Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 06, 2021 | |
Document and Entity Information [Abstract] | ||
Entity Central Index Key | 0001607962 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2021 | |
Entity File Number | 001-36612 | |
Entity Registrant Name | ReWalk Robotics Ltd. | |
Entity Incorporation State or Country Code | IL | |
Entity Tax Identification Number | 00-0000000 | |
Entity Address, Address Line One | 3 Hatnufa Street | |
Entity Address, Address Line Two | Floor 6 | |
Entity Address, City or Town | Yokneam Ilit | |
Entity Address, Country | IL | |
Entity Address, Postal Zip Code | 2069203 | |
Title of 12(b) Security | Ordinary shares, par value NIS 0.25 | |
Trading Symbol | RWLK | |
Name of Exchange on which Security is Registered | NASDAQ | |
City Area Code | 972 | |
Local Phone Number | 4.959.0123 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 46,410,973 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 64,236 | $ 20,350 |
Trade receivable, net | 779 | 684 |
Prepaid expenses and other current assets | 834 | 672 |
Inventories | 3,346 | 3,542 |
Total current assets | 69,195 | 25,248 |
LONG-TERM ASSETS | ||
Restricted cash and other long-term assets | 1,039 | 1,033 |
Operating lease right-of-use assets | 1,116 | 1,349 |
Property and equipment, net | 355 | 437 |
Total long-term assets | 2,510 | 2,819 |
Total assets | 71,705 | 28,067 |
CURRENT LIABILITIES | ||
Current maturities of operating leases | 640 | 660 |
Trade payables | 2,080 | 2,268 |
Employees and payroll accruals | 695 | 867 |
Deferred revenues | 330 | 441 |
Other current liabilities | 457 | 432 |
Total current liabilities | 4,202 | 4,668 |
LONG-TERM LIABILITIES | ||
Deferred revenues | 727 | 667 |
Non-current operating leases | 662 | 923 |
Other long-term liabilities | 36 | 35 |
Total long-term liabilities | 1,425 | 1,625 |
Total liabilities | 5,627 | 6,293 |
SHAREHOLDERS' EQUITY | ||
Share capital Ordinary share of NIS 0.25 par value-Authorized: 60,000,000 shares at June 30, 2021 and December 31, 2020; Issued and outstanding: 46,201,052 and 25,332,225 shares at June 30, 2021 and December 31, 2020, respectively | 3,394 | 1,827 |
Additional paid-in capital | 250,332 | 201,392 |
Accumulated deficit | (187,648) | (181,445) |
Total shareholders' equity | 66,078 | 21,774 |
Total liabilities and shareholders' equity | $ 71,705 | $ 28,067 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - ₪ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Ordinary shares, par value (in NIS per share) | ₪ 0.25 | ₪ 0.25 |
Ordinary shares, authorized | 60,000,000 | 60,000,000 |
Ordinary shares, issued | 46,201,052 | 25,332,225 |
Ordinary shares, outstanding | 46,201,052 | 25,332,225 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Income Statement [Abstract] | ||||
Revenues | $ 1,436 | $ 1,668 | $ 2,752 | $ 2,428 |
Cost of revenues | 709 | 646 | 1,318 | 1,033 |
Gross profit | 727 | 1,022 | 1,434 | 1,395 |
Operating expenses: | ||||
Research and development | 810 | 954 | 1,605 | 1,939 |
Sales and marketing | 1,613 | 1,353 | 3,284 | 3,034 |
General and administrative | 1,445 | 1,267 | 2,707 | 2,576 |
Total operating expenses | 3,868 | 3,574 | 7,596 | 7,549 |
Operating loss | (3,141) | (2,552) | (6,162) | (6,154) |
Financial expenses (income), net | (9) | 235 | (13) | 481 |
Loss before income taxes | (3,132) | (2,787) | (6,149) | (6,635) |
Taxes on income | 9 | 68 | 54 | 60 |
Net loss | $ (3,141) | $ (2,855) | $ (6,203) | $ (6,695) |
Net loss per ordinary share, basic and diluted | $ (0.07) | $ (0.22) | $ (0.15) | $ (0.57) |
Weighted average number of shares used in computing net loss per ordinary share, basic and diluted | 46,123,222 | 13,101,275 | 41,210,527 | 11,744,275 |
CONDENSED STATEMENTS OF CHANGES
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Ordinary Shares | Additional Paid-in Capital | Accumulated deficit | Total | ||
Balance at Dec. 31, 2019 | $ 504 | $ 178,745 | $ (168,469) | $ 10,780 | ||
Balance, shares at Dec. 31, 2019 | 7,319,560 | |||||
Share-based compensation to employees and non-employees | 312 | 312 | ||||
Issuance of ordinary shares upon vesting of RSUs by employees and non-employees | [1] | |||||
Issuance of ordinary shares upon vesting of RSUs by employees and non-employees, shares | 24,625 | |||||
Issuance of ordinary shares in "best efforts" offering, net of issuance expenses in the amount of $1,056 | [2] | $ 290 | 3,720 | 4,010 | ||
Issuance of ordinary shares in "best efforts" offering, net of issuance expenses in the amount of $1,056, shares | [2] | 4,053,172 | ||||
Exercise of pre-funded warrants and warrants | [2],[3] | $ 199 | 3,293 | 3,492 | ||
Exercise of pre-funded warrants and warrants, shares | [2],[3] | 2,793,328 | ||||
Net loss | (6,695) | (6,695) | ||||
Balance at Jun. 30, 2020 | $ 993 | 186,070 | (175,164) | 11,899 | ||
Balance, shares at Jun. 30, 2020 | 14,190,685 | |||||
Balance at Mar. 31, 2020 | $ 903 | 184,489 | (172,309) | 13,083 | ||
Balance, shares at Mar. 31, 2020 | 12,930,155 | |||||
Share-based compensation to employees and non-employees | 113 | 113 | ||||
Issuance of ordinary shares upon exercise of options to purchase ordinary shares and RSUs by employees and non-employees | [1] | |||||
Issuance of ordinary shares upon exercise of options to purchase ordinary shares and RSUs by employees and non-employees, shares | [1] | 14,030 | ||||
Exercise of warrants | $ 90 | [2],[3] | 1,468 | 1,558 | ||
Exercise of warrants, shares | [2],[3] | 1,246,500 | ||||
Net loss | (2,855) | (2,855) | ||||
Balance at Jun. 30, 2020 | $ 993 | 186,070 | (175,164) | 11,899 | ||
Balance, shares at Jun. 30, 2020 | 14,190,685 | |||||
Balance at Dec. 31, 2020 | $ 1,827 | 201,392 | (181,445) | 21,774 | ||
Balance, shares at Dec. 31, 2020 | 25,332,225 | |||||
Share-based compensation to employees and non-employees | 368 | 368 | ||||
Issuance of ordinary shares upon vesting of RSUs by employees and non-employees | $ 11 | (11) | ||||
Issuance of ordinary shares upon vesting of RSUs by employees and non-employees, shares | 132,571 | |||||
Issuance of ordinary shares in a private placement, net of issuance expenses in the amount of $ 3,679 | [2] | $ 832 | 35,489 | 36,321 | ||
Issuance of ordinary shares in a private placement, net of issuance expenses in the amount of $ 3,679, shares | [2] | 10,921,502 | ||||
Exercise of warrants | $ 724 | 13,094 | 13,818 | |||
Exercise of warrants, shares | [3] | 9,814,754 | ||||
Net loss | (6,203) | (6,203) | ||||
Balance at Jun. 30, 2021 | $ 3,394 | 250,332 | (187,648) | 66,078 | ||
Balance, shares at Jun. 30, 2021 | 46,201,052 | |||||
Balance at Mar. 31, 2021 | $ 3,385 | 250,141 | (184,507) | 69,019 | ||
Balance, shares at Mar. 31, 2021 | 46,092,577 | |||||
Share-based compensation to employees and non-employees | 200 | 200 | ||||
Issuance of ordinary shares upon exercise of options to purchase ordinary shares and RSUs by employees and non-employees | $ 9 | (9) | ||||
Issuance of ordinary shares upon exercise of options to purchase ordinary shares and RSUs by employees and non-employees, shares | 108,475 | |||||
Net loss | (3,141) | (3,141) | ||||
Balance at Jun. 30, 2021 | $ 3,394 | $ 250,332 | $ (187,648) | $ 66,078 | ||
Balance, shares at Jun. 30, 2021 | 46,201,052 | |||||
[1] | Represents an amount lower than $1. | |||||
[2] | See Note 7e to the condensed consolidated financial statements | |||||
[3] | See Note 7c to the condensed consolidated financial statements |
CONDENSED STATEMENTS OF CHANG_2
CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Best Efforts [Member] | ||
Issuance expenses, amount | $ 1,056 | |
Private Placement [Member] | ||
Issuance expenses, amount | $ 3,679 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Cash flows used in operating activities: | |||
Net loss | $ (6,203) | $ (6,695) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 141 | 151 | |
Share-based compensation to employees and non-employees | 368 | 312 | |
Deferred taxes | (11) | (50) | |
Changes in assets and liabilities: | |||
Trade receivables, net | (95) | (260) | |
Prepaid expenses, operating lease right-of-use assets and other assets | 85 | (240) | |
Inventories | 138 | (382) | |
Trade payables | (285) | (581) | |
Employees and payroll accruals | (172) | 126 | |
Deferred revenues | (51) | 29 | |
Operating lease liabilities and other liabilities | (255) | 57 | |
Net cash used in operating activities | (6,340) | (7,533) | |
Cash flows used in investing activities: | |||
Purchase of property and equipment | (11) | (15) | |
Net cash used in investing activities | (11) | (15) | |
Cash flows from financing activities: | |||
Repayment of long-term loan | (2,591) | ||
Proceeds from issuance of long-term debt | 392 | ||
Issuance of ordinary shares in a "best efforts" offering, net of issuance expenses paid in the amount of $ 1,056 | [1] | 4,010 | |
Issuance of ordinary shares in a private placement, net of issuance expenses paid in the amount of $ 3,582 | [1] | 36,418 | |
Exercise of pre-funded warrants and warrants | [1],[2] | 13,818 | 3,492 |
Net cash provided by financing activities | 50,236 | 5,303 | |
Increase (decrease) in cash, cash equivalents, and restricted cash | 43,885 | (2,245) | |
Cash, cash equivalents, and restricted cash at beginning of period | 21,054 | 16,992 | |
Cash, cash equivalents, and restricted cash at end of period | 64,939 | 14,747 | |
Supplemental disclosures of non-cash flow information | |||
Expenses related to offerings not yet paid | [1] | 97 | |
Classification of other current assets to property and equipment, net | 16 | 32 | |
Classification of inventory to property and equipment, net | 32 | 50 | |
Classification of inventory to other current assets | 26 | ||
Supplemental cash flow information: | |||
Cash and cash equivalents | 64,236 | 14,064 | |
Restricted cash included in other long-term assets | 703 | 683 | |
Total Cash, cash equivalents, and restricted cash | $ 64,939 | $ 14,747 | |
[1] | See Note 7e to the condensed consolidated financial statements | ||
[2] | See Note 7c to the condensed consolidated financial statements |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Best Efforts [Member] | ||
