Abeona Therapeutics (ABEO) 10-Q 14 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Nov. 07, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-15771
Entity Registrant Name	ABEONA THERAPEUTICS INC
Entity Central Index Key	0000318306
Entity Tax Identification Number	83-0221517
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	1330 Avenue of the Americas
Entity Address, Address Line Two	33rd Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10019
City Area Code	(646)
Local Phone Number	813-4701
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	ABEO
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	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		17,175,799

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 5,733	$ 32,938
Short-term investments	12,434	12,086
Restricted cash	5,338	5,891
Accounts receivable		3,000
Other receivables	1,047
Prepaid expenses and other current assets	945	2,377
Total current assets	25,497	56,292
Property and equipment, net	6,606	12,339
Right-of-use lease assets	6,638	9,403
Licensed technology, net		1,384
Other assets	20	168
Total assets	38,761	79,586
Current liabilities:
Accounts payable	1,748	4,325
Accrued expenses	4,121	5,585
Current portion of lease liability	1,810	1,818
Current portion of payable to licensor	4,921	4,599
Deferred revenue		296
Total current liabilities	12,600	16,623
Payable to licensor	4,064	3,828
Other long-term liabilities	200	200
Long-term lease liabilities	6,484	7,560
Total liabilities	23,348	28,211
Commitments and contingencies
Stockholders’ equity:
Preferred stock - $0.01 par value; authorized 2,000,000 shares; No shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively
Common stock - $0.01 par value; authorized 200,000,000 shares; 7,671,351 and 5,888,217 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	77	1,472
Additional paid-in capital	709,590	705,570
Accumulated deficit	(694,210)	(655,640)
Accumulated other comprehensive loss	(44)	(27)
Total stockholders’ equity	15,413	51,375
Total liabilities and stockholders’ equity	$ 38,761	$ 79,586

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.01	$ 0.01
Preferred stock, shares authorized	2,000,000	2,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.01	$ 0.01
Common stock, shares authorized	200,000,000	200,000,000
Common stock, shares issued	7,671,351	5,888,217
Common stock, shares outstanding	7,671,351	5,888,217

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues:
License and other revenues			$ 1,346
Expenses:
Royalties			350
Research and development	5,490	9,056	22,693	25,923
General and administrative	3,890	5,816	11,574	17,261
Impairment of licensed technology			1,355
Impairment of right-of-use lease asset			1,561
Impairment of construction-in-progress			1,792
Total expenses	9,380	14,872	39,325	43,184
Loss from operations	(9,380)	(14,872)	(37,979)	(43,184)
Gain on settlement with licensor		6,743		6,743
PPP loan payable forgiveness income		1,758		1,758
Interest income	72	7	103	35
Interest expense	(157)	(683)	(558)	(3,603)
Other income (expense)	(19)	3	(136)	(2)
Net loss	(9,484)	(7,044)	(38,570)	(38,253)
Deemed dividends related to Series A and Series B Convertible Redeemable Preferred Stock			(3,782)
Net loss attributable to Common Shareholders	$ (9,484)	$ (7,044)	$ (42,352)	$ (38,253)
Basic and diluted loss per common share	$ (1.48)	$ (1.80)	$ (7.05)	$ (9.93)
Weighted average number of common shares outstanding – basic and diluted	6,421,245	3,924,024	6,009,902	3,853,318
Other comprehensive income (loss):
Change in unrealized gains (losses) related to available-for-sale debt securities	$ (4)	$ 1	$ (11)	$ 10
Foreign currency translation adjustments	(6)	(9)	(6)	(9)
Comprehensive loss	$ (9,494)	$ (7,052)	$ (42,369)	$ (38,252)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Convertible Redeemable Preferred Stock Series A [Member]	Convertible Redeemable Preferred Stock Series B [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Beginning balance, value at Dec. 31, 2020			$ 961	$ 672,304	$ (570,704)	$ (10)	$ 102,551
Beginning balance, shares at Dec. 31, 2020			3,845,267
Stock-based compensation expense				6,915			6,915
Issuance of common stock, net of offering costs under open market sale agreement (ATM)			$ 32	7,667			7,699
Issuance of common stock, net of offering costs under open market sale agreement (ATM), shares			123,332
Issuance of common stock in connection with restricted share awards, net of cancellations			$ 20	(20)
Issuance of common stock in connection with restricted share awards, net of cancellations, shares			80,876
Net loss					(38,253)		(38,253)
Other comprehensive income						1	1
Deemed dividends related to Series A and Series B Convertible Redeemable Preferred Stock
Issuance of common stock in connection with the exercise of stock options			$ 6	825			831
Issuance of common stock in connection with the exercise of stock options, shares			25,227
Ending balance, value at Sep. 30, 2021			$ 1,019	687,691	(608,957)	(9)	79,744
Ending balance, shares at Sep. 30, 2021			4,074,702
Beginning balance, value at Jun. 30, 2021			$ 1,013	684,987	(601,913)	(1)	84,086
Beginning balance, shares at Jun. 30, 2021			4,050,041
Stock-based compensation expense				2,537			2,537
Issuance of common stock, net of offering costs under open market sale agreement (ATM)				33			33
Issuance of common stock, net of offering costs under open market sale agreement (ATM), shares			790
Issuance of common stock in connection with restricted share awards, net of cancellations			$ 5	(5)
Issuance of common stock in connection with restricted share awards, net of cancellations, shares			18,993
Net loss					(7,044)		(7,044)
Other comprehensive income						(8)	(8)
Deemed dividends related to Series A and Series B Convertible Redeemable Preferred Stock
Issuance of common stock in connection with the exercise of stock options			$ 1	139			140
Issuance of common stock in connection with the exercise of stock options, shares			4,878
Ending balance, value at Sep. 30, 2021			$ 1,019	687,691	(608,957)	(9)	79,744
Ending balance, shares at Sep. 30, 2021			4,074,702
Beginning balance, value at Dec. 31, 2021			$ 1,472	705,570	(655,640)	(27)	51,375
Beginning balance, shares at Dec. 31, 2021			5,888,217
Stock-based compensation expense				2,218			2,218
Issuance of common stock, net of offering costs under open market sale agreement (ATM)			$ 10	4,179			4,189
Issuance of common stock, net of offering costs under open market sale agreement (ATM), shares			1,038,134
Issuance of common stock in connection with restricted share awards, net of cancellations			$ 3	(3)
Issuance of common stock in connection with restricted share awards, net of cancellations, shares			745,000
Reverse stock-split adjustment			$ (1,408)	1,408
Net loss					(38,570)		(38,570)
Other comprehensive income						(17)	(17)
Issuance of Series A and Series B Convertible Redeemable Preferred Stock	$ 17,974	$ 4,494
Issuance of Series A and Series B Convertible Redeemable Preferred Stock, net of issuance costs, shares	1,000,006	250,005
Deemed dividends related to Series A and Series B Convertible Redeemable Preferred Stock	$ 3,026	$ 756		(3,782)			(3,782)
Redemption of Series A and Series B Convertible Redeemable Preferred Stock	$ (21,000)	$ (5,250)
Redemption of Series A and Series B Convertible Redeemable Preferred Stock, shares	(1,000,006)	(250,005)
Ending balance, value at Sep. 30, 2022			$ 77	709,590	(694,210)	(44)	15,413
Ending balance, shares at Sep. 30, 2022			7,671,351
Beginning balance, value at Jun. 30, 2022			$ 1,467	703,379	(684,726)	(34)	20,086
Beginning balance, shares at Jun. 30, 2022			5,870,375
Stock-based compensation expense				632			632
Issuance of common stock, net of offering costs under open market sale agreement (ATM)			$ 10	4,179			4,189
Issuance of common stock, net of offering costs under open market sale agreement (ATM), shares			1,038,134
Issuance of common stock in connection with restricted share awards, net of cancellations			$ 8	(8)
Issuance of common stock in connection with restricted share awards, net of cancellations, shares			762,842
Reverse stock-split adjustment			$ (1,408)	1,408
Net loss					(9,484)		(9,484)
Other comprehensive income						(10)	(10)
Deemed dividends related to Series A and Series B Convertible Redeemable Preferred Stock
Ending balance, value at Sep. 30, 2022			$ 77	$ 709,590	$ (694,210)	$ (44)	$ 15,413
Ending balance, shares at Sep. 30, 2022			7,671,351

