GlycoMimetics (GLYC) 10-Q 2 Aug 23 2023 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 31, 2023
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Entity File Number	001-36177
Entity Registrant Name	GlycoMimetics, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	06-1686563
Entity Address, Address Line One	9708 Medical Center Drive
Entity Address, City or Town	Rockville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	240
Local Phone Number	243-1201
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	GLYC
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		64,316,268
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001253689
Current Fiscal Year End Date	--12-31
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 58,037,072	$ 47,870,619
Prepaid expenses and other current assets	2,331,762	2,844,086
Total current assets	60,368,834	50,714,705
Property and equipment, net	167,859	242,390
Prepaid research and development expenses	50,000	50,000
Deposits	52,320	52,320
Operating lease right-of-use asset	1,182,500	751,174
Total assets	61,821,513	51,810,589
Current liabilities:
Accounts payable	241,487	970,191
Accrued expenses	5,510,272	6,992,006
Lease liabilities	820,243	918,555
Total current liabilities	6,572,002	8,880,752
Lease liabilities, net of current portion	448,775
Total liabilities	7,020,777	8,880,752
Stockholders' equity:
Preferred stock; $0.001 par value; 5,000,000 shares authorized, no shares issued and outstanding at June 30, 2023 and December 31, 2022
Common stock; $0.001 par value; 100,000,000 shares authorized; 64,313,333 shares issued and outstanding at June 30, 2023; 54,377,798 shares issued and outstanding at December 31, 2022	64,313	54,378
Additional paid-in capital	492,940,477	462,461,251
Accumulated deficit	(438,204,054)	(419,585,792)
Total stockholders' equity	54,800,736	42,929,837
Total liabilities and stockholders' equity	$ 61,821,513	$ 51,810,589

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	64,313,333	54,377,798
Common stock, shares outstanding	64,313,333	54,377,798

Statements of Operations and Co

Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statements of Operations and Comprehensive Loss
Revenue from collaboration and license agreements		$ 75,000		$ 75,000
Costs and expenses:
Research and development expense	$ 4,072,708	7,973,278	$ 9,491,414	17,577,200
General and administrative expense	4,857,237	5,454,877	10,379,549	10,511,065
Total costs and expenses	8,929,945	13,428,155	19,870,963	28,088,265
Loss from operations	(8,929,945)	(13,353,155)	(19,870,963)	(28,013,265)
Interest income	671,033	85,588	1,252,701	92,657
Net loss and comprehensive loss	$ (8,258,912)	$ (13,267,567)	$ (18,618,262)	$ (27,920,608)
Basic net loss per common share (in dollars per share)	$ (0.13)	$ (0.25)	$ (0.30)	$ (0.53)
Diluted net loss per common share (in dollars per share)	$ (0.13)	$ (0.25)	$ (0.30)	$ (0.53)
Basic weighted-average number of common shares outstanding (in shares)	64,276,184	52,407,347	62,313,155	52,369,369
Diluted weighted-average number of common shares outstanding (in shares)	64,276,184	52,407,347	62,313,155	52,369,369

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
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
Common stock issued under stock plans	$ 78	(78)
Common stock issued under stock plans, shares	78,550
Stock-based compensation		1,080,642		1,080,642
Net loss			(14,653,041)	(14,653,041)
Balance at Mar. 31, 2022	$ 52,392	455,528,891	(387,550,031)	68,031,252
Balance, shares at Mar. 31, 2022	52,392,444
Balance at Dec. 31, 2021	$ 52,314	454,448,327	(372,896,990)	81,603,651
Balance, shares at Dec. 31, 2021	52,313,894
Balance at Dec. 31, 2022	$ 54,378	462,461,251	(419,585,792)	42,929,837
Balance, shares at Dec. 31, 2022	54,377,798
Balance at Mar. 31, 2022	$ 52,392	455,528,891	(387,550,031)	68,031,252
Balance, shares at Mar. 31, 2022	52,392,444
Common stock issued under stock plans	$ 32	(32)
Common stock issued under stock plans, shares	31,500
Stock-based compensation		963,758		963,758
Net loss			(13,267,567)	(13,267,567)
Balance at Jun. 30, 2022	$ 52,424	456,492,617	(400,817,598)	55,727,443
Balance, shares at Jun. 30, 2022	52,423,944
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
Issuance of common stock, net of issuance costs	$ 9,823	28,697,188		28,707,011
Issuance of common stock, net of issuance costs, shares	9,822,930
Common stock issued under stock plans	$ 44	33,724		33,768
Common stock issued under stock plans, shares	44,496
Stock-based compensation		870,180		870,180
Net loss			(10,359,350)	(10,359,350)
Balance at Mar. 31, 2023	$ 64,245	492,062,343	(429,945,142)	62,181,446
Balance, shares at Mar. 31, 2023	64,245,224
Common stock issued under stock plans	$ 68	20,046		20,114
Common stock issued under stock plans, shares	68,109
Stock-based compensation		858,088		858,088
Net loss			(8,258,912)	(8,258,912)
Balance at Jun. 30, 2023	$ 64,313	$ 492,940,477	$ (438,204,054)	$ 54,800,736
Balance, shares at Jun. 30, 2023	64,313,333

Statements of Cash Flows

Statements of Cash Flows - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net loss	$ (18,618,262)	$ (27,920,608)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	87,257	114,080
Loss on disposal of assets		3,498
Non-cash lease expense	441,566	402,479
Stock-based compensation	1,728,268	2,044,400
Changes in assets and liabilities:
Prepaid expenses and other current assets	512,324	(485,436)
Prepaid research and development expenses		(660,800)
Accounts payable	(728,704)	(836,670)
Accrued expenses	(1,481,734)	(2,104,703)
Lease liabilities	(522,428)	(485,046)
Net cash used in operating activities	(18,581,713)	(29,928,806)
Investing activities
Purchases of property and equipment	(12,727)	(81,707)
Net cash used in investing activities	(12,727)	(81,707)
Financing activities
Proceeds from issuance of common stock, net of issuance costs	28,707,011
Proceeds from exercise of stock options	53,882
Net cash provided by financing activities	28,760,893
Net change in cash and cash equivalents	10,166,453	(30,010,513)
Cash and cash equivalents, beginning of period	47,870,619	90,254,890
Cash and cash equivalents, end of period	$ 58,037,072	$ 60,244,377

Description of the Business

Description of the Business	6 Months Ended
	Jun. 30, 2023
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 $438.2 million at June 30, 2023 and expects to continue incurring losses for the foreseeable future. The Company believes that its cash and cash equivalents as of June 30, 2023 will be sufficient to fund the Company’s operations for at least 12 months from the issuance of these financial statements. Management intends to fund future operations through additional public or private equity or debt offerings and may seek additional capital through arrangements with strategic partners or from other sources, the securing of which cannot be assured.

