Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | May 11, 2023 | |
Document Information Line Items | ||
Entity Registrant Name | ORAMED PHARMACEUTICALS INC. | |
Trading Symbol | ORMP | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 40,027,396 | |
Amendment Flag | false | |
Entity Central Index Key | 0001176309 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Mar. 31, 2023 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q1 | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-35813 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 98-0376008 | |
Entity Address, Address Line One | 1185 Avenue of the Americas | |
Entity Address, Address Line Two | Third Floor | |
Entity Address, City or Town | New York | |
Entity Address, State or Province | NY | |
Entity Address, Postal Zip Code | 10036 | |
City Area Code | 844 | |
Local Phone Number | 967-2633 | |
Title of 12(b) Security | Common Stock, par value $0.012 | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
Interim Condensed Consolidated
Interim Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 24,104 | $ 40,464 |
Short-term deposits | 127,363 | 111,513 |
Marketable securities | 2,267 | 3,743 |
Prepaid expenses and other current assets | 1,423 | 1,389 |
Total current assets | 155,157 | 157,109 |
LONG-TERM ASSETS: | ||
Long-term deposits | 7 | 7 |
Long-term investments | 2,700 | 2,700 |
Amounts funded in respect of employee rights upon retirement | 24 | 24 |
Property and equipment, net | 977 | 815 |
Operating lease right-of-use assets | 915 | 987 |
Total long-term assets | 4,623 | 4,533 |
Total assets | 159,780 | 161,642 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 4,055 | 4,158 |
Deferred revenues | 674 | 1,340 |
Payable to related parties | 1 | 1 |
Operating lease liabilities | 242 | 247 |
Total current liabilities | 4,972 | 5,746 |
LONG-TERM LIABILITIES: | ||
Long-term deferred revenues | 4,000 | 4,000 |
Employee rights upon retirement | 26 | 21 |
Provision for uncertain tax position | 11 | 11 |
Operating lease liabilities | 564 | 647 |
Other liabilities | 59 | 61 |
Total long-term liabilities | 4,660 | 4,740 |
COMMITMENTS (note 3) | ||
EQUITY ATTRIBUTABLE TO COMPANY’S STOCKHOLDERS: | ||
Common stock, $0.012 par value (60,000,000 authorized shares; 39,969,979 and 39,563,888 shares issued and outstanding as of March 31, 2023 and December 31, 2022, respectively) | 481 | 476 |
Additional paid-in capital | 316,965 | 314,417 |
Accumulated deficit | (166,476) | (163,081) |
Total stockholders’ equity | 150,970 | 151,812 |
Non-controlling interests | (822) | (656) |
Total equity | 150,148 | 151,156 |
Total liabilities and equity | $ 159,780 | $ 161,642 |
Interim Condensed Consolidate_2
Interim Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - $ / shares | Mar. 31, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in Dollars per share) | $ 0.012 | $ 0.012 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 39,969,979 | 39,563,888 |
Common stock, shares outstanding | 39,969,979 | 39,563,888 |
Interim Condensed Consolidate_3
Interim Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
REVENUES | $ 666 | $ 666 |
RESEARCH AND DEVELOPMENT EXPENSES | 4,427 | 5,836 |
SALES AND MARKETING EXPENSES | 184 | 590 |
GENERAL AND ADMINISTRATIVE EXPENSES | 1,263 | 5,492 |
OPERATING LOSS | 5,208 | 11,252 |
FINANCIAL INCOME, NET | 1,597 | 544 |
NET LOSS | 3,611 | 10,708 |
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS | 216 | 283 |
NET LOSS ATTRIBUTABLE TO STOCKHOLDERS | $ 3,395 | $ 10,425 |
BASIC AND DILUTED LOSS PER SHARE OF COMMON STOCK (in Dollars per share) | $ 0.08 | $ 0.27 |
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING BASIC AND DILUTED LOSS PER SHARE OF COMMON STOCK (in Shares) | 40,041,258 | 38,679,622 |
Interim Condensed Consolidate_4
Interim Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Income Statement [Abstract] | ||
DILUTED LOSS PER SHARE OF COMMON STOCK | $ 0.07 | $ 0.27 |
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING BASIC LOSS PER SHARE OF COMMON STOCK (in Shares) | 40,041,258 | 38,679,622 |
Interim Condensed Consolidate_5
Interim Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands | Common Stock | Additional paid-in capital | Accumulated deficit | Total stockholders’ equity | Non- controlling interests | Total | |
BALANCE at Dec. 31, 2021 | $ 459 | $ 292,514 | $ (126,520) | $ 166,453 | $ 157 | $ 166,610 | |
BALANCE (in Shares) at Dec. 31, 2021 | 38,158 | ||||||
CHANGES DURING THE THREE MONTH PERIOD ENDED MARCH 31, 2023: | |||||||
ISSUANCE OF COMMON STOCK, NET | $ 3 | 2,966 | 2,969 | 2,969 | |||
ISSUANCE OF COMMON STOCK, NET (in Shares) | 277 | ||||||
EXERCISE OF WARRANTS AND OPTIONS | [1] | ||||||
EXERCISE OF WARRANTS AND OPTIONS (in Shares) | 4 | ||||||
STOCK-BASED COMPENSATION | $ 1 | 4,028 | 4,029 | 4,029 | |||
STOCK-BASED COMPENSATION (in Shares) | 125 | ||||||
TAX WITHHOLDINGS RELATED TO STOCK-BASED COMPENSATION SETTLEMENTS | (677) | (677) | (677) | ||||
NET LOSS | (10,425) | (10,425) | (283) | (10,708) | |||
BALANCE at Mar. 31, 2022 | $ 463 | 298,831 | (136,945) | 162,349 | (126) | 162,223 | |
BALANCE (in Shares) at Mar. 31, 2022 | 38,564 | ||||||
BALANCE at Dec. 31, 2022 | $ 476 | 314,417 | (163,081) | 151,812 | (656) | 151,156 | |
BALANCE (in Shares) at Dec. 31, 2022 | 39,564 | ||||||
CHANGES DURING THE THREE MONTH PERIOD ENDED MARCH 31, 2023: | |||||||
ISSUANCE OF COMMON STOCK, NET | $ 2 | 2,428 | 2,430 | 2,430 | |||
ISSUANCE OF COMMON STOCK, NET (in Shares) | 193 | ||||||
STOCK-BASED COMPENSATION | $ 3 | 120 | 123 | 123 | |||
STOCK-BASED COMPENSATION (in Shares) | 213 | ||||||
STOCK-BASED COMPENSATION OF SUBSIDIARY | 50 | 50 | |||||
NET LOSS | (3,395) | (3,395) | (216) | (3,611) | |||
BALANCE at Mar. 31, 2023 | $ 481 | $ 316,965 | $ (166,476) | $ 150,970 | $ (822) | $ 150,148 | |
BALANCE (in Shares) at Mar. 31, 2023 | 39,970 | ||||||
[1] Represents an amount of less than $1. |
Interim Condensed Consolidate_6
Interim Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (3,611) | $ (10,708) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 37 | 11 |
Exchange differences and interest on deposits and held to maturity bonds | (1,267) | (235) |
Changes in fair value of investments | (65) | (110) |
Stock-based compensation | 173 | 4,029 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | (34) | (295) |
