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STOCK-BASED COMPENSATION (Tables)
 12 Months Ended
Dec. 31, 2024
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,
20242023
General and administrative$6,113 $4,288 
Research and development3,522 1,857 
Total stock-based compensation$9,635 $6,145 
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, 2024 and 2023 with the following weighted average assumptions:
Year Ended December 31,
20242023
Risk-free interest rate
3.8% – 5.1%
3.5% – 4.7%
Expected term (in years)
0.9 – 6.1
5.5 – 6.1
Expected volatility
92% - 103%
90% - 98%
Expected dividend yield0%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 as of December 31, 20237,523,947$4.01 
Granted3,385,650$3.60 
Forfeited(163,218)$5.76 
Expired(90,250)$7.27 
Outstanding as of December 31, 202410,656,129$3.83 7.4$2,042 
Vested and exercisable as of December 31, 20246,173,546$3.51 6.5$2,015 
Schedule 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(129,198)$5.86 
Forfeited(49,399)$4.38 
Unvested as of December 31, 20241,354,543 $4.46