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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended
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Jun. 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 six months ended June 30, 2023 and 2022, which was allocated as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Research and development |  | $ | 1,590 |  |  | $ | 1,012 |  |  | $ | 2,896 |  |  | $ | 1,867 |
General and administrative |  | $ | 2,355 |  |  |  | 1,046 |  |  | $ | 4,010 |  |  |  | 1,883 |
Stock-based compensation expense included in operating expenses |  | $ | 3,945 |  |  | $ | 2,058 |  |  | $ | 6,906 |  |  | $ | 3,750 |
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 six months ended June 30, 2023 and 2022 has been estimated at the date of grant using the Black Scholes option-pricing model with the following assumptions:
|  | Six Months Ended June 30,
|  | 2023 |  | 2022
Dividend yield |  | 0% |  | 0%
Expected volatility range |  | 81.5% to 81.9% |  | 77.7% to 79.9%
Risk-free interest rate range |  | 3.4% to 4.1% |  | 1.7% to 3.4%
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 six months ended June 30, 2023 and 2022 has been estimated using the Black Scholes option-pricing model with the following assumptions:
|  | Six Months Ended June 30,
|  | 2023 |  | 2022
Dividend yield |  | 0% |  | 0%
Expected volatility range |  | 61.0% to 81.1% |  | 50.9% to 61.4%
Risk-free interest rate range |  | 0.1% to 4.8% |  | 0.1% to 0.4%
Expected term range |  | 6 months to 12 months |  | 6 months to 12 months

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2 + Details
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