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

 

Description  Fair Value at
December 31,
2024		   Level 1   Level 2   Level 3 
                 
Recurring Assets                    
Cash equivalents                    
Money market funds  $17,627   $17,627   $—   $— 
Money market deposit account   5,109    5,109    —    — 
Short-term investments                    
U.S. treasury securities   23,968    23,968    —    — 
U.S. federal agency securities   40,375    —    40,375    — 
Certificates of deposit   10,020    —    10,020    — 
Total assets measured at fair value  $97,099   $46,704   $50,395   $— 
                     
Liabilities                    
Warrant liabilities  $32,014   $—   $—   $32,014 
Total liabilities measured at fair value  $32,014   $—   $—   $32,014 

 

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 December 31, 2024 and 2023, the Company had the following outstanding warrants:

 

   2024   2023 
   As of December 31, 
   2024   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    — 
SCHEDULE OF ACTIVITY OF WARRANT LIABILITIES

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

 

   2024   2023 
   As of December 31, 
   2024   2023 
         
Beginning warrant liabilities  $31,352   $19,657 
Fair value of warrants issued in connection with the Loan Agreement   220    — 
Loss recognized in earnings from change in fair value   442    11,695 
Ending warrant liabilities  $32,014   $31,352 
SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS

The following table outlines the key inputs for the Black-Scholes option-pricing model:

 

   As of December 31, 
   2024   2023 
         
Common share price  $5.57   $5.01 
Expected term (years)   1.96 – 4.02     2.96 – 3.84  
Risk-free interest rate (%)   4.16% – 4.24%   3.84% – 3.92%
Volatility (%)   92.64% - 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):

 

   2024   2023 
   As of December 31, 
   2024   2023 
         
Beginning derivative liabilities  $—   $— 
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)   — 
Ending derivative liabilities  $—   $—