GlycoMimetics (GLYC) 10-K 29 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Mar. 27, 2023	Jun. 30, 2022
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
ICFR Auditor Attestation Flag	false
Entity Public Float			$ 30.9
Entity Common Stock, Shares Outstanding		64,245,224
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Central Index Key	0001253689
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Auditor Firm ID	42
Auditor Name	Ernst & Young LLP
Auditor Location	Baltimore, Maryland

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 47,870,619	$ 90,254,890
Prepaid expenses and other current assets	2,844,086	533,804
Total current assets	50,714,705	90,788,694
Property and equipment, net	242,390	368,842
Prepaid research and development expenses	50,000	1,560,607
Deposits	52,320	52,320
Operating lease right-of-use asset	751,174	1,576,185
Total assets	51,810,589	94,346,648
Current liabilities:
Accounts payable	970,191	2,107,615
Accrued expenses	6,992,006	8,715,368
Lease liabilities	918,555	1,001,407
Total current liabilities	8,880,752	11,824,390
Lease liabilities, net of current portion		918,607
Total liabilities	8,880,752	12,742,997
Stockholders' equity:
Preferred stock; $0.001 par value; 5,000,000 shares authorized, no shares issued and outstanding at December 31, 2022 and December 31, 2021
Common stock; $0.001 par value; 100,000,000 shares authorized; 54,377,798 shares issued and outstanding at December 31, 2022; 52,313,894 shares issued and outstanding at December 31, 2021	54,378	52,314
Additional paid-in capital	462,461,251	454,448,327
Accumulated deficit	(419,585,792)	(372,896,990)
Total stockholders' equity	42,929,837	81,603,651
Total liabilities and stockholders' equity	$ 51,810,589	$ 94,346,648

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	54,377,798	52,313,894
Common stock, shares outstanding	54,377,798	52,313,894

Statements of Operations and Co

Statements of Operations and Comprehensive Loss - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Statements of Operations and Comprehensive Loss
Revenue from collaboration and license agreements	$ 75,000	$ 1,159,767	$ 10,162,935
Costs and expenses:
Research and development expense	28,390,879	47,491,567	44,929,198
General and administrative expense	19,087,443	17,115,405	16,743,127
Total costs and expenses	47,478,322	64,606,972	61,672,325
Loss from operations	(47,403,322)	(63,447,205)	(51,509,390)
Interest income	714,520	19,768	482,487
Net loss and comprehensive loss	$ (46,688,802)	$ (63,427,437)	$ (51,026,903)
Basic net loss per common share (in dollars per share)	$ (0.89)	$ (1.23)	$ (1.12)
Diluted net loss per common share (in dollars per share)	$ (0.89)	$ (1.23)	$ (1.12)
Basic weighted-average number of common shares outstanding (in shares)	52,531,173	51,453,204	45,721,139
Diluted weighted-average number of common shares outstanding (in shares)	52,531,173	51,453,204	45,721,139

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
Issuance of common stock, net of issuance costs	$ 5,163	17,819,554		17,824,717
Issuance of common stock, net of issuance costs, shares	5,161,502
Exercise of options and warrants and vesting of restricted stock units	$ 390	318,907		319,297
Exercise of options and warrants and vesting of restricted stock units, shares	389,187
Stock-based compensation		6,901,758		6,901,758
Net loss			(51,026,903)	(51,026,903)
Balance at Dec. 31, 2020	$ 49,018	437,639,991	(309,469,553)	128,219,456
Balance, shares at Dec. 31, 2020	49,017,622
Issuance of common stock, net of issuance costs	$ 3,092	10,696,225		10,699,317
Issuance of common stock, net of issuance costs, shares	3,092,603
Exercise of options and vesting of restricted stock units	$ 204	24,825		25,029
Exercise of options and vesting of restricted stock units, shares	203,669
Stock-based compensation		6,087,286		6,087,286
Net loss			(63,427,437)	(63,427,437)
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
Issuance of common stock, net of issuance costs	$ 1,954	4,155,454		4,157,408
Issuance of common stock, net of issuance costs, shares	1,953,854
Vesting of restricted stock units	$ 110	(110)
Vesting of restricted stock units, shares	110,050
Stock-based compensation		3,857,580		3,857,580
Net loss			(46,688,802)	(46,688,802)
Balance at Dec. 31, 2022	$ 54,378	$ 462,461,251	$ (419,585,792)	$ 42,929,837
Balance, shares at Dec. 31, 2022	54,377,798

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating activities
Net loss	$ (46,688,802)	$ (63,427,437)	$ (51,026,903)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	207,145	264,600	270,754
Loss on disposal of assets	3,498	2,174
Non-cash lease expense	825,011	749,039	680,845
Stock-based compensation	3,857,580	6,087,286	6,901,758
Changes in assets and liabilities:
Prepaid expenses and other current assets	(2,310,282)	704,524	3,087,994
Prepaid research and development expenses	1,510,607
Accounts payable	(1,137,424)	17,676	654,279
Accrued expenses	(1,723,362)	(988,842)	993,420
Lease liabilities	(1,001,459)	(898,550)	(804,078)
Net cash used in operating activities	(46,457,488)	(57,489,530)	(39,241,931)
Investing activities
Purchases of property and equipment	(84,191)	(14,943)	(68,507)
Net cash used in investing activities	(84,191)	(14,943)	(68,507)
Financing activities
Proceeds from issuance of common stock, net of issuance costs	4,157,408	10,699,317	17,824,717
Proceeds from exercise of stock options		25,029	319,297
Net cash provided by financing activities	4,157,408	10,724,346	18,144,014
Net change in cash and cash equivalents	(42,384,271)	(46,780,127)	(21,166,424)
Cash and cash equivalents, beginning of period	90,254,890	137,035,017	158,201,441
Cash and cash equivalents, end of period	$ 47,870,619	$ 90,254,890	$ 137,035,017

Description of the Business

Description of the Business	12 Months Ended
	Dec. 31, 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 late-stage clinical development biotechnology company focused on improving the lives of people living with cancer and inflammatory diseases by leveraging the inhibition of carbohydrate interactions that occur on the surface of cells. The Company is developing a pipeline of proprietary glycomimetics, which are small molecules that mimic the structure of carbohydrates involved in important biological processes, to inhibit disease-related functions of carbohydrates such as the roles they play in inflammation, cancer and infection. The Company’s executive personnel have devoted substantially all of their time to date to the planning and organization of the Company, the process of hiring scientists, initiating research and development programs and securing adequate capital for anticipated growth and operations. The Company has not commercialized any of its drug candidates and planned commercial operations have not commenced. The Company has incurred significant losses in the development of its drug candidates. The Company has not generated revenues from product sales. As a result, the Company has consistently reported negative cash flows from operating activities and net losses, had an accumulated deficit of $419.6 million at December 31, 2022 and expects to continue incurring losses for the foreseeable future. Subsequent to December 31, 2022, the Company issued and sold 9,822,930 shares of common stock under its “at-the-market” equity offering program at a weighted average price per share of

