Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-36345 |
Entity Registrant Name | GALMED PHARMACEUTICALS LTD. |
Entity Central Index Key | 0001595353 |
Entity Incorporation, State or Country Code | L3 |
Entity Address, Address Line One | 16 Abba Hillel Road |
Entity Address, City or Town | Ramat Gan |
Entity Address, Country | IL |
Entity Address, Postal Zip Code | 5250608 |
Title of 12(b) Security | Ordinary shares, par value NIS 0.15 per share |
Trading Symbol | GLMD |
Security Exchange Name | NASDAQ |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Document Accounting Standard | U.S. GAAP |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 5,045,324 |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction [Flag] | false |
Auditor Firm ID | 1197 |
Auditor Name | Brightman Almagor Zohar & Co. |
Auditor Location | Tel Aviv, Israel |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 16 Abba Hillel Road |
Entity Address, City or Town | Ramat Gan |
Entity Address, Country | IL |
Entity Address, Postal Zip Code | 5250608 |
City Area Code | +972.3 |
Local Phone Number | 693.8448 |
Contact Personnel Name | Allen Baharaff |
Contact Personnel Email Address | ab@galmedpharma.com |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Current assets | |||
Cash and cash equivalents | $ 2,861 | $ 2,016 | |
Restricted cash | 117 | 114 | |
Short-term deposits | 2,253 | ||
Marketable debt securities | 7,528 | 11,769 | |
Other receivables | 480 | 825 | |
Total current assets | 13,239 | 14,724 | |
Operating lease right-of-use assets | 42 | 223 | |
Property and equipment, net | 83 | 114 | |
Investment in associate at fair value | 3,265 | ||
Investment in convertible note | 1,500 | ||
Total non-current assets | 3,390 | 1,837 | |
Total assets | 16,629 | 16,561 | |
Current liabilities | |||
Trade payables | 1,879 | 2,560 | |
Other payables | 871 | 534 | |
Total current liabilities | 2,750 | 3,094 | |
Non-current liabilities | |||
Operating lease liabilities, net of current portion | 44 | ||
Total non-current liabilities | 44 | ||
Stockholders’ equity | |||
Ordinary shares, par value NIS 0.15 per share; Authorized 20,000,000 shares; Issued and outstanding: 5,045,324 shares as of December 31, 2023; 1,692,342 shares as of December 31, 2022 | [1] | 209 | 70 |
Additional paid-in capital | 207,076 | 200,138 | |
Accumulated other comprehensive loss | (454) | (745) | |
Accumulated deficit | (192,952) | (186,040) | |
Total stockholders’ equity | 13,879 | 13,423 | |
Total liabilities and stockholders’ equity | $ 16,629 | $ 16,561 | |
[1]All share and per share data has been retroactively adjusted to reflect the 1 for 15 reverse share split |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - ₪ / shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Statement of Financial Position [Abstract] | ||
Ordinary shares, par value | ₪ 0.15 | ₪ 0.15 |
Ordinary shares, authorized | 20,000,000 | 20,000,000 |
Ordinary shares, issued | 5,045,324 | 1,692,342 |
Ordinary shares, outstanding | 5,045,324 | 1,692,342 |
Reverse stock split | 1 for 15 reverse share split |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Income Statement [Abstract] | ||||
Research and development expenses | $ 3,569 | $ 12,995 | $ 27,220 | |
General and administrative expenses | 3,923 | 4,656 | 5,661 | |
Total operating loss | 7,492 | 17,651 | 32,881 | |
Financial loss (income), net | (580) | 215 | (414) | |
Net loss | $ 6,912 | $ 17,866 | $ 32,467 | |
Basic, net loss per share | [1] | $ 2.50 | $ 10.65 | $ 19.80 |
Diluted, net loss per share | [1] | $ 2.50 | $ 10.65 | $ 19.80 |
Weighted average number of shares outstanding used in computing net loss per share, basic | [1] | 2,769,539 | 1,676,183 | 1,639,843 |
Weighted average number of shares outstanding used in computing net loss per share, diluted | [1] | 2,769,539 | 1,676,183 | 1,639,843 |
[1]All share and per share data has been retroactively adjusted to reflect the 1 for 15 reverse share split |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) | 12 Months Ended |
Dec. 31, 2023 | |
Income Statement [Abstract] | |
Reverse stock split | 1 for 15 reverse share split |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | |||
Net loss | $ 6,912 | $ 17,866 | $ 32,467 |
Other comprehensive loss: | |||
Net unrealized loss (gain) on available for sale securities | (291) | 574 | 443 |
Comprehensive loss | $ 6,621 | $ 18,440 | $ 32,910 |
Statements of Changes in Stockh
Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total | ||
Balance at Dec. 31, 2020 | $ 58 | $ 179,530 | $ 272 | $ (135,707) | $ 44,153 | ||
Balance, shares at Dec. 31, 2020 | [1] | 1,431,983 | |||||
Stock-based compensation | 1,886 | 1,886 | |||||
Exercise of options and vesting of restricted stock units | [2] | ||||||
Exercise of options and vesting of restricted stock units, shares | [1] | 1,560 | |||||
Issuance of ordinary shares in at-the-market (“ATM”) offering, net of issuance costs of $295 | $ 5 | 8,142 | 8,147 | ||||
Issuance of ordinary shares in at-the-market ("ATM") offering, net of issuance costs, shares | [1] | 103,501 | |||||
Issuance of ordinary shares under Underwritten Public Offering agreement, net of issuance costs of $786 | $ 7 | 9,214 | 9,221 | ||||
Issuance of ordinary shares under Underwritten Public Offering agreement, net of issuance costs, shares | [1] | 147,577 | |||||
Unrealized gain on marketable debt securities | (443) | (443) | |||||
Net loss | (32,467) | (32,467) | |||||
Balance at Dec. 31, 2021 | $ 70 | 198,772 | (171) | (168,174) | 30,497 | ||
Balance, shares at Dec. 31, 2021 | [1] | 1,684,621 | |||||
Stock-based compensation | 1,296 | 1,296 | |||||
Unrealized gain on marketable debt securities | (574) | (574) | |||||
Net loss | (17,866) | (17,866) | |||||
Issuance of ordinary shares in ATM offering net of issuance costs of $2 | [2] | 70 | 70 | ||||
Issuance of ordinary shares in at-the-market ("ATM") offering, net of issuance costs, shares | [1] | 7,721 | |||||
Balance at Dec. 31, 2022 | $ 70 | 200,138 | (745) | (186,040) | 13,423 | ||
Balance, shares at Dec. 31, 2022 | [1] | 1,692,342 | |||||
Stock-based compensation | 892 | 892 | |||||
Unrealized gain on marketable debt securities | 291 | 291 | |||||
Net loss | (6,912) | (6,912) | |||||
Issuance of ordinary shares, pre-funded warrants, and warrants net of issuance costs of $815 | [3] | $ 16 | 6,169 | 6,185 | |||
Issuance of ordinary shares, pre-funded warrants, and warrants net of issuance costs, shares | [1],[3] | 380,000 | |||||
Exercise of Pre-funded warrants | [3] | $ 123 | (123) | ||||
Exercise of Pre-funded warrants, shares | [1],[3] | 2,972,982 | |||||
Balance at Dec. 31, 2023 | $ 209 | $ 207,076 | $ (454) | $ (192,952) | $ 13,879 | ||
Balance, shares at Dec. 31, 2023 | [1] | 5,045,324 | |||||
[1]All share and per share data has been retroactively adjusted to reflect the 1 for 15 reverse share split |
Statements of Changes in Stoc_2
Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsidiary, Sale of Stock [Line Items] | |||
Stock issuance cost | $ 2 | ||
Warrants net of issuance costs | $ 815 | ||
Reverse stock split | 1 for 15 reverse share split | ||
At the Market Offering [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Stock issuance cost | $ 295 | ||
Underwritten Public Offering [Member] | |||
Subsidiary, Sale of Stock [Line Items] | |||
Stock issuance cost | $ 786 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |||
Cash flow from operating activities | |||||
Net loss for the year | $ (6,912) | $ (17,866) | $ (32,467) | ||
Adjustments required to reconcile net loss to net cash used in operating activities: | |||||
Depreciation | 31 | 35 | 42 | ||
Amortization of discount (premium) on marketable debt securities | 19 | (2) | 121 | ||
Gain (loss) on sale of marketable debt securities | 13 | 523 | (37) | ||
Finance expenses (income) | 6 | (36) | 6 | ||
Interest income from short-term deposits | (53) | 7 | |||
Stock-based compensation expense | 892 | 1,296 | 1,886 | ||
Change in fair value convertible note | (265) | ||||
Changes in operating assets and liabilities: | |||||
Decrease (increase) in other receivables | 345 | 300 | (313) | ||
Decrease in trade payables | (681) | (2,311) | (2,175) | ||
Increase (decrease) in other payables | 468 | (440) | 38 | ||
Net cash used in operating activities | (6,137) | (18,501) | (32,892) | ||
Cash flow from investing activities | |||||
Purchase of property and equipment | (4) | (11) | |||
Increase in restricted deposit | (1) | ||||
Investment in available for sale securities, | (4,133) | (2,373) | (13,569) | ||
Investment in Convertible note | [1] | (1,500) | |||
Investment in Associate | [1] | (1,500) | |||
Proceeds from sale of available for sale securities, | 8,633 | 21,440 | 21,243 | ||
Proceeds from (investment in) short-term deposits, net | (2,200) | 3,800 | |||
Net cash provided by investing activities | 800 | 17,563 | 11,462 | ||
Cash flow from financing activities | |||||
Issuance of ordinary shares in at-the-market offering, net of issuance costs | [2] | 70 | 8,147 | ||
Issuance of ordinary shares, pre-funded warrants, and warrants net of issuance costs | [2] | 6,185 | |||
Issuance of ordinary shares net of issuance costs | [2] | 9,221 | |||
Proceeds from exercise of options and vesting of restricted stock units | [3] | ||||
Net cash provided by financing activities | 6,185 | 70 | 17,368 | ||
Increase (decrease) in cash, cash equivalents and restricted cash | 848 | (868) | (4,062) | ||
Cash and cash equivalents and restricted cash at the beginning of the year | 2,130 | 2,998 | 7,060 | ||
Cash, cash equivalents and restricted cash at the end of the year | 2,978 | 2,130 | 2,998 | ||
Supplemental disclosure of cash flow information: | |||||
Cash received from interest | 376 | 297 | 562 | ||
Non-cash investing and financing activities: | |||||
Right-of-use assets obtained in exchange for new operating lease liabilities, net | 199 | ||||
Conversion of convertible note into investment in associate | $ 1,765 | ||||
[1]See also Note 7[2]See also Note 11.[3]Represents amount less than $1 |
General
General | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
