Abeona Therapeutics (ABEO) 10-K 18 Mar 24 2023 FY Annual report Financial data

Cover

Cover - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Mar. 06, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	FY
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	4th Floor
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 Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
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 Public Float				$ 78,468,000
Entity Common Stock, Shares Outstanding			27,355,037
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	true
Document Financial Statement Restatement Recovery Analysis [Flag]	false
Auditor Firm ID	34	726
Auditor Name	Deloitte & Touche LLP	WHITLEY PENN LLP
Auditor Location	Morristown, New Jersey	Plano, Texas

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 14,473	$ 14,217
Short-term investments	37,753	37,932
Restricted cash	338	338
Other receivables	2,444	188
Prepaid expenses and other current assets	729	424
Total current assets	55,737	53,099
Property and equipment, net	3,533	5,741
Operating lease right-of-use assets	4,455	5,331
Other assets	277	43
Total assets	64,002	64,214
Current liabilities:
Accounts payable	1,858	1,811
Accrued expenses	5,985	3,991
Current portion of operating lease liability	998	1,773
Current portion of payable to licensor	4,580
Other current liabilities	1	204
Total current liabilities	13,422	7,779
Long-term operating lease liabilities	4,402	5,854
Warrant liabilities	31,352	19,657
Total liabilities	49,176	37,453
Commitments and contingencies
Stockholders’ equity:
Preferred stock - $0.01 par value; authorized 2,000,000 shares; No shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively
Common stock - $0.01 par value; authorized 200,000,000 shares; 26,523,878 and 17,719,720 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	265	177
Additional paid-in capital	764,151	722,049
Accumulated deficit	(749,524)	(695,336)
Accumulated other comprehensive loss	(66)	(129)
Total stockholders’ equity	14,826	26,761
Total liabilities and stockholders’ equity	64,002	64,214
Related Party [Member]
Current liabilities:
Payable to licensor		$ 4,163

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 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	26,523,878	17,719,720
Common stock, shares outstanding	26,523,878	17,719,720

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Revenues:
License and other revenues	$ 3,500	$ 1,414
Expenses:
Royalties	1,605	450
Research and development	31,091	28,965
General and administrative	19,004	17,256
Impairment of licensed technology		1,355
Loss/(gain) on operating lease right-of-use assets	(1,065)	2,511
Impairment of construction-in-progress		1,792
Total expenses	50,635	52,329
Loss from operations	(47,135)	(50,915)
Interest income	2,117	431
Interest expense	(418)	(736)
Change in fair value of warrant liabilities	(11,695)	11,383
Other income	2,943	141
Net loss	(54,188)	(39,696)
Deemed dividends related to Series A and Series B Convertible Redeemable Preferred Stock		(3,782)
Net loss attributable to Common Shareholders	$ (54,188)	$ (43,478)
Loss per common share - basic	$ (2.53)	$ (5.53)
Loss per common share - diluted	$ (2.53)	$ (5.53)
Weighted average number of common shares outstanding - basic	21,380,476	7,861,515
Weighted average number of common shares outstanding - diluted	21,380,476	7,861,515
Other comprehensive income (loss):
Change in unrealized gains (losses) related to available-for-sale debt securities	$ 34	$ (99)
Foreign currency translation adjustments	29	(3)
Comprehensive loss	$ (54,125)	$ (43,580)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Preferred Stock [Member] Series A Convertible Redeemable Preferred Stock [Member]	Preferred Stock [Member] Series B Convertible Redeemable Preferred Stock [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				3,051			3,051
Issuance of common stock in connection with restricted share awards, net of cancellations and shares settled for tax withholding settlement			$ 2	(7)			(5)
Issuance of common stock in connection with restricted share awards, net of cancellations and shares settled for tax withholding settlement, shares			742,608
Issuance of common stock and stock purchase warrants in connection with private placement offering, net of offering costs and warrant liability			$ 76	12,012			12,088
Issuance of common stock and stock purchase warrants in connection with private placement offering, net of offering costs and warrant liability, shares			7,609,879
Issuance of common stock, net of offering costs under open market sale agreement (ATM)			$ 35	12,804			12,839
Issuance of common stock, net of offering costs under open market sale agreement (ATM), shares			3,479,016
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, 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)
Reverse stock split adjustment			(1,408)	1,408
Net loss					(39,696)		(39,696)
Other comprehensive income						(102)	(102)
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				4,768			4,768
Issuance of common stock in connection with restricted share awards, net of cancellations and shares settled for tax withholding settlement			$ 18	(200)			(182)
Issuance of common stock in connection with restricted share awards, net of cancellations and shares settled for tax withholding settlement, shares			1,859,869
Issuance of common stock, net of offering costs under open market sale agreement (ATM)			$ 37	14,586			14,623
Issuance of common stock, net of offering costs under open market sale agreement (ATM), shares			3,659,882
Deemed dividends related to Series A and Series B Convertible Redeemable Preferred Stock
Net loss					(54,188)		(54,188)
Other comprehensive income						63	63
Issuance of common stock, net of offering costs under direct placement offering			$ 33	22,948			22,981
Issuance of common stock, net of offering costs under direct placement offering, shares			3,284,407
Balance at Dec. 31, 2023			$ 265	$ 764,151	$ (749,524)	$ (66)	$ 14,826
Balance, shares at Dec. 31, 2023			26,523,878

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (54,188,000)	$ (39,696,000)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	2,288,000	3,093,000
Stock-based compensation expense	4,768,000	3,051,000
Change in fair value of warrant liabilities	11,695,000	(11,383,000)
Non-cash impairment of licensed technology		1,355,000
Non-cash loss/(gain) on operating lease right-of-use assets	(1,065,000)	2,511,000
Non-cash impairment of construction-in-progress		1,792,000
Accretion and interest on short-term investments	(93,000)	(380,000)
Amortization of right-of-use lease assets	910,000	1,484,000
Non-cash interest	417,000	736,000
Loss on disposal of property and equipment	47,000	138,000
Gain on lease termination		(292,000)
Change in operating assets and liabilities:
Accounts receivable		3,000,000
Other receivables	(2,041,000)	(188,000)
Prepaid expenses and other current assets	(155,000)	1,953,000
Other assets	(234,000)	125,000
Accounts payable and accrued expenses	2,041,000	(4,108,000)
Lease liabilities	(1,196,000)	(1,382,000)
Change in payable to licensor		(5,000,000)
Other current liabilities	(203,000)	(292,000)
Net cash used in operating activities	(37,009,000)	(43,483,000)
Cash flows from investing activities:
Capital expenditures	(331,000)	(130,000)
Proceeds from disposal of property and equipment	204,000	1,734,000
Purchases of short-term investments	(51,636,000)	(78,212,000)
Proceeds from maturities of short-term investments	51,971,000	52,644,000
Net cash provided by (used in) investing activities	208,000	(23,964,000)
Cash flows from financing activities:
Proceeds from ATM sales of common stock, net of issuance costs	14,408,000	12,839,000
Proceeds from sales of common stock under direct placement offering, net of issuance costs	22,981,000
Proceeds from sales of common stock and warrants in private offering, net of issuance costs		34,121,000
Proceeds from net settlement of restricted share awards	(182,000)	(5,000)
Payment of debt issuance cost	(150,000)
Proceeds from issuance of Series A and Series B Convertible Redeemable Preferred Stock, net of issuance costs		22,468,000
Redemption of Series A and Series B Convertible Redeemable Preferred Stock		(26,250,000)
Net cash provided by financing activities	37,057,000	43,173,000
Net increase (decrease) in cash, cash equivalents and restricted cash	256,000	(24,274,000)
Cash, cash equivalents and restricted cash at beginning of year	14,555,000	38,829,000
Cash, cash equivalents and restricted cash at end of year	14,811,000	14,555,000
Supplemental cash flow information:
Cash and cash equivalents	14,473,000	14,217,000
Restricted cash	338,000	338,000
Total cash, cash equivalents and restricted cash	14,811,000	14,555,000
Supplemental non-cash flow information:
Additions (deletions) to right-of-use lease assets in exchange for new or modifications to operating lease liabilities	419,000	(77,000)
Deletions to operating lease liabilities obtained from new operating lease liabilities resulting from modification of original lease arrangement		$ (369,000)

