 2003 Plan) provided for the grant of incentives and nonqualified stock options and restricted stock awards. The exercise price for incentive stock options must be at least equal to the fair value of the common stock on the grant date. Unless otherwise stated in a stock option agreement, 25% of the shares subject to an option grant will vest upon the first anniversary of the vesting start date and thereafter at the rate of one forty A summary of the Company’s stock option activity under the 2003 Plan for the year ended December 31, 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ WEIGHTED- ​ AGGREGATE ​ ​ ​ WEIGHTED- ​ AVERAGE ​ INTRINSIC ​ ​ ​ AVERAGE ​ REMAINING ​ VALUE ​ OUTSTANDING ​ EXERCISE ​ CONTRACTUAL ​ (IN ​ ​ OPTIONS PRICE TERM (YEARS) THOUSANDS) Outstanding as of December 31, 2019 ​ 382,337 ​ $ 1.33 1.3 ​ ​ ​ Options exercised ​ (285,087) ​ 1.12 ​ ​ ​ ​ ​ Options forfeited ​ — ​ — ​ ​ ​ ​ ​ Outstanding December 31, 2020 ​ 97,250 ​ 1.96 1.3 ​ $ 175 ​ During 2020, 2019 and 2018 the Company issued 285,087, 284,743 and 46,131 shares of common stock, respectively, in conjunction with exercises of stock options granted under the 2003 Plan. The Company received cash proceeds from the exercise of these stock options of $319,297, $318,912 and $59,659 during 2020, 2019 and 2018, respectively. Total intrinsic value of the options exercised during the years ended December 31, 2020, 2019 and 2018 was $921,168, $924,688 and $716,920, respectively. As of December 31, 2020, the options under the 2003 Plan were fully expensed and all options outstanding under the 2003 Plan were fully vested. There were no options granted under the 2003 Plan in 2020, 2019 or 2018. 2013 Equity Incentive Plan The Company’s board of directors adopted, and its stockholders approved, its 2013 Equity Incentive Plan (the 2013 Plan) effective on January 9, 2014. The 2013 Plan provides for the grant of incentive stock options within the meaning of Section 422 of the Internal Revenue Code (the Code), to the Company’s employees and its parent and subsidiary corporations’ employees, and for the grant of nonstatutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards and other forms of stock compensation to its employees, including officers, consultants and directors. The 2013 Plan also provides for the grant of performance cash awards to the Company’s employees, consultants and directors. Unless otherwise stated in a stock option agreement, 25% of the shares subject to an option grant will typically vest upon the first anniversary of the vesting start date and thereafter at the rate of one forty Authorized Shares The maximum number of shares of common stock that may be issued under the 2013 Plan was 1,000,000 shares, plus any shares subject to stock options or similar awards granted under the 2003 Plan that expire or terminate without having been exercised in full or are forfeited to or repurchased by the Company. The number of shares of common stock reserved for issuance under the 2013 Plan will automatically increase on January 1 of each year, beginning on January 1, 2015 and ending on January 1, 2023, by 3% of the total number of shares of common stock outstanding on December 31 of the preceding calendar year, or a lesser number of shares as may be determined by the Company’s board of directors. The maximum number of shares that may be issued pursuant to exercise of incentive stock options under the 2013 Plan is 20,000,000. Shares issued under the 2013 Plan may be authorized but unissued or reacquired shares of common stock. Shares subject to stock awards granted under the 2013 Plan that expire or terminate without being exercised in full, or that are paid out in cash rather than in shares, will not reduce the number of shares available for issuance under the 2013 Plan. Additionally, shares issued pursuant to stock awards under the 2013 Plan that the Company repurchases or that are forfeited, as well as shares reacquired by the Company as consideration for the exercise or purchase price of a stock award or to satisfy tax withholding obligations related to a stock award, will become available for future grant under the 2013 Plan. Stock Options A summary of the Company’s stock option activity under the 2013 Plan for the year ended December 31, 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ WEIGHTED- ​ ​ ​ ​ ​ ​ ​ WEIGHTED- ​ AVERAGE ​ AGGREGATE ​ ​ ​ ​ AVERAGE ​ REMAINING ​ INTRINSIC ​ ​ OUTSTANDING ​ EXERCISE ​ CONTRACTUAL ​ VALUE (IN ​ OPTIONS PRICE TERM(YEARS) THOUSANDS) Outstanding as of December 31, 2019 4,399,606 ​ $ 10.43 ​ 6.8 ​ ​ ​ ​ Options granted 1,473,100 ​ ​ 4.49 ​ ​ ​ ​ ​ ​ Options exercised — ​ ​ — ​ ​ ​ ​ ​ ​ Options forfeited (119,495) ​ ​ 8.65 ​ ​ ​ ​ ​ ​ Outstanding as of December 31, 2020 5,753,211 ​ ​ 8.93 ​ 6.6 ​ $ 101 ​ Vested or expected to vest as of December 31, 2020 5,753,211 ​ ​ 8.93 ​ 6.6 ​ $ 101 ​ Exercisable as of December 31, 2020 3,588,799 ​ ​ 9.87 ​ 5.3 ​ $ — ​ ​ As of December 31, 2020, there was $9,417,298 of total unrecognized compensation expense related to unvested options that will be recognized over a weighted-average period of approximately 2.2 years. The total fair value of options that vested in the years ended December 31, 2020, 2019 and 2018 was $7,347,548, $6,159,610 and $3,003,632, respectively. During the years ended December 31, 2019 and 2018, the Company received cash of $94,001 and $962,530, respectively, and issued 16,606 and 144,182 shares of common stock, respectively, in conjunction with exercises of stock options granted under the 2013 Plan. The intrinsic value of the options exercised for the years ended December 31, 2019 and 2018 was $97,429 and $1,344,026, respectively. There were no shares exercised under the 2013 Plan in 2020. Restricted Stock Units (RSUs) A restricted stock unit (RSU) is a stock award that entitles the holder to receive shares of the Company’s common stock as the award vests. The fair value of each RSU is based on the closing price of the Company’s common stock on the date of grant. In September 2019, the Company granted an aggregate of 332,106 RSUs with service conditions to the Company’s non-executive employees. The RSUs granted in September 2019 vest over a two-year period, with one -third vesting on the first anniversary of the date of grant and the remaining two -thirds vesting on the second anniversary of the date of grant, provided that the employee remains employed with the Company at the applicable vesting date. As of December 31, 2020, there was $464,263 of total unrecognized compensation expense associated with these RSU grants that will be recognized over