Quarterly report pursuant to Section 13 or 15(d)

FAIR VALUE MEASUREMENTS (Tables)

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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      

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
    June 30, 2024     December 31, 2023  
             
Common share price   $4.24     $5.01  
Expected term (years)     2.464.53       2.963.84  
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

    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 %