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SHARE-BASED COMPENSATION (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

The Company recorded employee and nonemployee share-based compensation expense as follows (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
Employee			$	2,740					$	2,583					$	5,379					$	5,070
Nonemployee			197						346						379						764
			$	2,937					$	2,929					$	5,758					$	5,834

Schedule of Share-Based Compensation Expense by Line Item

Share-based compensation expense is included in the following line items in the condensed statements of operations (in thousands):

			Three Months Ended June 30,												Six Months Ended June 30,
			2025						2024						2025						2024
Research and development			$	398					$	714					$	901					$	1,473
General and administrative			2,539						2,215						4,857						4,361
			$	2,937					$	2,929					$	5,758					$	5,834

Summary of Stock Option Plans

The following table summarizes activity in the Company’s stock option plans for the three and six months ended June 30, 2025:

			Outstanding Option Shares						Weighted-Average Exercise Price
Balance as of December 31, 2024			376,551						$	136.59
Granted			—						—
Exercised			—						—
Forfeited/canceled			(200,005)						112.13
Balance as of June 30, 2025			176,546						$	164.31

Summary of Restricted Stock Unit Activity

The following table summarizes the Company’s RSU activity for the three and six months ended June 30, 2025:

			RSU Awards						Weighted-Average Grant Date Fair Value
Unvested RSUs as of December 31, 2024			975,520						$	14.32
Granted			743,339						5.06
Forfeited			(12,948)						20.17
Vested			(371,455)						16.81
Unvested RSUs as of June 30, 2025			1,334,456						$	8.41

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Tabular disclosure of cost recognized for award under share-based payment arrangement by plan. Includes, but is not limited to, related tax benefit.

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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
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Tabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.

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Tabular disclosure of the number and weighted-average grant date fair value for restricted stock units that were outstanding at the beginning and end of the year, and the number of restricted stock units that were granted, vested, or forfeited during the year.

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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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