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (9,484)	$ (7,044)	$ (38,570)	$ (38,253)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization			2,364	2,443
Stock-based compensation expense	632	2,537	2,218	6,915
Non-cash gain on settlement with licensor		(6,743)		(6,743)
Non-cash PPP loan payable forgiveness income		(1,758)		(1,758)
Non-cash impairment of licensed technology			1,355
Non-cash impairment of right-of-use lease asset			1,561
Non-cash impairment of construction-in-progress			1,792
Accretion and interest on short-term investments			(206)	256
Amortization of right-of-use lease assets			1,204	825
Non-cash interest			558
Loss on disposal of property and equipment			121
Change in operating assets and liabilities:
Accounts receivable			3,000
Other receivables			(1,047)
Prepaid expenses and other current assets			1,432	1,801
Other assets			148	(23)
Accounts payable, accrued expenses and lease liabilities			(5,125)	(4,459)
Deferred revenue			(296)
Change in payable to licensor				3,588
Net cash used in operating activities			(29,491)	(35,408)
Cash flows from investing activities:
Capital expenditures			(105)	(903)
Proceeds from disposal of property and equipment			1,590
Purchases of short-term investments			(43,866)	(15,164)
Proceeds from maturities of short-term investments			43,707	74,130
Net cash provided by investing activities			1,326	58,063
Cash flows from financing activities:
Proceeds from ATM sales of common stock, net of issuance costs			4,189	7,699
Proceeds from exercise of stock options				831
Proceeds from issuance of Series A and Series B Convertible Redeemable Preferred Stock, net of issuance costs			22,468
Redemption of Series A and Series B Convertible Redeemable Preferred Stock			(26,250)
Net cash provided by financing activities			407	8,530
Net increase(decrease) in cash, cash equivalents and restricted cash			(27,758)	31,185
Cash, cash equivalents and restricted cash at beginning of period			38,829	13,571
Cash, cash equivalents and restricted cash at end of period	11,071	44,756	11,071	44,756
Supplemental cash flow information:
Cash and cash equivalents	5,733	43,781	5,733	43,781
Restricted cash	5,338	975	5,338	975
Total cash, cash equivalents and restricted cash	$ 11,071	$ 44,756	$ 11,071	$ 44,756

NATURE OF OPERATIONS AND SIGNIF

NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES Background Abeona Therapeutics Inc. (together with the Company’s subsidiaries, “Abeona” or the “Company”), a Delaware corporation, is a clinical-stage biopharmaceutical company developing cell and gene therapies for life-threatening rare genetic diseases. The Company’s lead clinical program is EB-101, an autologous, engineered cell therapy currently in development for recessive dystrophic epidermolysis bullosa (“RDEB”). The Company’s development portfolio also features AAV-based gene therapies designed to treat ophthalmic and other diseases, next-generation AAV-based gene therapies using the novel AIM™ capsid platform that the Company has exclusively licensed from the University of North Carolina at Chapel Hill, and internal AAV vector research programs. Reverse Stock Split On June 30, 2022, the Company filed a Certificate of Amendment to the Company’s Restated Certificate of Incorporation with the Secretary of State of the State of Delaware (the “Certificate of Amendment”), to effectuate a reverse stock split of the Company’s outstanding common stock, par value $ 0.01 exchange ratio of 25-to-1 (the “Reverse Stock Split”) 200,000,000 As a result of the Reverse Stock Split, every 25 shares of Common Stock outstanding immediately prior to the effectiveness of the Reverse Stock Split were combined and converted into one share of New Common Stock without any change in the par value per share. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who would otherwise be entitled to a fraction of one share of New Common Stock as a result of the Reverse Stock Split instead received an amount in cash equal to such fraction multiplied by the closing sale price of Common Stock on the Nasdaq Capital Market on July 1, 2022, as adjusted for the Reverse Stock Split. Proportionate adjustments were made to the per share exercise price and/or the number of shares issuable upon the exercise or vesting of all stock options, restricted stock and warrants outstanding at July 1, 2022, which resulted in a proportional decrease in the number of shares of the Company’s common stock reserved for issuance upon exercise or vesting of such stock options, restricted stock and warrants, and, in the case of stock options and warrants, a proportional increase in the exercise price of all such stock options and warrants. In addition, the number of shares reserved for issuance under the Company’s 2015 Equity Incentive Plan were reduced proportionately. Basis of Presentation The Company’s unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, except as otherwise disclosed, necessary for the fair presentation of the financial position, results of operations, and changes in financial position for such periods, have been made. These unaudited interim condensed consolidated financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period. Certain information that is normally required by U.S. GAAP has been condensed or omitted in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The December 31, 2021 condensed consolidated balance sheet was derived from the audited statements, but does not include all disclosures required by U.S. GAAP. Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 31, 2022. Uses and Sources of Liquidity The unaudited interim condensed consolidated financial statements have been prepared on the going concern basis, which assumes the Company will have sufficient cash to pay its operating expenses, as and when they become payable, for a period of at least 12 months from the date the financial report is issued. As of September 30, 2022, the Company had cash, cash equivalents, restricted cash and short-term investments of $ 23.5 29.5 The Company is subject to a number of risks similar to other life science companies, including, but not limited to, risks related to the successful discovery and development of product candidates, obtaining the necessary regulatory approval to market the Company’s product candidates, raising additional capital to continue to fund the Company’s operations, development of competing drugs and therapies and protection of proprietary technology. As a result of these and other risks and the related uncertainties, there can be no assurance of the Company’s future success. The Company believes that its current cash and cash equivalents, restricted cash and short-term investments plus the proceeds from the private placement financing on November 3, 2022 (see Note 12) are sufficient resources to fund operations through at least the next 12 months from the date of this report on Form 10-Q. The Company may need to secure additional funding to carry out all of its planned research and development activities. If the Company is unable to obtain additional financing or generate license or product revenue, the lack of liquidity and sufficient capital resources could have a material adverse effect on its future prospects. Use of Estimates The preparation of unaudited interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and disclosure of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from these estimates and assumptions. Summary of Significant Accounting Policies There have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 that are of significance, or potential significance, to the Company, other than the adoption of accounting pronouncements below. Reclassifications Certain comparative figures have been reclassified to conform to the current year presentation. The Company reclassified depreciation and amortization costs of $ 0.8 16,000 2.4 49,000 0.3 0.9 5.0 0.9 Net Loss Per Share Basic and diluted net loss per share is computed by dividing net loss attributable to common shareholders by the weighted-average number of shares of common stock. The Company does not include the potential impact of dilutive securities in diluted net loss per share, as the impact of these items is anti-dilutive. Potential dilutive securities result from outstanding restricted stock, stock options, and stock purchase warrants. The following table sets forth the potential securities that could potentially dilute basic income/(loss) per share in the future that were not included in the computation of diluted net loss per share because to do so would have been anti-dilutive for the periods presented: SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE For the three and nine months ended September 30, 2022 2021 Stock options 242,644 310,208 Restricted stock 821,269 114,209 Warrants 1,788,000 — Total 2,851,913 424,417 Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”), which simplifies the accounting for convertible instruments by eliminating the requirement to separately account for embedded conversion features as an equity component in certain circumstances. A convertible debt instrument will be reported as a single liability instrument with no separate accounting for an embedded conversion feature unless separate accounting is required for an embedded conversion feature as a derivative or under the substantial premium model. The ASU simplifies the diluted earnings per share calculation by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted earnings per share calculations. Further, the ASU requires enhanced disclosures about convertible instruments. The Company adopted ASU 2020-06 as of January 1, 2022 and there was no material impact on the condensed consolidated financial statements upon adoption.

