Annual report pursuant to Section 13 and 15(d)

FAIR VALUE MEASUREMENTS (Tables)

v3.23.1
FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 2022
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 and non-recurring basis (in thousands):

 

Description   Fair Value at December 31, 2022     Level 1     Level 2     Level 3  
                         
Recurring Assets                                
Cash equivalents                                
Money market fund   $ 12,923     $ 12,923     $     $  
Short-term investments                                
U.S. treasury and federal agency securities     37,932             37,932        
Total assets measured at fair value   $ 50,855     $ 12,923     $ 37,932     $  
                                 
Liabilities                                
Warrant liabilities   $                 $ 19,657  
Total liabilities measured at fair value   $     $     $     $ 19,657  

 

Description   Fair Value at December 31, 2021     Level 1     Level 2     Level 3  
                         
Recurring Assets:                                
Cash equivalents                                
Money market fund   $ 28,590     $ 28,590     $     $  
Short-term investments                                
U.S. treasury and federal agency securities     12,086             12,086        
Total recurring assets     40,676       28,590       12,086        
                                 
Non-recurring Assets                                
Licensed technology, net   $ 1,384     $     $     $ 1,384  
                                 
Total assets measured at fair value
  $ 42,060     $ 28,590     $ 12,086     $ 1,384  
                                 
Liabilities                                
Warrant liabilities   $                 $ 9,007  
Total liabilities measured at fair value   $     $     $     $ 9,007  
SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS

 

      As of December 31,  
      2022       2021  
                 
Common share price     $1.72 – $2.18       $5.04 – $6.10  
Expected term (years)     3.964.84       4.965.00  
Risk-free interest rate (%)     3.91% – 4.01  %     1.18% – 1.26  %
Volatility (%)     102.40% – 107.55 %      98.26% – 98.69 %
SCHEDULE OF ACTIVITY OF WARRANT LIABILITIES

The following table provides a summary of the activity on the warrant liabilities (in thousands):

 

    2022     2021  
    As of December 31,  
    2022     2021  
             
Beginning warrant liabilities   $ 9,007     $  
Fair value of warrants issued in connection with public offering           9,007  
Fair value of warrants issued in connection with private offering     22,034        
Gain recognized in earnings from change in fair value     (11,384 )      
Ending warrant liabilities   $ 19,657     $ 9,007