Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2022 | |
Document Information Line Items | |
Entity Registrant Name | ENLIVEX THERAPEUTICS LTD. |
Document Type | 6-K |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Central Index Key | 0001596812 |
Document Period End Date | Jun. 30, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Entity File Number | 001-36578 |
Entity Address, Address Line One | 14 Einstein Street |
Entity Address, Address Line Two | Nes Ziona |
Entity Address, Country | IL |
Entity Address, Postal Zip Code | 7403618 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 20,151 | $ 11,202 |
Short term deposits | 42,334 | 10,004 |
Marketable securities | 62,924 | |
Prepaid expenses and other receivables | 2,453 | 2,199 |
Cash held with respect to CVR Agreement | 113 | 113 |
Total Current Assets | 65,051 | 86,442 |
Non-Current Assets | ||
Property and equipment, net | 6,517 | 2,530 |
Other assets | 5,773 | 6,174 |
Total Non-Current Assets | 12,290 | 8,704 |
TOTAL ASSETS | 77,341 | 95,146 |
Current Liabilities | ||
Accounts payable trade | 667 | 878 |
Accrued expenses and other liabilities | 3,433 | 3,727 |
CVR holders | 113 | 113 |
Total Current Liabilities | 4,213 | 4,718 |
Non-Current Liabilities | ||
Other long-term Liabilities | 4,642 | 5,389 |
Total Non-Current Liabilities | 4,642 | 5,389 |
Commitments and Contingent Liabilities | ||
TOTAL LIABILITIES | 8,855 | 10,107 |
SHAREHOLDERS’ EQUITY | ||
Ordinary shares of NIS 0.4 par value: Authorized: 45,000,000 shares as of June 30, 2022 and December 31, 2021; Issued and outstanding: 18,381,052 and 18,331,507 as of June 30 and December 31, 2021; | 2,113 | 2,107 |
Additional paid in capital | 135,375 | 133,796 |
Foreign currency translation adjustments | 1,101 | 1,101 |
Accumulated deficit | (70,103) | (51,965) |
TOTAL SHAREHOLDERS’ EQUITY | 68,486 | 85,039 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 77,341 | $ 95,146 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - ₪ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Ordinary shares, par value (in New Shekels per share) | ₪ 0.4 | ₪ 0.4 |
Ordinary shares, authorized | 45,000,000 | 45,000,000 |
Ordinary shares, Issued | 18,381,052 | 18,331,507 |
Ordinary shares, outstanding | 18,381,052 | 18,331,507 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues | ||||
Operating expenses: | ||||
Research and development expenses | 4,110 | 2,539 | 8,792 | 5,036 |
General and administrative expenses | 1,761 | 1,269 | 3,483 | 2,574 |
Total operating expenses | 5,871 | 3,808 | 12,275 | 7,610 |
Operating loss | (5,871) | (3,808) | (12,275) | (7,610) |
Other income/(expense), net | (4,042) | 700 | (5,863) | 1,302 |
Net (loss) | (9,913) | (3,108) | (18,138) | (6,308) |
Other comprehensive income (loss) | ||||
Exchange differences arising from translating financial statements from functional to presentation currency | 2,055 | (733) | ||
Total other comprehensive income (loss) | 2,055 | (733) | ||
Total comprehensive (loss) | $ (9,913) | $ (1,053) | $ (18,138) | $ (7,041) |
Basic & diluted (loss) per share (in Dollars per share) | $ (0.54) | $ (0.17) | $ (0.99) | $ (0.36) |
Weighted average number of shares outstanding (in Shares) | 18,375,206 | 18,305,882 | 18,372,521 | 17,397,860 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Basic & diluted (loss) per share (in Dollars per share) | $ (0.54) | $ (0.17) | $ (0.99) | $ (0.36) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Ordinary Shares | Additional Paid-in Capital | Currency translation reserve | Accumulated deficit | Total | |
Balance at Dec. 31, 2020 | $ 1,646 | $ 70,361 | $ 977 | $ (37,497) | $ 35,487 | |
Balance (in Shares) at Dec. 31, 2020 | 14,587,934 | |||||
Issuance of shares and warrants for cash consideration of $57,629 net of $4,455 issuance costs | $ 352 | 52,822 | 53,174 | |||
Issuance of shares and warrants for cash consideration of $57,629 net of $4,455 issuance costs (in Shares) | 2,848,629 | |||||
Exercise of options | $ 2 | 38 | 40 | |||
Exercise of options (in Shares) | 13,435 | |||||
Exercise of warrants | $ 104 | 7,598 | 7,702 | |||
Exercise of warrants (in Shares) | 855,813 | |||||
Stock based compensation | 190 | 190 | ||||
Other comprehensive loss | (2,788) | (2,788) | ||||
Net loss | (3,200) | (3,200) | ||||
Balance at Mar. 31, 2021 | $ 2,104 | 131,009 | (1,811) | (40,697) | 90,605 | |
Balance (in Shares) at Mar. 31, 2021 | 18,305,811 | |||||
Exercise of options | [1] | 2 | 2 | |||
Exercise of options (in Shares) | 375 | |||||
Stock based compensation | 652 | 652 | ||||
Other comprehensive loss | 2,055 | 2,055 | ||||
Net loss | (3,108) | (3,108) | ||||
Balance at Jun. 30, 2021 | $ 2,104 | 131,663 | 244 | (43,805) | 90,206 | |
Balance (in Shares) at Jun. 30, 2021 | 18,306,186 | |||||
Balance at Dec. 31, 2021 | $ 2,107 | 133,796 | 1,101 | (51,965) | 85,039 | |
Balance (in Shares) at Dec. 31, 2021 | 18,331,507 | |||||
Restricted stock units vested | $ 4 | (4) | ||||
Restricted stock units vested (in Shares) | 34,295 | |||||
Exercise of options | $ 1 | 49 | 50 | |||
Exercise of options (in Shares) | 7,625 | |||||
Stock based compensation | 788 | 788 | ||||
Net loss | (8,225) | (8,225) | ||||
Balance at Mar. 31, 2022 | $ 2,112 | 134,629 | 1,101 | (60,190) | 77,652 | |
Balance (in Shares) at Mar. 31, 2022 | 18,373,427 | |||||
Exercise of options | $ 1 | 49 | 50 | |||
Exercise of options (in Shares) | 7,625 | |||||
Stock based compensation | 697 | 697 | ||||
Net loss | (9,913) | (9,913) | ||||
Balance at Jun. 30, 2022 | $ 2,113 | $ 135,375 | $ 1,101 | $ (70,103) | $ 68,486 | |
Balance (in Shares) at Jun. 30, 2022 | 18,381,052 | |||||
[1] Less than $1 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Shareholders' Equity (Unaudited) (Parentheticals) $ in Thousands | 3 Months Ended |
Mar. 31, 2021 USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Cash consideration | $ 57,629 |
Net of issuance costs | $ 4,455 |
Condensed Consolidated Statem_5
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities | ||
Net (loss) | $ (18,138) | $ (6,308) |
Adjustments required to reflect net cash used in operating activities: | ||
Depreciation | 364 | 239 |
Non-cash operating lease expenses | 411 | 107 |
Share-based compensation | 1,485 | 842 |
Loss (income) on marketable securities and short-term bank deposits | 4,886 | (1,583) |
Changes in operating asset and liability items: | ||
Decrease in prepaid expenses and other receivables | (205) | (195) |
Increase (decrease) in accounts payable trade | (211) | 101 |
Increase (decrease) in accrued expenses and other liabilities | (307) | 153 |
Operating lease liabilities | (827) | (106) |
Net cash (used in) provided by operating activities | (12,542) | (6,750) |
Cash flows from investing activities | ||
Purchase of property and equipment | (4,351) | (472) |
Release (investment) in short-term bank deposits | (35,234) | 19,563 |
Purchases of marketable securities | (1,608) | (85,695) |
Proceeds from sales of marketable securities | 62,549 | 19,217 |
