Galmed Pharmaceuticals (GLMD) 20-F 29 Mar 23 2022 FY Annual report (foreign) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2022 shares
Entity Addresses [Line Items]
Document Type	20-F
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Period End Date	Dec. 31, 2022
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-36345
Entity Registrant Name	GALMED PHARMACEUTICALS LTD.
Entity Central Index Key	0001595353
Entity Incorporation, State or Country Code	L3
Entity Address, Address Line One	16 Tiomkin Street
Entity Address, City or Town	Tel Aviv
Entity Address, Country	IL
Entity Address, Postal Zip Code	6578317
Title of 12(b) Security	Ordinary shares, par value NIS 0.01 per share
Trading Symbol	GLMD
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Document Accounting Standard	U.S. GAAP
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	25,203,396
Contact Personnel Email Address	ab@galmedpharma.com
ICFR Auditor Attestation Flag	false
Auditor Firm ID	1197
Auditor Name	Brightman Almagor Zohar & Co.
Auditor Location	Tel Aviv, Israel
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	16 Tiomkin Street
Entity Address, City or Town	Tel Aviv
Entity Address, Country	IL
Entity Address, Postal Zip Code	6578317
City Area Code	+972.3
Local Phone Number	693.8448
Contact Personnel Name	Allen Baharaff

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets
Cash and cash equivalents	$ 2,016	$ 2,884
Restricted cash	114	114
Marketable debt securities	11,769	31,931
Other accounts receivable	825	1,125
Total current assets	14,724	36,054
Operating lease right-of-use assets	223	406
Property and equipment, net	114	145
Investment in convertible note	1,500
Total non-current assets	1,837	551
Total assets	16,561	36,605
Current liabilities
Trade payables	2,560	4,871
Other accounts payable	534	1,008
Total current liabilities	3,094	5,879
Non-current liabilities
Operating lease liabilities, net of current portion	44	229
Total non-current liabilities	44	229
Stockholders’ equity
Ordinary shares, par value NIS 0.01 per share; Authorized 50,000,000 shares; Issued and outstanding: 25,203,396 shares as of December 31, 2022; 25,088,414 shares as of December 31, 2021	70	70
Additional paid-in capital	200,138	198,772
Accumulated other comprehensive loss	(745)	(171)
Accumulated deficit	(186,040)	(168,174)
Total stockholders’ equity	13,423	30,497
Total liabilities and stockholders’ equity	$ 16,561	$ 36,605

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - ₪ / shares	Dec. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Ordinary shares, par value	₪ 0.01	₪ 0.01
Ordinary shares, authorized	50,000,000	50,000,000
Ordinary shares, issued	25,203,396	25,088,414
Ordinary shares, outstanding	25,203,396	25,088,414

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Research and development expenses	$ 12,995	$ 27,220	$ 26,082
General and administrative expenses	4,656	5,661	4,128
Total operating loss	17,651	32,881	30,210
Financial income, net	215	(414)	(1,439)
Net loss	$ 17,866	$ 32,467	$ 28,771
Basic and diluted net loss per share	$ 0.71	$ 1.32	$ 1.35
Weighted-average number of shares outstanding used in computing basic and diluted net loss per share	25,142,741	24,597,638	21,280,787

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Statement [Abstract]
Net loss	$ 17,866	$ 32,467	$ 28,771
Other comprehensive loss:
Net unrealized loss (gain) on available for sale securities	574	443	(237)
Comprehensive loss	$ 18,440	$ 32,910	$ 28,534

Statements of Changes in Stockh

Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands		Common Stock [Member]		Additional Paid-in Capital [Member]		AOCI Attributable to Parent [Member]	Retained Earnings [Member]	Total
Balance at Dec. 31, 2019		$ 58		$ 176,696		$ 35	$ (106,936)	$ 69,853
Balance, shares at Dec. 31, 2019		21,139,385
Stock-based compensation				2,066				2,066
Exercise of options and vesting of restricted stock units			[1]	61				61
Exercise of options and vesting of restricted stock units, shares		50,290
Issuance of ordinary shares in ATM offering, net of $295 issuance costs			[1]	707				707
Issuance of ordinary shares in ATM offering, net of $295 issuance costs, shares	[2]	136,300
Unrealized loss on marketable debt securities						237		237
Net loss							(28,771)	(28,771)
Balance at Dec. 31, 2020		$ 58		179,530		272	(135,707)	44,153
Balance, shares at Dec. 31, 2020		21,325,975
Stock-based compensation				1,886				1,886
Exercise of options and vesting of restricted stock units			[1]		[1]				[1]
Exercise of options and vesting of restricted stock units, shares		23,236
Issuance of ordinary shares in ATM offering, net of $295 issuance costs	[2]	$ 5		8,142				8,147
Issuance of ordinary shares in ATM offering, net of $295 issuance costs, shares	[2]	1,541,400
Unrealized loss on marketable debt securities						(443)		(443)
Net loss							(32,467)	(32,467)
Issuance of ordinary shares under Underwritten Public Offering agreement, net of $786 issuance costs	[2]	$ 7		9,214				9,221
Issuance of ordinary shares under Underwritten Public Offering agreement, net of $786 issuance costs, shares	[2]	2,197,803
Balance at Dec. 31, 2021		$ 70		198,772		(171)	(168,174)	30,497
Balance, shares at Dec. 31, 2021		25,088,414
Stock-based compensation				1,296				1,296
Unrealized loss on marketable debt securities						(574)		(574)
Net loss							(17,866)	(17,866)
Issuance of ordinary shares	[2]		[1]	70				70
Issuance of ordinary shares	[2]	114,982
Balance at Dec. 31, 2022		$ 70		$ 200,138		$ (745)	$ (186,040)	$ 13,423
Balance, shares at Dec. 31, 2022		25,203,396
[1]Represents amount less than $1[2]See also Note 10

Statements of Changes in Stoc_2

Statements of Changes in Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
At the Market Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Stock issuance cost	$ 295	$ 73
Underwritten Public Offering [Member]
Subsidiary, Sale of Stock [Line Items]
Stock issuance cost	$ 786

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2022	Dec. 31, 2021		Dec. 31, 2020
Cash flow from operating activities
Net loss for the year		$ (17,866)	$ (32,467)		$ (28,771)
Adjustments required to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		35	42		39
Amortization of discount (premium) on marketable debt securities		(2)	121		90
Gain on sale of marketable debt securities		523	(37)		(527)
Finance expenses		(36)	6		31
Interest income from short-term deposits			7		(285)
Stock-based compensation expense		1,296	1,886		2,066
Changes in operating assets and liabilities:
Decrease (increase) in other accounts receivable		300	(313)		15
Increase (decrease) in trade payables		(2,311)	(2,175)		1,047
Increase (decrease) in other accounts payable		(440)	38		8
Net cash used in operating activities		(18,501)	(32,892)		(26,287)
Cash flow from investing activities
Purchase of property and equipment		(4)	(11)		(44)
Increase in restricted deposit			(1)
Investment in securities, available for sale		(2,373)	(13,569)		(55,034)
Investment in Convertible note		(1,500)
Proceeds from sale of securities, available for sale		21,440	21,243		47,198
Proceeds from  short-term deposits, net			3,800		24,416
Net cash provided by investing activities		17,563	11,462		16,536
Cash flow from financing activities
Issuance of ordinary shares in at-the-market offering, net of issuance costs		70	8,147
Issuance of ordinary shares, net of issuance costs	[1]		9,221		707
Proceeds from exercise of options				[2]	61
Net cash provided by financing activities		70	17,368		768
Decrease in cash, cash equivalents and restricted cash		(868)	(4,062)		(8,983)
Cash and cash equivalents and restricted cash at the beginning of the year		2,998	7,060		16,043
Cash, cash equivalents and restricted cash at the end of the year		2,130	2,998		7,060
Supplemental disclosure of cash flow information:
Cash received from interest		297	562		1,192
Non-cash transactions:
Right-of-use assets obtained in exchange for new operating lease liabilities, net			$ 199		$ 35
[1]See[2]Represents amount less than $1