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Accounting The accompanying financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles (GAAP). Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one segment, which is the identification and development of glycomimetic compounds. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material. Cash and Cash Equivalents Cash and cash equivalents consist of investment in money market funds with commercial banks and financial institutions. The Company considers all investments in highly liquid financial instruments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at amortized cost, plus accrued interest, which approximates fair value. Fair Value Measurements The Company’s financial instruments include cash and cash equivalents. The fair values of the financial instruments approximated their carrying values at December 31, 2022 and 2021, due to their short-term maturities. The Company accounts for recurring and nonrecurring fair value measurements in accordance with ASC 820, Fair Value Measurements ● Level 1—Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. ● Level 2—Fair value is determined by using inputs, other than Level 1 quoted prices, that are directly and indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models that can be corroborated by observable market data. ● Level 3—Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity. In instances where the determination of the fair value measurement is based on inputs from different levels of fair value hierarchy, the fair value measurement will fall within the lowest level input that is significant to the fair value measurement in its entirety. The Company periodically evaluates financial assets and liabilities subject to fair value measurements to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC 820 hierarchy. The Company had no assets or liabilities that were measured using quoted prices for similar assets and liabilities or significant unobservable inputs (Level 2 and Level 3 assets and liabilities, respectively) either on a recurring or non-recurring basis as of December 31, 2022 and 2021. The carrying value of cash held in money market funds of approximately $45.9 million and $88.3 million as of December 31, 2022 and 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 years ended December 31, 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. The Company maintains its cash balances with financial institutions in federally insured accounts and has cash balances in excess of the insurance limits. Cash equivalents consist of investment in money market funds with major financial institutions in the United States. These deposits and funds may be redeemed upon demand and the Company does not anticipate any losses on such balances. The Company has not experienced any losses to date and believes that it is not exposed to any significant credit risk on cash and cash equivalents. On March 10, 2023, one of the financial institutions the Company has accounts with, Silicon Valley Bank, or SVB, was closed and the FDIC was appointed receiver for the bank. The FDIC created a successor bridge bank, Silicon Valley Bridge Bank, N.A, or SVBB, and all deposits of SVB were transferred to SVBB and made available in full to customers under a systemic risk exception approved by the United States Department of Treasury, the Federal Reserve and the FDIC. ​ Property and Equipment Property and equipment are recorded at cost and depreciated on a straight-line basis over estimated useful lives ranging from three useful life are capitalized. Depreciation and amortization are computed using the straight-line method over the following estimated useful lives: ​ ​ ​ ​ ​ ESTIMATED USEFUL LIVES Furniture and fixtures ​ 7 years Laboratory equipment ​ 5 years Office equipment ​ 5 years Computer equipment ​ 5 years Leasehold improvements ​ Shorter of lease term or useful life ​ Impairment of Long-Lived Assets The Company periodically assesses the recoverability of the carrying value of its long-lived assets in accordance with the provisions of ASC 360, Property, Plant, and Equipment Revenue Recognition The Company applies Accounting Standards Codification, or ASC, Topic 606, Revenue from Contracts with Customers The Company enters into licensing agreements which are within the scope of Topic 606, under which it licenses certain of its drug candidates’ rights to third parties. The terms of these arrangements typically include payment of one or more of the following: non-refundable, up-front license fees; development, regulatory and commercial milestone payments; and royalties on net sales of the licensed product, if and when earned. See Note 10 for additional information regarding 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: assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period, and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone Payments Royalties Manufacturing and Supply: Research and Development Costs Except for payments made in advance of services, research and development costs are expensed as incurred. For payments made in advance, the Company recognizes research and development expense as the services are rendered. Research and development costs primarily consist of salaries and related expenses for personnel, laboratory supplies and raw materials, sponsored research, depreciation of laboratory facilities and leasehold improvements, and utilities costs related to research space. Other research and development expenses include fees paid to consultants and outside service providers including clinical research organizations and clinical manufacturing organizations. Accruals for Clinical Trial Expenses Clinical trial costs primarily consist of expenses incurred under agreements with contract research organizations (CROs), investigative sites, laboratory testing expenses, data management and consultants that conduct the Company's clinical trials. Clinical trial expenses are a significant component of research and development expenses, and the Company outsources a significant portion of these clinical trial activities to third parties. The accrual for site and patient costs includes inputs such as estimates of patient enrollment, patient cycles incurred, clinical site activations, estimated project duration and other pass-through costs. These inputs are required to be estimated due to a lag in receiving the actual clinical information from third parties. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected on the balance sheets as a prepaid asset or accrued expenses. These third-party agreements are generally cancellable, and related costs are recorded as research and development expenses as incurred. Except for payments made in advance of services, clinical trial costs are expensed as incurred. Non-refundable advance clinical payments for goods or services that will be used or rendered for future research and development activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed. When evaluating the adequacy of the accrued expenses, management assessments include: (i) an evaluation by the project manager of the work that has been completed during the period; (ii) measurement of progress prepared internally and/or provided by the third-party service provider; (iii) analyses of data that justify the progress; and (iv) the Company’s judgment. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made. The Company’s historical clinical accrual estimates have not been materially different from the actual costs. 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 Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Taxes The Company accounts for uncertain tax positions pursuant to ASC 740. Financial statement recognition of a tax position taken or expected to be taken in a tax return is determined based on a more-likely-than-not threshold of that tax position being sustained. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes. Comprehensive Loss Comprehensive loss comprises net loss and other changes in equity that are excluded from net loss. For the years ended December 31, 2022, 2021 and 2020, the Company’s net loss was equal to comprehensive loss and, accordingly, no additional disclosure is presented. Recently Issued Accounting Pronouncements There have been no accounting pronouncements issued but not yet adopted by the Company that are expected to have a material impact on the Company’s financial position, results of operations or cash flows.

Net Loss Per Share of Common St

Net Loss Per Share of Common Stock	12 Months Ended
	Dec. 31, 2022
Net Loss Per Share of Common Stock
Net Loss Per Share of Common Stock	3. Net Loss Per Share of Common Stock Basic net loss per common share is determined by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net 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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Stock options and RSUs 9,313,102 7,908,122 6,143,594 ​

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Dec. 31, 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 at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Prepaid research and development expenses $ 2,300,209 ​ $ 273,396 Other prepaid expenses ​ 399,861 ​ ​ 259,061 Other receivables 144,016 ​ 1,347 Prepaid expenses and other current assets $ 2,844,086 ​ $ 533,804 ​

Property and Equipment

Property and Equipment	12 Months Ended
	Dec. 31, 2022
Property and Equipment
Property and Equipment	5. Property and Equipment Property and equipment, net consisted of the following at 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 ​ 309,826 ​ 305,784 Leasehold improvements ​ ​ 616,133 ​ ​ 616,133 Property and equipment ​ 2,629,005 ​ 2,691,737 Less accumulated depreciation ​ (2,386,615) ​ (2,322,895) Property and equipment, net ​ $ 242,390 ​ $ 368,842 ​ Depreciation of property and equipment totaled $207,145, $264,600 and $270,754 for the years ended December 31, 2022, 2021 and 2020, respectively.

Accrued Expenses

Accrued Expenses	12 Months Ended
	Dec. 31, 2022
Accrued Expenses
Accrued Expenses	6. Accrued Expenses The following is a summary of the Company’s accrued expenses at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 Accrued research and development expenses ​ $ 3,484,742 ​ $ 5,824,365 Accrued bonuses ​ ​ 2,664,613 ​ ​ 2,152,302 Accrued consulting and other professional fees ​ 499,592 ​ 299,607 Accrued employee benefits ​ 300,653 ​ 348,752 Other accrued expenses ​ 42,406 ​ 90,342 Accrued expenses ​ $ 6,992,006 ​ $ 8,715,368 ​

Operating Leases

Operating Leases	12 Months Ended
	Dec. 31, 2022
Operating Leases
Operating Leases	7. Operating Leases At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company determines a lease exists if the contract conveys the right to control an identified asset for a period of time in exchange for consideration. Control is considered to exist when the lessee has the right to obtain substantially all of the economic benefits from the use of an identified asset as well as direct the right to use of that asset. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and, if applicable, long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less on the lease commencement date. If a contract is considered to be a lease, the Company recognizes a lease liability based on the present value of the future lease payments over the expected lease term, with an offsetting entry to recognize a right-of-use asset. The Company has also elected to use the practical expedient and account for each lease component and related non-lease component as one single component. The lease component results in a right-of-use asset being recorded on the balance sheet and amortized as lease expense on a straight-line basis. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the appropriate incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a term similar to the term of the lease for which the rate is estimated. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. The Company leases office and research space in Rockville, Maryland under an operating lease with a term from June 15, 2015 through October 31, 2023 (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 is not reasonably certain of being exercised as of December 31, 2022. ● Incremental borrowing rate – As the Company’s lease does not provide an implicit rate, the Company used an incremental borrowing rate (IBR), which is the rate incurred to borrow on a collateralized basis over a term similar to the term of the lease for which the rate is estimated. The Company determined the IBR to be 8% based on an estimated rate that considered the Company’s credit risk in the United States for a collateralized borrowing and lease term similar to the Lease. As of December 31, 2022 the weighted-average remaining lease term was 0.8 years. There were no additional operating leases entered into during the year ended December 31, 2022. The components of lease expense and related cash flows were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 ​ 2020 Operating lease cost ​ $ 927,957 ​ $ 927,957 ​ $ 927,957 Variable lease cost ​ ​ 612,391 ​ ​ 490,871 ​ ​ 593,973 Total operating lease cost ​ $ 1,540,348 ​ $ 1,418,828 ​ $ 1,521,930 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash outflows for operating leases ​ $ 1,104,406 ​ $ 1,077,469 ​ $ 1,051,190 ​ Maturities of lease liability due under these lease agreements as of December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ Operating Lease ​ Obligation 2023 ​ $ 940,842 Thereafter ​ ​ — Total ​ ​ 940,842 Present value adjustment ​ ​ (22,287) Present value of lease payments ​ $ 918,555 ​

