Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | May 20, 2021 | |
Document Information Line Items | ||
Entity Registrant Name | BiomX Inc. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 24,326,719 | |
Amendment Flag | false | |
Entity Central Index Key | 0001739174 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2021 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | true | |
Entity File Number | 001-38762 | |
Entity Incorporation, State or Country Code | DE | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets | ||
Cash and cash equivalents | $ 39,411 | $ 36,477 |
Restricted cash | 976 | 763 |
Short-term deposits | 13,205 | 19,851 |
Other current assets | 2,943 | 3,576 |
Total current assets | 56,535 | 60,667 |
Property and equipment, net | 3,531 | 2,228 |
Intangible assets, net | 2,658 | 3,038 |
Operating lease right-of-use assets | 4,338 | 4,430 |
Total non-current assets | 10,527 | 9,696 |
Total asset | 67,062 | 70,363 |
Current liabilities | ||
Trade account payables | 2,685 | 2,320 |
Other account payables | 4,350 | 3,978 |
Current portion of operating lease liabilities | 763 | 863 |
Total current liabilities | 7,798 | 7,161 |
Non-current liabilities | ||
Operating lease liabilities, net of current portion | 4,738 | 5,032 |
Contingent considerations | 572 | 701 |
Total non-current liabilities | 5,310 | 5,733 |
Commitments and Contingent Considerations | ||
Stockholders’ equity | ||
Preferred stock, $0.0001 par value; Authorized – 1,000,000 shares as of March 31, 2021 and December 31, 2020. No shares issued and outstanding as of March 31, 2021 and December 31, 2020 | ||
Common stock, $0.0001 par value; Authorized - 60,000,000 shares as of March 31, 2021 and December 31, 2020. Issued - 24,247,040 shares as of March 31, 2021 and 23,270,337 shares as of December 31, 2020. Outstanding - 24,241,340 shares as of March 31, 2021 and 23,264,637 shares as of December 31, 2020. | 2 | 2 |
Additional paid in capital | 134,612 | 129,725 |
Accumulated deficit | (80,660) | (72,258) |
Total stockholders’ equity | 53,954 | 57,469 |
Total liabilities and shareholders' equity | $ 67,062 | $ 70,363 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Preferred stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Preferred stock, shares Authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | ||
Preferred stock, shares outstanding | ||
Common stock par value (in Dollars per share) | $ 0.0001 | $ 0.0001 |
Common stock shares Authorized | 60,000,000 | 60,000,000 |
Common stock shares Issued | 24,247,040 | 23,270,337 |
Common stock shares Outstanding | 24,241,340 | 23,264,637 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | ||
Research and development (“R&D”) expenses, net | $ 5,794 | $ 3,529 |
Amortization of intangible assets | 379 | 379 |
General and administrative expenses | 2,497 | 2,058 |
Operating loss | 8,670 | 5,966 |
Finance income, net | (271) | (65) |
Loss before tax | 8,399 | 5,901 |
Tax expenses | 3 | |
Net loss | $ 8,402 | $ 5,901 |
Basic and diluted loss per share of Common Stock (in Dollars per share) | $ 0.35 | $ 0.26 |
Weighted average number of shares of Common Stock outstanding, basic and diluted (in Shares) | 23,944,573 | 22,897,723 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total | ||
Balance at Dec. 31, 2019 | $ 2 | $ 126,626 | $ (42,172) | $ 84,456 | ||
Balance (in Shares) at Dec. 31, 2019 | 22,862,835 | |||||
Exercise of stock options | [1] | 106 | 106 | |||
Exercise of stock options (in Shares) | 57,325 | |||||
Stock-based compensation expenses | 337 | 337 | ||||
Net loss | (5,901) | (5,901) | ||||
Balance at Mar. 31, 2020 | $ 2 | 127,069 | (48,073) | 78,998 | ||
Balance (in Shares) at Mar. 31, 2020 | 22,920,160 | |||||
Balance at Dec. 31, 2020 | $ 2 | 129,725 | (72,258) | 57,469 | ||
Balance (in Shares) at Dec. 31, 2020 | 23,264,637 | |||||
Exercise of stock options | [1] | 23 | 23 | |||
Exercise of stock options (in Shares) | 12,646 | |||||
Exercise of warrants | [2] | [1] | ||||
Exercise of warrants (in Shares) | [2] | 362,383 | ||||
Issuance of Common Stock under Open Market Sales Agreement, net of $134 issuance costs | [1] | 4,334 | 4,334 | |||
Issuance of Common Stock under Open Market Sales Agreement, net of $134 issuance costs (in Shares) | 601,674 | |||||
Stock-based compensation expenses | 530 | 530 | ||||
Net loss | (8,402) | (8,402) | ||||
Balance at Mar. 31, 2021 | $ 2 | $ 134,612 | $ (80,660) | $ 53,954 | ||
Balance (in Shares) at Mar. 31, 2021 | 24,241,340 | |||||
[1] | Less than $1. | |||||
[2] | See Note 5B. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Net of issuance expenses | $ 134 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
CASH FLOWS – OPERATING ACTIVITIES | ||
Net loss | $ (8,402) | $ (5,901) |
Adjustments required to reconcile cash flows used in operating activities: | ||
Depreciation and amortization | 555 | 501 |
Stock-based compensation | 530 | 337 |
Finance expense (income), net | 26 | (179) |
Revaluation of contingent considerations | (129) | 56 |
Changes in operating assets and liabilities: | ||
Other receivables | 633 | 388 |
Trade account payables | 365 | (1,838) |
Other account payables | 372 | (216) |
Operating lease liabilities, net | (302) | (48) |
Related parties | 50 | |
Net cash used in operating activities | (6,352) | (6,850) |
CASH FLOWS – INVESTING ACTIVITIES | ||
Investment in short-term deposits | (34) | (49) |
Proceeds from short-term deposits | 6,680 | |
Purchases of property and equipment | (1,478) | (280) |
Net cash provided by (used in) investing activities | 5,168 | (329) |
CASH FLOWS – FINANCING ACTIVITIES | ||
Issuance of Common Stock under Open Market Sales Agreement, net of issuance costs | 4,334 | |
Outflows in connection with current assets and liabilities acquired in reverse recapitalization | (75) | |
Exercise of stock options | 23 | 106 |
Net cash provided by financing activities | 4,357 | 31 |
Increase (decrease) in cash and cash equivalents and restricted cash | 3,173 | (7,148) |
Effect of exchange rate changes on cash and cash equivalents and restricted cash | (26) | 179 |
Cash and cash equivalents and restricted cash at the beginning of the period | 37,240 | 72,410 |