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
SHORT-TERM INVESTMENTS	NOTE 2 – SHORT-TERM INVESTMENTS The following table provides a summary of the short-term investments (in thousands): SCHEDULE OF AVAILABLE FOR SALE SHORT-TERM INVESTMENTS September 30, 2022 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Available-for-sale, short-term investments U.S. treasury and federal agency securities $ 12,445 — (11 ) $ 12,434 Total available-for-sale, short-term investments $ 12,445 — (11 ) $ 12,434 December 31, 2021 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Available-for-sale, short-term investments U.S. treasury securities $ 12,077 9 — $ 12,086 Total available-for-sale, short-term investments $ 12,077 9 — $ 12,086 As of September 30, 2022, the available-for-sale securities classified as short-term investments mature in one year or less. Unrealized losses on available-for-sale securities as of September 30, 2022 were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. None of the short-term investments have been in a continuous unrealized loss position for more than 12 months. Accordingly, no other-than-temporary impairment was recorded for the three or nine months ended September 30, 2022. There were no

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	NOTE 3 – PROPERTY AND EQUIPMENT, NET Property and equipment are stated at cost and depreciated or amortized using the straight-line method based on useful lives as follows (in thousands): SCHEDULE OF PROPERTY AND EQUIPMENT Useful lives (years) September 30, 2022 December 31, 2021 Laboratory equipment 5 $ 8,144 $ 9,081 Furniture, software and office equipment 3 5 1,726 1,896 Leasehold improvements Shorter of remaining lease term or useful life 8,586 8,603 Construction-in-progress — 3,219 Subtotal 18,456 22,799 Less: accumulated depreciation (11,850 ) (10,460 ) Total property and equipment, net $ 6,606 $ 12,339 Depreciation expense was $ 0.8 2.3 2.4 16,000 0.1 On March 31, 2022, the Company announced that it was pursuing a strategic partner to take over development activities of ABO-102 and that it was discontinuing development of ABO-101. As a result of this shift in priorities, the Company determined the construction-in-progress that was dedicated to the ABO-101 and ABO-102 programs had no future value, and thus recorded an impairment charge of $ 1.8

LICENSED TECHNOLOGY

LICENSED TECHNOLOGY	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
LICENSED TECHNOLOGY	NOTE 4 – LICENSED TECHNOLOGY On May 15, 2015, the Company acquired Abeona Therapeutics LLC, which had an exclusive license through Nationwide Children’s Hospital to the AB-101 and AB-102 patent portfolios for developing treatments for patients with Sanfilippo Syndrome Type A and Type B. The license is amortized over the life of the license of 20 years nil 1.4 The following table provides a summary of licensed technology (in thousands): SCHEDULE OF LICENSED TECHNOLOGY September 30, 2022 December 31, 2021 Licensed technology $ 2,156 $ 2,156 Less accumulated amortization (801 ) (772 ) Less impairment charge (1,355 ) — Total licensed technology, net $ — $ 1,384 Amortization expense on licensed technology was nil 29,000 29,000 87,000

SETTLEMENT LIABILITY

SETTLEMENT LIABILITY	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
SETTLEMENT LIABILITY	NOTE 5 – SETTLEMENT LIABILITY On November 12, 2021, the Company entered into a settlement agreement (“Settlement Agreement”) with the Company’s prior licensor REGENXBIO Inc. (“REGENXBIO”) to resolve all existing disputes between the parties. In accordance with the Settlement Agreement, the Company agreed to pay REGENXBIO a total of $ 30.0 (1) $20.0 million paid in November 2021 after execution of the Settlement Agreement, (2) $5.0 million on the first anniversary of the effective date of the Settlement Agreement, and (3) $5.0 million upon the earlier of (i) the third anniversary of the effective date of the Settlement Agreement or (ii) the closing of a Strategic Transaction, as defined in the Settlement Agreement As of September 30, 2022, the Company recorded the payables due to REGENXBIO in the condensed consolidated balance sheets based on the present value of the remaining payments due to REGENXBIO under the Settlement Agreement using an interest rate of 9.6 November 2022 4.9 November 2024 4.1 5.0

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 6 – FAIR VALUE MEASUREMENTS The Company calculates the fair value of the Company’s assets and liabilities that qualify as financial instruments and includes additional information in the notes to the condensed consolidated financial statements when the fair value is different than the carrying value of these financial instruments. The estimated fair value of accounts receivable, prepaid expenses and other current assets, other assets, accounts payable, accrued expenses, payables to licensor and deferred revenue approximate their carrying amounts due to the relatively short maturity of these instruments. U.S. GAAP defines fair value as the exchange price 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 at the measurement date. This guidance establishes a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: ● Level 1 - Quoted prices in active markets for identical assets or liabilities. ● Level 2 - Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active; or other inputs that are observable or can be corroborated by observable market data. ● Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets and liabilities. This includes certain pricing models, discounted cash flow methodologies and similar valuation techniques that use significant unobservable inputs. The Company has segregated all financial assets and liabilities that are measured at fair value on a recurring basis (at least annually) into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date in the table below. The following table provides a summary of financial assets measured at fair value on a recurring and non-recurring basis as of September 30, 2022 and December 31, 2021 (in thousands): SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS Description Fair Value at September 30, 2022 Level 1 Level 2 Level 3 Recurring Assets: Cash equivalents Money market fund $ 2,312 $ 2,312 $ — $ — Short-term investments U.S. treasury and federal agency securities 12,434 — 12,434 — Total assets measured at fair value $ 14,746 $ 2,312 $ 12,434 $ — Description Fair Value at December 31, 2021 Level 1 Level 2 Level 3 Recurring Assets: Cash equivalents Money market fund $ 28,590 $ 28,590 $ — $ — Short-term investments U.S. treasury securities 12,086 — 12,086 — Total recurring assets 40,676 28,590 12,086 — Non-recurring Assets Licensed technology, net $ 1,384 $ — $ — $ 1,384 Total assets measured at fair value $ 42,060 $ 28,590 $ 12,086 $ 1,384

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
	Sep. 30, 2022
Accrued Expenses
ACCRUED EXPENSES	NOTE 7 – ACCRUED EXPENSES The following table provides a summary of the components of accrued expenses (in thousands): SCHEDULE OF ACCRUED EXPENSES September 30, 2022 December 31, 2021 Accrued employee compensation $ 2,092 $ 1,794 Accrued contracted services and other 2,029 3,091 Accrued sublicense fee owed to licensor — 700 Total accrued expenses $ 4,121 $ 5,585