Stockholders' Equity

Stockholders' Equity	12 Months Ended
	Dec. 31, 2022
Stockholders' Equity
Stockholders' Equity	8. Stockholders’ Equity Common Stock At-The-Market Equity Offerings On September 28, 2017, the Company entered into an at-the-market sales agreement (the 2017 Sales Agreement) with Cowen and Company, LLC (Cowen) to sell up to $100.0 million of the Company’s common stock registered under a shelf registration statement filed with the U.S. Securities and Exchange Commission in September 2017. During the year ended December 31, 2020, the Company issued and sold 4,136,742 shares of common stock under the 2017 Sales Agreement at a weighted average price per share of $3.52, for aggregate net proceeds of $14.1 million, after deducting commissions and offering expenses. The shelf registration statement, under which the shares that could be sold under the 2017 Sales Agreement were registered, expired on October 6, 2020. ​ On October 7, 2020, the Company filed a prospectus supplement to a 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 replaced the 2017 Sales Agreement between the Company and Cowen, and the $100.0 million that may be sold under the 2020 Sales Agreement excludes any amounts that were sold under the 2017 Sales Agreement. During the year ended December 31, 2020, the Company issued and sold 1,024,760 shares of common stock under the 2020 Sales Agreement at a weighted average price per share of $3.74, for aggregate net proceeds of $3.7 million, after deducting commissions and offering expenses. During the year ended December 31, 2021, the Company issued and sold an additional 3,092,603 shares of common stock under the 2020 Sales Agreement at a weighted average price per share of $3.57, for aggregate net proceeds of $10.7 million, after deducting commissions and offering expenses. There were no shares sold under the 2020 Sales Agreement in the year ended December 31, 2022. ​ In March 2022, the Company filed a shelf registration statement with the SEC, which was declared effective on April 22, 2022. Upon the effectiveness of the new registration statement, the prior shelf registration statement, under which the shares that could be sold under the 2020 Sales Agreement were registered, was deemed to be terminated. 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 $100.0 million in shares of its common stock. During the year ended December 31, 2022, the Company issued and sold 1,953,854 shares of common stock under the 2022 Sales Agreement at a weighted average price per share of $2.22, for aggregate net proceeds of $4.2 million, after deducting commissions and offering expenses. As of December 31, 2022, approximately $95.7 million remained available to be sold under the terms of the 2022 Sales Agreement. ​ Subsequent to December 31, 2022 and through the date these financial statements were issued, the Company issued and sold 9,822,930 shares of common stock under the 2022 Sales Agreement at a weighted average price per share of $3.01, for aggregate net proceeds of $28.7 million, after deducting commissions and offering expenses. As of the date these financial statements were issued, approximately $66.0 million remained available to be sold under the terms of the 2022 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 year ended December 31, 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 ​ (93,465) ​ 2.00 ​ ​ ​ ​ ​ Outstanding December 31, 2022 ​ — ​ — — ​ $ — ​ The 2003 Plan had no options outstanding as of December 31, 2022. There were no options granted under the 2003 Plan in 2022, 2021 and 2020. During 2021 and 2020, the Company issued 3,785 and 285,087 shares of common stock, respectively, in conjunction with exercises of stock options granted under the 2003 Plan. The Company received cash proceeds from the exercise of these stock options of $4,239 and $319,297 during 2021 and 2020, respectively. Total intrinsic value of the options exercised during the years ended December 31, 2021 and 2020 was $8,668 and $921,168, respectively. There were no options exercised under the 2003 Plan in 2022. ​ 2013 Equity Incentive Plan The Company’s board of directors adopted, and its stockholders approved, its 2013 Equity Incentive Plan (the 2013 Plan) effective on January 9, 2014. The 2013 Plan provides for the grant of incentive stock options within the meaning of Section 422 of the Internal Revenue Code (the Code), to the Company’s employees and its parent and subsidiary corporations’ employees, and for the grant of nonstatutory stock options, restricted stock awards, restricted stock unit awards, stock appreciation rights, performance stock awards and other forms of stock compensation to its employees, including officers, consultants and directors. The 2013 Plan also provides for the grant of performance cash awards to the Company’s employees, consultants and directors. Unless otherwise stated in a stock option agreement, 25% of the shares subject to an option grant will typically vest upon the first anniversary of the vesting start date and thereafter at the rate of one forty Authorized Shares The maximum number of shares of common stock that may be issued under the 2013 Plan was 1,000,000 shares, plus any shares subject to stock options or similar awards granted under the 2003 Plan that expire or terminate without having been exercised in full or are forfeited to or repurchased by the Company. In May 2022, the 2013 Plan was amended to increase the existing share reserve by 2,619,622 shares, and provide that, beginning on January 1, 2023 and ending on (and including) January 1, 2029, the maximum number of shares of common stock that may be issued under the 2013 Plan will cumulatively be increased by 4% of the number of shares of common stock issued and outstanding on the immediately preceding December 31, or such lesser number of shares as determined by the board of directors or the compensation committee thereof. ​ Shares issued under the 2013 Plan may be authorized but unissued or reacquired shares of common stock. Shares subject to stock awards granted under the 2013 Plan that expire or terminate without being exercised in full, or that are paid out in cash rather than in shares, will not reduce the number of shares available for issuance under the 2013 Plan. Additionally, shares issued pursuant to stock awards under the 2013 Plan that the Company repurchases or that are forfeited, as well as shares reacquired by the Company as consideration for the exercise or purchase price of a stock award or to satisfy tax withholding obligations related to a stock award, will become available for future grant under the 2013 Plan. Stock Options A summary of the Company’s stock option activity under the 2013 Plan for the year ended December 31, 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 ​ (901,465) ​ ​ 6.56 ​ ​ ​ ​ ​ Outstanding as of December 31, 2022 ​ 6,774,792 ​ ​ 6.37 ​ 6.1 ​ $ 3,506 Vested or expected to vest as of December 31, 2022 ​ 6,585,192 ​ ​ 6.52 ​ 6.0 ​ ​ 3,142 Exercisable as of December 31, 2022 ​ 4,449,925 ​ ​ 8.72 ​ 4.7 ​ ​ 37 ​ As of December 31, 2022, there was $2,589,179 of total unrecognized compensation expense related to unvested options that will be recognized over a weighted-average period of approximately 2.0 years. The total fair value of options that vested in the years ended December 31, 2022, 2021 and 2020 was $3,306,412, $5,936,641 and $7,347,548, respectively. There were no options exercised under the 2013 Plan during the years ended December 31, 2022, 2021 or 2020. ​ 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 ​ Restricted Stock Units (RSUs) A restricted stock unit (RSU) is a stock award that entitles the holder to receive shares of the Company’s common stock as the award vests. The fair value of each RSU is based on the closing price of the Company’s common stock on the date of grant. In January 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 December 31, 2022, there was $534,083 of total unrecognized compensation expense associated with these RSU grants that will be recognized over a weighted-average period of approximately 2.1 years. The following is a summary of RSU activity for the 2013 Plan for the year ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ Number of Shares ​ Grant Date ​ ​ Underlying RSUs Fair Value Unvested at December 31, 2021 ​ 345,600 ​ $ 3.70 ​ Forfeited ​ (30,765) ​ 3.81 ​ Vested ​ (110,050) ​ 3.45 ​ Unvested at December 31, 2022 ​ 204,785 ​ 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, 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 -fourth of the shares subject to an option grant under the Inducement 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. In August 2021, the Company’s board of directors adopted an amendment to the Inducement Plan to increase the number of shares reserved to 2,000,000 shares, and in January 2022 the Company’s board of directors adopted an amendment to the Inducement Plan to further increase the number of shares reserved to 3,000,000 shares. As of December 31, 2022, there were 656,383 shares available for future grants under the Inducement Plan. ​ A summary of the Company’s stock option activity under the Inducement Plan for the year ended December 31, 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 ​ (15,075) ​ ​ 3.67 ​ ​ ​ ​ ​ Outstanding as of December 31, 2022 ​ 2,333,525 ​ ​ 1.82 ​ 8.7 ​ $ 2,867 Vested or expected to vest as of December 31, 2022 ​ 1,749,325 ​ ​ 1.76 ​ 8.8 ​ ​ 2,249 Exercisable as of December 31, 2022 ​ 425,104 ​ ​ 2.13 ​ 8.5 ​ ​ 402 ​ As of December 31, 2022, there was $1,473,466 of total unrecognized compensation expense related to unvested options under the Inducement Plan that will be recognized over a weighted-average period of approximately 2.7 years. The total fair value of options that vested in the years ended December 31, 2022 and 2021 was $604,440 and $73,334, respectively. During the year ended December 31, 2021, the Company received cash of $20,790 and issued 10,092 shares of common stock in conjunction with exercises of stock options granted under the Inducement Plan. The intrinsic value of the options exercised for the year ended December 31, 2021 was $1,944. There were no options exercised under the Inducement Plan during the years ended December 31, 2022 or 2020. During the years ended December 31, 2022 and 2021, 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 achievement of the performance milestones was not deemed to be probable as of December 31, 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 years ended December 31, 2022, 2021 and 2020 was $0.76, $1.85 and $3.17 per share, respectively, applying the Black-Scholes-Merton option pricing model utilizing the following weighted-average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 Expected term 6.25 years ​ 6.25 years ​ 6.25 years Expected volatility 84.66% ​ 84.19% ​ 84.40% Risk-free interest rate 1.90% ​ 0.78% ​ 1.41% Expected dividend yield 0% ​ 0% ​ 0% ​ Total stock-based compensation expense associated with stock options and RSUs was classified as follows on the statement of operations for the years ended December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Research and development expense ​ ​ $ 1,059,591 ​ $ 2,214,848 ​ $ 2,946,952 General and administrative expense ​ ​ 2,797,989 ​ 3,872,438 ​ 3,954,806 Total stock-based compensation expense ​ ​ $ 3,857,580 ​ $ 6,087,286 ​ $ 6,901,758 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	9. Income Taxes The components of the gross deferred tax asset and related valuation allowance at December 31 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Deferred income tax assets: ​ ​ ​ ​ ​ ​ ​ Net operating loss carryforward ​ $ 82,784,742 ​ $ 79,788,146 ​ Research and orphan drug credits ​ 51,184,585 ​ 47,976,370 ​ Capitalized research costs ​ 7,125,276 ​ — ​ Capitalized start-up costs ​ 726,724 ​ 920,516 ​ Patent amortization ​ 58,010 ​ 73,480 ​ Stock-based compensation ​ 7,247,715 ​ 7,102,947 ​ Accrued bonus ​ ​ 733,235 ​ ​ 592,260 ​ Operating lease liabilities ​ ​ 252,777 ​ ​ 528,340 ​ Other ​ ​ 210,237 ​ ​ 209,580 ​ Gross deferred income tax assets ​ 150,323,301 ​ 137,191,639 ​ Valuation allowance ​ (149,972,514) ​ (136,613,829) ​ Net deferred income tax assets ​ 350,787 ​ 577,810 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred income tax liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ (206,704) ​ (433,727) ​ Property and equipment ​ (144,083) ​ (144,083) ​ Gross deferred income tax liabilities ​ (350,787) ​ (577,810) ​ Net deferred income tax asset/(liability) ​ $ — ​ $ — ​ ​ Based on the Company’s operating history and management’s expectation regarding future profitability, management believes the Company’s deferred tax assets will not be realizable under ASC 740, Income Taxes Effective for tax years beginning on or after January 1, 2022, pursuant to the Tax Cuts and Jobs Act of 2017, companies are required to capitalize and amortize Internal Revenue Code Section 174 research and experimental expenses paid or incurred over 5 years for research and development performed in the United States and 15 years for research and development performed outside of the United States. As a result of the Internal Revenue Code Section 174 research and experimental expense capitalization, the Company recognized a deferred tax asset for the future tax benefit of the amortization deductions with an offsetting increase in the valuation allowance on deferred tax assets. As of December 31, 2022, the Company had $300.8 million of U.S. Federal and state net operating losses, $10.6 million of research and development tax credits and $40.6 million of orphan drug tax credits available to carry forward. A portion of the net operating loss carryforwards will begin to expire in 2026, the research and development tax credits in 2023 and the orphan drug tax credit in 2033. Under current federal income tax laws, federal net operating losses incurred in 2018 and in future years may be carried forward, indefinitely, but the deductibility of such federal net operating losses is limited. The Company’s tax attributes, including net operating losses and credits, are subject to any ownership changes as defined under Internal Revenue Code Sections 382 and 383. A change in ownership could affect the Company’s ability to utilize its net operating losses and credits. As of December 31, 2022, the Company does not believe that an ownership change has occurred. Any future ownership changes may cause a limitation on the Company’s ability to utilize existing tax attributes. The Company files income tax returns in the U.S. federal jurisdiction and in the State of Maryland. The Company’s federal income tax returns for tax years 2003 and after remain subject to examination by the U.S. Internal Revenue Service due to tax attributes available to be carried forward to open or future tax years. The Company’s Maryland income tax returns for the tax years 2006 and thereafter remain subject to examination by the Comptroller of Maryland. In addition, all of the net operating losses, research and development tax credit and orphan drug credit carryforwards that may be used in future years are still subject to adjustment. The Company did not have unrecognized tax benefits as of December 31, 2022 and 2021, and does not anticipate this to change significantly over the next 12 months. The Company will recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. Reconciliations between the statutory federal income tax rate and the effective income tax rate of income tax expense is as follows as of December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 U.S. Federal statutory tax rate 21.0 % 21.0 % 21.0 % State taxes 6.1 5.9 5.7 ​ Research credit 0.6 0.9 0.7 ​ Orphan drug credit 4.8 6.6 9.8 ​ Other ​ (3.9) ​ (0.3) ​ 0.4 ​ Change in valuation allowance (28.6) (34.1) (37.6) ​ Provision for income taxes — % — % — % ​