Cash and cash equivalents and restricted cash at the end of the period | $ 40,387 | $ 65,441 |
General
General | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
GENERAL | NOTE 1 – GENERAL A. General information: BiomX Inc. (formerly known as Chardan Healthcare Acquisition Corp., individually prior to BiomX Inc.’s acquisition of 100% of the outstanding shares of BiomX Israel Ltd. (the “Recapitalization Transaction”, “BiomX Israel” respectively), and together with its subsidiaries, BiomX Ltd. and RondinX Ltd., after the Recapitalization Transaction, the “Company” or “BiomX”) was incorporated as a blank check company on November 1, 2017, under the laws of the state of Delaware, for the purpose of entering into a merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization or similar business combination with one or more businesses or entities. On October 28, 2019, the Company was renamed BiomX Inc. and the Company’s shares of Common Stock, units, and warrants began trading on the NYSE American under the symbols PHGE, PHGE.U, and PHGE.WS, respectively. On February 6, 2020, the Company’s Common Stock also began trading on the Tel-Aviv Stock Exchange. To date, the Company has not generated revenue from its operations. As of March 31, 2021, the Company had a cash and cash equivalents and restricted cash balance of approximately $40,387 and short-term deposits of approximately $13,205, which management believes is sufficient to fund its operations for more than 12 months from the date of issuance of these condensed consolidated financial statements and sufficient to fund its operations necessary to continue development activities of its current proposed products. Consistent with its continuing research and development activities, the Company expects to continue to incur additional losses for the foreseeable future. The Company plans to continue to fund its current operations, as well as other development activities relating to additional product candidates, through future issuances of debt and/or equity securities and possibly additional grants from the Israel Innovation Authority (“IIA”) and other government institutions. The Company’s ability to raise additional capital in the equity and debt markets is dependent on a number of factors including, but not limited to, the market demand for the Company’s Common Stock, which itself is subject to a number of development and business risks and uncertainties, as well as the uncertainty that the Company would be able to raise such additional capital at a price or on terms that are favorable to it. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES A. Unaudited Condensed Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for condensed financial information. They do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). The financial information contained in this report should be read in conjunction with the annual financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, that the Company filed with the U.S. Securities and Exchange Committee (the “SEC”) on March 31, 2021. B. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated upon consolidation. C. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities in the financial statements and the amounts of expenses during the reported years. Actual results could differ from those estimates. D. Reclassification Certain prior year amounts have been reclassified to conform to the current year presentation. E. Recent Accounting Standards In June 2016, the Financial Accountings Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments – Credit Losses,” to improve information on credit losses for financial assets and net investment in leases that are not accounted for at fair value through net income. ASU No. 2016-13 replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses. This guidance is effective for the Company beginning on January 1, 2023, with early adoption permitted. The Company does not expect that the adoption of this standard will have a significant impact on its condensed consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU 2020-06, “Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40)-Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance is effective for annual and interim periods beginning after December 15, 2021, and early adoption is permitted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company does not expect that the adoption of this standard will have a significant impact on its condensed consolidated financial statements and related disclosures. F. Derivatives Activity The Company uses foreign exchange contracts (mainly option and forward contracts) to hedge cash flows from currency exposure. These foreign exchange contracts are not designated as hedging instruments for accounting purposes. In connection with these foreign exchange contracts, the Company recognizes gains or losses that offset the revaluation of the cash flows also recorded under financial expenses (income), net in the condensed consolidated statements of operations. As of March 31, 2021, the Company had outstanding foreign exchange contracts in the amount of approximately $5,219. As of March 31, 2020, the Company had no outstanding foreign exchange contracts. G. Fair Value of Financial Instruments The fair value of certain of the Company’s financial instruments including cash, accounts receivable, accounts payable, accrued expenses, and other accrued liabilities approximate cost because of their short maturities. The Company measures and reports fair value in accordance with ASC 820, “Fair Value Measurements and Disclosure” defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value measurements. Fair value, as defined in ASC 820, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants, principal (or most advantageous) markets, and an in-use or an in-exchange valuation premise. The fair value of a liability should reflect the risk of nonperformance, which includes, among other things, the Company’s credit risk. Valuation techniques are generally classified into three categories: the market approach; the income approach; and the cost approach. The selection and application of one or more of the techniques may require significant judgment and are primarily dependent upon the characteristics of the asset or liability, and the quality and availability of inputs. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also provides fair value hierarchy for inputs and resulting measurement as follows: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 – Quoted prices in non-active markets or in active markets for similar assets or liabilities, observable inputs other than quoted prices, and inputs that are not directly observable but are corroborated by observable market data. Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. There were no changes in the fair value hierarchy levelling during the period ended March 31, 2021 and year ended December 31, 2020. The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis: March 31, 2021 Level 1 Level 2 Level 3 Fair Value Assets: Cash equivalents: Money market funds 30,000 - - 30,000 30,000 - - 30,000 Liabilities: Contingent considerations - - 572 572 - - 572 572 December 31, 2020 Level 1 Level 2 Level 3 Fair Value Assets: Cash equivalents: Money market funds 30,000 - - 30,000 30,000 - - 30,000 Liabilities: Contingent considerations - - 701 701 - - 701 701 Financial instruments with carrying values approximating fair value include cash and cash equivalents, restricted cash, short-term deposits, other current assets, trade accounts payable and other current liabilities, due to their short-term nature. |
Acquisition of Subsidiary
Acquisition of Subsidiary | 3 Months Ended |
Mar. 31, 2021 | |
Discloseof Acquisitionof Subsidiary [Abstract] | |
ACQUISITION OF SUBSIDIARY | NOTE 3 – ACQUISITION OF SUBSIDIARY In November 2017, BiomX Israel signed a share purchase agreement with the shareholders of RondinX Ltd. In accordance with the share purchase agreement, BiomX Israel acquired 100% control and ownership of RondinX Ltd. for consideration valued at $4,500. The consideration included the issuance of 250,023 Preferred A Shares, the issuance of warrants to purchase an aggregate of 4,380 Series A-1 preferred shares, and additional contingent consideration. As part of the Recapitalization Transaction the Company issued shares of Common Stock in exchange for outstanding ordinary shares and all the preferred shares of BiomX Israel. The number of shares prior to the Recapitalization Transaction has been retroactively adjusted based on the equivalent number of shares received by the accounting acquirer in the Recapitalization Transaction. The contingent consideration is based on the attainment of future clinical, developmental, regulatory, commercial and strategic milestones relating to product candidates for treatment of primary sclerosing cholangitis or entry into qualifying collaboration agreements with certain third parties and may require the Company to issue 567,729 shares of Common Stock upon the attainment of certain milestones, as well as make future cash payments and/or issue additional shares of the most senior class of the Company’s shares authorized or outstanding as of the time the payment is due, or a combination of both of up to $32,000 within ten years from November 2017, the closing of the agreement, and/or the entering of agreements with certain third parties or their affiliates that include a qualifying up-front fee and is entered into within three years from the closing of the agreement. No such agreement was entered into within three years from the closing. The Company has the discretion of determining whether milestone payments will be made in cash or by issuance of shares of Common Stock. The contingent consideration is accounted for at fair value (Level 3). There were no changes in the fair value hierarchy leveling during the quarter ended March 31, 2021 and year ended December 31, 2020. The condensed consolidated financial statements as of March 31, 2021 and December 31, 2020 include a liability with respect to this agreement in the amount of $79 and $83, respectively. |
Commitments and Contingent Cons
Commitments and Contingent Considerations | 3 Months Ended |
Mar. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT CONSIDERATIONS | NOTE 4 – COMMITMENTS AND CONTINGENT CONSIDERATIONS A. In April 2019, the IIA approved an application for a total budget of NIS 4,221 (approximately $1,185). The IIA funded 30% of the approved budget. The program was for the period beginning from July 2018 through June 2019. As of March 31, 2021, BiomX Israel has received all funds with respect to this program. In December 2019, the IIA approved an application for a total budget of NIS 10,794 (approximately $3,123). The IIA funded 30% of the approved budget. The program was for the period beginning from July 2019 through December 2019. As of March 31, 2021, BiomX Israel had submitted the final report to the IIA for this program. Refer to Note 7A for additional information regarding funds received for this application. In April 2020, the IIA approved an application for a total budget of NIS 15,562 (approximately $4,287). The IIA committed to fund 30% of the approved budget. The program was for the period beginning January 2020 through December 2020. As of March 31, 2021, the Company received NIS 1,634 (approximately $450) from the IIA with respect to this program. BiomX Israel has not yet submitted the final report to the IIA for this program. In March 2021, the IIA approved two new applications for a total budget of NIS 19,444 (approximately $5,874). The IIA committed to fund 30% of the approved budget. The program is for the period beginning January 2021 through December 2021. As of March 31, 2021, BiomX Israel had not yet received funds from the IIA with respect to the programs. According to the agreement with the IIA, BiomX Israel will pay royalties of 3% to 3.5% of future sales up to an amount equal to the accumulated grant received including annual interest of LIBOR linked to the dollar. BiomX Israel may be required to pay additional royalties upon the occurrence of certain events as determined by the IIA, that are within the