FAIR VALUE MEASUREMENTS (Tables)
|
3 Months Ended |
Mar. 31, 2024 |
|---|
| 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 measured at fair value on a recurring and non-recurring basis as of March 31,
2024 and December 31, 2023 (in thousands):
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS
| Description |
|
Fair Value at March 31, 2024 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Recurring Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money market fund |
|
$ |
17,558 |
|
|
$ |
17,558 |
|
|
$ |
— |
|
|
$ |
— |
|
| Short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. treasury securities |
|
|
36,832 |
|
|
|
36,832 |
|
|
|
— |
|
|
|
— |
|
| U.S. federal agency securities |
|
|
7,954 |
|
|
|
— |
|
|
|
7,954 |
|
|
|
— |
|
| Total assets measured at fair value |
|
$ |
62,344 |
|
|
$ |
54,390 |
|
|
$ |
7,954 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to licensor |
|
$ |
4,691 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,691 |
|
| Derivative liabilities |
|
|
1,005 |
|
|
|
— |
|
|
|
— |
|
|
|
1,005 |
|
| Warrant liabilities |
|
|
48,690 |
|
|
|
— |
|
|
|
— |
|
|
|
48,690 |
|
| Total liabilities measured at fair value |
|
$ |
54,386 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
54,386 |
|
| 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 |
|
|
| SCHEDULE OF OUTSTANDING WARRANT LIABILITIES |
As
of March 31, 2024 and December 31, 2023, the Company had the following outstanding warrant liabilities:
SCHEDULE OF OUTSTANDING WARRANT LIABILITIES
| |
|
March 31, 2024 |
|
|
December 31, 2023 |
|
| |
|
|
|
|
|
|
| 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, expiration date November 2027, exercise price $4.75 per share |
|
|
7,609,879 |
|
|
|
7,609,879 |
|
| Warrants issued as part of the 2024 loan agreement, expiration date January
2029, exercise price equal to the lesser of (i) $4.75
and (ii) the price per share of the Company’s next bona fide round of equity financing before September 30, 2024 |
|
|
505,263 |
|
|
|
— |
|
| Outstanding warrants |
|
|
505,263 |
|
|
|
— |
|
|
| 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, 2023 |
|
$ |
31,352 |
|
| Fair value of warrants issued in connection with Loan Agreement |
|
|
220 |
|
| Loss recognized in earnings from change in fair value |
|
|
17,118 |
|
| Warrant liabilities as of March 31, 2024 |
|
$ |
48,690 |
|
|
| SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS |
SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS
| |
|
March 31, 2024 |
|
|
December 31, 2023 |
|
| |
|
|
|
|
|
|
| Common share price |
|
$ |
7.25 |
|
|
$ |
5.01 |
|
| Expected term (years) |
|
|
2.71 – 4.77 |
|
|
|
2.96 – 3.84 |
|
| Risk-free interest rate (%) |
|
|
4.12% – 4.34% |
|
|
|
3.84% – 3.92% |
|
| Volatility (%) |
|
|
100.00% - 103.15% |
|
|
|
100% |
|
| Expected dividend yield (%) |
|
|
0% |
|
|
|
0% |
|
|
| SCHEDULE OF ACTIVITY OF DERIVATIVE LIABILITIES |
The
following table provides a summary of the activity on the derivative liabilities (in thousands):
SCHEDULE OF ACTIVITY OF DERIVATIVE LIABILITIES
| |
|
|
|
|
| Derivative liabilities as of December 31, 2023 |
|
$ |
— |
|
| Fair value of derivatives issued in connection with Loan Agreement |
|
|
822 |
|
| Loss recognized in earnings from change in fair value |
|
|
183 |
|
| Derivative liabilities as of March 31, 2024 |
|
$ |
1,005 |
|
|
| SCHEDULE OF ESTIMATE FAIR VALUE OF DERIVATIVES |
SCHEDULE OF ESTIMATE FAIR VALUE OF DERIVATIVES
| |
|
March 31, 2024 |
|
|
December 31, 2023 |
|
| |
|
|
|
|
|
|
| Common share price |
|
$ |
7.25 |
|
|
|
— |
|
| Expected term (years) |
|
|
3.25 |
|
|
|
— |
|
| Risk-free interest rate (%) |
|
|
4.27% |
|
|
|
— |
|
| Volatility (%) |
|
|
89.70% |
|
|
|
— |
|
|