LEASES

LEASES	9 Months Ended
	Sep. 30, 2022
Leases
LEASES	NOTE 8 – LEASES The Company leases space under operating leases for manufacturing and laboratory facilities in Cleveland, Ohio, as well as administrative offices in New York, New York. The Company also leases office space in Madrid, Spain as well as certain office equipment under operating leases, which have a non-cancelable lease term of less than one year and, therefore, the Company has elected the practical expedient to exclude these short-term leases from the Company’s right-of-use assets and lease liabilities. On March 31, 2022, the Company announced that they were pursuing a strategic partner to take over development activities of ABO-102 and that the Company was discontinuing development of ABO-101. As a result of this shift in priorities, the Company determined the portion of the lease that was dedicated to the future facility for the ABO-101 and ABO-102 programs, had no future value and thus, the Company recorded an impairment charge of nil 1.6 The following table provides a summary of the components of lease costs and rent (in thousands): SCHEDULE OF COMPONENTS OF LEASE COST 2022 2021 2022 2021 For the three months ended September 30, For the nine months ended September 30, 2022 2021 2022 2021 Operating lease cost $ 467 $ 434 $ 1,400 $ 1,302 Variable lease cost 154 105 366 344 Short-term lease cost 17 13 58 23 Total operating lease costs $ 638 $ 552 $ 1,824 $ 1,669 Maturities of the Company’s operating lease liabilities, which do not include short-term leases, as of September 30, 2022 are as follows: SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES Maturity of lease liabilities: (in thousands) Remainder of 2022 $ 446 2023 1,829 2024 1,872 2025 1,631 2026 871 Thereafter 3,662 Total undiscounted operating lease payments 10,311 Less: imputed interest 2,017 Present value of operating lease liabilities $ 8,294 The weighted-average remaining term of the Company’s operating leases was 79 7.2

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	NOTE 9 – STOCK-BASED COMPENSATION The Company has two stock-based compensation plans: (1) Abeona Therapeutics Inc. 2015 Equity Incentive Plan (the “2015 Incentive Plan”), which was approved by stockholders on May 7, 2015 and last amended on May 20, 2020 and (2) Abeona Therapeutics Inc. 2005 Equity Incentive Plan (the “2005 Incentive Plan”), under which no further grants can be made. The following table summarizes stock-based compensation expense for the three and nine months ended September 30, 2022 and 2021 (in thousands): SCHEDULE OF STOCK BASED COMPENSATION For the three months ended September 30, For the nine months ended September 30 2022 2021 2022 2021 Research and development $ 173 $ 688 $ 729 $ 2,935 General and administrative 459 1,849 1,489 3,980 Total stock-based compensation expense $ 632 $ 2,537 $ 2,218 $ 6,915 Stock Options : ● Expected volatility – the Company estimates the volatility of the share price at the date of grant using a “look-back” period which coincides with the expected term, defined below. The Company believes using a “look-back” period which coincides with the expected term is the most appropriate measure for determining expected volatility. ● Expected term – the Company estimates the expected term using the “simplified” method, as outlined in SEC Staff Accounting Bulletin No. 107, “Share-Based Payment.” ● Risk-free interest rate – the Company estimates the risk-free interest rate using the U.S. Treasury yield curve for periods equal to the expected term of the options in effect at the time of grant. ● Dividends – the Company uses an expected dividend yield of zero because the Company has not declared nor paid a cash dividend, nor are there any plans to declare a dividend. The Company estimated the fair value of stock options granted in the periods presented utilizing a Black-Scholes option-valuation model utilizing the following assumptions: SCHEDULE OF WEIGHTED-AVERAGE ASSUMPTIONS TO ESTIMATE THE FAIR VALUE OF THE OPTIONS GRANTED For the nine months ended September 30, 2022 2021 Expected volatility 95.1 96.0 91.8 99.8 Expected term 6.07 6.08 5.25 6.08 Risk-free interest rate 1.7 3.3 0.8 1.2 Expected dividend yield — — The following table summarizes stock option activity for the 2015 Incentive Plan during the nine months ended September 30, 2022: SCHEDULE OF STOCK OPTIONS ACTIVITY Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 314,194 $ 38.48 7.63 $ — Granted 7,760 $ 5.30 — $ — Cancelled/forfeited (82,510 ) $ 39.31 — $ — Exercised — $ — — $ — Outstanding at September 30, 2022 239,444 $ 37.10 6.71 $ — Exercisable 140,414 $ 36.67 5.39 $ — Unvested 99,030 $ 37.72 8.58 $ — The aggregate intrinsic value of options is calculated as the difference between the exercise price of the underlying options and the fair value of the Company’s common stock for those options that had exercise prices lower than the fair value of the Company’s common stock. As of September 30, 2022, the total compensation cost related to non-vested option awards not yet recognized was approximately $ 3.3 2.3 The following table summarizes stock option activity for the 2005 Incentive Plan during the nine months ended September 30, 2022: SCHEDULE OF STOCK OPTIONS ACTIVITY Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 3,200 $ 32.00 1.80 $ — Cancelled/forfeited — $ — — $ — Exercised — $ — — $ — Outstanding at September 30, 2022 3,200 $ 32.00 1.04 $ — Exercisable 3,200 $ 32.00 1.04 $ — Unvested — $ — — $ — Restricted Stock: The following table summarizes restricted stock award activity during the nine months ended September 30, 2022: SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY Number of Awards Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 97,260 $ 46.59 Granted 779,722 $ 3.12 Cancelled/forfeited (30,742 ) $ 40.65 Vested (24,971 ) $ 50.66 Outstanding at September 30, 2022 821,269 $ 5.42 As of September 30, 2022, there was approximately $ 4.1 3.1 1.3

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
EQUITY	NOTE 10 – EQUITY Series A and B Convertible Redeemable Preferred Stock On May 2, 2022, the Company consummated an offering with certain institutional investors for the private placement of 1,000,006 250,005 25.0 19.00 22.5 3.8 26.3 25.0 1.3 The Preferred Stock was convertible, at the option of the holders and, in certain circumstances, by the Company, into shares of Common Stock at a conversion price of $ 11.25 The holders of the Series A Preferred Stock and Series B Preferred Stock had the right to require the Company to redeem their shares of preferred stock for cash at 105% of the stated value of such shares commencing after the earlier of the receipt of stockholder approval of an amendment to the Company’s Restated Certificate of Incorporation to effect a reverse stock split and 60 days after the closing of the issuances of the Series A Preferred Stock and Series B Preferred Stock and until 90 days after such closing. The Company had the option to redeem the Series A Preferred Stock for cash at 105% of the stated value commencing after the 90th day following the closing of the issuance of the Series A Preferred Stock, subject to the holders’ rights to convert the shares prior to such redemption 3.8 On June 17, 2022, the holders of all 1,000,006 250,005 26.3 Common Stock and Warrants Reverse Stock Split Effective July 1, 2022, the Company’s stock underwent a 25:1 Reverse Stock Split 200,000,000 Public Offerings On December 21, 2021, the Company closed an underwritten public offering of 1,788,000 9.75 1,788,000 9.75 16.0 1.5 As of September 30, 2022, there were 1,788,000 December 21, 2026 Open Market Sale Agreement On August 17, 2018 the Company entered into an open market sale agreement with Jefferies LLC (as amended, the “ATM Agreement”) pursuant to which, the Company may sell from time to time, through Jefferies LLC, shares of its common stock for an aggregate sales price of up to $ 150.0 The Company remains subject to this one-third limitation until such time as its public float exceeds $75 million 1,038,134 4.2 2,440,882 8.6

