STOCK-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 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	1,336,001		24.01
Exercised	(200,722)		2.77
Cancelled/Forfeited	(86,889)		9.62
Outstanding at June 30, 2023	5,158,609	$	13.30	8.58		29,918
Vested and exercisable at June 30, 2023	1,542,769		9.71	8.16		12,211
Vested and expected to vest at June 30, 2023	5,158,609		13.30	8.58		29,918

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	$	21.62
Granted	3,000		24.58
Vested	(815)		12.26
Forfeited	—		—
Unvested restricted stock units as of June 30, 2023	31,066	$	22.15

SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Expected term (in years)	5.5 - 6.1		5.5 - 6.1		5.3 - 6.1		5.5 - 6.1
Expected volatility	73.9 - 76.3	%	73.8 - 76.5	%	73.9 - 76.7	%	73.6 - 76.5	%
Risk-free interest rate	3.6 - 3.8	%	2.5 - 3.4	%	3.5 - 4.3	%	1.6 - 3.4	%
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 June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Research and development	$	1,682	$	445	$	2,981	$	701
General and administrative		1,352		779		2,437		1,547
Total	$	3,034	$	1,224	$	5,418	$	2,248

	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Stock options	$	2,940	$	1,206	$	5,229	$	2,230
Restricted stock awards and units		51		—		99		—
Employee stock purchase plan awards		43		18		90		18
Total	$	3,034	$	1,224	$	5,418	$	2,248