WARRANTS (Tables)

3 Months Ended

Mar. 31, 2023

Warrant [Abstract]

Summary of Assumptions using Black- Scholes Option Pricing Model to estimate fair value

The aggregate fair value of the 2018 Offering Warrants of $7.4 million was estimated using the Black-Scholes option-pricing model with the following assumptions:

	Upon Issuance
Common Stock Warrants:
Expected term (in years)	7.0
Expected volatility (%)	62.5%
Risk-free interest rate (%)	2.8%
Expected dividend yield (%)	0%

The fair value of the 2017 and

2016 Placement Warrants at March 31, 2023 and December 31, 2022, respectively, was estimated using the Black-Scholes option-pricing model and the following weighted-average assumptions:

	2017 Placement Warrants				2016 Placement Warrants
	March 31, 2023		December 31, 2022		March 31, 2023		December 31, 2022
Expected term (in years)	0.8		1.0		0.4		0.6
Expected volatility	81.7	%	82.9	%	81.6	%	82.7	%
Risk-free interest rate	4.7	%	4.7	%	4.9	%	4.8	%
Expected dividend yield	—	%	—	%	—	%	—	%

Schedule of Key Terms of Placement Warrants

The key terms of the 2017 and 2016 Placement Warrants are as follows:

	Issuance Date	Term	Exercise Price Per Share		Warrants Exercised during the three months ended March 31, 2023	Warrants Outstanding at March 31, 2023
2017 Placement Warrants	January 2017	7 years	$	3.17	—	1,500,022
2016 Placement Warrants	August and September 2016	7 years	$	2.95	—	536,711
Total					—	2,036,733