Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2020 | |
Document Information Line Items | |
Entity Registrant Name | Enlivex Therapeutics Ltd. |
Document Type | 6-K/A |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | true |
Amendment Description | This Amendment to the Report on Form 6-K for the month of August 2020, originally by Enlivex Therapeutics Ltd., a company organized under the laws of the State of Israel (“Enlivex”), with the Securities and Exchange Commission on August 14, 2020 (the “Form 6-K”), is being filed solely for the purposes of furnishing the Interactive Data File disclosure as Exhibit 101 in accordance with Rule 405 of Regulation S-T.
Other than as expressly set forth above, this Report on Form 6-K/A does not, and does not purport to, amend, update or restate the information in any other item of the Form 6-K, or reflect any events that have occurred after the Form 6-K was originally filed. This Report on Form 6-K/A, including the exhibit hereto, is incorporated by reference into Enlivex’s registration statements on Form F-3 (File No. 333-232413 and File No. 333-232009) filed with the Securities and Exchange Commission. |
Entity Central Index Key | 0001596812 |
Document Period End Date | Jun. 30, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q2 |
Entity File Number | 001-36578 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 10,163 | $ 3,948 |
Short term deposits | 20,043 | 8,060 |
Prepaid expenses | 708 | 510 |
Other receivables | 751 | 403 |
Restricted cash | 145 | 100 |
Cash held with respect to CVR Agreement | 2,524 | 1,400 |
Receivables for the sale of Trehalose | 2,000 | |
Total Current Assets | 34,334 | 16,421 |
Non-Current Assets | ||
Restricted cash | 60 | 76 |
Long-term prepaid expenses | 5 | 5 |
Property and equipment, net | 696 | 648 |
Other assets | 342 | 410 |
Total Non-Current Assets | 1,103 | 1,139 |
TOTAL ASSETS | 35,437 | 17,560 |
Current Liabilities | ||
Accounts payable trade | 524 | 395 |
Accrued expenses and other liabilities | 1,961 | 2,185 |
CVR holders | 2,524 | 3,400 |
Total Current Liabilities | 5,009 | 5,980 |
Non-Current Liabilities | ||
Lease liabilities | 236 | 298 |
Total Non-Current Liabilities | 236 | 298 |
TOTAL LIABILITIES | 5,245 | 6,278 |
SHAREHOLDERS’ EQUITY | ||
Authorized: 45,000,000 shares as of June 30, 2020 and December 31, 2019; Issued and outstanding: 13,463,771 and 10,334,126 as of June 30, 2020 and December 31, 2019; | 1,513 | 1,151 |
Additional paid in capital | 59,615 | 37,104 |
Foreign currency translation adjustments | (1,428) | (1,300) |
Accumulated deficit | (29,508) | (25,673) |
TOTAL SHAREHOLDERS’ EQUITY | 30,192 | 11,282 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 35,437 | $ 17,560 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) | Jun. 30, 2020$ / sharesshares | Jun. 30, 2020₪ / sharesshares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2019₪ / sharesshares |
Statement of Financial Position [Abstract] | ||||
Common stock, par value (in Dollars per share) | (per share) | $ 0.11 | ₪ 0.40 | $ 0.11 | ₪ 0.40 |
Common stock, shares authorized | 45,000,000 | 45,000,000 | 45,000,000 | 45,000,000 |
Common stock, shares issued | 13,463,771 | 13,463,771 | 13,463,771 | 13,463,771 |
Common stock, shares outstanding | 10,334,126 | 10,334,126 | 10,334,126 | 10,334,126 |
Common stock, par value (in New Shekels per share) | (per share) | $ 0.11 | ₪ 0.40 | $ 0.11 | ₪ 0.40 |
Condensed Consolidated Statemen
Condensed Consolidated Statements Of Operations And Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Research and development expenses | 1,360 | 696 | 2,732 | 2,274 |
General and administrative expenses | 873 | 601 | 1,397 | 1,385 |
Total operating expenses | 2,233 | 1,297 | 4,129 | 3,659 |
Operating loss | (2,233) | (1,297) | (4,129) | (3,659) |
Financial income | 89 | 38 | 298 | 93 |
Financial expenses | (897) | (202) | (4) | (560) |
Net (loss) | (3,041) | (1,461) | (3,835) | (4,126) |
Exchange differences arising from translating financial statements from functional to presentation currency | 888 | 234 | (128) | 534 |
Total other comprehensive income (loss) | 888 | 234 | (128) | 534 |
Total comprehensive (loss) | $ (2,153) | $ (1,227) | $ (3,963) | $ (3,592) |
Basic & diluted (loss) per share (in Dollars per share) | $ (0.23) | $ (0.14) | $ (0.31) | $ (0.62) |
Weighted average number of shares outstanding (in Shares) | 13,441,436 | 10,108,265 | 12,419,643 | 7,021,027 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities | ||
Net (loss) | $ (3,835) | $ (4,126) |
Depreciation | 114 | 95 |
Non-cash operating lease expenses | 66 | 67 |
Share-based compensation | 320 | 643 |
Changes in values of warrants exercisable into shares liability | 50 | |
Decrease (increase) in prepaid expenses | (196) | 41 |
Decrease (increase) in other receivables | 1,640 | (359) |
(Decrease) increase in accounts payable trade | 129 | 127 |
(Decrease) increase in accrued expenses and other liabilities | (1,071) | 199 |
Operating lease liabilities | (62) | (81) |
Net cash provided by (used in) operating activities | (2,895) | (3,344) |
Cash flows from investing activities | ||
Purchase of property and equipment | (166) | (132) |
Investment in short-term bank deposits | (12,000) | |
Net cash received in the issuance of shares for the net assets of Bioblast Pharma Ltd. | 1,544 | |
Net cash (used in) provided by investing activities | (12,166) | 1,412 |
Cash flows from financing activities | ||
Proceeds from issuance of shares and warrants net of $2,294 and $655 issuance expenses, respectively | 22,456 | 7,706 |
Proceeds from exercise of options | 97 | 4 |
Net cash (used in) provided by financing activities | 22,553 | 7,710 |
Increase (decrease) in cash and cash equivalents | 7,492 | 5,778 |
Cash and cash equivalents - beginning of year | 5,524 | 9,792 |
Exchange rate differences on cash and cash equivalents | (124) | 535 |
Cash and cash equivalents - end of period | 12,892 | 16,105 |
Non-cash transactions: | ||
Warrants issued in settlement of issuance costs to a placement agent | 563 | |
Conversion of preferred stock to ordinary shares | 525 | |
Conversion of 6% preference on preferred stock to ordinary shares | 2,071 | |
Issuance of ordinary shares upon exercise of warrants | 249 | |
Issuance of shares in connection with merger | 47 | |
Assets acquired excluding cash and cash equivalents | (2,632) | |
Less - liabilities assumed | 3,532 | |
Net assets acquired excluding cash and cash equivalents | 900 | |
Supplemental disclosures of cash flow information: | ||
Cash paid for taxes | ||
Cash received for interest, net | $ 72 | $ 93 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Statement of Cash Flows [Abstract] | ||
warrants net issuance expenses | $ 2,294 | $ 655 |
General
General | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1 – GENERAL a. Enlivex Therapeutics Ltd. (the “Parent” and, including its consolidated subsidiaries, “we”, “us”, “our” or the “Company”) is a clinical-stage immunotherapy company originally incorporated on January 22, 2012 under the laws of the State of Israel as Bioblast Pharma Ltd. On March 26, 2019, upon consummation of a merger transaction between the Parent and Enlivex Therapeutics R&D Ltd., (“Enlivex R&D”, formerly known as Enlivex Therapeutics Ltd.), pursuant to which a wholly owned subsidiary of the Parent merged with and into Enlivex R&D (the “ Merger Enlivex R&D was incorporated in September 2005 under the laws of the State of Israel and has been engaged since inception in the development of an allogeneic drug pipeline for immune system rebalancing. Immune system rebalancing is critical for the treatment of life-threatening immune and inflammatory conditions, which involve the hyper-expression of cytokines (Cytokine Release Syndrome) and for which there are no U.S. Food and Drug Administration (“ FDA In January 2015, Bioblast Pharma Inc. was established in the State of Delaware as a wholly owned subsidiary of the Parent (the “Subsidiary”). On July 1, 2020 Bioblast Pharma Inc changed its name to Enlivex Therapeutics Inc. The Company’s ordinary shares, NIS 0.40 per share (“Ordinary Shares” or “ordinary shares”), are traded under the symbol “ENLV” on both the Nasdaq Capital Market and on the on the Tel Aviv Stock Exchange. b. Financial Resources The Company devotes substantially all of its efforts toward research and development activities and raising capital. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding before the Company achieves sustainable revenues and profit from operations. Research and development activities have required significant capital investment since the Company’s inception. The Company expects its operations to continue to require cash investment to pursue the Company’s research and development activities, including preclinical studies, formulation development, clinical trials and related drug manufacturing. The Company has not generated any revenues or product sales and has not achieved profitable operations or positive cash flow from operations. The Company’s has experienced losses since its inception, and, as of June 30, 2020, had an accumulated deficit of $29,508. In the first quarter of 2020, the Company raised $24,750 in cash (before deducting placement agent fees and offering expenses) in conjunction with registered securities offerings of an aggregate of 3,093,750 Ordinary Shares and 2,093,750 warrants. However, the Company expects to continue to incur additional losses for at least the next several years and over that period the Company will need to raise additional debt or equity financing or enter into partnerships to fund its development. If the Company is not able to achieve its funding requirements, it may be required to reduce discretionary spending, may not be able to continue the development of its product candidates or may be required to delay part of its development programs, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. There can be no assurances that additional financing will be secured or, if secured, will be on favorable terms. The ability of the Company to transition to profitability in the longer term is dependent on developing products and product revenues to support its expenses. The Company’s management and board of directors are of the opinion that its current financial resources will be sufficient to continue the development of the Company’s product candidates for at least twelve months from the filing of these financial statements on Form 6-K with no additional need to raise capital. The Company may determine, however, to raise additional capital during such period as its Board of Directors deems prudent The Company’s management plans to finance the Company’s operations with issuances of its equity securities and, in the longer term, revenues. There are no assurances, however, that the Company will be successful in obtaining an adequate level of financing needed for its long-term development. The Company’s ability to continue to operate in the long term is dependent upon additional financial support. . In addition to the foregoing, based on the Company’s current assessment, the Company does not expect any material impact on its development timeline or its liquidity due to currently ongoing COVID-19 pandemic. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company’s business, results of operations and financial condition, will depend on future developments that are highly uncertain as of the date of issuance of these unaudited condensed consolidated financial statements. Actual results could differ from the Company’s estimates. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES a. Basis of Presentation These unaudited consolidated financial statements include the accounts of the Company and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, certain information and footnote disclosures normally included in financial statements for annual periods prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been made. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited annual financial statements and notes thereto included in the Company’s 2019 Annual Report on Form 20-F, as filed with the SEC on April 30, 2020. The results of operations for these interim periods are not necessarily indicative of the operating results for any future period. The December 31, 2019 financial information has been derived from the Company’s audited financial statements. b. Functional Currency and Translation to The Reporting Currency The functional currency of the Company is the New Israeli Shekel (“NIS”), which is the local currency in which it operates. The financial statements of the Company were translated into U.S. dollars in accordance with ASC 830, “Foreign Currency Matters”. Accordingly, assets and liabilities were translated from NIS to U.S. dollars using period -end exchange rates, equity items were translated at the exchange rates of the date of the equity transaction, and income and expense items were translated at average exchange rates during the period . Gains or losses resulting from translation adjustments (which result from translating an entity’s financial statements into U.S. dollars if its functional currency is other than the U.S. dollar) are reported in other comprehensive income (loss) and are reflected in equity, under “accumulated other comprehensive income (loss)”. Balances denominated in, or linked to foreign currencies are stated on the basis of the exchange rates prevailing at the balance sheet date. For foreign currency transactions included in the statement of income, the exchange rates applicable on the relevant transaction dates are used. Transaction gains or losses arising from changes in the exchange rates used in the translation of such balances are carried to financing income or expenses as applicable. 1 U.S. $ = 3.466 NIS and 3.456 NIS as of June 30, 2020 and December 31, 2019, respectively. The U.S. $ (decreased) increased against the NIS (2.8%) and (1.85%) in the three months ended June 30, 2020 and 2019, respectively, and 0.29% and (4.88%) in the six months ended June 30, 2020 and 2019, respectively. c. Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. d. New Accounting Pronouncements Adopted In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-13, “Fair Value Measurement (Topic 820), - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement,” which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with the movement amongst or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted this ASU on January 1, 2020. The adoption of this ASU did not have a material impact on its consolidated financial statements. In August 2018, the FASB issued new disclosure guidance on fair value measurement. This new guidance modifies the disclosure requirements on fair value measurements, including removal and modifications of various current disclosures as well as some additional disclosure requirements for Level 3 fair value measurements. Some of these disclosure changes must be applied prospectively while others retrospectively depending on requirement. This guidance is required to be adopted by the Company beginning in fiscal year 2020 with early adoption permitted. The Company adopted the guidance on January 1, 2020, which did not have a material impact on its consolidated financial statements. e. Pending Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), which provides optional guidance to ease the potential burden in accounting due to reference rate reform. The guidance in this update provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2022. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures, the adoption of this ASU is not expected to have a material impact on its consolidated financial statements. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 6 Months Ended |
