GlycoMimetics (GLYC) 10-Q 13 Nov 24 2024 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2024	Nov. 13, 2024
Document and Entity Information
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Securities Act 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		64,483,958
Entity Central Index Key	0001253689
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false

Balance Sheets

Balance Sheets - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 14,391,664	$ 41,792,830
Prepaid expenses and other current assets	1,254,157	1,997,904
Total current assets	15,645,821	43,790,734
Prepaid research and development expenses		603,737
Operating lease right-of-use asset		767,828
Other assets	52,320	154,176
Total assets	15,698,141	45,316,475
Current liabilities:
Accounts payable	581,794	868,115
Accrued expenses	3,477,929	5,225,557
Lease liabilities	262,133	741,558
Total current liabilities	4,321,856	6,835,230
Lease liabilities, net of current portion		66,844
Total liabilities	4,321,856	6,902,074
Stockholders' equity:
Preferred stock; $0.001 par value; 5,000,000 shares authorized, no shares issued and outstanding at September 30, 2024 and December 31, 2023
Common stock; $0.001 par value; 150,000,000 shares authorized at September 30, 2024; 100,000,000 shares authorized at December 31, 2023; 64,483,958 shares issued and outstanding at September 30, 2024; 64,393,744 shares issued and outstanding at December 31, 2023	64,484	64,394
Additional paid-in capital	498,453,419	494,835,219
Accumulated deficit	(487,141,618)	(456,485,212)
Total stockholders' equity	11,376,285	38,414,401
Total liabilities and stockholders' equity	$ 15,698,141	$ 45,316,475

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	150,000,000	100,000,000
Common stock, shares issued	64,483,958	64,393,744
Common stock, shares outstanding	64,483,958	64,393,744

Unaudited Statements of Operati

Unaudited Statements of Operations and Comprehensive Loss - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Costs and expenses:
Research and development expense	$ 1,715,347	$ 5,291,790	$ 14,026,542	$ 14,783,204
General and administrative expense	4,005,857	4,521,706	13,167,383	14,901,255
Restructuring and asset impairment charges	5,512,594		5,512,594
Total costs and expenses	11,233,798	9,813,496	32,706,519	29,684,459
Loss from operations	(11,233,798)	(9,813,496)	(32,706,519)	(29,684,459)
Gain on sale of asset	1,224,945		1,224,945
Interest income	184,520	610,978	825,168	1,863,679
Total other income (expense)	1,409,465	610,978	2,050,113	1,863,679
Net loss and comprehensive loss	$ (9,824,333)	$ (9,202,518)	$ (30,656,406)	$ (27,820,780)
Basic net loss per common share (in dollars per share)	$ (0.15)	$ (0.14)	$ (0.48)	$ (0.44)
Diluted net loss per common share (in dollars per share)	$ (0.15)	$ (0.14)	$ (0.48)	$ (0.44)
Basic weighted-average number of common shares outstanding (in shares)	64,483,958	64,349,709	64,475,013	62,992,006
Diluted weighted-average number of common shares outstanding (in shares)	64,483,958	64,349,709	64,475,013	62,992,006

Unaudited Statements of Stockho

Unaudited Statements of Stockholders' Equity - USD ($)	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
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 Income (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
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 Sep. 30, 2023	$ 64,369	493,889,874	(447,406,572)	46,547,671
Balance, shares at Sep. 30, 2023	64,368,843
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 Income (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
Common stock issued under stock plans	$ 56	61,560		61,616
Common stock issued under stock plans, shares	55,510
Stock-based compensation		887,837		887,837
Net Income (Loss)			(9,202,518)	(9,202,518)
Balance at Sep. 30, 2023	$ 64,369	493,889,874	(447,406,572)	46,547,671
Balance, shares at Sep. 30, 2023	64,368,843
Balance at Dec. 31, 2023	$ 64,394	494,835,219	(456,485,212)	38,414,401
Balance, shares at Dec. 31, 2023	64,393,744
Issuance of common stock for services	$ 15	35,985		36,000
Issuance of common stock for services, shares	15,256
Exercise of options and vesting of restricted stock units	$ 42	4,856		4,898
Exercise of options and vesting of restricted stock units, shares	41,835
Stock-based compensation		1,192,080		1,192,080
Net Income (Loss)			(10,736,667)	(10,736,667)
Balance at Mar. 31, 2024	$ 64,451	496,068,140	(467,221,879)	28,910,712
Balance, shares at Mar. 31, 2024	64,450,835
Balance at Dec. 31, 2023	$ 64,394	494,835,219	(456,485,212)	38,414,401
Balance, shares at Dec. 31, 2023	64,393,744
Balance at Sep. 30, 2024	$ 64,484	498,453,419	(487,141,618)	11,376,285
Balance, shares at Sep. 30, 2024	64,483,958
Balance at Mar. 31, 2024	$ 64,451	496,068,140	(467,221,879)	28,910,712
Balance, shares at Mar. 31, 2024	64,450,835
Issuance of common stock for services	$ 13	39,362		39,375
Issuance of common stock for services, shares	13,127
Exercise of options and vesting of restricted stock units	$ 20	480		500
Exercise of options and vesting of restricted stock units, shares	19,996
Stock-based compensation		1,207,322		1,207,322
Net Income (Loss)			(10,095,406)	(10,095,406)
Balance at Jun. 30, 2024	$ 64,484	497,315,304	(477,317,285)	20,062,503
Balance, shares at Jun. 30, 2024	64,483,958
Stock-based compensation		1,138,115		1,138,115
Net Income (Loss)			(9,824,333)	(9,824,333)
Balance at Sep. 30, 2024	$ 64,484	$ 498,453,419	$ (487,141,618)	$ 11,376,285
Balance, shares at Sep. 30, 2024	64,483,958

Unaudited Statements of Cash Fl

Unaudited Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net loss	$ (30,656,406)	$ (27,820,780)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	35,174	130,004
Loss on disposal of property and equipment	76,654
Asset impairment	365,179
Non-cash lease expense	402,649	668,756
Issuance of common stock for services	75,375
Stock-based compensation	3,537,517	2,616,105
Changes in assets and liabilities:
Prepaid expenses and other current assets	743,747	241,640
Prepaid research and development expenses	603,737
Accounts payable	(286,321)	(640,306)
Accrued expenses	(1,747,628)	(1,680,629)
Lease liabilities	(546,269)	(779,696)
Loss on disposal of assets	76,654
Net cash used in operating activities	(27,396,592)	(27,264,906)
Investing activities
Purchases of property and equipment	(9,972)	(20,593)
Net cash used in investing activities	(9,972)	(20,593)
Financing activities
Proceeds from issuance of common stock, net of issuance costs		28,707,011
Proceeds from exercise of stock options	5,398	115,498
Net cash provided by financing activities	5,398	28,822,509
Net change in cash and cash equivalents	(27,401,166)	1,537,010
Cash and cash equivalents, beginning of period	41,792,830	47,870,619
Cash and cash equivalents, end of period	$ 14,391,664	$ 49,407,629

