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STOCK-BASED COMPENSATION (Tables)

12 Months Ended

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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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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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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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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