SHARE-BASED COMPENSATION (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Share-Based Payment Arrangement [Abstract] |
|
| Schedule of Balances by Plan |
As of June 30, 2025, the Company had the following balances by plan: | | | | | | | | | | | | | | | | | | | | | Restricted Stock Units Outstanding | | Stock Options Outstanding | | | | Shares Available for Issuance | | Inducement Awards | — | | | 7,417,967 | | | | | — | | | 2020 Plan | — | | | 51,709 | | | | | — | | | 2016 Plan | 1,108,292 | | | 6,431,772 | | | | | 10,741,937 | | | 2008 Plan | — | | | 24 | | | | | — | | | Total | 1,108,292 | | | 13,901,472 | | | | | 10,741,937 | |
|
| Schedule of Restricted Stock Units |
A summary of RSU activity is as follows: | | | | | | | | | | | | | RSUs | | Weighted-Average Grant Date Fair Value | Nonvested, December 31, 2024 | 314,075 | | | $15.51 | | Granted | 842,678 | | | $14.45 | | Vested | (8,547) | | | $33.29 | | Forfeited | (39,914) | | | $15.28 | Nonvested, June 30, 2025 | 1,108,292 | | | $14.57 |
|
| Schedule of Stock Option Activity |
A summary of common stock option activity is as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Number of Options | | Weighted-Average Exercise Price | | Weighted-Average Remaining Contractual Term
(years) | | Aggregate Intrinsic Value
(in thousands) | Outstanding as of December 31, 2024 | 11,348,519 | | | $18.11 | | 7.85 | | $ | 37,138 | | | Granted | 4,817,827 | | | $15.00 | | | | | | Exercised | (246,953) | | | $12.39 | | | | | | Forfeited or expired | (2,017,921) | | | $23.02 | | | | | Outstanding as of June 30, 2025 | 13,901,472 | | | $16.42 | | 8.79 | | $ | 4,723 | | Vested and expected to vest as of June 30, 2025 | 13,901,472 | | | $16.42 | | 8.79 | | $ | 4,723 | | Exercisable as of June 30, 2025 | 3,990,191 | | | $18.07 | | 8.05 | | $ | 1,814 | | Vested as of June 30, 2025 | 3,990,191 | | | $18.07 | | 8.05 | | $ | 1,814 | |
|
| Schedule of Fair Value Assumptions for Stock Options |
The fair value was determined by the Black-Scholes option pricing model using the following weighted-average assumptions: | | | | | | | | | | | | | Six Months Ended June 30, | | 2025 | | 2024 | | Expected term, in years | 4.96 | | 5.11 | | Expected volatility | 84.9% | | 88.9% | | Risk-free interest rate | 4.0% | | 4.4% | | Expected dividend yield | —% | | —% | | Weighted average exercise price | $15.00 | | $15.60 |
|
| Schedule of Allocation of Share-based Compensation Expense |
Share-based compensation related to all equity awards issued pursuant to the Equity Incentive Plans, the Inducement Awards, and for estimated shares to be issued under the ESPP for the purchase periods active during each respective period is included in the condensed consolidated statements of operations and comprehensive loss as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | (in thousands) | | (in thousands) | | Research and development | $ | 5,173 | | | $ | 5,791 | | | $ | 10,921 | | | $ | 12,470 | | | General and administrative | 5,671 | | | 5,976 | | | 10,143 | | | 11,985 | | | Total share-based compensation expense | $ | 10,844 | | | $ | 11,767 | | | $ | 21,064 | | | $ | 24,455 | |
|