NATURE OF OPERATIONS AND SUMMAR

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – NATURE OF OPERATIONS AND SUMMARY OF 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 for pz-cel, 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. 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 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. Liquidity In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern As a biopharmaceutical organization, the Company has devoted substantially all of its resources since inception to research and development activities for pz-cel and other product candidates, business planning, raising capital, establishing its intellectual property portfolio, acquiring or discovering product candidates, and providing general and administrative support for these operations. As a result, the Company has incurred significant operating losses and negative cash flows from operations since its inception and anticipates such losses and negative cash flows will continue for the foreseeable future. Since its inception, the Company has funded its operations primarily with proceeds from sales of shares of its stock. The Company has incurred recurring losses since its inception, including net losses contributable to Common Shareholders of $ 54.2 43.5 749.5 52.6 20 5.3 While the Company believes its capital resources are sufficient to fund the Company’s on-going operations for the next 12 months from the issuance date of these consolidated financial statements, the Company’s liquidity could be materially affected over this period by: (1) its ability to raise additional capital through equity offerings, debt financings, or other non-dilutive third-party funding; (2) costs associated with new or existing strategic alliances, or licensing and collaboration arrangements; (3) negative regulatory events or unanticipated costs related to pz-cel; (4) any other unanticipated material negative events or costs. One or more of these events or costs could materially affect the Company’s liquidity. If the Company is unable to meet its obligations when they become due, the Company may have to delay expenditures, reduce the scope of its research and development programs, or make significant changes to its operating plan. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Summary of Significant Accounting Policies A summary of the significant accounting policies applied in the preparation of the accompanying consolidated financial statements follows: Principles of Consolidation The consolidated financial statements include the financial statements of Abeona Therapeutics Inc. and the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“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 consolidated financial statements and the reported amounts of revenue and expenses during the reported period. The Company’s significant estimates include, but are not limited to, fair value of warrant liabilities, the incremental borrowing rate related to the Company’s operating leases and stock-based compensation. Due to the uncertainty inherent in such estimates, actual results could differ from these estimates and assumptions. Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains deposits primarily in financial institutions, which may at times exceed amounts covered by insurance provided by the U.S. Federal Deposit Insurance Corporation (“FDIC”). The Company has not experienced any losses related to amounts in excess of FDIC limits. Restricted Cash Restricted cash serves as collateral for leased office space. Short-term Investments Short-term investments consist of investments in U.S. government, U.S. agency and U.S. treasury securities. The Company determines the appropriate classification of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company classifies its short-term investments as available-for-sale pursuant to Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities Other Receivables Other receivables include employee retention credits (“ERC”), sublease rent receivables and other miscellaneous receivables that are expected to be collected within the next twelve months. As of December 31, 2023 and December 31, 2022, the Company had ERC receivables of $ 2.1 nil Property and Equipment Property and equipment are recorded at cost. Depreciation is provided using the straight-line method over estimated useful lives ranging from three to five years. Leasehold improvements are amortized over the shorter of the asset’s useful life or the life of the lease term ranging from five to ten years. Expenditures for major renewals and betterments that extend the useful lives are capitalized. Expenditures for normal maintenance and repairs are expensed as incurred. The cost of assets sold or abandoned, and the related accumulated depreciation are eliminated from the accounts and any gains or losses are recognized in the accompanying consolidated statements of operations of the respective period. Leases The Company accounts for leases in accordance with ASC 842, Leases The Company’s leases do not have significant rent escalation, holidays, concessions, material residual value guarantees, material restrictive covenants or contingent rent provisions. The Company’s leases include both lease (e.g., fixed payments including rent, taxes, and insurance costs) and non-lease components (e.g., common-area or other maintenance costs), which are accounted for as a single lease component as the Company has elected the practical expedient to group lease and non-lease components for all leases. Most leases include one or more options to renew. The exercise of lease renewal options is typically at the Company’s sole discretion; therefore, the majority of renewals to extend the lease terms are not included in the Company’s right-of-use assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates the renewal options and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term. Licensed Technology The Company has entered into agreements to license the rights to certain technologies. The Company records the purchase price paid for the license, which represents fair value, on its consolidated balance sheet. Licensed technology is amortized over the life of the patent or the agreement. The Company maintains licensed technology on its consolidated balance sheet until either the licensed technology agreement underlying it is completed or the asset becomes impaired. When the Company determines that an asset has become impaired, as discussed below, or the Company abandons a project, the Company writes down the carrying value of the related intangible asset to its fair value and recognizes an impairment charge in the period in which the impairment occurs. Impairment of Long-Lived Assets Long-lived assets consist of property and equipment, licensed technology, and right-of-use assets. The Company tests its long-lived assets for impairment when events and circumstances indicate that the carrying value of an asset or group of assets may not be fully recoverable. If indicators are present or changes in circumstance suggest that impairment may exist, the Company assesses the recoverability of the affected long-lived assets or group of assets by determining whether the carrying value of such assets or group of assets can be recovered through undiscounted future operating cash flows. If the carrying amount is not recoverable, the Company measures the amount of any impairment by comparing the carrying value of the asset or group of assets to its fair value. Credit Losses The Company reviews its available-for-sale investments for credit losses on a collective basis by major security type and in line with the Company’s investment policy. As of December 31, 2023, the Company’s available-for-sale investments were in securities that are issued by the U.S. treasury and U.S. federal agencies, are highly rated, and have a history of zero credit losses. The Company reviews the credit quality of its accounts receivables by monitoring the aging of its accounts receivable, the history of write offs for uncollectible accounts, and the credit quality of its significant customers, the current economic environment/macroeconomic trends, supportable forecasts, and other relevant factors. The Company’s accounts receivable are with customers that do not have a history of uncollectibility nor a history of significantly aged accounts receivables. As of December 31, 2023, the Company did not recognize a credit loss allowance for its investments or accounts receivable. Segments The Company operates in a single segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purpose of allocating resources. Revenue Recognition The Company accounts for contracts with customers in accordance with ASC 606, Revenue from Contracts with Customers The Company enters into licensing agreements that are within the scope of ASC 606, under which it may exclusively license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products. As part of the accounting for these arrangements, the Company must use significant judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; and (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. Amounts received prior to revenue recognition are recorded as deferred revenue. Exclusive Licenses If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a performance obligation is distinct from the other performance obligations, the Company considers factors such as the research, development, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can benefit from a performance obligation for its intended purpose without the receipt of the remaining performance obligation, whether the value of the performance obligation is dependent on the unsatisfied performance obligation, whether there are other vendors that could provide the remaining performance obligation, and whether it is separately identifiable from the remaining performance obligation. For licenses that are combined with other performance obligation, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods. Milestone Payments At the inception of each arrangement that includes research or development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant cumulative revenue reversal would not occur, the associated milestone value is included in the transaction price. An output method is generally used to measure progress toward complete satisfaction of a milestone. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant cumulative revenue reversal would not occur. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. Collaborative Arrangements The Company analyzes its collaboration arrangements to assess whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities and therefore within the scope of ASC 808, Collaborative Arrangements Research and Development Expenses Research and development costs are expensed as incurred. Research and development expenses include, but are not limited to, payroll and personnel expense, lab supplies, preclinical and development cost, clinical trial expense, manufacturing, regulatory, and consulting. The cost of materials and equipment or facilities that are acquired for research and development activities and that have alternative future uses are capitalized when acquired. General and Administrative Expenses General and administrative expenses primarily consist of personnel, contract personnel, personnel-related expenses to support the Company’s administrative and operating activities, facility costs, professional expenses (i.e., legal expenses), investor relations fees and commercial readiness costs. Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets to the extent their realization is in doubt. The Company accounts for uncertain income tax positions in accordance with ASC 740, Income Taxes 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 outstanding during the period. The weighted average number of shares of common stock includes the weighted average effect of outstanding pre-funded warrants for the purchase of shares of common stock for which the remaining unfunded exercise price is $ 0.0001 The following table sets forth the potential securities that could potentially dilute basic 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 2023 2022 For the year ended December 31, 2023 2022 Stock options 179,001 240,770 Restricted stock 2,448,169 816,958 Warrants 9,397,879 9,397,879 Total 12,025,049 10,455,607 Stock-Based Compensation The Company accounts for stock-based compensation expense in accordance with ASC 718, Stock Based Compensation Warrants On November 3, 2022, the Company issued warrants to purchase 7,609,879 4.75 1,788,000 9.75 The common stock warrants are accounted for as liabilities in the consolidated balance sheets at their estimated fair value because they are not indexed to the Company’s own stock. The warrants are revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded in the consolidated statements of operations and comprehensive loss. On July 6, 2023, the Company issued 2,919,140 4.0299 Derivatives and Hedging Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13 (Topic 326), Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS	12 Months Ended
	Dec. 31, 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 December 31, 2023 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Available-for-sale, short-term investments: U.S. treasury securities $ 8,406 — (13 ) $ 8,393 U.S. federal agency securities 29,413 — (53 ) 29,360 Total available-for-sale, short-term investments $ 37,819 — (66 ) $ 37,753 December 31, 2022 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss 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 December 31, 2023, the available-for-sale securities classified as short-term investments mature in one year or less. The Company carries its available-for-sale securities at fair value in the consolidated balance sheets. Unrealized losses on available-for-sale securities as of December 31, 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 year ended December 31, 2023. There were no

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	NOTE 3 – 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) 2023 2022 As of December 31, Useful lives (years) 2023 2022 Laboratory equipment 5 $ 6,935 $ 7,636 Furniture, software and office equipment 3 5 986 1,379 Leasehold improvements Shorter of remaining lease term or useful life 8,603 8,605 Construction-in-progress — — Subtotal 16,524 17,620 Less: accumulated depreciation (12,991 ) (11,879 ) Total property and equipment, net $ 3,533 $ 5,741 Depreciation and amortization on property and equipment was $ 2.3 3.1 47,000 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, 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 1.5

LICENSED TECHNOLOGY

LICENSED TECHNOLOGY	12 Months Ended
	Dec. 31, 2023
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 B and Sanfilippo Syndrome Type A, respectively. The license was being amortized to expense over the life of the license of 20 years 1.4 no The following table provides a summary of licensed technology (in thousands): SCHEDULE OF LICENSED TECHNOLOGY 2023 2022 As of December 31, 2023 2022 Licensed technology $ — $ 2,156 Less accumulated amortization — (801 ) Less impairment charge — (1,355 ) Total licensed technology, net $ — $ — Amortization expense on licensed technology was nil 29,000

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	12 Months Ended
	Dec. 31, 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 (in thousands): SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS Description Fair Value at December 31, 2023 Level 1 Level 2 Level 3 Recurring Assets Cash equivalents Money market fund $ 1,034 $ 1,034 $ — $ — Short-term investments U.S. treasury securities 8,393 8,393 — — U.S. federal agency securities 29,360 — 29,360 — Total assets measured at fair value $ 38,787 $ 9,427 $ 29,360 $ — Liabilities Payable to licensor $ 4,580 $ — $ — $ 4,580 Warrant liabilities 31,352 — — 31,352 Total liabilities measured at fair value $ 35,932 $ — $ — $ 35,932 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 As of December 31, 2023 and 2022, 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 2023 2022 As of December 31, 2023 2022 Beginning warrant liabilities $ 19,657 $ 9,007 Fair value of warrants issued in connection with private offering — 22,034 Loss (gain) recognized in earnings from change in fair value 11,695 (11,384 ) Ending warrant liabilities $ 31,352 $ 19,657 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 As of December 31, 2023 2022 Common share price $ 5.01 $ 1.72 2.18 Expected term (years) 2.96 3.84 3.96 4.84 Risk-free interest rate (%) 3.84 3.92% 3.91 4.01% Volatility (%) 100% 102.40 107.55% Expected dividend yield (%) 0% 0%

