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FAIR VALUE MEASUREMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
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 March 31, 2024 and December 31, 2023 (in thousands):

 

Description  Fair Value at March 31, 2024   Level 1   Level 2   Level 3 
                 
Recurring Assets                    
Cash equivalents                    
Money market fund  $17,558   $17,558   $—   $— 
Short-term investments                    
U.S. treasury securities   36,832    36,832    —    — 
U.S. federal agency securities   7,954    —    7,954    — 
Total assets measured at fair value  $62,344   $54,390   $7,954   $— 
                     
Liabilities                    
Payable to licensor  $4,691   $—   $—   $4,691 
Derivative liabilities   1,005    —    —    1,005 
Warrant liabilities   48,690    —    —    48,690 
Total liabilities measured at fair value  $54,386   $—   $—   $54,386 

 

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 
SCHEDULE OF OUTSTANDING WARRANT LIABILITIES

As of March 31, 2024 and December 31, 2023, the Company had the following outstanding warrant liabilities:

 

   March 31, 2024   December 31, 2023 
         
Warrants issued as part of the 2021 Public Offering, expiration date December 2026, exercise price of $9.75 per share   1,788,000    1,788,000 
Warrants issued as part of the 2022 Private Placement, expiration date November 2027, exercise price $4.75 per share   7,609,879    7,609,879 
Warrants issued as part of the 2024 loan agreement, expiration date January 2029, exercise price equal to the lesser of (i) $4.75 and (ii) the price per share of the Company’s next bona fide round of equity financing before September 30, 2024   505,263    — 
SCHEDULE OF ACTIVITY OF WARRANT LIABILITIES

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

 

      
Warrant liabilities as of December 31, 2023  $31,352 
Fair value of warrants issued in connection with Loan Agreement   220 
Loss recognized in earnings from change in fair value   17,118 
Warrant liabilities as of March 31, 2024  $48,690 
SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS

 

   March 31, 2024   December 31, 2023 
         
Common share price  $7.25   $5.01 
Expected term (years)   2.71 – 4.77    2.96 – 3.84 
Risk-free interest rate (%)   4.12% – 4.34%    3.84% – 3.92% 
Volatility (%)   100.00% - 103.15%    100% 
Expected dividend yield (%)   0%    0% 
SCHEDULE OF ACTIVITY OF DERIVATIVE LIABILITIES

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

 

      
Derivative liabilities as of December 31, 2023  $— 
Fair value of derivatives issued in connection with Loan Agreement   822 
Loss recognized in earnings from change in fair value   183 
Derivative liabilities as of March 31, 2024  $1,005 
SCHEDULE OF ESTIMATE FAIR VALUE OF DERIVATIVES

  

   March 31, 2024   December 31, 2023 
         
Common share price  $7.25    — 
Expected term (years)   3.25    — 
Risk-free interest rate (%)   4.27%    — 
Volatility (%)   89.70%    —