Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Aug. 01, 2020 | |
Document and Entity Information | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2020 | |
Entity File Number | 001-33357 | |
Entity Registrant Name | PROTALIX BIOTHERAPEUTICS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 65-0643773 | |
Entity Address, Address Line One | 2 Snunit Street | |
Entity Address, Address Line Two | Science Park | |
Entity Address, Address Line Three | POB 455 | |
Entity Address, City or Town | Carmiel | |
Entity Address, Country | IL | |
Entity Address, Postal Zip Code | 2161401 | |
City Area Code | 972-4 | |
Local Phone Number | 988-9488 | |
Title of 12(b) Security | Common stock, $0.001 par value | |
Trading Symbol | PLX | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 32,442,636 | |
Entity Central Index Key | 0001006281 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 4,843 | $ 17,792 |
Short-term bank deposits | 30,147 | |
Accounts receivable - Trade | 5,262 | 4,700 |
Other assets | 2,893 | 1,832 |
Inventories | 11,065 | 8,155 |
Total current assets | 54,210 | 32,479 |
NON-CURRENT ASSETS: | ||
Long-term bank deposits | 5,025 | |
Funds in respect of employee rights upon retirement | 2,005 | 1,963 |
Property and equipment, net | 4,793 | 5,273 |
Operating lease right of use assets | 5,677 | 5,677 |
Total non-current assets | 17,500 | 12,913 |
Total assets | 71,710 | 45,392 |
Accounts payable and accruals: | ||
Trade | 6,707 | 6,495 |
Other | 11,910 | 11,905 |
Operating lease liabilities | 1,145 | 1,139 |
Contracts liability | 18,352 | 16,335 |
Promissory note | 4,301 | 4,301 |
Total current liabilities | 42,415 | 40,175 |
LONG TERM LIABILITIES: | ||
Convertible notes | 52,622 | 50,957 |
Contracts liability | 4,122 | 16,980 |
Liability for employee rights upon retirement | 2,665 | 2,565 |
Operating lease liabilities | 4,526 | 4,528 |
Other long term liabilities | 124 | 509 |
Total long term liabilities | 64,059 | 75,539 |
Total liabilities | 106,474 | 115,714 |
CAPITAL DEFICIENCY | (34,764) | (70,322) |
Total liabilities net of capital deficiency | $ 71,710 | $ 45,392 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Total Revenue | $ 10,967 | $ 12,247 | $ 32,613 | $ 22,686 |
Cost of goods sold | (1,827) | (2,695) | (5,253) | (4,740) |
Research and development expenses, net (1) | (9,186) | (13,323) | (19,526) | (25,021) |
Selling, general and administrative expenses (2) | (2,194) | (2,068) | (5,381) | (4,298) |
Operating income (loss) | (2,240) | (5,839) | 2,453 | (11,373) |
Financial expenses | (1,948) | (1,907) | (5,177) | (3,827) |
Financial income | 38 | 3 | 241 | 193 |
Financial expenses, net | (1,910) | (1,904) | (4,936) | (3,634) |
Net loss for the period | $ (4,150) | $ (7,743) | $ (2,483) | $ (15,007) |
Loss per share of common stock - Basic and diluted | $ (0.13) | $ (0.52) | $ (0.12) | $ (1.01) |
Weighted average number of shares of common stock used in computing loss per share - basic and diluted | 32,442,636 | 14,838,213 | 19,923,935 | 14,838,213 |
Goods [Member] | ||||
Total Revenue | $ 3,648 | $ 3,430 | $ 8,679 | $ 6,960 |
License and R&D Services [Member] | ||||
Total Revenue | $ 7,319 | $ 8,817 | $ 23,934 | $ 15,726 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Research and Development Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation | $ (5) | $ 138 | $ 73 | $ 316 |
Selling, General and Administrative Expenses [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation | $ 272 | $ (25) | $ 625 | $ 87 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL DEFICIENCY - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Beginning balance | $ (30,881) | $ (59,855) | $ (70,322) | $ (52,881) |
Share-based compensation | 267 | 113 | 698 | 403 |
Issuance of common stock and warrants, net of issuance cost | 41,343 | |||
Note receivable from issuance of common stock and warrants | (4,000) | |||
Net loss for the period | (4,150) | (7,743) | (2,483) | (15,007) |
Ending balance | (34,764) | (67,485) | (34,764) | (67,485) |
Common Stock [Member] | ||||
Beginning balance | $ 33 | $ 15 | $ 15 | $ 15 |
Beginning balance (in shares) | 32,442,636 | 14,838,213 | 14,838,213 | 14,838,213 |
Issuance of common stock and warrants, net of issuance cost | $ 18 | |||
Issuance of common stock and warrants, net of issuance cost (in shares) | 17,604,423 | |||
Ending balance | $ 33 | $ 15 | $ 33 | $ 15 |
Ending balance (in shares) | 32,442,636 | 14,838,213 | 32,442,636 | 14,838,213 |
Additional Paid-in Capital [Member] | ||||
Beginning balance | $ 308,248 | $ 269,947 | $ 270,492 | $ 269,657 |
Share-based compensation | 267 | 113 | 698 | 403 |
Issuance of common stock and warrants, net of issuance cost | 41,325 | |||
Note receivable from issuance of common stock and warrants | (4,000) | |||
Ending balance | 308,515 | 270,060 | 308,515 | 270,060 |
Accumulated Deficit [Member] | ||||
Beginning balance | (339,162) | (329,817) | (340,829) | (322,553) |
Net loss for the period | (4,150) | (7,743) | (2,483) | (15,007) |
Ending balance | $ (343,312) | $ (337,560) | $ (343,312) | $ (337,560) |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL DEFICIENCY (Parenthetical) - $ / shares | Jun. 30, 2020 | Jun. 30, 2019 |
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CAPITAL DEFICIENCY | ||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 120,000,000 | 350,000,000 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (2,483) | $ (15,007) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||
Share based compensation | 698 | 403 |
Depreciation | 710 | 784 |
Financial expenses (income), net (mainly exchange differences) | (250) | 150 |
Changes in accrued liability for employee rights upon retirement | 107 | 13 |
