STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2023

Share-Based Payment Arrangement [Abstract]

Summary of stock options and stock awards

Stock option activity is summarized as follows:

	Number of options	Weighted average exercise price
Outstanding at December 31, 2022	6,520,444	$	7.12
Granted	1,527,865	2.63
Exercised	(57,000)	2.65
Canceled and forfeited	(278,546)	7.03
Outstanding at September 30, 2023	7,712,763	$	6.27

Schedule of option fair value assumptions

The Company calculated the grant date fair value of options granted in 2023 (“2023 Grants”) utilizing a Black-Scholes model.

	2023 Grants
Strike price	$2.50	-	$4.21
Risk-free rate	3.6%	-	4.3%
Expected dividend yield	—
Expected volatility	85.8%	-	88.4%
Expected term (in years)	6