Issuance expenses paid | $ 1,056 | |
Registered Direct [Member] | ||
Issuance expenses paid | $ 3,582 |
GENERAL
GENERAL | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1: GENERAL a. ReWalk Robotics Ltd. (“RRL”, and together with its subsidiaries, the “Company”) was incorporated under the laws of the b. RRL has two wholly-owned subsidiaries: (i) ReWalk Robotics Inc. (“RRI”) incorporated under the laws of Delaware on The Company is designing, developing and commercializing robotic exoskeletons that allow individuals with mobility During the second quarter of 2020, we finalized two separate agreements to distribute additional product lines in the U.S. c. The worldwide spread of the novel coronavirus (“COVID-19”) in March 2020 has resulted in a global economic slowdown 7 REWALK ROBOTICS LTD. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) d. In the six months ended June 30, 2021, the Company incurred a consolidated net loss of $6.2 million and as of June 30, |
UNAUDITED INTERIM CONDENSED CON
UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Unaudited Interim Condensed Consolidated Financial Statements [Abstract] | |
UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | NOTE 2: UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and standards of the Public Company Accounting Oversight Board for interim financial information. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements. In the opinion of management, the accompanying financial statements include all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company’s (i) consolidated financial position as of June 30, 2021, (ii) consolidated results of operations for the three and six months ended June 30, 2021, (iii) consolidated statements of changes in shareholders’ equity as of June 30, 2021 and (iv) consolidated cash flows for the six months ended June 30, 2021. The results for the three and six month periods ended June 30, 2021, as applicable, are not necessarily indicative of the results that may be expected for the year ending December 31, 2021. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 3: SIGNIFICANT ACCOUNTING POLICIES a. Revenue Recognition The Company generates revenues from sales of products. The Company sells its products directly to end customers and Disaggregation of Revenues (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Units placed $ 1,313 $ 1,428 $ 2,455 $ 2,061 Spare parts and warranties 123 240 297 367 Total Revenues $ 1,436 $ 1,668 $ 2,752 $ 2,428 9 REWALK ROBOTICS LTD. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Units placed The Company currently offers five products: (1) ReWalk Personal; (2) ReWalk Rehabilitation; (3) ReStore; (4) MyoCycle; and (5) MediTouch. ReWalk Personal and ReWalk Rehabilitation are units for spinal cord injuries (“SCI Products”). SCI Products are currently designed for everyday use by paraplegic individuals at home and in their communities, and are custom fitted for each user, as well as for use by paraplegia patients in the clinical rehabilitation environment, where they provide individuals access to valuable exercise and therapy. ReStore is a powered, lightweight soft exo-suit intended for use in the rehabilitation of individuals with lower limb disability due to stroke in the clinical rehabilitation environment. The MyoCycle device uses Functional Electrical Stimulation (“FES”) technology to facilitate therapeutic exercise for persons with muscle weakness or paralysis caused by disorders like spinal cord injury, multiple sclerosis, and stroke. The MediTouch Tutor movement biofeedback product line includes the Arm, Hand, 3D and Leg Tutor devices. These devices are used by physical and occupational therapists to evaluate functional tasks during rehabilitation of neurologic disorders and can also be used by patients remotely at home. Pursuant to two separate distribution agreements entered into during the second quarter of 2020, the Company now markets both the MediTouch and MyoCyle products (together the “Distributed Products”) in the United States for use at home or in the clinic. Units placed includes revenue from sales or rental of SCI Products, ReStore and the Distributed Products. For units placed, the Company recognizes revenues when it transfers control and title has passed to the customer. Each unit placed is considered an independent, unbundled performance obligation. The Company generally does not grant a right of return for its products besides isolated cases where we than asses the likelihood of such event to occur based on our historical experience and future estimates. The Company also offers a rent-to-purchase model in which the Company recognizes revenue ratably according to the agreed rental monthly fee. Spare parts and warranties Spare parts are sold to private individuals, rehabilitation facilities and distributors. Revenue is recognized when the Company satisfies a performance obligation by transferring control over promised goods or services to the customer. Each part sold is considered an independent, unbundled performance obligation. Warranties are classified as either assurance type or service type warranty. A warranty is considered an assurance type warranty if it provides the consumer with assurance that the product will function as intended for a limited period of time. In the beginning of 2018, the Company updated its service policy for SCI Products to include a five-year warranty compared to a period of two years that were included in the past for parts and services. The first two years are considered as assurance type warranty and the additional period is considered an extended service arrangement, which is a service type warranty. An assurance type warranty is not accounted for as separate performance obligations under the revenue model. A service type warranty is either sold with a unit or separately for units for which the warranty has expired. Revenue is then recognized ratably over the life of the warranty. The ReStore device is offered with a two-year warranty which is considered as assurance type warranty. The Distributed Products are offered with an assurance-type warranty that is covered by the vendor ranging from one year to ten years depending on the specific product and part. 10 REWALK ROBOTICS LTD. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Contract balances (in thousands) June 30, December 31, 2021 2020 Trade receivable, net (1) $ 779 $ 684 Deferred revenues (1) (2) $ 1,057 $ 1,108 (1) Balance presented net of unrecognized revenues that were not yet collected. (2) During the six months ended June 30, 2021, $293 thousand of the December 31, 2020, deferred revenues balance was recognized as revenues. Deferred revenue is comprised mainly of unearned revenue related to service type warranty but also includes other offerings for which the Company has been paid in advance and earns revenue when the Company transfers control of the product or service. The Company’s unfilled performance obligations as of June 30, 2021, and the estimated revenue expected to be recognized in the future related to the service type warranty amounts to $1,092 thousand, which is fulfilled over one to five years. 11 REWALK ROBOTICS LTD. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) b. New Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted i. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-06, Accounting for ii. Financial Instruments In June 2016, FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit 12 REWALK ROBOTICS LTD. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) c. Concentrations of Credit Risks: Concentration of credit risk with respect to trade receivable is primarily limited to a customer to which the Company makes June 30, December 31, 2021 2020 Customer A 15 % *) Customer B 14 % *) Customer C 14 % *) Customer D 13 % *) Customer E 13 % *) Customer F *) 15 % Customer G *) 15 % Customer H *) 15 % Customer I *) 14 % Customer J *) 12 % Customer K *) 11 % *) The Company’s trade receivables are geographically diversified and derived primarily from sales to customers in various d. Warranty provision The Company provided a two-year standard warranty for its products. As of 2018, our service policy for new devices sold US Dollars in thousands Balance at December 31, 2020 $ 140 Provision 109 Usage (131 ) Balance at June 30, 2021 $ 118 e. Basic and diluted net loss per ordinary share Basic net loss per ordinary share is computed based on the weighted average number of ordinary shares outstanding during For the six months ended June 30, 2021, the total number of ordinary shares related to the outstanding warrants and share |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
INVENTORIES | NOTE 4: INVENTORIES The components of inventories are as follows (in thousands): June 30, December 31, 2021 2020 Finished products $ 2,632 $ 2,764 Raw materials 714 778 $ 3,346 $ 3,542 In the six months ended June 30, 2021, and 2020, the Company wrote off inventory in the amount of $ |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | NOTE 5: COMMITMENTS AND CONTINGENT LIABILITIES a. Purchase commitments: The Company has contractual obligations to purchase goods from its contract manufacturer as well as raw materials from b. Operating lease commitment: (i) The Company operates from leased facilities in Israel, the United States and Germany. (ii) RRL and RRG lease cars for their employees under cancelable operating lease agreements expiring at various dates between 2021 and 2023. The Company's future lease payments for its facilities and cars, which are presented as current maturities of operating leases 2021 $ 343 2022 664 2023 481 Total lease payments 1,488 Less: imputed interest (186 ) Present value of future lease payments 1,302 Less: current maturities of operating leases (640 ) Non-current operating leases $ 662 Weighted-average remaining lease term (in years) 2.22 Weighted-average discount rate 12.6 % Lease expense under the Company’s operating leases were $ 14 REWALK ROBOTICS LTD. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) c. Royalties: The Company’s research and development efforts are financed, in part, through funding from the Israel Innovation Authority The royalty payment obligations also bear interest at the LIBOR rate. The obligation to pay these royalties is contingent on Additionally, the Exclusive License Agreement between the Company and Harvard requires the Company to pay Harvard Royalties expenses in cost of revenue were $ As of June 30, 2021, the contingent liability to the IIA amounted to $ (a) the grant recipient pays to the IIA a portion of the sale price paid in consideration for such IIA-funded know-how or in d. Liens: As part of the Company’s other long-term assets and restricted cash, an amount of $ 15 REWALK ROBOTICS LTD. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) e. Legal Claims: Occasionally, the Company is involved in various claims such as product liability claims, lawsuits, regulatory examinations, |