Loss on amounts funded in respect of employee rights upon retirement | 22 | |
Amortization of debt issuance costs and debt discount | 1,665 | 1,435 |
Changes in operating assets and liabilities: | ||
Decrease in contracts liability (including non-current portion) | (10,841) | (442) |
Increase in accounts receivable and other assets | (1,621) | (2,811) |
Changes in right of use assets | 27 | (69) |
Decrease (increase) in inventories | (2,910) | 1,571 |
Increase in accounts payable and accruals | 309 | 1,471 |
Increase (decrease) in other long term liabilities | (385) | 56 |
Net cash used in operating activities | (14,952) | (12,446) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Increase in bank deposits (including long-term deposits) | (35,000) | |
Purchase of property and equipment | (278) | (207) |
Increase in restricted deposit | (236) | |
Amounts funded in respect of employee rights upon retirement, net | (69) | (23) |
Net cash used in investing activities | (35,347) | (466) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock and warrants, net of issuance cost | 37,343 | |
Net cash provided by financing activities | 37,343 | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 7 | 200 |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (12,949) | (12,712) |
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 17,792 | 37,808 |
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF PERIOD | 4,843 | 25,096 |
SUPPLEMENTARY INFORMATION ON INVESTING AND FINANCING ACTIVITIES NOT INVOLVING CASH FLOWS: | ||
Purchase of property and equipment | 50 | $ 329 |
Right of use assets obtained in exchange for new operating lease liabilities | 362 | |
Note receivable from issuance of common stock and warrants | $ 4,000 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2020 | |
SIGNIFICANT ACCOUNTING POLICIES | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES a. General Protalix BioTherapeutics, Inc. (collectively with its subsidiaries, the “Company”) and its wholly-owned subsidiaries, Protalix Ltd. and Protalix B.V. (collectively, the “Subsidiaries”), are biopharmaceutical companies focused on the development and commercialization of recombinant therapeutic proteins based on the Company’s proprietary ProCellEx ® ® The Company’s product pipeline currently includes, among other candidates: (1) pegunigalsidase alfa, or PRX-102, a therapeutic protein candidate for the treatment of Fabry disease, a rare, genetic lysosomal disorder; (2) alidornase alfa, or PRX-110, a proprietary plant cell recombinant human Deoxyribonuclease 1, or DNase; (3) OPRX-106, the Company’s oral anti-TNF product candidate which is being developed as an orally-delivered anti-inflammatory treatment using plant cells as a natural capsule for the expressed protein; and (4) PRX-115, the Company’s plant cell-expressed recombinant PEGylated Uricase (Urate Oxidase) – a chemically modified enzyme to treat Gout. Obtaining marketing approval with respect to any product candidate in any country is dependent on the Company’s ability to implement the necessary regulatory steps required to obtain such approvals. The Company cannot reasonably predict the outcome of these activities. On May 28, 2020, the Company, together with Chiesi Global Rare Diseases, a unit of Chiesi Farmaceutici S.p.A., the Company’s development and commercialization partner (“Chiesi”), announced the submission on May 27, 2020 of a Biologics License Application (BLA) to the U.S. Food and Drug Administration (the “FDA”) for pegunigalsidase alfa for the treatment of adult patients with Fabry disease under the FDA’s Accelerated Approval pathway. On July 28, 2020, the FDA informed Chiesi that the BLA had been filed for review and that the FDA was working on the 74-day letter. In addition, the FDA informed Chiesi that no “Refuse To File” will be issued for the PRX-102 BLA. On March 18, 2020, the Company completed a private placement of its common stock and warrants. In connection with the offering, the Company issued 17,604,423 unregistered shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at a purchase price per share of $2.485 and warrants to purchase an additional 17,604,423 shares of Common Stock at an exercise price of $2.36 per share. The warrants are exercisable commencing six months following their issuance for a period of five years from the date of issuance. For accounting purposes, the warrants are classified as equity considering the warrants’ terms. The net proceeds committed to the Company from the private placement were approximately $41.3 million, after deducting advisory fees and other estimated offering expenses. In July 2020, the Company collected total proceeds of approximately $4.6 million from accounts receivable outstanding at June 30, 2020; approximately $1.6 million in connection with its collaboration with Chiesi and approximately $3.0 million from sales of BioManguinhos alfataliglicerase to Fundação Oswaldo Cruz (“Fiocruz”), an arm of the Brazilian Ministry of Health (the “Brazilian MoH”). NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (Continued) On October 19, 2017, Protalix Ltd. and Chiesi entered into an Exclusive License and Supply Agreement (the “Chiesi Ex-US Agreement”) pursuant to which Protalix Ltd.granted to Chiesi an exclusive license for all markets outside of the United States to commercialize pegunigalsidase alfa. On July 23, 2018, Protalix Ltd. entered into an Exclusive License and Supply Agreement with Chiesi (the “Chiesi US Agreement”) with respect to the commercialization of pegunigalsidase alfa in the United States. Under each of the Chiesi Ex-US Agreement and the Chiesi US Agreement (collectively, the “Chiesi Agreements”), Chiesi made an upfront payment to Protalix Ltd. of $25.0 million year, and to