Accounts payable, accrued expenses and related parties | (103) | (1,151) |
Net changes in operating lease | (16) | |
Deferred revenues | (666) | (666) |
Liability for employee rights upon retirement | 5 | |
Other liabilities | (2) | |
Total net cash used in operating activities | (5,549) | (9,125) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of short-term deposits | (19,000) | |
Proceeds from short-term deposits | 4,500 | 5,000 |
Proceeds from maturity of held to maturity securities | 1,496 | 2,406 |
Purchase of property and equipment | (199) | (47) |
Total net cash provided by (used in) investing activities | (13,203) | 7,359 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock, net of issuance costs | 2,430 | 2,969 |
Tax withholdings related to stock-based compensation settlements | (677) | |
Total net cash provided by financing activities | 2,430 | 2,292 |
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | (38) | (15) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (16,360) | 511 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 40,464 | 27,456 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 24,104 | 27,967 |
(A) SUPPLEMENTARY DISCLOSURE ON CASH FLOWS - | ||
Interest received | 308 | 122 |
(B) SUPPLEMENTARY DISCLOSURE ON CASH FLOWS - | ||
Recognition of operating lease right-of-use assets and liabilities | $ 647 |
General
General | 3 Months Ended |
Mar. 31, 2023 | |
General [Abstract] | |
GENERAL | NOTE 1 - GENERAL: a. Incorporation and Operations Oramed Pharmaceuticals Inc. (collectively with its subsidiaries, the “Company”, unless the context indicates otherwise), a Delaware corporation, was incorporated on April 12, 2002. On February 17, 2006, the Company entered into an agreement with Hadasit Medical Services and Development Ltd. to acquire the provisional patent related to an orally ingestible insulin capsule to be used for the treatment of individuals with diabetes. On May 14, 2007, the Company incorporated a wholly-owned subsidiary in Israel, Oramed Ltd. (the “Subsidiary”), which is engaged in research and development. On July 30, 2019, the Subsidiary incorporated a wholly-owned subsidiary in Hong Kong, Oramed HK Limited (the “Hong Kong Subsidiary”). As of March 31, 2023, the Hong Kong Subsidiary has no operations. On March 18, 2021, the Company entered into a license agreement (the “Oravax License Agreement”) with Oravax Medical Inc. (“Oravax”) and into a stockholders agreement (the “Stockholders Agreement”) with Akers Biosciences Inc. (“Akers”), Premas Biotech Pvt. Ltd. (“Premas”), Cutter Mill Capital LLC (“Cutter Mill”) and Run Ridge LLC (“Run Ridge”). According to the Stockholders Agreement, Oravax issued 1,890,000 shares of its capital stock to the Company, representing 63% of the issued and outstanding share capital of Oravax, on a fully diluted basis, as of the date of issuance. Consequently, Oramed consolidates Oravax in its consolidated financial statements since that time. On November 23, 2021, Oravax incorporated a wholly-owned subsidiary in Israel, Oravax Medical Ltd., which is engaged in research and development. Effective January 1, 2022, Oravax transferred its rights and obligations under the Oravax License Agreement to Oravax Medical Ltd. On January 11, 2023, the Company announced that the ORA-D-013-1 Phase 3 trial did not meet its primary and secondary endpoints. As a result, the Company terminated this trial and a parallel Phase 3, ORA-D-013-2 clinical trial. The Company has also initiated a comprehensive analysis of the data to understand if there is a path forward for its oral insulin candidate. Concurrently, the Company is examining its existing pipeline and has commenced an evaluation process of potential strategic opportunities, with the goal of enhancing value for the Company’s stockholders. As these results are considered a triggering event, the Company evaluated all of its long lived assets which include fixed assets and operating lease right-of-use assets in the first quarter of 2023 and concluded that no impairment is required. b. Development and Liquidity Risks The Company is engaged in research and development in the biotechnology field for innovative pharmaceutical solutions, including an orally ingestible insulin capsule to be used for the treatment of individuals with diabetes, and the use of orally ingestible capsules for delivery of other polypeptides, and has not generated significant revenues from its operations. Based on the Company’s current cash resources and commitments, the Company believes it will be able to maintain its current planned development activities and the corresponding level of expenditures for at least the next 12 months, although no assurance can be given that the Company will not need additional funds prior to such time. If there are unexpected increases in its operating expenses, the Company may need to seek additional financing during the next 12 months. Successful completion of the Company’s development programs and its transition to normal operations is dependent upon obtaining necessary regulatory approvals from the U.S. Food and Drug Administration prior to selling its products within the United States, obtaining foreign regulatory approvals to sell its products internationally, or entering into licensing agreements with third parties. There can be no assurance that the Company will receive regulatory approval of any of its product candidates, and a substantial amount of time may pass before the Company achieves a level of revenues adequate to support its operations, if at all. The Company also expects to incur substantial expenditures in connection with the regulatory approval process for each of its product candidates during their respective developmental periods. Obtaining marketing approval will be directly dependent on the Company’s ability to implement the necessary regulatory steps required to obtain marketing approval in the United States and in other countries. The Company may also need additional funds to realize the decisions made as part of its strategic review process. The Company cannot predict the outcome of these activities. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2023 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: a. Condensed consolidated financial statements preparation The condensed consolidated financial statements included herein have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and, on the same basis as the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 Form 10-K”). These condensed consolidated financial statements reflect all adjustments that are of a normal recurring nature and that are considered necessary for a fair statement of the results of the periods presented. Certain information and disclosures normally included in annual consolidated financial statements have been omitted in this interim period report pursuant to the rules and regulations of the Securities and Exchange Commission. Because the condensed consolidated interim financial statements do not include all of the information and disclosures required by U.S. GAAP for annual financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in the 2022 Form 10-K. The results for interim periods are not necessarily indicative of a full fiscal year’s results. b. Loss per common share Basic and diluted net loss per share of common stock are computed by dividing the net loss attributable to stockholders for the period by the weighted average number of shares of common stock outstanding for each period, including vested restricted stock units (“RSUs”). Outstanding stock options, warrants and unvested RSUs have been excluded from the calculation of the diluted loss per share because all such securities are anti-dilutive for all periods presented. The weighted average number of common stock options, warrants and RSUs excluded from the calculation of diluted net loss was 3,357,911 and 3,463,525 for the three month periods ended March 31, 2023 and March 31, 2022, respectively. c. Revenue recognition HTIT On November 30, 2015, the Company entered into a Technology License Agreement (the “TLA”), with Hefei Tianhui Incubator of Technologies Co. Ltd. (“HTIT”) and on December 21, 2015, the parties entered into an Amended and Restated Technology License Agreement that was further amended by the parties on June 3, 2016 and July 24, 2016 (the “HTIT License Agreement”). The HTIT License Agreement and a Stock Purchase Agreement, dated November 30, 2015, between the Company and HTIT (the “SPA”) were considered a single arrangement with multiple deliverables. The Company allocated the total consideration of $49,500 between the HTIT License Agreement and the SPA according to their fair value, as follows: $10,617 was allocated to the issuance of common stock (less issuance expenses of $23), based on the quoted price of the Company’s shares on the closing date of the SPA on December 28, 2015, and $38,883 was allocated to the HTIT License Agreement. Under Accounting Standard Codification, (“ASC”) 606, the Company identified a single performance obligation in the agreement and determined that the license and services are not distinct as the license and services are highly dependent on each other. In other words, HTIT cannot benefit from the license without the related services, and vice versa. Since the customer benefits from the services as the entity performs, revenue is recognized over time through the expected product submission date in June 2023, using the input method. The Company used the input method to measure the process for the purpose of recognizing revenue, which approximates the straight line attribution. The Company used significant judgment when it determined the product submission date. Under ASC 606, the consideration that the Company would be entitled to upon the achievement of contractual milestones, which are contingent upon the occurrence of future events, are a form of variable consideration. When assessing the portion, if any, of such milestones-related consideration to be included in the transaction price, the Company first assesses the most likely outcome for each milestone and excludes the consideration related to milestones of which the occurrence is not considered the most likely outcome. The Company then evaluates if any of the variable consideration determined in the first step is constrained by including in the transaction price variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company used significant judgment when it determined the first step of variable consideration. The potential future royalty consideration is also considered a form of variable consideration under ASC 606 as it is based on a percentage of potential future sales of the Company’s products. However, the Company applies the sales-based royalty exception and accordingly will recognize the sales-based royalty amounts when the related sale has occurred. To date, the Company has not recognized any royalty-related revenue. As of March 31, 2023, an aggregate amount of $22,382 was allocated to the HTIT License Agreement, all of which were received through the balance sheet date. Through March 31, 2023, the Company recognized revenue associated with this agreement in the aggregate amount of $19,708, of which $666 was recognized in the quarter ended March 31, 2023, and deferred the remaining amount of $2,674, which is presented as a contract liability on the condensed consolidated balance sheet. Medicox On November 13, 2022, the Company entered into a distribution license agreement (“Medicox License Agreement”) with Medicox Co., Ltd. (“Medicox”). The Medicox License Agreement grants Medicox an exclusive license to apply for regulatory approval and distribute ORMD-0801 in the Republic of Korea. For further details, see note 3c. Under ASC 606, the Company identified Medicox as a customer and the Medicox License Agreement as a contract with a customer. The Company identified a performance obligation in the Medicox License Agreement to stand-ready and provide Medicox with support in its commercialization efforts in the Republic of Korea. This performance obligation includes a non-distinct distribution license for ORMD-0801, which the Company views a predominant item in the combined performance obligation. The Company concluded that the license is not distinct, as no party other than the Company is capable of providing related services to Medicox, and both the license and related services are necessary for the customer to obtain a regulatory approval in the Republic of Korea. In addition, the agreement covers the terms of future manufacturing services, that are contingent on the completion and success of the commercialization