STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions

The following has been adjusted for the stock split effected on October 18, 2021:

	September 30, 2021
Weighted-average fair value of options granted	$	5.21
Expected volatility	117.64		%
Expected life (in years)	5.79
Risk-free interest rate	0.90		%
Expected dividend yield	0.00		%

Schedule of Stock Options Roll Forward

The following table summarizes the stock option activity (as adjusted) under the plans for the nine months ended September 30, 2021:

	Number of Shares	Weighted- Average Exercise Price		Expected Term	Weighted- Average Remaining Contract Price		Aggregate Intrinsic Value (in thousands)
Outstanding at January 1, 2021	—	$	—		—		$	—
Granted	3,430,843	$	8.91	9.86	$	5.22	$	—
Exercised	—	$	—		—		$	—
Cancelled/forfeited	—	$	—		—		$	—
Outstanding at September 30, 2021	3,430,843	$	8.91	9.86	$	5.22	$	—
Shares vested and expected to vest	3,430,843	$	8.91	9.86	$	5.22	$	—
Exercisable as of September 30, 2021	90,081	$	7.53	9.79	$	5.17	$	—
Exercisable as of December 31, 2020	—	$	—		—		$	—