GlycoMimetics (GLYC) 10-Q 3 May 21 2021 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2021	Apr. 30, 2021
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2021
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 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
Entity Common Stock, Shares Outstanding		51,539,010
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001253689
Current Fiscal Year End Date	--12-31
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	$ 132,470,624	$ 137,035,017
Prepaid expenses and other current assets	1,238,243	1,238,328
Total current assets	133,708,867	138,273,345
Property and equipment, net	553,471	620,673
Prepaid research and development expenses	1,560,607	1,560,607
Deposits	52,320	52,320
Operating lease right-of-use asset	2,144,638	2,325,224
Total assets	138,019,903	142,832,169
Current liabilities:
Accounts payable	2,140,800	2,089,939
Accrued expenses	7,777,918	9,439,881
Operating lease liabilities	923,433	898,549
Total current liabilities	10,842,151	12,428,369
Noncurrent accrued expenses	373,911	264,329
Noncurrent operating lease liabilities	1,680,321	1,920,015
Total liabilities	12,896,383	14,612,713
Stockholders' equity:
Preferred stock; $0.001 par value; 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2021 and December 31, 2020
Common stock; $0.001 par value; 100,000,000 shares authorized; 51,539,010 shares issued and outstanding at March 31 ,2021; 49,017,622 shares issued and outstanding at December 31, 2020	51,539	49,018
Additional paid-in capital	448,815,593	437,639,991
Accumulated deficit	(323,743,612)	(309,469,553)
Total stockholders' equity	125,123,520	128,219,456
Total liabilities and stockholders' equity	$ 138,019,903	$ 142,832,169

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2021	Dec. 31, 2020
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	51,539,010	49,017,622
Common stock, shares outstanding	51,539,010	49,017,622

Statements of Operations and Co

Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Statements of Operations and Comprehensive Loss
Revenue	$ 1,055,441	$ 9,000,000
Costs and expenses:
Research and development expense	11,147,236	12,668,260
General and administrative expense	4,188,110	4,439,760
Total costs and expenses	15,335,346	17,108,020
Loss from operations	(14,279,905)	(8,108,020)
Interest income	5,846	445,416
Net loss and comprehensive loss	$ (14,274,059)	$ (7,662,604)
Basic and diluted net loss per common share (in dollars per share)	$ (0.28)	$ (0.18)
Basic and diluted weighted-average number of common shares (in shares)	50,697,183	43,575,590

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
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
Exercise of options	$ 116	129,856		129,972
Exercise of options, shares	116,046
Stock-based compensation		1,822,148		1,822,148
Net loss			(7,662,604)	(7,662,604)
Balance at Mar. 31, 2020	$ 43,581	414,551,776	(266,105,254)	148,490,103
Balance, shares at Mar. 31, 2020	43,582,979
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
Issuance of common stock, net of issuance costs	$ 2,517	9,557,182		9,559,699
Issuance of common stock, net of issuance costs, shares	2,517,603
Exercise of options	$ 4	4,235		4,239
Exercise of options, shares	3,785
Stock-based compensation		1,614,185		1,614,185
Net loss			(14,274,059)	(14,274,059)
Balance at Mar. 31, 2021	$ 51,539	$ 448,815,593	$ (323,743,612)	$ 125,123,520
Balance, shares at Mar. 31, 2021	51,539,010

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Operating activities
Net loss	$ (14,274,059)	$ (7,662,604)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	68,088	68,191
Loss on disposal of assets	2,174
Non-cash lease expense	180,586	164,262
Stock-based compensation expense	1,614,185	1,822,148
Changes in assets and liabilities:
Prepaid expenses and other current assets	85	2,267,641
Accounts payable	50,861	1,698,622
Accrued expenses	(1,661,963)	(2,059,678)
Noncurrent accrued expenses	109,582	393,273
Operating lease liabilities	(214,810)	(191,994)
Net cash used in operating activities	(14,125,271)	(3,500,139)
Investing activities
Purchases of property and equipment	(3,060)	(8,136)
Net cash used in investing activities	(3,060)	(8,136)
Financing activities
Proceeds from issuance of common stock, net of issuance costs	9,559,699
Proceeds from exercise of stock options	4,239	129,972
Net cash provided by financing activities	9,563,938	129,972
Net change in cash and cash equivalents	(4,564,393)	(3,378,303)
Cash and cash equivalents, beginning of period	137,035,017	158,201,441
Cash and cash equivalents, end of period	$ 132,470,624	$ 154,823,138

