Genelux (GNLX) 10-Q 9 May 24 2024 Q1 Quarterly report Financial data

Cover

Cover - shares	3 Months Ended
	Mar. 31, 2024	May 05, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2024
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-41599
Entity Registrant Name	GENELUX CORPORATION
Entity Central Index Key	0001231457
Entity Tax Identification Number	77-0583529
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	2625 Townsgate Road
Entity Address, Address Line Two	Suite 230
Entity Address, City or Town	Westlake Village
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	91361
City Area Code	(805)
Local Phone Number	267-9889
Title of 12(b) Security	Common Stock, par value $0.001 per share
Trading Symbol	GNLX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		26,996,740

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 4,061	$ 9,418
Short-term investments	15,566	13,773
Prepaid expenses and other current assets	1,577	1,012
Total Current Assets	21,204	24,203
Property and equipment, net	1,116	1,170
Right of use assets	2,264	2,428
Other assets	92	92
Total Other Assets	3,472	3,690
TOTAL ASSETS	24,676	27,893
Current Liabilities
Accounts payable and accrued expenses	5,313	3,784
Accrued payroll and payroll taxes	1,908	2,117
Lease liabilities, current portion	584	653
Total Current Liabilities	7,805	6,554
Lease liabilities, long-term portion	1,787	1,866
Total Liabilities	9,592	8,420
Shareholders’ Equity
Preferred stock, par value $0.001, 10,000,000 shares authorized; no shares issued and outstanding, respectively;
Common stock, par value $0.001, 200,000,000 shares authorized; 26,996,740 and 26,788,986 shares issued and outstanding, respectively	27	27
Treasury stock, 433,333 shares, at cost	(433)	(433)
Additional paid-in capital	244,869	241,389
Accumulated other comprehensive income (loss)	(5)	14
Accumulated deficit	(229,374)	(221,524)
Total Shareholders’ Equity	15,084	19,473
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 24,676	$ 27,893

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Mar. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferrred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	26,996,740	26,788,986
Common stock, shares outstanding	26,996,740	26,788,986
Treasury stock, shares	433,333	433,333

Condensed Statements of Operati

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Revenues	$ 8	$ 170
Operating expenses:
Research and development	4,010	2,845
General and administrative	4,113	3,787
Total operating expenses	8,123	6,632
Loss from operations	(8,115)	(6,462)
Other income (expenses):
Interest income	265
Interest expense		(143)
Debt discount amortization		(649)
Financing costs		(3,110)
Total other income (expenses), net	265	(3,902)
NET LOSS	$ (7,850)	$ (10,364)
LOSS PER COMMON SHARE - BASIC	$ (0.29)	$ (0.53)
LOSS PER COMMON SHARE - DILUTED	$ (0.29)	$ (0.53)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - BASIC	26,849,737	19,575,631
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - DILUTED	26,849,737	19,575,631

Condensed Statements of Compreh

Condensed Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Income Statement [Abstract]
Net loss	$ (7,850)	$ (10,364)
Other comprehensive loss:
Net unrealized loss on short-term investments	(19)
Comprehensive loss	$ (7,869)	$ (10,364)

Condensed Statements of Shareho

Condensed Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands	Preferred Stock [Member]	Common Stock [Member]	Treasury Stock, Common [Member]	Additional Paid-in Capital [Member]	AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2022	$ 22	$ 9	$ (433)	$ 154,401	$ 2	$ (189,784)	$ (35,783)
Balance, shares at Dec. 31, 2022	22,094,889	9,126,726	(433,333)
Stock compensation				227			227
Issuance of common shares upon the closing of the initial public offering, net of offering costs		$ 3		12,629			12,632
Issuance of common shares upon the closing of the initial public offering, net of offering costs, shares		2,653,000
Issuance of common shares upon conversion of preferred stock	$ (22)	$ 8		14
Issuance of common shares upon conversion of preferred stock, shares	(22,094,889)	8,355,610
Issuance of common shares upon conversion of convertible notes payable, accrued interest and loan fees		$ 5		29,891			29,896
Issuance of common shares upon conversion of convertible notes payable, accrued interest and loan fees, shares		4,134,367
Issuance of common shares upon conversion of preferred stock dividends payable				3,443		(3,443)
Issuance of common shares upon conversion of preferred stock dividends payable, shares		272,101
Fair value of vested restricted stock units				198			198
Cost of stock option repricing				2,606			2,606
Reclassification of warrant liabilities upon the closing of the initial public offering				169			169
Fair value of warrants issued in connection with the the conversion of convertible notes payable				3,110			3,110
Shares issued upon cashless exercise of stock warrant
Shares issued upon cashless exercise of stock warrant, shares		11,666
Net loss						(10,364)	(10,364)
Balance at Mar. 31, 2023		$ 25	$ (433)	206,688	2	(203,591)	2,691
Balance, shares at Mar. 31, 2023		24,553,470	(433,333)
Balance at Dec. 31, 2023		$ 27	$ (433)	241,389	14	(221,524)	19,473
Balance, shares at Dec. 31, 2023		26,788,986	(433,333)
Stock compensation				1,489			1,489
Fair value of vested restricted stock units				989			989
Net loss						(7,850)	(7,850)
Unrealized loss on short-term investments					(19)		(19)
Fair value of vested restricted stock units , shares		131,267
Issuance of common shares upon exercise of stock warrants				688			$ 688
Issuance of common shares upon exercise of stock warrants, shares		76,487
Balance at Mar. 31, 2024		$ 27	$ (433)	$ 244,869	$ (5)	$ (229,374)	$ 15,084
Balance, shares at Mar. 31, 2024		26,996,740	(433,333)

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Cash Flows from Operating Activities
Net loss	$ (7,850)	$ (10,364)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense	84	136
Net amortization of premiums and discounts on short-term investments	(151)
Right-of-use assets	164	118
Amortization of debt discount		649
Stock compensation	1,489	227
Fair value of restricted stock units	989	198
Cost of stock option modifications and repricing	314	2,606
Fair value of warrants issued in connection with the conversion of convertible notes payable		3,110
(Increase) Decrease in:
Prepaid expenses and other assets	(565)	(223)
(Decrease) Increase in:
Accounts payable and accrued expenses	1,529	(913)
Accrued payroll and payroll taxes	(209)	58
Accrued interest payable		92
Deferred revenue		(170)
Lease liability	(148)	(114)
Net cash used in operating activities	(4,354)	(4,590)
Cash Flows from Investing Activities
Purchases of property and equipment	(30)	(109)
Purchase of short-term investments	(3,161)
Proceeds from sales and maturities of short-term investments	1,500
Net cash used in investing activities	(1,691)	(109)
Cash Flows from Financing Activities
Proceeds from notes payable - shareholders		900
Repayment of notes payable - shareholders		(460)
Payment of deferred offering costs		(303)
Proceeds from the exercise of stock warrants	688
Proceeds from common stock issued for cash in connection with the closing of the IPO		14,503
Net cash provided by financing activities	688	14,640
Net increase (decrease) in cash and cash equivalents	(5,357)	9,941
Cash and cash equivalents at beginning of period	9,418	397
Cash and cash equivalents at end of period	4,061	10,338
Supplemental cash flows disclosures:
Interest paid		50
Taxes paid
Supplemental non-cash financing disclosures:
Effect of the extension of right-of-use assets and operating leases		649
Reclassification of deferred offering costs to shareholders’ equity		1,871
Reclassification of warrant liabilities to shareholders’ equity		169
Conversion of convertible notes payable, accrued interest and loan fees to shareholders’ equity		29,896
Conversion of preferred stock to common stock		22
Conversion of dividends payable to shareholders’ equity		3,443
Conversion of notes payable-shareholders and accrued interest to shareholders’ equity

