GlycoMimetics (GLYC) 10-Q9 Nov 222022 Q3 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2022	Nov. 07, 2022
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
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		52,423,944
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001253689
Current Fiscal Year End Date	--12-31
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 51,624,781	$ 90,254,890
Prepaid expenses and other current assets	2,223,417	533,804
Total current assets	53,848,198	90,788,694
Property and equipment, net	288,107	368,842
Prepaid research and development expenses	807,800	1,560,607
Deposits	52,320	52,320
Operating lease right-of-use asset	965,022	1,576,185
Total assets	55,961,447	94,346,648
Current liabilities:
Accounts payable	852,125	2,107,615
Accrued expenses	5,811,635	8,715,368
Lease liabilities	1,084,491	1,001,407
Total current liabilities	7,748,251	11,824,390
Lease liabilities, net of current portion	95,613	918,607
Total liabilities	7,843,864	12,742,997
Stockholders' equity:
Preferred stock; $0.001 par value; 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2022 and December 31, 2021
Common stock; $0.001 par value; 100,000,000 shares authorized; 52,423,944 shares issued and outstanding at September 30, 2022; 52,313,894 shares issued and outstanding at December 31, 2021	52,424	52,314
Additional paid-in capital	457,406,596	454,448,327
Accumulated deficit	(409,341,437)	(372,896,990)
Total stockholders' equity	48,117,583	81,603,651
Total liabilities and stockholders' equity	$ 55,961,447	$ 94,346,648

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
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	52,423,944	52,313,894
Common stock, shares outstanding	52,423,944	52,313,894

Statements of Operations and Co

Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		9 Months Ended
Statements of Operations and Comprehensive Loss - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Statements of Operations and Comprehensive Loss
Revenue from collaboration and license agreements		$ 86,560	$ 75,000	$ 1,142,142
Costs and expenses:
Research and development expense	4,922,857	13,281,554	22,500,058	34,596,071
General and administrative expense	3,844,579	4,141,952	14,355,644	12,567,404
Total costs and expenses	8,767,436	17,423,506	36,855,702	47,163,475
Loss from operations	(8,767,436)	(17,336,946)	(36,780,702)	(46,021,333)
Interest income	243,597	4,625	336,255	15,692
Net loss and comprehensive loss	$ (8,523,839)	$ (17,332,321)	$ (36,444,447)	$ (46,005,641)
Basic net loss per common share (in dollars per share)	$ (0.16)	$ (0.34)	$ (0.70)	$ (0.90)
Diluted net loss per common share (in dollars per share)	$ (0.16)	$ (0.34)	$ (0.70)	$ (0.90)
Basic weighted-average number of common shares outstanding (in shares)	52,423,944	51,564,674	52,387,561	51,266,955
Diluted weighted-average number of common shares outstanding (in shares)	52,423,944	51,564,674	52,387,561	51,266,955

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
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
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
Balance at Sep. 30, 2021	$ 51,739	451,989,203	(355,475,194)	96,565,748
Balance, shares at Sep. 30, 2021	51,738,894
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
Stock-based compensation		1,562,161		1,562,161
Net loss			(14,399,261)	(14,399,261)
Balance at Jun. 30, 2021	$ 51,539	450,377,754	(338,142,873)	112,286,420
Balance, shares at Jun. 30, 2021	51,539,010
Exercise of options and vesting of restricted stock units	$ 200	20,590		20,790
Exercise of options and vesting of restricted stock units, shares	199,884
Stock-based compensation		1,590,859		1,590,859
Net loss			(17,332,321)	(17,332,321)
Balance at Sep. 30, 2021	$ 51,739	451,989,203	(355,475,194)	96,565,748
Balance, shares at Sep. 30, 2021	51,738,894
Balance at Dec. 31, 2021	$ 52,314	454,448,327	(372,896,990)	81,603,651
Balance, shares at Dec. 31, 2021	52,313,894
Vesting of restricted stock units	$ 78	(78)
Vesting of restricted stock units, shares	78,550
Stock-based compensation		1,080,642		1,080,642
Net loss			(14,653,041)	(14,653,041)
Balance at Mar. 31, 2022	$ 52,392	455,528,891	(387,550,031)	68,031,252
Balance, shares at Mar. 31, 2022	52,392,444
Balance at Dec. 31, 2021	$ 52,314	454,448,327	(372,896,990)	81,603,651
Balance, shares at Dec. 31, 2021	52,313,894
Balance at Sep. 30, 2022	$ 52,424	457,406,596	(409,341,437)	48,117,583
Balance, shares at Sep. 30, 2022	52,423,944
Balance at Mar. 31, 2022	$ 52,392	455,528,891	(387,550,031)	68,031,252
Balance, shares at Mar. 31, 2022	52,392,444
Vesting of restricted stock units	$ 32	(32)
Vesting of restricted stock units, shares	31,500
Stock-based compensation		963,758		963,758
Net loss			(13,267,567)	(13,267,567)
Balance at Jun. 30, 2022	$ 52,424	456,492,617	(400,817,598)	55,727,443
Balance, shares at Jun. 30, 2022	52,423,944
Stock-based compensation		913,979		913,979
Net loss			(8,523,839)	(8,523,839)
Balance at Sep. 30, 2022	$ 52,424	$ 457,406,596	$ (409,341,437)	$ 48,117,583
Balance, shares at Sep. 30, 2022	52,423,944