Significant Accounting Policies

Significant Accounting Policies	6 Months Ended
	Jun. 30, 2023
Significant Accounting Policies
Significant Accounting Policies	2. Significant Accounting Policies ​ There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022, filed with the United States Securities and Exchange Commission (the SEC) on March 29, 2023 (the Form 10-K). ​ Basis of Accounting ​ The accompanying unaudited financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles (GAAP). ​ Unaudited Financial Statements ​ The accompanying balance sheet as of June 30, 2023, statements of operations and comprehensive loss and stockholders’ equity for the three and six months ended June 30, 2023 and 2022 and statements of cash flows for the six months ended June 30, 2023 and 2022 are unaudited. These unaudited financial statements have been prepared in accordance with the rules and regulations of the SEC for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete annual financial statements. These unaudited financial statements should be read in conjunction with the audited financial statements and the accompanying notes for the year ended December 31, 2022 contained in the Form 10-K. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management reflect all adjustments (consisting of normal recurring adjustments) necessary to state fairly the Company’s financial position as of June 30, 2023 and its results of operations and changes in its stockholders’ equity for the three and six months ended June 30, 2023 and 2022 and its cash flows for the six months ended June 30, 2023 and 2022. The December 31, 2022 balance sheet included herein was derived from audited financial statements, but does not include all disclosures including notes required by GAAP for complete annual financial statements. The financial data and other information disclosed in these notes to the financial statements related to the three and six months ended June 30, 2023 and 2022 are unaudited. Interim results are not necessarily indicative of results for an entire year or for any future period. Use of Estimates ​ The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material. ​ ​ Fair Value Measurements ​ The Company had no assets or liabilities that were measured using quoted prices for similar assets and liabilities or significant unobservable inputs (Level 2 and Level 3 assets and liabilities, respectively) as of June 30, 2023 and December 31, 2022. The carrying value of cash held in money market funds of $55.4 million and $45.9 million as of June 30, 2023 and December 31, 2022, respectively, is included in cash and cash equivalents and approximates market values based on quoted market prices (Level 1 inputs). The Company did not transfer any assets measured at fair value on a recurring basis between levels during the three and six months ended June 30, 2023 and 2022. ​ 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 United States government money market funds with major financial institutions. 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. ​ Revenue Recognition ​ The Company applies Accounting Standards Codification, or ASC, Topic 606, Revenue from Contracts with Customers The Company enters into licensing agreements which are within the scope of Topic 606, under which it licenses certain of its drug candidates’ rights to third parties. The terms of these arrangements typically include payment of one or more of the following: non-refundable, up-front license fees; development, regulatory and commercial milestone payments; and royalties on net sales of the licensed product, if and when earned. See Note 9 for additional information regarding the Company’s license agreements. In determining the appropriate amount of revenue to be recognized as it fulfills its obligation under each of its agreements, the Company performs the five steps under Topic 606 described above. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement of personnel costs, discount rates and probabilities of technical and regulatory success. Licensing of Intellectual Property: Milestone Payments Royalties Manufacturing and Supply: ​ Accruals for Clinical Trial Expenses ​ ​ Clinical trial costs primarily consist of expenses incurred under agreements with contract research organizations (CROs), investigative sites, laboratory testing expenses, data management and consultants that conduct the Company's clinical trials. Clinical trial expenses are a significant component of research and development expenses, and the Company outsources a significant portion of these clinical trial activities to third parties. The accrual for site and patient costs includes inputs such as estimates of patient enrollment, patient cycles incurred, clinical site close-out activities, estimated project duration and other pass-through costs. These inputs are required to be estimated due to a lag in receiving the actual clinical information from third parties. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected on the balance sheets as a prepaid asset or accrued expenses. These third-party agreements are generally cancellable, and related costs are recorded as research and development expenses as incurred. Except for payments made in advance of services, clinical trial costs are expensed as incurred. Non-refundable advance clinical payments for goods or services that will be used or rendered for future research and development activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed. When evaluating the adequacy of the accrued expenses, management assessments include: (i) an evaluation by the project manager of the work that has been completed during the period; (ii) measurement of progress prepared internally and/or provided by the third-party service provider; (iii) analyses of data that justify the progress; and (iv) the Company’s judgment. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made. The Company’s historical clinical accrual estimates have not been materially different from the actual costs. ​ Stock-Based Compensation ​ Stock-based payments are accounted for in accordance with the provisions of ASC 718, Compensation—Stock Compensation ​ The Company has elected to use the Black-Scholes-Merton option pricing model to value any options granted. The Company will reconsider use of the Black-Scholes-Merton model if additional information becomes available in the future that indicates another model would be more appropriate or if grants issued in future periods have characteristics that prevent their value from being reasonably estimated using this model. ​ A discussion of management’s methodology for developing some of the assumptions used in the valuation model follows: ​ Expected Dividend Yield ​ Expected Volatility ​ Risk-Free Interest Rate ​ Expected Term ​ Net Loss Per Common Share ​ Basic net loss per common share is determined by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock options and restricted stock units (RSUs). ​ The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average common shares outstanding, as they would be anti-dilutive: ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2023 2022 Stock options and RSUs 11,469,764 9,627,891 ​ Comprehensive Loss Comprehensive loss comprises net loss and other changes in equity that are excluded from net loss. For the three and six months ended June 30, 2023 and 2022, the Company’s net loss equaled comprehensive net loss and, accordingly, no additional disclosure is presented. ​ Recently Issued Accounting Standards ​ Accounting Standards Not Yet Adopted There have been no new accounting pronouncements that have significance, or potential significance, to the Company’s unaudited financial statements as of and for the six months ended June 30, 2023.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2023
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	3. Prepaid Expenses and Other Current Assets ​ The following is a summary of the Company’s prepaid expenses and other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 2022 Prepaid research and development expenses ​ $ 1,362,220 ​ $ 2,300,209 ​ Other prepaid expenses ​ ​ 754,174 ​ ​ 399,861 ​ Other receivables ​ 215,368 ​ 144,016 ​ Prepaid expenses and other current assets ​ $ 2,331,762 ​ $ 2,844,086 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​

Property and Equipment

Property and Equipment	6 Months Ended
	Jun. 30, 2023
Property and Equipment
Property and Equipment	4. Property and Equipment ​ Property and equipment, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 2022 Furniture and fixtures ​ $ 342,203 ​ $ 342,203 ​ Laboratory equipment ​ 1,345,947 ​ 1,343,081 ​ Office equipment ​ 18,943 ​ 17,762 ​ Computer equipment ​ 312,022 ​ 309,826 ​ Leasehold improvements ​ ​ 616,133 ​ ​ 616,133 ​ Property and equipment ​ 2,635,248 ​ 2,629,005 ​ Less accumulated depreciation ​ (2,467,389) ​ (2,386,615) ​ Property and equipment, net ​ $ 167,859 ​ $ 242,390 ​ ​ Depreciation expense was $43,419 and $54,773 for the three months ended June 30, 2023 and 2022, respectively, and $87,257 and $114,080 for the six months ended June 30, 2023 and 2022, respectively.