receive additional payments of up to a maximum of $760.0 million, in the aggregate, in regulatory and commercial milestone payments. Under the terms of both of the Chiesi Agreements, Protalix Ltd. will manufacture all of the pegunigalsidase alfa needed under the agreements, subject to certain exceptions, and Chiesi will purchase pegunigalsidase alfa from Protalix, subject to certain terms and conditions. Under the Chiesi Ex-US Agreement, Chiesi is required to make tiered payments of 15% to 35% of its net sales, depending on the amount of annual sales outside of the United States, as consideration for product supply. Under the Chiesi US Agreement, Chiesi is required to make tiered payments of 15% to 40% of its net sales, depending on the amount of annual sales in the United States, as consideration for product supply. Since its approval by the FDA, taliglucerase alfa has been marketed by Pfizer Inc. (“Pfizer”) in accordance with the exclusive license and supply agreement entered into between Protalix Ltd. and Pfizer (the “Pfizer Agreement”). In October 2015, Protalix Ltd. and Pfizer entered into an amended exclusive license and supply agreement (the “Amended Pfizer Agreement”) pursuant to which the Company sold to Pfizer its share in the collaboration created under the Pfizer Agreement for the commercialization of Elelyso. As part of the sale, the Company agreed to transfer its rights to Elelyso in Israel to Pfizer while gaining full rights to it in Brazil. Under the Amended Pfizer Agreement, Pfizer is entitled to all of the revenues, and is responsible for 100% of expenses globally for Elelyso, excluding Brazil where the Company is responsible for all expenses and retains all revenues. On June 18, 2013, the Company entered into a Supply and Technology Transfer Agreement (the “Brazil Agreement”) with Fiocruz for taliglucerase alfa. Fiocruz’s purchases of BioManguinhos alfataliglicerase to date have been significantly below certain agreed-upon purchase milestones and, accordingly, the Company has the right to terminate the Brazil Agreement. Notwithstanding the termination right, the Company is, at this time, continuing to supply BioManguinhos alfataliglicerase to Fiocruz under the Brazil Agreement, and patients continue to be treated with BioManguinhos alfataliglicerase in Brazil. b. Basis of presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments (of a normal recurring nature) considered necessary for a fair statement of the results for the interim periods presented have been included. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year. NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (Continued) These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements in the Annual Report on Form 10-K for the year ended December 31, 2019, filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”). The comparative balance sheet at December 31, 2019 has been derived from the audited financial statements at that date. c. Loss per share Basic and diluted loss per share (“LPS”) are computed by dividing net loss by the weighted average number of shares of the Company’s Common Stock attributable to common stockholders outstanding for each period. The calculation of diluted LPS does not include 7,812,543 and 18,445,764 shares of Common Stock underlying outstanding options and restricted shares of Common Stock and shares issuable upon conversion of outstanding convertible notes and outstanding warrants for the six months ended June 30, 2019 and 2020, respectively, and 7,805,142 and 25,997,289 shares of Common Stock for the three months ended June 30, 2019 and 2020, respectively, because their effect would be anti-dilutive. The computation of basic and diluted net loss per common stock was adjusted retrospectively for all periods presented to reflect the Company’s reverse stock split at a ratio of one d. Revenue recognition Effective January 1, 2018, the Company adopted Accounting Standards Codification, Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, a contract with a customer exists only when: the parties to the contract have approved it and are committed to perform their respective obligations, the Company can identify each party’s rights regarding the distinct goods or services to be transferred (“performance obligations”), the Company can determine the transaction price for the goods or services to be transferred, the contract has commercial substance and it is probable that the Company will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. Revenues are recorded in the amount of consideration to which the Company expects to be entitled in exchange for performance obligations upon transfer of control to the customer. 1. Revenues from selling products The Company recognizes revenues from selling goods at a point in time when control over the product is transferred to customers (upon delivery). 2. Revenue from Chiesi Agreements The Company has identified two performance obligations in Chiesi agreements as follows: (1) the license and research and development services and (2) the contingent performance obligation regarding future manufacturing. The Company determined that the license together with the research and development services should be combined into single performance obligation since Chiesi cannot benefit from the license without the research and development services. The research and development services are highly specialized and are dependent on the supply of the drug. The future manufacturing is contingent on regulatory approvals of the drug and the Company deems these services to be separately identifiable from other performance obligations in the contract. Manufacturing services post-regulatory approval are not interdependent or interrelated