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SHARE-BASED COMPENSATION (Tables)

12 Months Ended

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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