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STOCK-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Payment Arrangement, Restricted Stock Unit, Activity | A summary of RSU award activity during the year ended December 31, 2025 is as follows:
| NUMBER OF UNITS |  | WEIGHTED AVERAGE GRANT-DATE FAIR VALUE
Outstanding RSU awards as of January 1, 2025 | — |  |  | $ | — |
Granted | 1,167,325 |  |  | 11.71 |
Vested | (30,300) |  |  | 12.04 |
Forfeited | (420,175) |  |  | 10.56 |
Outstanding RSU awards as of December 31, 2025 | 716,850 |  |  | $ | 12.37 |
Schedule of Stock Option Valuation Assumptions | The weighted-average assumptions that the Company used in the Black-Scholes option-pricing model to determine the grant-date fair value of stock options granted for the years ended December 31, 2025 and 2024 were as follows:
| YEAR ENDED DECEMBER 31,
| 2025 |  | 2024 |  |
Risk-free interest rate | 3.96 | % |  | 4.30 | % |  |
Expected term (in years) | 5.32 |  | 5.91 |  |
Expected volatility | 83.59 | % |  | 81.92 | % |  |
Expected dividend yield | 0.00 | % |  | 0.00 | % |  |
Schedule of Option Activity | A summary of option activity during the year ended December 31, 2025 is as follows (in thousands except share and per share data):
| NUMBER OF OPTIONS |  | WEIGHTED- AVERAGE EXERCISE PRICE |  | WEIGHTED-AVERAGE REMAINING CONTRACTUAL TERM (IN YEARS) |  | AGGREGATE INTRINSIC VALUE
Outstanding as of January 1, 2025 | 5,384,760 |  |  | $ | 42.19 |  |  | 7.18 |  | $ | 7,395 |
Granted | 84,000 |  |  | 14.82 |  |  |  |  |
Exercised | (73,655) |  |  | 2.05 |  |  |  |  | $ | 695 |
Cancelled or forfeited | (783,495) |  |  | 54.42 |  |  |  |  |
Expired | (709,904) |  |  | 49.82 |  |  |  |  |
Outstanding as of December 31, 2025 | 3,901,706 |  |  | $ | 38.52 |  |  | 5.59 |  | $ | 12,209 |
Options exercisable as of December 31, 2025 | 3,091,868 |  |  | $ | 34.77 |  |  | 5.16 |  | $ | 12,035 |
Schedule of Stock-based Compensation Expense | Total stock-based compensation expense recorded as research and development and general and administrative expenses, respectively, for employees, directors and non-employees during the years ended December 31, 2025 and 2024 is as follows (in thousands):
| YEAR ENDED DECEMBER 31,
| 2025 |  | 2024 |  |
Research and development | $ | 13,288 |  |  | $ | 18,294 |  |  |
General and administrative | 15,408 |  |  | 16,578 |  |  |
Total stock-based compensation expense | $ | 28,696 |  |  | $ | 34,872 |  |  |

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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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- 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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