Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information Line Items | |
Entity Registrant Name | CollPlant Biotechnologies Ltd. |
Trading Symbol | CLGN |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 11,186,481 |
Amendment Flag | false |
Entity Central Index Key | 0001631487 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Shell Company | false |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-38370 |
Entity Incorporation, State or Country Code | L3 |
Entity Address, Address Line One | 4 Oppenheimer |
Entity Address, Address Line Two | Weizmann Science Park |
Entity Address, City or Town | Rehovot |
Entity Address, Postal Zip Code | 7670104 |
Entity Address, Country | IL |
Title of 12(b) Security | Ordinary shares, par value NIS 1.50 per share |
Security Exchange Name | NASDAQ |
Entity Interactive Data Current | Yes |
Document Accounting Standard | U.S. GAAP |
Auditor Firm ID | 1281 |
Auditor Name | KOST FORER GABBAY & KASIERER |
Auditor Location | Tel-Aviv, Israel |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | 4 Oppenheimer |
Entity Address, Address Line Two | Weizmann Science Park |
Entity Address, City or Town | Rehovot |
Entity Address, Postal Zip Code | 7670104 |
Entity Address, Country | IL |
Contact Personnel Name | Yehiel Tal |
City Area Code | +972 |
Local Phone Number | 73 232 5600 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 29,653 | $ 13,148 |
Short term cash deposits | 30,151 | |
Restricted deposit | 23 | 13 |
Trade receivables | 9 | 270 |
Other accounts receivable and prepaid expenses | 543 | 424 |
Inventories | 1,430 | 1,081 |
Total current assets | 31,658 | 45,087 |
Non-current assets: | ||
Restricted deposit | 188 | 213 |
Operating lease right-of-use assets | 2,711 | 2,953 |
Property and equipment, net | 2,966 | 2,728 |
Intangible assets, net | 245 | 243 |
Total non-current assets | 6,110 | 6,137 |
Total assets | 37,768 | 51,224 |
Current liabilities: | ||
Trade payables | 1,133 | 1,034 |
Operating lease liabilities | 529 | 519 |
Deferred revenues | 32 | |
Accrued liabilities and other | 1,443 | 1,429 |
Total current liabilities | 3,105 | 3,014 |
Non-current liabilities: | ||
Operating lease liabilities | 2,382 | 3,089 |
Total non-current liabilities | 2,382 | 3,089 |
Total liabilities | 5,487 | 6,103 |
Commitments and contingencies | ||
Shareholders’ Equity: | ||
Ordinary shares, NIS 1.5 par value - authorized: 30,000,000 ordinary shares as of December 31, 2022 and December 31, 2021; issued and outstanding: 11,186,481 and 10,772,024 ordinary shares as of December 31, 2022 and December 31, 2021, respectively | 4,873 | 4,664 |
Additional paid in capital | 118,099 | 114,223 |
Currency translation differences | (969) | (969) |
Accumulated deficit | (89,722) | (72,797) |
Total shareholders’ equity | 32,281 | 45,121 |
Total liabilities and shareholders’ equity | $ 37,768 | $ 51,224 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - ₪ / shares | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Ordinary shares par value (in New Shekels per share) | ₪ 1.5 | ₪ 1.5 |
Ordinary shares, shares authorized | 30,000,000 | 30,000,000 |
Ordinary shares, shares issued | 11,186,481 | 11,186,481 |
Ordinary shares, shares outstanding | 10,772,024 | 10,772,024 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Statement [Abstract] | |||
Revenues | $ 299 | $ 15,641 | $ 6,137 |
Cost of revenues | 400 | 2,005 | 3,002 |
Gross Profit (loss) | (101) | 13,636 | 3,135 |
Operating expenses: | |||
Research and development | 10,255 | 7,631 | 4,065 |
General, administrative and marketing | 6,741 | 5,940 | 4,669 |
Total operating income (loss) | (17,097) | 65 | (5,599) |
Financial income (expenses), net | 172 | 172 | (175) |
Net income (loss) | $ (16,925) | $ 237 | $ (5,774) |
Basic net income (loss) per ordinary share (in Dollars per share) | $ (1.53) | $ 0.02 | $ (0.84) |
Diluted net income (loss) per ordinary share (in Dollars per share) | $ (1.53) | $ 0.02 | $ (0.84) |
Weighted average ordinary shares outstanding used in computation of basic net income (loss) per share (in Shares) | 11,033,310 | 9,968,972 | 6,886,955 |
Weighted average ordinary shares outstanding used in computation of diluted net income (loss) per share (in Shares) | 11,033,310 | 11,966,788 | 6,886,955 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders’ Equity - USD ($) $ in Thousands | Ordinary shares | Additional paid-in capital | Accumulated other comprehensive income (loss) | Accumulated deficit | Total |
Balance at Dec. 31, 2019 | $ 2,368 | $ 69,949 | $ (969) | $ (67,260) | $ 4,088 |
Balance (in Shares) at Dec. 31, 2019 | 5,670,829 | ||||
Issuance of ordinary shares and warrants, net of issuance costs | $ 195 | 4,205 | 4,400 | ||
Issuance of ordinary shares and warrants, net of issuance costs (in Shares) | 445,000 | ||||
Conversion of prepaid warrants to ordinary shares | $ 355 | (355) | |||
Conversion of prepaid warrants to ordinary shares (in Shares) | 811,085 | ||||
Exercise of options | $ 9 | 80 | 89 | ||
Exercise of options (in Shares) | 21,495 | ||||
Shares issued for services | $ 6 | 63 | 69 | ||
Shares issued for services (in Shares) | 15,429 | ||||
Share-based compensation | 1,605 | 1,605 | |||
Share-based compensation (in Shares) | |||||
Net income (loss) | (5,774) | (5,774) | |||
Balance at Dec. 31, 2020 | $ 2,933 | 75,547 | (969) | (73,034) | 4,477 |
Balance (in Shares) at Dec. 31, 2020 | 6,963,838 | ||||
Issuance of ordinary shares and warrants, net of issuance costs | $ 1,035 | 31,758 | 32,793 | ||
Issuance of ordinary shares and warrants, net of issuance costs (in Shares) | 2,250,000 | ||||
Exercise of warrants | $ 665 | 5,053 | 5,718 | ||
Exercise of warrants (in Shares) | 1,442,149 | ||||
Exercise of options | $ 31 | 268 | 299 | ||
Exercise of options (in Shares) | 66,037 | ||||
Share-based compensation | 1,597 | 1,597 | |||
Share-based compensation (in Shares) | |||||
Net income (loss) | 237 | 237 | |||
Balance at Dec. 31, 2021 | $ 4,664 | 114,223 | (969) | (72,797) | 45,121 |
Balance (in Shares) at Dec. 31, 2021 | 10,722,024 | ||||
Exercise of warrants | $ 191 | 1,509 | 1,700 | ||
Exercise of warrants (in Shares) | 425,000 | ||||
Exercise of options | $ 18 | 156 | $ 174 | ||
Exercise of options (in Shares) | 39,457 | 39,457 | |||
Share-based compensation | 2,211 | $ 2,211 | |||
Share-based compensation (in Shares) | |||||
Net income (loss) | (16,925) | (16,925) | |||
Balance at Dec. 31, 2022 | $ 4,873 | $ 118,099 | $ (969) | $ (89,722) | $ 32,281 |
Balance (in Shares) at Dec. 31, 2022 | 11,186,481 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders’ Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Stockholders' Equity [Abstract] | ||
Ordinary shares and warrants | $ 3,205 | $ 50 |
Net of issuance costs | $ 51 |
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 flows from operating activities: | |||
Net income (loss) | $ (16,925) | $ 237 | $ (5,774) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Depreciation and amortization | 1,076 | 773 | 660 |
Interest from Short term deposits | (87) | (151) | |
Share-based compensation to employees and consultants | 2,174 | 1,597 | 1,674 |
Exchange differences on cash and cash equivalents | 608 | (143) | (60) |
Financial income related to financial instruments | (28) | (40) | |
Changes in assets and liabilities: | |||
