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SHARE-BASED COMPENSATION (Tables)

12 Months Ended

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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