a weighted-average period of approximately 0.7 years. The following is a summary of RSU activity for the 2013 Plan for the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ Number of Shares ​ Grant Date ​ ​ Underlying RSUs Fair Value Unvested at December 31, 2019 ​ 324,550 ​ $ 4.53 ​ Granted ​ — ​ — ​ Forfeited ​ (27,917) ​ 4.53 ​ Vested ​ (104,100) ​ 4.53 ​ Unvested at December 31, 2020 ​ 192,533 ​ 4.53 ​ ​ Inducement Plan In January 2020, the Company’s board of directors adopted the GlycoMimetics, Inc. Inducement Plan (the Inducement Plan). The Inducement Plan provides for the grant of nonstatutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights and other forms of stock awards to individuals not previously an employee or director of the Company as an inducement for such individuals to join the Company. Unless otherwise stated in an applicable stock option agreement, one A summary of the Company’s stock option activity under the Inducement Plan for the year ended December 31, 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ WEIGHTED- ​ AGGREGATE ​ ​ ​ WEIGHTED- ​ AVERAGE ​ INTRINSIC ​ ​ ​ AVERAGE ​ REMAINING ​ VALUE ​ OUTSTANDING ​ EXERCISE ​ CONTRACTUAL ​ (IN ​ OPTIONS PRICE TERM (YEARS) THOUSANDS) Outstanding as of December 31, 2019 ​ — ​ $ — ​ — ​ ​ ​ Options granted ​ 100,600 ​ ​ 3.09 ​ ​ ​ ​ ​ Options exercised ​ — ​ ​ — ​ ​ ​ ​ ​ Options forfeited ​ — ​ ​ — ​ ​ ​ ​ ​ Outstanding as of December 31, 2020 ​ 100,600 ​ ​ 3.09 ​ 9.5 ​ $ 71 Vested or expected to vest as of December 31, 2020 ​ 100,600 ​ ​ 3.09 ​ 9.5 ​ $ 71 Exercisable as of December 31, 2020 ​ — ​ ​ — ​ — ​ $ — ​ As of December 31, 2020, there was $194,687 of total unrecognized compensation expense related to unvested options under the Inducement Plan that will be recognized over a weighted-average period of approximately 3.5 years. There were no options vested or exercised under the Inducement Plan during the year ended December 31, 2020. The weighted-average fair value of the options granted during the years ended December 31, 2020, 2019 and 2018 was $3.17, $7.17 and $12.90 per share, respectively, applying the Black-Scholes-Merton option pricing model utilizing the following weighted-average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 Expected term 6.25 years ​ 6.25 years ​ 6.25 years Expected volatility 84.40% ​ 71.15% ​ 73.75% Risk-free interest rate 1.41% ​ 2.54% ​ 2.55% Expected dividend yield 0% ​ 0% ​ 0% ​ Total stock-based compensation expense associated with stock options and RSUs was classified as follows on the statement of operations for the years ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 Research and development expense ​ ​ $ 2,946,952 ​ $ 2,402,242 ​ $ 1,709,390 General and administrative expense ​ ​ 3,954,806 ​ 3,812,848 ​ 2,877,708 Total stock-based compensation expense ​ ​ $ 6,901,758 ​ $ 6,215,090 ​ $ 4,587,098 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2020
Income Taxes
Income Taxes	9. Income Taxes The components of the gross deferred tax asset and related valuation allowance at December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Deferred income tax assets: ​ ​ ​ ​ ​ ​ ​ Net operating loss carryforward ​ $ 63,830,866 ​ $ 53,391,629 ​ Capitalized start-up costs ​ 1,114,309 ​ 1,308,102 ​ Patent amortization ​ 88,949 ​ 104,419 ​ Research and orphan drug credits ​ 42,008,797 ​ 35,211,702 ​ Stock-based compensation ​ 6,778,569 ​ 4,935,232 ​ Operating lease liabilities ​ ​ 775,598 ​ ​ 996,861 ​ Accrued bonus ​ ​ 919,410 ​ ​ 736,723 ​ Other ​ ​ 283,751 ​ ​ 136,641 ​ Gross deferred income tax assets ​ 115,800,249 ​ 96,821,309 ​ Valuation allowance ​ (115,016,323) ​ (95,850,031) ​ Net deferred income tax assets ​ 783,926 ​ 971,278 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred income tax liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ (639,843) ​ (827,195) ​ Property and equipment ​ (144,083) ​ (144,083) ​ Gross deferred income tax liabilities ​ (783,926) ​ (971,278) ​ Net deferred income tax asset/(liability) ​ $ — ​ $ — ​ ​ Based on the Company’s operating history and management’s expectation regarding future profitability, management believes the Company’s deferred tax assets will not be realizable under ASC 740, Income Taxes As of December 31, 2020, the Company had $232.0 million of U.S. Federal and state net operating losses, $9.6 million of research and development tax credits and $32.4 million of orphan drug tax credits available to carry forward. A portion of the net operating loss carryforwards will begin to expire in 2026, the research and development tax credits in 2023 and the orphan drug tax credit in 2033. Under current federal income tax laws, federal net operating losses incurred in 2020 and in future years may be carried forward, indefinitely, but the deductibility of such federal net operating losses is limited. The Company’s tax attributes, including net operating losses and credits, are subject to any ownership changes as defined under Internal Revenue Code Sections 382 and 383. A change in ownership could affect the Company’s ability to utilize its net operating losses and credits. As of December 31, 2020, the Company does not believe that an ownership change has occurred. Any future ownership changes may cause a limitation on the Company’s ability to utilize existing tax attributes. The Company files income tax returns in the U.S. federal jurisdiction and in the State of Maryland. The Company’s federal income tax returns for tax years 2003 and after remain subject to examination by the U.S. Internal Revenue Service. The Company’s Maryland income tax returns for the tax years 2006 and thereafter remain subject to examination by the Comptroller of Maryland. In addition, all of the net operating losses, research and development tax credit and orphan drug credit carryforwards that may be used in future years are still subject to adjustment. The Company did not have unrecognized tax benefits as of December 31, 2020 and 2019, and does not anticipate this to change significantly over the next 12 months. The Company will recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. Reconciliations between the statutory federal income tax rate and the effective income tax rate of income tax expense is as follows as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 U.S. Federal statutory tax rate 21.0 % 21.0 % 21.0 % State taxes 5.7 5.7 5.7 ​ Research credit 0.7 0.8 0.8 ​ Orphan drug credit 9.8 8.8 10.4 ​ Other ​ 0.4 ​ (0.1) ​ 0.6 ​ Stock-based compensation — — (0.1) ​ Change in valuation allowance (37.6) (36.2) (38.4) ​ Provision for income taxes — % — % — % ​ ​