SETTLEMENT LIABILITY

SETTLEMENT LIABILITY	12 Months Ended
	Dec. 31, 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 (paid in November 2022), 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 December 31, 2023 and 2022, the Company recorded the payable due to REGENXBIO in the consolidated balance sheet based on the present value of the remaining payments due to REGENXBIO under the Settlement Agreement using an effective interest rate of 9.6 4.6 4.2

ACCRUED EXPENSES

ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 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 2023 2022 As of December 31, 2023 2022 Accrued employee compensation $ 3,688 $ 2,593 Accrued contracted services and other 2,297 1,398 Total accrued expenses $ 5,985 $ 3,991

LEASES

LEASES	12 Months Ended
	Dec. 31, 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 the Company has elected the practical expedient to exclude these short-term leases from the Company’s right-of-use assets and lease liabilities. During 2023, the Company terminated one of its operating leases for office space. The termination resulted in a gain of $ 1.1 During 2023, the Company modified one of its operating leases for office space to add up to 14,032 0.4 During 2022, the Company announced a strategic partner to take over development activities of ABO-102 and that the Company was discontinuing development of ABO-101. As a result, 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 In November 2022, the Company entered into a sublease agreement with an unrelated third party to occupy approximately 5,700 0.9 4,670 1.1 The following table provides a summary of the Company’s operating lease liabilities (in thousands): SUMMARY OF OPERATING LEASE LIABILITIES 2023 2022 As of December 31, 2023 2022 Current operating lease liability $ 998 $ 1,773 Non-current operating lease liability 4,402 5,854 Total operating lease liability $ 5,400 $ 7,627 Lease costs and rent are reflected in general and administrative expenses and research and development expenses in the consolidated statements of operations and comprehensive loss, as determined by the underlying activities. The following table provides a summary of the components of lease costs and rent (in thousands): SCHEDULE OF COMPONENTS OF LEASE COST 2023 2022 For the year ended December 31, 2023 2022 Operating lease cost $ 1,389 $ 1,865 Variable lease cost 358 434 Short-term lease cost 63 79 Total operating lease costs $ 1,810 $ 2,378 Cash paid for amounts included in the measurement of operating lease liabilities was $ 1.2 1.8 Future minimum lease payments and obligations, which do not include short-term leases, related to the Company’s operating lease liabilities as of December 31, 2023 were as follows (in thousands): SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES Future minimum lease payments and obligations Operating Leases 2024 $ 998 2025 1,555 2026 791 2027 807 2028 823 Thereafter 1,693 Total undiscounted operating lease payments 6,667 Less: imputed interest 1,267 Present value of operating lease liabilities $ 5,400 The weighted-average remaining term of the Company’s operating leases was 65 7.4 The Company received $ 0.5 0.1 SCHEDULE OF FUTURE CASH RECEIPTS FROM OPERATING SUBLEASE Operating Future cash receipts Subleases 2024 $ 634 2025 485 Total future cash receipts $ 1,119

EQUITY

EQUITY	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
EQUITY	NOTE 9 – 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 5 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 7.0 Derivatives and Hed 9.0 As of December 31, 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 3,659,882 3,479,016 14.4 12.8 724,659 5.3 Private Placement Offering 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 is accounting for the stock purchase warrants as liabilities. On November 3, 2022, the stock purchase warrants were recorded at the closing date fair value of $ 22.0 As of December 31, 2023, there were 7,609,879 November 3, 2027 Direct Placement Offering On July 6, 2023, the Company sold 3,284,407 and in lieu of shares of common stock, pre-funded warrants exercisable for 2,919,140 (the “2023 Pre-Funded Warrants”) 25.0 23.0 4.03 2023 Pre-Funded Warrants 4.0299 which represents the per share offering price for the Company’s common stock less a $ 0.0001 The 2023 Pre-Funded Warrants are immediately exercisable at a nominal exercise price of $ 0.0001 , 2023. Derivatives and Hedging

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 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 December 31, 2023, there were 156,591 859,400 The following table summarizes stock-based compensation (in thousands): SCHEDULE OF STOCK BASED COMPENSATION 2023 2022 For the year ended December 31, 2023 2022 Research and development $ 1,085 $ 925 General and administrative 3,683 2,126 Total stock-based compensation expense $ 4,768 $ 3,051 Stock Options The Company estimates the fair value of each option award on the date of grant using the Black-Scholes option-pricing 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-pricing model utilizing the following assumptions: SCHEDULE OF WEIGHTED-AVERAGE ASSUMPTIONS TO ESTIMATE THE FAIR VALUE OF THE OPTIONS GRANTED For the year ended December 31, 2023* 2022 Expected volatility (%) n/a 95.1 96.0% Expected term (years) 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 year ended December 31, 2023. The Company accounts for forfeitures as they occur, which may result in the reversal of compensation costs in subsequent periods as the forfeitures arise. The following table summarizes stock option activity for the 2015 Incentive Plan and the 2005 Incentive Plan during (there were no stock options granted under the 2023 Incentive Plan or the Inducement Plan during the year ended December 31, 2023): SCHEDULE OF STOCK OPTION ACTIVITY Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 317,394 $ 38.40 7.57 $ — Granted 7,760 $ 5.30 — $ — Cancelled/forfeited (84,384 ) $ 39.25 — $ — Exercised — $ — — $ — Outstanding at December 31, 2022 240,770 $ 37.04 6.42 $ — Granted — $ — — $ — Cancelled/forfeited (61,769 ) $ 32.59 — $ — Exercised — $ — — $ — Outstanding at December 31, 2023 179,001 $ 38.58 6.83 $ 3 Exercisable 135,271 $ 38.49 6.64 $ 1 Unvested 43,730 $ 38.85 7.43 $ 2 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 December 31, 2023, the total compensation cost related to non-vested option awards not yet recognized was $ 1.4 1.3 As of December 31, 2023, there are no options outstanding under the 2005 Incentive Plan. Further information regarding options outstanding under the 2015 Incentive Plan as of December 31, 2023 is summarized below: SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE Weighted-Average Weighted-Average Range of Exercise Prices Number of Options Outstanding Remaining Life in Years Exercise Price Number of Options Exercisable Remaining Life in Years Exercise Price $ 4.00 $ 22.75 20,240 8.0 $ 16.52 10,117 7.9 $ 17.47 25.50 47.00 106,081 6.5 33.45 88,874 6.3 33.09 54.50 58.50 52,480 7.2 56.98 36,080 7.2 56.98 164.75 183.50 200 5.1 164.75 200 5.1 164.75 179,001 135,271 Restricted Stock: The following table summarizes restricted stock award activity: SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY Number of Awards Weighted Average Grant Date Fair Value Per Unit Outstanding at December 31, 2021 97,260 $ 46.50 Granted 779,722 $ 3.12 Cancelled/forfeited (32,498 ) $ 38.80 Vested (27,526 ) $ 48.63 Outstanding at December 31, 2022 816,958 $ 5.35 Granted 1,958,159 $ 3.99 Cancelled/forfeited (56,398 ) $ 4.32 Vested (270,550 ) $ 5.59 Outstanding at December 31, 2023 2,448,169 $ 4.25 As of December 31, 2023, there was $ 7.9 2.3 1.5 1.3

LICENSE_SUPPLIER AGREEMENTS

LICENSE/SUPPLIER AGREEMENTS	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
LICENSE/SUPPLIER AGREEMENTS	NOTE 11 – LICENSE/SUPPLIER AGREEMENTS Sublicense and Inventory Purchase Agreements Relating to CLN1 Disease In August 2020, the Company entered into sublicense and inventory purchase agreements with Taysha Gene Therapies (“Taysha”) relating to a potential gene therapy for CLN1 disease. Under the sublicense agreement, Taysha received worldwide exclusive rights to intellectual property and know-how relating to the research, development, and manufacture of the potential gene therapy, which the Company had referred to as ABO-202. Under the inventory purchase agreement, the Company sold to Taysha certain inventory and other items related to ABO-202. The Company assessed the nature of the promised license to determine whether the license has significant stand-alone functionality and evaluated whether such functionality can be retained without ongoing activities by the Company and determined that the license has significant stand-alone functionality. Furthermore, the Company has no ongoing activities associated with the license to support or maintain the license’s utility. Based on this, the Company determined that the pattern of transfer of control of the license to Taysha was at a point in time. The transaction price of the contract includes (i) $ 7.0 26.0 30.0 26.0 Under this arrangement, the Company has no no Sublicense Agreement Relating to Rett Syndrome: In October 2020, the Company entered into a sublicense agreement with Taysha The Company assessed the nature of the promised license to determine whether the license has significant stand-alone functionality and evaluated whether such functionality can be retained without ongoing activities by the Company and determined that the license has significant stand-alone functionality. Furthermore, the Company has no ongoing activities associated with the license to support or maintain the license’s utility. Based on this, the Company determined that the pattern of transfer of control of the license to Taysha was at a point in time. 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 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. As of December 31, 2023 and 2022, the Company does not have any contract assets or contract liabilities as a result of this transaction.

