STOCKHOLDERS' EQUITY (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Equity [Abstract] |
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| Schedule of Share-based Compensation |
Share-based compensation 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, 2025 and 2024 was as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | FOR THE THREE MONTHS ENDED
JUNE 30, | | FOR THE SIX MONTHS ENDED
JUNE 30, | | | | (in thousands) | 2025 | | 2024 | | 2025 | | 2024 | | | | | | Research and development | $ | 618 | | | $ | 772 | | | $ | 1,428 | | | $ | 1,541 | | | | | | | General and administrative | 996 | | | 1,143 | | | 2,065 | | | 2,462 | | | | | | | $ | 1,614 | | | $ | 1,915 | | | $ | 3,493 | | | $ | 4,003 | | | | | | | | | | | | | | | | | |
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| Schedule of Stock Option Activity |
The following table summarizes stock option activity for the six months ended June 30, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | | | | Stock Options | | Number of Option Shares | | Weighted-Average
Exercise Price | | Weighted-Average
Contractual Term
(in years) | | Aggregate Intrinsic Value
(in thousands) | | Outstanding stock options at December 31, 2024 | | 4,235,183 | | $ | 7.85 | | | 7.8 | | $ | — | | | Granted | | 1,793,556 | | $ | 0.73 | | | | | | | Forfeited | | (146,506) | | $ | 4.54 | | | | | | | Expired | | (78,825) | | $ | 7.69 | | | | | | | Exercised | | — | | $ | — | | | | | | | Outstanding stock options at June 30, 2025 | | 5,803,408 | | $ | 5.74 | | | 7.9 | | $ | 9 | | | Exercisable stock options at June 30, 2025 | | 3,077,702 | | $ | 8.41 | | | 7.0 | | $ | — | |
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| Schedule of Assumptions of Fair Value of Stock Option Pricing Granted |
The fair value of the stock options granted during the six months ended June 30, 2025 and 2024 was determined using the Black-Scholes option pricing model with the following assumptions: | | | | | | | | | | | | | | | | | FOR THE SIX MONTHS ENDED
JUNE 30, | | | 2025 | | 2024 | | Expected volatility | | 91.88% - 119.61% | | 89.41% - 94.48% | | Expected term (years) | | 5.27 - 6.02 | | 5.50 - 6.02 | | Risk free interest rate | | 4.03% - 4.39% | | 3.93% - 4.35% | | Expected dividend yield | | — | | — | | Exercise price | | $0.30 - $0.95 | | $1.86 - $2.40 |
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| Schedule of Nonvested Restricted Common Stock Awards |
A summary of the status of the Company's nonvested restricted common stock awards at June 30, 2025 and changes during the six months ended June 30, 2025 was as follows: | | | | | | | | | | | | | | | | Restricted Stock Awards | | Shares | | Weighted-Average Grant Date Fair Value Per Share | | Nonvested restricted stock awards at December 31, 2024 | | 21,950 | | $ | 5.21 | | | Granted | | — | | $ | — | | | Vested | | (16,270) | | $ | 6.29 | | | Forfeited | | — | | $ | — | | | Nonvested restricted stock awards at June 30, 2025 | | 5,680 | | $ | 2.13 | |
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| Schedule of Nonvested Restricted Common Stock Units |
A summary of the status of the Company's nonvested restricted common stock units at June 30, 2025 and changes during the six months ended June 30, 2025 was as follows: | | | | | | | | | | | | | | | | Restricted Stock Units | | Shares | | Weighted-Average Grant Date Fair Value Per Share | | Nonvested restricted stock units at December 31, 2024 | | 1,064,741 | | $ | 2.36 | | | Granted | | 454,190 | | $ | 0.75 | | | Forfeited | | (163,241) | | $ | 1.74 | | | Vested | | (161,990) | | $ | 4.39 | | | Nonvested restricted stock units at June 30, 2025 | | 1,193,700 | | $ | 1.56 | |
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