Abeona Therapeutics (ABEO) 10-Q 14 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 12, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2024
Document Fiscal Period Focus	Q3
Document Fiscal Year Focus	2024
Current Fiscal Year End Date	--12-31
Entity File Number	001-15771
Entity Registrant Name	ABEONA THERAPEUTICS INC.
Entity Central Index Key	0000318306
Entity Tax Identification Number	83-0221517
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	6555 Carnegie Avenue
Entity Address, Address Line Two	4thFloor
Entity Address, City or Town	Cleveland
Entity Address, State or Province	OH
Entity Address, Postal Zip Code	44103
City Area Code	(646)
Local Phone Number	813-4701
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	ABEO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		43,471,030

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 15,726	$ 14,473
Short-term investments	93,975	37,753
Restricted cash	338	338
Other receivables	1,613	2,444
Prepaid expenses and other current assets	1,005	729
Total current assets	112,657	55,737
Property and equipment, net	4,058	3,533
Operating lease right-of-use assets	3,789	4,455
Other assets	88	277
Total assets	120,592	64,002
Current liabilities:
Accounts payable	2,789	1,858
Accrued expenses	5,210	5,985
Current portion of long-term debt	4,444
Current portion of operating lease liability	1,057	998
Current portion payable to licensor	4,921	4,580
Other current liabilities	1	1
Total current liabilities	18,422	13,422
Long-term operating lease liabilities	3,402	4,402
Long-term debt	14,206
Warrant liabilities	38,789	31,352
Total liabilities	74,819	49,176
Commitments and contingencies
Stockholders’ equity:
Preferred stock - $0.01 par value; authorized 2,000,000 shares; No shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively
Common stock - $0.01 par value; authorized 200,000,000 shares;  43,404,706 and 26,523,878 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	434	265
Additional paid-in capital	849,388	764,151
Accumulated deficit	(803,965)	(749,524)
Accumulated other comprehensive loss	(84)	(66)
Total stockholders’ equity	45,773	14,826
Total liabilities and stockholders’ equity	$ 120,592	$ 64,002

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Sep. 30, 2024	Dec. 31, 2023
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	43,404,706	26,523,878
Common stock, shares outstanding	43,404,706	26,523,878

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues:
License and other revenues				$ 3,500
Expenses:
Royalties		30		1,605
Research and development	8,941	7,148	25,366	23,712
General and administrative	6,404	4,156	22,173	13,174
Gain on operating lease right-of-use assets				(1,065)
Total expenses	15,345	11,334	47,539	37,426
Loss from operations	(15,345)	(11,334)	(47,539)	(33,926)
Interest income	1,189	593	3,223	1,374
Interest expense	(1,102)	(105)	(3,126)	(309)
Change in fair value of warrant and derivative liabilities	(15,156)	(1,101)	(7,530)	(7,465)
Other income	145	111	531	2,729
Net Loss	$ (30,269)	$ (11,836)	$ (54,441)	$ (37,597)
Basic loss per common share	$ (0.63)	$ (0.48)	$ (1.41)	$ (1.89)
Dilutive loss per common share	$ (0.63)	$ (0.48)	$ (1.41)	$ (1.89)
Weighted average number of common shares outstanding - basic	48,081,758	24,797,564	38,504,273	19,942,613
Weighted average number of common shares outstanding - diluted	48,081,758	24,797,564	38,504,273	19,942,613
Other comprehensive income (loss):
Change in unrealized gains (losses) related to available-for-sale debt securities	$ 50	$ (33)	$ (18)	$ 1
Foreign currency translation adjustments		29		29
Comprehensive loss	$ (30,219)	$ (11,840)	$ (54,459)	$ (37,567)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
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		3,254			3,254
Issuance of common stock in connection with restricted share awards, net of cancellations and shares settled for tax withholding settlement	$ 18	(31)			(13)
Issuance of common stock in connection with restricted share awards, net of cancellations and shares settled for tax withholding settlement, shares	1,719,460
Net loss			(37,597)		(37,597)
Other comprehensive income (loss)				30	30
Issuance of common stock, net of offering costs under open market sale agreement (ATM)	$ 20	6,603			6,623
Issuance of common stock, net of offering costs under open market sale agreement (ATM), shares	1,990,321
Issuance of common stock, net of offering costs under direct placement offering	$ 32	22,948			22,980
Issuance of common stock, net of offering costs under direct placement offering, shares	3,284,407
Balance at Sep. 30, 2023	$ 247	754,823	(732,933)	(99)	22,038
Balance, shares at Sep. 30, 2023	24,713,908
Balance at Jun. 30, 2023	$ 215	730,322	(721,097)	(95)	9,345
Balance, shares at Jun. 30, 2023	21,478,157
Stock-based compensation expense		1,557			1,557
Issuance of common stock in connection with restricted share awards, net of cancellations and shares settled for tax withholding settlement		(4)			(4)
Issuance of common stock in connection with restricted share awards, net of cancellations and shares settled for tax withholding settlement, shares	(48,656)
Net loss			(11,836)		(11,836)
Other comprehensive income (loss)				(4)	(4)
Issuance of common stock, net of offering costs under direct placement offering	$ 32	22,948			22,980
Issuance of common stock, net of offering costs under direct placement offering, shares	3,284,407
Balance at Sep. 30, 2023	$ 247	754,823	(732,933)	(99)	22,038
Balance, shares at Sep. 30, 2023	24,713,908
Balance at Dec. 31, 2023	$ 265	764,151	(749,524)	(66)	14,826
Balance, shares at Dec. 31, 2023	26,523,878
Stock-based compensation expense		4,673			4,673
Issuance of common stock in connection with restricted share awards, net of cancellations and shares settled for tax withholding settlement	$ 17	(534)			(517)
Issuance of common stock in connection with restricted share awards, net of cancellations and shares settled for tax withholding settlement, shares	1,693,417
Reclassification of derivative liability		1,135			1,135
Net loss			(54,441)		(54,441)
Other comprehensive income (loss)				(18)	(18)
Issuance of common stock, net of offering costs under open market sale agreement (ATM)	$ 19	9,943			9,962
Issuance of common stock, net of offering costs under open market sale agreement (ATM), shares	1,902,376
Issuance of common stock  in connection with underwritten offering, net of offering costs	$ 123	70,030			70,153
Issuance of common stock in connection with underwritten offering, net of offering costs, shares	12,285,056
Issuance of common stock upon exercise of pre-funded warrants, net of shares settled	$ 10	(10)
Issuance of common stock upon exercise of pre-funded warrants, net of shares settled, shares	999,979
Balance at Sep. 30, 2024	$ 434	849,388	(803,965)	(84)	45,773
Balance, shares at Sep. 30, 2024	43,404,706
Balance at Jun. 30, 2024	$ 417	846,654	(773,696)	(134)	73,241
Balance, shares at Jun. 30, 2024	41,661,993
Stock-based compensation expense		1,804			1,804
Issuance of common stock in connection with restricted share awards, net of cancellations and shares settled for tax withholding settlement	$ 17	(205)			(188)
Issuance of common stock in connection with restricted share awards, net of cancellations and shares settled for tax withholding settlement, shares	1,742,713
Reclassification of derivative liability		1,135			1,135
Net loss			(30,269)		(30,269)
Other comprehensive income (loss)				50	50
Balance at Sep. 30, 2024	$ 434	$ 849,388	$ (803,965)	$ (84)	$ 45,773
Balance, shares at Sep. 30, 2024	43,404,706

