Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2023 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Check-Cap Ltd. |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2023 |
Amendment Flag | false |
Entity Central Index Key | 0001610590 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q2 |
Entity Address, Address Line One | Check-Cap Building |
Entity Address, Address Line Two | Abba Hushi Avenue |
Entity Address, Address Line Three | P.O. Box 1271 |
Entity Address, City or Town | Isfiya |
Entity Address, Postal Zip Code | 30090 |
Entity Address, Country | IL |
CONSOLIDATED UNAUDITED BALANCE
CONSOLIDATED UNAUDITED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 | |
Current assets | |||
Cash and cash equivalents | $ 2,254 | $ 4,090 | |
Restricted cash | 350 | 352 | |
Short-term bank deposit | 29,815 | 37,609 | |
Prepaid expenses and other current assets | 838 | 579 | |
Total current assets | 33,257 | 42,630 | |
Non-current assets | |||
Property and equipment, net | 245 | 1,751 | |
Operating leases | 223 | 1,060 | |
Total non-current assets | 468 | 2,811 | |
Total assets | 33,725 | 45,441 | |
Accounts payable and accruals | |||
Trade | 783 | 952 | |
Other | 675 | 802 | |
Employees and payroll accruals | 1,946 | 1,261 | |
Other current liabilities | 48 | 56 | |
Operating lease liabilities | 83 | 337 | |
Total current liabilities | 3,535 | 3,408 | |
Non-current liabilities | |||
Royalties provision | 0 | 94 | |
Operating lease liabilities | 0 | 627 | |
Total non-current liabilities | 0 | 721 | |
Shareholders' equity | |||
Share capital, Ordinary shares, 48 NIS par value (18,000,000 authorized shares as of June 30, 2023 and December 31, 2022, respectively; 5,849,216 and 5,844,463 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively) | [1] | 83,728 | 83,664 |
Additional paid-in capital | 85,075 | 84,941 | |
Accumulated deficit | (138,613) | (127,293) | |
Total shareholders' equity | 30,190 | 41,312 | |
Total liabilities and shareholders' equity | $ 33,725 | $ 45,441 | |
[1]All share amounts have been retroactively adjusted to reflect a 1-for-20 reverse share split. |
CONSOLIDATED UNAUDITED BALANC_2
CONSOLIDATED UNAUDITED BALANCE SHEETS (Parenthetical) - ₪ / shares | Jun. 30, 2023 | Dec. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Ordinary shares, par value per share | ₪ 48 | ₪ 48 |
Ordinary shares, shares authorized | 18,000,000 | 18,000,000 |
Ordinary shares, shares issued | 5,849,216 | 5,844,463 |
Ordinary shares, shares outstanding | 5,849,216 | 5,844,463 |
CONSOLIDATED UNAUDITED STATEMEN
CONSOLIDATED UNAUDITED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Income Statement [Abstract] | ||||
Research and development expenses, net | $ 4,480 | $ 3,545 | $ 8,151 | $ 7,673 |
General and administrative expenses | 1,583 | 1,343 | 2,762 | 3,100 |
Impairment of fixed assets | 1,364 | 0 | 1,364 | 0 |
Operating loss | 7,427 | 4,888 | 12,277 | 10,773 |
Finance Income, net | 549 | 81 | 957 | 132 |
Loss before income tax | 6,878 | 4,807 | 11,320 | 10,641 |
Net loss for the period | $ 6,878 | $ 4,807 | $ 11,320 | $ 10,641 |
Loss per share: | ||||
Net loss per ordinary share basic | $ 1.18 | $ 0.82 | $ 1.94 | $ 1.94 |
Net loss per ordinary share diluted | $ 1.18 | $ 0.82 | $ 1.94 | $ 1.94 |
Weighted average number of ordinary shares outstanding - basic | 5,848,565 | 5,840,089 | 5,847,392 | 5,497,548 |
Weighted average number of ordinary shares outstanding - diluted | 5,848,565 | 5,840,089 | 5,847,392 | 5,497,548 |
CONSOLIDATED UNAUDITED STATEM_2
CONSOLIDATED UNAUDITED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Ordinary Share [Member] | Additional paid-in capital [Member] | Accumulated deficit [Member] | Total | |
Beginning balance at Dec. 31, 2021 | $ 68,787 | $ 90,089 | $ (108,185) | $ 50,691 | |
Beginning balance, shares at Dec. 31, 2021 | [1] | 4,840,089 | |||
Issuance of ordinary shares and warrants in March 2022 registered direct offerings, net of issuance expenses in an amount of $1,150 | $ 14,815 | (5,965) | 0 | 8,850 | |
Issuance of ordinary shares and warrants in March 2022 registered direct offerings, net of issuance expenses in an amount of $1,150, shares | [1] | 1,000,000 | |||
Share-based compensation | $ 0 | 250 | 0 | 250 | |
Net loss | 0 | 0 | (5,834) | (5,834) | |
Ending balance at Mar. 31, 2022 | $ 83,602 | 84,374 | (114,019) | 53,957 | |
Ending balance, shares at Mar. 31, 2022 | [1] | 5,840,089 | |||
Beginning balance at Dec. 31, 2021 | $ 68,787 | 90,089 | (108,185) | 50,691 | |
Beginning balance, shares at Dec. 31, 2021 | [1] | 4,840,089 | |||
Net loss | (10,641) | ||||
Ending balance at Jun. 30, 2022 | $ 83,602 | 84,648 | (118,826) | 49,424 | |
