FAIR VALUE MEASUREMENTS (Tables)
|
6 Months Ended |
Jun. 30, 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 basis as of June 30, 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
June 30, 2024
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Recurring Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money market funds |
|
$ |
33,380 |
|
|
$ |
33,380 |
|
|
$ |
— |
|
|
$ |
— |
|
| Short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. treasury securities |
|
|
68,812 |
|
|
|
68,812 |
|
|
|
— |
|
|
|
— |
|
| U.S. federal agency securities |
|
|
5,963 |
|
|
|
— |
|
|
|
5,963 |
|
|
|
— |
|
| Certificates of deposit |
|
|
13,507 |
|
|
|
13,507 |
|
|
|
— |
|
|
|
— |
|
| Total assets measured at fair value |
|
$ |
121,662 |
|
|
$ |
115,699 |
|
|
$ |
5,963 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to licensor |
|
$ |
4,805 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,805 |
|
| Derivative liabilities |
|
|
668 |
|
|
|
— |
|
|
|
— |
|
|
|
668 |
|
| Warrant liabilities |
|
|
24,100 |
|
|
|
— |
|
|
|
— |
|
|
|
24,100 |
|
| Total liabilities measured at fair value |
|
$ |
29,573 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
29,573 |
|
| 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 June 30, 2024 and December 31, 2023, the Company had the following outstanding warrant liabilities:
SCHEDULE OF OUTSTANDING WARRANT LIABILITIES
| |
|
June 30, 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 Offering, 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) $4.07 and (ii) the price per share of the Company’s next bona fide round of equity financing before September 30, 2024 |
|
|
589,681 |
|
|
|
— |
|
| Outstanding warrants |
|
|
589,681 |
|
|
|
— |
|
|
| 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 |
|
| Gain recognized in earnings from change in fair value |
|
|
(7,472 |
) |
| Warrant liabilities as of June 30, 2024 |
|
$ |
24,100 |
|
|
| SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS |
SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS
| |
|
June 30, 2024 |
|
|
December 31, 2023 |
|
| |
|
|
|
|
|
|
| Common share price |
|
|
$4.24
|
|
|
|
$5.01
|
|
| Expected term (years) |
|
|
2.46 – 4.53 |
|
|
|
2.96 – 3.84 |
|
| Risk-free interest rate (%) |
|
|
4.26% – 4.51% |
|
|
|
3.84% – 3.92% |
|
| Volatility (%) |
|
|
100.00% - 101.03% |
|
|
|
100.00% |
|
| 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 |
|
| Gain recognized in earnings from change in fair value |
|
|
(154 |
) |
| Derivative liabilities as of June 30, 2024 |
|
$ |
668 |
|
|
| SCHEDULE OF ESTIMATE FAIR VALUE OF DERIVATIVES |
SCHEDULE OF ESTIMATE FAIR VALUE OF DERIVATIVES
| |
|
June 30, 2024 |
|
|
December 31, 2023 |
|
| |
|
|
|
|
|
|
| Common share price |
|
|
$4.24
|
|
|
|
— |
|
| Expected term (years) |
|
|
3.00 |
|
|
|
— |
|
| Risk-free interest rate (%) |
|
|
4.40 |
% |
|
|
— |
|
| Volatility (%) |
|
|
97.78 |
% |
|
|
— |
|
|