control of BiomX Israel. No such events have occurred or were probable of occurrence as of the balance sheet date with respect to these royalties. Repayment of the grant is contingent upon the successful completion of the BiomX Israel’s R&D programs and generating sales. BiomX Israel has no obligation to repay these grants if the R&D program fails, is unsuccessful or aborted or if no sales are generated. The Company had not yet generated sales as of March 31, 2021; therefore, no liability was recorded in these condensed consolidated financial statements. Through March 31, 2021, total grants approved from the IIA aggregated to approximately $6,212 (NIS 21,863). Through March 31, 2021, the Company had received an aggregate amount of $2,691 (NIS 9,757) in the form of grants from the IIA. As of March 31, 2021, the Company had a contingent obligation to the IIA in the amount of approximately $3,338 including annual interest of LIBOR linked to the dollar. B . On September 1, 2020 (“Effective Date”), BiomX Israel entered into a research collaboration agreement with Boehringer Ingelheim International GmbH (“BI”) for a collaboration on biomarker discovery for inflammatory bowel disease (“IBD”). Under the agreement, BiomX Israel is eligible to receive fees totaling $439 in installments of $50 within 60 days of the Effective Date, $100 upon receipt of the BI materials, $150 upon the completion of data processing and $139 upon delivery of the Final Report of observations and Results of the Project (as such terms are defined within the agreement). Unless terminated earlier, this agreement will remain in effect until one year after the Effective Date or completion of the Project Plan (as defined in the agreement) and submission and approval of the Final Report. The Company implements ASU 2018-18, “Collaborative Arrangements (Topic 808),” with respect to this agreement. As of March 31, 2021, consideration of $300 had been received. |
Stockholders Equity
Stockholders Equity | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS EQUITY | NOTE 5 – STOCKHOLDERS EQUITY A. Share Capital: At-the-market Sales Agreement: In December 2020, pursuant to a registration statement on Form S-3 declared effective by the Securities and Exchange Commission on December 11, 2020, the Company entered into an Open Market Sales Agreement (“ATM Agreement”) with Jefferies LLC. (“Jefferies”), which provides that, upon the terms and subject to the conditions and limitations in the ATM Agreement, the Company may elect, from time to time, to offer and sell shares of Common Stock with an aggregate offering price of up to $50,000, with Jefferies acting as sales agent. During the three months ended March 31, 2021, the Company sold 601,674 shares of Common Stock under the ATM Agreement, at an average price of $7.20 per share, raising aggregate net proceeds of approximately $4,334, after deducting an aggregate commission of $134. B. Stock-based Compensation: In 2019, the Company adopted a new incentive plan (the “2019 Plan”) to grant 1,000 options, exercisable for Common Stock. The aggregate number of shares of Common Stock that may be delivered pursuant to the 2019 Plan will automatically increase on January 1 of each year, commencing on January 1, 2020 and ending on (and including) January 1, 2029, in an amount equal to four percent (4%) of the total number of shares of Common Stock outstanding on December 31 of the preceding calendar year (“Evergreen Amount”). Notwithstanding the foregoing, the Board may act prior to January 1 of a given year to provide that there will be no January 1 increase for such year or that the increase for such year will be a lesser number of shares of Common Stock than the Evergreen Amount. On January 1, 2020 and January 1, 2021, the number of shares of Common Stock available to grant under the 2019 Plan was increased by 914,741 and 930,813, respectively, to an aggregate of 1,846,554 shares. On March 30, 2021, the Board of Directors approved the grant of 985,530 options to 94 employees, including five senior officers, one consultant, and six directors under the 2019 Plan, without consideration. Options were granted at an exercise price of $7.02 per share with a vesting period of four years. Directors and senior officers are entitled to full acceleration of their unvested options upon the occurrence of both a change in control of the Company and the end of their engagement with the Company. The fair value of each option was estimated as of the date of grant or reporting period using the Black-Scholes option-pricing model, using the following assumptions: Three Months Ended March 31, 2021 2020 Underlying value of Common Stock ($) 7.02 6.21 Exercise price ($) 7.02 6.21 Expected volatility (%) 85.0 85.0 Term of the option (years) 6.11 6.11 Risk-free interest rate (%) 1.17 0.52 The cost of the benefit embodied in the options granted during the three months ended March 31, 2021, based on their fair value as at the grant date, is estimated to be approximately $5,138. These amounts will be recognized in statements of operations over the vesting period. (1) A summary of options granted to purchase the Company’s Common Stock under the Company’s share option plans is as follows: For the Three Months Ended Number of Weighted Aggregate Outstanding at the beginning of period 3,569,766 3.12 12,338 Granted 985,530 7.02 Forfeited (78,854 ) 3.86 Exercised (12,646 ) 1.84 Outstanding at the end of period 4,463,796 3.97 14,612 Exercisable at the end of period 2,135,586 Weighted average remaining contractual life of outstanding options – years as of March 31, 2021 7.91 Warrants: As of March 31, 2021, the Company had the following outstanding warrants to purchase Common Stock: Warrant Issuance Date Expiration Exercise Number of Private Warrants issued to Yeda (see 1 below) May 11, 2017 May 11, 2025 (* ) - Private Warrants issued to scientific founders (see 2 below) November 27, 2017 - 2,974 2,974 (*) less than $0.001. 