Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Document Type | 20-F |
Entity Registrant Name | PAINREFORM LTD |
Document Fiscal Period Focus | FY |
Document Period End Date | Dec. 31, 2021 |
Entity Well-known Seasoned Issuer | No |
Entity Shell Company | false |
Entity Central Index Key | 0001801834 |
Entity Filer Category | Non-accelerated Filer |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Incorporation, State or Country Code | L3 |
Document Fiscal Year Focus | 2021 |
Entity Emerging Growth Company | true |
Entity Voluntary Filers | No |
Entity File Number | 001-39481 |
Document Annual Report | true |
Entity Common Stock, Shares Outstanding | 10,482,056 |
Entity Interactive Data Current | Yes |
Trading Symbol | PRFX |
Security Exchange Name | NASDAQ |
Entity Ex Transition Period | true |
Title of 12(b) Security | Ordinary shares, par value NIS 0.03 per share |
Entity Address, City or Town | Tel Aviv |
Entity Address, Address Line One | 65 Yigal Alon St., |
Entity Address, Postal Zip Code | 6744316 |
Entity Address, Country | IL |
Document Accounting Standard | U.S. GAAP |
Document Registration Statement | false |
Document Shell Company Report | false |
ICFR Auditor Attestation Flag | false |
Document Transition Report | false |
Auditor Firm ID | 1197 |
Auditor Location | Tel Aviv, Israel |
Auditor Name | Brightman Almagor Zohar & Co |
Kesselman & Kesselman [Member] | |
Auditor Firm ID | 1309 |
Auditor Location | Tel-Aviv, Israel |
Auditor Name | Kesselman & Kesselman |
Business Contact [Member] | |
Contact Personnel Email Address | ihadar@painreform.com |
Entity Address, City or Town | Tel Aviv |
Entity Address, Address Line One | 65 Yigal Alon St. |
Contact Personnel Name | Ilan Hadar |
Entity Address, Postal Zip Code | 6744316 |
Entity Address, Country | IL |
BALANCE SHEETS
BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 16,537 | $ 15,677 |
Restricted cash | 34 | 13 |
Prepaid clinical trial expenses and deferred clinical trial costs | 1,728 | 1,294 |
Prepaid expenses and other current assets | 721 | 807 |
Total current assets | 19,020 | 17,791 |
Property and equipment, net | 53 | 10 |
Total assets | 19,073 | 17,801 |
Current liabilities: | ||
Trade payables | 136 | 720 |
Employees and related liabilities | 423 | 92 |
Accrued expenses | 198 | 149 |
Total current liabilities | 757 | 961 |
Non-current liabilities: | ||
Provision for unrecognized tax positions | 234 | 220 |
Total non-current liabilities | 234 | 220 |
Total liabilities | 991 | 1,181 |
Commitments and contingencies | ||
Shareholders' Equity: | ||
Ordinary shares, NIS 0.03 par value; Authorized: 26,666,667 and 16,666,667 shares as of December 31, 2021 and 2020, respectively; Issued and outstanding: 10,482,056 and 8,758,037 shares as of December 31, 2021 and 2020, respectively; | 94 | 78 |
Additional paid-in capital | 41,715 | 33,023 |
Accumulated deficit | (23,727) | (16,481) |
Total shareholders' equity | 18,082 | 16,620 |
Total liabilities, shareholders’ equity | $ 19,073 | $ 17,801 |
BALANCE SHEETS (Parenthetical)
BALANCE SHEETS (Parenthetical) $ in Thousands | Dec. 31, 2021₪ / sharesshares | Dec. 31, 2020₪ / sharesshares |
Statement of Financial Position [Abstract] | ||
Ordinary shares, par value (in New Shekels per share) | (per share) | ₪ 0.03 | ₪ 0.03 |
Ordinary shares, shares authorized | 26,666,667 | 16,666,667 |
Ordinary shares, shares issued | 10,482,056 | 8,758,037 |
Ordinary shares, shares outstanding | 10,482,056 | 8,758,037 |
STATEMENTS OF COMPREHENSIVE LOS
STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating expenses: | ||||
Research and development expenses | $ (2,860) | $ (354) | $ (136) | |
General and administrative expenses | (4,348) | (1,317) | (553) | |
Operating loss | (7,208) | (1,671) | (689) | |
Financial expense, net | (32) | (2,162) | (590) | |
Loss before taxes | (7,240) | (3,833) | (1,279) | |
Tax expenses | (6) | (220) | 0 | |
Net loss and comprehensive loss | $ (7,246) | $ (4,053) | $ (1,279) | |
Basic and diluted net loss per share | [1] | $ (0.74) | $ (1.25) | $ (4.17) |
Weighted average number of shares of ordinary share used in computing basic and diluted net loss per share | [1] | 9,812,234 | 3,243,943 | 576,556 |
[1] | Share and per share data is presented on a retroactive basis to reflect the reverse share split, refer to note 1(c). |
STATEMENT OF CHANGES IN SHAREHO
STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands | Convertible preferred shares (Temporary equity) [Member] | Ordinary shares [Member] | Additional Paid-in Capital [Member] | Accumulated deficit [Member] | Total |
Balance at Dec. 31, 2018 | $ 6,621 | $ 5 | $ 66 | $ (11,149) | $ (11,078) |
Balance, shares (in Shares) at Dec. 31, 2018 | 2,954,267 | 576,556 | |||
Share-based compensation to employees | $ 0 | $ 0 | 89 | 0 | 89 |
Share-based compensation to employees, shares ( in Shares) | 0 | 0 | |||
Share-based compensation to service providers | 0 | ||||
Operating lease provided by controlling shareholder | $ 0 | $ 0 | 25 | 0 | 25 |
Net loss and comprehensive loss | 0 | 0 | 0 | (1,279) | (1,279) |
Balance at Dec. 31, 2019 | $ 6,621 | $ 5 | 180 | (12,428) | (12,243) |
Balance, shares (in Shares) at Dec. 31, 2019 | 2,954,267 | 576,556 | |||
Conversion of preferred shares into ordinary shares | $ (6,621) | $ 26 | 6,595 | 0 | 6,621 |
Conversion of preferred shares into ordinary shares (in Shares) | (2,954,267) | 2,954,267 | |||
Conversion of convertible notes into ordinary shares | $ 0 | $ 25 | 7,135 | 0 | 7,160 |
Conversion of convertible notes into ordinary shares (in Shares) | 0 | 2,727,214 | |||
Share issuance under Initial Public Offering, net | $ 0 | $ 22 | 17,288 | 0 | 17,310 |
Share issuance under Initial Public Offering, net (in Shares) | 0 | 2,500,000 | |||
Equity classification of a derivative warrant liability (Note 6(b)) | $ 0 | 1,552 | 0 | 1,552 | |
Share-based compensation to employees | $ 0 | $ 0 | 38 | 0 | 38 |
Share-based compensation to employees, shares ( in Shares) | 0 | 0 | |||
Share-based compensation to service providers | $ 0 | $ 0 | 202 | 0 | 202 |
Share-based compensation to service providers, shares | 0 | 0 | |||
Operating lease provided by controlling shareholder | $ 0 | $ 0 | 33 | 0 | 33 |
Net loss and comprehensive loss | 0 | 0 | 0 | (4,053) | (4,053) |
Balance at Dec. 31, 2020 | $ 0 | $ 78 | 33,023 | (16,481) | 16,620 |
Balance, shares (in Shares) at Dec. 31, 2020 | 0 | 8,758,037 | |||
Share-based compensation to employees and directors | $ 0 | $ 0 | 812 | 0 | 812 |
Share-based compensation to employees and directors (in shares) | 0 | 0 | |||
Share-based compensation to service providers | $ 0 | $ 0 | 412 | 0 | 412 |
Share-based compensation to service providers, shares | 0 | 0 | |||
Shares and warrants issuance - Private Investment in Public Equity ("PIPE"), net | $ 0 | $ 12 | 5,542 | 0 | 5,554 |
Shares and warrants issuance - Private Investment in Public Equity ("PIPE"), net (in shares) | 0 | 1,304,346 | |||
Exercise of warrants | $ 0 | $ 4 | 1,926 | 0 | 1,930 |
Exercise of warrants (in shares) | 0 | 419,673 | |||
Net loss and comprehensive loss | $ 0 | $ 0 | 0 | (7,246) | (7,246) |
Balance at Dec. 31, 2021 | $ 0 | $ 94 | $ 41,715 | $ (23,727) | $ 18,082 |
Balance, shares (in Shares) at Dec. 31, 2021 | 0 | 10,482,056 |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash flows from operating activities | ||||
Net loss | $ (7,246) | $ (4,053) | $ (1,279) | |
Adjustments to reconcile net loss to net cash used in operating activities: | ||||
Depreciation | 7 | [1] | 1 | |
Operating lease provided by controlling shareholder | 0 | 33 | 25 | |
Share-based compensation to employees | 812 | 38 | 89 | |
Share-based compensation to service providers | 412 | 202 | 0 | |
Interest expense and amortization of discount on convertible notes | 0 | 987 | 541 | |
Issuance costs | 0 | 0 | 47 | |
Revaluation of derivative warrant liability | 0 | 1,105 | 2 | |
Change in: | ||||
Other current and non-current assets | (348) | (1,884) | (183) | |
Trade payables | (585) | 720 | (2) | |
Other accounts payable and accrued expenses | 395 | 295 | 150 | |
Net cash used in operating activities | (6,553) | (2,557) | (609) | |
Cash flows from investing activities | ||||
Purchase of property and equipment | (50) | (10) | 0 | |
Net cash used in investing activities | (50) | (10) | 0 | |
Cash flows from financing activities | ||||
Proceeds from issuance of convertible notes, net | 0 | 0 | 241 | |
Proceeds from exercise of warrants | 1,930 | 0 | 0 | |
Proceeds from issuance of ordinary shares under Private Investment in Public Equity | 6,000 | 0 | 0 | |
Issuance costs | (446) | 0 | 0 | |
Proceeds from issuance of August and December 2019 convertible notes and warrants, net | 0 | 0 | 1,269 | |
Proceeds from issuance of ordinary shares under Initial Public Offering, net | 17,310 | |||
Net cash provided by financing activities | 7,484 | 17,310 | 1,510 | |
Change in cash, cash equivalents and restricted cash | 881 | 14,743 | 901 | |
Cash, cash equivalents and restricted cash at the beginning of the year | 15,690 | 947 | 46 | |
Cash, cash equivalents and restricted cash at the end of the year | $ 16,571 | $ 15,690 | $ 947 | |
[1] | Represents amount less than $1 |
GENERAL
GENERAL | 12 Months Ended |
Dec. 31, 2021 | |
Compensation Related Costs [Abstract] | |
GENERAL | NOTE 1:- GENERAL a. PainReform Ltd. ("the Company") was incorporated and started business operations in November 2007. The Company is a clinical stage specialty pharmaceutical company focused on the reformulation of established therapeutics. The Company’s proprietary extended release drug-delivery system is designed to provide an extended period of post-surgical pain relief without the need for repeated dose administration while reducing the potential need for the use of opiates. b. Liquidity Since its inception, the Company has devoted substantially all of its efforts to research and development, clinical trials, and capital raising activities. The Company is still in its development and clinical stage and has not yet generated revenues. The Company has incurred losses of $7,246, $4,053 and $1,279 for the years ended December 31, 2021, 2020 and 2019, respectively. As of December 31, 2021, the Company’s accumulated deficit was $23,727. The Company has funded its operations to date primarily through equity financing. Additional funding will be required to complete the Company’s research and development and clinical trials, to attain regulatory approvals, to begin the commercialization efforts of the Company’s product and to achieve a level of sales adequate to support the Company’s cost structure. On March 11, 2021, the Company closed a private placement of 1,304,346 ordinary shares and accompanying warrants to purchase an aggregate of up to 652,173 ordinary shares at a combined purchase price of $4.60 per share and accompanying warrant resulting in gross proceeds of $6,000. The warrants are exercisable immediately at an exercise price of $4.60 per share and expire five and a half years On July 22 2021, the Company issued 419,673 ordinary shares upon exercise of warrants for consideration totalling $1,930 (Note 9). Based on the Company's current operating plan, the Company believes that its existing capital resources will be sufficient to fund operations for at least twelve months after