Description of the Business

Description of the Business	9 Months Ended
	Sep. 30, 2024
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 was previously 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 cancers and inflammation. In July 2024, following feedback from the U.S. Food and Drug Administration (FDA), the Company determined that the regulatory path forward for its lead product candidate, uproleselan, for the treatment of relapsed and refractory acute myeloid leukemia would require an additional clinical trial. The decision to not conduct an additional clinical trial did not relate to any safety or medical issues or negative regulatory feedback related to the Company’s programs. In order to conserve its cash resources, in July 2024 the Company reduced its workforce by approximately . The Company also initiated a strategic review of its business in an effort to maximize shareholder value. Following the strategic review on October 28, 2024 the Company entered into an Agreement and Plan of Merger and Reorganization (the Merger Agreement) with Crescent Biopharma, Inc., a Delaware corporation (Crescent), pursuant to which Crescent will become a wholly owned subsidiary of the Company (the Merger). Upon completion of the Merger, the Company plans to operate under the name Crescent Biopharma, Inc. The Merger is expected to close in the second quarter of 2025, subject to certain closing conditions, including, among other things, approval by the stockholders of each company and the satisfaction of customary closing conditions. The Merger is intended to qualify for federal income tax purposes as a tax-free reorganization under the provisions of Section 368(a) of the Internal Revenue Code of 1986, as amended. Pursuant to the exchange ratio formula set forth in the Merger Agreement, upon the closing of the Merger (but prior to closing of the Private Placement described below), on a pro forma basis and based upon the number of shares of common stock of the Company expected to be issued in the Merger, pre-Merger Crescent stockholders will own approximately 86.2% of the combined company and pre-Merger stockholders of the Company will own approximately 13.8% of the combined company. After giving further effect to the Private Placement, the pre-Merger Crescent stockholders (inclusive of those investors participating in the Private Placement) are expected to own approximately 96.9% of the combined company and the pre-Merger stockholders of the Company are expected to own approximately 3.1% of the combined company. The exchange ratio will be adjusted to the extent that the Company’s net cash at closing of the Merger is less than $1.0 million and will be based on the amount of proceeds actually received by the Company in the Private Placement. Concurrently with the execution and delivery of the Merger Agreement, certain institutional and accredited investors have entered into a securities purchase agreement (the Purchase Agreement) with the Company, pursuant to which they have agreed, subject to the terms and conditions of such agreements, to purchase, immediately following the consummation of the Merger, shares of the Company’s common stock and pre-funded warrants (together, the PIPE Securities) for an aggregate purchase price of approximately $200.0 million in a private placement (the Private Placement). The closing of the Private Placement is conditioned on the satisfaction or waiver of the conditions set forth in the Merger Agreement (in addition to other customary closing conditions) and is expected to occur immediately following the closing of the Merger.

Going Concern

Going Concern	9 Months Ended
	Sep. 30, 2024
Going Concern
Going Concern	2. Going Concern ​ The accompanying unaudited financial statements have been prepared assuming that the Company will continue as a going concern within one year after the date that the financial statements are issued. The Company incurred a net loss of $30.7 million and had net cash flows used in operating activities of $27.4 million during the nine months ended September 30, 2024. At September 30, 2024, the Company had $14.4 million in cash and cash equivalents and had no committed source of additional funding from either debt or equity financings. Management believes that given the Company’s current cash position and forecasted negative cash flows from operating activities over the next twelve months, there is substantial doubt about its ability to continue as a going concern after the date that is one year from the date that these unaudited financial statements are issued. The Company expects that its current cash resources will only be sufficient to fund the Company’s operations through the closing of the contemplated Merger and Private Placement. If the proposed transaction with Crescent Biopharma does not close by the second quarter of 2025, the Company will need to seek alternative cash strategies including but not limited to entering into collaborations, strategic alliances and marketing, distribution or licensing arrangements in order to raise additional capital. There can be no assurances that any strategic transactions will be available to the Company on commercially acceptable terms, or at all. Also, any collaborations, strategic alliances and marketing, distribution or licensing arrangements may require the Company to give up some or all of its rights to a product or technology, which in some cases may be at less than the full potential value of such rights. If the Company is unable to obtain additional capital or enter into a strategic transaction, the Company will need to eliminate some or all of its operations and may seek to liquidate. The accompanying financial statements do not include any adjustments that might be necessary if the Company is not able to continue as a going concern. ​

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
Significant Accounting Policies
Significant Accounting Policies	3. Significant Accounting Policies ​ Except as set forth below, 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, 2023, filed with the United States Securities and Exchange Commission (the SEC) on March 27, 2024 (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). ​ Restructuring Charges ​ The Company recognizes restructuring charges related to reorganization plans that have been implemented by management. In connection with these activities, the Company records restructuring charges, as applicable, at fair value for: ​ ● contractual or other employee termination benefits provided that the obligations result from services already rendered based on rights that vest or accumulate when the payment of benefits becomes probable and the amount can be reasonably estimated; ​ ● one-time employee termination benefits to the employees provided that management has committed to a plan of termination, the plan identifies the employees and their expected termination dates, the detail of termination benefits are complete, and it is unlikely that changes to the plan will be made or the plan will be withdrawn; ​ ● contract termination costs when the Company cancels a contract in accordance with its terms; and ​ ● costs to be incurred over the remaining contract term without economic benefit to the Company at the cease-use date. For one-time employee terminations benefits, the Company recognizes the liability in full on the communication date when future services are not required or amortizes the liability ratably over the service period, if required. The fair value of termination benefits reflects the Company’s estimate of expected utilization of certain Company-funded post-employment benefits. As described in Note 11, during the three months ended September 30, 2024, the Company incurred severance charges of $5.0 million in connection with a corporate restructuring, including a reduction in headcount. Impairment of Long-Lived Assets The Company periodically assesses the recoverability of the carrying value of its long-lived assets, including operating lease assets, in accordance with the provisions of ASC 360, Property, Plant, and Equipment . ASC 360 requires that long-lived assets and certain identifiable intangible assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If the carrying value exceeds the sum of undiscounted cash flows, the Company then determines the fair value of the underlying asset. Any impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. Unaudited Financial Statements ​ The accompanying balance sheet as of September 30, 2024, statements of operations and comprehensive loss and stockholders’ equity for the three and nine months ended September 30, 2024 and 2023 and statements of cash flows for the nine months ended September 30, 2024 and 2023 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, 2023 contained in the Form 10-K. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management reflect all adjustments (consisting of normal recurring adjustments) necessary to state fairly the Company’s financial position as of September 30, 2024 and its results of operations and changes in its stockholders’ equity for the three and nine months ended September 30, 2024 and 2023 and its cash flows for the nine months ended September 30, 2024 and 2023. The December 31, 2023 balance sheet included herein was derived from audited financial statements, but does not include all disclosures including notes required by GAAP for complete annual financial statements. The financial data and other information disclosed in these notes to the financial statements related to the three and nine months ended September 30, 2024 and 2023 are unaudited. Interim results are not necessarily indicative of results for an entire year or for any future period. ​ Use of Estimates ​ The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material. ​ ​ Fair Value Measurements ​ The Company had no assets or liabilities that were measured using quoted prices for similar assets and liabilities or significant unobservable inputs (Level 2 and Level 3 assets and liabilities, respectively) as of September 30, 2024 and December 31, 2023. The carrying value of cash held in money market funds of $11.9 million and $38.8 million as of September 30, 2024 and December 31, 2023, respectively, is included in cash and cash equivalents and approximates market values based on quoted market prices (Level 1 inputs). The Company did not transfer any assets measured at fair value on a recurring basis between levels during the three and nine months ended September 30, 2024 and 2023. ​ 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. ​ 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 have historically been a significant component of research and development expenses, and the Company previously outsourced a significant portion of its clinical trial activities to third parties. The accrual for site and patient costs includes inputs such as estimates of patient enrollment, patient cycles incurred, estimated project duration and other pass-through costs. As a result of the Company ceasing its clinical activities, the costs of closing down clinical sites are also included in the accruals. These inputs are required to be estimated due to a lag in receiving the actual clinical information from third parties. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected on the balance sheets as a prepaid asset or accrued expenses. These third-party agreements are generally cancellable, and related costs are recorded as research and development expenses as incurred. Except for payments made in advance of services, clinical trial costs are expensed as incurred. Non-refundable advance clinical payments for goods or services that will be used or rendered for future research and development activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed. When evaluating the adequacy of the accrued expenses, management assessments include: (i) an evaluation by the project manager of the work that has been completed during the period; (ii) measurement of progress prepared internally and/or provided by the third-party service provider; (iii) analyses of data that justify the progress; and (iv) the Company’s judgment. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made. The Company’s historical clinical accrual estimates have not been materially different from the actual costs. ​ Stock-Based Compensation ​ Stock-based payments are accounted for in accordance with the provisions of ASC 718, Compensation—Stock Compensation ​ The Company has elected to use the Black-Scholes-Merton option pricing model to value any options granted. The Company will reconsider use of the Black-Scholes-Merton model if additional information becomes available in the future that indicates another model would be more appropriate or if grants issued in future periods have characteristics that prevent their value from being reasonably estimated using this model. ​ A discussion of management’s methodology for developing some of the assumptions used in the valuation model follows: ​ Expected Dividend Yield ​ Expected Volatility ​ Risk-Free Interest Rate ​ Expected Term ​ Net Loss Per Common Share ​ Basic net loss per common share is determined by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock options and restricted stock units (RSUs). ​ The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average common shares outstanding, as they would be anti-dilutive: ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 2023 Stock options and RSUs 15,136,298 10,971,874 ​ Comprehensive Loss Comprehensive loss comprises net loss and other changes in equity that are excluded from net loss. For the three and nine months ended September 30, 2024 and 2023, the Company’s net loss equaled comprehensive net loss and, accordingly, no additional disclosure is presented. ​ Recently Issued Accounting Standards ​ Accounting Standards Not Yet Adopted There have been no new accounting pronouncements that have significance, or potential significance, to the Company’s unaudited financial statements as of and for the nine months ended September 30, 2024.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	9 Months Ended
	Sep. 30, 2024
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	4. Prepaid Expenses and Other Current Assets ​ The following is a summary of the Company’s prepaid expenses and other current assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2024 2023 Prepaid research and development expenses ​ $ 798,274 ​ $ 1,420,642 ​ Other prepaid expenses ​ ​ 405,628 ​ ​ 401,442 ​ Other receivables ​ 50,255 ​ 175,820 ​ Prepaid expenses and other current assets ​ $ 1,254,157 ​ $ 1,997,904 ​ ​