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net loss	$ (54,441)	$ (37,597)
Adjustments to reconcile net loss to cash used in operating activities:
Depreciation and amortization	1,465	1,797
Stock-based compensation expense	4,673	3,254
Change in fair value of warrant and derivative liabilities	7,530	7,465
Gain of right-of-use lease assets		(1,065)
Accretion and interest on short-term investments	54	134
Amortization of right-of-use lease assets	666	680
Non-cash interest	1,146	309
(Gain) loss on disposal of property and equipment	(2)	52
Change in operating assets and liabilities:
Other receivables	831	(2,021)
Prepaid expenses and other current assets	(426)	(539)
Other assets	189	(96)
Accounts payable and accrued expenses	(200)	762
Lease liabilities	(941)	(904)
Other current liabilities		(5)
Net cash used in operating activities	(39,456)	(27,774)
Cash flows from investing activities:
Capital expenditures	(1,840)	(294)
Proceeds from disposal of property and equipment	18	187
Purchases of short-term investments	(146,527)	(48,219)
Proceeds from maturities of short-term investments	90,233	37,005
Net cash used in investing activities	(58,116)	(11,321)
Cash flows from financing activities:
Proceeds from ATM sales of common stock, net of issuance costs	9,962	6,623
Proceeds from sales of common stock under direct placement offering, net of issuance costs		22,980
Payments related to net settlement of restricted share awards	(327)	(13)
Proceeds from underwritten sales of common stock, net of issuance costs	70,153
Proceeds from issuance of long-term debt	20,000
Payment of debt issuance costs	(963)
Net cash provided by financing activities	98,825	29,590
Net increase (decrease) in cash, cash equivalents and restricted cash	1,253	(9,505)
Cash, cash equivalents and restricted cash at beginning of period	14,811	14,555
Cash, cash equivalents and restricted cash at end of period	16,064	5,050
Supplemental cash flow information:
Cash and cash equivalents	15,726	4,712
Restricted cash	338	338
Total cash, cash equivalents and restricted cash	16,064	5,050
Supplemental non-cash flow information:
Right-of-use asset obtained in exchange for new operating lease liabilities		419
Derivative and warrant additions associated with loan and security agreement	1,042
Reclassification of derivative liability to equity	1,135
Changes in accrued property and equipment	166
Cash paid for interest	1,980
Cash paid for taxes	$ 7	$ 7

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure [Table]
Net Income (Loss)	$ (30,269)	$ (11,836)	$ (54,441)	$ (37,597)

Insider Trading Arrangements

Insider Trading Arrangements	9 Months Ended
	Sep. 30, 2024
Vishwas Seshadri [Member]
Trading Arrangements, by Individual [Table]
Name	Vishwas Seshadri
Title	President and Chief Executive Officer and a member
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	true
Termination date	September 18, 2024
Joseph Vazzano [Member]
Trading Arrangements, by Individual [Table]
Name	Joseph Vazzano
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Non-Rule 10b5-1 Arrangement Adopted	true
Termination date	August 23, 2024 and August 26, 2024

NATURE OF OPERATIONS AND SIGNIF

NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES	NOTE 1 – NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES Background Abeona Therapeutics Inc. (together with the Company’s subsidiaries, “Abeona” or the “Company”), a Delaware corporation, is a clinical-stage biopharmaceutical company developing cell and gene therapies for life-threatening diseases. The Company’s lead clinical program is for pz-cel, an autologous, cell-based gene 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 ophthalmic diseases with high unmet need using novel AIM™ capsids that the Company has exclusively licensed from the University of North Carolina at Chapel Hill and developed internally through its AAV vector research programs. Basis of Presentation The Company’s unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, except as otherwise disclosed, necessary for the fair presentation of the financial position, results of operations, and changes in financial position for such periods, have been made. These unaudited interim condensed consolidated financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period. Certain information that is normally required by U.S. GAAP has been condensed or omitted in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The December 31, 2023 condensed consolidated balance sheet was derived from the audited statements but does not include all disclosures required by U.S. GAAP. Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 18, 2024. Liquidity In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the accompanying unaudited interim condensed consolidated financial statements were issued. 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 of $ 54.4 37.6 804.0 110.0 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 unaudited condensed 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 unaudited interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Use of Estimates The preparation of unaudited interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and disclosure of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from these estimates and assumptions. Other receivables Other receivables include employee retention credits (“ERC”), sublease rent receivables and other miscellaneous receivables. As of September 30, 2024 and December 31, 2023, the Company had ERC receivables of $ 1.6 2.1 Summary of Significant Accounting Policies There have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 that are of significance, or potential significance, to the Company. 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 September 30, 2024, the Company’s available-for-sale investments were in certificates of deposits and 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 September 30, 2024, the Company did not recognize a credit loss allowance for its investments or accounts receivable. 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 For the three and nine months ended September 30, 2024 2023 Shares of common stock issuable upon exercise of stock options 177,138 223,323 Shares of common stock underlying restricted stock 3,268,414 2,308,924 Shares of common stock issuable upon exercise of conversion feature of loan agreement 614,251 — Shares of common stock issuable upon exercise of warrants 9,987,560 9,397,879 Total 14,047,363 11,930,126 In January 2024 as part of the Loan and Security Agreement, see Note 8, the Company issued warrants to purchase $ 2,400,000 4.75 4.07 589,681 4.07 589,681 Recently Adopted Accounting Pronouncements The Company did not adopt any new accounting pronouncements during the three and nine months ended September 30, 2024. Recently Issued Accounting Pronouncements In November 2024, the FASB issued Accounting Standards Update (“ASU”) No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses In December 2023, the FASB issued ASU 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	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
SHORT-TERM INVESTMENTS	NOTE 2 – SHORT-TERM INVESTMENTS The following table provides a summary of the short-term investments (in thousands): SCHEDULE OF AVAILABLE FOR SALE SHORT-TERM INVESTMENTS September 30, 2024 Amortized Gross Unrealized Gross Unrealized Fair Value Available-for-sale, short-term investments: U.S. treasury securities $ 43,561 11 — $ 43,572 U.S. federal agency securities 36,998 — (135 ) 36,863 Certificates of deposit 13,500 40 — 13,540 Total available-for-sale, short-term investments $ 94,059 51 (135 ) $ 93,975 December 31, 2023 Amortized Gross Unrealized Gross Unrealized 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 As of September 30, 2024, 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 unaudited condensed consolidated balance sheets. Unrealized losses on available-for-sale securities as of September 30, 2024, were not significant and were primarily due to changes in interest rates, including market credit spreads, and not due to increased credit risks associated with specific securities. None of the short-term investments have been in a continuous unrealized loss position for more than 12 months. Accordingly, no other-than-temporary impairment was recorded for the three and nine months ended September 30, 2024. There were no

PROPERTY AND EQUIPMENT, NET

PROPERTY AND EQUIPMENT, NET	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT, NET	NOTE 3 – PROPERTY AND EQUIPMENT, NET Property and equipment are stated at cost and depreciated or amortized using the straight-line method based on useful lives as follows (in thousands): SCHEDULE OF PROPERTY AND EQUIPMENT Useful lives (years) September 30, 2024 December 31, 2023 Laboratory equipment 5 $ 8,581 $ 6,935 Furniture, software and office equipment 3 5 1,113 986 Leasehold improvements Shorter of remaining lease term or useful life 8,805 8,603 Subtotal 18,499 16,524 Less: accumulated depreciation (14,441 ) (12,991 ) Total property and equipment, net $ 4,058 $ 3,533 Depreciation and amortization are reflected in research and development and general and administrative expenses in the consolidated statements of operations and comprehensive loss, as determined by the underlying activities. Depreciation and amortization on property and equipment was $ 0.5 0.5 1.5 1.8