Decrease (increase) in trade receivables | 261 | 560 | (751) |
Decrease (increase) in inventories | (312) | 181 | (374) |
Decrease (increase) in other receivables | (119) | (185) | 31 |
Decrease in operating right of use assets | 461 | 400 | 442 |
Increase (decrease) in trade payables | 99 | 236 | (35) |
Decrease in lease liabilities | (916) | (337) | (229) |
Increase (decrease) in accrued liabilities and other payables | 14 | (464) | 740 |
Decrease in deferred revenues | (32) | (175) | (735) |
Net cash provided by (used in) operating activities | (13,698) | 2,501 | (4,451) |
Cash flows from investing activities: | |||
Capitalization of intangible assets | (42) | (161) | (82) |
Purchase of property and equipment | (1,274) | (1,428) | (437) |
Repayment of a short term deposits | 50,238 | ||
Investment in short term deposits | (20,000) | (30,000) | |
Proceeds from sale of property and equipment | 33 | ||
Net cash provided by (used in) investing activities | 28,922 | (31,556) | (519) |
Cash flows from financing activities: | |||
Proceeds from issuance of shares and warrants less issuance expenses | 32,743 | 4,400 | |
Loan repaid | (24) | ||
Exercise of options and warrants into shares | 1,874 | 6,017 | 89 |
Net cash provided by financing activities | 1,874 | 38,760 | 4,465 |
Exchange differences on cash and cash equivalents and restricted deposits | (608) | 143 | 60 |
Net increase (decrease) in cash and cash equivalents and restricted deposits | 16,490 | 9,848 | (445) |
Cash and cash equivalents and restricted deposits at the beginning of the year | 13,374 | 3,526 | 3,971 |
Cash and cash equivalents and restricted deposits at the end of the year | 29,864 | 13,374 | 3,526 |
Supplemental discloser of non-cash activities: | |||
Conversion of pre-paid warrants to ordinary shares | 355 | ||
Right of use assets recognized with corresponding lease liabilities | 219 | 557 | 23 |
Classification of issuance costs liability to equity | 50 | ||
Capitalization of Share-based compensation to inventory | 37 | ||
Supplemental discloser of cash activities: | |||
Cash paid during the year for taxes | 31 | ||
Reconciliation of Cash, cash equivalents and restricted cash at the end of the year | |||
Cash and cash equivalents | 29,653 | 13,148 | 3,333 |
Restricted deposits short term | 23 | 13 | 12 |
Restricted deposits long term | 188 | 213 | 181 |
Total cash and cash equivalents and restricted deposits | $ 29,864 | $ 13,374 | $ 3,526 |
General
General | 12 Months Ended |
Dec. 31, 2022 | |
General [Abstract] | |
GENERAL | NOTE 1 - GENERAL CollPlant Biotechnologies Ltd. (the “Company”) is a regenerative and aesthetic medicine company focused on 3D bioprinting of tissues and organs and medical aesthetics. The Company’s products are based on its rhCollagen (recombinant human collagen) produced with CollPlant’s proprietary plant based technology. These products address indications for the diverse fields of tissue repair, aesthetics, and organ manufacturing. The Company’s revenues include income from business collaborators and from sales of (i) the BioInk product for the development of 3D bioprinting of organs and tissues, (ii) sales of rhCollagen for the medical aesthetics market, and (iii) sales in Europe of the products for tendinopathy and wound healing. The Company operates mainly through CollPlant Ltd., a wholly-owned subsidiary (CollPlant Biotechnologies Ltd. and CollPlant Ltd. will be referred to hereinafter as “the Company” and “CollPlant”, respectively). In November 2021 CollPlant Ltd established CollPlant Inc., a wholly owned subsidiary in the United States. As of December 31, 2022, CollPlant Inc has not commenced operation. |
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 of the financial statements The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of Collplant Biotechnologies Ltd. and its wholly-owned subsidiaries. b. Use of estimates in the preparation of financial statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. Actual results may differ from those estimates. c. Functional currency The functional currency is the currency that best reflects the economic environment in which the Company and its subsidiaries operates and conducts their transactions. Most of the Company’s financing activity, cash flows, costs and expenses are incurred in U.S. dollar. Base on the Company’s management assessment the functional currency of the Company is the U.S. dollar. Transactions and balances that are denominated in currencies other than the U.S. dollar are remeasured into U.S. dollars in accordance with principles set forth in Accounting Standard Codification (“ASC”) Topic 830, Foreign Currency Matters (“ASC 830”). In accordance with ASC 830, monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars at the end of each reporting period using the exchange rates in effect at the balance sheet date. Non-monetary assets denominated in foreign currencies are measured using historical exchange rates. Gains and losses resulting from remeasurement are reflected in the statements of comprehensive income (loss) as financial income or expenses, as appropriate. d. Principles of consolidation The consolidated financial statements include the accounts of the Company and its subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. e. Segments The Company identifies operating segments in accordance with ASC Topic 280, “Segment Reporting” as components of an entity for which discrete financial information is available and is regularly reviewed by the chief operating decision maker, or decision-making group, in making decisions regarding resource allocation and evaluating financial performance. The Company defines the term “chief operating decision maker” to be its chief executive officer. The Company determined it operates in one operating segment and one reportable segment, as its chief operating decision maker reviews financial information presented only on a consolidated basis for purposes of allocating resources and evaluating financial performance. f. Cash and cash equivalents The Company considers as cash equivalents all short-term, highly liquid investments, which include short-term bank deposits with original maturities of three months or less from the date of purchase that are not restricted as to withdrawal or use and are readily convertible to known amounts of cash. g. Short-term bank deposits Short-term bank deposits are deposits with an original maturity of more than three months and less than a year from the date of investment and which do not meet the definition of cash equivalents. h. Restricted deposits The Company’s considers as restricted deposits long term and short term collaterals related to the Company’s lease contracts and credit card. i. Trade receivables Trade receivables are stated net of credit losses allowance. The Company is exposed to credit losses primarily through sales of products. The allowance against gross trade receivables reflects the current expected credit loss inherent in the receivables portfolio determined based on the Company’s methodology. The Company’s methodology is based on historical experience, customer creditworthiness, current and future economic condition and market condition. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s assessment for credit loss is negligible. j. Inventories Inventory is measured at the lower of cost and net realizable value. Inventory costing is based on the moving average cost method. In the case of purchased goods and work in process, costs include raw materials, direct labor, share based compensation and other direct costs and fixed production overheads (based on the normal operating capacity of the production facilities). Net realizable value is the estimated selling price in the ordinary course of business, less attributable selling expenses. k. Leases The Company determines if an arrangement is a lease at inception. Balances related to operating leases are included in operating lease right-of-use (“ROU”) assets and current and non-current operating lease liabilities in the consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized as of the commencement date based on the present value of lease payments over the lease term. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company’s uses its estimated incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company also elected the practical expedient to not separate lease and non-lease components for its leases (see also Note 6). l. Property and equipment 1) Property and equipment are stated at cost, net of accumulated depreciation. 2) The Company’s property and equipment are depreciated by the straight-line method on the basis of their estimated useful life. The depreciation period is as follows: Years Laboratory equipment 5 Greenhouse equipment* 4 - 10 Computer equipment 3 Office furniture 17 Leasehold improvements ** Electronic equipment 7 Vehicles 7 * Greenhouse equipment - agricultural equipment used in the tobacco production greenhouse. ** Leasehold improvements are amortized by the straight-line method over the shorter of the lease term or useful economic life. m. Impairment of long-lived assets The Company’s long-lived assets are reviewed for impairment in accordance with ASC 360, “Property, Plant and Equipment” (“ASC 360”), whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. For the three years ended December 31, 2022, the Company did not recognize an impairment loss for its long-lived assets. n. Intangible assets The Company capitalizes development costs incurred during the application development stage that are related to internal use technology. Under ASC 350-40, internal-use software capitalization begins when the preliminary project stage is complete and ceases at the point in which the project is substantially complete and is ready for its intended purpose. Cost capitalized to internal use software include sub-contractors services and employee salary expenses. o. Share-based compensation The Company accounts for employees’ share-based payment awards classified as equity awards using the grant-date fair value. The fair value of each share option award is estimated on the grant date using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the input of highly subjective assumptions, including the fair value of the underlying ordinary shares, the expected term of the share option, the expected volatility of the price of our ordinary shares, risk-free interest rates, and the expected dividend yield of ordinary shares. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The fair value of share-based payment transactions is recognized as an expense over the requisite service period. The Company elected to recognize compensation costs for awards conditioned only on continued service that have a graded vesting schedule using the accelerated method based on the multiple-option award approach. The Company elected to account for forfeitures as they occur. p. Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, share-based compensation expenses, payroll taxes and other employee benefits, lab expenses, consumable equipment and consulting fees. All costs associated with research and developments are expensed as incurred. Grants received from Israel Innovation Authority (hereafter - “IIA”), are recognized when the grant becomes receivable, provided there is reasonable assurance that the Company will comply with the conditions attached to the grant and there is reasonable assurance the grant will be received. The grant was deducted from the research and development expenses as the applicable costs are incurred, and presented in research and development expenses, net. See Note 7. For the years ended December 31, 2022, 2021 and 2020 the Company did not receive any grants. q. Revenue recognition Revenues are recognized in accordance with ASC 606; revenue from contracts with customers is recognized when control of the promised goods or services is transferred to the customers, in an amount that the Company expects in exchange for those goods or services. (1) Identify the contract with a customer A contract is an agreement between two or more parties that creates enforceable rights and obligations. In evaluating the contract, the Company analyzes the customer’s intent and ability to pay the amount of promised consideration and considers the probability of collecting substantially all of the consideration. (2) Identify the performance obligations in the contract At a contract’s inception, the Company assesses the goods or services promised in a contract with a customer and identifies the performance obligations. Performance obligations are promised goods or services in a contract to transfer a distinct good or service to the customer. The Company evaluates whether options granted to a customer to acquire additional goods or services give rise to a performance obligation. If an agreement contains such option, the Company determines that the option is a separate performance obligation only if the option provides a material right to the customer that it would not receive without entering into that agreement. (3) Determine the transaction price The Company estimates the transaction price based on the amount of consideration the Company expects to be received for transferring the promised goods or services in the contract. The consideration may include both fixed consideration and variable consideration. At the inception of each arrangement that includes variable consideration, the Company evaluates the amount of the potential payments and the likelihood that the payments will be received. If it is probable that a significant revenue reversal would not occur, the variable consideration is included in the transaction price. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis. In determining the stand-alone selling price the Company considers market conditions as well as entity-specific factors, including those factors contemplated in negotiating the agreements as well as internally developed estimates that include assumptions related to the market opportunity, estimated development costs, probability of success and the time needed to commercialize a product candidate pursuant to the license. (4) Allocate the transaction price to the performance obligations in the contract For contracts with more than one performance obligation the Company allocates the transaction price to each separate performance obligation, based on its relative standalone selling price. (5) Recognize revenue when a performance obligation is satisfied Revenue is recognized when or as performance obligations are satisfied by transferring control of a promised good or service to a customer. Control either transfers over time or at a point in time, which affects when revenue is recorded. Up-front payments and fees are recorded as deferred revenue upon receipt or when due until the Company performs its obligations under these arrangements. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. 1. Revenues from sale of goods The goods are products based on the Company’s rhCollagen, and include the BioInk product for the development of 3D bioprinting of organs and tissues and the medical aesthetics and products for tendinopathy and wound healing. The Company recognizes revenues from selling goods at a point in time when control over the product is transferred to customers . 2. Revenues from rendering services Revenue from rendering of services is recognized over time, during the period the customer simultaneously receives and consumes the benefits provided by the Company’s performance. Under the Company’s service contracts, the Company has a right to consideration from the customer in an amount that corresponds directly with the value to the customer of the Company’s performance completed to date and recognizes revenue in the amount to which the Company has a right to invoice. The Company charges its customers based on payment terms agreed upon in specific agreements. When payments are made before or after the service is performed, the Company recognizes the resulting contract asset or liability. 3. Revenues from licensing agreement On February 5, 2021, the Company signed a Development, Exclusivity and Option Products Agreement (“the Development Agreement”), with AbbVie, pursuant to which the Company and AbbVie will collaborate in the development and commercialization of dermal and soft tissue filler products for the medical aesthetics market, using the Company’s rhCollagen technology and AbbVie’s technology (see also Note 7). The Company has identified in the Development Agreement the right for the CollPlant technology and right to use any know-how related to CollPlant rhCollagen. The Company determined that those rights described above are to the use of the IP of CollPlant, therefore represent a right under a license contract. The Company farther identified the license as a performance obligation. In addition, the Company has identified in the Development Agreement (i) certain development activities, (ii) a right of first negotiation for Option Products, and (iii) an option for future supply agreement. However, neither of the above mentioned is distinct and/or provides a material right to the customer and therefore, do not give rise to a performance obligation. As such the Company has concluded that the contract includes only one performance obligation, and the transaction price was fully allocated to the license delivery performance obligation. The transaction price included an up-front paid amount of $14,000 as well as variable considerations contingent upon the Company or AbbVie achieving certain milestones and sales-based royalties (“Variable Consideration”). The Company estimates variable consideration using the most likely method. Amounts included in the transaction price are recognized only when it is probable that a significant reversal of cumulative revenues will not occur. Since it is not probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the milestone payments is resolved, and since the contract include termination provisions, the Company estimated the transaction price at $14,000 and recognized that amount as revenue once the license was delivered. For the year ended December 31, 2022 the Company did not reach any millstones and therefore did not recognize revenues relating to the Development Agreement. Sales-based royalties are not included in the transaction price. Rather, they are recognized as incurred, due to the specific exception of ASC 606 for sales-based royalties in licensing of intellectual properties. r. Income taxes 1) Deferred taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is recognized to the extent that it is more likely than not that the deferred taxes will not be realized in the foreseeable future. The Company has provided a full valuation allowance with respect to its deferred tax assets. 2) Uncertainty in income taxes The Company follows a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the available evidence indicates that it is more likely than not that the position will be sustained based on technical merits. If the more likely than not threshold is met, the second step is to measure the tax position as the largest amount that has more than a 50% likelihood of being realized upon ultimate settlement. s. Income (loss) per share Basic income (loss) per share is computed on the basis of the net income (loss), for the period divided by the weighted average number of ordinary shares and prepaid warrants outstanding during the period. Diluted income (loss) per share is based upon the weighted average number of ordinary shares and of potential ordinary shares outstanding when dilutive. Ordinary share equivalents include outstanding stock options and warrants, which are included under the treasury stock method when dilutive. The calculation of diluted income (loss) per share does not include options and warrants exercisable into 2,558,164 1,590,346 t. Fair value measurement Fair value is based on the price that would be received from the sale of an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described as follows: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amount of the cash and cash equivalents, restricted deposits, trade receivable, trade payables, accrued expenses and other liabilities approximates their fair value. The Company’s financial liability at fair value through profit or loss is the anti-dilution derivatives, classified as liabilities, and amounted to $28 as of December 31, 2020. As of December 31, 2021 the assumption of probability for anti dilution event was 0%, hence the financial liability fair value was $0. As of December 31, 2022 and 2021, the company has no financial instruments measured at fair value. u. Newly issued and recently adopted accounting pronouncements: In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, ASU 2020-06 removes from GAAP the liability and equity separation model for convertible instruments with a cash conversion feature and a beneficial conversion feature, and as a result, after adoption, entities will no longer separately present in equity an embedded conversion feature for such debt. Similarly, the embedded conversion feature will no longer be amortized into income as interest expense over the life of the instrument. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC Topic 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share (EPS). ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020. The adoption of this ASU did not have a material impact on the financial statements. Newly issued and not yet adopted accounting pronouncements: The Company has reviewed recent accounting pronouncements and concluded that they are either not applicable to its business or that no material effect is expected on the consolidated financial statements as a result of their future adoption |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 3 - PROPERTY AND EQUIPMENT December 31 2022 2021 Cost: Laboratory equipment $ 3,164 $ 2,765 Greenhouse equipment 751 713 Computer equipment 225 167 Office furniture 300 216 Leasehold improvements 3,310 2,629 Electronic equipment 6 - Vehicles 251 251 8,007 6,741 Less: Accumulated depreciation (5,041 ) (4,013 ) Property and Equipment, net $ 2,966 $ 2,728 Depreciation expense totaled $1,036, $773 and $660 for the years ended December 31, 2022, 2021 and 2020, respectively. During the year ended December 31, 2022 and 2021, the Company disposed of property and equipment in the net amount of $7 and $33, respectively. In the year ended December 31, 2020 there was no disposal of property and equipment booked to the Company’s financial statements. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
