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FAIR VALUE MEASUREMENTS (Tables)
 12 Months Ended
Dec. 31, 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 (in thousands):

 

Description  Fair Value at December 31, 2023   Level 1   Level 2   Level 3 
                 
Recurring Assets                    
Cash equivalents                    
Money market fund  $1,034   $1,034   $—   $— 
Short-term investments                    
U.S. treasury securities   8,393    8,393    —    — 
U.S. federal agency securities   29,360    —    29,360    — 
Total assets measured at fair value  $38,787   $9,427   $29,360   $— 
                     
Liabilities                    
Payable to licensor  $4,580   $—   $—   $4,580 
Warrant liabilities   31,352    —    —    31,352 
Total liabilities measured at fair value  $35,932   $—   $—   $35,932 

 

 

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   $—   $—   $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):

 

   2023   2022 
   As of December 31, 
   2023   2022 
         
Beginning warrant liabilities  $19,657   $9,007 
Fair value of warrants issued in connection with private offering   —    22,034 
Loss (gain) recognized in earnings from change in fair value   11,695    (11,384)
Ending warrant liabilities  $31,352   $19,657 
SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS

Assumptions used to estimate the fair value of the warrants in the Black-Scholes option-pricing model are as follows:

 

   As of December 31, 
   2023   2022 
         
Common share price   $5.01    $1.72 – $2.18 
Expected term (years)   2.96 – 3.84    3.96 – 4.84 
Risk-free interest rate (%)   3.84% – 3.92%   3.91% – 4.01%
Volatility (%)   100%   102.40% – 107.55%
Expected dividend yield (%)   0%   0%