Statements of Cash Flows

Statements of Cash Flows - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
Statements of Cash Flows - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Operating activities
Net loss			$ (36,444,447)	$ (46,005,641)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	$ 47,347	$ 67,385	161,427	202,957
Loss on disposal of assets			3,498	2,174
Non-cash lease expense			611,163	554,961
Stock-based compensation			2,958,379	4,767,205
Changes in assets and liabilities:
Prepaid expenses and other current assets			(1,689,613)	(971,063)
Prepaid research and development expenses			752,807
Accounts payable			(1,255,490)	(699,508)
Accrued expenses			(2,903,733)	(1,870,458)
Lease liabilities			(739,910)	(663,592)
Net cash used in operating activities			(38,545,919)	(44,682,965)	$ (57,500,000)
Investing activities
Purchases of property and equipment			(84,190)	(12,496)
Net cash used in investing activities			(84,190)	(12,496)
Financing activities
Proceeds from issuance of common stock, net of issuance costs				9,559,699
Proceeds from exercise of stock options				25,029
Net cash provided by financing activities				9,584,728
Net change in cash and cash equivalents			(38,630,109)	(35,110,733)
Cash and cash equivalents, beginning of period			90,254,890	137,035,017	137,035,017
Cash and cash equivalents, end of period	$ 51,624,781	$ 101,924,284	$ 51,624,781	$ 101,924,284	$ 90,254,890

Description of the Business

Description of the Business	9 Months Ended
Description of the Business	Sep. 30, 2022
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.

Going Concern

Going Concern	9 Months Ended
Going Concern	Sep. 30, 2022
Going Concern
Going Concern	2. Going Concern The accompanying unaudited financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date that the financial statements are issued. During 2021 and the nine months ended September 30, 2022, the Company incurred net losses of $63.4 million and $36.4 million, respectively, and had net cash flows used in operating activities of $57.5 million and $38.5 million, respectively. At September 30, 2022, the Company had $51.6 million in cash and cash equivalents and had no committed source of additional funding from either debt or equity financings, although the Company may, in its discretion, sell equity securities under the terms of its existing at-the-market sales agreement (see Note 8), subject to certain conditions and limitations. Management believes that given the Company’s current cash position and forecasted negative cash flows from operating activities over the next twelve months, including the completion of its planned Phase 3 clinical trial of its lead glycomimetic drug candidate, uproleselan, there is substantial doubt about its ability to continue as a going concern after the date that is one year from the date that these unaudited financial statements are issued, without obtaining additional financing. The Company’s ability to fund its operations is dependent upon management’s plans, which include raising additional capital in the near term primarily through a combination of equity and debt financings, collaborations, strategic alliances and marketing, distribution or licensing arrangements and in the longer term, from revenue related to product sales, to the extent its product candidates receive marketing approval and can be commercialized. There can be no assurances that new financings or other transactions will be available to the Company on commercially acceptable terms, or at all. Also, any collaborations, strategic alliances and marketing, distribution or licensing arrangements may require the Company to give up some or all of its rights to a product or technology, which in some cases may be at less than the full potential value of such rights. If the Company is unable to obtain additional capital, the Company will assess its capital resources and may be required to delay, reduce the scope of or eliminate some or all of its operations, which may have a material adverse effect on the Company’s business, financial condition, results of operations and ability to operate as a going concern. The accompanying unaudited financial statements do not include any adjustments that might be necessary if the Company is not able to continue as a going concern.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
Significant Accounting Policies	Sep. 30, 2022
Significant Accounting Policies
Significant Accounting Policies	3. Significant Accounting Policies There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, filed with the United States Securities and Exchange Commission (the SEC) on March 3, 2022 (the Form 10-K). Basis of Accounting The accompanying unaudited 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 September 30, 2022, statements of operations and comprehensive loss and stockholders’ equity for the three and nine months ended September 30, 2022 and 2021 and statements of cash flows for the nine months ended September 30, 2022 and 2021 are unaudited. These unaudited financial statements have been prepared in accordance with the rules and regulations of 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 unaudited financial statements should be read in conjunction with the audited financial statements and the accompanying notes for the year ended December 31, 2021 contained in the Form 10-K. 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 September 30, 2022 and its results of operations and changes in its stockholders’ equity for the three and nine months ended September 30, 2022 and 2021 and its cash flows for the nine months ended September 30, 2022 and 2021. The December 31, 2021 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 and nine months ended September 30, 2022 and 2021 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 September 30, 2022 and December 31, 2021. The carrying value of cash held in money market funds of $49.6 million and $88.3 million as of September 30, 2022 and December 31, 2021, respectively, is included in cash and cash equivalents and approximates market values based on quoted market prices (Level 1 inputs). The Company did not transfer any assets measured at fair value on a recurring basis between levels during the three and nine months ended September 30, 2022 and 2021. 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 contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods and services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract that falls under the scope of Topic 606, determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. 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 the Company’s license agreements. 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 close-out activities, 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. 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 (RSUs). 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: Nine Months Ended September 30, 2022 2021 Stock options and RSUs 9,471,701 8,026,827 Comprehensive Loss Comprehensive loss comprises net loss and other changes in equity that are excluded from net loss. For the three and nine months ended September 30, 2022 and 2021, the Company’s net loss equaled comprehensive net loss and, accordingly, no additional disclosure is presented. Recently Issued Accounting Standards Accounting Standards Not Yet Adopted There have been no new accounting pronouncements that have significance, or potential significance, to the Company’s unaudited financial statements as of and for the nine months ended September 30, 2022.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
Prepaid Expenses and Other Current Assets	Sep. 30, 2022
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: September 30, December 31, 2022 2021 Prepaid research and development expenses $ 1,622,061 $ 273,396 Other prepaid expenses 511,025 259,061 Other receivables 90,331 1,347 Prepaid expenses and other current assets $ 2,223,417 $ 533,804