Accrued Expenses

Accrued Expenses	9 Months Ended
	Sep. 30, 2024
Accrued Expenses
Accrued Expenses	5. Accrued Expenses ​ The following is a summary of the Company’s accrued expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 Accrued research and development expenses ​ $ 758,599 ​ $ 1,824,689 Accrued bonuses ​ ​ — ​ ​ 2,561,913 Accrued consulting and other professional fees ​ 473,770 ​ 439,192 Accrued employee benefits ​ 439,130 ​ 302,778 Accrued employee retention payments ​ ​ 427,908 ​ ​ — Accrued employee severance ​ ​ 1,378,522 ​ ​ 96,985 Accrued expenses ​ $ 3,477,929 ​ $ 5,225,557 ​

Operating Leases

Operating Leases	9 Months Ended
	Sep. 30, 2024
Operating Leases
Operating Leases	6. 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 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 million, representing the carrying value of the right-of-use asset. The Company’s lease of the remaining premises, consisting of approximately The components of lease expense and related cash flows were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2024 2023 2024 2023 ​ Operating lease cost $ 68,703 ​ $ 255,044 ​ $ 445,323 ​ $ 734,393 ​ Variable lease cost ​ 138,819 ​ ​ 155,583 ​ ​ 377,525 ​ ​ 471,879 ​ Total operating lease cost $ 207,522 ​ $ 410,627 ​ $ 822,848 ​ $ 1,206,272 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash outflows for operating leases $ 196,314 ​ $ 285,122 ​ $ 588,943 ​ $ 845,332 ​ ​ Maturities of lease liability due under these lease agreements as of September 30, 2024 were as follows: ​ ​ ​ ​ ​ ​ ​ Operating Lease ​ Obligation October 1, 2024 - December 31, 2024 ​ $ 200,240 2025 ​ ​ 67,401 Thereafter ​ ​ — Total ​ ​ 267,641 Present value adjustment ​ ​ (5,508) Present value of lease payments ​ $ 262,133 ​ Supplemental information related to leases were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, Operating Leases ​ 2024 ​ 2023 Weighted-average remaining lease term (in years) ​ ​ 0.3 ​ ​ 1.1 Weighted-average incremental borrowing rate ​ ​ 10.0% ​ ​ 10.0% ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2024 2023 Right-of-use assets obtained in exchange for operating lease obligations $ - ​ $ 872,892 ​

Stockholders' Equity

Stockholders' Equity	9 Months Ended
	Sep. 30, 2024
Stockholders' Equity
Stockholders' Equity	7. Stockholders’ Equity ​ Common Stock ​ During the nine months ended September 30, 2024, the Company’s board of directors adopted, and its stockholders approved, an increase in the total authorized shares of common stock from 100,000,000 to 150,000,000 shares with a par value of $0.001 per share. ​ 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 entered into an at-the-market sales agreement (the 2022 Sales Agreement) with Cowen and Company, LLC. Under the 2022 Sales Agreement, the Company may sell up to $100.0 million worth of shares of common stock. During the nine months ended September 30, 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 shares issued under the 2022 Sales Agreement during the nine months ended September 30, 2024. As of September 30, 2024, approximately ​

