Abeona Therapeutics (ABEO) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 01, 2023
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
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	6555 Carnegie Avenue
Entity Address, Address Line Two	4thFloor
Entity Address, City or Town	Cleveland
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44103
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		24,755,873

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 6,225	$ 14,217
Short-term investments	30,547	37,932
Restricted cash	338	338
Accounts receivable	3,500
Other receivables	2,227	188
Prepaid expenses and other current assets	1,201	424
Total current assets	44,038	53,099
Property and equipment, net	4,489	5,741
Right-of-use lease assets	4,915	5,331
Other assets	108	43
Total assets	53,550	64,214
Current liabilities:
Accounts payable	3,477	1,811
Accrued expenses	4,161	3,991
Current portion of lease liability	1,597	1,773
Other current liabilities	205	204
Total current liabilities	9,440	7,779
Long-term lease liabilities	4,377	5,854
Warrant liabilities	26,021	19,657
Total liabilities	44,205	37,453
Stockholders’ equity:
Preferred stock - $0.01 par value; authorized 2,000,000 shares; No shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively
Common stock - $0.01 par value; authorized 200,000,000 shares; 21,478,157 and 17,719,720 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	215	177
Additional paid-in capital	730,322	722,049
Accumulated deficit	(721,097)	(695,336)
Accumulated other comprehensive loss	(95)	(129)
Total stockholders’ equity	9,345	26,761
Total liabilities and stockholders’ equity	53,550	64,214
Related Party [Member]
Current liabilities:
Payable to licensor	$ 4,367	$ 4,163

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
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	21,478,157	17,719,720
Common stock, shares outstanding	21,478,157	17,719,720

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues:
License and other revenues	$ 3,500	$ 1,000	$ 3,500	$ 1,346
Expenses:
Royalties	1,575	350	1,575	350
Research and development	8,523	6,658	16,564	17,203
General and administrative	5,021	3,460	9,018	7,684
Impairment of licensed technology				1,355
Loss/(gain) on right-of-use lease assets	(1,065)		(1,065)	1,561
Impairment of construction-in-progress		(1,460)		1,792
Total expenses	14,054	9,008	26,092	29,945
Loss from operations	(10,554)	(8,008)	(22,592)	(28,599)
Interest income	417	31	781	38
Interest expense	(103)	(200)	(204)	(401)
Change in fair value of warrant liabilities	(8,629)	4,198	(6,364)	2,945
Other income (expense)	2,215	(118)	2,618	(124)
Net loss	(16,654)	(4,097)	(25,761)	(26,141)
Deemed dividends related to Series A and Series B Convertible Redeemable Preferred Stock		(3,782)		(3,782)
Net loss attributable to Common Shareholders	$ (16,654)	$ (7,879)	$ (25,761)	$ (29,923)
Net Loss per share - basic	$ 0.92	$ 1.36	$ 1.48	$ 5.16
Net Loss per share - diluted	$ 0.92	$ 1.36	$ 1.48	$ 5.16
Weighted average number of shares - basic	18,017,874	5,806,473	17,464,026	5,800,822
Weighted average number of shares - diluted	18,017,874	5,806,473	17,464,026	5,800,822
Other comprehensive income (loss):
Change in unrealized gains (losses) related to available-for-sale debt securities	$ (30)	$ (4)	$ 34	$ (7)
Comprehensive loss	$ (16,684)	$ (7,883)	$ (25,727)	$ (29,930)

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
Balance at Dec. 31, 2021			$ 1,472	$ 696,563	$ (655,640)	$ (27)	$ 42,368
Balance, shares at Dec. 31, 2021			5,888,217
Stock-based compensation expense				1,586			1,586
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			(17,842)
Net loss					(26,141)		(26,141)
Other comprehensive income (loss)						(7)	(7)
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)
Balance at Jun. 30, 2022			$ 1,467	694,372	(681,781)	(34)	14,024
Balance, shares at Jun. 30, 2022			5,870,375
Balance at Mar. 31, 2022			$ 1,471	697,426	(677,684)	(30)	21,183
Balance, shares at Mar. 31, 2022			5,883,196
Stock-based compensation expense				724			724
Issuance of common stock in connection with restricted share awards, net of cancellations			$ (4)	4
Issuance of common stock in connection with restricted share awards, net of cancellations, shares			(12,821)
Net loss					(4,097)		(4,097)
Other comprehensive income (loss)						(4)	(4)
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)
Balance at Jun. 30, 2022			$ 1,467	694,372	(681,781)	(34)	14,024
Balance, shares at Jun. 30, 2022			5,870,375
Balance at Dec. 31, 2022			$ 177	722,049	(695,336)	(129)	26,761
Balance, shares at Dec. 31, 2022			17,719,720
Stock-based compensation expense				1,697			1,697
Issuance of common stock in connection with restricted share awards, net of cancellations			$ 18	(27)			(9)
Issuance of common stock in connection with restricted share awards, net of cancellations, shares			1,768,116
Issuance of common stock, net of offering costs under open market sale agreement (ATM)			$ 20	6,603			6,623
Issuance of common stock, net of offering costs under open market sale agreement (ATM), shares			1,990,321
Net loss					(25,761)		(25,761)
Other comprehensive income (loss)						34	34
Balance at Jun. 30, 2023			$ 215	730,322	(721,097)	(95)	9,345
Balance, shares at Jun. 30, 2023			21,478,157
Balance at Mar. 31, 2023			$ 179	723,069	(704,443)	(65)	18,740
Balance, shares at Mar. 31, 2023			17,929,344
Stock-based compensation expense				927			927
Issuance of common stock in connection with restricted share awards, net of cancellations			$ 17	(22)			(5)
Issuance of common stock in connection with restricted share awards, net of cancellations, shares			1,657,052
Issuance of common stock, net of offering costs under open market sale agreement (ATM)			$ 19	6,348			6,367
Issuance of common stock, net of offering costs under open market sale agreement (ATM), shares			1,891,761
Net loss					(16,654)		(16,654)
Other comprehensive income (loss)						(30)	(30)
Balance at Jun. 30, 2023			$ 215	$ 730,322	$ (721,097)	$ (95)	$ 9,345
Balance, shares at Jun. 30, 2023			21,478,157

