InspireMD (NSPR) 10-Q 5 Aug 20 2020 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2020	Aug. 04, 2020
Cover [Abstract]
Entity Registrant Name	InspireMD, Inc.
Entity Central Index Key	0001433607
Document Type	10-Q
Document Period End Date	Jun. 30, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business Flag	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		33,357,661
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 13,861	$ 5,514
Accounts receivable:
Trade, net	416	823
Other	152	150
Prepaid expenses	40	87
Inventory	1,402	1,236
TOTAL CURRENT ASSETS	15,871	7,810
NON-CURRENT ASSETS:
Property, plant and equipment, net	459	547
Operating lease right of use assets	790	937
Fund in respect of employee rights upon retirement	620	586
TOTAL NON-CURRENT ASSETS	1,869	2,070
TOTAL ASSETS	17,740	9,880
Accounts payable and accruals:
Trade	458	646
Other	2,774	2,449
Contract liability	17	20
TOTAL CURRENT LIABILITIES	3,249	3,115
LONG-TERM LIABILITIES-
Operating lease liabilities	476	653
Liability for employees rights upon retirement	801	729
TOTAL LONG-TERM LIABILITIES	1,277	1,382
COMMITMENTS AND CONTINGENT LIABILITIES (Note 8)
TOTAL LIABILITIES	4,526	4,497
EQUITY:
Common stock, par value $0.0001 per share; 150,000,000 shares authorized at June 30, 2020 and December 31, 2019; 33,358,994 and 3,916,134 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	3
Additional paid-in capital	175,301	163,015
Accumulated deficit	(162,090)	(157,632)
Total equity	13,214	5,383
Total liabilities and equity	17,740	9,880
Preferred B Shares [Member]
EQUITY:
Preferred stock, value
Preferred C Shares [Member]
EQUITY:
Preferred stock, value

Consolidated Balance Sheets (_2

Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2020	Dec. 31, 2019
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	150,000,000	150,000,000
Common stock, shares issued	33,358,994	3,916,134
Common stock, shares outstanding	33,358,994	3,916,134
Preferred B Shares [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	17,303	17,303
Preferred stock, shares outstanding	17,303	17,303
Preferred C Shares [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	1,172,000	1,172,000
Preferred stock, shares issued	2,343	34,370
Preferred stock, shares outstanding	2,343	34,370

Consolidated Statements of Oper

Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
REVENUES	$ 313	$ 1,354	$ 1,347	$ 1,769
COST OF REVENUES	433	912	1,172	1,400
GROSS PROFIT (LOSS)	(120)	442	175	369
OPERATING EXPENSES:
Research and development	444	865	967	1,990
Selling and marketing	377	620	1,001	1,254
General and administrative	1,505	1,140	2,674	2,438
Total operating expenses	2,326	2,625	4,642	5,682
LOSS FROM OPERATIONS	(2,446)	(2,183)	(4,467)	(5,313)
FINANCIAL INCOME (EXPENSES), net:	(34)	(23)	9	(100)
LOSS BEFORE TAX EXPENSES	(2,480)	(2,206)	(4,458)	(5,413)
TAX EXPENSES
NET LOSS	$ (2,480)	$ (2,206)	$ (4,458)	$ (5,413)
NET LOSS PER SHARE - basic and diluted	$ (0.20)	$ (1.59)	$ (0.52)	$ (4.86)
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING NET LOSS PER SHARE - basic and diluted	12,681,757	1,383,238	8,652,396	1,112,888