Research and License Agreements

Research and License Agreements	12 Months Ended
	Dec. 31, 2022
Research and License Agreements
Research and License Agreements	10. Research and License Agreements Apollomics In January 2020, the Company entered into a collaboration and license agreement (the Agreement) with Apollomics (Hong Kong), Limited (Apollomics) for the development, manufacture and commercialization of products derived from two of the Company’s compounds, GMI-1271 and GMI-1687 (the Products) for therapeutic and prophylactic uses (the Field) in China, Taiwan, Hong Kong and Macau (the Territory). Under the terms of the Agreement, the Company granted Apollomics: ● an exclusive license, with the right to sublicense, to develop, manufacture and have manufactured, distribute, market, promote, sell, have sold, offer for sale, import, label, package and otherwise the Products in the Field in the Territory; and ● a non-exclusive license to conduct preclinical research with respect to Products in the Field outside of the Territory for the purposes of developing such Products for use in the Territory. In June 2020, the Company and Apollomics entered into a clinical supply agreement pursuant to which the Company will manufacture and supply the Products at agreed upon prices. Apollomics has the option to begin manufacture of the Products after appropriate material transfer requirements are met. During the year ended December 30, 2021, the Company recognized $1.1 million as revenue from the sale of clinical supplies to Apollomics. There were no sales of clinical supplies under the Agreement for the year ended December 31, 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 a non-refundable $1.0 million development milestone payment upon acceptance by Chinese regulatory authorities of a Phase 3 bridging study design to support registration in China. The Company recognized this $1.0 million payment as revenue in the quarter ended September 30, 2020. The Company did not recognize any milestone revenue under the Agreement for the years ended December 31, 2022 and 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.

Employee Benefit Plan

Employee Benefit Plan	12 Months Ended
	Dec. 31, 2022
Employee Benefit Plan
Employee Benefit Plan	11. Employee Benefit Plan The Company has a defined contribution plan under the Internal Revenue Code Section 401(k). This plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. For the years ended December 31, 2022, 2021 and 2020, the Company matched 50% up to the first 6% of employee contributions. All matching contributions have been paid by the Company. The Company’s matching contributions vest in full immediately. The total Company matching contributions were approximately $254,000, $270,000 and $252,000 for the years ended December 31, 2022, 2021 and 2020, respectively.