with the license and research and development services. NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (Continued) The transaction price was comprised of fixed consideration and variable consideration (capped research and development reimbursements). Under ASC 606, the consideration to which the Company would be entitled upon the achievement of contractual milestones, which are contingent upon the occurrence of future events, are a form of variable consideration. The Company estimates variable consideration using the most likely method. Amounts included in the transaction price are recognized only when it is probable that a significant reversal of cumulative revenues will not occur. Prior to recognizing revenue from variable consideration, the Company uses significant judgment to determine the probability of significant reversal of such revenue. Since the customer benefits from the research and development services as the entity performs the service, revenue from granting the license and the research and development services is recognized over time using the cost-to-cost method. The Company used significant judgment when it determined the costs expected to be incurred upon satisfying the identified performance obligation. Revenue from additional research and development services ordered by Chiesi, is recognized over time using the cost-to-cost method. 3. Revenue from R&D services Revenue from the research and development services is recognized over time using the cost-to-cost method since the customer benefits from the research and development services as the entity performs the service. e. Recently issued accounting pronouncements In June 2016, the Financial Accounting Standards Board issued an Accounting Standards Update that supersedes the existing impairment model for most financial assets to a current expected credit loss model. The new guidance requires an entity to recognize an impairment allowance equal to its current estimate of all contractual cash flows the entity does not expect to collect. The Company adopted this guidance effective January 1, 2020, with no material impact on its consolidated financial statements. |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2020 | |
INVENTORIES | |
INVENTORIES | NOTE 2 - INVENTORIES Inventories at June 30, 2020 and December 31, 2019 consisted of the following: June 30, December 31, ( U.S. dollars in thousands) 2020 2019 Raw materials $ 3,902 $ 3,607 Work in progress 560 552 Finished goods 6,603 3,996 Total inventory $ 11,065 $ 8,155 |
FAIR VALUE MEASUREMENT
FAIR VALUE MEASUREMENT | 6 Months Ended |
Jun. 30, 2020 | |
FAIR VALUE MEASUREMENT | |
FAIR VALUE MEASUREMENT | NOTE 3 – FAIR VALUE MEASUREMENT The Company measures fair value and discloses fair value measurements for financial assets and liabilities. Fair value is based on the price that would be received from the sale of an asset, or paid to transfer a liability, in an orderly transaction between market participants at the measurement date. NOTE 3 – FAIR VALUE MEASUREMENT (Continued) The accounting standard establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value. The fair value of the financial instruments included in the working capital of the Company is usually identical or close to their carrying value. The fair value of the convertible notes derivative is based on Level 3 measurement. As of June 30, 2020, the carrying amounts of short-term and long-term deposits approximate their fair values due to the stated interest rates, which approximate market rates. The fair value of the $57.9 million aggregate principal amount of the Company’s outstanding 7.50% convertible promissory notes due November 2021 (the “2021 Notes”) as of June 30, 2020 is approximately $62.2 million based on a Level 3 measurement. The Company prepared a valuation of the fair value of the Company’s outstanding 2021 Notes (a Level 3 valuation) as of June 30, 2020. The value of these notes was estimated by implementing the binomial model. The liability component was valued based on the Income Approach. The following parameters were used: 2021 Notes Stock price (USD) 3.79 Expected term 1.38 Risk free rate 0.16 % Volatility 107.87 % Yield 12.87 % |
REVENUES
REVENUES | 6 Months Ended |
Jun. 30, 2020 | |
REVENUES | |
REVENUES | NOTE 4 – REVENUES The following table summarizes the Company’s disaggregation of revenues: Six Months Ended June 30 ( U.S. dollars in thousands) 2020 2019 Pfizer $ 2,679 $ 2,735 Brazil $ 6,000 $ 4,225 Total revenues from selling goods $ 8,679 $ 6,960 Revenues from license and R&D services $ 23,934 $ 15,726 NOTE 4 – REVENUES (Continued) During the six months ended June 30, 2020, the Company recorded revenue in the amount of $6.7 million following a change in estimate of the total costs expected to be incurred in the connection with the Chiesi Agreements. On March 16, 2020, the Company agreed to conduct a feasibility study with Kirin Holdings Company, Limited (“Kirin”) to evaluate the production of a novel complex protein utilizing ProCellEx ® |
STOCK TRANSACTIONS
STOCK TRANSACTIONS | 6 Months Ended |
Jun. 30, 2020 | |
STOCK TRANSACTIONS | |