BASIS OF PRESENTATION

BASIS OF PRESENTATION	3 Months Ended
	Mar. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION	NOTE 1 – BASIS OF PRESENTATION Organization and Operations Genelux Corporation (“Genelux” or the “Company”), a Delaware Corporation, incorporated on September 4, 2001, is a late clinical-stage biopharmaceutical company located in Westlake Village, California. The Company is engaged in the research and development of diagnostic and therapeutic solutions for cancer for which there is no effective treatment today. The Company is focused on developing a pipeline of next-generation oncolytic viral immunotherapies for patients suffering from aggressive and/or difficult-to-treat solid tumor types. Basis of Presentation of Unaudited Financial Information The accompanying unaudited condensed financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all normal recurring adjustments considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Going Concern The accompanying condensed financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the settlement of liabilities and commitments in the normal course of business. As reflected in the accompanying financial statements, the Company has experienced recurring losses from operations since inception and incurred a net loss of $ 7,850 4,354 229,374 At March 31, 2024, the Company had cash and cash equivalents, and short-term investments, in the amount of $ 19,627 No assurance can be given that any future financing will be available or, if available, that it will be on terms that are satisfactory to the Company. Even if the Company is able to obtain additional financing, it may contain undue restrictions on our operations, in the case of debt financing, or cause substantial dilution for our stockholders, in case of equity financing, or grant unfavorable terms in future licensing agreements.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the financial statement date and reported amounts of revenue and expenses during the reporting period. Significant estimates are used in the valuation of accruals for potential liabilities, valuations of stock-based compensation, and realization of deferred tax assets, among others. Actual results could differ from these estimates. Income (Loss) Per Share Basic loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of outstanding common shares during the period. Diluted loss per share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. For the three months ended March 31, 2024 and 2023, the basic and diluted shares outstanding were the same, as potentially dilutive shares were considered anti-dilutive. The potentially dilutive securities consisted of the following: SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES March 31, March 31, Stock options 5,118,920 4,201,019 Stock warrants 397,975 1,034,979 Restricted stock units 57,323 113,500 Stock warrants, issuable upon conversion of notes payable - 69,893 Total 5,574,218 5,419,391 Revenue Recognition The Company records revenue under the guidance of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (Topic 606) The Company determines revenue recognition through the following steps: ● Identification of the contract, or contracts, with a customer ● Identification of the performance obligations in the contract ● Determination of the transaction price ● Allocation of the transaction price to the performance obligations in the contract ● Recognition of revenue when, or as, the Company satisfies a performance obligation. Under certain of the Company’s licensing, supply and collaboration agreements, it is entitled to receive payment upon the achievement of contingent milestone events or the performance of obligations. The Company recognizes revenue based on guidance in ASC 606. In evaluating revenue recognition under a license agreement, the Company uses a two-step process for determining whether a promised good or service (including a license of intellectual property) is distinct and, therefore, is a performance obligation: (1) consideration of the individual good or service (i.e., whether the good or service is capable of being distinct); and (2) consideration of whether the good or service is separately identifiable from other promises in the contract (i.e., whether the promise to transfer the good or service is distinct in the context of the contract). Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue on the Company’s balance sheet. Amounts expected to be recognized as revenue in the next 12 months following the balance sheet date are classified as current liabilities. During the three months ended March 31, 2024, the Company recognized revenue of $ 8 Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at date of purchase to be cash equivalents. Cash equivalents consisted of money market funds as of March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023, the amount of cash equivalents included in cash and cash equivalents totaled $ 2,988 7,924 Short-Term Investments The Company’s short-term debt security investments are classified as available-for-sale and are carried at fair value, with the unrealized gains and non-credit related losses reported as a component of accumulated other comprehensive loss and included in stockholders’ equity. Realized gains and losses and declines in value determined to be other than temporary are based on the specific identification method and are included as a component of total other income (expense), net in the Statements of Operations. There were no realized gains or losses during the three months ended March 31, 2024. For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through a charge to interest income. For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers such factors as, among other things, the severity of the impairment, any changes in interest rates, how long the market value of the investment has been less than its original cost, the Company’s ability and intent to retain the short-term debt security investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions in general. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive loss on the statements of operations and comprehensive loss. No credit-related losses or impairments have been recognized on the Company’s investments in available-for-sale securities during the three months ended March 31, 2024. All of the Company’s short-term investments as of March 31, 2024 had maturities of less than one year. Fair Value of Financial Instruments The Company determines the fair value of its assets and liabilities based on the exchange price in U.S. dollars that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a fair value hierarchy with three levels of inputs, of which the first two are considered observable and the last unobservable, to measure fair value: ● Level 1 — ● Level 2 — ● Level 3 — The Company’s short-term investments and cash equivalents are carried at fair value, determined according to the fair value hierarchy described in Note 3 below. The carrying amounts of financial instruments such as cash, short-term investments, and accounts payable and accrued liabilities, approximate the related fair values due to the short-term maturities of these instruments. Stock-Based Compensation The Company measures all stock options and other stock-based awards granted based on the fair value of the award on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. The Company has elected to recognize forfeitures as they occur. The reversal of compensation cost previously recognized for an award that is forfeited because of a failure to satisfy a service or performance condition is recognized in the period of the forfeiture. Generally, the Company issues stock options with only service-based vesting conditions and records the expense for these awards using the straight-line method over the requisite service period. The Company classifies stock-based compensation expense in its statements of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipients’ service payments are classified. The Company was a private company until the completion of its IPO on January 30, 2023. In 2022 and prior, the Company estimated the fair value of common stock using an appropriate valuation methodology, in accordance with the framework of the American Institute of Certified Public Accountants’ Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation. Each valuation methodology includes estimates and assumptions that require the Company’s judgment. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, guideline public company information, the prices at which the Company sold its common stock to third parties in arms’ length transactions, the rights and preferences of securities senior to the Company’s common stock at the time, and the likelihood of achieving a liquidity event such as an initial public offering or sale. Significant changes to the assumptions used in the valuations could result in different fair values of stock options at each valuation date, as applicable. The fair value of each stock option grant is estimated using the Black-Scholes option-pricing model. The Company was a private company and lacked company-specific historical and implied volatility information. Therefore, it estimated its expected stock volatility based on the historical volatility of a publicly traded set of peer companies within the biotechnology industry with characteristics similar to the Company. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of stock options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is zero, based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with shareholders. For the three months ended March 31, 2024, comprehensive loss included $ 19 Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s profit or loss. The update also requires all annual disclosures about a reportable segment’s profit or loss and assets to be provided in interim periods and for entities with a single reportable segment to provide all the disclosures required by ASC 280, Segment Reporting, including the significant segment expense disclosures. The Company adopted ASU 2023-07 beginning January 1, 2024. The Company does not believe the impact of the new guidance and related codification improvements had a material impact to its financial position, results of operations and cash flows. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.

