SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2021

Share-based Payment Arrangement [Abstract]

SUMMARY OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN

The following table summarizes the option activity under the 2021 Plan and 2018 Plan for the year ended December 31, 2021:

	Options		Weighted-Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Vested and expected to vest at December 31, 2020		229,105	$	1.74		9.69	$	-
Granted		3,225,269	$	7.21		9.47
Exercised		-		-
Cancelled/Forfeited		-		-
Outstanding at December 31, 2021		3,454,374	$	6.85		9.42	$	19,378
Vested and exercisable at December 31, 2021		268,907	$	4.81		9.10	$	2,041
Vested and expected to vest at December 31, 2021		3,454,374	$	6.85		9.42	$	19,378

SUMMARY OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS

	Years Ended December 31,
	2021			2020
Expected term (in years)		5.2 - 6.1			5.5 - 6.1
Expected volatility		68.7% - 69.8	%		68.0 - 79.4	%
Risk-free interest rate		0.9% - 1.4	%		0.4 - 1.5	%
Expected dividend		-			-

SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED FOR STOCK OPTION GRANTS

Stock-based compensation expense recognized for stock option grants has been reported in the statements of operations and comprehensive loss as follows (in thousands):

	Years Ended December 31,
	2021		2020
Research and development	$	370	$	30
General and administrative		1,673		28
Total	$	2,043	$	58