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (16,654)	$ (4,097)	$ (25,761)	$ (26,141)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization			1,276	1,584
Stock-based compensation expense	927	724	1,697	1,586
Change in fair value of warrant liabilities	8,629	(4,198)	6,364	(2,945)
Non-cash impairment of licensed technology				1,355
Non-cash loss/(gain) of right-of-use lease assets			(1,065)	1,561
Non-cash impairment of construction-in-progress				1,792
Accretion and interest on short-term investments			(74)	(177)
Amortization of right-of-use lease assets			450	899
Non-cash interest			204	402
Loss on disposal of property and equipment			47	106
Change in operating assets and liabilities:
Accounts receivable			(3,500)	2,000
Other receivables			(2,039)	(1,827)
Prepaid expenses and other current assets			(777)	937
Other assets			(65)	148
Accounts payable, accrued expenses and lease liabilities			1,214	(3,684)
Other current liabilities			1
Change in payable to licensor				(296)
Net cash used in operating activities			(22,028)	(22,700)
Cash flows from investing activities:
Capital expenditures			(250)	(103)
Proceeds from disposal of property and equipment			179	1,487
Purchases of short-term investments			(14,156)	(34,442)
Proceeds from maturities of short-term investments			21,649	32,735
Net cash provided by (used in) investing activities			7,422	(323)
Cash flows from financing activities:
Proceeds from ATM sales of common stock, net of issuance costs			6,623
Proceeds from net settlement of restricted share awards			(9)
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 (used in) financing activities			6,614	(3,782)
Net decrease in cash, cash equivalents and restricted cash			(7,992)	(26,805)
Cash, cash equivalents and restricted cash at beginning of period			14,555	38,829	$ 38,829
Cash, cash equivalents and restricted cash at end of period	6,563	12,024	6,563	12,024	14,555
Supplemental cash flow information:
Cash and cash equivalents	6,225	6,133	6,225	6,133	$ 14,217
Restricted cash	338	5,891	338	5,891
Total cash, cash equivalents and restricted cash	$ 6,563	$ 12,024	6,563	12,024
Supplemental non-cash flow information:
Right-of-use asset obtained in exchange for new operating lease liabilities			$ 419

NATURE OF OPERATIONS AND SIGNIF

NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
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 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 adeno-associated virus (“AAV”)-based gene therapies designed to treat highly unmet, medically needed ophthalmic diseases 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. 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, 2022 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 audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K/A for the year ended December 31, 2022, which was filed with the SEC on April 10, 2023. Reverse Stock Split As described in Note 1 to the consolidated financial statements included in the Company’s 2022 Annual Report on Form 10-K/A, 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 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 June 30, 2023, the Company had cash, cash equivalents, restricted cash and short-term investments of $ 37.1 22.0 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. Subsequent to June 30, 2023, as described in Note 12, the Company raised $ 25.0 23.0 The Company believes that its current cash and cash equivalents, restricted cash and short-term investments are sufficient resources to fund operations through at least the next 12 months from the date of this quarterly report on Form 10-Q. The Company may need to secure additional funding to carry out all of its planned research and development and commercialization 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. Other receivables Other receivables include employee retention credits (“ERC”), sublease rent receivables and other miscellaneous receivables. As of June 30, 2023 and December 31, 2022, the Company had ERC receivables of $ 2.1 nil Summary of Significant Accounting Policies There have been no new, anticipated or material changes to the significant accounting policies disclosed in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2022. Correction of Error During the fourth quarter of 2022, the Company identified errors in the accounting for certain common stock warrants that were issued in 2021. The common stock warrants were not indexed to the Company’s own stock and therefore should have been classified as liabilities at their estimated fair value instead of additional paid-in capital. Although the errors were immaterial to prior periods, the 2021 financial statements were restated in accordance with Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements”, due to the significance of the out-of-period correction to the 2021 period. There was no impact to the Company’s consolidated statements of operations and comprehensive loss for 2021. The correction of the error resulted in the Company adjusting its quarterly information presented for the three and six months ended June 30, 2022. The matter was correctly presented in the fiscal year end December 31, 2022 consolidated financial statements included in the Company’s 2022 Annual Report on Form 10-K/A. The following tables present the effects of the correction of the prior period error to the condensed consolidated statement of operations and comprehensive loss (in thousands, except for per share data): SCHEDULE OF EFFECTS OF THE RESTATEMENT TO AMOUNTS IN THE PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS For the three months ended June 30, 2022 Condensed Consolidated Statement of Operations and Comprehensive Loss As Reported Adjustment As Revised Change in fair value of warrant liabilities $ — $ 4,198 $ 4,198 Net loss $ (8,295 ) $ 4,198 $ (4,097 ) Net loss attributable to Common Shareholders $ (12,077 ) $ 4,198 $ (7,879 ) Basic and diluted loss per common share $ ( 2.08 ) $ 0.72 $ ( 1.36 ) Comprehensive loss $ (12,081 ) $ 4,198 $ (7,883 ) For the six months ended June 30, 2022 Condensed Consolidated Statement of Operations and Comprehensive Loss As Reported Adjustment As Revised Change in fair value of warrant liabilities $ — $ 2,945 $ 2,945 Net loss $ (29,086 ) $ 2,945 $ (26,141 ) Net loss attributable to Common Shareholders $ (32,868 ) $ 2,945 $ (29,923 ) Basic and diluted loss per common share $ ( 5.67 ) $ 0.51 $ ( 5.16 ) Comprehensive loss $ (32,875 ) $ 2,945 $ (29,930 ) The following tables present the effects of the correction of the prior period error to the condensed consolidated cash flow statement (in thousands): For the six months ended June 30, 2022 Condensed Consolidated Cash Flow Statement As Reported Adjustment As Revised Net loss $ (29,086 ) $ 2,945 $ (26,141 ) Adjustments to reconcile net loss to cash used in operating activities: Change in fair value of warrant liabilities $ — $ (2,945 ) $ (2,945 ) Net cash provided by operating activities $ (22,700 ) $ — $ (22,700 ) The following tables present the effects of the correction of the prior period error to the condensed consolidated statement of stockholders’ equity (in thousands): As of June 30, 2022 Condensed Consolidated Statement of Stockholders’ Equity As Reported Adjustment As Revised Additional paid-in capital, December 31, 2021 $ 705,570 $ (9,007 ) $ 696,563 Total stockholders’ equity, December 31, 2021 $ 51,375 $ (9,007 ) $ 42,368 Additional paid-in capital, March 31, 2022 $ 706,433 $ (9,007 ) $ 697,426 Additional paid-in capital, March 31, 2022 $ 31,443 $ (10,260 ) $ 21,183 Net loss $ (29,086 ) $ 2,945 $ (26,141 ) Additional paid-in capital, June 30, 2022 $ 703,379 $ (9,007 ) $ 694,372 Total stockholders’ equity, June 30, 2022 $ 20,086 $ (6,062 ) $ 14,024 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 six months ended June 30, 2023 2022 Stock options 230,723 265,411 Restricted stock 2,566,303 61,108 Warrants 9,397,879 1,788,000 Total 12,194,905 2,114,519 New Accounting Pronouncements No new accounting pronouncement issued or effective had, or is expected to have, a material impact on the Company’s condensed consolidated financial statements.