RESEARCH COLLABORATION AGREEMEN
RESEARCH COLLABORATION AGREEMENT AND LICENSE AGREEMENT | 6 Months Ended |
Jun. 30, 2021 | |
Research and Development [Abstract] | |
RESEARCH COLLABORATION AGREEMENT AND LICENSE AGREEMENT | NOTE 6: RESEARCH COLLABORATION AGREEMENT AND LICENSE AGREEMENT On May 16, 2016, the Company entered into a Research Collaboration Agreement and an Exclusive License Agreement with Under the Collaboration Agreement, Harvard and the Company have agreed to collaborate on research regarding the Under the License Agreement, Harvard has granted the Company an exclusive, worldwide, royalty-bearing license under The Company’s total payment obligation under the Collaboration Agreement and the Harvard License Agreement was $ The Company has recorded expenses in the amount of $ |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
SHAREHOLDERS' EQUITY | NOTE 7: SHAREHOLDERS’ EQUITY a. Share option plans: As of June 30, 2021, and December 31, 2020, the Company had reserved Options to purchase ordinary shares generally vest over four years, with certain options to non-employee directors vesting quarterly over one year. There were no options granted during the six months ended June 30, 2021, and 2020. The fair value of restricted share units (“RSUs”) granted is determined based on the price of the Company’s ordinary shares A summary of employees and non-employees share options activity during the six months ended June 30, 2021, is as Number Average exercise price Average remaining contractual life (in years) Aggregate intrinsic value (in thousands) Options outstanding at the beginning of the period 69,606 $ 37.90 5.59 $ — Granted — — — — Exercised — — — — Forfeited (5,563 ) 33.64 — — Options outstanding at the end of the period 64,043 $ 38.31 5.08 $ — Options exercisable at the end of the period 53,547 $ 42.71 4.65 $ — A summary of employees and non-employees RSUs activity during the six months ended June 30, 2021, is as follows: Number of shares underlying outstanding RSUs Weighted average grant date fair value Unvested RSUs at the beginning of the period 1,251,311 $ 1.69 Granted 583,216 1.75 Vested (132,571 ) 2.24 Forfeited (106,370 ) 1.57 Unvested RSUs at the end of the period 1,595,586 $ 1.60 The weighted average grant date fair value of RSUs granted during the six months ended June 30, 2021, and 2020 was 18 REWALK ROBOTICS LTD. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) The aggregate intrinsic value in the table above represents the total intrinsic value that would have been received by the The number of options and RSUs outstanding as of June 30, 2021, is set forth below, with options separated by range of Range of exercise price Options and RSUs outstanding as of June 30, 2021 Weighted average remaining contractual life (years) (1) Options outstanding and exercisable as of June 30, 2021 Weighted average remaining contractual life (years) (1) RSUs only 1,595,586 — — — $5.37 12,425 7.75 6,989 7.75 $20.42 - $33.75 32,905 4.71 27,845 4.32 $37.14 - $38.75 9,316 2.48 9,316 2.48 $50 - $52.5 6,731 5.97 6,731 5.97 $182.5 - $524.25 2,666 4.20 2,666 4.20 1,659,629 5.08 53,547 4.65 (1) Calculation of weighted average remaining contractual term does not include the RSUs that were granted, which have an indefinite contractual term. b. Share-based awards to non-employee consultants: As of June 30, 2021, there are no outstanding options or RSUs held by non-employee consultants. 19 REWALK ROBOTICS LTD. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) c. Warrants to purchase ordinary shares: The following table summarizes information about warrants outstanding and exercisable as of June 30, 2021: Warrants Warrant Exercise price per outstanding and Contractual Issuance date outstanding warrant exercisable term (number) (number) December 31, 2015 (1) 4,771 $ 7.500 4,771 See footnote (1) November 1, 2016 (2) 97,496 $ 118.750 97,496 November 1, 2021 December 28, 2016 (3) 1,908 $ 7.500 1,908 See footnote (1) November 20, 2018 (4) 126,839 $ 7.500 126,839 November 20, 2023 November 20, 2018 (5) 106,680 $ 9.375 106,680 November 15, 2023 February 25, 2019 (6) 45,600 $ 7.187 45,600 February 21, 2024 April 5, 2019 (7) 408,457 $ 5.140 408,457 October 7, 2024 April 5, 2019 (8) 49,015 $ 6.503 49,015 April 3, 2024 June 5, 2019, and June 6, 2019 (9) 1,464,665 $ 7.500 1,464,665 June 5, 2024 June 5, 2019 (10) 87,880 $ 9.375 87,880 June 5, 2024 June 12, 2019 (11) 416,667 $ 6.000 416,667 December 12, 2024 June 10, 2019 (12) 50,000 $ 7.500 50,000 June 10, 2024 February 10, 2020 (13) 28,400 $ 1.250 28,400 February 10, 2025 February 10, 2020 (14) 105,840 $ 1.5625 105,840 February 10, 2025 July 6, 2020 (15) 448,698 $ 1.76 448,698 July 2, 2025 July 6, 2020 (16) 296,297 $ 2.2781 296,297 July 2, 2025 December 3, 2020 (17) 586,760 $ 1.34 586,760 June 8, 2026 December 3, 2020 (18) 108,806 $ 1.7922 108,806 June 8, 2026 February 26, 2021 (19) 5,460,751 $ 3.6 5,460,751 August 26, 2026 February 26, 2021 (20) 655,290 $ 4.5781 655,290 August 26, 2026 10,550,820 10,550,820 (1) Represents warrants for ordinary shares issuable upon an exercise price of $7.50 per share, which were granted on December 31, 2015 to Kreos Capital V (Expert) Fund Limited, or Kreos, in connection with a loan made by Kreos to us and are currently exercisable (in whole or in part) until the earlier of (i) December 30, 2025 or (ii) immediately prior to the consummation of a merger, consolidation, or reorganization of us with or into, or the sale or license of all or substantially all the assets or shares of us to, any other entity or person, other than a wholly-owned subsidiary of us, excluding any transaction in which the Company’s shareholders prior to the transaction will hold more than 50% of the voting and economic rights of the surviving entity after the transaction. None of these warrants had been exercised as of June 30, 2021. (2) Represents warrants issued as part of the Company’s follow-on offering in November 2016. At any time, the Company’s board of directors may reduce the exercise price of the warrants to any amount and for any period of time it deems appropriate. (3) Represents warrants for ordinary shares that were issued as part of the $8.0 million December 28, 2016, drawdown under the Loan Agreement between the Company and Kreos, pursuant to which Kreos extended a line of credit to us in the amount of $20 million, with interest payable monthly in arrears on any amounts drawn down at a rate of 10.75% per year from the applicable drawdown date through December 29, 2020, the date on which all principal was repaid. See footnote 1 for exercisability terms of the common warrants. 20 REWALK ROBOTICS LTD. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (4) Represents warrants for ordinary shares that were issued as part of the Company’s follow-on offering in November 2018. (5) Represents warrants for ordinary shares that were issued to the underwriters as compensation for their role in the Company’s follow-on offering in November 2018. (6) Represents warrants for ordinary shares that were issued to the exclusive placement agent as compensation for its role in the Company’s follow-on offering in February 2019. (7) Represents warrants for ordinary shares that were issued to certain institutional purchasers in a private placement in the Company’s registered direct offering of ordinary shares in April 2019. (8) Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s April 2019 registered direct offering. (9) Represents warrants for ordinary shares that were issued to certain institutional investors in a warrant exercise agreement on June 5, 2019, and June 6, 2019, respectively. (10) Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s June 2019 warrant exercise agreement and concurrent private placement of warrants. (11) Represents warrants for ordinary shares that were issued to certain institutional investors in a warrant exercise agreement in June 2019. (12) Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s June 2019 registered direct offering and concurrent private placement of warrants. (13) Represents warrants for ordinary shares that were issued to certain institutional purchasers in a private placement in the Company’s best efforts offering of ordinary shares in February 2020. During the six months ended June 30, 2021, 3,740,100 warrants were exercised for total consideration of $4,675,125. (14) Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s February 2020 best efforts offering. During the six months ended June 30, 2021, 230,160 warrants were exercised for total consideration of $359,625. (15) Represents warrants for ordinary shares that were issued to certain institutional purchasers in a private placement in our registered direct offering of ordinary shares in July 2020. During the six months ended June 30, 2021, 2,020,441 warrants were exercised for total consideration of $3,555,976. (16) Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s July 2020 registered direct offering. (17) Represents warrants for ordinary shares that were issued to certain institutional purchasers in a private placement in our private placement offering of ordinary shares in December 2020. During the six months ended June 30, 2021, 3,598,072 warrants were exercised for total consideration of $4,821,416. (18) Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s December 2020 private placement. During the six months ended June 30, 2021, 225,981 warrants were exercised for total consideration of $405,003. (19) Represents warrants for ordinary shares that were issued to certain institutional purchasers in a private placement in our private placement offering of ordinary shares in February 2021. (20) Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s February 2021 private placement. 21 REWALK ROBOTICS LTD. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) d. Share-based compensation expense for employees and non-employees: The Company recognized non-cash share-based compensation expense for employees and non-employees in the condensed Six Months Ended June 30, 2021 2020 Cost of revenues $ 4 $ 4 Research and development 14 74 Sales and marketing 77 48 General and administrative 273 186 Total $ 368 $ 312 e. Equity raise: 1. Follow-on offerings and warrants exercise: On February 19, 2021, the Company entered into a purchase agreement with certain institutional and other accredited During the six months ended June 30, 2021, a total of On February 10, 2020, |