General

General	12 Months Ended
	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
General	Note 1 – General Galmed Pharmaceuticals Ltd. (the “Company”) was incorporated in Israel on July 31, 2013 February 2, 2014 The Company holds a wholly-owned subsidiary, Galmed International Ltd., which was incorporated in Malta. Galmed International Ltd. previously held a wholly-owned subsidiary, Galmed Medical Research Ltd., which was incorporated in Israel, and had been an inactive company since 2015 and was liquidated in February 2019. The Company also holds two additional wholly-owned subsidiaries, Galmed Research and Development Ltd and Galtopa Therapeutics Ltd., both of which are incorporated in Israel. The Company is a biopharmaceutical company primarily focused on the development of its product candidate Aramchol. Historically, the Company has focused almost exclusively on developing Aramchol for the treatment of liver disease. The Company is also collaborating with the Hebrew University in the development of Amilo-5MER . The Company is currently exploring the feasibility of developing Aramchol for other indications outside of liver disease and anti-fibrotic indications and it continues to collaborate with the Hebrew University in the development of Amilo-5MER, however it has no current plans to initiate a clinical trial for Aramchol or Amilo-5MER and is continuing to evaluate its strategic alternatives and its structuring . The Company funded its research and development programs and operations to date primarily through proceeds from private placements and public offerings. The Company currently has no products approved for marketing and has not generated any revenue from product sales to date. As of December 31, 2022, the Company had cash and cash equivalents of $ 2.0 0.1 11.8 The Company has incurred operating losses in each year since inception. The Company’s loss attributable to holders of its ordinary shares for the years ended December 31, 2020, 2021, and 2022 was approximately $ 28.8 32.4 17.9 186.0 The Company will need to raise substantial, additional capital to fund its operations and to develop Aramchol for, and beyond its current development stage and any future commercialization, as well as any additional indications. Based on the Company’s current operating plan, the Company’s management currently estimates that its cash position will support its current operations as currently conducted for more than 12 months from the date of issuance of these financial statements.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Significant Accounting Policies	Note 2 – Significant Accounting Policies A. Basis of presentation The consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). B. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) C. Financial statement in U.S. dollars The functional currency of the Company and its subsidiaries is in U.S dollar (the “dollar”), because the dollar is the currency of the primary economic environment in which the Company and its subsidiaries operate, and expect to continue operating in the foreseeable future. Transactions and balances denominated in dollars are presented in their original amounts. Non-dollar denominated transactions and balances have been re-measured to dollars in accordance with the provisions of ASC 830-10, “Foreign Currency Translation.” All transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statement of operations as financial income or expenses, as appropriate. D. Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries: Galmed Research and Development Ltd., Galmed International Ltd. and Galtopa Therapeutics Ltd. All intercompany balances and transactions have been eliminated upon consolidation. E. Cash and cash equivalents Cash equivalents are short-term, highly liquid investments that are readily convertible into cash with maturities of three months or less as of the date acquired. F. Restricted Cash Cash that is held for a specific purpose and is not available for immediate or general business use due to external restrictions is classified in our consolidated balance sheets as restricted cash. G. Marketable debt securities The Company invests most of its excess cash primarily in debt securities. The Company accounts for its investments in investment grade debt securities in accordance with ASC 320 “Investments - Debt and Equity Securities”. Management determines the appropriate classification of its investments in debt securities at the time of purchase and re-evaluates such determinations at each balance sheet date. Marketable debt securities are considered to be available for sale and are carried at fair value on the consolidated balance sheet. Unrealized gains and losses net of tax, if any, are reported in a separate component of shareholders’ equity in accumulated other comprehensive income (“OCI”). Gains and losses are recognized when realized, on a specific identification basis, in the Company’s consolidated statements of operations. Following the adoption of ASC 326, current expected credit losses on the Company’s marketable grade debt securities are recorded, if expected, through an allowance for current expected credit losses. The amount of allowance for current expected credit losses is limited to the amount that the fair value is less than the amortized cost basis. Any remaining unrealized losses are included in accumulated other comprehensive loss in shareholders’ equity. If the Company intends to sell the debt security (that is, it has decided to sell the security), or more likely than not will be required to sell the security before recovery of its amortized cost basis, any allowance for current expected credit losses is written off and the amortized cost basis shall be written down to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings. Based on management’s assessment, the Company does not intend to sell its securities for less than amortized cost; therefore, an allowance for current expected credit losses has not been recorded as of December 31, 2022 and 2021. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) H. Concentrations of credit risk Financial instruments which potentially subject the Company to credit risk consist primarily of cash, cash equivalents and marketable securities. The Company hold these investments in highly-rated financial institutions, and, by policy, limit the amounts of credit exposure to any one financial institution. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe we are exposed to any significant credit risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts, or other hedging arrangements. I. Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The annual depreciation rates are as follows: Schedule of Depreciation Rates for Property, Plant and Equipment % Office furniture and equipment 7 16 Computer software and electronic equipment 15 33 Leasehold improvements Shorter of lease term or useful life J. Impairment of long-lived assets The Company’s and its subsidiaries’ long-lived assets are reviewed for impairment in accordance with ASC 360-10, “Accounting for the Impairment or Disposal of Long-Lived Assets,” whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. During 2022 and 2021, no impairment losses were recorded. K. Severance pay The Company employees are included under section 14 of the Severance Compensation Act, 1963 (“Section 14”) in Israel for a portion of their salaries. According to Section 14, these employees are entitled to monthly deposits at a rate of 8.33 GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) L. Fair value of financial instruments The estimated fair value of financial instruments was determined by the Company using available market information and valuation methodologies. Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in a current market exchange. The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments: The carrying amounts of cash and cash equivalents, other accounts receivables, trade payables and other trade payables approximate their fair value due to the short-term maturity of such instruments. Fair value is an exit price representing the amount that would be received upon selling an asset or that would be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions used by market participants in pricing an asset or a liability. A three-tier fair-value hierarchy was established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: ● Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets ● Level 2 - Other inputs that are directly or indirectly observable in the marketplace; and ● Level 3 - Unobservable inputs that are supported by little or no market activity The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company’s marketable debt securities are measured at fair value on a recurring basis by level within the fair value hierarchy. Other than the marketable debt securities, which includes corporate bonds and mutual funds as of December 31, 2022 , the Company does not have any other financial assets or financial liabilities marked to market at fair value. The fair value of the Company’s marketable debt securities measured at fair value on a recurring basis by level within the fair value hierarchy are as follows (in thousands): Schedule of Marketable Debt Securities December 31, 2022 Fair Level 1 Level 2 Level 3 Value Marketable debt securities $ 10,629 $ 1,140 — $ 11,769 December 31, 2021 Fair Level 1 Level 2 Level 3 Value Marketable debt securities $ 24,467 $ 5,464 — $ 31,931 M. Accounting for stock-based compensation The Company applies ASC 718-10, “Share-Based Payment,” which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors, including employee stock options under the Company’s stock plans, based on estimated fair values. ASC 718-10 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s consolidated statement of operations. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) M. Accounting for stock-based compensation (Cont.) All issuances of stock options or other equity instruments to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value of the equity instruments issued. The Company estimates the fair value of restricted shares based on the market price of the shares at the grant date and estimates the fair value of stock options granted using a Black-Scholes option-pricing model The Company’s calculations of the expected volatility were based upon actual historical stock-price movements over the period, which was equal to the expected option term. The expected option term was calculated for options granted to employees and directors in accordance with ASC-718-10-S99, using the “simplified” method, and grants to non-employees were based on the contractual term. Historically, the Company has not paid dividends, and has no foreseeable plans to do so. The risk-free interest rate is based on the yield from U.S. Treasury zero-coupon bonds with an equivalent term. N. Revenue Recognition The Company only has one license agreement for which it has recognized revenues to date, from a license agreement with Samil Pharm. Co., Ltd. (“Samil” or “Samil Agreement”). The Samil Agreement was signed on July 28, 2016, for an exclusive, royalty-bearing license for the commercialization of Aramchol (with an option to manufacture) for the treatment of fatty liver indications including NASH in the Republic of Korea. Additionally, following the ARREST Study, Samil has an option to extend the License to Vietnam, which, if exercised, would increase the clinical- and regulatory-based milestone payments. Under the terms of the Samil Agreement, the Company received an up-front payment of approximately $ 2.1 1.5 4.5 As of December 31, 2022, management evaluated the remaining clinical and regulatory milestones and determined that the variable consideration should not be recorded as revenue for the period ended December 31, 2022. The Company will re-evaluate the transaction price in each reporting period when events whose outcomes are resolved or other changes in circumstances occur that would indicate it is appropriate to recognize variable consideration as revenue. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) O. Research and development expenses Research and development expenses are charged to the statement of operations as incurred. P. Income taxes The Company accounts for income taxes utilizing the asset and liability method in accordance with ASC 740, “Income Taxes.” Current tax liabilities are recognized for the estimated taxes payable on tax returns for the current year. Deferred tax liabilities or assets are recognized for the estimated future tax effects attributable to temporary differences between the income-tax bases of assets and liabilities and their reported amounts in the financial statements and for tax loss carry forwards. Measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax laws, and deferred tax assets are reduced, if necessary, by the amount of tax benefits, the realization of which is not considered more likely than not based on available evidence. As of December 31, 2022, and 2021, the Company had a full valuation allowance against deferred tax assets. The Company is subject to the provisions of ASC 740-10-25, “Income Taxes” (“ASC 740”). ASC 740 prescribes a more likely-than-not threshold for the financial statement recognition of uncertain tax positions. ASC 740 clarifies the accounting for income taxes by prescribing a minimum recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. On a yearly basis, the Company undergoes a process to evaluate whether income tax accruals are in accordance with ASC 740 guidance on uncertain tax positions. The Company has not recorded any liability for uncertain tax positions for the years ended December 31, 2022 and 2021. Q. Basic and diluted net loss per share Basic net loss per share is computed based on the weighted-average number of shares outstanding during each year. Diluted net loss per share is computed based on the weighted-average number of shares outstanding during each year, plus the dilutive potential of the ordinary shares considered outstanding during the year, in accordance with ASC 260-10, “Earnings Per Share.” All outstanding stock options and warrants were excluded from the calculation of the diluted loss per share for the years ended December 31, 2022, 2021 and 2020, because all such securities have an anti-dilutive effect. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) R. Segment Reporting The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, management has determined that the Company operates in one reportable segment. S. Comprehensive Loss The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period resulting from transactions from non-owner sources. T. Leases Under Accounting Standards Update, “Leases” (“ASC 842”), the Company determines if an arrangement is a lease at inception. Upon initial recognition, the Company recognizes a liability at the present value of the lease payments to be made over the lease term, and concurrently recognizes a right-of-use asset at the same amount of the liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease. The Company uses its incremental borrowing rate based on the information available at the commencement date to determine the present value of the lease payments. The subsequent measurement depends on whether the lease is classified as a finance lease or an operating lease. During the reporting periods, the Company has only operating leases. Lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease expenses for operating leases are recognized on a straight-line basis over the lease term. The Company has made a policy election not to capitalize leases with a term of 12 months or less. In accordance with ASC 360-10, management reviews operating lease assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable based on estimated future undiscounted cash flows. If so indicated, an impairment loss would be recognized for the difference between the carrying amount of the asset and its fair value. U. Recently adopted accounting pronouncements From time to time, new accounting pronouncements are issued by FASB, or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) U. Recently adopted accounting pronouncements (Cont.) In May 2021, the FASB issued Update 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). The amendments in this Update affect all entities that issue freestanding written call options that are classified in equity. Specifically, the amendments affect those entities when a freestanding equity-classified written call option is modified or exchanged and remains equity classified after the modification or exchange. The amendments that relate to the recognition and measurement of EPS for certain modifications or exchanges of freestanding equity-classified written call options affect entities that present EPS in accordance with the guidance in Topic 260, Earnings Per Share. The Company implemented this standard on January 1, 2022. The effect on implementing this ASU was not material. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements

Marketable debt securities

Marketable debt securities	12 Months Ended
	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Marketable debt securities	Note 3 – Marketable debt securities The following table summarizes the Company’s marketable debt securities as of December 31, 2022 and 2021. Summary of Marketable Debt Securities As of December 31, 2022 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value (in thousands) Corporate bonds $ 1,327 $ 0 $ (187 ) $ 1,140 Mutual funds 11,187 30 (588 ) 10,629 Total short-term investments $ 12,514 $ 30 $ (775 ) $ 11,769 As of December 31, 2021 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value (in thousands) Corporate bonds $ 5,505 $ 9 $ (50 ) $ 5,464 Commercial papers 26,597 $ 58 $ (188 ) $ 26,467 Total short-term investments $ 32,102 $ 67 $ (238 ) $ 31,931 The contractual maturity of the aforementioned marketable securities varies between less than one year to two years.

Other Accounts Receivable

Other Accounts Receivable	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Other Accounts Receivable	Note 4– Other Accounts Receivable Schedule of Accounts, Notes, Loans and Financing Receivable 2022 2021 As of December 31, 2022 2021 (in thousands) Prepaid expenses $ 701 $ 1,046 Government institutions 124 79 Total $ 825 $ 1,125

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases
Leases	Note 5– Leases The Company leases, approximately 590 two additional options to extend until March 22, 2023 The Company elected not to exercise its options to extend the lease and in March 2021, signed a new lease extension agreement to its corporate headquarters for a period of two 134,508 144,476 50 In addition, the Company leases vehicles under various operating lease agreements. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 5 – Leases (Cont.) At December 31, 2022, the Company’s operating lease assets and lease liabilities (both the current and non-current portion) for operating leases totaled $ 223 216 406 435 The Company uses its incremental borrowing rate as the discount rate for its leases, as the implicit rate in the lease is not readily determinable. As of December 31, 2022, the Company’s operating leases had a weighted average remaining lease term of 1.19 2.3% The following table summarizes the Company’s significant contractual lease obligations at December 31, 2022: Summary of Company's significant contractual lease obligations Less than Total 1 year 1-3 years (in thousands) Facility leases $ 212 $ 178 $ 35 Car leases 11 11 - Total $ 223 $ 182 $ 35

Property and equipment, net

Property and equipment, net	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Property and equipment, net	Note 6 – Property and equipment, net Schedule of Property and Equipment, Net 2022 2021 As of December 31, 2022 2021 (in thousands) Medical equipment $ 737 $ 737 Office furniture and equipment 54 56 Computer software and electronic equipment 76 78 Leasehold improvements 235 231 Property and equipment, gross 1,102 1,102 Less - Accumulated depreciation 988 957 Net book value $ 114 $ 145 GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements

Investment in convertible note

Investment in convertible note	12 Months Ended
	Dec. 31, 2022
Investments, Debt and Equity Securities [Abstract]
Investment in convertible note	Note Investment in convertible note In December 2022, the Company invested $ 1.5 The terms of the convertible notes provide that in the event of an equity financing, liquidation of Onkai, or the occurrence of a dissolution event, the convertible notes will automatically convert into shares of Onkai based on the fair value of the share discounted by 15 The convertible notes may not be repaid in cash. On January 5, 2023, the Company entered into a non-binding term sheet, for an equity investment in OnKai. The term sheet provides for an investment round of at least $ 2.5 1.5 1.5

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2022
Related Party Transactions [Abstract]
Related Parties	Note 8 – Related Parties 1. As of December 31, 2022, and 2021, the Company had an accrual in the amount of approximately $ 0.2 0.6 2. During 2022, 2021 and 2020, the Company recorded salary expenses, stock-based compensation expenses and directors’ fee to its related parties in the amount of $ 2.8 4.1 3.5

