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):

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:

	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		—

SCHEDULE OF ACTIVITY OF WARRANT LIABILITIES

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

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:

	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):

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:

	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%		—