the date the financial statements are issued. c. The Company effected a 3-for-1 reverse split of the Company’s ordinary shares and convertible preferred shares on July 6, 2020. All issued and outstanding ordinary shares and convertible preferred shares and related per share amounts contained in these financial statements have been retroactively adjusted to reflect this reverse share split for all periods presented. On September 3, 2020, the Company closed its initial public offering ("IPO") of 2,500,000 units at a price of $8.00 per unit. Each unit consisted of one ordinary share and one warrant to purchase one ordinary share. The ordinary shares and warrants were immediately separable from the units and were issued separately. The warrants are exercisable immediately, expire five years from the date of issuance and have an exercise price of $8.80 per share. On October 5, 2020, the underwriters exercised their over-allotment option and were issued warrants to purchase 375,000 ordinary shares in return for net amount of $3. The Company received gross proceeds of approximately $20,000 (net proceeds of approximately $17.3 million after deducting underwriting discounts and commissions and other offering expenses). d. In late 2019, a novel strain of COVID-19, was reported in Wuhan, China. While initially the outbreak was largely concentrated in China, it rapidly spread across the globe, including in Israel and the United States. The extent to which COVID-19 pandemic impacts the Company’s operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration and severity of the outbreak, and the actions that may be required to contain the COVID-19 or treat its impact. As of December 31, 2021 and signing date on these financial statements the Company did not experience a significant impact on its operation. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES a. Basis of presentation: The financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The significant accounting policies described below have been applied consistently in relation to all the periods presented, unless otherwise stated. b. Use of estimate in preparation of financial statements: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company evaluates on an ongoing basis its assumptions. The Company’s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. c. Financial statements in United States dollars: The Company’s functional currency is the U.S. dollar (“dollar” or “$”) since the dollar is the currency of the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future. Transactions and balances denominated in dollars are presented at their original amounts. Transactions and balances denominated in currencies other than dollars have been re-measured to dollars at the dates of the transactions. All transaction gains and losses from re-measurement and from translation of monetary balance sheet items denominated in currencies other than dollars are reflected in the statements of comprehensive loss as financial expenses, net. d. Cash and cash equivalents: Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at acquisition. e. Restricted cash: As of December 31, 2021 and 2020, the Company’s restricted cash consisted of immaterial bank deposits that were denominated in New Israeli Shekel. Restricted deposits are presented at cost including accrued interest. These bank deposits are used as securities for the Company's credit card and rent guaranty. f. Fair Value Measurements: The carrying values of Company’s financial assets and liabilities, including cash and cash equivalents, restricted cash, other current assets, trade payables and other accounts payable approximate their fair value due to the short-term maturity of these instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. Assets and liabilities recorded at fair value in the financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows: Level 1 Level 2 Level 3 As of December 31, 2019 the Company’s derivative warrant liability was classified within Level 3 of the fair value hierarchy because their fair values are estimated by utilizing valuation models and significant unobservable inputs. During 2020 the derivative warrant was classified to equity (see note 4). As of December 31, 2021, and 2020 no assets or liabilities are measured in fair value. g. Property and equipment, net: Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following rates: % Computers, software and electronic equipment 33 Furniture and office equipment 7 Leasehold improvements * *The depreciable life of leasehold improvements is limited by the expected lease term, unless there is a transfer of title or a purchase option for the leased asset reasonably certain of exercise. h. Research and development expenses: Research and development costs include costs of payroll and related expenses of employees, subcontractors and consultants and other costs related to the Company's operation of its planned clinical trial. Research and development expenses are charged to the statements of comprehensive loss as incurred. Clinical trial costs are a significant component of research and development expenses and include costs associated with third-party contractors. The Company outsources its clinical trial activities utilizing external entities such as clinical research organizations, independent clinical investigators, and other third-party service providers to assist the Company with the execution of its clinical trials. Clinical trial costs are expensed as incurred. i. Income taxes: The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”. ASC 740 prescribes the use of the asset and liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances in respect of deferred tax assets are provided for, if necessary, to reduce deferred tax assets to amounts more likely than not to be realized. As of December 31, 2021, and 2020, the Company had a full valuation allowance on its deferred tax assets. The Company implements a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax positions as the largest amount that is more than 50% (cumulative basis) likely to be realized upon ultimate settlement. As of December 31, 2021 and 2020, the total gross amount of provision for unrecognized tax positions was $234 and $220, respectively (Note 6e). The Company recognizes interest and penalties, if any, related to unrecognized tax positions in tax expenses and exchange differences in financial expense. j. Concentrations of credit risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and restricted cash. Cash and cash equivalents and restricted cash are invested in a major bank in Israel and the United States. Management believes that the banks that hold the Company’s cash, cash equivalent and restricted cash are financially sound and, accordingly, minimal credit risk exists with respect to this cash, cash equivalent and restricted cash. The Company relies, and expects to continue to rely, on a single supplier to manufacture supplies and raw materials for its clinical trial. This clinical trial could be adversely affected by a significant interruption in these manufacturing services or the availability of raw materials. k. Convertible notes: Proceeds from the sale of notes with a conversion feature are allocated to equity based on the intrinsic value of such conversion feature (if any) in accordance with ASC 470-20 “Debt with Conversion and Other Options”, with a corresponding discount on the notes recorded in liabilities which is amortized in finance expense over the term of the notes. Convertible notes with convertible features that are determined to not be beneficial are allocated entirely to liabilities. l. Derivative warrant liability Financial equity instruments that do not meet the US GAAP criteria for equity classification are classified as a liability at fair value and are adjusted to fair value at each reporting period. Changes in fair value are recognized in the Company’s statements of comprehensive loss in accordance with ASC 815, “Accounting for Derivative Financial Instruments”. m. Basic and diluted loss per share: Basic loss per share is computed by dividing the loss for the period applicable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. For the years ended December 31, 2021, 2020 and 2019, all outstanding share options, convertible notes, and warrants have been excluded from the calculation of the diluted net loss per share as all such securities are anti-dilutive for all years presented. The loss and the weighted average number of shares used in computing basic and diluted net loss per share is as follows: Year ended 2021 2020 2019 Numerator: Net loss applicable to shareholders of ordinary shares $ (7,246 ) $ (4,053 ) $ (1,279 ) Interest accrued on convertible preferred shares - - (1,130 ) Total loss attributed to ordinary shares (7,246 ) (4,053 ) (2,409 ) Denominator: Shares of ordinary share used in computing basic and diluted net loss per share 9,812,234 3,243,943 576,556 Net loss per share of ordinary share, basic and diluted $ (0.74 ) $ (1.25 ) $ (4.17 ) n. Share-based compensation: Share-based compensation to employees and consultants is accounted for in accordance with ASC 718, “Compensation - Share Compensation” (“ASC 718”), which requires estimation of the fair value of share-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service period using the graded vesting method. The Company has elected to recognize forfeitures, as incurred. The fair value of share options granted was estimated using the Black Scholes model, which requires a number of assumptions, of which the most significant are the expected share price, volatility, and the expected option term. Expected volatility was calculated based on comparable public companies in the same industry. The expected share option term is calculated for share options granted using the “simplified” method. The risk-free interest rate is based on the yield from U.S. treasury bonds with an equivalent term. The expected dividend yield assumption is based on the Company’s historical experience and expectation of no future dividend pay outs. The Company has historically not paid cash dividends and has no foreseeable plans to pay cash dividends in the future. o. Deferred offering costs The Company capitalizes certain legal and other third-party fees that are directly related to the Company’s in-process equity financings until such financings are consummated. After the consummation of such equity financings, these costs are recorded as a reduction of the respective gross proceeds. Should a planned equity financing be abandoned, terminated or significantly delayed, the deferred offering costs are written off to operating expenses. As of December 31, 2021 and 2020, there were no deferred offering costs. p. Segment Reporting The Company has one operating segment. An operating segment is defined as a component that engages in business activities whose operating results are reviewed by the chief operating decision maker for the purpose of assessing performance and allocating resources and for which discrete financial information is available. q . Leases Right of Use ("ROU") assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elected the practical expedient of the short-term lease recognition exemption for all leases with a term shorter than 12 months r. Disclosure of recent accounting pronouncements ASC Topic 740, "Income Taxes ", was amended to simplify the accounting for income taxes to improve consistency of accounting methods and remove certain exceptions. Effective January 1, 2021, the Company adopted this income taxes amendment. The implementation of the updated guidance did not have a significant effect on the Company’s financial statements. s. Issued accounting pronouncements effective in future periods In August 2020, the FASB issued guidance that is expected to reduce complexity and improve comparability of financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. This guidance will be effective for the Company on January 1, 2022 and is not expected to have a material impact on the Company’s financial statements and disclosures. |