STOCK TRANSACTIONS | NOTE 5 – STOCK TRANSACTIONS On June 17, 2020, the Company granted, with the approval of the Company’s compensation committee, 10-year options to purchase 196,995 shares of Common Stock to the Company’s Sr. Vice President and Chief Development Officer under the Company’s Amended and Restated 2006 Employee Stock Incentive Plan, as amended (the “Plan”). The options have an exercise price equal to $3.59 per share and vest over a four-year period in 16 equal quarterly increments. Vesting of the options granted to the Sr. Vice President and Chief Development Officer are subject to automatic acceleration in full upon a Corporate Transaction or a Change in Control, as those terms are defined in the Plan, and are subject to certain other terms and conditions. The Company’s President and Chief Executive Officer may, in his discretion, grant options to the Company’s Sr. Vice President and Chief Development Officer to purchase additional shares if the Company effects certain transactions in which it issues additional shares of Common Stock. The Company estimated the fair value of the options on the date of grant using the Black-Scholes option-pricing model to be approximately $0.5 million based on the following weighted average assumptions: share price equal to $3.59; dividend yield of 0% for all years; expected volatility of 80.43%; risk-free interest rate of 0.59%; and expected life of six years. On June 17, 2020, the Company granted, with the approval of the Company’s compensation committee, 10-year options to purchase 760,311 shares of Common Stock, in the aggregate, to certain of the Company’s employees under the Plan. The options granted have an exercise price equal to $3.66 per share and vest over a four-year period in 16 equal quarterly increments. The Company estimated the fair value of the options on the date of grant using the Black-Scholes option-pricing model to be approximately $1.9 million based on the following weighted average assumptions: share price equal to $3.66; dividend yield of 0% for all years; expected volatility of 80.49%; risk-free interest rate of 0.45%; and expected life of six years. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2020 | |
SUBSEQUENT EVENTS | |
SUBSEQUENT EVENTS | NOTE 6 – SUBSEQUENT EVENTS On July 5, 2020, the Company granted, with the approval of the Company’s compensation committee, 10-year options to purchase 129,771 shares of Common Stock to the Company’s new Vice President, Research and Development under the Plan. The options have an exercise price equal to $3.73 per share and vest over a four-year period in 16 equal quarterly increments. Vesting of the options granted to the Vice President, Research and Development is subject to automatic acceleration in full upon a Corporate Transaction or a Change in Control, as those terms are defined in the Plan, and are subject to certain other terms and conditions. The Company estimated the fair value of the options on the date of grant using the Black-Scholes option-pricing model to be approximately $329,000 based on the following weighted average assumptions: share price equal to $3.73; dividend yield of 0% for all years; expected volatility of 80.60%; risk-free interest rate of 0.395%; and expected life of six years. In accordance with ASC 855 “Subsequent Events” the Company evaluated subsequent events through the date the condensed consolidated financial statements were issued. The Company concluded that no other subsequent events have occurred that would require recognition or disclosure in the condensed consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
SIGNIFICANT ACCOUNTING POLICIES | |
General | a. General Protalix BioTherapeutics, Inc. (collectively with its subsidiaries, the “Company”) and its wholly-owned subsidiaries, Protalix Ltd. and Protalix B.V. (collectively, the “Subsidiaries”), are biopharmaceutical companies focused on the development and commercialization of recombinant therapeutic proteins based on the Company’s proprietary ProCellEx ® ® The Company’s product pipeline currently includes, among other candidates: (1) pegunigalsidase alfa, or PRX-102, a therapeutic protein candidate for the treatment of Fabry disease, a rare, genetic lysosomal disorder; (2) alidornase alfa, or PRX-110, a proprietary plant cell recombinant human Deoxyribonuclease 1, or DNase; (3) OPRX-106, the Company’s oral anti-TNF product candidate which is being developed as an orally-delivered anti-inflammatory treatment using plant cells as a natural capsule for the expressed protein; and (4) PRX-115, the Company’s plant cell-expressed recombinant PEGylated Uricase (Urate Oxidase) – a chemically modified enzyme to treat Gout. Obtaining marketing approval with respect to any product candidate in any country is dependent on the Company’s ability to implement the necessary regulatory steps required to obtain such approvals. The Company cannot reasonably predict the outcome of these activities. On May 28, 2020, the Company, together with Chiesi Global Rare Diseases, a unit of Chiesi Farmaceutici S.p.A., the Company’s development and commercialization partner (“Chiesi”), announced the submission on May 27, 2020 of a Biologics License Application (BLA) to the U.S. Food and Drug Administration (the “FDA”) for pegunigalsidase alfa for the treatment of adult patients with Fabry disease under the FDA’s Accelerated Approval pathway. On July 28, 2020, the FDA informed Chiesi that the BLA had been filed for review and that the FDA was working on the 74-day letter. In addition, the FDA informed Chiesi that no “Refuse To File” will be issued for the PRX-102 BLA. On March 18, 2020, the Company completed a private placement of its common stock and warrants. In connection with the offering, the Company issued 17,604,423 unregistered shares of the Company’s common stock, par value $0.001 per share (the “Common Stock”), at a purchase price per share of $2.485 and warrants to purchase an additional 17,604,423 shares of Common Stock at an exercise price of $2.36 per share. The warrants are exercisable commencing six months following their issuance for a period of five years from the date of issuance. For accounting purposes, the warrants are classified as equity considering the warrants’ terms. The net proceeds committed to the Company from the private placement were approximately $41.3 million, after deducting advisory fees and other estimated offering expenses. In July 2020, the Company collected total proceeds of approximately $4.6 million from accounts receivable outstanding at June 30, 2020; approximately $1.6 million in connection with its collaboration with Chiesi and approximately $3.0 million from sales of BioManguinhos alfataliglicerase to Fundação Oswaldo Cruz (“Fiocruz”), an arm of the Brazilian Ministry of Health (the “Brazilian MoH”). NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (Continued) On October 19, 2017, Protalix Ltd. and Chiesi entered into an Exclusive License and Supply Agreement (the “Chiesi Ex-US Agreement”) pursuant to which Protalix Ltd.granted to Chiesi an exclusive license for all markets outside of the United States to commercialize pegunigalsidase alfa. On July 23, 2018, Protalix Ltd. entered into an Exclusive License and Supply Agreement with Chiesi (the “Chiesi US Agreement”) with respect to the commercialization of pegunigalsidase alfa in the United States. Under each of the Chiesi Ex-US Agreement and the Chiesi US Agreement (collectively, the “Chiesi Agreements”), Chiesi made an upfront payment to Protalix Ltd. of $25.0 million year, and to receive additional payments of up to a maximum of $760.0 million, in the aggregate, in regulatory and commercial milestone payments. Under the terms of both of the Chiesi Agreements, Protalix Ltd. will manufacture all of the pegunigalsidase alfa needed under the agreements, subject to certain exceptions, and Chiesi will purchase pegunigalsidase alfa from Protalix, subject to certain terms and conditions. Under the Chiesi Ex-US Agreement, Chiesi is required to make tiered payments of 15% to 35% of its net sales, depending on the amount of annual sales outside of the United States, as consideration for product supply. Under the Chiesi US Agreement, Chiesi is required to make tiered payments of 15% to 40% of its net sales, depending on the amount of annual sales in the United States, as consideration for product supply. Since its approval by the FDA, taliglucerase alfa has been marketed by Pfizer Inc. (“Pfizer”) in accordance with the exclusive license and supply agreement entered into between Protalix Ltd. and Pfizer (the “Pfizer Agreement”). In October 2015, Protalix Ltd. and Pfizer entered into an amended exclusive license and supply agreement (the “Amended Pfizer Agreement”) pursuant to which the Company sold to Pfizer its share in the collaboration created under the Pfizer Agreement for the commercialization of Elelyso. As part of the sale, the Company agreed to transfer its rights to Elelyso in Israel to Pfizer while gaining full rights to it in Brazil. Under the Amended Pfizer Agreement, Pfizer is entitled to all of the revenues, and is responsible for 100% of expenses globally for Elelyso, excluding Brazil where the Company is responsible for all expenses and retains all revenues. On June 18, 2013, the Company entered into a Supply and Technology Transfer Agreement (the “Brazil Agreement”) with Fiocruz for taliglucerase alfa. Fiocruz’s purchases of BioManguinhos alfataliglicerase to date have been significantly below certain agreed-upon purchase milestones and, accordingly, the Company has the right to terminate the Brazil Agreement. Notwithstanding the termination right, the Company is, at this time, continuing to supply BioManguinhos alfataliglicerase to Fiocruz under the Brazil Agreement, and patients continue to be treated with BioManguinhos alfataliglicerase in Brazil. |
Basis of presentation | b. Basis of presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments (of a normal recurring nature) considered necessary for a fair statement of the results for the interim periods presented have been included. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year. NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (Continued) These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements in the Annual Report on Form 10-K for the year ended December 31, 2019, filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”). The comparative balance sheet at December 31, 2019 has been derived from the audited financial statements at that date. |
Loss per share | c. Loss per share Basic and diluted loss per share (“LPS”) are computed by dividing net loss by the weighted average number of shares of the Company’s Common Stock attributable to common stockholders outstanding for each period. The calculation of diluted LPS does not include 7,812,543 and 18,445,764 shares of Common Stock underlying outstanding options and restricted shares of Common Stock and shares issuable upon conversion of outstanding convertible notes and outstanding warrants for the six months ended June 30, 2019 and 2020, respectively, and 7,805,142 and 25,997,289 shares of Common Stock for the three months ended June 30, 2019 and 2020, respectively, because their effect would be anti-dilutive. The computation of basic and diluted net loss per common stock was adjusted retrospectively for all periods presented to reflect the Company’s reverse stock split at a ratio of one |