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 4 – 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 basis as of September 30, 2024 and December 31, 2023 (in thousands): SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS Description Fair Value at Level 1 Level 2 Level 3 Recurring Assets Cash equivalents Money market funds $ 15,193 $ 15,193 $ — $ — Short-term investments U.S. treasury securities 43,572 43,572 — — U.S. federal agency securities 36,863 — 36,863 — Certificates of deposit 13,540 13,540 — — Total assets measured at fair value $ 109,168 $ 72,305 $ 36,863 $ — Liabilities Payable to licensor $ 4,921 $ — $ — $ 4,921 Warrant liabilities 38,789 — — 38,789 Total liabilities measured at fair value 43,710 $ — $ — 43,710 Description Fair Value at 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 Warrant Liabilities As of September 30, 2024 and December 31, 2023, the Company had the following outstanding warrant liabilities: SCHEDULE OF OUTSTANDING WARRANT LIABILITIES September 30, 2024 December 31, 2023 Warrants issued as part of the 2021 public offering, expiration date December 2026 9.75 1,788,000 1,788,000 Warrants issued as part of the 2022 Private Placement Offering, expiration date November 2027 4.75 7,609,879 7,609,879 Warrants issued as part of the 2024 Loan Agreement, expiration date January 2029 4.07 589,681 — Outstanding warrant liabilities 7,609,879 7,609,879 The common stock warrants related to the 2021 Public Offering and the 2022 Private Placement are not indexed to the Company’s own stock and therefore have been classified as liabilities at their estimated fair value. The common stock warrants issued in connection with the Loan Agreement issuance were determined to be liability classified under ASC 815 as the common stock warrants were not considered indexed to the Company’s stock. Changes in the estimated fair value of the warrant liabilities is recorded as changes in fair value of warrant liabilities in the consolidated statement of operations and comprehensive loss. In January 2024 as part of the Loan and Security Agreement, see Note 8, the Company issued warrants to purchase $ 2,400,000 4.75 4.07 589,681 4.07 589,681 The following table provides a summary of the activity on the warrant liabilities (in thousands): SCHEDULE OF ACTIVITY OF WARRANT LIABILITIES Warrant liabilities as of December 31, 2023 $ 31,352 Fair value of warrants issued in connection with the Loan Agreement 220 Loss recognized in earnings from change in fair value 7,217 Warrant liabilities as of September 30, 2024 $ 38,789 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. The following table outlines the key inputs for the Black-Scholes option-pricing model: SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS September 30, 2024 December 31, 2023 Common share price $ 6.32 $ 5.01 Expected term (years) 2.21 4.27 2.96 3.84 Risk-free interest rate (%) 3.51 3.57 3.84 3.92 Volatility (%) 96.51 100.00 100.00 Expected dividend yield (%) 0 0 Derivative Liabilities The Conversion Right embedded within the Loan Agreement (see Note 8 below) required bifurcation as certain adjustments to the conversion price were not indexed to the Company’s own stock and therefore the Conversion Right was recorded as a derivative liability. The derivative liability is remeasured at each reporting period with the change in fair value recorded to changes in fair value of warrants and derivative liabilities in the condensed consolidated statement of operations until the derivative is exercised, expired, reclassified, or otherwise settled. On September 30, 2024, pursuant to the Loan Agreement, the conversion price was fixed at $ 4.88 The following table provides a summary of the activity on the derivative liabilities (in thousands): SCHEDULE OF ACTIVITY OF DERIVATIVE LIABILITIES Derivative liabilities as of December 31, 2023 $ — Fair value of derivatives issued in connection with Loan Agreement 822 Loss recognized in earnings from change in fair value 313 Reclassification of derivative liability in connection with the Loan Agreement (1,135 ) Derivative liabilities as of September 30, 2024 $ — The derivative liabilities are valued using significant inputs not observable in the market. Accordingly, the derivative 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 derivatives utilized the Monte Carlo simulation model, which incorporated assumptions and estimates to value the derivatives. The Company assessed these assumptions and estimates at the end of each reporting period. The following table outlines the key inputs for the Monte Carlo simulation model: SCHEDULE OF ESTIMATE FAIR VALUE OF DERIVATIVES September 30, 2024 December 31, 2023 Common share price $ 6.32 — Expected term (years) 2.75 — Risk-free interest rate (%) 3.53 — Volatility (%) 93.79 —

SETTLEMENT LIABILITY

SETTLEMENT LIABILITY	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
SETTLEMENT LIABILITY	NOTE 5 – SETTLEMENT LIABILITY On November 12, 2021, the Company entered into a settlement agreement (“Settlement Agreement”) with the Company’s prior licensor REGENXBIO Inc. (“REGENXBIO”) to resolve all existing disputes between the parties. In accordance with the Settlement Agreement, the Company agreed to pay REGENXBIO a total of $ 30.0 (1) $20.0 million paid in November 2021 after execution of the Settlement Agreement, (2) $5.0 million on the first anniversary of the effective date of the Settlement Agreement (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 September 30, 2024, the Company recorded the payable due to REGENXBIO in the condensed consolidated balance sheets based on the present value of the remaining payments due to REGENXBIO under the Settlement Agreement using an effective interest rate of 9.6 %. The present value of the amount due in November 2024 was $ 4.9 million and $ 4.6 million as of September 30, 2024 and December 31, 2023, respectively. On November 13, 2024, the Company subsequently paid the remaining $ 5.0

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSES	NOTE 6 – ACCRUED EXPENSES The following table provides a summary of the components of accrued expenses (in thousands): SCHEDULE OF ACCRUED EXPENSES September 30, 2024 December 31, 2023 Accrued employee compensation $ 3,736 $ 3,688 Accrued contracted services and other 1,474 2,297 Total accrued expenses $ 5,210 $ 5,985

LEASES

LEASES	9 Months Ended
	Sep. 30, 2024
Leases
LEASES	NOTE 7 – 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. The Company has entered into two sublease agreements with unrelated third parties to occupy the Company’s administrative offices in New York, New York. The Company expects to receive $ 0.6 The following table provides a summary of the Company’s operating lease liabilities (in thousands): SUMMARY OF OPERATING LEASE LIABILITIES September 30, 2024 December 31, 2023 Current operating lease liability $ 1,057 $ 998 Non-current operating lease liability 3,402 4,402 Total operating lease liability $ 4,459 $ 5,400 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 2024 2023 2024 2023 For the three months ended September 30, For the nine months ended September 30, 2024 2023 2024 2023 Operating lease cost $ 312 $ 340 $ 974 $ 1,048 Variable lease cost 96 66 292 281 Short-term lease cost 8 19 42 50 Total operating lease costs $ 416 $ 425 $ 1,308 $ 1,379 Cash paid for amounts included in the measurement of operating lease liabilities was $ 0.3 0.9 Future minimum lease payments and obligations, which do not include short-term leases, related to the Company’s operating lease liabilities as of September 30, 2024 were as follows (in thousands): SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES Future minimum lease payments and obligations Operating Leases 2024, remainder $ 450 2025 853 2026 791 2027 807 2028 823 Thereafter 1,693 Total undiscounted operating lease payments 5,417 Less: imputed interest 958 Present value of operating lease liabilities $ 4,459 The weighted-average remaining term of the Company’s operating leases was 61 7.1 The Company received sublease income, which is recorded in other income on the condensed consolidated statement of operations and comprehensive loss, of $ 0.1 0.4 SCHEDULE OF FUTURE CASH RECEIPTS FROM OPERATING SUBLEASE Operating Future cash receipts Subleases 2024, remainder $ 160 2025 485 Total future cash receipts $ 645

DEBT

DEBT	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT	NOTE 8 – DEBT The following table provides a summary of the Company’s debt, net of debt issuance costs and discounts (in thousands): SCHEDULE OF COMPANY DEBT AND NET OF DEBT ISSUANCE COSTS September 30, 2024 December 31, 2023 Loan Agreement Principal $ 20,000 $ — Accreted final payment fee 255 — Unamortized debt issuance costs and discounts (1,605 ) — Total long-term debt 18,650 — Less: current maturities 4,444 — Long-term debt, net of current maturities $ 14,206 $ — 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 13.50 22.09 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 0.8 4.88 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. 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 The future payment obligations of the principal are as follows (in thousands): SCHEDULE OF FUTURE PAYMENT OBLIGATIONS 2024, remainder $ — 2025 6,667 2026 8,889 2027 4,444 Total principal $ 20,000