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]		Series B Convertible Preferred Stock [Member]		Series C Convertible Preferred Stock [Member]		Additional Paid-in Capital [Member]	Accumulated Deficit [Member]	Total
Balance at Dec. 31, 2018		[1]		[1]		[1]	$ 156,355	$ (147,592)	$ 8,763
Balance, shares at Dec. 31, 2018	768,615		17,303		61,423
Net loss								(5,413)	(5,413)
Exercise of pre-funded warrants		[1]					16		16
Exercise of pre-funded warrants, shares	32,034
Issuance of common shares, net of issuance costs		[1]					2,030		2,030
Issuance of common shares, net of issuance costs, shares	499,350
Conversion of Series C Convertible Preferred Stock to common shares						[1]
Conversion of Series C Convertible Preferred Stock to common shares, shares	27,248				(22,617)
Share-based compensation related to restricted stock and stock options award, net of forfeitures of shares		[1]					178		178
Share-based compensation related to restricted stock and stock options award, net of forfeitures of shares, shares	69,886
Balance at Jun. 30, 2019		[1]		[1]		[1]	158,579	(153,005)	5,574
Balance, shares at Jun. 30, 2019	1,397,133		17,303		38,806
Balance at Mar. 31, 2019		[1]		[1]		[1]	156,439	(150,799)	5,640
Balance, shares at Mar. 31, 2019	871,872		17,303		59,423
Net loss								(2,206)	(2,206)
Issuance of common shares, net of issuance costs		[1]					2,030		2,030
Issuance of common shares, net of issuance costs, shares	499,350
Conversion of Series C Convertible Preferred Stock to common shares						[1]
Conversion of Series C Convertible Preferred Stock to common shares, shares	26,394				(20,617)
Share-based compensation related to restricted stock and stock options award, net of forfeitures of shares		[1]					110		110
Share-based compensation related to restricted stock and stock options award, net of forfeitures of shares, shares	(483)
Balance at Jun. 30, 2019		[1]		[1]		[1]	158,579	(153,005)	5,574
Balance, shares at Jun. 30, 2019	1,397,133		17,303		38,806
Balance at Dec. 31, 2019		[1]		[1]		[1]	163,015	(157,632)	5,383
Balance, shares at Dec. 31, 2019	3,916,134		17,303		34,370
Net loss								(4,458)	(4,458)
Exercise of pre-funded warrants	$ 2						16		18
Exercise of pre-funded warrants, shares	14,856,400
Issuance of common shares, net of issuance costs	$ 1						10,650		10,651
Issuance of common shares, net of issuance costs, shares	10,969,100
Conversion of Series C Convertible Preferred Stock to common shares		[1]				[1]
Conversion of Series C Convertible Preferred Stock to common shares, shares	372,173				(32,027)
Share-based compensation related to restricted stock and stock options award, net of forfeitures of shares		[1]					120		120
Share-based compensation related to restricted stock and stock options award, net of forfeitures of shares, shares	(40,000)
Settlement of restricted stock units in shares of common stock		[1]
Settlement of restricted stock units in shares of common stock, shares	165,000
Exercise of Warrants F		[1]					1,418		1,418
Exercise of Warrants F, shares	2,866,600
Exercise of Unit Purchase Option to common shares		[1]					82		82
Exercise of Unit Purchase Option to common shares, shares	253,587
Balance at Jun. 30, 2020	$ 3			[1]		[1]	175,301	(162,090)	13,214
Balance, shares at Jun. 30, 2020	33,358,994		17,303		2,343
Balance at Mar. 31, 2020		[1]		[1]		[1]	163,087	(159,610)	3,477
Balance, shares at Mar. 31, 2020	4,338,910		17,303		26,558
Net loss								(2,480)	(2,480)
Exercise of pre-funded warrants	$ 2						12		14
Exercise of pre-funded warrants, shares	14,586,400
Issuance of common shares, net of issuance costs	$ 1						10,650		10,651
Issuance of common shares, net of issuance costs, shares	10,969,100
Conversion of Series C Convertible Preferred Stock to common shares		[1]
Conversion of Series C Convertible Preferred Stock to common shares, shares	344,397				(24,215)
Share-based compensation related to restricted stock and stock options award, net of forfeitures of shares							52		52
Exercise of Warrants F		[1]					1,418		1,418
Exercise of Warrants F, shares	2,866,600
Exercise of Unit Purchase Option to common shares		[1]					82		82
Exercise of Unit Purchase Option to common shares, shares	253,587
Balance at Jun. 30, 2020	$ 3			[1]		[1]	$ 175,301	$ (162,090)	$ 13,214
Balance, shares at Jun. 30, 2020	33,358,994		17,303		2,343
[1]	Represents an amount less than $1 thousand

Consolidated Statements of Ch_2

Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Restricted stock award, shares		483	40,000	695
Issuance costs			$ 767	$ 467
Common Stock [Member]
Issuance costs	$ 835	$ 467	$ 835	$ 467

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (4,458)	$ (5,413)
Adjustments required to reconcile net loss to net cash used in operating activities:
Depreciation	88	73
Change in liability for employees rights upon retirement	72	65
Financial income and interest paid	19	1
Lease liability	(18)	53
Share-based compensation expenses	120	178
Changes in operating asset and liability items:
Decrease in prepaid expenses	47	37
Decrease (Increase) in trade receivables	407	(145)
Increase in other receivables	(2)	(172)
Increase in inventory	(166)	(84)
Decrease in trade payables	(188)	(311)
(Decrease) increase in other payables and contract liability	242	(664)
Net cash used in operating activities	(3,837)	(6,382)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property, plant and equipment		(165)
Amounts (withdrawn) in respect of employee rights upon retirement, net	(34)	(59)
Net cash used in investing activities	(34)	(224)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of shares and warrants and exercise of Pre-Funded Warrants and unit purchase option, net of $767 and $467 issuance costs, respectively	12,237	2,046
Net cash provided by financing activities	12,237	2,046
EFFECT OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS	(19)	(1)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	8,347	(4,561)
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF THE PERIOD	5,514	9,384
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF THE PERIOD	13,861	4,823
SUPPLEMENTAL DISCLOSURES OF NON-CASH FINANCING ACTIVITIES:
Issuance Costs	$ 68	$ 467