Jun. 30, 2020 | |
Cash and Cash Equivalents [Abstract] | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | NOTE 3 – CASH, CASH EQUIVALENTS AND RESTRICTED CASH June 30, December 31, 2020 2019 unaudited Cash held in banks $ 655 $ 937 Bank deposits in U.S.$ (annual average interest rates 1.26% and 1.49%) 9,508 3,011 Total cash and cash equivalents 10,163 3,948 Cash held with respect to CVR Agreement 2,524 1,400 Short-term restricted cash 145 100 Long-term restricted cash 60 76 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 12,892 $ 5,524 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 4 PROPERTY AND EQUIPMENT Property and equipment, net consists of the following: June 30, December 31, 2020 2019 unaudited Cost: Laboratory equipment $ 917 $ 782 Computers 113 94 Office furniture & equipment 37 36 Leasehold improvements 164 152 Total cost 1,231 1,064 Accumulated depreciation: Laboratory equipment 433 340 Computers 63 51 Office furniture & equipment 2 1 Leasehold improvements 37 24 Total accumulated depreciation 535 416 Depreciated cost $ 696 $ 648 For the three and six months ended June 30, 2020 and 2019, depreciation expenses were $60, $92, $114 and $95, respectively. |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER LIABILITIES | NOTE 5 ACCRUED EXPENSES AND OTHER LIABILITIES June 30, December 31, 2020 2019 unaudited Vacation, convalescence and bonus accruals $ 253 $ 318 Employees and payroll related 265 274 Short term operating lease liabilities 123 123 Accrued expenses and other 1,320 1,470 $ 1,961 $ 2,185 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
LEASES | NOTE 6 LEASES The Company is a party to operating leases for its corporate offices, laboratory space and vehicles. The Company’s operating leases have remaining lease terms of up to 3.16 years, some of which include options to extend the leases for up to five years. June 30, 2020 2019 unaudited The components of lease expense were as follows: Operating leases expenses $ 93 $ 98 Supplemental consolidated cash flow information related to operating leases follows: Cash used in operating activities $ 88 $ 93 Non-cash activity: $ - $ - Supplemental information related to operating leases, including location of amounts reported in the accompanying consolidated balance sheets, follows: June 30, December 31, 2020 2019 unaudited Other assets - Right-of-Use assets $ 500 $ 501 Accumulated amortization 158 91 Operating lease Right-of-Use assets, net $ 342 $ 410 Lease liabilities – current - Accounts payable and accrued liabilities $ 123 $ 123 Lease liabilities – noncurrent 236 298 Total operating lease liabilities $ 359 $ 421 Weighted average remaining lease term in years 2.83 3.33 Weighted average annual discount rate 10.7 % 10.7 % Maturities of operating lease liabilities as of June 30, 2020, were as follows: 2020 (after June 30) 83 2021 154 2022 135 2023 73 Total undiscounted lease liability 445 Less: Imputed interest (86 ) Present value of lease liabilities $ 359 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 7 COMMITMENTS AND CONTINGENCIES a. The Company is required to pay royalties to the State of Israel (represented by the Israel Innovation Authority), computed on the basis of proceeds from the sale or license of products, the development of which was supported by State grants. These royalties are generally 3% - 5% of sales until repayment of 100% of the grants (linked to the U.S. dollar) received by the Company plus annual interest at an applicable LIBOR-based rate. The Company’s aggregate contingent obligation to pay royalties as of June 30, 2020 was approximately $5,804, which represented the gross amount of grants actually received by the Company from the Israel Innovation Authority to such date, including accrued interest. As of June 30, 2020, the Company had not paid any royalties to the Israel Innovation Authority. In January 2020, the Company submitted a grant application to the Israel Innovation Authority for funding of its clinical development program of prevention of cytokine storms and organ dysfunction associated with sepsis. The Company’s application for grants of NIS 3,467 ($973) representing participation of 30% of the plan to be executed in Israel was approved by the Israel Innovation Authority in April 2020, for a period commencing January 1, 2020 and ending December 31, 2020. In March 2020, the Company submitted a grant application to the Israel Innovation Authority for funding of its clinical development program of prevention of organ dysfunction and cytokine storms associated with COVID-19. The Company’s application for grants of NIS 1,857 ($521) representing participation of 30% of the plan to be executed in Israel was approved by the Israel Innovation Authority in April 2020 for a period commencing April 1, 2020 and ending March 31, 2021. b. On July 1, 2020 the Company entered into a rental agreement for an additional 421 square meters of office and laboratory space, in addition to the 420 square meter rental agreement entered into on July 30, 2018, in the biotechnology park in Ness Ziona. The additional rental agreement is for a period of 63 months, commencing July 1, 2020, and can be extended by an additional period of 35 months. The monthly rental and management fees for the additional space are NIS 28 ($8). To secure the liability of the Company for the new lease, the Company provided the lessor a bank guarantee of approximately NIS 164 ($47). On May 15, 2020, S.H.N. Financial Investments Ltd., d/b/a Shamir Capital (“Shamir”) filed a complaint against the Company in the United States District Court for the Southern District of New York (the “Court”), related to Shamir’s purchase of $2.4 million of ordinary shares in the Company’s registered direct offering in February 2020. The Company considered Shamir’s allegations to be without merit, and, on July 20, 2020, filed with the Court a motion to dismiss Shamir’s complaint. On August 10, 2020, without challenging the Company’s motion to dismiss and prior to the Company filing an answer to Shamir’s complaint, Shamir filed with the Court a notice of voluntary dismissal without prejudice. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