PREPAID EXPENSES AND OTHER CURR
PREPAID EXPENSES AND OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
PREPAID EXPENSES AND OTHER CURRENT ASSETS | NOTE 3:- PREPAID EXPENSES AND OTHER CURRENT ASSETS December 31, 2021 2020 Receivables from governmental authorities $ 218 $ 53 Prepaid expenses 473 734 Other 30 20 $ 721 $ 807 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 4:- FAIR VALUE MEASUREMENTS During the year ended December 31, 2019, the Company issued warrants related to its convertible notes (refer to Note 5(b)). As of December 31, 2019, the warrants did not meet the US GAAP criteria for equity classification, and accordingly were classified as a derivative warrant liability and were measured at fair value on the issuance date and as of December 31, 2019, as well as through the date of consummation of the IPO, with changes in fair value recognized as financial expenses in the statements of comprehensive loss. On September 3, 2020, upon consummation of the IPO, the exercise price of the warrants and the number of shares to be issued upon exercise of the warrants were fixed (refer to Note 5(b)), such that it then met the criteria for equity classification of the warrants under US GAAP. Accordingly, the derivative warrant liability was classified to equity as of such date. A summary of significant unobservable inputs (Level 3 inputs) used in measuring as follows: September 3, December 31 2020 2019 Exercise price $6.72-$8.80 $2.55-$4.74 Expected volatility 72.29% 72.29% Risk free rate 0.22% 1.5-1.67% Expected life (years) 3.98-5 4.65-5 Dividend yield - - The following table presents changes in the fair value of the derivative warrant liability recorded in respect of the warrants: Balance as of December 31, 2018 $ - Issuance of warrants in connection with convertible notes (Note 5 (b)) 445 Changes in fair value 2 Balance as of December 31, 2019 $ 447 Changes in fair value 1,105 Equity classification of a derivative warrant liability (1,552 ) $ - |
CONVERTIBLE NOTES
CONVERTIBLE NOTES | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
CONVERTIBLE NOTES | NOTE 5:- CONVERTIBLE NOTES a. From 2014 until 2019, the Company issued convertible notes in the total principal amount of $4,417 to existing shareholders. The Company recorded interest expense amounting to $271 and $379 for the years ended December 31, 2020 and 2019, respectively. Concurrent with the closing of the IPO, all of the Company’s convertible notes (inclusive of accrued interest on all outstanding notes) were converted into 2,415,022 units (consisting of one ordinary share and one warrant to purchase one ordinary share). b. In August and December 2019, the Company issued 14.2 units of convertible notes (the “2019 Convertible Notes”) and warrants. Each unit consisted of one convertible note and one warrant. In consideration for the units issued the Company received a total amount of $1,420 (representing a consideration of $100 per unit), after giving effect to a 10% discount. On September 3, 2020, upon consummation of the IPO, the outstanding balance of the 2019 Convertible Notes was converted into 312,170 units, each consisting of one ordinary share and one warrant to purchase one ordinary share, exercisable immediately, at an exercise price of $8.80 and with an expiry date of 5 years from the IPO closing date (refer to note 1(c)). Additionally, on the IPO consummation date, the amount and exercise price of the warrants originally granted in August and December 2019, was fixed at 297,589 warrants and at an exercise price of $6.72, each exercisable into a single unit (refer to Note 1(c)), consisting of one ordinary share and one warrant to purchase one ordinary shares, exercisable through September 3, 2025, at an exercise price of $8.80. Accordingly, since the warrants met the criteria of equity classification, the respective derivative warrant liability, was classified in equity (refer to note 4). c. On December 9, 2019, in connection with the 2019 Convertible Notes, the Company issued to the placement agent in the offering described above warrants (the “Agents' Warrants”) to purchase an aggregate of 55,785 ordinary shares or units (refer to Note 1(d)), at an exercise price of $6.72 per unit. Each unit consists of one ordinary share and one warrant to purchase one ordinary share, exercisable through September 3, 2025, at an exercise price of $8.80. The Agents' Warrants expire on December 8, 2024. As a result of the issuance of the Agents' Warrants, the Company recorded a discount on the convertible note, which was amortized as financial expense amounting to $65 for the year ended December 31, 2020. |
TAXES ON INCOME
TAXES ON INCOME | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
TAXES ON INCOME | NOTE 6:- TAXES ON INCOME a. Tax rates applicable to the Company: Taxable income of the Company is subject to the Israeli Corporate tax rate which was 23% for the years ended December 31, 2021,2020 and 2019. b. Net operating loss carry forward: As of December 31, 2021, and 2020, the Company had net operating loss carry forwards for Israeli income tax purposes of approximately $19,261 and $15,114, respectively. Net operating loss carry forwards in Israel may be carried forward indefinitely and offset against future taxable income. c. As of December 31, 2021, the Company had final tax assessments for tax years prior to and including the tax year ended December 31, 2015. d. Deferred income taxes: Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets are as follows: December 31, 2021 2020 Deferred tax assets: Net operating loss carry forward $ 4,434 $ 3,476 Deferred tax asset before valuation allowance 4,434 3,476 Valuation allowance (4,434 ) (3,476 ) Net deferred tax asset $ - $ - In assessing the realization of deferred tax assets, management considers whether it is more likely than not that all or some portion of the deferred tax assets will not be realized. The ultimate realization of the deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences are deductible and net operating losses are utilized. Based on consideration of these factors, the Company recorded a full valuation allowance on December 31, 2021 and 2020. e. Reconciliation of theoretical tax expenses to actual expenses The primary difference between the statutory tax rate of the Company and the effective rate results virtually from the changes in valuation allowance in respect of carry forward tax losses, share based compensation expenses and research and development expenses due to the uncertainty of the realization of such tax benefits. f. Uncertain tax positions: A reconciliation of the opening and closing amounts of total unrecognized tax benefits is as follows: December 31, December 31, December 31, 2021 2020 2019 Opening balance 220 - - Tax positions taken in the current year - 217 - Interest 6 3 - Exchange difference 8 - - Closing balance $ 234 $ 220 $ - The balance of total unrecognized tax position as of December 31, 2021 is $234 which, if recognized, would affect the effective tax rate in the Company's statements of comprehensive loss. The Company recognizes interest and penalties, if any, related to unrecognized tax positions in tax expenses and exchange differences in financial expense. The accrued interest and exchange difference related to uncertain tax positions and the expenses recognized during the year ended December 31, 2021, are $9 and $8. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 7:- COMMITMENTS AND CONTINGENCIES a. During the years ended December 31, 2020 and 2019, the Company was party to a lease agreement with a related party for an annual fee of $33. As of December 31, 2020, the lease agreement with the related party was terminated. On December 10, 2020, the Company entered into a new rental agreement with an un-related party for a period of twelve months starting on January 1, 2021, with an extension option for an additional twelve months, for an annual rental fee of $20. As of December 31, 2021 the agreement was terminated. On July 26, 2021 the Company engaged in a new rental agreement with an un-related party for a period of twelve months starting on August 15, 2021 with an extension option for an additional twelve months subject to the Company's prior notice. The annual rent fees are $75. The Company gave the lessor a bank guaranty of $16, as collateral and the bank holds this amount restricted cash. On November 23, 2020, the Company entered into an employment agreement with Rita Kenan under which Mrs. Kenan serves as the VP Operations commencing January 1, 2021. Under the terms of the agreement, the Company paid Mrs. Keenan a bonus, in the amount of $45 in 2021. c. On November 13, 2020 and December 3, 2020, the Company entered into a Master Clinical Research Organization Agreement (the “First Agreement”) and a Master Clinical Trial Agreement (the “Second Agreement”) with Lotus Clinical Research ("Lotus") as the Company's clinical research organization. According to the agreements Lotus will serve as the clinical research organization for the Company's planned Phase 3 trials of PRF-110, which are expected to take place in 2022. Under the first agreement, the Company is obligated to pay an accumulated amount of approximately $2,907 (excluding pass-through costs) upon milestone completions and under the second agreement an accumulated amount of approximately $7,107 (excluding advertising budget) upon actual number of evaluable subjects. Under the First Agreement, a non-refundable payment of $581 was made on December 28, 2020. In Addition, during 2021 payments in a total amount of $581 were made according to milestones set in the agreement. Under the Second Agreement, a non-refundable deposit (the “Second Agreement Deposit”) of $710 was made on January 12, 2021. As of December 31, 2021 and 2020, the Company accounted for these amounts of net $1,728 and $1,294 as prepaid clinical trial expense and deferred clinical trial costs after recognition of $145 clinical trials expenses in 2021 . |
TEMPORARY EQUITY
TEMPORARY EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
TEMPORARY EQUITY | NOTE 8:- TEMPORARY EQUITY Convertible Preferred Shares Convertible preferred shares consisted of the following: Convertible Preferred Shares - Series A Shares Shares Carrying Liquidation As of December 31, 2019 18,300,000 2,954,267 $ 6,621 $ 15,250 The preferred shares conferred upon their holders all rights accruing to holders of ordinary shares in the Company, and, in addition, the rights, preferences and privileges granted to the preferred shares as follows. On September 3, 2020, upon consummation of the IPO, all of the Company’s outstanding convertible preferred shares were converted into 2,954,267 ordinary shares. |