efforts. The Medicox License Agreement contains a fixed consideration of $2,000, which was received by the Company in fiscal year 2022 and is presented under long-term deferred revenues as of March 31, 2023. It also contains variable consideration of contractual milestone payments and sales-based royalties. The Company’s obligation to stand-ready and support Medicox will be recognized on a straight-line basis over the period the Company expects to provide support to Medicox. As of March 31, 2023, this support has not commenced, and no revenue was recognized from the Medicox License Agreement. If Medicox proceeds with the regulatory approval process in the Republic of Korea, the Company expects most of the revenue to be recognized in 2024, going forward. The Company notes that its Phase 3 trial did not meet its primary and secondary endpoints. If Medicox chooses to terminate the agreement as a result of the outcome of the applicable Phase 3 trials, the Company expects to accelerate revenue recognition and recognize it at such time. d. Recently adopted accounting pronouncements Financial instruments – credit losses In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-13 “Financial Instruments—Credit Losses—Measurement of Credit Losses on Financial Instruments.” This guidance replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance became effective for the fiscal year beginning after December 15, 2022, including interim periods within that year. The Company adopted the provisions of this update as of January 1, 2023, with no material impact on its consolidated financial statements. e. Fair value 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 to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described as follows: 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 Observable prices that are based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. 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. As of March 31, 2023, the assets measured at fair value are comprised of equity securities (Level 1). The fair value of held to maturity bonds as presented in note 4 was based on a Level 2 measurement. As of March 31, 2023, the carrying amounts of cash equivalents, short-term deposits and accounts payable approximate their fair values due to the short-term maturities of these instruments. The amounts funded in respect of employee rights are stated at cash surrender value which approximates its fair value. |
Commitments
Commitments | 3 Months Ended |
Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | NOTE 3 - COMMITMENTS a. On September 2, 2020 (effective as of January 15, 2020), the Subsidiary entered into a CRO Services Agreement with a third party to retain it as a clinical research organization (“CRO”) for the Subsidiary’s phase 3 clinical trial for its oral insulin. The CRO Services Agreement was amended effective May 26, 2022 and as consideration for its services, the Subsidiary will pay the CRO a total amended amount up to $22,684 during the term of the engagement and based on achievement of certain milestones, of which $16,600 was recognized in research and development expenses through March 31, 2023 . On January 11, 2023, the Company announced that the ORA-D-013-1 Phase 3 trial did not meet its primary and secondary endpoints. As a result, the Company terminated this trial. b. On September 16, 2020 (effective as of January 15, 2020), the Subsidiary entered into a CRO Services Agreement with a third party to retain it as a CRO for the Subsidiary’s phase 3 clinical trial for its oral insulin. The CRO Services Agreement was amended effective May 26, 2022 and as consideration for its services, the Subsidiary will pay the CRO a total amended amount up to $15,796 during the term of the engagement and based on achievement of certain milestones, of which $7,972 was recognized in research and development expenses through March 31, 2023. On January 11, 2023, the Company announced that the ORA-D-013-1 Phase 3 trial did not meet its primary and secondary endpoints. As a result, the Company terminated this trial and a parallel Phase 3, ORA-D-013-2 clinical trial. c. On November 13, 2022, the Company entered the Medicox License Agreement with Medicox. The Medicox License Agreement grants Medicox an exclusive license to apply for regulatory approval and distribute ORMD-0801 in the Republic of Korea. The Medicox License Agreement is for ten years, but the parties have the right to terminate it upon 180 days’ notice. Medicox will comply with agreed distribution targets and will purchase ORMD-0801 at an agreed upon transfer price per capsule. In addition, Medicox will pay the Company up to $15,000 in developmental milestones, $2,000 of which have already been received by the Company, and up to 15% royalties on gross sales. Medicox will also be responsible for obtaining a regulatory approval in the Republic of Korea. The Company is currently evaluating with Medicox a path forward to continue its collaboration, following the results of the ORA-D-013-1 Phase 3 trial. For the Company’s revenue recognition policy, see note 2c. d. Grants from the Israel Innovation Authority (“IIA”) Under the terms of the Company’s funding from the IIA, royalties of 3% are payable on sales of products developed from a project so funded, up to a maximum amount equaling 100%-150% of the grants received (dollar linked) with the addition of interest at an annual rate based on LIBOR. At the time the grants were received, successful development of the related projects was not assured. The total amount received through March 31, 2023 was $2,208 ($2,542 including interest). As of March 31, 2023, the liability to the IIA was $96. The royalty expenses which are related to the funded project were recognized in cost of revenues in the relevant periods. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Mar. 31, 2023 | |
Marketable Securities [Abstract] | |