Ending balance, shares at Jun. 30, 2022 | [1] | 5,840,089 | |||
Beginning balance at Mar. 31, 2022 | $ 83,602 | 84,374 | (114,019) | 53,957 | |
Beginning balance, shares at Mar. 31, 2022 | [1] | 5,840,089 | |||
Share-based compensation | $ 0 | 274 | 0 | 274 | |
Net loss | 0 | 0 | (4,807) | (4,807) | |
Ending balance at Jun. 30, 2022 | $ 83,602 | 84,648 | (118,826) | 49,424 | |
Ending balance, shares at Jun. 30, 2022 | [1] | 5,840,089 | |||
Beginning balance at Dec. 31, 2022 | $ 83,664 | 84,941 | (127,293) | 41,312 | |
Beginning balance, shares at Dec. 31, 2022 | [1] | 5,844,463 | |||
Share-based compensation | $ 0 | 156 | 0 | 156 | |
Net loss | 0 | 0 | (4,442) | (4,442) | |
RSUs vesting | $ 46 | (46) | 0 | 0 | |
RSUs vesting, shares | [1] | 3,375 | |||
Ending balance at Mar. 31, 2023 | $ 83,710 | 85,051 | (131,735) | 37,026 | |
Ending balance, shares at Mar. 31, 2023 | [1] | 5,847,838 | |||
Beginning balance at Dec. 31, 2022 | $ 83,664 | 84,941 | (127,293) | 41,312 | |
Beginning balance, shares at Dec. 31, 2022 | [1] | 5,844,463 | |||
Net loss | (11,320) | ||||
Ending balance at Jun. 30, 2023 | $ 83,728 | 85,075 | (138,613) | 30,190 | |
Ending balance, shares at Jun. 30, 2023 | [1] | 5,849,216 | |||
Beginning balance at Mar. 31, 2023 | $ 83,710 | 85,051 | (131,735) | 37,026 | |
Beginning balance, shares at Mar. 31, 2023 | [1] | 5,847,838 | |||
Share-based compensation | $ 0 | 42 | 0 | 42 | |
Net loss | 0 | 0 | (6,878) | (6,878) | |
RSUs vesting | $ 18 | (18) | 0 | 0 | |
RSUs vesting, shares | [1] | 1,378 | |||
Ending balance at Jun. 30, 2023 | $ 83,728 | $ 85,075 | $ (138,613) | $ 30,190 | |
Ending balance, shares at Jun. 30, 2023 | [1] | 5,849,216 | |||
[1]All share amounts have been retroactively adjusted to reflect a 1-for-20 reverse share split. |
CONSOLIDATED UNAUDITED STATEM_3
CONSOLIDATED UNAUDITED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) $ in Thousands | 1 Months Ended |
Mar. 31, 2022 USD ($) | |
Issuance expenses | $ 1,150 |
CONSOLIDATED UNAUDITED STATEM_4
CONSOLIDATED UNAUDITED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | ||
Net loss | $ (11,320) | $ (10,641) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 190 | 159 |
Impairment of fixed assets | 1,364 | 0 |
Share-based compensation | 198 | 525 |
Financial income, net | (323) | (239) |
Changes in assets and liabilities items: | ||
Increase in prepaid and other current assets and non-current assets | (255) | (152) |
Increase (decrease) in trade accounts payable, accruals and other current liabilities | (270) | 320 |
Increase (decrease) in employees and payroll accruals | 686 | (293) |
Decrease in royalties provision | (94) | (25) |
Net cash used in operating activities | (9,824) | (10,346) |
CASH FLOWS FROM INVESTING ACTIVITIES | ||
Purchase of property and equipment | (83) | (323) |
Changes in short-term deposits | 8,069 | (13,000) |
Net cash provided by (used in) investing activities | 7,986 | (13,323) |
CASH FLOWS FROM FINANCING ACTIVITIES | ||
Issuance of ordinary shares in the registered direct offerings, net of issuance expenses | 0 | 8,850 |
Net cash provided by financing activities | 0 | 8,850 |
Net increase in cash, cash equivalents and restricted cash | (1,838) | (14,819) |
Cash, cash equivalents and restricted cash at the beginning of the period | 4,442 | 26,807 |
Cash, cash equivalents and restricted cash at the end of the period | 2,604 | 11,988 |
Supplemental disclosure of non-cash flow information | ||
Purchase of property and equipment included in accounts payable and accrued expenses | 0 | 38 |
Assets acquired under operating lease | 136 | 167 |
Supplemental disclosure of cash flow information: | ||
Cash paid for taxes | 2 | 3 |
Interest received | $ 654 | $ 138 |
GENERAL INFORMATION
GENERAL INFORMATION | 6 Months Ended |
Jun. 30, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL INFORMATION | NOTE 1 - GENERAL INFORMATION A. General (1) Check-Cap Ltd. (the “Company") was incorporated under the laws of the State of Israel. The registered address of its offices is 29 Abba Hushi Avenue, Isfiya 3009000, Israel. (2) The Company has a wholly-owned subsidiary, Check-Cap US, Inc., that was incorporated under the laws of the State of Delaware on May 15, 2015. (3) The . On March 21, 2023, the Company announced that following the Company’s internal assessment of the clinical data collected until such date from its calibration studies, the Company has determined that the most recent efficacy results from the Company’s calibration studies did not meet the goal in order to proceed to the powered portion of the U.S. pivotal study. The Company further announced that it had adopted a plan of actions that included conducting additional