Stock-based Compensation

Stock-based Compensation	9 Months Ended
	Sep. 30, 2024
Stock-based Compensation
Stock-based Compensation	8. Stock-based Compensation ​ 2013 Equity Incentive Plan ​ The Company’s board of directors adopted, and its stockholders approved, its 2013 Equity Incentive Plan effective in January 2014, and the 2013 Equity Incentive Plan was amended and restated by approval of the board of directors in April 2022 and by approval of the stockholders in May 2022 (as so amended and restated, the 2013 Plan). The 2013 Plan provides for the grant of incentive stock options within the meaning of Section 422 of the Internal Revenue Code (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 (RSUs), 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 originally 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. Upon the amendment and restatement of the 2013 Plan in May 2022, the existing share reserve was increased by 2,619,622. 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. ​ A summary of the Company’s stock option activity under the 2013 Plan for the nine months ended September 30, 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ WEIGHTED- ​ ​ ​ ​ ​ ​ WEIGHTED- ​ AVERAGE ​ ​ AGGEGATE ​ ​ ​ AVERAGE ​ REMAINING ​ ​ INTRINSIC ​ OUTSTANDING ​ EXERCISE ​ CONTRACTUAL ​ ​ VALUE ​ OPTIONS PRICE TERM (YEARS) ​ (IN THOUSANDS) Outstanding as of December 31, 2023 ​ 8,273,800 ​ $ 5.29 ​ 6.3 ​ ​ ​ Options granted ​ 5,756,875 ​ ​ 1.85 ​ ​ ​ ​ ​ Options exercised ​ (3,250) ​ ​ 1.66 ​ ​ ​ ​ ​ Options forfeited ​ (1,630,060) ​ ​ 6.67 ​ ​ ​ ​ ​ Outstanding as of September 30, 2024 ​ 12,397,365 ​ ​ 3.51 ​ 7.6 ​ $ — Vested or expected to vest as of September 30, 2024 ​ 9,938,090 ​ ​ 4.31 ​ 7.1 ​ ​ — Exercisable as of September 30, 2024 ​ 5,000,236 ​ ​ 5.88 ​ 5.3 ​ ​ — ​ As of September 30, 2024, there was $8,830,814 of total unrecognized compensation expense related to unvested options under the 2013 Plan that will be recognized over a weighted-average period of approximately 2.9 ​ The Company has granted stock options to purchase an aggregate of 2,459,275 shares to certain employees under the 2013 Plan, the vesting of which is subject to performance vesting conditions relating to the achievement of specified regulatory or commercial milestones. The maximum fair value of $650,266 associated with performance-based options granted has been excluded from the unrecognized compensation expense under the 2013 Plan as the completion of the performance milestones was not deemed to be probable as of September 30, 2024. ​ 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 September 30, 2024, there was $55,738 of total unrecognized compensation expense associated with outstanding RSU grants that will be recognized over a weighted-average period of approximately 0.3 years. ​ The following is a summary of RSU activity under the 2013 Plan for the nine months ended September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ Number of Shares ​ Grant Date ​ ​ Underlying RSUs Fair Value Unvested at December 31, 2023 ​ 117,157 ​ $ 3.81 ​ Vested ​ (58,581) ​ 3.81 ​ Forfeited ​ (10,443) ​ ​ 3.81 ​ Unvested at September 30, 2024 ​ 48,133 ​ 3.81 ​ ​ Issuance of Shares to Directors in Lieu of Cash Retainers for Service In March 2023, the Company’s board of directors amended the Company’s Non-Employee Director Compensation Policy to include an election to receive unrestricted shares of common stock in lieu of quarterly board and committee retainer cash payments. The number of shares to be issued to an electing director is determined 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. Non-employee directors who made such an election received 13,127 shares of common stock in lieu of cash compensation earned for the quarter ended March 31, 2024. All shares of common stock issued pursuant to such an election are fully vested upon issuance and are classified as “Other Awards” under the 2013 Plan. In June 2024, the Non-Employee Director Compensation Policy was amended to allow a director to revoke his or her annual election to receive unrestricted shares of common stock in lieu of quarterly board and committee retainer cash payments. The decision to amend the policy followed a significant decline in the market value of the Company’s common stock in May 2024. Without the ability of the directors to revoke the prior elections, the Company would have been obligated to issue a significantly greater number of shares than in prior quarters in lieu of the fixed cash retainer payments. Each of the directors who previously elected to receive unrestricted shares of common stock in lieu of quarterly board and committee retainer cash payments for 2024 revoked their elections in June 2024, and as a result there were 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 nine months ended September 30, 2024 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ WEIGHTED- ​ ​ ​ ​ ​ WEIGHTED- ​ AVERAGE ​ ​ AGGEGATE ​ ​ ​ AVERAGE ​ REMAINING ​ ​ INTRINSIC ​ OUTSTANDING ​ EXERCISE ​ CONTRACTUAL ​ ​ VALUE ​ OPTIONS PRICE TERM (YEARS) ​ (IN THOUSANDS) Outstanding as of December 31, 2023 ​ 2,590,400 ​ $ 1.97 ​ 8.0 ​ ​ ​ Options granted ​ 130,000 ​ ​ 3.20 ​ ​ ​ ​ ​ Options forfeited ​ (29,600) ​ ​ 3.85 ​ ​ ​ ​ ​ Outstanding as of September 30, 2024 ​ 2,690,800 ​ ​ 2.01 ​ 7.3 ​ $ — Vested or expected to vest as of September 30, 2024 ​ 2,106,600 ​ ​ 2.01 ​ 7.4 ​ ​ — Exercisable as of September 30, 2024 ​ 1,216,408 ​ ​ 1.93 ​ 7.1 ​ ​ — ​ As of September 30, 2024, there was $1,224,624 of total unrecognized compensation expense related to unvested options under the Inducement Plan that will be recognized over a weighted-average period of approximately 2.1 years. There were no options exercised under the Inducement Plan during the nine months ended September 30, 2024 or 2023. The total fair value of stock options which vested in the nine months ended September 30, 2024 and 2023 was $678,013 and $469,179, respectively. The Company has granted stock options to purchase an aggregate of 584,200 shares to certain newly hired employees under the Inducement Plan which options are subject to performance-based conditions. 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 was not probable as of September 30, 2024. The weighted-average fair value of the options granted under all equity incentive plans during the nine months ended September 30, 2024 and 2023 was $1.49 per share and $1.97 per share, respectively, applying the Black-Scholes-Merton option pricing model utilizing the following weighted-average assumptions: ​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 Expected term 6.25 years ​ 6.25 years Expected volatility 101.79% ​ 78.12% Risk-free interest rate 4.17% ​ 3.57% Expected dividend yield 0% ​ 0% ​ Stock-based compensation expense was classified on the statements of operations as follows for the three and nine months ended September 30, 2024 and 2023: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2024 ​ 2023 2024 ​ 2023 Research and development expense ​ $ 283,076 ​ $ 211,047 ​ $ 966,763 ​ $ 678,400 ​ General and administrative expense ​ 855,039 ​ 676,790 ​ 2,570,754 ​ 1,937,705 ​ Total stock-based compensation expense ​ $ 1,138,115 ​ $ 887,837 ​ $ 3,537,517 ​ $ 2,616,105 ​ ​

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Taxes
Income Taxes	9. Income Taxes The Company did not record any tax provision or benefit for the nine months ended September 30, 2024 or 2023. The Company has provided a valuation allowance for the full amount of its net deferred tax assets since realization of any future benefit from deductible temporary differences, net operating loss carryforwards and research and development credits is not more-likely-than-not to be realized at September 30, 2024 and December 31, 2023.

License and Collaboration Agree

License and Collaboration Agreements	9 Months Ended
	Sep. 30, 2024
License and Collaboration Agreements
License and Collaboration Agreements	10. 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. The Company did not recognize any milestone revenue under the Agreement for the nine months ended September 30, 2024 or 2023. The Company and Apollomics also entered into a clinical supply agreement pursuant to which the Company agreed to 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 nine months ended September 30, 2024 and 2023.

