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SHARE-BASED COMPENSATION (Tables) | 12 Months Ended
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Dec. 31, 2024
SHARE-BASED COMPENSATION |
SCHEDULE 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, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ |  | ​ | ​ |  | Weighted- |  | ​ | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | Average | ​ | ​ | ​ |
​ | ​ | ​ | ​ | ​ | ​ | ​ | Remaining | ​ | Aggregate |
​ | ​ | ​ | ​ | Weighted-Average | ​ | Contractual Term | ​ | Intrinsic Value |
​ |  | Options |  | Exercise Price |  | (in years) |  | (in thousands) |
Outstanding at December 31, 2023 |  | 5,230,344 | ​ | $ | 13.66 |  | 8.16 | ​ | $ | 49,728 | ​
Granted |  | 1,489,191 | ​ | ​ | 19.70 |  | ​ | ​ | ​ |  | ​
Exercised |  | (382,790) | ​ | ​ | 3.88 |  |  | ​ |  |  | ​
Cancelled/Forfeited |  | (3,902,210) | ​ | ​ | 18.01 |  |  | ​ |  |  | ​
Outstanding at December 31, 2024 |  | 2,434,535 | ​ | $ | 11.93 | ​ | 6.91 | ​ | $ | 387 | ​
Vested and exercisable at December 31, 2024 |  | 1,740,379 | ​ | ​ | 10.22 | ​ | 6.44 | ​ | ​ | 336 | ​
SCHEDULE OF UNVESTED RESTRICTED STOCK UNIT ACTIVITY | ​
​ ​ | ​ | ​ | ​ | ​ | ​
​ |  |  |  | Weighted-
​ | ​ | ​ | ​ | Average Grant
​ | ​ | ​ | ​ | Date Fair Value
​ | ​ | Units | ​ | Per Unit
Unvested restricted stock units as of December 31, 2023 |  | 21,968 |  | $ | 22.26
Granted |  | — | ​ | ​ | —
Vested |  | (5,492) | ​ |  | 21.30
Forfeited |  | (16,476) | ​ |  | 22.58
Unvested restricted stock units as of December 31, 2024 |  | — | ​ | $ | —
SCHEDULE OF FAIR VALUE OF STOCK OPTIONS ASSUMPTIONS | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31, | ​
​ |  | 2024 | ​ | 2023 |  |
Expected term (in years) |  | 5.3 - 6.0 |  | 5.3 - 6.1 |  | ​
Expected volatility |  | 70.0 - 89.8 | % | 73.9 - 91.5 | % | ​
Risk-free interest rate |  | 3.6 - 4.5 | % | 3.5 - 4.8 | % | ​
Expected dividend |  | — |  | — | ​ |
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE | 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, | ​
​ |  | 2024 |  | 2023 |
General and administrative | ​ | $ | 6,296 | ​ | $ | 5,285 | ​
Research and development | ​ | ​ | 5,015 | ​ | ​ | 6,621 | ​
Total | ​ | $ | 11,311 | ​ | $ | 11,906 | ​
​ 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, | ​
​ |  | 2024 |  | 2023 | ​
Stock options | ​ | $ | 11,133 | ​ | $ | 11,494 | ​
Restricted stock awards and units | ​ | ​ | 62 | ​ | ​ | 201 | ​
Employee stock purchase plan awards | ​ | ​ | 116 | ​ | ​ | 211 | ​
Total | ​ | $ | 11,311 | ​ | $ | 11,906 | ​
​

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