WARRANT LIABILITY (Tables)

3 Months Ended

Mar. 31, 2025

Warrant Liability

SCHEDULE OF FAIR VALUE OF WARRANTS

The fair value of warrants are as follows:

	March 31,		December 31,
(in thousands)	2025		2024
Warrant liability	$	4,536	$	-
Total	$	4,536	$	-

SCHEDULE OF UNREALIZED GAINS AND LOSSES ASSOCIATED WITH WARRANTS

Unrealized gains and losses associated with warrants are as follows:

	March 31,		March 31,
(in thousands)	2025		2024
Unrealized gain on warrant liability	$	1,761	$	-
Total	$	1,761	$	-

SCHEDULE OF HIERARCHY WARRANT LIABILITIES FAIR VALUE

The valuation inputs hierarchy classification for liabilities measured at fair value on a recurring basis are summarized below as of March 31, 2025 and December 31, 2024 (in thousands). See Note 5. Investment Securities, Available-For-Sale and Fair Value Measurements, for discussion of the fair value level hierarchy.

As of March 31, 2025	Level 1		Level 2		Level 3
Warrant liability	$	-	$	-	$	4,536
Total	$	-	$	-	$	4,536

As of December 31, 2024		Level 1		Level 2		Level 3
Warrant liability	$	-	$	-	$	-
Total	$	-	$	-	$	-

SCHEDULE OF INPUTS AND ASSUMPTIONS FOR COMPANY’S VALUATIONS

The fair value of the warrants is measured using the Black-Scholes option pricing model as of the measurement dates. The table below lists the inputs and assumptions for the Company’s valuations as of March 31, 2025 and upon initial measurement as of February 4, 2025:

	March 31,			February 4,
	2025			2025
Expected term (years)		5.3			5.5
Risk-free interest rate		3.98	%		4.34	%
Dividend yield		0	%		0	%
Volatility		78.07	%		80.14	%