EQUITY | NOTE 8 EQUITY a. On February 26, 2020, the Company completed a registered offering of ordinary shares pursuant to which certain investors purchased 1,000,000 ordinary shares at a price of $8 per share. Net proceeds of the offering were approximately $7,218 after deducting offering expenses. In conjunction with the offering, the Company issued to the placement agent warrants to purchase up to 70,000 ordinary shares at an exercise price of $10 per share , b. On March 5, 2020, the Company completed a registered offering pursuant to which certain investors purchased 2,093,750 ordinary shares and 2,093,750 warrants to purchase ordinary shares at a combined offering price of $8.00 per ordinary share and associated warrant. Net proceeds of the offering were approximately $15,238 after deducting offering expenses. The investors’ warrants are immediately exercisable for 2,093,750 ordinary shares of common stock at $9 per share, and will remain exercisable until the two-year anniversary of their date of issuance. The sale of ordinary shares and issuance of warrants qualified for equity treatment under GAAP. The respective values of the warrants and ordinary shares issued to investors were calculated using their relative fair values and classified under ordinary shares and additional paid-in capital. The warrants were valued using a Black-Scholes model with the following assumptions: estimated weighted average volatility 68.24%; weighted average risk-free interest rate of 0.67%; no dividend; and a weighted average contractual expected life of 2 years. The value ascribed to the investors’ warrants was $3,723 and to the common stock $13,027. In conjunction with the offerings, the Company also issued to the placement agent warrants to purchase up to 146,563 ordinary shares at an exercise price of $10 per share, such warrants have substantially the same terms as the investor warrants, except that the placement agent warrants are exercisable at a price of $10 per share. The placement agent warrants were valued at $232 using a Black-Scholes model with the same assumptions used to estimate the investors’ warrants. The placement agent warrants were accounted for as additional issuance costs and classified under additional paid-in capital. c. All warrants issued in February and March 2020 offerings described above may be exercisable on a “cashless” basis in certain circumstances, including while there is no effective registration statement registering the ordinary shares issuable upon exercise of the warrants until the expiry of the warrants. Such registration statement was declared effective by the SEC on June 21, 2019. Holders of the Company’s warrants have no rights as an ordinary shareholder until such holders exercise their warrants and acquire the Company’s ordinary shares. All of the foregoing warrants remained outstanding at June 30, 2020. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 9 – SHARE-BASED COMPENSATION a) Employees’ and directors stock options Three months ended June 30, 2020 2019 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding at beginning of period 1,195,563 $ 6.30 1,097,943 $ 6.01 Granted 250,000 $ 3.66 - $ - Forfeited and expired (31,070 ) $ 6.36 (6,292 ) $ 7.23 Exercised (35,895 ) $ 2.69 - $ - Outstanding at end of period 1,378,598 $ 6.15 1,091,651 $ 6.01 Exercisable at end of period 692,032 $ 5.96 553,331 $ 6.03 Non-vested at beginning of the period 482,010 $ 7.20 544,612 $ 6.02 Granted 250,000 $ 3.66 - $ - Vested during the year (14,374 ) $ 3.63 - $ - Forfeited during the year (31,070 ) $ 6.38 (6,292 ) $ 7.23 Non-vested at the end of the period 686,566 $ 5.79 538,320 $ 6.08 Six months ended June 30, 2020 2019 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding at beginning of period 1,125,927 $ 6.47 1,083,023 $ 4.79 Pre-merger Bioblast options - $ - 15,500 $ 90.16 Granted 320,000 $ 3.89 2,421 $ 12.21 Forfeited and expired (31,434 ) $ 6.39 (8,071 ) $ 0.91 Exercised (35,895 ) $ 2.69 (1,222 ) $ 3.39 Outstanding at end of period 1,378,598 $ 6.15 1,091,651 $ 6.01 Exercisable at end of period 692,032 $ 5.96 553,331 $ 6.03 Non-vested at beginning of the period 425,895 $ 7.21 625,302 $ 5.58 Granted 320,000 $ 3.89 2,421 $ 12.21 Vested during the year (28,259 ) $ 3.09 (81,332 ) $ 3.22 Forfeited during the year (31,070 ) $ 6.37 (8,071 ) $ 0.91 Non-vested at the end of the period 686,566 $ 5.79 538,320 $ 6.08 As of June 30, 2020, the total unrecognized estimated compensation cost related to outstanding non-vested employees’ stock options was $1,750 which is expected to be recognized over a weighted average period of 1.51 years. b) Consultants’ stock options Three months ended June 30, 2020 2019 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding at beginning of period 499,115 $ 4.04 718,395 $ 3.72 Outstanding at end of period 499,115 $ 4.04 718,395 $ 3.72 Exercisable at end of period 405,920 $ 3.48 576,183 $ 5.26 Non-vested at beginning of the period 93,194 $ 6.27 142,212 $ 6.29 Vested during the year - $ - - $ - Non-vested at the end of the period 93,194 $ 6.27 142,212 $ 6.29 Six months ended June 30, 2020 2019 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding at beginning of period 499,115 $ 4.04 718,395 $ 3.72 Outstanding at end of period 499,115 $ 4.04 718,395 $ 3.72 Exercisable at end of period 405,920 $ 3.48 576,183 $ 5.26 Non-vested at beginning of the period 100,456 $ 6.27 149,474 $ 6.20 Vested during the year (7,262 ) $ 6.22 (7,262 ) $ 6.22 Non-vested at the end of the period 93,194 $ 6.27 142,212 $ 6.29 As of June 30, 2020, the unrecognized estimated compensation cost related to outstanding non-vested consultants’ stock options was $199 which is expected to be recognized over a weighted average period of 1.44 years. c) Set forth below is additional data for all options outstanding at June 30, 2020: Exercise price Number of options outstanding Remaining contractual Life (in years) Intrinsic Value of Options Outstanding No. of options exercisable $ 2.69 688,026 5.02 1,630,623 686,720 $ 3.66 250,000 9.84 349,250 13,889 $ 4.68 66,500 9.76 25,270 - $ 6.22 687,303 7.55 - 377,329 $ 8.19 150,000 9.39 - - $ 10.12 12,943 8.43 - 3,909 $ 12.21 2,421 8.75 - 605 $ 21.40 5,020 9.07 - - $ 90.16 15,500 1.19 - 15,500 1,877,713 $ 2,005,143 1,097,952 d) The following table summarizes share-based compensation expenses related to grants under the Equity Incentive Plans included in the statements of operations: Three months ended Six months ended 2020 2019 2020 2019 Research & development $ 104 $ 31 $ 200 $ 444 General & administrative 84 100 120 199 Total $ 188 $ 131 $ 320 $ 643 |
Transactions with Related Parti
Transactions with Related Parties | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
TRANSACTIONS WITH RELATED PARTIES | NOTE 10 TRANSACTIONS WITH RELATED PARTIES On May 12, 2019, the Company entered into a research agreement with Cell Generation (C-G) Ltd, a company controlled by its Chief Scientific & Medical Officer under which Cell Generation (C-G) Ltd undertook to perform a patients' study. a) Amounts due to the related party June 30, December 31, 2020 2019 unaudited Accounts payable trade $ 68 $ - Accrued expenses and other 65 79 $ 133 $ 79 b) Amount of transaction with the related party Three months ended Six months ended 2020 2019 2020 2019 Research and development services $ 160 $ - $ 444 $ - |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | NOTE 11 – FAIR VALUE MEASUREMENT The Company’s financial assets and liabilities measured at fair value on a recurring basis, consisted of the following types of instruments as of June 30, 2020 and December 31, 2019: June 30, 2020 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 10,163 $ 10,308 $ - $ - Short term deposits 20,043 20,043 - - Cash held with respect to CVR Agreement 2,524 2,524 - - Restricted cash 205 205 - - Total financial assets $ 32,935 $ 32,935 $ - $ - December 31, 2019 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 3,948 $ 3,948 $ - $ - Short term deposits 8,060 8,060 - - Cash held with respect to CVR Agreement 1,400 1,400 - - Restricted cash 176 176 - - Total financial assets $ 13,584 $ 13,584 $ - $ - |
Events Subsequent to the Balanc
Events Subsequent to the Balance Sheet Date | 6 Months Ended |
Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE | NOTE 12 – EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE The Company evaluated all events and transactions that occurred subsequent to the balance sheet date and prior to the date on which these financial statements were issued, and determined that the following events necessitated disclosure: On July 1, 2020 the Company’s U.S. subsidiary Bioblast Pharma Inc. changed its name to Enlivex Therapeutics Inc. Additionally, on August 10, 2020, Shamir voluntarily dismissed its complaint against the Company. See Note 7. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | a. Basis of Presentation These unaudited consolidated financial statements include the accounts of the Company and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, certain information and footnote disclosures normally included in financial statements for annual periods prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been made. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited annual financial statements and notes thereto included in the Company’s 2019 Annual Report on Form 20-F, as filed with the SEC on April 30, 2020. The results of operations for these interim periods are not necessarily indicative of the operating results for any future period. The December 31, 2019 financial information has been derived from the Company’s audited financial statements. |
Functional Currency and Translation to The Reporting Currency | b. Functional Currency and Translation to The Reporting Currency The functional currency of the Company is the New Israeli Shekel (“NIS”), which is the local currency in which it operates. The financial statements of the Company were translated into U.S. dollars in accordance with ASC 830, “Foreign Currency Matters”. Accordingly, assets and liabilities were translated from NIS to U.S. dollars using period -end exchange rates, equity items were translated at the exchange rates of the date of the equity transaction, and income and expense items were translated at average exchange rates during the period . Gains or losses resulting from translation adjustments (which result from translating an entity’s financial statements into U.S. dollars if its functional currency is other than the U.S. dollar) are reported in other comprehensive income (loss) and are reflected in equity, under “accumulated other comprehensive income (loss)”. Balances denominated in, or linked to foreign currencies are stated on the basis of the exchange rates prevailing at the balance sheet date. For foreign currency transactions included in the statement of income, the exchange rates applicable on the relevant transaction dates are used. Transaction gains or losses arising from changes in the exchange rates used in the translation of such balances are carried to financing income or expenses as applicable. 1 U.S. $ = 3.466 NIS and 3.456 NIS as of June 30, 2020 and December 31, 2019, respectively. The U.S. $ (decreased) increased against the NIS (2.8%) and (1.85%) in the three months ended June 30, 2020 and 2019, respectively, and 0.29% and (4.88%) in the six months ended June 30, 2020 and 2019, respectively. |
Reclassification of Prior Year Presentation | c. Reclassification of Prior Year Presentation Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations. |
New Accounting Pronouncements Adopted | d. New Accounting Pronouncements Adopted In August 2018, the Financial Accounting Standards Board (“FASB”) issued ASU 2018-13, “Fair Value Measurement (Topic 820), - Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement,” which makes a number of changes meant to add, modify or remove certain disclosure requirements associated with the movement amongst or hierarchy associated with Level 1, Level 2 and Level 3 fair value measurements. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. The Company adopted this ASU on January 1, 2020. The adoption of this ASU did not have a material impact on its consolidated financial statements. In August 2018, the FASB issued new disclosure guidance on fair value measurement. This new guidance modifies the disclosure requirements on fair value measurements, including removal and modifications of various current disclosures as well as some additional disclosure requirements for Level 3 fair value measurements. Some of these disclosure changes must be applied prospectively while others retrospectively depending on requirement. This guidance is required to be adopted by the Company beginning in fiscal year 2020 with early adoption permitted. The Company adopted the guidance on January 1, 2020, which did not have a material impact on its consolidated financial statements. |
Pending Accounting Pronouncements | e. Pending Accounting Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848), which provides optional guidance to ease the potential burden in accounting due to reference rate reform. The guidance in this update provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2022. The adoption of this ASU is not expected to have a material impact on the Company’s consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2020, with early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements and related disclosures, the adoption of this ASU is not expected to have a material impact on its consolidated financial statements. |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash and cash equivalents and restricted cash | June 30, December 31, 2020 2019 unaudited Cash held in banks $ 655 $ 937 Bank deposits in U.S.$ (annual average interest rates 1.26% and 1.49%) 9,508 3,011 Total cash and cash equivalents 10,163 3,948 Cash held with respect to CVR Agreement 2,524 1,400 Short-term restricted cash 145 100 Long-term restricted cash 60 76 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 12,892 $ 5,524 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | June 30, December 31, 2020 2019 unaudited Cost: Laboratory equipment $ 917 $ 782 Computers 113 94 Office furniture & equipment 37 36 Leasehold improvements 164 152 Total cost 1,231 1,064 Accumulated depreciation: Laboratory equipment 433 340 Computers 63 51 Office furniture & equipment 2 1 Leasehold improvements 37 24 Total accumulated depreciation 535 416 Depreciated cost $ 696 $ 648 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses and other liabilities | June 30, December 31, 2020 2019 unaudited Vacation, convalescence and bonus accruals $ 253 $ 318 Employees and payroll related 265 274 Short term operating lease liabilities 123 123 Accrued expenses and other 1,320 1,470 $ 1,961 $ 2,185 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Leases [Abstract] | |
Schedule of operating lease | June 30, 2020 2019 unaudited The components of lease expense were as follows: Operating leases expenses $ 93 $ 98 Supplemental consolidated cash flow information related to operating leases follows: Cash used in operating activities $ 88 $ 93 Non-cash activity: $ - $ - |