Restructuring and Asset Impairm

Restructuring and Asset Impairment Charges	9 Months Ended
	Sep. 30, 2024
Restructuring and Asset Impairment Charges
Restructuring and Asset Impairment Charges	11. Restructuring and Asset Impairment Charges In July 2024, the Company’s Board of Directors approved a streamlined operating plan that included a reduction in the Company’s workforce by 26 employees, or approximately 80% of its headcount. Employees affected by the reduction in force are entitled to receive severance payments and Company-funded medical insurance for a specific time. During the three months ended September 30, 2024, the Company recognized million of charges for severance and related benefits. The following is a summary of the activity for accrued severance costs for the nine months ended September 30, 2024: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 Severance accrual, January 1 $ - Charges ​ 4,978,905 Cash payments ​ (3,345,595) Severance accrual, September 30 $ 1,633,310 ​ The accrued severance liability of $1.6 million is payable within the next twelve months and has been included in accrued expenses on the balance sheet. The Company also completed an evaluation of the impact of the restructuring on the carrying value of its long-lived assets. Our evaluation determined that indicators of impairment were present within right-of-use assets and property and equipment. Where impairment indicators existed the Company evaluated the identified asset group and separately compared the estimated undiscounted cash flow for each asset group to the net book value of the related long-term asset. The Company calculated the amount of the impairment by developing a fair value estimate of the asset group that was compared to the carrying value. The Company recorded $0.4 million of impairment charges related to its facility operating lease and accelerated depreciation on property and equipment during the three months ended September 30, 2024.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2024
Subsequent Events
Subsequent Events	12. Subsequent Events On October 28, 2024 the Company entered into the Merger Agreement with Crescent, pursuant to which Crescent will become a wholly owned subsidiary of the Company. Upon completion of the Merger, the Company plans to operate under the name Crescent Biopharma, Inc. The Merger is expected to close in the second quarter of 2025, subject to certain closing conditions, including, among other things, approval by the stockholders of each company and the satisfaction of customary closing conditions. Concurrently with the execution and delivery of the Merger Agreement, certain institutional and accredited investors have entered into the Purchase Agreement with the Company, pursuant to which they have agreed, subject to the terms and conditions of such agreements, to purchase, immediately following the consummation of the Merger, shares of the Company’s common stock and pre-funded warrants for an aggregate purchase price of approximately $200.0 million in a private placement. The closing of the Private Placement is conditioned on the satisfaction or waiver of the conditions set forth in the Merger Agreement (in addition to other customary closing conditions) and is expected to occur immediately following the closing of the Merger.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (9,824,333)	$ (10,095,406)	$ (10,736,667)	$ (9,202,518)	$ (8,258,912)	$ (10,359,350)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
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).
Restructuring Charges	Restructuring Charges ​ The Company recognizes restructuring charges related to reorganization plans that have been implemented by management. In connection with these activities, the Company records restructuring charges, as applicable, at fair value for: ​ ● contractual or other employee termination benefits provided that the obligations result from services already rendered based on rights that vest or accumulate when the payment of benefits becomes probable and the amount can be reasonably estimated; ​ ● one-time employee termination benefits to the employees provided that management has committed to a plan of termination, the plan identifies the employees and their expected termination dates, the detail of termination benefits are complete, and it is unlikely that changes to the plan will be made or the plan will be withdrawn; ​ ● contract termination costs when the Company cancels a contract in accordance with its terms; and ​ ● costs to be incurred over the remaining contract term without economic benefit to the Company at the cease-use date. For one-time employee terminations benefits, the Company recognizes the liability in full on the communication date when future services are not required or amortizes the liability ratably over the service period, if required. The fair value of termination benefits reflects the Company’s estimate of expected utilization of certain Company-funded post-employment benefits. As described in Note 11, during the three months ended September 30, 2024, the Company incurred severance charges of $5.0 million in connection with a corporate restructuring, including a reduction in headcount.
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, including operating lease assets, in accordance with the provisions of ASC 360, Property, Plant, and Equipment . ASC 360 requires that long-lived assets and certain identifiable intangible assets be reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of the long-lived asset is measured by a comparison of the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If the carrying value exceeds the sum of undiscounted cash flows, the Company then determines the fair value of the underlying asset. Any impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the estimated fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell.
Unaudited Financial Statements	Unaudited Financial Statements ​ The accompanying balance sheet as of September 30, 2024, statements of operations and comprehensive loss and stockholders’ equity for the three and nine months ended September 30, 2024 and 2023 and statements of cash flows for the nine months ended September 30, 2024 and 2023 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, 2023 contained in the Form 10-K. The unaudited interim financial statements have been prepared on the same basis as the annual financial statements and in the opinion of management reflect all adjustments (consisting of normal recurring adjustments) necessary to state fairly the Company’s financial position as of September 30, 2024 and its results of operations and changes in its stockholders’ equity for the three and nine months ended September 30, 2024 and 2023 and its cash flows for the nine months ended September 30, 2024 and 2023. The December 31, 2023 balance sheet included herein was derived from audited financial statements, but does not include all disclosures including notes required by GAAP for complete annual financial statements. The financial data and other information disclosed in these notes to the financial statements related to the three and nine months ended September 30, 2024 and 2023 are unaudited. Interim results are not necessarily indicative of results for an entire year or for any future period.
Use of Estimates	​ Use of Estimates ​ The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Although actual results could differ from those estimates, management does not believe that such differences would be material.
Fair Value Measurements	Fair Value Measurements ​ The Company had no assets or liabilities that were measured using quoted prices for similar assets and liabilities or significant unobservable inputs (Level 2 and Level 3 assets and liabilities, respectively) as of September 30, 2024 and December 31, 2023. The carrying value of cash held in money market funds of $11.9 million and $38.8 million as of September 30, 2024 and December 31, 2023, respectively, is included in cash and cash equivalents and approximates market values based on quoted market prices (Level 1 inputs). The Company did not transfer any assets measured at fair value on a recurring basis between levels during the three and nine months ended September 30, 2024 and 2023.
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.
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 have historically been a significant component of research and development expenses, and the Company previously outsourced a significant portion of its clinical trial activities to third parties. The accrual for site and patient costs includes inputs such as estimates of patient enrollment, patient cycles incurred, estimated project duration and other pass-through costs. As a result of the Company ceasing its clinical activities, the costs of closing down clinical sites are also included in the accruals. These inputs are required to be estimated due to a lag in receiving the actual clinical information from third parties. Payments for these activities are based on the terms of the individual arrangements, which may differ from the pattern of costs incurred, and are reflected on the balance sheets as a prepaid asset or accrued expenses. These third-party agreements are generally cancellable, and related costs are recorded as research and development expenses as incurred. Except for payments made in advance of services, clinical trial costs are expensed as incurred. Non-refundable advance clinical payments for goods or services that will be used or rendered for future research and development activities are recorded as a prepaid asset and recognized as expense as the related goods are delivered or the related services are performed. When evaluating the adequacy of the accrued expenses, management assessments include: (i) an evaluation by the project manager of the work that has been completed during the period; (ii) measurement of progress prepared internally and/or provided by the third-party service provider; (iii) analyses of data that justify the progress; and (iv) the Company’s judgment. Significant judgments and estimates may be made in determining the accrued balances at the end of any reporting period. Actual results could differ from the estimates made. The Company’s historical clinical accrual estimates have not been materially different from the actual costs.
Stock-Based Compensation	Stock-Based Compensation ​ Stock-based payments are accounted for in accordance with the provisions of ASC 718, Compensation—Stock Compensation ​ The Company has elected to use the Black-Scholes-Merton option pricing model to value any options granted. The Company will reconsider use of the Black-Scholes-Merton model if additional information becomes available in the future that indicates another model would be more appropriate or if grants issued in future periods have characteristics that prevent their value from being reasonably estimated using this model. ​ A discussion of management’s methodology for developing some of the assumptions used in the valuation model follows: ​ Expected Dividend Yield ​ Expected Volatility ​ Risk-Free Interest Rate ​ Expected Term
Net Loss Per Common Share	Net Loss Per Common Share ​ Basic net loss per common share is determined by dividing net loss by the weighted-average number of common shares outstanding during the period, without consideration of common stock equivalents. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock equivalents outstanding for the period. The treasury stock method is used to determine the dilutive effect of the Company’s stock options and restricted stock units (RSUs). ​ The following potentially dilutive securities outstanding have been excluded from the computation of diluted weighted-average common shares outstanding, as they would be anti-dilutive: ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 2023 Stock options and RSUs 15,136,298 10,971,874
Comprehensive Loss	Comprehensive Loss Comprehensive loss comprises net loss and other changes in equity that are excluded from net loss. For the three and nine months ended September 30, 2024 and 2023, the Company’s net loss equaled comprehensive net loss and, accordingly, no additional disclosure is presented.
Recently Issued Accounting Standards	Recently Issued Accounting Standards ​ Accounting Standards Not Yet Adopted There have been no new accounting pronouncements that have significance, or potential significance, to the Company’s unaudited financial statements as of and for the nine months ended September 30, 2024.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Significant Accounting Policies
Schedule of potentially dilutive securities outstanding	​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ ​ 2024 2023 Stock options and RSUs 15,136,298 10,971,874