FINANCIAL EXPENSES, NET
FINANCIAL EXPENSES, NET | 6 Months Ended |
Jun. 30, 2021 | |
Other Income and Expenses [Abstract] | |
FINANCIAL EXPENSES, NET | NOTE 8: FINANCIAL EXPENSES, NET The components of financial expenses, net were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Foreign currency transactions and other $ (14 ) $ (19 ) $ (28 ) $ (92 ) Financial expenses related to loan agreement with Kreos — 249 — 559 Bank commissions 5 5 15 14 $ (9 ) $ 235 $ (13 ) $ 481 |
GEOGRAPHIC INFORMATION AND MAJO
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA | NOTE 9: GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA Summary information about geographic areas: ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments. Operating Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenues based on customer’s location: United States $ 654 $ 631 $ 1,130 $ 847 Europe 726 1,035 1,563 1,577 Asia-Pacific 55 2 57 4 Africa 1 — 2 — Total revenues $ 1,436 $ 1,668 $ 2,752 $ 2,428 23 REWALK ROBOTICS LTD. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) June 30, December 31, 2021 2020 Long-lived assets by geographic region (*): Israel $ 794 $ 953 United States 628 790 Germany 49 43 $ 1,471 $ 1,786 *) Long-lived assets are comprised of property and equipment, net, and operating lease right-of-use assets. Six Months Ended June 30, 2021 2020 Major customer data as a percentage of total revenues: Customer A * ) 10.3 % *) Less than 10%. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Revenue Recognition | a. Revenue Recognition The Company generates revenues from sales of products. The Company sells its products directly to end customers and Disaggregation of Revenues (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Units placed $ 1,313 $ 1,428 $ 2,455 $ 2,061 Spare parts and warranties 123 240 297 367 Total Revenues $ 1,436 $ 1,668 $ 2,752 $ 2,428 9 REWALK ROBOTICS LTD. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Units placed The Company currently offers five products: (1) ReWalk Personal; (2) ReWalk Rehabilitation; (3) ReStore; (4) MyoCycle; and (5) MediTouch. ReWalk Personal and ReWalk Rehabilitation are units for spinal cord injuries (“SCI Products”). SCI Products are currently designed for everyday use by paraplegic individuals at home and in their communities, and are custom fitted for each user, as well as for use by paraplegia patients in the clinical rehabilitation environment, where they provide individuals access to valuable exercise and therapy. ReStore is a powered, lightweight soft exo-suit intended for use in the rehabilitation of individuals with lower limb disability due to stroke in the clinical rehabilitation environment. The MyoCycle device uses Functional Electrical Stimulation (“FES”) technology to facilitate therapeutic exercise for persons with muscle weakness or paralysis caused by disorders like spinal cord injury, multiple sclerosis, and stroke. The MediTouch Tutor movement biofeedback product line includes the Arm, Hand, 3D and Leg Tutor devices. These devices are used by physical and occupational therapists to evaluate functional tasks during rehabilitation of neurologic disorders and can also be used by patients remotely at home. Pursuant to two separate distribution agreements entered into during the second quarter of 2020, the Company now markets both the MediTouch and MyoCyle products (together the “Distributed Products”) in the United States for use at home or in the clinic. Units placed includes revenue from sales or rental of SCI Products, ReStore and the Distributed Products. For units placed, the Company recognizes revenues when it transfers control and title has passed to the customer. Each unit placed is considered an independent, unbundled performance obligation. The Company generally does not grant a right of return for its products besides isolated cases where we than asses the likelihood of such event to occur based on our historical experience and future estimates. The Company also offers a rent-to-purchase model in which the Company recognizes revenue ratably according to the agreed rental monthly fee. Spare parts and warranties Spare parts are sold to private individuals, rehabilitation facilities and distributors. Revenue is recognized when the Company satisfies a performance obligation by transferring control over promised goods or services to the customer. Each part sold is considered an independent, unbundled performance obligation. Warranties are classified as either assurance type or service type warranty. A warranty is considered an assurance type warranty if it provides the consumer with assurance that the product will function as intended for a limited period of time. In the beginning of 2018, the Company updated its service policy for SCI Products to include a five-year warranty compared to a period of two years that were included in the past for parts and services. The first two years are considered as assurance type warranty and the additional period is considered an extended service arrangement, which is a service type warranty. An assurance type warranty is not accounted for as separate performance obligations under the revenue model. A service type warranty is either sold with a unit or separately for units for which the warranty has expired. Revenue is then recognized ratably over the life of the warranty. The ReStore device is offered with a two-year warranty which is considered as assurance type warranty. The Distributed Products are offered with an assurance-type warranty that is covered by the vendor ranging from one year to ten years depending on the specific product and part. 10 REWALK ROBOTICS LTD. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) Contract balances (in thousands) June 30, December 31, 2021 2020 Trade receivable, net (1) $ 779 $ 684 Deferred revenues (1) (2) $ 1,057 $ 1,108 (1) Balance presented net of unrecognized revenues that were not yet collected. (2) During the six months ended June 30, 2021, $293 thousand of the December 31, 2020, deferred revenues balance was recognized as revenues. Deferred revenue is comprised mainly of unearned revenue related to service type warranty but also includes other offerings for which the Company has been paid in advance and earns revenue when the Company transfers control of the product or service. The Company’s unfilled performance obligations as of June 30, 2021, and the estimated revenue expected to be recognized in the future related to the service type warranty amounts to $1,092 thousand, which is fulfilled over one to five years. |
New Accounting Pronouncements | b. New Accounting Pronouncements Recent Accounting Pronouncements Not Yet Adopted i. Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In August 2020, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2020-06, Accounting for ii. Financial Instruments In June 2016, FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit |
Concentrations of Credit Risks: | c. Concentrations of Credit Risks: Concentration of credit risk with respect to trade receivable is primarily limited to a customer to which the Company makes June 30, December 31, 2021 2020 Customer A 15 % *) Customer B 14 % *) Customer C 14 % *) Customer D 13 % *) Customer E 13 % *) Customer F *) 15 % Customer G *) 15 % Customer H *) 15 % Customer I *) 14 % Customer J *) 12 % Customer K *) 11 % *) The Company’s trade receivables are geographically diversified and derived primarily from sales to customers in various |
Warranty provision | d. Warranty provision The Company provided a two-year standard warranty for its products. As of 2018, our service policy for new devices sold US Dollars in thousands Balance at December 31, 2020 $ 140 Provision 109 Usage (131 ) Balance at June 30, 2021 $ 118 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of disaggregation of revenues | Disaggregation of Revenues (in thousands) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Units placed $ 1,313 $ 1,428 $ 2,455 $ 2,061 Spare parts and warranties 123 240 297 367 Total Revenues $ 1,436 $ 1,668 $ 2,752 $ 2,428 |
Schedule of Contract balances | Contract balances (in thousands) June 30, December 31, 2021 2020 Trade receivable, net (1) $ 779 $ 684 Deferred revenues (1) (2) $ 1,057 $ 1,108 (1) Balance presented net of unrecognized revenues that were not yet collected. (2) During the six months ended June 30, 2021, $293 thousand of the December 31, 2020, deferred revenues balance was recognized as revenues. |
Schedule of concentration of credit risk | Concentration of credit risk with respect to trade receivable is primarily limited to a customer to which the Company makes June 30, December 31, 2021 2020 Customer A 15 % *) Customer B 14 % *) Customer C 14 % *) Customer D 13 % *) Customer E 13 % *) Customer F *) 15 % Customer G *) 15 % Customer H *) 15 % Customer I *) 14 % Customer J *) 12 % Customer K *) 11 % *) |