MARKETABLE SECURITIES | NOTE 4 - MARKETABLE SECURITIES: The Company’s marketable securities include investments in equity securities of DNA GROUP (T.R.) Ltd. (formerly D.N.A Biomedical Solutions Ltd.) (“DNA”), Entera Bio Ltd. (“Entera”) and in held to maturity securities. a. Composition: March 31, December 31, Short-term: DNA (see b below) $ 366 $ 352 Entera (see c below) 136 85 Held to maturity securities (see d below) 1,765 3,306 $ 2,267 $ 3,743 b. DNA The DNA ordinary shares are traded on the Tel Aviv Stock Exchange. The fair value of those securities is measured at the quoted prices of the securities on the measurement date. During the three month period ended March 31, 2023, the Company did not sell any of DNA’s ordinary shares. As of March 31, 2023, the Company owns approximately 1.4% of DNA’s outstanding ordinary shares. The cost of the securities as of both March 31, 2023 and December 31, 2022 was $595. c. Entera Entera ordinary shares have been traded on The Nasdaq Capital Market since June 28, 2018. The Company measures the investment at fair value from such date, since it has a readily determinable fair value (prior to such date the investment was accounted for as a cost method investment (amounting to $1)). d. Held to maturity securities The amortized cost and estimated fair value of held to maturity securities as of March 31, 2023, were as follows: March 31, 2023 Amortized Gross Estimated Average Short-term: Commercial bonds $ 1,738 $ (40 ) $ 1,698 0.84 % Accrued interest 27 - 27 $ 1,765 $ (40 ) $ 1,725 The amortized cost and estimated fair value of held to maturity securities as of December 31, 2022, were as follows: December 31, 2022 Amortized Gross Estimated Average yield to Short-term: Commercial bonds $ 3,258 $ (82 ) $ 3,176 1.07 % Accrued interest 48 - 48 $ 3,306 $ (82 ) $ 3,224 Held to maturity securities which will mature during the 12 months from the balance sheet date are included in short-term marketable securities. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Mar. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 5 - STOCKHOLDERS’ EQUITY: On September 1, 2021, the Company entered into a controlled equity offering agreement (the “Cantor Equity Distribution Agreement”) with Cantor Fitzgerald & Co., as agent, pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $100,000, through a sales agent, subject to certain terms and conditions. Any shares sold will be sold pursuant to the Company’s effective shelf registration statement on Form S-3 including a prospectus dated July 26, 2021 and prospectus supplement dated September 1, 2021. The Company paid the sales agent a cash commission of 3.0% of the gross proceeds of the sale of any shares sold through the sales agent under the Cantor Equity Distribution Agreement. As of March 31, 2023 and May 11, 2023, 1,971,447 shares were issued under the Cantor Equity Distribution Agreement for aggregate net proceeds of $26,253. |
Leases
Leases | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
LEASES | NOTE 6 - LEASES: The Company has various operating leases for office space and vehicles that expire through 2027. Below is a summary of the Company’s operating right-of-use assets and operating lease liabilities as of March 31, 2023 and December 31, 2022: March 31, 2023 December 31, Operating right-of-use assets $ 915 $ 987 Operating lease liabilities, current 242 247 Operating lease liabilities long-term 564 647 Total operating lease liabilities $ 806 $ 894 Lease payments for the Company’s right-of-use assets over the remaining lease periods as of March 31, 2023 and December 31, 2022 are as follows: March 31, 2023 December 31, 2023 212 291 2024 283 291 2025 222 228 2026 120 124 2027 10 10 Total undiscounted lease payments 847 944 Less: Interest* (41 ) (50 ) Present value of lease liabilities $ 806 $ 894 * Future lease payments were discounted by 3%-5.75% interest rate. |
Related Party Transactions
Related Party Transactions | 3 Months Ended |
Mar. 31, 2023 | |
Related Party Transactions [Abstract] | |
RELATED PARTY TRANSACTIONS | NOTE 7 - RELATED PARTY TRANSACTIONS: On July 1, 2008, the Subsidiary entered into two consulting agreements with KNRY Ltd. (“KNRY”), an Israeli company owned by the Chief Scientific Officer, whereby the President and Chief Executive Officer and the Chief Scientific Officer, through KNRY, provide services to the Company (the “Consulting Agreements”). The Consulting Agreements are both terminable by either party upon 140 days prior written notice. The Consulting Agreements, as amended, provide that KNRY will be reimbursed for reasonable expenses incurred in connection with the performance of the Consulting Agreements and that the monthly consulting fee paid to the President and Chief Executive Officer and the Chief Scientific Officer is NIS 146,705 ($41) and NIS 106,400 ($29), respectively. In addition to the Consulting Agreements, based on a relocation cost analysis, the Company paid for certain direct costs, related taxes and expenses incurred in connection with the relocation of the President and Chief Executive Officer to the U.S. During the three months ended March 31, 2023, there were no Following the relocation of the President and Chief Executive Officer to the State of Israel, the Company entered into two agreements with the President and Chief Executive Officer, replacing his above-mentioned consulting agreement through KNRY, substantially on the same terms, in order to allocate his time and services between the Company and the Subsidiary. Effective November 1, 2022, the Company entered into a consulting agreement with Shnida Ltd., whereby the President and Chief Executive Officer, through Shnida Ltd., provides services as President and Chief Executive Officer of the Company. The agreement is terminable by either party upon 140 days prior written notice. The agreement provides that Shnida Ltd. will be reimbursed for reasonable expenses incurred in connection with performance of the agreement and that the President and Chief Executive Officer will receive a monthly consulting fee of NIS 88,023 ($24), plus value added tax. Pursuant to the agreement, Shnida Ltd. and the President and Chief Executive Officer each agree that during the term of the agreement and for a 12-month period thereafter, none of them will compete with the Company nor solicit employees of the Company. In addition, the Company, through the Subsidiary, has entered into an employment agreement with the President and Chief Executive Officer, effective as of November 1, 2022, pursuant to which the President and Chief Executive Officer receives gross monthly salary of NIS 46,901 ($13) in consideration for his services as President and Chief Executive Officer of the Subsidiary. In addition, the President and Chief Executive Officer is provided with a cellular phone and a company car pursuant to the terms of his agreement. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8 - SUBSEQUENT EVENTS: 1. On April 17, 2023, the Company granted an aggregate of 868,500 RSUs representing a right to receive shares of the Company’s common stock to executive officers and board members of the Company. The RSUs will vest in twelve equal quarterly installments starting May 1, 2023. The total fair value of these RSUs on the date of grant was $1,980, using the quoted closing market share price of $2.28 on the Nasdaq Capital Market on the date of grant. 2. On April 17, 2023, the Company granted an aggregate of 245,500 performance based RSUs (“PSUs”) representing a right to receive shares of the Company’s common stock to executive officers of the Company. The PSUs will vest upon the Company’s common stock achieving and maintaining a specified price per share. The total fair value of these PSUs on the date of grant was $550, using the Monte-Carlo model. 3. On May 1, 2023, the Company granted an aggregate of 20,000 RSUs representing a right to receive shares of the Company’s common stock to a board member. The RSUs will vest in twelve quarterly installments starting May 1, 2023. The total fair value of these RSUs on the date of grant was $49, using the quoted closing market share price of $2.45 on the Nasdaq Capital Market on the date of grant. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 3 Months Ended |
Mar. 31, 2023 | |
General [Abstract] | |
Condensed consolidated financial statements preparation | a. Condensed consolidated financial statements preparation The condensed consolidated financial statements included herein have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and, on the same basis as the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 Form 10-K”). These condensed consolidated financial statements reflect all adjustments that are of a normal recurring nature and that are considered necessary for a fair statement of the results of the periods presented. Certain information and disclosures normally included in annual consolidated financial statements have been omitted in this interim period report pursuant to the rules and regulations of the Securities and Exchange Commission. Because the condensed consolidated interim financial statements do not include all of the information and disclosures required by U.S. GAAP for annual financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in the 2022 Form 10-K. The results for interim periods are not necessarily indicative of a full fiscal year’s results. |
Loss per common share | b. Loss per common share Basic and diluted net loss per share of common stock are computed by dividing the net loss attributable to stockholders for the period by the weighted average number of shares of common stock outstanding for each period, including vested restricted stock units (“RSUs”). Outstanding stock options, warrants and unvested RSUs have been excluded from the calculation of the diluted loss per share because all such securities are anti-dilutive for all periods presented. The weighted average number of common stock options, warrants and RSUs excluded from the calculation of diluted net loss was 3,357,911 and 3,463,525 for the three month periods ended March 31, 2023 and March 31, 2022, respectively. |
Revenue recognition | c. Revenue recognition HTIT On November 30, 2015, the Company entered into a Technology License Agreement (the “TLA”), with Hefei Tianhui Incubator of Technologies Co. Ltd. (“HTIT”) and on December 21, 2015, the parties entered into an Amended and Restated Technology License Agreement that was further amended by the parties on June 3, 2016 and July 24, 2016 (the “HTIT License Agreement”). The HTIT License Agreement and a Stock Purchase Agreement, dated November 30, 2015, between the Company and HTIT (the “SPA”) were considered a single arrangement with multiple deliverables. The Company allocated the total consideration of $49,500 between the HTIT License Agreement and the SPA according to their fair value, as follows: $10,617 was allocated to the issuance of common stock (less issuance expenses of $23), based on the quoted price of the Company’s shares on the closing date of the SPA on December 28, 2015, and $38,883 was allocated to the HTIT License Agreement. Under Accounting Standard Codification, (“ASC”) 606, the Company identified a single performance obligation in the agreement and determined that the license and services are not distinct as the license and services are highly dependent on each other. In other words, HTIT cannot benefit from the license without the related services, and vice versa. Since the customer benefits from the services as the entity performs, revenue is recognized over time through the expected product submission date in June 2023, using the input method. The Company used the input method to measure the process for the purpose of recognizing revenue, which approximates the straight line attribution. The Company used significant judgment when it determined the product submission date. Under ASC 606, the consideration that the Company would be entitled to upon the achievement of contractual milestones, which are contingent upon the occurrence of future events, are a form of variable consideration. When assessing the portion, if any, of such milestones-related consideration to be included in the transaction price, the Company first assesses the most likely outcome for each milestone and excludes the consideration related to milestones of which the occurrence is not considered the most likely outcome. The Company then evaluates if any of the variable consideration determined in the first step is constrained by including in the transaction price variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company used significant judgment when it determined the first step of variable consideration. The potential future royalty consideration is also considered a form of variable consideration under ASC 606 as it is based on a percentage of potential future sales of the Company’s products. However, the Company applies the sales-based royalty exception and accordingly will recognize the sales-based royalty amounts when the related sale has occurred. To