Description of the Business

Description of the Business	3 Months Ended
	Mar. 31, 2021
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 April 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 and other personnel, initiating and overseeing research and development programs, including planned and ongoing clinical trials, and securing adequate capital for anticipated growth and operations. The Company has not commercialized any of its drug candidates or commenced commercial operations. The Company is subject to a number of risks similar to those of other companies in similar development stages, including dependence on key individuals, the need to develop commercially viable drugs, the need to successfully compete with other companies, many of whom are larger and better capitalized, and the need to obtain adequate additional financing to fund the development of its drug candidates. The Company has incurred significant operating losses since inception and has relied on its ability to fund its operations through private and public equity financings, and management expects operating losses and negative operating cash flows to continue for the foreseeable future. As the Company continues to incur losses, profitability will be dependent upon the successful development, approval and commercialization of its drug candidates and achieving a level of revenues adequate to support the Company’s cost structure. The Company may never achieve profitability, and unless and until it does, the Company will continue to need to raise additional capital. The Company believes that its currently available funds will be sufficient to fund the Company’s operations through at least 12 months from the date of the filing of this Quarterly Report. Management intends to fund future operations through additional public or private equity or debt offerings and may seek additional capital through arrangements with strategic partners or from other sources.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2021
Significant Accounting Policies
Significant Accounting Policies	2. 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). ​ Unaudited Financial Statements ​ The accompanying balance sheet as of March 31, 2021, statements of operations and comprehensive loss and stockholders’ equity for the three months ended March 31, 2021 and 2020 and statements of cash flows for the three months ended March 31, 2021 and 2020 are unaudited. These unaudited financial statements have been prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission (the SEC) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete annual financial statements. These financial statements should be read in conjunction with the audited financial statements and the accompanying notes for the year ended December 31, 2020 contained in the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2021. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management reflect all adjustments (consisting of normal recurring adjustments) necessary to state fairly the Company’s financial position as of March 31, 2021 and its results of operations and changes in its stockholders’ equity for the three months ended March 31, 2021 and 2020 and its cash flows for the three months ended March 31, 2021 and 2020. The December 31, 2020 balance sheet included herein was derived from audited financial statements, but does not include all disclosures including notes required by GAAP for complete annual financial statements. The financial data and other information disclosed in these notes to the financial statements related to the three months ended March 31, 2021 and 2020 are unaudited. Interim results are not necessarily indicative of results for an entire year or for any future period. ​ 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. ​ ​ Fair Value Measurements ​ 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) as of March 31, 2021 and December 31, 2020. The carrying value of cash held in money market funds of $130.5 million and $135.0 million as of March 31, 2021 and December 31, 2020, 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 money market funds with major financial institutions in the United States. These funds may be redeemed upon demand and, therefore, bear minimal risk. The Company does not anticipate any losses on such balances. ​ 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 9 for additional information regarding the Company’s license agreement. 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: ​ 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 ​ Risk-Free Interest Rate ​ Expected Term ​ Net Loss Per Common Share ​ 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 loss per share is computed by dividing net loss by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock options and restricted stock units. ​ The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average common shares outstanding, as they would be anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 Stock options and restricted stock units 7,088,005 6,291,212 ​ ​ Comprehensive Loss Comprehensive loss comprises net loss and other changes in equity that are excluded from net loss. For the three months ended March 31, 2021 and 2020, the Company’s net loss equaled comprehensive net loss and, accordingly, no additional disclosure is presented. ​ Recently Issued Accounting Standards ​ Adopted Accounting Standards ​ In December 2019, the FASB issued ASU 2019-12. ASU 2019-12 removes certain exceptions for recognizing deferred taxes for investments, performing intra-period allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including deferred taxes for goodwill and allocating taxes for members of a consolidated group. ASU 2019-12 was effective for all entities for fiscal years beginning after December 15, 2020, and earlier adoption is permitted. As of January 1, 2021, the Company adopted the standard, which did not have a material impact on the Company's financial statements. ​ 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.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	3 Months Ended
	Mar. 31, 2021
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	3. Prepaid Expenses and Other Current Assets ​ The following is a summary of the Company’s prepaid expenses and other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Prepaid research and development expenses ​ $ 413,190 ​ $ 965,504 Other prepaid expenses ​ ​ 380,485 ​ ​ 270,675 Other receivables ​ 444,568 ​ 2,149 Prepaid expenses and other current assets ​ $ 1,238,243 ​ $ 1,238,328 ​

Property and Equipment

Property and Equipment	3 Months Ended
	Mar. 31, 2021
Property and Equipment
Property and Equipment	4. Property and Equipment ​ Property and equipment, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Furniture and fixtures ​ $ 345,712 ​ $ 345,712 Laboratory equipment ​ 1,401,245 ​ 1,446,596 Office equipment ​ 16,755 ​ 16,755 Computer equipment ​ 300,009 ​ 327,776 Leasehold improvements ​ ​ 616,133 ​ ​ 616,133 Property and equipment ​ 2,679,854 ​ 2,752,972 Less accumulated depreciation ​ (2,126,383) ​ (2,132,299) Property and equipment, net ​ $ 553,471 ​ $ 620,673 ​ Depreciation expense was $68,088 and $68,191 for the three months ended March 31, 2021 and 2020, respectively.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2021
Accrued Expenses
Accrued Expenses	5. Accrued Expenses ​ The following is a summary of the Company’s accrued expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 ​ 2020 Accrued research and development expenses ​ $ 5,280,150 ​ $ 5,114,420 Accrued bonuses ​ ​ 1,323,377 ​ ​ 3,341,184 Accrued consulting and other professional fees ​ 306,298 ​ 194,760 Accrued employee benefits ​ 761,195 ​ 569,048 Other accrued expenses ​ 106,898 ​ 220,469 Accrued expenses ​ $ 7,777,918 ​ $ 9,439,881 ​