SHAREHOLDERS' EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS' EQUITY | NOTE 9:- SHAREHOLDERS’ EQUITY Ordinary shares The ordinary shares confer upon their holders the right to participate and vote in general shareholder meetings of the Company and to share in the distribution of dividends, if any, declared by the Company, and rights to receive a distribution of assets upon liquidation. Shares developments a. On July 6, 2020, pursuant to the Company’s shareholders approval, the Company effected a 3-for-1 reverse split of the Company’s ordinary shares and convertible preferred shares. b. In addition, on the IPO closing date, the Company granted to the underwriters of the IPO warrants to purchase 125,000 ordinary shares, which equals five percent (5%) of the total number of units sold in the IPO, excluding the over-allotment option, at an exercise price $10.00 per share. The warrants (the “Underwriters’ Warrants”) contain a cashless exercise feature. The Underwriters’ Warrants are exercisable for ordinary shares on a cash or cashless basis at an exercise price of $10.00 per ordinary share which price reflects 125% of the public offering price of the units issued in the offering. The Underwriters’ Warrants are exercisable following twelve (12) months after the effective date of the registration statement relating to the IPO and expire five (5) years after such effective date. The Underwriters’ Warrants are non-transferable. As part of the IPO, the Company granted the IPO underwriters an over-allotment to purchase up to 375,000 additional warrants at the public offering price of $0.01, less the underwriting discounts and commissions. On October 5, 2020 the underwriters exercised their over-allotment option and were issued warrants to purchase 375,000 ordinary shares in return for net amount of $3. The warrants are exercisable through September 3, 2025, at an exercise price of $8.80. c. On March 11, 2021, the Company issued to certain institutional investors (the “Purchasers”) 1,304,346 ordinary shares and warrants to purchase up to an aggregate of 652,173 ordinary shares at a combined purchase price of $4.60 per ordinary share and accompanying warrant in a Private Investment in Public Equity ("Private placement") pursuant to a securities purchase agreement. The private placement resulted in gross proceeds of approximately $6,000. The Company received net amount of $5,554 less issuance costs. On July 22, 2021, as a result of an exercise of warrants to purchase 419,673 shares held by one of the Purchasers, the Company received gross proceeds of $1,930. In connection with the private placement, the Company also entered into a Registration Rights Agreement, dated as of March 8, 2021, with the Purchasers (the “Registration Rights Agreement”). Pursuant to the Registration Rights Agreement, the Company filed a registration statement (the “Registration Statement”), with the SEC to register the resale of the ordinary shares and the ordinary shares issuable upon exercise of the warrants. The Registration Statement was declared effective on April 9, 2021. The Company paid the placement agents of the private placement a cash placement fee equal to $390 and an expense reimbursement of $40. The Company also issued to the placement agents warrants to purchase 52,173 ordinary shares, at an exercise price of $5.06 per ordinary share and a term expiring on March 10, 2026. The Company paid a total of approximately $500 in placement agent fees and other expenses. Warrants and warrants units The following table summarizes the warrants and warrants units outstanding as of December 31, 2021: Type ISSUANCE DATE NUMBER OF WARRANTS EXERCISE PRICE EXERCISABLE THROUGH August 2019 warrants (note 5b) August 22, 2019 205,268 $6.72 (*) August 22, 2024 December 2019 warrants (note 5b) December 9, 2019 92,321 $6.72 (*) December 8, 2024 Warrants to 2019 Convertible Notes placement agent (note 5c) December 9, 2019 55,785 $6.72 (*) December 8, 2024 Warrants to underwriters (note 9) September 3, 2020 125,000 $10.00 September 1, 2025 Warrants to underwriters (note 9) October 5, 2020 375,000 $8.80 September 3, 2025 IPO warrants (note 1d, note 5b) September 3, 2020 2,812,170 $8.80 September 3, 2025 PIPE warrants (note 1c) March 11, 2021 232,500 $4.60 September 10, 2026 Warrants to PIPE placement agent (note 1c) March 11,2021 52,173 $5.06 March 8, 2026 Total 3,950,217 (*) Each warrant is exercisable into a unit consisting of one share and one warrant Share-based compensation a. The 2008 Plan On August 7, 2008, the Board of Directors approved the adoption of the 2008 Share Option Plan (the “2008 Plan”). As of December 31, 2021, and 2020, 153,882 share options were outstanding and no share options were available for future grant under the 2008 Plan. Each share option granted is exercisable at such times and terms and conditions as the Board of Directors may specify in the applicable share option agreement, provided that no share option will be granted with a term in excess of 10 years. The intrinsic value of share options outstanding and exercisable as of December 31, 2021, 2020 and 2019 was $168, $651 and $275, respectively. Number of options Weighted average exercise price Weighted average remaining contractual life Options outstanding as of December 31, 2019 153,882 $ 0.24 4.25 Options granted in 2020 Options outstanding as of December 31, 2020 153,882 $ 0.24 3.25 Options granted in 2021 Options outstanding as of December 31, 2021 153,882 $ 0.24 2.25 Options exercisable as of December 31, 2021 153,882 $ 0.24 2.25 b. The 2019 Plan On July 2, 2019, the Board of Directors approved the adoption of the 2019 Share Option Plan (the “2019 Plan”). Under the 2019 Plan, the Company may grant its officers, directors, employees and consultants share options of the Company. Each share option granted shall be exercisable at such times and terms and conditions as the Board of Directors may specify in the applicable share option agreement, provided that no share option will be granted with a term in excess of 10 years. Upon the adoption of the 2019 Plan, the Company reserved for issuance 971,476 ordinary shares. As of December 31, 2021, share options to purchase 971,476 ordinary shares were outstanding (as of December 31, 2020, share options to purchase 219,456 ordinary shares were outstanding). On February 23, 2021, the shareholders of the Company approved the grant of options to purchase an aggregate of 300,000 ordinary shares to three current board members, the Chairman of the board of directors and to the Chief Technology Officer (who is also a director). Each was granted with options to purchase 60,000 ordinary shares of the Company. The options are exercisable to acquire one Ordinary share of the Company at an exercise price of $4.50 per share. The options vest on a quarterly basis over thirty-six months, so that 1/12 of the options shall vest on the last day of each three-month period, provided that on such date each of the serving directors and Chief Technology Officer, shall serve in such capacity. The options will expire after ten years from their grant date. In January through May 2021 the Company granted an aggregate of 452,020 options to employees. The options are exercisable at exercise prices ranging from $3.01 to $5.74 per share. The options vest over a four year period, 4/16 of the options shall vest following the lapse of a period of twelve months commencing at the date of grant. The remaining 12/16 of the options shall vest on quarterly basis, so that 1/12 of the options shall vest on the expiry of each quarter, provided that on such date each of the employees shall continue to provide the services as an employee of the Company. The options will expire after ten years from their grant date. The following table summarizes information about options granted to employees: Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Number of options Weighted average Exercise price Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding at the beginning of the year 219,456 2.62 219,456 2.62 - - Granted 752,020 5.07 - - 219,456 2.62 Forfeited - - - - - - Exercised - - - - - - Outstanding at the end of the year 971,476 4.51 219,456 2.62 219,456 2.62 Exercisable at the end of the year 361,280 3.58 200,269 2.55 156,386 2.77 c. The following table sets forth the assumptions that were used in determining the fair value of options granted to employees in 2019 plan for the years ended on December 31, 2021, 2020 and 2019: Year ended December 31 2021 2020 2019 Expected life 5.86-6.11 - 5.75-10 Risk-free interest rates 0.52%-1.13 % - 1.43%-2.13 % Volatility 69.67%-78.99 % - 82.29%-85.56 % Dividend yield - - - Exercise price $ 3.013-5.738 - $ 0.24-3.339 The Company recognized $713 and $18 during the years ended December 31, 2021 and 2020, respectively, as share-based compensation expense which was included in general and administrative expenses, and $99 and $18 during the years ended December 31, 2021 and 2020, respectively, as share-based compensation expense which was included in research and development expenses. The following table summarizes information about share options outstanding and exercisable in 2019 plan to employees and directors during the years ended December 31, 2020 were as follows: Number of options Weighted average exercise price Weighted average remaining contractual life Options outstanding as of December 31, 2020 219,456 $ 2.62 8.56 Options granted in 2021 752,020 $ 5.06 9.05 Options outstanding as of December 31, 2021 971,746 $ 4.51 8.72 Options exercisable as of December 31, 2021 361,280 $ 3.58 8.14 The intrinsic value of share options outstanding as of December 31, 2021 and 2020 was $224 and $407, respectively. The intrinsic value of share options exercisable as of December 31, 2021 and 2020 was $224 and $385, respectively. d. In August 2020, the Company entered into an IR/PR service agreement (the “Service Agreement”) with Crescendo Communications, LLC (“Crescendo”), for a period of two years, commencing immediately after the IPO closing date, and in consideration for 152,110 restricted Company's ordinary shares, reflecting 3.75% of the Company's' share capital fully diluted Pre-IPO. On August 23, 2020, the Company's Board of Directors approved the Service Agreement with Crescendo and the grant of the abovesaid ordinary shares. The Company recognized $412 and $137 during the year ended December 31, 2021 and 2020 as share-based compensation expense related to the shares. As of December 31, 2021, the foregoing shares have not been formally issued. |
SELECTED STATEMENTS OF OPERATIO
SELECTED STATEMENTS OF OPERATIONS DATA | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