LICENSE AGREEMENT

LICENSE AGREEMENT	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
LICENSE AGREEMENT	NOTE 11 – LICENSE AGREEMENT On May 16, 2022, the Company and Ultragenyx Pharmaceutical Inc. (“Ultragenyx”) entered into an exclusive license agreement (the “License Agreement”) for AAV gene therapy ABO-102 for the treatment of Sanfilippo syndrome type A (MPS IIIA). Under the License Agreement, Ultragenyx will assume responsibility for the ABO-102 program from the Company, with the exclusive right to develop, manufacture, and commercialize ABO-102 worldwide. Also pursuant to the License Agreement, following regulatory approval, the Company is eligible to receive tiered royalties from mid-single-digit up to 10% on net sales and up to $ 30.0 Additionally, pursuant to the License Agreement, Ultragenyx will reimburse the Company for certain development and transition costs actually incurred by the Company. These costs are passed through to Ultragenyx without mark-up. The Company has determined that these costs are not incurred for the purpose of satisfying any performance obligation under the License Agreement. Accordingly, the reimbursement of these costs is recognized as a reduction of research and development costs. Such amounts due to the Company from Ultragenyx under the License Agreement of $ 0.8

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 – SUBSEQUENT EVENTS On November 3, 2022 the Company announced that it has entered into a securities purchase agreement to sell 7,065,946 543,933 7,609,879 4.60 4.59 0.01 4.75 35.0

NATURE OF OPERATIONS AND SIGN_2

NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background	Background Abeona Therapeutics Inc. (together with the Company’s subsidiaries, “Abeona” or the “Company”), a Delaware corporation, is a clinical-stage biopharmaceutical company developing cell and gene therapies for life-threatening rare genetic diseases. The Company’s lead clinical program is EB-101, an autologous, engineered cell therapy currently in development for recessive dystrophic epidermolysis bullosa (“RDEB”). The Company’s development portfolio also features AAV-based gene therapies designed to treat ophthalmic and other diseases, next-generation AAV-based gene therapies using the novel AIM™ capsid platform that the Company has exclusively licensed from the University of North Carolina at Chapel Hill, and internal AAV vector research programs.
Reverse Stock Split	Reverse Stock Split On June 30, 2022, the Company filed a Certificate of Amendment to the Company’s Restated Certificate of Incorporation with the Secretary of State of the State of Delaware (the “Certificate of Amendment”), to effectuate a reverse stock split of the Company’s outstanding common stock, par value $ 0.01 exchange ratio of 25-to-1 (the “Reverse Stock Split”) 200,000,000 As a result of the Reverse Stock Split, every 25 shares of Common Stock outstanding immediately prior to the effectiveness of the Reverse Stock Split were combined and converted into one share of New Common Stock without any change in the par value per share. No fractional shares were issued in connection with the Reverse Stock Split. Stockholders who would otherwise be entitled to a fraction of one share of New Common Stock as a result of the Reverse Stock Split instead received an amount in cash equal to such fraction multiplied by the closing sale price of Common Stock on the Nasdaq Capital Market on July 1, 2022, as adjusted for the Reverse Stock Split. Proportionate adjustments were made to the per share exercise price and/or the number of shares issuable upon the exercise or vesting of all stock options, restricted stock and warrants outstanding at July 1, 2022, which resulted in a proportional decrease in the number of shares of the Company’s common stock reserved for issuance upon exercise or vesting of such stock options, restricted stock and warrants, and, in the case of stock options and warrants, a proportional increase in the exercise price of all such stock options and warrants. In addition, the number of shares reserved for issuance under the Company’s 2015 Equity Incentive Plan were reduced proportionately.
Basis of Presentation	Basis of Presentation The Company’s unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, except as otherwise disclosed, necessary for the fair presentation of the financial position, results of operations, and changes in financial position for such periods, have been made. These unaudited interim condensed consolidated financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period. Certain information that is normally required by U.S. GAAP has been condensed or omitted in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The December 31, 2021 condensed consolidated balance sheet was derived from the audited statements, but does not include all disclosures required by U.S. GAAP. Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021, which was filed with the SEC on March 31, 2022.
Uses and Sources of Liquidity	Uses and Sources of Liquidity The unaudited interim condensed consolidated financial statements have been prepared on the going concern basis, which assumes the Company will have sufficient cash to pay its operating expenses, as and when they become payable, for a period of at least 12 months from the date the financial report is issued. As of September 30, 2022, the Company had cash, cash equivalents, restricted cash and short-term investments of $ 23.5 29.5 The Company is subject to a number of risks similar to other life science companies, including, but not limited to, risks related to the successful discovery and development of product candidates, obtaining the necessary regulatory approval to market the Company’s product candidates, raising additional capital to continue to fund the Company’s operations, development of competing drugs and therapies and protection of proprietary technology. As a result of these and other risks and the related uncertainties, there can be no assurance of the Company’s future success. The Company believes that its current cash and cash equivalents, restricted cash and short-term investments plus the proceeds from the private placement financing on November 3, 2022 (see Note 12) are sufficient resources to fund operations through at least the next 12 months from the date of this report on Form 10-Q. The Company may need to secure additional funding to carry out all of its planned research and development activities. If the Company is unable to obtain additional financing or generate license or product revenue, the lack of liquidity and sufficient capital resources could have a material adverse effect on its future prospects.
Use of Estimates	Use of Estimates The preparation of unaudited interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and disclosure of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from these estimates and assumptions.
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 that are of significance, or potential significance, to the Company, other than the adoption of accounting pronouncements below.
Reclassifications	Reclassifications Certain comparative figures have been reclassified to conform to the current year presentation. The Company reclassified depreciation and amortization costs of $ 0.8 16,000 2.4 49,000 0.3 0.9 5.0 0.9
Net Loss Per Share	Net Loss Per Share Basic and diluted net loss per share is computed by dividing net loss attributable to common shareholders by the weighted-average number of shares of common stock. The Company does not include the potential impact of dilutive securities in diluted net loss per share, as the impact of these items is anti-dilutive. Potential dilutive securities result from outstanding restricted stock, stock options, and stock purchase warrants. The following table sets forth the potential securities that could potentially dilute basic income/(loss) per share in the future that were not included in the computation of diluted net loss per share because to do so would have been anti-dilutive for the periods presented: SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE For the three and nine months ended September 30, 2022 2021 Stock options 242,644 310,208 Restricted stock 821,269 114,209 Warrants 1,788,000 — Total 2,851,913 424,417
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In August 2020, the FASB issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity” (“ASU 2020-06”), which simplifies the accounting for convertible instruments by eliminating the requirement to separately account for embedded conversion features as an equity component in certain circumstances. A convertible debt instrument will be reported as a single liability instrument with no separate accounting for an embedded conversion feature unless separate accounting is required for an embedded conversion feature as a derivative or under the substantial premium model. The ASU simplifies the diluted earnings per share calculation by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted earnings per share calculations. Further, the ASU requires enhanced disclosures about convertible instruments. The Company adopted ASU 2020-06 as of January 1, 2022 and there was no material impact on the condensed consolidated financial statements upon adoption.