Property and Equipment

Property and Equipment	9 Months Ended
Property and Equipment	Sep. 30, 2022
Property and Equipment
Property and Equipment	5. Property and Equipment Property and equipment, net consists of the following: September 30, December 31, 2022 2021 Furniture and fixtures $ 342,203 $ 345,712 Laboratory equipment 1,343,081 1,406,346 Office equipment 17,762 17,762 Computer equipment 309,825 305,784 Leasehold improvements 616,133 616,133 Property and equipment 2,629,004 2,691,737 Less accumulated depreciation (2,340,897) (2,322,895) Property and equipment, net $ 288,107 $ 368,842 Depreciation expense was $47,347 and $67,385 for the three months ended September 30, 2022 and 2021, respectively, and $161,427 and $202,957 for the nine months ended September 30, 2022 and 2021, respectively.

Accrued Expenses

Accrued Expenses	9 Months Ended
Accrued Expenses	Sep. 30, 2022
Accrued Expenses
Accrued Expenses	6. Accrued Expenses The following is a summary of the Company’s accrued expenses: September 30, December 31, 2022 2021 Accrued research and development expenses $ 3,241,532 $ 5,824,365 Accrued bonuses 1,742,293 2,152,302 Accrued consulting and other professional fees 351,603 299,607 Accrued employee benefits 416,871 348,752 Other accrued expenses 59,336 90,342 Accrued expenses $ 5,811,635 $ 8,715,368

Leases

Leases	9 Months Ended
Leases	Sep. 30, 2022
Leases
Leases	7. 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 (as amended to date, the Lease) that is subject to annual rent increases. The Company paid a security deposit of $52,320 to be held until the expiration or termination of the Company’s obligations under the Lease. The Company has a renewal option as 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: ● 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 September 30, 2022. ● 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 September 30, 2022, the weighted-average remaining lease term was 1.1 years. There were no additional operating leases entered into during the nine months ended September 30, 2022. The components of lease expense and related cash flows were as follows: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating lease cost $ 231,989 $ 231,989 $ 695,968 $ 695,968 Variable lease cost 153,753 146,421 458,638 344,450 Total operating lease cost $ 385,742 $ 378,410 $ 1,154,606 $ 1,040,418 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows for operating leases $ 278,168 $ 271,383 $ 824,714 $ 804,599 Maturities of lease liability due under these lease agreements as of September 30, 2022 were as follows: Operating Lease Obligation October 1, 2022 - December 31, 2022 $ 279,692 2023 940,842 Thereafter — Total 1,220,534 Present value adjustment (40,430) Present value of lease payments $ 1,180,104

