| 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
June 30, 2025 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Recurring Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money market funds |
|
$ |
157,115 |
|
|
$ |
157,115 |
|
|
$ |
— |
|
|
$ |
— |
|
| Money market deposit account |
|
|
5,177 |
|
|
|
5,177 |
|
|
|
— |
|
|
|
— |
|
| Short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. treasury securities |
|
|
35,555 |
|
|
|
35,555 |
|
|
|
— |
|
|
|
— |
|
| U.S. federal agency securities |
|
|
16,409 |
|
|
|
— |
|
|
|
16,409 |
|
|
|
— |
|
| Certificates of deposit |
|
|
10,019 |
|
|
|
— |
|
|
|
10,019 |
|
|
|
— |
|
| Total assets measured at fair value |
|
$ |
224,275 |
|
|
$ |
197,847 |
|
|
$ |
26,428 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant liabilities |
|
$ |
30,157 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
30,157 |
|
| Total liabilities measured at fair value |
|
$ |
30,157 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
30,157 |
|
| Description |
|
Fair Value at December 31, 2024
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Recurring Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money market funds |
|
$ |
17,627 |
|
|
$ |
17,627 |
|
|
$ |
— |
|
|
$ |
— |
|
| Money market deposit account |
|
|
5,109 |
|
|
|
5,109 |
|
|
|
— |
|
|
|
— |
|
| Short-term investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S. treasury securities |
|
|
23,968 |
|
|
|
23,968 |
|
|
|
— |
|
|
|
— |
|
| U.S. federal agency securities |
|
|
40,375 |
|
|
|
— |
|
|
|
40,375 |
|
|
|
— |
|
| Certificates of deposit |
|
|
10,020 |
|
|
|
— |
|
|
|
10,020 |
|
|
|
— |
|
| Total assets measured at fair value |
|
$ |
97,099 |
|
|
$ |
46,704 |
|
|
$ |
50,395 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant liabilities |
|
$ |
32,014 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
32,014 |
|
| Total liabilities measured at fair value |
|
$ |
32,014 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
32,014 |
|
|
| SCHEDULE OF OUTSTANDING WARRANT LIABILITIES |
As
of June 30, 2025 and December 31, 2024, the Company had the following outstanding warrant liabilities:
SCHEDULE OF OUTSTANDING WARRANT LIABILITIES
| |
|
June 30, 2025 |
|
|
December 31, 2024 |
|
| |
|
|
|
|
|
|
| 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 |
|
|
|
589,681 |
|
| Outstanding warrants liabilities |
|
|
589,681 |
|
|
|
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, 2024 |
|
$ |
32,014 |
|
| Gain recognized in earnings from change in fair value |
|
|
(1,857 |
) |
| Warrant liabilities as of June 30, 2025 |
|
$ |
30,157 |
|
|
| 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
| |
|
June 30, 2025 |
|
|
December 31, 2024 |
|
| |
|
|
|
|
|
|
| Common share price |
|
|
$ 5.68
|
|
|
|
$ 5.57
|
|
| Expected term (years) |
|
|
1.46 – 3.53 |
|
|
|
1.96 – 4.02 |
|
| Risk-free interest rate (%) |
|
|
3.63% – 3.77% |
|
|
|
4.16% – 4.24% |
|
| Volatility (%) |
|
|
87.61% - 100.00% |
|
|
|
92.64% - 100.00% |
|
| Expected dividend yield (%) |
|
|
0% |
|
|
|
0% |
|
|