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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 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 basis as of June 30, 2024 and December 31, 2023 (in thousands): SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS
Description |  | Fair Value at June 30, 2024 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Recurring Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 33,380 |  |  | $ | 33,380 |  |  | $ | — |  |  | $ | — |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 68,812 |  |  |  | 68,812 |  |  |  | — |  |  |  | — |
U.S. federal agency securities |  |  | 5,963 |  |  |  | — |  |  |  | 5,963 |  |  |  | — |
Certificates of deposit |  |  | 13,507 |  |  |  | 13,507 |  |  |  | — |  |  |  | — |
Total assets measured at fair value |  | $ | 121,662 |  |  | $ | 115,699 |  |  | $ | 5,963 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payable to licensor |  | $ | 4,805 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,805 |
Derivative liabilities |  |  | 668 |  |  |  | — |  |  |  | — |  |  |  | 668 |
Warrant liabilities |  |  | 24,100 |  |  |  | — |  |  |  | — |  |  |  | 24,100 |
Total liabilities measured at fair value |  | $ | 29,573 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,573 |
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 June 30, 2024 and December 31, 2023, the Company had the following outstanding warrant liabilities: SCHEDULE OF OUTSTANDING WARRANT LIABILITIES
|  | June 30, 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 Offering, 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) $4.07 and (ii) the price per share of the Company’s next bona fide round of equity financing before September 30, 2024 |  |  | 589,681 |  |  |  | — |
Outstanding warrants |  |  | 589,681 |  |  |  | — |
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, 2023 |  | $ | 31,352 |
Fair value of warrants issued in connection with Loan Agreement |  |  | 220 |
Gain recognized in earnings from change in fair value |  |  | (7,472 | )
Warrant liabilities as of June 30, 2024 |  | $ | 24,100 |
SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS | SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS
|  | June 30, 2024 |  |  | December 31, 2023 |
Common share price |  |  | $4.24 |  |  |  | $5.01 |
Expected term (years) |  |  | 2.46 – 4.53 |  |  |  | 2.96 – 3.84 |
Risk-free interest rate (%) |  |  | 4.26% – 4.51% |  |  |  | 3.84% – 3.92% |
Volatility (%) |  |  | 100.00% - 101.03% |  |  |  | 100.00% |
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): SCHEDULE OF ACTIVITY OF DERIVATIVE LIABILITIES
Derivative liabilities as of December 31, 2023 |  | $ | — |
Fair value of derivatives issued in connection with Loan Agreement |  |  | 822 |
Gain recognized in earnings from change in fair value |  |  | (154 | )
Derivative liabilities as of June 30, 2024 |  | $ | 668 |
SCHEDULE OF ESTIMATE FAIR VALUE OF DERIVATIVES | SCHEDULE OF ESTIMATE FAIR VALUE OF DERIVATIVES
|  | June 30, 2024 |  |  | December 31, 2023 |
Common share price |  |  | $4.24 |  |  |  | — |
Expected term (years) |  |  | 3.00 |  |  |  | — |
Risk-free interest rate (%) |  |  | 4.40 | % |  |  | — |
Volatility (%) |  |  | 97.78 | % |  |  | — |

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