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STOCK-BASED COMPENSATION (Tables)
 6 Months Ended
Jun. 30, 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 June 30,Six Months Ended June 30,
2025202420252024
General and administrative$1,491 $1,596 $2,983 $3,242 
Research and development1,007 874 1,989 1,712 
Total stock-based compensation$2,498 $2,470 $4,972 $4,954 
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, 2025 and 2024 with the following weighted average assumptions:
Six Months Ended June 30,
20252024
Risk-free interest rate
3.93% - 4.52%
3.82% - 5.10%
Expected term (in years)
1.0 - 6.0
0.9 - 6.1
Expected volatility
76% - 92%
 92% - 103%
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 
Granted2,094,800$1.64 
Exercised(32,586)$1.13 
Forfeited(59,303)$2.64 
Expired(119,802)$4.35 
Outstanding as of June 30, 202512,539,238$3.47 7.4$374 
Vested and exercisable as of June 30, 20257,319,469$3.60 6.5$344 
Summary of Nonvested Restricted Stock Units Activity
The following table reflects summarized RSU award activity:
Number of SharesWeighted Average Grant Date Fair Value
Unvested as of December 31, 20241,354,543$4.46 
Granted1,066,950$1.73 
Vested(485,867)$4.57 
Forfeited(18,333)$2.16 
Unvested as of June 30, 20251,917,293$2.93