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STOCK-BASED COMPENSATION (Tables)
 9 Months Ended
Sep. 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 September 30,Nine Months Ended September 30,
2024202320242023
General and administrative$1,436 $1,127 $4,678 $3,143 
Research and development902 473 2,614 1,368 
Total stock-based compensation$2,338 $1,600 $7,292 $4,511 
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 nine months ended September 30, 2024 and 2023 with the following weighted average assumptions:
Nine Months Ended September 30,
20242023
Risk-free interest rate
3.81% - 5.10%
3.47% - 4.43%
Expected term (in years)
0.9 - 6.1
5.5 - 6.1
Expected volatility
92% - 103%
 90% - 98%
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 
Granted2,961,850$3.71 
Forfeited(57,871)$7.36 
Expired(53,555)$9.10 
Outstanding as of September 30, 202410,374,371$3.88 7.7$4,461 
Vested and exercisable as of September 30, 20245,664,870$3.48 6.8$4,186 
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 September 30, 20241,411,330$4.45