STOCK-BASED COMPENSATION (Tables)
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9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
| STOCK-BASED COMPENSATION |
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| SCHEDULE OF OPTION ACTIVITY UNDER 2021 PLAN AND 2018 PLAN |
| | | | | | | | | | | | | | | | | | | Weighted- | | | | | | | | | | | | Average | | | | | | | | | | | | Remaining | | Aggregate | | | | | | Weighted-Average | | Contractual Term | | Intrinsic Value | | | | Options | | Exercise Price | | (in years) | | (in thousands) | | Outstanding at December 31, 2023 | | 5,230,344 | | $ | 13.66 | | 8.16 | | $ | 49,728 | | Granted | | 1,489,191 | | | 19.70 | | | | | | | Exercised | | (265,482) | | | 4.67 | | | | | | | Cancelled/Forfeited | | (2,739,949) | | | 18.84 | | | | | | | Outstanding at September 30, 2024 | | 3,714,104 | | $ | 12.91 | | 4.98 | | $ | 12 | | Vested and exercisable at September 30, 2024 | | 2,791,181 | | | 12.06 | | 3.95 | | | 12 | |
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The following table summarizes the option activity under the 2021 Plan and 2018 Plan for the year ended December 31, 2023: | | | | | | | | | | | | | | | | | | | Weighted- | | | | | | | | | | | | Average | | | | | | | | | | | | Remaining | | Aggregate | | | | | | Weighted-Average | | Contractual Term | | Intrinsic Value | | | | Options | | Exercise Price | | (in years) | | (in thousands) | | Vested and expected to vest at December 31, 2022 | | 4,110,219 | | $ | 9.23 | | 8.46 | | $ | 82,490 | | Granted | | 1,546,001 | | | 22.85 | | | | | | | Exercised | | (338,987) | | | 2.91 | | | | | | | Cancelled/Forfeited | | (86,889) | | | 9.62 | | | | | | | Outstanding at December 31, 2023 | | 5,230,344 | | $ | 13.66 | | 8.16 | | $ | 49,728 | | Vested and exercisable at December 31, 2023 | | 2,157,378 | | | 11.24 | | 7.81 | | | 25,152 | | Vested and expected to vest at December 31, 2023 | | 5,230,344 | | $ | 13.66 | | 8.16 | | $ | 49,728 | |
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| SCHEDULE OF UNVESTED RESTRICTED STOCK UNIT ACTIVITY |
| | | | | | | | | | | Weighted- | | | | | | Average Grant | | | | | | Date Fair Value | | | | Units | | Per Unit | | Unvested restricted stock units as of December 31, 2023 | | 21,968 | | $ | 22.26 | | Granted | | — | | | — | | Vested | | (5,492) | | | 21.30 | | Forfeited | | (16,476) | | | 22.58 | | Unvested restricted stock units as of September 30, 2024 | | — | | $ | — | |
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| | | | | | | | | | | Weighted- | | | | | | Average Grant | | | | | | Date Fair Value | | | | Units | | Per Unit | | Unvested restricted stock units as of December 31, 2022 | | 28,881 | | $ | 21.62 | | Granted | | 3,000 | | | 24.58 | | Vested | | (9,913) | | | 21.10 | | Forfeited | | — | | | — | | Unvested restricted stock units as of December 31, 2023 | | 21,968 | | $ | 22.26 | |
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| SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE |
Stock-based compensation expense recognized for all equity awards has been reported in the statements of operations and comprehensive loss as follows (in thousands): | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | 2024 | | 2023 | | 2024 | | 2023 | | Research and development | | $ | 458 | | $ | 1,817 | | $ | 4,987 | | $ | 4,798 | | General and administrative | | | 1,545 | | | 1,420 | | | 5,081 | | | 3,857 | | Total | | $ | 2,003 | | $ | 3,237 | | $ | 10,068 | | $ | 8,655 | |
Stock-based compensation expense by type of award included within the consolidated statements of operations and comprehensive income (loss) was as follows: | | | | | | | | | | | | | | | | Three Months Ended September 30, | | Nine Months Ended September 30, | | | | 2024 | | 2023 | | 2024 | | 2023 | | Stock options | | $ | 2,014 | | $ | 3,140 | | $ | 9,890 | | $ | 8,369 | | Restricted stock awards and units | | | — | | | 52 | | | 116 | | | 151 | | Employee stock purchase plan awards | | | (11) | | | 45 | | | 62 | | | 135 | | Total | | $ | 2,003 | | $ | 3,237 | | $ | 10,068 | | $ | 8,655 | |
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Stock-based compensation expense recognized for stock option grants has been reported in the statements of operations and comprehensive loss as follows (in thousands): | | | | | | | | | | Year Ended December 31, | | | | 2023 | | 2022 | | Research and development | | $ | 6,621 | | $ | 2,129 | | General and administrative | | | 5,285 | | | 3,347 | | Total | | $ | 11,906 | | $ | 5,476 | |
Stock-based compensation expense by type of award included within the consolidated statements of operations and comprehensive (loss) income was as follows: | | | | | | | | | | | | | | | | | | Stock options | | $ | 11,494 | | $ | 5,316 | | Employee stock purchase plan awards | | | 211 | | | 62 | | Restricted stock awards and units | | | 201 | | | 98 | | Total | | $ | 11,906 | | $ | 5,476 | |
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