Consolidated Statements of Ca_2

Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Statement of Cash Flows [Abstract]
Issuance costs	$ 767	$ 467

Description of Business

Description of Business	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	NOTE 1 - DESCRIPTION OF BUSINESS a. General InspireMD, Inc., a Delaware corporation (the “Company”), together with its subsidiaries, is a medical device company focusing on the development and commercialization of its proprietary MicroNet™ stent platform technology for the treatment of complex vascular and coronary disease. MicroNet, a micron mesh sleeve, is wrapped over a stent to provide embolic protection in stenting procedures. The Company’s carotid product (CGuard™ EPS) combines MicroNet and a self-expandable nitinol stent in a single device to treat carotid artery disease. The Company’s coronary product combining MicroNet and a bare-metal stent (MGuard Prime™ EPS) is marketed for use in patients with acute coronary syndromes, notably acute myocardial infarction (heart attack) and saphenous vein graft coronary interventions (bypass surgery). The Company markets its products through distributors in international markets, mainly in Europe. b. Liquidity The Company has an accumulated deficit as of June 30, 2020, as well as a history of net losses and negative operating cash flows in recent years. The Company expects to continue incurring losses and negative cash flows from operations until its products (primarily CGuard™ EPS) reach commercial profitability. As a result of these expected losses and negative cash flows from operations, along with the Company’s current cash position, the Company has sufficient resources to fund operations through the third quarter of 2021. Therefore, there is substantial doubt about the Company’s ability to continue as a going concern. These financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. Management’s plans include the continued commercialization of the Company’s products and raising capital through the sale of additional equity securities, debt or capital inflows from strategic partnerships. There are no assurances however, that the Company will be successful in obtaining the level of financing needed for its operations. The COVID-19 pandemic has resulted in significant financial market volatility and uncertainty in recent weeks. A continuation or worsening of the levels of market disruption and volatility seen in the recent past could have an adverse effect on our ability to access capital and on the market price of our common stock, and we may not be able to successfully raise capital through the sale of our securities. If the Company is unsuccessful in commercializing its products and raising capital, it may need to reduce activities, curtail or cease operations. c. COVID-19 Pandemic During the six months ended June 30, 2020, in an effort to contain and mitigate the spread of a strain of coronavirus, COVID-19, many countries have imposed unprecedented restrictions on travel, quarantines and other public health safety measures. Procedures with CGuard EPS, which are generally scheduled or non-emergency procedures, have mostly been postponed as hospitals shift resources to patients affected by COVID-19. According to our knowledge, most European countries in which we operate are slowly reinstating elective procedures, but we do not know when the hospitals will resume to normal pre-pandemic levels with such procedures. At this point, the extent to which COVID-19 may impact our business cannot be estimated; however, we anticipate that the continuation of the pandemic and related restrictions and safety measures would likely result in a continued decline in sales of our products for the upcoming periods. In response to the significant market volatility and uncertainties relating to COVID-19, the fees and salaries of the Company’s board of directors, management and most of its employees were reduced in order to alleviate corporate operating expenses. Following the closing of an underwritten public offering in June 2020, which provided $10.7 million of net proceeds to the Company, the Company reinstated the fees and salaries of its board of directors, management and employees. As a result of the reduction of those fees and salaries during the second quarter of 2020, the Company’s operating expenses were reduced by approximately $235,000 in the second quarter of 2020.

Basis of Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	NOTE 2 - BASIS OF PRESENTATION The accompanying unaudited consolidated financial statements have been prepared on the same basis as the annual consolidated financial statements. In the opinion of management, the financial statements reflect all adjustments, which include only normal recurring adjustments, necessary to state fairly the financial position and results of operations of the Company. These consolidated financial statements and notes thereto are unaudited and should be read in conjunction with the Company’s audited financial statements for the year ended December 31, 2019, as found in the Company’s Annual Report on Form 10-K, filed with the Securities and Exchange Commission on March 10, 2020. The results of operations for the three and six months ended June 30, 2020 are not necessarily indicative of results that could be expected for the entire fiscal year.