Research and License Agreements

Research and License Agreements	12 Months Ended
	Dec. 31, 2020
Research and License Agreements
Research and License Agreements	10. Research and License Agreements Apollomics In January 2020, the Company entered into a collaboration and license agreement (the Agreement) with Apollomics (Hong Kong), Limited (Apollomics) for the development, manufacture and commercialization of products derived from two of the Company’s compounds, GMI-1271 and GMI-1687 (the Products) for therapeutic and prophylactic uses (the Field) in China, Taiwan, Hong Kong and Macau (the Territory). Under the terms of the Agreement, the Company granted Apollomics: ● an exclusive license, with the right to sublicense, to develop, manufacture and have manufactured, distribute, market, promote, sell, have sold, offer for sale, import, label, package and otherwise the Products in the Field in the Territory; and ● a non-exclusive license to conduct preclinical research with respect to Products in the Field outside of the Territory for the purposes of developing such Products for use in the Territory. In June 2020, the Company and Apollomics entered into a clinical supply agreement pursuant to which the Company will manufacture and supply the Products at agreed upon prices. Apollomics has the option to begin manufacture of the Products after appropriate material transfer requirements are met. The Company evaluated the Agreement under the provisions of ASC 606 and identified two performance obligations under this revenue arrangement: the (i) delivery of functional licenses and (ii) manufacture and supply of the Products. The initial transaction price consists of a $9.0 million non-refundable up-front payment which was allocated to the delivered functional licenses and recognized in full as revenue in the first quarter of 2020 given that the performance obligation was satisfied upon inception. The Agreement contains various forms of variable consideration, including (i) up to $75.0 million in development milestones based on achievement of certain clinical and regulatory events, (ii) up to $105.0 million of sales-based commercial milestones based on achievement of certain annual net sales targets, (iii) sales-based royalties at specified percentages of net sales ranging from the high single digits to 15%, and (iv) manufacture and supply of clinical and commercial Products. The Company has fully constrained the development milestone consideration using the most likely amount method and will recognize that revenue when it is probable that recognition of revenue related to the milestone will not result in a significant reversal in amounts recognized in future periods, and as such have been excluded from the transaction price. In September 2020, the Company received a non-refundable $1.0 million development milestone payment upon acceptance by Chinese regulatory authorities of a Phase 3 bridging study design to support registration in China. The Company recognized this $1.0 million payment as revenue in the quarter ended September 30, 2020. The Company will recognize revenue related to the sales-based commercial and royalty milestones and royalties at the later of (i) when the related sales occur or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied), as they were determined to relate predominantly to the licenses granted to Apollomics and, therefore, have been excluded from the transaction price. Lastly, the Company has determined that the consideration for the manufacturing and supply is all variable and is fully constrained. Variable consideration allocated to manufacturing and supply will be recognized at a point in time when the Product is delivered and when the title to the Product is transferred to the customer pursuant to the agreement. The Company reassesses the transaction price in each reporting period and upon the occurrence of a change in circumstances or final resolution of any particular event. Pfizer The Company previously entered into an exclusive license agreement with Pfizer Inc. (the Pfizer Agreement), under which the Company granted Pfizer an exclusive worldwide license to develop and commercialize products containing the Company’s product candidate, rivipansel, for all fields and uses, and further agreed to refrain from commercializing products for treatment or prevention of vaso-occlusive crisis in sickle cell disease. In August 2019, Pfizer announced that its pivotal Phase 3 clinical trial of rivipansel did not meet its primary or key secondary efficacy endpoints. Pfizer terminated the Pfizer Agreement, effective as of April 5, 2020, and the Company now holds all rights to the potential future development and commercialization of rivipansel and is free to commercialize any product in sickle cell disease. The Company did not earn any revenue or receive any payments from Pfizer during the year ended December 31, 2020 or 2019 and will not be eligible to receive any future payments from Pfizer following the termination of the Pfizer Agreement. In August 2020, the Company entered into a separate agreement with Pfizer with respect to certain post-termination commitments, including, among other things, Pfizer’s transfer of certain raw materials and inventory that could potentially be utilized in subsequent development or commercialization activities. Pursuant to the terms of the agreement, Pfizer may be eligible to receive a milestone payment of $25.0 million upon achievement of specified levels of cumulative net sales of rivipansel, as well as a low single-digit royalty on net sales of the product for a period of ten years from first commercial sale.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2020
Employee Benefit Plan
Employee Benefit Plan	11. Employee Benefit Plan The Company has a defined contribution plan under the Internal Revenue Code Section 401(k). This plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. For the years ended December 31, 2020 and 2019, the Company matched 50% up to the first 6% of employee contributions. For the year ended December 31, 2018, the Company made a discretionary match of 50% up to the first 3% of employee contributions. All matching contributions have been paid by the Company. The Company’s matching contributions vest in full immediately. The total Company matching contributions were approximately $252,000, $219,000 and $94,000 for the years ended December 31, 2020, 2019 and 2018, respectively.