General | Note 1 – General Galmed Pharmaceuticals Ltd. (the “Company”) was incorporated in Israel on July 31, 2013 February 2, 2014 The Company holds three wholly-owned subsidiaries, Galmed International Ltd., which is incorporated in Malta, and Galmed Research and Development Ltd. (“GRD”) and Galtopa Therapeutics Ltd., both of which are incorporated in Israel. In July 2023, GRD established a new wholly-owned subsidiary incorporated under the laws of England and Wales called Galmed Therapeutics UK Limited. The Company is a biopharmaceutical company focused on the development of Aramchol. The Company has focused almost exclusively on developing Aramchol for the treatment of liver disease and is currently developing Aramchol for Primary Sclerosing Cholangitis, or PSC, and exploring the feasibility of developing Aramchol for other fibro-inflammatory indications outside of liver disease. The Company is also collaborating with the Hebrew University in the development of Amilo-5MER. The Company has an operating history limited to pre-clinical and clinical drug development. The Company funded its research and development programs and operations to date primarily through proceeds from private placements and public offerings. The Company currently has no products approved for marketing and has not generated any revenue from product sales to date. As of December 31, 2023, the Company had cash and cash equivalents of $ 2.9 0.1 2.3 7.5 The Company has incurred operating losses in each year since inception. The Company’s loss attributable to holders of its ordinary shares for the years ended December 31, 2021, 2022, and 2023 was approximately $ 32.4 17.9 6.9 193.0 The Company will need to raise substantial, additional capital to fund its operations and to develop Aramchol and Amilo-5MER for, and beyond its current development stage and any future commercialization, as well as any additional indications. Based on the Company’s current operating plan, the Company’s management currently estimates that its cash position will support its current operations as currently conducted for more than 12 months from the date of issuance of these financial statements. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | Note 2 – Significant Accounting Policies A. Basis of presentation The consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). B. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) C. Financial statement in U.S. dollars The functional currency of the Company and its subsidiaries is the U.S dollar (the “dollar”), because the dollar is the currency of the primary economic environment in which the Company and its subsidiaries operate, and expect to continue operating in the foreseeable future. Transactions and balances denominated in dollars are presented in their original amounts. Non-dollar denominated transactions and balances have been re-measured to dollars in accordance with the provisions of ASC 830, “Foreign Currency Matters.” All transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statement of operations as financial income or expenses, as appropriate. D. Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries: Galmed Research and Development Ltd., Galmed International Ltd., Galtopa Therapeutics Ltd and Galmed Therapeutics UK Limited. All intercompany balances and transactions have been eliminated upon consolidation. E. Cash and cash equivalents Cash equivalents are short-term, highly liquid investments that are readily convertible into cash with maturities of three months or less as of the date acquired. F. Restricted Cash Cash that is held for a specific purpose and is not available for immediate or general business use due to external restrictions is classified in the Company’s consolidated balance sheets as restricted cash. G. Short-term deposits Bank deposits with maturities of more than three months but less than one year are included in short-term bank deposits. Such short-term deposits are stated at cost which approximates fair market value. Interest rates on the Company’s short-term deposits were between 5.04% 6.64% H. Marketable debt securities The Company invests most of its excess cash primarily in debt securities. The Company accounts for its investments in investment grade debt securities in accordance with ASC 320 “Investments - Debt and Equity Securities”. Management determines the appropriate classification of its investments in debt securities at the time of purchase and re-evaluates such determinations at each balance sheet date. Marketable debt securities are considered to be available for sale and are carried at fair value on the consolidated balance sheet. Unrealized gains and losses net of tax, if any, are reported in a separate component of stockholders’ equity in accumulated other comprehensive income (“OCI”). Gains and losses are recognized when realized, on a specific identification basis, in the Company’s consolidated statements of operations. Following the adoption of ASC 326, current expected credit losses on the Company’s marketable grade debt securities are recorded, if expected, through an allowance for current expected credit losses. The amount of allowance for current expected credit losses is limited to the amount that the fair value is less than the amortized cost basis. Any remaining unrealized losses are included in accumulated other comprehensive loss in stockholders’ equity. If the Company intends to sell the debt security (that is, it has decided to sell the security), or more likely than not will be required to sell the security before recovery of its amortized cost basis, any allowance for current expected credit losses is written off and the amortized cost basis shall be written down to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings. Based on management’s assessment, the Company does not intend to sell its securities for less than amortized cost; therefore, an allowance for current expected credit losses has not been recorded as of December 31, 2023 and 2022. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) H. Concentrations of credit risk (Cont.) Financial instruments which potentially subject the Company to credit risk consist primarily of cash, cash equivalents, marketable debt securities and short-term deposits. The Company hold these investments in highly-rated financial institutions, and, by policy, limit the amounts of credit exposure to any one financial institution. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe we are exposed to any significant credit risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts, or other hedging arrangements. I. Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The annual depreciation rates are as follows: Schedule of Depreciation Rates for Property, Plant and Equipment % Office furniture and equipment 7 16 Computer software and electronic equipment 15 33 Leasehold improvements Shorter of the remaining lease term or useful life The Company recorded a total of approximately $ 0.03 J. Severance pay The Company employees are included under section 14 of the Severance Compensation Act, 1963 (“Section 14”) in Israel for a portion of their salaries. According to Section 14, these employees are entitled to monthly deposits at a rate of 8.33% GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) K. Fair value of financial instruments The estimated fair value of financial instruments was determined by the Company using available market information and valuation methodologies. Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in a current market exchange. The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments: The carrying amounts of cash and cash equivalents, short-term deposits, other accounts receivables, trade payables and other trade payables approximate their fair value due to the short-term maturity of such instruments. Fair value is an exit price representing the amount that would be received upon selling an asset or that would be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions used by market participants in pricing an asset or a liability. A three-tier fair-value hierarchy was established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: ● Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets ● Level 2 - Other inputs that are directly or indirectly observable in the marketplace; and ● Level 3 - Unobservable inputs that are supported by little or no market activity The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value of the Company’s assets measured at fair value on a recurring basis by level within the fair value hierarchy are as follows (in thousands): Schedule of Assets Measured at Fair Value on Recurring Basis December 31, 2023 Fair Level 1 Level 2 Level 3 Value Corporate bonds $ - $ 1,969 $ - $ 1,969 Treasury bills - 409 - 409 Mutual funds 5,150 - - 5,150 Investment in associate - - 3,265 3,265 Total 5,150 2,378 3,265 10,793 December 31, 2022 Fair Level 1 Level 2 Level 3 Value Corporate bonds $ - $ 1,140 — $ 1,140 Mutual Funds 10,629 - — 10,629 Investment in convertible note - 1,500 — 1,500 Total 10,629 2,640 — 13,269 L. Accounting for stock-based compensation The Company accounts for share-based compensation under ASC 718, Compensation - Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense based on estimated fair values for all share-based payment awards made to employees, non-employee consultants and directors, including options and restricted share units (“RSUs”) based on the fair value of the awards on the date of grant. ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The expense for share-based compensation cost is recognized over the requisite service period of each individual grant using the straight-line method for service-based awards. Forfeitures are accounted for as they occur. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) L. Accounting for stock-based compensation (Cont.) The Company calculates the fair value of RSUs based on the fair value on the closing trading price of the underlying shares at the date of grant and estimates the fair value of stock options granted using a Black-Scholes option-pricing model The Company’s calculations of the expected volatility were based upon actual historical stock-price movements over the period, which was equal to the expected option term. The expected option term was calculated for options granted to employees and directors in accordance with ASC-718-10-S99, using the “simplified” method, and grants to non-employees were based on the contractual term. Historically, the Company has not paid dividends, and has no foreseeable plans to do so. The risk-free interest rate is based on the yield from U.S. Treasury zero-coupon bonds with an equivalent term. M. Revenue Recognition The Company only has one license agreement for which it has recognized revenues to date, from a license agreement with Samil Pharm. Co., Ltd. (“Samil” or the “Samil Agreement”). The Samil Agreement was signed on July 28, 2016, for an exclusive, royalty-bearing license for the commercialization of Aramchol (with an option to manufacture) for the treatment of fatty liver indications including NASH in the Republic of Korea. Additionally, following the ARREST Study, Samil has an option to extend the license to Vietnam, which, if exercised, would increase the clinical- and regulatory-based milestone payments. Under the terms of the Samil Agreement, the Company received an up-front payment of approximately $ 2.1 1.5 4.5 As of December 31, 2023, management evaluated the remaining clinical and regulatory milestones and determined that the variable consideration should not be recorded as revenue for the period ended December 31, 2023. The Company will re-evaluate the transaction price in each reporting period when events whose outcomes are resolved or other changes in circumstances occur that would indicate it is appropriate to recognize variable consideration as revenue. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) N. Research and development expenses Research and development expenses are charged to the statements of operations as incurred. O. Income taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”), using the liability method whereby deferred tax assets and liability account balances are determined based on the differences between financial reporting and the tax basis for assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to the amounts that are more likely-than-not to be realized. As of December 31, 2023 and 2022, the Company recorded a full valuation allowance against its deferred tax assets. The Company applies a more-likely-than-not recognition threshold to uncertain tax positions based on the technical merits of the income tax positions taken. The Company does not recognize a tax benefit unless it is more likely than not that the tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit that is recorded for these positions is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. As of December 31, 2023 and 2022, no liability for unrecognized tax benefits was recorded due to immateriality. P. Basic and diluted net loss per share Basic net loss per share is computed based on the weighted-average number of shares outstanding during each year. Diluted net loss per share is computed based on the weighted-average number of shares outstanding during each year, plus the dilutive potential of the ordinary shares considered outstanding during the year, in accordance with ASC 260-10, “Earnings Per Share.” All outstanding stock options, RSU’s, prefunded-warrants and warrants were excluded from the calculation of the diluted loss per share for the years ended December 31, 2023, 2022 and 2021, because all such securities have an anti-dilutive effect. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) Q. Segment Reporting The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, management has determined that the Company operates in one operating and reportable segment. R. Leases The Company accounts for leases in accordance with ASC 842 “Leases.” Arrangements that are determined to be operating leases at inception are recognized as right-of-use operating lease assets and lease liabilities in the balance sheets at lease commencement. The Company recognizes a lease liability at the present value of the lease payments to be made over the lease term, and concurrently recognizes a right-of-use asset at the same amount of the liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease. The Company uses its incremental borrowing rate based on the information available at the commencement date to determine the present value of the lease payments. The subsequent measurement depends on whether the lease is classified as a finance lease or an operating lease. During the reporting periods, the Company has only operating leases. Lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease expenses for operating leases are recognized on a straight-line basis over the lease term. The Company has made a policy election not to capitalize leases with a term of 12 months or less,.the Company made has also made a policy election to include lease and non-lease components as a single lease component. Payments for variable lease costs are expensed as incurred and are not included in the operating lease right-of-use assets and lease liabilities. In accordance with ASC 360-10, management reviews operating lease assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable based on estimated future undiscounted cash flows. If so indicated, an impairment loss would be recognized for the difference between the carrying amount of the asset and its fair value. S. Investment in Associate at Fair Value The Company holds an equity investment of a privately-owned company, Onkai Inc. (“Onkai”), over which it has the ability to exercise significant influence, but not control. The investment was included as a non-current asset in the balance sheet as of December 31, 2023. The Company has elected the fair value option allowed by ASC 825, Financial Instruments, with respect to this investment because management believes this approach will better reflect the economics of its equity interest. Under the fair value option, the investment is remeasured at fair value (level 3) at each reporting period with changes in fair value, if any, recorded in the statement of operations. Management determined the fair value of its investment in Onkai based on the acquisition price of the equity investment made during 2023. Management, together with its fair valuation expert, assessed the qualitative aspects of the equity investment and macroeconomic factors as of December 31, 2023 and determined that there was no material change in the investment as of December 31, 2023 T. Recently adopted accounting pronouncements From time to time, new accounting pronouncements are issued by FASB, or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. The ASU is effective for the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires disclosure of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The amendment also includes other changes to improve the effectiveness of income tax disclosures, including further disaggregation of income taxes paid for individually significant jurisdictions. This ASU is effective for annual periods beginning after December 15, 2024. Adoption of this ASU should be applied on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements |
Marketable debt securities
Marketable debt securities | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Marketable debt securities | Note 3 – Marketable debt securities The following table summarizes the Company’s marketable debt securities as of December 31, 2023 and 2022. Schedule of Marketable Debt Securities As of December 31, 2023 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value (in thousands) Corporate bonds $ 2,123 $ 6 $ (160 ) $ 1,969 Treasury bills 400 9 - 409 Mutual funds 5,459 1 (310 ) 5,150 Total short-term investments $ 7,982 $ 16 $ (470 ) $ 7,528 As of December 31, 2022 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value (in thousands) Corporate bonds $ 1,327 $ - $ (187 ) $ 1,140 Mutual funds 11,187 $ 30 $ (588 ) $ 10,629 Total short-term investments $ 12,514 $ 30 $ (775 ) $ 11,769 The contractual maturities of the aforementioned corporate bonds and treasury bills are less than one year for the year ended December 31, 2023 and one year and a half of the aforementioned corporate bonds for the year ended December 31, 2022. |
Other Receivables
Other Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Other Receivables | Note 4– Other Receivables Schedule of Other Receivables 2023 2022 As of December 31, 2023 2022 (in thousands) Prepaid expenses $ 315 $ 668 Government institutions 47 124 Other receivables 118 33 Total $ 480 $ 825 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Leases | Note 5– Leases During the year ended December 31, 2023, the Company leased, approximately 590 March 21, 2024 During 2023, 2022 and 2021, the Company recorded lease expenses in its statement of operations in the amount of $ 0.2 0.2 0.2 44 GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 5 – Leases (Cont.) At December 31, 2023, the Company’s operating lease right-of-use assets and current lease liabilities for operating leases totaled $ 42 41 223 216 The Company uses its incremental borrowing rate as the discount rate for its leases, as the implicit rate in the lease is not readily determinable. As of December 31, 2023, the Company’s operating leases had a weighted average remaining lease term of 0.25 2.3% The following table summarizes the maturities of lease liabilities as of December 31, 2023: Schedule of Maturities of Lease Liabilities 2024 $ 42 Imputed interest 1 Present value of lease liabilities $ 41 |
Property and equipment, net
Property and equipment, net | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and equipment, net | Note 6 – Property and equipment, net Schedule of Property and Equipment 2023 2022 As of December 31, 2023 2022 (in thousands) Medical equipment $ 737 $ 737 Office furniture and equipment 55 54 Computer software and electronic equipment 75 76 Leasehold improvements 235 235 Property and equipment, gross 1,102 1,102 Less - Accumulated depreciation 1,019 988 Net book value $ 83 $ 114 GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements |
Investment in an Associate
Investment in an Associate | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Investment in an Associate | Note Investment in an Associate On May 4, 2023, the Company entered into a definitive agreement (the “Agreement”) for a $ 1.5 Previously, in November, 2022 the Company invested $ 1.5 million in OnKai through a Simple Agreement for Future Equity (“SAFE”) which converted at a 15% discount into series seed preferred shares upon closing of the Investment Round (as defined below). The Company recorded in its statement of operations a change in the fair value of the convertible note (the SAFE) which totaled $ 0.3 million for the year ended December 31, 2023. The Company’s investment in OnKai was part of an approximately $ 60 3.8 1,223,535 24% Under the terms of the Agreement, during the three-year period following the closing of the Investment Round the Company will have the right to merge with OnKai subject to the approval of the boards of directors of each of the Company and OnKai. The Company was granted certain customary pre-emptive rights as well as registration rights, first refusal rights, co-sale, a board seat, and certain customary protective provisions. In connection with the Agreement, the Company’s wholly-owned subsidiary, (“GRD”), entered into a services agreement (the “Services Agreement”) with OnKai. The Services Agreement provides that GRD will on a non-exclusive basis (i) provide support services to OnKai relating to finance, business development, strategic planning, execution and others; and (ii) lend its experience to OnKai in building a strategy and for the development of treatments for the underserved and that OnKai shall on a non-exclusive basis (i) take part in plan preparation to serve GRD’s vision of developing drugs for the underserved population and (ii) when relevant, design a process on the clinical trial dashboard that could potentially serve GDR’s future trial. In connection with the above mentioned service agreement, the Company recorded management fee income of $ 12 Attached is a summarized un-audited financial information of OnkaI: Schedule of Balance Sheets Balance sheet as of December 31, 2023 December 31, 2023 (in thousands) Current assets $ 1,384 Non-current assets 5 Current liabilities 160 Non-current liabilities 628 Equity 601 Statement of operations for the period from June 19, 2023 to December 31, 2023: Schedule of Statement of Operations (in thousands) Total operating loss $ 1,551 Financial income, net 23 Income tax 16 Net Loss $ 1,544 GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements |
Other Payables
Other Payables | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Payables | Note 8 – Other Payables Schedule of Other Payables 2023 2022 As of December 31, 2023 2022 (in thousands) Employees and related $ 571 $ 160 Short-term lease obligation 41 171 Other Payables - 7 Accrued Vacation 259 196 Other Payables $ 871 $ 534 |
Related Parties