Stockholders' Equity

Stockholders' Equity	9 Months Ended
Stockholders' Equity	Sep. 30, 2022
Stockholders' Equity
Stockholders' Equity	8. Stockholders’ Equity At-The-Market Sales Facility In October 2020, the Company entered into an at-the-market sales agreement (the 2020 Sales Agreement) with Cowen and Company, LLC (Cowen). The 2020 Sales Agreement was terminated in April 2022. There were no shares sold under the 2020 Sales Agreement from January 2022 until April 2022. During the nine months ended September 30, 2021, the Company issued and sold In March 2022, the Company filed a shelf registration statement with the SEC, which was declared effective on April 22, 2022. On April 28, 2022, the Company entered into a new at-the-market sales agreement (the 2022 Sales Agreement) with Cowen. Under the 2022 Sales Agreement, the Company may sell up to 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 nine months ended September 30, 2022 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, 2021 93,465 $ 2.00 0.3 Options forfeited (92,465) 1.98 Outstanding, Vested and Exercisable as of September 30, 2022 1,000 3.73 0.1 $ — As of September 30, 2022, outstanding options under the 2003 Plan were fully expensed and all shares underlying outstanding options were fully vested. There were no options exercised during the nine months ended September 30, 2022. Total intrinsic value for the 3,785 options exercised during the nine months ended September 30, 2021 was $8,668 and total cash received for options exercised was $4,239. 2013 Equity Incentive Plan The Company’s board of directors adopted, and its stockholders approved, its 2013 Equity Incentive Plan effective on January 9, 2014, and the 2013 Equity Incentive Plan was amended and restated in May 2022 (as amended and restated, the 2013 Plan). 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, RSU 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, 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 or repurchased by the Company. In May 2022, the 2013 Plan was amended to increase the existing share reserve by 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 nine months ended September 30, 2022 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, 2021 5,655,457 $ 8.30 6.0 Options granted 2,020,800 1.06 Options forfeited (747,359) 6.07 Outstanding as of September 30, 2022 6,928,898 6.42 6.2 $ — Vested or expected to vest as of September 30, 2022 6,739,298 6.57 6.1 — Exercisable as of September 30, 2022 4,509,213 8.81 4.7 — As of September 30, 2022, there was $3,303,583 of total unrecognized compensation expense related to unvested options under the 2013 Plan that will be recognized over a weighted-average period of approximately 2.0 years. There were no options exercised under the 2013 Plan during the nine months ended September 30, 2022 and 2021. The total fair value of shares underlying options which vested in the nine months ended September 30, 2022 and 2021 was $2,699,940 and $4,844,743, respectively. In January 2022, the Company granted stock options to purchase an aggregate of 189,600 shares to certain employees under the 2013 Plan that are subject to performance vesting conditions. The shares will vest upon achievement of milestones as follows: (i) one one An 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 January 2021, the Company awarded RSUs under the 2013 Plan to its employees. The RSUs granted vest over four years in equal installments on each anniversary of the grant date, provided that the employee remains employed by the Company at the applicable vesting date. Compensation expense is recognized on a straight-line basis. As of September 30, 2022, there was $601,408 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 nine months ended September 30, 2022: Weighted-Average Number of Shares Grant Date Underlying RSUs Fair Value Unvested at December 31, 2021 345,600 $ 3.70 Forfeited (30,147) 3.81 Vested (110,050) 3.45 Unvested at September 30, 2022 205,403 3.81 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, RSU 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 nine months ended September 30, 2022 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, 2021 1,813,600 $ 2.08 9.6 Options granted 535,000 0.98 Options forfeited (12,200) 3.69 Outstanding as of September 30, 2022 2,336,400 1.82 9.0 $ — Vested or expected to vest as of September 30, 2022 1,752,200 1.77 9.0 — Exercisable as of September 30, 2022 326,383 2.17 8.8 — As of September 30, 2022, there was $1,620,031 of total unrecognized compensation expense related to unvested options under the Inducement Plan that will be recognized over a weighted-average period of approximately 3.0 years. There were no options exercised under the Inducement Plan during the nine months ended September 30, 2022 and 10,092 options exercised during the nine months ended September 30, 2021. Total intrinsic value of options exercised during the nine months ended September 30, 2021 was $1,944 and total cash received for options exercised was $20,790 during the nine months ended September 30, 2021. The total fair value of shares underlying options that vested in the nine months ended September 30, 2022 and 2021 was $460,950 and $62,667, respectively. During 2021 and the nine months ended September 30, 2022, the Company granted stock options to purchase an aggregate of 584,200 shares to certain newly hired employees under the Inducement Plan which options were subject to the same performance vesting conditions described above with respect to the stock options granted in January 2022 under the 2013 Plan. The maximum fair value of $825,353 associated with the performance-based options is excluded from the unrecognized compensation expense under the Inducement Plan as the completion of the performance milestones were not probable as of September 30, 2022. The Company will reevaluate at the end of each reporting period the probability that the performance conditions will be achieved and will record any adjustments to the compensation cost at that time. The weighted-average fair value of the options granted under all equity incentive plans during the nine months ended September 30, 2022 and 2021 was $0.76 per share and $1.87 per share, respectively, applying the Black-Scholes-Merton option pricing model utilizing the following weighted-average assumptions: 2022 2021 Expected term 6.25 years 6.25 years Expected volatility 84.66% 84.17% Risk-free interest rate 1.90% 0.75% Expected dividend yield 0% 0% Stock-based compensation expense was classified on the statements of operations as follows for the three and nine months ended September 30, 2022 and 2021: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Research and development expense $ 242,627 $ 586,001 $ 831,502 $ 1,884,294 General and administrative expense 671,352 1,004,858 2,126,877 2,882,911 Total stock-based compensation expense $ 913,979 $ 1,590,859 $ 2,958,379 $ 4,767,205

Income Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 30, 2022
Income Taxes
Income Taxes	9. Income Taxes The Company has not recorded any tax provision or benefit for the nine months ended September 30, 2022 and 2021. 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 September 30, 2022 and December 31, 2021.

License and Collaboration Agree

License and Collaboration Agreements	9 Months Ended
License and Collaboration Agreements	Sep. 30, 2022
License and Collaboration Agreements
License and Collaboration Agreements	10. 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. 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 nine months ended September 30, 2021, the Company recognized $1.1 million as revenue from the sale of clinical supplies to Apollomics. The Company did not recognize any revenue under the clinical supplies agreement during the nine months ended September 30, 2022. 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 and recognized as revenue 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 did not recognize any milestone revenue under the Agreement for the nine months ended September 30, 2022 or 2021. 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.