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	9 Months Ended
	Sep. 30, 2024
Prepaid Expenses and Other Current Assets
Summary of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ ​ 2024 2023 Prepaid research and development expenses ​ $ 798,274 ​ $ 1,420,642 ​ Other prepaid expenses ​ ​ 405,628 ​ ​ 401,442 ​ Other receivables ​ 50,255 ​ 175,820 ​ Prepaid expenses and other current assets ​ $ 1,254,157 ​ $ 1,997,904 ​ ​

Accrued Expenses (Tables)

Accrued Expenses (Tables)	9 Months Ended
	Sep. 30, 2024
Accrued Expenses
Summary of accrued expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, ​ 2024 2023 Accrued research and development expenses ​ $ 758,599 ​ $ 1,824,689 Accrued bonuses ​ ​ — ​ ​ 2,561,913 Accrued consulting and other professional fees ​ 473,770 ​ 439,192 Accrued employee benefits ​ 439,130 ​ 302,778 Accrued employee retention payments ​ ​ 427,908 ​ ​ — Accrued employee severance ​ ​ 1,378,522 ​ ​ 96,985 Accrued expenses ​ $ 3,477,929 ​ $ 5,225,557 ​

Operating Leases (Tables)

Operating Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Operating Leases
Components of lease expense and related cash flows	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2024 2023 2024 2023 ​ Operating lease cost $ 68,703 ​ $ 255,044 ​ $ 445,323 ​ $ 734,393 ​ Variable lease cost ​ 138,819 ​ ​ 155,583 ​ ​ 377,525 ​ ​ 471,879 ​ Total operating lease cost $ 207,522 ​ $ 410,627 ​ $ 822,848 ​ $ 1,206,272 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash paid for amounts included in the measurement of lease liabilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating cash outflows for operating leases $ 196,314 ​ $ 285,122 ​ $ 588,943 ​ $ 845,332 ​
Maturities of lease liabilities due	​ ​ ​ ​ ​ ​ ​ Operating Lease ​ Obligation October 1, 2024 - December 31, 2024 ​ $ 200,240 2025 ​ ​ 67,401 Thereafter ​ ​ — Total ​ ​ 267,641 Present value adjustment ​ ​ (5,508) Present value of lease payments ​ $ 262,133
Schedule of supplemental information related to leases	​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, ​ December 31, Operating Leases ​ 2024 ​ 2023 Weighted-average remaining lease term (in years) ​ ​ 0.3 ​ ​ 1.1 Weighted-average incremental borrowing rate ​ ​ 10.0% ​ ​ 10.0% ​ ​ ​ ​ ​ ​ ​ ​ Nine Months Ended September 30, ​ 2024 2023 Right-of-use assets obtained in exchange for operating lease obligations $ - ​ $ 872,892 ​

Stock-based Compensation (Table

Stock-based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Weighted-Average Fair Value of Options Granted	​ ​ ​ ​ ​ ​ ​ 2024 ​ 2023 Expected term 6.25 years ​ 6.25 years Expected volatility 101.79% ​ 78.12% Risk-free interest rate 4.17% ​ 3.57% Expected dividend yield 0% ​ 0%
Stock-Based Compensation Expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2024 ​ 2023 2024 ​ 2023 Research and development expense ​ $ 283,076 ​ $ 211,047 ​ $ 966,763 ​ $ 678,400 ​ General and administrative expense ​ 855,039 ​ 676,790 ​ 2,570,754 ​ 1,937,705 ​ Total stock-based compensation expense ​ $ 1,138,115 ​ $ 887,837 ​ $ 3,537,517 ​ $ 2,616,105 ​ ​
2013 Equity Incentive Plan
Company's Stock Option Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ WEIGHTED- ​ ​ ​ ​ ​ ​ WEIGHTED- ​ AVERAGE ​ ​ AGGEGATE ​ ​ ​ AVERAGE ​ REMAINING ​ ​ INTRINSIC ​ OUTSTANDING ​ EXERCISE ​ CONTRACTUAL ​ ​ VALUE ​ OPTIONS PRICE TERM (YEARS) ​ (IN THOUSANDS) Outstanding as of December 31, 2023 ​ 8,273,800 ​ $ 5.29 ​ 6.3 ​ ​ ​ Options granted ​ 5,756,875 ​ ​ 1.85 ​ ​ ​ ​ ​ Options exercised ​ (3,250) ​ ​ 1.66 ​ ​ ​ ​ ​ Options forfeited ​ (1,630,060) ​ ​ 6.67 ​ ​ ​ ​ ​ Outstanding as of September 30, 2024 ​ 12,397,365 ​ ​ 3.51 ​ 7.6 ​ $ — Vested or expected to vest as of September 30, 2024 ​ 9,938,090 ​ ​ 4.31 ​ 7.1 ​ ​ — Exercisable as of September 30, 2024 ​ 5,000,236 ​ ​ 5.88 ​ 5.3 ​ ​ —
Summary of RSU Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-Average ​ ​ Number of Shares ​ Grant Date ​ ​ Underlying RSUs Fair Value Unvested at December 31, 2023 ​ 117,157 ​ $ 3.81 ​ Vested ​ (58,581) ​ 3.81 ​ Forfeited ​ (10,443) ​ ​ 3.81 ​ Unvested at September 30, 2024 ​ 48,133 ​ 3.81 ​
Inducement Plan
Company's Stock Option Activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ WEIGHTED- ​ ​ ​ ​ ​ WEIGHTED- ​ AVERAGE ​ ​ AGGEGATE ​ ​ ​ AVERAGE ​ REMAINING ​ ​ INTRINSIC ​ OUTSTANDING ​ EXERCISE ​ CONTRACTUAL ​ ​ VALUE ​ OPTIONS PRICE TERM (YEARS) ​ (IN THOUSANDS) Outstanding as of December 31, 2023 ​ 2,590,400 ​ $ 1.97 ​ 8.0 ​ ​ ​ Options granted ​ 130,000 ​ ​ 3.20 ​ ​ ​ ​ ​ Options forfeited ​ (29,600) ​ ​ 3.85 ​ ​ ​ ​ ​ Outstanding as of September 30, 2024 ​ 2,690,800 ​ ​ 2.01 ​ 7.3 ​ $ — Vested or expected to vest as of September 30, 2024 ​ 2,106,600 ​ ​ 2.01 ​ 7.4 ​ ​ — Exercisable as of September 30, 2024 ​ 1,216,408 ​ ​ 1.93 ​ 7.1 ​ ​ —

