STOCKHOLDERS’ EQUITY (Tables)

12 Months Ended

Dec. 31, 2024

Stockholders' Equity Note [Abstract]

Schedule of Estimate of Fair Value of Warrant

During the years ended December 31, 2024 and 2023, the fair value of the embedded derivatives in the Term Loan has been estimated using the Monte Carlo model. A summary of the weighted-average significant unobservable inputs (Level 3 inputs) used in measuring the embedded derivatives in the Term Loan as of December 31, 2024 and 2023 and November 10, 2023 (inception) is as follows:

	December 31,		November 10,
	2024	2023	2023
Conversion price	$2.53	$2.53	$2.53
Expected term (in years)	3.7	4.7	4.9
Expected equity volatility	98.2%	106.7%	102.5%
Risk-free interest rate	4.3%	3.9%	4.7%
Discount for lack of marketability	12.5%	11.5%	9.5%
Expected dividend yield	0%	0%	0%

The Black-Scholes option-pricing model was used to estimate the fair value of the warrant on November 10, 2023 with the following weighted average assumptions:

Risk-free interest rate	4.6%
Contractual term (in years)	10
Expected volatility	98.4%
Expected dividend yield	0%