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STOCK-BASED COMPENSATION (Tables) | 9 Months Ended
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Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity | A summary of RSU award activity during the nine months ended September 30, 2025 is as follows (in thousands except share and per share data):
| Number of Units |  | Weighted Average Grant-Date Fair Value
Outstanding RSU awards as of December 31, 2024 | — |  |  | $ | — |
Granted | 1,121,175 |  |  | 11.56 |
Vested | — |  |  | — |
Forfeited | (399,475) |  |  | 10.56 |
Outstanding RSU awards as of September 30, 2025 | 721,700 |  |  | $ | 12.11 |
Schedule of Option Activity | A summary of option activity during the nine months ended September 30, 2025 is as follows (in thousands except share and per share data):
| NUMBER OF OPTIONS |  | WEIGHTED-AVERAGE EXERCISE PRICE
Outstanding as of December 31, 2024 | 5,384,760 |  |  | $ | 42.19 |
Granted | 84,000 |  |  | 14.82 |
Exercised | (65,653) |  |  | 0.35 |
Cancelled or Forfeited | (766,443) |  |  | 54.60 |
Expired | (109,902) |  |  | $ | 47.75 |
Outstanding as of September 30, 2025 | 4,526,762 |  |  | $ | 40.05 |
Options exercisable as of September 30, 2025 | 3,541,878 |  |  | $ | 36.94 |
Schedule of Stock-Based Compensation Expense | Total stock-based compensation expense recorded for employees, directors and non-employees during the three and nine months ended September 30, 2025 and 2024 was as follows (in thousands):
| THREE MONTHS ENDED SEPTEMBER 30, |  | NINE MONTHS ENDED SEPTEMBER 30,
2025 |  | 2024 |  | 2025 |  | 2024
Research and development | $ | 992 |  |  | $ | 4,699 |  |  | $ | 11,230 |  |  | $ | 13,225 |
General and administrative | 2,994 |  |  | 4,118 |  |  | 10,161 |  |  | 12,447 |
Total stock-based compensation expense | $ | 3,986 |  |  | $ | 8,817 |  |  | $ | 21,391 |  |  | $ | 25,672 |

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- Definition Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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