Significant Accounting Policies

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Basis of Accounting	Basis of Accounting The accompanying financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles (GAAP).
Segment Information	Segment Information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company views its operations and manages its business in one segment, which is the identification and development of glycomimetic compounds.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of investment in money market funds with commercial banks and financial institutions. The Company considers all investments in highly liquid financial instruments with an original maturity of three months or less at the date of purchase to be cash equivalents. Cash equivalents are stated at amortized cost, plus accrued interest, which approximates fair value.
Fair Value Measurements	Fair Value Measurements The Company’s financial instruments include cash and cash equivalents. The fair values of the financial instruments approximated their carrying values at December 31, 2022 and 2021, due to their short-term maturities. The Company accounts for recurring and nonrecurring fair value measurements in accordance with ASC 820, Fair Value Measurements ● Level 1—Fair value is determined by using unadjusted quoted prices that are available in active markets for identical assets and liabilities. ● Level 2—Fair value is determined by using inputs, other than Level 1 quoted prices, that are directly and indirectly observable. Inputs can include quoted prices for similar assets and liabilities in active markets or quoted prices for identical assets and liabilities in inactive markets. Related inputs can also include those used in valuation or other pricing models that can be corroborated by observable market data. ● Level 3—Fair value is determined by inputs that are unobservable and not corroborated by market data. Use of these inputs involves significant and subjective judgments to be made by a reporting entity. In instances where the determination of the fair value measurement is based on inputs from different levels of fair value hierarchy, the fair value measurement will fall within the lowest level input that is significant to the fair value measurement in its entirety. The Company periodically evaluates financial assets and liabilities subject to fair value measurements to determine the appropriate level at which to classify them each reporting period. This determination requires the Company to make subjective judgments as to the significance of inputs used in determining fair value and where such inputs lie within the ASC 820 hierarchy. The Company had no assets or liabilities that were measured using quoted prices for similar assets and liabilities or significant unobservable inputs (Level 2 and Level 3 assets and liabilities, respectively) either on a recurring or non-recurring basis as of December 31, 2022 and 2021. The carrying value of cash held in money market funds of approximately $45.9 million and $88.3 million as of December 31, 2022 and 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 years ended December 31, 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. The Company maintains its cash balances with financial institutions in federally insured accounts and has cash balances in excess of the insurance limits. Cash equivalents consist of investment in money market funds with major financial institutions in the United States. These deposits and funds may be redeemed upon demand and the Company does not anticipate any losses on such balances. The Company has not experienced any losses to date and believes that it is not exposed to any significant credit risk on cash and cash equivalents. On March 10, 2023, one of the financial institutions the Company has accounts with, Silicon Valley Bank, or SVB, was closed and the FDIC was appointed receiver for the bank. The FDIC created a successor bridge bank, Silicon Valley Bridge Bank, N.A, or SVBB, and all deposits of SVB were transferred to SVBB and made available in full to customers under a systemic risk exception approved by the United States Department of Treasury, the Federal Reserve and the FDIC.
Property and Equipment	Property and Equipment Property and equipment are recorded at cost and depreciated on a straight-line basis over estimated useful lives ranging from three useful life are capitalized. Depreciation and amortization are computed using the straight-line method over the following estimated useful lives: ​ ​ ​ ​ ​ ESTIMATED USEFUL LIVES Furniture and fixtures ​ 7 years Laboratory equipment ​ 5 years Office equipment ​ 5 years Computer equipment ​ 5 years Leasehold improvements ​ Shorter of lease term or useful life ​
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company periodically assesses the recoverability of the carrying value of its long-lived assets in accordance with the provisions of ASC 360, Property, Plant, and Equipment
Revenue Recognition	Revenue Recognition The Company applies Accounting Standards Codification, or ASC, Topic 606, Revenue from Contracts with Customers The Company enters into licensing agreements which are within the scope of Topic 606, under which it licenses certain of its drug candidates’ rights to third parties. The terms of these arrangements typically include payment of one or more of the following: non-refundable, up-front license fees; development, regulatory and commercial milestone payments; and royalties on net sales of the licensed product, if and when earned. See Note 10 for additional information regarding 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: assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period, and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone Payments Royalties Manufacturing and Supply:
Research and Development Costs	Research and Development Costs Except for payments made in advance of services, research and development costs are expensed as incurred. For payments made in advance, the Company recognizes research and development expense as the services are rendered. Research and development costs primarily consist of salaries and related expenses for personnel, laboratory supplies and raw materials, sponsored research, depreciation of laboratory facilities and leasehold improvements, and utilities costs related to research space. Other research and development expenses include fees paid to consultants and outside service providers including clinical research organizations and clinical manufacturing organizations.
Accruals for Clinical Trial Expenses	Accruals for Clinical Trial Expenses Clinical trial costs primarily consist of expenses incurred under agreements with contract research organizations (CROs), investigative sites, laboratory testing expenses, data management and consultants that conduct the Company's clinical trials. Clinical trial expenses are a significant component of research and development expenses, and the Company outsources a significant portion of these clinical trial activities to third parties. The accrual for site and patient costs includes inputs such as estimates of patient enrollment, patient cycles incurred, clinical site activations, estimated project duration and other pass-through costs. These inputs are required to be estimated due to a lag in receiving the actual clinical information from third parties. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected on the balance sheets as a prepaid asset or accrued expenses. These third-party agreements are generally cancellable, and related costs are recorded as research and development expenses as incurred. Except for payments made in advance of services, clinical trial costs are expensed as incurred. Non-refundable advance clinical payments for goods or services that will be used or rendered for future research and development activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed. When evaluating the adequacy of the accrued expenses, management assessments include: (i) an evaluation by the project manager of the work that has been completed during the period; (ii) measurement of progress prepared internally and/or provided by the third-party service provider; (iii) analyses of data that justify the progress; and (iv) the Company’s judgment. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made. The Company’s historical clinical accrual estimates have not been materially different from the actual costs.
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
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method in accordance with ASC 740, Income Taxes The Company accounts for uncertain tax positions pursuant to ASC 740. Financial statement recognition of a tax position taken or expected to be taken in a tax return is determined based on a more-likely-than-not threshold of that tax position being sustained. If the tax position meets this threshold, the benefit to be recognized is measured as the tax benefit having the highest likelihood of being realized upon ultimate settlement with the taxing authority. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in the provision for income taxes.
Comprehensive Loss	Comprehensive Loss Comprehensive loss comprises net loss and other changes in equity that are excluded from net loss. For the years ended December 31, 2022, 2021 and 2020, the Company’s net loss was equal to comprehensive loss and, accordingly, no additional disclosure is presented.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements There have been no accounting pronouncements issued but not yet adopted by the Company that are expected to have a material impact on the Company’s financial position, results of operations or cash flows.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Schedule of Property and Equipment Estimated Useful Lives	​ ​ ​ ​ ​ ESTIMATED USEFUL LIVES Furniture and fixtures ​ 7 years Laboratory equipment ​ 5 years Office equipment ​ 5 years Computer equipment ​ 5 years Leasehold improvements ​ Shorter of lease term or useful life ​

Net Loss Per Share of Common _2

Net Loss Per Share of Common Stock (Tables)	12 Months Ended
	Dec. 31, 2022
Net Loss Per Share of Common Stock
Potentially dilutive securities outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Stock options and RSUs 9,313,102 7,908,122 6,143,594

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 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 at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Prepaid research and development expenses $ 2,300,209 ​ $ 273,396 Other prepaid expenses ​ 399,861 ​ ​ 259,061 Other receivables 144,016 ​ 1,347 Prepaid expenses and other current assets $ 2,844,086 ​ $ 533,804

Property and Equipment (Tables)

Property and Equipment (Tables)	12 Months Ended
	Dec. 31, 2022
Property and Equipment
Summary of Property and Equipment useful lives	Property and equipment, net consisted of the following at 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 ​ 309,826 ​ 305,784 Leasehold improvements ​ ​ 616,133 ​ ​ 616,133 Property and equipment ​ 2,629,005 ​ 2,691,737 Less accumulated depreciation ​ (2,386,615) ​ (2,322,895) Property and equipment, net ​ $ 242,390 ​ $ 368,842

Accrued Expenses (Tables)