Net cash provided by (used in) investing activities | 21,356 | (47,387) |
Cash flows from financing activities | ||
Proceeds from issuance of shares and warrants net of $4,455 issuance expenses | 53,174 | |
Proceeds from exercise of warrants | 7,702 | |
Proceeds from exercise of options | 100 | 42 |
Net cash provided by financing activities | 100 | 60,918 |
Increase (decrease) in cash and cash equivalents | 8,914 | 6,781 |
Cash and cash equivalents - beginning of period | 11,636 | 7,012 |
Exchange rate differences on cash and cash equivalents | (210) | |
Cash and cash equivalents - end of period | 20,550 | 13,583 |
Non-cash transactions: | ||
Warrants issued in settlement of issuance costs to a placement agent | 2,095 | |
Supplemental disclosures of cash flow information: | ||
Cash paid for taxes | ||
Cash paid (received) for interest, net | $ 45 | $ 62 |
Condensed Consolidated Statem_6
Condensed Consolidated Statements of Cash Flows (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Cash Flows [Abstract] | ||
Issuance expenses | $ 4,455 | $ 4,455 |
General
General | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1 - GENERAL a. Enlivex Therapeutics Ltd. (the “ Parent we us our Company Enlivex Therapeutics R&D Ltd. (“ Enlivex R&D In January 2015, Enlivex Therapeutics Inc. was incorporated in the State of Delaware as a wholly owned subsidiary of the Parent. On June 21, 2021 Enlivex Therapeutics RDO Ltd. was incorporated in Israel as a wholly owned subsidiary of the Parent. The Company is a clinical stage macrophage reprogramming immunotherapy company, developing Allocetra TM AllocetraTM is based on the discoveries of Professor Dror Mevorach, an expert on immune activity, macrophage activation and clearance of dying (apoptotic) cells, in his laboratory in the Hadassah University Hospital located in the State of Israel. The Company’s ordinary shares, NIS 0.40 per share (“ Ordinary Shares b. Financial Resources The Company devotes substantially all of its efforts toward research and development activities and raising capital to support such activities. 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 that its operations will require additional 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 has incurred net losses since its inception, and, as of June 30, 2022, had an accumulated deficit of $70,103 thousand. The Company expects to continue to incur losses for at least the next several years, and 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 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 (the “ Board |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation These unaudited condensed 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 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 2021 Annual Report on Form 20-F, as filed with the SEC on April 29, 2022. The results of operations for these interim periods are not necessarily indicative of the operating results for any future period. The December 31, 2021 financial information has been derived from the Company’s audited financial statements. Use of Estimates The preparation of interim financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts in the consolidated balance sheets and statements of operations, it also requires that management exercise its judgment in applying the Company’s accounting policies. On an ongoing basis, management evaluates its estimates, including estimates related to its stock-based compensation expense and implicit interest rate on new lease liabilities. Significant estimates in these interim financial statements include estimates made for accrued research and development expenses and stock-based compensation expenses. Functional Currency and Translation to The Reporting Currency The functional currency of the Company is the U.S. dollar because the U.S. dollar is the currency of the primary economic environment in which the Company operates and expects to continue to operate in the foreseeable future. Until September 30, 2021, the functional currency of Enlivex R&D was the New Israeli Shekel (“NIS”). Balances related to non-monetary assets and liabilities are based on translated amounts as of the date of the change, and non-monetary assets acquired and liabilities incurred after September 30, 2021 were translated at the approximate exchange rate prevailing at the date of the transaction. Transactions included in the statement of income for the three and six month periods ended June 30, 2022 were translated at the approximate exchange rate in effect at the respective times of the transactions. Transactions included in the statement of income for the three and six month periods ended June 30, 2021 were translated at average exchange rates during the applicable period. Gains or losses resulting from translation adjustments for the three and six month periods ended June 30, 2021 are reported in other comprehensive income (loss). one U.S. dollar = 3.50 NIS and 3.11 NIS as of June 30, 2022 and December 31, 2021, respectively. The U.S. dollar increased (decreased) against the NIS: 10.20%, 12.54%, (2.22%) and 1.4% in the three and six month periods ended June 30, 2022 and 2021, respectively. 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. Recently Adopted Accounting Standards In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and other Options (Subtopic 470-20) and Derivatives and Hedging: Contracts in Entity’s Own Equity (Subtopic 815-40) Recently Issued Accounting Pronouncements Not Yet Adopted The Company has evaluated other recently issued accounting pronouncements and does not currently believe that any of these pronouncements will have a material impact on its condensed consolidated financial statements and related disclosures. Significant Accounting Policies There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 20-F for the year ended December 31, 2021. Marketable Securities. The Company has an investment policy that includes guidelines on acceptable investment securities, minimum credit quality, maturity parameters, and concentration and diversification. The Company invests its excess cash primarily in mutual funds that are classified based on the nature of their underlying securities and their availability for use in current operations. The Company’s marketable equity securities are measured at fair value with gains and losses recognized in other income/(expense), net. Net (loss) income recognized on equity securities for the three and six month periods ended June 30, 2022 and 2021 was $0, $(1,982), $1,195 and $1,583 thousand of which $0, $0, $950 and $1,342 thousand, respectively, were not realized. |
Cash, Cash Equivalents and Rest
Cash, Cash Equivalents and Restricted Cash | 6 Months Ended |
Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH | NOTE 3 – CASH, CASH EQUIVALENTS AND RESTRICTED CASH June 30, December 31, (in thousands) 2022 2021 Cash held in banks $ 2,133 $ 1,199 Bank deposits in U.S.$ (annual average interest rates 3.02% and 0.1%) 18,018 10,003 Total cash and cash equivalents 20,151 11,202 Cash held with respect to CVR Agreement 113 113 Restricted cash – noncurrent – Other assets 286 321 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 20,550 $ 11,636 |
Short Term Deposits
Short Term Deposits | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
SHORT TERM DEPOSITS | NOTE 4 – SHORT TERM DEPOSITS June 30, December 31, (in thousands) 2022 2021 Bank deposits in U.S.$ and NIS (average annual interest rates 0.7% and 0.6%) $ 42,334 $ 10,004 Total short-term deposits $ 42,334 $ 10,004 |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 5 – PROPERTY AND EQUIPMENT Property and equipment, net consists of the following: June 30, December 31, (in thousands) 2022 2021 Cost: Laboratory equipment $ 2,253 $ 1,891 Computers 276 256 Office furniture & equipment 218 192 Leasehold improvements 5,464 1,521 8,211 3,860 Accumulated depreciation: Laboratory equipment 1,176 960 Computers 170 138 Office furniture & equipment 22 15 Leasehold improvements 326 217 1,694 1,330 Depreciated cost $ 6,517 $ 2,530 Depreciation expenses for the three and six month periods ended June 30, 2022 and 2021 were $176, $364, $122 and $239 thousand, respectively. |
Other Assets
Other Assets | 6 Months Ended |
Jun. 30, 2022 | |
Other Assets [Abstract] | |
OTHER ASSETS | NOTE 6 – OTHER ASSETS June 30, December 31, (in thousands) 2022 2021 Restricted cash $ 286 $ 321 Long-term prepaid expenses 118 164 Right-of-Use assets, net 5,369 5,689 $ 5,773 $ 6,174 |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER LIABILITIES | NOTE 7 – ACCRUED EXPENSES AND OTHER LIABILITIES June 30, December 31, (in thousands) 2022 2021 Vacation, convalescence and bonus accruals $ 528 $ 1,068 Employees and payroll related 639 519 Short term operating lease liabilities 629 617 Accrued expenses and other 1,637 1,523 $ 3,433 $ 3,727 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
LEASES | NOTE 8 – LEASES The Company is a party to operating leases for its corporate offices, laboratory space and vehicles. The Company’s real property operating leases have remaining lease terms of up to 3.25 years, some of which include options to extend the leases for up to five years. Six months ended June 30, (in thousands) 2022 2021 The components of lease expense were as follows: Operating leases expenses $ 517 $ 139 Supplemental consolidated cash flow information related to operating leases follows: Cash used in operating activities $ 478 $ 135 Non-cash activity: Right of use assets obtained in exchange for new operating lease liabilities $ 91 $ 29 June 30, December 31, (in thousands ) 2022 2021 Supplemental information related to operating leases, including location of amounts reported in the accompanying consolidated balance sheets, follows: Other assets - Right-of-Use assets $ 6,420 $ 6,329 Accumulated amortization 1,051 640 Operating lease Right-of-Use assets, net $ 5,369 $ 5,689 Lease liabilities – current - Accounts payable and accrued liabilities $ 629 $ 617 Lease liabilities – noncurrent 4,642 5,389 Total operating lease liabilities $ 5,271 $ 6,006 Weighted average remaining lease term in years 8.1 8.6 Weighted average annual discount rate 3.6 % 3.6 % Maturities of operating lease liabilities as of June 30, 2022, were as follows: 2022 (after June 30) $ 386 2023 786 2024 679 2025 714 2026 and onwards 3,497 Total undiscounted lease liability $ 6,062 Less: Imputed interest $ (791 ) Present value of lease liabilities $ 5,271 |
Commitments and Contingent Liab
Commitments and Contingent Liabilities | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | NOTE 9 – COMMITMENTS AND CONTINGENT LIABILITIES The Company is required to pay royalties to the State of Israel (represented by the Israeli Innovation Authority (the “ IIA The gross amount of grants received by the Company from the IIA, including accrued interest as of June 30, 2022, was approximately $8.9 million. As of June 30, 2022, the Company had not paid any royalties to the IIA. In January 2022, the Company submitted a new grant application to the IIA to approve the expenditure of $4.8 million of its clinical development program for the prevention of cytokine storms and organ dysfunction associated with sepsis for a period commencing January 1, 2022 and ending December 31, 2022 (the “2022 Sepsis Grant Application”). In May 2020, the IIA selected this program to receive a non-dilutive grant of approximately $1.0 million for expenses associated with the Company’s ongoing sepsis clinical Phase II trial. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
EQUITY | NOTE 10 – EQUITY All Company warrants are classified as a component of shareholders’ equity because such warrants are free standing financial instruments that are legally detachable, separately exercisable, do not embody an obligation for the Company to repurchase its own shares, and permit the holders to receive a fixed number of Ordinary Shares upon exercise, requires physical settlement and do not provide any guarantee of value or return. Number of Weighted average exercise Outstanding January 1, 2022 704,355 $ 13.18 Forfeited and expired (502,104 ) $ 9.50 Outstanding and exercisable June 30, 2022 202,251 $ 23.31 Comprised as follows: Number of Warrants Exercise Issuance Expiration 22,750 $ 10 February 26, 2020 February 24, 2025 160,727 $ 25 February 12, 2021 February 9, 2026 18,774 $ 25 February 17, 2021 February 9, 2026 202,251 |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 11 – SHARE-BASED COMPENSATION a) As of June 30, 2022, 4,150,704 Ordinary Shares were authorized for issuance to employees, directors and consultants under the 2019 Equity Incentive Plan, of which 1,189,363 shares were available for future grant. b) The following table contains information concerning options granted under the existing equity incentive plans: Three months ended June 30, 2022 2021 Number of Weighted Number of Weighted Outstanding at beginning of period 2,399,622 $ 5.95 1,870,485 $ 5.54 Granted - $ - 310,500 $ 12.57 Forfeited and expired (3,000 ) $ 5.34 (2,685 ) $ 7.38 Exercised (7,625 ) $ 6.49 (375 ) $ 4.68 Outstanding at end of period 2,388,997 $ 5.95 2,177,925 $ 6.54 Exercisable at end of period 1,728,623 $ 5.10 1,404,809 $ 5.50 Non-vested at beginning of period 722,749 $ 7.67 544,163 $ 6.04 Granted - $ - 310,500 $ 12.57 Vested (59,375 ) $ (8.78) (78,862 ) $ 13.15 Forfeited) (3,000 ) $ (5.34) (2,685 ) $ 7.38 Non-vested at the end of period 660,374 $ 7.59 773,116 $ 8.19 Six months ended June 30, 2022 2021 Number of Weighted Number of Weighted Outstanding at beginning of period 2,142,547 $ 6.02 1,884,420 $ 5.52 Granted 264,700 $ 5.48 310,500 $ 12.57 Forfeited and expired (3,000 ) $ 5.34 (3,185 ) $ 6.96 Exercised (15,250 ) $ 6.49 (13,810 ) $ 2.99 Outstanding at end of period 2,388,997 $ 5.95 2,177,925 $ 6.54 Exercisable at end of period 1,728,623 $ 5.10 1,404,809 $ 5.50 Non vested at beginning of period 