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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 2022
Fair Value Disclosures [Abstract]  
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS

The following table provides a summary of financial assets measured at fair value on a recurring and non-recurring basis (in thousands):

 

Description  Fair Value at December 31, 2022   Level 1   Level 2   Level 3 
                 
Recurring Assets                    
Cash equivalents                    
Money market fund  $12,923   $12,923   $—   $— 
Short-term investments                    
U.S. treasury and federal agency securities   37,932    —    37,932    — 
Total assets measured at fair value  $50,855   $12,923   $37,932   $— 
                     
Liabilities                    
Warrant liabilities  $—    —    —   $19,657 
Total liabilities measured at fair value  $—   $—   $—   $19,657 

 

Description  Fair Value at December 31, 2021   Level 1   Level 2   Level 3 
                 
Recurring Assets:                     
Cash equivalents                    
Money market fund  $28,590   $28,590   $—   $— 
Short-term investments                    
U.S. treasury and federal agency securities   12,086    —    12,086    — 
Total recurring assets   40,676    28,590    12,086    — 
                     
Non-recurring Assets                     
Licensed technology, net  $1,384   $—   $—   $1,384 
                     
Total assets measured at fair value
  $42,060   $28,590   $12,086   $1,384 
                     
Liabilities                     
Warrant liabilities  $—    —    —   $9,007 
Total liabilities measured at fair value  $—   $—   $—   $9,007 
SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS

 

    As of December 31, 
    2022    2021 
           
Common share price   $1.72 – $2.18    $5.04 – $6.10 
Expected term (years)   3.96 – 4.84    4.96 – 5.00 
Risk-free interest rate (%)   3.91% – 4.01 %   1.18% – 1.26 %
Volatility (%)   102.40% – 107.55%    98.26% – 98.69%
SCHEDULE OF ACTIVITY OF WARRANT LIABILITIES

The following table provides a summary of the activity on the warrant liabilities (in thousands):

 

   2022   2021 
   As of December 31, 
   2022   2021 
         
Beginning warrant liabilities  $9,007   $— 
Fair value of warrants issued in connection with public offering   —    9,007 
Fair value of warrants issued in connection with private offering   22,034    — 
Gain recognized in earnings from change in fair value   (11,384)   — 
Ending warrant liabilities  $19,657   $9,007