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FINANCIAL INSTRUMENTS MEASURED AT FAIR VALUE AND CONCENTRATIONS OF CREDIT RISK (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Measurements and Financial Statement Presentation | The Company’s financial instruments measured at fair value and their respective levels in the fair value hierarchy as of September 30, 2024, and December 31, 2023, were as follows:
|  | September 30, 2024 |  | December 31, 2023
|  | Fair Value of Assets |  | Fair Value of Assets
In Thousands |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Money market funds (1) |  | $ | 1,051 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,051 |  |  | $ | 7,015 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,015 |
Total |  | $ | 1,051 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,051 |  |  | $ | 7,015 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,015 |
________________________________________________ (1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.
|  | September 30, 2024 |  | December 31, 2023
|  | Fair Value of Liabilities |  | Fair Value of Liabilities
In Thousands |  | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Common Warrants |  | $ | — |  |  | $ | — |  |  | $ | 2,661 |  |  | $ | 2,661 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,418 |  |  | $ | 1,418 |
Total |  | $ | — |  |  | $ | — |  |  | $ | 2,661 |  |  | $ | 2,661 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,418 |  |  | $ | 1,418 |
Schedule of Common Warrants Activity | The following table summarizes the Common Warrants activity for the nine months ended September 30, 2024:
In Thousands |  | Level 3 Fair Value of Liabilities
Balance as of December 31, 2023 |  | $ | 1,418 |
Issued |  | 10,151 |
Change in fair value |  | (8,908) |
Balance as of September 30, 2024 |  | $ | 2,661 |
The following table summarizes the Common Warrants activity for the nine months ended September 30, 2023:
In Thousands |  | Level 3 Fair Value of Liabilities
Balance as of December 31, 2022 |  | $ | 291 |
Change in fair value |  | 1,221 |
Balance as of September 30, 2023 |  | $ | 1,512 |
Schedule of Fair Value of the Common Warrants | The estimated fair values of the Common Warrants, and the assumptions used for the Black-Scholes option pricing model were as follows:
| As of September 30, 2024 |  | As of December 31, 2023
Estimated fair value of common warrants per share | $0.49 - $1.99 |  | $ | 8.95 |
Assumptions: |  |  |
Risk-free interest rate | 3.5% - 3.6% |  | 3.9 | %
Expected volatility | 105.1% - 110.4% |  | 100.7 | %
Expected term to liquidation (in years) | 2.9 - 4.7 |  | 3.6

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- Definition 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. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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