Accrued Expenses

Accrued Expenses	6 Months Ended
	Jun. 30, 2023
Accrued Expenses
Accrued Expenses	5. Accrued Expenses ​ The following is a summary of the Company’s accrued expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 ​ 2022 Accrued research and development expenses ​ $ 2,061,209 ​ $ 3,484,742 Accrued bonuses ​ ​ 1,796,306 ​ ​ 2,664,613 Accrued consulting and other professional fees ​ 861,260 ​ 499,592 Accrued employee benefits ​ 770,827 ​ 300,653 Other accrued expenses ​ 20,670 ​ 42,406 Accrued expenses ​ $ 5,510,272 ​ $ 6,992,006 ​

Leases

Leases	6 Months Ended
	Jun. 30, 2023
Leases
Leases	6. Leases ​ At the inception of an arrangement, the Company determines whether the arrangement is or contains a lease based on the circumstances present. The Company determines a lease exists if the contract conveys the right to control an identified asset for a period of time in exchange for consideration. Control is considered to exist when the lessee has the right to obtain substantially all of the economic benefits from the use of an identified asset as well as direct the right to use of that asset. Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets, lease liabilities and, if applicable, long-term lease liabilities. The Company has elected not to recognize on the balance sheet leases with terms of one year or less on the lease commencement date. If a contract is considered to be a lease, the Company recognizes a lease liability based on the present value of the future lease payments over the expected lease term, with an offsetting entry to recognize a right-of-use asset. The interest rate implicit in lease contracts is typically not readily determinable. As such, the Company utilizes the appropriate incremental borrowing rate, which is the rate incurred to borrow on a collateralized basis over a term similar to the term of the lease for which the rate is estimated. Certain adjustments to the right-of-use asset may be required for items such as initial direct costs paid or incentives received. ​ The Company leases office and research space in Rockville, Maryland under an operating lease, with an initial term through October 31, 2023, that is subject to annual rent increases (the Lease). 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. In April 2023, the Company and its landlord entered into an amendment to the Lease (the Lease Amendment). Pursuant to the Lease Amendment, the Company and the landlord agreed that the lease term for a portion of the premises consisting of approximately 30,000 square feet, would be extended terminate ​ The components of lease expense and related cash flows were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 Operating lease cost $ 247,359 ​ $ 231,989 ​ $ 479,349 ​ $ 463,979 Variable lease cost ​ 133,022 ​ ​ 153,753 ​ ​ 316,296 ​ ​ 304,885 Total operating lease cost $ 380,381 ​ $ 385,742 ​ $ 795,645 ​ $ 768,864 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash outflows for operating leases $ 280,518 ​ $ 273,676 ​ $ 560,210 ​ $ 546,547 ​ Maturities of lease liability due under the Company’s lease agreements as of June 30, 2023 were as follows: ​ ​ ​ ​ ​ ​ ​ Operating Lease ​ Obligation July 1, 2023 - December 31, 2023 ​ $ 511,559 2024 ​ ​ 789,183 2025 ​ ​ 67,401 Thereafter ​ ​ — Total ​ ​ 1,368,143 Present value adjustment ​ ​ (99,125) Present value of lease payments ​ $ 1,269,018 ​ ​ ​ ​ ​ ​ ​ ​ Supplemental information related to leases were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Operating Leases ​ 2023 ​ 2022 Weighted-average remaining lease term (in years) ​ ​ 1.46 ​ ​ 0.80 Weighted-average incremental borrowing rate ​ ​ 9.8% ​ ​ 8.0% ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2023 2022 Right-of-use assets obtained in exchange for operating lease obligations $ 872,892 ​ $ - ​