INVENTORIES | NOTE 4 - INVENTORIES a. Inventories on December 31, 2022 and 2021 consisted of the following: December 31, 2022 2021 Work in progress $ 881 $ 693 Finished goods 549 388 $ 1,430 $ 1,081 b. The Company recorded inventories write-downs of $296, $367 and $55 for the years ended December 31, 2022, 2021 and 2020, respectively that were recorded as part of cost of revenues. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2022 | |
Operating Leases [Abstract] | |
OPERATING LEASES | NOTE 5 - OPERATING LEASES The Company’s leases include offices for its facilities and car leases, which are all classified as operating leases. The car leases are generally for three years period and the payments are linked to the Israeli CPI. As collateral for the office and lease agreement, a restricted deposit was pledged in favor of the property owner. The balance of the restricted deposit as of December 31, 2022 amounted to $188. The deposit is classified as a non-current asset. To secure the terms of the car lease agreements, the Company has made certain prepayments to the leasing company, representing approximately three months of lease payments. Operating leases cost for rental space and vehicles for the years ended December 31, 2022 and 2021 totaled $645 and $646, respectively. The operating lease costs include variable lease payments of $24 in 2022 and $12 in 2021. Supplemental cash flow information related to leases was as follows: Year ended December 31, 2022 2021 Operating cash flows from operating leases $ 770 $ 702 Supplemental balance sheet information related to leases was as follows: December 31, 2022 2021 Operating Leases Operating lease right-of-use assets $ 2,711 $ 2,953 Current lease liabilities $ 529 $ 519 Non-current lease liabilities 2,382 3,089 Total lease liabilities $ 2,911 $ 3,608 Weighted Average Remaining Lease Term Operating leases 5.7 years 6.7 years Weighted Average Discount Rate Operating leases 7.13 % 7.33 % As of December 31, 2022, the maturities of lease liabilities were as follows: Operating leases Year ending December 31, 2023 $ 709 2024 604 2025 550 2026 524 2027 and thereafter 1,143 Total undiscounted lease payments 3,530 Less - imputed interests (619 ) Present value of lease liabilities 2,911 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | NOTE 6 - COMMITMENTS Commitment to pay royalties to the government of Israel The Company received grants from the IIA for research and development funding until the year 2019, and therefore is subject to the provisions of the Israeli Law for the Encouragement of Research, Development and Technological Innovation in the Industry and the regulations and guidelines thereunder (the “Innovation Law”, formerly known as the Law for the Encouragement of Research and Development in Industry). Under the Innovation Law royalties of 3% on the income generated from sales of products and from related services developed in whole or in part under IIA programs are payable to the IIA. Such commitment is up to the amount of grants received (dollar linked), plus interest at annual rate based on LIBOR. Pursuant to the Innovation Law there are restrictions regarding intellectual property and manufacturing outside of Israel, unless approval is received, and additional payments are made to the IIA. The Company did not apply for grants from the IIA since 2019. For the years ended December 31, 2022, 2021 and 2020, the Company recorded royalties expenses of $9, $468 and $795, respectively. The royalty expenses which are related to the funded project are recognized in the statements of comprehensive income (loss) as a component of cost of revenue. The total gross amount of grants actually received by us from the IIA as of December 31, 2022 totaled approximately $10.1 million. As of December 31, 2022, we paid royalties to the IIA in the total amount of $2.8 million. As of December 31, 2022, the maximum total royalty amount payable by the Company under IIA funding arrangement is approximately $7,314 (without interest). |
Development , Exclusivity and O
Development , Exclusivity and Option Products Agreements | 12 Months Ended |
Dec. 31, 2022 | |
Development , Exclusivity and Option Products Agreements [Abstract] | |
DEVELOPMENT , EXCLUSIVITY AND OPTION PRODUCTS AGREEMENTS | NOTE 7 – DEVELOPMENT , EXCLUSIVITY AND OPTION PRODUCTS AGREEMENTS On February 5, 2021, CollPlant entered into a Development, Exclusivity and Option Products Agreement (the “Development Agreement”) with AbbVie, pursuant to which CollPlant and AbbVie will collaborate in the development and commercialization of dermal and soft tissue filler products for the medical aesthetics market, using CollPlant rhCollagen technology and AbbVie’s technology. Pursuant to the Development Agreement, CollPlant agreed to undertake projects for the development of an aseptic process for sterile rhCollagen that meets or exceeds certain specifications as set forth in the Development Agreement. Pursuant to the Development Agreement, CollPlant granted to AbbVie and its affiliates, worldwide exclusive rights to use its rhCollagen in combination with AbbVie proprietary technologies, for the production and commercialization of dermal and soft tissue filler products, or the Exclusive Products. Further, pursuant to the Development Agreement, CollPlant granted to AbbVie and its affiliates, a right of first negotiation to enter into a definitive agreement to obtain exclusive, worldwide rights to the use of CollPlant rhCollagen for the commercialization and sale of an injectable breast implant product and a right of first negotiation to enter into a definitive agreement to obtain exclusive, worldwide rights to the use of CollPlant’s rhCollagen for the commercialization and sale of a photocurable dermal filler product, each an “Option Product” and together, the “Option Products”. Other than under the Development Agreement, CollPlant agreed not to research, develop or commercialize its rhCollagen for use with any Exclusive Products during the term of the Development Agreement or grant any third party any rights to CollPlant’s rhCollagen technology that would conflict with rights granted to AbbVie. The Development Agreement provides that later on CollPlant and AbbVie will enter into a supply agreement whereby CollPlant will manufacture and supply AbbVie with rhCollagen, at a pre-agreed price, to be used solely for the development and manufacture of the Exclusive Products and Option Products. The Development Agreement