Revenue recognition | d. Revenue recognition Effective January 1, 2018, the Company adopted Accounting Standards Codification, Topic 606, Revenue from Contracts with Customers (“ASC 606”). Under ASC 606, a contract with a customer exists only when: the parties to the contract have approved it and are committed to perform their respective obligations, the Company can identify each party’s rights regarding the distinct goods or services to be transferred (“performance obligations”), the Company can determine the transaction price for the goods or services to be transferred, the contract has commercial substance and it is probable that the Company will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. Revenues are recorded in the amount of consideration to which the Company expects to be entitled in exchange for performance obligations upon transfer of control to the customer. 1. Revenues from selling products The Company recognizes revenues from selling goods at a point in time when control over the product is transferred to customers (upon delivery). 2. Revenue from Chiesi Agreements The Company has identified two performance obligations in Chiesi agreements as follows: (1) the license and research and development services and (2) the contingent performance obligation regarding future manufacturing. The Company determined that the license together with the research and development services should be combined into single performance obligation since Chiesi cannot benefit from the license without the research and development services. The research and development services are highly specialized and are dependent on the supply of the drug. The future manufacturing is contingent on regulatory approvals of the drug and the Company deems these services to be separately identifiable from other performance obligations in the contract. Manufacturing services post-regulatory approval are not interdependent or interrelated with the license and research and development services. NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES (Continued) The transaction price was comprised of fixed consideration and variable consideration (capped research and development reimbursements). Under ASC 606, the consideration to which the Company would be entitled upon the achievement of contractual milestones, which are contingent upon the occurrence of future events, are a form of variable consideration. The Company estimates variable consideration using the most likely method. Amounts included in the transaction price are recognized only when it is probable that a significant reversal of cumulative revenues will not occur. Prior to recognizing revenue from variable consideration, the Company uses significant judgment to determine the probability of significant reversal of such revenue. Since the customer benefits from the research and development services as the entity performs the service, revenue from granting the license and the research and development services is recognized over time using the cost-to-cost method. The Company used significant judgment when it determined the costs expected to be incurred upon satisfying the identified performance obligation. Revenue from additional research and development services ordered by Chiesi, is recognized over time using the cost-to-cost method. 3. Revenue from R&D services Revenue from the research and development services is recognized over time using the cost-to-cost method since the customer benefits from the research and development services as the entity performs the service. |
Recently issued accounting pronouncements | e. Recently issued accounting pronouncements In June 2016, the Financial Accounting Standards Board issued an Accounting Standards Update that supersedes the existing impairment model for most financial assets to a current expected credit loss model. The new guidance requires an entity to recognize an impairment allowance equal to its current estimate of all contractual cash flows the entity does not expect to collect. The Company adopted this guidance effective January 1, 2020, with no material impact on its consolidated financial statements. |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
INVENTORIES | |
Schedule of Inventory | Inventories at June 30, 2020 and December 31, 2019 consisted of the following: June 30, December 31, ( U.S. dollars in thousands) 2020 2019 Raw materials $ 3,902 $ 3,607 Work in progress 560 552 Finished goods 6,603 3,996 Total inventory $ 11,065 $ 8,155 |
FAIR VALUE MEASUREMENT (Tables)
FAIR VALUE MEASUREMENT (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes 2021 [Member] | |
Schedule of liability component based on income approach | The Company prepared a valuation of the fair value of the Company’s outstanding 2021 Notes (a Level 3 valuation) as of June 30, 2020. The value of these notes was estimated by implementing the binomial model. The liability component was valued based on the Income Approach. The following parameters were used: 2021 Notes Stock price (USD) 3.79 Expected term 1.38 Risk free rate 0.16 % Volatility 107.87 % Yield 12.87 % |
REVENUES (Tables)
REVENUES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
REVENUES | |
Schedule of Company's disaggregation of revenues | The following table summarizes the Company’s disaggregation of revenues: Six Months Ended June 30 ( U.S. dollars in thousands) 2020 2019 Pfizer $ 2,679 $ 2,735 Brazil $ 6,000 $ 4,225 Total revenues from selling goods $ 8,679 $ 6,960 Revenues from license and R&D services $ 23,934 $ 15,726 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Millions | Mar. 18, 2020 | Dec. 19, 2019 | Jul. 31, 2020 | Jul. 23, 2018 | Oct. 19, 2017 | Oct. 31, 2015 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Significant Accounting Policies [Line Items] | ||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 25,997,289 | 7,805,142 | 18,445,764 | 7,812,543 | ||||||
Net proceeds from private placement | $ 41.3 | |||||||||
Total proceeds from accounts receivable outstanding | $ 4.6 | |||||||||
Total proceeds from accounts receivable outstanding - Chiesi | 1.6 | |||||||||
Bio Manguinhos Alfataliglicerase [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Total proceeds from accounts receivable outstanding - Fiocruz | $ 3 | |||||||||
Private Placement [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Common Stock, Par or Stated Value Per Share | $ 0.001 | |||||||||