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2023
Stockholders' Equity
Stockholders' Equity	7. Stockholders’ Equity ​ At-The-Market Sales Facility ​ In March 2022, the Company filed a shelf registration statement with the SEC, which was declared effective on April 22, 2022. On April 28, 2022, the Company terminated an at-the-market sales agreement previously entered into with Cowen and Company, LLC (Cowen) in 2020 and 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 worth of shares of common stock. During the year ended December 31, 2022, the Company issued and sold ​ During the quarter ended March 31, 2023, 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. There were no sales during the quarter ended June 30, 2023. As of June 30, 2023, approximately $66.0 million remained available to be sold under the terms of the 2022 Sales Agreement. ​ 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. In April 2022, the Company’s board of directors approved an amendment and restatement of the 2013 Plan, which was approved by the Company’s stockholders at the Company’s annual meeting of stockholders held in May 2022 (as so amended, the Amended 2013 Plan). ​ The Amended 2013 Plan provides for the grant of incentive stock options within the meaning of Section 422 of the Internal Revenue Code to the Company’s employees and its parent and subsidiary corporations’ employees, and for the grant of nonstatutory stock options, restricted stock awards, RSU awards, stock appreciation rights, performance stock awards and other forms of stock compensation to its employees, including officers, consultants and directors. The Amended 2013 Plan also provides for the grant of performance cash awards to the Company’s employees, consultants and directors. Unless otherwise stated in a stock option agreement, 25% of the shares subject to an option grant will typically vest upon the first anniversary of the vesting start date, with the balance of the shares vesting in a series of thirty-six successive equal monthly installments as of the first day of each month measured from the first anniversary of the vesting start date. Upon termination of employment by reasons other than death, cause, or disability, any vested options will terminate 90 days after the termination date, unless otherwise set forth in a stock option agreement. Stock options generally terminate 10 years from the date of grant. ​ Authorized Shares ​ The maximum number of shares of common stock that initially could be issued under the 2013 Plan was ​ Following the approval of the Amended 2013 Plan by the Company’s stockholders, the share reserve under the Amended 2013 Plan was increased by 2,619,622 shares, and 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 Amended 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. reserved for issuance under the Amended 2013 Plan was 11,681,878 shares, of which 2,128,873 shares were available for future grants. ​ Shares issued under the Amended 2013 Plan may be authorized but unissued or reacquired shares of common stock. Shares subject to stock awards granted under the Amended 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 Amended 2013 Plan. Additionally, shares issued pursuant to stock awards under the Amended 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 Amended 2013 Plan. ​ A summary of the Company’s stock option activity under the Amended 2013 Plan for the six months ended June 30, 2023 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, 2022 ​ 6,774,792 ​ $ 6.37 ​ 6.1 ​ ​ ​ Options granted ​ 2,451,050 ​ ​ 2.55 ​ ​ ​ ​ ​ Options exercised ​ (44,550) ​ ​ 1.21 ​ ​ ​ ​ ​ Options forfeited ​ (409,085) ​ ​ 2.97 ​ ​ ​ ​ ​ Outstanding as of June 30, 2023 ​ 8,772,207 ​ ​ 5.49 ​ 6.3 ​ $ 1,037 Vested or expected to vest as of June 30, 2023 ​ 8,630,307 ​ ​ 5.56 ​ 6.3 ​ ​ 948 Exercisable as of June 30, 2023 ​ 5,155,455 ​ ​ 7.72 ​ 4.4 ​ ​ 430 ​ As of June 30, 2023, there was $5,623,046 of total unrecognized compensation expense related to unvested options under the Amended 2013 Plan that will be recognized over a weighted-average period of approximately 2.9 years. Total intrinsic value of the options exercised during the six months ended June 30, 2023 was $54,083 and total cash received for options exercised was $53,882. There were no options exercised under the Amended 2013 Plan during the six months ended June 30, 2022. The total fair value of stock options which vested in the six months ended June 30, 2023 and 2022 was $1,090,699 and $2,060,622, respectively. ​ In January 2022, the Company granted stock options to purchase an aggregate of 141,900 shares to certain employees under the 2013 Plan which were subject to performance vesting conditions. The shares will vest upon achievement of milestones as follows: (i) one one ​ An RSU is a stock award that entitles the holder to receive shares of the Company’s common stock as the award vests. The fair value of each RSU is based on the closing price of the Company’s common stock on the date of grant. In January 2021, the Company awarded RSUs under the 2013 Plan to all of its employees. The RSUs granted vest over four years in equal installments on each anniversary of the grant date, provided that the employee remains employed by the Company at the applicable vesting date. Compensation expense is recognized on a straight-line basis. As of June 30, 2023, there was $347,710 of total unrecognized compensation expense associated with outstanding RSU grants that will be recognized over a weighted-average period of approximately 1.6 years. ​ The following is a summary of RSU activity under the Amended 2013 Plan for the six months ended June 30, 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ Number of Shares ​ Grant Date ​ ​ Underlying RSUs Fair Value Unvested at December 31, 2022 ​ 204,785 ​ $ 3.81 ​ Forfeited ​ (19,573) ​ 3.81 ​ Vested ​ (68,055) ​ 3.81 ​ Unvested at June 30, 2023 ​ 117,157 ​ 3.81 ​ ​ Other Awards ​ In March 2023, the Company’s board of directors amended the Company’s Non-Employee Director Compensation Policy to include an election to receive shares in lieu of cash compensation, effective with the third quarter 2023 quarterly payment (the Amended Policy). In the Amended Policy, non-employee directors may make an election to receive all or a portion of their cash compensation payable in the form of unrestricted shares of the Company’s common stock. The number of shares of Common Stock to be issued in lieu of cash compensation shall be determined on a quarterly basis, on the last day of each fiscal quarter, by dividing the dollar amount of the compensation to be paid for such quarter that is subject to the election by the closing price of a share of Common Stock on the last trading day of the fiscal quarter, rounded up to the nearest whole share. All shares of Common Stock issued pursuant to such an election will be fully vested upon issuance and will be issued as “Other Awards” under the Amended 2013 Plan. ​ Inducement Plan ​ The Company’s board of directors previously adopted the GlycoMimetics, Inc. Inducement Plan (as amended to date, the Inducement Plan). The Inducement Plan provides for the grant of nonstatutory stock options, restricted stock awards, RSU awards, stock appreciation rights and other forms of stock awards to individuals not previously an employee or director of the Company as an inducement for such individuals to join the Company. Unless otherwise stated in an applicable stock option agreement, one ​ A summary of the Company’s stock option activity under the Inducement Plan for the six months ended June 30, 2023 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, 2022 ​ 2,333,525 ​ $ 1.82 ​ 8.7 ​ ​ ​ Options granted ​ 250,000 ​ ​ 3.25 ​ ​ ​ ​ ​ Options forfeited ​ (3,125) ​ ​ 3.58 ​ ​ ​ ​ ​ Outstanding as of June 30, 2023 ​ 2,580,400 ​ ​ 1.95 ​ 8.4 ​ $ 405 Vested or expected to vest as of June 30, 2023 ​ 1,996,200 ​ ​ 1.95 ​ 8.5 ​ ​ 382 Exercisable as of June 30, 2023 ​ 675,671 ​ ​ 1.97 ​ 8.1 ​ ​ 59 ​ As of June 30, 2023, there was $1,759,353 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. There were no options exercised under the Inducement Plan during the six months ended June 30, 2023 or 2022. The total fair value of stock options which vested in the six months ended June 30, 2023 and 2022 was $312,314 and $20,002, respectively. ​ During 2021 and the six months ended June 30, 2022, the Company granted stock options to purchase an aggregate of 584,200 shares to certain newly hired employees under the Inducement Plan which options were subject to the same performance vesting conditions described above with respect to the stock options granted in January 2022 under the 2013 Plan. The maximum fair value of $825,353 associated with the performance-based options is excluded from the unrecognized compensation expense under the Inducement Plan as the completion of the performance milestones were not probable as of June 30, 2023. 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 six months ended June 30, 2023 and 2022 was $2.00 per share and $0.78 per share, respectively, applying the Black-Scholes-Merton option pricing model utilizing the following weighted-average assumptions: ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2023 ​ 2022 Expected term 6.25 years ​ 6.25 years Expected volatility 81.26% ​ 84.54% Risk-free interest rate 3.54% ​ 1.74% Expected dividend yield 0% ​ 0% ​ Stock-based compensation expense was classified on the statements of operations as follows for the three and six months ended June 30, 2023 and 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2023 ​ 2022 2023 ​ 2022 Research and development expense ​ $ 229,422 ​ $ 270,050 ​ $ 467,353 ​ $ 588,875 ​ General and administrative expense ​ 628,666 ​ 693,708 ​ 1,260,915 ​ 1,455,525 ​ Total stock-based compensation expense ​ $ 858,088 ​ $ 963,758 ​ $ 1,728,268 ​ $ 2,044,400 ​ ​

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2023
Income Taxes
Income Taxes	8. Income Taxes The Company did not record any tax provision or benefit for the six months ended June 30, 2023 or 2022. The Company has provided a valuation allowance for the full amount of its net deferred tax assets since realization of any future benefit from deductible temporary differences, net operating loss carryforwards and research and development credits is not more-likely-than-not to be realized at June 30, 2023 and December 31, 2022.

