SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of allocation of stock-based compensation expense included in operating expenses on condensed consolidated statements of operations related to share-based payment awards

The following table summarizes the stock-based compensation expense included in operating expenses on our condensed consolidated statements of operations related to stock options and employee stock purchases for the three and nine months ended September 30, 2023 and 2022, which was allocated as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(In thousands)	2023		2022		2023		2022
Research and development	$	2,951	$	932	$	5,847	$	2,799
General and administrative		4,253		1,131		8,263		3,014
Stock-based compensation expense included in    operating expenses	$	7,204	$	2,063	$	14,110	$	5,813

Schedule of assumptions used to estimate the fair value of service-based stock options granted

The fair value of service-based stock options granted during the nine months ended September 30, 2023 and 2022 has been estimated at the date of grant using the Black Scholes option-pricing model with the following assumptions:

	Nine Months Ended September 30,
	2023	2022
Dividend yield	0%	0%
Expected volatility range	81.5% to 82.1%	77.7% to 81.6%
Risk-free interest rate range	3.42% to 4.62%	1.69% to 3.77%
Expected term	6 years	5.5 years

Schedule of assumptions used to estimate the fair value of employee stock purchases under the purchase plan

The fair value of employees’ stock purchase rights during the nine months ended September 30, 2023 and 2022 has been estimated using the Black Scholes option-pricing model with the following assumptions:

	Nine Months Ended September 30,
	2023	2022
Dividend yield	0%	0%
Expected volatility range	79.0% to 83.2%	61.4% to 86.5%
Risk-free interest rate range	4.73% to 5.40%	0.40% to 2.79%
Expected term range	6 months to 12 months	6 months to 12 months