FAIR VALUE OF FINANCIAL ASSETS

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES	NOTE 3 - FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis: SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS Fair Value Measurements as of March 31, 2024, Using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 2,988 $ — $ — $ 2,988 Short-term investments: U.S. Government Agency bonds — 7,936 — 7,936 U.S. Treasury bonds — 7,630 — 7,630 Total Cash equivalents and Short-term investments $ 2,988 $ 15,566 $ — $ 18,554 The underlying securities in the money market funds held by the Company are all government backed securities. Valuation of cash equivalents and short-term investments Cash equivalents consisted of money market funds at March 31, 2024. Money market funds were valued by the Company using quoted prices in active markets for identical securities, which represent a Level 1 measurement within the fair value hierarchy. U.S. Government Agency bonds and U.S. Treasury bonds are government backed securities representing a Level 2 measurement within the fair value hierarchy.

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS	3 Months Ended
	Mar. 31, 2024
Investments, All Other Investments [Abstract]
SHORT-TERM INVESTMENTS	NOTE 4 - SHORT-TERM INVESTMENTS As of March 31, 2024, the Company’s available-for-sale investments by type, consisted of the following: SCHEDULE OF AVAILABLE FOR SALE INVESTMENTS Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Credit Losses Fair Value U.S. Government Agency bonds $ 7,940 $ — $ (4 ) $ — $ 7,936 U.S. Treasury bonds 7,633 — (3 ) — 7,630 Total $ 15,573 $ — $ (7 ) $ — $ 15,566 As of March 31, 2024, all available-for-sale securities consisted of investments that mature within one year.

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 5 - PROPERTY AND EQUIPMENT Property and equipment consisted of the following at March 31, 2024 and December 31, 2023: SCHEDULE OF PROPERTY AND EQUIPMENT March 31, December 31, 2023 Furniture and office equipment $ 148 $ 148 Laboratory equipment 2,819 2,792 Computer equipment 127 127 Leasehold improvements 557 557 Construction-in-progress 998 995 Property and equipment, gross 4,649 4,619 Less: accumulated depreciation and amortization (3,533 ) (3,449 ) Property and equipment, net $ 1,116 $ 1,170 Depreciation expense for the three months ended March 31, 2024 and 2023 was $ 84 136 During the year ended December 31, 2023, the Company expended $ 995 3

ACCRUED PAYROLL AND PAYROLL TAX

ACCRUED PAYROLL AND PAYROLL TAXES	3 Months Ended
	Mar. 31, 2024
Accrued Payroll And Payroll Taxes
ACCRUED PAYROLL AND PAYROLL TAXES	NOTE 6 – ACCRUED PAYROLL AND PAYROLL TAXES As of December 31, 2023, a total of $ 2,117 321 321 1,908 1,024

LEASE LIABILITIES

LEASE LIABILITIES	3 Months Ended
	Mar. 31, 2024
Lease Liabilities
LEASE LIABILITIES	NOTE 7 – LEASE LIABILITIES Operating Leases The Company accounts for leases in accordance with ASC 842, which requires a lessee to record a right-of-use asset and a corresponding lease liability at the inception of the lease initially measured at the present value of the lease payments. In July 2018, the Company entered into a long-term non-cancellable lease agreement for its manufacturing facility that requires aggregate average monthly payments of $ 10 option to extend for an additional five years 518 519 4.00 the option to extend the lease for an additional five years 174 860 4.00 686 extended the lease for an additional two-year period, through October 2030, with no changes to any of the other terms of the lease and has the option to extend the lease for an additional five years. Prior to the extension through October 2030, the remaining lease liability amounted to $701 909 7.00 208 In December 2020, the Company entered into a long-term non-cancellable lease agreement for a laboratory facility that requires aggregate average monthly payments of $ 18 439 4.00 extended the lease through December 2024, with no changes to any of the other terms of the lease. The average monthly rent payment on the extended lease is approximately $ 30 12 649 5.5 637 In July 2021, the Company entered into a long-term non-cancellable lease agreement for its new corporate headquarters that requires aggregate average monthly payments of $ 10 656 4.00 In November 2023, the Company entered into a long-term non-cancellable lease agreement for a second manufacturing facility that requires aggregate average monthly payments of $ 12 extend for an additional five years 803 7.00 During the three months ended March 31, 2024 and 2023, the Company made combined aggregate payments of $ 148 114 2,371 2,519 ASC 842 requires recognition in the statement of operations of a single lease cost, calculated so that the cost of the lease is allocated over the lease term, generally on a straight-line basis. During the three months ended March 31, 2024 and 2023, the Company reflected combined amortization of the right of use assets of $ 164 118 2,264 2,428 Other Leases In November 2019, the Company entered into a short-term lease agreement for one of its office facilities, which was subsequently extended until December 2022 and is currently on a month-to-month basis. Rent expense was $ 9