Risks and Uncertainties

Risks and Uncertainties	9 Months Ended
Risks and Uncertainties	Sep. 30, 2022
Risks and Uncertainties
Risks and Uncertainties	11. Risks and Uncertainties COVID-19 The impact of the continuing 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 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, did previously result in some delays associated with the trial. COVID-19 infection rates continue to fluctuate, particularly with the emergence of variants and sub-variants, which could still negatively affect the completion of the trial on the timeline that the Company currently expects. 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.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
Significant Accounting Policies (Policies)	Sep. 30, 2022
Significant Accounting Policies
Basis of Accounting	Basis of Accounting The accompanying unaudited 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 September 30, 2022, statements of operations and comprehensive loss and stockholders’ equity for the three and nine months ended September 30, 2022 and 2021 and statements of cash flows for the nine months ended September 30, 2022 and 2021 are unaudited. These unaudited financial statements have been prepared in accordance with the rules and regulations of 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 unaudited financial statements should be read in conjunction with the audited financial statements and the accompanying notes for the year ended December 31, 2021 contained in the Form 10-K. 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 September 30, 2022 and its results of operations and changes in its stockholders’ equity for the three and nine months ended September 30, 2022 and 2021 and its cash flows for the nine months ended September 30, 2022 and 2021. The December 31, 2021 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 and nine months ended September 30, 2022 and 2021 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 September 30, 2022 and December 31, 2021. The carrying value of cash held in money market funds of $49.6 million and $88.3 million as of September 30, 2022 and December 31, 2021, respectively, is included in cash and cash equivalents and approximates market values based on quoted market prices (Level 1 inputs). The Company did not transfer any assets measured at fair value on a recurring basis between levels during the three and nine months ended September 30, 2022 and 2021.
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 contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods and services it transfers to the customer. At contract inception, the Company assesses the goods or services promised within each contract that falls under the scope of Topic 606, determines those that are performance obligations and assesses whether each promised good or service is distinct. The Company then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. 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 the Company’s license agreements. 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 close-out activities, 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.
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 (RSUs). 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: Nine Months Ended September 30, 2022 2021 Stock options and RSUs 9,471,701 8,026,827
Comprehensive Loss	Comprehensive Loss Comprehensive loss comprises net loss and other changes in equity that are excluded from net loss. For the three and nine months ended September 30, 2022 and 2021, the Company’s net loss equaled comprehensive net loss and, accordingly, no additional disclosure is presented.
Recently Issued Accounting Standards	Recently Issued Accounting Standards Accounting Standards Not Yet Adopted There have been no new accounting pronouncements that have significance, or potential significance, to the Company’s unaudited financial statements as of and for the nine months ended September 30, 2022.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
Significant Accounting Policies (Tables)	Sep. 30, 2022
Significant Accounting Policies
Potentially dilutive securities outstanding	Nine Months Ended September 30, 2022 2021 Stock options and RSUs 9,471,701 8,026,827

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
Prepaid Expenses and Other Current Assets (Tables)	Sep. 30, 2022
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: September 30, December 31, 2022 2021 Prepaid research and development expenses $ 1,622,061 $ 273,396 Other prepaid expenses 511,025 259,061 Other receivables 90,331 1,347 Prepaid expenses and other current assets $ 2,223,417 $ 533,804

Property and Equipment (Tables)

Property and Equipment (Tables)	9 Months Ended
Property and Equipment (Tables)	Sep. 30, 2022
Property and Equipment
Summary of Property and Equipment useful lives	Property and equipment, net consists of the following: September 30, December 31, 2022 2021 Furniture and fixtures $ 342,203 $ 345,712 Laboratory equipment 1,343,081 1,406,346 Office equipment 17,762 17,762 Computer equipment 309,825 305,784 Leasehold improvements 616,133 616,133 Property and equipment 2,629,004 2,691,737 Less accumulated depreciation (2,340,897) (2,322,895) Property and equipment, net $ 288,107 $ 368,842

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
Accrued Expenses (Tables)	Sep. 30, 2022
Accrued Expenses
Summary of Accrued Expenses	September 30, December 31, 2022 2021 Accrued research and development expenses $ 3,241,532 $ 5,824,365 Accrued bonuses 1,742,293 2,152,302 Accrued consulting and other professional fees 351,603 299,607 Accrued employee benefits 416,871 348,752 Other accrued expenses 59,336 90,342 Accrued expenses $ 5,811,635 $ 8,715,368

Leases (Tables)

Leases (Tables)	9 Months Ended
Leases (Tables)	Sep. 30, 2022
Leases
Components of lease expense and related cash flows	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating lease cost $ 231,989 $ 231,989 $ 695,968 $ 695,968 Variable lease cost 153,753 146,421 458,638 344,450 Total operating lease cost $ 385,742 $ 378,410 $ 1,154,606 $ 1,040,418 Cash paid for amounts included in the measurement of lease liabilities: Operating cash outflows for operating leases $ 278,168 $ 271,383 $ 824,714 $ 804,599
Maturities of lease liabilities due	Operating Lease Obligation October 1, 2022 - December 31, 2022 $ 279,692 2023 940,842 Thereafter — Total 1,220,534 Present value adjustment (40,430) Present value of lease payments $ 1,180,104

Stockholders Equity (Tables)