Equity

Equity	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Equity	NOTE 3 - EQUITY: a. During the six months ended June 30, 2020, the Company issued a total of 270,000 shares of its common stock in connection with the exercise of 270,000 Pre-Funded Warrants issued in September 2019. As of June 30, 2020, there are no outstanding Pre-Funded Warrants issued in September 2019. b. On June 5, 2020, the Company closed an underwritten public offering of (i) 7,635,800 units (“Units”), with each Unit being comprised of one share of the Company’s common stock, par value $0.0001 per share, and one Series F warrant (a “Series F Warrant”) to purchase one share of common stock, and (ii) 14,586,400 pre-funded units (the “Pre-Funded Units”), with each Pre-Funded Unit being comprised of one pre-funded warrant (a “Pre-Funded Warrant”) to purchase one share of common stock and one Series F Warrant. In connection with this public offering, the underwriter exercised its over-allotment option in full and purchased an additional 3,333,300 shares of common stock and 3,333,300 Series F Warrants. The offering price to the public was $0.45 per Unit and $0.449 per Pre-Funded Unit. The net proceeds to the Company from the offering and the exercise of the underwriter’s over-allotment option were approximately $10.7 million, after deducting underwriting discounts and commissions and payment of other estimated expenses associated with the offering, but excluding the proceeds, if any, from the exercise of Series F Warrants and the Pre-Funded Warrants sold in the offering. The Series F Warrants included in the Common Units and the Pre-Funded Units are immediately exercisable at a price of $0.495 per share of common stock, subject to adjustment in certain circumstances, and expire June 2, 2025. The shares of common stock, or Pre-Funded Warrants in the case of the Pre-Funded Units, and the Series F Warrants were offered together, but the securities contained in the Common Units and the Pre-Funded Units were issued separately. During the six months ended June 30, 2020, 2,866,600 Series F Warrants were converted into 2,866,600 shares of common stock. The net proceeds to the Company from exercise of the Series F Warrants were approximately $1.4 million. During the six months ended June 30, 2020, the Company issued a total of 14,586,400 shares of common stock in connection with the exercise of all outstanding Pre-Funded Warrants issued in June 2020. Pursuant to the full ratchet anti-dilution adjustment provisions in the respective certificate of designation for the Company’s Series B Convertible Preferred Stock and Series C Preferred Stock, the conversion price of the outstanding shares of the Series B Convertible Preferred Stock and the Series C Preferred Stock was reduced to $0.45 per share, effective as of the date of the underwriting agreement entered for the June 2020 Offering, and the number of shares of common stock issuable upon conversion of the Series B Preferred Stock and the Series C Preferred Stock had increased as follows: ● An aggregate of 1,665,414 additional shares of common stock upon conversion of the Series B Preferred Stock and as payment of the dividends thereunder in common stock, based on 17,303 shares of Series B Preferred Stock outstanding as of June 2, 2020. ● An aggregate of 283,285 additional shares of common stock upon conversion of the Series C Preferred Stock, based on 26,558 shares of Series C Preferred Stock outstanding as of June 2, 2020. For the purpose of calculating basic net loss per share, the additional shares of common stock that are issuable upon exercise of the Pre-funded Warrants have been included since the shares are issuable for a negligible consideration, as determined by the Company according to ASC 260-10-45-13, and have no vesting or other contingencies associated with them. The Company has also concluded that the series F warrants are classified as equity, since the warrants meet all criteria for equity classification. c. During the six months ended June 30, 2020, 32,027 shares of Series C Convertible Preferred Stock were converted into 372,173 shares of common stock. d. During June 2020, the placement agent from the July 2016 Offering exercised its unit purchase option to purchase 1,976 units and received 1,976 shares of Series B Convertible Preferred Stock and 5 Series A warrants to purchase common stock. The placement agent subsequently converted its Series B Convertible Preferred Stock and received an aggregate of 253,587 shares of common stock. The Company received $81,510 from the placement agent for the exercise of the unit purchase option. As of June 30, 2020, there are no unit purchase options issued in July 2016. e. As of June 30, 2020, the number of preferred shares and the amount each class is convertible into is below: Number of Number of Series B Convertible Preferred Stock 17,303 2,220,552 * Series C Convertible Preferred Stock 2,343 33,322 Total 2,253,874 * Including the shares of common stock the holders of Series B Convertible Preferred Stock are entitled to receive as cumulative dividends at the rate per share of 15% per annum of the stated value for five years, payable in cash or common stock, at the Company’s discretion, but excluding effect of future conversion price adjustment, if any. As of June 30, 2020, the Company has outstanding warrants to purchase an aggregate of 26,705,502 shares of common stock as follows: Number of stock Weighted Series A Warrants 1,107 $ 8,750.00 Series B Warrants 2,448 $ 3,500.00 Series D Warrants 806,698 $ 15.19 Series E Warrants 2,972,221 $ 1.80 Series F Warrants 22,688,900 $ 0.50 April 2019 Underwriter Warrants 34,955 $ 6.25 September 2019 Underwriter Warrants 194,444 $ 2.25 Other warrants 4,729 $ 587.33 Total Warrants 26,705,502 $ 1.89 As of June 30, 2020, the Company had 155,000,000 authorized shares of capital stock, par value $0.0001 per share, of which 150,000,000 are shares of common stock and 5,000,000 are shares of “blank check” preferred stock. In connection with an Employment Agreement with a new chief executive officer and president, the Company granted 182,381 restricted stock units and stock options to purchase 60,794 shares of common stock at $1.10 per share. The restricted stock units and options are subject to a three-year vesting period, with one-third of such awards vesting each year. The fair value of the restricted stock units was approximately $0.2 million.