License and Collaboration Agree

License and Collaboration Agreements	6 Months Ended
	Jun. 30, 2023
License and Collaboration Agreements
License and Collaboration Agreements	9. License and Collaboration Agreements ​ Apollomics ​ In 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 2020, the Company and Apollomics also entered into a clinical supply agreement pursuant to which the Company will manufacture and supply the Products at agreed upon prices. Apollomics has the option to begin manufacture of the Products after appropriate material transfer requirements are met. The Company did not recognize any revenue under the clinical supplies agreement during the three and six months ended June 30, 2023 and 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 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 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 and recognized this $1.0 million payment as revenue at that time. The Company did not recognize any milestone revenue under the Agreement for the six months ended June 30, 2023 or 2022. 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.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2023
Significant Accounting Policies
Basis of Accounting	Basis of Accounting ​ The accompanying unaudited financial statements were prepared based on the accrual method of accounting in accordance with U.S. generally accepted accounting principles (GAAP).
Unaudited Financial Statements	Unaudited Financial Statements ​ The accompanying balance sheet as of June 30, 2023, statements of operations and comprehensive loss and stockholders’ equity for the three and six months ended June 30, 2023 and 2022 and statements of cash flows for the six months ended June 30, 2023 and 2022 are unaudited. These unaudited financial statements have been prepared in accordance with the rules and regulations of the SEC for interim financial information. Accordingly, they do not include all of the information and footnotes required by GAAP for complete annual financial statements. These unaudited financial statements should be read in conjunction with the audited financial statements and the accompanying notes for the year ended December 31, 2022 contained in the Form 10-K. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management reflect all adjustments (consisting of normal recurring adjustments) necessary to state fairly the Company’s financial position as of June 30, 2023 and its results of operations and changes in its stockholders’ equity for the three and six months ended June 30, 2023 and 2022 and its cash flows for the six months ended June 30, 2023 and 2022. The December 31, 2022 balance sheet included herein was derived from audited financial statements, but does not include all disclosures including notes required by GAAP for complete annual financial statements. The financial data and other information disclosed in these notes to the financial statements related to the three and six months ended June 30, 2023 and 2022 are unaudited. Interim results are not necessarily indicative of results for an entire year or for any future period.
Use of Estimates	Use of Estimates ​ The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material.
Fair Value Measurements	Fair Value Measurements ​ The Company had no assets or liabilities that were measured using quoted prices for similar assets and liabilities or significant unobservable inputs (Level 2 and Level 3 assets and liabilities, respectively) as of June 30, 2023 and December 31, 2022. The carrying value of cash held in money market funds of $55.4 million and $45.9 million as of June 30, 2023 and December 31, 2022, respectively, is included in cash and cash equivalents and approximates market values based on quoted market prices (Level 1 inputs). The Company did not transfer any assets measured at fair value on a recurring basis between levels during the three and six months ended June 30, 2023 and 2022.
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 United States government money market funds with major financial institutions. 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.
Revenue Recognition	Revenue Recognition ​ The Company applies Accounting Standards Codification, or ASC, Topic 606, Revenue from Contracts with Customers The Company enters into licensing agreements which are within the scope of Topic 606, under which it licenses certain of its drug candidates’ rights to third parties. The terms of these arrangements typically include payment of one or more of the following: non-refundable, up-front license fees; development, regulatory and commercial milestone payments; and royalties on net sales of the licensed product, if and when earned. See Note 9 for additional information regarding the Company’s license agreements. In determining the appropriate amount of revenue to be recognized as it fulfills its obligation under each of its agreements, the Company performs the five steps under Topic 606 described above. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price, which may include forecasted revenues, development timelines, reimbursement of personnel costs, discount rates and probabilities of technical and regulatory success. Licensing of Intellectual Property: Milestone Payments Royalties Manufacturing and Supply:
Accruals for Clinical Trial Expenses	Accruals for Clinical Trial Expenses ​ ​ Clinical trial costs primarily consist of expenses incurred under agreements with contract research organizations (CROs), investigative sites, laboratory testing expenses, data management and consultants that conduct the Company's clinical trials. Clinical trial expenses are a significant component of research and development expenses, and the Company outsources a significant portion of these clinical trial activities to third parties. The accrual for site and patient costs includes inputs such as estimates of patient enrollment, patient cycles incurred, clinical site close-out activities, estimated project duration and other pass-through costs. These inputs are required to be estimated due to a lag in receiving the actual clinical information from third parties. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected on the balance sheets as a prepaid asset or accrued expenses. These third-party agreements are generally cancellable, and related costs are recorded as research and development expenses as incurred. Except for payments made in advance of services, clinical trial costs are expensed as incurred. Non-refundable advance clinical payments for goods or services that will be used or rendered for future research and development activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed. When evaluating the adequacy of the accrued expenses, management assessments include: (i) an evaluation by the project manager of the work that has been completed during the period; (ii) measurement of progress prepared internally and/or provided by the third-party service provider; (iii) analyses of data that justify the progress; and (iv) the Company’s judgment. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made. The Company’s historical clinical accrual estimates have not been materially different from the actual costs.
Stock-Based Compensation	Stock-Based Compensation ​ Stock-based payments are accounted for in accordance with the provisions of ASC 718, Compensation—Stock Compensation ​ The Company has elected to use the Black-Scholes-Merton option pricing model to value any options granted. The Company will reconsider use of the Black-Scholes-Merton model if additional information becomes available in the future that indicates another model would be more appropriate or if grants issued in future periods have characteristics that prevent their value from being reasonably estimated using this model. ​ A discussion of management’s methodology for developing some of the assumptions used in the valuation model follows: ​ Expected Dividend Yield ​ Expected Volatility ​ Risk-Free Interest Rate ​ Expected Term
Net Loss Per Common Share	Net Loss Per Common Share ​ Basic net loss per common share is determined by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock options and restricted stock units (RSUs). ​ The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average common shares outstanding, as they would be anti-dilutive: ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2023 2022 Stock options and RSUs 11,469,764 9,627,891
Comprehensive Loss	Comprehensive Loss Comprehensive loss comprises net loss and other changes in equity that are excluded from net loss. For the three and six months ended June 30, 2023 and 2022, the Company’s net loss equaled comprehensive net loss and, accordingly, no additional disclosure is presented.
Recently Issued Accounting Standards	Recently Issued Accounting Standards ​ Accounting Standards Not Yet Adopted There have been no new accounting pronouncements that have significance, or potential significance, to the Company’s unaudited financial statements as of and for the six months ended June 30, 2023.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2023
Significant Accounting Policies
Potentially dilutive securities outstanding	​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ 2023 2022 Stock options and RSUs 11,469,764 9,627,891