Stockholders Equity (Tables)	9 Months Ended
Stockholders Equity (Tables)	Sep. 30, 2022
Weighted-Average Fair Value of Options Granted	2022 2021 Expected term 6.25 years 6.25 years Expected volatility 84.66% 84.17% Risk-free interest rate 1.90% 0.75% Expected dividend yield 0% 0%
Stock-Based Compensation Expense	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Research and development expense $ 242,627 $ 586,001 $ 831,502 $ 1,884,294 General and administrative expense 671,352 1,004,858 2,126,877 2,882,911 Total stock-based compensation expense $ 913,979 $ 1,590,859 $ 2,958,379 $ 4,767,205
2003 Stock Incentive Plan
Company's Stock Option Activity	A summary of the Company’s stock option activity under the 2003 Plan for the nine months ended September 30, 2022 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, 2021 93,465 $ 2.00 0.3 Options forfeited (92,465) 1.98 Outstanding, Vested and Exercisable as of September 30, 2022 1,000 3.73 0.1 $ —
2013 Equity 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, 2021 5,655,457 $ 8.30 6.0 Options granted 2,020,800 1.06 Options forfeited (747,359) 6.07 Outstanding as of September 30, 2022 6,928,898 6.42 6.2 $ — Vested or expected to vest as of September 30, 2022 6,739,298 6.57 6.1 — Exercisable as of September 30, 2022 4,509,213 8.81 4.7 —
Summary of RSU Activity	Weighted-Average Number of Shares Grant Date Underlying RSUs Fair Value Unvested at December 31, 2021 345,600 $ 3.70 Forfeited (30,147) 3.81 Vested (110,050) 3.45 Unvested at September 30, 2022 205,403 3.81
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, 2021 1,813,600 $ 2.08 9.6 Options granted 535,000 0.98 Options forfeited (12,200) 3.69 Outstanding as of September 30, 2022 2,336,400 1.82 9.0 $ — Vested or expected to vest as of September 30, 2022 1,752,200 1.77 9.0 — Exercisable as of September 30, 2022 326,383 2.17 8.8 —

Going Concern (Details)

Going Concern (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
Going Concern (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Going Concern
Net loss	$ 8,523,839	$ 17,332,321	$ 36,444,447	$ 46,005,641	$ 63,400,000
Net cash flows used in operating activities			38,545,919	$ 44,682,965	57,500,000
Cash and cash equivalents	$ 51,624,781		$ 51,624,781		$ 90,254,890

Significant Accounting Polici_4

Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2022	Dec. 31, 2021
Level 1
Fair Value Measurements
Carrying value of cash held in money market fund	$ 49.6	$ 88.3
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_5

Significant Accounting Policies - Potentially Dilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Stock options and restricted stock units
Anti-dilutive securities	9,471,701	8,026,827

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Prepaid Expenses and Other Current Assets
Prepaid research and development expenses	$ 1,622,061	$ 273,396
Other prepaid expenses	511,025	259,061
Other receivables	90,331	1,347
Prepaid expenses and other current assets	$ 2,223,417	$ 533,804

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	3 Months Ended		9 Months Ended
Property and Equipment (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment
Property and equipment	$ 2,629,004		$ 2,629,004		$ 2,691,737
Less accumulated depreciation	(2,340,897)		(2,340,897)		(2,322,895)
Property and equipment, net	288,107		288,107		368,842
Depreciation of property and equipment	47,347	$ 67,385	161,427	$ 202,957
Furniture and Fixtures
Property, Plant and Equipment
Property and equipment	342,203		342,203		345,712
Laboratory Equipment
Property, Plant and Equipment
Property and equipment	1,343,081		1,343,081		1,406,346
Office Equipment
Property, Plant and Equipment
Property and equipment	17,762		17,762		17,762
Computer Equipment
Property, Plant and Equipment
Property and equipment	309,825		309,825		305,784
Leasehold Improvements
Property, Plant and Equipment
Property and equipment	$ 616,133		$ 616,133		$ 616,133

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)	Sep. 30, 2022	Dec. 31, 2021
Accrued Expenses
Accrued research and development expenses	$ 3,241,532	$ 5,824,365
Accrued bonuses	1,742,293	2,152,302
Accrued consulting and other professional fees	351,603	299,607
Accrued employee benefits	416,871	348,752
Other accrued expenses	59,336	90,342
Accrued expenses	$ 5,811,635	$ 8,715,368

Leases (Details)

Leases (Details)	9 Months Ended
Leases (Details)	Sep. 30, 2022 USD ($) lease	Dec. 31, 2021 USD ($)	May 31, 2016 USD ($)
Operating leases
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
Operating Lease, Weighted Average Remaining Lease Term	1 year 1 month 6 days
Number of additional operating leases entered during the period \| lease	0
Lessee, Operating Lease, Discount Rate	8%
Rockville, Maryland
Operating leases
Security Deposit			$ 52,320

Leases - Components of lease ex

Leases - Components of lease expense (Details) - USD ($)	3 Months Ended		9 Months Ended
Leases - Components of lease expense (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Components of lease expense
Operating lease cost	$ 231,989	$ 231,989	$ 695,968	$ 695,968
Variable lease cost	153,753	146,421	458,638	344,450
Total operating lease cost	385,742	378,410	1,154,606	1,040,418
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 278,168	$ 271,383	$ 824,714	$ 804,599