Schedule of product warranty liability | US Dollars in thousands Balance at December 31, 2020 $ 140 Provision 109 Usage (131 ) Balance at June 30, 2021 $ 118 |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Inventory Disclosure [Abstract] | |
Schedule of inventories | The components of inventories are as follows (in thousands): June 30, December 31, 2021 2020 Finished products $ 2,632 $ 2,764 Raw materials 714 778 $ 3,346 $ 3,542 |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future minimum lease commitments | The Company's future lease payments for its facilities and cars, which are presented as current maturities of operating leases 2021 $ 343 2022 664 2023 481 Total lease payments 1,488 Less: imputed interest (186 ) Present value of future lease payments 1,302 Less: current maturities of operating leases (640 ) Non-current operating leases $ 662 Weighted-average remaining lease term (in years) 2.22 Weighted-average discount rate 12.6 % |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of employee options activity | A summary of employees and non-employees share options activity during the six months ended June 30, 2021, is as Number Average exercise price Average remaining contractual life (in years) Aggregate intrinsic value (in thousands) Options outstanding at the beginning of the period 69,606 $ 37.90 5.59 $ — Granted — — — — Exercised — — — — Forfeited (5,563 ) 33.64 — — Options outstanding at the end of the period 64,043 $ 38.31 5.08 $ — Options exercisable at the end of the period 53,547 $ 42.71 4.65 $ — |
Schedule of employee RSUs activity | A summary of employees and non-employees RSUs activity during the six months ended June 30, 2021, is as follows: Number of shares underlying outstanding RSUs Weighted average grant date fair value Unvested RSUs at the beginning of the period 1,251,311 $ 1.69 Granted 583,216 1.75 Vested (132,571 ) 2.24 Forfeited (106,370 ) 1.57 Unvested RSUs at the end of the period 1,595,586 $ 1.60 |
Schedule of options and RSUs outstanding | The number of options and RSUs outstanding as of June 30, 2021, is set forth below, with options separated by range of Range of exercise price Options and RSUs outstanding as of June 30, 2021 Weighted average remaining contractual life (years) (1) Options outstanding and exercisable as of June 30, 2021 Weighted average remaining contractual life (years) (1) RSUs only 1,595,586 — — — $5.37 12,425 7.75 6,989 7.75 $20.42 - $33.75 32,905 4.71 27,845 4.32 $37.14 - $38.75 9,316 2.48 9,316 2.48 $50 - $52.5 6,731 5.97 6,731 5.97 $182.5 - $524.25 2,666 4.20 2,666 4.20 1,659,629 5.08 53,547 4.65 |
Schedule of warrants outstanding and exercisable | The following table summarizes information about warrants outstanding and exercisable as of June 30, 2021: Warrants Warrant Exercise price per outstanding and Contractual Issuance date outstanding warrant exercisable term (number) (number) December 31, 2015 (1) 4,771 $ 7.500 4,771 See footnote (1) November 1, 2016 (2) 97,496 $ 118.750 97,496 November 1, 2021 December 28, 2016 (3) 1,908 $ 7.500 1,908 See footnote (1) November 20, 2018 (4) 126,839 $ 7.500 126,839 November 20, 2023 November 20, 2018 (5) 106,680 $ 9.375 106,680 November 15, 2023 February 25, 2019 (6) 45,600 $ 7.187 45,600 February 21, 2024 April 5, 2019 (7) 408,457 $ 5.140 408,457 October 7, 2024 April 5, 2019 (8) 49,015 $ 6.503 49,015 April 3, 2024 June 5, 2019, and June 6, 2019 (9) 1,464,665 $ 7.500 1,464,665 June 5, 2024 June 5, 2019 (10) 87,880 $ 9.375 87,880 June 5, 2024 June 12, 2019 (11) 416,667 $ 6.000 416,667 December 12, 2024 June 10, 2019 (12) 50,000 $ 7.500 50,000 June 10, 2024 February 10, 2020 (13) 28,400 $ 1.250 28,400 February 10, 2025 February 10, 2020 (14) 105,840 $ 1.5625 105,840 February 10, 2025 July 6, 2020 (15) 448,698 $ 1.76 448,698 July 2, 2025 July 6, 2020 (16) 296,297 $ 2.2781 296,297 July 2, 2025 December 3, 2020 (17) 586,760 $ 1.34 586,760 June 8, 2026 December 3, 2020 (18) 108,806 $ 1.7922 108,806 June 8, 2026 February 26, 2021 (19) 5,460,751 $ 3.6 5,460,751 August 26, 2026 February 26, 2021 (20) 655,290 $ 4.5781 655,290 August 26, 2026 10,550,820 10,550,820 (1) Represents warrants for ordinary shares issuable upon an exercise price of $7.50 per share, which were granted on December 31, 2015 to Kreos Capital V (Expert) Fund Limited, or Kreos, in connection with a loan made by Kreos to us and are currently exercisable (in whole or in part) until the earlier of (i) December 30, 2025 or (ii) immediately prior to the consummation of a merger, consolidation, or reorganization of us with or into, or the sale or license of all or substantially all the assets or shares of us to, any other entity or person, other than a wholly-owned subsidiary of us, excluding any transaction in which the Company’s shareholders prior to the transaction will hold more than 50% of the voting and economic rights of the surviving entity after the transaction. None of these warrants had been exercised as of June 30, 2021. (2) Represents warrants issued as part of the Company’s follow-on offering in November 2016. At any time, the Company’s board of directors may reduce the exercise price of the warrants to any amount and for any period of time it deems appropriate. (3) Represents warrants for ordinary shares that were issued as part of the $8.0 million December 28, 2016, drawdown under the Loan Agreement between the Company and Kreos, pursuant to which Kreos extended a line of credit to us in the amount of $20 million, with interest payable monthly in arrears on any amounts drawn down at a rate of 10.75% per year from the applicable drawdown date through December 29, 2020, the date on which all principal was repaid. See footnote 1 for exercisability terms of the common warrants. 20 REWALK ROBOTICS LTD. AND SUBSIDIARIES NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) (4) Represents warrants for ordinary shares that were issued as part of the Company’s follow-on offering in November 2018. (5) Represents warrants for ordinary shares that were issued to the underwriters as compensation for their role in the Company’s follow-on offering in November 2018. (6) Represents warrants for ordinary shares that were issued to the exclusive placement agent as compensation for its role in the Company’s follow-on offering in February 2019. (7) Represents warrants for ordinary shares that were issued to certain institutional purchasers in a private placement in the Company’s registered direct offering of ordinary shares in April 2019. (8) Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s April 2019 registered direct offering. (9) Represents warrants for ordinary shares that were issued to certain institutional investors in a warrant exercise agreement on June 5, 2019, and June 6, 2019, respectively. (10) Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s June 2019 warrant exercise agreement and concurrent private placement of warrants. (11) Represents warrants for ordinary shares that were issued to certain institutional investors in a warrant exercise agreement in June 2019. (12) Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s June 2019 registered direct offering and concurrent private placement of warrants. (13) Represents warrants for ordinary shares that were issued to certain institutional purchasers in a private placement in the Company’s best efforts offering of ordinary shares in February 2020. During the six months ended June 30, 2021, 3,740,100 warrants were exercised for total consideration of $4,675,125. (14) Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s February 2020 best efforts offering. During the six months ended June 30, 2021, 230,160 warrants were exercised for total consideration of $359,625. (15) Represents warrants for ordinary shares that were issued to certain institutional purchasers in a private placement in our registered direct offering of ordinary shares in July 2020. During the six months ended June 30, 2021, 2,020,441 warrants were exercised for total consideration of $3,555,976. (16) Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s July 2020 registered direct offering. (17) Represents warrants for ordinary shares that were issued to certain institutional purchasers in a private placement in our private placement offering of ordinary shares in December 2020. During the six months ended June 30, 2021, 3,598,072 warrants were exercised for total consideration of $4,821,416. (18) Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s December 2020 private placement. During the six months ended June 30, 2021, 225,981 warrants were exercised for total consideration of $405,003. (19) Represents warrants for ordinary shares that were issued to certain institutional purchasers in a private placement in our private placement offering of ordinary shares in February 2021. (20) Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s February 2021 private placement. |
Schedule of non-cash share-based compensation expense | The Company recognized non-cash share-based compensation expense for employees and non-employees in the condensed Six Months Ended June 30, 2021 2020 Cost of revenues $ 4 $ 4 Research and development 14 74 Sales and marketing 77 48 General and administrative 273 186 Total $ 368 $ 312 |
FINANCIAL EXPENSES, NET (Tables
FINANCIAL EXPENSES, NET (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Other Income and Expenses [Abstract] | |
Schedule of financial expenses, net | The components of financial expenses, net were as follows (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Foreign currency transactions and other $ (14 ) $ (19 ) $ (28 ) $ (92 ) Financial expenses related to loan agreement with Kreos — 249 — 559 Bank commissions 5 5 15 14 $ (9 ) $ 235 $ (13 ) $ 481 |
GEOGRAPHIC INFORMATION AND MA_2
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Schedule of revenues within geographic areas | ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments. Operating Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Revenues based on customer’s location: United States $ 654 $ 631 $ 1,130 $ 847 Europe 726 1,035 1,563 1,577 Asia-Pacific 55 2 57 4 Africa 1 — 2 — Total revenues $ 1,436 $ 1,668 $ 2,752 $ 2,428 |
