FAIR VALUE MEASUREMENTS (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| 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 March
31,
2026 | | |
Level
1 | | |
Level
2 | | |
Level
3 | |
| | |
| | |
| | |
| | |
| |
| Recurring Assets | |
| | | |
| | | |
| | | |
| | |
| Cash equivalents | |
| | | |
| | | |
| | | |
| | |
| Money market
funds | |
$ | 60,221 | | |
$ | 60,221 | | |
$ | — | | |
$ | — | |
| Money market deposit account | |
| 182 | | |
| 182 | | |
| — | | |
| — | |
| Short-term investments | |
| | | |
| | | |
| | | |
| | |
| U.S. treasury securities | |
| 20,038 | | |
| 20,038 | | |
| — | | |
| — | |
| U.S. federal agency securities | |
| 17,866 | | |
| — | | |
| 17,866 | | |
| — | |
| Certificates of deposit | |
| 68,993 | | |
| — | | |
| 68,993 | | |
| — | |
| Total
assets measured at fair value | |
$ | 167,300 | | |
$ | 80,441 | | |
$ | 86,859 | | |
$ | — | |
| | |
| | | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | | |
| | |
| Warrant liabilities | |
$ | 13,516 | | |
$ | — | | |
$ | — | | |
$ | 13,516 | |
| Total
liabilities measured at fair value | |
$ | 13,516 | | |
$ | — | | |
$ | — | | |
$ | 13,516 | |
| 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 | |
|
| SCHEDULE OF OUTSTANDING WARRANT LIABILITIES |
As
of March 31, 2026 and December 31, 2025, the Company had the following outstanding warrants that are classified as liabilities:
SCHEDULE OF OUTSTANDING WARRANT LIABILITIES
| | |
March
31, 2026 | | |
December
31, 2025 | |
| | |
| | |
| |
| 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 | |
| 5,762,053 | | |
| 5,762,503 | |
| 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 | | |
| 16,474 | |
| Outstanding warrants liabilities | |
| 16,474 | | |
| 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
| | |
| | |
| Warrant liabilities as of December 31, 2025 | |
$ | 18,902 | |
| Issuance of warrants | |
| — | |
| Gain
recognized in earnings from change in fair value | |
| (5,386 | ) |
| Warrant liabilities as of March 31, 2026 | |
$ | 13,516 | |
|
| 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
| | |
March
31, 2026 | |
December
31, 2025 |
| | |
| |
|
| Common share price | |
| $4.48 | |
| $5.27 |
| Expected term (years) | |
| 0.71
– 4.30 | |
| 0.96
– 4.54 |
| Risk-free interest rate (%) | |
| 3.64%
– 3.81% | |
| 3.41%
– 3.63% |
| Volatility (%) | |
| 77.10%
– 100.00% | |
| 78.97%
– 100.00% |
| Expected dividend yield (%) | |
| 0% | |
| 0% |
|