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
EQUITY	NOTE 9 – EQUITY 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 September 30, 2024, there were 1,788,000 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 $ 75.0 The Company sold 1,902,376 1,990,321 10.0 6.6 309,075 1.9 Private Placement Offerings On November 3, 2022, the Company sold 7,065,946 543,933 7,609,879 4.60 4.59 0.01 4.75 543,933 7,609,879 35.0 32.6 1.5 0.9 12.9 0.1 In the event of certain fundamental transactions involving the Company, the holders of the stock purchase warrants may require the Company to make a payment based on a Black-Scholes valuation, using specific inputs that are not considered indexed to the Company’s stock in accordance with ASC 815. Therefore, the Company 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 September 30, 2024, there were 7,609,879 Direct Placement Offering On July 6, 2023, the Company sold 3,284,407 2,919,140 25.0 23.0 4.03 4.0299 0.0001 0.0001 300,000 2,619,140 Derivatives and Hedging Underwritten Offering On May 7, 2024, the Company sold 12,285,056 6,142,656 75.0 70.2 4.07 4.0699 0.0001 0.0001 700,000 5,442,656 Derivatives and Hedging Common Stock Warrants related to the Loan and Security Agreement On January 8, 2024, in connection with entering into the Loan and Security Agreement, the Company issued to each of Avenue and Avenue 2 (collectively, the “Warrantholders”) warrants to purchase up to $ 480,000 1,920,000 4.75 4.07 589,681 0.2 4.07 589,681 The Warrantholders may exercise the January 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 January Warrants on a cashless basis by receiving a net number of shares calculated pursuant to the formula set forth in the January Warrants. The January Warrants are subject to anti-dilution adjustments for stock dividends, stock splits, and reverse stock splits.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
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 Amended and Restated Abeona Therapeutics Inc. 2023 Equity Incentive Plan (the “2023 Incentive Plan”) which was initially approved by stockholders on May 17, 2023 and amended and restated to increase the number of shares of Common Stock reserved for issuance thereunder, which amendment and restatement was approved by stockholders on April 24, 2024. As of September 30, 2024, there were 40,473 685,500 The following table summarizes stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023 (in thousands): SCHEDULE OF STOCK BASED COMPENSATION 2024 2023 2024 2023 For the three months ended September 30, 2024 For the nine months ended September 30, 2024 2023 2024 2023 Research and development $ 485 $ 339 $ 1,055 $ 743 General and administrative 1,319 1,218 3,618 2,511 Total stock-based compensation expense $ 1,804 $ 1,557 $ 4,673 $ 3,254 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 did not grant any stock options in the nine months ended September 30, 2024 and 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 during the nine months ended September 30, 2024: SCHEDULE OF STOCK OPTION ACTIVITY Number of Weighted Weighted Aggregate Outstanding at December 31, 2023 179,001 $ 38.58 6.83 $ 3 Granted — $ — — $ — Cancelled/forfeited (1,863 ) $ 34.45 — $ — Exercised — $ — — $ — Outstanding at September 30, 2024 177,138 $ 38.62 6.09 $ 8 Exercisable 157,029 $ 38.91 5.99 $ 5 Unvested 20,109 $ 36.35 6.83 $ 3 The aggregate intrinsic value of options is calculated as the difference between the exercise price of the underlying options and the fair value of the Company’s common stock for those options that had exercise prices lower than the fair value of the Company’s common stock. As of September 30, 2024, the total compensation cost related to non-vested option awards not yet recognized was approximately $ 0.5 0.7 Restricted Stock The following table summarizes restricted stock award activity during the nine months ended September 30, 2024: SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY Number of Weighted Average Outstanding at December 31, 2023 2,448,169 $ 4.25 Granted 1,964,254 $ 4.89 Cancelled/forfeited (169,860 ) $ 3.73 Vested (974,149 ) $ 4.62 Outstanding at September 30, 2024 3,268,414 $ 4.56 As of September 30, 2024, there was $ 13.1 2.3 4.5

LICENSE_SUPPLIER AGREEMENT

LICENSE/SUPPLIER AGREEMENT	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
LICENSE/SUPPLIER AGREEMENT	NOTE 11 – LICENSE/SUPPLIER AGREEMENT 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 recognized no no Sublicense Agreement Relating to Rett Syndrome In October 2020, the Company entered into a sublicense agreement with Taysha for a gene therapy for Rett syndrome, including intellectual property related to MECP2 gene constructs and regulation of their expression. The agreement grants Taysha worldwide exclusive rights to intellectual property developed by scientists at the University of North Carolina at Chapel Hill, the University of Edinburgh and the Company, and the Company’s know-how relating to the research, development, and manufacture of the gene therapy for Rett syndrome and MECP2 gene constructs and regulation of their expression. 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 nil 3.5 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 September 30, 2024 and December 31, 2023, the Company does not have any contract assets or contract liabilities as a result of this transaction.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 12 – SUBSEQUENT EVENTS Biologic License Application On October 28, 2024, the Company resubmitted its Biologics License Application (“BLA”) to the U.S. Food and Drug Administration (“FDA”) for pz-cel, the Company’s investigational autologous cell-based gene therapy, as a potential new treatment for patients with RDEB. The FDA notified the Company on November 8, 2024 that the BLA was accepted for review, with an assigned Prescription Drug User Fee Act (“PDUFA”) target action date of April 29, 2025. The BLA resubmission follows the Company’s Type A meeting in August 2024, where the Company aligned with the FDA on the content of the resubmission, including additional information to satisfy all Chemistry Manufacturing and Controls (“CMC”) requirements outlined in the Complete Response Letter (CRL) received in April 2024. In the CRL, the FDA required that certain additional information needed to satisfy CMC requirements be provided before the application could be approved. The CRL did not identify any deficiencies related to the clinical efficacy or clinical safety data in the BLA, and the FDA did not request any new clinical trials or clinical data to support the approval of pz-cel. The BLA resubmission is supported by clinical efficacy and safety data from the pivotal Phase 3 VIITAL™ study (NCT04227106) and a Phase 1/2a study (NCT01263379). Lease Agreement On October 18, 2024, the Company signed a lease for 16,566

NATURE OF OPERATIONS AND SIGN_2

NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Background	Background Abeona Therapeutics Inc. (together with the Company’s subsidiaries, “Abeona” or the “Company”), a Delaware corporation, is a clinical-stage biopharmaceutical company developing cell and gene therapies for life-threatening diseases. The Company’s lead clinical program is for pz-cel, an autologous, cell-based gene 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 ophthalmic diseases with high unmet need using novel AIM™ capsids that the Company has exclusively licensed from the University of North Carolina at Chapel Hill and developed internally through its AAV vector research programs.
Basis of Presentation	Basis of Presentation The Company’s unaudited interim condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All intercompany balances and transactions have been eliminated in consolidation. In the opinion of management, all adjustments, consisting only of normal recurring adjustments, except as otherwise disclosed, necessary for the fair presentation of the financial position, results of operations, and changes in financial position for such periods, have been made. These unaudited interim condensed consolidated financial statement results are not necessarily indicative of results to be expected for the full fiscal year or any future period. Certain information that is normally required by U.S. GAAP has been condensed or omitted in accordance with rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). The December 31, 2023 condensed consolidated balance sheet was derived from the audited statements but does not include all disclosures required by U.S. GAAP. Therefore, these unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, which was filed with the SEC on March 18, 2024.
Liquidity	Liquidity In accordance with Accounting Standards Codification (“ASC”) 205-40, Going Concern, the Company has evaluated whether there are conditions and events, considered in the aggregate, that raise substantial doubt about the Company’s ability to continue as a going concern within one year after the date the accompanying unaudited interim condensed consolidated financial statements were issued. 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 of $ 54.4 37.6 804.0 110.0 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 unaudited condensed 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 unaudited interim condensed consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Use of Estimates	Use of Estimates The preparation of unaudited interim condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amount of assets and disclosure of contingent assets and liabilities at the date of the unaudited interim condensed consolidated financial statements and the reported amounts of revenue and expenses during the reported period. Actual results could differ from these estimates and assumptions.
Other receivables	Other receivables Other receivables include employee retention credits (“ERC”), sublease rent receivables and other miscellaneous receivables. As of September 30, 2024 and December 31, 2023, the Company had ERC receivables of $ 1.6 2.1
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies There have been no new or material changes to the significant accounting policies discussed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 that are of significance, or potential significance, to the Company.
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 September 30, 2024, the Company’s available-for-sale investments were in certificates of deposits and 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 September 30, 2024, the Company did not recognize a credit loss allowance for its investments or accounts receivable.
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 For the three and nine months ended September 30, 2024 2023 Shares of common stock issuable upon exercise of stock options 177,138 223,323 Shares of common stock underlying restricted stock 3,268,414 2,308,924 Shares of common stock issuable upon exercise of conversion feature of loan agreement 614,251 — Shares of common stock issuable upon exercise of warrants 9,987,560 9,397,879 Total 14,047,363 11,930,126 In January 2024 as part of the Loan and Security Agreement, see Note 8, the Company issued warrants to purchase $ 2,400,000 4.75 4.07 589,681 4.07 589,681
Recently Adopted Accounting Pronouncements	Recently Adopted Accounting Pronouncements The Company did not adopt any new accounting pronouncements during the three and nine months ended September 30, 2024.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements In November 2024, the FASB issued Accounting Standards Update (“ASU”) No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses In December 2023, the FASB issued ASU 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 SIGN_3

NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
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 For the three and nine months ended September 30, 2024 2023 Shares of common stock issuable upon exercise of stock options 177,138 223,323 Shares of common stock underlying restricted stock 3,268,414 2,308,924 Shares of common stock issuable upon exercise of conversion feature of loan agreement 614,251 — Shares of common stock issuable upon exercise of warrants 9,987,560 9,397,879 Total 14,047,363 11,930,126

SHORT-TERM INVESTMENTS (Tables)

SHORT-TERM INVESTMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]
SCHEDULE OF AVAILABLE FOR SALE SHORT-TERM INVESTMENTS	The following table provides a summary of the short-term investments (in thousands): SCHEDULE OF AVAILABLE FOR SALE SHORT-TERM INVESTMENTS September 30, 2024 Amortized Gross Unrealized Gross Unrealized Fair Value Available-for-sale, short-term investments: U.S. treasury securities $ 43,561 11 — $ 43,572 U.S. federal agency securities 36,998 — (135 ) 36,863 Certificates of deposit 13,500 40 — 13,540 Total available-for-sale, short-term investments $ 94,059 51 (135 ) $ 93,975 December 31, 2023 Amortized Gross Unrealized Gross Unrealized 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

PROPERTY AND EQUIPMENT, NET (Ta

PROPERTY AND EQUIPMENT, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Property, Plant and Equipment [Abstract]
SCHEDULE OF PROPERTY AND EQUIPMENT	Property and equipment are stated at cost and depreciated or amortized using the straight-line method based on useful lives as follows (in thousands): SCHEDULE OF PROPERTY AND EQUIPMENT Useful lives (years) September 30, 2024 December 31, 2023 Laboratory equipment 5 $ 8,581 $ 6,935 Furniture, software and office equipment 3 5 1,113 986 Leasehold improvements Shorter of remaining lease term or useful life 8,805 8,603 Subtotal 18,499 16,524 Less: accumulated depreciation (14,441 ) (12,991 ) Total property and equipment, net $ 4,058 $ 3,533

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
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 basis as of September 30, 2024 and December 31, 2023 (in thousands): SCHEDULE OF FAIR VALUE, ASSETS AND LIABILITIES MEASURED ON RECURRING AND NON-RECURRING BASIS Description Fair Value at Level 1 Level 2 Level 3 Recurring Assets Cash equivalents Money market funds $ 15,193 $ 15,193 $ — $ — Short-term investments U.S. treasury securities 43,572 43,572 — — U.S. federal agency securities 36,863 — 36,863 — Certificates of deposit 13,540 13,540 — — Total assets measured at fair value $ 109,168 $ 72,305 $ 36,863 $ — Liabilities Payable to licensor $ 4,921 $ — $ — $ 4,921 Warrant liabilities 38,789 — — 38,789 Total liabilities measured at fair value 43,710 $ — $ — 43,710 Description Fair Value at 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
SCHEDULE OF OUTSTANDING WARRANT LIABILITIES	As of September 30, 2024 and December 31, 2023, the Company had the following outstanding warrant liabilities: SCHEDULE OF OUTSTANDING WARRANT LIABILITIES September 30, 2024 December 31, 2023 Warrants issued as part of the 2021 public offering, expiration date December 2026 9.75 1,788,000 1,788,000 Warrants issued as part of the 2022 Private Placement Offering, expiration date November 2027 4.75 7,609,879 7,609,879 Warrants issued as part of the 2024 Loan Agreement, expiration date January 2029 4.07 589,681 — Outstanding warrant liabilities 7,609,879 7,609,879
SCHEDULE OF ACTIVITY OF WARRANT LIABILITIES	The following table provides a summary of the activity on the warrant liabilities (in thousands): SCHEDULE OF ACTIVITY OF WARRANT LIABILITIES Warrant liabilities as of December 31, 2023 $ 31,352 Fair value of warrants issued in connection with the Loan Agreement 220 Loss recognized in earnings from change in fair value 7,217 Warrant liabilities as of September 30, 2024 $ 38,789
SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS	The following table outlines the key inputs for the Black-Scholes option-pricing model: SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS September 30, 2024 December 31, 2023 Common share price $ 6.32 $ 5.01 Expected term (years) 2.21 4.27 2.96 3.84 Risk-free interest rate (%) 3.51 3.57 3.84 3.92 Volatility (%) 96.51 100.00 100.00 Expected dividend yield (%) 0 0
SCHEDULE OF ACTIVITY OF DERIVATIVE LIABILITIES	The following table provides a summary of the activity on the derivative liabilities (in thousands): SCHEDULE OF ACTIVITY OF DERIVATIVE LIABILITIES Derivative liabilities as of December 31, 2023 $ — Fair value of derivatives issued in connection with Loan Agreement 822 Loss recognized in earnings from change in fair value 313 Reclassification of derivative liability in connection with the Loan Agreement (1,135 ) Derivative liabilities as of September 30, 2024 $ —
SCHEDULE OF ESTIMATE FAIR VALUE OF DERIVATIVES	The following table outlines the key inputs for the Monte Carlo simulation model: SCHEDULE OF ESTIMATE FAIR VALUE OF DERIVATIVES September 30, 2024 December 31, 2023 Common share price $ 6.32 — Expected term (years) 2.75 — Risk-free interest rate (%) 3.53 — Volatility (%) 93.79 —

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 December 31, 2023 Accrued employee compensation $ 3,736 $ 3,688 Accrued contracted services and other 1,474 2,297 Total accrued expenses $ 5,210 $ 5,985

LEASES (Tables)

LEASES (Tables)	9 Months Ended
	Sep. 30, 2024
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 September 30, 2024 December 31, 2023 Current operating lease liability $ 1,057 $ 998 Non-current operating lease liability 3,402 4,402 Total operating lease liability $ 4,459 $ 5,400
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 2024 2023 2024 2023 For the three months ended September 30, For the nine months ended September 30, 2024 2023 2024 2023 Operating lease cost $ 312 $ 340 $ 974 $ 1,048 Variable lease cost 96 66 292 281 Short-term lease cost 8 19 42 50 Total operating lease costs $ 416 $ 425 $ 1,308 $ 1,379
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 September 30, 2024 were as follows (in thousands): SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES Future minimum lease payments and obligations Operating Leases 2024, remainder $ 450 2025 853 2026 791 2027 807 2028 823 Thereafter 1,693 Total undiscounted operating lease payments 5,417 Less: imputed interest 958 Present value of operating lease liabilities $ 4,459
SCHEDULE OF FUTURE CASH RECEIPTS FROM OPERATING SUBLEASE	SCHEDULE OF FUTURE CASH RECEIPTS FROM OPERATING SUBLEASE Operating Future cash receipts Subleases 2024, remainder $ 160 2025 485 Total future cash receipts $ 645

DEBT (Tables)

DEBT (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
SCHEDULE OF COMPANY DEBT AND NET OF DEBT ISSUANCE COSTS	The following table provides a summary of the Company’s debt, net of debt issuance costs and discounts (in thousands): SCHEDULE OF COMPANY DEBT AND NET OF DEBT ISSUANCE COSTS September 30, 2024 December 31, 2023 Loan Agreement Principal $ 20,000 $ — Accreted final payment fee 255 — Unamortized debt issuance costs and discounts (1,605 ) — Total long-term debt 18,650 — Less: current maturities 4,444 — Long-term debt, net of current maturities $ 14,206 $ —
SCHEDULE OF FUTURE PAYMENT OBLIGATIONS	The future payment obligations of the principal are as follows (in thousands): SCHEDULE OF FUTURE PAYMENT OBLIGATIONS 2024, remainder $ — 2025 6,667 2026 8,889 2027 4,444 Total principal $ 20,000

