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STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of stock options and stock awards

Stock option activity is summarized as follows:

			Number of options						Weighted average exercise price
Outstanding at December 31, 2022			6,520,444						$	7.12
Granted			1,408,865						2.50
Exercised			—						—
Canceled and forfeited			(146,164)						8.08
Outstanding at March 31, 2023			7,783,145						$	6.27

Schedule of option fair value assumptions

The Company calculated the grant date fair value of options granted in 2023 (“2023 Grants”) utilizing a Black Scholes model.

			2023 Grants
Strike price			$2.50
Risk-free rate			3.6%
Expected dividend yield			—
Expected volatility			85.8%
Expected term (in years)			6

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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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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
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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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