Net Loss Per Share

Net Loss Per Share	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
Net Loss Per Share	NOTE 4- NET LOSS PER SHARE: Basic and diluted net loss per share is computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding during the period. The calculation of diluted net loss per share excludes potential share issuances of common stock upon the exercise of share options, warrants, and restricted stocks as the effect is anti-dilutive. The total number of shares of common stock related to outstanding options, warrants, restricted stock, restricted stock units and Series C Preferred Stock excluded from the calculations of diluted loss per share were 27,001,849 for the six and three month period ended June 30, 2020. The total number of shares of common stock related to outstanding options, warrants, restricted stock, Series C Preferred Stock excluded from the calculations of diluted loss per share were 992,609 for the six and three month period ended June 30, 2019.

Fair Value Measurement

Fair Value Measurement	6 Months Ended
	Jun. 30, 2020
Fair Value Disclosures [Abstract]
Fair Value Measurement	NOTE 5 - FAIR VALUE MEASUREMENT: Fair value of financial instruments The carrying amounts of financial instruments included in working capital approximate their fair value either because these amounts are presented at fair value or due to the relatively short-term maturities of such instruments. As of June 30, 2020, and December 31, 2019, allowance for doubtful accounts was $0.

Inventory

Inventory	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Inventory	NOTE 6 - INVENTORY: June 30, December 31, 2020 2019 ($ in thousands) Finished goods $ 234 $ 173 Work in process 410 81 Raw materials and supplies 758 982 $ 1,402 $ 1,236

Accounts Payable and Accruals -

Accounts Payable and Accruals - Other	6 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Accounts Payable and Accruals - Other	NOTE 7 - ACCOUNTS PAYABLE AND ACCRUALS - OTHER: June 30, December 31, 2020 2019 ($ in thousands) Employees and employee institutions 811 1,238 Accrued vacation and recreation pay 278 188 Accrued expenses 1,262 604 Current Operating lease liabilities 374 362 Other 49 57 $ 2,774 $ 2,449

Commitments and Contingent Liab

Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	NOTE 8 - COMMITMENTS AND CONTINGENT LIABILITIES: a. Lease Agreements 1) The Company’s Israeli subsidiary has a lease agreement for a facility in Israel, which expires on December 31, 2020 with an option to extend the agreement for two additional years until December 31, 2022 under the terms stipulated in the agreement (the Option Period). The Option Period was taken in consideration when calculating the operating lease right of use assets and liabilities since it is reasonably certain that the company will exercise the option. 2) The Company leases its motor vehicles under operating lease agreements. b. Litigation: In July 2019, a former distributor filed a suit seeking damages from the Company’s subsidiary for pre-paid goods subject to the voluntary field action (from April 2014) amounting to €1,830,000 (which is approximately $2.0 million), or alternatively €1,024,000 (which is approximately $1.1 million). After considering the views of its legal counsel as well as other factors, the Company’s management believes that there is a reasonably possible likelihood of a loss from any related future proceedings would range from a minimal amount up to €1,830,000.

Disaggregated Revenue and Entit

Disaggregated Revenue and Entity Wide Disclosures	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Disaggregated Revenue and Entity Wide Disclosures	NOTE 9 - DISAGGREGATED REVENUE AND ENTITY WIDE DISCLOSURES Revenues are attributed to geographic areas based on the location of the customers. The following is a summary of revenues: Three months ended Six months ended 2020 2019 2020 2019 ($ in thousands) Italy $ 53 $ 260 $ 247 $ 339 Germany 89 196 259 324 Poland - 187 121 187 Other 171 711 720 919 $ 313 $ 1,354 $ 1,347 $ 1,769 By product: Three months ended Six months ended 2020 2019 2020 2019 ($ in thousands) CGuard $ 271 $ 1,116 $ 1,242 $ 1,492 MGuard 42 238 105 277 $ 313 $ 1,354 $ 1,347 $ 1,769 By principal customers: Three months ended Six months ended 2020 2019 2020 2019 Customer A 26 % 12 % 18 % 16 % Customer B 17 % 12 % 6 % 12 % Customer C - 14 % 9 % 11 % Customer D - 7 % 12 % 7 % All tangible long lived assets are located in Israel.