Number of shares issued (in shares) | 17,604,423 | |||||||||
Purchase price (in dollars per share) | $ 2.485 | |||||||||
Number of warrants issued (in shares) | 17,604,423 | |||||||||
Exercise price of warrants (in dollars per share) | $ 2.36 | |||||||||
Exercise of warrants, commencement period | 6 months | |||||||||
Term of warrants | 5 years | |||||||||
Reverse stock split ratio | 1-for-10 | |||||||||
Amended Pfizer Agreement [Member] | Protalix Bio Therapeutics Incorporation [Member] | Brazil [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Collaborative Arrangement Revenues and Expenses Sharing Percentage | 100.00% | |||||||||
Chiesi US Agreement [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Upfront Nonrefundable Non-Creditable Payment Receivable | $ 25 | |||||||||
Additional Amounts Payable To Cover Development Costs | 20 | |||||||||
Maximum Entitlement Of Development Costs To Cover Per Year | 7.5 | |||||||||
Additional Amount Payable For Achievement Of Regulatory And Commercial Milestones | $ 760 | |||||||||
Chiesi US Agreement [Member] | Minimum [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Payment On Net Sales Percentage | 15.00% | |||||||||
Chiesi US Agreement [Member] | Maximum [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Payment On Net Sales Percentage | 40.00% | |||||||||
Chiesi Ex US Agreement [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Upfront Nonrefundable Non-Creditable Payment Receivable | $ 25 | |||||||||
Additional Amounts Payable To Cover Development Costs | 25 | |||||||||
Maximum Entitlement Of Development Costs To Cover Per Year | 10 | |||||||||
Additional Amount Payable For Achievement Of Regulatory And Commercial Milestones | $ 320 | |||||||||
Chiesi Ex US Agreement [Member] | Minimum [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Payment On Net Sales Percentage | 15.00% | |||||||||
Chiesi Ex US Agreement [Member] | Maximum [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Payment On Net Sales Percentage | 35.00% |
INVENTORIES (Details)
INVENTORIES (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
INVENTORIES | ||
Raw materials | $ 3,902 | $ 3,607 |
Work in progress | 560 | 552 |
Finished goods | 6,603 | 3,996 |
Total inventory | $ 11,065 | $ 8,155 |
FAIR VALUE MEASUREMENT - The li
FAIR VALUE MEASUREMENT - The liability component was valued based on the Income Approach (Details) - 2021 Notes [Member] - Fair Value, Inputs, Level 3 [Member] | 6 Months Ended |
Jun. 30, 2020$ / shares | |
Stock price (USD) | $ 3.79 |
Expected term | 1 year 4 months 17 days |
Risk free rate | 0.16% |
Volatility | 107.87% |
Yield | 12.87% |
FAIR VALUE MEASUREMENT - Additi
FAIR VALUE MEASUREMENT - Additional Information (Details) - Seven Point Five Percentage Convertible Notes [Member] $ in Millions | Jun. 30, 2020USD ($) |
Interest rate (as a percent) | 7.50% |
Fair Value, Inputs, Level 3 [Member] | |
Convertible Debt, Fair Value Disclosures | $ 62.2 |
Long-term Debt, Gross | $ 57.9 |
REVENUES - Company's disaggrega
REVENUES - Company's disaggregation of revenues (Details) - USD ($) $ in Thousands | Mar. 16, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Revenues | $ 10,967 | $ 12,247 | $ 32,613 | $ 22,686 | |
Non refundable payments not yet recognized to revenues | $ 1,000 | ||||
Pfizer [Member] | |||||
Revenues | 2,679 | 2,735 | |||
Brazil [Member] | |||||
Revenues | 6,000 | 4,225 | |||
Chiesi US Agreement [Member] | |||||
Revenue recognized due to change in estimate of total costs expected to be incurred | 6,700 | ||||
Goods [Member] | |||||
Revenues | 3,648 | 3,430 | 8,679 | 6,960 | |
License and R&D Services [Member] | |||||
Revenues | $ 7,319 | $ 8,817 | $ 23,934 | $ 15,726 |
STOCK TRANSACTIONS (Details)
STOCK TRANSACTIONS (Details) $ / shares in Units, $ in Millions | Jun. 17, 2020USD ($)item$ / sharesshares |
Certain employees | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 760,311 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 3.66 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Number of equal quarterly increments | item | 16 |
Share Based Compensation Arrangement By Share Based Payment Award Grant Date Fair Value | $ | $ 1.9 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 80.49% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.45% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years |
Sr. Vice President And Chief Development Officer [Member] | Non-employees | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 196,995 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 3.59 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Number of equal quarterly increments | item | 16 |
Share Based Compensation Arrangement By Share Based Payment Award Grant Date Fair Value | $ | $ 0.5 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 80.43% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.59% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - New Vice President Research And Development [Member] - Subsequent Event [Member] - Non-employees | Jul. 05, 2020USD ($)item$ / sharesshares |
Subsequent Event [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares | 129,771 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ / shares | $ 3.73 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years |
Number of equal quarterly increments | item | 16 |
Share Based Compensation Arrangement By Share Based Payment Award Grant Date Fair Value | $ | $ 329,000 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0.00% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | 80.60% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | 0.395% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | 6 years |