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 Amortized Cost Gross Gross Fair Value Available-for-sale, short-term investments: U.S. treasury and federal agency securities $ 30,613 — (66 ) $ 30,547 Total available-for-sale, short-term investments $ 30,613 — (66 ) $ 30,547 December 31, 2022 Amortized Cost Gross Gross Fair Value Available-for-sale, short-term investments: U.S. treasury and federal agency securities $ 38,032 — (100 ) $ 37,932 Total available-for-sale, short-term investments $ 38,032 — (100 ) $ 37,932 As of June 30, 2023, 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 June 30, 2023, 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 and six months ended June 30, 2023. There were no

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	6 Months Ended
	Jun. 30, 2023
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) June 30, 2023 December 31, 2022 Laboratory equipment 5 $ 7,276 $ 7,636 Furniture, software and office equipment 3 5 991 1,379 Leasehold improvements Shorter of remaining lease term or useful life 8,603 8,605 Subtotal 16,870 17,620 Less: accumulated depreciation (12,381 ) (11,879 ) Total property and equipment, net $ 4,489 $ 5,741 Depreciation expense was $ 0.6 0.8 1.3 1.6 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, 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	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
LICENSED TECHNOLOGY	NOTE 4 – LICENSED TECHNOLOGY On May 15, 2015, we 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 to expense over the life of the license of 20 years no 1.4 no Amortization expense on licensed technology was nil 29,000 no

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2023
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 5 – 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 consolidated financial statements when the fair value is different than the carrying value of these financial instruments. The estimated fair value of other receivables, prepaid expenses and other current assets, other assets, accounts payable, accrued expenses, and payables to licensor 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 June 30, 2023 and December 31, 2022 (in thousands): SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS Description Fair Value at June 30, 2023 Level 1 Level 2 Level 3 Recurring Assets Cash equivalents Money market fund $ 5,678 $ 5,678 $ — $ — Short-term investments U.S. treasury and federal agency securities 30,547 — 30,547 — Total assets measured at fair value $ 36,225 $ 5,678 $ 30,547 $ — Liabilities Warrant liabilities $ 26,021 — — $ 26,021 Total liabilities measured at fair value $ 26,021 $ — $ — $ 26,021 Description Fair Value at December 31, 2022 Level 1 Level 2 Level 3 Recurring Assets: Cash equivalents Money market fund $ 12,923 $ 12,923 $ — $ — Short-term investments U.S. treasury and federal agency securities 37,932 — 37,932 — Total assets measured at fair value $ 50,855 $ 12,923 $ 37,932 $ — Liabilities Warrant liabilities $ 19,657 — — $ 19,657 Total liabilities measured at fair value $ 19,657 $ — $ — $ 19,657 Warrant Liabilities The warrant liabilities are valued using significant inputs not observable in the market. Accordingly, the warrant liability is measured at fair value on a recurring basis using unobservable inputs and are classified as Level 3 inputs within the fair value hierarchy. Fair value measurements categorized within Level 3 are sensitive to changes in the assumptions or methodology used to determine fair value and such changes could result in a significant increase or decrease in the fair value. The Company’s valuation of the common stock warrants utilized the Black-Scholes option-pricing model, which incorporated assumptions and estimates to value the common stock warrants. The Company assessed these assumptions and estimates at the end of each reporting period. Assumptions used to estimate the fair value of the warrants in the Black-Scholes option-pricing model are as follows: SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS June 30, 2023 December 31, 2022 Common share price $ 4.03 $ 3.08 Expected term (years) 3.47 4.35 3.96 4.84 Risk-free interest rate (%) 4.13 4.28 3.91 4.01 Volatility (%) 100.00 105.04 102.40 107.55 As of June 30, 2023, the Company had outstanding warrant liabilities related to the 2022 private placement that allow the holders to purchase 7,609,879 4.75 1,788,000 9.75 The following table provides a summary of the activity on the warrant liabilities (in thousands): SCHEDULE OF ACTIVITY OF WARRANT LIABILITIES Warrant liabilities as of December 31, 2022 $ 19,657 Loss recognized in earnings from change in fair value 6,364 Warrant liabilities as of June 30, 2023 $ 26,021

SETTLEMENT LIABILITY

SETTLEMENT LIABILITY	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
SETTLEMENT LIABILITY	NOTE 6 – 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 June 30, 2023, the Company recorded the payable 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 2024 4.4 4.2

ACCRUED EXPENSES

ACCRUED EXPENSES	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES	NOTE 7 – ACCRUED EXPENSES The following table provides a summary of the components of accrued expenses (in thousands): SCHEDULE OF ACCRUED EXPENSES June 30, 2023 December 31, 2022 Accrued employee compensation $ 1,434 $ 2,593 Accrued contracted services and other 2,727 1,398 Total accrued expenses $ 4,161 $ 3,991

LEASES

LEASES	6 Months Ended
	Jun. 30, 2023
Leases
LEASES	NOTE 8 – LEASES The Company leases space under operating leases for administrative, manufacturing and laboratory facilities in Cleveland, Ohio. The Company also leases office space in New York, New York, that the Company sublets. The Company also leases 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. In June 2023, the Company terminated one of its operating leases for office space. The termination resulted in a gain of $ 1.1 million from the difference of the right-of-use assets and lease liabilities in the three and six months ended June 30, 2023 and is included in loss/(gain) on right-of-use lease assets in the condensed consolidated statement of operations and comprehensive loss. 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 $ 1.6 The following table provides a summary of the components of lease costs and rent (in thousands): SCHEDULE OF COMPONENTS OF LEASE COST 2023 2022 2023 2022 For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Operating lease cost $ 353 $ 461 $ 708 $ 933 Variable lease cost 116 116 215 212 Short-term lease cost 13 20 31 41 Total operating lease costs $ 482 $ 597 $ 954 $ 1,186 Future minimum lease payments and obligations, which do not include short-term leases, of the Company’s operating lease liabilities as of June 30, 2023 were as follows (in thousands): SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES Future minimum lease payments and obligations Operating Leases 2023, remainder $ 799 2024 993 2025 1,552 2026 791 2027 807 Thereafter 2,516 Total undiscounted operating lease payments 7,458 Less: imputed interest 1,484 Present value of operating lease liabilities $ 5,974 The weighted-average remaining term of the Company’s operating leases was 68 7.5 Future cash receipts from the Company’s sublease agreements as of June 30, 2023 are as follows (in thousands): SCHEDULE OF FUTURE CASH RECEIPTS FROM OPERATING SUBLEASE Operating Future cash receipts Subleases 2023, remainder $ 270 2024 634 2025 485 Total future cash receipts $ 1,389

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
EQUITY	NOTE 9 – EQUITY 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 7.0 9.0 As of June 30, 2023, 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 (as amended, the “ATM Agreement”) with Jefferies LLC (“Jefferies”) pursuant to which, the Company may sell from time to time, through Jefferies, shares of its common stock for an aggregate sales price of up to $ 150.0 1,990,321 6.6 Private Placement Offerings On November 3, 2022, the Company sold 7,065,946 543,933 7,609,879 4.60 4.59 0.01 4.75 543,933 7,609,879 35.0 32.6 1.5 0.9 12.9 0.1 In the event of certain fundamental transactions involving the Company, the holders of the stock purchase warrants may require the Company to make a payment based on a Black-Scholes valuation, using specific inputs that are not considered indexed to the Company’s stock in accordance with ASC 815. Therefore, the Company accounted for the stock purchase warrants as liabilities. The stock purchase warrants were recorded at the closing date fair value of $ 22.0 As of June 30, 2023, there were 7,609,879 November 3, 2027

