SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2021

Share-based Payment Arrangement [Abstract]

Schedule of Share-Based Compensation Expense

The following table sets forth the amount of share-based compensation expense recognized by the Company by line item on its condensed consolidated statements of operations and comprehensive (loss) income for the three months ended March 31, 2021 and 2020 (in thousands):

	Three Months ended March 31,
	2021		2020
Research and development	$	178	$	79
General and administrative	780		328
	$	958	$	407

Schedule of Stock Option Activity

The following table sets forth a summary of the Company’s total stock option activity, including awards granted under the 2014 Plan and 2009 Plan and inducement grants made outside of stockholder approved plans, for the three months ended March 31, 2021:

	Number of Shares under Option (in thousands)	Weighted-average Exercise Price per Option	Weighted-average Remaining Contractual Life (in years)	Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2020	10,147	$1.26	8.5	$	3,160
Granted	4,264	$3.15
Exercised	(31)	$1.27
Canceled or forfeited	—	$0.00
Outstanding at March 31, 2021	14,380	$1.82	8.6	$	14,717
Exercisable at March 31, 2021	4,803	$1.55	7.7	$	6,194

Schedule of Weighted-Average Inputs and Assumptions in Black-Scholes Option

For the three months ended March 31, 2021 and 2020, the grant-date fair value of stock options was determined using the following weighted-average inputs and assumptions in the Black-Scholes option pricing model:

	March 31, 2021	March 31, 2020
Fair market value	$3.15	$0.89
Grant exercise price	$3.15	$0.89
Expected term (in years)	6.00	5.98
Risk-free interest rate	0.8	1.5
Expected volatility	75.0	71.1
Dividend yield	—%	—%