Risks and Uncertainties

Risks and Uncertainties	12 Months Ended
	Dec. 31, 2020
Risks and Uncertainties
Risks and Uncertainties	12. Risks and Uncertainties COVID-19 In March 2020, the World Health Organization declared the novel coronavirus disease 2019, or COVID-19, outbreak a pandemic. In order to mitigate the spread of COVID-19, governments have imposed unprecedented restrictions on business operations, travel and gatherings, resulting in a global economic downturn and other adverse economic and societal impacts. The COVID-19 pandemic has also overwhelmed or otherwise led to changes in the operations of many healthcare facilities. The impact of the COVID-19 pandemic on the Company’s business and financial performance is uncertain and depends on various factors, including the scope and duration of the pandemic, government restrictions and other actions, including relief measures, implemented to address the impact of the pandemic, and resulting impacts on the financial markets and overall economy. The imposition of “lockdown,” “social distancing” and “shelter in place” directives by state and federal governments in the United States as well as governments in other regions of the world in response to the COVID-19 pandemic, including in locations in which its Phase 3 clinical trial of uproleselan is being conducted, resulted in slowed clinical site initiation, patient recruitment and enrollment rates early in the pandemic. Enrollment rates have returned to forecasted levels since the lockdowns. However, the COVID-19 infection rates continue to fluctuate which could negatively affect enrollment going forward. The Company is unable to determine the extent of the impact of the pandemic on its operations and financial condition going forward. These developments are highly uncertain and unpredictable, and may materially adversely affect the Company’s financial position and results of operations. The Company continues to closely monitor the COVID-19 situation and any potential impact to its planned activities.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies
Basis of Accounting	Basis of Accounting The accompanying financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles (GAAP).
Segment Information	Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one segment, which is the identification and development of glycomimetic compounds.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of investment in money market funds with commercial banks and financial institutions. The Company considers all investments in highly liquid financial instruments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at amortized cost, plus accrued interest, which approximates fair value.
Fair Value Measurements	Fair Value Measurements The Company’s financial instruments include cash and cash equivalents. The fair values of the financial instruments approximated their carrying values at December 31, 2020 and 2019, due to their short-term maturities. The Company accounts for recurring and nonrecurring fair value measurements in accordance with ASC 820, Fair Value Measurements reliability of inputs, or assumptions, used in the determination of fair value, and requires assets and liabilities carried at fair value to be classified and disclosed in one of the following three categories: ● Level 1—Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. ● Level 2—Fair value is determined by using inputs, other than Level 1 quoted prices, that are directly and indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models that can be corroborated by observable market data. ● Level 3—Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity. In instances where the determination of the fair value measurement is based on inputs from different levels of fair value hierarchy, the fair value measurement will fall within the lowest level input that is significant to the fair value measurement in its entirety. The Company periodically evaluates financial assets and liabilities subject to fair value measurements to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC 820 hierarchy. The Company had no assets or liabilities that were measured using quoted prices for similar assets and liabilities or significant unobservable inputs (Level 2 and Level 3 assets and liabilities, respectively) either on a recurring or non-recurring basis as of December 31, 2020 and 2019. The carrying value of cash held in money market funds of approximately $135.0 million and $156.2 million as of December 31, 2020 and 2019, respectively, is included in cash and cash equivalents and approximates market values based on quoted market prices (Level 1 inputs).
Concentration of Credit Risk	Concentration of Credit Risk Credit risk represents the risk that the Company would incur a loss if counterparties failed to perform pursuant to the terms of their agreements. Financial instruments that potentially expose the Company to concentrations of credit risk consist primarily of cash and cash equivalents. Cash and cash equivalents consist of investment in money market funds with major financial institutions in the United States. These deposits and funds may be redeemed upon demand and, therefore, bear minimal risk. The Company does not anticipate any losses on such balances.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost and depreciated on a straight-line basis over estimated useful lives ranging from three seven years ​ ​ ​ ​ ​ ESTIMATED USEFUL LIVES Furniture and fixtures ​ 7 years Laboratory equipment ​ 5 years Office equipment ​ 5 years Computer equipment ​ 5 years Computer software ​ 3 years Leasehold improvements ​ Shorter of lease term or useful life
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company periodically assesses the recoverability of the carrying value of its long-lived assets in accordance with the provisions of ASC 360, Property, Plant, and Equipment carrying value exceeds the sum of undiscounted cash flows, the Company then determines the fair value of the underlying asset. Any impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. As of December 31, 2020 and 2019, the Company determined that there were no impaired assets and it had no assets held for sale.
Revenue Recognition	Revenue Recognition The Company applies Accounting Standards Codification, or ASC, Topic 606, Revenue from Contracts with Customers The Company enters into licensing agreements which are within the scope of Topic 606, under which it licenses certain of its drug candidates’ rights to third parties. The terms of these arrangements typically include payment of one or more of the following: non-refundable, up-front license fees; development, regulatory and commercial milestone payments; and royalties on net sales of the licensed product, if and when earned. See Note 10 for additional information regarding a license agreement entered into during the year ended December 31, 2020. In determining the appropriate amount of revenue to be recognized as it fulfills its obligation under each of its agreements, the Company performs the five steps under Topic 606 described above. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement of personnel costs, discount rates and probabilities of technical and regulatory success. Licensing of Intellectual Property: Milestone Payments Royalties Manufacturing and Supply:
Research and Development Costs	Research and Development Costs Except for payments made in advance of services, research and development costs are expensed as incurred. For payments made in advance, the Company recognizes research and development expense as the services are rendered. Research and development costs primarily consist of salaries and related expenses for personnel, laboratory supplies and raw materials, sponsored research, depreciation of laboratory facilities and leasehold improvements, and utilities costs related to research space. Other research and development expenses include fees paid to consultants and outside service providers including clinical research organizations and clinical manufacturing organizations.
Accruals for Clinical Trial Expenses	Accruals for Clinical Trial Expenses Clinical trial costs primarily consist of expenses incurred under agreements with contract research organizations (CROs), investigative sites, laboratory testing expenses, data management and consultants that conduct the Company's clinical trials. Clinical trial expenses are a significant component of research and development expenses, and the Company outsources a significant portion of these clinical trial activities to third parties. The accrual for site and patient costs includes inputs such as estimates of patient enrollment, patient cycles incurred, clinical site activations, estimated project duration and other pass-through costs. These inputs are required to be estimated due to a lag in receiving the actual clinical information from third parties. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected on the balance sheets as a prepaid asset or accrued expenses. These third-party agreements are generally cancellable, and related costs are recorded as research and development expenses as incurred. Except for payments made in advance of services, clinical trial costs are expensed as incurred. Non-refundable advance clinical payments for goods or services that will be used or rendered for future research and development activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed. When evaluating the adequacy of the accrued expenses, management assessments include: (i) an evaluation by the project manager of the work that has been completed during the period; (ii) measurement of progress prepared internally and/or provided by the third-party service provider; (iii) analyses of data that justify the progress; and (iv) the Company’s judgment. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made. The Company’s historical clinical accrual estimates have not been materially different from the actual costs. Clinical trial accruals that are due longer than one year are classified as noncurrent accrued expenses.
Stock-Based Compensation	Stock-Based Compensation Stock-based payments are accounted for in accordance with the provisions of ASC 718, Compensation—Stock Compensation The Company has elected to use the Black-Scholes-Merton option pricing model to value any options granted. The Company will reconsider use of the Black-Scholes-Merton model if additional information becomes available in the future that indicates another model would be more appropriate or if grants issued in future periods have characteristics that prevent their value from being reasonably estimated using this model. A discussion of management’s methodology for developing some of the assumptions used in the valuation model follows: Expected Dividend Yield Expected Volatility— Volatility is a measure of the amount by which a financial variable such as share price has fluctuated (historical volatility) or is expected to fluctuate (expected volatility) during a period. Effective January 1, 2020, the Company bases the expected volatility on the historical volatility of the Company’s publicly traded common stock. Prior to January 1, 2020, the Company utilized the historical volatilities of a peer group (e.g., several public entities of similar size, complexity, and stage of development), along with the Company’s historical volatility since its initial public offering, to determine its expected volatility. Risk-Free Interest Rate Expected Term
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Taxes The Company accounts for uncertain tax positions pursuant to ASC 740. Financial statement recognition of a tax position taken or expected to be taken in a tax return is determined based on a more-likely-than-not threshold of that tax position being sustained. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes.
Comprehensive Loss	Comprehensive Loss Comprehensive loss comprises net loss and other changes in equity that are excluded from net loss. For the years ended December 31, 2020, 2019 and 2018, the Company’s net loss was equal to comprehensive loss and, accordingly, no additional disclosure is presented.
Adopted Accounting Standards	Adopted Accounting Standards In November 2018, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) No. 2018-18, Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606
Accounting Standards Not Yet Adopted	Accounting Standards Not Yet Adopted With the exception of the new standard discussed above, there have been no new accounting pronouncements that have significance, or potential significance, to the Company’s financial statements.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2020
Summary of Significant Accounting Policies
Schedule of Property and Equipment Estimated Useful Lives	​ ​ ​ ​ ​ ESTIMATED USEFUL LIVES Furniture and fixtures ​ 7 years Laboratory equipment ​ 5 years Office equipment ​ 5 years Computer equipment ​ 5 years Computer software ​ 3 years Leasehold improvements ​ Shorter of lease term or useful life