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
SCHEDULE OF STOCK BASED COMPENSATION	The following table summarizes stock-based compensation expense for the three and nine months ended September 30, 2024 and 2023 (in thousands): SCHEDULE OF STOCK BASED COMPENSATION 2024 2023 2024 2023 For the three months ended September 30, 2024 For the nine months ended September 30, 2024 2023 2024 2023 Research and development $ 485 $ 339 $ 1,055 $ 743 General and administrative 1,319 1,218 3,618 2,511 Total stock-based compensation expense $ 1,804 $ 1,557 $ 4,673 $ 3,254
SCHEDULE OF STOCK OPTION ACTIVITY	The following table summarizes stock option activity during the nine months ended September 30, 2024: SCHEDULE OF STOCK OPTION ACTIVITY Number of Weighted Weighted Aggregate Outstanding at December 31, 2023 179,001 $ 38.58 6.83 $ 3 Granted — $ — — $ — Cancelled/forfeited (1,863 ) $ 34.45 — $ — Exercised — $ — — $ — Outstanding at September 30, 2024 177,138 $ 38.62 6.09 $ 8 Exercisable 157,029 $ 38.91 5.99 $ 5 Unvested 20,109 $ 36.35 6.83 $ 3
SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY	The following table summarizes restricted stock award activity during the nine months ended September 30, 2024: SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY Number of Weighted Average Outstanding at December 31, 2023 2,448,169 $ 4.25 Granted 1,964,254 $ 4.89 Cancelled/forfeited (169,860 ) $ 3.73 Vested (974,149 ) $ 4.62 Outstanding at September 30, 2024 3,268,414 $ 4.56

SCHEDULE OF ANTI-DILUTIVE SECUR

SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	14,047,363	11,930,126	14,047,363	11,930,126
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	177,138	223,323	177,138	223,323
Restricted Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	3,268,414	2,308,924	3,268,414	2,308,924
Loan Agreement [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	614,251		614,251
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	9,987,560	9,397,879	9,987,560	9,397,879

NATURE OF OPERATIONS AND SIGN_4

NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - USD ($)	1 Months Ended	9 Months Ended
	Jan. 31, 2024	Sep. 30, 2024	Sep. 30, 2023	May 07, 2024	Jan. 08, 2024	Dec. 31, 2023	Dec. 21, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Net loss		$ 54,400,000	$ 37,600,000
Accumulated deficit		803,965,000				$ 749,524,000
Cash, cash equivalents, restricted cash and short-term investments		110,000,000
Other receivables		$ 1,600,000				$ 2,100,000
Unfounded exercise price per share		$ 0.0001
Warrants exercise price							$ 9.75
Loan and Security Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants to purchase shares	$ 2,400,000
Warrants exercise price	$ 4.75	$ 4.07			$ 4.75
Shares of common stock issuable upon exercise of warrants		589,681
2024 Loan Agreement Warrants [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants exercise price				$ 4.07
Shares of common stock issuable upon exercise of warrants				589,681
2023 Loan Agreement Warrants [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants exercise price		$ 4.07
Shares of common stock issuable upon exercise of warrants		589,681

SCHEDULE OF AVAILABLE FOR SALE

SCHEDULE OF AVAILABLE FOR SALE SHORT-TERM INVESTMENTS (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Marketable Securities [Line Items]
Amortized cost	$ 94,059	$ 37,819
Gross Unrealized Gain	51
Gross Unrealized Loss	(135)	(66)
Fair Value	93,975	37,753
US Treasury Securities [Member]
Marketable Securities [Line Items]
Amortized cost	43,561	8,406
Gross Unrealized Gain	11
Gross Unrealized Loss		(13)
Fair Value	43,572	8,393
US Government Corporations and Agencies Securities [Member]
Marketable Securities [Line Items]
Amortized cost	36,998	29,413
Gross Unrealized Gain
Gross Unrealized Loss	(135)	(53)
Fair Value	36,863	$ 29,360
Certificates of Deposit [Member]
Marketable Securities [Line Items]
Amortized cost	13,500
Gross Unrealized Gain	40
Gross Unrealized Loss
Fair Value	$ 13,540

SHORT-TERM INVESTMENTS (Details

SHORT-TERM INVESTMENTS (Details Narrative) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Available-for-sale securities realized gain loss	$ 0	$ 0	$ 0	$ 0

SCHEDULE OF PROPERTY AND EQUIPM

SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Subtotal	$ 18,499	$ 16,524
Less: accumulated depreciation	(14,441)	(12,991)
Total property and equipment, net	$ 4,058	3,533
Laboratory Equipment [Member]
Property, Plant and Equipment [Line Items]
Useful lives (years)	5 years
Subtotal	$ 8,581	6,935
Furniture, Software and Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Subtotal	$ 1,113	986
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	$ 8,805	$ 8,603
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	Useful Life, Lease Term [Member]

PROPERTY AND EQUIPMENT, NET (De

PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 0.5	$ 0.5	$ 1.5	$ 1.8

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	Sep. 30, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	$ 109,168	$ 38,787
Total liabilities measured at fair value	43,710	35,932
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	72,305	9,427
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	36,863	29,360
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	43,710	35,932
Money Market Funds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents fair value	15,193	1,034
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	15,193	1,034
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	43,572	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	43,572	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	36,863	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	36,863	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
Certificates of Deposit [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Short-term investments fair value	13,540
Certificates of Deposit [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	13,540
Certificates of Deposit [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
Certificates of Deposit [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	4,921	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	4,921	4,580
Warrant Liabilities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Fair value, liabilities	38,789	31,352
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	$ 38,789	$ 31,352

SCHEDULE OF OUTSTANDING WARRANT

SCHEDULE OF OUTSTANDING WARRANT LIABILITIES (Details) - shares	Sep. 30, 2024	Dec. 31, 2023
2021 Public Offering Warrants [Member]
Class of Warrant or Right [Line Items]
Outstanding warrant liabilities	1,788,000	1,788,000
2022 Private Placement Offering [Member]
Class of Warrant or Right [Line Items]
Outstanding warrant liabilities	7,609,879	7,609,879
2024 Loan Agreement [Member]
Class of Warrant or Right [Line Items]
Outstanding warrant liabilities	589,681

SCHEDULE OF OUTSTANDING WARRA_2

SCHEDULE OF OUTSTANDING WARRANT LIABILITIES (Details) (Parenthetical) - $ / shares	9 Months Ended
	Sep. 30, 2024	Dec. 21, 2021
Class of Warrant or Right [Line Items]
Warrants, exercise price		$ 9.75
2021 Public Offering Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants, expiration date	December 2026
Warrants, exercise price	$ 9.75
2022 Private Placement Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants, expiration date	November 2027
Warrants, exercise price	$ 4.75
2024 Loan Agreement [Member]
Class of Warrant or Right [Line Items]
Warrants, expiration date	January 2029
Warrants, exercise price	$ 4.07

SCHEDULE OF ACTIVITY OF WARRANT

SCHEDULE OF ACTIVITY OF WARRANT LIABILITIES (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Warrant liabilities as of December 31, 2023	$ 31,352
Fair value of warrants issued in connection with the Loan Agreement	220
Loss recognized in earnings from change in fair value	7,217
Warrant liabilities as of September 30, 2024	$ 38,789

SCHEDULE OF ESTIMATE FAIR VALUE

SCHEDULE OF ESTIMATE FAIR VALUE OF WARRANTS (Details)	Sep. 30, 2024 $ / shares	Dec. 31, 2023 $ / shares
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	2 years 2 months 15 days	2 years 11 months 15 days
Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	4 years 3 months 7 days	3 years 10 months 2 days
Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	6.32	5.01
Measurement Input, Risk Free Interest Rate [Member] | Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	3.51	3.84
Measurement Input, Risk Free Interest Rate [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	3.57	3.92
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	96.51
Measurement Input, Price Volatility [Member] | Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	100
Measurement Input, Expected Dividend Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants measurement input	0	0