401(k) PLAN

401(k) PLAN	12 Months Ended
	Dec. 31, 2023
Retirement Benefits [Abstract]
401(k) PLAN	NOTE 12 – 401(k) PLAN The Company has a tax-qualified employee savings and retirement plan (the “401(k) Plan”) covering all the Company’s employees in the United States. Pursuant to the 401(k) Plan, employees may elect to reduce their current compensation by up to the statutorily prescribed annual limit ($ 22,500 20,500 30,000 27,000 50 0.3

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 13 – INCOME TAXES Income tax expense differs from the statutory amounts for each of the following years (in thousands): SCHEDULE OF INCOME TAX EXPENSE 2023 2022 For the year ended December 31, 2023 2022 Income taxes at U.S. statutory rate $ (11,379 ) $ (8,336 ) State tax, net of federal benefit (242 ) — Research and development credit (1,137 ) — Valuation allowance 8,687 9,539 Change in fair value of warrant liabilities 2,456 — Expired tax losses and credits 1,503 — Expenses not deductible 112 (1,203 ) Total tax expense $ — $ — Deferred taxes are provided for the temporary differences between the financial reporting bases and the tax bases of the Company’s assets and liabilities. The temporary differences that give rise to deferred tax assets and liabilities were as follows (in thousands): SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2023 2022 For the year ended December 31, 2023 2022 Deferred tax assets (liabilities): Net operating loss carryforwards $ 78,698 $ 75,544 General business credit carryforwards 4,752 4,497 State credits 2,780 2,780 Property, equipment and goodwill 887 380 Stock options 11,983 10,797 Intangible assets 615 612 Accruals 347 211 Capitalized research and development 8,843 5,480 Other 83 — Gross deferred tax assets 108,988 100,301 Valuation allowance (108,988 ) (100,301 ) Net deferred taxes $ — $ — Net operating Loss and Other Carryforwards As of December 31, 2023, the Company had $ 373.9 4.7 SUMMARY OF NET OPERATING LOSS AND GENERAL BUSINESS CREDIT CARRYFORWARDS Net operating loss carryforwards General business credit carryforwards 2024 $ 8,711 $ 287 2025 2,370 182 2026 7,160 72 2027 9,977 93 2028 6,886 141 Thereafter 73,552 3,977 $ 108,656 $ 4,752 On December 22, 2017, the “Tax Cuts and Jobs Act” was signed into law. The tax reform has the following effects on the Company: (1) permanently reduces the maximum corporate income tax rate from 35% to 21% effective for tax years beginning after December 31, 2017, (2) allows temporary 100% expensing for certain business assets and property placed in service after September 27, 2018 and before January 1, 2023, (3) disallows NOL carrybacks but allows for the indefinite carryforward of those NOLs which applies to losses arising in tax years beginning after December 31, 2018 and, (4) limits NOL deductions for each year equal to the lesser of the available carryover or 80% of a taxpayer’s pre-NOL deduction taxable income. This applies to losses arising in tax years ending on or after December 31, 2017. As of December 31, 2023 and 2022, the Company has concluded that it is more likely than not that the Company will not realize the benefit of its deferred tax assets due to its history of losses. Accordingly, the net deferred tax assets have been fully reserved. In accordance with Section 382 of the Internal Revenue Code of 1986, as amended, a change in equity ownership of greater than 50% within a three-year period results in an annual limitation on the Company’s ability to utilize its NOL carryforwards created during the tax periods prior to the change in ownership. The Company has not completed an ownership change analysis pursuant to Section 382. Because the Company has incurred cumulative net operating losses since inception, all tax years remain open to examination by U.S. federal and state income tax authorities. As of December 31, 2023, the Company had $ 265.2 80 3.6 The Company acquired MacroChem Corporation on March 25, 2009, and Somanta Pharmaceuticals, Inc. on January 4, 2008. Both of these corporations were loss-making entities at the time of acquisition. As a result, the net operating losses related to those acquisitions may be subject to annual limitations. The Company has not performed a study to determine whether or not there is such a limitation. Valuation Allowance At December 31, 2023 and 2022, the Company maintained a full valuation allowance on its deferred tax assets based on a history of cumulative losses. The Company will not record income tax benefits in the financial statements until it is determined that it is more likely than not that the Company will generate sufficient taxable income to realize the deferred income tax assets. In 2023, the valuation allowance increased by approximately $ 8.7 9.5 Unrecognized Tax Benefits At December 31, 2023 and 2022, the Company had no reserves for unrecognized tax benefits. The Company and its subsidiaries are subject to taxation in the United States. The Company is subject to U.S. federal and state examinations for 2020 and forward, and 2019 and forward, respectively. However, net operating losses are subject to audit in any tax year in which those losses are utilized, notwithstanding the year of origin.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 14 – COMMITMENTS AND CONTINGENCIES Litigation The Company recognizes a liability for a contingency when it is probable that liability has been incurred and when the amount of loss can be reasonably estimated. When a range of probable loss can be estimated, the Company accrues the most likely amount of such loss, and if such amount is not determinable, then the Company accrues the minimum of the range of probable loss. As of December 31, 2023 and 2022, there was no litigation against the Company.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 15 – SUBSEQUENT EVENTS Loan and Security Agreement On January 8, 2024 (the “Closing Date”), the Company entered into a Loan and Security Agreement (the “Agreement”) with Avenue Venture Opportunities Fund, L.P., a Delaware limited partnership, as administrative agent and collateral agent (“Avenue” and the “Agent”) and Avenue Venture Opportunities Fund II, L.P. , a Delaware limited partnership (“Avenue 2” and, together with Avenue, the “Lenders”). Also on January 8, 2024, the Company entered into a Supplement to the Agreement (collectively with the Agreement, the “Loan Agreement”) with the Agent and the Lenders. The Loan Agreement provides for senior secured term loans (the “Loans”) in an aggregate principal amount up to $ 50 20 10 20 The Loan principal is repayable in equal monthly installments beginning on April 8, 2025, with the possibility of deferring principal payments an additional nine to fifteen months contingent upon (i) the Company obtaining FDA approval of pz-cel in recessive dystrophic epidermolysis bullosa, with the issuance of a Priority Review Voucher and (ii) the Company raising $ 90 5.00 13.50 The Company may, subject to certain parameters, voluntarily prepay the Loans, in whole, at any time. If prepayment occurs on or before the one-year anniversary of the Closing Date, the Company is required to pay a prepayment fee equal to 3.00% of the principal amount of the Loans prepaid; if prepayment occurs after the one-year anniversary of the Closing Date and on or before the two-year anniversary of the Closing Date, the Company is required to pay a fee equal to 2.00% of the principal amount of the Loans; if prepayment occurs after the two-year anniversary of the Closing Date, the Company is required to pay a fee equal to 1.00% of the principal amount of the Loans. A final payment fee of 5.00% of the principal amount of the funded Tranche 1, Tranche 2 Loans and Discretionary Tranche Loans is also due upon the Maturity Date or any earlier date of prepayment. The Company’s obligations under the Loan Agreement are secured by a pledge of substantially all of the Company’s assets. Pursuant to the Loan Agreement, the Company is subject to a financial covenant requiring the Company to maintain at all times $ 5 Pursuant to the Supplement to the Loan and Security Agreement, Avenue also has the right to convert up to $ 3 120 In addition, subject to applicable law and specified provisions set forth in the Supplement to the Loan and Security Agreement and solely to the extent permitted under applicable stock exchange rules without requiring stockholder approval, the Lenders may participate in certain equity financing transactions of the Company in an aggregate amount of up to $ 1 The Participation Right automatically terminates upon the earliest of (i) July 1, 2027, (ii) such time that the Lenders have purchased $1 million of the Company’s equity securities in the aggregate pursuant to the Participation Right, and (iii) the repayment in full of all of the obligations under the Loan Agreement. Warrants On the Closing Date and pursuant to the funding of Tranche 1 of the Loan Agreement, the Company issued to each of Avenue and Avenue 2 (collectively, the “Warrantholders”) warrants to purchase up to $ 480,000 1,920,000 January 8, 2029 4.75 The Warrantholders may exercise the Warrants at any time, or from time to time up to and including the Expiration Date, by making a cash payment equal to the exercise price multiplied by the quantity of shares. The Warrantholders may also exercise the Warrants on a cashless basis by receiving a net number of shares calculated pursuant to the formula set forth in the Warrants. The Warrants are subject to anti-dilution adjustments for stock dividends, stock splits, and reverse stock splits.