Net Loss Per Share of Common _2

Net Loss Per Share of Common Stock (Tables)	12 Months Ended
	Dec. 31, 2020
Net Loss Per Share of Common Stock
Computation of basic and diluted net loss per common share	The following table sets forth the computation of basic and diluted earnings per share for the years ended December 31, 2020, 2019 and 2018: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 Net loss ​ $ (51,026,903) ​ $ (57,891,911) ​ $ (48,273,633) Basic and diluted net loss per common share ​ $ (1.12) ​ $ (1.34) ​ $ (1.18) Basic and diluted weighted average common shares outstanding ​ ​ 45,721,139 ​ ​ 43,254,782 ​ ​ 41,044,621
Potentially dilutive securities outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 Stock options and restricted stock units 6,143,594 5,106,493 3,937,167

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2020
Prepaid Expenses and Other Current Assets
Summary of Prepaid Expenses and Other Current Assets	The following is a summary of the Company’s prepaid expenses and other current assets at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Prepaid research and development expenses ​ $ 965,504 ​ $ 3,838,835 Other prepaid expenses ​ ​ 270,675 ​ ​ 301,534 Other receivables ​ 2,149 ​ 185,953 Prepaid expenses and other current assets ​ $ 1,238,328 ​ $ 4,326,322

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2020
Property and Equipment
Summary of Property and Equipment useful lives	Property and equipment, net consisted of the following at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Furniture and fixtures ​ $ 345,712 ​ $ 345,712 Laboratory equipment ​ 1,446,596 ​ 1,409,526 Office equipment ​ 16,755 ​ 11,085 Computer equipment ​ 327,776 ​ 302,009 Leasehold improvements ​ ​ 616,133 ​ ​ 616,133 Property and equipment ​ 2,752,972 ​ 2,684,465 Less accumulated depreciation ​ (2,132,299) ​ (1,861,545) Property and equipment, net ​ $ 620,673 ​ $ 822,920

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2020
Accrued Expenses
Summary of Accrued Expenses	The following is a summary of the Company’s accrued expenses at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Accrued research and development expenses ​ $ 5,114,420 ​ $ 5,149,697 Accrued bonuses ​ ​ 3,341,184 ​ ​ 2,677,288 Accrued consulting and other professional fees ​ 194,760 ​ 320,935 Accrued employee benefits ​ 569,048 ​ 351,966 Other accrued expenses ​ 220,469 ​ 210,904 Accrued expenses ​ $ 9,439,881 ​ $ 8,710,790

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2020
Operating Leases
Components of lease expense and related cash flows	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2020 ​ 2019 Operating lease cost ​ ​ ​ 927,957 ​ ​ 927,957 Variable lease cost ​ ​ ​ 593,973 ​ ​ 465,028 Total operating lease cost ​ ​ $ 1,521,930 ​ $ 1,392,985 ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ Operating cash outflows from operating leases ​ ​ $ 1,051,190 ​ $ 941,089
Maturities of lease liabilities due	​ ​ ​ ​ ​ ​ ​ Operating Lease ​ Obligation 2021 ​ $ 1,077,420 2022 ​ ​ 1,104,356 2023 ​ ​ 940,890 2024 ​ ​ — 2025 ​ ​ — Thereafter ​ ​ — Total ​ ​ 3,122,666 Present value adjustment ​ ​ (304,102) Present value of lease payments ​ $ 2,818,564

Stockholders Equity (Tables)

Stockholders Equity (Tables)	12 Months Ended
	Dec. 31, 2020
Weighted-Average Fair Value of Options Granted	​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 ​ 2019 ​ 2018 Expected term 6.25 years ​ 6.25 years ​ 6.25 years Expected volatility 84.40% ​ 71.15% ​ 73.75% Risk-free interest rate 1.41% ​ 2.54% ​ 2.55% Expected dividend yield 0% ​ 0% ​ 0%
Stock-Based Compensation Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 Research and development expense ​ ​ $ 2,946,952 ​ $ 2,402,242 ​ $ 1,709,390 General and administrative expense ​ ​ 3,954,806 ​ 3,812,848 ​ 2,877,708 Total stock-based compensation expense ​ ​ $ 6,901,758 ​ $ 6,215,090 ​ $ 4,587,098
2003 Stock Incentive Plan
Company's Stock Option Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ WEIGHTED- ​ AGGREGATE ​ ​ ​ WEIGHTED- ​ AVERAGE ​ INTRINSIC ​ ​ ​ AVERAGE ​ REMAINING ​ VALUE ​ OUTSTANDING ​ EXERCISE ​ CONTRACTUAL ​ (IN ​ ​ OPTIONS PRICE TERM (YEARS) THOUSANDS) Outstanding as of December 31, 2019 ​ 382,337 ​ $ 1.33 1.3 ​ ​ ​ Options exercised ​ (285,087) ​ 1.12 ​ ​ ​ ​ ​ Options forfeited ​ — ​ — ​ ​ ​ ​ ​ Outstanding December 31, 2020 ​ 97,250 ​ 1.96 1.3 ​ $ 175
2013 Equity Incentive Plan
Company's Stock Option Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ WEIGHTED- ​ ​ ​ ​ ​ ​ ​ WEIGHTED- ​ AVERAGE ​ AGGREGATE ​ ​ ​ ​ AVERAGE ​ REMAINING ​ INTRINSIC ​ ​ OUTSTANDING ​ EXERCISE ​ CONTRACTUAL ​ VALUE (IN ​ OPTIONS PRICE TERM(YEARS) THOUSANDS) Outstanding as of December 31, 2019 4,399,606 ​ $ 10.43 ​ 6.8 ​ ​ ​ ​ Options granted 1,473,100 ​ ​ 4.49 ​ ​ ​ ​ ​ ​ Options exercised — ​ ​ — ​ ​ ​ ​ ​ ​ Options forfeited (119,495) ​ ​ 8.65 ​ ​ ​ ​ ​ ​ Outstanding as of December 31, 2020 5,753,211 ​ ​ 8.93 ​ 6.6 ​ $ 101 ​ Vested or expected to vest as of December 31, 2020 5,753,211 ​ ​ 8.93 ​ 6.6 ​ $ 101 ​ Exercisable as of December 31, 2020 3,588,799 ​ ​ 9.87 ​ 5.3 ​ $ — ​
Summary of RSU Activity	The following is a summary of RSU activity for the 2013 Plan for the year ended December 31, 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ Number of Shares ​ Grant Date ​ ​ Underlying RSUs Fair Value Unvested at December 31, 2019 ​ 324,550 ​ $ 4.53 ​ Granted ​ — ​ — ​ Forfeited ​ (27,917) ​ 4.53 ​ Vested ​ (104,100) ​ 4.53 ​ Unvested at December 31, 2020 ​ 192,533 ​ 4.53 ​
Inducement Plan
Company's Stock Option Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ WEIGHTED- ​ AGGREGATE ​ ​ ​ WEIGHTED- ​ AVERAGE ​ INTRINSIC ​ ​ ​ AVERAGE ​ REMAINING ​ VALUE ​ OUTSTANDING ​ EXERCISE ​ CONTRACTUAL ​ (IN ​ OPTIONS PRICE TERM (YEARS) THOUSANDS) Outstanding as of December 31, 2019 ​ — ​ $ — ​ — ​ ​ ​ Options granted ​ 100,600 ​ ​ 3.09 ​ ​ ​ ​ ​ Options exercised ​ — ​ ​ — ​ ​ ​ ​ ​ Options forfeited ​ — ​ ​ — ​ ​ ​ ​ ​ Outstanding as of December 31, 2020 ​ 100,600 ​ ​ 3.09 ​ 9.5 ​ $ 71 Vested or expected to vest as of December 31, 2020 ​ 100,600 ​ ​ 3.09 ​ 9.5 ​ $ 71 Exercisable as of December 31, 2020 ​ — ​ ​ — ​ — ​ $ —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2020
Income Taxes
Schedule of Gross Deferred Tax Asset and Related Valuation Allowance	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 Deferred income tax assets: ​ ​ ​ ​ ​ ​ ​ Net operating loss carryforward ​ $ 63,830,866 ​ $ 53,391,629 ​ Capitalized start-up costs ​ 1,114,309 ​ 1,308,102 ​ Patent amortization ​ 88,949 ​ 104,419 ​ Research and orphan drug credits ​ 42,008,797 ​ 35,211,702 ​ Stock-based compensation ​ 6,778,569 ​ 4,935,232 ​ Operating lease liabilities ​ ​ 775,598 ​ ​ 996,861 ​ Accrued bonus ​ ​ 919,410 ​ ​ 736,723 ​ Other ​ ​ 283,751 ​ ​ 136,641 ​ Gross deferred income tax assets ​ 115,800,249 ​ 96,821,309 ​ Valuation allowance ​ (115,016,323) ​ (95,850,031) ​ Net deferred income tax assets ​ 783,926 ​ 971,278 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred income tax liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ (639,843) ​ (827,195) ​ Property and equipment ​ (144,083) ​ (144,083) ​ Gross deferred income tax liabilities ​ (783,926) ​ (971,278) ​ Net deferred income tax asset/(liability) ​ $ — ​ $ — ​
Schedule of Reconciliations Between Statutory Federal Income Tax Rate and Effective Income Tax Rate of Income Tax Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2020 2019 2018 U.S. Federal statutory tax rate 21.0 % 21.0 % 21.0 % State taxes 5.7 5.7 5.7 ​ Research credit 0.7 0.8 0.8 ​ Orphan drug credit 9.8 8.8 10.4 ​ Other ​ 0.4 ​ (0.1) ​ 0.6 ​ Stock-based compensation — — (0.1) ​ Change in valuation allowance (37.6) (36.2) (38.4) ​ Provision for income taxes — % — % — %