Leases

Leases	3 Months Ended
	Mar. 31, 2021
Leases
Leases	​ 6. 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 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 ​ 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 was not reasonably certain of being exercised as of March 31, 2021. ​ ● Incremental borrowing rate – As the Company’s lease does not provide an implicit rate, the Company used an incremental borrowing rate, or 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 8.0% based on an estimated rate that considered the Company’s credit risk in the United States for a collateralized borrowing and term similar to the Lease. ​ As of March 31, 2021, the weighted-average remaining lease term was 2.6 years. There were no additional operating leases entered into during the three months ended March 31, 2021. ​ The components of lease expense and related cash flows were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 Operating lease cost ​ $ 231,989 ​ $ 231,989 Variable lease cost ​ ​ 146,421 ​ ​ 161,946 Total operating lease cost ​ $ 378,410 ​ $ 393,935 ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash outflows for operating leases ​ $ 266,215 ​ $ 259,722 ​ Maturities of lease liability due under these lease agreements as of March 31, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ Operating Lease ​ Obligation April 1, 2021 - December 31, 2021 ​ $ 811,205 2022 ​ ​ 1,104,356 2023 ​ ​ 940,890 2024 ​ ​ — 2025 ​ ​ — Thereafter ​ ​ — Total ​ ​ 2,856,451 Present value adjustment ​ ​ (252,697) Present value of lease payments ​ $ 2,603,754 ​

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	Mar. 31, 2021
Stockholders' Equity
Stockholders' Equity	7. Stockholders’ Equity ​ At-The-Market Sales Facility ​ 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. The shelf registration statement under which the shares that could be sold under the 2017 Sales Agreement were registered expired on October 6, 2020. There were no shares sold under the September 2017 Sales Agreement during the three months ended March 31, 2020. ​ On October 7, 2020, the Company filed a prospectus supplement to a 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 three months ended March 31, 2021, the Company issued and sold 2,517,603 shares of common stock under the 2020 Sales Agreement at a weighted average price per share of $3.92, for aggregate net proceeds of $9.6 million, after deducting commissions and offering expenses. As of March 31, 2021, approximately $86.3 million remained available to be sold under the terms of the 2020 Sales Agreement. Subsequent to March 31, 2021, there have been no additional sales under the 2020 Sales Agreement. ​ 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 three months ended March 31, 2021 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, 2020 ​ 97,250 ​ $ 1.96 1.3 ​ ​ ​ Options exercised ​ (3,785) ​ 1.12 ​ ​ ​ ​ ​ Options forfeited ​ — ​ — ​ ​ ​ ​ ​ Outstanding, Vested and Exercisable as of March 31, 2021 ​ 93,465 ​ 2.00 1.0 ​ $ 95 ​ As of March 31, 2021, outstanding options under the 2003 Plan were fully expensed and all shares underlying outstanding options were fully vested. Total intrinsic value of the options exercised during the three months ended March 31, 2021 and 2020 was $8,668 and $459,098, respectively, and total cash received for options exercised was $4,239 and $129,972 during the three months ended March 31, 2021 and 2020, respectively. ​ 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 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, with the balance of the shares vesting in a series of thirty-six successive equal monthly installments as of the first day of each month measured from the first anniversary of the vesting start date. Upon termination of employment by reasons other than death, cause, or disability, any vested options will terminate 90 days after the termination date, unless otherwise set forth in a stock option agreement. Stock options generally terminate 10 years from the date of grant. ​ Authorized Shares ​ The maximum number of shares of common stock that initially could be issued under the 2013 Plan was ​ 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. ​ A summary of the Company’s stock option activity under the 2013 Plan for the three months ended March 31, 2021 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, 2020 ​ 5,753,211 ​ $ 8.93 ​ 6.6 ​ ​ ​ Options granted ​ 823,400 ​ ​ 3.80 ​ ​ ​ ​ ​ Options exercised ​ — ​ ​ — ​ ​ ​ ​ ​ Options forfeited ​ (253,817) ​ ​ 7.33 ​ ​ ​ ​ ​ Outstanding as of March 31, 2021 ​ 6,322,794 ​ ​ 8.34 ​ 6.4 ​ $ 2 Vested or expected to vest as of March 31, 2021 ​ 6,322,794 ​ ​ 8.34 ​ 6.4 ​ ​ 2 Exercisable as of March 31, 2021 ​ 4,038,025 ​ ​ 9.50 ​ 5.0 ​ ​ — ​ As of March 31, 2021, there was ​ 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. During the three months ended March 31, 2021, the Company awarded RSUs under the 2013 Plan to all of its employees. The RSUs granted vest over four years in equal installments on each anniversary of the grant date. Compensation expense is recognized on a straight-line basis. As of March 31, 2021, there was $1,679,177 of total unrecognized compensation expense associated with outstanding RSU grants that will be recognized over a weighted-average period of approximately 2.3 years. ​ The following is a summary of RSU activity under the 2013 Plan for the three months ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ Number of Shares ​ Grant Date ​ ​ Underlying RSUs Fair Value Unvested at December 31, 2020 ​ 192,533 ​ $ 4.53 ​ Granted ​ 413,113 ​ 3.82 ​ Forfeited ​ (34,500) ​ 3.81 ​ Vested ​ — ​ — ​ Unvested at March 31, 2021 ​ 571,146 ​ 4.06 ​ ​ 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 Plan will typically vest upon the first anniversary of the vesting start date, with the balance of the shares vesting in a series of thirty-six successive equal monthly installments as of the first day of each month measured from the first anniversary of the vesting start date, subject to the new employee’s continued service with the Company through the applicable vesting dates. Upon termination of employment by reasons other than death, cause or disability, any vested options will terminate 90 days after the termination date, unless otherwise set forth in a stock option agreement. Stock options generally terminate 10 years from the date of grant. There were 500,000 shares of common stock reserved under the Inducement Plan at its adoption date. ​ A summary of the Company’s stock option activity under the Inducement Plan for the three months ended March 31, 2021 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, 2020 ​ 100,600 ​ $ 3.09 ​ 9.5 ​ ​ ​ Options granted ​ — ​ ​ — ​ ​ ​ ​ ​ Options exercised ​ — ​ ​ — ​ ​ ​ ​ ​ Options forfeited ​ — ​ ​ — ​ ​ ​ ​ ​ Outstanding as of March 31, 2021 ​ 100,600 ​ ​ 3.09 ​ 9.2 ​ $ 39 Vested or expected to vest as of March 31, 2021 ​ 100,600 ​ ​ 3.09 ​ 9.2 ​ ​ 39 Exercisable as of March 31, 2021 ​ 1,500 ​ ​ 2.06 ​ 9.0 ​ ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of March 31, 2021, there was $181,030 of total unrecognized compensation expense related to unvested options under the Inducement Plan that will be recognized over a weighted-average period of approximately 3.3 years. The total fair value of shares underlying options which vested in the three months ended March 31, 2021 was $2,205. There were no options that vested during the three months ended March 31, 2020. There were no options exercised ​ The weighted-average fair value of the options granted under the 2013 Plan and Inducement Plan during the three months ended March 31, 2021 and 2020 was $2.70 per share and $3.35 per share, respectively, applying the Black-Scholes-Merton option pricing model utilizing the following weighted-average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 ​ 2020 Expected term 6.25 years ​ 6.25 years Expected volatility 83.72% ​ 84.30% Risk-free interest rate 0.63% ​ 1.59% Expected dividend yield 0% ​ 0% ​ Stock-based compensation expense was classified on the statements of operations as follows for the three months ended March 31, 2021 and 2020: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 ​ 2020 Research and development expense ​ $ 688,972 ​ $ 736,030 General and administrative expense ​ 925,213 ​ 1,086,118 Total stock-based compensation expense ​ $ 1,614,185 ​ $ 1,822,148 ​

