| 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 as of September
30, 2023 and December 31, 2022 (in thousands):
SCHEDULE
OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS
| Description |
|
Fair Value at September 30, 2023 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Recurring Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money market fund |
|
$ |
1,021 |
|
|
$ |
1,021 |
|
|
$ |
— |
|
|
$ |
— |
|
| Short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. treasury securities |
|
|
4,894 |
|
|
|
4,894 |
|
|
|
— |
|
|
|
— |
|
| U.S. federal agency securities |
|
|
44,148 |
|
|
|
— |
|
|
|
44,148 |
|
|
|
— |
|
| Total assets measured at fair value |
|
$ |
50,063 |
|
|
$ |
5,915 |
|
|
$ |
44,148 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to licensor |
|
$ |
4,472 |
|
|
|
— |
|
|
|
— |
|
|
$ |
4,472 |
|
| Warrant liabilities |
|
|
27,122 |
|
|
|
— |
|
|
|
— |
|
|
|
27,122 |
|
| Total liabilities measured at fair value |
|
$ |
31,594 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
31,594 |
|
| 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 securities 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 |
|
|
|
— |
|
|
|
— |
|
|
|
19,657 |
|
| Total
liabilities measured at fair value |
|
$ |
19,657 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
19,657 |
|
|
| 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, 2022 |
|
$ |
19,657 |
|
| Loss recognized in earnings from change in fair value |
|
|
7,465 |
|
| Warrant liabilities as of September 30, 2023 |
|
$ |
27,122 |
|
|