NATURE OF OPERATIONS AND SUMM_2

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the financial statements of Abeona Therapeutics Inc. and the Company’s wholly-owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America (“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 consolidated financial statements and the reported amounts of revenue and expenses during the reported period. The Company’s significant estimates include, but are not limited to, fair value of warrant liabilities, the incremental borrowing rate related to the Company’s operating leases and stock-based compensation. Due to the uncertainty inherent in such estimates, actual results could differ from these estimates and assumptions.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. The Company maintains deposits primarily in financial institutions, which may at times exceed amounts covered by insurance provided by the U.S. Federal Deposit Insurance Corporation (“FDIC”). The Company has not experienced any losses related to amounts in excess of FDIC limits.
Restricted Cash	Restricted Cash Restricted cash serves as collateral for leased office space.
Short-term Investments	Short-term Investments Short-term investments consist of investments in U.S. government, U.S. agency and U.S. treasury securities. The Company determines the appropriate classification of the securities at the time they are acquired and evaluates the appropriateness of such classifications at each balance sheet date. The Company classifies its short-term investments as available-for-sale pursuant to Accounting Standards Codification (“ASC”) 320, Investments – Debt and Equity Securities
Other Receivables	Other Receivables Other receivables include employee retention credits (“ERC”), sublease rent receivables and other miscellaneous receivables that are expected to be collected within the next twelve months. As of December 31, 2023 and December 31, 2022, the Company had ERC receivables of $ 2.1 nil
Property and Equipment	Property and Equipment Property and equipment are recorded at cost. Depreciation is provided using the straight-line method over estimated useful lives ranging from three to five years. Leasehold improvements are amortized over the shorter of the asset’s useful life or the life of the lease term ranging from five to ten years. Expenditures for major renewals and betterments that extend the useful lives are capitalized. Expenditures for normal maintenance and repairs are expensed as incurred. The cost of assets sold or abandoned, and the related accumulated depreciation are eliminated from the accounts and any gains or losses are recognized in the accompanying consolidated statements of operations of the respective period.
Leases	Leases The Company accounts for leases in accordance with ASC 842, Leases The Company’s leases do not have significant rent escalation, holidays, concessions, material residual value guarantees, material restrictive covenants or contingent rent provisions. The Company’s leases include both lease (e.g., fixed payments including rent, taxes, and insurance costs) and non-lease components (e.g., common-area or other maintenance costs), which are accounted for as a single lease component as the Company has elected the practical expedient to group lease and non-lease components for all leases. Most leases include one or more options to renew. The exercise of lease renewal options is typically at the Company’s sole discretion; therefore, the majority of renewals to extend the lease terms are not included in the Company’s right-of-use assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates the renewal options and when they are reasonably certain of exercise, the Company includes the renewal period in its lease term.
Licensed Technology	Licensed Technology The Company has entered into agreements to license the rights to certain technologies. The Company records the purchase price paid for the license, which represents fair value, on its consolidated balance sheet. Licensed technology is amortized over the life of the patent or the agreement. The Company maintains licensed technology on its consolidated balance sheet until either the licensed technology agreement underlying it is completed or the asset becomes impaired. When the Company determines that an asset has become impaired, as discussed below, or the Company abandons a project, the Company writes down the carrying value of the related intangible asset to its fair value and recognizes an impairment charge in the period in which the impairment occurs.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets Long-lived assets consist of property and equipment, licensed technology, and right-of-use assets. The Company tests its long-lived assets for impairment when events and circumstances indicate that the carrying value of an asset or group of assets may not be fully recoverable. If indicators are present or changes in circumstance suggest that impairment may exist, the Company assesses the recoverability of the affected long-lived assets or group of assets by determining whether the carrying value of such assets or group of assets can be recovered through undiscounted future operating cash flows. If the carrying amount is not recoverable, the Company measures the amount of any impairment by comparing the carrying value of the asset or group of assets to its fair value.
Credit Losses	Credit Losses The Company reviews its available-for-sale investments for credit losses on a collective basis by major security type and in line with the Company’s investment policy. As of December 31, 2023, the Company’s available-for-sale investments were in securities that are issued by the U.S. treasury and U.S. federal agencies, are highly rated, and have a history of zero credit losses. The Company reviews the credit quality of its accounts receivables by monitoring the aging of its accounts receivable, the history of write offs for uncollectible accounts, and the credit quality of its significant customers, the current economic environment/macroeconomic trends, supportable forecasts, and other relevant factors. The Company’s accounts receivable are with customers that do not have a history of uncollectibility nor a history of significantly aged accounts receivables. As of December 31, 2023, the Company did not recognize a credit loss allowance for its investments or accounts receivable.
Segments	Segments The Company operates in a single segment. The Company’s chief operating decision maker, its Chief Executive Officer, manages the Company’s operations on a consolidated basis for the purpose of allocating resources.
Revenue Recognition	Revenue Recognition The Company accounts for contracts with customers in accordance with ASC 606, Revenue from Contracts with Customers The Company enters into licensing agreements that are within the scope of ASC 606, under which it may exclusively license rights to research, develop, manufacture and commercialize its product candidates to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, upfront license fees; reimbursement of certain costs; customer option exercise fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products. As part of the accounting for these arrangements, the Company must use significant judgment to determine: (a) the number of performance obligations based on the determination under step (ii) above; (b) the transaction price under step (iii) above; and (c) the stand-alone selling price for each performance obligation identified in the contract for the allocation of transaction price in step (iv) above. The Company uses judgment to determine whether milestones or other variable consideration, except for royalties, should be included in the transaction price as described further below. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. Amounts received prior to revenue recognition are recorded as deferred revenue. Exclusive Licenses If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from non-refundable, upfront fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. In assessing whether a performance obligation is distinct from the other performance obligations, the Company considers factors such as the research, development, manufacturing and commercialization capabilities of the collaboration partner and the availability of the associated expertise in the general marketplace. In addition, the Company considers whether the collaboration partner can benefit from a performance obligation for its intended purpose without the receipt of the remaining performance obligation, whether the value of the performance obligation is dependent on the unsatisfied performance obligation, whether there are other vendors that could provide the remaining performance obligation, and whether it is separately identifiable from the remaining performance obligation. For licenses that are combined with other performance obligation, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. The measure of progress, and thereby periods over which revenue should be recognized, are subject to estimates by management and may change over the course of the research and development and licensing agreement. Such a change could have a material impact on the amount of revenue the Company records in future periods. Milestone Payments At the inception of each arrangement that includes research or development milestone payments, the Company evaluates whether the milestones are considered probable of being achieved and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant cumulative revenue reversal would not occur, the associated milestone value is included in the transaction price. An output method is generally used to measure progress toward complete satisfaction of a milestone. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The Company evaluates factors such as the scientific, clinical, regulatory, commercial, and other risks that must be overcome to achieve the particular milestone in making this assessment. There is considerable judgment involved in determining whether it is probable that a significant cumulative revenue reversal would not occur. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of all milestones subject to constraint and, if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect revenue and earnings in the period of adjustment. Collaborative Arrangements The Company analyzes its collaboration arrangements to assess whether such arrangements involve joint operating activities performed by parties that are both active participants in the activities and exposed to significant risks and rewards dependent on the commercial success of such activities and therefore within the scope of ASC 808, Collaborative Arrangements
Research and Development Expenses	Research and Development Expenses Research and development costs are expensed as incurred. Research and development expenses include, but are not limited to, payroll and personnel expense, lab supplies, preclinical and development cost, clinical trial expense, manufacturing, regulatory, and consulting. The cost of materials and equipment or facilities that are acquired for research and development activities and that have alternative future uses are capitalized when acquired.
General and Administrative Expenses	General and Administrative Expenses General and administrative expenses primarily consist of personnel, contract personnel, personnel-related expenses to support the Company’s administrative and operating activities, facility costs, professional expenses (i.e., legal expenses), investor relations fees and commercial readiness costs.
Income Taxes	Income Taxes Income taxes are accounted for under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is provided for deferred tax assets to the extent their realization is in doubt. The Company accounts for uncertain income tax positions in accordance with ASC 740, Income Taxes
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 outstanding during the period. The weighted average number of shares of common stock includes the weighted average effect of outstanding pre-funded warrants for the purchase of shares of common stock for which the remaining unfunded exercise price is $ 0.0001 The following table sets forth the potential securities that could potentially dilute basic 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 2023 2022 For the year ended December 31, 2023 2022 Stock options 179,001 240,770 Restricted stock 2,448,169 816,958 Warrants 9,397,879 9,397,879 Total 12,025,049 10,455,607
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based compensation expense in accordance with ASC 718, Stock Based Compensation
Warrants	Warrants On November 3, 2022, the Company issued warrants to purchase 7,609,879 4.75 1,788,000 9.75 The common stock warrants are accounted for as liabilities in the consolidated balance sheets at their estimated fair value because they are not indexed to the Company’s own stock. The warrants are revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded in the consolidated statements of operations and comprehensive loss. On July 6, 2023, the Company issued 2,919,140 4.0299 Derivatives and Hedging
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements In June 2016, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2016-13 (Topic 326), Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures,

NATURE OF OPERATIONS AND SUMM_3

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE	SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE 2023 2022 For the year ended December 31, 2023 2022 Stock options 179,001 240,770 Restricted stock 2,448,169 816,958 Warrants 9,397,879 9,397,879 Total 12,025,049 10,455,607

SHORT-TERM INVESTMENTS (Tables)

SHORT-TERM INVESTMENTS (Tables)	12 Months Ended
	Dec. 31, 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 December 31, 2023 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss Fair Value Available-for-sale, short-term investments: U.S. treasury securities $ 8,406 — (13 ) $ 8,393 U.S. federal agency securities 29,413 — (53 ) 29,360 Total available-for-sale, short-term investments $ 37,819 — (66 ) $ 37,753 December 31, 2022 Amortized Cost Gross Unrealized Gain Gross Unrealized Loss 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 (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 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) 2023 2022 As of December 31, Useful lives (years) 2023 2022 Laboratory equipment 5 $ 6,935 $ 7,636 Furniture, software and office equipment 3 5 986 1,379 Leasehold improvements Shorter of remaining lease term or useful life 8,603 8,605 Construction-in-progress — — Subtotal 16,524 17,620 Less: accumulated depreciation (12,991 ) (11,879 ) Total property and equipment, net $ 3,533 $ 5,741

LICENSED TECHNOLOGY (Tables)

LICENSED TECHNOLOGY (Tables)	12 Months Ended
	Dec. 31, 2023
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 2023 2022 As of December 31, 2023 2022 Licensed technology $ — $ 2,156 Less accumulated amortization — (801 ) Less impairment charge — (1,355 ) Total licensed technology, net $ — $ —

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	12 Months Ended
	Dec. 31, 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 (in thousands): SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS Description Fair Value at December 31, 2023 Level 1 Level 2 Level 3 Recurring Assets Cash equivalents Money market fund $ 1,034 $ 1,034 $ — $ — Short-term investments U.S. treasury securities 8,393 8,393 — — U.S. federal agency securities 29,360 — 29,360 — Total assets measured at fair value $ 38,787 $ 9,427 $ 29,360 $ — Liabilities Payable to licensor $ 4,580 $ — $ — $ 4,580 Warrant liabilities 31,352 — — 31,352 Total liabilities measured at fair value $ 35,932 $ — $ — $ 35,932 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 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 2023 2022 As of December 31, 2023 2022 Beginning warrant liabilities $ 19,657 $ 9,007 Fair value of warrants issued in connection with private offering — 22,034 Loss (gain) recognized in earnings from change in fair value 11,695 (11,384 ) Ending warrant liabilities $ 31,352 $ 19,657
SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS	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 As of December 31, 2023 2022 Common share price $ 5.01 $ 1.72 2.18 Expected term (years) 2.96 3.84 3.96 4.84 Risk-free interest rate (%) 3.84 3.92% 3.91 4.01% Volatility (%) 100% 102.40 107.55% Expected dividend yield (%) 0% 0%

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 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 2023 2022 As of December 31, 2023 2022 Accrued employee compensation $ 3,688 $ 2,593 Accrued contracted services and other 2,297 1,398 Total accrued expenses $ 5,985 $ 3,991

