FAIR VALUE (Tables)
|
9 Months Ended |
12 Months Ended |
Sep. 30, 2024 |
Dec. 31, 2023 |
| FAIR VALUE |
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|
| Schedule of financial instruments measured at fair value on a recurring basis |
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Balance |
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Level 1 |
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Level 2 |
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Level 3 |
December 31, 2023 |
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Cash and cash equivalents |
|
$ |
9,564,988 |
|
$ |
9,564,988 |
|
$ |
— |
|
$ |
— |
Total assets |
|
$ |
9,564,988 |
|
$ |
9,564,988 |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant liability |
|
$ |
16,120,898 |
|
$ |
— |
|
$ |
2,989,207 |
|
$ |
13,131,691 |
Total liabilities |
|
$ |
16,120,898 |
|
$ |
— |
|
$ |
2,989,207 |
|
$ |
13,131,691 |
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December 31, 2022 |
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Cash and cash equivalents |
|
$ |
19,866,358 |
|
$ |
19,866,358 |
|
$ |
— |
|
$ |
— |
Total assets |
|
$ |
19,866,358 |
|
$ |
19,866,358 |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
Warrant liability |
|
$ |
5,972,252 |
|
$ |
— |
|
$ |
— |
|
$ |
5,972,252 |
Total liabilities |
|
$ |
5,972,252 |
|
$ |
— |
|
$ |
— |
|
$ |
5,972,252 |
|
| Schedule of modified option pricing assumptions and assumptions used upon issuance |
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September 8 |
|
December 31 |
|
Volatility |
|
83.0-84.0 |
% |
82.0-83.0 |
% |
Risk-free interest rate |
|
4.39-5.53 |
% |
3.80-5.40 |
% |
Expected life (years) |
|
0.4-5.0 |
|
0.3-4.7 |
|
Dividend |
|
0 |
% |
0 |
% |
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|
|
|
|
|
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|
|
October 20, |
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December 31, |
|
December 31, |
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|
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2022 |
|
2022 |
|
2023 |
|
Volatility |
|
84.5 |
% |
86.5 |
% |
81.1 |
% |
Risk-free interest rate |
|
4.45 |
% |
3.99 |
% |
3.84 |
% |
Expected life (years) |
|
5.0 |
|
4.8 |
|
3.8 |
|
Dividend |
|
0 |
% |
0 |
% |
0 |
% |
|
| Schedule of changes in the fair market value of the warrants |
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Level 3 |
Fair value of Level 3 liabilities as of January 1, 2022 |
|
$ |
2,600,000 |
Issuance of 2022 Common Warrants |
|
|
7,005,493 |
Change in fair value |
|
|
(3,633,241) |
December 31, 2022, fair value of Level 3 liabilities |
|
$ |
5,972,252 |
Issuance of September 2023 Warrants |
|
$ |
4,800,000 |
Exercise of 2022 Common Warrants |
|
|
(732,612) |
Change in fair value |
|
|
3,092,051 |
December 31, 2023, fair value of Level 3 liabilities |
|
$ |
13,131,691 |
|
| July 2024 Warrants |
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| FAIR VALUE |
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| Schedule of modified option pricing assumptions and assumptions used upon issuance |
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July 21, |
|
September 30, |
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2024 |
|
2024 |
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Volatility |
|
75.9-82.0 |
% |
80.6-83.0 |
% |
Risk-free interest rate |
|
4.10-4.20 |
% |
3.50-3.60 |
% |
Expected life (years) |
|
0.7-5.0 |
|
0.5-4.8 |
|
Dividend |
|
0 |
% |
0 |
% |
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|
| September 2023 Warrants |
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| FAIR VALUE |
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| Schedule of modified option pricing assumptions and assumptions used upon issuance |
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September 30, |
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December 31, |
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|
2024 |
|
2023 |
|
Volatility |
|
81.0-85.0 |
% |
82.0-83.0 |
% |
Risk-free interest rate |
|
4.41 |
% |
3.80-5.40 |
% |
Expected life (years) |
|
0.8-4.2 |
|
0.3-4.7 |
|
Dividend |
|
0 |
% |
0 |
% |
|
|
| October 2022 Warrants |
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| FAIR VALUE |
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| Schedule of modified option pricing assumptions and assumptions used upon issuance |
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September 30, |
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December 31, |
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|
|
2024 |
|
2023 |
|
Volatility |
|
78.3 |
% |
81.1 |
% |
Risk-free interest rate |
|
3.58 |
% |
3.84 |
% |
Expected life (years) |
|
3.1 |
|
3.8 |
|
Dividend |
|
0 |
% |
0 |
% |
|
|
| Schedule of changes in the fair market value of the warrants |
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Level 3 |
Fair value of Level 3 liabilities as of December 31, 2023 |
|
$ |
13,131,691 |
Change in warrant fair value |
|
|
(4,566,773) |
Issuance of July 2024 Inducement Warrants |
|
|
12,000,000 |
Settlement of 2023 Tranche A Warrants to equity |
|
|
(4,800,000) |
Settlement of 2023 Tranche B Warrants to equity |
|
|
(2,610,000) |
Exercise of October 2022 Warrants |
|
|
(1,225,676) |
June 30, 2024, fair value of Level 3 liabilities |
|
$ |
11,929,242 |
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