NATURE OF OPERATIONS AND SIGN_3

NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE	The following table sets forth the potential securities that could potentially dilute basic income/(loss) per share in the future that were not included in the computation of diluted net loss per share because to do so would have been anti-dilutive for the periods presented: SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE For the three and nine months ended September 30, 2022 2021 Stock options 242,644 310,208 Restricted stock 821,269 114,209 Warrants 1,788,000 — Total 2,851,913 424,417

SHORT-TERM INVESTMENTS (Tables)

SHORT-TERM INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]
SCHEDULE OF AVAILABLE FOR SALE SHORT-TERM INVESTMENTS	The following table provides a summary of the short-term investments (in thousands): SCHEDULE OF AVAILABLE FOR SALE SHORT-TERM INVESTMENTS September 30, 2022 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Available-for-sale, short-term investments U.S. treasury and federal agency securities $ 12,445 — (11 ) $ 12,434 Total available-for-sale, short-term investments $ 12,445 — (11 ) $ 12,434 December 31, 2021 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Available-for-sale, short-term investments U.S. treasury securities $ 12,077 9 — $ 12,086 Total available-for-sale, short-term investments $ 12,077 9 — $ 12,086

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2022
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment are stated at cost and depreciated or amortized using the straight-line method based on useful lives as follows (in thousands): SCHEDULE OF PROPERTY AND EQUIPMENT Useful lives (years) September 30, 2022 December 31, 2021 Laboratory equipment 5 $ 8,144 $ 9,081 Furniture, software and office equipment 3 5 1,726 1,896 Leasehold improvements Shorter of remaining lease term or useful life 8,586 8,603 Construction-in-progress — 3,219 Subtotal 18,456 22,799 Less: accumulated depreciation (11,850 ) (10,460 ) Total property and equipment, net $ 6,606 $ 12,339

LICENSED TECHNOLOGY (Tables)

LICENSED TECHNOLOGY (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF LICENSED TECHNOLOGY	The following table provides a summary of licensed technology (in thousands): SCHEDULE OF LICENSED TECHNOLOGY September 30, 2022 December 31, 2021 Licensed technology $ 2,156 $ 2,156 Less accumulated amortization (801 ) (772 ) Less impairment charge (1,355 ) — Total licensed technology, net $ — $ 1,384

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS	The following table provides a summary of financial assets measured at fair value on a recurring and non-recurring basis as of September 30, 2022 and December 31, 2021 (in thousands): SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS Description Fair Value at September 30, 2022 Level 1 Level 2 Level 3 Recurring Assets: Cash equivalents Money market fund $ 2,312 $ 2,312 $ — $ — Short-term investments U.S. treasury and federal agency securities 12,434 — 12,434 — Total assets measured at fair value $ 14,746 $ 2,312 $ 12,434 $ — Description Fair Value at December 31, 2021 Level 1 Level 2 Level 3 Recurring Assets: Cash equivalents Money market fund $ 28,590 $ 28,590 $ — $ — Short-term investments U.S. treasury securities 12,086 — 12,086 — Total recurring assets 40,676 28,590 12,086 — Non-recurring Assets Licensed technology, net $ 1,384 $ — $ — $ 1,384 Total assets measured at fair value $ 42,060 $ 28,590 $ 12,086 $ 1,384

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Sep. 30, 2022
Accrued Expenses
SCHEDULE OF ACCRUED EXPENSES	The following table provides a summary of the components of accrued expenses (in thousands): SCHEDULE OF ACCRUED EXPENSES September 30, 2022 December 31, 2021 Accrued employee compensation $ 2,092 $ 1,794 Accrued contracted services and other 2,029 3,091 Accrued sublicense fee owed to licensor — 700 Total accrued expenses $ 4,121 $ 5,585

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2022
Leases
SCHEDULE OF COMPONENTS OF LEASE COST	The following table provides a summary of the components of lease costs and rent (in thousands): SCHEDULE OF COMPONENTS OF LEASE COST 2022 2021 2022 2021 For the three months ended September 30, For the nine months ended September 30, 2022 2021 2022 2021 Operating lease cost $ 467 $ 434 $ 1,400 $ 1,302 Variable lease cost 154 105 366 344 Short-term lease cost 17 13 58 23 Total operating lease costs $ 638 $ 552 $ 1,824 $ 1,669
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES	Maturities of the Company’s operating lease liabilities, which do not include short-term leases, as of September 30, 2022 are as follows: SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES Maturity of lease liabilities: (in thousands) Remainder of 2022 $ 446 2023 1,829 2024 1,872 2025 1,631 2026 871 Thereafter 3,662 Total undiscounted operating lease payments 10,311 Less: imputed interest 2,017 Present value of operating lease liabilities $ 8,294

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
SCHEDULE OF STOCK BASED COMPENSATION	The following table summarizes stock-based compensation expense for the three and nine months ended September 30, 2022 and 2021 (in thousands): SCHEDULE OF STOCK BASED COMPENSATION For the three months ended September 30, For the nine months ended September 30 2022 2021 2022 2021 Research and development $ 173 $ 688 $ 729 $ 2,935 General and administrative 459 1,849 1,489 3,980 Total stock-based compensation expense $ 632 $ 2,537 $ 2,218 $ 6,915
SCHEDULE OF WEIGHTED-AVERAGE ASSUMPTIONS TO ESTIMATE THE FAIR VALUE OF THE OPTIONS GRANTED	The Company estimated the fair value of stock options granted in the periods presented utilizing a Black-Scholes option-valuation model utilizing the following assumptions: SCHEDULE OF WEIGHTED-AVERAGE ASSUMPTIONS TO ESTIMATE THE FAIR VALUE OF THE OPTIONS GRANTED For the nine months ended September 30, 2022 2021 Expected volatility 95.1 96.0 91.8 99.8 Expected term 6.07 6.08 5.25 6.08 Risk-free interest rate 1.7 3.3 0.8 1.2 Expected dividend yield — —
SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY	The following table summarizes restricted stock award activity during the nine months ended September 30, 2022: SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY Number of Awards Weighted Average Grant Date Fair Value Outstanding at December 31, 2021 97,260 $ 46.59 Granted 779,722 $ 3.12 Cancelled/forfeited (30,742 ) $ 40.65 Vested (24,971 ) $ 50.66 Outstanding at September 30, 2022 821,269 $ 5.42
2015 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
SCHEDULE OF STOCK OPTIONS ACTIVITY	The following table summarizes stock option activity for the 2015 Incentive Plan during the nine months ended September 30, 2022: SCHEDULE OF STOCK OPTIONS ACTIVITY Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 314,194 $ 38.48 7.63 $ — Granted 7,760 $ 5.30 — $ — Cancelled/forfeited (82,510 ) $ 39.31 — $ — Exercised — $ — — $ — Outstanding at September 30, 2022 239,444 $ 37.10 6.71 $ — Exercisable 140,414 $ 36.67 5.39 $ — Unvested 99,030 $ 37.72 8.58 $ —
2005 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
SCHEDULE OF STOCK OPTIONS ACTIVITY	The following table summarizes stock option activity for the 2005 Incentive Plan during the nine months ended September 30, 2022: SCHEDULE OF STOCK OPTIONS ACTIVITY Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 3,200 $ 32.00 1.80 $ — Cancelled/forfeited — $ — — $ — Exercised — $ — — $ — Outstanding at September 30, 2022 3,200 $ 32.00 1.04 $ — Exercisable 3,200 $ 32.00 1.04 $ — Unvested — $ — — $ —

SCHEDULE OF ANTI-DILUTIVE SECUR

SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,851,913	424,417	2,851,913	424,417
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	242,644	310,208	242,644	310,208
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	821,269	114,209	821,269	114,209
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	1,788,000		1,788,000