1. In May 2017, in accordance with a license agreement, the Company issued to Yeda Research and Development Company Limited (“Yeda”), for nominal consideration, 591,382 warrants to purchase Common Stock at $0.0001 nominal value, for nominal consideration. Yeda had the option to exercise the warrants on a cashless basis. In 2020, the license agreement was terminated. On March 10, 2021, Yeda exercised 362,444 warrants on a cashless basis, resulting in the issuance of 362,383 shares of Common Stock. The remainder of the warrants were cancelled as part of the termination of the license agreement. Expenses and income are included in R&D expenses, net in the condensed consolidated statements of operations. For the three months ended March 31, 2021 and March 31, 2020, the Company did not record any expenses. 236,552 warrants were fully vested and exercisable on the date of their issuance. The remainder of the warrants would have vested and become exercisable subject to achievement of certain milestones. During 2020, 236,553 warrants were cancelled following termination of the license agreement. As of December 31, 2020, 118,277 warrants were vested as the license agreement was terminated after the second anniversary with no milestone having been attained. 2. In November 2017, BiomX Israel issued 7,615 warrants to Yeda and 2,974 warrants to its scientific founders. All the warrants were fully vested at their grant date and will expire immediately prior to a consummation of an M&A transaction. The warrants did not expire as a result of the Recapitalization Transaction and have no exercise price. (2) The following table sets forth the total stock-based payment expenses resulting from options granted, included in the statements of operations: Three Months Ended 2021 2020 Research and development expenses, net 331 192 General and administrative 199 145 530 337 |
Basic and Diluted Loss Per Shar
Basic and Diluted Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
BASIC AND DILUTED LOSS PER SHARE | NOTE 6 – BASIC AND DILUTED LOSS PER SHARE The basic and diluted net loss per share and weighted average number of shares of Common Stock used in the calculation of basic and diluted net loss per share are as follows: Three Months Ended 2021 2020 Net loss 8,402 5,901 Net loss per share 0.35 0.26 Weighted average number of shares of Common Stock 23,944,573 22,897,723 |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7 – SUBSEQUENT EVENTS A. In April 2021, BiomX Israel received $992 (NIS 3,238) with respect to the December 2019 IIA approved program. B. From April 1, 2021 through May 20, 2021, the Company issued an aggregate of 79,679 shares of Common Stock pursuant to the ATM Agreement for aggregate net proceeds of $503. C. In May 2021, BiomX Israel received $625 (NIS 2,042) with respect to the March 2021 IIA approved programs. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Unaudited condensed financial statements | A. Unaudited Condensed Financial Statements The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for condensed financial information. They do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). The financial information contained in this report should be read in conjunction with the annual financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2020, that the Company filed with the U.S. Securities and Exchange Committee (the “SEC”) on March 31, 2021. |
Principles of consolidation | B. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and its subsidiaries. Intercompany balances and transactions have been eliminated upon consolidation. |
Use of Estimates in the Preparation of Financial Statements | C. Use of Estimates in the Preparation of Financial Statements The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities in the financial statements and the amounts of expenses during the reported years. Actual results could differ from those estimates. |
Reclassification | D. Reclassification Certain prior year amounts have been reclassified to conform to the current year presentation. |
Recent Accounting standards | E. Recent Accounting Standards In June 2016, the Financial Accountings Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, “Financial Instruments – Credit Losses,” to improve information on credit losses for financial assets and net investment in leases that are not accounted for at fair value through net income. ASU No. 2016-13 replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses. This guidance is effective for the Company beginning on January 1, 2023, with early adoption permitted. The Company does not expect that the adoption of this standard will have a significant impact on its condensed consolidated financial statements and related disclosures. In August 2020, the FASB issued ASU 2020-06, “Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40)-Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity.” The ASU simplifies accounting for convertible instruments by removing major separation models required under current GAAP. Consequently, more convertible debt instruments will be reported as a single liability instrument with no separate accounting for embedded conversion features. The ASU removes certain settlement conditions that are required for equity contracts to qualify for the derivative scope exception, which will permit more equity contracts to qualify for it. The ASU also simplifies the diluted net income per share calculation in certain areas. The new guidance is effective for annual and interim periods beginning after December 15, 2021, and early adoption is permitted for fiscal years beginning after December 15, 2020, and interim periods within those fiscal years. The Company does not expect that the adoption of this standard will have a significant impact on its condensed consolidated financial statements and related disclosures. |
Derivatives Activity | F. Derivatives Activity The Company uses foreign exchange contracts (mainly option and forward contracts) to hedge cash flows from currency exposure. These foreign exchange contracts are not designated as hedging instruments for accounting purposes. In connection with these foreign exchange contracts, the Company recognizes gains or losses that offset the revaluation of the cash flows also recorded under financial expenses (income), net in the condensed consolidated statements of operations. As of March 31, 2021, the Company had outstanding foreign exchange contracts in the amount of approximately $5,219. As of March 31, 2020, the Company had no outstanding foreign exchange contracts. |