provides that with respect to the Exclusive Products CollPlant shall be entitled to receive up to $50,000 comprised of an upfront cash payment of $14,000, which was paid in February 2021, and up to $36,000 in proceeds upon the achievement of certain development, clinical trial, regulatory and commercial sale milestones. In addition, CollPlant shall be entitled to a fixed-fee royalty payment (subject to certain adjustments) for each product commercially sold during the applicable royalty term as well as a fee for the supply of rhCollagen to AbbVie. In addition, with respect to the Option Products, CollPlant shall be entitled to receive up to $53,000, as further described below, plus a fixed-fee royalty payment (subject to certain adjustments) for each product commercially sold during the applicable royalty term and a fee for the supply of rhCollagen to AbbVie. The $53,000 in proceeds includes a one-time non-refundable payment of $6,000 upon signing a definitive agreement with regard to the injectable breast implant product; a one-time non-refundable payment of $4,000 for signing a definitive agreement with regard to the photocurable dermal filler product; and up to an additional $43,000 payable upon the achievement of certain clinical trial, regulatory approval and commercial sale milestones. Unless earlier terminated, the Development Agreement will continue in effect on a product-by-product and country-by-country basis until the later of (i) the expiration, invalidation or abandonment of the last CollPlant patent covering a product in a particular country, and (ii) 10 years from the first commercial sale of such product in such country. Following expiration (unless earlier terminated), the rights granted to AbbVie in the Development Agreement will continue on a non-exclusive, fully paid-up, royalty-free, perpetual and irrevocable basis. The Development Agreement may be terminated early by either party for material breach or bankruptcy. In addition, AbbVie may terminate the Development Agreement at any time immediately upon written notice to CollPlant if AbbVie reasonably believes that it is not advisable for AbbVie to continue to develop or commercialize the Exclusive Products under the Development Agreement as a result of a perceived serious safety issue regarding the use of any Exclusive Product or upon 60 days’ written notice, for any or no reason, with respect to its rights under the Agreement on an Exclusive Product-by-Exclusive Product or country-by-country basis. |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2022 | |
Share Capital [Abstract] | |
SHARE CAPITAL | NOTE 8 - SHARE CAPITAL A. Ordinary shares 1) Rights of the Company’s ordinary shares Each ordinary share is entitled to one vote. The holder of the ordinary shares is also entitled to receive dividends whenever funds are legally available, when and if declared by the Board of Directors. Since its inception, the Company has not declared any dividends. On January 31, 2018 the Company’s ADSs commenced trading on the Nasdaq Capital Market, under the symbol CLGN. On May 25, 2021, The Company’s ordinary shares were approved for trading on the Nasdaq Global Market, and began trading at the open of market on June 4, 2021. At such time, the Company’s ADSs were mandatorily cancelled and exchanged for ordinary shares at a one-for-one ratio. 2) Changes in share capital: a) In 2020 Alpha converted the remaining of the prepaid warrants and converted a pre-paid warrant to purchase 811,085 ordinary shares into 811,085 ordinary shares. During January-April 2021, Alpha exercised 992,149 warrants into 992,149 ADS in return of $3,969. b) On September 10, 2018, the Company signed a one year service agreement with a service provider according to which in return to its services the Company will pay a monthly retainer and issue a total of 12,000 restricted ADSs (12,000 ordinary shares) in 3 tranches of 4,000 ADSs (4,000 ordinary shares) each: (i) following the execution of the agreement, (ii) February 1, 2019, and (iii) June 1, 2019. If the agreement was cancelled prior to the issuance date the share balance would not be owed. The first tranche was completed on December 19, 2018. The second and third tranches were completed on January 10, 2020. c) On August 30, 2019, the Company entered into an agreement with Ami Sagy and certain U.S. investors for the issuance of shares and warrants in a form of a convertible loan agreements in the total amount of $6,500, as follows: (i) a convertible loan agreement with Ami Sagy, its largest shareholder (the “Sagy Agreement”), pursuant to which Mr. Sagy will provide a convertible loan to the Company in an amount of $3,000 in two tranches, and (ii) a convertible loan agreement with certain U.S. investors (the “U.S. Agreement”, and, together with the Sagy Agreement, the “Agreements”), pursuant to which such U.S. investors (the “U.S. Investors”) provided a loan to the Company in an amount of $3,500 in one tranche. The Sagy Agreement provided that the transactions contemplated by the Sagy Agreement shall occur in three separate closings. On the first closing date, which occurred on September 3, 2019, Ami Sagy transferred to the Company the principal amount of $2,000. This amount was invested on account of the issuance in a form of convertible loan and was automatically converted into 500,000 ADSs at a conversion price of $4.00 per ADS on October 27, 2019. On the second closing date, which occurred on February 28, 2021, after the Company executed the Development, Exclusivity and Option Products Agreement (see note 8), the following occurred: (i) Ami Sagy transferred the Company an amount of $1,000 by way of an equity investment, and (ii) the Company issued to Ami Sagy 250,000 ADSs representing 250,000 ordinary shares and a warrants to purchase up to 250,000 ADSs representing 250,000 ordinary shares. On the third closing date, which was subject to shareholder approval and occurred on October 27, 2019, the Company issued to Ami Sagy a warrant to purchase up to 500,000 ADSs representing 500,000 ordinary shares. The consideration of the third closing is included in the principal amount received in the first closing. The U.S. Agreement provided that the transactions contemplated by the U.S. Agreement shall occur in two separate closings. On the first closing date, which occurred on September 6, 2019, the U.S. Investors transferred to the Company the principal amount of $3,500. On the second closing date, which occurred on October 27, 2019, the following occurred: (i) the principal amount invested on account of the issuance in a form of convertible loan, was automatically converted into 875,000 ADSs at a conversion price equal to $4.00 per ADS, and (ii) the Company issued to the U.S. Investors warrants to purchase up to 875,000 ADSs representing 875,000 ordinary shares. In addition, the Company agreed to enter into Price Protection Agreements pursuant to which, until the three-year anniversary of the first closing date, the Company shall issue additional ADSs in the event of certain subsequent equity issuances at a price that is lower than $4.00 (subject to certain adjustments) on a “full-ratchet” basis with respect to their holdings in the Company. The “full-ratchet” instruments are classified as financial liability on the