NATURE OF OPERATIONS AND SIGN_4

NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)		3 Months Ended	9 Months Ended
	Jun. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Common stock, par value	$ 0.01		$ 0.01		$ 0.01
Reverse stock split ratio	exchange ratio of 25-to-1 (the “Reverse Stock Split”)
Common stock, shares authorized	200,000,000		200,000,000		200,000,000
Cash, cash equivalents, restricted cash and short-term investments			$ 23,500,000
Cash flow from operating activities			29,491,000	$ 35,408,000
Depreciation and amortization costs			2,364,000	2,443,000
Restricted cash			$ 5,338,000		$ 5,891,000
General and Administrative to Research and Development Expenses [Member]
Reclassification of Rent expense		$ 300,000		900,000
Prepaid Expenses, Other Current Assets to Restricted Cash [Member]
Restricted cash					5,000,000
Other Assets and Restricted Cash to Restricted Cash [Member]
Restricted cash					$ 900,000
Research and Development Expense [Member]
Depreciation and amortization costs		800,000		2,400,000
General and Administrative Expense [Member]
Depreciation and amortization costs		$ 16,000		$ 49,000

SCHEDULE OF AVAILABLE FOR SALE

SCHEDULE OF AVAILABLE FOR SALE SHORT-TERM INVESTMENTS (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Marketable Securities [Line Items]
Amortized cost	$ 12,445	$ 12,077
Gross Unrealized Gain		9
Gross Unrealized Loss	(11)
Fair Value	12,434	12,086
US Treasury Securities [Member]
Marketable Securities [Line Items]
Amortized cost	12,445	12,077
Gross Unrealized Gain		9
Gross Unrealized Loss	(11)
Fair Value	$ 12,434	$ 12,086

SHORT-TERM INVESTMENTS (Details

SHORT-TERM INVESTMENTS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities realized gain loss	$ 0	$ 0	$ 0	$ 0

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Subtotal	$ 18,456	$ 22,799
Less: accumulated depreciation	(11,850)	(10,460)
Total property and equipment, net	$ 6,606	12,339
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful lives (years)	5 years
Subtotal	$ 8,144	9,081
Furniture, Software and Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Subtotal	$ 1,726	1,896
Furniture, Software and Office Equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Useful lives (years)	3 years
Furniture, Software and Office Equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Useful lives (years)	5 years
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Subtotal	$ 8,586	8,603
Useful lives	Shorter of remaining lease term or useful life
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Subtotal		$ 3,219

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Reclassification [Line Items]
Depreciation expense	$ 800,000	$ 800,000	$ 2,300,000	$ 2,400,000
Loss on disposal of Equipment			(121,000)
Impairement of assets			1,800,000
General and Administrative to Research and Development Expenses [Member]
Reclassification [Line Items]
Loss on disposal of Equipment	$ 16,000		$ 100,000

SCHEDULE OF LICENSED TECHNOLOGY

SCHEDULE OF LICENSED TECHNOLOGY (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Licensed technology	$ 2,156	$ 2,156
Less accumulated amortization	(801)	(772)
Less impairment charge	(1,355)
Total licensed technology, net		$ 1,384

LICENSED TECHNOLOGY (Details Na

LICENSED TECHNOLOGY (Details Narrative) - USD ($)		3 Months Ended		9 Months Ended
	May 15, 2015	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Finite-Lived Intangible Assets [Line Items]
Impairment charges				$ 1,400,000
License and Maintenance [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of licensed technology			$ 29,000	$ 29,000	$ 87,000
License [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life	20 years

SETTLEMENT LIABILITY (Details N

SETTLEMENT LIABILITY (Details Narrative) - USD ($) $ in Thousands		9 Months Ended
	Nov. 12, 2021	Sep. 30, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Restricted Cash		$ 5,338	$ 5,891
REGENXBIO [Member]
Defined Benefit Plan Disclosure [Line Items]
Settlement Liabilities, Current	$ 30,000
Loss Contingency, Settlement Agreement, Terms	(1) $20.0 million paid in November 2021 after execution of the Settlement Agreement, (2) $5.0 million on the first anniversary of the effective date of the Settlement Agreement, and (3) $5.0 million upon the earlier of (i) the third anniversary of the effective date of the Settlement Agreement or (ii) the closing of a Strategic Transaction, as defined in the Settlement Agreement
Debt Instrument, Interest Rate, Stated Percentage		9.60%
Restricted Cash		$ 5,000
REGENXBIO [Member] | Due In November 2022 [Member]
Defined Benefit Plan Disclosure [Line Items]
Debt instrument maturity date		November 2022
Long term debt		$ 4,900
REGENXBIO [Member] | Due In November 2024 [Member]
Defined Benefit Plan Disclosure [Line Items]
Debt instrument maturity date		November 2024
Long term debt		$ 4,100

SCHEDULE OF FAIR VALUE, ASSETS

SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		$ 42,060
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		28,590
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		12,086
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value		1,384
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 14,746	40,676
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	2,312	28,590
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	12,434	12,086
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value
Fair Value, Recurring [Member] | Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents fair value	2,312	28,590
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents fair value	2,312	28,590
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents fair value
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents fair value
Fair Value, Recurring [Member] | US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments fair value	12,434	12,086
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments fair value
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments fair value	12,434	12,086
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments fair value
Fair Value, Nonrecurring [Member] | Licensed Technology Net [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Licensed technology, net		1,384
Fair Value, Nonrecurring [Member] | Licensed Technology Net [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Licensed technology, net
Fair Value, Nonrecurring [Member] | Licensed Technology Net [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Licensed technology, net
Fair Value, Nonrecurring [Member] | Licensed Technology Net [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Licensed technology, net		$ 1,384

SCHEDULE OF ACCRUED EXPENSES (D

SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accrued Expenses
Accrued employee compensation	$ 2,092	$ 1,794
Accrued contracted services and other	2,029	3,091
Accrued sublicense fee owed to licensor		700
Total accrued expenses	$ 4,121	$ 5,585

SCHEDULE OF COMPONENTS OF LEASE

SCHEDULE OF COMPONENTS OF LEASE COST (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases
Operating lease cost	$ 467	$ 434	$ 1,400	$ 1,302
Variable lease cost	154	105	366	344
Short-term lease cost	17	13	58	23
Total operating lease costs	$ 638	$ 552	$ 1,824	$ 1,669

SCHEDULE OF MATURITIES OF OPERA

SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Leases
Remainder of 2022	$ 446
2023	1,829
2024	1,872
2025	1,631
2026	871
Thereafter	3,662
Total undiscounted operating lease payments	10,311
Less: imputed interest	2,017
Present value of operating lease liabilities	$ 8,294

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases
Lease impairment charge			$ 1,561
Weighted-average remaining lease term for operating leases	79 months		79 months
Weighted-average discount rate for operating leases	7.20%		7.20%

SCHEDULE OF STOCK BASED COMPENS

SCHEDULE OF STOCK BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 632	$ 2,537	$ 2,218	$ 6,915
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	173	688	729	2,935
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 459	$ 1,849	$ 1,489	$ 3,980

SCHEDULE OF WEIGHTED-AVERAGE AS

SCHEDULE OF WEIGHTED-AVERAGE ASSUMPTIONS TO ESTIMATE THE FAIR VALUE OF THE OPTIONS GRANTED (Details)	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	95.10%	91.80%
Expected term	6 years 25 days	5 years 3 months
Risk-free interest rate	1.70%	0.80%
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	96%	99.80%
Expected term	6 years 29 days	6 years 29 days
Risk-free interest rate	3.30%	1.20%

