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STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended
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Jun. 30, 2024
Equity [Abstract] |
Schedule of Share-based Compensation | Share-based compensation expense is comprised of the Company's stock options, restricted stock awards, restricted stock units and shares issued pursuant to the employee stock purchase plan, and is classified in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2024 and 2023 as follows:
| FOR THE THREE MONTHS ENDED JUNE 30, |  | FOR THE SIX MONTHS ENDED JUNE 30, |  |
(in thousands) | 2024 |  | 2023 |  | 2024 |  | 2023 |  |  |  |
Research and development | $ | 772 |  |  | $ | 1,180 |  |  | $ | 1,541 |  |  | $ | 2,243 |  |  |  |  |
General and administrative | 1,143 |  |  | 1,512 |  |  | 2,462 |  |  | 3,494 |  |  |  |  |
| $ | 1,915 |  |  | $ | 2,692 |  |  | $ | 4,003 |  |  | $ | 5,737 |  |  |  |  |
Schedule of Stock Option Activity | The following table summarizes stock option activity for the six months ended June 30, 2024:
Stock Options |  | Number of Option Shares |  | Weighted-Average Exercise Price |  | Weighted-Average Contractual Term (in years) |  | Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2023 |  | 4,270,544 |  | $ | 9.98 |  |  | 8.5 |  | $ | — |
Granted |  | 1,119,039 |  | $ | 1.89 |  |  |  |  |
Forfeited |  | (556,235) |  | $ | 9.62 |  |  |  |  |
Expired |  | (17,801) |  | $ | 12.54 |  |  |  |  |
Exercised |  | — |  | $ | — |  |  |  |  |
Outstanding at June 30, 2024 |  | 4,815,547 |  | $ | 8.13 |  |  | 7.6 |  | $ | — |
Options exercisable at June 30, 2024 |  | 2,299,367 |  | $ | 10.38 |  |  | 6.4 |  | $ | — |
Schedule of Assumptions of Fair Value of Option Pricing Granted | The fair value of the stock options granted during the six months ended June 30, 2024 and 2023 was determined using the Black-Scholes option pricing model with the following assumptions:
|  | FOR THE SIX MONTHS ENDED JUNE 30,
|  | 2024 |  | 2023
Expected volatility |  | 89.41% - 94.48% |  | 89.14% - 92.27%
Expected term (years) |  | 5.50 - 6.02 |  | 5.50 - 6.08
Risk free interest rate |  | 3.93% - 4.35% |  | 3.58% - 4.52%
Expected dividend yield |  | — |  |  | — |
Exercise price |  | $1.86 - $2.40 |  | $5.38 - $7.83
Schedule of Unvested Restricted Common Stock Awards | A summary of the status of the Company's unvested restricted common stock awards at June 30, 2024 and changes during the six months ended June 30, 2024 was as follows:
Restricted Stock Awards |  | Shares |  | Weighted-Average Grant Date Fair Value Per Share
Unvested restricted stock awards at December 31, 2023 |  | 354,394 |  | $ | 4.10 |
Granted |  | — |  | $ | — |
Vested |  | (179,858) |  | $ | 3.45 |
Forfeited |  | (18,556) |  | $ | 16.03 |
Outstanding unvested restricted stock awards at June 30, 2024 |  | 155,980 |  | $ | 3.43 |
Schedule of Unvested Restricted Common Stock Units | A summary of the status of the Company's unvested restricted common stock units at June 30, 2024 and changes during the six months ended June 30, 2024 was as follows:
Restricted Stock Units |  | Shares |  | Weighted-Average Grant Date Fair Value Per Share
Unvested restricted stock units at December 31, 2023 |  | 220,250 |  | $ | 8.55 |
Granted |  | 295,980 |  | $ | 1.83 |
Forfeited |  | (101,340) |  | $ | 7.60 |
Vested |  | (1,925) |  | $ | 7.68 |
Outstanding unvested restricted stock units at June 30, 2024 |  | 412,965 |  | $ | 3.97 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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