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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2021

Organization Consolidation And Presentation Of Financial Statements [Abstract]

Summary of allocation of stock-based compensation expense included in operating expenses on condensed 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 statements of operations related to stock options and employee stock purchases for the three and nine months ended September 30, 2021 and 2020, which was allocated as follows:

		Three Months Ended September 30,								Nine Months Ended September 30,
(In thousands)		2021				2020				2021				2020
Research and development		$	924			$	623			$	2,655			$	1,703
General and administrative			1,084				1,145				3,120				3,340
Stock-based compensation expense included in operating expenses		$	2,008			$	1,768			$	5,775			$	5,043

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

The fair value of service-based options granted during the nine months ended September 30, 2021 and 2020 has been estimated at the date of grant using the Black Scholes option-pricing model with the following assumptions:

		Nine Months Ended September 30,
		2021		2020
Dividend yield		0%		0%
Expected volatility range		0.777 to 0.783		0.781 to 0.793
Risk-free interest rate range		0.51% to 0.94%		0.31% to 1.62%
Expected term		5.5 yrs		5.25 yrs

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

The fair value of employees’ purchase rights during the nine months ended September 30, 2021 and 2020 has been estimated using the Black Scholes option-pricing model with the following assumptions:

		Nine Months Ended September 30,
		2021		2020
Dividend yield		0%		0%
Expected volatility range		0.507 to 0.707		0.478 to 0.818
Risk-free interest rate range		0.09% to 0.16%		0.16% to 1.57%
Expected term range		6 mos to 12 mos		6 mos to 12 mos

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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
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-Name Accounting Standards Codification
-Topic 718
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-Section S99
-Paragraph 1
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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of employee stock purchase plans, including, but not limited to: (a) expected term, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.

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