Accrued Expenses (Tables)	12 Months Ended
	Dec. 31, 2022
Accrued Expenses
Summary of Accrued Expenses	The following is a summary of the Company’s accrued expenses at December 31: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 Accrued research and development expenses ​ $ 3,484,742 ​ $ 5,824,365 Accrued bonuses ​ ​ 2,664,613 ​ ​ 2,152,302 Accrued consulting and other professional fees ​ 499,592 ​ 299,607 Accrued employee benefits ​ 300,653 ​ 348,752 Other accrued expenses ​ 42,406 ​ 90,342 Accrued expenses ​ $ 6,992,006 ​ $ 8,715,368

Operating Leases (Tables)

Operating Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Operating Leases
Components of lease expense and related cash flows	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2022 2021 ​ 2020 Operating lease cost ​ $ 927,957 ​ $ 927,957 ​ $ 927,957 Variable lease cost ​ ​ 612,391 ​ ​ 490,871 ​ ​ 593,973 Total operating lease cost ​ $ 1,540,348 ​ $ 1,418,828 ​ $ 1,521,930 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash outflows for operating leases ​ $ 1,104,406 ​ $ 1,077,469 ​ $ 1,051,190 ​
Maturities of lease liabilities due	​ ​ ​ ​ ​ ​ ​ Operating Lease ​ Obligation 2023 ​ $ 940,842 Thereafter ​ ​ — Total ​ ​ 940,842 Present value adjustment ​ ​ (22,287) Present value of lease payments ​ $ 918,555

Stockholders Equity (Tables)

Stockholders Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Weighted-Average Fair Value of Options Granted	​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 ​ 2021 ​ 2020 Expected term 6.25 years ​ 6.25 years ​ 6.25 years Expected volatility 84.66% ​ 84.19% ​ 84.40% Risk-free interest rate 1.90% ​ 0.78% ​ 1.41% Expected dividend yield 0% ​ 0% ​ 0%
Stock-Based Compensation Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 Research and development expense ​ ​ $ 1,059,591 ​ $ 2,214,848 ​ $ 2,946,952 General and administrative expense ​ ​ 2,797,989 ​ 3,872,438 ​ 3,954,806 Total stock-based compensation expense ​ ​ $ 3,857,580 ​ $ 6,087,286 ​ $ 6,901,758
2003 Stock Incentive Plan
Company's Stock Option Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ WEIGHTED- ​ AGGREGATE ​ ​ ​ WEIGHTED- ​ AVERAGE ​ INTRINSIC ​ ​ ​ AVERAGE ​ REMAINING ​ VALUE ​ OUTSTANDING ​ EXERCISE ​ CONTRACTUAL ​ (IN ​ ​ OPTIONS PRICE TERM (YEARS) THOUSANDS) Outstanding as of December 31, 2021 ​ 93,465 ​ $ 2.00 0.3 ​ ​ ​ Options forfeited ​ (93,465) ​ 2.00 ​ ​ ​ ​ ​ Outstanding December 31, 2022 ​ — ​ — — ​ $ — ​
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 ​ (901,465) ​ ​ 6.56 ​ ​ ​ ​ ​ Outstanding as of December 31, 2022 ​ 6,774,792 ​ ​ 6.37 ​ 6.1 ​ $ 3,506 Vested or expected to vest as of December 31, 2022 ​ 6,585,192 ​ ​ 6.52 ​ 6.0 ​ ​ 3,142 Exercisable as of December 31, 2022 ​ 4,449,925 ​ ​ 8.72 ​ 4.7 ​ ​ 37 ​
Summary of RSU Activity	The following is a summary of RSU activity for the 2013 Plan for the year ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ Number of Shares ​ Grant Date ​ ​ Underlying RSUs Fair Value Unvested at December 31, 2021 ​ 345,600 ​ $ 3.70 ​ Forfeited ​ (30,765) ​ 3.81 ​ Vested ​ (110,050) ​ 3.45 ​ Unvested at December 31, 2022 ​ 204,785 ​ 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 ​ (15,075) ​ ​ 3.67 ​ ​ ​ ​ ​ Outstanding as of December 31, 2022 ​ 2,333,525 ​ ​ 1.82 ​ 8.7 ​ $ 2,867 Vested or expected to vest as of December 31, 2022 ​ 1,749,325 ​ ​ 1.76 ​ 8.8 ​ ​ 2,249 Exercisable as of December 31, 2022 ​ 425,104 ​ ​ 2.13 ​ 8.5 ​ ​ 402

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Schedule of Gross Deferred Tax Asset and Related Valuation Allowance	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 Deferred income tax assets: ​ ​ ​ ​ ​ ​ ​ Net operating loss carryforward ​ $ 82,784,742 ​ $ 79,788,146 ​ Research and orphan drug credits ​ 51,184,585 ​ 47,976,370 ​ Capitalized research costs ​ 7,125,276 ​ — ​ Capitalized start-up costs ​ 726,724 ​ 920,516 ​ Patent amortization ​ 58,010 ​ 73,480 ​ Stock-based compensation ​ 7,247,715 ​ 7,102,947 ​ Accrued bonus ​ ​ 733,235 ​ ​ 592,260 ​ Operating lease liabilities ​ ​ 252,777 ​ ​ 528,340 ​ Other ​ ​ 210,237 ​ ​ 209,580 ​ Gross deferred income tax assets ​ 150,323,301 ​ 137,191,639 ​ Valuation allowance ​ (149,972,514) ​ (136,613,829) ​ Net deferred income tax assets ​ 350,787 ​ 577,810 ​ ​ ​ ​ ​ ​ ​ ​ ​ Deferred income tax liabilities: ​ ​ ​ ​ ​ ​ ​ Operating lease right-of-use assets ​ (206,704) ​ (433,727) ​ Property and equipment ​ (144,083) ​ (144,083) ​ Gross deferred income tax liabilities ​ (350,787) ​ (577,810) ​ Net deferred income tax asset/(liability) ​ $ — ​ $ — ​
Schedule of Reconciliations Between Statutory Federal Income Tax Rate and Effective Income Tax Rate of Income Tax Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2022 2021 2020 U.S. Federal statutory tax rate 21.0 % 21.0 % 21.0 % State taxes 6.1 5.9 5.7 ​ Research credit 0.6 0.9 0.7 ​ Orphan drug credit 4.8 6.6 9.8 ​ Other ​ (3.9) ​ (0.3) ​ 0.4 ​ Change in valuation allowance (28.6) (34.1) (37.6) ​ Provision for income taxes — % — % — %

Description of the Business (De

Description of the Business (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 29, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Description of the Business
Accumulated deficit		$ 419,585,792	$ 372,896,990
Issuance of common stock, net of issuance costs		$ 4,157,408	$ 10,699,317	$ 17,824,717
Common Stock
Description of the Business
Issuance of common stock, net of issuance costs, shares		1,953,854	3,092,603	5,161,502
Issuance of common stock, net of issuance costs		$ 1,954	$ 3,092	$ 5,163
Subsequent Event | 2023 Sales Agreement | Common Stock
Description of the Business
Issuance of common stock, net of issuance costs, shares	9,822,930
Weighted average price per share issued	$ 3.01
Issuance of common stock, net of issuance costs	$ 28,700,000

Summary of Significant Accoun_3

Summary of Significant Accounting Policies - Segment Information (Details)	12 Months Ended
	Dec. 31, 2022 segment
Summary of Significant Accounting Policies
Number of operating segments	1

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Level 1
Fair Value Measurements
Carrying value of cash held in money market fund	$ 45.9	$ 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

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Property and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Furniture and Fixtures
Property, Plant and Equipment
Property and Equipment estimated useful lives	7 years
Laboratory Equipment
Property, Plant and Equipment
Property and Equipment estimated useful lives	5 years
Office Equipment
Property, Plant and Equipment
Property and Equipment estimated useful lives	5 years
Computer Equipment
Property, Plant and Equipment
Property and Equipment estimated useful lives	5 years
Minimum
Property, Plant and Equipment
Property and Equipment estimated useful lives	3 years
Maximum
Property, Plant and Equipment
Property and Equipment estimated useful lives	7 years

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Impairment of Long-Lived Assets (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) item	Dec. 31, 2021 USD ($) item
Impairment of Long-Lived Assets
Number of long-lived assets determined to be impaired | item	0	0
Assets held for sale | $	$ 0	$ 0