Schedule of long-lived assets by geographic region | June 30, December 31, 2021 2020 Long-lived assets by geographic region (*): Israel $ 794 $ 953 United States 628 790 Germany 49 43 $ 1,471 $ 1,786 *) Long-lived assets are comprised of property and equipment, net, and operating lease right-of-use assets. |
Schedule of major customer data as a percentage of total revenues | Six Months Ended June 30, 2021 2020 Major customer data as a percentage of total revenues: Customer A * ) 10.3 % *) Less than 10%. |
GENERAL (Details)
GENERAL (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
General (Textual) | |||||
Net loss | $ 3,141 | $ 2,855 | $ 6,203 | $ 6,695 | |
Accumulated deficit | 187,648 | 187,648 | $ 181,445 | ||
Cash and cash equivalents | $ 64,236 | 64,236 | $ 20,350 | ||
Negative cash flow from operations | $ 6,340 | $ 7,533 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Total Revenues | $ 1,436 | $ 1,668 | $ 2,752 | $ 2,428 |
Units placed [Member] | ||||
Total Revenues | 1,313 | 1,428 | 2,455 | 2,061 |
Spare parts and warranties [Member] | ||||
Total Revenues | $ 123 | $ 240 | $ 297 | $ 367 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 | |
Accounting Policies [Abstract] | |||
Trade receivable, net | [1] | $ 779 | $ 684 |
Deferred revenues | [1],[2] | $ 1,057 | $ 1,108 |
[1] | Balance presented net of unrecognized revenues that were not yet collected. | ||
[2] | During the six months ended June 30, 2021, $293 thousand of the December 31, 2020, deferred revenues balance was recognized as revenues. |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES (Details 2) - Trade Receivables [Member] - Credit Concentration Risk [Member] | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Dec. 31, 2020 | |||
Customer A [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk | 15.00% | [1] | ||
Customer B [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk | 14.00% | [1] | ||
Customer C [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk | 14.00% | [1] | ||
Customer D [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk | 13.00% | [1] | ||
Customer E [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk | 13.00% | [1] | ||
Customer F [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk | [1] | 15.00% | ||
Customer G [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk | [1] | 15.00% | ||
Customer H [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk | [1] | 15.00% | ||
Customer I [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk | [1] | 14.00% | ||
Customer J [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk | [1] | 12.00% | ||
Customer K [Member] | ||||
Concentration Risk [Line Items] | ||||
Concentration of credit risk | [1] | 11.00% | ||
[1] | Less than 10% |
SIGNIFICANT ACCOUNTING POLICI_7
SIGNIFICANT ACCOUNTING POLICIES (Details 3) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Warranty provision: | |
Balance at December 31, 2020 | $ 140 |
Provision | 109 |
Usage | (131) |
Balance at June 30, 2021 | $ 118 |
SIGNIFICANT ACCOUNTING POLICI_8
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Significant Accounting Policies (Textual) | ||
Allowance for doubtful accounts | $ 42 | $ 102 |
Deferred revenues recognized | $ 293 | |
Performance obligation, description | The Company’s unfilled performance obligations as of June 30, 2021, and the estimated revenue expected to be recognized in the future related to the service type warranty amounts to $1,092 thousand, which is fulfilled over one to five years. | |
Number of ordinary shares excluded from the calculations of diluted loss per share | 12,210,449 | |
SCI Products [Member] | ||
Significant Accounting Policies (Textual) | ||
Service policy | 5 years | |
ReStore product [Member] | ||
Significant Accounting Policies (Textual) | ||
Service policy | 2 years | |
Distributed Products [Member] | Minimum [Member] | ||
Significant Accounting Policies (Textual) | ||
Service policy | 1 year | |
Distributed Products [Member] | Maximum [Member] | ||
Significant Accounting Policies (Textual) | ||
Service policy | 10 years |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Finished products | $ 2,632 | $ 2,764 |
Raw materials | 714 | 778 |
Inventories | $ 3,346 | $ 3,542 |
INVENTORIES (Details Textual)
INVENTORIES (Details Textual) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | ||
Write off inventory | $ 58 | $ 5 |
COMMITMENTS AND CONTINGENT LI_3
COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Commitments and Contingencies Disclosure [Abstract] | ||
2021 | $ 343 | |
2022 | 664 | |
2023 | 481 | |
Total lease payments | 1,488 | |
Less: imputed interest | (186) | |
Present value of future lease payments | 1,302 | |
Less: current maturities of operating leases | (640) | $ (660) |
Non-current operating leases | $ 662 | $ 923 |
Weighted-average remaining lease term (in years) | 2 years 2 months 19 days | |
Weighted-average discount rate | 12.60% |
COMMITMENTS AND CONTINGENT LI_4
COMMITMENTS AND CONTINGENT LIABILITIES (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Commitments and Contingent Liabilities (Textual) | ||||
Non-cancelable outstanding obligations | $ 13 | $ 13 | ||
Maximum penalties payable on early release of agreement | 24 | 24 | ||
Royalties expenses | 6 | $ 0 | $ 6 | $ 3 |
Lease expiration, term | These leases expire between 2021 and 2023 | |||
Other long-term assets | 703 | $ 703 | ||
Lease expense | 178 | $ 217 | $ 364 | $ 400 |
IPO [Member] | ||||
Commitments and Contingent Liabilities (Textual) | ||||
Description of conversion ratio | ordinary shares in a conversion ratio of 1 to 1 | |||
RRL and RRG [Member] | ||||
Commitments and Contingent Liabilities (Textual) | ||||
Lease expiration, term | RRL and RRG lease cars for their employees under cancelable operating lease agreements expiring at various dates between 2021 and 2023. | |||
IIA [Member] | ||||
Commitments and Contingent Liabilities (Textual) | ||||
Total fund received | $ 197 | |||
Royalty bearing grants | 157 | |||
Royalties paid | $ 99 | |||
Percentage of obligation to pay royalties | 3.00% | |||
Contingent liability | $ 16 | $ 16 | ||
Percentage of grant received | 100.00% | |||
IIA [Member] | Convertible preferred A shares [Member] | ||||
Commitments and Contingent Liabilities (Textual) | ||||
Amount received in consideration of preferred shares | $ 400 | |||
Convertible preferred shares | 209 | 209 | ||
IIA and BIRD [Member] | ||||
Commitments and Contingent Liabilities (Textual) | ||||
Total fund received | $ 500 |
RESEARCH COLLABORATION AGREEM_2
RESEARCH COLLABORATION AGREEMENT AND LICENSE AGREEMENT (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2018 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Research Collaboration Agreement and License Agreement (Textual) | |||||
Research and development expenses | $ 810 | $ 954 | $ 1,605 | $ 1,939 | |
Harvard License Agreement and Collaboration Agreement [Member] | |||||
Research Collaboration Agreement and License Agreement (Textual) | |||||
Total payment obligation | 72 | ||||
Research and development expenses | $ 162 | $ 202 | $ 320 | $ 424 | |
Research collaboration agreement expire date | May 16, 2022 | Feb. 16, 2023 |
SHAREHOLDERS' EQUITY (Details 1
SHAREHOLDERS' EQUITY (Details 1) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | ||
Number, Options outstanding at the beginning of the period | 69,606 | |
Number, Granted | ||
Number, Exercised | ||
Number, Forfeited | (5,563) | |
Number, Options outstanding at the end of the period | 64,043 | 69,606 |
Number, Options exercisable at the end of the period | 53,547 | |
Average exercise price, Options outstanding at the beginning of the period | $ 37.90 | |
Average exercise price, Granted | ||
Average exercise price, Exercised | ||
Average exercise price, Forfeited | 33.64 | |
Average exercise price, Options outstanding at the end of the period | 38.31 | $ 37.90 |
Average exercise price, Options exercisable at the end of the period | $ 42.71 | |
Average remaining contractual life (in years), Options outstanding at the beginning of the period | 5 years 29 days | 5 years 7 months 2 days |
Average remaining contractual life (in years), Options exercisable at the end of the period | 4 years 7 months 24 days | |
Aggregate intrinsic value (in thousands), Options outstanding | ||
Aggregate intrinsic value (in thousands), Options exercisable at the end of the period |
SHAREHOLDERS' EQUITY (Details 2
SHAREHOLDERS' EQUITY (Details 2) - Employee and Non-Employee RSUs [Member] | 6 Months Ended |
Jun. 30, 2021$ / sharesshares | |
Number of shares underlying outstanding RSUs | |
Unvested RSUs at the Beginning of the period | shares | 1,251,311 |
Granted | shares | 583,216 |
Vested | shares | (132,571) |
Forfeited | shares | (106,370) |
Unvested RSUs at the end of the period | shares | 1,595,586 |
Weighted average grant date fair value | |
Unvested RSUs at the Beginning of the period | $ / shares | $ 1.69 |
Granted | $ / shares | 1.75 |
Vested | $ / shares | 2.24 |
Forfeited | $ / shares | 1.57 |
Unvested RSUs at the end of the period | $ / shares | $ 1.60 |
SHAREHOLDERS' EQUITY (Details 3
SHAREHOLDERS' EQUITY (Details 3) - Employee Stock Option [Member] | 6 Months Ended | |
Jun. 30, 2021$ / sharesshares | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Options outstanding | 1,659,629 | |
Options outstanding weighted average remaining contractual life (years) | 5 years 29 days | [1] |
Options outstanding and exercisable | 53,547 | |
Options exercisable weighted average remaining contractual life (years) | 4 years 7 months 24 days | [1] |
RSUs only [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
RSUs outstanding | 1,595,586 | |
Options outstanding and exercisable | ||
5.37 [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Exercise price | $ / shares | $ 5.37 | |
Options outstanding | 12,425 | |
Options outstanding weighted average remaining contractual life (years) | 7 years 9 months | [1] |
Options outstanding and exercisable | 6,989 | |
Options exercisable weighted average remaining contractual life (years) | 7 years 9 months | [1] |
20.42 - 33.75 [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Range of exercise price, minimum | $ / shares | $ 20.42 | |
