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STOCK OPTIONS AND WARRANTS (Tables)
 9 Months Ended 12 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
SCHEDULE OF STOCK OPTIONS

 

   2024 
   Shares   Price (1)   Term (2) 
             
Outstanding, at December 31, 2023   127   $62.45    3.4 
Granted   105    2.38    3.5 
Forfeited   (4)   7.50    3.5 
Exercised   -    -      
                
Outstanding, at September 30   228(3)   36.00    3.4 
                
Exercisable, at September 30   121(4)   57.35    2.8 

 

 

(1) Represents the weighted average exercise price.
   
(2) Represents the weighted average remaining contractual term until the stock options expire.
   
(3) As of September 30, 2024, the aggregate intrinsic value of stock options outstanding was $0.
   
(4) As of September 30, 2024, the aggregate intrinsic value of exercisable stock options was $0.

 

   2023   2022 
   Shares   Price (1)   Term (2)   Shares   Price (1)   Term (2) 
                         
Outstanding, at December 31,   145   $72.25    3.3    114   $124.00    3.3 
Granted   16    9.89         79    25.25      
Forfeited   (34)   -         (48)   -      
Exercised   -    -         -     -      
                               
Outstanding, at December 31   127(3)   62.45    3.4    145(4)   72.25    3.3 
                               
Exercisable, at December 31   89(4)   68.67    3.1    90(5)   75.50    3.4 

 

(1) Represents the weighted average exercise price.
   
(2) Represents the weighted average remaining contractual term until the stock options expire.
   
(3) As of December 31, 2023, and 2022 the aggregate intrinsic value of stock options outstanding was approximately $65,500.
   
(4) As of December 31, 2023, and 2022 the aggregate intrinsic value of exercisable stock options was approximately $24,600.
SCHEDULE OF WARRANT OUTSTANDING

The following table sets forth activity with respect to the Company’s warrants to purchase Common Stock for the nine months ended September 30, 2024 (shares in thousands):

 

   2024 
   Shares   Price (1)   Term (2) 
Outstanding, at December 31   2,821   $13.15    4.3 
Grants of warrants:               
Private placement   6,366(3)          
Consultants for services   4(4)          
Warrant inducement   1,471(5)          
Exercised   (1,394)(6)          
Forfeited   (24)          
Outstanding, at September 30   9,244(7)  $2.98    4.3 
Exercisable, at September 30   9,095(8)  $2.90    4.3 

 

(1) Represents the weighted average exercise price.
   
(2) Represents the weighted average remaining contractual term until the warrants expire.
   
(3) In June 30, 2024, the Company granted warrants in connection with a private placement consisting of warrants to purchase up to an aggregate of 3,220,266 shares of common stock at an exercise price of $2.204 per share, and pre-funded warrants to purchase up to an aggregate of 3,050,768 with a relative fair value of approximately $7.5 million which was recorded to additional paid-in capital at the time of issuance. In September 30, 2024, the Company granted warrants in connection with a private placement consisting of warrants to purchase up to an aggregate of 95,467 shares of common stock at an exercise price of $3.9375 per share, with a relative fair value of approximately $0.3 million which was recorded to additional paid-in capital at the time of issuance.
   
(4) During the second quarter of 2024, the Company granted warrants to purchase up to an aggregate of 4,000 shares of common stock at an exercise price of $2.38 per share, to consultant for business development services.
   
(5) In February 2024, the Company granted warrants in connection with a warrant inducement consisting of warrants to purchase up to an aggregate of 1,470,592 shares of common stock at an exercise price of $5.05 per share, with a relative fair value of approximately $3.9 million which was recorded to additional paid-in capital at the time of issuance.
   
(6) During the first quarter of 2024, the Company issued an aggregate of 1,393,393 shares of common stock from the exercise of warrants previously issued in November 2023.
   
(7) As of September 30, 2024, the aggregate intrinsic value of warrants outstanding was $0 million.
   
(8) As of September 30, 2024, the aggregate intrinsic value of warrants exercisable was $0 million.