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	NOTE 10 – STOCK-BASED COMPENSATION The Company previously granted stock options under its 2005 Equity Incentive Plan (the “2005 Incentive Plan”), under which no further grants can be made. In addition, prior to May 17, 2023, the Company had previously granted stock options and stock awards under the Abeona Therapeutics Inc. 2015 Equity Incentive Plan (the “2015 Incentive Plan”). As of May 17, 2023, no further grants can be made under the 2015 Incentive Plan. The Company now grants stock options and stock awards under the Abeona Therapeutics Inc. 2023 Equity Incentive Plan (the “2023 Incentive Plan”) which was approved by stockholders on May 17, 2023. As of June 30, 2023, there were 149,291 The following table summarizes stock-based compensation expense for the three and six months ended June 30, 2023 and 2022 (in thousands): SCHEDULE OF STOCK BASED COMPENSATION 2023 2022 2023 2022 For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Research and development $ 218 $ 184 $ 404 $ 556 General and administrative 709 540 1,293 1,030 Total stock-based compensation expense $ 927 $ 724 $ 1,697 $ 1,586 Stock Options The Company estimates the fair value of each option award on the date of grant using the Black-Scholes option valuation model. The Company then recognize the grant date fair value of each option as compensation expense ratably using the straight-line attribution method over the service period (generally the vesting period). The Black-Scholes model incorporates the following assumptions: ● 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 six months ended June 30, 2023 * 2022 Expected volatility n/a 95.1 96.0 Expected term n/a 6.07 6.08 Risk-free interest rate n/a 1.7 3.3 Expected dividend yield n/a 0% * the Company did not grant any stock options in the six months ended June 30, 2023. The following table summarizes stock option activity for the 2015 Incentive Plan and the 2005 Incentive Plan during the six months ended June 30, 2023 (there were no stock options granted under the 2023 Incentive Plan during the six months ended June 30, 2023): SCHEDULE OF STOCK OPTIONS ACTIVITY Weighted Average Weighted Remaining Aggregate Number of Average Contractual Term Intrinsic Value Options Exercise Price (years) (in thousands) Outstanding at December 31, 2022 240,770 $ 37.04 6.42 $ — Granted — $ — — $ — Cancelled/forfeited (10,047 ) $ 36.19 — $ — Exercised — $ — — $ — Outstanding at June 30, 2023 230,723 $ 37.08 5.82 $ — Exercisable 169,637 $ 36.33 5.09 $ — Unvested 61,086 $ 39.17 7.87 $ — 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 June 30, 2023, the total compensation cost related to non-vested option awards not yet recognized was approximately $ 2.0 1.7 Restricted Stock The following table summarizes restricted stock award activity for the 2023 Incentive Plan, 2015 Incentive Plan and Inducement Grants during the six months ended June 30, 2023: SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY Weighted Average Grant Date Fair Number of Awards Value Per Unit Outstanding at December 31, 2022 816,958 $ 5.35 Granted 1,817,559 $ 3.96 Cancelled/forfeited (46,394 ) $ 4.40 Vested (21,820 ) $ 28.34 Outstanding at June 30, 2023 2,566,303 $ 4.18 As of June 30, 2023, there was approximately $ 9.7 2.5 0.6

LICENSE_SUPPLIER AGREEMENT

LICENSE/SUPPLIER AGREEMENT	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
LICENSE/SUPPLIER AGREEMENT	NOTE 11 – LICENSE/SUPPLIER AGREEMENT Sublicense Agreement Relating to Rett Syndrome: In October 2020, the Company entered into a sublicense agreement with Taysha Gene Therapies (“Taysha”) The transaction price of the contract includes (i) $ 3.0 26.5 30.0 26.5 Under this arrangement, the Company recognized $ 3.5 1.0 3.5 nil 1.6 nil Ultragenyx 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 assumed 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. There were no amounts due to the Company from Ultragenyx under the License Agreement as of June 30, 2023 and December 31, 2022, respectively.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 – SUBSEQUENT EVENTS On July 3, 2023, the Company entered into a securities purchase agreement (the “Purchase Agreement”) with certain existing institutional investors relating to the issuance and sale of an aggregate of (a) 3,284,407 2,919,140 4.03 25.0 23.0 4.0299 0.0001 0.0001

NATURE OF OPERATIONS AND SIGN_2

NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reverse Stock Split	Reverse Stock Split As described in Note 1 to the consolidated financial statements included in the Company’s 2022 Annual Report on Form 10-K/A, 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
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 June 30, 2023, the Company had cash, cash equivalents, restricted cash and short-term investments of $ 37.1 22.0 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. Subsequent to June 30, 2023, as described in Note 12, the Company raised $ 25.0 23.0 The Company believes that its current cash and cash equivalents, restricted cash and short-term investments are sufficient resources to fund operations through at least the next 12 months from the date of this quarterly report on Form 10-Q. The Company may need to secure additional funding to carry out all of its planned research and development and commercialization 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.
Other receivables	Other receivables Other receivables include employee retention credits (“ERC”), sublease rent receivables and other miscellaneous receivables. As of June 30, 2023 and December 31, 2022, the Company had ERC receivables of $ 2.1 nil
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no new, anticipated or material changes to the significant accounting policies disclosed in the Company’s Annual Report on Form 10-K/A for the year ended December 31, 2022.
Correction of Error	Correction of Error During the fourth quarter of 2022, the Company identified errors in the accounting for certain common stock warrants that were issued in 2021. The common stock warrants were not indexed to the Company’s own stock and therefore should have been classified as liabilities at their estimated fair value instead of additional paid-in capital. Although the errors were immaterial to prior periods, the 2021 financial statements were restated in accordance with Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements”, due to the significance of the out-of-period correction to the 2021 period. There was no impact to the Company’s consolidated statements of operations and comprehensive loss for 2021. The correction of the error resulted in the Company adjusting its quarterly information presented for the three and six months ended June 30, 2022. The matter was correctly presented in the fiscal year end December 31, 2022 consolidated financial statements included in the Company’s 2022 Annual Report on Form 10-K/A. The following tables present the effects of the correction of the prior period error to the condensed consolidated statement of operations and comprehensive loss (in thousands, except for per share data): SCHEDULE OF EFFECTS OF THE RESTATEMENT TO AMOUNTS IN THE PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS For the three months ended June 30, 2022 Condensed Consolidated Statement of Operations and Comprehensive Loss As Reported Adjustment As Revised Change in fair value of warrant liabilities $ — $ 4,198 $ 4,198 Net loss $ (8,295 ) $ 4,198 $ (4,097 ) Net loss attributable to Common Shareholders $ (12,077 ) $ 4,198 $ (7,879 ) Basic and diluted loss per common share $ ( 2.08 ) $ 0.72 $ ( 1.36 ) Comprehensive loss $ (12,081 ) $ 4,198 $ (7,883 ) For the six months ended June 30, 2022 Condensed Consolidated Statement of Operations and Comprehensive Loss As Reported Adjustment As Revised Change in fair value of warrant liabilities $ — $ 2,945 $ 2,945 Net loss $ (29,086 ) $ 2,945 $ (26,141 ) Net loss attributable to Common Shareholders $ (32,868 ) $ 2,945 $ (29,923 ) Basic and diluted loss per common share $ ( 5.67 ) $ 0.51 $ ( 5.16 ) Comprehensive loss $ (32,875 ) $ 2,945 $ (29,930 ) The following tables present the effects of the correction of the prior period error to the condensed consolidated cash flow statement (in thousands): For the six months ended June 30, 2022 Condensed Consolidated Cash Flow Statement As Reported Adjustment As Revised Net loss $ (29,086 ) $ 2,945 $ (26,141 ) Adjustments to reconcile net loss to cash used in operating activities: Change in fair value of warrant liabilities $ — $ (2,945 ) $ (2,945 ) Net cash provided by operating activities $ (22,700 ) $ — $ (22,700 ) The following tables present the effects of the correction of the prior period error to the condensed consolidated statement of stockholders’ equity (in thousands): As of June 30, 2022 Condensed Consolidated Statement of Stockholders’ Equity As Reported Adjustment As Revised Additional paid-in capital, December 31, 2021 $ 705,570 $ (9,007 ) $ 696,563 Total stockholders’ equity, December 31, 2021 $ 51,375 $ (9,007 ) $ 42,368 Additional paid-in capital, March 31, 2022 $ 706,433 $ (9,007 ) $ 697,426 Additional paid-in capital, March 31, 2022 $ 31,443 $ (10,260 ) $ 21,183 Net loss $ (29,086 ) $ 2,945 $ (26,141 ) Additional paid-in capital, June 30, 2022 $ 703,379 $ (9,007 ) $ 694,372 Total stockholders’ equity, June 30, 2022 $ 20,086 $ (6,062 ) $ 14,024
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 six months ended June 30, 2023 2022 Stock options 230,723 265,411 Restricted stock 2,566,303 61,108 Warrants 9,397,879 1,788,000 Total 12,194,905 2,114,519
New Accounting Pronouncements	New Accounting Pronouncements No new accounting pronouncement issued or effective had, or is expected to have, a material impact on the Company’s condensed consolidated financial statements.

