FAIR VALUE MEASUREMENTS (Tables)
|
12 Months Ended |
Dec. 31, 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 and liabilities measured at fair value on a recurring and non-recurring basis
(in thousands):
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS
| Description | |
Fair
Value at
December 31,
2025 | | |
Level
1 | | |
Level
2 | | |
Level
3 | |
| | |
| | |
| | |
| | |
| |
| Recurring
Assets | |
| | | |
| | | |
| | | |
| | |
| Cash
equivalents | |
| | | |
| | | |
| | | |
| | |
| Money
market funds | |
$ | 73,854 | | |
$ | 73,854 | | |
$ | — | | |
$ | — | |
| Money
market deposit account | |
| 182 | | |
| 182 | | |
| — | | |
| — | |
| Short-term
investments | |
| | | |
| | | |
| | | |
| | |
| U.S.
treasury securities | |
| 25,088 | | |
| 25,088 | | |
| — | | |
| — | |
| U.S.
federal agency securities | |
| 17,774 | | |
| — | | |
| 17,774 | | |
| — | |
| Certificates
of deposit | |
| 70,105 | | |
| — | | |
| 70,105 | | |
| — | |
| Total
assets measured at fair value | |
$ | 187,003 | | |
$ | 99,124 | | |
$ | 87,879 | | |
$ | — | |
| | |
| | | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | | |
| | |
| Warrant
liabilities | |
$ | 18,902 | | |
$ | — | | |
$ | — | | |
$ | 18,902 | |
| Total
liabilities measured at fair value | |
$ | 18,902 | | |
$ | — | | |
$ | — | | |
$ | 18,902 | |
| 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 December 31, 2025 and 2024, the Company had the following outstanding warrants that are classified as warrant liabilities:
SCHEDULE OF OUTSTANDING WARRANT LIABILITIES
| | |
2025 | | |
2024 | |
| | |
As
of December 31, | |
| | |
2025 | | |
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 | |
| 5,762,503 | | |
| 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 | |
| Warrants
issued as part of the 2024 Loan Agreement Amendment, expiration date July 2030, exercise price $6.07 per share | |
| 16,474 | | |
| — | |
| Outstanding warrants liabilities | |
| 16,474 | | |
| — | |
|
| SCHEDULE OF ACTIVITY OF WARRANT LIABILITIES |
The
following table provides a summary of the activity on the warrant liabilities (in thousands):
SCHEDULE OF ACTIVITY OF WARRANT LIABILITIES
| | |
2025 | | |
2024 | |
| | |
As
of December 31, | |
| | |
2025 | | |
2024 | |
| | |
| | |
| |
| Beginning
warrant liabilities | |
$ | 32,014 | | |
$ | 31,352 | |
| Issuance
of warrants | |
| 80 | | |
| 220 | |
| Reclassification
of warrants to equity as part of warrant exercise | |
| (7,053 | ) | |
| — | |
| (Gain)
loss recognized in earnings from change in fair value | |
| (6,139 | ) | |
| 442 | |
| Ending
warrant liabilities | |
$ | 18,902 | | |
$ | 32,014 | |
|
| SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS |
The
following table outlines the key inputs for the Black-Scholes option-pricing model:
SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS
| | |
As
of December 31, | |
| | |
2025 | | |
2024 | |
| | |
| | |
| |
| Common
share price | |
| $5.27 | | |
| $5.57 | |
| Expected
term (years) | |
| 0.96
– 4.54 | | |
| 1.96
– 4.02 | |
| Risk-free
interest rate (%) | |
| 3.41%
– 3.63% | | |
| 4.16%
– 4.24% | |
| Volatility
(%) | |
| 78.97%
– 100.00% | | |
| 92.64%
– 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):
SCHEDULE
OF ACTIVITY OF DERIVATIVE LIABILITIES
| | |
2025 | | |
2024 | |
| | |
As
of December 31, | |
| | |
2025 | | |
2024 | |
| | |
| | |
| |
| Beginning
derivative liabilities | |
$ | — | | |
$ | — | |
| 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 | ) |
| Ending
derivative liabilities | |
$ | — | | |
$ | — | |
|