Description of the Business (De

Description of the Business (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Description of the Business
Accumulated deficit	$ (309,469,553)	$ (258,442,650)

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Segment Information (Details)	12 Months Ended
	Dec. 31, 2020segment
Summary of Significant Accounting Policies
Number of operating segments	1

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Fair Value Measurements (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Level 1
Fair Value Measurements
Carrying value of cash held in money market fund	$ 135,000,000	$ 156,200,000
Level 2
Fair Value Measurements
Assets measured at fair value levels 2 or 3	0	0
Liabilities measured at fair value levels 2 or 3	0	0
Level 3
Fair Value Measurements
Assets measured at fair value levels 2 or 3	0	0
Liabilities measured at fair value levels 2 or 3	$ 0	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2020
Furniture and Fixtures
Property, Plant and Equipment
Property and Equipment estimated useful lives	7
Laboratory Equipment
Property, Plant and Equipment
Property and Equipment estimated useful lives	5
Office Equipment
Property, Plant and Equipment
Property and Equipment estimated useful lives	5
Computer Equipment
Property, Plant and Equipment
Property and Equipment estimated useful lives	5
Computer Software
Property, Plant and Equipment
Property and Equipment estimated useful lives	3
Leasehold Improvements
Property, Plant and Equipment
Property and Equipment estimated useful lives	Shorter of lease term or useful  life
Minimum
Property, Plant and Equipment
Property and Equipment estimated useful lives	P3Y
Maximum
Property, Plant and Equipment
Property and Equipment estimated useful lives	P7Y

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Impairment of Long-Lived Assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2020USD ($)item	Dec. 31, 2019USD ($)item
Impairment of Long-Lived Assets
Number of long-lived assets determined to be impaired | item	0	0
Assets held for sale | $	$ 0	$ 0

Summary of Significant Accoun_8

Summary of Significant Accounting Policies - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Contribution Plan Disclosure
Expected term	6 years 3 months	6 years 3 months	6 years 3 months
Maximum
Defined Contribution Plan Disclosure
Expiration period	10 years	10 years	10 years

Net Loss Per Share of Common _3

Net Loss Per Share of Common Stock - Computation of Basic and Diluted EPS (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Net Loss Per Share of Common Stock
Net loss	$ (51,026,903)	$ (57,891,911)	$ (48,273,633)
Earnings Per Share, Basic and Diluted	$ (1.12)	$ (1.34)	$ (1.18)
Basic and diluted weighted average common shares outstanding (in shares)	45,721,139	43,254,782	41,044,621

Net Loss Per Share of Common _4

Net Loss Per Share of Common Stock - Potentially Dilutive Securities (Details) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock options and restricted stock units
Anti-dilutive securities excluded from computation of earnings per share
Anti-dilutive securities	6,143,594	5,106,493	3,937,167

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Prepaid Expenses and Other Current Assets
Prepaid research and development expenses	$ 965,504	$ 3,838,835
Other prepaid expenses	270,675	301,534
Other receivables	2,149	185,953
Prepaid expenses and other current assets	$ 1,238,328	$ 4,326,322

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Property, Plant and Equipment
Property and equipment	$ 2,752,972	$ 2,684,465
Less accumulated depreciation	(2,132,299)	(1,861,545)
Property and equipment, net	620,673	822,920
Depreciation of property and equipment	270,754	279,234	$ 275,123
Furniture and Fixtures
Property, Plant and Equipment
Property and equipment	345,712	345,712
Laboratory Equipment
Property, Plant and Equipment
Property and equipment	1,446,596	1,409,526
Office Equipment
Property, Plant and Equipment
Property and equipment	16,755	11,085
Computer Equipment
Property, Plant and Equipment
Property and equipment	327,776	302,009
Leasehold Improvements
Property, Plant and Equipment
Property and equipment	$ 616,133	$ 616,133

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Accrued Expenses
Accrued research and development expenses	$ 5,114,420	$ 5,149,697
Accrued bonuses	3,341,184	2,677,288
Accrued consulting and other professional fees	194,760	320,935
Accrued employee benefits	569,048	351,966
Other accrued expenses	220,469	210,904
Accrued expenses	$ 9,439,881	$ 8,710,790

Operating Leases (Details)