SELECTED STATEMENTS OF OPERATIONS DATA | NOTE 10:- SELECTED STATEMENTS OF OPERATIONS DATA a. Research and development expenses: Year ended December 31, 2021 2020 2019 Subcontractors and consultants $ 1,654 $ 217 $ 21 Payroll and related expenses 719 90 59 Share-based compensation expense 99 18 14 Clinical trials expenses 357 - - Other expenses 31 29 42 $ 2,860 $ 354 $ 136 b. General and administrative expenses: Year ended December 31, 2021 2020 2019 Professional services $ 1,697 $ 727 $ 342 Payroll and related expenses 688 154 60 D&O insurance 935 360 - Rent and office maintenance 210 37 33 Share-based compensation expense 713 20 75 Other expenses 105 19 43 $ 4,348 $ 1,317 $ 553 c. Financial expenses, net: Year ended December 31, 2021 2020 2019 Interest expense and amortization of discount on convertible notes $ - $ 987 $ 541 Issuance expenses - 65 47 Bank fees 10 3 2 Change in fair value of derivative warrant liability - 1,105 2 Exchange rate differences 22 2 (2 ) Total financial expenses, net $ 32 $ 2,162 $ 590 |
RELATED PARTIES BALANCES AND TR
RELATED PARTIES BALANCES AND TRANSACTIONS | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES BALANCES AND TRANSACTIONS | NOTE 11:- RELATED PARTIES BALANCES AND TRANSACTIONS a. During the year ended 2019 the Company issued convertible notes in the amount of $95, to existing shareholders. As described under Note 5 above, the notes bore interest at an annual interest rate of 8%, compounded on the basis of a 365-day year and were convertible into convertible preferred shares of the Company. b. Starting in January 2014, the Company sub-leased office space and received management services from Zori Medica 2010 Ltd., a private company affiliated with Medica Venture Partners, the controlling shareholder of the Company. The Company was subject to an annual rental fee of $33 for the office space and $20 as a quarterly management fee. The management services continued until the end of March 2018. The sublease ceased as of August 2019, and from then until December 31, 2020 the Company was provided with an office space at no cost by Medica Venture Partners. For the years ended December 31, 2020 and 2019, the Company recorded an amount of $33 and $25, respectively, as a lease expense and a corresponding increase in additional paid-in capital, representing a contribution from its controlling shareholder. As of December 31, 2020, the lease agreement with the related party was terminated. c. On January 26, 2020, the Company’s Board of Directors approved a one-time immediate payment of $150 and a payment of $37.5 on a quarterly basis (for such time as the service engagement continues) to the Chairman of the Board of Directors contingent upon shareholder approval which was granted on July 6, 2020 and successful completion of Company’s IPO which closed on September 3, 2020. d. On February 23, 2021, the shareholders of the Company approved the grant of options to purchase an aggregate of 300,000 ordinary shares to three board members, the Chairman of the board of directors and to its Chief Technology Officer (who also serves as a director). Balances with related parties: 2021 2020 Employees accrued salaries $ 356 $ 79 Directors accrued expenses $ 82 $ 35 $ 438 $ 114 Transactions with related parties: 2021 2020 2019 Amounts charged to: Research and development expenses $ 151 $ - $ - General and administrative expenses 2,155 370 210 Interest expense on convertible notes $ - $ 251 $ 351 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation | a. Basis of presentation: The financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). The significant accounting policies described below have been applied consistently in relation to all the periods presented, unless otherwise stated. |
Use of estimate in preparation of financial statements | b. Use of estimate in preparation of financial statements: The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. The Company evaluates on an ongoing basis its assumptions. The Company’s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reporting periods. Actual results could differ from those estimates. |
Financial statements in United States dollars | c. Financial statements in United States dollars: The Company’s functional currency is the U.S. dollar (“dollar” or “$”) since the dollar is the currency of the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future. Transactions and balances denominated in dollars are presented at their original amounts. Transactions and balances denominated in currencies other than dollars have been re-measured to dollars at the dates of the transactions. All transaction gains and losses from re-measurement and from translation of monetary balance sheet items denominated in currencies other than dollars are reflected in the statements of comprehensive loss as financial expenses, net. |
Cash and cash equivalents | d. Cash and cash equivalents: Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at acquisition. |
Restricted cash | e. Restricted cash: As of December 31, 2021 and 2020, the Company’s restricted cash consisted of immaterial bank deposits that were denominated in New Israeli Shekel. Restricted deposits are presented at cost including accrued interest. These bank deposits are used as securities for the Company's credit card and rent guaranty. |
Fair Value Measurements | f. Fair Value Measurements: The carrying values of Company’s financial assets and liabilities, including cash and cash equivalents, restricted cash, other current assets, trade payables and other accounts payable approximate their fair value due to the short-term maturity of these instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. Assets and liabilities recorded at fair value in the financial statements are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Hierarchical levels are directly related to the amount of subjectivity with the inputs to the valuation of these assets or liabilities as follows: Level 1 Level 2 Level 3 As of December 31, 2019 the Company’s derivative warrant liability was classified within Level 3 of the fair value hierarchy because their fair values are estimated by utilizing valuation models and significant unobservable inputs. During 2020 the derivative warrant was classified to equity (see note 4). As of December 31, 2021, and 2020 no assets or liabilities are measured in fair value. |
Property and equipment, net | g. Property and equipment, net: Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following rates: % Computers, software and electronic equipment 33 Furniture and office equipment 7 Leasehold improvements * *The depreciable life of leasehold improvements is limited by the expected lease term, unless there is a transfer of title or a purchase option for the leased asset reasonably certain of exercise. |
Research and development expenses | h. Research and development expenses: Research and development costs include costs of payroll and related expenses of employees, subcontractors and consultants and other costs related to the Company's operation of its planned clinical trial. Research and development expenses are charged to the statements of comprehensive loss as incurred. Clinical trial costs are a significant component of research and development expenses and include costs associated with third-party contractors. The Company outsources its clinical trial activities utilizing external entities such as clinical research organizations, independent clinical investigators, and other third-party service providers to assist the Company with the execution of its clinical trials. Clinical trial costs are expensed as incurred. |
Income taxes | i. Income taxes: The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”. ASC 740 prescribes the use of the asset and liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Valuation allowances in respect of deferred tax assets are provided for, if necessary, to reduce deferred tax assets to amounts more likely than not to be realized. As of December 31, 2021, and 2020, the Company had a full valuation allowance on its deferred tax assets. The Company implements a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax positions as the largest amount that is more than 50% (cumulative basis) likely to be realized upon ultimate settlement. As of December 31, 2021 and 2020, the total gross amount of provision for unrecognized tax positions was $234 and $220, respectively (Note 6e). The Company recognizes interest and penalties, if any, related to unrecognized tax positions in tax expenses and exchange differences in financial expense. |
Concentrations of credit risk | j. Concentrations of credit risk: Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and restricted cash. Cash and cash equivalents and restricted cash are invested in a major bank in Israel and the United States. Management believes that the banks that hold the Company’s cash, cash equivalent and restricted cash are financially sound and, accordingly, minimal credit risk exists with respect to this cash, cash equivalent and restricted cash. The Company relies, and expects to continue to rely, on a single supplier to manufacture supplies and raw materials for its clinical trial. This clinical trial could be adversely affected by a significant interruption in these manufacturing services or the availability of raw materials. |
Convertible notes | k. Convertible notes: Proceeds from the sale of notes with a conversion feature are allocated to equity based on the intrinsic value of such conversion feature (if any) in accordance with ASC 470-20 “Debt with Conversion and Other Options”, with a corresponding discount on the notes recorded in liabilities which is amortized in finance expense over the term of the notes. Convertible notes with convertible features that are determined to not be beneficial are allocated entirely to liabilities. |
Derivative warrant liability | l. Derivative warrant liability Financial equity instruments that do not meet the US GAAP criteria for equity classification are classified as a liability at fair value and are adjusted to fair value at each reporting period. Changes in fair value are recognized in the Company’s statements of comprehensive loss in accordance with ASC 815, “Accounting for Derivative Financial Instruments”. |
Basic and diluted loss per share | m. Basic and diluted loss per share: Basic loss per share is computed by dividing the loss for the period applicable to ordinary shareholders by the weighted average number of ordinary shares outstanding during the period. For the years ended December 31, 2021, 2020 and 2019, all outstanding share options, convertible notes, and warrants have been excluded from the calculation of the diluted net loss per share as all such securities are anti-dilutive for all years presented. The loss and the weighted average number of shares used in computing basic and diluted net loss per share is as follows: Year ended 2021 2020 2019 Numerator: Net loss applicable to shareholders of ordinary shares $ (7,246 ) $ (4,053 ) $ (1,279 ) Interest accrued on convertible preferred shares - - (1,130 ) Total loss attributed to ordinary shares (7,246 ) (4,053 ) (2,409 ) Denominator: Shares of ordinary share used in computing basic and diluted net loss per share 9,812,234 3,243,943 576,556 Net loss per share of ordinary share, basic and diluted $ (0.74 ) $ (1.25 ) $ (4.17 ) |