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2021
Income Taxes
Income Taxes	8. Income Taxes ​ The Company has not recorded any tax provision or benefit for the three months ended March 31, 2021 and 2020. The Company has provided a valuation allowance for the full amount of its net deferred tax assets since realization of any future benefit from deductible temporary differences, net operating loss carryforwards and research and development credits is not more-likely-than-not to be realized at March 31, 2021 and December 31, 2020.

License and Collaboration Agree

License and Collaboration Agreements	3 Months Ended
	Mar. 31, 2021
License and Collaboration Agreements
License and Collaboration Agreements	9. License and Collaboration 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. 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 third quarter of year ended December 31, 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. ​ 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. During the three months ended March 31, 2021, the Company recognized $1.1 million as revenue from the sale of clinical supplies to Apollomics.

Risks and Uncertainties

Risks and Uncertainties	3 Months Ended
	Mar. 31, 2021
Risks and Uncertainties
Risks and Uncertainties	10. 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 duration of the pandemic, government restrictions and other actions, including relief measures and mass vaccination efforts, 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 Accounti

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2021
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).
Unaudited Financial Statements	Unaudited Financial Statements ​ The accompanying balance sheet as of March 31, 2021, statements of operations and comprehensive loss and stockholders’ equity for the three months ended March 31, 2021 and 2020 and statements of cash flows for the three months ended March 31, 2021 and 2020 are unaudited. These unaudited financial statements have been prepared in accordance with the rules and regulations of the United States Securities and Exchange Commission (the SEC) for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete annual financial statements. These financial statements should be read in conjunction with the audited financial statements and the accompanying notes for the year ended December 31, 2020 contained in the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2021. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management reflect all adjustments (consisting of normal recurring adjustments) necessary to state fairly the Company’s financial position as of March 31, 2021 and its results of operations and changes in its stockholders’ equity for the three months ended March 31, 2021 and 2020 and its cash flows for the three months ended March 31, 2021 and 2020. The December 31, 2020 balance sheet included herein was derived from audited financial statements, but does not include all disclosures including notes required by GAAP for complete annual financial statements. The financial data and other information disclosed in these notes to the financial statements related to the three months ended March 31, 2021 and 2020 are unaudited. Interim results are not necessarily indicative of results for an entire year or for any future period.
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.
Fair Value Measurements	Fair Value Measurements ​ 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) as of March 31, 2021 and December 31, 2020. The carrying value of cash held in money market funds of $130.5 million and $135.0 million as of March 31, 2021 and December 31, 2020, 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 money market funds with major financial institutions in the United States. These funds may be redeemed upon demand and, therefore, bear minimal risk. The Company does not anticipate any losses on such balances.
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 9 for additional information regarding the Company’s license agreement. 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:
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 ​ Risk-Free Interest Rate ​ Expected Term
Net Loss Per Common Share	Net Loss Per Common Share ​ 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 loss per share is computed by dividing net loss by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock options and restricted stock units. ​ The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average common shares outstanding, as they would be anti-dilutive: ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 Stock options and restricted stock units 7,088,005 6,291,212 ​ ​
Comprehensive Loss	Comprehensive Loss Comprehensive loss comprises net loss and other changes in equity that are excluded from net loss. For the three months ended March 31, 2021 and 2020, the Company’s net loss equaled comprehensive net loss and, accordingly, no additional disclosure is presented.
Accounting Standards Not Yet Adopted	Recently Issued Accounting Standards ​ Adopted Accounting Standards ​ In December 2019, the FASB issued ASU 2019-12. ASU 2019-12 removes certain exceptions for recognizing deferred taxes for investments, performing intra-period allocation and calculating income taxes in interim periods. The ASU also adds guidance to reduce complexity in certain areas, including deferred taxes for goodwill and allocating taxes for members of a consolidated group. ASU 2019-12 was effective for all entities for fiscal years beginning after December 15, 2020, and earlier adoption is permitted. As of January 1, 2021, the Company adopted the standard, which did not have a material impact on the Company's financial statements. ​ 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.

Significant Accounting Polici_2

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2021
Significant Accounting Policies
Potentially dilutive securities outstanding	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 Stock options and restricted stock units 7,088,005 6,291,212

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2021
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Prepaid research and development expenses ​ $ 413,190 ​ $ 965,504 Other prepaid expenses ​ ​ 380,485 ​ ​ 270,675 Other receivables ​ 444,568 ​ 2,149 Prepaid expenses and other current assets ​ $ 1,238,243 ​ $ 1,238,328

Property and Equipment (Tables)

Property and Equipment (Tables)	3 Months Ended
	Mar. 31, 2021
Property and Equipment
Summary of Property and Equipment useful lives	Property and equipment, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ 2021 2020 Furniture and fixtures ​ $ 345,712 ​ $ 345,712 Laboratory equipment ​ 1,401,245 ​ 1,446,596 Office equipment ​ 16,755 ​ 16,755 Computer equipment ​ 300,009 ​ 327,776 Leasehold improvements ​ ​ 616,133 ​ ​ 616,133 Property and equipment ​ 2,679,854 ​ 2,752,972 Less accumulated depreciation ​ (2,126,383) ​ (2,132,299) Property and equipment, net ​ $ 553,471 ​ $ 620,673

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2021
Accrued Expenses
Summary of Accrued Expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ December 31, ​ ​ 2021 ​ 2020 Accrued research and development expenses ​ $ 5,280,150 ​ $ 5,114,420 Accrued bonuses ​ ​ 1,323,377 ​ ​ 3,341,184 Accrued consulting and other professional fees ​ 306,298 ​ 194,760 Accrued employee benefits ​ 761,195 ​ 569,048 Other accrued expenses ​ 106,898 ​ 220,469 Accrued expenses ​ $ 7,777,918 ​ $ 9,439,881

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2021
Leases
Components of lease expense and related cash flows	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 2020 Operating lease cost ​ $ 231,989 ​ $ 231,989 Variable lease cost ​ ​ 146,421 ​ ​ 161,946 Total operating lease cost ​ $ 378,410 ​ $ 393,935 ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash outflows for operating leases ​ $ 266,215 ​ $ 259,722
Maturities of lease liabilities due	​ ​ ​ ​ ​ ​ ​ Operating Lease ​ Obligation April 1, 2021 - December 31, 2021 ​ $ 811,205 2022 ​ ​ 1,104,356 2023 ​ ​ 940,890 2024 ​ ​ — 2025 ​ ​ — Thereafter ​ ​ — Total ​ ​ 2,856,451 Present value adjustment ​ ​ (252,697) Present value of lease payments ​ $ 2,603,754

Stockholders Equity (Tables)