clinical data analysis and approaching the U.S. Food and Drug Administration (“FDA”) to make amendments to the U.S. pivotal study and that the Company is also implementing a cost reduction plan in order to extend its cash runway, and that the initiation of the powered portion of the U.S. pivotal study that was expected in mid-2023 is therefore temporarily postponed. On June 6, 2023, the Company announced that after further review of additional data and interaction with the FDA on a revised pivotal study protocol together with the anticipated time and investment necessary to further develop the technology, the Company’s Board of Directors has determined that it is appropriate to pursue strategic options. In addition, the Company’s Board of Directors approved a reduction in its workforce by approximately 90 percent, to reduce the Company’s cash burn, after which the Company expects to have eight remaining employees. In light of these developments, the Company discontinued the calibration studies and does not plan on commencing the powered portion of its U.S. pivotal study and plans to concentrate its resources on its essential research activities and strategic alternatives. As a result, (4) On February 24, 2015, the Company consummated an Initial Public Offering in the United States concurrently with a private placement. On August 11, 2016, the Company consummated a registered direct offering of ordinary shares and pre-funded warrants. On June 2, 2017, the Company consummated a registered direct offering of ordinary shares and a simultaneous private placement of warrants. On November 22, 2017, the Company consummated a registered direct offering of ordinary shares and a simultaneous private placement of warrants. On May 8, 2018, the Company consummated an underwritten public offering of ordinary shares, pre-funded warrants and Series C warrants. On February 6, 2019, the Company consummated a registered direct offering of ordinary shares and warrants. In February 2020, the Company consummated a private placement of ordinary shares. During April and May 2020, the Company consummated three registered direct offerings of ordinary shares and simultaneous private placements of warrants. On July 27, 2020, the Company consummated a warrant exercise transaction to purchase ordinary shares and a simultaneous private placement of warrants. During the first quarter of 2021, certain investors exercised their warrants previously issued by the Company. In July 2021, the Company consummated a registered direct offering of ordinary shares and warrants. On March 3, 2022, the Company consummated a registered direct offering of ordinary shares and warrants. The Company's ordinary shares are listed on the NASDAQ Capital Market under the symbol "CHEK". The consolidated financial statements of the Company as of and for the six months ended June 30, 2023, include the financial statements of the Company and its wholly-owned U.S. subsidiary. (5) Since its inception, the Company has devoted substantially all of its efforts to research and development, clinical trials, recruiting management and technical staff, acquiring assets and raising capital. The Company has incurred losses of $11,320 and $10,641 for the six months ended June 30, 2023 and 2022, respectively. As of June 30, 2023, the Company's accumulated deficit was approximately $138,613. The Company has funded its operations to date primarily through equity financings, sale of its ordinary shares and warrants, the exercise of warrants and other financing transactions and through grants from the Israel Innovation Authority of the Ministry of Economy and Industry. (6) In early 2020, the World Health Organization declared the rapidly spreading coronavirus disease (COVID-19) outbreak a pandemic. The Company experienced disruptions to its operations as a result of the COVID-19 pandemic including disruptions to the Company’s clinical studies, and as a result, faced delays in its clinical trials. The extent to which the COVID-19 pandemic shall impact the Company’s operations in the future will depend on future developments, which are highly uncertain and cannot be predicted with confidence. |
CONSOLIDATED UNAUDITED FINANCIA
CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS | 6 Months Ended |
Jun. 30, 2023 | |
Unaudited Consolidated Financial Statements [Abstract] | |
CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS | NOTE 2 - CONSOLIDATED UNAUDITED FINANCIAL STATEMENTS The accompanying consolidated unaudited financial statements have been prepared in a condensed format and include the consolidated unaudited financial operations of the Company as of June 30, 2023 and for the six and three month periods then ended, in accordance with U.S. GAAP, relating to the preparation of financial statements for interim periods. Accordingly, the accompanying consolidated unaudited financial statements do not include all the information and footnotes required by generally accepted accounting principles for complete set of financial statements. These consolidated unaudited financial statements should be read in conjunction with the audited financial statements and the accompanying notes of the Company for the year ended December 31, 2022 that are included in the Company's Annual Report on Form 20-F, filed with the Securities and Exchange Commission on March 31, 2023 (the "Annual Report"). In the opinion of management, all adjustments (including adjustments related to the reduction of workforce and discontinuance of the clinical studies) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2023, are not necessarily indicative of the results that may be expected for the year ended December 31, 2023. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 3 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies that have been applied in the preparation of the unaudited consolidated financial statements are identical to those that were applied in preparation of the Company’s most recent annual financial statements in connection with the Annual Report. |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
LEASES | NOTE 4 - LEASES The Company leases vehicles and offices under various operating lease agreements. Following the determination of Company’s Board of Directors on June 6, 2023 to discontinue the Company’s clinical studies (see Note 1 A (3)), on June 8, 2023, the Company terminated its sub-lease agreement in Petach Tikva, and the agreement shall terminate on September 8, 2023. The Company currently does not expect to extend the lease agreement of its offices in Isfiya and Petach Tikva, Israel that expire on December 31, 2023 and February 24, 2024, respectively. According to ASC 842, the changes described above are a triggering event for reassessment of the lease terms and as a result, the lease liability was remeasured as of the reassessment date with an adjustment recorded to the underlying right of use assets. At June 30, 2023, the Company’s operating lease assets and lease liabilities for operating leases totaled $223 and $83, respectively. Supplemental cash flow information related to operating leases was as follows: Six months ended June 30, 2023 Cash payments for operating leases $ 223 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 June 30, 2023, the Company’s operating leases had a weighted average remaining lease term of 5 months and a weighted average borrowing rate of 11%. Future lease payments under operating leases as of June 30, 2023 were as follows: Operating Leases Second half of 2023 $ 130 2024 $ 3 Total future lease payments $ 133 Less imputed interest (50 ) Total lease liability balance $ 83 |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 5 - SHARE-BASED COMPENSATION 1. A summary of the Company's option activity related to options granted to employees, service providers and directors, and related information is as follows: For the six months ended June 30, 2023 Weighted Weighted average average remaining exercise price contractual Number (in $) life (in years) Options outstanding at beginning of period 191,892 35.35 8.59 Options granted 903 2.82 Options forfeited and expired (2,901 ) 158.58 Options outstanding at end of period 189,894 33.31 8.62 Options exercisable at end of period 73,560 58.77 7.84 2. A summary of the Company’s restricted stock awards (“RSUs”) activity is as follows: For the six months ended June 30, 2023 Unvested at beginning of period 19,703 Granted - Vested (4,753 ) Forfeited (1,853 ) Unvested at end of period 13,097 On January 4, 2023, the Company's Board of Directors resolved to increase the number of ordinary shares of the Company reserved for issuance under the Check-Cap Ltd. 2015 Equity Incentive Plan by an additional 30,000 ordinary shares. Following the balance sheet date, due to the termination of the employment of Company employees (see Note 1A(3)), an aggregate of 21,759 options and RSUs expired. |
IMPAIRMENT OF FIXED ASSETS
IMPAIRMENT OF FIXED ASSETS | 6 Months Ended |
Jun. 30, 2023 | |
Asset Impairment Charges [Abstract] | |
