FAIR VALUE MEASUREMENTS (Tables)
|
9 Months Ended |
Sep. 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 September 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
September 30,
2024 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Recurring Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money market funds |
|
$ |
15,193 |
|
|
$ |
15,193 |
|
|
$ |
— |
|
|
$ |
— |
|
| Short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. treasury securities |
|
|
43,572 |
|
|
|
43,572 |
|
|
|
— |
|
|
|
— |
|
| U.S. federal agency securities |
|
|
36,863 |
|
|
|
— |
|
|
|
36,863 |
|
|
|
— |
|
| Certificates of deposit |
|
|
13,540 |
|
|
|
13,540 |
|
|
|
— |
|
|
|
— |
|
| Total assets measured at fair value |
|
$ |
109,168 |
|
|
$ |
72,305 |
|
|
$ |
36,863 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Payable to licensor |
|
$ |
4,921 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,921 |
|
| Warrant liabilities |
|
|
38,789 |
|
|
|
— |
|
|
|
— |
|
|
|
38,789 |
|
| Total liabilities measured at fair value |
|
|
43,710 |
|
|
$ |
— |
|
|
$ |
— |
|
|
|
43,710 |
|
| 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 September 30, 2024 and December 31, 2023, the Company had the following outstanding warrant liabilities:
SCHEDULE OF OUTSTANDING WARRANT LIABILITIES
| |
|
September 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 $4.07 per share |
|
|
589,681 |
|
|
|
— |
|
| Outstanding warrant liabilities |
|
|
7,609,879 |
|
|
|
7,609,879 |
|
|
| 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 the Loan Agreement |
|
|
220 |
|
| Loss recognized in earnings from change in fair value |
|
|
7,217 |
|
| Warrant liabilities as of September 30, 2024 |
|
$ |
38,789 |
|
|
| SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS |
The
following table outlines the key inputs for the Black-Scholes option-pricing model:
SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS
| |
|
September 30, 2024 |
|
|
December 31, 2023 |
|
| |
|
|
|
|
|
|
| Common share price |
|
|
$6.32
|
|
|
|
$5.01
|
|
| Expected term (years) |
|
|
2.21 – 4.27 |
|
|
|
2.96
– 3.84 |
|
| Risk-free interest rate (%) |
|
|
3.51% – 3.57% |
|
|
|
3.84% – 3.92% |
|
| Volatility (%) |
|
|
96.51% - 100.00% |
|
|
|
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 |
|
| Loss
recognized in earnings from change in fair value |
|
|
313 |
|
| Reclassification
of derivative liability in connection with the Loan Agreement |
|
|
(1,135 |
) |
| Derivative
liabilities as of September 30, 2024 |
|
$ |
— |
|
|
| SCHEDULE OF ESTIMATE FAIR VALUE OF DERIVATIVES |
The
following table outlines the key inputs for the Monte Carlo simulation model:
SCHEDULE OF ESTIMATE FAIR VALUE OF DERIVATIVES
| |
|
September 30, 2024 |
|
|
December 31, 2023 |
|
| |
|
|
|
|
|
|
| Common share price |
|
|
$6.32
|
|
|
|
— |
|
| Expected term (years) |
|
|
2.75 |
|
|
|
— |
|
| Risk-free interest rate (%) |
|
|
3.53% |
|
|
|
— |
|
| Volatility (%) |
|
|
93.79% |
|
|
|
— |
|
|