Stockholders Equity (Tables)	3 Months Ended
	Mar. 31, 2021
Weighted-Average Fair Value of Options Granted	​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 ​ 2020 Expected term 6.25 years ​ 6.25 years Expected volatility 83.72% ​ 84.30% Risk-free interest rate 0.63% ​ 1.59% Expected dividend yield 0% ​ 0%
Stock-Based Compensation Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended March 31, ​ 2021 ​ 2020 Research and development expense ​ $ 688,972 ​ $ 736,030 General and administrative expense ​ 925,213 ​ 1,086,118 Total stock-based compensation expense ​ $ 1,614,185 ​ $ 1,822,148
2003 Stock Incentive Plan
Company's Stock Option Activity	A summary of the Company’s stock option activity under the 2003 Plan for the three months ended March 31, 2021 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, 2020 ​ 97,250 ​ $ 1.96 1.3 ​ ​ ​ Options exercised ​ (3,785) ​ 1.12 ​ ​ ​ ​ ​ Options forfeited ​ — ​ — ​ ​ ​ ​ ​ Outstanding, Vested and Exercisable as of March 31, 2021 ​ 93,465 ​ 2.00 1.0 ​ $ 95
2013 Equity Incentive Plan
Company's Stock Option Activity	A summary of the Company’s stock option activity under the 2013 Plan for the three months ended March 31, 2021 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, 2020 ​ 5,753,211 ​ $ 8.93 ​ 6.6 ​ ​ ​ Options granted ​ 823,400 ​ ​ 3.80 ​ ​ ​ ​ ​ Options exercised ​ — ​ ​ — ​ ​ ​ ​ ​ Options forfeited ​ (253,817) ​ ​ 7.33 ​ ​ ​ ​ ​ Outstanding as of March 31, 2021 ​ 6,322,794 ​ ​ 8.34 ​ 6.4 ​ $ 2 Vested or expected to vest as of March 31, 2021 ​ 6,322,794 ​ ​ 8.34 ​ 6.4 ​ ​ 2 Exercisable as of March 31, 2021 ​ 4,038,025 ​ ​ 9.50 ​ 5.0 ​ ​ —
Summary of RSU Activity	​ The following is a summary of RSU activity under the 2013 Plan for the three months ended March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ Number of Shares ​ Grant Date ​ ​ Underlying RSUs Fair Value Unvested at December 31, 2020 ​ 192,533 ​ $ 4.53 ​ Granted ​ 413,113 ​ 3.82 ​ Forfeited ​ (34,500) ​ 3.81 ​ Vested ​ — ​ — ​ Unvested at March 31, 2021 ​ 571,146 ​ 4.06 ​
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, 2020 ​ 100,600 ​ $ 3.09 ​ 9.5 ​ ​ ​ Options granted ​ — ​ ​ — ​ ​ ​ ​ ​ Options exercised ​ — ​ ​ — ​ ​ ​ ​ ​ Options forfeited ​ — ​ ​ — ​ ​ ​ ​ ​ Outstanding as of March 31, 2021 ​ 100,600 ​ ​ 3.09 ​ 9.2 ​ $ 39 Vested or expected to vest as of March 31, 2021 ​ 100,600 ​ ​ 3.09 ​ 9.2 ​ ​ 39 Exercisable as of March 31, 2021 ​ 1,500 ​ ​ 2.06 ​ 9.0 ​ ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Significant Accounting Polici_3

Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Millions	Mar. 31, 2021	Dec. 31, 2020
Level 1
Fair Value Measurements
Carrying value of cash held in money market fund	$ 130.5	$ 135
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

Significant Accounting Polici_4

Significant Accounting Policies - Stock-Based Compensation (Details)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Defined Contribution Plan Disclosure
Expected term	6 years 3 months	6 years 3 months
Maximum
Defined Contribution Plan Disclosure
Expiration period	10 years

Significant Accounting Polici_5

Significant Accounting Policies - Net Loss Per Common Share (Details) - shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock options and restricted stock units
Anti-dilutive securities excluded from computation of earnings per share
Anti-dilutive securities	7,088,005	6,291,212

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Mar. 31, 2021	Dec. 31, 2020
Prepaid Expenses and Other Current Assets
Prepaid research and development expenses	$ 413,190	$ 965,504
Other prepaid expenses	380,485	270,675
Other receivables	444,568	2,149
Prepaid expenses and other current assets	$ 1,238,243	$ 1,238,328

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
Property, Plant and Equipment
Property and equipment	$ 2,679,854		$ 2,752,972
Less accumulated depreciation	(2,126,383)		(2,132,299)
Property and equipment, net	553,471		620,673
Depreciation of property and equipment	68,088	$ 68,191
Furniture and Fixtures
Property, Plant and Equipment
Property and equipment	345,712		345,712
Laboratory Equipment
Property, Plant and Equipment
Property and equipment	1,401,245		1,446,596
Office Equipment
Property, Plant and Equipment
Property and equipment	16,755		16,755
Computer Equipment
Property, Plant and Equipment
Property and equipment	300,009		327,776
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 ($)	Mar. 31, 2021	Dec. 31, 2020
Accrued Expenses
Accrued research and development expenses	$ 5,280,150	$ 5,114,420
Accrued bonuses	1,323,377	3,341,184
Accrued consulting and other professional fees	306,298	194,760
Accrued employee benefits	761,195	569,048
Other accrued expenses	106,898	220,469
Accrued expenses	$ 7,777,918	$ 9,439,881