Range of exercise price, maximum | $ / shares | $ 33.75 | |
Options outstanding | 32,905 | |
Options outstanding weighted average remaining contractual life (years) | 4 years 8 months 15 days | [1] |
Options outstanding and exercisable | 27,845 | |
Options exercisable weighted average remaining contractual life (years) | 4 years 3 months 25 days | [1] |
37.14 - 38.75 [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Range of exercise price, minimum | $ / shares | $ 37.14 | |
Range of exercise price, maximum | $ / shares | $ 38.75 | |
Options outstanding | 9,316 | |
Options outstanding weighted average remaining contractual life (years) | 2 years 5 months 23 days | [1] |
Options outstanding and exercisable | 9,316 | |
Options exercisable weighted average remaining contractual life (years) | 2 years 5 months 23 days | [1] |
50 - 52.50 [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Range of exercise price, minimum | $ / shares | $ 50 | |
Range of exercise price, maximum | $ / shares | $ 52.5 | |
Options outstanding | 6,731 | |
Options outstanding weighted average remaining contractual life (years) | 5 years 11 months 19 days | [1] |
Options outstanding and exercisable | 6,731 | |
Options exercisable weighted average remaining contractual life (years) | 5 years 11 months 19 days | [1] |
182.5 - 524.25 [Member] | ||
Share-based Payment Arrangement, Option, Exercise Price Range [Line Items] | ||
Range of exercise price, minimum | $ / shares | $ 182.5 | |
Range of exercise price, maximum | $ / shares | $ 524.25 | |
Options outstanding | 2,666 | |
Options outstanding weighted average remaining contractual life (years) | 4 years 2 months 12 days | [1] |
Options outstanding and exercisable | 2,666 | |
Options exercisable weighted average remaining contractual life (years) | 4 years 2 months 12 days | [1] |
[1] | Calculation of weighted average remaining contractual term does not include the RSUs that were granted, which have an indefinite contractual term. |
SHAREHOLDERS' EQUITY (Details 4
SHAREHOLDERS' EQUITY (Details 4) | 6 Months Ended | |
Jun. 30, 2021$ / sharesshares | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 10,550,820 | |
Warrants outstanding and exercisable | 10,550,820 | |
December 31, 2015 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 4,771 | [1] |
Exercise price per warrant | $ / shares | $ 7.500 | [1] |
Warrants outstanding and exercisable | 4,771 | [1] |
November 1, 2016 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 97,496 | [2] |
Exercise price per warrant | $ / shares | $ 118.750 | [2] |
Warrants outstanding and exercisable | 97,496 | [2] |
Contractual term | Nov. 1, 2021 | [2] |
December 28, 2016 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 1,908 | [3] |
Exercise price per warrant | $ / shares | $ 7.500 | [3] |
Warrants outstanding and exercisable | 1,908 | [3] |
November 20, 2018 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 126,839 | [4] |
Exercise price per warrant | $ / shares | $ 7.500 | [4] |
Warrants outstanding and exercisable | 126,839 | [4] |
Contractual term | Nov. 20, 2023 | [4] |
November 20, 2018 One [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 106,680 | [5] |
Exercise price per warrant | $ / shares | $ 9.375 | [5] |
Warrants outstanding and exercisable | 106,680 | [5] |
Contractual term | Nov. 15, 2023 | [5] |
February 25, 2019 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 45,600 | [6] |
Exercise price per warrant | $ / shares | $ 7.187 | [6] |
Warrants outstanding and exercisable | 45,600 | [6] |
Contractual term | Feb. 21, 2024 | [6] |
April 5, 2019 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 408,457 | [7] |
Exercise price per warrant | $ / shares | $ 5.140 | [7] |
Warrants outstanding and exercisable | 408,457 | [7] |
Contractual term | Oct. 7, 2024 | [7] |
April 5, 2019 One [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 49,015 | [8] |
Exercise price per warrant | $ / shares | $ 6.503 | [8] |
Warrants outstanding and exercisable | 49,015 | [8] |
Contractual term | Apr. 3, 2024 | [8] |
June 5, 2019 and June 6, 2019 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 1,464,665 | [9] |
Exercise price per warrant | $ / shares | $ 7.500 | [9] |
Warrants outstanding and exercisable | 1,464,665 | [9] |
Contractual term | Jun. 5, 2024 | [9] |
June 5, 2019 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 87,880 | [10] |
Exercise price per warrant | $ / shares | $ 9.375 | [10] |
Warrants outstanding and exercisable | 87,880 | [10] |
Contractual term | Jun. 5, 2024 | [10] |
June 12, 2019 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 416,667 | [11] |
Exercise price per warrant | $ / shares | $ 6 | [11] |
Warrants outstanding and exercisable | 416,667 | [11] |
Contractual term | Dec. 12, 2024 | [11] |
June 10, 2019 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 50,000 | [12] |
Exercise price per warrant | $ / shares | $ 7.500 | [12] |
Warrants outstanding and exercisable | 50,000 | [12] |
Contractual term | Jun. 10, 2024 | [12] |
February 10, 2020 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 28,400 | [13] |
Exercise price per warrant | $ / shares | $ 1.250 | [13] |
Warrants outstanding and exercisable | 28,400 | [13] |
Contractual term | Feb. 10, 2025 | [13] |
February 10, 2020 One [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 105,840 | [14] |
Exercise price per warrant | $ / shares | $ 1.5625 | [14] |
Warrants outstanding and exercisable | 105,840 | [14] |
Contractual term | Feb. 10, 2025 | [14] |
July 6, 2020 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 448,698 | [15] |
Exercise price per warrant | $ / shares | $ 1.76 | [15] |
Warrants outstanding and exercisable | 448,698 | [15] |
Contractual term | Jul. 2, 2025 | [15] |
July 6, 2020 One [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 296,297 | [16] |
Exercise price per warrant | $ / shares | $ 2.2781 | [16] |
Warrants outstanding and exercisable | 296,297 | [16] |
Contractual term | Jul. 2, 2025 | [16] |
December 3, 2020 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 586,760 | [17] |
Exercise price per warrant | $ / shares | $ 1.34 | [17] |
Warrants outstanding and exercisable | 586,760 | [17] |
Contractual term | Jun. 8, 2026 | [17] |
December 3, 2020 One [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 108,806 | [18] |
Exercise price per warrant | $ / shares | $ 1.7922 | [18] |
Warrants outstanding and exercisable | 108,806 | [18] |
Contractual term | Jun. 8, 2026 | [18] |
February 26, 2021 [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 5,460,751 | [19] |
Exercise price per warrant | $ / shares | $ 3.6 | [19] |
Warrants outstanding and exercisable | 5,460,751 | [19] |
Contractual term | Aug. 26, 2026 | [19] |
February 26, 2021 One [Member] | ||
Class of Warrant or Right [Line Items] | ||
Warrants outstanding | 655,290 | [20] |
Exercise price per warrant | $ / shares | $ 4.5781 | [20] |
Warrants outstanding and exercisable | 655,290 | [20] |
Contractual term | Aug. 26, 2026 | [20] |
[1] | Represents warrants for ordinary shares issuable upon an exercise price of $7.50 per share, which were granted on December 31, 2015 to Kreos Capital V (Expert) Fund Limited, or Kreos, in connection with a loan made by Kreos to us and are currently exercisable (in whole or in part) until the earlier of (i) December 30, 2025 or (ii) immediately prior to the consummation of a merger, consolidation, or reorganization of us with or into, or the sale or license of all or substantially all the assets or shares of us to, any other entity or person, other than a wholly-owned subsidiary of us, excluding any transaction in which the Company’s shareholders prior to the transaction will hold more than 50% of the voting and economic rights of the surviving entity after the transaction. None of these warrants had been exercised as of June 30, 2021. | |
[2] | Represents warrants issued as part of the Company’s follow-on offering in November 2016. At any time, the Company’s board of directors may reduce the exercise price of the warrants to any amount and for any period of time it deems appropriate. | |
[3] | Represents warrants for ordinary shares that were issued as part of the $8.0 million December 28, 2016, drawdown under the Loan Agreement between the Company and Kreos, pursuant to which Kreos extended a line of credit to us in the amount of $20 million, with interest payable monthly in arrears on any amounts drawn down at a rate of 10.75% per year from the applicable drawdown date through December 29, 2020, the date on which all principal was repaid. See footnote 1 for exercisability terms of the common warrants. | |
[4] | Represents warrants for ordinary shares that were issued as part of the Company’s follow-on offering in November 2018. | |
[5] | Represents warrants for ordinary shares that were issued to the underwriters as compensation for their role in the Company’s follow-on offering in November 2018. | |
[6] | Represents warrants for ordinary shares that were issued to the exclusive placement agent as compensation for its role in the Company’s follow-on offering in February 2019. | |
[7] | Represents warrants for ordinary shares that were issued to certain institutional purchasers in a private placement in the Company’s registered direct offering of ordinary shares in April 2019. | |
[8] | Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s April 2019 registered direct offering. | |
[9] | Represents warrants for ordinary shares that were issued to certain institutional investors in a warrant exercise agreement on June 5, 2019, and June 6, 2019, respectively. | |
[10] | Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s June 2019 warrant exercise agreement and concurrent private placement of warrants. | |
[11] | Represents warrants for ordinary shares that were issued to certain institutional investors in a warrant exercise agreement in June 2019. | |
[12] | Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s June 2019 registered direct offering and concurrent private placement of warrants. | |