Share-based compensation | n. Share-based compensation: Share-based compensation to employees and consultants is accounted for in accordance with ASC 718, “Compensation - Share Compensation” (“ASC 718”), which requires estimation of the fair value of share-based payment awards on the date of grant. The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service period using the graded vesting method. The Company has elected to recognize forfeitures, as incurred. The fair value of share options granted was estimated using the Black Scholes model, which requires a number of assumptions, of which the most significant are the expected share price, volatility, and the expected option term. Expected volatility was calculated based on comparable public companies in the same industry. The expected share option term is calculated for share options granted using the “simplified” method. The risk-free interest rate is based on the yield from U.S. treasury bonds with an equivalent term. The expected dividend yield assumption is based on the Company’s historical experience and expectation of no future dividend pay outs. The Company has historically not paid cash dividends and has no foreseeable plans to pay cash dividends in the future. |
Deferred offering costs | o. Deferred offering costs The Company capitalizes certain legal and other third-party fees that are directly related to the Company’s in-process equity financings until such financings are consummated. After the consummation of such equity financings, these costs are recorded as a reduction of the respective gross proceeds. Should a planned equity financing be abandoned, terminated or significantly delayed, the deferred offering costs are written off to operating expenses. As of December 31, 2021 and 2020, there were no deferred offering costs. |
Segment Reporting | p. Segment Reporting The Company has one operating segment. An operating segment is defined as a component that engages in business activities whose operating results are reviewed by the chief operating decision maker for the purpose of assessing performance and allocating resources and for which discrete financial information is available. |
Leases | q . Leases Right of Use ("ROU") assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elected the practical expedient of the short-term lease recognition exemption for all leases with a term shorter than 12 months |
Disclosure of recent accounting pronouncements | r. Disclosure of recent accounting pronouncements ASC Topic 740, "Income Taxes ", was amended to simplify the accounting for income taxes to improve consistency of accounting methods and remove certain exceptions. Effective January 1, 2021, the Company adopted this income taxes amendment. The implementation of the updated guidance did not have a significant effect on the Company’s financial statements. |
Issued accounting pronouncements effective in future periods | s. Issued accounting pronouncements effective in future periods In August 2020, the FASB issued guidance that is expected to reduce complexity and improve comparability of financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. This guidance will be effective for the Company on January 1, 2022 and is not expected to have a material impact on the Company’s financial statements and disclosures. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule Of Depreciation Rates For Property And Equipment | % Computers, software and electronic equipment 33 Furniture and office equipment 7 Leasehold improvements * *The depreciable life of leasehold improvements is limited by the expected lease term, unless there is a transfer of title or a purchase option for the leased asset reasonably certain of exercise. |
Schedule of Computation of Basic and Diluted Losses Per Share | Year ended 2021 2020 2019 Numerator: Net loss applicable to shareholders of ordinary shares $ (7,246 ) $ (4,053 ) $ (1,279 ) Interest accrued on convertible preferred shares - - (1,130 ) Total loss attributed to ordinary shares (7,246 ) (4,053 ) (2,409 ) Denominator: Shares of ordinary share used in computing basic and diluted net loss per share 9,812,234 3,243,943 576,556 Net loss per share of ordinary share, basic and diluted $ (0.74 ) $ (1.25 ) $ (4.17 ) |
PREPAID EXPENSES AND OTHER CU_2
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | December 31, 2021 2020 Receivables from governmental authorities $ 218 $ 53 Prepaid expenses 473 734 Other 30 20 $ 721 $ 807 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Schedule of significant unobservable inputs (Level 3 inputs) used in measuring the warrants | September 3, December 31 2020 2019 Exercise price $6.72-$8.80 $2.55-$4.74 Expected volatility 72.29% 72.29% Risk free rate 0.22% 1.5-1.67% Expected life (years) 3.98-5 4.65-5 Dividend yield - - |
Schedule of Changes in the Fair Value of Derivative Warrant Liability | Balance as of December 31, 2018 $ - Issuance of warrants in connection with convertible notes (Note 5 (b)) 445 Changes in fair value 2 Balance as of December 31, 2019 $ 447 Changes in fair value 1,105 Equity classification of a derivative warrant liability (1,552 ) $ - |
TAXES ON INCOME (Tables)
TAXES ON INCOME (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Income Taxes | December 31, 2021 2020 Deferred tax assets: Net operating loss carry forward $ 4,434 $ 3,476 Deferred tax asset before valuation allowance 4,434 3,476 Valuation allowance (4,434 ) (3,476 ) Net deferred tax asset $ - $ - |
Schedule of Unrecognized Tax Benefits | December 31, December 31, December 31, 2021 2020 2019 Opening balance 220 - - Tax positions taken in the current year - 217 - Interest 6 3 - Exchange difference 8 - - Closing balance $ 234 $ 220 $ - |
TEMPORARY EQUITY (Tables)
TEMPORARY EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Temporary Equity Disclosure [Abstract] | |
Schedule of Convertible Preferred Shares | Convertible preferred shares consisted of the following: Convertible Preferred Shares - Series A Shares Shares Carrying Liquidation As of December 31, 2019 18,300,000 2,954,267 $ 6,621 $ 15,250 |
SHAREHOLDERS' EQUITY (Tables)
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of warrants and warrants units outstanding | Type ISSUANCE DATE NUMBER OF WARRANTS EXERCISE PRICE EXERCISABLE THROUGH August 2019 warrants (note 5b) August 22, 2019 205,268 $6.72 (*) August 22, 2024 December 2019 warrants (note 5b) December 9, 2019 92,321 $6.72 (*) December 8, 2024 Warrants to 2019 Convertible Notes placement agent (note 5c) December 9, 2019 55,785 $6.72 (*) December 8, 2024 Warrants to underwriters (note 9) September 3, 2020 125,000 $10.00 September 1, 2025 Warrants to underwriters (note 9) October 5, 2020 375,000 $8.80 September 3, 2025 IPO warrants (note 1d, note 5b) September 3, 2020 2,812,170 $8.80 September 3, 2025 PIPE warrants (note 1c) March 11, 2021 232,500 $4.60 September 10, 2026 Warrants to PIPE placement agent (note 1c) March 11,2021 52,173 $5.06 March 8, 2026 Total 3,950,217 (*) Each warrant is exercisable into a unit consisting of one share and one warrant |
Schedule of options granted to employees | The following table summarizes information about options granted to employees: Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Number of options Weighted average Exercise price Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding at the beginning of the year 219,456 2.62 219,456 2.62 - - Granted 752,020 5.07 - - 219,456 2.62 Forfeited - - - - - - Exercised - - - - - - Outstanding at the end of the year 971,476 4.51 219,456 2.62 219,456 2.62 Exercisable at the end of the year 361,280 3.58 200,269 2.55 156,386 2.77 |
Schedule of Black-Scholes to estimate fair value | Year ended December 31 2021 2020 2019 Expected life 5.86-6.11 - 5.75-10 Risk-free interest rates 0.52%-1.13 % - 1.43%-2.13 % Volatility 69.67%-78.99 % - 82.29%-85.56 % Dividend yield - - - Exercise price $ 3.013-5.738 - $ 0.24-3.339 |
Schedule of share options outstanding and exercisable to employees and directors | Number of options Weighted average exercise price Weighted average remaining contractual life Options outstanding as of December 31, 2020 219,456 $ 2.62 8.56 Options granted in 2021 752,020 $ 5.06 9.05 Options outstanding as of December 31, 2021 971,746 $ 4.51 8.72 Options exercisable as of December 31, 2021 361,280 $ 3.58 8.14 |
2008 Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of share options outstanding and exercisable to employees and directors | Number of options Weighted average exercise price Weighted average remaining contractual life Options outstanding as of December 31, 2019 153,882 $ 0.24 4.25 Options granted in 2020 Options outstanding as of December 31, 2020 153,882 $ 0.24 3.25 Options granted in 2021 Options outstanding as of December 31, 2021 153,882 $ 0.24 2.25 Options exercisable as of December 31, 2021 153,882 $ 0.24 2.25 |
SELECTED STATEMENTS OF OPERAT_2
SELECTED STATEMENTS OF OPERATIONS DATA (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of Research and Development Expenses | Year ended December 31, 2021 2020 2019 Subcontractors and consultants $ 1,654 $ 217 $ 21 Payroll and related expenses 719 90 59 Share-based compensation expense 99 18 14 Clinical trials expenses 357 - - Other expenses 31 29 42 $ 2,860 $ 354 $ 136 |
Schedule Of General And Administrative Expenses | Year ended December 31, 2021 2020 2019 Professional services $ 1,697 $ 727 $ 342 Payroll and related expenses 688 154 60 D&O insurance 935 360 - Rent and office maintenance 210 37 33 Share-based compensation expense 713 20 75 Other expenses 105 19 43 $ 4,348 $ 1,317 $ 553 |
Schedule Of Financial Expenses Net | Year ended December 31, 2021 2020 2019 Interest expense and amortization of discount on convertible notes $ - $ 987 $ 541 Issuance expenses - 65 47 Bank fees 10 3 2 Change in fair value of derivative warrant liability - 1,105 2 Exchange rate differences 22 2 (2 ) Total financial expenses, net $ 32 $ 2,162 $ 590 |
RELATED PARTIES BALANCES AND _2
RELATED PARTIES BALANCES AND TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Balances and Transactions with related parties | Balances with related parties: 2021 2020 Employees accrued salaries $ 356 $ 79 Directors accrued expenses $ 82 $ 35 $ 438 $ 114 Transactions with related parties: 2021 2020 2019 Amounts charged to: Research and development expenses $ 151 $ - $ - General and administrative expenses 2,155 370 210 Interest expense on convertible notes $ - $ 251 $ 351 |
GENERAL (Details)
GENERAL (Details) - USD ($) $ / shares in Units, $ in Thousands | Mar. 11, 2021 | Oct. 05, 2020 | Sep. 03, 2020 | Jul. 06, 2020 | Jul. 22, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Subsidiary, Sale of Stock [Line Items] | ||||||||
Comprehensive loss | $ 7,246 | $ 4,053 | $ 1,279 | |||||
Accumulated deficit | $ 23,727 | $ 16,481 | ||||||
Reverse split | 3-for-1 | |||||||
Warrants expired | 5 years 6 months | |||||||
Warrants issue to purchase ordinary shares | 1,304,346 | 419,673 | 3,950,217 | |||||
Proceeds from Issuance of Private Placement | $ 5,554 | $ 1,930 | ||||||
Private placement fee | $ 390 | |||||||
Reimbursement Expense | $ 40 | |||||||
Warrants exercise price | $ 4.60 | $ 5.06 | $ 100 | |||||
Ordinary shares warrants purchase | 652,173 | 419,673 | 52,173 | |||||
Exercise Of Warrants Total | $ 1,930 | |||||||
IPO [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Shares, issued | 2,500,000 | |||||||
Shares issued, price per share (in Dollars per share) | $ 8 | |||||||
Gross proceeds (in Dollars) | $ 20,000 | |||||||