Fair Value of Financial Instruments | G. Fair Value of Financial Instruments The fair value of certain of the Company’s financial instruments including cash, accounts receivable, accounts payable, accrued expenses, and other accrued liabilities approximate cost because of their short maturities. The Company measures and reports fair value in accordance with ASC 820, “Fair Value Measurements and Disclosure” defines fair value, establishes a framework for measuring fair value in accordance with generally accepted accounting principles and expands disclosures about fair value measurements. Fair value, as defined in ASC 820, is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset should reflect its highest and best use by market participants, principal (or most advantageous) markets, and an in-use or an in-exchange valuation premise. The fair value of a liability should reflect the risk of nonperformance, which includes, among other things, the Company’s credit risk. Valuation techniques are generally classified into three categories: the market approach; the income approach; and the cost approach. The selection and application of one or more of the techniques may require significant judgment and are primarily dependent upon the characteristics of the asset or liability, and the quality and availability of inputs. Valuation techniques used to measure fair value under ASC 820 must maximize the use of observable inputs and minimize the use of unobservable inputs. ASC 820 also provides fair value hierarchy for inputs and resulting measurement as follows: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 – Quoted prices in non-active markets or in active markets for similar assets or liabilities, observable inputs other than quoted prices, and inputs that are not directly observable but are corroborated by observable market data. Level 3 – Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable. There were no changes in the fair value hierarchy levelling during the period ended March 31, 2021 and year ended December 31, 2020. The following tables present the Company’s fair value hierarchy for its assets and liabilities that are measured at fair value on a recurring basis: March 31, 2021 Level 1 Level 2 Level 3 Fair Value Assets: Cash equivalents: Money market funds 30,000 - - 30,000 30,000 - - 30,000 Liabilities: Contingent considerations - - 572 572 - - 572 572 December 31, 2020 Level 1 Level 2 Level 3 Fair Value Assets: Cash equivalents: Money market funds 30,000 - - 30,000 30,000 - - 30,000 Liabilities: Contingent considerations - - 701 701 - - 701 701 Financial instruments with carrying values approximating fair value include cash and cash equivalents, restricted cash, short-term deposits, other current assets, trade accounts payable and other current liabilities, due to their short-term nature. |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of financial assets and liabilities | March 31, 2021 Level 1 Level 2 Level 3 Fair Value Assets: Cash equivalents: Money market funds 30,000 - - 30,000 30,000 - - 30,000 Liabilities: Contingent considerations - - 572 572 - - 572 572 December 31, 2020 Level 1 Level 2 Level 3 Fair Value Assets: Cash equivalents: Money market funds 30,000 - - 30,000 30,000 - - 30,000 Liabilities: Contingent considerations - - 701 701 - - 701 701 |
Stockholders Equity (Tables)
Stockholders Equity (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Stockholders Equity (Tables) [Line Items] | |
Schedule of black-scholes option-pricing model | Three Months Ended March 31, 2021 2020 Underlying value of Common Stock ($) 7.02 6.21 Exercise price ($) 7.02 6.21 Expected volatility (%) 85.0 85.0 Term of the option (years) 6.11 6.11 Risk-free interest rate (%) 1.17 0.52 |
Schedule of options granted to purchase common stock | For the Three Months Ended Number of Weighted Aggregate Outstanding at the beginning of period 3,569,766 3.12 12,338 Granted 985,530 7.02 Forfeited (78,854 ) 3.86 Exercised (12,646 ) 1.84 Outstanding at the end of period 4,463,796 3.97 14,612 Exercisable at the end of period 2,135,586 Weighted average remaining contractual life of outstanding options – years as of March 31, 2021 7.91 |
Schedule of share-based payment expenses | Three Months Ended 2021 2020 Research and development expenses, net 331 192 General and administrative 199 145 530 337 |
Warrant [Member] | |
Stockholders Equity (Tables) [Line Items] | |
Schedule of outstanding warrants | Warrant Issuance Date Expiration Exercise Number of Private Warrants issued to Yeda (see 1 below) May 11, 2017 May 11, 2025 (* ) - Private Warrants issued to scientific founders (see 2 below) November 27, 2017 - 2,974 2,974 (*) less than $0.001. |
Basic and Diluted Loss Per Sh_2
Basic and Diluted Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of calculation of basic and diluted net loss per share | Three Months Ended 2021 2020 Net loss 8,402 5,901 Net loss per share 0.35 0.26 Weighted average number of shares of Common Stock 23,944,573 22,897,723 |
General (Details)
General (Details) - USD ($) $ in Thousands | Oct. 28, 2019 | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2019 |
Accounting Policies [Abstract] | |||||
Recapitalization transaction, percentage | 100.00% | ||||
Risk factors, description | the Company had a cash and cash equivalents and restricted cash balance of approximately $40,387 and short-term deposits of approximately $13,205, which management believes is sufficient to fund its operations for more than 12 months from the date of issuance of these condensed consolidated financial statements and sufficient to fund its operations necessary to continue development activities of its current proposed products. | ||||
Cash and cash equivalents and restricted cash balance | $ 40,387 | $ 37,240 | $ 65,441 | $ 72,410 | |
Short-term deposits | $ 13,205 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($) | |