IMPAIRMENT OF FIXED ASSETS | NOTE 6 - IMPAIRMENT OF FIXED ASSETS On June 6, 2023, the Company announced that following a review of its business, resources and capabilities, it is exploring strategic alternatives As a result , due to changes in circumstances that indicate that the carrying amount of an asset (or asset group) may not be recoverable, the Company reviewed its long-lived assets for impairment in accordance with ASC 360-10 "Accounting for the Impairment or Disposal of Long-Lived Assets" and determined that the fixed assets are considered to be impaired by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Therefore, the Company recorded an impairment loss of 1,364 for the six months ended June 30, 2023. |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Leases [Abstract] | |
Schedule of supplemental cash flow information related to operating leases | Six months ended June 30, 2023 Cash payments for operating leases $ 223 |
Schedule of future lease payments | Operating Leases Second half of 2023 $ 130 2024 $ 3 Total future lease payments $ 133 Less imputed interest (50 ) Total lease liability balance $ 83 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Schedule of stock option activity | For the six months ended June 30, 2023 Weighted Weighted average average remaining exercise price contractual Number (in $) life (in years) Options outstanding at beginning of period 191,892 35.35 8.59 Options granted 903 2.82 Options forfeited and expired (2,901 ) 158.58 Options outstanding at end of period 189,894 33.31 8.62 Options exercisable at end of period 73,560 58.77 7.84 |
Schedule of unvested Restricted Stock Units | For the six months ended June 30, 2023 Unvested at beginning of period 19,703 Granted - Vested (4,753 ) Forfeited (1,853 ) Unvested at end of period 13,097 |
GENERAL INFORMATION (Detail Tex
GENERAL INFORMATION (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2022 | Mar. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | |||||||
Net loss | $ (6,878) | $ (4,442) | $ (4,807) | $ (5,834) | $ (11,320) | $ (10,641) | |
Accumulated deficit | (138,613) | (138,613) | $ (127,293) | ||||
Provision for termination for employment period | 611 | 611 | |||||
Amount of retention provision | $ 217 | $ 217 |
LEASES (Detail Textuals)
LEASES (Detail Textuals) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Operating lease assets | $ 223 | $ 1,060 |
Operating lease liabilities | $ 83 | |
Weighted average remaining lease term | 5 months | |
Approximate weighted average borrowing rate | 11% |
LEASES (Schedule of supplementa
LEASES (Schedule of supplemental cash flow Information related to operating leases) (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Leases [Abstract] | |
Cash payments for operating leases | $ 223 |
LEASES (Schedule of future leas
LEASES (Schedule of future lease payments) (Details) $ in Thousands | Jun. 30, 2023 USD ($) |
Leases [Abstract] | |
Second half of 2023 | $ 130 |
2024 | 3 |
Total future lease payments | 133 |
Less imputed interest | (50) |
Total lease liability balance | $ 83 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Detail Textuals) - shares | 6 Months Ended | |
Jan. 04, 2023 | Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options and RSUs expired | 2,901 | |
2015 Equity Incentive Plan | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Increase in shares available for additional grant | 30,000 | |
Options and RSUs [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | ||
Options and RSUs expired | 21,759 |
SHARE-BASED COMPENSATION (Sched
SHARE-BASED COMPENSATION (Schedule of option activity related to options granted to employees) (Details) - $ / shares | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Number of options | ||
Options outstanding at beginning of period | 191,892 | |
Options granted | 903 | |
Options forfeited and expired | (2,901) | |
Options outstanding at end of period | 189,894 | |
Options exercisable at end of period | 73,560 | |
Weighted average exercise price | ||
Options outstanding at beginning of period | $ 35.35 | |
Options granted | 2.82 | |
Options forfeited and expired | 158.58 | |
Options outstanding at end of period | 33.31 | |
Options exercisable at end of period | $ 58.77 | |
Weighted average remaining contractual life | ||
Options outstanding | 8 years 7 months 13 days | 8 years 7 months 2 days |
Options exercisable at end of period | 7 years 10 months 2 days |
SHARE-BASED COMPENSATION (Sch_2
SHARE-BASED COMPENSATION (Schedule of RSU activity) (Details) - RSU's | 6 Months Ended |
Jun. 30, 2023 shares | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |
Unvested at beginning of period | 19,703 |
Granted | 0 |
Vested | (4,753) |
Forfeited | (1,853) |
Unvested at end of period | 13,097 |
IMPAIRMENT OF FIXED ASSETS (Det
IMPAIRMENT OF FIXED ASSETS (Detail Textuals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Asset Impairment Charges [Abstract] | ||||
Impairment of fixed assets | $ 1,364 | $ 0 | $ 1,364 | $ 0 |