Net proceeds (in Dollars) | $ 17,300 | |||||||
Warrants expired | 5 years | |||||||
Exercise price (in Dollars per share) | $ 8.80 | |||||||
Warrants exercise price | $ 8.80 | |||||||
Private Placement [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Shares, issued | 1,304,346 | |||||||
Combined purchase price | $ 4.60 | $ 4.60 | ||||||
Proceeds from Issuance of Private Placement | $ 6,000 | |||||||
Ordinary shares warrants purchase | 652,173 | |||||||
Over-Allotment Option [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Warrants issue to purchase ordinary shares | 375,000 | |||||||
Proceeds from Issuance of Private Placement | $ 3 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||||
Unrecognized tax | $ 234 | $ 220 | $ 0 | $ 0 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES (Schedule of Depreciation Rates for Property and Equipment) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Computers, software and electronic equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual depreciation rate | 33.00% |
Furniture, office equipment and leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual depreciation rate | 7.00% |
Leasehold improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual depreciation rate |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES (Schedule of Computation of Basic and Diluted Losses Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Numerator | ||||
Net loss applicable to shareholders of ordinary shares | $ (7,246) | $ (4,053) | $ (1,279) | |
Interest accrued on convertible preferred shares | 0 | 0 | (1,130) | |
Total loss attributed to ordinary shares | $ (7,246) | $ (4,053) | $ (2,409) | |
Denominator: | ||||
Shares of ordinary share used in computing basic and diluted net loss per share | [1] | 9,812,234 | 3,243,943 | 576,556 |
Net loss per share of ordinary share, basic and diluted (in Dollars per share) | [1] | $ (0.74) | $ (1.25) | $ (4.17) |
[1] | Share and per share data is presented on a retroactive basis to reflect the reverse share split, refer to note 1(c). |
PREPAID EXPENSES AND OTHER CU_3
PREPAID EXPENSES AND OTHER CURRENT ASSETS (Schedule of Prepaid Expenses and Other Current Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Receivables from governmental authorities | $ 218 | $ 53 |
Prepaid expenses | 473 | 734 |
Other | 30 | 20 |
Total prepaid expenses and other current assets | $ 721 | $ 807 |
FAIR VALUE MEASUREMENTS (Schedu
FAIR VALUE MEASUREMENTS (Schedule of significant unobservable inputs (Level 3 inputs) used in measuring the warrants) (Details) - Level 3 inputs [Member] - $ / shares | 8 Months Ended | 12 Months Ended |
Sep. 03, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Plan Assets, Level 3 Reconciliation [Line Items] | ||
Expected volatility | 72.29% | 72.29% |
Dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Defined Benefit Plan, Plan Assets, Level 3 Reconciliation [Line Items] | ||
Exercise price (in Dollars per share) | $ 6.72 | $ 2.55 |
Risk free rate | 0.22% | 1.50% |
Expected life (years) | 3 years 11 months 23 days | 4 years 7 months 24 days |
Maximum [Member] | ||
Defined Benefit Plan, Plan Assets, Level 3 Reconciliation [Line Items] | ||
Exercise price (in Dollars per share) | $ 8.80 | $ 4.74 |
Risk free rate | 1.67% | |
Expected life (years) | 5 years | 5 years |
FAIR VALUE MEASUREMENTS (Sche_2
FAIR VALUE MEASUREMENTS (Schedule of Changes in the Fair Value of the Derivative Warrant Liability) (Details) - USD ($) $ in Thousands | 8 Months Ended | 12 Months Ended |
Sep. 03, 2020 | Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | ||
Balance as of Beginning | $ 447 | $ 0 |
Issuance of warrants in connection with convertible notes | 445 | |
Changes in fair value | 1,105 | 2 |
Equity classification of a derivative warrant liability | (1,552) | |
Balance as of Ending | $ 0 | $ 447 |
CONVERTIBLE NOTES (Details)
CONVERTIBLE NOTES (Details) $ / shares in Units, $ in Thousands | Sep. 03, 2020$ / sharesshares | Dec. 09, 2019$ / sharesshares | Aug. 31, 2019USD ($) | Dec. 31, 2021$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)$ / shares | Mar. 11, 2021$ / shares |
Convertible Notes (Details) [Line Items] | |||||||
Convertible notes | $ | $ 4,417 | ||||||
Interest expense | $ | $ 271 | $ 379 | |||||
Convertible notes issued (in Shares) | shares | 2,415,022 | ||||||
Convertible notes (units) | 0.142 | ||||||
Convertible notes and warrants total consideration | $ | $ 1,420 | ||||||
Convertible notes and warrants consideration per unit (in Dollars per share) | $ 5.06 | $ 100 | $ 4.60 | ||||
Discount of warrant | 10.00% | ||||||
Financing expense | $ | $ 65 | ||||||
Convertible Notes Related Warrants 2019 [Member] | |||||||
Convertible Notes (Details) [Line Items] | |||||||
Convertible notes and warrants consideration per unit (in Dollars per share) | $ 6.72 | ||||||
Warrant excercise | shares | 297,589 | ||||||
Warrant [Member] | |||||||
Convertible Notes (Details) [Line Items] | |||||||
Convertible notes and warrants consideration per unit (in Dollars per share) | $ 8.80 | ||||||
IPO [Member] | |||||||
Convertible Notes (Details) [Line Items] | |||||||
Convertible notes issued (in Shares) | shares | 312,170 | ||||||
Convertible notes and warrants consideration per unit (in Dollars per share) | $ 8.80 | ||||||
Warrant term | 5 years | ||||||
Share price per unit (in Dollars per share) | $ 8 | ||||||
Convertible debt conversion price (in Dollars per share) | $ 8.80 | ||||||
Ordinary Shares issued | shares | 2,500,000 | ||||||
Warrant expired | Dec. 8, 2024 | ||||||
IPO [Member] | Convertible Notes Related Warrants 2019 [Member] | |||||||
Convertible Notes (Details) [Line Items] | |||||||
Convertible notes and warrants consideration per unit (in Dollars per share) | $ 6.72 | ||||||
Ordinary Shares issued | shares | 55,785 |
TAXES ON INCOME (Narrative) (De
TAXES ON INCOME (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Tax Credit Carryforward [Line Items] | ||||
Corporate tax rate | 23.00% | 23.00% | 23.00% | |
Provision for unrecognized tax positions | $ 234 | $ 220 | $ 0 | $ 0 |
Interest and penalties related to unrecognized tax benefits | 9 | |||
Accrued interest and penalties | 8 | |||
Israeli [Member] | ||||
Tax Credit Carryforward [Line Items] | ||||
Net operating loss carry forwards | $ 19,261 | $ 15,114 |
TAXES ON INCOME (Schedule of De
TAXES ON INCOME (Schedule of Deferred Income Taxes) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | ||
Net operating loss carry forward | $ 4,434 | $ 3,476 |
Deferred tax asset before valuation allowance | 4,434 | 3,476 |
Valuation allowance | (4,434) | (3,476) |
Net deferred tax asset | $ 0 | $ 0 |
TAXES ON INCOME (Schedule of Un
TAXES ON INCOME (Schedule of Unrecognized Tax Benefits) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |||
Opening balance | $ 220 | $ 0 | $ 0 |
Tax positions taken in the current year | 0 | 217 | 0 |
Interest | 6 | 3 | 0 |
Exchange difference | 8 | 0 | 0 |
Closing balance | $ 234 | $ 220 | $ 0 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) | 1 Months Ended | |||||||
Jul. 26, 2021 | Dec. 03, 2020 | Dec. 31, 2021 | Jan. 12, 2021 | Dec. 31, 2020 | Dec. 28, 2020 | Dec. 10, 2020 | Dec. 31, 2019 | |
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||
Annual rental fee | $ 75,000 | $ 33,000 | $ 33,000 | $ 20,000 | $ 33,000 | |||
Lessor bank guaranty | $ 16,000 | |||||||
Prepaid clinical trial expenses and deferred clinical trial costs | 1,728,000 | 1,294,000 | ||||||
Deferred clinical trial expense | $ 1,294,000 | |||||||
Clinical trial expense | 145,000 | |||||||
First Agreement [Member] | ||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||
Accumulated payment on clinical research development | $ 2,907,000 | |||||||
Non refundable payment of clinical research and development. | $ 581,000 | |||||||
Aggregate non refundable payment of clinical research and development | 581,000 | |||||||
Second Agreement [Member] | ||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||
Accumulated payment on clinical research development | $ 7,107,000 | |||||||
Non refundable payment of clinical research and development. | $ 710,000 | |||||||
Rita Kenan [Member] | ||||||||
Purchase Commitment, Excluding Long-term Commitment [Line Items] | ||||||||
Bonus amount | $ 45 |
TEMPORARY EQUITY (Narrative) (D
TEMPORARY EQUITY (Narrative) (Details) | Sep. 03, 2020shares |
Temporary Equity Disclosure [Abstract] | |
Outstanding convertible preferred shares | 2,954,267 |
TEMPORARY EQUITY (Schedule of C
TEMPORARY EQUITY (Schedule of Convertible Preferred Shares) (Details) $ in Thousands | Dec. 31, 2019USD ($)shares |
Temporary Equity Disclosure [Abstract] | |
Shares Authorized | shares | 18,300,000 |
Shares Issued and Outstanding | shares | 2,954,267 |
Carrying Value | $ | $ 6,621 |
Liquidation Preference | $ | $ 15,250 |
SHAREHOLDERS' EQUITY (Narrative
SHAREHOLDERS' EQUITY (Narrative) (Details) $ / shares in Units, $ in Thousands | Mar. 11, 2021USD ($)$ / sharesshares | Oct. 05, 2020USD ($)$ / sharesshares | Sep. 03, 2020$ / sharesshares | Jul. 06, 2020 | Jul. 02, 2019shares | Jul. 22, 2021USD ($)shares | Feb. 23, 2021$ / sharesshares | May 31, 2021$ / sharesshares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2021₪ / shares | Dec. 31, 2021USD ($)$ / sharesshares | Jan. 31, 2021$ / shares | Dec. 31, 2020₪ / shares | Dec. 31, 2020USD ($)shares | Oct. 03, 2020$ / shares | Aug. 31, 2020shares | Dec. 09, 2019$ / shares | Dec. 31, 2018shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Ordinary share issued | 10,482,056 | 8,758,037 | ||||||||||||||||||
Reverse split | 3-for-1 | |||||||||||||||||||
Convertible notes issued (in Shares) | 2,415,022 | |||||||||||||||||||
Warrants expired | 5 years 6 months | |||||||||||||||||||
Warrants exercise price | $ / shares | $ 4.60 | $ 100 | $ 5.06 | |||||||||||||||||
Outstanding convertible preferred shares | 2,954,267 | |||||||||||||||||||
Options granted | 300,000 | 452,020 | ||||||||||||||||||
Per share price | (per share) | $ 4.50 | $ 5.74 | ₪ 0.03 | $ 3.01 | ₪ 0.03 | |||||||||||||||
Share-based compensation expense | $ | $ 99 | $ 18 | $ 14 | |||||||||||||||||
Intrinsic value of share options outstanding | $ | $ 275 | $ 168 | $ 651 | |||||||||||||||||
Warrants issue to purchase ordinary shares | 1,304,346 | 419,673 | 3,950,217 | |||||||||||||||||
Ordinary shares warrants purchase | 652,173 | 419,673 | 52,173 | |||||||||||||||||
Gross proceeds from issuance of private placement. | $ | $ 6,000 | |||||||||||||||||||
Proceeds from issuance of private placement | $ | $ 5,554 | $ 1,930 | ||||||||||||||||||
Placement agent fees and other expense | $ | $ 500 | |||||||||||||||||||
Private placement fee | $ | 390 | |||||||||||||||||||
Reimbursement Expense | $ | 40 | |||||||||||||||||||
General and Administrative Expense [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Share-based compensation expense | $ | 713 | 18 | ||||||||||||||||||
Research and Development Expense [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Share-based compensation expense | $ | $ 99 | $ 18 | ||||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Options granted | 60,000 | |||||||||||||||||||
2008 Plan [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Options outstanding | 153,882 | 153,882 | 153,882 | |||||||||||||||||