Accounting Policies [Abstract] | |
Outstanding foreign exchange | $ 5,219 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of financial assets and liabilities - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Assets: | ||
Money market funds | $ 30,000 | $ 30,000 |
Total assets | 30,000 | 30,000 |
Liabilities: | ||
Contingent considerations | 572 | 701 |
Total liabilities | 572 | 701 |
Level 1 [Member] | ||
Assets: | ||
Money market funds | 30,000 | 30,000 |
Total assets | 30,000 | 30,000 |
Liabilities: | ||
Contingent considerations | ||
Total liabilities | ||
Level 2 [Member] | ||
Assets: | ||
Money market funds | ||
Total assets | ||
Liabilities: | ||
Contingent considerations | ||
Total liabilities | ||
Level 3 [Member] | ||
Assets: | ||
Money market funds | ||
Total assets | ||
Liabilities: | ||
Contingent considerations | 572 | 701 |
Total liabilities | $ 572 | $ 701 |
Acquisition of Subsidiary (Deta
Acquisition of Subsidiary (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Nov. 17, 2017 | Mar. 31, 2021 | Dec. 31, 2020 | |
Loan Agreements [Member] | |||
Acquisition of Subsidiary (Details) [Line Items] | |||
Aggregate amount of the remaining potential commitment | $ 79 | $ 83 | |
BiomX Israel [Member] | |||
Acquisition of Subsidiary (Details) [Line Items] | |||
Share purchase agreement ,description | BiomX Israel signed a share purchase agreement with the shareholders of RondinX Ltd. In accordance with the share purchase agreement, BiomX Israel acquired 100% control and ownership of RondinX Ltd. for consideration valued at $4,500. The consideration included the issuance of 250,023 Preferred A Shares, the issuance of warrants to purchase an aggregate of 4,380 Series A-1 preferred shares, and additional contingent consideration. As part of the Recapitalization Transaction the Company issued shares of Common Stock in exchange for outstanding ordinary shares and all the preferred shares of BiomX Israel. The number of shares prior to the Recapitalization Transaction has been retroactively adjusted based on the equivalent number of shares received by the accounting acquirer in the Recapitalization Transaction. The contingent consideration is based on the attainment of future clinical, developmental, regulatory, commercial and strategic milestones relating to product candidates for treatment of primary sclerosing cholangitis or entry into qualifying collaboration agreements with certain third parties and may require the Company to issue 567,729 shares of Common Stock upon the attainment of certain milestones, as well as make future cash payments and/or issue additional shares of the most senior class of the Company’s shares authorized or outstanding as of the time the payment is due, or a combination of both of up to $32,000 within ten years from November 2017, the closing of the agreement, and/or the entering of agreements with certain third parties or their affiliates that include a qualifying up-front fee and is entered into within three years from the closing of the agreement. |
Commitments and Contingent Co_2
Commitments and Contingent Considerations (Details) ₪ in Thousands, $ in Thousands | Sep. 01, 2020 | Mar. 31, 2021USD ($) | Mar. 31, 2021ILS (₪) | Apr. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019ILS (₪) | Apr. 30, 2019USD ($) | Apr. 30, 2019ILS (₪) | Mar. 31, 2021USD ($) | Mar. 31, 2021ILS (₪) | Apr. 30, 2020ILS (₪) |
Commitments and Contingencies Disclosure [Abstract] | |||||||||||
Total budget | $ 5,874 | ₪ 19,444 | $ 4,287 | $ 3,123 | ₪ 10,794 | $ 1,185 | ₪ 15,562 | ||||
Percentage of budget | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | 30.00% | ||||
Received amount | $ 2,691 | $ 450 | $ 2,691 | ₪ 9,757 | ₪ 1,634 | ||||||
Sale percentage, description | According to the agreement with the IIA, BiomX Israel will pay royalties of 3% to 3.5% of future sales up to an amount equal to the accumulated grant received including annual interest of LIBOR linked to the dollar. | ||||||||||
Total grants | $ 6,212 | ₪ 21,863 | |||||||||
Annual interest | $ 3,338 | ||||||||||
Agreememnt, description | BiomX Israel entered into a research collaboration agreement with Boehringer Ingelheim International GmbH (“BI”) for a collaboration on biomarker discovery for inflammatory bowel disease (“IBD”). Under the agreement, BiomX Israel is eligible to receive fees totaling $439 in installments of $50 within 60 days of the Effective Date, $100 upon receipt of the BI materials, $150 upon the completion of data processing and $139 upon delivery of the Final Report of observations and Results of the Project (as such terms are defined within the agreement). Unless terminated earlier, this agreement will remain in effect until one year after the Effective Date or completion of the Project Plan (as defined in the agreement) and submission and approval of the Final Report. The Company implements ASU 2018-18, “Collaborative Arrangements (Topic 808),” with respect to this agreement. As of March 31, 2021, consideration of $300 had been received. |
Stockholders Equity (Details)
Stockholders Equity (Details) $ / shares in Units, $ in Thousands | Dec. 31, 2020 | Mar. 31, 2021$ / sharesshares | Mar. 30, 2021 | Mar. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020shares | Dec. 31, 2019$ / shares | Mar. 10, 2021shares | Jan. 01, 2021shares | Jan. 01, 2020shares | Nov. 30, 2017shares | May 31, 2017$ / sharesshares |
Stockholders Equity (Details) [Line Items] | |||||||||||
Market sales agreement, description | pursuant to a registration statement on Form S-3 declared effective by the Securities and Exchange Commission on December 11, 2020, the Company entered into an Open Market Sales Agreement (“ATM Agreement”) with Jefferies LLC. (“Jefferies”), which provides that, upon the terms and subject to the conditions and limitations in the ATM Agreement, the Company may elect, from time to time, to offer and sell shares of Common Stock with an aggregate offering price of up to $50,000, with Jefferies acting as sales agent. During the three months ended March 31, 2021, the Company sold 601,674 shares of Common Stock under the ATM Agreement, at an average price of $7.20 per share, raising aggregate net proceeds of approximately $4,334, after deducting an aggregate commission of $134. | ||||||||||
