Genelux (GNLX) 10-Q 14 Aug 24 2024 Q2 Quarterly report Financial data

Cover

Cover - $ / shares	6 Months Ended
	Jun. 30, 2024	Aug. 12, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Period Focus	Q2
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		34,535,471
Entity Listing, Par Value Per Share	$ 0.001

Condensed Balance Sheets

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 7,858	$ 9,418
Short-term investments	25,778	13,773
Prepaid expenses and other current assets	1,234	1,012
Total Current Assets	34,870	24,203
Property and equipment, net	1,306	1,170
Right of use assets	2,098	2,428
Long-term investments	6,813
Other assets	92	92
Total Other Assets	10,309	3,690
TOTAL ASSETS	45,179	27,893
Current Liabilities
Accounts payable and accrued expenses	4,786	3,784
Accrued payroll and payroll taxes	517	2,117
Lease liabilities, current portion	500	653
Total Current Liabilities	5,803	6,554
Lease liabilities, long-term portion	1,707	1,866
Total Liabilities	7,510	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; 34,512,642 and 26,788,986 shares issued and outstanding, respectively	35	27
Treasury stock, 433,333 shares, at cost	(433)	(433)
Additional paid-in capital	274,028	241,389
Accumulated other comprehensive income (loss)	(11)	14
Accumulated deficit	(235,950)	(221,524)
Total Shareholders’ Equity	37,669	19,473
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 45,179	$ 27,893

Condensed Balance Sheets (Paren

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 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
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	34,512,642	26,788,986
Common stock, shares outstanding	34,512,642	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		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues			$ 8	$ 170
Operating expenses:
Research and development	4,417	2,943	8,427	5,788
General and administrative	2,475	2,452	6,588	6,239
Total operating expenses	6,892	5,395	15,015	12,027
Loss from operations	(6,892)	(5,395)	(15,007)	(11,857)
Other income (expenses):
Interest income	316		581
Interest expense		(24)		(167)
Debt discount amortization				(649)
Financing costs				(3,110)
Debt extinguishment costs		(402)		(402)
Total other income (expenses), net	316	(426)	581	(4,328)
NET LOSS	$ (6,576)	$ (5,821)	$ (14,426)	$ (16,185)
LOSS PER COMMON SHARE - BASIC	$ (0.22)	$ (0.23)	$ (0.51)	$ (0.72)
LOSS PER COMMON SHARE - DILUTED	$ (0.22)	$ (0.23)	$ (0.51)	$ (0.72)
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - BASIC	29,689,344	25,068,334	28,308,046	22,334,311
WEIGHTED-AVERAGE COMMON SHARES OUTSTANDING - DILUTED	29,689,344	25,068,334	28,308,046	22,334,311

Condensed Statements of Compreh

Condensed Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
Net loss	$ (6,576)	$ (5,821)	$ (14,426)	$ (16,185)
Other comprehensive loss:
Net unrealized loss on short and long-term investments	(6)		(25)
Comprehensive loss	$ (6,582)	$ (5,821)	$ (14,451)	$ (16,185)

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				467			467
Fair value of vested restricted stock units				627			627
Issuance of common shares upon exercise of stock warrants				1,174			1,174
Issuance of common shares for cash and warrants, net of costs, shares		123,494
Cost of stock option repricing				2,642			2,642
Net loss						(16,185)	(16,185)
Issuance of common shares upon the closing of private financings, net of offering costs		$ 2		21,640			21,642
Stock Issued During Period, Shares, New Issues		1,117,079
Conversion of notes payable-shareholders and accrued interest				1,865			1,865
Conversion of notes payable-shareholders and accrued interest, shares		73,134
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
Stock Issued During Period, Shares, Conversion of Convertible Securities	(22,094,889)	8,355,610
Issuance of common shares upon conversion of convertible notes payable, accrued interest and loan fees		$ 4		29,892			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
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
Balance at Jun. 30, 2023		$ 26	$ (433)	232,073	2	(209,412)	22,256
Balance, shares at Jun. 30, 2023		25,855,511	(433,333)
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)
Net loss							(28,297)
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)
Balance at Mar. 31, 2023		$ 24	$ (433)	206,689	2	(203,591)	2,691
Balance, shares at Mar. 31, 2023		24,553,470	(433,333)
Stock compensation				240			240
Fair value of vested restricted stock units				429			429
Cost of stock option repricing				36			36
Net loss						(5,821)	(5,821)
Issuance of common shares upon exercise of stock warrants				1,174			1,174
Issuance of common shares upon exercise of stock warrants, shares		111,828
Issuance of common shares upon the closing of private financings, net of offering costs		$ 2		21,640			21,642
Stock Issued During Period, Shares, New Issues		1,117,079
Conversion of notes payable-shareholders and accrued interest				1,865			1,865
Conversion of notes payable-shareholders and accrued interest, shares		73,134
Balance at Jun. 30, 2023		$ 26	$ (433)	232,073	2	(209,412)	22,256
Balance, shares at Jun. 30, 2023		25,855,511	(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				2,787			2,787
Unrealized loss on short and long-term investments					(25)		(25)
Fair value of vested restricted stock units				1,125			1,125
Issuance of common shares upon exercise of stock warrants		$ 8		27,670			27,678
Issuance of common shares for cash and warrants, net of costs, shares		7,500,000
Cost of stock option repricing				320			320
Issuance of common stock in connection with the Company’s equity award programs				49			49
Issuance of common stock in connection with the Company's equity award programs, shares		15,902
Net loss						(14,426)	(14,426)
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
Issuance of common shares upon the closing of private financings, net of offering costs							$ 21,642
Balance at Jun. 30, 2024		$ 35	$ (433)	274,028	(11)	(235,950)	37,669
Balance, shares at Jun. 30, 2024		34,512,642	(433,333)
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)
Stock compensation				1,298			1,298
Unrealized loss on short and long-term investments					(6)		(6)
Fair value of vested restricted stock units				136			136
Issuance of common shares upon exercise of stock warrants		$ 8		27,670			27,678
Issuance of common shares for cash and warrants, net of costs, shares		7,500,000
Cost of stock option repricing				6			6
Issuance of common stock in connection with the Company’s equity award programs				49			49
Issuance of common stock in connection with the Company's equity award programs, shares		15,902
Net loss						(6,576)	(6,576)
Balance at Jun. 30, 2024		$ 35	$ (433)	$ 274,028	$ (11)	$ (235,950)	$ 37,669
Balance, shares at Jun. 30, 2024		34,512,642	(433,333)