529,082 $ 8.69 601,227 $ 5.93 Granted 264,700 $ 5.48 310,500 $ 12.57 Forfeited and expired (3,000 ) $ 5.34 (135,426 ) $ 8.22 vested (130,408 ) $ 7.82 (3,185 ) $ 6.96 Outstanding at end of period 660,374 $ 7.59 773,116 $ 8.19 During the three and six month periods ended June 30, 2022 and 2021, the Company recognized $509, $1,074, $603 and $778 thousand, respectively, of share-based compensation expenses related to stock options. As of June 30, 2022, the total unrecognized estimated compensation cost related to outstanding non-vested stock options was $1,780 thousand, which is expected to be recognized over a weighted average period of 1.5 years. c) Set forth below is data regarding the range of exercise prices and remaining contractual life for all options outstanding at June 30, 2022: Exercise price Number outstanding Remaining Intrinsic No. of options (in thousands ) $ 2.69 649,883 2.92 1,189,284 649,883 $ 3.66 250,000 7.84 214,250 180,556 $ 4.68 55,500 7.75 - 27,750 $ 5.35 231,200 9.75 - $ 6.22 634,177 5.00 - 620,879 $ 6.49 15,250 0.03 - - $ 8.19 150,000 7.38 - 75,000 $ 8.23 20,000 9.39 - - $ 8.30 15,000 9.10 - - $ 9.02 40,500 8.38 - 10,125 $ 10.12 12,126 6.43 - 9,700 $ 12.21 2,421 6.74 - 1,816 $ 12.23 250,000 8.91 - 111,111 $ 14.00 60,500 8.82 - 40,333 $ 21.40 1,940 7.07 - 970 $ 90.16 500 2.42 - 500 2,388,997 $ 1,403,534 1,728,623 d) The following table contains information concerning restricted stock units granted under the existing equity incentive plans: Three months ended June 30, 2022 2021 Number of Weighted Number of Weighted Nonvested at beginning of period 184,787 $ 10.02 48,375 $ 14.67 Granted - $ - 13,750 $ 10.28 Vested (3,437 ) $ 10.28 - $ - Forfeited - - (2,000 ) $ 14.67 Nonvested at end of period 181,350 $ 10.02 60,125 $ 13.67 Six months ended June 30, 2022 2021 Number of Weighted Number of Weighted Nonvested at beginning of period 229,331 $ 10.08 - $ - Granted - $ - 62,125 $ 13.7 Vested (47,981 ) $ 10.29 - $ - Forfeited - $ - (2,000 ) $ 14.67 Nonvested at end of period 181,350 $ 10.02 60,125 $ 13.67 The Company estimates the fair value of restricted stock units based on the closing sales price of the Ordinary Shares on the date of grant (or the closing bid price, if no sales were reported). For the three and six month periods ended June 30, 2022 and 2021, the Company recognized $188, $411, $49 and $64 thousand, respectively, of share-based compensation expense related to restricted stock units. Total share-based compensation expense related to restricted stock units not yet recognized as of June 30, 2022 was $889 thousand, which is expected to be recognized over a weighted average period of 1.5 years. e) The following table summarizes share-based compensation expenses related to grants under the existing equity incentive plans included in the statements of operations: Three months ended Six months ended (in thousands) 2022 2021 2022 2021 Research & development $ 119 $ 358 $ 509 $ 446 General & administrative 578 294 976 396 Total $ 697 $ 652 $ 1,485 $ 842 |
Fair Value Measurement
Fair Value Measurement | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENT | NOTE 12 – 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, 2022 and December 31, 2021: June 30, 2022 (in thousands) Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 20,550 $ 20,550 $ - $ - Short term deposits 42,334 42,334 - - Cash held with respect to CVR Agreement 113 113 - - Restricted cash 286 286 - - Total financial assets $ 63,283 $ 63,283 $ - $ - December 31, 2021 (in thousands) Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 11,202 $ 11,202 $ - $ - Short term deposits 10,004 10,004 - - Cash held with respect to CVR Agreement 113 113 - - Marketable securities 62,924 62,924 - - Restricted cash 321 321 - - Total financial assets $ 84,564 $ 84,564 $ - $ - |
Events Subsequent to the Balanc
Events Subsequent to the Balance Sheet Date | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE | NOTE 13 – 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 unaudited condensed consolidated financial statements were issued and determined that there were no events that necessitated disclosure: |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation These unaudited condensed 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 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 2021 Annual Report on Form 20-F, as filed with the SEC on April 29, 2022. The results of operations for these interim periods are not necessarily indicative of the operating results for any future period. The December 31, 2021 financial information has been derived from the Company’s audited financial statements. |
Use of Estimates | Use of Estimates The preparation of interim financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts in the consolidated balance sheets and statements of operations, it also requires that management exercise its judgment in applying the Company’s accounting policies. On an ongoing basis, management evaluates its estimates, including estimates related to its stock-based compensation expense and implicit interest rate on new lease liabilities. Significant estimates in these interim financial statements include estimates made for accrued research and development expenses and stock-based compensation expenses. |
Functional Currency and Translation to The Reporting Currency | Functional Currency and Translation to The Reporting Currency The functional currency of the Company is the U.S. dollar because the U.S. dollar is the currency of the primary economic environment in which the Company operates and expects to continue to operate in the foreseeable future. Until September 30, 2021, the functional currency of Enlivex R&D was the New Israeli Shekel (“NIS”). Balances related to non-monetary assets and liabilities are based on translated amounts as of the date of the change, and non-monetary assets acquired and liabilities incurred after September 30, 2021 were translated at the approximate exchange rate prevailing at the date of the transaction. Transactions included in the statement of income for the three and six month periods ended June 30, 2022 were translated at the approximate exchange rate in effect at the respective times of the transactions. Transactions included in the statement of income for the three and six month periods ended June 30, 2021 were translated at average exchange rates during the applicable period. Gains or losses resulting from translation adjustments for the three and six month periods ended June 30, 2021 are reported in other comprehensive income (loss). one U.S. dollar = 3.50 NIS and 3.11 NIS as of June 30, 2022 and December 31, 2021, respectively. The U.S. dollar increased (decreased) against the NIS: 10.20%, 12.54%, (2.22%) and 1.4% in the three and six month periods ended June 30, 2022 and 2021, respectively. |
Reclassification of Prior Year Presentation | 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. |
