STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Share-Based Compensation Expense Related to Stock Options

The Company recorded stock-based compensation expense related to stock options and RSUs in the following expense categories of the statements of operations and comprehensive loss for the periods shown (in thousands):

	Year Ended December 31,
	2023		2022
General and administrative	$	4,288	$	2,163
Research and development	1,857		898
Total stock-based compensation	$	6,145	$	3,061

Schedule of Assumptions Used for Valuation of Fair Value of Stock Options

The Black-Scholes option-pricing model was used to estimate the fair value of stock options granted during the years ended December 31, 2023 and 2022 with the following weighted average assumptions:

	Year Ended December 31,
	2023	2022
Risk-free interest rate	3.5% – 4.7%	1.7% – 4.2%
Expected term (in years)	5.5 – 6.1	5.8 – 6.1
Expected volatility	90% - 98%	90%
Expected dividend yield	0%	0%

Schedule of Stock Option Activity

The following table reflects summarized stock option activity:

	Stock Options	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2023	5,610,893	$	3.36
Granted	2,045,000	$	5.76
Exercised	(111,206)	$	2.92
Forfeited	(14,489)	$	2.88
Expired	(6,251)	$	8.33
Outstanding at December 31, 2023	7,523,947	$	4.01	7.7	$	9,004
Vested and exercisable at December 31, 2023	4,021,147	$	3.17	7.1	$	7,055

Schedule of Nonvested Restricted Stock Units Activity

	Number of Shares	Weighted Average Grant Date Fair Value
Unvested as of January 1, 2023	—	$	—
Granted	328,500	$	6.11
Unvested at December 31, 2023	328,500	$	6.11