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STOCK-BASED COMPENSATION (Tables)
 3 Months Ended
Mar. 31, 2025
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 March 31,
20252024
General and administrative$1,492 $1,646 
Research and development982 838 
Total stock-based compensation$2,474 $2,484 
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 three months ended March 31, 2025 and 2024 with the following weighted average assumptions:
Three Months Ended March 31,
20252024
Risk-free interest rate
4.16% - 4.52%
3.82% - 4.33%
Expected term (in years)
6.0 - 6.0
5.3 - 6.1
Expected volatility
91% - 92%
 101% - 104%
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, 202410,656,129$3.83 
Granted1,809,800$1.73 
Exercised(32,586)$1.13 
Forfeited(31,611)$3.00 
Expired(82,524)$5.30 
Outstanding as of March 31, 202512,319,208$3.52 7.6$297 
Vested and exercisable as of March 31, 20256,706,514$3.55 6.5$297 
Summary of Nonvested Restricted Stock Units Activity
Number of SharesWeighted Average Grant Date Fair Value
Unvested as of December 31, 20241,354,543$4.46 
Granted990,150$1.78 
Vested(485,867)$4.57 
Forfeited(11,683)$2.42 
Unvested as of March 31, 20251,847,143$3.01