Recently Adopted Accounting Standards | Recently Adopted Accounting Standards In August 2020, the FASB issued ASU 2020-06, Debt - Debt with Conversion and other Options (Subtopic 470-20) and Derivatives and Hedging: Contracts in Entity’s Own Equity (Subtopic 815-40) |
Recently Issued Accounting Pronouncements Not Yet Adopted | Recently Issued Accounting Pronouncements Not Yet Adopted The Company has evaluated other recently issued accounting pronouncements and does not currently believe that any of these pronouncements will have a material impact on its condensed consolidated financial statements and related disclosures. |
Significant Accounting Policies | Significant Accounting Policies There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 20-F for the year ended December 31, 2021. |
Marketable Securities. | Marketable Securities. The Company has an investment policy that includes guidelines on acceptable investment securities, minimum credit quality, maturity parameters, and concentration and diversification. The Company invests its excess cash primarily in mutual funds that are classified based on the nature of their underlying securities and their availability for use in current operations. The Company’s marketable equity securities are measured at fair value with gains and losses recognized in other income/(expense), net. Net (loss) income recognized on equity securities for the three and six month periods ended June 30, 2022 and 2021 was $0, $(1,982), $1,195 and $1,583 thousand of which $0, $0, $950 and $1,342 thousand, respectively, were not realized. |
Cash, Cash Equivalents and Re_2
Cash, Cash Equivalents and Restricted Cash (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash and cash equivalents and restricted cash | June 30, December 31, (in thousands) 2022 2021 Cash held in banks $ 2,133 $ 1,199 Bank deposits in U.S.$ (annual average interest rates 3.02% and 0.1%) 18,018 10,003 Total cash and cash equivalents 20,151 11,202 Cash held with respect to CVR Agreement 113 113 Restricted cash – noncurrent – Other assets 286 321 Total cash, cash equivalents and restricted cash shown in the statement of cash flows $ 20,550 $ 11,636 |
Short Term Deposits (Tables)
Short Term Deposits (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of short term deposits | June 30, December 31, (in thousands) 2022 2021 Bank deposits in U.S.$ and NIS (average annual interest rates 0.7% and 0.6%) $ 42,334 $ 10,004 Total short-term deposits $ 42,334 $ 10,004 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | Property and equipment, net consists of the following: June 30, December 31, (in thousands) 2022 2021 Cost: Laboratory equipment $ 2,253 $ 1,891 Computers 276 256 Office furniture & equipment 218 192 Leasehold improvements 5,464 1,521 8,211 3,860 Accumulated depreciation: Laboratory equipment 1,176 960 Computers 170 138 Office furniture & equipment 22 15 Leasehold improvements 326 217 1,694 1,330 Depreciated cost $ 6,517 $ 2,530 |
Other Assets (Tables)
Other Assets (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Other Assets [Abstract] | |
Schedule of other assets | June 30, December 31, (in thousands) 2022 2021 Restricted cash $ 286 $ 321 Long-term prepaid expenses 118 164 Right-of-Use assets, net 5,369 5,689 $ 5,773 $ 6,174 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses and other liabilities | June 30, December 31, (in thousands) 2022 2021 Vacation, convalescence and bonus accruals $ 528 $ 1,068 Employees and payroll related 639 519 Short term operating lease liabilities 629 617 Accrued expenses and other 1,637 1,523 $ 3,433 $ 3,727 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of operating lease | Six months ended June 30, (in thousands) 2022 2021 The components of lease expense were as follows: Operating leases expenses $ 517 $ 139 Supplemental consolidated cash flow information related to operating leases follows: Cash used in operating activities $ 478 $ 135 Non-cash activity: Right of use assets obtained in exchange for new operating lease liabilities $ 91 $ 29 |
Schedule of operating lease related activities | June 30, December 31, (in thousands ) 2022 2021 Supplemental information related to operating leases, including location of amounts reported in the accompanying consolidated balance sheets, follows: Other assets - Right-of-Use assets $ 6,420 $ 6,329 Accumulated amortization 1,051 640 Operating lease Right-of-Use assets, net $ 5,369 $ 5,689 Lease liabilities – current - Accounts payable and accrued liabilities $ 629 $ 617 Lease liabilities – noncurrent 4,642 5,389 Total operating lease liabilities $ 5,271 $ 6,006 Weighted average remaining lease term in years 8.1 8.6 Weighted average annual discount rate 3.6 % 3.6 % |
Schedule of maturities of operating lease liabilities | Maturities of operating lease liabilities as of June 30, 2022, were as follows: 2022 (after June 30) $ 386 2023 786 2024 679 2025 714 2026 and onwards 3,497 Total undiscounted lease liability $ 6,062 Less: Imputed interest $ (791 ) Present value of lease liabilities $ 5,271 |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Equity [Abstract] | |
Schedule of number of ordinary shares upon exercise | Number of Weighted average exercise Outstanding January 1, 2022 704,355 $ 13.18 Forfeited and expired (502,104 ) $ 9.50 Outstanding and exercisable June 30, 2022 202,251 $ 23.31 |
Schedule of changes in exercisable ordinary shares warrants | Number of Warrants Exercise Issuance Expiration 22,750 $ 10 February 26, 2020 February 24, 2025 160,727 $ 25 February 12, 2021 February 9, 2026 18,774 $ 25 February 17, 2021 February 9, 2026 202,251 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of employees and directors stock options | Three months ended June 30, 2022 2021 Number of Weighted Number of Weighted Outstanding at beginning of period 2,399,622 $ 5.95 1,870,485 $ 5.54 Granted - $ - 310,500 $ 12.57 Forfeited and expired (3,000 ) $ 5.34 (2,685 ) $ 7.38 Exercised (7,625 ) $ 6.49 (375 ) $ 4.68 Outstanding at end of period 2,388,997 $ 5.95 2,177,925 $ 6.54 Exercisable at end of period 1,728,623 $ 5.10 1,404,809 $ 5.50 Non-vested at beginning of period 722,749 $ 7.67 544,163 $ 6.04 Granted - $ - 310,500 $ 12.57 Vested (59,375 ) $ (8.78) (78,862 ) $ 13.15 Forfeited) (3,000 ) $ (5.34) (2,685 ) $ 7.38 Non-vested at the end of period 660,374 $ 7.59 773,116 $ 8.19 Six months ended June 30, 2022 2021 Number of Weighted Number of Weighted Outstanding at beginning of period 2,142,547 $ 6.02 1,884,420 $ 5.52 Granted 264,700 $ 5.48 310,500 $ 12.57 Forfeited and expired (3,000 ) $ 5.34 (3,185 ) $ 6.96 Exercised (15,250 ) $ 6.49 (13,810 ) $ 2.99 Outstanding at end of period 2,388,997 $ 5.95 2,177,925 $ 6.54 Exercisable at end of period 1,728,623 $ 5.10 1,404,809 $ 5.50 Non vested at beginning of period 529,082 $ 8.69 601,227 $ 5.93 Granted 264,700 $ 5.48 310,500 $ 12.57 Forfeited and expired (3,000 ) $ 5.34 (135,426 ) $ 8.22 vested (130,408 ) $ 7.82 (3,185 ) $ 6.96 Outstanding at end of period 660,374 $ 7.59 773,116 $ 8.19 |