2019 Plan [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Term plan | 10 years | |||||||||||||||||||
Reserve for issuance | 971,476 | |||||||||||||||||||
Options outstanding | 219,456 | 971,476 | 219,456 | 0 | ||||||||||||||||
Options granted | 752,020 | 0 | 219,456 | |||||||||||||||||
Option expired | 0 | 0 | 0 | |||||||||||||||||
Intrinsic value of share options outstanding | $ | $ 224 | $ 407 | ||||||||||||||||||
Intrinsic value of share options exercisable | $ | $ 224 | $ 385 | ||||||||||||||||||
Convertible Notes Related Warrants 2019 [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrants exercise price | $ / shares | $ 6.72 | |||||||||||||||||||
Warrant excercise | 297,589 | |||||||||||||||||||
IPO [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Convertible notes issued (in Shares) | 312,170 | |||||||||||||||||||
Warrants expired | 5 years | |||||||||||||||||||
Warrants exercise price | $ / shares | $ 8.80 | |||||||||||||||||||
IPO [Member] | Convertible Notes Related Warrants 2019 [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrants exercise price | $ / shares | $ 6.72 | |||||||||||||||||||
Over-Allotment Option [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrant excercise | 375,000 | |||||||||||||||||||
Per share price | $ / shares | $ 0.01 | |||||||||||||||||||
Warrants issue to purchase ordinary shares | 375,000 | |||||||||||||||||||
Proceeds from issuance of private placement | $ | $ 3 | |||||||||||||||||||
Crescendo Communications [Member] | Restricted Stock [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Ordinary share issued | 152,110 | |||||||||||||||||||
Percentage of shares issued | 3.75% | |||||||||||||||||||
Share-based compensation expense | $ | $ 412 | $ 137 | ||||||||||||||||||
Underwriters [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrants exercise price | $ / shares | $ 8.80 | |||||||||||||||||||
Warrant excercise | 375,000 | |||||||||||||||||||
Warrant expired date | Sep. 3, 2025 | |||||||||||||||||||
Amount of return | $ | $ 3 | |||||||||||||||||||
Underwriters [Member] | IPO [Member] | ||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||
Warrants expired | 5 years | |||||||||||||||||||
Options granted | 125,000 | |||||||||||||||||||
Per share price | $ / shares | $ 10 | $ 10 | ||||||||||||||||||
Offering price | 125.00% |
SHAREHOLDERS' EQUITY (Schedule
SHAREHOLDERS' EQUITY (Schedule of Warrants and Warrants Units Outstanding) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2021 | Jul. 22, 2021 | Mar. 11, 2021 | Dec. 31, 2019 | |
Class of Warrant or Right [Line Items] | ||||
Number of warrants | 3,950,217 | 419,673 | 1,304,346 | |
Exercise price | $ 5.06 | $ 4.60 | $ 100 | |
August 2019 warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Issuance Date | Aug. 22, 2019 | |||
Number of warrants | 205,268 | |||
Exercise price | $ 6.72 | |||
Exercisable through | Aug. 22, 2024 | |||
December 2019 warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Issuance Date | Dec. 9, 2019 | |||
Number of warrants | 92,321 | |||
Exercise price | $ 6.72 | |||
Exercisable through | Dec. 8, 2024 | |||
Warrants to 2019 convertible notes placement agent (Member) | ||||
Class of Warrant or Right [Line Items] | ||||
Issuance Date | Dec. 9, 2019 | |||
Number of warrants | 55,785 | |||
Exercise price | $ 6.72 | |||
Exercisable through | Dec. 8, 2024 | |||
Warrants To Underwriter [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Issuance Date | Sep. 3, 2020 | |||
Number of warrants | 125,000 | |||
Exercise price | $ 10 | |||
Exercisable through | Sep. 1, 2025 | |||
Warrants To Underwriters [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Issuance Date | Oct. 5, 2020 | |||
Number of warrants | 375,000 | |||
Exercise price | $ 8.80 | |||
Exercisable through | Sep. 3, 2025 | |||
Ipo Warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Issuance Date | Sep. 3, 2020 | |||
Number of warrants | 2,812,170 | |||
Exercise price | $ 8.80 | |||
Exercisable through | Sep. 3, 2025 | |||
PIPE warrants [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Issuance Date | Mar. 11, 2021 | |||
Number of warrants | 232,500 | |||
Exercise price | $ 4.60 | |||
Exercisable through | Sep. 10, 2026 | |||
Warrants to PIPE placement agent [Member] | ||||
Class of Warrant or Right [Line Items] | ||||
Issuance Date | Mar. 11, 2021 | |||
Number of warrants | 52,173 | |||
Exercise price | $ 5.06 | |||
Exercisable through | Mar. 8, 2026 |
SHAREHOLDERS' EQUITY (Schedul_2
SHAREHOLDERS' EQUITY (Schedule of share options outstanding and exercisable under 2008 Plan) (Details) - $ / shares | 1 Months Ended | 5 Months Ended | 12 Months Ended | ||
Feb. 23, 2021 | May 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of options | |||||
Granted | 300,000 | 452,020 | |||
2008 Plan [Member] | |||||
Number of options | |||||
Options outstanding | 153,882 | 153,882 | 153,882 | ||
Options outstanding | 153,882 | 153,882 | 153,882 | ||
Exercisable at the end of the year | 153,882 | ||||
Weighted-average exercise price | |||||
Outstanding at the beginning of the year | $ 0.24 | $ 0.24 | $ 0.24 | ||
Outstanding at the end of the year | $ 0.24 | $ 0.24 | |||
Exercisable at the end of the year | $ 0.24 | ||||
Weighted-average remaining contractual term | |||||
Outstanding at the beginning of the year | 2 years 3 months | 3 years 3 months | 4 years 3 months | ||
Exercisable at the end of the year | 2 years 3 months |
SHAREHOLDERS' EQUITY (Schedul_3
SHAREHOLDERS' EQUITY (Schedule of assumptions used for fair value of options) (Details) - 2019 Plan [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Risk-free interest rates | 0.00% | ||
Volatility | 0.00% | ||
Dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 5 years 10 months 9 days | 5 years 9 months | |
Risk-free interest rates | 0.52% | 1.43% | |
Volatility | 69.67% | 82.29% | |
Exercise price | $ 3.013 | $ 0.24 | |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 6 years 1 month 9 days | 10 years | |
Risk-free interest rates | 1.13% | 2.13% | |
Volatility | 78.99% | 85.56% | |
Exercise price | $ 5.738 | $ 3.339 |
SHAREHOLDERS' EQUITY (Schedul_4
SHAREHOLDERS' EQUITY (Schedule of Stock Option Activity) (Details) - $ / shares | 1 Months Ended | 5 Months Ended | 12 Months Ended | ||
Feb. 23, 2021 | May 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of options | |||||
Granted | 300,000 | 452,020 | |||
2019 Plan [Member] | |||||
Number of options | |||||
Options outstanding | 219,456 | 219,456 | 219,456 | 0 | |
Granted | 752,020 | 0 | 219,456 | ||
Forfeited | 0 | 0 | 0 | ||
Exercised | 0 | 0 | 0 | ||
Options outstanding | 971,476 | 219,456 | 219,456 | ||
Exercisable at the end of the year | 361,280 | 200,269 | 156,386 | ||
Weighted-average exercise price | |||||
Outstanding at the beginning of the year | $ 2.62 | $ 2.62 | $ 2.62 | $ 0 | |
Granted | 5.07 | 0 | 2.62 | ||
Forfeited | 0 | 0 | 0 | ||
Exercised | 0 | 0 | 0 | ||
Outstanding at the end of the year | 4.51 | 2.62 | 2.62 | ||
Exercisable at the end of the year | $ 3.58 | $ 2.55 | $ 2.77 | ||
Employees and Directors [Member] | 2019 Plan [Member] | |||||
Number of options | |||||
Options outstanding | 219,456 | 219,456 | |||
Granted | 752,020 | ||||
Options outstanding | 971,746 | 219,456 | |||
Exercisable at the end of the year | 361,280 | ||||
Weighted-average exercise price | |||||
Outstanding at the beginning of the year | $ 2.62 | $ 2.62 | |||
Granted | 5.06 | ||||
Outstanding at the end of the year | 4.51 | $ 2.62 | |||
Exercisable at the end of the year | $ 3.58 | ||||
Weighted-average remaining contractual term | |||||
Outstanding at the beginning of the year | 8 years 8 months 19 days | 8 years 6 months 21 days | |||
Granted | 9 years 18 days | ||||
Exercisable at the end of the year | 8 years 1 month 20 days |
SELECTED STATEMENTS OF OPERAT_3
SELECTED STATEMENTS OF OPERATIONS DATA (Schedule of Research and Development Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Financial Expenses Net [Abstract] | |||
Subcontractors and consultants | $ 1,654 | $ 217 | $ 21 |
Payroll and related expenses | 719 | 90 | 59 |
Share-based compensation expense | 99 | 18 | 14 |
Clinical trials expenses | 357 | 0 | 0 |
Other expenses | 31 | 29 | 42 |
Total Research and development expenses | $ 2,860 | $ 354 | $ 136 |
SELECTED STATEMENTS OF OPERAT_4
SELECTED STATEMENTS OF OPERATIONS DATA (Schedule of General and Administrative Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Financial Expenses Net [Abstract] | |||
Professional services | $ 1,697 | $ 727 | $ 342 |
Payroll and related expenses | 688 | 154 | 60 |
D&O insurance | 935 | 360 | 0 |
Rent and office maintenance | 210 | 37 | 33 |
Share-based compensation expense | 713 | 20 | 75 |
Others | 105 | 19 | 43 |
Total General and administrative expenses | $ 4,348 | $ 1,317 | $ 553 |
SELECTED STATEMENTS OF OPERAT_5
SELECTED STATEMENTS OF OPERATIONS DATA (Schedule of Financial Expenses, Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Financial Expenses Net [Abstract] | |||
Interest expense and amortization of discount on convertible notes | $ 0 | $ 987 | $ 541 |
Issuance expenses | 0 | 65 | 47 |
Bank fees | 10 | 3 | 2 |
Change in fair value of derivative warrant liability | 0 | 1,105 | 2 |
Exchange rate differences | 22 | 2 | (2) |
Total financial expenses, net | $ 32 | $ 2,162 | $ 590 |
RELATED PARTIES BALANCES AND _3
RELATED PARTIES BALANCES AND TRANSACTIONS (Details) - USD ($) | 1 Months Ended | 5 Months Ended | 12 Months Ended | |||||
Feb. 23, 2021 | Jan. 26, 2020 | May 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 26, 2021 | Dec. 10, 2020 | |
Related Party Transaction [Line Items] | ||||||||
Convertible notes | $ 4,417,000 | |||||||
Rental properties | $ 33,000 | $ 33,000 | 33,000 | $ 75,000 | $ 20,000 | |||
Management fee | 20,000 | |||||||
Operating lease provided by controlling shareholder | $ 0 | $ 33,000 | 25,000 | |||||
Options granted | 300,000 | 452,020 | ||||||
Director [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
One time payment | $ 150,000 | |||||||
Board of Directors Chairman [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
One time payment, quarterly basis | $ 37,500 | |||||||
Chief Executive Officer [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Options granted | 60,000 | |||||||
Three board members, Chairman of the board of directors and to its Chief Technology Officer [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Options granted | 300,000 | |||||||
Shareholder [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Convertible notes | $ 95,000 | |||||||
Convertible notes annual interest rate | 8.00% |
RELATED PARTIES BALANCES AND _4
RELATED PARTIES BALANCES AND TRANSACTION ( Schedule of Balances and Transactions with Related Parties ) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Related Party Transactions [Abstract] | ||
Employees accrued salaries | $ 356 | $ 79 |
Directors accrued expenses | 82 | 35 |
Employees and directors expense | $ 438 | $ 114 |
RELATED PARTIES BALANCES AND _5
RELATED PARTIES BALANCES AND TRANSACTIONS (Schedule of Balances and Transactions with Related Parties) (Details1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Amounts charged to | |||
Research and development expenses | $ 151 | $ 0 | $ 0 |
General and administrative expenses | 2,155 | 370 | 210 |
Interest expense on convertible notes | $ 0 | $ 251 | $ 351 |