[13] | Represents warrants for ordinary shares that were issued to certain institutional purchasers in a private placement in the Company’s best efforts offering of ordinary shares in February 2020. During the six months ended June 30, 2021, 3,740,100 warrants were exercised for total consideration of $4,675,125. | |
[14] | Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s February 2020 best efforts offering. During the six months ended June 30, 2021, 230,160 warrants were exercised for total consideration of $359,625. | |
[15] | Represents warrants for ordinary shares that were issued to certain institutional purchasers in a private placement in our registered direct offering of ordinary shares in July 2020. During the six months ended June 30, 2021, 2,020,441 warrants were exercised for total consideration of $3,555,976. | |
[16] | Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s July 2020 registered direct offering. | |
[17] | Represents warrants for ordinary shares that were issued to certain institutional purchasers in a private placement in our private placement offering of ordinary shares in December 2020. During the six months ended June 30, 2021, 3,598,072 warrants were exercised for total consideration of $4,821,416. | |
[18] | Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s December 2020 private placement. During the six months ended June 30, 2021, 225,981 warrants were exercised for total consideration of $405,003. | |
[19] | Represents warrants for ordinary shares that were issued to certain institutional purchasers in a private placement in our private placement offering of ordinary shares in February 2021. | |
[20] | Represents warrants for ordinary shares that were issued to the placement agent as compensation for its role in the Company’s February 2021 private placement. |
SHAREHOLDERS' EQUITY (Details 5
SHAREHOLDERS' EQUITY (Details 5) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Non-cash share-based compensation expense | $ 368 | $ 312 |
Cost of revenues [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Non-cash share-based compensation expense | 4 | 4 |
Research and development, net [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Non-cash share-based compensation expense | 14 | 74 |
Sales and marketing [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Non-cash share-based compensation expense | 77 | 48 |
General and administrative [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Non-cash share-based compensation expense | $ 273 | $ 186 |
SHAREHOLDERS' EQUITY (Details T
SHAREHOLDERS' EQUITY (Details Textual) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Feb. 19, 2021₪ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2021USD ($)$ / sharesshares | Jun. 30, 2020$ / shares | Dec. 31, 2015$ / shares | Feb. 19, 2021$ / sharesshares | Dec. 31, 2020shares | Dec. 28, 2016USD ($) | |
Shareholders' Equity (Textual) | ||||||||
Description of underwriting agreement | the Company closed a “best efforts” public offering whereby the Company issued an aggregate of 5,600,000 of common units and pre-funded units at a public offering price of $1.25 per common unit and $1.249 per pre-funded unit. As part of the public offering, the Company entered into a securities purchase agreement with certain institutional purchasers. Each common unit consisted of one ordinary share, par value NIS 0.25 per share, and one common warrant to purchase one ordinary share. Each pre-funded unit consisted of one pre-funded warrant to purchase one ordinary share and one common warrant. Additionally, the Company issued warrants to purchase up to 336,000 ordinary shares, with an exercise price of $1.5625 per share, to representatives of H.C. Wainwright as compensation for its role as the placement agent in the Company’s February 2020 offering. | |||||||
Best Efforts Public Offering [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Exercise price per share | $ / shares | $ 1.25 | $ 1.25 | ||||||
Number of warrants issued | shares | 1,246,500 | 1,246,500 | ||||||
Proceeds from warrants | $ | $ 1,600,000 | $ 1,600,000 | ||||||
Securities Purchase Agreements [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Number of warrants issued | shares | 5,460,751 | 9,814,754 | 9,814,754 | 5,460,751 | ||||
Warrants exercisable, description | exercisable from February 19, 2021, until August 26, 2026 | |||||||
Issuance of ordinary shares, shares | shares | 10,921,502 | |||||||
Exercise price ordinary shares | $ / shares | $ 3.6625 | |||||||
Total gross exercised | $ | $ 13,800,000 | |||||||
Securities Purchase Agreements [Member] | Minimum [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Exercise price per share | $ / shares | $ 1.25 | $ 1.25 | ||||||
Securities Purchase Agreements [Member] | Maximum [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Exercise price per share | $ / shares | $ 1.79 | $ 1.79 | ||||||
Securities Purchase Agreements [Member] | Additional Warrant to Purchase [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Warrants exercisable, description | exercisable from February 19, 2021, until August 26, 2026 | |||||||
Issuance of ordinary shares, shares | shares | 655,290 | |||||||
Exercise price ordinary shares | $ / shares | $ 4.578125 | |||||||
Securities Purchase Agreements [Member] | NIS [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Exercise price ordinary shares | ₪ / shares | ₪ 0.25 | |||||||
Certain institutional purchasers [Member] | Offering of ordinary shares in February 2020 [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Number of warrants issued | shares | 3,740,100 | 3,740,100 | ||||||
Proceeds from warrants | $ | $ 4,675,125 | |||||||
Certain institutional purchasers [Member] | Registered direct offering of ordinary shares in July 2020 [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Number of warrants issued | shares | 2,020,441 | 2,020,441 | ||||||
Proceeds from warrants | $ | $ 3,555,976 | |||||||
Certain institutional purchasers [Member] | Offering of ordinary shares in December 2020 [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Number of warrants issued | shares | 3,598,072 | 3,598,072 | ||||||
Proceeds from warrants | $ | $ 4,821,416 | |||||||
Placement agent [Member] | February 2020 best efforts offering [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Number of warrants issued | shares | 230,160 | 230,160 | ||||||
Proceeds from warrants | $ | $ 359,625 | |||||||
Placement agent [Member] | December 2020 private placement [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Number of warrants issued | shares | 225,981 | 225,981 | ||||||
Proceeds from warrants | $ | $ 405,003 | |||||||
Kreos Capital V [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Warrants grant date | Dec. 31, 2015 | |||||||
Warrants exercisable, description | currently exercisable (in whole or in part) until the earlier of (i) December 30, 2025 or (ii) immediately prior to the consummation of a merger, consolidation, or reorganization of us with or into, or the sale or license of all or substantially all the assets or shares of us to, any other entity or person, other than a wholly-owned subsidiary of us, excluding any transaction in which the Company’s shareholders prior to the transaction will hold more than 50% of the voting and economic rights of the surviving entity after the transaction. | |||||||
Kreos Capital [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Exercise price per share | $ / shares | $ 7.50 | |||||||
Drawdown amount under loan agreement | $ | $ 80,000 | |||||||
Face amount | $ | $ 20,000,000 | |||||||
Annual interest rate | 10.75% | |||||||
Employee Stock Option [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Award vesting period, description | Options to purchase ordinary shares generally vest over four years, with certain options to non-employee directors vesting quarterly over one year. | |||||||
Shares reserved for future issuance (in shares) | shares | 133,037 | 133,037 | 604,320 | |||||
Unrecognized cost of shares | $ | $ 2,300,000 | $ 2,300,000 | ||||||
Expected term of shares | 3 years 18 days | |||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Shareholders' Equity (Textual) | ||||||||
Weighted average grant date fair value, options (in USD per share) | $ / shares | $ 1.75 | $ 2.23 |
FINANCIAL EXPENSES, NET (Detail
FINANCIAL EXPENSES, NET (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Other Income and Expenses [Abstract] | ||||
Foreign currency transactions and other | $ (14) | $ (19) | $ (28) | $ (92) |
Financial expenses related to loan agreement with Kreos | 249 | 559 | ||
Bank commissions | 5 | 5 | 15 | 14 |
Financial expenses, net | $ (9) | $ 235 | $ (13) | $ 481 |
GEOGRAPHIC INFORMATION AND MA_3
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue, Major Customer [Line Items] | ||||
Total revenues | $ 1,436 | $ 1,668 | $ 2,752 | $ 2,428 |
United States [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Total revenues | 654 | 631 | 1,130 | 847 |
Europe [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Total revenues | 726 | 1,035 | 1,563 | 1,577 |
Asia Pacific [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Total revenues | 55 | 2 | 57 | 4 |
Africa [Member] | ||||
Revenue, Major Customer [Line Items] | ||||
Total revenues | $ 1 | $ 2 |
GEOGRAPHIC INFORMATION AND MA_4
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA (Details 1) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 1,471 | $ 1,786 |
Israel [Mmeber] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 794 | 953 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 628 | 790 |
Germany [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 49 | $ 43 |
GEOGRAPHIC INFORMATION AND MA_5
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA (Details 2) | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | Customer A [Member] | |||
Revenue, Major Customer [Line Items] | |||
Concentration risk | [1] | 10.30% | |
[1] | Less than 10% |
GEOGRAPHIC INFORMATION AND MA_6
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA (Details Textual) | 6 Months Ended |
Jun. 30, 2021segment | |
Geographic Information and Major Customer and Product Data (Textual) | |
Number of reportable segments | 1 |