Related Parties | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Parties | Note 9 – Related Parties 1. As of December 31, 2023, and 2022, the Company had an accrual in the amount of approximately $ 0.6 0.2 2. As of December 31, 2023, the Company had a receivable balance of $ 4 3. During 2023, 2022 and 2021, the Company recorded salary expenses, stock-based compensation expenses and directors’ fee to its related parties in the amount of $ 2.8 2.8 4.1 4. During 2023, the Company recorded income from management fees pursuant to a service agreement with OnKai. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10 Commitments and Contingencies 1. As of December 31, 2023, the Company recorded a pledge on its short-term deposit in favor of its bank in the amount of approximately $ 117 66 2. The Company enters into contracts in the ordinary course of business with contract research organizations for clinical trials and clinical supply manufacturing and with vendors for non-clinical research studies and other services and products for operating purposes, which generally provide for termination upon 30 to 90 days’ notice or less, and therefore are cancelable contracts and not considered as commitment or purchase obligations. 3. For information regarding the Company’s leases commitments, see note 5. 4. On June 28, 2021, the Company entered into a license agreement with Yissum Research Development Company of the Hebrew University of Jerusalem (“Yissum”) pursuant to which Yissum granted to the Company a worldwide, exclusive and irrevocable license to develop and commercialize Amilo-5Mer. Under the license agreement, the Company is responsible for carrying out the development and commercialization of Amilo-5Mer and the prosecution and maintenance of the licensed patents under the license agreement. In consideration for the grant of the license, the Company paid Yissum an upfront license fee of $ 100 950 GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements |
Stockholders_ equity
Stockholders’ equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Stockholders’ equity | Note 11 – Stockholders’ equity A. Ordinary shares 1. Ordinary shares confer upon the holders the right to receive notice to participate and vote in general meetings of the Company and the right to receive dividends, if declared. 2. During February 2021, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Cantor Fitzgerald & Co. (the “Underwriter”) in connection with an underwritten public offering (the “Underwritten Public Offering”) of 147,577 64.81 9.2 3. On March 26, 2021, the Company entered into a Sales Agreement with Cantor Fitzgerald & Co. and Canaccord Genuity LLC, as sales agents, pursuant to which the Company may offer and sell ordinary shares “at the market” having an aggregate offering price of up to $ 50.0 7,721 0.1 4. On May 15, 2023, the Company effected a reverse share split of the Company’s ordinary shares at the ratio of 1-for-15 0.01 0.15 5. On July 18, 2023, the Company sold to investors in a public offering (i) 380,000 5,220,000 5,220,000 5,600,000 5,600,000 1.25 1.249 The Pre-Funded Warrants are immediately exercisable at an exercise price of $ 0.001 1.25 6.2 6. As of December 31, 2023, a total of 2,975,000 2,972,982 which a total of 1,090,000 1,087,982 965,000 964,330 240,000 239,330 GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 11 – Stockholders’ equity (Cont.) B. Stock-based compensation 1. The Company has an equity-based incentive plan, the 2013 Incentive Share Option Plan (the “2013 Plan”). As of December 31, 2023, based on the latest amendment to the plan from August 7, 2023, a total of 2,000,000 367,026 2. During February 2021, certain office holders exercised options into 1,249 1 3. In March 2021, the Company granted options to purchase 3,000 62.4 10 0.1 4. In July, 2021, the Company granted options to purchase 6,667 46.5 10 three years 0.2 5. In August, 2021, the Company granted options to purchase 2,500 42.45 10 three years 0.01 6. In February 2022, the Company granted options to purchase 2,667 24.15 10 four years 7. On March 23, 2023, the Company received a ruling from the Israel Tax Authority (“ITA”) confirming the repricing of certain stock options. This repricing was accounted for as a modification of a share-based payment award. The incremental compensation expense recognized as a result of the modification during the year ended December 31, 2023 was approximately $ 0.1 8. In August 2023, the Company granted 1,315,000 75,000 75,000 1.05 10 0.9 9. In September 2023, the Company extended the exercise period of 21,654 0.15 five years 1 GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 11 – Stockholders’ equity (Cont.) B. Stock-based compensation (Cont.) 7. A summary of the status of the Company’s outstanding options as of December 31, 2023 and 2022 and changes during the years then ended are presented below: Summary of Status of Company's Option Plans and Changes 2023 2022 Weighted Weighted Number of average Number of average share exercise share exercise options price options price Options outstanding at beginning of year 177,095 $ 54.51 189,390 $ 54.8 Granted 75,000 $ 1.05 2,666 $ 5.7 Forfeited (11,351 ) $ 36.8 (14,961 ) $ 49.61 Outstanding at end of year 240,744 $ 38.32 177,095 54.51 Options exercisable at year end $ 159,229 $ 55.88 152,469 56.9 The following assumptions were used for the fiscal year 2023, 2022 and 2021 grants: - dividend yield of 0.00 - risk-free interest rate between 0.80 1.34 1.94 4.16 - an expected life between 5 6.25 - and a volatility rate ranging between 64 81 65 108 As of December 31, 2023, and 2022, the weighted-average remaining contractual term of the outstanding options, excluding the 2,575 6.24 4.84 The weighted average grant date fair value of the options granted during the years ended December 31, 2023, 2022 and 2021 is $ 0.63 0.68 2.19 As of December 31, 2023, a total of 21,654 0.001 21,654 0.2 The unrecognized compensation expense calculated under the fair-value method for stock options expected to vest as of December 31, 2023, 2022 and 2021 is approximately $ 0.3 0.9 3.4 0.3 1.41 1.75 For the years ended 2023, 2022 and 2021, the Company recorded a total of $ 0.8 1.3 1.9 GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 11 – Stockholders’ equity (Cont.) B. Stock-based compensation (Cont.) On August 7, 2023, the Company issued a total of 1,315,000 three years 0.1 The weighted average grant date fair value of the RSU’s granted during the year ended December 31, 2023 was $ 0.63 The unrecognized compensation expense calculated for RSU’s expected to vest as of December 31, 2023, is approximately $ 0.7 2.5 |
Research and Development Expens
Research and Development Expenses | 12 Months Ended |
Dec. 31, 2023 | |
Research and Development [Abstract] | |
Research and Development Expenses | Note 12 – Research and Development Expenses Schedule of Research and Development Expenses Year ended December 31, 2023 2022 2021 (in thousands) Chemistry and formulation studies $ 573 $ 2,448 $ 5,009 Salaries 676 1,692 2,963 Stock-based compensation 243 383 660 Research and preclinical studies 460 1,346 2,163 Clinical studies 616 6,532 14,937 Regulatory and other expenses 1,001 594 1,488 $ 3,569 $ 12,995 $ 27,220 |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2023 | |
General And Administrative Expenses | |
General and Administrative Expenses | Note 13 – General and Administrative Expenses Schedule of General and Administrative Expenses Year ended December 31, 2023 2022 2021 (in thousands) Stock-based compensation $ 649 $ 913 $ 1,225 Professional fees 908 1,084 897 Salaries and benefits 1,428 1,164 1,617 Rent and office-maintenance fees 261 401 530 Investor relations and business development expenses 14 59 242 Insurance and other expenses 663 1,035 1,150 $ 3,923 $ 4,656 $ 5,661 GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements |
Financial income, net
Financial income, net | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Financial income, net | Note 14 – Financial income, net Schedule of Financial Income, Net 2023 2022 2021 Year ended December 31, 2023 2022 2021 (in thousands) Bank fees $ 11 $ 22 $ 43 Interest income (375 ) (297 ) (562 ) Loss (gain) from sale of marketable debt securities 13 526 80 Change in fair value of convertible note (265 ) - - Foreign currency (gains) losses 36 (36 ) 25 Financial income net $ (580 ) $ 215 $ (414 ) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 15 – Income Taxes A. General The Company is assessed for tax purposes on an unconsolidated basis. Each of the Company’s subsidiaries is subject to the tax rules prevailing in its country of incorporation. B. Corporate Taxation Israeli Companies: The Israeli corporate income tax rate is 23 On February 7, 2018, the Israeli Tax Authority issued a ruling granting the Company’s Israeli subsidiary, Galmed Research and Development Ltd, a “Preferred Technological Enterprise” status as defined under the Encouragement of Capital Investment Law -1959 (the “Approval”). The grant of the status means that the Company’s Israeli subsidiary will be subject to a reduced Israeli corporate tax rate that will range between 6%-12% on any future taxable “technological income” which includes sales, licenses and royalties from its IP protected products. The tax ruling applies for five years until the end of 2022 and may be extended for further periods subject to meeting certain requirements. Maltese subsidiary: Taxable income of Maltese companies was subject to tax at the rate of 35 C. Net Operating Loss Carry forward As of December 31, 2023, the Company had approximately $ 165.1 11.7 153.4 3.1 GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 15 – Income Taxes (Cont.) D. Deferred income taxes As of December 31, 2023, the significant components of the Company’s deferred tax assets are net operating loss carryforward in the amount of $ 165.1 6.4 E. Tax assessment The Israeli subsidiaries received final tax assessments through the year ended December 31, 2019. F. Effective tax expense A reconciliation of the Company’s effective tax expense to the Company’s theoretical statutory tax benefit is as follows: Schedule of Effective Income Tax Rate Reconciliation 2023 2022 2021 Year ended December 31, 2023 2022 2021 (in thousands) Loss before taxes on income, as reported in the consolidated statements of operations $ 6,912 $ 17,866 $ 32,467 Statutory tax rate 23 % 12 % 12 % Theoretical tax benefit 1,590 2,144 3,896 Losses and other items for which a valuation allowance was provided or benefit from loss carry forwards (1,590 ) (2,144 ) (3,896 ) Actual tax expense $ — $ — $ — |
Subsequent event
Subsequent event | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent event | Note 16 – Subsequent event Subsequent to the balance sheet date, as of April 3, 2024, a total of 965,000 964,330 240,000 239,330 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of presentation | A. Basis of presentation The consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). |
Use of estimates | B. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) |