Operating Leases (Details)	12 Months Ended
	Dec. 31, 2020USD ($)lease	Dec. 31, 2019USD ($)	May 31, 2016USD ($)
Operating leases
Lease, Practical Expedient, Lessor Single Lease Component [true false]	true
Security Deposit	$ 52,320	$ 52,320
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Operating Lease, Existence of Option to Terminate [true false]	true
Incremental borrowing rate (IBR)	8.00%
Operating Lease, Right-of-Use Asset	$ 2,325,224	$ 3,006,069
Operating Lease, Liability	$ 2,818,564
Operating Lease, Weighted Average Remaining Lease Term	2 years 9 months 18 days
Number of additional operating leases entered during the period | lease	0
Rockville, Maryland
Operating leases
Security Deposit			$ 52,320

Operating Leases - Components o

Operating Leases - Components of lease expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Components of lease expense
Operating lease cost	$ 927,957	$ 927,957
Variable lease cost	593,973	465,028
Total operating lease cost	1,521,930	1,392,985
Related cash flows
Operating cash outflows from operating leases	$ 1,051,190	$ 941,089

Operating Leases - Maturities o

Operating Leases - Maturities of lease liability (Details)	Dec. 31, 2020USD ($)
Maturities of lease liability due
2021	$ 1,077,420
2022	1,104,356
2023	940,890
Thereafter	0
Total	3,122,666
Present value adjustment	(304,102)
Present value of lease payments	$ 2,818,564

Stockholders' Equity - Equity O

Stockholders' Equity - Equity Offerings (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	2 Months Ended	12 Months Ended
	Mar. 31, 2018	Feb. 26, 2021	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Oct. 07, 2020	Sep. 28, 2017
Common Stock
Equity offerings
Issuance of common stock, net of issuance costs, shares			5,161,502		8,050,000
Public Equity Offering
Equity offerings
Issuance of common stock, net of issuance costs, shares	8,050,000
Price per share	$ 17
Aggregate net proceeds from stock sale	$ 128.4
September 2017 At-The-Market | Common Stock
Equity offerings
Issuance of common stock, net of issuance costs, shares			4,136,742	0	0
Price per share			$ 3.52
Aggregate net proceeds from stock sale			$ 14.1
September 2017 At-The-Market | Common Stock | Maximum
Equity offerings
Common stock available for sale under agreement							$ 100
October 2020 At-The-Market | Common Stock
Equity offerings
Issuance of common stock, net of issuance costs, shares			1,024,760
Price per share			$ 3.74
Aggregate net proceeds from stock sale			$ 3.7
October 2020 At-The-Market | Common Stock | Maximum
Equity offerings
Common stock available for sale under agreement						$ 100
February 2021 At-The-Market | Common Stock | Subsequent Event
Equity offerings
Issuance of common stock, net of issuance costs, shares		2,475,949
Price per share		$ 3.92
Aggregate net proceeds from stock sale		$ 9.4

Stockholders' Equity - Common S

Stockholders' Equity - Common Stock Warrants (Details)	12 Months Ended
	Dec. 31, 2018USD ($)$ / sharesshares
Class of Warrant or Right
Number of shares underlying outstanding warrants	553,868
Exercise price per share | $ / shares	$ 0.33
Number of warrants exercised	546,709
Proceeds from cash exercise of warrants | $	$ 2,336
Common Stock
Class of Warrant or Right
Shares issued upon net exercise of outstanding warrants	536,564
Shares issued upon cash exercise of warrants	7,159

Stockholders' Equity - Incentiv

Stockholders' Equity - Incentive Plans (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Jan. 09, 2014
Maximum
Incentive plans
Expiration period	10 years	10 years	10 years
2003 Stock Incentive Plan
Incentive plans
Period from date of termination that any vested options shall expire	60 days
Expiration period	10 years
Intrinsic value of options exercised	$ 921,168	$ 924,688	$ 716,920
Cash proceeds from exercise of stock options	$ 319,297	$ 318,912	$ 59,659
Options exercised	285,087	284,743	46,131
2003 Stock Incentive Plan | Upon first anniversary of start date
Incentive plans
Percent of shares subject to option grant that will vest	25.00%
2003 Stock Incentive Plan | Each month after the first anniversary
Incentive plans
Percent of shares subject to option grant that will vest	2.083%
2013 Equity Incentive Plan
Incentive plans
Period from date of termination that any vested options shall expire	90 days
Expiration period	10 years
Unrecognized compensation expense related to unvested options	$ 9,417,298
Period for unrecognized compensation expense related to unvested options yet has not been recognized	2 years 2 months 12 days
Intrinsic value of options exercised		$ 97,429	$ 1,344,026
Cash proceeds from exercise of stock options		$ 94,001	$ 962,530
Options exercised		16,606	144,182
Fair value of shares vested	$ 7,347,548	$ 6,159,610	$ 3,003,632
2013 Equity Incentive Plan | Upon first anniversary of start date
Incentive plans
Percent of shares subject to option grant that will vest	25.00%
2013 Equity Incentive Plan | Each month after the first anniversary
Incentive plans
Percent of shares subject to option grant that will vest	2.083%
Common Stock | 2013 Equity Incentive Plan
Authorized shares
Common stock authorized				1,000,000
Automatic increase in number of shares reserved for issuance as a percentage of the total common stock outstanding at the end of the prior year				3.00%
Maximum number of shares that may be issued pursuant to exercise of incentive stock				20,000,000

Stockholders' Equity - Company'

Stockholders' Equity - Company's Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
2003 Stock Incentive Plan
OUTSTANDING OPTIONS
Outstanding at beginning of period	382,337
Options granted	0	0	0
Options exercised	(285,087)	(284,743)	(46,131)
Outstanding at end of period	97,250	382,337
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding at beginning of period	$ 1.33
Options exercised	1.12
Outstanding at end of period	$ 1.96	$ 1.33
VESTED AND EXPECTED TO VEST
Outstanding options	97,250
Weighted-Average Exercise Price	$ 1.96
ADDITIONAL DISCLOSURES
Weighted-average contractual term (years) exercisable at end of period	1 year 3 months 18 days
Weighted-average contractual term outstanding		1 year 3 months 18 days
Aggregate intrinsic value (in thousands) outstanding at end of period	$ 175
2013 Equity Incentive Plan
OUTSTANDING OPTIONS
Outstanding at beginning of period	4,399,606
Options granted	1,473,100
Options exercised		(16,606)	(144,182)
Options forfeited	(119,495)
Outstanding at end of period	5,753,211	4,399,606
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding at beginning of period	$ 10.43
Options granted	4.49
Options forfeited	8.65
Outstanding at end of period	$ 8.93	$ 10.43
VESTED AND EXPECTED TO VEST
Outstanding options	5,753,211
Weighted-Average Exercise Price	$ 8.93
Weighted-Average Remaining Contractual Term	6 years 7 months 6 days
Aggregate Intrinsic Value (in thousands)	$ 101
ADDITIONAL DISCLOSURES
Outstanding options exercisable at end of period	3,588,799
Weighted-average exercise price exercisable at end of period	$ 9.87
Weighted-average contractual term (years) exercisable at end of period	5 years 3 months 18 days
Weighted-average contractual term outstanding	6 years 7 months 6 days	6 years 9 months 18 days
Aggregate intrinsic value (in thousands) outstanding at end of period	$ 101

