FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

6 Months Ended

Jun. 30, 2022

FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract]

Liabilities Measured at Fair Value

The following tables summarize the liabilities that are measured at fair value as of June 30, 2022 (in thousands).  There were no liabilities measured at fair value as of December 31, 2021:

	As of June 30, 2022
Description	Level 1		Level 2		Level 3
Liabilities:
Warrant liabilities - Pre-Funded Warrants	$	-	$	702	$	-
Warrant liabilities - Common Warrants		-		-		1,822
Total	$	-	$	702	$	1,822

Changes in Warrant Liabilities

The Company remeasured the fair value of the warrant liabilities as of June 30, 2022, and the following table presents the changes in the warrant liabilities from the issuance date (in thousands):

	Pre-Funded Warrants (Level 2)			Common Warrants (Level 3)			Total Warrant Liabilities
Fair value at January 1, 2022	$	-		$	-		$	-
Fair value at March 9, 2022 (issuance date)		2,646			9,943			12,589
Change in fair value of warrant liabilities		(1,944	)		(8,121	)		(10,065	)
Fair value at June 30, 2022	$	702		$	1,822		$	2,524