Financial statement in U.S. dollars | C. Financial statement in U.S. dollars The functional currency of the Company and its subsidiaries is the U.S dollar (the “dollar”), because the dollar is the currency of the primary economic environment in which the Company and its subsidiaries operate, and expect to continue operating in the foreseeable future. Transactions and balances denominated in dollars are presented in their original amounts. Non-dollar denominated transactions and balances have been re-measured to dollars in accordance with the provisions of ASC 830, “Foreign Currency Matters.” All transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statement of operations as financial income or expenses, as appropriate. |
Principles of consolidation | D. Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries: Galmed Research and Development Ltd., Galmed International Ltd., Galtopa Therapeutics Ltd and Galmed Therapeutics UK Limited. All intercompany balances and transactions have been eliminated upon consolidation. |
Cash and cash equivalents | E. Cash and cash equivalents Cash equivalents are short-term, highly liquid investments that are readily convertible into cash with maturities of three months or less as of the date acquired. |
Restricted Cash | F. Restricted Cash Cash that is held for a specific purpose and is not available for immediate or general business use due to external restrictions is classified in the Company’s consolidated balance sheets as restricted cash. |
Short-term deposits | G. Short-term deposits Bank deposits with maturities of more than three months but less than one year are included in short-term bank deposits. Such short-term deposits are stated at cost which approximates fair market value. Interest rates on the Company’s short-term deposits were between 5.04% 6.64% |
Marketable debt securities | H. Marketable debt securities The Company invests most of its excess cash primarily in debt securities. The Company accounts for its investments in investment grade debt securities in accordance with ASC 320 “Investments - Debt and Equity Securities”. Management determines the appropriate classification of its investments in debt securities at the time of purchase and re-evaluates such determinations at each balance sheet date. Marketable debt securities are considered to be available for sale and are carried at fair value on the consolidated balance sheet. Unrealized gains and losses net of tax, if any, are reported in a separate component of stockholders’ equity in accumulated other comprehensive income (“OCI”). Gains and losses are recognized when realized, on a specific identification basis, in the Company’s consolidated statements of operations. Following the adoption of ASC 326, current expected credit losses on the Company’s marketable grade debt securities are recorded, if expected, through an allowance for current expected credit losses. The amount of allowance for current expected credit losses is limited to the amount that the fair value is less than the amortized cost basis. Any remaining unrealized losses are included in accumulated other comprehensive loss in stockholders’ equity. If the Company intends to sell the debt security (that is, it has decided to sell the security), or more likely than not will be required to sell the security before recovery of its amortized cost basis, any allowance for current expected credit losses is written off and the amortized cost basis shall be written down to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings. Based on management’s assessment, the Company does not intend to sell its securities for less than amortized cost; therefore, an allowance for current expected credit losses has not been recorded as of December 31, 2023 and 2022. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) |
Concentrations of credit risk (Cont.) | H. Concentrations of credit risk (Cont.) Financial instruments which potentially subject the Company to credit risk consist primarily of cash, cash equivalents, marketable debt securities and short-term deposits. The Company hold these investments in highly-rated financial institutions, and, by policy, limit the amounts of credit exposure to any one financial institution. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe we are exposed to any significant credit risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts, or other hedging arrangements. |
Property and equipment | I. Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The annual depreciation rates are as follows: Schedule of Depreciation Rates for Property, Plant and Equipment % Office furniture and equipment 7 16 Computer software and electronic equipment 15 33 Leasehold improvements Shorter of the remaining lease term or useful life The Company recorded a total of approximately $ 0.03 |
Severance pay | J. Severance pay The Company employees are included under section 14 of the Severance Compensation Act, 1963 (“Section 14”) in Israel for a portion of their salaries. According to Section 14, these employees are entitled to monthly deposits at a rate of 8.33% GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) |
Fair value of financial instruments | K. Fair value of financial instruments The estimated fair value of financial instruments was determined by the Company using available market information and valuation methodologies. Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in a current market exchange. The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments: The carrying amounts of cash and cash equivalents, short-term deposits, other accounts receivables, trade payables and other trade payables approximate their fair value due to the short-term maturity of such instruments. Fair value is an exit price representing the amount that would be received upon selling an asset or that would be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions used by market participants in pricing an asset or a liability. A three-tier fair-value hierarchy was established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: ● Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets ● Level 2 - Other inputs that are directly or indirectly observable in the marketplace; and ● Level 3 - Unobservable inputs that are supported by little or no market activity The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The fair value of the Company’s assets measured at fair value on a recurring basis by level within the fair value hierarchy are as follows (in thousands): Schedule of Assets Measured at Fair Value on Recurring Basis December 31, 2023 Fair Level 1 Level 2 Level 3 Value Corporate bonds $ - $ 1,969 $ - $ 1,969 Treasury bills - 409 - 409 Mutual funds 5,150 - - 5,150 Investment in associate - - 3,265 3,265 Total 5,150 2,378 3,265 10,793 December 31, 2022 Fair Level 1 Level 2 Level 3 Value Corporate bonds $ - $ 1,140 — $ 1,140 Mutual Funds 10,629 - — 10,629 Investment in convertible note - 1,500 — 1,500 Total 10,629 2,640 — 13,269 |
Accounting for stock-based compensation | L. Accounting for stock-based compensation The Company accounts for share-based compensation under ASC 718, Compensation - Stock Compensation (“ASC 718”), which requires the measurement and recognition of compensation expense based on estimated fair values for all share-based payment awards made to employees, non-employee consultants and directors, including options and restricted share units (“RSUs”) based on the fair value of the awards on the date of grant. ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The expense for share-based compensation cost is recognized over the requisite service period of each individual grant using the straight-line method for service-based awards. Forfeitures are accounted for as they occur. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) L. Accounting for stock-based compensation (Cont.) The Company calculates the fair value of RSUs based on the fair value on the closing trading price of the underlying shares at the date of grant and estimates the fair value of stock options granted using a Black-Scholes option-pricing model The Company’s calculations of the expected volatility were based upon actual historical stock-price movements over the period, which was equal to the expected option term. The expected option term was calculated for options granted to employees and directors in accordance with ASC-718-10-S99, using the “simplified” method, and grants to non-employees were based on the contractual term. Historically, the Company has not paid dividends, and has no foreseeable plans to do so. The risk-free interest rate is based on the yield from U.S. Treasury zero-coupon bonds with an equivalent term. |
Revenue Recognition | M. Revenue Recognition The Company only has one license agreement for which it has recognized revenues to date, from a license agreement with Samil Pharm. Co., Ltd. (“Samil” or the “Samil Agreement”). The Samil Agreement was signed on July 28, 2016, for an exclusive, royalty-bearing license for the commercialization of Aramchol (with an option to manufacture) for the treatment of fatty liver indications including NASH in the Republic of Korea. Additionally, following the ARREST Study, Samil has an option to extend the license to Vietnam, which, if exercised, would increase the clinical- and regulatory-based milestone payments. Under the terms of the Samil Agreement, the Company received an up-front payment of approximately $ 2.1 1.5 4.5 As of December 31, 2023, management evaluated the remaining clinical and regulatory milestones and determined that the variable consideration should not be recorded as revenue for the period ended December 31, 2023. The Company will re-evaluate the transaction price in each reporting period when events whose outcomes are resolved or other changes in circumstances occur that would indicate it is appropriate to recognize variable consideration as revenue. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) |
Research and development expenses | N. Research and development expenses Research and development expenses are charged to the statements of operations as incurred. |
Income taxes | O. Income taxes The Company accounts for income taxes in accordance with ASC 740, Income Taxes (“ASC 740”), using the liability method whereby deferred tax assets and liability account balances are determined based on the differences between financial reporting and the tax basis for assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to the amounts that are more likely-than-not to be realized. As of December 31, 2023 and 2022, the Company recorded a full valuation allowance against its deferred tax assets. The Company applies a more-likely-than-not recognition threshold to uncertain tax positions based on the technical merits of the income tax positions taken. The Company does not recognize a tax benefit unless it is more likely than not that the tax position will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax benefit that is recorded for these positions is measured at the largest amount of benefit that is greater than 50% likely of being realized upon ultimate settlement. As of December 31, 2023 and 2022, no liability for unrecognized tax benefits was recorded due to immateriality. |