Leases - Maturities of lease li

Leases - Maturities of lease liability (Details)	Sep. 30, 2022 USD ($)
Maturities of lease liability due
July 1, 2022 - December 31, 2022	$ 279,692
2023	940,842
Thereafter
Total	1,220,534
Present value adjustment	(40,430)
Present value of lease payments	$ 1,180,104
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Operating Lease, Liability, Current, Operating Lease, Liability, Noncurrent

Stockholders' Equity - Equity O

Stockholders' Equity - Equity Offerings (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2022
Common Stock
Equity offerings
Issuance of common stock, net of issuance costs, shares	2,517,603
2020 Sales Agreement
Equity offerings
Issuance of common stock, net of issuance costs, shares		0	2,517,603
Price per share			$ 3.92
Aggregate net proceeds from stock sale			$ 9.6
2022 Sales Agreement
Equity offerings
Common stock available for sale under agreement				$ 100

Stockholders' Equity - Incentiv

Stockholders' Equity - Incentive Plans (Details)		1 Months Ended	3 Months Ended	9 Months Ended
Stockholders' Equity - Incentive Plans (Details)	Jan. 09, 2014 installment shares	May 31, 2022 shares	Mar. 31, 2021 shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($) 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
Cash proceeds from exercise of stock options \| $					$ 4,239
Shares issued from exercise of stock options				0	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%
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 \| $				$ 3,303,583
Period for unrecognized compensation expense related to unvested options yet has not been recognized				2 years
Shares issued from exercise of stock options				0	0
Fair value of shares vested \| $				$ 2,699,940	$ 4,844,743
Authorized shares
Common stock authorized	1,000,000			9,506,767
Shares available for future grants				1,820,430
Maximum number of shares that may be issued pursuant to exercise of incentive stock				20,000,000
Increase in number of shares of common stock		2,619,622
Maximum percentage of shares of common stock issued and outstanding on the immediately preceding fiscal year, or such lesser number of shares as determined by the board of directors or the compensation committee				4%
2013 Equity Incentive Plan \| Upon first anniversary of start date
Incentive plans
Percent of shares subject to option grant that will vest	25%
Number of monthly installments \| installment	36
Common Stock
Incentive plans
Shares issued from exercise of stock options			3,785

Stockholders' Equity - Company'

Stockholders' Equity - Company's Stock Option Activity (Details) - $ / shares	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
OUTSTANDING OPTIONS
Options forfeited	(92,465)
WEIGHTED-AVERAGE EXERCISE PRICE
Options forfeited	$ 1.98
2003 Stock Incentive Plan
OUTSTANDING OPTIONS
Outstanding at beginning of period	93,465
Options exercised	0	(3,785)
Outstanding at end of period	1,000		93,465
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding at beginning of period	$ 2
Outstanding at end of period	$ 3.73		$ 2
VESTED AND EXPECTED TO VEST
Weighted-Average Remaining Contractual Term	1 month 6 days		3 months 18 days
2013 Equity Incentive Plan
OUTSTANDING OPTIONS
Outstanding at beginning of period	5,655,457
Options granted	2,020,800
Options exercised	0	0
Options forfeited	(747,359)
Outstanding at end of period	6,928,898		5,655,457
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding at beginning of period	$ 8.30
Options granted	1.06
Options forfeited	6.07
Outstanding at end of period	$ 6.42		$ 8.30
VESTED AND EXPECTED TO VEST
Outstanding options	6,739,298
Weighted-Average Exercise Price	$ 6.57
Weighted-Average Remaining Contractual Term	6 years 1 month 6 days
ADDITIONAL DISCLOSURES
Outstanding options exercisable at end of period	4,509,213
Weighted-average exercise price exercisable at end of period	$ 8.81
Weighted-average contractual term outstanding	6 years 2 months 12 days		6 years
Weighted-average contractual term (years) exercisable	4 years 8 months 12 days

Stockholders' Equity - Weighted

Stockholders' Equity - Weighted-Average assumptions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Weighted-average assumptions
Expected term	6 years 3 months	6 years 3 months
Expected volatility	84.66%	84.17%
Risk-free interest rate	1.90%	0.75%
Expected dividend yield	0%	0%
2013 Equity Incentive and Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award
Weighted-average fair value of the options granted	$ 0.76	$ 1.87