Stockholders' Equity - Summary

Stockholders' Equity - Summary of RSU Activity (Details) - 2013 Equity Incentive Plan - USD ($)	1 Months Ended	12 Months Ended
	Sep. 30, 2019	Dec. 31, 2020
Restricted Stock Units information
Period for unrecognized compensation expense related to unvested options yet has not been recognized		2 years 2 months 12 days
Upon first anniversary of start date
Restricted Stock Units information
Percent of shares subject to option grant that will vest		25.00%
RSU
NUMBER OF SHARES
Unvested at beginning of period		324,550
Forfeited		(27,917)
Vested		(104,100)
Unvested at end of period		192,533
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE
Unvested at beginning of period		$ 4.53
Forfeited		4.53
Vested		4.53
Unvested at end of period		$ 4.53
RSU | Non-executive employees
Restricted Stock Units information
Vesting period	2 years
Unrecognized compensation expense related to unvested service RSUs		$ 464,263
Period for unrecognized compensation expense related to unvested options yet has not been recognized		8 months 12 days
NUMBER OF SHARES
Granted	332,106
RSU | Non-executive employees | Upon first anniversary of start date
Restricted Stock Units information
Percent of shares subject to option grant that will vest	33.30%
RSU | Non-executive employees | On the second anniversary of the date of grant
Restricted Stock Units information
Percent of shares subject to option grant that will vest	66.70%

Stockholders' Equity - Induceme

Stockholders' Equity - Inducement Plan (Details) - Inducement Plan	1 Months Ended	12 Months Ended
	Jan. 31, 2020installmentshares	Dec. 31, 2020USD ($)shares
Share-based Compensation Arrangement by Share-based Payment Award
Expiration period	10 years
Unrecognized compensation expense related to unvested options | $		$ 194,687
Period for unrecognized compensation expense related to unvested options yet has not been recognized		3 years 6 months
Common stock shares issued		0
Upon first anniversary of start date
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	25.00%
Number of monthly installments | installment	36
Period from date of termination that any vested options shall expire	90 days
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Common stock authorized	500,000

Stockholders' Equity - Induce_2

Stockholders' Equity - Inducement Plan - Stock Option Activity (Details) - Inducement Plan $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2020USD ($)$ / sharesshares
OUTSTANDING OPTIONS
Options granted | shares	100,600
Outstanding at end of period | shares	100,600
WEIGHTED-AVERAGE EXERCISE PRICE
Options granted | $ / shares	$ 3.09
Outstanding at end of period | $ / shares	3.09
VESTED AND EXPECTED TO VEST
Weighted-Average Exercise Price | $ / shares	$ 3.09
Weighted-Average Remaining Contractual Term	9 years 6 months
Aggregate Intrinsic Value (in thousands) | $	$ 71
Vested | shares	100,600
ADDITIONAL DISCLOSURES
Weighted-average contractual term (years) exercisable at end of period	9 years 6 months
Aggregate intrinsic value (in thousands) outstanding at end of period | $	$ 71

Stockholders' Equity - Weighted

Stockholders' Equity - Weighted-Average assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stockholders' Equity
Weighted-average fair value of the options granted	$ 3.17	$ 7.17	$ 12.90
Weighted-average assumptions
Expected term	6 years 3 months	6 years 3 months	6 years 3 months
Expected volatility	84.40%	71.15%	73.75%
Risk-free interest rate	1.41%	2.54%	2.55%
Expected dividend yield	0.00%	0.00%	0.00%

Stockholders' Equity - Stock-Ba

Stockholders' Equity - Stock-Based Compensation Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Stock-based compensation expense
Total stock-based compensation expense	$ 6,901,758	$ 6,215,090	$ 4,587,098
Research and Development
Stock-based compensation expense
Total stock-based compensation expense	2,946,952	2,402,242	1,709,390
General and Administrative Expense.
Stock-based compensation expense
Total stock-based compensation expense	$ 3,954,806	$ 3,812,848	$ 2,877,708

Income Taxes - Schedule of Gros

Income Taxes - Schedule of Gross Deferred Tax Asset and Related Valuation Allowance (Detail) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred income tax assets:
Net operating loss carryforward	$ 63,830,866	$ 53,391,629
Capitalized start-up costs	1,114,309	1,308,102
Patent amortization	88,949	104,419
Research and orphan drug credits	42,008,797	35,211,702
Stock-based compensation	6,778,569	4,935,232
Operating lease liabilities	775,598	996,861
Accrued bonus	919,410	736,723
Other	283,751	136,641
Gross deferred income tax assets	115,800,249	96,821,309
Valuation allowance	(115,016,323)	(95,850,031)
Net deferred income tax assets	783,926	971,278
Deferred tax liabilities:
Operating lease right-of-use assets	(639,843)	(827,195)
Property and equipment	(144,083)	(144,083)
Gross deferred income tax liabilities	(783,926)	(971,278)
Net deferred income tax asset/(liability)

Income Taxes - NOLs and carryfo

Income Taxes - NOLs and carryforwards (Detail) $ in Millions	Dec. 31, 2020USD ($)
Research tax credit carryforward
Tax Credit Carryforward
Tax credits available to carry forward	$ 9.6
Orphan drug credit carryforward
Tax Credit Carryforward
Tax credits available to carry forward	32.4
U.S. Federal And State
Tax Credit Carryforward
Net operating losses	$ 232

Income Taxes - Reconciliation B

Income Taxes - Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Income Taxes
U.S. Federal statutory tax rate	21.00%	21.00%	21.00%
State taxes	5.70%	5.70%	5.70%
Research credit	0.70%	0.80%	0.80%
Orphan drug credit	9.80%	8.80%	10.40%
Other	0.40%	(0.10%)	0.60%
Stock-based compensation			(0.10%)
Change in valuation allowance	(37.60%)	(36.20%)	(38.40%)

Research and License Agreemen_2

Research and License Agreements - Additional Information (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	Sep. 30, 2020	Aug. 31, 2020	Mar. 31, 2020
Apollomics, Inc.
Research and License Agreements
Up-front payment received			$ 9
Milestone revenue recognized based on achievement of certain clinical and regulatory events	$ 1
Apollomics, Inc. | Maximum
Research and License Agreements
Milestones based on achievement of certain clinical and regulatory events			75
Milestone payment upon achievement of specified net sales thresholds for all licensed products			$ 105
Tiered percentage of annual net sales			15.00%
Pfizer
Research and License Agreements
Milestone payment upon achievement of specified net sales thresholds for all licensed products		$ 25
Time over which a royalty on net sales of the product		10 years

Employee Benefit Plan (Detail)

Employee Benefit Plan (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Defined Contribution Plan Disclosure
Company matching contribution percentage	50.00%	50.00%	50.00%
Employer match contribution	$ 252,000	$ 219,000	$ 94,000
Maximum
Defined Contribution Plan Disclosure
Percent of employee contributions the company contributes a matching contribution	6.00%	6.00%	3.00%