Schedule of operating lease related activities | June 30, December 31, 2020 2019 unaudited Other assets - Right-of-Use assets $ 500 $ 501 Accumulated amortization 158 91 Operating lease Right-of-Use assets, net $ 342 $ 410 Lease liabilities – current - Accounts payable and accrued liabilities $ 123 $ 123 Lease liabilities – noncurrent 236 298 Total operating lease liabilities $ 359 $ 421 Weighted average remaining lease term in years 2.83 3.33 Weighted average annual discount rate 10.7 % 10.7 % Maturities of operating lease liabilities as of June 30, 2020, were as follows: 2020 (after June 30) 83 2021 154 2022 135 2023 73 Total undiscounted lease liability 445 Less: Imputed interest (86 ) Present value of lease liabilities $ 359 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of employees and directors stock options | Three months ended June 30, 2020 2019 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding at beginning of period 1,195,563 $ 6.30 1,097,943 $ 6.01 Granted 250,000 $ 3.66 - $ - Forfeited and expired (31,070 ) $ 6.36 (6,292 ) $ 7.23 Exercised (35,895 ) $ 2.69 - $ - Outstanding at end of period 1,378,598 $ 6.15 1,091,651 $ 6.01 Exercisable at end of period 692,032 $ 5.96 553,331 $ 6.03 Non-vested at beginning of the period 482,010 $ 7.20 544,612 $ 6.02 Granted 250,000 $ 3.66 - $ - Vested during the year (14,374 ) $ 3.63 - $ - Forfeited during the year (31,070 ) $ 6.38 (6,292 ) $ 7.23 Non-vested at the end of the period 686,566 $ 5.79 538,320 $ 6.08 Six months ended June 30, 2020 2019 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding at beginning of period 1,125,927 $ 6.47 1,083,023 $ 4.79 Pre-merger Bioblast options - $ - 15,500 $ 90.16 Granted 320,000 $ 3.89 2,421 $ 12.21 Forfeited and expired (31,434 ) $ 6.39 (8,071 ) $ 0.91 Exercised (35,895 ) $ 2.69 (1,222 ) $ 3.39 Outstanding at end of period 1,378,598 $ 6.15 1,091,651 $ 6.01 Exercisable at end of period 692,032 $ 5.96 553,331 $ 6.03 Non-vested at beginning of the period 425,895 $ 7.21 625,302 $ 5.58 Granted 320,000 $ 3.89 2,421 $ 12.21 Vested during the year (28,259 ) $ 3.09 (81,332 ) $ 3.22 Forfeited during the year (31,070 ) $ 6.37 (8,071 ) $ 0.91 Non-vested at the end of the period 686,566 $ 5.79 538,320 $ 6.08 |
Schedule of consultants stock options | Three months ended June 30, 2020 2019 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding at beginning of period 499,115 $ 4.04 718,395 $ 3.72 Outstanding at end of period 499,115 $ 4.04 718,395 $ 3.72 Exercisable at end of period 405,920 $ 3.48 576,183 $ 5.26 Non-vested at beginning of the period 93,194 $ 6.27 142,212 $ 6.29 Vested during the year - $ - - $ - Non-vested at the end of the period 93,194 $ 6.27 142,212 $ 6.29 Six months ended June 30, 2020 2019 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding at beginning of period 499,115 $ 4.04 718,395 $ 3.72 Outstanding at end of period 499,115 $ 4.04 718,395 $ 3.72 Exercisable at end of period 405,920 $ 3.48 576,183 $ 5.26 Non-vested at beginning of the period 100,456 $ 6.27 149,474 $ 6.20 Vested during the year (7,262 ) $ 6.22 (7,262 ) $ 6.22 Non-vested at the end of the period 93,194 $ 6.27 142,212 $ 6.29 |
Schedule of exercise prices and remaining contractual life | Exercise price Number of options outstanding Remaining contractual Life (in years) Intrinsic Value of Options Outstanding No. of options exercisable $ 2.69 688,026 5.02 1,630,623 686,720 $ 3.66 250,000 9.84 349,250 13,889 $ 4.68 66,500 9.76 25,270 - $ 6.22 687,303 7.55 - 377,329 $ 8.19 150,000 9.39 - - $ 10.12 12,943 8.43 - 3,909 $ 12.21 2,421 8.75 - 605 $ 21.40 5,020 9.07 - - $ 90.16 15,500 1.19 - 15,500 1,877,713 $ 2,005,143 1,097,952 |
Schedule of share-based compensation expenses related to grants under the Equity Incentive Plan | Three months ended Six months ended 2020 2019 2020 2019 Research & development $ 104 $ 31 $ 200 $ 444 General & administrative 84 100 120 199 Total $ 188 $ 131 $ 320 $ 643 |
Transactions with Related Par_2
Transactions with Related Parties (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Schedule of Amounts due to the related party | June 30, December 31, 2020 2019 unaudited Accounts payable trade $ 68 $ - Accrued expenses and other 65 79 $ 133 $ 79 |
Schedule of Amount of transaction with the related party | Three months ended Six months ended 2020 2019 2020 2019 Research and development services $ 160 $ - $ 444 $ - |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets measured at fair value on a recurring basis | June 30, 2020 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 10,163 $ 10,308 $ - $ - Short term deposits 20,043 20,043 - - Cash held with respect to CVR Agreement 2,524 2,524 - - Restricted cash 205 205 - - Total financial assets $ 32,935 $ 32,935 $ - $ - December 31, 2019 Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 3,948 $ 3,948 $ - $ - Short term deposits 8,060 8,060 - - Cash held with respect to CVR Agreement 1,400 1,400 - - Restricted cash 176 176 - - Total financial assets $ 13,584 $ 13,584 $ - $ - |
General (Details)
General (Details) $ / shares in Units, $ in Thousands | Jun. 30, 2020USD ($)$ / shares | Jun. 30, 2020₪ / shares | Mar. 31, 2020USD ($)$ / sharesshares | Feb. 26, 2020$ / shares | Dec. 31, 2019USD ($) |
General (Textual) | |||||
Aggregate of ordinary shares | (per share) | $ 10 | ₪ 0.40 | $ 3,093,750 | $ 8 | |
Accumulated deficit | $ (29,508) | $ (25,673) | |||
Cash | $ 24,750 | ||||
Purchase of warrants (in Shares) | shares | 2,093,750 |
Significant Accounting Polici_2
Significant Accounting Policies (Details) - NIS [Member] | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Significant Accounting Policies (Details) [Line Items] | |||||
Exchange rate for 1 $ = NIS | 0.03466 | 0.03466 | 0.03456 | ||
Increase (decrease) of the U.S. $ against the NIS | (2.80%) | (1.85%) | 0.29% | (4.88%) |
Cash, Cash Equivalents and Re_3
Cash, Cash Equivalents and Restricted Cash (Details) - Schedule of cash and cash equivalents and restricted cash - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Dec. 31, 2018 |
Schedule of cash and cash equivalents and restricted cash [Abstract] | ||||
Cash held in banks | $ 655 | $ 937 | ||
Bank deposits in U.S.$ (annual average interest rates 1.26% and 1.49%) | 9,508 | 3,011 | ||
Total cash and cash equivalents | 10,163 | 3,948 | ||
Cash held with respect to CVR Agreement | 2,524 | 1,400 | ||
Short-term restricted cash | 145 | 100 | ||
Long-term restricted cash | 60 | 76 | ||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 12,892 | $ 5,524 | $ 16,105 | $ 9,792 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expenses | $ 60 | $ 92 | $ 114 | $ 95 |
Property and Equipment (Detai_2
Property and Equipment (Details) - Schedule of property and equipment - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 1,231 | $ 1,064 |
Accumulated depreciation | 535 | 416 |
Depreciated cost | 696 | 648 |
Laboratory equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 917 | 782 |
Accumulated depreciation | 433 | 340 |
Computers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 113 | 94 |
Accumulated depreciation | 63 | 51 |
Office furniture & equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 37 | 36 |
Accumulated depreciation | 2 | 1 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 164 | 152 |
Accumulated depreciation | $ 37 | $ 24 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities (Details) - Schedule of accrued expenses and other liabilities - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of accrued expenses and other liabilities [Abstract] | ||
Vacation, convalescence and bonus accruals | $ 253 | $ 318 |
Employees and payroll related | 265 | 274 |
Short term operating lease liabilities | 123 | 123 |
Accrued expenses and other | 1,320 | 1,470 |
Accrued expenses and other liabilities, Total | $ 1,961 | $ 2,185 |
Leases (Details)
Leases (Details) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Text Block [Abstract] | |
Operating lease remaining term | 3 years 58 days |
Leases (Details) - Schedule of
Leases (Details) - Schedule of operating lease - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Leases [Abstract] | ||
Operating leases expenses | $ 93 | $ 98 |
