SHARE-BASED COMPENSATION (Tables)

12 Months Ended

Dec. 31, 2023

SHARE-BASED COMPENSATION

SCHEDULE 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, 2023:

				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	1,546,001		22.85
Exercised	(338,987)		2.91
Cancelled/Forfeited	(86,889)		9.62
Outstanding at December 31, 2023	5,230,344	$	13.66	8.16	$	49,728
Vested and exercisable at December 31, 2023	2,157,378		11.24	7.81		25,152
Vested and expected to vest at December 31, 2023	5,230,344	$	13.66	8.16	$	49,728

SCHEDULE OF UNVESTED RESTRICTED 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	(9,913)		21.10
Forfeited	—		—
Unvested restricted stock units as of December 31, 2023	21,968	$	22.26

SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS

	Year Ended December 31,
	2023		2022
Expected term (in years)	5.3 - 6.1		5.5 - 6.1
Expected volatility	73.9 - 91.5	%	73.5 - 76.5	%
Risk-free interest rate	3.5 - 4.8	%	1.6 - 4.3	%
Expected dividend	—		—

SCHEDULE 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):

	Year Ended December 31,
	2023		2022
Research and development	$	6,621	$	2,129
General and administrative		5,285		3,347
Total	$	11,906	$	5,476

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

	Year Ended December 31,
	2023		2022
Stock options	$	11,494	$	5,316
Employee stock purchase plan awards		211		62
Restricted stock awards and units		201		98
Total	$	11,906	$	5,476