NATURE OF OPERATIONS AND SIGN_3

NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SCHEDULE OF EFFECTS OF THE RESTATEMENT TO AMOUNTS IN THE PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS	The following tables present the effects of the correction of the prior period error to the condensed consolidated statement of operations and comprehensive loss (in thousands, except for per share data): SCHEDULE OF EFFECTS OF THE RESTATEMENT TO AMOUNTS IN THE PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS For the three months ended June 30, 2022 Condensed Consolidated Statement of Operations and Comprehensive Loss As Reported Adjustment As Revised Change in fair value of warrant liabilities $ — $ 4,198 $ 4,198 Net loss $ (8,295 ) $ 4,198 $ (4,097 ) Net loss attributable to Common Shareholders $ (12,077 ) $ 4,198 $ (7,879 ) Basic and diluted loss per common share $ ( 2.08 ) $ 0.72 $ ( 1.36 ) Comprehensive loss $ (12,081 ) $ 4,198 $ (7,883 ) For the six months ended June 30, 2022 Condensed Consolidated Statement of Operations and Comprehensive Loss As Reported Adjustment As Revised Change in fair value of warrant liabilities $ — $ 2,945 $ 2,945 Net loss $ (29,086 ) $ 2,945 $ (26,141 ) Net loss attributable to Common Shareholders $ (32,868 ) $ 2,945 $ (29,923 ) Basic and diluted loss per common share $ ( 5.67 ) $ 0.51 $ ( 5.16 ) Comprehensive loss $ (32,875 ) $ 2,945 $ (29,930 ) The following tables present the effects of the correction of the prior period error to the condensed consolidated cash flow statement (in thousands): For the six months ended June 30, 2022 Condensed Consolidated Cash Flow Statement As Reported Adjustment As Revised Net loss $ (29,086 ) $ 2,945 $ (26,141 ) Adjustments to reconcile net loss to cash used in operating activities: Change in fair value of warrant liabilities $ — $ (2,945 ) $ (2,945 ) Net cash provided by operating activities $ (22,700 ) $ — $ (22,700 ) The following tables present the effects of the correction of the prior period error to the condensed consolidated statement of stockholders’ equity (in thousands): As of June 30, 2022 Condensed Consolidated Statement of Stockholders’ Equity As Reported Adjustment As Revised Additional paid-in capital, December 31, 2021 $ 705,570 $ (9,007 ) $ 696,563 Total stockholders’ equity, December 31, 2021 $ 51,375 $ (9,007 ) $ 42,368 Additional paid-in capital, March 31, 2022 $ 706,433 $ (9,007 ) $ 697,426 Additional paid-in capital, March 31, 2022 $ 31,443 $ (10,260 ) $ 21,183 Net loss $ (29,086 ) $ 2,945 $ (26,141 ) Additional paid-in capital, June 30, 2022 $ 703,379 $ (9,007 ) $ 694,372 Total stockholders’ equity, June 30, 2022 $ 20,086 $ (6,062 ) $ 14,024
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE	SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE For the three and six months ended June 30, 2023 2022 Stock options 230,723 265,411 Restricted stock 2,566,303 61,108 Warrants 9,397,879 1,788,000 Total 12,194,905 2,114,519

SHORT-TERM INVESTMENTS (Tables)

SHORT-TERM INVESTMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 Amortized Cost Gross Gross Fair Value Available-for-sale, short-term investments: U.S. treasury and federal agency securities $ 30,613 — (66 ) $ 30,547 Total available-for-sale, short-term investments $ 30,613 — (66 ) $ 30,547 December 31, 2022 Amortized Cost Gross Gross Fair Value Available-for-sale, short-term investments: U.S. treasury and federal agency securities $ 38,032 — (100 ) $ 37,932 Total available-for-sale, short-term investments $ 38,032 — (100 ) $ 37,932

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	6 Months Ended
	Jun. 30, 2023
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) June 30, 2023 December 31, 2022 Laboratory equipment 5 $ 7,276 $ 7,636 Furniture, software and office equipment 3 5 991 1,379 Leasehold improvements Shorter of remaining lease term or useful life 8,603 8,605 Subtotal 16,870 17,620 Less: accumulated depreciation (12,381 ) (11,879 ) Total property and equipment, net $ 4,489 $ 5,741

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	6 Months Ended
	Jun. 30, 2023
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 June 30, 2023 and December 31, 2022 (in thousands): SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS Description Fair Value at June 30, 2023 Level 1 Level 2 Level 3 Recurring Assets Cash equivalents Money market fund $ 5,678 $ 5,678 $ — $ — Short-term investments U.S. treasury and federal agency securities 30,547 — 30,547 — Total assets measured at fair value $ 36,225 $ 5,678 $ 30,547 $ — Liabilities Warrant liabilities $ 26,021 — — $ 26,021 Total liabilities measured at fair value $ 26,021 $ — $ — $ 26,021 Description Fair Value at December 31, 2022 Level 1 Level 2 Level 3 Recurring Assets: Cash equivalents Money market fund $ 12,923 $ 12,923 $ — $ — Short-term investments U.S. treasury and federal agency securities 37,932 — 37,932 — Total assets measured at fair value $ 50,855 $ 12,923 $ 37,932 $ — Liabilities Warrant liabilities $ 19,657 — — $ 19,657 Total liabilities measured at fair value $ 19,657 $ — $ — $ 19,657
SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS	SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS June 30, 2023 December 31, 2022 Common share price $ 4.03 $ 3.08 Expected term (years) 3.47 4.35 3.96 4.84 Risk-free interest rate (%) 4.13 4.28 3.91 4.01 Volatility (%) 100.00 105.04 102.40 107.55
SCHEDULE OF ACTIVITY OF WARRANT LIABILITIES	The following table provides a summary of the activity on the warrant liabilities (in thousands): SCHEDULE OF ACTIVITY OF WARRANT LIABILITIES Warrant liabilities as of December 31, 2022 $ 19,657 Loss recognized in earnings from change in fair value 6,364 Warrant liabilities as of June 30, 2023 $ 26,021