Cash used in operating activities | 88 | 93 |
Non-cash activity: Right of use assets obtained in exchange for new operating lease liabilities |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of operating lease related activities - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Other assets - Right-of-Use assets | $ 500 | $ 501 |
Accumulated amortization | 158 | 91 |
Operating lease Right-of-Use assets, net | 342 | 410 |
Lease liabilities – current - Accounts payable and accrued liabilities | 123 | 123 |
Lease liabilities – noncurrent | 236 | 298 |
Total operating lease liabilities | $ 359 | $ 421 |
Weighted average remaining lease term in years | 2 years 302 days | 3 years 120 days |
Weighted average annual discount rate | 10.70% | 10.70% |
2020 (after June 30) | $ 83 | |
2021 | 154 | |
2022 | 135 | |
2023 | 73 | |
Total undiscounted lease liability | 445 | |
Less: Imputed interest | (86) | |
Present value of lease liabilities | $ 359 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - USD ($) $ in Thousands | 1 Months Ended | 6 Months Ended | ||||
Jul. 01, 2020 | Mar. 31, 2020 | Jan. 31, 2020 | Jun. 30, 2020 | May 15, 2020 | Dec. 31, 2019 | |
Commitments and Contingencies (Details) [Line Items] | ||||||
Percentage of grants | 100.00% | |||||
Aggregate contingent obligation | $ 5,804 | |||||
New grant application, description | the Company submitted a grant application to the Israel Innovation Authority for funding of its clinical development program of prevention of organ dysfunction and cytokine storms associated with COVID-19. The Company’s application for grants of NIS 1,857 ($521) representing participation of 30% of the plan to be executed in Israel was approved by the Israel Innovation Authority in April 2020 for a period commencing April 1, 2020 and ending March 31, 2021. | the Company submitted a grant application to the Israel Innovation Authority for funding of its clinical development program of prevention of cytokine storms and organ dysfunction associated with sepsis. The Company’s application for grants of NIS 3,467 ($973) representing participation of 30% of the plan to be executed in Israel was approved by the Israel Innovation Authority in April 2020, for a period commencing January 1, 2020 and ending December 31, 2020. | ||||
Agreement, description | the Company entered into a rental agreement for an additional 421 square meters of office and laboratory space, in addition to the 420 square meter rental agreement entered into on July 30, 2018, in the biotechnology park in Ness Ziona. The additional rental agreement is for a period of 63 months, commencing July 1, 2020, and can be extended by an additional period of 35 months. The monthly rental and management fees for the additional space are NIS 28 ($8). To secure the liability of the Company for the new lease, the Company provided the lessor a bank guarantee of approximately NIS 164 ($47). | |||||
Common Stock, Value, Issued | $ 1,513 | $ 1,151 | ||||
Minimum [Member] | ||||||
Commitments and Contingencies (Details) [Line Items] | ||||||
Percentage of royalties in sales | 3.00% | |||||
Maximum [Member] | ||||||
Commitments and Contingencies (Details) [Line Items] | ||||||
Percentage of royalties in sales | 5.00% | |||||
Ordinary shares [Member] | Financial Investments [Member] | ||||||
Commitments and Contingencies (Details) [Line Items] | ||||||
Common Stock, Value, Issued | $ 2,400 |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | |||||
Mar. 05, 2020USD ($)$ / sharesshares | Feb. 26, 2020USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Jun. 30, 2020₪ / shares | Mar. 31, 2020$ / shares | Dec. 31, 2019$ / sharesshares | Dec. 31, 2019₪ / sharesshares | |
Equity (Details) [Line Items] | |||||||
Ordinary shares | shares | 2,093,750 | 1,000,000 | 13,463,771 | 13,463,771 | 13,463,771 | ||
Price per share | (per share) | $ 8 | $ 10 | ₪ 0.40 | $ 3,093,750 | |||
Net proceeds offering | $ 15,238 | $ 7,218 | |||||
Warrants to purchase shares | shares | 2,093,750 | 70,000 | 146,563 | ||||
Exercise price per share | $ / shares | $ 10 | $ 10 | |||||
warrant value | $ 331 | ||||||
Weighted average volatility rate | 72.00% | ||||||
Weighted average risk free interest rate | 1.14% | ||||||
Weighted average contractual expected life | 5 years | ||||||
Ordinary price per share | $ / shares | $ 8 | ||||||
Warrant exercisable | shares | 2,093,750 | ||||||
Common stock per share | (per share) | $ 9 | $ 0.11 | ₪ 0.40 | $ 0.11 | ₪ 0.40 | ||
Investors warrant | $ 3,723 | ||||||
Common stock value | 13,027 | ||||||
Placement agent warrants | $ 232 | ||||||
Warrant [Member] | |||||||
Equity (Details) [Line Items] | |||||||
Weighted average volatility rate | 68.24% | ||||||
Weighted average risk free interest rate | 0.67% | ||||||
Weighted average contractual expected life | 2 years |
Share-Based Compensation (Detai
Share-Based Compensation (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($) | |
Employees' Stock Option [Member] | |
Share-Based Compensation (Details) [Line Items] | |
Total unrecognized estimated compensation cost | $ 1,750 |
Weighted average period | 1 year 186 days |
Consultants' stock options [Member] | |
Share-Based Compensation (Details) [Line Items] | |
Total unrecognized estimated compensation cost | $ 199 |
Weighted average period | 1 year 160 days |
Share-Based Compensation (Det_2
Share-Based Compensation (Details) - Schedule of employees and directors stock options - Employees’ and directors stock options [Member] - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-Based Compensation (Details) - Schedule of employees and directors stock options [Line Items] | ||||
Number of options, Outstanding at beginning of period | 1,195,563 | 1,097,943 | 1,125,927 | 1,083,023 |
Weighted average exercise price, Outstanding at beginning of period | $ 6.30 | $ 6.01 | $ 6.47 | $ 4.79 |
Number of options, Pre-merger Bioblast options | 15,500 | |||
Weighted average exercise price, Pre-merger Bioblast options | $ 90.16 | |||
Number of options, Granted | 250,000 | 320,000 | 2,421 | |
Weighted average exercise price, Granted | $ 3.66 | $ 3.89 | $ 12.21 | |
Number of options, Forfeited and expired | (31,070) | (6,292) | (31,434) | (8,071) |
Weighted average exercise price, Forfeited and expired | $ 6.36 | $ 7.23 | $ 6.39 | $ 0.91 |
Number of options, Exercised | (35,895) | (35,895) | (1,222) | |
Weighted average exercise price, Exercised | $ 2.69 | $ 2.69 | $ 3.39 | |
Number of options. Outstanding at end of period | 1,378,598 | 1,091,651 | 1,378,598 | 1,091,651 |
Weighted average exercise price, Outstanding at end of period | $ 6.15 | $ 6.01 | $ 6.15 | $ 6.01 |
Number of options, Exercisable at end of period | 692,032 | 553,331 | 692,032 | 553,331 |
Weighted average exercise price, Exercisable at end of period | $ 5.96 | $ 6.03 | $ 5.96 | $ 6.03 |
Number of options, Non-vested at beginning of the period | 482,010 | 544,612 | 425,895 | 625,302 |
Weighted average exercise price, Non-vested at beginning of the period | $ 7.20 | $ 6.02 | $ 7.21 | $ 5.58 |
Number of options, Granted | 250,000 | 320,000 | 2,421 | |
Weighted average exercise price, Granted | $ 3.66 | $ 3.89 | $ 12.21 | |
Number of options, Vested during the year | (14,374) | (28,259) | (81,332) | |
Weighted average exercise price, Vested during the year | $ 3.63 | $ 3.09 | $ 3.22 | |
Number of options, Forfeited during the year | (31,070) | (6,292) | (31,070) | (8,071) |
Weighted average exercise price, Forfeited during the year | $ 6.38 | $ 7.23 | $ 6.37 | $ 0.91 |
Number of options, Non-vested at the end of the period | 686,566 | 538,320 | 686,566 | 538,320 |
