v3.25.2
FAIR VALUE MEASUREMENTS (Tables)
 6 Months Ended
Jun. 30, 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 measured at fair value on a recurring and non-recurring basis (in thousands):

 

Description  Fair Value at
June 30, 2025		   Level 1   Level 2   Level 3 
                 
Recurring Assets                    
Cash equivalents                    
Money market funds  $157,115   $157,115   $—   $— 
Money market deposit account   5,177    5,177    —    — 
Short-term investments                    
U.S. treasury securities   35,555    35,555    —    — 
U.S. federal agency securities   16,409    —    16,409    — 
Certificates of deposit   10,019    —    10,019    — 
Total assets measured at fair value  $224,275   $197,847   $26,428   $— 
                     
Liabilities                    
Warrant liabilities  $30,157   $—   $—   $30,157 
Total liabilities measured at fair value  $30,157   $—   $—   $30,157 

 

 

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 June 30, 2025 and December 31, 2024, the Company had the following outstanding warrant liabilities:

 

   June 30, 2025   December 31, 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   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    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, 2024  $32,014 
Gain recognized in earnings from change in fair value   (1,857)
Warrant liabilities as of June 30, 2025  $30,157 
SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS

The following table outlines the key inputs for the Black-Scholes option-pricing model:

 

   June 30, 2025   December 31, 2024 
         
Common share price   $ 5.68    $ 5.57 
Expected term (years)   1.46 – 3.53     1.96 – 4.02  
Risk-free interest rate (%)   3.63% – 3.77%    4.16% – 4.24% 
Volatility (%)   87.61% - 100.00%    92.64% - 100.00% 
Expected dividend yield (%)   0%    0%