FAIR VALUE MEASUREMENTS (Tables)
|
6 Months Ended |
Jun. 30, 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 June 30, 2026 | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
| | |
| | |
| | |
| | |
| |
| Recurring Assets | |
| | | |
| | | |
| | | |
| | |
| Cash equivalents | |
| | | |
| | | |
| | | |
| | |
| Money market funds | |
$ | 55,546 | | |
$ | 55,546 | | |
$ | — | | |
$ | — | |
| Money market deposit account | |
| 182 | | |
| 182 | | |
| — | | |
| — | |
| Short-term investments | |
| | | |
| | | |
| | | |
| | |
| U.S. treasury securities | |
| 17,218 | | |
| 17,218 | | |
| — | | |
| — | |
| U.S. federal agency securities | |
| 4,422 | | |
| — | | |
| 4,422 | | |
| — | |
| Certificates of deposit | |
| 68,957 | | |
| — | | |
| 68,957 | | |
| — | |
| Total assets measured at fair value | |
$ | 146,325 | | |
$ | 72,946 | | |
$ | 73,379 | | |
$ | — | |
| | |
| | | |
| | | |
| | | |
| | |
| Liabilities | |
| | | |
| | | |
| | | |
| | |
| Warrant liabilities | |
$ | 20,707 | | |
$ | — | | |
$ | — | | |
$ | 20,707 | |
| Total liabilities measured at fair value | |
$ | 20,707 | | |
$ | — | | |
$ | — | | |
$ | 20,707 | |
| 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 June 30, 2026 and December 31, 2025, the Company had the following outstanding warrants that are classified as liabilities:
SCHEDULE OF OUTSTANDING WARRANT LIABILITIES
| | |
June 30, 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 | |
| — | |
| Loss recognized in earnings from change in fair value | |
| 1,805 | |
| Warrant liabilities as of June 30, 2026 | |
$ | 20,707 | |
|
| 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
| | |
June 30, 2026 | | |
December 31, 2025 | |
| | |
| | |
| |
| Common share price | |
| $6.18 | | |
| $5.27 | |
| Expected term (years) | |
| 0.47 – 4.05 | | |
| 0.96 – 4.54 | |
| Risk-free interest rate (%) | |
| 3.91% – 4.09% | | |
| 3.41% – 3.63% | |
| Volatility (%) | |
| 77.22% – 100.00% | | |
| 78.97% – 100.00% | |
| Expected dividend yield (%) | |
| 0% | | |
| 0% | |
|