Condensed Statements of Cash Fl

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash Flows from Operating Activities
Net loss	$ (6,576)	$ (5,821)	$ (14,426)	$ (16,185)	$ (28,297)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation expense			122	271
Net amortization of premiums and discounts on short-term investments			(304)
Right-of-use asset			330	274
Amortization of debt discount				649
Stock compensation			2,787	467
Fair value of restricted stock units			1,125	627
Cost of stock option modifications and repricing			320	2,642
Debt extinguishment costs		402		402
Fair value of warrants issued in connection with the conversion of convertible notes payable				3,110
(Increase) Decrease in:
Prepaid expenses and other assets			(222)	(48)
(Decrease) Increase in:
Accounts payable and accrued expenses			1,002	(1,658)
Accrued payroll and payroll taxes			(1,600)	(168)
Accrued interest payable				44
Deferred revenue				(170)
Lease liability			(312)	(265)
Net cash used in operating activities			(11,178)	(10,008)	(20,275)
Cash Flows from Investing Activities
Purchases of property and equipment			(258)	(505)
Purchase of short and long-term investments			(26,539)
Proceeds from sales and maturities of short-term investments			8,000
Net cash used in investing activities			(18,797)	(505)
Cash Flows from Financing Activities
Proceeds from notes payable – shareholders				900
Repayment of notes payable – shareholders				(660)
Repayment of convertible notes payable – shareholders
Payment of deferred offering costs				(303)
Proceeds from common stock issued in connection with the Company’s equity award programs			49
Proceeds from the exercise of stock warrants			688	1,174
Proceeds from common stock issued for cash in connection with the closing of the IPO				14,503
Proceeds from common stock issued for cash in connection with the closing of private financings				21,642
Proceeds from common stock issued for cash in connection with the closing of a second offering			27,678
Net cash provided by financing activities			28,415	37,256
Net increase (decrease) in cash			(1,560)	26,743
Cash and cash equivalents at the beginning of period			9,418	397	397
Cash and cash equivalents at the end of period	$ 7,858	$ 27,140	7,858	27,140	$ 9,418
Supplemental cash flows disclosures:
Interest paid				50
Taxes paid
Supplemental non-cash financing disclosures:
Effect of the extension of right-of-use asset and operating lease				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				1,463
Unrealized loss on investments			$ 25

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (6,576)	$ (5,821)	$ (14,426)	$ (16,185)	$ (28,297)

BASIS OF PRESENTATION

BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. Liquidity and Capital Resources 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. During the year ended December 31, 2023, the Company incurred a net loss of $ 28,297 20,275 221,524 14,426 11,178 During the year ended December 31, 2023, the Company closed its initial public offering (“IPO”) and two private placements and received $ 37,774 27,678 37,669 40,449 to last into the first quarter of 2026 The ability to continue as a going concern is dependent on the Company attaining and maintaining profitable operations in the future and raising additional capital to meet its obligations and repay its liabilities arising from normal business operations when they come due. Since inception, the Company has funded its operations primarily through equity and debt financings, and licensing income, and it expects to continue to rely on these sources of capital in the future. 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	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 June 30, June 30, Stock options 5,044,949 4,201,019 Stock warrants 7,897,975 932,854 Restricted stock units 57,323 113,500 Stock warrants, issuable upon conversion of notes payable - 105,943 Total 13,000,247 5,353,316 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 six months ended June 30, 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 June 30, 2024 and December 31, 2023. As of June 30, 2024 and December 31, 2023, the amount of cash equivalents included in cash and cash equivalents totaled $ 7,414 7,924 Short and Long-Term Investments The Company’s short and long-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 six months ended June 30, 2024. Bonds with maturity dates subsequent to June 30, 2025 are classified as long-term investments, while bonds with maturity dates on or before June 30, 2025 are classified as short-term investments. 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 six months ended June 30, 2024. 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 six months ended June 30, 2024, comprehensive loss included $ 25 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	6 Months Ended
	Jun. 30, 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 Level 1 Level 2 Level 3 Total Fair Value Measurements as of June 30, 2024, Using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 7,414 $ — $ — $ 7,414 Short and long-term investments: US Government Agency bonds — 13,710 — 13,710 US Treasury bonds — 18,881 — 18,881 Total Cash equivalents and Short-term investments $ 7,414 $ 32,591 $ — $ 40,005 The underlying securities in the money market funds held by the Company are all government backed securities. Valuation of cash equivalents and short and long-term investments Cash equivalents consisted of money market funds at June 30, 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 AND