date, the Company has not recognized any royalty-related revenue. As of March 31, 2023, an aggregate amount of $22,382 was allocated to the HTIT License Agreement, all of which were received through the balance sheet date. Through March 31, 2023, the Company recognized revenue associated with this agreement in the aggregate amount of $19,708, of which $666 was recognized in the quarter ended March 31, 2023, and deferred the remaining amount of $2,674, which is presented as a contract liability on the condensed consolidated balance sheet. Medicox On November 13, 2022, the Company entered into a distribution license agreement (“Medicox License Agreement”) with Medicox Co., Ltd. (“Medicox”). The Medicox License Agreement grants Medicox an exclusive license to apply for regulatory approval and distribute ORMD-0801 in the Republic of Korea. For further details, see note 3c. Under ASC 606, the Company identified Medicox as a customer and the Medicox License Agreement as a contract with a customer. The Company identified a performance obligation in the Medicox License Agreement to stand-ready and provide Medicox with support in its commercialization efforts in the Republic of Korea. This performance obligation includes a non-distinct distribution license for ORMD-0801, which the Company views a predominant item in the combined performance obligation. The Company concluded that the license is not distinct, as no party other than the Company is capable of providing related services to Medicox, and both the license and related services are necessary for the customer to obtain a regulatory approval in the Republic of Korea. In addition, the agreement covers the terms of future manufacturing services, that are contingent on the completion and success of the commercialization efforts. The Medicox License Agreement contains a fixed consideration of $2,000, which was received by the Company in fiscal year 2022 and is presented under long-term deferred revenues as of March 31, 2023. It also contains variable consideration of contractual milestone payments and sales-based royalties. The Company’s obligation to stand-ready and support Medicox will be recognized on a straight-line basis over the period the Company expects to provide support to Medicox. As of March 31, 2023, this support has not commenced, and no revenue was recognized from the Medicox License Agreement. If Medicox proceeds with the regulatory approval process in the Republic of Korea, the Company expects most of the revenue to be recognized in 2024, going forward. The Company notes that its Phase 3 trial did not meet its primary and secondary endpoints. If Medicox chooses to terminate the agreement as a result of the outcome of the applicable Phase 3 trials, the Company expects to accelerate revenue recognition and recognize it at such time. |
Recently adopted accounting pronouncements | d. Recently adopted accounting pronouncements Financial instruments – credit losses In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-13 “Financial Instruments—Credit Losses—Measurement of Credit Losses on Financial Instruments.” This guidance replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance became effective for the fiscal year beginning after December 15, 2022, including interim periods within that year. The Company adopted the provisions of this update as of January 1, 2023, with no material impact on its consolidated financial statements. |
Fair value | e. Fair value 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 to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described as follows: 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 Observable prices that are based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. 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. As of March 31, 2023, the assets measured at fair value are comprised of equity securities (Level 1). The fair value of held to maturity bonds as presented in note 4 was based on a Level 2 measurement. As of March 31, 2023, the carrying amounts of cash equivalents, short-term deposits and accounts payable approximate their fair values due to the short-term maturities of these instruments. The amounts funded in respect of employee rights are stated at cash surrender value which approximates its fair value. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Marketable Securities [Abstract] | |
Schedule of marketable securities include investments in equity securities | March 31, December 31, Short-term: DNA (see b below) $ 366 $ 352 Entera (see c below) 136 85 Held to maturity securities (see d below) 1,765 3,306 $ 2,267 $ 3,743 |
Schedule of amortized cost and estimated fair value of held-to-maturity securities | March 31, 2023 Amortized Gross Estimated Average Short-term: Commercial bonds $ 1,738 $ (40 ) $ 1,698 0.84 % Accrued interest 27 - 27 $ 1,765 $ (40 ) $ 1,725 December 31, 2022 Amortized Gross Estimated Average yield to Short-term: Commercial bonds $ 3,258 $ (82 ) $ 3,176 1.07 % Accrued interest 48 - 48 $ 3,306 $ (82 ) $ 3,224 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Leases [Abstract] | |
Schedule of operating right-of-use assets and operating lease liabilities | March 31, 2023 December 31, Operating right-of-use assets $ 915 $ 987 Operating lease liabilities, current 242 247 Operating lease liabilities long-term 564 647 Total operating lease liabilities $ 806 $ 894 |
Schedule of right-of-use assets over the remaining lease periods | March 31, 2023 December 31, 2023 212 291 2024 283 291 2025 222 228 2026 120 124 2027 10 10 Total undiscounted lease payments 847 944 Less: Interest* (41 ) (50 ) Present value of lease liabilities $ 806 $ 894 * Future lease payments were discounted by 3%-5.75% interest rate. |
General (Details)
General (Details) | 3 Months Ended |
Mar. 31, 2023 shares | |
General [Abstract] | |
Capital stock issued | 1,890,000 |
Shares issued and outstanding percentage | 63% |
Significant Accounting Polici_2
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Dec. 28, 2015 | Mar. 31, 2023 | Mar. 31, 2022 | |
Significant Accounting Policies (Details) [Line Items] | |||
Diluted net loss (in Shares) | 3,357,911 | 3,463,525 | |
Fixed consideration | $ 2,000 | ||
Recognized revenue aggregate amount | 19,708 | ||
Deferred revenue recognized | 666 | ||
Deferred revenue recognized remaining amount | 2,674 | ||