Subsequent Events

Subsequent Events	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
Subsequent Events	NOTE 10 – SUBSEQUENT EVENTS a. On July 28, 2020, we entered into a settlement agreement and release with the prior underwriter, under which it provided us a final, unconditional release from any further obligations arising out of or related to the engagement agreements, underwriting agreements and placement agency agreements which we had been party to with it and with respect to any services which it had provided to us. We, in turn, provided the prior underwriter a final, unconditional release from any further obligations arising out of or related to the prior agreements and services. As consideration for the final release provided to us, we will pay to the prior underwriter $400,000 in cash and reduce, to $0.495, the exercise price per share of warrants to purchase 274,029 shares of our common stock that had been issued by us to the prior underwriter in various offerings that took place between March 2018 and September 2019. That reduced exercise price represents the exercise price for the Series F Warrants that we issued in our June 2020 public offering. The warrants that will be repriced had existing exercise prices per share ranging from $187.50 to $2.25 and a weighted average exercise price per share of $7.32. All other terms of those warrants will remain unchanged. The related increase in provision of $400,000 was recorded to “General and Administrative expense” within the Consolidated Statements of Operations for the three months ended June 30, 2020. b. In July 2020, a former senior employee of InspireMD GmbH filed a statement of claim at the Munich Labor Court, seeking confirmation of the court that the notice of termination is not effective. The Company’s management, after considering the views of its legal counsel as well as other factors, is of the opinion that a loss to the Company is neither probable nor in an amount or range of loss that is estimable.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
Schedule of Convertible Preferred Shares	Number of Number of Series B Convertible Preferred Stock 17,303 2,220,552 * Series C Convertible Preferred Stock 2,343 33,322 Total 2,253,874 * Including the shares of common stock the holders of Series B Convertible Preferred Stock are entitled to receive as cumulative dividends at the rate per share of 15% per annum of the stated value for five years, payable in cash or common stock, at the Company’s discretion, but excluding effect of future conversion price adjustment, if any.
Schedule of Warrants Outstanding Activity	As of June 30, 2020, the Company has outstanding warrants to purchase an aggregate of 26,705,502 shares of common stock as follows: Number of stock Weighted Series A Warrants 1,107 $ 8,750.00 Series B Warrants 2,448 $ 3,500.00 Series D Warrants 806,698 $ 15.19 Series E Warrants 2,972,221 $ 1.80 Series F Warrants 22,688,900 $ 0.50 April 2019 Underwriter Warrants 34,955 $ 6.25 September 2019 Underwriter Warrants 194,444 $ 2.25 Other warrants 4,729 $ 587.33 Total Warrants 26,705,502 $ 1.89

Inventory (Tables)

Inventory (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
Schedule of Inventory	June 30, December 31, 2020 2019 ($ in thousands) Finished goods $ 234 $ 173 Work in process 410 81 Raw materials and supplies 758 982 $ 1,402 $ 1,236

Accounts Payable and Accruals_2

Accounts Payable and Accruals - Other (Tables)	6 Months Ended
	Jun. 30, 2020
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accruals - Other	June 30, December 31, 2020 2019 ($ in thousands) Employees and employee institutions 811 1,238 Accrued vacation and recreation pay 278 188 Accrued expenses 1,262 604 Current Operating lease liabilities 374 362 Other 49 57 $ 2,774 $ 2,449

Disaggregated Revenue and Ent_2

Disaggregated Revenue and Entity Wide Disclosures (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
Schedule of Revenues Attributed to Geographic Areas	Revenues are attributed to geographic areas based on the location of the customers. The following is a summary of revenues: Three months ended Six months ended 2020 2019 2020 2019 ($ in thousands) Italy $ 53 $ 260 $ 247 $ 339 Germany 89 196 259 324 Poland - 187 121 187 Other 171 711 720 919 $ 313 $ 1,354 $ 1,347 $ 1,769
Schedule of Revenues Attributed to Geographic Areas by Product	By product: Three months ended Six months ended 2020 2019 2020 2019 ($ in thousands) CGuard $ 271 $ 1,116 $ 1,242 $ 1,492 MGuard 42 238 105 277 $ 313 $ 1,354 $ 1,347 $ 1,769
Schedule of Revenues Attributed to Geographic Areas by Principal Customers	By principal customers: Three months ended Six months ended 2020 2019 2020 2019 Customer A 26 % 12 % 18 % 16 % Customer B 17 % 12 % 6 % 12 % Customer C - 14 % 9 % 11 % Customer D - 7 % 12 % 7 %

Description of Business (Detail

Description of Business (Details Narrative) $ in Thousands	6 Months Ended
	Jun. 30, 2020USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Proceeds from public offering	$ 10,700
Reduced in operating expenses	$ 235

Equity (Details Narrative)