Basic and diluted net loss per share | P. Basic and diluted net loss per share Basic net loss per share is computed based on the weighted-average number of shares outstanding during each year. Diluted net loss per share is computed based on the weighted-average number of shares outstanding during each year, plus the dilutive potential of the ordinary shares considered outstanding during the year, in accordance with ASC 260-10, “Earnings Per Share.” All outstanding stock options, RSU’s, prefunded-warrants and warrants were excluded from the calculation of the diluted loss per share for the years ended December 31, 2023, 2022 and 2021, because all such securities have an anti-dilutive effect. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) |
Segment Reporting | Q. Segment Reporting The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, management has determined that the Company operates in one operating and reportable segment. |
Leases | R. Leases The Company accounts for leases in accordance with ASC 842 “Leases.” Arrangements that are determined to be operating leases at inception are recognized as right-of-use operating lease assets and lease liabilities in the balance sheets at lease commencement. The Company recognizes a lease liability at the present value of the lease payments to be made over the lease term, and concurrently recognizes a right-of-use asset at the same amount of the liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease. The Company uses its incremental borrowing rate based on the information available at the commencement date to determine the present value of the lease payments. The subsequent measurement depends on whether the lease is classified as a finance lease or an operating lease. During the reporting periods, the Company has only operating leases. Lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease expenses for operating leases are recognized on a straight-line basis over the lease term. The Company has made a policy election not to capitalize leases with a term of 12 months or less,.the Company made has also made a policy election to include lease and non-lease components as a single lease component. Payments for variable lease costs are expensed as incurred and are not included in the operating lease right-of-use assets and lease liabilities. In accordance with ASC 360-10, management reviews operating lease assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable based on estimated future undiscounted cash flows. If so indicated, an impairment loss would be recognized for the difference between the carrying amount of the asset and its fair value. |
Investment in Associate at Fair Value | S. Investment in Associate at Fair Value The Company holds an equity investment of a privately-owned company, Onkai Inc. (“Onkai”), over which it has the ability to exercise significant influence, but not control. The investment was included as a non-current asset in the balance sheet as of December 31, 2023. The Company has elected the fair value option allowed by ASC 825, Financial Instruments, with respect to this investment because management believes this approach will better reflect the economics of its equity interest. Under the fair value option, the investment is remeasured at fair value (level 3) at each reporting period with changes in fair value, if any, recorded in the statement of operations. Management determined the fair value of its investment in Onkai based on the acquisition price of the equity investment made during 2023. Management, together with its fair valuation expert, assessed the qualitative aspects of the equity investment and macroeconomic factors as of December 31, 2023 and determined that there was no material change in the investment as of December 31, 2023 |
Recently adopted accounting pronouncements | T. Recently adopted accounting pronouncements From time to time, new accounting pronouncements are issued by FASB, or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU expands public entities’ segment disclosures by requiring disclosure of significant segment expenses that are regularly reviewed by the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss, an amount and description of its composition for other segment items, and interim disclosures of a reportable segment’s profit or loss and assets. The ASU also allows, in addition to the measure that is most consistent with U.S. GAAP, the disclosure of additional measures of segment profit or loss that are used by the CODM in assessing segment performance and deciding how to allocate resources. The ASU is effective for the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2024, and subsequent interim periods, with early adoption permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires disclosure of specific categories in the rate reconciliation and additional information for reconciling items that meet a quantitative threshold. The amendment also includes other changes to improve the effectiveness of income tax disclosures, including further disaggregation of income taxes paid for individually significant jurisdictions. This ASU is effective for annual periods beginning after December 15, 2024. Adoption of this ASU should be applied on a prospective basis. Early adoption is permitted. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Schedule of Depreciation Rates for Property, Plant and Equipment | Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The annual depreciation rates are as follows: Schedule of Depreciation Rates for Property, Plant and Equipment % Office furniture and equipment 7 16 Computer software and electronic equipment 15 33 Leasehold improvements Shorter of the remaining lease term or useful life |
Schedule of Assets Measured at Fair Value on Recurring Basis | The fair value of the Company’s assets measured at fair value on a recurring basis by level within the fair value hierarchy are as follows (in thousands): Schedule of Assets Measured at Fair Value on Recurring Basis December 31, 2023 Fair Level 1 Level 2 Level 3 Value Corporate bonds $ - $ 1,969 $ - $ 1,969 Treasury bills - 409 - 409 Mutual funds 5,150 - - 5,150 Investment in associate - - 3,265 3,265 Total 5,150 2,378 3,265 10,793 December 31, 2022 Fair Level 1 Level 2 Level 3 Value Corporate bonds $ - $ 1,140 — $ 1,140 Mutual Funds 10,629 - — 10,629 Investment in convertible note - 1,500 — 1,500 Total 10,629 2,640 — 13,269 |
Marketable debt securities (Tab
Marketable debt securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of Marketable Debt Securities | The following table summarizes the Company’s marketable debt securities as of December 31, 2023 and 2022. Schedule of Marketable Debt Securities As of December 31, 2023 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value (in thousands) Corporate bonds $ 2,123 $ 6 $ (160 ) $ 1,969 Treasury bills 400 9 - 409 Mutual funds 5,459 1 (310 ) 5,150 Total short-term investments $ 7,982 $ 16 $ (470 ) $ 7,528 As of December 31, 2022 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value (in thousands) Corporate bonds $ 1,327 $ - $ (187 ) $ 1,140 Mutual funds 11,187 $ 30 $ (588 ) $ 10,629 Total short-term investments $ 12,514 $ 30 $ (775 ) $ 11,769 |
Other Receivables (Tables)
Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Receivables [Abstract] | |
Schedule of Other Receivables | Schedule of Other Receivables 2023 2022 As of December 31, 2023 2022 (in thousands) Prepaid expenses $ 315 $ 668 Government institutions 47 124 Other receivables 118 33 Total $ 480 $ 825 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases | |
Schedule of Maturities of Lease Liabilities | The following table summarizes the maturities of lease liabilities as of December 31, 2023: Schedule of Maturities of Lease Liabilities 2024 $ 42 Imputed interest 1 Present value of lease liabilities $ 41 |
Property and equipment, net (Ta
Property and equipment, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | Schedule of Property and Equipment 2023 2022 As of December 31, 2023 2022 (in thousands) Medical equipment $ 737 $ 737 Office furniture and equipment 55 54 Computer software and electronic equipment 75 76 Leasehold improvements 235 235 Property and equipment, gross 1,102 1,102 Less - Accumulated depreciation 1,019 988 Net book value $ 83 $ 114 |
Investment in an Associate (Tab
Investment in an Associate (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, All Other Investments [Abstract] | |
Schedule of Balance Sheets | Schedule of Balance Sheets Balance sheet as of December 31, 2023 December 31, 2023 (in thousands) Current assets $ 1,384 Non-current assets 5 Current liabilities 160 Non-current liabilities 628 Equity 601 |
Schedule of Statement of Operations | Schedule of Statement of Operations (in thousands) Total operating loss $ 1,551 Financial income, net 23 Income tax 16 Net Loss $ 1,544 |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Payables | Schedule of Other Payables 2023 2022 As of December 31, 2023 2022 (in thousands) Employees and related $ 571 $ 160 Short-term lease obligation 41 171 Other Payables - 7 Accrued Vacation 259 196 Other Payables $ 871 $ 534 |
Stockholders_ equity (Tables)
Stockholders’ equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Summary of Status of Company's Option Plans and Changes | Summary of Status of Company's Option Plans and Changes 2023 2022 Weighted Weighted Number of average Number of average share exercise share exercise options price options price Options outstanding at beginning of year 177,095 $ 54.51 189,390 $ 54.8 Granted 75,000 $ 1.05 2,666 $ 5.7 Forfeited (11,351 ) $ 36.8 (14,961 ) $ 49.61 Outstanding at end of year 240,744 $ 38.32 177,095 54.51 Options exercisable at year end $ 159,229 $ 55.88 152,469 56.9 |
Research and Development Expe_2
Research and Development Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Research and Development [Abstract] | |
Schedule of Research and Development Expenses | Schedule of Research and Development Expenses Year ended December 31, 2023 2022 2021 (in thousands) Chemistry and formulation studies $ 573 $ 2,448 $ 5,009 Salaries 676 1,692 2,963 Stock-based compensation 243 383 660 Research and preclinical studies 460 1,346 2,163 Clinical studies 616 6,532 14,937 Regulatory and other expenses 1,001 594 1,488 $ 3,569 $ 12,995 $ 27,220 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
General And Administrative Expenses | |
Schedule of General and Administrative Expenses | Schedule of General and Administrative Expenses Year ended December 31, 2023 2022 2021 (in thousands) Stock-based compensation $ 649 $ 913 $ 1,225 Professional fees 908 1,084 897 Salaries and benefits 1,428 1,164 1,617 Rent and office-maintenance fees 261 401 530 Investor relations and business development expenses 14 59 242 Insurance and other expenses 663 1,035 1,150 $ 3,923 $ 4,656 $ 5,661 |
Financial income, net (Tables)