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 9 Commitments and Contingencies 1. As of December 31, 2022, the Company recorded a pledge on its short-term deposit in favor of its bank in the amount of approximately $ 114 54 2. The Company enters into contracts in the ordinary course of business with contract research organizations for clinical trials and clinical supply manufacturing and with vendors for non-clinical research studies and other services and products for operating purposes, which generally provide for termination upon 30 to 90 days’ notice or less, and therefore are cancelable contracts and not considered as commitment or purchase obligations. 3. For information regarding the Company’s leases commitments, see note 5 4. On June 28, 2021, the Company entered into a license agreement with Yissum Research Development Company of the Hebrew University of Jerusalem (“Yissum”) pursuant to which Yissum granted to the Company a worldwide, exclusive and irrevocable license to develop and commercialize Amilo-5Mer. Under the license agreement, the Company is responsible for carrying out the development and commercialization of Amilo-5Mer and the prosecution and maintenance of the licensed patents under the license agreement. In consideration for the grant of the license, the Company paid Yissum an upfront license fee of $ 100 950 5. For information regarding the Company’s investment in a convertible note, see note 7 6. Other than as described above, the Company did not have any material commitments, including any anticipated material acquisition of plant and equipment or interests in other companies, as of December 31, 2022 and 2021. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements

Shareholders_ Equity

Shareholders’ Equity	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Shareholders’ Equity	Note 10 – Shareholders’ Equity A. Ordinary shares 1. Ordinary shares confer upon the holders the right to receive notice to participate and vote in general meetings of the Company and the right to receive dividends, if declared. 2. On December 22, 2017, the Company entered into an At-the-Market Equity Offering Sales Agreement (the “Stifel Sales Agreement”) with Stifel, Nicolaus & Company, Incorporated, as the Company’s sales agent (“Stifel”). Pursuant to the prospectus relating to the Company’s shelf registration statement on Form F-3 filed with the SEC on March 26, 2018 the Company may offer and sell, from time to time through Stifel, its ordinary shares having an aggregate offering price of up to $ 35 31.9 136,300 0.8 1,541,400 8.2 3. During February 2021, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with Cantor Fitzgerald & Co. (the “Underwriter”) in connection with an underwritten public offering (the “Underwritten Public Offering”) of 2,197,803 4.3258 9.2 4. On March 26, 2021, the Company entered into a new Sales Agreement with Cantor Fitzgerald & Co. and Canaccord Genuity LLC, as sales agents, pursuant to which the Company may offer and sell ordinary shares “at the market” having an aggregate offering price of up to $ 50.0 114,982 0.1 GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 10 – Shareholders’ Equity (Cont.) B. Stock-based compensation 1. The Company has an equity-based incentive plan, the 2013 Incentive Share Option Plan (the “2013 Plan”). As of December 31, 2022, a total of 375,743 2. During February 2021, certain office holders exercised options into 18,736 1 3. In March 2021, the Company granted options to purchase 45,000 4.16 10 four years 0.1 4. In July, 2021, the Company granted options to purchase 100,000 3.10 10 three years 0.2 5. In August, 2021, the Company granted options to purchase 37,500 2.83 10 three years 0.01 6. In February 2022, the Company granted options to purchase 40,000 1.61 10 four years 7. In November 2022, the Company repriced outstanding options to purchase an aggregate of 2,192,962 ordinary shares held by the Company’s employees and directors to $ 0.37 per share and extended their terms for one year following the date of termination of an optionee’s employment or service with the Company or affiliate, subject to the approval of the shareholders with regards to the Company’s directors. 8. In November 14, 2022 the company extended the exercise period of options to purchase 324,784 three years GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 10 – Shareholders’ Equity (Cont.) B. Stock-based compensation (Cont.) 7. A summary of the status of the Company’s option plans as of December 31, 2022 and 2021 and changes during the years then ended are presented below: Summary of Status of Company's Option Plans and Changes 2022 2021 Weighted Weighted Number of average Number of average share exercise share exercise options price options price Options outstanding at beginning of year 2,853,675 $ 5.42 2,723,011 $ 5.70 Granted 44,500 $ 1.30 402,500 $ 3.32 Forfeited (209,353 ) $ 4.81 (253,100 ) $ 5.25 Exercised - $ - (18,736 ) $ 0.01 Outstanding at end of year 2,688,822 $ 5.42 2,853,675 $ 5.42 Options exercisable at year end $ 2,299,699 $ 6.33 2,027,431 $ 5.67 The following assumptions were used for the fiscal year 2022, 2021 and 2020 grants: - dividend yield of 0.00% - risk-free interest rate between 0.42% 0.74% 0.80% 1.34% 1.94% - an expected life between 5 6.25 - and a volatility rate ranging between 83% 88% 64% 81% 65% As of December 31, 2022, and 2021, the weighted-average remaining contractual term of the outstanding options, excluding the 38,637 4.84 5.90 The weighted average grant date fair value of the options granted during the years ended December 31, 2022, 2021 and 2020 is $ 0.68 2.19 2.76 As of December 31, 2022, a total of the 324,784 0.2 333,532 0.6 The unrecognized compensation expense calculated under the fair-value method for stock options expected to vest as of December 31, 2022, 2021 and 2020 is approximately $ 0.9 3.4 4.0 1.42 1.75 2.9 For the years ended 2022, 2021 and 2020, the Company recorded a total of $ 1.3 1.9 2.1 GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 10 – Shareholders’ Equity (Cont.) B. Stock-based compensation (Cont.) During 2016, the Company issued a total of 78,750 four years 0 0 5 no

Research and Development Expens

Research and Development Expenses	12 Months Ended
	Dec. 31, 2022
Research and Development [Abstract]
Research and Development Expenses	Note 11 – Research and Development Expenses Schedule of Research and Development Expenses Year ended December 31, 2022 2021 2020 (in thousands) Chemistry and formulation studies $ 2,448 $ 5,009 $ 5,856 Salaries 1,692 2,963 2,570 Stock-based compensation 383 660 871 Research and preclinical studies 1,346 2,163 1,873 Clinical studies 6,532 14,937 13,225 Regulatory and other expenses 594 1,488 1,687 $ 12,995 $ 27,220 $ 26,082

General and Administrative Expe

General and Administrative Expenses	12 Months Ended
	Dec. 31, 2022
General And Administrative Expenses
General and Administrative Expenses	Note 12 – General and Administrative Expenses Schedule of General and Administrative Expenses Year ended December 31, 2022 2021 2020 (in thousands) Stock-based compensation $ 913 $ 1,225 $ 1,194 Professional fees 1,084 897 796 Salaries and benefits 1,164 1,617 828 Rent and office-maintenance fees 401 530 430 Investor relations and business development expenses 59 242 293 Insurance and other expenses 1,035 1,150 587 $ 4,656 $ 5,661 $ 4,128 GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements

Financial income, net

Financial income, net	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Financial income, net	Note 13 – Financial income, net Schedule of Financial Income, Net 2022 2021 2020 Year ended December 31, 2022 2021 2020 (in thousands) Bank fees $ 22 $ 43 $ 31 Interest income (297 ) (562 ) (1,192 ) Loss (gain) from sale of marketable debt securities 526 80 (397 ) Foreign currency losses (36 ) 25 119 Financial income net $ 215 $ (414 ) $ (1,439 )

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 14 – Income Taxes A. General The Company is assessed for tax purposes on an unconsolidated basis. Each of the Company’s subsidiaries is subject to the tax rules prevailing in its country of incorporation. B. Corporate Taxation Israeli corporate income tax rate is 23% On February 7, 2018, the Israeli Tax Authority issued a ruling granting the Company’s Israeli subsidiary, Galmed Research and Development Ltd, a “Preferred Technological Enterprise” status as defined under the Encouragement of Capital Investment Law -1959 (the “Approval”). The grant of the status means that the Company’s Israeli subsidiary will be subject to a reduced Israeli corporate tax rate that will range between 6%-12% on any future taxable “technological income” which includes sales, licenses and royalties from its IP protected products. The tax ruling applies for five years until the end of 2022 and may be extended for further periods subject to meeting certain requirements. Maltese subsidiary: Taxable income of Maltese companies was subject to tax at the rate of 35% C. Net Operating Loss Carry forward As of December 31, 2022, the Company had approximately $ 152.2 11.7 140.5 1.9 GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 14 – Income Taxes (Cont.) D. Deferred income taxes As of December 31, 2022, the significant components of the Company’s deferred tax assets are net operating loss carryforward in the amount of $ 152 24 E. Tax assessment The Israeli subsidiaries received final tax assessments through the year ended December 31, 2018. F. Effective tax expense A reconciliation of the Company’s effective tax expense to the Company’s theoretical statutory tax benefit is as follows: Schedule of Effective Income Tax Rate Reconciliation 2022 2021 2020 Year ended December 31, 2022 2021 2020 (in thousands) Loss before taxes on income, as reported in the consolidated statements of operations $ 17,866 $ 32,467 $ 28,771 Statutory tax rate 12 % 12 % 12 % Theoretical tax benefit 2,144 3,896 3,453 Losses and other items for which a valuation allowance was provided or benefit from loss carry forwards (2,144 ) (3,896 ) (3,453 ) Actual tax expense $ — $ — $ —