balance sheets and measures at fair value through profit or loss. The warrants issuable under the Agreements are exercisable at $4.00 per ADS and have a term of three years from the issuance date. The warrants are subject to adjustments upon certain events, including share splits, share dividends, subsequent rights offerings, and fundamental transactions. In addition, until the three-year anniversary of the first closing date, in the event of certain subsequent equity issuances at a price that is lower than the then applicable exercise price, the exercise price shall adjust to such lower price Concurrently with the execution of the Agreements, the Company entered into Registration Rights Agreements with each of Ami Sagy and the U.S. Investors, pursuant to which the Company granted certain demand and piggyback registration rights with respect to the ordinary shares represented by the ADSs underlying the convertible loans and warrants. On October 27, 2019, an extraordinary general meeting was held and the Company received the “shareholders’ approval” and subsequently issued the ADSs and warrants as mentioned above. The Company also issued an aggregate of 175,039 ADSs to Mr. Sagy, and Meitav Dash, and 250,000 ADSs and 20,000 prepaid warrant to purchase up to 20,000 ADSs to Alpha in satisfaction of the price protection undertakings under the Alpha Purchase Agreement, the Meitav Dash Purchase Agreement and the Sagy Purchase Agreement. In 2021, one of the U.S investors exercised 450,000 warrants into 450,000 ordinary shares ADS in return of $1,800. In 2022, three U.S investors exercised 425,000 warrants into 425,000 ordinary shares in return of $1,700. d) On February 14, 2020, the Company entered into a Securities Purchase Agreement with several accredited U.S. investors, pursuant to which the Company issued on March 6, 2020, in a private placement, 445,000 ordinary shares for an aggregate purchase price of $4,450. e) On February 17, 2021, the Company completed a registered direct offering providing for the sale and issuance of an aggregate of 2,000,000 ADSs at a purchase price of $17.50 per ADS, for aggregate gross proceeds of $35,000. The total issuance costs accumulated to $3,200. B. Share-based compensation: 1) Option plan In accordance with an option plan for employees and consultants (the “Option Plan”), as amended from time to time, employees and consultants of the Company will be granted options, each exercisable into one ordinary share of the Company of NIS 1.50. The ordinary shares that will be issued in accordance with the Option Plan will have the same rights as the other ordinary shares of the Company, immediately subsequent to their issue. An option that is not exercised within 10 years from the allotment date will expire, unless the board of directors extends its validity. Grants to employees are made in accordance with the Option Plan, and are carried out within the provisions of Section 102 of the Israel Income Tax Ordinance. In accordance with the track selected by the Company and these provisions, the Company is not entitled to claim a tax deduction for the employee benefits. For those who are not employees of the Company, and for the Company’s controlling shareholders (as defined in the Income Tax Ordinance) options are granted in accordance with section 3(I) of the Income Tax Ordinance. 2) Options grants a. Option granted to employees and directors In the years ended December 31, 2022, 2021 and 2020, the Company granted options as follows (amounts presented reflect the number of shares issued if the options will be exercised): Year ended December 31, 2022 Award amount Exercise Vesting Expiration Employees 529,000 $ 5.33-9.22 4 years 10 years Directors 217,000 $ 9.22 4 years 10 years Year ended December 31, 2021 Award amount Exercise Vesting Expiration Employees 96,500 $ 12.78-20.7 4 years 10 years Directors 23,000 $ 15.2 4 years 10 years Year ended December 31, 2020 Award amount Exercise Vesting Expiration Employees 317,909 $ 10.08 4 years 10 years Directors 194,713 $ 9.12-11.06 4 years 10 years The fair value of options granted to employees on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are as follows: Year ended December 31, 2022 2021 2020 Value of one ordinary share $ 5.03-9.22 $ 11.9-20.37 $ 7.86-10.5 Dividend yield 0 % 0 % 0 % Expected volatility 67.95-72.27 % 65.36-66.49 % 66.12-66.41 % Risk-free interest rate 0.39-3.03 % 0.64-1.37 % 0.45-0.52 % Expected term 6.11 years 6.11 years 6.11 years The fair value of options granted during 2022, 2021 and 2020 was $3,970, 1,094 and $2,952 respectively. The total unrecognized compensation cost of employee options at December 31, 2022 is $2,637, which is expected to be recognized over a weighted average period of 1.8 year. A summary of options data for the years ended December 31, 2022, 2021 and 2020, is as follows: Year ended December 31, 2022 2021 2020 Weighted-average grant date fair value of options granted, per option $ 5.32 9.16 5.76 Total intrinsic value of the options exercised 221 869 82 Total fair value of options vested 2,802 3,356 1,937 2022 Number of Weighted weighted average remaining contractual term (in years) aggregate intrinsic value Options outstanding at the beginning of the year 1,220,694 $ 7.71 5.84 $ 7,445 Granted 746,000 8.54 Exercised (39,457 ) 4.42 Expired (3,438 ) 10.39 Forfeited (55,050 ) 11.48 Options outstanding at the end of the year 1,868,749 7.85 6.81 14,818 Options exercisable at the end of the year 914,373 $ 6.79 4.34 $ 6,209 b. Option granted to non-employees The following table summarizes the number of options granted to non-employees under the Option Plan for the years ended December 31, 2022, 2021 and 2020, and related information. Amounts presented reflect the number of shares issued if the options will be exercised: 2022 Number of Weighted weighted average remaining contractual term (in years) aggregate intrinsic value Options outstanding at the beginning of the year 15,416 $ 16.04 2.54 314 Options outstanding at the end of the year 15,416 $ 16.04 1.79 202 Options exercisable at the end of the year 9,766 $ 8.47 1.52 65 The following tables summarize information concerning outstanding and exercisable options as of December 31, 2022: December 31, 2022 Options outstanding Options exercisable Exercise prices * Number of Weighted Number of Weighted $ 25.58 6,666 2.38 1,329 2.38 6.25 5,000 2.33 5,000 2.33 15.2 23,000 8.41 8,625 8.41 13.08 31,375 7.56 14,777 7.02 12.78 30,000 8.24 13,125 8.24 11.06 162,713 7.11 111,865 7.11 10.08 286,198 7.19 183,303 7.06 9.12 32,000 7.66 18,000 7.66 5.07 188,625 3.04 175,277 3.04 4.02 396,588 2.22 392,838 2.2 9.22 591,000 9.22 - - $ 5.33 131,000 9.92 - - 1,884,165 924,139 * In U.S. dollars per Ordinary Share. c. The following table illustrates the effect of share-based compensation on the statements of operations: Year ended December 31 2022 2021 2020 Cost of revenues $ 22 $ 78 $ 66 Research and development expenses 565 525 464 General, administrative and marketing expenses 1,587 1,017 1,075 $ 2,174 $ 1,620 $ 1,605 |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | NOTE 9 - INCOME TAX The Company and its Israeli subsidiary are taxed under Israel tax laws: A. Tax rates After the Company consummates its Net Operating Losses, the corporate tax rate applicable for