Financial income, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Financial Income, Net | Schedule of Financial Income, Net 2023 2022 2021 Year ended December 31, 2023 2022 2021 (in thousands) Bank fees $ 11 $ 22 $ 43 Interest income (375 ) (297 ) (562 ) Loss (gain) from sale of marketable debt securities 13 526 80 Change in fair value of convertible note (265 ) - - Foreign currency (gains) losses 36 (36 ) 25 Financial income net $ (580 ) $ 215 $ (414 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the Company’s effective tax expense to the Company’s theoretical statutory tax benefit is as follows: Schedule of Effective Income Tax Rate Reconciliation 2023 2022 2021 Year ended December 31, 2023 2022 2021 (in thousands) Loss before taxes on income, as reported in the consolidated statements of operations $ 6,912 $ 17,866 $ 32,467 Statutory tax rate 23 % 12 % 12 % Theoretical tax benefit 1,590 2,144 3,896 Losses and other items for which a valuation allowance was provided or benefit from loss carry forwards (1,590 ) (2,144 ) (3,896 ) Actual tax expense $ — $ — $ — |
General (Details Narrative)
General (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Date of incorporation | Jul. 31, 2013 | ||
Date of commenced operations | Feb. 02, 2014 | ||
Cash and cash equivalents | $ 2,861 | $ 2,016 | |
Restricted cash | 117 | 114 | |
Short-term deposits | 2,253 | ||
Marketable securities debt | 7,500 | ||
Profit loss | 6,900 | 17,900 | $ 32,400 |
Retained earnings accumulated deficit | $ 192,952 | $ 186,040 |
Schedule of Depreciation Rates
Schedule of Depreciation Rates for Property, Plant and Equipment (Details) | Dec. 31, 2023 |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Depreciation Method [Extensible Enumeration] | Useful Life, Shorter of Lease Term or Asset Utility [Member] |
Minimum [Member] | Office Furniture and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, depreciation, percentage | 7% |
Minimum [Member] | Computer Software and Electronic Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, depreciation, percentage | 15% |
Maximum [Member] | Office Furniture and Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, depreciation, percentage | 16% |
Maximum [Member] | Computer Software and Electronic Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property and equipment, depreciation, percentage | 33% |
Schedule of Assets Measured at
Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 10,793 | $ 13,269 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 1,969 | 1,140 |
US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 409 | |
Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 5,150 | 10,629 |
Investment in Associate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 3,265 | |
Convertible Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 1,500 | |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 5,150 | 10,629 |
Fair Value, Inputs, Level 1 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Fair Value, Inputs, Level 1 [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Fair Value, Inputs, Level 1 [Member] | Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 5,150 | 10,629 |
Fair Value, Inputs, Level 1 [Member] | Investment in Associate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Fair Value, Inputs, Level 1 [Member] | Convertible Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 2,378 | 2,640 |
Fair Value, Inputs, Level 2 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 1,969 | 1,140 |
Fair Value, Inputs, Level 2 [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 409 | |
Fair Value, Inputs, Level 2 [Member] | Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Fair Value, Inputs, Level 2 [Member] | Investment in Associate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Fair Value, Inputs, Level 2 [Member] | Convertible Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 1,500 | |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 3,265 | |
Fair Value, Inputs, Level 3 [Member] | Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Fair Value, Inputs, Level 3 [Member] | US Treasury Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Fair Value, Inputs, Level 3 [Member] | Mutual Fund [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | ||
Fair Value, Inputs, Level 3 [Member] | Investment in Associate [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 3,265 | |
Fair Value, Inputs, Level 3 [Member] | Convertible Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total |
Significant Accounting Polici_4
Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2018 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, depreciation | $ 30 | ||
Monthly deposits percentage | 8.33% | ||
Samil Pharm Co Ltd [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Milestone method revenue payment | $ 1,500 | $ 2,100 | |
Accrued royalties | $ 4,500 | ||
Restricted Stock [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Black scholes option pricing model | Black-Scholes option-pricing model | ||
Minimum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Short-Term deposits interest rate | 5.04% | ||
Maximum [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Short-Term deposits interest rate | 6.64% |
Schedule of Marketable Debt Sec
Schedule of Marketable Debt Securities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | $ 7,982 | $ 12,514 |
Gross Unrealized Gains | 16 | 30 |
Gross Unrealized Losses | (470) | (775) |
Estimated Fair Value | 7,528 | 11,769 |
Corporate Debt Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | 2,123 | 1,327 |
Gross Unrealized Gains | 6 | |
Gross Unrealized Losses | (160) | (187) |
Estimated Fair Value | 1,969 | 1,140 |
US Treasury Securities [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | 400 | |
Gross Unrealized Gains | 9 | |
Gross Unrealized Losses | ||
Estimated Fair Value | 409 | |
Mutual Fund [Member] | ||
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items] | ||
Amortized Cost | 5,459 | 11,187 |
Gross Unrealized Gains | 1 | 30 |
Gross Unrealized Losses | (310) | (588) |
Estimated Fair Value | $ 5,150 | $ 10,629 |
Schedule of Other Receivables (
Schedule of Other Receivables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Receivables [Abstract] | ||
Prepaid expenses | $ 315 | $ 668 |
Government institutions | 47 | 124 |
Other receivables | 118 | 33 |
Total | $ 480 | $ 825 |
Schedule of Maturities of Lease
Schedule of Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Leases | ||
2024 | $ 42 | |
Imputed interest | 1 | |
Present value of lease liabilities | $ 41 | $ 216 |
Leases (Details Narrative)
Leases (Details Narrative) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) ft² | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Leases | |||
Area of land under operating lease agreement | ft² | 590 | ||
Lease expiry date | Mar. 21, 2024 | ||
Lease expense | $ 200 | $ 200 | $ 200 |
Sublease income | 44 | ||
Operating lease assets | 42 | 223 | |
Operating lease liability | $ 41 | $ 216 | |
Operating leases, weighted average remaining lease term (in years) | 3 months | ||
Operating leases, weighted average borrowing rate | 2.30% |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Abstract] | ||
Medical equipment | $ 737 | $ 737 |
Office furniture and equipment | 55 | 54 |
Computer software and electronic equipment | 75 | 76 |
Leasehold improvements | 235 | 235 |
Property and equipment, gross | 1,102 | 1,102 |
Less - Accumulated depreciation | 1,019 | 988 |
Net book value | $ 83 | $ 114 |
Schedule of Balance Sheets (Det
Schedule of Balance Sheets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||
Current assets | $ 13,239 | $ 14,724 | ||
Non-current assets | 3,390 | 1,837 | ||
Current liabilities | 2,750 | 3,094 | ||
Non-current liabilities | 44 | |||
Equity | (13,879) | $ (13,423) | $ (30,497) | $ (44,153) |
Onkai Inc [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||
Current assets | 1,384 | |||
Non-current assets | 5 | |||
Current liabilities | 160 | |||
Non-current liabilities | 628 | |||
Equity | $ 601 |
Schedule of Statement of Operat
Schedule of Statement of Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Total operating loss | $ 7,492 | $ 17,651 | $ 32,881 |
Income tax | |||
Net loss | 6,912 | $ 17,866 | $ 32,467 |
Onkai Inc [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | |||
Total operating loss | 1,551 | ||
Financial income, net | 23 | ||
Income tax | 16 | ||
Net loss | $ 1,544 |
Investment in an Associate (Det
Investment in an Associate (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |||||
May 04, 2023 | Nov. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Jun. 19, 2023 | |
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||
Investment | $ 60,000 | |||||
Management fee income | 3,923 | $ 4,656 | $ 5,661 | |||
Administrative Service [Member] | ||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||
Management fee income | 12 | |||||
Onkai Inc [Member] | ||||||
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items] | ||||||
Value conversion | $ 1,500 | $ 1,500 | $ 3,800 | |||
[custom:CapitalStockDiscountRate] | 15% | |||||
Gain (Loss) on Investments | $ 300 | |||||
Shares owned | 1,223,535 | |||||
Shares owned percentage | 24% |
Schedule of Other Payables (Det
Schedule of Other Payables (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Employees and related | $ 571 | $ 160 |
Short-term lease obligation | 41 | 171 |
Other Payables | 7 | |
Accrued Vacation | 259 | 196 |
Other Payables | $ 871 | $ 534 |
Related Parties (Details Narrat
Related Parties (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Related party expenses | $ 2,800 | $ 2,800 | $ 4,100 |
Service Agreement [Member] | |||
Related Party Transaction [Line Items] | |||
Related party expenses | 4 | ||
Officers And Directors [Member] | |||
Related Party Transaction [Line Items] | |||
Due to related parties | $ 600 | $ 200 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Jun. 28, 2021 | Dec. 31, 2023 | |
Loss Contingencies [Line Items] | ||
Bank lien on marketable securities | $ 117 | |
Upfront license fee | $ 100 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Payments to regulatory milestones | $ 950 | |
Guarantee of Indebtedness of Others [Member] | ||
Loss Contingencies [Line Items] | ||
Bank guarantee, commitment | $ 66 |
Summary of Status of Company's
Summary of Status of Company's Option Plans and Changes (Details) - $ / shares | 1 Months Ended | 12 Months Ended | |||||
Aug. 31, 2023 | Feb. 28, 2022 | Aug. 31, 2021 | Jul. 31, 2021 | Mar. 31, 2021 | Dec. 31, 2023 | Dec. 31, 2022 | |
Option Indexed to Issuer's Equity [Line Items] | |||||||
Number of share options, Granted | 75,000 | 2,667 | 2,500 | 6,667 | 3,000 | ||
Number of share options exercisable, Ending | 21,654 | 21,654 | |||||
Weighted average exercise price, Options exercisable, Ending | $ 1.05 | $ 24.15 | $ 42.45 | $ 46.5 | $ 62.4 | ||
Share-Based Payment Arrangement, Option [Member] | |||||||
Option Indexed to Issuer's Equity [Line Items] | |||||||
Number of share options, Beginning | 177,095 | 189,390 | |||||
Weighted average exercise price, Beginning | $ 54.51 | $ 54.8 | |||||
Number of share options, Granted | 75,000 | 2,666 | |||||
Weighted average exercise price, Granted | $ 1.05 | $ 5.7 | |||||
Number of share options, Forfeited | (11,351) | (14,961) | |||||
Weighted average exercise price, Forfeited | $ 36.8 | $ 49.61 | |||||