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2022
Subsequent Events [Abstract]
Subsequent events	Note 15 - Subsequent events On January 5, 2023, the Company entered into a non-binding term sheet, for an equity investment in OnKai, The Term Sheet provides for an investment Round of at least $ 2.5 1.5 1.5

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Basis of presentation	A. Basis of presentation The consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”).
Use of estimates	B. Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.)
Financial statement in U.S. dollars	C. Financial statement in U.S. dollars The functional currency of the Company and its subsidiaries is in U.S dollar (the “dollar”), because the dollar is the currency of the primary economic environment in which the Company and its subsidiaries operate, and expect to continue operating in the foreseeable future. Transactions and balances denominated in dollars are presented in their original amounts. Non-dollar denominated transactions and balances have been re-measured to dollars in accordance with the provisions of ASC 830-10, “Foreign Currency Translation.” All transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statement of operations as financial income or expenses, as appropriate.
Principles of consolidation	D. Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries: Galmed Research and Development Ltd., Galmed International Ltd. and Galtopa Therapeutics Ltd. All intercompany balances and transactions have been eliminated upon consolidation.
Cash and cash equivalents	E. Cash and cash equivalents Cash equivalents are short-term, highly liquid investments that are readily convertible into cash with maturities of three months or less as of the date acquired.
Restricted Cash	F. Restricted Cash Cash that is held for a specific purpose and is not available for immediate or general business use due to external restrictions is classified in our consolidated balance sheets as restricted cash.
Marketable debt securities	G. Marketable debt securities The Company invests most of its excess cash primarily in debt securities. The Company accounts for its investments in investment grade debt securities in accordance with ASC 320 “Investments - Debt and Equity Securities”. Management determines the appropriate classification of its investments in debt securities at the time of purchase and re-evaluates such determinations at each balance sheet date. Marketable debt securities are considered to be available for sale and are carried at fair value on the consolidated balance sheet. Unrealized gains and losses net of tax, if any, are reported in a separate component of shareholders’ equity in accumulated other comprehensive income (“OCI”). Gains and losses are recognized when realized, on a specific identification basis, in the Company’s consolidated statements of operations. Following the adoption of ASC 326, current expected credit losses on the Company’s marketable grade debt securities are recorded, if expected, through an allowance for current expected credit losses. The amount of allowance for current expected credit losses is limited to the amount that the fair value is less than the amortized cost basis. Any remaining unrealized losses are included in accumulated other comprehensive loss in shareholders’ equity. If the Company intends to sell the debt security (that is, it has decided to sell the security), or more likely than not will be required to sell the security before recovery of its amortized cost basis, any allowance for current expected credit losses is written off and the amortized cost basis shall be written down to the debt security’s fair value at the reporting date with any incremental impairment reported in earnings. Based on management’s assessment, the Company does not intend to sell its securities for less than amortized cost; therefore, an allowance for current expected credit losses has not been recorded as of December 31, 2022 and 2021. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.)
Concentrations of credit risk	H. Concentrations of credit risk Financial instruments which potentially subject the Company to credit risk consist primarily of cash, cash equivalents and marketable securities. The Company hold these investments in highly-rated financial institutions, and, by policy, limit the amounts of credit exposure to any one financial institution. These amounts at times may exceed federally insured limits. The Company has not experienced any credit losses in such accounts and does not believe we are exposed to any significant credit risk on these funds. The Company has no off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts, or other hedging arrangements.
Property and equipment	I. Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The annual depreciation rates are as follows: Schedule of Depreciation Rates for Property, Plant and Equipment % Office furniture and equipment 7 16 Computer software and electronic equipment 15 33 Leasehold improvements Shorter of lease term or useful life
Impairment of long-lived assets	J. Impairment of long-lived assets The Company’s and its subsidiaries’ long-lived assets are reviewed for impairment in accordance with ASC 360-10, “Accounting for the Impairment or Disposal of Long-Lived Assets,” whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds their fair value. During 2022 and 2021, no impairment losses were recorded.
Severance pay	K. Severance pay The Company employees are included under section 14 of the Severance Compensation Act, 1963 (“Section 14”) in Israel for a portion of their salaries. According to Section 14, these employees are entitled to monthly deposits at a rate of 8.33 GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.)
Fair value of financial instruments	L. Fair value of financial instruments The estimated fair value of financial instruments was determined by the Company using available market information and valuation methodologies. Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in a current market exchange. The following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments: The carrying amounts of cash and cash equivalents, other accounts receivables, trade payables and other trade payables approximate their fair value due to the short-term maturity of such instruments. Fair value is an exit price representing the amount that would be received upon selling an asset or that would be paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions used by market participants in pricing an asset or a liability. A three-tier fair-value hierarchy was established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: ● Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets ● Level 2 - Other inputs that are directly or indirectly observable in the marketplace; and ● Level 3 - Unobservable inputs that are supported by little or no market activity The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company’s marketable debt securities are measured at fair value on a recurring basis by level within the fair value hierarchy. Other than the marketable debt securities, which includes corporate bonds and mutual funds as of December 31, 2022 , the Company does not have any other financial assets or financial liabilities marked to market at fair value. The fair value of the Company’s marketable debt securities measured at fair value on a recurring basis by level within the fair value hierarchy are as follows (in thousands): Schedule of Marketable Debt Securities December 31, 2022 Fair Level 1 Level 2 Level 3 Value Marketable debt securities $ 10,629 $ 1,140 — $ 11,769 December 31, 2021 Fair Level 1 Level 2 Level 3 Value Marketable debt securities $ 24,467 $ 5,464 — $ 31,931
Accounting for stock-based compensation	M. Accounting for stock-based compensation The Company applies ASC 718-10, “Share-Based Payment,” which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors, including employee stock options under the Company’s stock plans, based on estimated fair values. ASC 718-10 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s consolidated statement of operations. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) M. Accounting for stock-based compensation (Cont.) All issuances of stock options or other equity instruments to non-employees as consideration for goods or services received by the Company are accounted for based on the fair value of the equity instruments issued. The Company estimates the fair value of restricted shares based on the market price of the shares at the grant date and estimates the fair value of stock options granted using a Black-Scholes option-pricing model The Company’s calculations of the expected volatility were based upon actual historical stock-price movements over the period, which was equal to the expected option term. The expected option term was calculated for options granted to employees and directors in accordance with ASC-718-10-S99, using the “simplified” method, and grants to non-employees were based on the contractual term. Historically, the Company has not paid dividends, and has no foreseeable plans to do so. The risk-free interest rate is based on the yield from U.S. Treasury zero-coupon bonds with an equivalent term.
Revenue Recognition	N. Revenue Recognition The Company only has one license agreement for which it has recognized revenues to date, from a license agreement with Samil Pharm. Co., Ltd. (“Samil” or “Samil Agreement”). The Samil Agreement was signed on July 28, 2016, for an exclusive, royalty-bearing license for the commercialization of Aramchol (with an option to manufacture) for the treatment of fatty liver indications including NASH in the Republic of Korea. Additionally, following the ARREST Study, Samil has an option to extend the License to Vietnam, which, if exercised, would increase the clinical- and regulatory-based milestone payments. Under the terms of the Samil Agreement, the Company received an up-front payment of approximately $ 2.1 1.5 4.5 As of December 31, 2022, management evaluated the remaining clinical and regulatory milestones and determined that the variable consideration should not be recorded as revenue for the period ended December 31, 2022. The Company will re-evaluate the transaction price in each reporting period when events whose outcomes are resolved or other changes in circumstances occur that would indicate it is appropriate to recognize variable consideration as revenue. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.)
Research and development expenses	O. Research and development expenses Research and development expenses are charged to the statement of operations as incurred.
Income taxes	P. Income taxes The Company accounts for income taxes utilizing the asset and liability method in accordance with ASC 740, “Income Taxes.” Current tax liabilities are recognized for the estimated taxes payable on tax returns for the current year. Deferred tax liabilities or assets are recognized for the estimated future tax effects attributable to temporary differences between the income-tax bases of assets and liabilities and their reported amounts in the financial statements and for tax loss carry forwards. Measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax laws, and deferred tax assets are reduced, if necessary, by the amount of tax benefits, the realization of which is not considered more likely than not based on available evidence. As of December 31, 2022, and 2021, the Company had a full valuation allowance against deferred tax assets. The Company is subject to the provisions of ASC 740-10-25, “Income Taxes” (“ASC 740”). ASC 740 prescribes a more likely-than-not threshold for the financial statement recognition of uncertain tax positions. ASC 740 clarifies the accounting for income taxes by prescribing a minimum recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. On a yearly basis, the Company undergoes a process to evaluate whether income tax accruals are in accordance with ASC 740 guidance on uncertain tax positions. The Company has not recorded any liability for uncertain tax positions for the years ended December 31, 2022 and 2021.
Basic and diluted net loss per share	Q. Basic and diluted net loss per share Basic net loss per share is computed based on the weighted-average number of shares outstanding during each year. Diluted net loss per share is computed based on the weighted-average number of shares outstanding during each year, plus the dilutive potential of the ordinary shares considered outstanding during the year, in accordance with ASC 260-10, “Earnings Per Share.” All outstanding stock options and warrants were excluded from the calculation of the diluted loss per share for the years ended December 31, 2022, 2021 and 2020, because all such securities have an anti-dilutive effect. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.)
Segment Reporting	R. Segment Reporting The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, management has determined that the Company operates in one reportable segment.
Comprehensive Loss	S. Comprehensive Loss The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period resulting from transactions from non-owner sources.
Leases	T. Leases Under Accounting Standards Update, “Leases” (“ASC 842”), the Company determines if an arrangement is a lease at inception. Upon initial recognition, the Company recognizes a liability at the present value of the lease payments to be made over the lease term, and concurrently recognizes a right-of-use asset at the same amount of the liability, adjusted for any prepaid or accrued lease payments, plus initial direct costs incurred in respect of the lease. The Company uses its incremental borrowing rate based on the information available at the commencement date to determine the present value of the lease payments. The subsequent measurement depends on whether the lease is classified as a finance lease or an operating lease. During the reporting periods, the Company has only operating leases. Lease terms include options to extend the lease when it is reasonably certain that the Company will exercise that option. Lease expenses for operating leases are recognized on a straight-line basis over the lease term. The Company has made a policy election not to capitalize leases with a term of 12 months or less. In accordance with ASC 360-10, management reviews operating lease assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable based on estimated future undiscounted cash flows. If so indicated, an impairment loss would be recognized for the difference between the carrying amount of the asset and its fair value.
Recently adopted accounting pronouncements	U. Recently adopted accounting pronouncements From time to time, new accounting pronouncements are issued by FASB, or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. GALMED PHARMACEUTICALS LTD. Notes to Consolidated Financial Statements Note 2 – Significant Accounting Policies (Cont.) U. Recently adopted accounting pronouncements (Cont.) In May 2021, the FASB issued Update 2021-04, Earnings Per Share (Topic 260), Debt—Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options (a consensus of the FASB Emerging Issues Task Force). The amendments in this Update affect all entities that issue freestanding written call options that are classified in equity. Specifically, the amendments affect those entities when a freestanding equity-classified written call option is modified or exchanged and remains equity classified after the modification or exchange. The amendments that relate to the recognition and measurement of EPS for certain modifications or exchanges of freestanding equity-classified written call options affect entities that present EPS in accordance with the guidance in Topic 260, Earnings Per Share. The Company implemented this standard on January 1, 2022. The effect on implementing this ASU was not material.

