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STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Summary of Share-Based Compensation Expense Related to Stock Options
The Company recorded stock-based compensation expense in the following expense categories of its condensed statements of operations for the periods shown (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
General and administrative$1,596 $1,058 $3,242 $2,016 
Research and development874 463 1,712 895 
Total stock-based compensation$2,470 $1,521 $4,954 $2,911 
Summary 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 six months ended June 30, 2024 and 2023 with the following weighted average assumptions:
Six Months Ended June 30,
20242023
Risk-free interest rate
3.82% - 5.10%
3.47% - 4.13%
Expected term (in years)
0.9 - 6.1
5.5 - 6.1
Expected volatility
92% - 103%
90%
Expected dividend yield0%0%
Summary of Stock Option Activity
The following table reflects summarized stock option activity:
Stock OptionsWeighted Average Exercise PriceWeighted Average Remaining Contractual Life (in years)Aggregate Intrinsic Value (in thousands)
Outstanding as of December 31, 20237,523,947$4.01 
Granted2,745,850$3.79 
Forfeited(57,871)$7.36 
Expired(4,026)$4.47 
Outstanding as of June 30, 202410,207,900$3.94 7.8$4,264 
Vested and exercisable as of June 30, 20245,173,677$3.46 6.8$3,821 
Summary of Nonvested Restricted Stock Units Activity
Number of SharesWeighted Average Grant Date Fair Value
Unvested as of December 31, 2023328,500$6.11 
Granted1,204,640$4.15 
Vested(109,493)$6.11 
Forfeited(12,317)$4.59 
Unvested as of June 30, 20241,411,330$4.45