Restructuring and Asset Impai_2

Restructuring and Asset Impairment Charges (Tables)	9 Months Ended
	Sep. 30, 2024
Restructuring and Asset Impairment Charges
Summary of activity for accrued severance costs	​ ​ ​ ​ ​ ​ ​ ​ ​ 2024 Severance accrual, January 1 $ - Charges ​ 4,978,905 Cash payments ​ (3,345,595) Severance accrual, September 30 $ 1,633,310

Description of the Business (De

Description of the Business (Details) - USD ($) $ in Millions	1 Months Ended
	Jul. 31, 2024	Oct. 28, 2024
Restructuring Cost and Reserve [Line Items]
Percentage of reduction in workforce under corporate restructuring	80%
Net cash at closing of the merger		$ 1
Private Placement
Restructuring Cost and Reserve [Line Items]
Aggregate purchase price		$ 200
Prior to closing of private placement | Crescent Biopharma, Inc.
Restructuring Cost and Reserve [Line Items]
Parent ownership (as percentage)		86.20%
Prior to closing of private placement | GlycoMimetics, Inc.
Restructuring Cost and Reserve [Line Items]
Noncontrolling ownership (as percentage)		13.80%
Post the Closing of Private Placement [Member] | Crescent Biopharma, Inc.
Restructuring Cost and Reserve [Line Items]
Parent ownership (as percentage)		96.90%
Post the Closing of Private Placement [Member] | GlycoMimetics, Inc.
Restructuring Cost and Reserve [Line Items]
Noncontrolling ownership (as percentage)		3.10%

Going Concern (Details)

Going Concern (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Going Concern
Net loss	$ 9,824,333	$ 9,202,518	$ 30,656,406	$ 27,820,780
Net cash flows used in operating activities			27,396,592	$ 27,264,906
Cash and cash equivalents	$ 14,391,664		$ 14,391,664		$ 41,792,830

Significant Accounting Polici_4

Significant Accounting Policies - Restructuring Charges (Details) $ in Millions	3 Months Ended
	Sep. 30, 2024 USD ($)
Significant Accounting Policies
Severance charges	$ 5

Significant Accounting Polici_5

Significant Accounting Policies - Fair Value Measurements (Details) - USD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Level 1
Fair Value Measurements
Carrying value of cash held in money market fund	$ 11.9	$ 38.8
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_6

Significant Accounting Policies - Stock-Based Compensation (Details)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Defined Contribution Plan Disclosure
Expected term	6 years 3 months	6 years 3 months
Maximum
Defined Contribution Plan Disclosure
Expiration period	10 years

Significant Accounting Polici_7

Significant Accounting Policies - Potentially Dilutive Securities (Details) - shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Stock options and restricted stock units
Anti-dilutive securities	15,136,298	10,971,874

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Prepaid Expenses and Other Current Assets
Prepaid research and development expenses	$ 798,274	$ 1,420,642
Other prepaid expenses	405,628	401,442
Other receivables	50,255	175,820
Prepaid expenses and other current assets	$ 1,254,157	$ 1,997,904

Accrued Expenses - Summary of A

Accrued Expenses - Summary of Accrued Expenses (Details) - USD ($)	Sep. 30, 2024	Dec. 31, 2023
Accrued Expenses
Accrued research and development expenses	$ 758,599	$ 1,824,689
Accrued bonuses		2,561,913
Accrued consulting and other professional fees	473,770	439,192
Accrued employee benefits	439,130	302,778
Accrued employee retention payments	427,908
Accrued employee severance	1,378,522	96,985
Accrued expenses	$ 3,477,929	$ 5,225,557

Operating Leases (Details)

Operating Leases (Details)	1 Months Ended	9 Months Ended
	Apr. 30, 2023 USD ($) ft²	Sep. 30, 2024 USD ($) lease	May 31, 2016 USD ($)
Operating leases
Lease, Practical Expedient, Lessor Single Lease Component [true false]		true
Lessee, Operating Lease, Existence of Option to Extend [true false]		true
Number of additional operating leases entered during the period | lease		0
Impairment loss | $	$ 400,000	$ 365,179
Rockville, Maryland
Operating leases
Deposits | $			$ 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

Operating Leases - Components o

Operating Leases - Components of lease expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Components of lease expense
Operating lease cost	$ 68,703	$ 255,044	$ 445,323	$ 734,393
Variable lease cost	138,819	155,583	377,525	471,879
Total operating lease cost	207,522	410,627	822,848	1,206,272
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash outflows for operating leases	$ 196,314	$ 285,122	$ 588,943	$ 845,332

Operating Leases - Maturities o

Operating Leases - Maturities of lease liability (Details)	Sep. 30, 2024 USD ($)
Maturities of lease liability due
October 1, 2024 - December 31, 2024	$ 200,240
2025	67,401
Thereafter
Total	267,641
Present value adjustment	(5,508)
Present value of lease payments	$ 262,133
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Operating Lease, Liability, Current, Operating Lease, Liability, Noncurrent

Operating Leases - Supplemental

Operating Leases - Supplemental Information (Details) - USD ($)	9 Months Ended
	Sep. 30, 2023	Sep. 30, 2024	Dec. 31, 2023
Operating Leases
Weighted-average remaining lease term (in years)		3 months 18 days	1 year 1 month 6 days
Weighted-average incremental borrowing rate		10%	10%
Right-of-use assets obtained in exchange for operating lease obligations	$ 872,892

Stockholders' Equity (Details)

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Mar. 31, 2024	Dec. 31, 2023	Apr. 28, 2022
Stockholders' Equity Note
Common stock, shares authorized	150,000,000		100,000,000	100,000,000
Common stock, par value	$ 0.001			$ 0.001
2022 Sales Agreement
Stockholders' Equity Note
Issuance of common stock, net of issuance costs, shares	0	9,822,930
Price per share		$ 3.01
Aggregate net proceeds from stock sale		$ 28.7
Common stock available for sale under agreement	$ 66				$ 100

