STOCK-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of stock-based compensation expense

Stock-based compensation expense as reflected in the Company’s consolidated statements of operations and comprehensive loss was as follows (in thousands):

	Year Ended December 31,
	2024		2023
Research and development	$	1,207	$	610
General and administrative		3,073		2,725
Stock-based compensation expense included in operating expenses	$	4,280	$	3,335

Summary of stock option activity

The following is a summary of the Company’s stock option activity for the year ended December 31, 2024:

		Weighted		Weighted Average	Aggregate
		Average		Remaining Contractual	Intrinsic Value
	Options	Exercise Price		Term (in years)	(in thousands)
Outstanding at December 31, 2023	4,178,194	$	2.98	8.22	$	11
Granted	2,807,650		2.85
Exercised	(379,425)		1.31
Cancelled	(289,356)		4.20
Outstanding at December 31, 2024	6,317,063	$	2.97	8.22	$	4
Vested at December 31, 2024	2,834,077	$	3.50	6.88	$	—
Vested and expected to vest at December 31, 2024	6,317,063	$	2.97	8.22	$	4

Schedule of assumptions used in estimation of fair value

	Year Ended December 31,
	2024		2023
Risk-free interest rate	3.46 - 4.65	%	3.67 - 4.54	%
Volatility	72 - 76	%	72 - 77	%
Dividend yield	—	%	—	%
Expected term (years)	6 - 7		2 - 7

Summary of restricted stock units activity

The following table summarizes activity related to RSUs for the year ended December 31, 2024:

		Weighted Average
		Grant Date
	Shares	Fair Value
Unvested at December 31, 2023	155,797	$	8.25
Granted	437,025		2.77
Vested	(83,410)		10.03
Cancelled	(39,431)		2.31
Unvested at December 31, 2024	469,981	$	3.34