Equity (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Jun. 05, 2020	Jun. 30, 2020	Jun. 30, 2019	Jun. 02, 2020	Mar. 31, 2020	Dec. 31, 2019	Sep. 30, 2019	Mar. 31, 2019	Dec. 31, 2018
Pre-funded warrants, shares							270,000
Outstanding pre-funded warrants are exercisable into shares of common stock
Public offering units	7,635,800
Common stock, par value		$ 0.0001				$ 0.0001
Number of warrants to purchase common stock		26,705,502
Share price	$ 0.45
Proceeds from exercise of warrants	$ 10,700	$ 12,237	$ 2,046
Warrants exercise price		$ 1.89
Converted shares		2,253,874
Capital stock shares authorized		155,000,000
Capital stock par value		$ 0.0001
Common stock shares authorized		150,000,000				150,000,000
Restricted Stock [Member]
Fair value of restricted stock units		$ 200
Restricted Stock [Member] | New Chief Executive Officer and President [Member]
Share price		$ 1.10
Stock option granted		182,381
Stock options to purchase a share of common stock		60,794
Stock option vesting period		3 years
Pre-Funded Units [Member]
Public offering units	14,586,400
Share price	$ 0.449
Pre-Funded Warrants [Member]
Number of shares issued for exercise of warrants		14,586,400
July 2016 Offering [Member]
Stock options to purchase		1,976
Stock options exercised		$ 81,510
Series F Warrants [Member]
Common stock, par value	$ 0.0001
Number of warrants to purchase common stock	1	22,688,900
Over allotment shares	3,333,300
Proceeds from exercise of warrants		$ 1,400
Warrants exercise price		$ 0.50
Conversion of converted shares		2,866,600
Series F Warrants [Member] | Pre-Funded Units [Member]
Warrants exercise price	$ 0.495
Warrants expiration date	Jun. 2, 2025
Preferred B Shares [Member]
Share price		$ 0.45
Additional shares of common stock				1,665,414
Shares outstanding				17,303
Preferred stock shares authorized		500,000				500,000
Preferred C Shares [Member]
Share price		$ 0.45
Additional shares of common stock				283,285
Shares outstanding				26,558
Preferred stock shares authorized		1,172,000				1,172,000
Series C Convertible Preferred Stock [Member]
Converted shares		33,322
Series B Convertible Preferred Stock [Member] | July 2016 Offering [Member]
Converted shares		253,587
Received shares of common stock		1,976
Series A Warrants [Member]
Number of warrants to purchase common stock		1,107
Warrants exercise price		$ 8,750
Series A Warrants [Member] | July 2016 Offering [Member]
Number of warrants to purchase common stock		5
Common Stock [Member]
Number of shares issued for exercise of warrants		270,000
Number of warrants to purchase common stock	1
Over allotment shares	3,333,300
Conversion of converted shares		2,866,600
Shares outstanding		33,358,994	1,397,133		4,338,910	3,916,134		871,872	768,615
Converted shares		372,173
Preferred Stock Blank Check [Member]
Preferred stock shares authorized		5,000,000

Equity - Schedule of Convertibl

Equity - Schedule of Convertible Preferred Shares (Details)	6 Months Ended
	Jun. 30, 2020shares
Class of Stock [Line Items]
Number of underlying Common Stock	2,253,874
Series B Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Number of Preferred Stock	17,303
Number of underlying Common Stock	2,220,552	[1]
Series C Convertible Preferred Stock [Member]
Class of Stock [Line Items]
Number of Preferred Stock	2,343
Number of underlying Common Stock	33,322
[1]	Including the shares of common stock the holders of Series B Convertible Preferred Stock are entitled to receive as cumulative dividends at the rate per share of 15% per annum of the stated value for five years, payable in cash or common stock, at the Company's discretion, but excluding effect of future conversion price adjustment, if any.

Equity - Schedule of Converti_2

Equity - Schedule of Convertible Preferred Shares (Details) (Parenthetical)	6 Months Ended
	Jun. 30, 2020
Series B Convertible Preferred Stock [Member]
Cumulative dividend rate	15.00%

Equity - Schedule of Warrants O

Equity - Schedule of Warrants Outstanding Activity (Details) - $ / shares	Jun. 30, 2020	Jun. 05, 2020
Class of Warrant or Right [Line Items]
Number of underlying Common stock	26,705,502
Weighted average exercise price	$ 1.89
Series A Warrants [Member]
Class of Warrant or Right [Line Items]
Number of underlying Common stock	1,107
Weighted average exercise price	$ 8,750
Series B Warrants [Member]
Class of Warrant or Right [Line Items]
Number of underlying Common stock	2,448
Weighted average exercise price	$ 3,500
Series D Warrants [Member]
Class of Warrant or Right [Line Items]
Number of underlying Common stock	806,698
Weighted average exercise price	$ 15.19
Series E Warrants [Member]
Class of Warrant or Right [Line Items]
Number of underlying Common stock	2,972,221
Weighted average exercise price	$ 1.80
Series F Warrants [Member]
Class of Warrant or Right [Line Items]
Number of underlying Common stock	22,688,900	1
Weighted average exercise price	$ 0.50
April 2019 Underwriter Warrants [Member]
Class of Warrant or Right [Line Items]
Number of underlying Common stock	34,955
Weighted average exercise price	$ 6.25
September 2019 Underwriter Warrants [Member]
Class of Warrant or Right [Line Items]
Number of underlying Common stock	194,444
Weighted average exercise price	$ 2.25
Other Warrants [Member]
Class of Warrant or Right [Line Items]
Number of underlying Common stock	4,729
Weighted average exercise price	$ 587.33

