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SHARE-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2022
SHARE-BASED COMPENSATION |
SUMMARY OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN | The following table summarizes the option activity under the 2021 Plan and 2018 Plan for the year ended December 31, 2022:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted- |  | ​ | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | ​ | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | Remaining | ​ | Aggregate |
​ | ​ | ​ | ​ | Weighted-Average | ​ | Contractual Term | ​ | Intrinsic Value |
​ |  | Options |  | Exercise Price |  | (in years) |  | (in thousands) |
Vested and expected to vest at December 31, 2021 |  | 3,454,374 | ​ | $ | 6.85 |  | 9.42 | ​ | $ | 19,378 | ​
Granted |  | 954,557 | ​ | ​ | 15.62 |  | ​ | ​ | ​ |  | ​
Exercised |  | (298,712) | ​ | ​ | 2.09 |  |  | ​ |  |  | ​
Cancelled/Forfeited |  | — | ​ | ​ | — |  |  | ​ |  |  | ​
Outstanding at December 31, 2022 |  | 4,110,219 | ​ | $ | 9.23 | ​ | 9.23 | ​ | ​ | 82,490 | ​
Vested and exercisable at December 31, 2022 |  | 1,044,465 | ​ | ​ | 7.58 | ​ | 8.11 | ​ | ​ | 22,682 | ​
Vested and expected to vest at December 31, 2022 |  | 4,110,219 | ​ | ​ | 9.23 | ​ | 8.46 | ​ | ​ | 82,490 | ​
​
SCHEDULE OF UNVESTED STOCK UNIT ACTIVITY | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  |  |  | Weighted- |
​ | ​ | ​ | ​ | Average Grant |
​ | ​ | ​ | ​ | Date Fair Value |
​ | ​ | Units | ​ | Per Unit |
Unvested restricted stock units as of December 31, 2021 |  | — |  | ​ | — | ​
Granted |  | 28,881 | ​ | $ | 21.62 | ​
Vested |  | — | ​ |  | — | ​
Forfeited |  | — | ​ |  | — | ​
Unvested restricted stock units as of December 31, 2022 |  | 28,881 | ​ | $ | 21.62 | ​
​
SUMMARY OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ |  | 2022 | ​ | 2021 |  |
Expected term (in years) |  | 5.5 - 6.1 |  | 5.2 - 6.1 |  | ​
Expected volatility |  | 73.5 - 76.5 | % | 68.7 - 69.8 | % | ​
Risk-free interest rate |  | 1.6 - 4.3 | % | 0.9 - 1.4 | % | ​
Expected dividend |  | — |  | — |  |
​
SUMMARY OF STOCK-BASED COMPENSATION EXPENSE RECOGNIZED AND EXPENSE BY AWARD TYPE | Stock-based compensation expense recognized for stock option grants has been reported in the statements of operations and comprehensive loss as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31, | ​
​ |  | 2022 |  | 2021 |
General and administrative | ​ | $ | 3,347 | ​ | $ | 1,673 | ​
Research and development | ​ | ​ | 2,129 | ​ | ​ | 370 | ​
Total | ​ | $ | 5,476 | ​ | $ | 2,043 | ​
​ Stock-based compensation expense by type of award included within the consolidated statements of operations and comprehensive (loss) income was as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Year Ended December 31, | ​
​ |  | 2022 |  | 2021 | ​
Stock options | ​ | $ | 5,316 | ​ | $ | 2,043 | ​
Employee stock purchase plan awards | ​ | ​ | 98 | ​ | ​ | — | ​
Restricted stock awards and units | ​ | ​ | 63 | ​ | ​ | — | ​
Total | ​ | $ | 5,476 | ​ | $ | 2,043 | ​

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