SHAREHOLDERS_ EQUITY

SHAREHOLDERS’ EQUITY	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
SHAREHOLDERS’ EQUITY	NOTE 8 - SHAREHOLDERS’ EQUITY Common Stock Authorized shares The Company’s Certificate of Incorporation authorizes the Company to issue up to 200,000,000 26,996,740 26,788,986 Common Stock Issued for Cash Upon Closing of the Company’s Private Placements In May and June 2023, the Company entered into securities purchase agreements (the “Purchase Agreements”) with certain investors pursuant to which the Company agreed to sell and issue shares of its common stock in two private placement transactions. The Company agreed to extend certain commitments under the Purchase Agreement totaling $ 24,000 In November 2023, the Company agreed to extend the funding deadline for $ 2,000 of the remaining aggregate investment amounts to March 31, 2024. The investor who was obligated to fund $ 22,000 of the remaining committed investment amounts has not made such payments and has indicated that he does not intend to comply with his investment commitments under the Purchase Agreements. The Company is currently evaluating its potential remedies with respect to this investor’s non-compliance with his contractual obligations to the Company. Grant of Restricted Stock Units (RSU) The following table summarizes restricted common stock activity during the three months ended March 31, 2024: SCHEDULE OF RESTRICTED COMMON STOCK ACTIVITY Number of Fair Value Weighted Non-vested, December 31, 2023 57,900 $ 1,103 $ 22.40 Granted 130,690 852 6.52 Vested (131,267 ) (989 ) 7.53 Forfeited — — — Non-vested, March 31, 2024 57,323 $ 966 $ 16.85 During the three months ended March 31, 2024, the Board approved the issuance of a combined total of 130,690 852 577 During the three months ended March 31, 2024, the 989 966 Stock Options In August 2009, the Board approved the adoption of the 2009 Equity Incentive Plan (“the 2009 Plan”). The 2009 Plan was initiated to encourage and enable employees, directors and consultants of the Company to acquire and retain a proprietary interest in the Company by ownership of its common stock. A total of 6,166,666 In September 2018, the Board approved the adoption of the 2019 Equity Incentive Plan (“the 2019 Plan”). The 2019 Plan was initiated to encourage and enable employees, directors and consultants of the Company to acquire and retain a proprietary interest in the Company by ownership of its common stock. The 2019 Plan allows for the following types of awards: (i) incentive stock options (“ISOs”); (ii) nonstatutory stock options (“NSOs”); (iii) stock appreciation rights; (iv) restricted stock awards; (v) restricted stock unit awards (“RSUs”); (vi) other stock awards. The maximum number of shares of our common stock that may be issued under our 2019 Plan is 2,059,073 3,774,260 5,833,333 1,632,314 In June 2022, the Board approved the adoption of the 2022 Plan. The 2022 Plan provides for the grant of ISOs to employees, including employees of any parent or subsidiary, and for the grant of NSOs, stock appreciation rights, restricted stock awards, RSUs, performance awards and other forms of stock awards to employees, directors, and consultants, including employees and consultants of our affiliates. The 2022 Plan is a successor to the 2019 Plan. No further grants will be made under the 2019 Plan. The maximum number of shares of the Company’s common stock under the 2022 Plan that may be issued is 2,800,000 5 no 1,922,212 1,339,449 3,261,661 In September 2023, the Board approved the adoption of the Company’s 2023 Inducement Plan (the “Inducement Plan”) to reserve 1,000,000 no 555,700 Option exercise prices are set forth in the grant notice, without commission or other charge, provided however, that the price per share of the shares subject to the option shall not be less than the greater of (i) 100% of the fair market value of a share of stock on the grant date, or (ii) 110% of the fair market value of a share of stock on the grant date in the case of a Participant then owning more than 10% of the total combined voting power of all classes of stock of the Company or any “subsidiary corporation” of the Company or any “parent corporation” of the Company. The Company’s policy is to recognize compensation cost for awards with only service conditions on a straight- line basis over the requisite service period for the entire award. Additionally, the Company’s policy is to issue new shares of common stock to satisfy stock option exercises. The Company applied fair value accounting for all share-based payments awards. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option-pricing model. The table below summarizes the Company’s stock option activities for the three months ended March 31, 2024: SCHEDULE OF STOCK OPTION ACTIVITY Number of Option Shares Exercise Price Range Per Share Weighted Average Exercise Price Balance, December 31, 2023 5,118,920 $ 6.00 24.75 $ 9.76 Granted — — — Cancelled — — — Exercised — — — Expired — — — Balance, March 31, 2024 5,118,920 $ 6.00 24.75 $ 9.76 Vested and exercisable, March 31, 2024 3,855,160 $ 6.00 10.50 $ 6.09 Unvested, March 31, 2024 1,263,760 $ 6.00 24.75 $ 20.91 The following table summarizes information concerning outstanding and exercisable options as of March 31, 2024: SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number Exercisable Average Remaining Contractual Life (in years) Weighted Average Exercise Price $ 6.00 3,878,133 4.30 $ 6.00 3,763,653 4.20 $ 6.00 6.01 10.50 90,099 1.78 9.52 90,099 1.78 9.52 10.51 24.75 1,150,688 9.45 22.26 1,408 9.44 22.40 $ 6.00 24.75 5,118,920 5.43 $ 9.76 3,855,160 4.14 $ 6.09 During the three months ended March 31, 2024, the Company extended the option term for two option holders for an additional year through December 31, 2024. The total number of shares that were extended was 51,581 303 9.00 10.50 6.00 2,733 2,689 11 During the three months ended March 31, 2024, the Company recorded $ 1,489 18,090 1,645 At the time of the issuances of stock options, the Company believed the Company’s estimates of the fair value for financial reporting purposes of the Company’s common stock were reasonable and consistent with the Company’s understanding of how similarly situated companies in the industry were valued. Stock Warrants The table below summarizes the Company’s warrants activities for the three months ended March 31, 2024: SCHEDULE OF WARRANTS ACTIVITY Number of Warrant Shares Exercise Price Range Per Share Weighted Average Exercise Price Balance, December 31, 2023 512,759 $ 3.00 10.50 $ 7.14 Granted — — — Cancelled — — — Exercised (76,487 ) 9.00 9.00 Expired (38,297 ) 9.00 10.50 9.15 Balance, March 31, 2024 397,975 $ 3.00 9.00 $ 6.59 Vested and exercisable, March 31, 2024 397,975 $ 3.00 9.00 $ 6.59 The following table summarizes information concerning outstanding and exercisable warrants as of March 31, 2024: SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS Warrants Outstanding Warrants Exercisable Range of Exercise Prices Number Outstanding Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number Exercisable Average Remaining Contractual Life (in years) Weighted Average Exercise Price $ 3.00 133,333 2.92 $ 3.00 133,333 2.92 $ 3.00 3.01 9.00 264,642 2.89 8.40 264,642 2.89 8.40 $ 3.00 9.00 397,975 2.90 $ 6.59 397,975 2.90 $ 6.59 During the three months ended March 31, 2024, warrant holders exercised 76,487 9.00 688 The aggregate intrinsic value for warrant shares outstanding at March 31, 2024 was $ 457

LEGAL MATTERS

LEGAL MATTERS	3 Months Ended
	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
LEGAL MATTERS	NOTE 9 - LEGAL MATTERS As of December 31, 2023, the Company was the defendant in one pending litigation. On November 6, 2023, the Los Angeles County Superior Court granted the Company’s motion for summary judgment and issued an order and final judgment dismissing all claims against the Company with prejudice. Although the plaintiff filed a notice of appeal of the dismissal order with the California Court of Appeal, the plaintiff subsequently filed a request for dismissal of his appeal, which was dismissed by the appellate court on February 23, 2024. Accordingly, the order and final judgment dismissing all claims against the Company with prejudice is now final. In the future, the Company may be involved in additional actual and/or threatened legal proceedings, claims, investigations and government inquiries arising in the ordinary course of our business, including legal proceedings, claims, investigations and government inquiries involving intellectual property, data privacy and security, other torts, illegal or objectionable content, consumer protection, securities, employment, contractual rights, civil rights infringement, false or misleading advertising, or other legal claims relating to our business.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	3 Months Ended
	Mar. 31, 2024
Subsequent Events
SUBSEQUENT EVENTS	NOTE 10 - SUBSEQUENT EVENTS Subsequent to March 31, 2024, the Company repaid $ 1,024