Schedule of exercise prices and remaining contractual life | Exercise price Number outstanding Remaining Intrinsic No. of options (in thousands ) $ 2.69 649,883 2.92 1,189,284 649,883 $ 3.66 250,000 7.84 214,250 180,556 $ 4.68 55,500 7.75 - 27,750 $ 5.35 231,200 9.75 - $ 6.22 634,177 5.00 - 620,879 $ 6.49 15,250 0.03 - - $ 8.19 150,000 7.38 - 75,000 $ 8.23 20,000 9.39 - - $ 8.30 15,000 9.10 - - $ 9.02 40,500 8.38 - 10,125 $ 10.12 12,126 6.43 - 9,700 $ 12.21 2,421 6.74 - 1,816 $ 12.23 250,000 8.91 - 111,111 $ 14.00 60,500 8.82 - 40,333 $ 21.40 1,940 7.07 - 970 $ 90.16 500 2.42 - 500 2,388,997 $ 1,403,534 1,728,623 |
Schedule of restricted stock units | Three months ended June 30, 2022 2021 Number of Weighted Number of Weighted Nonvested at beginning of period 184,787 $ 10.02 48,375 $ 14.67 Granted - $ - 13,750 $ 10.28 Vested (3,437 ) $ 10.28 - $ - Forfeited - - (2,000 ) $ 14.67 Nonvested at end of period 181,350 $ 10.02 60,125 $ 13.67 Six months ended June 30, 2022 2021 Number of Weighted Number of Weighted Nonvested at beginning of period 229,331 $ 10.08 - $ - Granted - $ - 62,125 $ 13.7 Vested (47,981 ) $ 10.29 - $ - Forfeited - $ - (2,000 ) $ 14.67 Nonvested at end of period 181,350 $ 10.02 60,125 $ 13.67 |
Schedule of share-based compensation expenses related to grants under the equity incentive plan | Three months ended Six months ended (in thousands) 2022 2021 2022 2021 Research & development $ 119 $ 358 $ 509 $ 446 General & administrative 578 294 976 396 Total $ 697 $ 652 $ 1,485 $ 842 |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Schedule of financial assets and liabilities measured at fair value on a recurring basis | June 30, 2022 (in thousands) Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 20,550 $ 20,550 $ - $ - Short term deposits 42,334 42,334 - - Cash held with respect to CVR Agreement 113 113 - - Restricted cash 286 286 - - Total financial assets $ 63,283 $ 63,283 $ - $ - December 31, 2021 (in thousands) Total Level 1 Level 2 Level 3 Cash and cash equivalents $ 11,202 $ 11,202 $ - $ - Short term deposits 10,004 10,004 - - Cash held with respect to CVR Agreement 113 113 - - Marketable securities 62,924 62,924 - - Restricted cash 321 321 - - Total financial assets $ 84,564 $ 84,564 $ - $ - |
General (Details)
General (Details) $ in Thousands | Jun. 30, 2022 USD ($) | Jun. 30, 2022 ₪ / shares | Dec. 31, 2021 USD ($) |
General (Textual) | |||
Aggregate of ordinary shares | ₪ / shares | ₪ 40 | ||
Accumulated deficit | $ | $ (70,103) | $ (51,965) |
Significant Accounting Polici_2
Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 | |
Significant Accounting Policies (Details) [Line Items] | |||||
Net (loss) income recognized | $ 0 | $ 950 | $ 0 | $ 1,342 | |
NIS [Member] | |||||
Significant Accounting Policies (Details) [Line Items] | |||||
Exchange rate for 1 $ = NIS | 3.5 | 3.5 | 3.11 | ||
Increase (decrease) against the NIS | 10.20% | (2.22%) | (12.54%) | (1.40%) | |
Equity Securities [Member] | |||||
Significant Accounting Policies (Details) [Line Items] | |||||
Net (loss) income recognized | $ 0 | $ 1,195 | $ (1,982) | $ 1,583 |
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, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Schedule Of Cash And Cash Equivalents And Restricted Cash Abstract | ||||
Cash held in banks | $ 2,133 | $ 1,199 | ||
Bank deposits in U.S.$ (annual average interest rates 3.02% and 0.1%) | 18,018 | 10,003 | ||
Total cash and cash equivalents | 20,151 | 11,202 | ||
Cash held with respect to CVR Agreement | 113 | 113 | ||
Restricted cash – noncurrent – Other assets | 286 | 321 | ||
Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ 20,550 | $ 11,636 | $ 13,583 | $ 7,012 |
Cash, Cash Equivalents and Re_4
Cash, Cash Equivalents and Restricted Cash (Details) - Schedule of cash and cash equivalents and restricted cash (Parentheticals) | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule Of Cash And Cash Equivalents And Restricted Cash Abstract | ||
Annual average interest rates | 3.02% | 0.10% |
Short Term Deposits (Details) -
Short Term Deposits (Details) - Schedule of short term deposits - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule Of Short Term Deposits Abstract | ||
Bank deposits in U.S.$ and NIS (average annual interest rates 0.7% and 0.6%) | $ 42,334 | $ 10,004 |
Total short-term deposits | $ 42,334 | $ 10,004 |
Short Term Deposits (Details)_2
Short Term Deposits (Details) - Schedule of short term deposits (Parentheticals) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Schedule Of Short Term Deposits Abstract | ||
Bank deposits in(average annual interest rates | 0.70% | 0.60% |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Property, Plant and Equipment [Abstract] | ||||
Depreciation expenses | $ 176 | $ 122 | $ 364 | $ 239 |
Property and Equipment (Detai_2
Property and Equipment (Details) - Schedule of property and equipment - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 8,211 | $ 3,860 |
Total accumulated depreciation | 1,694 | 1,330 |
Depreciated cost | 6,517 | 2,530 |
Laboratory equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 2,253 | 1,891 |
Total accumulated depreciation | 1,176 | 960 |
Computers [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 276 | 256 |
Total accumulated depreciation | 170 | 138 |
Office furniture & equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 218 | 192 |
Total accumulated depreciation | 22 | 15 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 5,464 | 1,521 |
Total accumulated depreciation | $ 326 | $ 217 |
Other Assets (Details) - Schedu
Other Assets (Details) - Schedule of other assets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule Of Other Assets Abstract | ||
Restricted cash | $ 286 | $ 321 |
Long-term prepaid expenses | 118 | 164 |
Right-of-Use assets, net | 5,369 | 5,689 |
Total | $ 5,773 | $ 6,174 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities (Details) - Schedule of accrued expenses and other liabilities - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule Of Accrued Expenses And Other Liabilities Abstract | ||
Vacation, convalescence and bonus accruals | $ 528 | $ 1,068 |
Employees and payroll related | 639 | 519 |
Short term operating lease liabilities | 629 | 617 |
Accrued expenses and other | 1,637 | 1,523 |
Accrued expenses and other liabilities, Total | $ 3,433 | $ 3,727 |
Leases (Details)
Leases (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Operating lease remaining term | 3 years 3 months |
Leases (Details) - Schedule of
Leases (Details) - Schedule of operating lease - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
The components of lease expense were as follows: | ||
Operating leases expenses | $ 517 | $ 139 |
Supplemental consolidated cash flow information related to operating leases follows: | ||
Cash used in operating activities | 478 | 135 |
Non-cash activity: | ||