SHORT AND	6 Months Ended
	Jun. 30, 2024
Investments, All Other Investments [Abstract]
SHORT AND	NOTE 4 - SHORT AND ONG ERM As of June 30, 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 US Government Agency bonds $ 13,715 $ — $ (5 ) $ — $ 13,710 US Treasury bonds 18,889 — (8 ) — 18,881 $ 32,604 $ — $ (13 ) $ — $ 32,591 As of June 30, 2024, $ 25,778 6,813

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 5 - PROPERTY AND EQUIPMENT Property and equipment consisted of the following at June 30, 2024 and December 31, 2023: SCHEDULE OF PROPERTY AND EQUIPMENT June 30, December 31, Furniture and office equipment $ 148 $ 148 Laboratory equipment 2,837 2,792 Computer equipment 127 127 Leasehold improvements 557 557 Construction-in-progress 1,208 995 Property and equipment, gross 4,877 4,619 Less: accumulated depreciation and amortization (3,571 ) (3,449 ) Property and equipment, net $ 1,306 $ 1,170 Depreciation expense for the six months ended June 30, 2024 and 2023 was $ 122 271 During the year ended December 31, 2023, the Company expended $ 995 213

ACCRUED PAYROLL AND PAYROLL TAX

ACCRUED PAYROLL AND PAYROLL TAXES	6 Months Ended
	Jun. 30, 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 1,259 321 517

LEASE LIABILITIES

LEASE LIABILITIES	6 Months Ended
	Jun. 30, 2024
Lease Liabilities
LEASE LIABILITIES	NOTE 7 – LEASE LIABILITIES Operating Leases Operating lease right-of-use (“ROU”) assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Generally, the implicit rate of interest (“discount rate”) in arrangements is not readily determinable and the Company utilizes its incremental borrowing rate in determining the present value of lease payments. The Company’s incremental borrowing rate is a hypothetical rate based on its understanding of what its credit rating would be. The operating lease ROU asset includes any lease payments made and excludes lease incentives. As of June 30, 2024, the Company has four operating leases with average monthly payments of approximately $ 66 During the six months ended June 30, 2024 and 2023, the Company reflected combined amortization of the right of use assets of $ 330 274 2,098 2,428 The operating lease liability at December 31, 2023 was $ 2,519 312 265 2,207 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 $ 18