SCHEDULE OF STOCK OPTIONS ACTIV

SCHEDULE OF STOCK OPTIONS ACTIVITY (Details) - USD ($)	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
2015 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Beginning balance	314,194
Weighted- average exercise price, Beginning balance	$ 38.48
Weighted-average Remaining Contractual Term (years), Outstanding	6 years 8 months 15 days	7 years 7 months 17 days
Beginning balance, Options, Aggregate Intrinsic Value
Number of Options, Granted	7,760
Weighted- average exercise price, Granted	$ 5.30
Number of Options, Cancelled/forfeited	(82,510)
Weighted- average exercise price, Cancelled/forfeited	$ 39.31
Number of Options, Exercised
Weighted- average exercise price, Exercised
Number of Options, Ending balance	239,444	314,194
Weighted- average exercise price, Ending balance	$ 37.10	$ 38.48
Beginning balance, Options, Aggregate Intrinsic Value
Number of Options, Exerciasble	140,414
Weighted- average exercise price, Exercisable	$ 36.67
Weighted-average Remaining Contractual Term (years), Exercisable	5 years 4 months 20 days
Aggregate Intrinsic Value, Exercisable
Number of Options, Unvested options	99,030
Weighted- average exercise price, Unvested options	$ 37.72
Weighted-average Remaining Contractual Term (years)	8 years 6 months 29 days
Aggregate Intrinsic Value, Unvested
Ending balance, Options, Aggregate Intrinsic Value
2005 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Beginning balance	3,200
Weighted- average exercise price, Beginning balance	$ 32
Weighted-average Remaining Contractual Term (years), Outstanding	1 year 14 days	1 year 9 months 18 days
Beginning balance, Options, Aggregate Intrinsic Value
Number of Options, Cancelled/forfeited
Weighted- average exercise price, Cancelled/forfeited
Number of Options, Exercised
Weighted- average exercise price, Exercised
Number of Options, Ending balance	3,200	3,200
Weighted- average exercise price, Ending balance	$ 32	$ 32
Beginning balance, Options, Aggregate Intrinsic Value
Number of Options, Exerciasble	3,200
Weighted- average exercise price, Exercisable	$ 32
Weighted-average Remaining Contractual Term (years), Exercisable	1 year 14 days
Aggregate Intrinsic Value, Exercisable
Number of Options, Unvested options
Weighted- average exercise price, Unvested options
Aggregate Intrinsic Value, Unvested
Ending balance, Options, Aggregate Intrinsic Value

SCHEDULE OF RESTRICTED STOCK AW

SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2022 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted common stock awards, Beginning balance | shares	97,260
Weighted-average grant date fair value, Beginning balance | $ / shares	$ 46.59
Restricted common stock awards, Granted | shares	779,722
Weighted-average grant date fair value, Granted | $ / shares	$ 3.12
Restricted common stock awards, Cancelled/forfeited | shares	(30,742)
Weighted-average grant date fair value, Forfeited | $ / shares	$ 40.65
Restricted common stock awards, Vested | shares	(24,971)
Weighted-average grant date fair value, Vested | $ / shares	$ 50.66
Restricted common stock awards, Ending balance | shares	821,269
Weighted-average grant date fair value, Ending balance | $ / shares	$ 5.42

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details Narrative) $ in Millions	9 Months Ended
	Sep. 30, 2022 USD ($)
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation cost related to restricted common stock not recognized	$ 4.1
Weighted average compensation costs related to restricted common stock	3 years 1 month 6 days
Fair value of restricted stock awards that vested	$ 1.3
2015 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation cost related to non-vested options not recognized	$ 3.3
Weighted average period total compensation costs related to non-vested options	2 years 3 months 18 days

EQUITY (Details Narrative)

EQUITY (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands					1 Months Ended	9 Months Ended
	Jun. 17, 2022	May 02, 2022	Dec. 21, 2021	Aug. 17, 2018	Nov. 14, 2022	Sep. 30, 2022	Sep. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Redemption of preferred stock, aggregate value						$ 25,000
Stock purchase price						$ 19
Proceeds from issuance of convertible preferred stock						$ 22,468
Deemed dividends						3,800
Escrow deposit						26,300
Redemption of Series A and Series B Convertible Redeemable Preferred Stock	$ 26,300
Conversion Price						$ 11.25
Preferred stock redemption terms						The holders of the Series A Preferred Stock and Series B Preferred Stock had the right to require the Company to redeem their shares of preferred stock for cash at 105% of the stated value of such shares commencing after the earlier of the receipt of stockholder approval of an amendment to the Company’s Restated Certificate of Incorporation to effect a reverse stock split and 60 days after the closing of the issuances of the Series A Preferred Stock and Series B Preferred Stock and until 90 days after such closing. The Company had the option to redeem the Series A Preferred Stock for cash at 105% of the stated value commencing after the 90th day following the closing of the issuance of the Series A Preferred Stock, subject to the holders’ rights to convert the shares prior to such redemption
Reverse stock split ratio						the Company’s stock underwent a 25:1 Reverse Stock Split
Common stock, shares authorized						200,000,000		200,000,000	200,000,000
Stock issued at public offerings			1,788,000
Public offering price			$ 9.75
Warrants issued to purchase of common stock			1,788,000
Exercise price			$ 9.75
Proceeds from public offering			$ 16,000
Payments of underwriting discounts and comissions			$ 1,500
Warrants outstanding						1,788,000
Warrants expire date						Dec. 21, 2026
Open Market Sale Agreements [Member] | Jefferies LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock value				$ 150,000
Open Market Sale Agreement [Member] | Jefferies LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Public float description						The Company remains subject to this one-third limitation until such time as its public float exceeds $75 million
Atm Agreements [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock value						$ 4,200
Number of shares issued						1,038,134
Atm Agreements [Member] | Subsequent Event [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock value					$ 8,600
Number of shares issued					2,440,882
Redeemable Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gross proceeds from of redeemable preferred stock						$ 25,000
Redemption of Series A and Series B Convertible Redeemable Preferred Stock						$ 1,300
Convertible Redeemable Preferred Stock Series A [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of Series A and Series B Convertible Redeemable Preferred Stock, net of issuance costs, shares		1,000,006				1,000,006
Redemption of Series A and Series B Convertible Redeemable Preferred Stock						$ 21,000
Redemption of Series A and Series B Convertible Redeemable Preferred Stock, shares	1,000,006					1,000,006
Convertible Redeemable Preferred Stock Series B [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of Series A and Series B Convertible Redeemable Preferred Stock, net of issuance costs, shares		250,005				250,005
Redemption of Series A and Series B Convertible Redeemable Preferred Stock						$ 5,250
Redemption of Series A and Series B Convertible Redeemable Preferred Stock, shares	250,005					250,005

LICENSE AGREEMENT (Details Narr

LICENSE AGREEMENT (Details Narrative) - License Agreement Terms [Member] $ in Millions	May 16, 2022 USD ($)
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payments	$ 30
Other receivables	$ 0.8

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	Nov. 03, 2022	Dec. 21, 2021
Subsequent Event [Line Items]
Warrants purchase, shares		1,788,000
Shares issued		1,788,000
Offering price		$ 9.75
Subsequent Event [Member]
Subsequent Event [Line Items]
Gross proceeds, private placement	$ 35
Subsequent Event [Member] | Securities Purchase Agreement [Member]
Subsequent Event [Line Items]
Warrants purchase, shares	7,065,946
Exercise price	$ 4.75
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Pre Funded Warrant [Member]
Subsequent Event [Line Items]
Shares issued	543,933
Offering price	$ 0.01
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Warrant [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Warrants purchase, shares	7,609,879
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Common Stock And Accompanying Warrant [Member]
Subsequent Event [Line Items]
Offering price	$ 4.60
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Pre Funded Warrant And Accompanying Warrant [Member]
Subsequent Event [Line Items]
Offering price	$ 4.59