| 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, 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 |
|
| 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 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
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
| |
|
2023 |
|
|
2022 |
|
| |
|
As of December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
| Beginning warrant liabilities |
|
$ |
19,657 |
|
|
$ |
9,007 |
|
| Fair value of warrants issued in connection with private offering |
|
|
— |
|
|
|
22,034 |
|
| Loss (gain) recognized in earnings from change in fair value |
|
|
11,695 |
|
|
|
(11,384 |
) |
| Ending warrant liabilities |
|
$ |
31,352 |
|
|
$ |
19,657 |
|
|
| SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS |
Assumptions
used to estimate the fair value of the warrants in the Black-Scholes option-pricing model are as follows:
SCHEDULE
OF ESTIMATE FAIR VALUE OF WARRANTS
| |
|
As of December 31, |
|
| |
|
2023 |
|
|
2022 |
|
| |
|
|
|
|
|
|
| Common share price |
|
|
$5.01
|
|
|
|
$1.72 – $2.18 |
|
| Expected term (years) |
|
|
2.96 – 3.84 |
|
|
|
3.96 – 4.84 |
|
| Risk-free interest rate (%) |
|
|
3.84% – 3.92% |
|
|
|
3.91% – 4.01% |
|
| Volatility (%) |
|
|
100% |
|
|
|
102.40% – 107.55% |
|
| Expected dividend yield (%) |
|
|
0% |
|
|
|
0% |
|
|