SHAREHOLDERS_ EQUITY

SHAREHOLDERS’ EQUITY	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
SHAREHOLDERS’ EQUITY	NOTE 8 - SHAREHOLDERS’ EQUITY Preferred Stock Upon the closing of the Company’s IPO on January 30, 2023, all of the Company’s 22,094,889 8,359,143 994,705 As of January 30, 2023, earned but undeclared and unpaid Series H dividends were $ 3,443 272,101 In January 2023, the Company’s Certificate of Incorporation with the state of Delaware was amended to change the number of authorized preferred shares from 29,927,994 10,000,000 Common Stock Authorized shares The Company’s Certificate of Incorporation authorizes the Company to issue up to 200,000,000 34,512,642 26,788,986 In January 2023, the Company’s Certificate of Incorporation with the state of Delaware was amended to change the number of authorized common shares from 75,000,000 200,000,000 Shareholders’ Equity Transactions for the Six Months Ended June 30, 2023 On January 30, 2023, the Company completed its underwritten IPO of its common stock, in which the Company issued and sold 2,500,000 6.00 153,000 6.00 15,918 12,632 As of December 31, 2022, the Company owed an aggregate of $ 26,317 5,041 26,317 5,041 31,761 4,207,501 10.50 no In May and June 2023, the Company entered into securities 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. As of June 30, 2023, the Company sold 1,117,079 21,642 Certain investors who were obligated under the securities purchase agreements to fund remaining committed investment amounts totaling $ 24,000 Shareholders’ Equity Transactions for the Six Months Ended June 30, 2024 In May 2024, the Company completed an underwritten public offering of its common stock and accompanying warrants, in which the Company issued and sold 7,500,000 shares of its common stock and accompanying warrants to purchase 7,500,000 625,000 625,000 4.00 per share and accompanying warrant. The total gross proceeds of the offering were $ 30,000 and the Company raised $ 27,678 in net proceeds after deducting underwriting discounts and commissions and offering expenses payable by the Company. Each warrant will have 5.25 five years Grant of Restricted Stock Units (RSU) The following table summarizes restricted common stock activity during the six months ended June 30, 2024: SCHEDULE OF RESTRICTED COMMON STOCK ACTIVITY Number of Restricted Shares Fair Value Weighted Average Grant Date Fair Value 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, June 30, 2024 57,323 $ 966 $ 16.85 During the six months ended June 30, 2024, the Board approved the issuance of a combined total of 130,690 852 577 During the six months ended June 30, 2024, the Company recorded $ 1,125 $ 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 no 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 31,500 1,922,212 1,339,449 3,230,161 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. Stock Option Grants during the Six Months Ended June 30, 2024 During the six months ended June 30, 2024, under its 2022 Plan, the Board approved the granting of options to certain employees to purchase 31,500 3.83 7.44 vest over four years, expire ten years from the date of grant 124 The assumptions used for the options granted during the period are as follows: SCHEDULE OF OPTION GRANTED Exercise prices $ 3.83 7.44 Expected dividends — Expected volatility 100.0 % Risk free interest rate 4.3 4.5 % Expected life of options 6.0 The table below summarizes the Company’s stock option activities for the six months ended June 30, 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 31,500 3.83 7.44 4.86 Cancelled (80,471 ) 6.00 22.40 14.15 Exercised — — — Expired (25,000 ) 6.00 6.00 Balance, June 30, 2024 5,044,949 $ 3.83 24.75 $ 9.64 Vested and exercisable, June 30, 2024 3,906,994 $ 6.00 10.50 $ 6.37 Unvested, June 30, 2024 1,137,955 $ 6.00 24.75 $ 21.00 The following table summarizes information concerning outstanding and exercisable options as of June 30, 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 $ 3.83 6.00 3,835,162 3.89 $ 6.00 3,770,691 3.84 $ 6.00 6.01 10.50 99,099 2.27 9.33 90,099 1.53 9.52 10.51 24.75 1,110,688 9.20 22.26 68,704 9.19 22.40 $ 3.83 24.75 5,044,949 5.06 $ 9.64 3,906,994 3.88 $ 6.37 During the six months ended June 30, 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 In September 2022, the Board approved a stock option repricing whereby the exercise price of previously granted and unexercised options held by certain employees, directors and key advisers with exercise prices between $ 9.00 10.50 6.00 2,733 2,689 17 During the six months ended June 30, 2024, the Company recorded $ 2,787 17,003 no Stock Warrants The table below summarizes the Company’s warrants activities for the six months ended June 30, 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 Issued 7,500,000 5.25 5.25 Cancelled — — — Exercised (76,487 ) 9.00 9.00 Expired (38,297 ) 10.50 10.50 Balance, June 30, 2024 7,897,975 $ 3.00 9.00 $ 5.32 Vested and exercisable, June 30, 2024 7,897,975 $ 3.00 9.00 $ 5.32 The following table summarizes information concerning outstanding and exercisable warrants as of June 30, 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 2.67 $ 3.00 133,333 2.67 $ 3.00 3.01 9.00 7,764,642 4.84 5.36 7,764,642 4.84 5.36 $ 3.00 9.00 7,897,975 4.80 $ 5.32 7,897,975 4.80 $ 5.32 During the six months ended June 30, 2023, the Company issued warrants to certain of its lenders to purchase up to 111,828 10.50 3,110 111,828 1,174 During the six months ended June 30, 2024, the Company issued warrants to purchase 7,500,000 5.25 The warrants expire five years During the six months ended June 30, 2024, warrant holders exercised 76,487 9.00 688 There was no Employee Stock Purchase Plan The Company’s 2022 Employee Stock Purchase Plan (“ESPP”) permits eligible employees to purchase Company shares on an after-tax basis in an amount between 1% and 15% of their earnings: (i) on May 16 th th th th th A maximum of 700,000 st st 267,890 shares of common stock to the ESPP in 2024. During the three and six months ended June 30, 2024, employees purchased 15,902 shares of common stock for an aggregate purchase price of $ 49 951,988 shares remain authorized and available for issuance under the ESPP. As of June 30, 2024, the Company held $ 19 on behalf of employees for future purchases under the ESPP, and this amount was recorded in accrued payroll and payroll taxes in the Company’s condensed balance sheet.

LEGAL MATTERS

LEGAL MATTERS	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
LEGAL MATTERS	NOTE 9 - LEGAL MATTERS To the Company’s knowledge, it is not currently the subject of any material legal proceeding. In the future, the Company may be involved in 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	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 10 - SUBSEQUENT EVENTS Subsequent to June 30, 2024, the Company issued a total of 22,830 restricted stock units to certain of its employees. The fair value of the shares at the date of grant was $ 50 . The restricted common stock was granted under the 2022 Plan. All of these shares were vested as of the grant date. Subsequent to June 30, 2024, on August 1, 2024, in accordance with the Non-Employee Director Compensation Policy, a total of 201,876 158,164

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 June 30, June 30, Stock options 5,044,949 4,201,019 Stock warrants 7,897,975 932,854 Restricted stock units 57,323 113,500 Stock warrants, issuable upon conversion of notes payable - 105,943 Total 13,000,247 5,353,316
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 six months ended June 30, 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 June 30, 2024 and December 31, 2023. As of June 30, 2024 and December 31, 2023, the amount of cash equivalents included in cash and cash equivalents totaled $ 7,414 7,924
Short and Long-Term Investments	Short and Long-Term Investments The Company’s short and long-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 six months ended June 30, 2024. Bonds with maturity dates subsequent to June 30, 2025 are classified as long-term investments, while bonds with maturity dates on or before June 30, 2025 are classified as short-term investments. 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 six months ended June 30, 2024.
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 six months ended June 30, 2024, comprehensive loss included $ 25
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)	6 Months Ended
	Jun. 30, 2024
Accounting Policies [Abstract]
SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES	The potentially dilutive securities consisted of the following: SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES June 30, June 30, Stock options 5,044,949 4,201,019 Stock warrants 7,897,975 932,854 Restricted stock units 57,323 113,500 Stock warrants, issuable upon conversion of notes payable - 105,943 Total 13,000,247 5,353,316

