STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2023

STOCK-BASED COMPENSATION

SCHEDULE OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN

				Weighted-
				Average
				Remaining	Aggregate
		Weighted-Average		Contractual Term	Intrinsic Value
	Options	Exercise Price		(in years)	(in thousands)
Vested and expected to vest at December 31, 2022	4,110,219	$	9.23	8.46	$	82,490
Granted	1,158,501		25.01
Exercised	(93,966)		2.37
Cancelled/Forfeited	(66,889)		6.28
Outstanding at March 31, 2023	5,107,865	$	12.97	8.72		42,611
Vested and exercisable at March 31, 2023	1,242,496		8.41	8.03		14,718
Vested and expected to vest at March 31, 2023	5,107,865		12.97	8.72		42,611

SCHEDULE OF UNVESTED STOCK UNIT ACTIVITY

		Weighted-
		Average Grant
		Date Fair Value
	Units	Per Unit
Unvested restricted stock units as of December 31, 2022	28,881		—
Granted	3,000	$	24.58
Vested	—		—
Forfeited	—		—
Unvested restricted stock units as of March 31, 2023	31,881	$	21.90

SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS

	Three Months Ended March 31,
	2023		2022
Expected term (in years)	5.3 - 6.1		5.3 - 6.1
Expected volatility	74.08 - 76.71	%	73.64 - 75.68	%
Risk-free interest rate	3.46 - 4.28	%	1.37 - 2.55	%
Expected dividend	—		—

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

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

	Three Months Ended March 31,
	2023		2022
Research and development	$	1,299	$	768
General and administrative		1,085		256
Total	$	2,384	$	1,024

Stock-based compensation expense by type of award included within the consolidated statements of operations and comprehensive income (loss) was as follows:

	Three Months Ended March 31,
	2023		2022
Stock options	$	2,289	$	1,024
Restricted stock awards and units		48		—
Employee stock purchase plan awards		47		—
Total	$	2,384	$	1,024