Significant Accounting Polici_3

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Accounting Policies [Abstract]
Schedule of Depreciation Rates for Property, Plant and Equipment	Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. The annual depreciation rates are as follows: Schedule of Depreciation Rates for Property, Plant and Equipment % Office furniture and equipment 7 16 Computer software and electronic equipment 15 33 Leasehold improvements Shorter of lease term or useful life
Schedule of Marketable Debt Securities	The fair value of the Company’s marketable debt securities measured at fair value on a recurring basis by level within the fair value hierarchy are as follows (in thousands): Schedule of Marketable Debt Securities December 31, 2022 Fair Level 1 Level 2 Level 3 Value Marketable debt securities $ 10,629 $ 1,140 — $ 11,769 December 31, 2021 Fair Level 1 Level 2 Level 3 Value Marketable debt securities $ 24,467 $ 5,464 — $ 31,931

Marketable debt securities (Tab

Marketable debt securities (Tables)	12 Months Ended
	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Summary of Marketable Debt Securities	The following table summarizes the Company’s marketable debt securities as of December 31, 2022 and 2021. Summary of Marketable Debt Securities As of December 31, 2022 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value (in thousands) Corporate bonds $ 1,327 $ 0 $ (187 ) $ 1,140 Mutual funds 11,187 30 (588 ) 10,629 Total short-term investments $ 12,514 $ 30 $ (775 ) $ 11,769 As of December 31, 2021 Gross Gross Amortized Unrealized Unrealized Estimated Cost Gains Losses Fair Value (in thousands) Corporate bonds $ 5,505 $ 9 $ (50 ) $ 5,464 Commercial papers 26,597 $ 58 $ (188 ) $ 26,467 Total short-term investments $ 32,102 $ 67 $ (238 ) $ 31,931

Other Accounts Receivable (Tabl

Other Accounts Receivable (Tables)	12 Months Ended
	Dec. 31, 2022
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable	Schedule of Accounts, Notes, Loans and Financing Receivable 2022 2021 As of December 31, 2022 2021 (in thousands) Prepaid expenses $ 701 $ 1,046 Government institutions 124 79 Total $ 825 $ 1,125

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases
Summary of Company's significant contractual lease obligations	The following table summarizes the Company’s significant contractual lease obligations at December 31, 2022: Summary of Company's significant contractual lease obligations Less than Total 1 year 1-3 years (in thousands) Facility leases $ 212 $ 178 $ 35 Car leases 11 11 - Total $ 223 $ 182 $ 35

Property and equipment, net (Ta

Property and equipment, net (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Schedule of Property and Equipment, Net	Schedule of Property and Equipment, Net 2022 2021 As of December 31, 2022 2021 (in thousands) Medical equipment $ 737 $ 737 Office furniture and equipment 54 56 Computer software and electronic equipment 76 78 Leasehold improvements 235 231 Property and equipment, gross 1,102 1,102 Less - Accumulated depreciation 988 957 Net book value $ 114 $ 145

Shareholders_ Equity (Tables)

Shareholders’ Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Equity [Abstract]
Summary of Status of Company's Option Plans and Changes	Summary of Status of Company's Option Plans and Changes 2022 2021 Weighted Weighted Number of average Number of average share exercise share exercise options price options price Options outstanding at beginning of year 2,853,675 $ 5.42 2,723,011 $ 5.70 Granted 44,500 $ 1.30 402,500 $ 3.32 Forfeited (209,353 ) $ 4.81 (253,100 ) $ 5.25 Exercised - $ - (18,736 ) $ 0.01 Outstanding at end of year 2,688,822 $ 5.42 2,853,675 $ 5.42 Options exercisable at year end $ 2,299,699 $ 6.33 2,027,431 $ 5.67

Research and Development Expe_2

Research and Development Expenses (Tables)	12 Months Ended
	Dec. 31, 2022
Research and Development [Abstract]
Schedule of Research and Development Expenses	Schedule of Research and Development Expenses Year ended December 31, 2022 2021 2020 (in thousands) Chemistry and formulation studies $ 2,448 $ 5,009 $ 5,856 Salaries 1,692 2,963 2,570 Stock-based compensation 383 660 871 Research and preclinical studies 1,346 2,163 1,873 Clinical studies 6,532 14,937 13,225 Regulatory and other expenses 594 1,488 1,687 $ 12,995 $ 27,220 $ 26,082