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of the financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the financial statement date and reported amounts of revenue and expenses during the reporting period. Significant estimates are used in the valuation of accruals for potential liabilities, valuations of stock-based compensation, and realization of deferred tax assets, among others. Actual results could differ from these estimates.
Income (Loss) Per Share	Income (Loss) Per Share Basic loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of outstanding common shares during the period. Diluted loss per share is computed by dividing the net loss applicable to common stockholders by the weighted average number of common shares outstanding plus the number of additional common shares that would have been outstanding if all dilutive potential common shares had been issued. For the three months ended March 31, 2024 and 2023, the basic and diluted shares outstanding were the same, as potentially dilutive shares were considered anti-dilutive. The potentially dilutive securities consisted of the following: SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES March 31, March 31, Stock options 5,118,920 4,201,019 Stock warrants 397,975 1,034,979 Restricted stock units 57,323 113,500 Stock warrants, issuable upon conversion of notes payable - 69,893 Total 5,574,218 5,419,391
Revenue Recognition	Revenue Recognition The Company records revenue under the guidance of Accounting Standards Codification (“ASC”) 606, Revenue from Contracts with Customers (Topic 606) The Company determines revenue recognition through the following steps: ● Identification of the contract, or contracts, with a customer ● Identification of the performance obligations in the contract ● Determination of the transaction price ● Allocation of the transaction price to the performance obligations in the contract ● Recognition of revenue when, or as, the Company satisfies a performance obligation. Under certain of the Company’s licensing, supply and collaboration agreements, it is entitled to receive payment upon the achievement of contingent milestone events or the performance of obligations. The Company recognizes revenue based on guidance in ASC 606. In evaluating revenue recognition under a license agreement, the Company uses a two-step process for determining whether a promised good or service (including a license of intellectual property) is distinct and, therefore, is a performance obligation: (1) consideration of the individual good or service (i.e., whether the good or service is capable of being distinct); and (2) consideration of whether the good or service is separately identifiable from other promises in the contract (i.e., whether the promise to transfer the good or service is distinct in the context of the contract). Amounts received prior to satisfying the revenue recognition criteria are recorded as deferred revenue on the Company’s balance sheet. Amounts expected to be recognized as revenue in the next 12 months following the balance sheet date are classified as current liabilities. During the three months ended March 31, 2024, the Company recognized revenue of $ 8
Cash Equivalents	Cash Equivalents The Company considers all highly liquid investments with original maturities of three months or less at date of purchase to be cash equivalents. Cash equivalents consisted of money market funds as of March 31, 2024 and December 31, 2023. As of March 31, 2024 and December 31, 2023, the amount of cash equivalents included in cash and cash equivalents totaled $ 2,988 7,924
Short-Term Investments	Short-Term Investments The Company’s short-term debt security investments are classified as available-for-sale and are carried at fair value, with the unrealized gains and non-credit related losses reported as a component of accumulated other comprehensive loss and included in stockholders’ equity. Realized gains and losses and declines in value determined to be other than temporary are based on the specific identification method and are included as a component of total other income (expense), net in the Statements of Operations. There were no realized gains or losses during the three months ended March 31, 2024. For available-for-sale securities in an unrealized loss position, the Company first assesses whether it intends to sell, or if it is more likely than not that it will be required to sell, the security before recovery of its amortized cost basis. If either of the criteria regarding intent or requirement to sell is met, the security’s amortized cost basis is written down to fair value through a charge to interest income. For available-for-sale securities that do not meet the aforementioned criteria, the Company evaluates whether the decline in fair value has resulted from credit losses or other factors. In making this assessment, the Company considers such factors as, among other things, the severity of the impairment, any changes in interest rates, how long the market value of the investment has been less than its original cost, the Company’s ability and intent to retain the short-term debt security investment for a period of time sufficient to allow for any anticipated recovery in fair value and market conditions in general. The credit-related portion of unrealized losses, and any subsequent improvements, are recorded in interest income through an allowance account. Any impairment that has not been recorded through an allowance for credit losses is included in other comprehensive loss on the statements of operations and comprehensive loss. No credit-related losses or impairments have been recognized on the Company’s investments in available-for-sale securities during the three months ended March 31, 2024. All of the Company’s short-term investments as of March 31, 2024 had maturities of less than one year.
Fair Value of Financial Instruments	Fair Value of Financial Instruments The Company determines the fair value of its assets and liabilities based on the exchange price in U.S. dollars that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The Company uses a fair value hierarchy with three levels of inputs, of which the first two are considered observable and the last unobservable, to measure fair value: ● Level 1 — ● Level 2 — ● Level 3 — The Company’s short-term investments and cash equivalents are carried at fair value, determined according to the fair value hierarchy described in Note 3 below. The carrying amounts of financial instruments such as cash, short-term investments, and accounts payable and accrued liabilities, approximate the related fair values due to the short-term maturities of these instruments.
Stock-Based Compensation	Stock-Based Compensation The Company measures all stock options and other stock-based awards granted based on the fair value of the award on the date of the grant and recognizes compensation expense for those awards over the requisite service period, which is generally the vesting period of the respective award. The Company has elected to recognize forfeitures as they occur. The reversal of compensation cost previously recognized for an award that is forfeited because of a failure to satisfy a service or performance condition is recognized in the period of the forfeiture. Generally, the Company issues stock options with only service-based vesting conditions and records the expense for these awards using the straight-line method over the requisite service period. The Company classifies stock-based compensation expense in its statements of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipients’ service payments are classified. The Company was a private company until the completion of its IPO on January 30, 2023. In 2022 and prior, the Company estimated the fair value of common stock using an appropriate valuation methodology, in accordance with the framework of the American Institute of Certified Public Accountants’ Technical Practice Aid, Valuation of Privately-Held Company Equity Securities Issued as Compensation. Each valuation methodology includes estimates and assumptions that require the Company’s judgment. These estimates and assumptions include a number of objective and subjective factors, including external market conditions, guideline public company information, the prices at which the Company sold its common stock to third parties in arms’ length transactions, the rights and preferences of securities senior to the Company’s common stock at the time, and the likelihood of achieving a liquidity event such as an initial public offering or sale. Significant changes to the assumptions used in the valuations could result in different fair values of stock options at each valuation date, as applicable. The fair value of each stock option grant is estimated using the Black-Scholes option-pricing model. The Company was a private company and lacked company-specific historical and implied volatility information. Therefore, it estimated its expected stock volatility based on the historical volatility of a publicly traded set of peer companies within the biotechnology industry with characteristics similar to the Company. The expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of stock options granted to non-employees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is zero, based on the fact that the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future.
Comprehensive Loss	Comprehensive Loss Comprehensive loss includes net loss as well as other changes in stockholders’ equity that result from transactions and economic events other than those with shareholders. For the three months ended March 31, 2024, comprehensive loss included $ 19
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure, which is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expense categories that are regularly provided to the chief operating decision maker and included in each reported measure of a segment’s profit or loss. The update also requires all annual disclosures about a reportable segment’s profit or loss and assets to be provided in interim periods and for entities with a single reportable segment to provide all the disclosures required by ASC 280, Segment Reporting, including the significant segment expense disclosures. The Company adopted ASU 2023-07 beginning January 1, 2024. The Company does not believe the impact of the new guidance and related codification improvements had a material impact to its financial position, results of operations and cash flows. Other recent accounting pronouncements issued by the FASB, including its Emerging Issues Task Force, the American Institute of Certified Public Accountants, and the Securities and Exchange Commission did not or are not believed by management to have a material impact on the Company’s present or future consolidated financial statements.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Mar. 31, 2024
Accounting Policies [Abstract]
SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES	The potentially dilutive securities consisted of the following: SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES March 31, March 31, Stock options 5,118,920 4,201,019 Stock warrants 397,975 1,034,979 Restricted stock units 57,323 113,500 Stock warrants, issuable upon conversion of notes payable - 69,893 Total 5,574,218 5,419,391