Leases (Details)

Leases (Details)	3 Months Ended
	Mar. 31, 2021USD ($)lease	Dec. 31, 2020USD ($)	May 31, 2016USD ($)
Operating leases
Security Deposit	$ 52,320	$ 52,320
Incremental borrowing rate	8.00%
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Operating Lease, Right-of-Use Asset	$ 2,144,638	$ 2,325,224
Operating Lease, Liability	$ 2,603,754
Operating Lease, Weighted Average Remaining Lease Term	2 years 7 months 6 days
Number of additional operating leases entered during the period | lease	0
Rockville, Maryland
Operating leases
Security Deposit			$ 52,320

Leases - Components of lease ex

Leases - Components of lease expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Components of lease expense
Operating lease cost	$ 231,989	$ 231,989
Variable lease cost	146,421	161,946
Total operating lease cost	378,410	393,935
Related cash flows
Operating cash outflows from operating leases	$ 266,215	$ 259,722

Leases - Maturities of lease li

Leases - Maturities of lease liability (Details)	Mar. 31, 2021USD ($)
Maturities of lease liability due
April 1, 2021 - December 31, 2021	$ 811,205
2022	1,104,356
2023	940,890
Thereafter
Total	2,856,451
Present value adjustment	(252,697)
Present value of lease payments	$ 2,603,754

Stockholders' Equity - Equity O

Stockholders' Equity - Equity Offerings (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended
	Mar. 31, 2021	Oct. 07, 2020	Sep. 28, 2017
Common Stock
Equity offerings
Issuance of common stock, net of issuance costs, shares	2,517,603
September 2017 At-The-Market | Common Stock | Maximum
Equity offerings
Common stock available for sale under agreement			$ 100
October 2020 At-The-Market
Equity offerings
Issuance of common stock, net of issuance costs, shares	2,517,603
Price per share	$ 3.92
Aggregate net proceeds from stock sale	$ 9.6
Common stock available for sale under agreement	$ 86.3
October 2020 At-The-Market | Common Stock | Maximum
Equity offerings
Common stock available for sale under agreement		$ 100

Stockholders' Equity - Incentiv

Stockholders' Equity - Incentive Plans (Details)	Jan. 09, 2014installmentshares	Mar. 31, 2021USD ($)shares	Mar. 31, 2020USD ($)shares
Maximum
Incentive plans
Expiration period		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 | $		$ 8,668	$ 459,098
Cash proceeds from exercise of stock options | $		$ 4,239	129,972
Options exercised		3,785
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 | $		$ 9,254,305
Period for unrecognized compensation expense related to unvested options yet has not been recognized		2 years 3 months 18 days
Options exercised		0
Fair value of shares vested | $		$ 2,269,172	$ 2,618,307
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
Number of monthly installments | installment	36
Common Stock
Incentive plans
Options exercised		3,785	116,046
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	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
OUTSTANDING OPTIONS
Outstanding at beginning of period	100,600
Outstanding at end of period		100,600
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding at beginning of period	$ 3.09
Outstanding at end of period		$ 3.09
ADDITIONAL DISCLOSURES
Outstanding options exercisable at end of period	1,500
Weighted-average exercise price exercisable at end of period	$ 2.06
Weighted-average contractual term (years) exercisable	9 years	9 years 6 months
Aggregate intrinsic value (in thousands) exercisable at end of period	$ 1
2003 Stock Incentive Plan
OUTSTANDING OPTIONS
Outstanding at beginning of period	97,250
Options exercised	(3,785)
Outstanding at end of period	93,465	97,250
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding at beginning of period	$ 1.96
Options granted	1.12
Outstanding at end of period	$ 2	$ 1.96
VESTED AND EXPECTED TO VEST
Weighted-Average Remaining Contractual Term	1 year	1 year 3 months 18 days
Aggregate Intrinsic Value (in thousands)	$ 95
2013 Equity Incentive Plan
OUTSTANDING OPTIONS
Outstanding at beginning of period	5,753,211
Options granted	823,400
Options exercised	0
Options forfeited	(253,817)
Outstanding at end of period	6,322,794	5,753,211
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding at beginning of period	$ 8.93
Options granted	3.80
Options forfeited	7.33
Outstanding at end of period	$ 8.34	$ 8.93
VESTED AND EXPECTED TO VEST
Outstanding options	6,322,794
Weighted-Average Exercise Price	$ 8.34
Weighted-Average Remaining Contractual Term	6 years 4 months 24 days
Aggregate Intrinsic Value (in thousands)	$ 2
ADDITIONAL DISCLOSURES
Outstanding options exercisable at end of period	4,038,025
Weighted-average exercise price exercisable at end of period	$ 9.50
Weighted-average contractual term (years) exercisable	5 years
Weighted-average contractual term outstanding	6 years 4 months 24 days	6 years 7 months 6 days
Aggregate intrinsic value (in thousands) outstanding at end of period	$ 2