Right of use assets obtained in exchange for new operating lease liabilities | $ 91 | $ 29 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of operating lease related activities - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Schedule Of Operating Lease Related Activities Abstract | ||
Other assets - Right-of-Use assets | $ 6,420 | $ 6,329 |
Accumulated amortization | 1,051 | 640 |
Operating lease Right-of-Use assets, net | 5,369 | 5,689 |
Lease liabilities – current - Accounts payable and accrued liabilities | 629 | 617 |
Lease liabilities – noncurrent | 4,642 | 5,389 |
Total operating lease liabilities | $ 5,271 | $ 6,006 |
Weighted average remaining lease term in years | 8 years 1 month 6 days | 8 years 7 months 6 days |
Weighted average annual discount rate | 3.60% | 3.60% |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of maturities of operating lease liabilities $ in Thousands | Jun. 30, 2022 USD ($) |
Schedule Of Maturities Of Operating Lease Liabilities Abstract | |
2022 (after June 30) | $ 386 |
2023 | 786 |
2024 | 679 |
2025 | 714 |
2026 and onwards | 3,497 |
Total undiscounted lease liability | 6,062 |
Less: Imputed interest | (791) |
Present value of lease liabilities | $ 5,271 |
Commitments and Contingent Li_2
Commitments and Contingent Liabilities (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Commitments and Contingent Liabilities (Details) [Line Items] | |
Total gross amount of grants including accrued interest (in Dollars) | $ 8.9 |
Minimum [Member] | |
Commitments and Contingent Liabilities (Details) [Line Items] | |
Percentage of royalties in sales | 3% |
Maximum [Member] | |
Commitments and Contingent Liabilities (Details) [Line Items] | |
Percentage of royalties in sales | 5% |
Equity (Details) - Schedule of
Equity (Details) - Schedule of number of ordinary shares upon exercise - Warrants [Member] | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Equity (Details) - Schedule of number of ordinary shares upon exercise [Line Items] | |
Number of Warrants Outstanding beginning balance | shares | 704,355 |
Weighted average exercise price Outstanding beginning balance | $ / shares | $ 13.18 |
Number of Warrants Forfeited and expired | shares | (502,104) |
Weighted average exercise price Forfeited and expired | $ / shares | $ 9.5 |
Number of Warrants Outstanding ending balance | shares | 202,251 |
Weighted average exercise price Outstanding ending balance | $ / shares | $ 23.31 |
Equity (Details) - Schedule o_2
Equity (Details) - Schedule of changes in exercisable ordinary shares warrants | 6 Months Ended |
Jun. 30, 2022 $ / shares shares | |
Class of Warrant or Right [Line Items] | |
Number of Warrants | 202,251 |
Exercise Price 10 [Member] | |
Class of Warrant or Right [Line Items] | |
Number of Warrants | 22,750 |
Exercise price per share | $ / shares | $ 10 |
Issuance date | Feb. 26, 2020 |
Expiration date | Feb. 24, 2025 |
Exercise Price 25 [Member] | |
Class of Warrant or Right [Line Items] | |
Number of Warrants | 160,727 |
Exercise price per share | $ / shares | $ 25 |
Issuance date | Feb. 12, 2021 |
Expiration date | Feb. 09, 2026 |
Exercise Price 25 [Member] | |
Class of Warrant or Right [Line Items] | |
Number of Warrants | 18,774 |
Exercise price per share | $ / shares | $ 25 |
Issuance date | Feb. 17, 2021 |
Expiration date | Feb. 09, 2026 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Compensation (Details) [Line Items] | ||||
Ordinary shares authorized (in Shares) | 4,150,704 | 4,150,704 | ||
Share-based compensation expenses | $ 509 | $ 1,074 | $ 603 | $ 778 |
Employees' Stock Option [Member] | ||||
Share-Based Compensation (Details) [Line Items] | ||||
Total unrecognized estimated compensation cost | $ 1,780 | |||
Weighted average period | 1 year 6 months | |||
Consultants' stock options [Member] | ||||
Share-Based Compensation (Details) [Line Items] | ||||
Total unrecognized estimated compensation cost | $ 889 | |||
Weighted average period | 1 year 6 months | |||
2019 Equity Incentive Plan [Member] | ||||
Share-Based Compensation (Details) [Line Items] | ||||
Future grant share (in Shares) | 1,189,363 | 1,189,363 | ||
Restricted Stock [Member] | ||||
Share-Based Compensation (Details) [Line Items] | ||||
Share-based compensation expenses | $ 188 | $ 411 | $ 49 | $ 64 |
Share-Based Compensation (Det_2
Share-Based Compensation (Details) - Schedule of employees and directors stock options - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule Of Employees And Directors Stock Options Abstract | ||||
Number of options, Outstanding at beginning of period | 2,399,622 | 1,870,485 | 2,142,547 | 1,884,420 |
Weighted average exercise price, Outstanding at beginning of period | $ 5.95 | $ 5.54 | $ 6.02 | $ 5.52 |
Number of options, Granted | 310,500 | 264,700 | 310,500 | |
Weighted average exercise price, Granted | $ 12.57 | $ 5.48 | $ 12.57 | |
Number of options, Forfeited and expired | (3,000) | (2,685) | (3,000) | (3,185) |
Weighted average exercise price, Forfeited and expired | $ 5.34 | $ 7.38 | $ 5.34 | $ 6.96 |
Number of options, Exercised | (7,625) | (375) | (15,250) | (13,810) |
Weighted average exercise price, Exercised | $ 6.49 | $ 4.68 | $ 6.49 | $ 2.99 |
Number of options, Outstanding at end of period | 2,388,997 | 2,177,925 | 2,388,997 | 2,177,925 |
Weighted average exercise price, Outstanding at end of period | $ 5.95 | $ 6.54 | $ 5.95 | $ 6.54 |
Number of options, Exercisable at end of period | 1,728,623 | 1,404,809 | 1,728,623 | 1,404,809 |
Weighted average exercise price, Exercisable at end of period | $ 5.1 | $ 5.5 | $ 5.1 | $ 5.5 |
Number of options, Non-vested at beginning of period | 722,749 | 544,163 | 529,082 | 601,227 |
Weighted average exercise price, Non-vested at beginning of period | $ 7.67 | $ 6.04 | $ 8.69 | $ 5.93 |
Number of options, Granted | 310,500 | 264,700 | 310,500 | |
Weighted average exercise price, Granted | $ 12.57 | $ 5.48 | $ 12.57 | |
Number of options, Vested | (59,375) | (78,862) | (130,408) | (3,185) |
Weighted average exercise price, Vested | $ (8.78) | $ 13.15 | $ 7.82 | $ 6.96 |
Number of options, Forfeited | (3,000) | (2,685) | (3,000) | (135,426) |
Weighted average exercise price, Forfeited | $ (5.34) | $ 7.38 | $ 5.34 | $ 8.22 |
Number of options, Non-vested at the end of period | 660,374 | 773,116 | 660,374 | 773,116 |
Weighted average exercise price, Non-vested at the end of period | $ 7.59 | $ 8.19 | $ 7.59 | $ 8.19 |
Share-Based Compensation (Det_3
Share-Based Compensation (Details) - Schedule of exercise prices and remaining contractual life $ / shares in Units, $ in Thousands | 6 Months Ended |
Jun. 30, 2022 USD ($) $ / shares shares | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Number of options outstanding | 2,388,997 |
Intrinsic Value of Options Outstanding (in Dollars) | $ | $ 1,403,534 |
No. of options exercisable | 1,728,623 |
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 | 649,883 |
Remaining contractual Life (in years) | 2 years 11 months 1 day |