FAIR VALUE OF FINANCIAL ASSET_2

FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 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 Level 1 Level 2 Level 3 Total Fair Value Measurements as of June 30, 2024, Using: Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 7,414 $ — $ — $ 7,414 Short and long-term investments: US Government Agency bonds — 13,710 — 13,710 US Treasury bonds — 18,881 — 18,881 Total Cash equivalents and Short-term investments $ 7,414 $ 32,591 $ — $ 40,005

SHORT AND (Tables)

SHORT AND (Tables)	6 Months Ended
	Jun. 30, 2024
Investments, All Other Investments [Abstract]
SCHEDULE OF AVAILABLE FOR SALE INVESTMENTS	As of June 30, 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 US Government Agency bonds $ 13,715 $ — $ (5 ) $ — $ 13,710 US Treasury bonds 18,889 — (8 ) — 18,881 $ 32,604 $ — $ (13 ) $ — $ 32,591

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	6 Months Ended
	Jun. 30, 2024
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment consisted of the following at June 30, 2024 and December 31, 2023: SCHEDULE OF PROPERTY AND EQUIPMENT June 30, December 31, Furniture and office equipment $ 148 $ 148 Laboratory equipment 2,837 2,792 Computer equipment 127 127 Leasehold improvements 557 557 Construction-in-progress 1,208 995 Property and equipment, gross 4,877 4,619 Less: accumulated depreciation and amortization (3,571 ) (3,449 ) Property and equipment, net $ 1,306 $ 1,170

SHAREHOLDERS_ EQUITY (Tables)

SHAREHOLDERS’ EQUITY (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
SCHEDULE OF RESTRICTED COMMON STOCK ACTIVITY	The following table summarizes restricted common stock activity during the six months ended June 30, 2024: SCHEDULE OF RESTRICTED COMMON STOCK ACTIVITY Number of Restricted Shares Fair Value Weighted Average Grant Date Fair Value 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, June 30, 2024 57,323 $ 966 $ 16.85
SCHEDULE OF OPTION GRANTED	The assumptions used for the options granted during the period are as follows: SCHEDULE OF OPTION GRANTED Exercise prices $ 3.83 7.44 Expected dividends — Expected volatility 100.0 % Risk free interest rate 4.3 4.5 % Expected life of options 6.0
SCHEDULE OF STOCK OPTION ACTIVITY	The table below summarizes the Company’s stock option activities for the six months ended June 30, 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 31,500 3.83 7.44 4.86 Cancelled (80,471 ) 6.00 22.40 14.15 Exercised — — — Expired (25,000 ) 6.00 6.00 Balance, June 30, 2024 5,044,949 $ 3.83 24.75 $ 9.64 Vested and exercisable, June 30, 2024 3,906,994 $ 6.00 10.50 $ 6.37 Unvested, June 30, 2024 1,137,955 $ 6.00 24.75 $ 21.00
SCHEDULE OF OUTSTANDING AND EXERCISABLE OPTIONS	The following table summarizes information concerning outstanding and exercisable options as of June 30, 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 $ 3.83 6.00 3,835,162 3.89 $ 6.00 3,770,691 3.84 $ 6.00 6.01 10.50 99,099 2.27 9.33 90,099 1.53 9.52 10.51 24.75 1,110,688 9.20 22.26 68,704 9.19 22.40 $ 3.83 24.75 5,044,949 5.06 $ 9.64 3,906,994 3.88 $ 6.37
SCHEDULE OF WARRANTS ACTIVITY	The table below summarizes the Company’s warrants activities for the six months ended June 30, 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 Issued 7,500,000 5.25 5.25 Cancelled — — — Exercised (76,487 ) 9.00 9.00 Expired (38,297 ) 10.50 10.50 Balance, June 30, 2024 7,897,975 $ 3.00 9.00 $ 5.32 Vested and exercisable, June 30, 2024 7,897,975 $ 3.00 9.00 $ 5.32
SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS	The following table summarizes information concerning outstanding and exercisable warrants as of June 30, 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 2.67 $ 3.00 133,333 2.67 $ 3.00 3.01 9.00 7,764,642 4.84 5.36 7,764,642 4.84 5.36 $ 3.00 9.00 7,897,975 4.80 $ 5.32 7,897,975 4.80 $ 5.32

BASIS OF PRESENTATION (Details

BASIS OF PRESENTATION (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ 6,576	$ 5,821	$ 14,426	$ 16,185	$ 28,297
Cash used in operations			11,178	10,008	20,275
Accumulated deficit	235,950		235,950		221,524
issuance IPO and private placements			27,678		37,774
Shareholders equity	37,669	$ 22,256	37,669	$ 22,256	$ 19,473	$ 15,084	$ 2,691	$ (35,783)
Cash cash equivalents short-term investments	$ 40,449		$ 40,449

SCHEDULE OF POTENTIALLY DILUTIV

SCHEDULE OF POTENTIALLY DILUTIVE SECURITIES (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	13,000,247	5,353,316
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	5,044,949	4,201,019
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	7,897,975	932,854
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		105,943