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
Leases
SUMMARY OF OPERATING LEASE LIABILITIES	The following table provides a summary of the Company’s operating lease liabilities (in thousands): SUMMARY OF OPERATING LEASE LIABILITIES 2023 2022 As of December 31, 2023 2022 Current operating lease liability $ 998 $ 1,773 Non-current operating lease liability 4,402 5,854 Total operating lease liability $ 5,400 $ 7,627
SCHEDULE OF COMPONENTS OF LEASE COST	Lease costs and rent are reflected in general and administrative expenses and research and development expenses in the consolidated statements of operations and comprehensive loss, as determined by the underlying activities. The following table provides a summary of the components of lease costs and rent (in thousands): SCHEDULE OF COMPONENTS OF LEASE COST 2023 2022 For the year ended December 31, 2023 2022 Operating lease cost $ 1,389 $ 1,865 Variable lease cost 358 434 Short-term lease cost 63 79 Total operating lease costs $ 1,810 $ 2,378
SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES	Future minimum lease payments and obligations, which do not include short-term leases, related to the Company’s operating lease liabilities as of December 31, 2023 were as follows (in thousands): SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES Future minimum lease payments and obligations Operating Leases 2024 $ 998 2025 1,555 2026 791 2027 807 2028 823 Thereafter 1,693 Total undiscounted operating lease payments 6,667 Less: imputed interest 1,267 Present value of operating lease liabilities $ 5,400
SCHEDULE OF FUTURE CASH RECEIPTS FROM OPERATING SUBLEASE	SCHEDULE OF FUTURE CASH RECEIPTS FROM OPERATING SUBLEASE Operating Future cash receipts Subleases 2024 $ 634 2025 485 Total future cash receipts $ 1,119

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
SCHEDULE OF STOCK BASED COMPENSATION	The following table summarizes stock-based compensation (in thousands): SCHEDULE OF STOCK BASED COMPENSATION 2023 2022 For the year ended December 31, 2023 2022 Research and development $ 1,085 $ 925 General and administrative 3,683 2,126 Total stock-based compensation expense $ 4,768 $ 3,051
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-pricing model utilizing the following assumptions: SCHEDULE OF WEIGHTED-AVERAGE ASSUMPTIONS TO ESTIMATE THE FAIR VALUE OF THE OPTIONS GRANTED For the year ended December 31, 2023* 2022 Expected volatility (%) n/a 95.1 96.0% Expected term (years) 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 year ended December 31, 2023.
SCHEDULE OF STOCK OPTION ACTIVITY	The following table summarizes stock option activity for the 2015 Incentive Plan and the 2005 Incentive Plan during (there were no stock options granted under the 2023 Incentive Plan or the Inducement Plan during the year ended December 31, 2023): SCHEDULE OF STOCK OPTION ACTIVITY Number of Options Weighted Average Exercise Price Weighted Average Remaining Contractual Term (years) Aggregate Intrinsic Value (in thousands) Outstanding at December 31, 2021 317,394 $ 38.40 7.57 $ — Granted 7,760 $ 5.30 — $ — Cancelled/forfeited (84,384 ) $ 39.25 — $ — Exercised — $ — — $ — Outstanding at December 31, 2022 240,770 $ 37.04 6.42 $ — Granted — $ — — $ — Cancelled/forfeited (61,769 ) $ 32.59 — $ — Exercised — $ — — $ — Outstanding at December 31, 2023 179,001 $ 38.58 6.83 $ 3 Exercisable 135,271 $ 38.49 6.64 $ 1 Unvested 43,730 $ 38.85 7.43 $ 2
SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY	The following table summarizes restricted stock award activity: SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY Number of Awards Weighted Average Grant Date Fair Value Per Unit Outstanding at December 31, 2021 97,260 $ 46.50 Granted 779,722 $ 3.12 Cancelled/forfeited (32,498 ) $ 38.80 Vested (27,526 ) $ 48.63 Outstanding at December 31, 2022 816,958 $ 5.35 Granted 1,958,159 $ 3.99 Cancelled/forfeited (56,398 ) $ 4.32 Vested (270,550 ) $ 5.59 Outstanding at December 31, 2023 2,448,169 $ 4.25
2015 Equity Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE	As of December 31, 2023, there are no options outstanding under the 2005 Incentive Plan. Further information regarding options outstanding under the 2015 Incentive Plan as of December 31, 2023 is summarized below: SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE Weighted-Average Weighted-Average Range of Exercise Prices Number of Options Outstanding Remaining Life in Years Exercise Price Number of Options Exercisable Remaining Life in Years Exercise Price $ 4.00 $ 22.75 20,240 8.0 $ 16.52 10,117 7.9 $ 17.47 25.50 47.00 106,081 6.5 33.45 88,874 6.3 33.09 54.50 58.50 52,480 7.2 56.98 36,080 7.2 56.98 164.75 183.50 200 5.1 164.75 200 5.1 164.75 179,001 135,271

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
SCHEDULE OF INCOME TAX EXPENSE	Income tax expense differs from the statutory amounts for each of the following years (in thousands): SCHEDULE OF INCOME TAX EXPENSE 2023 2022 For the year ended December 31, 2023 2022 Income taxes at U.S. statutory rate $ (11,379 ) $ (8,336 ) State tax, net of federal benefit (242 ) — Research and development credit (1,137 ) — Valuation allowance 8,687 9,539 Change in fair value of warrant liabilities 2,456 — Expired tax losses and credits 1,503 — Expenses not deductible 112 (1,203 ) Total tax expense $ — $ —
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES	Deferred taxes are provided for the temporary differences between the financial reporting bases and the tax bases of the Company’s assets and liabilities. The temporary differences that give rise to deferred tax assets and liabilities were as follows (in thousands): SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES 2023 2022 For the year ended December 31, 2023 2022 Deferred tax assets (liabilities): Net operating loss carryforwards $ 78,698 $ 75,544 General business credit carryforwards 4,752 4,497 State credits 2,780 2,780 Property, equipment and goodwill 887 380 Stock options 11,983 10,797 Intangible assets 615 612 Accruals 347 211 Capitalized research and development 8,843 5,480 Other 83 — Gross deferred tax assets 108,988 100,301 Valuation allowance (108,988 ) (100,301 ) Net deferred taxes $ — $ —
SUMMARY OF NET OPERATING LOSS AND GENERAL BUSINESS CREDIT CARRYFORWARDS	SUMMARY OF NET OPERATING LOSS AND GENERAL BUSINESS CREDIT CARRYFORWARDS Net operating loss carryforwards General business credit carryforwards 2024 $ 8,711 $ 287 2025 2,370 182 2026 7,160 72 2027 9,977 93 2028 6,886 141 Thereafter 73,552 3,977 $ 108,656 $ 4,752

SCHEDULE OF ANTI-DILUTIVE SECUR

SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	12,025,049	10,455,607
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	179,001	240,770
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	2,448,169	816,958
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	9,397,879	9,397,879

NATURE OF OPERATIONS AND SUMM_4

NATURE OF OPERATIONS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	12 Months Ended
	Jun. 30, 2022	Jan. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jul. 06, 2023	Nov. 03, 2022	Dec. 21, 2021	Dec. 17, 2021
Subsequent Event [Line Items]
Common stock, par value	$ 0.01		$ 0.01	$ 0.01
Reverse stock split	exchange ratio of 25-to-1 (the “Reverse Stock Split”).
Common stock, shares authorized	200,000,000		200,000,000	200,000,000
Common stock, shares outstanding	25
Net loss			$ 54,188	$ 43,478
Accumulated deficit			749,524	695,336
Cash, cash equivalents, restricted cash and short-term investments			52,600
Other receivables			$ 2,100
Unfounded exercise price per share			$ 0.0001
Warrants to purchase shares						7,609,879	1,788,000	1,788,000
Exercise price					$ 4.0299	$ 4.75	$ 9.75	$ 9.75
Common Stock [Member]
Subsequent Event [Line Items]
Warrants to purchase shares					2,919,140
Subsequent Event [Member]
Subsequent Event [Line Items]
Proceeds from credit facility		$ 20,000
Sale of stock value		$ 5,300

SCHEDULE OF AVAILABLE FOR SALE

SCHEDULE OF AVAILABLE FOR SALE SHORT-TERM INVESTMENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Amortized cost	$ 37,819	$ 38,032
Gross Unrealized Gain
Gross Unrealized Loss	(66)	(100)
Fair Value	37,753	37,932
US Treasury Securities [Member]
Marketable Securities [Line Items]
Amortized cost	8,406
Gross Unrealized Gain
Gross Unrealized Loss	(13)
Fair Value	8,393
US Government Corporations and Agencies Securities [Member]
Marketable Securities [Line Items]
Amortized cost	29,413
Gross Unrealized Gain
Gross Unrealized Loss	(53)
Fair Value	$ 29,360
U.S. Treasury and Federal Agency Securities [Member]
Marketable Securities [Line Items]
Amortized cost		38,032
Gross Unrealized Gain
Gross Unrealized Loss		(100)
Fair Value		$ 37,932

SHORT-TERM INVESTMENTS (Details

SHORT-TERM INVESTMENTS (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities realized gain loss	$ 0	$ 0

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Subtotal	$ 16,524	$ 17,620
Less: accumulated depreciation	(12,991)	(11,879)
Total property and equipment, net	$ 3,533	5,741
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful lives (years)	5 years
Subtotal	$ 6,935	7,636
Furniture, Software and Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Subtotal	$ 986	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]
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Subtotal

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 2,300,000	$ 3,100,000
Loss on disposal	$ 47,000	138,000
Impairement of assets		1,800,000
Cash refund from the builder		$ 1,500,000

SCHEDULE OF LICENSED TECHNOLOGY

SCHEDULE OF LICENSED TECHNOLOGY (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Licensed technology		$ 2,156
Less accumulated amortization		(801)
Less impairment charge		(1,355)
Total licensed technology, net

LICENSED TECHNOLOGY (Details Na

LICENSED TECHNOLOGY (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	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
License and Maintenance [Member]
Finite-Lived Intangible Assets [Line Items]
Amortization of licensed technology		$ 29,000
License [Member]
Finite-Lived Intangible Assets [Line Items]
Finite-lived intangible asset, useful life			20 years