Stock-based Compensation - Ince

Stock-based Compensation - Incentive Plans (Details) - 2013 Equity Incentive Plan - USD ($)	1 Months Ended			9 Months Ended
	May 31, 2022	Jan. 31, 2022	Jan. 31, 2014	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures
Period from date of termination that any vested options shall expire			90 days
Expiration period			10 years
Unrecognized compensation expense related to unvested options				$ 8,830,814
Period for unrecognized compensation expense related to unvested options yet has not been recognized				3 years 2 months 12 days
Intrinsic value of options exercised				$ 4,091	$ 82,093
Cash proceeds from exercise of stock options				$ 5,398	115,498
Shares issued from exercise of stock options				3,250
Fair value of shares vested				$ 2,555,952	$ 1,402,470
Authorized shares
Common stock authorized			1,000,000	14,257,627
Shares available for future grants				977,863
Maximum number of shares that may be issued pursuant to exercise of incentive stock options			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%
Stock options vesting based on performance
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures
Maximum fair value of option excluded from the unrecognized compensation expense				$ 825,353
Stock options vesting based on performance | Employees
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures
Maximum fair value of option excluded from the unrecognized compensation expense		$ 650,266
RSU | Employees
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures
Period for unrecognized compensation expense related to unvested options yet has not been recognized				3 months 18 days
Upon first anniversary of start date
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures
Percent of shares subject to option grant that will vest			25%
Each month after the first anniversary
Share-Based Compensation Arrangement by Share-Based Payment Award, Additional General Disclosures
Percent of shares subject to option grant that will vest			0.0208%

Stock-based Compensation - Comp

Stock-based Compensation - Company's Stock Option Activity (Details) - 2013 Equity Incentive Plan - $ / shares	1 Months Ended	9 Months Ended	12 Months Ended
	Jan. 31, 2022	Sep. 30, 2024	Dec. 31, 2023
OUTSTANDING OPTIONS
Outstanding at beginning of period		8,273,800
Options granted		5,756,875
Options exercised		(3,250)
Options forfeited		(1,630,060)
Outstanding at end of period		12,397,365	8,273,800
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding at beginning of period		$ 5.29
Options granted		1.85
Options exercised		1.66
Options forfeited		6.67
Outstanding at end of period		$ 3.51	$ 5.29
VESTED AND EXPECTED TO VEST
Outstanding options		9,938,090
Weighted-Average Exercise Price		$ 4.31
Weighted-Average Remaining Contractual Term		7 years 1 month 6 days
ADDITIONAL DISCLOSURES
Outstanding options exercisable at end of period		5,000,236
Weighted-average exercise price exercisable at end of period		$ 5.88
Weighted-average contractual term outstanding		7 years 7 months 6 days	6 years 3 months 18 days
Weighted-average contractual term (years) exercisable		5 years 3 months 18 days
Employees | Stock options vesting based on performance
OUTSTANDING OPTIONS
Options granted	2,459,275
Newly hired employees | Stock options vesting based on performance
OUTSTANDING OPTIONS
Options granted		584,200

Stock-based Compensation - Summ

Stock-based Compensation - Summary of RSU Activity (Details) - 2013 Equity Incentive Plan	9 Months Ended
	Sep. 30, 2024 USD ($) $ / shares shares
Restricted Stock Units information
Period for unrecognized compensation expense related to unvested options yet has not been recognized	3 years 2 months 12 days
RSU
NUMBER OF SHARES
Unvested at beginning of period | shares	117,157
Vested | shares	(58,581)
Forfeited | shares	(10,443)
Unvested at end of period | shares	48,133
WEIGHTED-AVERAGE GRANT DATE FAIR VALUE
Unvested at beginning of period | $ / shares	$ 3.81
Vested | $ / shares	3.81
Forfeited | $ / shares	3.81
Unvested at end of period | $ / shares	$ 3.81
RSU | Employees
Restricted Stock Units information
Vesting period	4 years
Unrecognized compensation expense related to unvested service RSUs | $	$ 55,738
Period for unrecognized compensation expense related to unvested options yet has not been recognized	3 months 18 days

Stock-based Compensation - Issu

Stock-based Compensation - Issuance of Shares to Directors in Lieu of Cash Retainers for Service (Details) - shares	3 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024
Non-employee | Other Awards | Director
Share-based Compensation Arrangement by Share-based Payment Award
Common stock shares issued	0	0	13,127

Stock-based Compensation - Indu

Stock-based Compensation - Inducement Plan (Details) - Inducement Plan	1 Months Ended	9 Months Ended
	Jan. 31, 2020 installment	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) 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 | $		$ 1,224,624
Period for unrecognized compensation expense related to unvested options yet has not been recognized		2 years 1 month 6 days
Fair value of shares vested | $		$ 678,013	$ 469,179
Options granted		130,000
Options exercised		0	0
Upon first anniversary of start date
Share-based Compensation Arrangement by Share-based Payment Award
Vesting percentage	0.25%
Each month after the first anniversary
Share-based Compensation Arrangement by Share-based Payment Award
Number of monthly installments | installment	36
Increase in number of shares of common stock		3,000,000
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award
Shares available for future grants		299,108

Stock-based Compensation - In_2

Stock-based Compensation - Inducement Plan - Stock Option Activity (Details) - Inducement Plan - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
OUTSTANDING OPTIONS
Outstanding at beginning of period	2,590,400
Options granted	130,000
Options forfeited	(29,600)
Outstanding at end of period	2,690,800	2,590,400
WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding at beginning of period	$ 1.97
Options granted	3.20
Options forfeited	3.85
Outstanding at end of period	$ 2.01	$ 1.97
VESTED AND EXPECTED TO VEST
Outstanding options	2,106,600
Weighted-Average Exercise Price	$ 2.01
Weighted-Average Remaining Contractual Term	7 years 4 months 24 days
ADDITIONAL DISCLOSURES
Outstanding options exercisable at end of period	1,216,408
Weighted-average exercise price exercisable at end of period	$ 1.93
Weighted-average contractual term outstanding	7 years 3 months 18 days	8 years
Weighted-average contractual term (years) exercisable	7 years 1 month 6 days

Stock-based Compensation - Weig

Stock-based Compensation - Weighted-Average assumptions (Details) - $ / shares	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Weighted-average assumptions
Expected term	6 years 3 months	6 years 3 months
Expected volatility	101.79%	78.12%
Risk-free interest rate	4.17%	3.57%
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	$ 1.49	$ 1.97

Stock-based Compensation - Stoc

Stock-based Compensation - Stock-Based Compensation Expense (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-based compensation expense
Total stock-based compensation expense	$ 1,138,115	$ 887,837	$ 3,537,517	$ 2,616,105
Research and development expense
Stock-based compensation expense
Total stock-based compensation expense	283,076	211,047	966,763	678,400
General and administrative expense
Stock-based compensation expense
Total stock-based compensation expense	$ 855,039	$ 676,790	$ 2,570,754	$ 1,937,705

Restructuring and Asset Impai_3

Restructuring and Asset Impairment Charges (Details) $ in Millions	1 Months Ended	3 Months Ended
	Jul. 31, 2024 employee	Sep. 30, 2024 USD ($)
Restructuring and Asset Impairment Charges
Reduction in workforce under corporate restructuring | employee	26
Percentage of reduction in workforce under corporate restructuring	80%
Total charges in headcount reduction under corporate restructuring		$ 5
Impairment charges related to our facility operating lease		$ 0.4

Restructuring and Asset Impai_4

Restructuring and Asset Impairment Charges - Severance cost (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]
Charges	$ 5,000,000
Employee severance
Restructuring Cost and Reserve [Line Items]
Charges		$ 4,978,905
Cash payments		(3,345,595)
Severance accrual, September 30	$ 1,633,310	$ 1,633,310

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Oct. 28, 2024 USD ($)
Subsequent Event
Subsequent Event
Aggregate purchase price	$ 200