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 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	6		25
Money Market Funds [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Cash	$ 7,414		7,414		$ 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	Jun. 30, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total Cash equivalents and Short-term investments	$ 40,005
US Government Agencies Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
US Treasury bonds	13,710
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
US Treasury bonds	18,881
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Money market funds	7,414
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	7,414
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 Treasury 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 Treasury 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	7,414
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	32,591
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 Treasury bonds	13,710
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
US Treasury bonds	18,881
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 Treasury 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 Treasury 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	6 Months Ended
	Jun. 30, 2024 USD ($)
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	$ 32,604
Gross Unrealized Gains
Gross Unrealized Losses	(13)
Credit Losses
Fair Value	32,591
US Government Agencies Debt Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	13,715
Gross Unrealized Gains
Gross Unrealized Losses	(5)
Credit Losses
Fair Value	13,710
US Treasury Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	18,889
Gross Unrealized Gains
Gross Unrealized Losses	(8)
Credit Losses
Fair Value	$ 18,881

SHORT AND (Details Narrative)

SHORT AND (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Investments, All Other Investments [Abstract]
Short-term investments	$ 25,778	$ 13,773
Long-term investments	$ 6,813

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 4,877	$ 4,619
Less: accumulated depreciation and amortization	(3,571)	(3,449)
Property and equipment, net	1,306	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	2,837	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	$ 1,208	$ 995

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
Depreciation	$ 122	$ 271
Facility design services			$ 995
Design services	$ 213

ACCRUED PAYROLL AND PAYROLL T_2

ACCRUED PAYROLL AND PAYROLL TAXES (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accrued Payroll And Payroll Taxes
Accrued payroll and payroll taxes current	$ 517	$ 2,117
Payroll tax liability	321	$ 321
Accrued compensation	$ 1,259

LEASE LIABILITIES (Details Narr

LEASE LIABILITIES (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Lease Liabilities
Aggregate average monthly payments	$ 66
Amortization of the right of use assets	330	$ 274
Right of use assets, net asset balance	2,098		$ 2,428
Operating lease liability	2,207		$ 2,519
Aggregate payments	312	265
Rent expense	$ 18	$ 18

SCHEDULE OF RESTRICTED COMMON S

SCHEDULE OF RESTRICTED COMMON STOCK ACTIVITY (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 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 OPTION GRANTED (Det

SCHEDULE OF OPTION GRANTED (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares
Expected dividends
Expected volatility	100%
Risk free interest rate, minimum	4.30%
Risk free interest rate, maximum	4.50%
Expected life of options	6 years
Minimum [Member]
Exercise price	$ 3.83
Maximum [Member]
Exercise price	$ 7.44

SCHEDULE OF STOCK OPTION ACTIVI

SCHEDULE OF STOCK OPTION ACTIVITY (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of options shares, beginning | shares	5,118,920
Exercise price range, beginning
Weighted average exercise price, beginning	$ 9.76
Number of options shares, granted | shares	31,500
Weighted average exercise price, granted	$ 4.86
Number of options shares, cancelled | shares	(80,471)
Weighted average exercise price, cancelled	$ 14.15
Number of options shares, exercised | shares
Exercise price range, exercised
Weighted average exercise price, exercised
Number of options shares, expired | shares	(25,000)
Exercise price range, expired	$ 6
Weighted average exercise price, expired	$ 6
Number of options shares, ending | shares	5,044,949
Exercise price range, ending	$ 9.64
Weighted average exercise price, ending	$ 9.64
Number of options shares, vested and exercisable | shares	3,906,994
Exercise price range, vested and exercisable	$ 6.37
Weighted average exercise price, vested and exercisable	$ 6.37
Number of options shares, unvested | shares	1,137,955
Weighted average exercise price, unvested	$ 21
Minimum [Member]
Exercise price range, beginning	6
Exercise price range, granted	3.83
Exercise price range, cancelled	6
Exercise price range, ending	3.83
Exercise price range, vested and exercisable	6
Exercise price range, unvested	6
Maximum [Member]
Exercise price range, beginning	24.75
Exercise price range, granted	7.44
Exercise price range, cancelled	22.40
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)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower limit	$ 3.83
Range of exercise prices, upper limit	$ 24.75
Options outstanding number of outstanding | shares	5,044,949
Options outstanding average remaining contractual life	5 years 21 days
Options outstaning weighted average exercise price	$ 9.64
Options exercisable number of outstanding | shares	3,906,994
Options exercisable average remaining contractual life	3 years 10 months 17 days
Options exercisable weighted average exercise price	$ 6.37
Exercise Price Range One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower limit	3.83
Range of exercise prices, upper limit	$ 6
Options outstanding number of outstanding | shares	3,835,162
Options outstanding average remaining contractual life	3 years 10 months 20 days
Options outstaning weighted average exercise price	$ 6
Options exercisable number of outstanding | shares	3,770,691
Options exercisable average remaining contractual life	3 years 10 months 2 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, lower limit	6.01
Range of exercise prices, upper limit	$ 10.50
Options outstanding number of outstanding | shares	99,099
Options outstanding average remaining contractual life	2 years 3 months 7 days
Options outstaning weighted average exercise price	$ 9.33
Options exercisable number of outstanding | shares	90,099
Options exercisable average remaining contractual life	1 year 6 months 10 days
Options exercisable weighted average exercise price	$ 9.52
Exercise Price Range Three [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, lower limit	10.51
Range of exercise prices, upper limit	$ 24.75
Options outstanding number of outstanding | shares	1,110,688
Options outstanding average remaining contractual life	9 years 2 months 12 days
Options outstaning weighted average exercise price	$ 22.26
Options exercisable number of outstanding | shares	68,704
Options exercisable average remaining contractual life	9 years 2 months 8 days
Options exercisable weighted average exercise price	$ 22.40