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
SCHEDULE OF ACCRUED EXPENSES	The following table provides a summary of the components of accrued expenses (in thousands): SCHEDULE OF ACCRUED EXPENSES June 30, 2023 December 31, 2022 Accrued employee compensation $ 1,434 $ 2,593 Accrued contracted services and other 2,727 1,398 Total accrued expenses $ 4,161 $ 3,991

LEASES (Tables)

LEASES (Tables)	6 Months Ended
	Jun. 30, 2023
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 2023 2022 2023 2022 For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Operating lease cost $ 353 $ 461 $ 708 $ 933 Variable lease cost 116 116 215 212 Short-term lease cost 13 20 31 41 Total operating lease costs $ 482 $ 597 $ 954 $ 1,186
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES	Future minimum lease payments and obligations, which do not include short-term leases, of the Company’s operating lease liabilities as of June 30, 2023 were as follows (in thousands): SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES Future minimum lease payments and obligations Operating Leases 2023, remainder $ 799 2024 993 2025 1,552 2026 791 2027 807 Thereafter 2,516 Total undiscounted operating lease payments 7,458 Less: imputed interest 1,484 Present value of operating lease liabilities $ 5,974
SCHEDULE OF FUTURE CASH RECEIPTS FROM OPERATING SUBLEASE	Future cash receipts from the Company’s sublease agreements as of June 30, 2023 are as follows (in thousands): SCHEDULE OF FUTURE CASH RECEIPTS FROM OPERATING SUBLEASE Operating Future cash receipts Subleases 2023, remainder $ 270 2024 634 2025 485 Total future cash receipts $ 1,389

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	6 Months Ended
	Jun. 30, 2023
Share-Based Payment Arrangement [Abstract]
SCHEDULE OF STOCK BASED COMPENSATION	The following table summarizes stock-based compensation expense for the three and six months ended June 30, 2023 and 2022 (in thousands): SCHEDULE OF STOCK BASED COMPENSATION 2023 2022 2023 2022 For the three months ended June 30, For the six months ended June 30, 2023 2022 2023 2022 Research and development $ 218 $ 184 $ 404 $ 556 General and administrative 709 540 1,293 1,030 Total stock-based compensation expense $ 927 $ 724 $ 1,697 $ 1,586
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 six months ended June 30, 2023 * 2022 Expected volatility n/a 95.1 96.0 Expected term n/a 6.07 6.08 Risk-free interest rate n/a 1.7 3.3 Expected dividend yield n/a 0%
SCHEDULE OF STOCK OPTIONS ACTIVITY	The following table summarizes stock option activity for the 2015 Incentive Plan and the 2005 Incentive Plan during the six months ended June 30, 2023 (there were no stock options granted under the 2023 Incentive Plan during the six months ended June 30, 2023): SCHEDULE OF STOCK OPTIONS ACTIVITY Weighted Average Weighted Remaining Aggregate Number of Average Contractual Term Intrinsic Value Options Exercise Price (years) (in thousands) Outstanding at December 31, 2022 240,770 $ 37.04 6.42 $ — Granted — $ — — $ — Cancelled/forfeited (10,047 ) $ 36.19 — $ — Exercised — $ — — $ — Outstanding at June 30, 2023 230,723 $ 37.08 5.82 $ — Exercisable 169,637 $ 36.33 5.09 $ — Unvested 61,086 $ 39.17 7.87 $ —
SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY	The following table summarizes restricted stock award activity for the 2023 Incentive Plan, 2015 Incentive Plan and Inducement Grants during the six months ended June 30, 2023: SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY Weighted Average Grant Date Fair Number of Awards Value Per Unit Outstanding at December 31, 2022 816,958 $ 5.35 Granted 1,817,559 $ 3.96 Cancelled/forfeited (46,394 ) $ 4.40 Vested (21,820 ) $ 28.34 Outstanding at June 30, 2023 2,566,303 $ 4.18

SCHEDULE OF EFFECTS OF THE REST

SCHEDULE OF EFFECTS OF THE RESTATEMENT TO AMOUNTS IN THE PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Mar. 31, 2023	Dec. 31, 2022	Mar. 31, 2022	Dec. 31, 2021
Change in fair value of warrant liabilities	$ (8,629)	$ 4,198	$ (6,364)	$ 2,945
Additional paid in capital	(16,654)	(4,097)	(25,761)	(26,141)
Net loss attributable to Common Shareholders	$ (16,654)	$ (7,879)	$ (25,761)	$ (29,923)
Net Loss per share - basic	$ 0.92	$ 1.36	$ 1.48	$ 5.16
Net Loss per share - diluted	$ 0.92	$ 1.36	$ 1.48	$ 5.16
Comprehensive loss	$ (16,684)	$ (7,883)	$ (25,727)	$ (29,930)
Change in fair value of warrant liabilities	8,629	(4,198)	6,364	(2,945)
Net cash provided by operating activities			(22,028)	(22,700)
Additional paid in capital	730,322	694,372	730,322	694,372		$ 722,049	$ 697,426	$ 696,563
Additional paid in capital	$ 9,345	14,024	$ 9,345	14,024	$ 18,740	$ 26,761	21,183	42,368
Previously Reported [Member]
Change in fair value of warrant liabilities
Additional paid in capital		(8,295)		(29,086)
Net loss attributable to Common Shareholders		$ (12,077)		$ (32,868)
Net Loss per share - basic		$ 2.08		$ 5.67
Net Loss per share - diluted		$ 2.08		$ 5.67
Comprehensive loss		$ (12,081)		$ (32,875)
Change in fair value of warrant liabilities
Net cash provided by operating activities				(22,700)
Additional paid in capital		703,379		703,379			706,433	705,570
Additional paid in capital		20,086		20,086			31,443	51,375
Revision of Prior Period, Adjustment [Member]
Change in fair value of warrant liabilities		4,198		2,945
Additional paid in capital		4,198		2,945
Net loss attributable to Common Shareholders		$ 4,198		$ 2,945
Net Loss per share - basic		$ 0.72		$ 0.51
Net Loss per share - diluted		$ 0.72		$ 0.51
Comprehensive loss		$ 4,198		$ 2,945
Change in fair value of warrant liabilities		(4,198)		(2,945)
Net cash provided by operating activities
Additional paid in capital		(9,007)		(9,007)			(9,007)	(9,007)
Additional paid in capital		$ (6,062)		$ (6,062)			$ (10,260)	$ (9,007)

SCHEDULE OF ANTI-DILUTIVE SECUR

SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - shares	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	12,194,905	2,114,519
Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	230,723	265,411
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,566,303	61,108
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	9,397,879	1,788,000