Number of shares available to grant | 1,846,554 | 1,846,554 | |||||||||
Vesting period | 4 years | ||||||||||
Fair value at the grant date (in Dollars) | $ | $ 5,138 | ||||||||||
Shares of issued warrants | 362,444 | ||||||||||
Shares, Issued | 362,383 | ||||||||||
Warrants were fully vested and exercisable | 236,552 | 118,277 | |||||||||
Warrants cancelled | 236,553 | ||||||||||
New Incentive Plan [Member] | |||||||||||
Stockholders Equity (Details) [Line Items] | |||||||||||
Grant options (in Dollars per share) | $ / shares | $ 1,000 | ||||||||||
Equity incentive plan, description | The aggregate number of shares of Common Stock that may be delivered pursuant to the 2019 Plan will automatically increase on January 1 of each year, commencing on January 1, 2020 and ending on (and including) January 1, 2029, in an amount equal to four percent (4%) of the total number of shares of Common Stock outstanding on December 31 of the preceding calendar year (“Evergreen Amount”) | ||||||||||
Stock Options [Member] | |||||||||||
Stockholders Equity (Details) [Line Items] | |||||||||||
Grant approved | 985,530 | ||||||||||
Exercise price (in Dollars per share) | $ / shares | $ 7.02 | $ 7.02 | |||||||||
Yeda [Member] | |||||||||||
Stockholders Equity (Details) [Line Items] | |||||||||||
Shares of issued warrants | 7,615 | ||||||||||
Scientific Founders [Member] | |||||||||||
Stockholders Equity (Details) [Line Items] | |||||||||||
Shares of issued warrants | 2,974 | ||||||||||
2019 Plan [Member] | |||||||||||
Stockholders Equity (Details) [Line Items] | |||||||||||
Number of shares available to grant | 930,813 | 914,741 | |||||||||
Employees consideration, description | the Board of Directors approved the grant of 985,530 options to 94 employees, including five senior officers, one consultant, and six directors under the 2019 Plan, without consideration. | ||||||||||
License Agreement [Member] | |||||||||||
Stockholders Equity (Details) [Line Items] | |||||||||||
Warrants to purchase common stock | 591,382 | ||||||||||
Shares Issued, Price Per Share (in Dollars per share) | $ / shares | $ 0.0001 |
Stockholders Equity (Details) -
Stockholders Equity (Details) - Schedule of black-scholes option-pricing model - $ / shares | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of black-scholes option-pricing model [Abstract] | ||
Underlying value of Common Stock ($) (in Shares) | 7.02 | 6.21 |
Exercise price ($) (in Dollars per share) | $ 7.02 | $ 6.21 |
Expected volatility (%) | 85.00% | 85.00% |
Term of the option (years) | 6 years 40 days | 6 years 40 days |
Risk-free interest rate (%) | 1.17% | 0.52% |
Stockholders Equity (Details)_2
Stockholders Equity (Details) - Schedule of options granted to purchase common stock - Stock Option [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2021USD ($)$ / sharesshares | |
Stockholders Equity (Details) - Schedule of options granted to purchase common stock [Line Items] | |
Number of Options, Outstanding | 3,569,766 |
Weighted Average Exercise Price, Outstanding (in Dollars per share) | $ / shares | $ 3.12 |
Aggregate intrinsic value, Outstanding (in Dollars) | $ | $ 12,338 |
Number of Options, Granted | 985,530 |
Weighted Average Exercise Price, Granted (in Dollars per share) | $ / shares | $ 7.02 |
Number of Options, Forfeited | (78,854) |
Weighted Average Exercise Price, Forfeited (in Dollars per share) | $ / shares | $ 3.86 |
Number of Options, Exercised | (12,646) |
Weighted Average Exercise Price, Exercised (in Dollars per share) | $ / shares | $ 1.84 |
Number of Options, Outstanding | 4,463,796 |
Weighted Average Exercise Price, Outstanding (in Dollars per share) | $ / shares | $ 3.97 |
Aggregate intrinsic value, Outstanding (in Dollars) | $ | $ 14,612 |
Exercisable at end of period | 2,135,586 |
Weighted average remaining contractual life of outstanding options – years as of March 31, 2021 | 7 years 332 days |
Stockholders Equity (Details)_3
Stockholders Equity (Details) - Schedule of outstanding warrants - Warrant [Member] shares in Thousands | 12 Months Ended | |
Mar. 31, 2021$ / sharesshares | ||
Class of Warrant or Right [Line Items] | ||
Number of Shares of Common Stock Underlying Warrants | 2,974 | |
Private Warrants issued to Yeda [Member] | ||
Class of Warrant or Right [Line Items] | ||
Issuance Date | May 11, 2017 | |
Expiration Date | May 11, 2025 | |
Exercise Price Per Share | $ / shares | [1] | |
Number of Shares of Common Stock Underlying Warrants | ||
Private Warrants issued to scientific founders [Member] | ||
Class of Warrant or Right [Line Items] | ||
Issuance Date | Nov. 27, 2017 | |
Exercise Price Per Share | $ / shares | ||
Number of Shares of Common Stock Underlying Warrants | 2,974 | |
[1] | less than $0.001. |
Stockholders Equity (Details)_4
Stockholders Equity (Details) - Schedule of share-based payment expenses - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of share-based payment expenses [Abstract] | ||
Research and development expenses, net | $ 331 | $ 192 |
General and administrative | 199 | 145 |
Share-based payment expenses, total | $ 530 | $ 337 |
Basic and Diluted Loss Per Sh_3
Basic and Diluted Loss Per Share (Details) - Schedule of calculation of basic and diluted net loss per share - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Schedule of calculation of basic and diluted net loss per share [Abstract] | ||
Net loss | $ 8,402 | $ 5,901 |
Net loss per share | $ 0.35 | $ 0.26 |
Weighted average number of shares of Common Stock | 23,944,573 | 22,897,723 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] ₪ in Thousands, $ in Thousands | May 20, 2021USD ($)shares | May 31, 2021USD ($) | May 31, 2021ILS (₪) | Apr. 30, 2021ILS (₪) | Apr. 30, 2021USD ($) |
Subsequent Events (Details) [Line Items] | |||||
Lease agreement | $ 992 | ||||
Aggregate share (in Shares) | shares | 79,679 | ||||
Net proceeds amount | $ 503 | ||||
BiomX Israel [Member] | |||||
Subsequent Events (Details) [Line Items] | |||||
Received amount | $ 625 | ₪ 2,042 | ₪ 3,238 |