SHARE-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2025

SHARE-BASED COMPENSATION

Schedule of black scholes option-pricing model with assumptions used

	Six Months Ended June 30,
	2025	2024
Expected term (years)	5.75	5.73
Risk-free interest rate	4.04%	4.21%
Expected volatility	50%	50%
Expected dividend yield	0%	0%

Schedule of share activity under the share option plans

				Weighted-
				Average
		Weighted-		Remaining	Weighted-		Aggregate
		Average		Contractual	Average		Intrinsic
	Number of	Exercise		Term	Fair Value at		Value
	Shares	Price		(Years)	Grant Date		(in thousands)
Options outstanding at January 1, 2025	619,910	$	12.31	9.06	$	3.54
Granted	710,268		2.51
Exercised	—		—
Cancelled/Forfeited	(8,002)		10.48
Expired	—		—
Options outstanding at June 30, 2025	1,322,176	$	7.06	9.28	$	1.65
Options exercisable at June 30, 2025	545,401	$	10.64	8.99			$	6.80

Schedule of stock-based compensation

	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Research and development	$	75	$	54	$	147	$	96
General and administration		184		153		362		218
Total	$	259	$	207	$	509	$	314