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WARRANT LIABILITY
 9 Months Ended
Sep. 30, 2024
WARRANT LIABILITY [Abstract]  
WARRANT LIABILITY
Note 10
WARRANT LIABILITY


In conjunction with the business combination with Helix, outstanding warrants to purchase Helix common stock were converted to warrants to purchase Company common stock. As the warrant holders have the option to receive cash in lieu of common stock in certain circumstances, the Company determined that the warrants require classification as a liability pursuant to ASC 815-40. In accordance with the applicable accounting guidance, the outstanding warrants are recognized as a warrant liability on the condensed consolidated balance sheet and were measured at their inception date fair value (the closing date of the business combination with Helix) and subsequently remeasured to fair value at each reporting period with changes being recorded in the condensed consolidated statements of operations. As of September 30, 2024 and 2023, the Company had 6,875 and 55,121 warrants outstanding classified as liabilities, respectively. During the nine months ended September 30, 2024 and 2023, 44,079 and 46,935 warrants expired, respectively.

The fair value of the Company’s warrant liability, measured at Level 3 in the fair value hierarchy,  was calculated using the Black-Scholes model using the following inputs:
   
As of September 30, 2024
     As of December 31, 2023  
Fair value of Company’s common stock
  
$
2.16
     $ 2.93  
Dividend yield
    
0%

    0%
Expected volatility
    
80%

    68% - 83%
Risk free interest rate
    
4.60%

    5.06% - 5.54%
Expected life (years)
    
0.09
       0.30
  
Exercise price
  
$
8.70 - $20.00
     $ 8.00 - $28.00  
Fair value of financial instruments - warrants
  
$
—
     $ 563  


The following table summarizes the change in fair value of the Company’s financial instruments – warrants, measured at Level 3 in the fair value hierarchy:
   
Amount
  
Balance as of January 1, 2024
  
$
563
  
Change in fair value of warrant liability
    
(563
)
Balance as of September 30, 2024
  
$
—
  

   
Amount
  
Balance as of January 1, 2023
  
$
4,547
  
Change in fair value of warrant liability
    
(4,088
)
Balance as of September 30, 2023
  
$
459
  

   
Amount
  
Balance as of July 1, 2024
  
$
20
  
Change in fair value of warrant liability
    
(20
)
Balance as of September 30, 2024
  
$
—
  

   
Amount
  
Balance as of July 1, 2023
  
$
2,053
  
Change in fair value of warrant liability
    
(1,594
)
Balance as of September 30, 2023
  
$
459