| 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):
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS
| Description |
|
Fair Value at December 31, 2022 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Recurring Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money market fund |
|
$ |
12,923 |
|
|
$ |
12,923 |
|
|
$ |
— |
|
|
$ |
— |
|
| Short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. treasury and federal agency securities |
|
|
37,932 |
|
|
|
— |
|
|
|
37,932 |
|
|
|
— |
|
| Total assets measured at fair value |
|
$ |
50,855 |
|
|
$ |
12,923 |
|
|
$ |
37,932 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant liabilities |
|
$ |
— |
|
|
|
— |
|
|
|
— |
|
|
$ |
19,657 |
|
| Total liabilities measured at fair value |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19,657 |
|
| Description |
|
Fair Value at December 31, 2021 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Recurring Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money market fund |
|
$ |
28,590 |
|
|
$ |
28,590 |
|
|
$ |
— |
|
|
$ |
— |
|
| Short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. treasury and federal agency securities |
|
|
12,086 |
|
|
|
— |
|
|
|
12,086 |
|
|
|
— |
|
| Total recurring assets |
|
|
40,676 |
|
|
|
28,590 |
|
|
|
12,086 |
|
|
|
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Non-recurring Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Licensed technology, net |
|
$ |
1,384 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
1,384 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets measured at fair value
|
|
$ |
42,060 |
|
|
$ |
28,590 |
|
|
$ |
12,086 |
|
|
$ |
1,384 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant liabilities |
|
$ |
— |
|
|
|
— |
|
|
|
— |
|
|
$ |
9,007 |
|
| Total liabilities measured at fair value |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,007 |
|
|
| 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
| |
|
2022 |
|
|
2021 |
|
| |
|
As of December 31, |
|
| |
|
2022 |
|
|
2021 |
|
| |
|
|
|
|
|
|
| Beginning warrant liabilities |
|
$ |
9,007 |
|
|
$ |
— |
|
| Fair value of warrants issued in connection with public offering |
|
|
— |
|
|
|
9,007 |
|
| Fair value of warrants issued in connection with private offering |
|
|
22,034 |
|
|
|
— |
|
| Gain recognized in earnings from change in fair value |
|
|
(11,384 |
) |
|
|
— |
|
| Ending warrant liabilities |
|
$ |
19,657 |
|
|
$ |
9,007 |
|
|