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2023
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: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 2022 Prepaid research and development expenses ​ $ 1,362,220 ​ $ 2,300,209 ​ Other prepaid expenses ​ ​ 754,174 ​ ​ 399,861 ​ Other receivables ​ 215,368 ​ 144,016 ​ Prepaid expenses and other current assets ​ $ 2,331,762 ​ $ 2,844,086 ​

Property and Equipment (Tables)

Property and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Property and Equipment
Summary of Property and Equipment useful lives	Property and equipment, net consists of the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 2022 Furniture and fixtures ​ $ 342,203 ​ $ 342,203 ​ Laboratory equipment ​ 1,345,947 ​ 1,343,081 ​ Office equipment ​ 18,943 ​ 17,762 ​ Computer equipment ​ 312,022 ​ 309,826 ​ Leasehold improvements ​ ​ 616,133 ​ ​ 616,133 ​ Property and equipment ​ 2,635,248 ​ 2,629,005 ​ Less accumulated depreciation ​ (2,467,389) ​ (2,386,615) ​ Property and equipment, net ​ $ 167,859 ​ $ 242,390 ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)	6 Months Ended
	Jun. 30, 2023
Accrued Expenses
Summary of Accrued Expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, ​ ​ 2023 ​ 2022 Accrued research and development expenses ​ $ 2,061,209 ​ $ 3,484,742 Accrued bonuses ​ ​ 1,796,306 ​ ​ 2,664,613 Accrued consulting and other professional fees ​ 861,260 ​ 499,592 Accrued employee benefits ​ 770,827 ​ 300,653 Other accrued expenses ​ 20,670 ​ 42,406 Accrued expenses ​ $ 5,510,272 ​ $ 6,992,006

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Leases
Components of lease expense and related cash flows	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ 2023 2022 2023 2022 Operating lease cost $ 247,359 ​ $ 231,989 ​ $ 479,349 ​ $ 463,979 Variable lease cost ​ 133,022 ​ ​ 153,753 ​ ​ 316,296 ​ ​ 304,885 Total operating lease cost $ 380,381 ​ $ 385,742 ​ $ 795,645 ​ $ 768,864 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash outflows for operating leases $ 280,518 ​ $ 273,676 ​ $ 560,210 ​ $ 546,547
Maturities of lease liabilities due	​ ​ ​ ​ ​ ​ ​ Operating Lease ​ Obligation July 1, 2023 - December 31, 2023 ​ $ 511,559 2024 ​ ​ 789,183 2025 ​ ​ 67,401 Thereafter ​ ​ — Total ​ ​ 1,368,143 Present value adjustment ​ ​ (99,125) Present value of lease payments ​ $ 1,269,018
Schedule of supplemental information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ June 30, ​ December 31, Operating Leases ​ 2023 ​ 2022 Weighted-average remaining lease term (in years) ​ ​ 1.46 ​ ​ 0.80 Weighted-average incremental borrowing rate ​ ​ 9.8% ​ ​ 8.0% ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2023 2022 Right-of-use assets obtained in exchange for operating lease obligations $ 872,892 ​ $ -

Stockholders Equity (Tables)

Stockholders Equity (Tables)	6 Months Ended
	Jun. 30, 2023
Weighted-Average Fair Value of Options Granted	​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ 2023 ​ 2022 Expected term 6.25 years ​ 6.25 years Expected volatility 81.26% ​ 84.54% Risk-free interest rate 3.54% ​ 1.74% Expected dividend yield 0% ​ 0%
Stock-Based Compensation Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ​ ​ 2023 ​ 2022 2023 ​ 2022 Research and development expense ​ $ 229,422 ​ $ 270,050 ​ $ 467,353 ​ $ 588,875 ​ General and administrative expense ​ 628,666 ​ 693,708 ​ 1,260,915 ​ 1,455,525 ​ Total stock-based compensation expense ​ $ 858,088 ​ $ 963,758 ​ $ 1,728,268 ​ $ 2,044,400 ​
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, 2022 ​ 6,774,792 ​ $ 6.37 ​ 6.1 ​ ​ ​ Options granted ​ 2,451,050 ​ ​ 2.55 ​ ​ ​ ​ ​ Options exercised ​ (44,550) ​ ​ 1.21 ​ ​ ​ ​ ​ Options forfeited ​ (409,085) ​ ​ 2.97 ​ ​ ​ ​ ​ Outstanding as of June 30, 2023 ​ 8,772,207 ​ ​ 5.49 ​ 6.3 ​ $ 1,037 Vested or expected to vest as of June 30, 2023 ​ 8,630,307 ​ ​ 5.56 ​ 6.3 ​ ​ 948 Exercisable as of June 30, 2023 ​ 5,155,455 ​ ​ 7.72 ​ 4.4 ​ ​ 430
Summary of RSU Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ Number of Shares ​ Grant Date ​ ​ Underlying RSUs Fair Value Unvested at December 31, 2022 ​ 204,785 ​ $ 3.81 ​ Forfeited ​ (19,573) ​ 3.81 ​ Vested ​ (68,055) ​ 3.81 ​ Unvested at June 30, 2023 ​ 117,157 ​ 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, 2022 ​ 2,333,525 ​ $ 1.82 ​ 8.7 ​ ​ ​ Options granted ​ 250,000 ​ ​ 3.25 ​ ​ ​ ​ ​ Options forfeited ​ (3,125) ​ ​ 3.58 ​ ​ ​ ​ ​ Outstanding as of June 30, 2023 ​ 2,580,400 ​ ​ 1.95 ​ 8.4 ​ $ 405 Vested or expected to vest as of June 30, 2023 ​ 1,996,200 ​ ​ 1.95 ​ 8.5 ​ ​ 382 Exercisable as of June 30, 2023 ​ 675,671 ​ ​ 1.97 ​ 8.1 ​ ​ 59