Summary of Significant Accoun_7

Summary of Significant Accounting Policies - Stock-Based Compensation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Contribution Plan Disclosure
Expected term	6 years 3 months	6 years 3 months	6 years 3 months
Maximum
Defined Contribution Plan Disclosure
Expiration period	10 years	10 years	10 years

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock options and restricted stock units
Anti-dilutive securities excluded from computation of earnings per share
Anti-dilutive securities	9,313,102	7,908,122	6,143,594

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Prepaid Expenses and Other Current Assets
Prepaid research and development expenses	$ 2,300,209	$ 273,396
Other prepaid expenses	399,861	259,061
Other receivables	144,016	1,347
Prepaid expenses and other current assets	$ 2,844,086	$ 533,804

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Property, Plant and Equipment
Property and equipment	$ 2,629,005	$ 2,691,737
Less accumulated depreciation	(2,386,615)	(2,322,895)
Property and equipment, net	242,390	368,842
Depreciation of property and equipment	207,145	264,600	$ 270,754
Furniture and Fixtures
Property, Plant and Equipment
Property and equipment	342,203	345,712
Laboratory Equipment
Property, Plant and Equipment
Property and equipment	1,343,081	1,406,346
Office Equipment
Property, Plant and Equipment
Property and equipment	17,762	17,762
Computer Equipment
Property, Plant and Equipment
Property and equipment	309,826	305,784
Leasehold Improvements
Property, Plant and Equipment
Property and equipment	$ 616,133	$ 616,133

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Accrued Expenses
Accrued research and development expenses	$ 3,484,742	$ 5,824,365
Accrued bonuses	2,664,613	2,152,302
Accrued consulting and other professional fees	499,592	299,607
Accrued employee benefits	300,653	348,752
Other accrued expenses	42,406	90,342
Accrued expenses	$ 6,992,006	$ 8,715,368

Operating Leases (Details)

Operating Leases (Details)	12 Months Ended
	Dec. 31, 2022 USD ($) lease	Dec. 31, 2021 USD ($)	May 31, 2016 USD ($)
Operating leases
Lease, Practical Expedient, Lessor Single Lease Component [true false]	true
Security Deposit	$ 52,320	$ 52,320
Lessee, Operating Lease, Existence of Option to Terminate [true false]	true
Incremental borrowing rate	8%
Operating Lease, Weighted Average Remaining Lease Term	9 months 18 days
Number of additional operating leases entered during the period | lease	0
Rockville, Maryland
Operating leases
Security Deposit			$ 52,320

Operating Leases - Components o

Operating Leases - Components of lease expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Components of lease expense
Operating lease cost	$ 927,957	$ 927,957	$ 927,957
Variable lease cost	612,391	490,871	593,973
Total operating lease cost	1,540,348	1,418,828	1,521,930
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 1,104,406	$ 1,077,469	$ 1,051,190

Operating Leases - Maturities o

Operating Leases - Maturities of lease liability (Details)	Dec. 31, 2022 USD ($)
Maturities of lease liability due
2023	$ 940,842
Thereafter	0
Total	940,842
Present value adjustment	(22,287)
Present value of lease payments	$ 918,555
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	12 Months Ended
	Mar. 29, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Apr. 28, 2022	Oct. 07, 2020	Sep. 28, 2017
Subsequent Event
Equity offerings
Common stock available for sale under agreement	$ 66
Common Stock
Equity offerings
Issuance of common stock, net of issuance costs, shares		1,953,854	3,092,603	5,161,502
2017 Sales Agreement | Common Stock
Equity offerings
Issuance of common stock, net of issuance costs, shares				4,136,742
Price per share				$ 3.52
Aggregate net proceeds from stock sale				$ 14.1
2017 Sales Agreement | Common Stock | Maximum
Equity offerings
Common stock available for sale under agreement							$ 100
2020 Sales Agreement | Common Stock
Equity offerings
Issuance of common stock, net of issuance costs, shares		0	3,092,603	1,024,760
Price per share			$ 3.57	$ 3.74
Aggregate net proceeds from stock sale			$ 10.7	$ 3.7
Common stock available for sale under agreement						$ 100
2020 Sales Agreement | Common Stock | Maximum
Equity offerings
Common stock available for sale under agreement						$ 100
2022 Sales Agreement | Common Stock
Equity offerings
Issuance of common stock, net of issuance costs, shares		1,953,854
Price per share		$ 2.22
Aggregate net proceeds from stock sale		$ 4.2
Common stock available for sale under agreement		$ 95.7
2022 Sales Agreement | Common Stock | Maximum
Equity offerings
Common stock available for sale under agreement					$ 100
2023 Sales Agreement | Common Stock | Subsequent Event
Equity offerings
Issuance of common stock, net of issuance costs, shares	9,822,930
Price per share	$ 3.01
Aggregate net proceeds from stock sale	$ 28.7

Stockholders' Equity - Incentiv

Stockholders' Equity - Incentive Plans (Details) - USD ($)	1 Months Ended		12 Months Ended
	May 31, 2022	Jan. 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Jan. 09, 2014
Maximum
Incentive plans
Expiration period			10 years	10 years	10 years
2003 Stock Incentive Plan
Incentive plans
Period from date of termination that any vested options shall expire			60 days
Expiration period			10 years
Intrinsic value of options exercised				$ 8,668	$ 921,168
Cash proceeds from exercise of stock options				$ 4,239	$ 319,297
Shares issued from exercise of stock options			0	3,785	285,087
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			$ 2,589,179
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	0
Fair value of shares vested			$ 3,306,412	$ 5,936,641	$ 7,347,548
2013 Equity Incentive Plan | Stock options vesting based on performance | Non-executive employees
Incentive plans
Maximum fair value of option excluded from the unrecognized compensation expense		$ 151,680
Authorized shares
Shares available for future grants		189,600
2013 Equity Incentive Plan | Upon first anniversary of start date
Incentive plans
Percent of shares subject to option grant that will vest			25%
2013 Equity 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 | Vesting upon FDA Approval | Stock options vesting based on performance | Non-executive employees
Incentive plans
Percent of shares subject to option grant that will vest		50%
2013 Equity Incentive Plan | Vesting upon First Commercial Sale | Stock options vesting based on performance | Non-executive employees
Incentive plans
Percent of shares subject to option grant that will vest		50%
Common Stock | 2013 Equity Incentive Plan
Authorized shares
Common stock authorized			9,506,767			1,000,000
Shares available for future grants			1,976,154
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%

Stockholders' Equity - Company'

Stockholders' Equity - Company's Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
2003 Stock Incentive Plan
OUTSTANDING OPTIONS
Outstanding at beginning of period	93,465
Options granted	0	0	0
Options exercised	0	(3,785)	(285,087)
Options forfeited	(93,465)
Outstanding at end of period	0	93,465
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding at beginning of period	$ 2
Options forfeited	$ 2
Outstanding at end of period		$ 2
VESTED AND EXPECTED TO VEST
Outstanding options	0
Weighted-Average Exercise Price	$ 0
ADDITIONAL DISCLOSURES
Weighted-average contractual term outstanding		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	0
Options forfeited	(901,465)
Outstanding at end of period	6,774,792	5,655,457
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding at beginning of period	$ 8.30
Options granted	1.06
Options forfeited	6.56
Outstanding at end of period	$ 6.37	$ 8.30
VESTED AND EXPECTED TO VEST
Outstanding options	6,585,192
Weighted-Average Exercise Price	$ 6.52
Weighted-Average Remaining Contractual Term	6 years
Aggregate Intrinsic Value (in thousands)	$ 3,142
ADDITIONAL DISCLOSURES
Outstanding options exercisable at end of period	4,449,925
Weighted-average exercise price exercisable at end of period	$ 8.72
Weighted-average contractual term outstanding	6 years 1 month 6 days	6 years
Weighted-average contractual term (years) exercisable	4 years 8 months 12 days
Aggregate intrinsic value (in thousands) outstanding at end of period	$ 3,506
Aggregate intrinsic value (in thousands) exercisable at end of period	$ 37