NATURE OF OPERATIONS AND SIGN_4

NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands			3 Months Ended	6 Months Ended
	Jul. 06, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Jul. 01, 2022
Subsequent Event [Line Items]
Common stock, par value		$ 0.01	$ 0.01	$ 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	200,000,000
Cash, cash equivalents, restricted cash and short-term investments			$ 37,100	$ 37,100
Cash flow from operating activities				22,028	$ 22,700
Stock issued during period, value, new issues			6,367	6,623
Proceeds from issuance of common stock				6,623
Other receivables			$ 2,100	$ 2,100
Subsequent Event [Member]
Subsequent Event [Line Items]
Stock issued during period, value, new issues	$ 25,000
Proceeds from issuance of common stock	$ 23,000

SCHEDULE OF AVAILABLE FOR SALE

SCHEDULE OF AVAILABLE FOR SALE SHORT-TERM INVESTMENTS (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized cost	$ 30,613	$ 38,032
Gross Unrealized Gain
Gross Unrealized Loss	(66)	(100)
Fair Value	30,547	37,932
US Treasury Securities [Member]
Marketable Securities [Line Items]
Amortized cost	30,613	38,032
Gross Unrealized Gain
Gross Unrealized Loss	(66)	(100)
Fair Value	$ 30,547	$ 37,932

SHORT-TERM INVESTMENTS (Details

SHORT-TERM INVESTMENTS (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
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	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Subtotal	$ 16,870	$ 17,620
Less: accumulated depreciation	(12,381)	(11,879)
Total property and equipment, net	$ 4,489	5,741
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful lives (years)	5 years
Subtotal	$ 7,276	7,636
Furniture, Software and Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Subtotal	$ 991	1,379
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	$ 8,603	$ 8,605
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Useful Life, Lease Term [Member]

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation and amortization	$ 0.6	$ 0.8	$ 1.3	$ 1.6
Impairement of assets				$ 1.8

LICENSED TECHNOLOGY (Details Na

LICENSED TECHNOLOGY (Details Narrative) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	May 15, 2015
Finite-Lived Intangible Assets [Line Items]
Impairment of licensed technology				$ 1,355,000
Remaining net value of licenced technology	0		0		$ 0
License [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-Lived Intangible Asset, Useful Life						20 years
Amortization of licensed technology	$ 0	$ 0		$ 29,000

SCHEDULE OF FAIR VALUE, ASSETS

SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	$ 26,021	$ 19,657
Fair Value, Recurring [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	36,225	50,855
Total liabilities measured at fair value	26,021	19,657
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	5,678	12,923
Total liabilities measured at fair value
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	30,547	37,932
Total liabilities measured at fair value
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
Total liabilities measured at fair value	26,021	19,657
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	5,678	12,923
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	5,678	12,923
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	30,547	37,932
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	30,547	37,932
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, Recurring [Member] | Warrant Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	26,021	19,657
Fair Value, Recurring [Member] | Warrant Liabilities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities
Fair Value, Recurring [Member] | Warrant Liabilities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities
Fair Value, Recurring [Member] | Warrant Liabilities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities	$ 26,021
Fair Value, Recurring [Member] | Licensed Technology Net [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrant liabilities		$ 19,657

SCHEDULE OF ESTIMATE FAIR VALUE

SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS (Details)	Jun. 30, 2023 $ / shares	Dec. 31, 2022 $ / shares
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	3 years 5 months 19 days	3 years 11 months 15 days
Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	4 years 4 months 6 days	4 years 10 months 2 days
Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	4.03	3.08
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	4.13	3.91
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	4.28	4.01
Measurement Input, Price Volatility [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	100	102.40
Measurement Input, Price Volatility [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	105.04	107.55

SCHEDULE OF ACTIVITY OF WARRANT

SCHEDULE OF ACTIVITY OF WARRANT LIABILITIES (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2023 USD ($)
Fair Value Disclosures [Abstract]
Warrant liabilities as of December 31, 2022	$ 19,657
Loss recognized in earnings from change in fair value	6,364
Warrant liabilities as of June 30, 2023	$ 26,021

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details Narrative) - $ / shares	Jun. 30, 2023	Dec. 31, 2022	Dec. 21, 2021
Subsidiary, Sale of Stock [Line Items]
Warrants purchase, shares			1,788,000
Warrants exercise price			$ 9.75
Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants purchase, shares	7,609,879
Warrants exercise price	$ 4.75
2021 Public Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants purchase, shares	1,788,000	1,788,000
Warrants exercise price	$ 9.75	$ 9.75

SETTLEMENT LIABILITY (Details N

SETTLEMENT LIABILITY (Details Narrative) - REGENXBIO [Member] - USD ($) $ in Millions		6 Months Ended	12 Months Ended
	Nov. 12, 2021	Jun. 30, 2023	Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Settlement liabilities, current	$ 30
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
Interest rate stated percentage		9.60%
Due In November 2024 [Member]
Defined Benefit Plan Disclosure [Line Items]
Debt instrument maturity date		November 2024	November 2024
Long term debt		$ 4.4	$ 4.2

SCHEDULE OF ACCRUED EXPENSES (D

SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued employee compensation	$ 1,434	$ 2,593
Accrued contracted services and other	2,727	1,398
Total accrued expenses	$ 4,161	$ 3,991

SCHEDULE OF COMPONENTS OF LEASE

SCHEDULE OF COMPONENTS OF LEASE COST (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Leases
Operating lease cost	$ 353	$ 461	$ 708	$ 933
Variable lease cost	116	116	215	212
Short-term lease cost	13	20	31	41
Total operating lease costs	$ 482	$ 597	$ 954	$ 1,186

SCHEDULE OF MATURITIES OF OPERA

SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases
2023, remainder	$ 799
2024	993
2025	1,552
2026	791
2027	807
Thereafter	2,516
Total undiscounted operating lease payments	7,458
Less: imputed interest	1,484
Present value of operating lease liabilities	$ 5,974

SCHEDULE OF FUTURE CASH RECEIPT

SCHEDULE OF FUTURE CASH RECEIPTS FROM OPERATING SUBLEASE (Details) $ in Thousands	Jun. 30, 2023 USD ($)
Leases
2023, remainder	$ 270
2024	634
2025	485
Total future cash receipts	$ 1,389

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Leases
Gain (Loss) on Termination of Lease	$ 1,100
Lease impairment charge	$ (1,065)	$ 1,561
Weighted-average remaining lease term for operating leases	68 months
Weighted-average discount rate for operating leases	7.50%

EQUITY (Details Narrative)

