FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

FAIR VALUE MEASUREMENTS

Schedule of significant unobservable inputs

	March  31, 2024
	Unaudited
	Fair Value		Level 1		Level 2		Level 3
			(in thousands)
Financial liabilities:
Long term loan		28,462		—		—		28,462
Orbimed warrant liability		215		—		—		215
Pre-funded warrant liability		15,301		15,301		—		—
Total financial liabilities	$	43,978	$	15,301	$	—	$	28,677

	December 31, 2023
	Fair Value		Level 1		Level 2		Level 3
			(in thousands)
Financial liabilities:
Long term loan		28,545		—		—		28,545
Orbimed warrant liability	$	240		—		—		240
Total financial liabilities	$	28,785	$	—	$	—	$	28,785

Summary of change in fair value of liabilities

	Three months ended
	March 31, 2024
		Long-Term Loan		Orbimed Warrant Liability		Pre-funded warrant liability
Balance as of January 1, 2024	$	28,545	$	240	$	—
Issuance		—		—		24,457
Change in fair value		(83)		(25)		(9,156)
Balance as of March 31, 2024	$	28,462	$	215	$	15,301

Warrant Liability

FAIR VALUE MEASUREMENTS

Schedule of significant unobservable inputs

		March 31,		December 31,
		2024		2023
Stock price	$	1.53	$	1.72
Exercise price		4.00		5.79
Expected term (in years)		5.19		5.44
Volatility		96.5%		96.8%
Dividend rate		—		—
Risk-free interest rate		4.29%		3.88%