SCHEDULE OF ACTIVITY OF DERIVAT

SCHEDULE OF ACTIVITY OF DERIVATIVE LIABILITIES (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Derivative liabilities as of December 31, 2023
Fair value of derivatives issued in connection with Loan Agreement	822
Loss recognized in earnings from change in fair value	313
Reclassification of derivative liability in connection with the Loan Agreement	1,135
Derivative liabilities as of September 30, 2024

SCHEDULE OF ESTIMATE FAIR VAL_2

SCHEDULE OF ESTIMATE FAIR VALUE OF DERIVATIVES (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares	Dec. 31, 2023 $ / shares
Measurement Input, Share Price [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivatives measurement input	6.32
Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term (years)	2 years 9 months
Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivatives measurement input	3.53
Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Derivatives measurement input	93.79

FAIR VALUE MEASUREMENTS (Detail

FAIR VALUE MEASUREMENTS (Details Narrative) - USD ($)	1 Months Ended
	Jan. 31, 2024	Sep. 30, 2024	May 07, 2024	Jan. 08, 2024	Dec. 21, 2021
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants exercise price					$ 9.75
Loan and Security Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants to purchase shares	$ 2,400,000
Warrants exercise price	$ 4.75	$ 4.07		$ 4.75
Shares of common stock issuable upon exercise of warrants		589,681
Conversion price		$ 4.88
2024 Loan Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants exercise price			$ 4.07
Shares of common stock issuable upon exercise of warrants			589,681
2023 Loan Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrants exercise price		$ 4.07
Shares of common stock issuable upon exercise of warrants		589,681
Loan Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Conversion price		$ 4.88

SETTLEMENT LIABILITY (Details N

SETTLEMENT LIABILITY (Details Narrative) - USD ($) $ in Thousands	Nov. 12, 2021	Nov. 13, 2024	Sep. 30, 2024	Dec. 31, 2023
Defined Benefit Plan Disclosure [Line Items]
Long term debt			$ 18,650
REGENXBIO [Member]
Defined Benefit Plan Disclosure [Line Items]
Settlement liabilities, current	$ 30,000
Loss contingency settlement agreement terms	(1) $20.0 million paid in November 2021 after execution of the Settlement Agreement, (2) $5.0 million on the first anniversary of the effective date of the Settlement Agreement (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.
Debt Instrument, Interest Rate, Stated Percentage			9.60%
REGENXBIO [Member] | Due in November 2024 [Member]
Defined Benefit Plan Disclosure [Line Items]
Long term debt			$ 4,900	$ 4,600
REGENXBIO [Member] | Due in November 2024 [Member] | Subsequent Event [Member] | Settlement Agreement [Member]
Defined Benefit Plan Disclosure [Line Items]
Long term debt		$ 5,000

SCHEDULE OF ACCRUED EXPENSES (D

SCHEDULE OF ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued employee compensation	$ 3,736	$ 3,688
Accrued contracted services and other	1,474	2,297
Total accrued expenses	$ 5,210	$ 5,985

SUMMARY OF OPERATING LEASE LIAB

SUMMARY OF OPERATING LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases
Current operating lease liability	$ 1,057	$ 998
Non-current operating lease liability	3,402	4,402
Total operating lease liability	$ 4,459	$ 5,400

SCHEDULE OF COMPONENTS OF LEASE

SCHEDULE OF COMPONENTS OF LEASE COST (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases
Operating lease cost	$ 312	$ 340	$ 974	$ 1,048
Variable lease cost	96	66	292	281
Short-term lease cost	8	19	42	50
Total operating lease costs	$ 416	$ 425	$ 1,308	$ 1,379

SCHEDULE OF MATURITIES OF OPERA

SCHEDULE OF MATURITIES OF OPERATING LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases
2024, remainder	$ 450
2025	853
2026	791
2027	807
2028	823
Thereafter	1,693
Total undiscounted operating lease payments	5,417
Less: imputed interest	958
Total operating lease liability	$ 4,459	$ 5,400

SCHEDULE OF FUTURE CASH RECEIPT

SCHEDULE OF FUTURE CASH RECEIPTS FROM OPERATING SUBLEASE (Details) $ in Thousands	Sep. 30, 2024 USD ($)
Leases
2024, remainder	$ 160
2025	485
Total future cash receipts	$ 645

LEASES (Details Narrative)

LEASES (Details Narrative) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Operating lease liabilities	$ 0.3	$ 0.3	$ 0.9	$ 0.9
Weighted average remaining term	61 months		61 months
Weighted average discount rate	7.10%		7.10%
Sub Lease Agreement [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Sublease income	$ 0.1	$ 0.1	$ 0.4	$ 0.4
September 2025 [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Sublease income			$ 0.6

SCHEDULE OF COMPANY DEBT AND NE

SCHEDULE OF COMPANY DEBT AND NET OF DEBT ISSUANCE COSTS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Loan Agreement Principal	$ 20,000
Accreted final payment fee	255
Unamortized debt issuance costs and discounts	(1,605)
Total long-term debt	18,650
Less: current maturities	4,444
Long-term debt, net of current maturities	$ 14,206

SCHEDULE OF FUTURE PAYMENT OBLI

SCHEDULE OF FUTURE PAYMENT OBLIGATIONS (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
2024, remainder
2025	6,667
2026	8,889
2027	4,444
Total principal	$ 20,000

DEBT (Details Narrative)

DEBT (Details Narrative) - Loan and Security Agreement [Member] - USD ($)	Apr. 08, 2025	Jan. 08, 2024	Sep. 30, 2024
Debt Instrument [Line Items]
Aggregate principal amount		$ 50,000,000
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
Fair value of conversion right		800,000
Conversion Price			$ 4.88
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.
Warrant [Member] | Avenue [Member]
Debt Instrument [Line Items]
Warrants purchase amount		$ 480,000
Warrant [Member] | Avenue 2 [Member]
Debt Instrument [Line Items]
Warrants purchase amount		1,920,000
Minimum [Member]
Debt Instrument [Line Items]
Prime rate percentage			13.50%
Maximum [Member]
Debt Instrument [Line Items]
Prime rate percentage			22.09%
Forecast [Member]
Debt Instrument [Line Items]
Cumulative equity and nondilutive capital	$ 90,000,000
Forecast [Member] | Minimum [Member]
Debt Instrument [Line Items]
Prime rate percentage	5%
Forecast [Member] | Maximum [Member]
Debt Instrument [Line Items]
Prime rate percentage	13.50%
Tranche 1 [Member]
Debt Instrument [Line Items]
Aggregate principal amount		20,000,000
Tranche 1 [Member] | Warrant [Member] | Avenue [Member]
Debt Instrument [Line Items]
Warrants purchase amount		480,000
Tranche 1 [Member] | Warrant [Member] | Avenue 2 [Member]
Debt Instrument [Line Items]
Warrants purchase amount		1,920,000
Tranche 2 [Member]
Debt Instrument [Line Items]
Aggregate principal amount		10,000,000
Discretionary Tranche [Member]
Debt Instrument [Line Items]
Aggregate principal amount		$ 20,000,000

EQUITY (Details Narrative)