HTIT License Agreement [Member] | |||
Significant Accounting Policies (Details) [Line Items] | |||
Fixed consideration | $ 49,500 | ||
Value of common stock issued | 38,883 | $ 22,382 | |
Stock Purchase Agreement [Member] | |||
Significant Accounting Policies (Details) [Line Items] | |||
Value of common stock issued | 10,617 | ||
issuance expenses | $ 23 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Nov. 13, 2022 | Sep. 02, 2020 | Mar. 31, 2023 | |
Commitments (Details) [Line Items] | |||
License agreement, description | The CRO Services Agreement was amended effective May 26, 2022 and as consideration for its services, the Subsidiary will pay the CRO a total amended amount up to $15,796 during the term of the engagement and based on achievement of certain milestones, of which $7,972 was recognized in research and development expenses through March 31, 2023. | ||
Right terminate years | 10 years | ||
Development amount | $ 15,000 | ||
Development received amount | $ 2,000 | ||
Royalty percentage | 15% | ||
Total amount received | $ 2,208 | ||
Liability | $ 96 | ||
Israel Innovation Authority [Member] | |||
Commitments (Details) [Line Items] | |||
Royalty percentage | 3% | ||
Minimum [Member] | Israel Innovation Authority [Member] | |||
Commitments (Details) [Line Items] | |||
Royalty percentage | 100% | ||
Maximum [Member] | Israel Innovation Authority [Member] | |||
Commitments (Details) [Line Items] | |||
Royalty percentage | 150% | ||
Vendor Two [Member] | |||
Commitments (Details) [Line Items] | |||
Commitments for considering service | $ 22,684 | ||
Research and development expenses | $ 16,600 | ||
LIBOR [Member] | |||
Commitments (Details) [Line Items] | |||
Total amount received | $ 2,542 |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Marketable Securities (Details) [Line Items] | ||
Cost of securities | $ 595 | $ 595 |
Cost method investments | $ 1 | |
Equity Method Investment [Member] | ||
Marketable Securities (Details) [Line Items] | ||
Ownership percentage | 1.40% |
Marketable Securities (Detail_2
Marketable Securities (Details) - Schedule of marketable securities include investments in equity securities - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule Of Marketable Securities Include Investments In Equity Securities Abstract | ||
DNA (see b below) | $ 366 | $ 352 |
Entera (see c below) | 136 | 85 |
Held to maturity securities (see d below) | 1,765 | 3,306 |
Marketable securities | $ 2,267 | $ 3,743 |
Marketable Securities (Detail_3
Marketable Securities (Details) - Schedule of amortized cost and estimated fair value of held-to-maturity securities - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized cost | $ 1,765 | $ 3,306 |
Gross unrealized gains (losses) | (40) | (82) |
Estimated fair value | 1,725 | 3,224 |
Commercial bonds [Member] | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized cost | 1,738 | 3,258 |
Gross unrealized gains (losses) | (40) | (82) |
Estimated fair value | $ 1,698 | $ 3,176 |
Average yield to maturity rate | 0.84% | 1.07% |
Accrued Interest [Member] | ||
Schedule of Held-to-Maturity Securities [Line Items] | ||
Amortized cost | $ 27 | $ 48 |
Gross unrealized gains (losses) | ||
Estimated fair value | $ 27 | $ 48 |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) | 3 Months Ended | ||
May 11, 2023 | Sep. 01, 2021 | Mar. 31, 2023 | |
Stockholders' Equity (Details) [Line Items] | |||
Aggregate offering price | $ 100,000 | ||
Cash commission percentage | 3% | ||
Shares issued (in Shares) | 1,971,447 | ||
Aggregate net proceeds | $ 26,253 | ||
Subsequent Event [Member] | |||
Stockholders' Equity (Details) [Line Items] | |||
Shares issued (in Shares) | 1,971,447 | ||
Aggregate net proceeds | $ 26,253 |
Leases (Details)
Leases (Details) | Mar. 31, 2023 |
Minimum [Member] | |
Leases (Details) [Line Items] | |
Future lease payments rate | 3% |
Maximum [Member] | |
Leases (Details) [Line Items] | |
Future lease payments rate | 5.75% |
Leases (Details) - Schedule of
Leases (Details) - Schedule of operating right-of-use assets and operating lease liabilities - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Schedule of Operating Right of Use Assets and Operating Lease Liabilities [Abstract] | ||
Operating right-of-use assets | $ 915 | $ 987 |
Operating lease liabilities, current | 242 | 247 |
Operating lease liabilities long-term | 564 | 647 |
Total operating lease liabilities | $ 806 | $ 894 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of right-of-use assets over the remaining lease periods - USD ($) $ in Thousands | Mar. 31, 2023 | Mar. 31, 2022 | |
Schedule of Right of Use Assets Over the Remaining Lease Periods [Abstract] | |||
2023 | $ 212 | $ 291 | |
2024 | 283 | 291 | |
2025 | 222 | 228 | |
2026 | 120 | 124 | |
2027 | 10 | 10 | |
Total undiscounted lease payments | 847 | 944 | |
Less: Interest | [1] | (41) | (50) |
Present value of lease liabilities | $ 806 | $ 894 | |
[1] Future lease payments were discounted by 3%-5.75% interest rate. |
Related Party Transactions (Det
Related Party Transactions (Details) $ in Thousands | 1 Months Ended | 3 Months Ended | ||||
Nov. 01, 2022 USD ($) | Nov. 01, 2022 ILS (₪) | Jul. 01, 2008 USD ($) | Jul. 01, 2008 ILS (₪) | Mar. 31, 2023 USD ($) | Mar. 31, 2022 USD ($) | |
Related Party Transactions (Details) [Line Items] | ||||||
Consulting fee paid | $ 24 | ₪ 88,023 | ||||
Relocation expenses | $ | $ 143 | |||||
Gross salary | $ 13 | ₪ 46,901 | ||||
Chief Executive Officer [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Consulting fee paid | $ 41 | ₪ 146,705 | ||||
Chief Scientific Officer [Member] | ||||||
Related Party Transactions (Details) [Line Items] | ||||||
Consulting fee paid | ₪ | ₪ 29 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | |
May 01, 2023 | Apr. 17, 2023 | |
Subsequent Events (Details) [Line Items] | ||
Aggregate of restricted stock units | 245,500 | |
RSUs on the date of grant | $ 550 | |
Forecast [Member] | ||
Subsequent Events (Details) [Line Items] | ||
Aggregate of restricted stock units | 20,000 | |
RSUs on the date of grant | $ 49 | |
Market share price | $ 2.45 | |
Restricted Stock Units (RSUs) [Member] | ||
Subsequent Events (Details) [Line Items] | ||
Aggregate of restricted stock units | 868,500 | |
RSUs on the date of grant | $ 1,980 | |
Market share price | $ 2.28 |