FAIR VALUE OF FINANCIAL ASSET_2

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)	3 Months Ended
	Mar. 31, 2024
Fair Value Disclosures [Abstract]
SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS	The following table presents information about the Company’s financial assets and liabilities measured at fair value on a recurring basis: SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS Fair Value Measurements as of March 31, 2024, Using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 2,988 $ — $ — $ 2,988 Short-term investments: U.S. Government Agency bonds — 7,936 — 7,936 U.S. Treasury bonds — 7,630 — 7,630 Total Cash equivalents and Short-term investments $ 2,988 $ 15,566 $ — $ 18,554

SHORT-TERM INVESTMENTS (Tables)

SHORT-TERM INVESTMENTS (Tables)	3 Months Ended
	Mar. 31, 2024
Investments, All Other Investments [Abstract]
SCHEDULE OF AVAILABLE FOR SALE INVESTMENTS	As of March 31, 2024, the Company’s available-for-sale investments by type, consisted of the following: SCHEDULE OF AVAILABLE FOR SALE INVESTMENTS Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Credit Losses Fair Value U.S. Government Agency bonds $ 7,940 $ — $ (4 ) $ — $ 7,936 U.S. Treasury bonds 7,633 — (3 ) — 7,630 Total $ 15,573 $ — $ (7 ) $ — $ 15,566

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	3 Months Ended
	Mar. 31, 2024
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment consisted of the following at March 31, 2024 and December 31, 2023: SCHEDULE OF PROPERTY AND EQUIPMENT March 31, December 31, 2023 Furniture and office equipment $ 148 $ 148 Laboratory equipment 2,819 2,792 Computer equipment 127 127 Leasehold improvements 557 557 Construction-in-progress 998 995 Property and equipment, gross 4,649 4,619 Less: accumulated depreciation and amortization (3,533 ) (3,449 ) Property and equipment, net $ 1,116 $ 1,170

SHAREHOLDERS_ EQUITY (Tables)

SHAREHOLDERS’ EQUITY (Tables)	3 Months Ended
	Mar. 31, 2024
Equity [Abstract]
SCHEDULE OF RESTRICTED COMMON STOCK ACTIVITY	The following table summarizes restricted common stock activity during the three months ended March 31, 2024: SCHEDULE OF RESTRICTED COMMON STOCK ACTIVITY Number of Fair Value Weighted Non-vested, December 31, 2023 57,900 $ 1,103 $ 22.40 Granted 130,690 852 6.52 Vested (131,267 ) (989 ) 7.53 Forfeited — — — Non-vested, March 31, 2024 57,323 $ 966 $ 16.85
SCHEDULE OF STOCK OPTION ACTIVITY	The table below summarizes the Company’s stock option activities for the three months ended March 31, 2024: SCHEDULE OF STOCK OPTION ACTIVITY Number of Option Shares Exercise Price Range Per Share Weighted Average Exercise Price Balance, December 31, 2023 5,118,920 $ 6.00 24.75 $ 9.76 Granted — — — Cancelled — — — Exercised — — — Expired — — — Balance, March 31, 2024 5,118,920 $ 6.00 24.75 $ 9.76 Vested and exercisable, March 31, 2024 3,855,160 $ 6.00 10.50 $ 6.09 Unvested, March 31, 2024 1,263,760 $ 6.00 24.75 $ 20.91
SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS	The following table summarizes information concerning outstanding and exercisable options as of March 31, 2024: SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number Exercisable Average Remaining Contractual Life (in years) Weighted Average Exercise Price $ 6.00 3,878,133 4.30 $ 6.00 3,763,653 4.20 $ 6.00 6.01 10.50 90,099 1.78 9.52 90,099 1.78 9.52 10.51 24.75 1,150,688 9.45 22.26 1,408 9.44 22.40 $ 6.00 24.75 5,118,920 5.43 $ 9.76 3,855,160 4.14 $ 6.09
SCHEDULE OF WARRANTS ACTIVITY	The table below summarizes the Company’s warrants activities for the three months ended March 31, 2024: SCHEDULE OF WARRANTS ACTIVITY Number of Warrant Shares Exercise Price Range Per Share Weighted Average Exercise Price Balance, December 31, 2023 512,759 $ 3.00 10.50 $ 7.14 Granted — — — Cancelled — — — Exercised (76,487 ) 9.00 9.00 Expired (38,297 ) 9.00 10.50 9.15 Balance, March 31, 2024 397,975 $ 3.00 9.00 $ 6.59 Vested and exercisable, March 31, 2024 397,975 $ 3.00 9.00 $ 6.59
SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS	The following table summarizes information concerning outstanding and exercisable warrants as of March 31, 2024: SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS Warrants Outstanding Warrants Exercisable Range of Exercise Prices Number Outstanding Average Remaining Contractual Life (in years) Weighted Average Exercise Price Number Exercisable Average Remaining Contractual Life (in years) Weighted Average Exercise Price $ 3.00 133,333 2.92 $ 3.00 133,333 2.92 $ 3.00 3.01 9.00 264,642 2.89 8.40 264,642 2.89 8.40 $ 3.00 9.00 397,975 2.90 $ 6.59 397,975 2.90 $ 6.59

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 7,850	$ 10,364
Cash used in operations	4,354	$ 4,590
Accumulated deficit	229,374		$ 221,524
Cash and cash equivalents and short-term investments	$ 19,627

SCHEDULE OF POTENTIALLY DILUTIV

SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES (Details) - shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	5,574,218	5,419,391
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	5,118,920	4,201,019
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	397,975	1,034,979
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	57,323	113,500
Stock Warrants Issuable Upon Conversion of Notes Payable [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		69,893

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 8	$ 170
Unrealized gains on short term investments, net of tax	19
Money Market Funds [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash	2,988		$ 7,924
License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue	$ 8

SCHEDULE OF FINANCIAL ASSETS AN

SCHEDULE OF FINANCIAL ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS (Details) $ in Thousands	Mar. 31, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Cash equivalents and Short-term investments	$ 18,554
US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
US Government Agency bonds	7,936
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
US Government Agency bonds	7,630
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	2,988
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Cash equivalents and Short-term investments	2,988
Fair Value, Inputs, Level 1 [Member] | US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
US Government Agency bonds
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
US Government Agency bonds
Fair Value, Inputs, Level 1 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	2,988
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Cash equivalents and Short-term investments	15,566
Fair Value, Inputs, Level 2 [Member] | US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
US Government Agency bonds	7,936
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
US Government Agency bonds	7,630
Fair Value, Inputs, Level 2 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Cash equivalents and Short-term investments
Fair Value, Inputs, Level 3 [Member] | US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
US Government Agency bonds
Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
US Government Agency bonds
Fair Value, Inputs, Level 3 [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds

SCHEDULE OF AVAILABLE FOR SALE

SCHEDULE OF AVAILABLE FOR SALE INVESTMENTS (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Marketable Securities [Line Items]
Amortized Cost	$ 15,573
Gross Unrealized Gains
Gross Unrealized Losses	(7)
Credit Losses
Fair Value	15,566
US Government Agencies Debt Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	7,940
Gross Unrealized Gains
Gross Unrealized Losses	(4)
Credit Losses
Fair Value	7,936
US Treasury Securities [Member]
Marketable Securities [Line Items]
Amortized Cost	7,633
Gross Unrealized Gains
Gross Unrealized Losses	(3)
Credit Losses
Fair Value	$ 7,630

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,649	$ 4,619
Less: accumulated depreciation and amortization	(3,533)	(3,449)
Property and equipment, net	1,116	1,170
Furniture and Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	148	148
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,819	2,792
Computer Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	127	127
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	557	557
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 998	$ 995

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 84	$ 136
Facility design services			$ 995
Design services	$ 3

ACCRUED PAYROLL AND PAYROLL T_2

ACCRUED PAYROLL AND PAYROLL TAXES (Details Narrative) - USD ($) $ in Thousands	May 15, 2024	Mar. 31, 2024	Dec. 31, 2023
Accrued payroll and payroll taxes current		$ 1,908	$ 2,117
Payroll tax liability		$ 321	$ 321
Employee [Member] | Subsequent Event [Member]
Accrued compensation	$ 1,024

LEASE LIABILITIES (Details Narr

LEASE LIABILITIES (Details Narrative) - USD ($) $ in Thousands		1 Months Ended						3 Months Ended
	Jul. 31, 2023	Nov. 30, 2023	Feb. 28, 2023	Apr. 30, 2022	Jul. 31, 2021	Dec. 31, 2020	Jul. 31, 2018	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Aggregate average monthly payments		$ 12	$ 30		$ 10	$ 18	$ 10
Option to extend lease	extended the lease for an additional two-year period, through October 2030, with no changes to any of the other terms of the lease and has the option to extend the lease for an additional five years. Prior to the extension through October 2030, the remaining lease liability amounted to $701	extend for an additional five years	extended the lease through December 2024, with no changes to any of the other terms of the lease.	the option to extend the lease for an additional five years			option to extend for an additional five years
Operating lease right of use asset								$ 2,264		$ 2,428
Operating lease liability	$ 909	$ 803	$ 649	$ 860	$ 656	$ 12	$ 174	2,371		$ 2,519
Operating lease discount rate	7%	7%	5.50%	4%	4%	4%	4%
Increase in lease liability	$ 208		$ 637	$ 686				(148)	$ (114)
Payment for operating lease								148	114
Right of use assets								164	118
Rent expense								$ 9	$ 9
Accounting Standards Update 2016-02 [Member]
Operating lease right of use asset							$ 518
Operating lease liability						$ 439	$ 519

SCHEDULE OF RESTRICTED COMMON S

SCHEDULE OF RESTRICTED COMMON STOCK ACTIVITY (Details) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($) $ / shares shares
Equity [Abstract]
Number of restricted shares, beginning | shares	57,900
Fair value, beginning | $	$ 1,103
Weighted average grant date fair value, beginning | $ / shares	$ 22.40
Number of restricted shares, granted | shares	130,690
Fair value, granted | $	$ 852
Weighted average grant date fair value, granted | $ / shares	$ 6.52
Number of restricted shares, vested | shares	(131,267)
Fair value, vested | $	$ (989)
Weighted average grant date fair value, vested | $ / shares	$ 7.53
Number of restricted shares, forfeited | shares
Fair value, forfeited | $
Weighted average grant date fair value, forfeited | $ / shares
Number of restricted shares, ending | shares	57,323
Fair value, ending | $	$ 966
Weighted average grant date fair value, ending | $ / shares	$ 16.85

SCHEDULE OF STOCK OPTION ACTIVI

SCHEDULE OF STOCK OPTION ACTIVITY (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of options shares, beginning | shares	5,118,920
Weighted average exercise price, beginning	$ 9.76
Number of options shares, granted | shares
Weighted average exercise price, granted
Number of options shares, cancelled | shares
Exercise price range, cancelled
Weighted average exercise price, cancelled
Number of options shares, exercised | shares
Exercise price range, exercised
Weighted average exercise price, exercised
Number of options shares, expired | shares
Exercise price range, expired
Weighted average exercise price, expired
Number of options shares, ending | shares	5,118,920
Weighted average exercise price, ending	$ 9.76
Number of options shares, vested and exercisable | shares	3,855,160
Weighted average exercise price, vested and exercisable	$ 6.09
Number of options shares, unvested | shares	1,263,760
Weighted average exercise price, unvested	$ 20.91
Minimum [Member]
Exercise price range, beginning	6
Exercise price range, granted
Exercise price range, ending	6
Exercise price range, vested and exercisable	6
Exercise price range, unvested	6
Maximum [Member]
Exercise price range, beginning	24.75
Exercise price range, ending	24.75
Exercise price range, vested and exercisable	10.50
Exercise price range, unvested	$ 24.75

SCHEDULE OF OUTSTANDING AND EXE

SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Exercise Price Range One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, upper limit	$ 6
Options outstanding number of outstanding | shares	3,878,133
Options outstanding average remaining contractual life	4 years 3 months 18 days
Options outstaning weighted average exercise price	$ 6
Options exercisable number of outstanding | shares	3,763,653
Options exercisable average remaining contractual life	4 years 2 months 12 days
Options exercisable weighted average exercise price	$ 6
Exercise Price Range Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, upper limit	$ 10.50
Options outstanding number of outstanding | shares	90,099
Options outstanding average remaining contractual life	1 year 9 months 10 days
Options outstaning weighted average exercise price	$ 9.52
Options exercisable number of outstanding | shares	90,099
Options exercisable average remaining contractual life	1 year 9 months 10 days
Options exercisable weighted average exercise price	$ 9.52
Range of exercise prices, lower limit	6.01
Exercise Price Range Three [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, upper limit	$ 24.75
Options outstanding number of outstanding | shares	1,150,688
Options outstanding average remaining contractual life	9 years 5 months 12 days
Options outstaning weighted average exercise price	$ 22.26
Options exercisable number of outstanding | shares	1,408
Options exercisable average remaining contractual life	9 years 5 months 8 days
Options exercisable weighted average exercise price	$ 22.40
Range of exercise prices, lower limit	10.51
Exercise Price Range Four [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, upper limit	$ 24.75
Options outstanding number of outstanding | shares	5,118,920
Options outstanding average remaining contractual life	5 years 5 months 4 days
Options outstaning weighted average exercise price	$ 9.76
Options exercisable number of outstanding | shares	3,855,160
Options exercisable average remaining contractual life	4 years 1 month 20 days
Options exercisable weighted average exercise price	$ 6.09
Range of exercise prices, lower limit	$ 6