SCHEDULE OF FAIR VALUE, ASSETS

SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 38,787	$ 50,855
Total liabilities measured at fair value	35,932	19,657
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	9,427	12,923
Total liabilities measured at fair value
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	29,360	37,932
Total liabilities measured at fair value
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	35,932	19,657
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents fair value	1,034	12,923
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	1,034	12,923
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
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
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments fair value	8,393
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	8,393
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
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
US Government Corporations and Agencies Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments fair value	29,360
US Government Corporations and Agencies 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
US Government Corporations and Agencies 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	29,360
US Government Corporations and Agencies 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
Payable to Licensor [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, liabilities	4,580
Payable to Licensor [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, liabilities
Payable to Licensor [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, liabilities
Payable to Licensor [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, liabilities	4,580
Warrant Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, liabilities	31,352	19,657
Warrant Liabilities [Member] | Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, liabilities
Warrant Liabilities [Member] | Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, liabilities
Warrant Liabilities [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, liabilities	$ 31,352
U.S. Treasury and Federal Agency Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments fair value		37,932
U.S. Treasury and Federal Agency 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
U.S. Treasury and Federal Agency 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		37,932
U.S. Treasury and Federal Agency 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
Licensed Technology Net [Member] | Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, liabilities		$ 19,657

SCHEDULE OF ACTIVITY OF WARRANT

SCHEDULE OF ACTIVITY OF WARRANT LIABILITIES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fair Value Disclosures [Abstract]
Beginning warrant liabilities	$ 19,657	$ 9,007
Fair value of warrants issued in connection with private offering		22,034
Loss (gain) recognized in earnings from change in fair value	11,695	(11,384)
Ending warrant liabilities	$ 31,352	$ 19,657

SCHEDULE OF ESTIMATE FAIR VALUE

SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS (Details)	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	2 years 11 months 15 days	3 years 11 months 15 days
Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	3 years 10 months 2 days	4 years 10 months 2 days
Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	5.01
Measurement Input, Share Price [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input		1.72
Measurement Input, Share Price [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input		2.18
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	3.84	3.91
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	3.92	4.01
Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	100
Measurement Input, Price Volatility [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input		102.40
Measurement Input, Price Volatility [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input		107.55
Measurement Input, Expected Dividend Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0	0

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details Narrative) - $ / shares	Dec. 31, 2023	Jul. 06, 2023	Dec. 31, 2022	Nov. 03, 2022	Dec. 21, 2021	Dec. 17, 2021
Subsidiary, Sale of Stock [Line Items]
Warrants purchase, shares				7,609,879	1,788,000	1,788,000
Warrants exercise price		$ 4.0299		$ 4.75	$ 9.75	$ 9.75
Private Placement [Member]
Subsidiary, Sale of Stock [Line Items]
Warrants purchase, shares	7,609,879		7,609,879
Warrants exercise price	$ 4.75		$ 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	Nov. 12, 2021	Dec. 31, 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 (paid in November 2022), 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
Effective interest rate stated percentage		9.60%	9.60%
Due in November 2024 [Member]
Defined Benefit Plan Disclosure [Line Items]
Long term debt		$ 4.6	$ 4.2

SCHEDULE OF ACCRUED EXPENSES (D

SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued employee compensation	$ 3,688	$ 2,593
Accrued contracted services and other	2,297	1,398
Total accrued expenses	$ 5,985	$ 3,991

SUMMARY OF OPERATING LEASE LIAB

SUMMARY OF OPERATING LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases
Current operating lease liability	$ 998	$ 1,773
Non-current operating lease liability	4,402	5,854
Total operating lease liability	$ 5,400	$ 7,627

SCHEDULE OF COMPONENTS OF LEASE

SCHEDULE OF COMPONENTS OF LEASE COST (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Leases
Operating lease cost	$ 1,389	$ 1,865
Variable lease cost	358	434
Short-term lease cost	63	79
Total operating lease costs	$ 1,810	$ 2,378

SCHEDULE OF MATURITIES OF OPERA

SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases
2024	$ 998
2025	1,555
2026	791
2027	807
2028	823
Thereafter	1,693
Total undiscounted operating lease payments	6,667
Less: imputed interest	1,267
Present value of operating lease liabilities	$ 5,400	$ 7,627

SCHEDULE OF FUTURE CASH RECEIPT

SCHEDULE OF FUTURE CASH RECEIPTS FROM OPERATING SUBLEASE (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Leases
2024	$ 634
2025	485
Total future cash receipts	$ 1,119

LEASES (Details Narrative)

LEASES (Details Narrative) $ in Thousands	1 Months Ended	12 Months Ended
	Apr. 30, 2023 USD ($) ft²	Dec. 31, 2023 USD ($) ft²	Dec. 31, 2022 USD ($)	Nov. 30, 2022 ft²
Property, Plant and Equipment [Line Items]
Gain (Loss) on Termination of Lease			$ 292
Area of land | ft²	4,670			5,700
Right-of-use assets		4,455	5,331
Lease liabilities		5,400	7,627
Lease impairment charge			1,600
Lease impairment charge		(1,065)	2,511
Operating lease liabilities		$ 1,200	1,800
Operating Lease, Weighted Average Remaining Lease Term		65 months
Operating Lease, Weighted Average Discount Rate, Percent		7.40%
Sub Lease Agreement [Member]
Property, Plant and Equipment [Line Items]
Lease impairment charge			900
Sublease income		$ 500	$ 100
Sub Lease Agreement [Member] | Unrelated Third Party [Member]
Property, Plant and Equipment [Line Items]
Sublease income	$ 1,100
Office Space One [Member]
Property, Plant and Equipment [Line Items]
Gain (Loss) on Termination of Lease		$ 1,100
Office Space Two [Member]
Property, Plant and Equipment [Line Items]
Area of land | ft²		14,032
Right-of-use assets		$ 400
Lease liabilities		$ 400

EQUITY (Details Narrative)

EQUITY (Details Narrative) - USD ($)							1 Months Ended		2 Months Ended	12 Months Ended
	Jul. 06, 2023	Nov. 03, 2022	Jun. 17, 2022	May 02, 2022	Dec. 21, 2021	Aug. 17, 2018	Jan. 31, 2024	Dec. 31, 2022	Mar. 01, 2024	Dec. 31, 2023	Dec. 31, 2022	Jun. 30, 2022	Dec. 31, 2021	Dec. 17, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Redemption of preferred stock, aggregate value											$ 25,000,000
Offering price								$ 19			$ 19
Original issue discount percentage								5%			5%
Proceeds from issuance of convertible preferred stock											$ 22,468,000
Deemed dividends											3,800,000
Escrow deposit								$ 26,300,000			26,300,000
Redemption of preferred stock, aggregate value			$ 26,300,000
Conversion Price								$ 11.25			$ 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	200,000,000
Shares issued					1,788,000
Public offering price					$ 9.75
Warrants purchase, shares		7,609,879			1,788,000									1,788,000
Exercise price	$ 4.0299	$ 4.75			$ 9.75									$ 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
Exercise price										$ 0.0001
Shares issuance costs										$ 14,408,000	$ 12,839,000
Private Placement Offerings [Member]
Accumulated Other Comprehensive Income (Loss) [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 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants purchase, shares								7,609,879		7,609,879	7,609,879
Exercise price								$ 4.75		$ 4.75	$ 4.75
Subsequent Event [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock value							$ 5,300,000
Open Market Sale Agreements [Member] | Subsequent Event [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock value									$ 5,300,000
Sale of stock									724,659
Open Market Sale Agreements [Member] | Jefferies LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock value						$ 150,000,000				$ 14,400,000	$ 12,800,000
Sale of stock										3,659,882	3,479,016
Redeemable Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Gross proceeds from of redeemable preferred stock											$ 25,000,000
Redemption of preferred stock, aggregate value											$ 1,300,000
Convertible Redeemable Preferred Stock Series A [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Redemption of preferred stock, aggregate shares				1,000,006
Redemption of preferred stock, aggregate shares			1,000,006
Convertible Redeemable Preferred Stock Series B [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Redemption of preferred stock, aggregate shares				250,005
Redemption of preferred stock, aggregate shares			250,005
Pre Funded Warrant [Member] | Private Placement Offerings [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise 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
Shares issuance costs											32,600,000
Additional paid in capital stock reduction											900,000
Proceeds from warrant liability'		$ 12,900,000
Pre Funded Warrant [Member] | Private Placement Offerings [Member] | General and Administrative Expense [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stock issuance costs											1,500,000
Pre Funded Warrant [Member] | Private Placement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants purchase, shares		7,609,879
Common Stock And Accompanying Warrant [Member] | Private Placement Offerings [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise price		$ 4.60
Pre Funded Warrant And Accompanying Warrant [Member] | Private Placement Offerings [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercise price		$ 4.59
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Offering price	$ 4.03
Redemption of preferred stock, aggregate value
Shares issued	3,284,407									3,659,882	3,479,016
Warrants purchase, shares	2,919,140
Common Stock [Member] | 2023 Pre-Funded Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Offering price	$ 4.0299
Exercise price	$ 0.0001									$ 0.0001
Warrants exercised	2,919,140
Purchase price of common stock	$ 25,000,000
Shares issuance costs	$ 23,000,000

SCHEDULE OF STOCK BASED COMPENS

SCHEDULE OF STOCK BASED COMPENSATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 4,768	$ 3,051
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	1,085	925
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 3,683	$ 2,126

SCHEDULE OF WEIGHTED-AVERAGE AS

SCHEDULE OF WEIGHTED-AVERAGE ASSUMPTIONS TO ESTIMATE THE FAIR VALUE OF THE OPTIONS GRANTED (Details)	12 Months Ended
	Dec. 31, 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 OPTION ACTIVI

