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STOCK-BASED COMPENSATION (Tables)

9 Months Ended

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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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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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
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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.

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Tabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.

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