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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 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 September 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 September 30, 2024 |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Recurring Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 15,193 |  |  | $ | 15,193 |  |  | $ | — |  |  | $ | — |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury securities |  |  | 43,572 |  |  |  | 43,572 |  |  |  | — |  |  |  | — |
U.S. federal agency securities |  |  | 36,863 |  |  |  | — |  |  |  | 36,863 |  |  |  | — |
Certificates of deposit |  |  | 13,540 |  |  |  | 13,540 |  |  |  | — |  |  |  | — |
Total assets measured at fair value |  | $ | 109,168 |  |  | $ | 72,305 |  |  | $ | 36,863 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Payable to licensor |  | $ | 4,921 |  |  | $ | — |  |  | $ | — |  |  | $ | 4,921 |
Warrant liabilities |  |  | 38,789 |  |  |  | — |  |  |  | — |  |  |  | 38,789 |
Total liabilities measured at fair value |  |  | 43,710 |  |  | $ | — |  |  | $ | — |  |  |  | 43,710 |
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 September 30, 2024 and December 31, 2023, the Company had the following outstanding warrant liabilities: SCHEDULE OF OUTSTANDING WARRANT LIABILITIES
|  | September 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 $4.07 per share |  |  | 589,681 |  |  |  | — |
Outstanding warrant liabilities |  |  | 7,609,879 |  |  |  | 7,609,879 |
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 the Loan Agreement |  |  | 220 |
Loss recognized in earnings from change in fair value |  |  | 7,217 |
Warrant liabilities as of September 30, 2024 |  | $ | 38,789 |
SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS | The following table outlines the key inputs for the Black-Scholes option-pricing model: SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS
|  | September 30, 2024 |  |  | December 31, 2023 |
Common share price |  |  | $6.32 |  |  |  | $5.01 |
Expected term (years) |  |  | 2.21 – 4.27 |  |  |  | 2.96 – 3.84 |
Risk-free interest rate (%) |  |  | 3.51% – 3.57% |  |  |  | 3.84% – 3.92% |
Volatility (%) |  |  | 96.51% - 100.00% |  |  |  | 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 |
Loss recognized in earnings from change in fair value |  |  | 313 |
Reclassification of derivative liability in connection with the Loan Agreement |  |  | (1,135 | )
Derivative liabilities as of September 30, 2024 |  | $ | — |
SCHEDULE OF ESTIMATE FAIR VALUE OF DERIVATIVES | The following table outlines the key inputs for the Monte Carlo simulation model: SCHEDULE OF ESTIMATE FAIR VALUE OF DERIVATIVES
|  | September 30, 2024 |  |  | December 31, 2023 |
Common share price |  |  | $6.32 |  |  |  | — |
Expected term (years) |  |  | 2.75 |  |  |  | — |
Risk-free interest rate (%) |  |  | 3.53% |  |  |  | — |
Volatility (%) |  |  | 93.79% |  |  |  | — |

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