EQUITY (Details Narrative) - USD ($)									1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 24, 2024	May 09, 2024	May 07, 2024	Jan. 08, 2024	Jul. 06, 2023	Nov. 03, 2022	Dec. 21, 2021	Aug. 17, 2018	Nov. 12, 2024	Jan. 31, 2024	Dec. 31, 2022	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2022	Dec. 31, 2023
Class of Warrant or Right [Line Items]
Shares issued							1,788,000
Public offering price							$ 9.75
Warrants purchase, shares							1,788,000
Warrants exercise price							$ 9.75
Proceeds from public offering							$ 16,000,000
Stock issuance costs							1,500,000
Additional paid-in capital							7,000,000
Warrant liabilities							$ 9,000,000
Exercise price												$ 0.0001		$ 0.0001
Shares issuance costs														$ 9,962,000	$ 6,623,000
Fair value of warrants												$ 15,156,000	$ 1,101,000	$ 7,530,000	7,465,000
Common Stock [Member]
Class of Warrant or Right [Line Items]
Shares issued			12,285,056		3,284,407									12,285,056
Offering price			$ 4.07		$ 4.03
Private Placement Offerings [Member]
Class of Warrant or Right [Line Items]
Shares issued						7,065,946
Exercise price						$ 4.75
Fair value of warrants						$ 22,000,000
Warrant outstanding												$ 7,609,879		$ 7,609,879
Private Placement Offerings [Member] | Pre Funded Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants purchase, shares						7,609,879
Warrants exercise price						$ 0.01
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
Private Placement Offerings [Member] | Pre Funded Warrant [Member] | General and Administrative Expense [Member]
Class of Warrant or Right [Line Items]
Stock issuance costs																$ 1,500,000
Private Placement Offerings [Member] | Common Stock And Accompanying Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants exercise price						$ 4.60
Private Placement Offerings [Member] | Pre Funded Warrant And Accompanying Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants exercise price						$ 4.59
Private Placement Offerings [Member] | Additional Paid-in Capital [Member]
Class of Warrant or Right [Line Items]
Additional paid-in capital						$ 12,900,000
Private Placement Offerings [Member] | Common Stock [Member]
Class of Warrant or Right [Line Items]
Additional paid-in capital						$ 100,000
Open Market Sale Agreements [Member] | Jefferies LLC [Member]
Class of Warrant or Right [Line Items]
Net proceeds								$ 75,000,000						$ 10,000,000	$ 6,600,000
Sale of stock														1,902,376	1,990,321
ATM Agreements [Member] | Subsequent Event [Member]
Class of Warrant or Right [Line Items]
Net proceeds									$ 1,900,000
Sale of stock									309,075
Loan and Security Agreement [Member]
Class of Warrant or Right [Line Items]
Warrants exercise price				$ 4.75						$ 4.75		$ 4.07		$ 4.07
Shares of common stock issuable upon exercise of warrants												589,681		589,681
Additional paid-in capital										$ 2,400,000
Fair value of warrants				$ 200,000
Loan and Security Agreement [Member] | Warrant [Member]
Class of Warrant or Right [Line Items]
Shares of common stock issuable upon exercise of warrants			589,681
Exercise price per share			$ 4.07
Loan and Security Agreement [Member] | Avenue [Member] | Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants purchase amount				480,000
Loan and Security Agreement [Member] | Avenue 2 [Member] | Warrant [Member]
Class of Warrant or Right [Line Items]
Warrants purchase amount				$ 1,920,000
2021 Public Offering Warrants [Member]
Class of Warrant or Right [Line Items]
Warrants exercise price												$ 9.75		$ 9.75
Shares of common stock issuable upon exercise of warrants												1,788,000		1,788,000			1,788,000
2023 Pre-Funded Warrants [Member]
Class of Warrant or Right [Line Items]
Shares of common stock issuable upon exercise of warrants												2,619,140		2,619,140
Warrants exercised		300,000
2023 Pre-Funded Warrants [Member] | Common Stock [Member]
Class of Warrant or Right [Line Items]
Warrants exercise price					$ 0.0001
Warrants exercised					2,919,140
Purchase price of common stock					$ 25,000,000
Shares issuance costs					$ 23,000,000
Offering price					$ 4.0299
2024 Pre-Funded Warrants [Member]
Class of Warrant or Right [Line Items]
Shares of common stock issuable upon exercise of warrants												5,442,656		5,442,656
Warrants exercised	700,000
2024 Pre-Funded Warrants [Member] | Common Stock [Member]
Class of Warrant or Right [Line Items]
Warrants exercise price			$ 0.0001
Warrants exercised			6,142,656
Purchase price of common stock			$ 75,000,000
Shares issuance costs			$ 70,200,000
Offering price			$ 4.0699

SCHEDULE OF STOCK BASED COMPENS

SCHEDULE OF STOCK BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,804	$ 1,557	$ 4,673	$ 3,254
Research and Development Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	485	339	1,055	743
General and Administrative Expense [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation expense	$ 1,319	$ 1,218	$ 3,618	$ 2,511

SCHEDULE OF STOCK OPTION ACTIVI

SCHEDULE OF STOCK OPTION ACTIVITY (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023
Share-Based Payment Arrangement [Abstract]
Number of options, balance	179,001
Weighted average exercise price, balance	$ 38.58
Weighted average remaining contractual term (years), outstanding	6 years 1 month 2 days	6 years 9 months 29 days
Aggregate intrinsic value, balance	$ 3
Number of options, granted
Weighted average exercise price, granted
Number of options, cancelled/forfeited	(1,863)
Weighted average exercise price, cancelled/forfeited	$ 34.45
Number of options, exercised
Weighted average exercise price, exercised
Number of options, balance	177,138	179,001
Weighted average exercise price, balance	$ 38.62	$ 38.58
Aggregate intrinsic value, balance	$ 8	$ 3
Number of options, exercisable	157,029
Weighted average exercise price, exercisable	$ 38.91
Weighted average remaining contractual term (years), exercisable	5 years 11 months 26 days
Aggregate intrinsic value, exercisable	$ 5
Number of options, unvested	20,109
Weighted average exercise price, unvested	$ 36.35
Weighted average remaining contractual term (years), unvested	6 years 9 months 29 days
Aggregate intrinsic value, unvested	$ 3

SCHEDULE OF RESTRICTED STOCK AW

SCHEDULE OF RESTRICTED STOCK AWARD ACTIVITY (Details) - Restricted Stock [Member]	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted common stock awards, balance | shares	2,448,169
Weighted-average grant date fair value, balance | $ / shares	$ 4.25
Restricted common stock awards, granted | shares	1,964,254
Weighted-average grant date fair value, granted | $ / shares	$ 4.89
Restricted common stock awards, cancelled/forfeited | shares	(169,860)
Weighted-average grant date fair value, cancelled/forfeited | $ / shares	$ 3.73
Restricted common stock awards, vested | shares	(974,149)
Weighted-average grant date fair value, vested | $ / shares	$ 4.62
Restricted common stock awards, balance | shares	3,268,414
Weighted-average grant date fair value, balance | $ / shares	$ 4.56

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details Narrative) $ in Millions	9 Months Ended
	Sep. 30, 2024 USD ($) shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation cost related to restricted common stock not recognized	$ 13.1
Weighted average compensation costs related to restricted common stock	2 years 3 months 18 days
Fair value of restricted stock awards that vested	$ 4.5
Stock Options [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Compensation cost related to non-vested options not recognized	$ 0.5
Weighted average period total compensation costs related to non-vested options	8 months 12 days
2023 Incentive Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant | shares	40,473
Inducement Plan [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Shares available for grant | shares	685,500

LICENSE_SUPPLIER AGREEMENT (Det

LICENSE/SUPPLIER AGREEMENT (Details Narrative) - USD ($)		1 Months Ended		3 Months Ended		9 Months Ended
	May 16, 2022	Oct. 31, 2020	Aug. 31, 2020	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized							$ 3,500,000
License Agreement Terms [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone payments	$ 30,000,000
Sublicense And Inventory Purchase Agreements [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Fixed consideration			$ 7,000,000
Sublicense And Inventory Purchase Agreements [Member] | Event Based Milestone Payments [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Variable consideration			26,000,000
Sublicense And Inventory Purchase Agreements [Member] | Sales Based Milestone Payments [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Variable consideration			$ 30,000,000
Sublicense And Inventory Purchase Agreements [Member] | License [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized				0	0	0	0
Contract assets				0		0		$ 0
Sublicense Agreement Relating to Rett Syndrome [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Fixed consideration		$ 3,000,000
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		26,500,000
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		$ 30,000,000
Sublicense Agreement Relating to Rett Syndrome [Member] | License [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Revenue recognized					$ 3,500,000		$ 3,500,000

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	Oct. 18, 2024 ft²
Subsequent Event [Member] | Lease Agreement [Member]
Subsequent Event [Line Items]
Lease cost	16,566