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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2023

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 as of September 30, 2023 and December 31, 2022 (in thousands):

 SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS

Description		Fair Value at September 30, 2023				Level 1				Level 2				Level 3
Recurring Assets
Cash equivalents
Money market fund		$	1,021			$	1,021			$	—			$	—
Short-term investments
U.S. treasury securities			4,894				4,894				—				—
U.S. federal agency securities			44,148				—				44,148				—
Total assets measured at fair value		$	50,063			$	5,915			$	44,148			$	—
Liabilities
Payable to licensor		$	4,472				—				—			$	4,472
Warrant liabilities			27,122				—				—				27,122
Total liabilities measured at fair value		$	31,594			$	—			$	—			$	31,594

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 securities 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				—				—				19,657
Total liabilities measured at fair value		$	19,657			$	—			$	—			$	19,657

SCHEDULE OF ACTIVITY OF WARRANT LIABILITIES

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

 SCHEDULE OF ACTIVITY OF WARRANT LIABILITIES

Warrant liabilities as of December 31, 2022		$	19,657
Loss recognized in earnings from change in fair value			7,465
Warrant liabilities as of September 30, 2023		$	27,122

SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS

SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS

		September 30, 2023				December 31, 2022
Common share price			$4.21				$1.72-$2.18
Expected term (years)			3.21 – 4.09				3.96 – 4.84
Risk-free interest rate (%)			4.56% – 4.65%				3.91% – 4.01%
Volatility (%)			100.00% – 106.99%				102.40% – 107.55%
Expected dividend yield (%)			0%				0%

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- Definition

Schedule Of Activity Warranty Liability [Table Text Block]

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Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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