Stockholders' Equity - Weighted

Stockholders' Equity - Weighted-Average assumptions (Details) - $ / shares	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Weighted-average assumptions
Expected term	6 years 3 months	6 years 3 months
Expected volatility	83.72%	84.30%
Risk-free interest rate	0.63%	1.59%
Expected dividend yield	0.00%	0.00%
2013 Equity Incentive and Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award
Weighted-average fair value of the options granted	$ 2.70	$ 3.35

Stockholders' Equity - Summary

Stockholders' Equity - Summary of RSU Activity (Details) - USD ($)	Jan. 09, 2014	Mar. 31, 2021
2013 Equity Incentive Plan
Restricted Stock Units information
Period for unrecognized compensation expense related to unvested options yet has not been recognized		2 years 3 months 18 days
2013 Equity Incentive Plan | Upon first anniversary of start date
Restricted Stock Units information
Percent of shares subject to option grant that will vest	25.00%
RSU
Restricted Stock Units information
Vesting period		4 years
RSU | 2013 Equity Incentive Plan
NUMBER OF SHARES
Unvested at beginning of period		192,533
Granted		413,113
Forfeited		(34,500)
Unvested at end of period		571,146
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE
Unvested at beginning of period		$ 4.53
Granted		3.82
Forfeited		3.81
Unvested at end of period		$ 4.06
RSU | 2013 Equity Incentive Plan | Non-executive employees
Restricted Stock Units information
Unrecognized compensation expense related to unvested service RSUs		$ 1,679,177
Period for unrecognized compensation expense related to unvested options yet has not been recognized		2 years 3 months 18 days

Stockholders' Equity - Induceme

Stockholders' Equity - Inducement Plan (Details) - Inducement Plan	1 Months Ended	3 Months Ended
	Jan. 31, 2020installmentshares	Mar. 31, 2021USD ($)
Share-based Compensation Arrangement by Share-based Payment Award
Period from date of termination that any vested options shall expire	90 days
Expiration period	10 years
Unrecognized compensation expense related to unvested options | $		$ 181,030
Period for unrecognized compensation expense related to unvested options yet has not been recognized		3 years 3 months 18 days
Upon first anniversary of start date
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	25.00%
Each month after the first anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Number of monthly installments | installment	36
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Common stock authorized | shares	500,000

Stockholders' Equity - Induce_2

Stockholders' Equity - Inducement Plan - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2021	Mar. 31, 2020	Dec. 31, 2020
OUTSTANDING OPTIONS
Outstanding at beginning of period	100,600
Outstanding at end of period			100,600
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding at beginning of period	$ 3.09
Outstanding at end of period			$ 3.09
ADDITIONAL DISCLOSURES
Weighted-average contractual term (years) exercisable	9 years		9 years 6 months
Outstanding options exercisable at end of period	1,500
Aggregate intrinsic value (in thousands) exercisable at end of period	$ 1
Inducement Plan
OUTSTANDING OPTIONS
Options exercised	0
Outstanding at end of period	100,600
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding at end of period	$ 3.09
VESTED AND EXPECTED TO VEST
Outstanding options	100,600
Weighted-Average Exercise Price	$ 3.09
Aggregate Intrinsic Value (in thousands)	$ 39
Shares vested	0	0
Options exercised	0
ADDITIONAL DISCLOSURES
Weighted-average contractual term (years) exercisable	9 years 2 months 12 days
Weighted-average contractual term outstanding	9 years 2 months 12 days
Aggregate intrinsic value (in thousands) exercisable at end of period	$ 39
Fair value of shares vested	$ 2,205

Stockholders' Equity - Stock-Ba

Stockholders' Equity - Stock-Based Compensation Expense (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2020
Stock-based compensation expense
Total stock-based compensation expense	$ 1,614,185	$ 1,822,148
Research and Development
Stock-based compensation expense
Total stock-based compensation expense	688,972	736,030
General and Administrative Expense.
Stock-based compensation expense
Total stock-based compensation expense	$ 925,213	$ 1,086,118

Income Taxes (Details)

Income Taxes (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2021	Dec. 31, 2020
Income Taxes
Income tax (benefit) provision	$ 0	$ 0

License and Collaboration Agr_2

License and Collaboration Agreements - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended			12 Months Ended
	Sep. 30, 2020	Mar. 31, 2021	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2019
Research and License Agreements
Revenue		$ 1,055,441		$ 9,000,000
Apollomics, Inc.
Research and License Agreements
Up-front payment received					$ 9,000,000
Milestones based on achievement of certain clinical and regulatory events					75,000,000
Milestone payment upon achievement of specified net sales thresholds for all licensed products					$ 105,000,000
Milestone revenue recognized based on achievement of certain clinical and regulatory events	$ 1,000,000		$ 1,000,000
Revenue		$ 1,100,000
Apollomics, Inc. | Maximum
Research and License Agreements
Tiered percentage of annual net sales					15.00%