Net Loss Per Share (Details Nar

Net Loss Per Share (Details Narrative) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Earnings Per Share [Abstract]
Number of antidilutive securities excluded from computation of earnings per share	27,001,849	992,609

Fair Value Measurement (Details

Fair Value Measurement (Details Narrative) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Fair Value Disclosures [Abstract]
Allowance for doubtful accounts	$ 0	$ 0

Inventory - Schedule of Invento

Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 234	$ 173
Work in process	410	81
Raw materials and supplies	758	982
Total inventory	$ 1,402	$ 1,236

Accounts Payable and Accruals_3

Accounts Payable and Accruals - Other - Schedule of Accounts Payable and Accruals - Other (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Employees and employee institutions	$ 811	$ 1,238
Accrued vacation and recreation pay	278	188
Accrued expenses	1,262	604
Current Operating lease liabilities	374	362
Other	49	57
Accounts Payable and Accruals - Other	$ 2,774	$ 2,449

Commitments and Contingent Li_2

Commitments and Contingent Liabilities (Details Narrative) € in Thousands, $ in Thousands	1 Months Ended		6 Months Ended
	Jul. 31, 2019USD ($)	Jul. 31, 2019EUR (€)	Jun. 30, 2020
Lease expiration date			Dec. 31, 2020
Lease, description			The Company's Israeli subsidiary has a lease agreement for a facility in Israel, which expires on December 31, 2020 with an option to extend the agreement for two additional years until December 31, 2022 under the terms stipulated in the agreement (the Option Period).
Former Distributor [Member]
Law suit seeking damages | $	$ 2,000
Law suit seeking damages, description	In July 2019, a former distributor filed a suit seeking damages from the Company's subsidiary for pre-paid goods subject to the voluntary field action (from April 2014) amounting to €1,830,000 (which is approximately $2.0 million), or alternatively €1,024,000 (which is approximately $1.1 million).	In July 2019, a former distributor filed a suit seeking damages from the Company's subsidiary for pre-paid goods subject to the voluntary field action (from April 2014) amounting to €1,830,000 (which is approximately $2.0 million), or alternatively €1,024,000 (which is approximately $1.1 million).
Former Distributor [Member] | Alternatively [Member]
Law suit seeking damages | $	$ 1,100
Former Distributor [Member] | Euro [Member]
Law suit seeking damages		€ 1,830
Claim range amount up to		1,830
Former Distributor [Member] | Euro [Member] | Alternatively [Member]
Law suit seeking damages		€ 1,024

Disaggregated Revenue and Ent_3

Disaggregated Revenue and Entity Wide Disclosures - Schedule of Revenues Attributed to Geographic Areas (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues	$ 313	$ 1,354	$ 1,347	$ 1,769
Italy [Member]
Revenues	53	260	247	339
Germany [Member]
Revenues	89	196	259	324
Poland [Member]
Revenues		187	121	187
Other [Member]
Revenues	$ 171	$ 711	$ 720	$ 919

Disaggregated Revenue and Ent_4

Disaggregated Revenue and Entity Wide Disclosures - Schedule of Revenues Attributed to Geographic Areas by Product (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Segment Reporting Information [Line Items]
Revenue	$ 313	$ 1,354	$ 1,347	$ 1,769
CGuard [Member]
Segment Reporting Information [Line Items]
Revenue	271	1,116	1,242	1,492
MGuard [Member]
Segment Reporting Information [Line Items]
Revenue	$ 42	$ 238	$ 105	$ 277

Disaggregated Revenue and Ent_5

Disaggregated Revenue and Entity Wide Disclosures - Schedule of Revenues Attributed to Geographic Areas by Principal Customers (Details) - Sales [Member]	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Customer A [Member]
Segment Reporting Information [Line Items]
Percentage of revenues per major customer	26.00%	12.00%	18.00%	16.00%
Customer B [Member]
Segment Reporting Information [Line Items]
Percentage of revenues per major customer	17.00%	12.00%	6.00%	12.00%
Customer C [Member]
Segment Reporting Information [Line Items]
Percentage of revenues per major customer	0.00%	14.00%	9.00%	11.00%
Customer D [Member]
Segment Reporting Information [Line Items]
Percentage of revenues per major customer	0.00%	7.00%	12.00%	7.00%

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Jul. 28, 2020	Jun. 30, 2020
Exercise price per		$ 1.89
Warrants to purchase		26,705,502
Increase in provision for general and administrative expenses		$ 400
Subsequent Event [Member]
Payments to prior underwriter	$ 400
Exercise price per	$ 0.495
Warrants to purchase	274,029
Weighted average exercise price	$ 7.32
Subsequent Event [Member] | Maximum [Member]
Exercise price per	187.50
Subsequent Event [Member] | Minimum [Member]
Exercise price per	$ 2.25