EQUITY (Details Narrative) - USD ($)					1 Months Ended	6 Months Ended		12 Months Ended
	Nov. 03, 2022	Jul. 01, 2022	Dec. 21, 2021	Aug. 17, 2018	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Subsidiary, Sale of Stock [Line Items]
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		200,000,000
Shares issued			1,788,000
Public offering price			$ 9.75
Warrants purchase, shares			1,788,000
Offering price			$ 9.75
Proceeds from public offering			$ 16,000,000
Stock issuance costs			1,500,000
Additional paid-in capital			7,000,000
Warrant liabilities			$ 9,000,000
Warrants outstanding						1,788,000
Warrants maturity date						Dec. 21, 2026
Purchase price of common stock						$ 6,623,000
Private Placement Offerings [Member]
Subsidiary, Sale of Stock [Line Items]
Shares issued	7,065,946
Warrant liabilities	$ 22,000,000
Warrants maturity date						Nov. 03, 2027
Exercise price	$ 4.75
Warrant outstanding						$ 7,609,879
Private Placement Offerings [Member] | Pre Funded Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Offering price	$ 0.01
Additional paid-in capital	$ 100,000
Sale of stock								7,609,879
Warrants exercised	543,933				543,933
Purchase price of common stock								$ 35,000,000
Additional paid in capital stock reduction								900,000
Proceeds from warrant liability'	$ 12,900,000
Private Placement Offerings [Member] | Pre Funded Warrant [Member] | General and Administrative Expense [Member]
Subsidiary, Sale of Stock [Line Items]
Stock issuance costs								1,500,000
Private Placement Offerings [Member] | Common Stock And Accompanying Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Offering price	$ 4.60
Private Placement Offerings [Member] | Pre Funded Warrant And Accompanying Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Offering price	$ 4.59
Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants purchase, shares						7,609,879
Offering price						$ 4.75
Private Placement [Member] | Pre Funded Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants purchase, shares	7,609,879
ATM Agreement [Member]
Subsidiary, Sale of Stock [Line Items]
Sale of stock value						$ 6,600,000
Sale of stock						1,990,321
ATM Agreement [Member] | Jefferies LLC [Member]
Subsidiary, Sale of Stock [Line Items]
Sale of stock value				$ 150,000,000
Private Placement Offerings [Member] | Pre Funded Warrant [Member]
Subsidiary, Sale of Stock [Line Items]
Purchase price of common stock								$ 32,600,000

SCHEDULE OF STOCK BASED COMPENS

SCHEDULE OF STOCK BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 927	$ 724	$ 1,697	$ 1,586
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	218	184	404	556
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 709	$ 540	$ 1,293	$ 1,030

SCHEDULE OF WEIGHTED-AVERAGE AS

SCHEDULE OF WEIGHTED-AVERAGE ASSUMPTIONS TO ESTIMATE THE FAIR VALUE OF THE OPTIONS GRANTED (Details)	6 Months Ended
	Jun. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	0%
Minimum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	95.10%
Expected term	6 years 25 days
Risk-free interest rate	1.70%
Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected volatility	96%
Expected term	6 years 29 days
Risk-free interest rate	3.30%

SCHEDULE OF STOCK OPTIONS ACTIV

SCHEDULE OF STOCK OPTIONS ACTIVITY (Details) - 2015 and 2005 Equity Incentive Plan [Member] - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Options, Beginning balance	240,770
Weighted Average Exercise Price, Beginning balance	$ 37.04
Weighted Aaverage Remaining Contractual Term (years), Outstanding	5 years 9 months 25 days	6 years 5 months 1 day
Aggregate Intrinsic Value, Beginning balance
Number of Options, Granted
Weighted Average Exercise Price, Granted
Number of Options, Cancelled/forfeited	(10,047)
Weighted Average Exercise Price, Cancelled/forfeited	$ 36.19
Number of Options, Exercised
Weighted Average Exercise Price, Exercised
Number of Options, Ending balance	230,723	240,770
Weighted Average Exercise Price, Ending balance	$ 37.08	$ 37.04
Aggregate Intrinsic Value, Ending balance
Number of Options, Exerciasble	169,637
Weighted Average Exercise Price, Exercisable	$ 36.33
Weighted Aaverage Remaining Contractual Term (years), Exercisable	5 years 1 month 2 days
Aggregate Intrinsic Value, Exercisable
Number of Options, Unvested options	61,086
Weighted Average Exercise Price, Unvested	$ 39.17
Weighted Aaverage Remaining Contractual Term (years), Unvested	7 years 10 months 13 days
Aggregate Intrinsic Value, Unvested

SCHEDULE OF RESTRICTED STOCK AW

SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY (Details) - 2015 Equity Incentive Plan Inducement Grants [Member] - Restricted Stock [Member]	6 Months Ended
	Jun. 30, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of Awards, Beginning balance | shares	816,958
Weighted Average Grant Date Fair Value Per Unit, Beginning balance | $ / shares	$ 5.35
Number of Awards, Granted | shares	1,817,559
Weighted Average Grant Date Fair Value Per Unit, Granted | $ / shares	$ 3.96
Number of Awards, Cancelled/forfeited | shares	(46,394)
Weighted Average Grant Date Fair Value Per Unit, Forfeited | $ / shares	$ 4.40
Number of Awards, Vested | shares	(21,820)
Weighted Average Grant Date Fair Value Per Unit, Vested | $ / shares	$ 28.34
Number of Awards, Ending balance | shares	2,566,303
Weighted Average Grant Date Fair Value Per Unit, Ending balance | $ / shares	$ 4.18

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details Narrative) $ in Millions	6 Months Ended
	Jun. 30, 2023 USD ($) shares
Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation cost related to non-vested options not recognized	$ 2
Weighted average vesting period	1 year 8 months 12 days
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average vesting period	2 years 6 months
Unrecognized compensation expense	$ 9.7
Fair value of restricted stock awards that vested	$ 0.6
2023 Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant | shares	149,291

LICENSE_SUPPLIER AGREEMENT (Det

LICENSE/SUPPLIER AGREEMENT (Details Narrative) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	May 16, 2022	Oct. 31, 2020	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized			$ 3,500	$ 1,000	$ 3,500	$ 1,346
License Agreement Terms [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments	$ 30,000
Sublicense And Inventory Purchase Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Fixed consideration		$ 3,000
Contract assets			3,500		3,500
Contract liabilities			1,600		1,600
Sublicense And Inventory Purchase Agreements [Member] | Event Based Milestone Payments [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Variable consideration		26,500
Sublicense And Inventory Purchase Agreements [Member] | Sales Based Milestone Payments [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Variable consideration		$ 30,000
Sublicense And Inventory Purchase Agreements [Member] | License [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized			$ 3,500	$ 1,000	$ 3,500	$ 1,000

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($) $ / shares in Units, $ in Millions	Jul. 06, 2023	Dec. 21, 2021	Jul. 03, 2023	Jun. 30, 2023	Nov. 03, 2022
Subsequent Event [Line Items]
Warrants issued to purchase of common stock, shares		1,788,000
Net proceeds, offering costs		$ 16
Excrise price		$ 9.75
Private Placement [Member]
Subsequent Event [Line Items]
Warrants issued to purchase of common stock, shares				7,609,879
Excrise price				$ 4.75
Pre Funded Warrant [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Warrants issued to purchase of common stock, shares					7,609,879
Subsequent Event [Member] | Securities Purchase Agreement [Member]
Subsequent Event [Line Items]
Number of stock, value	$ 25
Net proceeds, offering costs	$ 23
Excrise price	$ 0.0001
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Common Stock [Member]
Subsequent Event [Line Items]
Number of stock, shares			3,284,407
Excrise price	0.0001
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Warrant [Member] | Private Placement [Member]
Subsequent Event [Line Items]
Warrants issued to purchase of common stock, shares			2,919,140
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Common Stock And Accompanying Warrant [Member]
Subsequent Event [Line Items]
Offering price	4.03
Subsequent Event [Member] | Securities Purchase Agreement [Member] | Pre Funded Warrant [Member]
Subsequent Event [Line Items]
Offering price	$ 4.0299