FAIR VALUE MEASUREMENTS (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| 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 and liabilities 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
December 31,
2025 |
|
|
Level
1 |
|
|
Level
2 |
|
|
Level
3 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Recurring
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Cash
equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Money
market funds |
|
$ |
73,854 |
|
|
$ |
73,854 |
|
|
$ |
— |
|
|
$ |
— |
|
| Money
market deposit account |
|
|
182 |
|
|
|
182 |
|
|
|
— |
|
|
|
— |
|
| Short-term
investments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| U.S.
treasury securities |
|
|
25,088 |
|
|
|
25,088 |
|
|
|
— |
|
|
|
— |
|
| U.S.
federal agency securities |
|
|
17,774 |
|
|
|
— |
|
|
|
17,774 |
|
|
|
— |
|
| Certificates
of deposit |
|
|
70,105 |
|
|
|
— |
|
|
|
70,105 |
|
|
|
— |
|
| Total
assets measured at fair value |
|
$ |
187,003 |
|
|
$ |
99,124 |
|
|
$ |
87,879 |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Warrant
liabilities |
|
$ |
18,902 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
18,902 |
|
| Total
liabilities measured at fair value |
|
$ |
18,902 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
18,902 |
|
| 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 December 31, 2025 and 2024, the Company had the following outstanding warrants that are classified as warrant liabilities:
SCHEDULE OF OUTSTANDING WARRANT LIABILITIES
| |
|
2025 |
|
|
2024 |
|
| |
|
As
of December 31, |
|
| |
|
2025 |
|
|
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 |
|
|
5,762,503 |
|
|
|
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 |
|
| Warrants
issued as part of the 2024 Loan Agreement Amendment, expiration date July 2030, exercise price $6.07 per share |
|
|
16,474 |
|
|
|
— |
|
| Outstanding warrants liabilities |
|
|
16,474 |
|
|
|
— |
|
|
| 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
| |
|
2025 |
|
|
2024 |
|
| |
|
As
of December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| |
|
|
|
|
|
|
| Beginning
warrant liabilities |
|
$ |
32,014 |
|
|
$ |
31,352 |
|
| Issuance
of warrants |
|
|
80 |
|
|
|
220 |
|
| Reclassification
of warrants to equity as part of warrant exercise |
|
|
(7,053 |
) |
|
|
— |
|
| (Gain)
loss recognized in earnings from change in fair value |
|
|
(6,139 |
) |
|
|
442 |
|
| Ending
warrant liabilities |
|
$ |
18,902 |
|
|
$ |
32,014 |
|
|
| 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
| |
|
As
of December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| |
|
|
|
|
|
|
| Common
share price |
|
|
$5.27 |
|
|
|
$5.57 |
|
| Expected
term (years) |
|
|
0.96
– 4.54 |
|
|
|
1.96
– 4.02 |
|
| Risk-free
interest rate (%) |
|
|
3.41%
– 3.63% |
|
|
|
4.16%
– 4.24% |
|
| Volatility
(%) |
|
|
78.97%
– 100.00% |
|
|
|
92.64%
– 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
| |
|
2025 |
|
|
2024 |
|
| |
|
As
of December 31, |
|
| |
|
2025 |
|
|
2024 |
|
| |
|
|
|
|
|
|
| Beginning
derivative liabilities |
|
$ |
— |
|
|
$ |
— |
|
| 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 |
) |
| Ending
derivative liabilities |
|
$ |
— |
|
|
$ |
— |
|
|