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FAIR VALUE MEASUREMENTS (Tables)

6 Months Ended

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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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.

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-Topic 820
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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).

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