The following table sets forth activity with respect to the Company’s warrants to purchase Common Stock for the years ended December 31, 2023 and 2022 (shares in thousands):

 

  2023   2022 
   Shares   Price (1)   Term (2)    Shares     Price (1)   Term (2) 
                               
Outstanding, at December 31   144   $137.50    2.6    102   $186.00    3.1 
Grants of warrants:                              
Consultants for services   86(3)             42           
Private placement   3,265(4)             -           
Exercised   (624)(5)             -           
Forfeited   (50)             -           
Outstanding, at December 31   2,821 (6)  $13.15    4.6      144 (6)  $137.50    2.6 
                               
Exercisable, at December 31   2,760 (7)  $9.30    3.5      124 (7)  $145.00    2.5 

 

(1) Represents the weighted average exercise price.
   
(2) Represents the weighted average remaining contractual term until the warrants expire.
   
(3) In February 2023, the Company granted warrants to consultants in exchange for business development, product development and distribution. Warrants issued in February 2023 provide for the purchase of an aggregate of 84,000 shares of common stock at an exercise price of $22.75 and $15.25 per share with a fair value of approximately $1.3 million which will be recognized upon the achievement of performance metrics and milestones. In June 2023, the Company granted warrants to consultants in exchange for services. Warrants issued in June 2023 provide for the purchase of an aggregate of 1,500 shares of common stock at an exercise price of $10.25 per share at a fair value of approximately $0.1 million which will be recognized upon the achievement of performance metrics and milestones. In August 2023, the Company granted warrants to consultants in exchange for services. Warrants issued in August 2023 provide for the purchase of an aggregate of 900 shares of common stock at an exercise price of $8.50 per share at a fair value of approximately less than $0.1 million which will be recognized per the vesting schedule. For the years ended December 31, 2023 and 2022, the Company recognized expense of $0.7 million, respectively.

 

 

(4) In January 2023, the Company granted warrants in connection with a private placement consisting of pre-funded warrants to purchase up to an aggregate of 186,667 shares of common stock at an exercise price of $0.0001 per share, and warrants to purchase up to an aggregate of 266,667 shares of common stock at an exercise price of $30 per share with a fair value of approximately $14.5 million which was recognized as warrant liability at the time of issuance. In November 2023, the Company amended the warrants to modify the provisions that had required them to be previously classified as liabilities and enabled them to be classified as equity under the relevant accounting standards (see note 14). Additionally, in November 2023, the Company granted warrants in connection with a private placement consisting of pre-funded warrants to purchase up to an aggregate of 850,393 shares of common stock at an exercise price of $0.0001 per share, and warrants to purchase up to an aggregate of 1,960,786 shares of common stock at an exercise price of $3.83 per share with a relative fair value of approximately $3.8 million which was recorded to additional paid-in capital at the time of issuance.
   
(5) In March 2023, the Company issued an aggregate of 186,667 shares of common stock from the exercise of warrants previously issued in January 2023. In December 2023, the Company issued an aggregate of 437,393 shares of common stock from the exercise of warrants previously issued in November 2023.
   
(6) As of December 31, 2023 and 2022, the aggregate intrinsic value of warrants outstanding was $19.2 million, and $0, respectively.
   
(7) As of December 31, 2023 and 2022, the aggregate intrinsic value of warrants exercisable was $19.2 million, and $0 respectively.
Warrant [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE

 

   2024 
     
Measurement date closing price of Common Stock (1)  $3.08 
Contractual term (years) (2)   5.0 
Risk-free interest rate   3.1%
Volatility   140%
Dividend yield   0%

 

  (1) Closing price on grant date.
     
  (2) The valuation of warrants is based on the expected term.

 

   2023   2022 
         
Measurement date closing price of Common Stock (1)  $3.83   $19.75 
Contractual term (years) (2)   3.4    5.0 
Risk-free interest rate   4.7%   3.6%
Volatility   100%   102%
Dividend yield   0%   0%

 

  (1) Weighted average grant price.
     
  (2) The valuation of warrants is based on the expected term.
Share-Based Payment Arrangement, Option [Member]    
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]    
SCHEDULE OF WEIGHTED AVERAGE ASSUMPTIONS USED IN THE FAIR VALUE

   2024 
Grant date closing price of Common Stock  $2.38 
Expected term (years)   3.5 
Risk-free interest rate   4.3%
Volatility   140%
Dividend yield   0%

 

    2023    2022 
           
Grant date closing price of Common Stock  $9.89   $25.25 
Expected term (years)   3.5    3.5 
Risk-free interest rate   3.9%   3.4%
Volatility   102%   112%
Dividend yield   0%   0%