Stockholders' Equity - Summary

Stockholders' Equity - Summary of RSU Activity (Details) - USD ($)		9 Months Ended
	Jan. 09, 2014	Sep. 30, 2022
2013 Equity Incentive Plan
Restricted Stock Units information
Period for unrecognized compensation expense related to unvested options yet has not been recognized		2 years
2013 Equity Incentive Plan \| Upon first anniversary of start date
Restricted Stock Units information
Vesting percentage	25%
RSU
Restricted Stock Units information
Vesting period		4 years
RSU \| 2013 Equity Incentive Plan
NUMBER OF SHARES
Unvested at beginning of period		345,600
Forfeited		(30,147)
Vested		(110,050)
Unvested at end of period		205,403
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE
Unvested at beginning of period		$ 3.70
Forfeited		3.81
Vested		3.45
Unvested at end of period		$ 3.81
RSU \| 2013 Equity Incentive Plan \| Non-executive employees
Restricted Stock Units information
Unrecognized compensation expense related to unvested service RSUs		$ 601,408
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)		1 Months Ended				3 Months Ended	9 Months Ended		12 Months Ended
Stockholders' Equity - Inducement Plan (Details)	Jan. 09, 2014 installment shares	May 31, 2022 shares	Jan. 31, 2022 USD ($) shares	Aug. 31, 2021 shares	Jan. 31, 2020 installment shares	Mar. 31, 2021 shares	Sep. 30, 2022 USD ($) shares	Sep. 30, 2021 USD ($) shares	Dec. 31, 2021 shares
Inducement Plan
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 \| $							$ 1,620,031
Intrinsic value of options exercised \| $								$ 1,944
Cash proceeds from exercise of stock options \| $								20,790
Period for unrecognized compensation expense related to unvested options yet has not been recognized							3 years
Increase in number of shares of common stock			3,000,000	2,000,000
Shares available for future grants							653,508
Stock options granted							535,000
Fair value of shares vested \| $							$ 460,950	$ 62,667
Options exercised							0	10,092
Inducement Plan \| Upon first anniversary of start date
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage					25%
Inducement Plan \| Each month after the first anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Number of monthly installments \| installment					36
2013 Equity Incentive Plan
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
Common stock authorized	1,000,000						9,506,767
Period for unrecognized compensation expense related to unvested options yet has not been recognized							2 years
Increase in number of shares of common stock		2,619,622
Shares available for future grants							1,820,430
Stock options granted							2,020,800
Fair value of shares vested \| $							$ 2,699,940	$ 4,844,743
Options exercised							0	0
2013 Equity Incentive Plan \| Stock options vesting based on performance
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage			50%
Maximum fair value of option excluded from the unrecognized compensation expense \| $							$ 825,353
2013 Equity Incentive Plan \| Stock options vesting based on performance \| Employees
Share-based Compensation Arrangement by Share-based Payment Award
Stock options granted			189,600
Maximum fair value of option excluded from the unrecognized compensation expense \| $			$ 151,680
2013 Equity Incentive Plan \| Stock options vesting based on performance \| Newly hired employees
Share-based Compensation Arrangement by Share-based Payment Award
Stock options granted							584,200		584,200
2013 Equity Incentive Plan \| Upon first anniversary of start date
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	25%
Number of monthly installments \| installment	36
2013 Equity Incentive Plan \| Vesting upon FDA Approval \| Stock options vesting based on performance
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage			50%
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Options exercised						3,785
Common Stock \| Inducement Plan
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) - $ / shares	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
OUTSTANDING OPTIONS
Options forfeited	(92,465)
WEIGHTED-AVERAGE EXERCISE PRICE
Options forfeited	$ 1.98
Inducement Plan
OUTSTANDING OPTIONS
Outstanding at beginning of period	1,813,600
Options granted	535,000
Options exercised	0	(10,092)
Options forfeited	(12,200)
Outstanding at end of period	2,336,400		1,813,600
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding at beginning of period	$ 2.08
Options granted	0.98
Options forfeited	3.69
Outstanding at end of period	$ 1.82		$ 2.08
VESTED AND EXPECTED TO VEST
Outstanding options	1,752,200
Weighted-Average Exercise Price	$ 1.77
ADDITIONAL DISCLOSURES
Outstanding options exercisable at end of period	326,383
Weighted-average exercise price exercisable at end of period	$ 2.17
Weighted-average contractual term outstanding	9 years		9 years 7 months 6 days
Weighted-average contractual term (years) exercisable	8 years 9 months 18 days

Stockholders' Equity - Stock-Ba

Stockholders' Equity - Stock-Based Compensation Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock-based compensation expense
Total stock-based compensation expense	$ 913,979	$ 1,590,859	$ 2,958,379	$ 4,767,205
Research and Development
Stock-based compensation expense
Total stock-based compensation expense	242,627	586,001	831,502	1,884,294
General and Administrative Expense
Stock-based compensation expense
Total stock-based compensation expense	$ 671,352	$ 1,004,858	$ 2,126,877	$ 2,882,911

Income Taxes (Details)

Income Taxes (Details) - USD ($)	9 Months Ended
Income Taxes (Details) - USD ($)	Sep. 30, 2022	Sep. 30, 2021
Income Taxes
Income tax (benefit) provision	$ 0	$ 0

License and Collaboration Agr_2

License and Collaboration Agreements (Details) - USD ($)	1 Months Ended	3 Months Ended			9 Months Ended
License and Collaboration Agreements (Details) - USD ($)	Sep. 30, 2020	Sep. 30, 2022	Sep. 30, 2021	Mar. 31, 2020	Sep. 30, 2022	Sep. 30, 2021
Research and License Agreements
Revenue from collaboration and license agreements			$ 86,560		$ 75,000	$ 1,142,142
Apollomics, Inc.
Research and License Agreements
Revenue from collaboration and license agreements						$ 1,100,000
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
Apollomics, Inc. \| Maximum
Research and License Agreements
Tiered percentage of annual net sales				15%