Intrinsic Value of Options Outstanding (in Dollars) | $ | $ 1,189,284 |
No. of options exercisable | 649,883 |
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 |
Remaining contractual Life (in years) | 7 years 10 months 2 days |
Intrinsic Value of Options Outstanding (in Dollars) | $ | $ 214,250 |
No. of options exercisable | 180,556 |
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 | 55,500 |
Remaining contractual Life (in years) | 7 years 9 months |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | 27,750 |
Exercise Price Four [Member] | Option [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price (in Dollars per share) | $ / shares | $ 5.35 |
Number of options outstanding | 231,200 |
Remaining contractual Life (in years) | 9 years 9 months |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | |
Exercise Price Five [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 | 634,177 |
Remaining contractual Life (in years) | 5 years |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | 620,879 |
Exercise Price Six [Member] | Option [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price (in Dollars per share) | $ / shares | $ 6.49 |
Number of options outstanding | 15,250 |
Remaining contractual Life (in years) | 10 days |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | |
Exercise Price Seven [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 |
Remaining contractual Life (in years) | 7 years 4 months 17 days |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | 75,000 |
Exercise Price Eight [Member] | Option [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price (in Dollars per share) | $ / shares | $ 8.23 |
Number of options outstanding | 20,000 |
Remaining contractual Life (in years) | 9 years 4 months 20 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 | $ 8.3 |
Number of options outstanding | 15,000 |
Remaining contractual Life (in years) | 9 years 1 month 6 days |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | |
Exercise Price Ten [Member] | Option [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price (in Dollars per share) | $ / shares | $ 9.02 |
Number of options outstanding | 40,500 |
Remaining contractual Life (in years) | 8 years 4 months 17 days |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | 10,125 |
Exercise Price Eleven [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 | 12,126 |
Remaining contractual Life (in years) | 6 years 5 months 4 days |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | 9,700 |
Exercise Price Twelve [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 |
Remaining contractual Life (in years) | 6 years 8 months 26 days |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | 1,816 |
Exercise Price Thirteen [Member] | Option [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price (in Dollars per share) | $ / shares | $ 12.23 |
Number of options outstanding | 250,000 |
Remaining contractual Life (in years) | 8 years 10 months 28 days |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | 111,111 |
Exercise Price Fourteen [Member] | Option [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price (in Dollars per share) | $ / shares | $ 14 |
Number of options outstanding | 60,500 |
Remaining contractual Life (in years) | 8 years 9 months 25 days |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | 40,333 |
Exercise Price Fifteen [Member] | Option [Member] | |
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items] | |
Exercise price (in Dollars per share) | $ / shares | $ 21.4 |
Number of options outstanding | 1,940 |
Remaining contractual Life (in years) | 7 years 25 days |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | 970 |
Exercise Price Sixteen [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 | 500 |
Remaining contractual Life (in years) | 2 years 5 months 1 day |
Intrinsic Value of Options Outstanding (in Dollars) | $ | |
No. of options exercisable | 500 |
Share-Based Compensation (Det_4
Share-Based Compensation (Details) - Schedule of restricted stock units - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Schedule Of Restricted Stock Units Abstract | ||||
Number of shares, Nonvested at beginning of period | 184,787 | 48,375 | 229,331 | |
Weighted average grant date fair value, Nonvested at beginning of period | $ 10.02 | $ 14.67 | $ 10.08 | |
Number of shares, Granted | 13,750 | 62,125 | ||
Weighted average grant date fair value, Granted | $ 10.28 | $ 13.7 | ||
Number of shares, Vested | (3,437) | (47,981) | ||
Weighted average grant date fair value, Vested | $ 10.28 | $ 10.29 | ||
Number of shares, Forfeited | (2,000) | (2,000) | ||
Weighted average grant date fair value, Forfeited | $ 14.67 | $ 14.67 | ||
Number of shares, Nonvested at end of period | 181,350 | 60,125 | 181,350 | 60,125 |
Weighted average grant date fair value, Nonvested at end of period | $ 10.02 | $ 13.67 | $ 10.02 | $ 13.67 |
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, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total | $ 697 | $ 652 | $ 1,485 | $ 842 |
Research & development [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total | 119 | 358 | 509 | 446 |
General & administrative [Member] | ||||
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Total | $ 578 | $ 294 | $ 976 | $ 396 |
Fair Value Measurement (Details
Fair Value Measurement (Details) - Schedule of financial assets and liabilities measured at fair value on a recurring basis - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Fair Value Measurement (Details) - Schedule of financial assets and liabilities measured at fair value on a recurring basis [Line Items] | ||
Cash and cash equivalents | $ 20,550 | $ 11,202 |
Short term deposits | 42,334 | 10,004 |
Cash held with respect to CVR Agreement | 113 | 113 |
Marketable securities | 62,924 | |
Restricted cash | 286 | 321 |
Total financial assets | 63,283 | 84,564 |
Level 1 [Member] | ||
Fair Value Measurement (Details) - Schedule of financial assets and liabilities measured at fair value on a recurring basis [Line Items] | ||
Cash and cash equivalents | 20,550 | 11,202 |
Short term deposits | 42,334 | 10,004 |
Cash held with respect to CVR Agreement | 113 | 113 |
Marketable securities | 62,924 | |
Restricted cash | 286 | 321 |
Total financial assets | 63,283 | 84,564 |
Level 2 [Member] | ||
Fair Value Measurement (Details) - Schedule of financial assets and liabilities measured at fair value on a recurring basis [Line Items] | ||
Cash and cash equivalents | ||
Short term deposits | ||
Cash held with respect to CVR Agreement | ||
Marketable securities | ||
Restricted cash | ||
Total financial assets | ||
Level 3 [Member] | ||
Fair Value Measurement (Details) - Schedule of financial assets and liabilities measured at fair value on a recurring basis [Line Items] | ||
Cash and cash equivalents | ||
Short term deposits | ||
Cash held with respect to CVR Agreement | ||
Marketable securities | ||
Restricted cash | ||
Total financial assets |