Description of the Business (De

Description of the Business (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Description of the Business
Accumulated deficit	$ (438,204,054)	$ (419,585,792)

Significant Accounting Polici_4

Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Level 1
Fair Value Measurements
Carrying value of cash held in money market fund	$ 55.4	$ 45.9
Level 2
Fair Value Measurements
Assets measured at fair value levels 2 or 3	0	0
Liabilities measured at fair value levels 2 or 3	0	0
Level 3
Fair Value Measurements
Assets measured at fair value levels 2 or 3	0	0
Liabilities measured at fair value levels 2 or 3	$ 0	$ 0

Significant Accounting Polici_5

Significant Accounting Policies - Potentially Dilutive Securities (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Stock options and restricted stock units
Anti-dilutive securities	11,469,764	9,627,891

Significant Accounting Polici_6

Significant Accounting Policies - Stock-Based Compensation (Details)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Defined Contribution Plan Disclosure
Expected term	6 years 3 months	6 years 3 months
Maximum
Defined Contribution Plan Disclosure
Expiration period	10 years

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Prepaid Expenses and Other Current Assets
Prepaid research and development expenses	$ 1,362,220	$ 2,300,209
Other prepaid expenses	754,174	399,861
Other receivables	215,368	144,016
Prepaid expenses and other current assets	$ 2,331,762	$ 2,844,086

Property and Equipment (Details

Property and Equipment (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property and equipment	$ 2,635,248		$ 2,635,248		$ 2,629,005
Less accumulated depreciation	(2,467,389)		(2,467,389)		(2,386,615)
Property and equipment, net	167,859		167,859		242,390
Depreciation of property and equipment	43,419	$ 54,773	87,257	$ 114,080
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Property and equipment	342,203		342,203		342,203
Laboratory Equipment
Property, Plant and Equipment [Line Items]
Property and equipment	1,345,947		1,345,947		1,343,081
Office Equipment
Property, Plant and Equipment [Line Items]
Property and equipment	18,943		18,943		17,762
Computer Equipment
Property, Plant and Equipment [Line Items]
Property and equipment	312,022		312,022		309,826
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Property and equipment	$ 616,133		$ 616,133		$ 616,133

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Accrued Expenses
Accrued research and development expenses	$ 2,061,209	$ 3,484,742
Accrued bonuses	1,796,306	2,664,613
Accrued consulting and other professional fees	861,260	499,592
Accrued employee benefits	770,827	300,653
Other accrued expenses	20,670	42,406
Accrued expenses	$ 5,510,272	$ 6,992,006

Leases (Details)

Leases (Details)	6 Months Ended
	Jun. 30, 2023 USD ($)	Apr. 30, 2023 ft²	Dec. 31, 2022 USD ($)	May 31, 2016 USD ($)
Operating leases
Security Deposit | $	$ 52,320		$ 52,320
Lessee, Operating Lease, Existence of Option to Extend [true false]	true
Lessee, Operating Lease, Existence of Option to Terminate [true false]	true
Rockville, Maryland
Operating leases
Security Deposit | $				$ 52,320
First portion of Rockville, Maryland lease
Operating leases
Square feet leased | ft²		30,000
Second portion of Rockville, Maryland lease
Operating leases
Square feet leased | ft²		12,000

Leases - Components of lease ex

Leases - Components of lease expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Components of lease expense
Operating lease cost	$ 247,359	$ 231,989	$ 479,349	$ 463,979
Variable lease cost	133,022	153,753	316,296	304,885
Total operating lease cost	380,381	385,742	795,645	768,864
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows from operating leases	$ 280,518	$ 273,676	$ 560,210	$ 546,547

Leases - Maturities of lease li

Leases - Maturities of lease liability (Details)	Jun. 30, 2023 USD ($)
Maturities of lease liability due
July 1, 2023 - December 31, 2023	$ 511,559
2024	789,183
2025	67,401
Thereafter
Total	1,368,143
Present value adjustment	(99,125)
Present value of lease payments	$ 1,269,018
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Operating Lease, Liability, Current, Operating Lease, Liability, Noncurrent

Leases - Supplemental Informati

Leases - Supplemental Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Leases
Weighted-average remaining lease term (in years)	1 year 5 months 15 days	9 months 18 days
Weighted-average incremental borrowing rate	9.80%	8%
Right-of-use assets obtained in exchange for operating lease obligations	$ 872,892

Stockholders' Equity - Equity O

Stockholders' Equity - Equity Offerings (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended		12 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Apr. 28, 2022
Common Stock
Equity offerings
Issuance of common stock, net of issuance costs, shares		9,822,930
2022 Sales Agreement
Equity offerings
Issuance of common stock, net of issuance costs, shares		9,822,930	1,953,854
Price per share		$ 3.01	$ 2.22
Aggregate net proceeds from stock sale	$ 0	$ 28.7	$ 4.2
Common stock available for sale under agreement	$ 66			$ 100

Stockholders' Equity - Incentiv

Stockholders' Equity - Incentive Plans (Details)		1 Months Ended	6 Months Ended		12 Months Ended
	Jan. 09, 2014 installment shares	Jan. 31, 2022 USD ($) shares	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($) shares	Dec. 31, 2021 shares
Maximum
Incentive plans
Expiration period			10 years
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 | $			$ 5,623,046
Period for unrecognized compensation expense related to unvested options yet has not been recognized			2 years 10 months 24 days
Intrinsic value of options exercised | $			$ 54,083
Cash proceeds from exercise of stock options | $			$ 53,882
Shares issued from exercise of stock options			44,550	0
Fair value of shares vested | $			$ 1,090,699	$ 2,060,622
Authorized shares
Common stock authorized	1,000,000
Automatic increase in number of shares reserved for issuance as a percentage of the total common stock outstanding at the end of the prior year	3%
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%
Options granted			2,451,050
2013 Equity Incentive Plan | Stock options vesting based on performance
Incentive plans
Percent of shares subject to option grant that will vest		50%
Maximum fair value of option excluded from the unrecognized compensation expense | $			$ 825,353
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 | $		$ 113,520
Authorized shares
Options granted		141,900
2013 Equity Incentive Plan | Stock options vesting based on performance | Newly hired employees
Authorized shares
Options granted				584,200	584,200
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
Number of monthly installments | installment	36
2013 Equity Incentive Plan | Vesting upon FDA Approval | Stock options vesting based on performance
Incentive plans
Percent of shares subject to option grant that will vest		50%
Common Stock | 2013 Equity Incentive Plan
Authorized shares
Common stock authorized			11,681,878
Shares available for future grants			2,128,873
Maximum number of shares that may be issued pursuant to exercise of incentive stock	20,000,000