Number of share options, Ending | 240,744 | 177,095 | |||||
Weighted average exercise price, Ending | $ 38.32 | $ 54.51 | |||||
Number of share options exercisable, Ending | 159,229 | 152,469 | |||||
Weighted average exercise price, Options exercisable, Ending | $ 55.88 | $ 56.9 |
Stockholders_ equity (Details N
Stockholders’ equity (Details Narrative) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||||||
Apr. 03, 2024 shares | Aug. 07, 2023 shares | Jul. 18, 2023 USD ($) $ / shares shares | May 15, 2023 ₪ / shares | Sep. 30, 2023 USD ($) shares | Aug. 31, 2023 USD ($) $ / shares shares | Feb. 28, 2022 $ / shares shares | Aug. 31, 2021 USD ($) $ / shares shares | Jul. 31, 2021 USD ($) $ / shares shares | Mar. 31, 2021 USD ($) $ / shares shares | Feb. 28, 2021 USD ($) $ / shares shares | Dec. 31, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Sep. 30, 2023 ₪ / shares | Mar. 26, 2021 USD ($) | |||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Additional ordinary shares | 380,000,000 | |||||||||||||||||||
Proceeds from sale of ordinary shares | $ | $ 6,200 | [1] | [1] | $ 9,221 | [1] | |||||||||||||||
Reverse stock split | 1 for 15 reverse share split | |||||||||||||||||||
Exercised options ordinary shares | 1,249 | |||||||||||||||||||
Stock option exercised amount | $ | $ 1 | |||||||||||||||||||
Options, granted | 75,000 | 2,667 | 2,500 | 6,667 | 3,000 | |||||||||||||||
Options granted | $ / shares | $ 1.05 | $ 24.15 | $ 42.45 | $ 46.5 | $ 62.4 | |||||||||||||||
Contractual term | 10 years | 10 years | 10 years | 10 years | 10 years | |||||||||||||||
Aggregate grant fair value | $ | $ 900 | $ 10 | $ 200 | $ 100 | ||||||||||||||||
Vest period | 4 years | 3 years | 3 years | |||||||||||||||||
Compensation expense | $ | $ 100 | |||||||||||||||||||
Options, exercisable | 21,654 | 21,654 | ||||||||||||||||||
Options, intrinsic value | $ | $ 1 | $ 200 | ||||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Options, granted | 21,654 | |||||||||||||||||||
Options granted | ₪ / shares | ₪ 0.15 | |||||||||||||||||||
Vest period | 5 years | |||||||||||||||||||
Compensation expense | $ | $ 1 | |||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Additional ordinary shares | 1,315,000 | |||||||||||||||||||
Options, granted | 1,315,000 | |||||||||||||||||||
Vest period | 3 years | |||||||||||||||||||
Weighted average grant date fair value | $ / shares | $ 0.63 | |||||||||||||||||||
Unrecognized compensation expense | $ | $ 100 | |||||||||||||||||||
Unrecognized compensation, term | 2 years 6 months | |||||||||||||||||||
Unrecognized share based compensation | $ | $ 700 | |||||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Options, granted | 2,575 | 2,575 | ||||||||||||||||||
Contractual term | 6 years 2 months 26 days | 4 years 10 months 2 days | ||||||||||||||||||
Dividend yield | 0% | 0% | 0% | |||||||||||||||||
Risk-free interest rate, minimum | 0.80% | |||||||||||||||||||
Risk-free interest rate, maximum | 1.34% | |||||||||||||||||||
Risk-free interest rate | 4.16% | 1.94% | ||||||||||||||||||
Volatility rate, minimum | 64% | |||||||||||||||||||
Volatility rate, maximum | 81% | |||||||||||||||||||
Volatility rate | 108% | 65% | ||||||||||||||||||
Weighted average grant date fair value | $ / shares | $ 0.63 | $ 0.68 | $ 2.19 | |||||||||||||||||
Unrecognized compensation expense | $ | $ 300 | $ 900 | $ 3,400 | |||||||||||||||||
Unrecognized compensation, term | 3 months 18 days | 1 year 4 months 28 days | 1 year 9 months | |||||||||||||||||
Allocated stock based compensation | $ | $ 800 | $ 1,300 | $ 1,900 | |||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | Minimum [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Expected life, term | 5 years | 5 years | 5 years | |||||||||||||||||
Share-Based Payment Arrangement, Option [Member] | Maximum [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Expected life, term | 6 years 3 months | 6 years 3 months | 6 years 3 months | |||||||||||||||||
Incentive Share Option Plan2013 [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Shares reserved for future issuance | 2,000,000 | |||||||||||||||||||
Shares reserved for future issuance | 367,026 | |||||||||||||||||||
New Sales Agreement [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Additional ordinary shares | 7,721 | |||||||||||||||||||
Proceeds from sale of ordinary shares | $ | $ 100 | |||||||||||||||||||
Aggregate offering price | $ | $ 50,000 | |||||||||||||||||||
Prefunded Warrants [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Stock and warrants issued during period shares | 5,220,000,000 | 2,975,000,000 | ||||||||||||||||||
Stock and warrants issued during period shares | 1,090,000,000 | |||||||||||||||||||
Prefunded Warrants [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Stock and warrants issued during period shares | 965,000 | |||||||||||||||||||
Stock and warrants issued during period shares | 240,000 | |||||||||||||||||||
Investor Warrants [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Stock and warrants issued during period shares | 5,600,000,000 | |||||||||||||||||||
Exercise price of warrants | $ / shares | $ 1.249 | |||||||||||||||||||
Common Stock [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Additional ordinary shares | [2] | 7,721 | ||||||||||||||||||
Reverse stock split | 1-for-15 | |||||||||||||||||||
Common stock, par value | ₪ / shares | ₪ 0.01 | |||||||||||||||||||
Share price | ₪ / shares | ₪ 0.15 | |||||||||||||||||||
Exercised options ordinary shares | [2] | 1,560 | ||||||||||||||||||
Stock option exercised amount | $ | [3] | |||||||||||||||||||
Common Stock [Member] | Underwritten Public Offering [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Additional ordinary shares | 147,577 | |||||||||||||||||||
Share price | $ / shares | $ 64.81 | |||||||||||||||||||
Proceeds from sale of ordinary shares | $ | $ 9,200 | |||||||||||||||||||
Common Stock [Member] | Prefunded Warrants [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,220,000,000 | 2,972,982,000 | ||||||||||||||||||
Exercise price of warrants | $ / shares | $ 0.001 | |||||||||||||||||||
Stock and warrants issued during period shares | 1,087,982 | |||||||||||||||||||
Common Stock [Member] | Prefunded Warrants [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 964,330 | |||||||||||||||||||
Stock and warrants issued during period shares | 239,330 | |||||||||||||||||||
Common Stock [Member] | Investor Warrants [Member] | ||||||||||||||||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||||||||||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,600,000,000 | |||||||||||||||||||
Share price | $ / shares | $ 1.25 | |||||||||||||||||||
Exercise price of warrants | $ / shares | $ 1.25 | |||||||||||||||||||
[1]See also Note 11.[2]All share and per share data has been retroactively adjusted to reflect the 1 for 15 reverse share split |
Schedule of Research and Develo
Schedule of Research and Development Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Research and development expense | $ 3,569 | $ 12,995 | $ 27,220 |
Chemistry And Formulation Studies [Member] | |||
Research and development expense | 573 | 2,448 | 5,009 |
Salaries [Member] | |||
Research and development expense | 676 | 1,692 | 2,963 |
Stock Based Compensation [Member] | |||
Research and development expense | 243 | 383 | 660 |
Research And Preclinical Studies [Member] | |||
Research and development expense | 460 | 1,346 | 2,163 |
Clinical Studies [Member] | |||
Research and development expense | 616 | 6,532 | 14,937 |
Regulatory And Other Expenses [Member] | |||
Research and development expense | $ 1,001 | $ 594 | $ 1,488 |
Schedule of General and Adminis
Schedule of General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
General and administrative expenses | $ 3,923 | $ 4,656 | $ 5,661 |
Stock Based Compensation [Member] | |||
General and administrative expenses | 649 | 913 | 1,225 |
Professional Fees [Member] | |||
General and administrative expenses | 908 | 1,084 | 897 |
Salaries And Benefits [Member] | |||
General and administrative expenses | 1,428 | 1,164 | 1,617 |
Rent And Office Maintenance Fees [Member] | |||
General and administrative expenses | 261 | 401 | 530 |
Investor Relations And Business Development Expenses [Member] | |||
General and administrative expenses | 14 | 59 | 242 |
Insurance And Other Expenses [Member] | |||
General and administrative expenses | $ 663 | $ 1,035 | $ 1,150 |
Schedule of Financial Income, N
Schedule of Financial Income, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |||
Bank fees | $ 11 | $ 22 | $ 43 |
Interest income | (375) | (297) | (562) |
Loss (gain) from sale of marketable debt securities | 13 | 526 | 80 |
Change in fair value of convertible note | (265) | ||
Foreign currency (gains) losses | 36 | (36) | 25 |
Financial income net | $ (580) | $ 215 | $ (414) |
Schedule of Effective Income Ta
Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Loss before taxes on income, as reported in the consolidated statements of operations | $ 6,912 | $ 17,866 | $ 32,467 |
Statutory tax rate | 23% | 12% | 12% |
Theoretical tax benefit | $ 1,590 | $ 2,144 | $ 3,896 |
Losses and other items for which a valuation allowance was provided or benefit from loss carry forwards | (1,590) | (2,144) | (3,896) |
Actual tax expense |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | |||
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 23% | 12% | 12% |
Operating loss carry forwards | $ 165,100 | ||
Deferred tax assets, capital loss carry forwards | 165,100 | ||
Research and development expenses | 3,569 | $ 12,995 | $ 27,220 |
Deferred Income Tax Charge [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Research and development expenses | 6,400 | ||
Maltese Subsidiary [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carry forwards | 11,700 | ||
Israeli Subsidiary [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Operating loss carry forwards | 153,400 | ||
Deferred tax assets, capital loss carry forwards | $ 3,100 | ||
Israel Tax Authority [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 23% | 23% | 23% |
Maltese Subsidiary [Member] | |||
Operating Loss Carryforwards [Line Items] | |||
Effective income tax rate reconciliation, at federal statutory income tax rate, percent | 35% | 35% | 35% |
Subsequent event (Details Narra
Subsequent event (Details Narrative) - Prefunded Warrants [Member] - shares | 12 Months Ended | ||
Apr. 03, 2024 | Jul. 18, 2023 | Dec. 31, 2023 | |
Subsequent Event [Line Items] | |||
Stock and warrants issued during period shares | 5,220,000,000 | 2,975,000,000 | |
Stock and warrants issued during period shares | 1,090,000,000 | ||
Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 5,220,000,000 | 2,972,982,000 | |
Stock and warrants issued during period shares | 1,087,982 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Stock and warrants issued during period shares | 965,000 | ||
Stock and warrants issued during period shares | 240,000 | ||
Subsequent Event [Member] | Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 964,330 | ||
Stock and warrants issued during period shares | 239,330 |