SCHEDULE OF WARRANTS ACTIVITY (

SCHEDULE OF WARRANTS ACTIVITY (Details)	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Number of warrant shares, beginning | shares	512,759
Weighted average exercise price, beginning	$ 7.14
Number of warrant shares, issued | shares	7,500,000
Exercise price range per share, issued	$ 5.25
Weighted average exercise price, issued	$ 5.25
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)
Exercise price range per share, exercised	$ 9
Weighted average exercise price, exercised	$ 9
Number of warrant shares, expired | shares	(38,297)
Exercise price range per share, expired	$ 10.50
Weighted average exercise price, expired	$ 10.50
Number of warrant shares, ending | shares	7,897,975
Weighted average exercise price, ending	$ 5.32
Number of warrant shares, exercisable | shares	7,897,975
Weighted average exercise price, exercisable	$ 5.32
Minimum [Member]
Exercise price range range per share, beginning	3
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, ending	9
Exercise price range per share, exercisable	$ 9

SCHEDULE OF OUTSTANDING AND E_2

SCHEDULE OF OUTSTANDING AND EXERCISABLE WARRANTS (Details) - $ / shares	6 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Range of exercise prices, upper limit	$ 9
Warrants Outstanding number of outstanding	7,897,975	512,759
Warrants outstanding average remaining contractual life	4 years 9 months 18 days
Warrants outstaning weighted average exercise price	$ 5.32	$ 7.14
Warrants exercisable number of outstanding	7,897,975
Warrants exercisable average remaining contractual life	4 years 9 months 18 days
Warrants exercisable weighted average exercise price	$ 5.32
Range of exercise prices, lower limit	3
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 8 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 8 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	7,764,642
Warrants outstanding average remaining contractual life	4 years 10 months 2 days
Warrants outstaning weighted average exercise price	$ 5.36
Warrants exercisable number of outstanding	7,764,642
Warrants exercisable average remaining contractual life	4 years 10 months 2 days
Warrants exercisable weighted average exercise price	$ 5.36
Range of exercise prices, lower limit	$ 3.01