Stockholders' Equity - Company'

Stockholders' Equity - Company's Stock Option Activity (Details) - 2013 Equity Incentive Plan - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
OUTSTANDING OPTIONS
Outstanding at beginning of period	6,774,792
Options granted	2,451,050
Options exercised	(44,550)	0
Options forfeited	(409,085)
Outstanding at end of period	8,772,207		6,774,792
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding at beginning of period	$ 6.37
Options granted	2.55
Options exercised	1.21
Options forfeited	2.97
Outstanding at end of period	$ 5.49		$ 6.37
VESTED AND EXPECTED TO VEST
Outstanding options	8,630,307
Weighted-Average Exercise Price	$ 5.56
Weighted-Average Remaining Contractual Term	6 years 3 months 18 days
Aggregate Intrinsic Value (in thousands)	$ 948
ADDITIONAL DISCLOSURES
Outstanding options exercisable at end of period	5,155,455
Weighted-average exercise price exercisable at end of period	$ 7.72
Weighted-average contractual term outstanding	6 years 3 months 18 days		6 years 1 month 6 days
Weighted-average contractual term (years) exercisable	4 years 4 months 24 days
Aggregate intrinsic value (in thousands) outstanding at end of period	$ 1,037
Aggregate intrinsic value (in thousands) exercisable at end of period	$ 430

Stockholders' Equity - Summary

Stockholders' Equity - Summary of RSU Activity (Details) - 2013 Equity Incentive Plan	6 Months Ended
	Jun. 30, 2023 USD ($) $ / shares shares
Restricted Stock Units information
Period for unrecognized compensation expense related to unvested options yet has not been recognized	2 years 10 months 24 days
RSU
NUMBER OF SHARES
Unvested at beginning of period | shares	204,785
Forfeited | shares	(19,573)
Vested | shares	(68,055)
Unvested at end of period | shares	117,157
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE
Unvested at beginning of period | $ / shares	$ 3.81
Forfeited | $ / shares	3.81
Vested | $ / shares	3.81
Unvested at end of period | $ / shares	$ 3.81
RSU | Non-executive employees
Restricted Stock Units information
Vesting period	4 years
Unrecognized compensation expense related to unvested service RSUs | $	$ 347,710
Period for unrecognized compensation expense related to unvested options yet has not been recognized	1 year 7 months 6 days

Stockholders' Equity - Induceme

Stockholders' Equity - Inducement Plan (Details) - Inducement Plan	1 Months Ended	6 Months Ended
	Jan. 31, 2020 installment	Jun. 30, 2023 USD ($) shares	Jun. 30, 2022 USD ($) shares
Share-based Compensation Arrangement by Share-based Payment Award
Period from date of termination that any vested options shall expire	90 days
Expiration period	10 years
Unrecognized compensation expense related to unvested options | $		$ 1,759,353
Period for unrecognized compensation expense related to unvested options yet has not been recognized		2 years 8 months 12 days
Shares available for future grants		409,508
Fair value of shares vested | $		$ 312,314	$ 20,002
Options exercised		0	0
Upon first anniversary of start date
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	25%
Each month after the first anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Number of monthly installments | installment	36
Common Stock | Each month after the first anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Increase in number of shares of common stock		3,000,000

Stockholders' Equity - Induce_2

Stockholders' Equity - Inducement Plan - Stock Option Activity (Details) - Inducement Plan - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
OUTSTANDING OPTIONS
Outstanding at beginning of period	2,333,525
Options granted	250,000
Options exercised	0	0
Options forfeited	(3,125)
Outstanding at end of period	2,580,400		2,333,525
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding at beginning of period	$ 1.82
Options granted	3.25
Options forfeited	3.58
Outstanding at end of period	$ 1.95		$ 1.82
VESTED AND EXPECTED TO VEST
Outstanding options	1,996,200
Weighted-Average Exercise Price	$ 1.95
Weighted-Average Remaining Contractual Term	8 years 6 months
Aggregate Intrinsic Value (in thousands)	$ 382
ADDITIONAL DISCLOSURES
Outstanding options exercisable at end of period	675,671
Weighted-average exercise price exercisable at end of period	$ 1.97
Weighted-average contractual term outstanding	8 years 4 months 24 days		8 years 8 months 12 days
Weighted-average contractual term (years) exercisable	8 years 1 month 6 days
Aggregate intrinsic value (in thousands) outstanding at end of period	$ 405
Aggregate intrinsic value (in thousands) exercisable at end of period	$ 59

Stockholders' Equity - Weighted

Stockholders' Equity - Weighted-Average assumptions (Details) - $ / shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Weighted-average assumptions
Expected term	6 years 3 months	6 years 3 months
Expected volatility	81.26%	84.54%
Risk-free interest rate	3.54%	1.74%
Expected dividend yield	0%	0%
2013 Equity Incentive and Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award
Weighted-average fair value of the options granted	$ 2	$ 0.78

Stockholders' Equity - Stock-Ba

Stockholders' Equity - Stock-Based Compensation Expense (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Stock-based compensation expense
Total stock-based compensation expense	$ 858,088	$ 963,758	$ 1,728,268	$ 2,044,400
Research and Development
Stock-based compensation expense
Total stock-based compensation expense	229,422	270,050	467,353	588,875
General and Administrative Expense
Stock-based compensation expense
Total stock-based compensation expense	$ 628,666	$ 693,708	$ 1,260,915	$ 1,455,525

License and Collaboration Agr_2

License and Collaboration Agreements (Details) - USD ($)	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2020	Jun. 30, 2022	Mar. 31, 2020	Jun. 30, 2022
Research and License Agreements
Revenue from collaboration and license agreements		$ 75,000		$ 75,000
Apollomics, Inc.
Research and License Agreements
Up-front payment received			$ 9,000,000
Milestones based on achievement of certain clinical and regulatory events			75,000,000
Milestone payment upon achievement of specified net sales thresholds for all licensed products			$ 105,000,000
Milestone revenue recognized based on achievement of certain clinical and regulatory events	$ 1,000,000
Apollomics, Inc. | Maximum
Research and License Agreements
Tiered percentage of annual net sales			15%