Stockholders' Equity - Summary

Stockholders' Equity - Summary of RSU Activity (Details) - 2013 Equity Incentive Plan - USD ($)	1 Months Ended	12 Months Ended
	Jan. 31, 2021	Dec. 31, 2022
Restricted Stock Units information
Period for unrecognized compensation expense related to unvested options yet has not been recognized		2 years
Upon first anniversary of start date
Restricted Stock Units information
Vesting percentage		25%
RSU
NUMBER OF SHARES
Unvested at beginning of period		345,600
Forfeited		(30,765)
Vested		(110,050)
Unvested at end of period		204,785
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 | Non-executive employees
Restricted Stock Units information
Vesting period	4 years
Unrecognized compensation expense related to unvested service RSUs		$ 534,083
Period for unrecognized compensation expense related to unvested options yet has not been recognized		2 years 1 month 6 days

Stockholders' Equity - Induceme

Stockholders' Equity - Inducement Plan (Details)	1 Months Ended				12 Months Ended
	May 31, 2022 shares	Jan. 31, 2022 USD ($) shares	Aug. 31, 2021 shares	Jan. 31, 2020 installment shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($) shares	Jan. 09, 2014 shares
Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award
Expiration period				10 years
Unrecognized compensation expense related to unvested options | $					$ 1,473,466
Intrinsic value of options exercised | $						$ 1,944,000
Cash proceeds from exercise of stock options | $						$ 20,790
Period for unrecognized compensation expense related to unvested options yet has not been recognized					2 years 8 months 12 days
Common stock shares issued						10,092
Aggregate intrinsic value | $					$ 2,867,000
Stock options granted					535,000
Fair value of shares vested | $					$ 604,440	$ 73,334
Options exercised					0		0
Inducement Plan | Stock options vesting based on performance | Employees
Share-based Compensation Arrangement by Share-based Payment Award
Stock options granted					584,200	584,200
Maximum fair value of option excluded from the unrecognized compensation expense | $					$ 825,353	$ 825,353
Inducement 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
Period from date of termination that any vested options shall expire				90 days
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
Period for unrecognized compensation expense related to unvested options yet has not been recognized					2 years
Aggregate intrinsic value | $					$ 3,506,000
Stock options granted					2,020,800
Fair value of shares vested | $					$ 3,306,412	$ 5,936,641	$ 7,347,548
Options exercised					0	0	0
2013 Equity Incentive Plan | Stock options vesting based on performance | Employees
Share-based Compensation Arrangement by Share-based Payment Award
Shares available for future grants		189,600
Maximum fair value of option excluded from the unrecognized compensation expense | $		$ 151,680
2013 Equity Incentive Plan | Upon first anniversary of start date
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage					25%
2013 Equity Incentive Plan | Each month after the first anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage					2.083%
2013 Equity Incentive Plan | Vesting upon FDA Approval | Stock options vesting based on performance | Employees
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage		50%
2013 Equity Incentive Plan | Vesting upon First Commercial Sale | Stock options vesting based on performance | Employees
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage		50%
Common Stock | Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award
Common stock authorized				500,000
Increase in number of shares of common stock		3,000,000	2,000,000
Shares available for future grants					656,383
Common Stock | 2013 Equity Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award
Common stock authorized					9,506,767			1,000,000
Increase in number of shares of common stock	2,619,622
Shares available for future grants					1,976,154

Stockholders' Equity - Induce_2

Stockholders' Equity - Inducement Plan - Stock Option Activity (Details) - Inducement Plan - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OUTSTANDING OPTIONS
Outstanding at beginning of period	1,813,600
Options granted	535,000
Options exercised	0		0
Options forfeited	(15,075)
Outstanding at end of period	2,333,525	1,813,600
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding at beginning of period	$ 2.08
Options granted	0.98
Options forfeited	3.67
Outstanding at end of period	$ 1.82	$ 2.08
VESTED AND EXPECTED TO VEST
Outstanding options	1,749,325
Weighted-Average Exercise Price	$ 1.76
Weighted-Average Remaining Contractual Term	8 years 9 months 18 days
Aggregate Intrinsic Value (in thousands)	$ 2,249
ADDITIONAL DISCLOSURES
Outstanding options exercisable at end of period	425,104
Weighted-average exercise price exercisable at end of period	$ 2.13
Weighted-average contractual term outstanding	8 years 8 months 12 days	9 years 7 months 6 days
Weighted-average contractual term (years) exercisable	8 years 6 months
Aggregate intrinsic value (in thousands) outstanding at end of period	$ 2,867
Aggregate intrinsic value (in thousands) exercisable at end of period	$ 402

Stockholders' Equity - Weighted

Stockholders' Equity - Weighted-Average assumptions (Details) - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stockholders' Equity
Weighted-average fair value of the options granted	$ 0.76	$ 1.85	$ 3.17
Weighted-average assumptions
Expected term	6 years 3 months	6 years 3 months	6 years 3 months
Expected volatility	84.66%	84.19%	84.40%
Risk-free interest rate	1.90%	0.78%	1.41%
Expected dividend yield	0%	0%	0%

Stockholders' Equity - Stock-Ba

Stockholders' Equity - Stock-Based Compensation Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Stock-based compensation expense
Total stock-based compensation expense	$ 3,857,580	$ 6,087,286	$ 6,901,758
Research and Development
Stock-based compensation expense
Total stock-based compensation expense	1,059,591	2,214,848	2,946,952
General and Administrative Expense
Stock-based compensation expense
Total stock-based compensation expense	$ 2,797,989	$ 3,872,438	$ 3,954,806

Income Taxes - Schedule of Gros

Income Taxes - Schedule of Gross Deferred Tax Asset and Related Valuation Allowance (Detail) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Deferred income tax assets:
Net operating loss carryforward	$ 82,784,742	$ 79,788,146
Research and orphan drug credits	51,184,585	47,976,370
Capitalized research costs	7,125,276
Capitalized start-up costs	726,724	920,516
Patent amortization	58,010	73,480
Stock-based compensation	7,247,715	7,102,947
Accrued bonus	733,235	592,260
Operating lease liabilities	252,777	528,340
Other	210,237	209,580
Gross deferred income tax assets	150,323,301	137,191,639
Valuation allowance	(149,972,514)	(136,613,829)
Net deferred income tax assets	350,787	577,810
Deferred tax liabilities:
Operating lease right-of-use assets	(206,704)	(433,727)
Property and equipment	(144,083)	(144,083)
Gross deferred income tax liabilities	(350,787)	(577,810)
Net deferred income tax asset/(liability)

Income Taxes - NOLs and carryfo

Income Taxes - NOLs and carryforwards (Detail) $ in Millions	Dec. 31, 2022 USD ($)
Research Tax Credit Carryforward [Member]
Tax Credit Carryforward
Tax credits available to carry forward	$ 10.6
General Business Tax Credit Carryforward
Tax Credit Carryforward
Tax credits available to carry forward	40.6
U.S. Federal And State
Tax Credit Carryforward
Net operating losses	$ 300.8

Income Taxes - Reconciliation B

Income Taxes - Reconciliation Between Statutory Federal Income Tax Rate and Effective Income Tax Rate (Detail)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Taxes
U.S. Federal statutory tax rate	21%	21%	21%
State taxes	6.10%	5.90%	5.70%
Research credit	0.60%	0.90%	0.70%
Orphan drug credit	4.80%	6.60%	9.80%
Other	(3.90%)	(0.30%)	0.40%
Change in valuation allowance	(28.60%)	(34.10%)	(37.60%)

Research and License Agreemen_2

Research and License Agreements (Details) - USD ($)	1 Months Ended	3 Months Ended		12 Months Ended
	Sep. 30, 2020	Sep. 30, 2020	Mar. 31, 2020	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Research and License Agreements
Revenue from collaboration and license agreements				$ 75,000	$ 1,159,767	$ 10,162,935
Apollomics, Inc.
Research and License Agreements
Revenue from sale of clinical supplies				$ 0	$ 1,100,000
Up-front payment received			$ 9,000,000
Milestone revenue recognized based on achievement of certain clinical and regulatory events	$ 1,000,000	$ 1,000,000
Apollomics, Inc. | Maximum
Research and License Agreements
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
Tiered percentage of annual net sales			15%

Employee Benefit Plan (Detail)

Employee Benefit Plan (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Defined Contribution Plan Disclosure
Company matching contribution percentage	50%	50%	50%
Employer match contribution	$ 254,000	$ 270,000	$ 252,000
Maximum
Defined Contribution Plan Disclosure
Percent of employee contributions the company contributes a matching contribution	6%	6%	6%