General and Administrative Ex_2

General and Administrative Expenses (Tables)	12 Months Ended
	Dec. 31, 2022
General And Administrative Expenses
Schedule of General and Administrative Expenses	Schedule of General and Administrative Expenses Year ended December 31, 2022 2021 2020 (in thousands) Stock-based compensation $ 913 $ 1,225 $ 1,194 Professional fees 1,084 897 796 Salaries and benefits 1,164 1,617 828 Rent and office-maintenance fees 401 530 430 Investor relations and business development expenses 59 242 293 Insurance and other expenses 1,035 1,150 587 $ 4,656 $ 5,661 $ 4,128

Financial income, net (Tables)

Financial income, net (Tables)	12 Months Ended
	Dec. 31, 2022
Revenue from Contract with Customer [Abstract]
Schedule of Financial Income, Net	Schedule of Financial Income, Net 2022 2021 2020 Year ended December 31, 2022 2021 2020 (in thousands) Bank fees $ 22 $ 43 $ 31 Interest income (297 ) (562 ) (1,192 ) Loss (gain) from sale of marketable debt securities 526 80 (397 ) Foreign currency losses (36 ) 25 119 Financial income net $ 215 $ (414 ) $ (1,439 )

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Schedule of Effective Income Tax Rate Reconciliation	A reconciliation of the Company’s effective tax expense to the Company’s theoretical statutory tax benefit is as follows: Schedule of Effective Income Tax Rate Reconciliation 2022 2021 2020 Year ended December 31, 2022 2021 2020 (in thousands) Loss before taxes on income, as reported in the consolidated statements of operations $ 17,866 $ 32,467 $ 28,771 Statutory tax rate 12 % 12 % 12 % Theoretical tax benefit 2,144 3,896 3,453 Losses and other items for which a valuation allowance was provided or benefit from loss carry forwards (2,144 ) (3,896 ) (3,453 ) Actual tax expense $ — $ — $ —

General (Details Narrative)

General (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Date of incorporation	Jul. 31, 2013
Date of commenced operations	Feb. 02, 2014
Cash and cash equivalents	$ 2,016	$ 2,884
Restricted cash	114	114
Marketable debt securities	11,769	31,931
Net loss	17,900	32,400	$ 28,800
Retained earnings accumulated deficit	$ 186,040	$ 168,174

Schedule of Depreciation Rates

Schedule of Depreciation Rates for Property, Plant and Equipment (Details)	12 Months Ended
	Dec. 31, 2022
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, depreciation, description	Shorter of lease term or useful life
Minimum [Member] | Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, depreciation, percentage	7%
Minimum [Member] | Computer Software Electronic And Medical Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, depreciation, percentage	15%
Maximum [Member] | Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, depreciation, percentage	16%
Maximum [Member] | Computer Software Electronic And Medical Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, depreciation, percentage	33%

Schedule of Marketable Debt Sec

Schedule of Marketable Debt Securities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Defined Benefit Plan Disclosure [Line Items]
Marketable debt securities	$ 11,769	$ 31,931
Fair Value, Inputs, Level 1 [Member]
Defined Benefit Plan Disclosure [Line Items]
Marketable debt securities	10,629	24,467
Fair Value, Inputs, Level 2 [Member]
Defined Benefit Plan Disclosure [Line Items]
Marketable debt securities	1,140	5,464
Fair Value, Inputs, Level 3 [Member]
Defined Benefit Plan Disclosure [Line Items]
Marketable debt securities

Significant Accounting Polici_4

Significant Accounting Policies (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2018	Dec. 31, 2016
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Monthly deposits percentage	8.33%
Samil Pharm Co Ltd [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Milestone method revenue payment		$ 1.5	$ 2.1
Accrued royalties	$ 4.5
Restricted Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Black scholes option pricing model	Black-Scholes option-pricing model

Summary of Marketable Debt Secu

Summary of Marketable Debt Securities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	$ 12,514	$ 32,102
Gross Unrealized Gains	30	67
Gross Unrealized Losses	(775)	(238)
Estimated Fair Value	11,769	31,931
Corporate Debt Securities [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	1,327	5,505
Gross Unrealized Gains	0	9
Gross Unrealized Losses	(187)	(50)
Estimated Fair Value	1,140	5,464
Mutual Fund [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Amortized Cost	11,187
Gross Unrealized Gains	30
Gross Unrealized Losses	(588)
Estimated Fair Value	$ 10,629
Commercial Paper [Member]
Debt Securities, Held-to-Maturity, Allowance for Credit Loss [Line Items]
Amortized Cost		26,597
Gross Unrealized Gains		58
Gross Unrealized Losses		(188)
Estimated Fair Value		$ 26,467

Schedule of Accounts, Notes, Lo

Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Receivables [Abstract]
Prepaid expenses	$ 701	$ 1,046
Government institutions	124	79
Total	$ 825	$ 1,125

Summary of Company's significan

Summary of Company's significant contractual lease obligations (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Other Commitments [Line Items]
Total	$ 223
Less than 1 year	182
1-3 years	35
Facility Leases [Member]
Other Commitments [Line Items]
Total	212
Less than 1 year	178
1-3 years	35
Car Leases [Member]
Other Commitments [Line Items]
Total	11
Less than 1 year	11
1-3 years

Leases (Details Narrative)

Leases (Details Narrative) $ in Thousands	12 Months Ended
	Dec. 31, 2022 ILS (₪)	Dec. 31, 2022 USD ($) ft²	Dec. 31, 2021 USD ($)
Leases
Area of land under operating lease agreement | ft²		590
Option to extend lease	two additional options to extend until March 22, 2023
Lease renewal term		2 years
Lease rental payment | ₪	₪ 134,508
Maintenance fees | ₪	₪ 144,476
Bank guarantee		$ 50
Operating lease assets		223	$ 406
Operating lease liabilities		$ 216	$ 435
Operating leases, weighted average remaining lease term (in years)		1 year 2 months 8 days
Operating leases, weighted average borrowing rate		2.30%

Schedule of Property and Equipm

Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Medical equipment	$ 737	$ 737
Office furniture and equipment	54	56
Computer software and electronic equipment	76	78
Leasehold improvements	235	231
Property and equipment, gross	1,102	1,102
Less - Accumulated depreciation	988	957
Net book value	$ 114	$ 145

Investment in convertible note

Investment in convertible note (Details Narrative) - OnKai Inc [Member] - USD ($) $ in Millions		1 Months Ended
	Jan. 05, 2023	Dec. 31, 2022
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Additional investment on convertible safe notes		$ 1.5
Capital stock discount rate		15%
Subsequent Event [Member]
Deferred Compensation Arrangement with Individual, Excluding Share-Based Payments and Postretirement Benefits [Line Items]
Additional investment on convertible safe notes	$ 1.5
Investment amount	$ 2.5

Related Parties (Details Narrat

Related Parties (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Related Party Transaction [Line Items]
Related party transaction, expenses from transactions with related party	$ 2.8	$ 4.1	$ 3.5
Officers And Directors [Member]
Related Party Transaction [Line Items]
Due to related parties	$ 0.2	$ 0.6

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($) $ in Thousands		12 Months Ended
	Jun. 28, 2021	Dec. 31, 2022
Loss Contingencies [Line Items]
Bank lien on marketable securities		$ 114
Upfront license fee	$ 100
Maximum [Member]
Loss Contingencies [Line Items]
Payments to regulatory milestones	$ 950
Guarantee of Indebtedness of Others [Member]
Loss Contingencies [Line Items]
Bank guarantee, commitment		$ 54

