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FAIR VALUE MEASUREMENTS (Tables)
 9 Months Ended
Sep. 30, 2025
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 and liabilities measured at fair value on a recurring and non-recurring basis (in thousands):

 

Description 

Fair Value at

September 30, 2025

   Level 1   Level 2   Level 3 
                 
Recurring Assets                    
Cash equivalents                    
Money market funds  $82,189   $82,189   $—   $— 
Money market deposit account   180    180    —    — 
Short-term investments                    
U.S. treasury securities   50,589    50,589    —    — 
U.S. federal agency securities   23,536    —    23,536    — 
Certificates of deposit   50,108    —    50,108    — 
Total assets measured at fair value  $206,602   $132,958   $73,644   $— 
                     
Liabilities                    
Warrant liabilities  $22,566   $—   $—   $22,566 
Total liabilities measured at fair value  $22,566   $—   $—   $22,566 

 

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 
SCHEDULE OF OUTSTANDING WARRANT LIABILITIES

As of September 30, 2025 and December 31, 2024, the Company had the following outstanding warrant liabilities:

 

   September 30, 2025   December 31, 2024 
         
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   6,522,923    7,609,879 
Warrants issued as part of the 2024 Loan Agreement, expiration date January 2029, exercise price $4.07 per share   589,681    589,681 
Warrants issued as part of the 2024 Loan Agreement Amendment, expiration date July 2030, exercise price $6.07 per share   16,473    — 
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, 2024  $32,014 
Issuance of warrants   80 
Reclassification of warrants to equity as part of warrant exercise   (4,911)
Gain recognized in earnings from change in fair value   (4,617)
Warrant liabilities as of September 30, 2025  $22,566 
SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS

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

 

    September 30, 2025     December 31, 2024  
             
Common share price     $5.28       $5.57  
Expected term (years)     1.21 – 4.80       1.96 – 4.02  
Risk-free interest rate (%)     3.54% – 3.67%       4.16% – 4.24%  
Volatility (%)     84.78% – 100.00%       92.64% – 100.00%  
Expected dividend yield (%)     0%       0%