SHAREHOLDERS_ EQUITY (Details N

SHAREHOLDERS’ EQUITY (Details Narrative) - USD ($)			1 Months Ended					3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 30, 2023	Dec. 31, 2022	May 31, 2024	Feb. 28, 2023	Sep. 30, 2022	Jun. 30, 2022	Sep. 30, 2018	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	Jan. 31, 2024	Sep. 30, 2023	Jan. 31, 2023	Jan. 01, 2023	Dec. 30, 2022	Aug. 31, 2009
Class of Stock [Line Items]
Preferred stock, shares authorized								10,000,000		10,000,000		10,000,000
Common stock, shares authorized								200,000,000		200,000,000		200,000,000			200,000,000		75,000,000
Common stock, shares issued								34,512,642		34,512,642		26,788,986
Common stock, shares outstanding								34,512,642		34,512,642		26,788,986
Gross proceeds of the IPO			$ 30,000,000								$ 14,503,000
Proceeds after underwriting discounts and commissions and offering expenses			$ 27,678,000
Principal amount		$ 26,317,000										$ 0
Accrued and unpaid interest		5,041,000
Net proceeds									$ 21,642,000	$ 21,642,000	$ 21,642,000
Number of warrant exercise								7,500,000	111,828	7,500,000	111,828
Warrant exercise price per share			$ 5.25					$ 5.25		$ 5.25
Warrants term			5 years					5 years		5 years
Issuance of restricted shares										130,690
Fair value granted										$ 852,000
Additional restricted shares, vested										131,267
Stock based compensation for fair value of vesting								$ 136,000	$ 429,000	$ 1,125,000	$ 627,000
Unamortized compensation								966,000		$ 966,000
Number of shares extended										31,500
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.
Exercise price per share
Cost of the stock option modification										$ 303,000
Range of exercise prices, lower limit										$ 3.83
Range of exercise prices, upper limit										24.75
Exercise prices										$ 4.86
Repricing costs					$ 2,733,000							2,689,000
Stock vested										$ 17,000
Share compensation										2,787,000
Unvested compensation								17,003,000		17,003,000
Aggregate intrinsic value outstanding								0		0
Proceeds from exercise of warrants										1,174,000
Aggregate intrinsic value of warrants								0		0
Stock Issued During Period, Value, Employee Stock Purchase Plan										49,000
Accrued payroll and payroll taxes								$ 321,000		$ 321,000		$ 321,000
2009 Equity Incentive Plan [Member]
Class of Stock [Line Items]
Common stock shares authorized																		6,166,666
Shares of common stock option granted								0		0
Additional shares authorized							3,774,260
2019 Equity Incentive Plan [Member]
Class of Stock [Line Items]
Shares of common stock option granted								1,632,314		1,632,314
Shares of common stock issued							2,059,073
2019 Equity Incentive Plan [Member] | Maximum [Member]
Class of Stock [Line Items]
Shares of common stock issued							5,833,333
2022 Plan [Member]
Class of Stock [Line Items]
Shares of common stock issued						2,800,000							1,339,449
Number of shares of common stock percentage						5%
2023 Inducement Plan [Member]
Class of Stock [Line Items]
Shares of common stock issued														1,000,000
2022 Incentive Plan [Member]
Class of Stock [Line Items]
Number of shares extended										31,500
Vesting description										vest over four years, expire ten years from the date of grant
Aggregate fair value										$ 124,000
2022 Incentive Plan [Member] | Maximum [Member]
Class of Stock [Line Items]
Exercise price per share										$ 7.44
2022 Incentive Plan [Member] | Minimum [Member]
Class of Stock [Line Items]
Exercise price per share										$ 3.83
Two Option Holders [Member]
Class of Stock [Line Items]
Number of shares extended										51,581
2022 Employee Stock Purchase Plan [Member]
Class of Stock [Line Items]
Sold shares										700,000
Shares issued										267,890
Employee stock purchase plan description										The Company’s 2022 Employee Stock Purchase Plan (“ESPP”) permits eligible employees to purchase Company shares on an after-tax basis in an amount between 1% and 15% of their earnings: (i) on May 16th of each year at a 15% discount of the fair market value of the Company’s common stock on November 17 of the previous year or May 16th, whichever is lower, and (ii) on November 15th of each year at a 15% discount of the fair market value of the Company’s common stock on May 17th or November 15th, whichever is lower. Subsequent offerings will automatically begin on the day that immediately follows the conclusion of the preceding offering. An employee may not purchase more than 7,500 shares per offering or 15,000 shares per calendar year or more than $25,000 annually.
Authorized and available for issuance								951,988		951,988
Accrued payroll and payroll taxes								$ 19,000		$ 19,000
Restricted Stock [Member]
Class of Stock [Line Items]
Additional restricted shares, vested										577
Underwriters [Member]
Class of Stock [Line Items]
Sold shares			7,500,000
Sale of stock per share			$ 4
Underwriters [Member] | Options Held [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, Other			625,000
Employees [Member]
Class of Stock [Line Items]
Issuance of restricted shares										130,690
Fair value granted										$ 852,000
Employees Directors and Key Advisers [Member]
Class of Stock [Line Items]
Range of exercise prices, lower limit					$ 9
Range of exercise prices, upper limit					10.50
Exercise prices					$ 6
Lender [Member]
Class of Stock [Line Items]
Number of warrant exercise									111,828		111,828
Warrant exercise price per share									$ 10.50		$ 10.50
Warrant Holders [Member]
Class of Stock [Line Items]
Number of warrant exercise								76,487		76,487
Warrant exercise price per share								$ 9		$ 9
Proceeds from exercise of warrants										$ 688,000
Securities Purchase Agreement [Member]
Class of Stock [Line Items]
Additional commitments received									$ 24,000,000		$ 24,000,000
IPO [Member]
Class of Stock [Line Items]
Sold shares	2,500,000			153,000
Sale of stock per share	$ 6			$ 6
Gross proceeds of the IPO				$ 15,918,000
Proceeds after underwriting discounts and commissions and offering expenses				$ 12,632,000
Principal amount		26,317,000
Accrued and unpaid interest		5,041,000
Principal plus accrued and unpaid interest		$ 31,761,000
Converted shares		4,207,501
Conversion price		$ 10.50
Common Stock [Member]
Class of Stock [Line Items]
Shares issued in conversion	8,359,143
Shares issued in conversion price adjustment	994,705
Shares issued									1,117,079		1,117,079
Net proceeds									$ 2,000		$ 2,000
Stock Issued During Period, Shares, Other								7,500,000		7,500,000	123,494
Stock based compensation for fair value of vesting
Common Stock [Member] | 2022 Plan [Member]
Class of Stock [Line Items]
Shares of common stock option granted												1,922,212	3,230,161
Number of shares extended										31,500
Common Stock [Member] | 2023 Inducement Plan [Member]
Class of Stock [Line Items]
Shares of common stock option granted								555,700		555,700
Fair value of stock option										$ 0
Common Stock [Member] | 2022 Employee Stock Purchase Plan [Member]
Class of Stock [Line Items]
Shares issued under ESPP								15,902		15,902
Common Stock [Member] | Underwriters [Member]
Class of Stock [Line Items]
Number of warrant exercise			7,500,000
Warrant [Member]
Class of Stock [Line Items]
Fair value of warrants											$ 3,110,000
Series A Through K Preferred Stock [Member]
Class of Stock [Line Items]
Preferred stock, shares outstanding	22,094,889
Preferred stock, shares authorized																10,000,000	29,927,994
Series H Preferred Stock [Member]
Class of Stock [Line Items]
Shares issued in conversion	272,101
Dividend earned but undeclared and unpaid	$ 3,443,000

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Aug. 10, 2024	Jun. 30, 2024
Subsequent Event [Line Items]
Stock options		31,500
Restricted stock units		130,690
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member]
Subsequent Event [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Granted	22,830
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value	$ 50
Subsequent Event [Member] | Restricted Stock Units (RSUs) [Member] | Amended September 2023 [Member]
Subsequent Event [Line Items]
Restricted stock units	158,164
Subsequent Event [Member] | Equity Option [Member] | Amended September 2023 [Member]
Subsequent Event [Line Items]
Stock options	201,876