SCHEDULE OF STOCK OPTION ACTIVITY (Details) - 2015 and 2005 Equity Incentive Plan [Member] - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options, balance	240,770	317,394
Weighted average exercise price, balance	$ 37.04	$ 38.40
Weighted average remaining contractual term (years), outstanding	6 years 9 months 29 days	6 years 5 months 1 day	7 years 6 months 25 days
Aggregate intrinsic value, balance
Number of options, granted		7,760
Weighted average exercise price, granted		$ 5.30
Number of options, cancelled/forfeited	(61,769)	(84,384)
Weighted average exercise price, cancelled/forfeited	$ 32.59	$ 39.25
Number of options, exercised
Weighted average exercise price, exercised
Number of options, balance	179,001	240,770	317,394
Weighted average exercise price, balance	$ 38.58	$ 37.04	$ 38.40
Aggregate intrinsic value, balance	$ 3
Number of options, exerciasble	135,271
Weighted average exercise price, exercisable	$ 38.49
Weighted average remaining contractual term (years), exercisable	6 years 7 months 20 days
Aggregate intrinsic value, exercisable	$ 1
Number of options, unvested	43,730
Weighted average exercise price, unvested	$ 38.85
Weighted average remaining contractual term (years), unvested	7 years 5 months 4 days
Aggregate intrinsic value, unvested	$ 2

SCHEDULE OF OPTIONS OUTSTANDING

SCHEDULE OF OPTIONS OUTSTANDING AND EXERCISABLE (Details) - 2015 Equity Incentive Plan [Member]	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of options outstanding | shares	179,001
Number of options exercisable | shares	135,271
Range One [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Range of exercise price, lower limit	$ 4
Range of exercise price, upper limit	$ 22.75
Number of options outstanding | shares	20,240
Weighted-average remaining life in years	8 years
Weighted-average exercise price	$ 16.52
Number of options exercisable | shares	10,117
Weighted-average remaining life in years, exercisable	7 years 10 months 24 days
Weighted-average exercise price, exercisable	$ 17.47
Range Two [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Range of exercise price, lower limit	25.50
Range of exercise price, upper limit	$ 47
Number of options outstanding | shares	106,081
Weighted-average remaining life in years	6 years 6 months
Weighted-average exercise price	$ 33.45
Number of options exercisable | shares	88,874
Weighted-average remaining life in years, exercisable	6 years 3 months 18 days
Weighted-average exercise price, exercisable	$ 33.09
Range Three [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Range of exercise price, lower limit	54.50
Range of exercise price, upper limit	$ 58.50
Number of options outstanding | shares	52,480
Weighted-average remaining life in years	7 years 2 months 12 days
Weighted-average exercise price	$ 56.98
Number of options exercisable | shares	36,080
Weighted-average remaining life in years, exercisable	7 years 2 months 12 days
Weighted-average exercise price, exercisable	$ 56.98
Range Four [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Range of exercise price, lower limit	164.75
Range of exercise price, upper limit	$ 183.50
Number of options outstanding | shares	200
Weighted-average remaining life in years	5 years 1 month 6 days
Weighted-average exercise price	$ 164.75
Number of options exercisable | shares	200
Weighted-average remaining life in years, exercisable	5 years 1 month 6 days
Weighted-average exercise price, exercisable	$ 164.75

SCHEDULE OF RESTRICTED STOCK AW

SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY (Details) - Restricted Stock [Member] - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted common stock awards, balance	816,958	97,260
Weighted-average grant date fair value, balance	$ 5.35	$ 46.50
Restricted common stock awards, granted	1,958,159	779,722
Weighted-average grant date fair value, granted	$ 3.99	$ 3.12
Restricted common stock awards, cancelled/forfeited	(56,398)	(32,498)
Weighted-average grant date fair value, cancelled/forfeited	$ 4.32	$ 38.80
Restricted common stock awards, vested	(270,550)	(27,526)
Weighted-average grant date fair value, vested	$ 5.59	$ 48.63
Restricted common stock awards, balance	2,448,169	816,958
Weighted-average grant date fair value, balance	$ 4.25	$ 5.35

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation cost related to restricted common stock not recognized	$ 7.9
Weighted average compensation costs related to restricted common stock	2 years 3 months 18 days
Fair value of restricted stock awards that vested	$ 1.5	$ 1.3
Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation cost related to non-vested options not recognized	$ 1.4
Weighted average period total compensation costs related to non-vested options	1 year 3 months 18 days
2023 Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant	156,591
Inducement Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant	859,400

LICENSE_SUPPLIER AGREEMENTS (De

LICENSE/SUPPLIER AGREEMENTS (Details Narrative) - USD ($) $ in Thousands		1 Months Ended		12 Months Ended
	May 16, 2022	Oct. 31, 2020	Aug. 31, 2020	Dec. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized				$ 3,500	$ 1,414
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			$ 7,000
Sublicense And Inventory Purchase Agreements [Member] | Event Based Milestone Payments [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Variable consideration			26,000
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				0	0
Contract assets				0	0
Sublicense Agreement Relating to Rett Syndrome [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Fixed consideration		$ 3,000
Sublicense Agreement Relating to Rett Syndrome [Member] | Event Based Milestone Payments [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Variable consideration		26,500
Sublicense Agreement Relating to Rett Syndrome [Member] | Sales Based Milestone Payments [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Variable consideration		$ 30,000
Sublicense Agreement Relating to Rett Syndrome [Member] | License [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized				$ 3,500	$ 1,000

401(k) PLAN (Details Narrative)

401(k) PLAN (Details Narrative)	12 Months Ended
	Dec. 31, 2023 USD ($) Integer	Dec. 31, 2022 USD ($)
Defined Benefit Plan Disclosure [Line Items]
Maximum annual contribution per employee under 401(k) plan	$ 22,500	$ 20,500
Number of investment options | Integer	50
Company contributions under 401 (k) Plan	$ 300,000	300,000
Under Age 50 [Member]
Defined Benefit Plan Disclosure [Line Items]
Maximum annual contribution per employee under 401(k) plan	$ 30,000	$ 27,000

SCHEDULE OF INCOME TAX EXPENSE

SCHEDULE OF INCOME TAX EXPENSE (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income taxes at U.S. statutory rate	$ (11,379)	$ (8,336)
State tax, net of federal benefit	(242)
Research and development credit	(1,137)
Valuation allowance	8,687	9,539
Change in fair value of warrant liabilities	2,456
Expired tax losses and credits	1,503
Expenses not deductible	112	(1,203)
Total tax expense

SCHEDULE OF DEFERRED TAX ASSETS

SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Net operating loss carryforwards	$ 78,698	$ 75,544
General business credit carryforwards	4,752	4,497
State credits	2,780	2,780
Property, equipment and goodwill	887	380
Stock options	11,983	10,797
Intangible assets	615	612
Accruals	347	211
Capitalized research and development	8,843	5,480
Other	83
Gross deferred tax assets	108,988	100,301
Valuation allowance	(108,988)	(100,301)
Net deferred taxes

SUMMARY OF NET OPERATING LOSS A

SUMMARY OF NET OPERATING LOSS AND GENERAL BUSINESS CREDIT CARRYFORWARDS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	$ 108,656
General business credit carryforwards	4,752	$ 4,497
Tax Year 2024 [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	8,711
General business credit carryforwards	287
Tax Year 2025 [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	2,370
General business credit carryforwards	182
Tax Year 2026 [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	7,160
General business credit carryforwards	72
Tax Year 2027 [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	9,977
General business credit carryforwards	93
Tax Year 2028 [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	6,886
General business credit carryforwards	141
Thereafter [Member]
Operating Loss Carryforwards [Line Items]
Net operating loss carryforwards	73,552
General business credit carryforwards	$ 3,977

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
State net operating loss carryforwards	$ 108,656
General business credit carryforwards	$ 4,752	$ 4,497
Operating loss taxable percentage	80%
valuation allowance	$ 8,700	$ 9,500
Maximum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
State net operating loss carryforwards	373,900
General business credit carryforwards	4,700
Net operating loss carryforwards	265,200
Maximum [Member] | State and Local Jurisdiction [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
State net operating loss carryforwards	$ 3,600

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - Loan and Security Agreement [Member] - USD ($)	Apr. 08, 2025	Jan. 08, 2024
Subsequent Event [Line Items]
Aggregate principal amount		$ 50,000,000
Cumulative equity and nondilutive capital	$ 90,000,000
Percentage fee, description		the Company is required to pay a prepayment fee equal to 3.00% of the principal amount of the Loans prepaid; if prepayment occurs after the one-year anniversary of the Closing Date and on or before the two-year anniversary of the Closing Date, the Company is required to pay a fee equal to 2.00% of the principal amount of the Loans; if prepayment occurs after the two-year anniversary of the Closing Date, the Company is required to pay a fee equal to 1.00% of the principal amount of the Loans. A final payment fee of 5.00% of the principal amount of the funded Tranche 1, Tranche 2 Loans and Discretionary Tranche Loans is also due upon the Maturity Date or any earlier date of prepayment.
Unrestricted cash		$ 5,000,000
Outstanding principal amount of loan		$ 3,000,000
Exercise price of warrant percentage		120%
Aggregate transaction amount		$ 1,000,000
Participation right description		The Participation Right automatically terminates upon the earliest of (i) July 1, 2027, (ii) such time that the Lenders have purchased $1 million of the Company’s equity securities in the aggregate pursuant to the Participation Right, and (iii) the repayment in full of all of the obligations under the Loan Agreement.
Minimum [Member] | Prime Rate [Member]
Subsequent Event [Line Items]
Prime rate percentage	5%
Maximum [Member] | Prime Rate [Member]
Subsequent Event [Line Items]
Prime rate percentage	13.50%
Tranche 1 [Member]
Subsequent Event [Line Items]
Aggregate principal amount		$ 20,000,000
Tranche 1 [Member] | Warrant [Member]
Subsequent Event [Line Items]
Warrant expiration date		Jan. 08, 2029
Exercise price per share		$ 4.75
Tranche 1 [Member] | Avenue [Member] | Warrant [Member]
Subsequent Event [Line Items]
Warrants purchase amount		$ 480,000
Tranche 1 [Member] | Avenue 2 [Member] | Warrant [Member]
Subsequent Event [Line Items]
Warrants purchase amount		1,920,000
Tranche 2 [Member]
Subsequent Event [Line Items]
Aggregate principal amount		10,000,000
Discretionary Tranche [Member]
Subsequent Event [Line Items]
Aggregate principal amount		$ 20,000,000