SCHEDULE OF WARRANTS ACTIVITY (

SCHEDULE OF WARRANTS ACTIVITY (Details)	3 Months Ended
	Mar. 31, 2024 $ / shares shares
Number of warrant shares, beginning | shares	512,759
Weighted average exercise price, beginning	$ 7.14
Number of warrant shares, granted | shares
Exercise price range per share, granted
Weighted average exercise price, granted
Number of warrant shares, cancelled | shares
Exercise price range per share, cancelled
Weighted average exercise price, cancelled
Number of warrant shares, exercised | shares	(76,487)
Weighted average exercise price, exercised	$ 9
Number of warrant shares, expired | shares	(38,297)
Weighted average exercise price, expired	$ 9.15
Number of warrant shares, ending | shares	397,975
Weighted average exercise price, ending	$ 6.59
Number of warrant shares, exercisable | shares	397,975
Weighted average exercise price, exercisable	$ 6.59
Minimum [Member]
Exercise price range range per share, beginning	3
Exercise price range per share, exercised	9
Exercise price range per share, expired	9
Exercise price range per share, ending	3
Exercise price range per share, exercisable	3
Maximum [Member]
Exercise price range range per share, beginning	10.50
Exercise price range per share, expired	10.50
Exercise price range per share, ending	9
Exercise price range per share, exercisable	$ 9

SCHEDULE OF OUTSTANDING AND E_2

SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Warrants Outstanding number of outstanding	397,975	512,759
Warrants outstaning weighted average exercise price	$ 6.59	$ 7.14
Warrants exercisable number of outstanding	397,975
Warrants exercisable weighted average exercise price	$ 6.59
Exercise Price Range One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, upper limit	$ 3
Warrants Outstanding number of outstanding	133,333
Warrants outstanding average remaining contractual life	2 years 11 months 1 day
Warrants outstaning weighted average exercise price	$ 3
Warrants exercisable number of outstanding	133,333
Warrants exercisable average remaining contractual life	2 years 11 months 1 day
Warrants exercisable weighted average exercise price	$ 3
Exercise Price Range Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, upper limit	$ 9
Warrants Outstanding number of outstanding	264,642
Warrants outstanding average remaining contractual life	2 years 10 months 20 days
Warrants outstaning weighted average exercise price	$ 8.40
Warrants exercisable number of outstanding	264,642
Warrants exercisable average remaining contractual life	2 years 10 months 20 days
Warrants exercisable weighted average exercise price	$ 8.40
Range of exercise prices, lower limit	3.01
Exercise Price Range Four [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, upper limit	$ 9
Warrants Outstanding number of outstanding	397,975
Warrants outstanding average remaining contractual life	2 years 10 months 24 days
Warrants outstaning weighted average exercise price	$ 6.59
Warrants exercisable number of outstanding	397,975
Warrants exercisable average remaining contractual life	2 years 10 months 24 days
Warrants exercisable weighted average exercise price	$ 6.59
Range of exercise prices, lower limit	$ 3

SHAREHOLDERS_ EQUITY (Details N

SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($)		1 Months Ended		3 Months Ended	12 Months Ended
	Sep. 30, 2018	Jun. 30, 2022	Sep. 30, 2018	Mar. 31, 2024	Dec. 31, 2024	Dec. 31, 2023	Jan. 31, 2024	Nov. 30, 2023	Sep. 30, 2023	Aug. 31, 2009
Subsidiary, Sale of Stock [Line Items]
Common stock, shares authorized				200,000,000		200,000,000
Common stock, shares issued				26,996,740		26,788,986
Common stock, shares outstanding				26,996,740		26,788,986
Additional commitments received						$ 24,000,000
Issuance of restricted shares				130,690
Fair value granted				$ 852,000
Additional restricted shares, vested				131,267
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value				$ 989,000
Unamortized compensation				$ 966,000
Number of shares extended
Fair market value of shares percentage, description				(i) 100% of the fair market value of a share of stock on the grant date, or (ii) 110% of the fair market value of a share of stock on the grant date in the case of a Participant then owning more than 10% of the total combined voting power of all classes of stock of the Company or any “subsidiary corporation” of the Company or any “parent corporation” of the Company.
Cost of the stock option modification				$ 303,000
Repricing costs				2,733,000		$ 2,689,000
Stock vested				11,000
Share compensation				1,489,000
Unvested compensation				18,090,000
Aggregate intrinsic value outstanding				$ 1,645,000
Warrants to purchase shares				76,487
Common stock exercise price				$ 9
Proceeds from exercise of warrants				$ 688,000
Aggregate intrinsic value of warrants				$ 457,000
Exercise Price Range One [Member]
Subsidiary, Sale of Stock [Line Items]
Range of exercise prices, upper limit				$ 6
Maximum [Member]
Subsidiary, Sale of Stock [Line Items]
Exercise price range per share, expired				10.50
Minimum [Member]
Subsidiary, Sale of Stock [Line Items]
Exercise price range per share, expired				$ 9
2009 Equity Incentive Plan [Member]
Subsidiary, Sale of Stock [Line Items]
Common stock shares authorized										6,166,666
Additional shares authorized	3,774,260
2019 Equity Incentive Plan [Member]
Subsidiary, Sale of Stock [Line Items]
Shares of common stock issued			2,059,073
Shares of common stock option granted				1,632,314
2019 Equity Incentive Plan [Member] | Maximum [Member]
Subsidiary, Sale of Stock [Line Items]
Shares of common stock issued			5,833,333
2022 Plan [Member]
Subsidiary, Sale of Stock [Line Items]
Shares of common stock issued		2,800,000					1,339,449
Number of shares of common stock percentage		5%
2022 Plan [Member] | Common Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Shares of common stock option granted						1,922,212	3,261,661
Number of shares extended				0
2023 Inducement Plan [Member]
Subsidiary, Sale of Stock [Line Items]
Shares of common stock issued									1,000,000
2023 Inducement Plan [Member] | Common Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Shares of common stock option granted				555,700
Fair value of stock option				$ 0
Two Option Holders [Member]
Subsidiary, Sale of Stock [Line Items]
Number of shares extended				51,581
Restricted Stock [Member]
Subsidiary, Sale of Stock [Line Items]
Additional restricted shares, vested				577
Director [Member]
Subsidiary, Sale of Stock [Line Items]
Issuance of restricted shares				130,690
Fair value granted					$ 852,000
Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Investments								$ 22,000,000
March Thirty One Two Thousand Twenty Four [Member]
Subsidiary, Sale of Stock [Line Items]
Investments								$ 2,000,000

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) $ in Thousands	May 15, 2024 USD ($)
Employee [Member] | Subsequent Event [Member]
Accrued compensation	$ 1,024