Summary of Status of Company's

Summary of Status of Company's Option Plans and Changes (Details) - $ / shares	1 Months Ended						12 Months Ended
	Nov. 30, 2022	Feb. 28, 2022	Aug. 31, 2021	Jul. 31, 2021	Mar. 31, 2021	Feb. 28, 2021	Dec. 31, 2022	Dec. 31, 2021
Option Indexed to Issuer's Equity [Line Items]
Number of share options, Granted	2,192,962	40,000	37,500	100,000	45,000
Number of share options, Exercised						(18,736)
Number of share options exercisable, Ending							324,784	333,532
Weighted average exercise price, Options exercisable, Ending	$ 0.37	$ 1.61	$ 2.83	$ 3.10	$ 4.16
Share-Based Payment Arrangement, Option [Member]
Option Indexed to Issuer's Equity [Line Items]
Number of share options, Beginning							2,853,675	2,723,011
Weighted average exercise price, Beginning							$ 5.42	$ 5.70
Number of share options, Granted							44,500	402,500
Weighted average exercise price, Granted							$ 1.30	$ 3.32
Number of share options, Forfeited							(209,353)	(253,100)
Weighted average exercise price, Forfeited							$ 4.81	$ 5.25
Number of share options, Exercised								(18,736)
Weighted average exercise price, Exercised								$ 0.01
Number of share options, Ending							2,688,822	2,853,675
Weighted average exercise price, Ending							$ 5.42	$ 5.42
Number of share options exercisable, Ending							2,299,699	2,027,431
Weighted average exercise price, Options exercisable, Ending							$ 6.33	$ 5.67

Shareholders_ Equity (Details N

Shareholders’ Equity (Details Narrative) - USD ($)

1 Months Ended

12 Months Ended

Nov. 14, 2022

Nov. 30, 2022

Jul. 30, 2022

Feb. 28, 2022

Aug. 31, 2021

Jul. 31, 2021

Mar. 31, 2021

Feb. 28, 2021

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Dec. 31, 2016

Mar. 26, 2021

May 15, 2020

Dec. 22, 2017

Accumulated Other Comprehensive Income (Loss) [Line Items]

Ordinary shares offered

$ 31,900,000

Proceeds from sale of ordinary shares

[1]

$ 9,221,000

$ 707,000

Exercised options ordinary shares

18,736

Stock option exercised amount

$ 1,000

[2]

61,000

Options, granted

2,192,962

40,000

37,500

100,000

45,000

Options exercisable per share

$ 0.37

$ 1.61

$ 2.83

$ 3.10

$ 4.16

Contractual term

10 years

10 years

10 years

10 years

Vest period

4 years

3 years

3 years

4 years

Aggregate grant fair value

$ 10,000

$ 200,000

$ 100,000

Options, exercisable

324,784

333,532

Options, intrinsic value

$ 200,000

$ 600,000

Share-based Compensation

$ 1,296,000

$ 1,886,000

$ 2,066,000

Share-Based Payment Arrangement, Option [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Options, granted

38,637

38,637

Contractual term

4 years 10 months 2 days

5 years 10 months 24 days

Dividend yield

0%

0%

0%

Risk-free interest rate, minimum

0.80%

0.42%

Risk-free interest rate, maximum

1.94%

1.34%

0.74%

Volatility rate, minimum

64%

83%

Volatility rate, maximum

65%

81%

88%

Weighted average grant date fair value

$ 0.68

$ 2.19

$ 2.76

Unrecognized compensation expense

$ 900,000

$ 3,400,000

$ 4,000,000

Unrecognized compensation, term

1 year 5 months 1 day

1 year 9 months

2 years 10 months 24 days

Allocated stock based compensation

$ 1,300,000

$ 1,900,000

$ 2,100,000

Share-Based Payment Arrangement, Option [Member] | Minimum [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Expected life, term

5 years

5 years

5 years

Share-Based Payment Arrangement, Option [Member] | Maximum [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Expected life, term

6 years 3 months

6 years 3 months

6 years 3 months

Restricted Stock Units (RSUs) [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Additional ordinary shares

78,750

Vest period

4 years

Unrecognized compensation expense

$ 0

Share-based Compensation

$ 0

$ 0

$ 5,000

Chief Executive Officer [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Options, granted

324,784

Vest period

3 years

New Sales Agreement [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Aggregate offering price

$ 50,000,000

Additional ordinary shares

114,982

Proceeds from sale of ordinary shares

$ 100,000

Common Stock [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Additional ordinary shares

[3]

114,982

Exercised options ordinary shares

23,236

50,290

Stock option exercised amount

[2]

Common Stock [Member] | Underwritten Public Offering [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Additional ordinary shares

2,197,803

Proceeds from sale of ordinary shares

$ 9,200,000

Share price

$ 4.3258

At the Market Offering [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Aggregate offering price

$ 35,000,000

At the Market Offering [Member] | Common Stock [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Additional ordinary shares

1,541,400

136,300

Proceeds from sale of ordinary shares

$ 8,200,000

$ 800,000

Incentive Share Option Plan2013 [Member]

Accumulated Other Comprehensive Income (Loss) [Line Items]

Shares reserved for future issuance

375,743

[1]See[2]Represents amount less than $1[3]See also Note 10

Schedule of Research and Develo

Schedule of Research and Development Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Research and development expense	$ 12,995	$ 27,220	$ 26,082
Chemistry And Formulation Studies [Member]
Research and development expense	2,448	5,009	5,856
Salaries [Member]
Research and development expense	1,692	2,963	2,570
Stock Based Compensation [Member]
Research and development expense	383	660	871
Research And Preclinical Studies [Member]
Research and development expense	1,346	2,163	1,873
Clinical Studies [Member]
Research and development expense	6,532	14,937	13,225
Regulatory And Other Expenses [Member]
Research and development expense	$ 594	$ 1,488	$ 1,687

Schedule of General and Adminis

Schedule of General and Administrative Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
General and administrative expenses	$ 4,656	$ 5,661	$ 4,128
Stock Based Compensation [Member]
General and administrative expenses	913	1,225	1,194
Professional Fees [Member]
General and administrative expenses	1,084	897	796
Salaries And Benefits [Member]
General and administrative expenses	1,164	1,617	828
Rent And Office Maintenance Fees [Member]
General and administrative expenses	401	530	430
Investor Relations And Business Development Expenses [Member]
General and administrative expenses	59	242	293
Insurance And Other Expenses [Member]
General and administrative expenses	$ 1,035	$ 1,150	$ 587

Schedule of Financial Income, N

Schedule of Financial Income, Net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Bank fees	$ 22	$ 43	$ 31
Interest income	(297)	(562)	(1,192)
Loss (gain) from sale of marketable debt securities	526	80	(397)
Foreign currency losses	(36)	25	119
Financial income net	$ 215	$ (414)	$ (1,439)

Schedule of Effective Income Ta

Schedule of Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Loss before taxes on income, as reported in the consolidated statements of operations	$ 17,866	$ 32,467	$ 28,771
Statutory tax rate	12%	12%	12%
Theoretical tax benefit	$ 2,144	$ 3,896	$ 3,453
Losses and other items for which a valuation allowance was provided or benefit from loss carry forwards	(2,144)	(3,896)	(3,453)
Actual tax expense

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Taxable income tax rate	12%	12%	12%
Operating loss carry forwards	$ 152,200
Deferred tax assets, capital loss carry forwards	152,000
Research and development expenses	12,995	$ 27,220	$ 26,082
Deferred Income Tax Charge [Member]
Operating Loss Carryforwards [Line Items]
Research and development expenses	$ 24,000
Maltese Subsidiary [Member]
Operating Loss Carryforwards [Line Items]
Taxable income tax rate	35%	35%	35%
Operating loss carry forwards	$ 11,700
Israeli Subsidiary [Member]
Operating Loss Carryforwards [Line Items]
Operating loss carry forwards	140,500
Deferred tax assets, capital loss carry forwards	$ 1,900
Israel Tax Authority [Member]
Operating Loss Carryforwards [Line Items]
Taxable income tax rate	23%

Subsequent events (Details Narr

Subsequent events (Details Narrative) - OnKai Inc [Member] - USD ($) $ in Millions		1 Months Ended
	Jan. 05, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Additional investment on convertible safe notes		$ 1.5
Subsequent Event [Member]
Subsequent Event [Line Items]
Investment amount	$ 2.5
Additional investment on convertible safe notes	$ 1.5