Weighted average exercise price, Non-vested at the end of the period | $ 5.79 | $ 6.08 | $ 5.79 | $ 6.08 |
Share-Based Compensation (Det_3
Share-Based Compensation (Details) - Schedule of consultants stock options - Consultants' stock options [Member] - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-Based Compensation (Details) - Schedule of consultants stock options [Line Items] | ||||
Number of options, Outstanding at beginning of period | 499,115 | 718,395 | 499,115 | 718,395 |
Weighted average exercise price, Outstanding at beginning of period | $ 4.04 | $ 3.72 | $ 4.04 | $ 3.72 |
Number of options, Outstanding at end of period | 499,115 | 718,395 | 499,115 | 718,395 |
Weighted average exercise price, Outstanding at end of period | $ 4.04 | $ 3.72 | $ 4.04 | $ 3.72 |
Number of options, Exercisable at end of period | 405,920 | 576,183 | 405,920 | 576,183 |
Weighted average exercise price, Exercisable at end of period | $ 3.48 | $ 5.26 | $ 3.48 | $ 5.26 |
Number of options, Non-vested at beginning of the period | 93,194 | 142,212 | 100,456 | 149,474 |
Weighted average exercise price, Non-vested at beginning of the period | $ 6.27 | $ 6.29 | $ 6.27 | $ 6.20 |
Number of options, Vested during the year | (7,262) | (7,262) | ||
Weighted average exercise price, Vested during the year | $ 6.22 | $ 6.22 | ||
Number of options, Non-vested at the end of the period | 93,194 | 142,212 | 93,194 | 142,212 |
Weighted average exercise price, Non-vested at the end of the period | $ 6.27 | $ 6.29 | $ 6.27 | $ 6.29 |
Share-Based Compensation (Det_4
Share-Based Compensation (Details) - Schedule of exercise prices and remaining contractual life $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2020USD ($)$ / sharesshares | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of options outstanding | 1,877,713 |
Intrinsic Value of Options Outstanding (in Dollars) | $ | $ 2,005,143 |
No. of options exercisable | 1,097,952 |
Exercise Price One [Member] | Option [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price (in Dollars per share) | $ / shares | $ 2.69 |
Number of options outstanding | 688,026 |
Average Remaining contractual Life (in years) | 5 years 7 days |
Intrinsic Value of Options Outstanding (in Dollars) | $ | $ 1,630,623 |
No. of options exercisable | 686,720 |
Exercise Price Two [Member] | Option [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price (in Dollars per share) | $ / shares | $ 3.66 |
Number of options outstanding | 250,000 |
Average Remaining contractual Life (in years) | 9 years 306 days |
Intrinsic Value of Options Outstanding (in Dollars) | $ | $ 349,250 |
No. of options exercisable | 13,889 |
Exercise Price Three [Member] | Option [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price (in Dollars per share) | $ / shares | $ 4.68 |
Number of options outstanding | 66,500 |
Average Remaining contractual Life (in years) | 9 years 277 days |
Intrinsic Value of Options Outstanding (in Dollars) | $ | $ 25,270 |
No. of options exercisable | |
Exercise Price Four [Member] | Option [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price (in Dollars per share) | $ / shares | $ 6.22 |
Number of options outstanding | 687,303 |
Average Remaining contractual Life (in years) | 7 years 200 days |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | 377,329 |
Exercise Price Five [Member] | Option [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price (in Dollars per share) | $ / shares | $ 8.19 |
Number of options outstanding | 150,000 |
Average Remaining contractual Life (in years) | 9 years 142 days |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | |
Exercise Price Six [Member] | Option [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price (in Dollars per share) | $ / shares | $ 10.12 |
Number of options outstanding | 12,943 |
Average Remaining contractual Life (in years) | 8 years 156 days |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | 3,909 |
Exercise Price Seven [Member] | Option [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price (in Dollars per share) | $ / shares | $ 12.21 |
Number of options outstanding | 2,421 |
Average Remaining contractual Life (in years) | 8 years 9 months |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | 605 |
Exercise Price Eight [Member] | Option [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price (in Dollars per share) | $ / shares | $ 21.40 |
Number of options outstanding | 5,020 |
Average Remaining contractual Life (in years) | 9 years 25 days |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | |
Exercise Price Nine [Member] | Option [Member] | |
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price (in Dollars per share) | $ / shares | $ 90.16 |
Number of options outstanding | 15,500 |
Average Remaining contractual Life (in years) | 1 year 69 days |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | 15,500 |
Share-Based Compensation (Det_5
Share-Based Compensation (Details) - Schedule of share-based compensation expenses related to grants under the Equity Incentive Plan - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Compensation | $ 188 | $ 131 | $ 320 | $ 643 |
Research & development [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Compensation | 104 | 31 | 200 | 444 |
General & administrative [Member] | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based Compensation | $ 84 | $ 100 | $ 120 | $ 199 |
Transactions with Related Par_3
Transactions with Related Parties (Details) - Schedule of Amounts due to the related party - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Schedule of Amounts due to the related party [Abstract] | ||
Accounts payable trade | $ 68 | |
Accrued expenses and other | 65 | 79 |
Total | $ 133 | $ 79 |
Transactions with Related Par_4
Transactions with Related Parties (Details) - Schedule of Amount of transaction with the related party - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Schedule of Amount of transaction with the related party [Abstract] | ||||
Research and development services | $ 160 | $ 444 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - Schedule of financial assets measured at fair value on a recurring basis - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Fair Value Measurement (Details) - Schedule of financial assets measured at fair value on a recurring basis [Line Items] | ||
Cash and cash equivalents | $ 10,163 | $ 3,948 |
Short term deposits | 20,043 | 8,060 |
Cash held with respect to CVR Agreement | 2,524 | 1,400 |
Restricted cash | 205 | 176 |
Total financial assets | 32,935 | 13,584 |
Level 1 [Member] | ||
Fair Value Measurement (Details) - Schedule of financial assets measured at fair value on a recurring basis [Line Items] | ||
Cash and cash equivalents | 10,308 | 3,948 |
Short term deposits | 20,043 | 8,060 |
Cash held with respect to CVR Agreement | 2,524 | 1,400 |
Restricted cash | 205 | 176 |
Total financial assets | 32,935 | 13,584 |
Level 2 [Member] | ||
Fair Value Measurement (Details) - Schedule of financial assets measured at fair value on a recurring basis [Line Items] | ||
Cash and cash equivalents | ||
Short term deposits | ||
Cash held with respect to CVR Agreement | ||
Restricted cash | ||
Total financial assets | ||
Level 3 [Member] | ||
Fair Value Measurement (Details) - Schedule of financial assets measured at fair value on a recurring basis [Line Items] | ||
Cash and cash equivalents | ||
Short term deposits | ||
Cash held with respect to CVR Agreement | ||
Restricted cash | ||
Total financial assets |