the years 2020-2022, is 23%. B. Tax assessments The Company and its subsidiary have tax assessments that are considered to be final through tax year 2017. C. Losses for tax purposes carried forward to future years As of December 31, 2022, CollPlant Biotechnologies Ltd. and CollPlant Ltd had approximately $21,075, and $66,339, respectively, of net carried forward tax losses which are available to be offset against future taxable income in future with no limited period of use. D. Deferred income taxes 2022 2021 Deferred tax assets Net operating loss carry forward 20,105 14,391 Research and development 1,736 1,280 Offering costs 230 - Operating lease liabilities 670 830 Share-based compensation 349 - Valuation of financial instruments - (6 ) Total gross deferred tax assets 23,090 16,495 Less – valuation allowance (22,466 ) (15,816 ) Deferred tax liabilities: Operating lease assets (624 ) (679 ) Net deferred tax assets - - Realization of deferred tax assets is contingent upon sufficient future taxable income during the period that deductible temporary differences and carried forward losses are expected to be available to be offset against taxable income. As the achievement of required future taxable income is not likely, the Company recorded a full valuation allowance. E. Reconciliation of theoretical tax expenses to actual expenses The primary difference between the statutory tax rate of the Company and the effective rate results virtually from the changes in valuation allowance in respect of carried forward tax losses for tax purposes and research and development expenses due to the uncertainty of the realization of such tax benefits. F. Uncertain tax positions As of December 31, 2022 and 2021, the Company does not have a provision for uncertain tax positions. G. Roll forward of valuation allowance: Balance at December 31, 2021 $ 15,816 Additions 6,650 Balance at December 31, 2022 $ 22,466 |
Supplementary Financial Stateme
Supplementary Financial Statement Information | 12 Months Ended |
Dec. 31, 2022 | |
Supplementary Financial Statement Information [Abstract] | |
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | NOTE 10 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION: Balance sheets: December 31 2022 2021 a. Accrued liabilities and other: Employees and institutions for employees $ 944 $ 863 Provisions for vacation and others 446 473 Royalties and Other 53 93 $ 1,443 $ 1,429 Statements of operations: b. Revenues 1) Disaggregated revenues Year ended December 31 2022 2021 2020 Revenues from licensing agreement (see Note 2(q)) $ - $ 14,000 $ 3,600 Revenues from the sales of goods 299 1,595 2,108 Revenues from the rendering of services - 46 429 Total revenues $ 299 $ 15,641 $ 6,137 2) Revenues by geographical area (based on the location of customers): Year ended December 31 2022 2021 2020 United states and Canada $ 174 $ 15,013 $ 5,768 Europe and Israel 125 628 369 Total revenues $ 299 $ 15,641 $ 6,137 3) Major customers Set forth below is a breakdown of the Company’s revenue by major customers (major customer –revenues from these customers constitute at least 10% of total revenues in a certain year): 2022 2021 2020 Customer A $ 9 $ 14,770 $ 822 Customer B $ 101 $ *) $ *) Customer C $ 158 $ *) $ *) Customer D $ - $ 169 $ 4,929 *) Less than 10%. 4) The changes in deferred revenues relating to goods that were not yet delivered are as follows: 2022 2021 2020 Balance at beginning of year $ (32 ) $ (207 ) $ (942 ) Contract liability recognized during the period - (32 ) (270 ) Revenue recognized during the period 32 207 1,005 Balance at end of year - (32 ) (207 ) Contract liability presented in current liabilities - (32 ) (207 ) Contract liability presented in non-current liabilities - - - c. Long-lived assets All of the Company’s long-lived assets are located in Israel. d. Financial income (expenses) net Year ended December 31 2022 2021 2020 Exchange rate differences $ (115 ) $ (38 ) $ (181 ) Bank and other fees (10 ) (30 ) (11 ) Remeasurement of financial instruments - 28 40 Other financing expenses (24 ) (7 ) (23 ) Interest on bank deposits 321 219 - Financial income (expenses), net $ 172 $ 172 $ (175 ) |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11 - SUBSEQUENT EVENTS On February 21, 2023, Mr. Ami Sagy exercised 186,000 warrants into 186,000 ordinary shares in return for $774. These warrants were granted as part of November 9, 2017 Sagy purchase agreement, pursuant to which the Company issued to Ami Sagy in a private placement, 186,000 ordinary shares for gross proceeds of $1,066, plus 186,000 warrants. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation of the financial statements | a. Basis of presentation of the financial statements The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and include the accounts of Collplant Biotechnologies Ltd. and its wholly-owned subsidiaries. |
Use of estimates in the preparation of financial statements | b. Use of estimates in the preparation of financial statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company’s management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. Actual results may differ from those estimates. |
Functional currency | c. Functional currency The functional currency is the currency that best reflects the economic environment in which the Company and its subsidiaries operates and conducts their transactions. Most of the Company’s financing activity, cash flows, costs and expenses are incurred in U.S. dollar. Base on the Company’s management assessment the functional currency of the Company is the U.S. dollar. Transactions and balances that are denominated in currencies other than the U.S. dollar are remeasured into U.S. dollars in accordance with principles set forth in Accounting Standard Codification (“ASC”) Topic 830, Foreign Currency Matters (“ASC 830”). In accordance with ASC 830, monetary assets and liabilities denominated in foreign currencies are remeasured into U.S. dollars at the end of each reporting period using the exchange rates in effect at the balance sheet date. Non-monetary assets denominated in foreign currencies are measured using historical exchange rates. Gains and losses resulting from remeasurement are reflected in the statements of comprehensive income (loss) 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 subsidiaries. All inter-company transactions and balances have been eliminated in consolidation. |
Segments | e. Segments The Company identifies operating segments in accordance with ASC Topic 280, “Segment Reporting” as components of an entity for which discrete financial information is available and is regularly reviewed by the chief operating decision maker, or decision-making group, in making decisions regarding resource allocation and evaluating financial performance. The Company defines the term “chief operating decision maker” to be its chief executive officer. The Company determined it operates in one operating segment and one reportable segment, as its chief operating decision maker reviews financial information presented only on a consolidated basis for purposes of allocating resources and evaluating financial performance. |
Cash and cash equivalents | f. Cash and cash equivalents The Company considers as cash equivalents all short-term, highly liquid investments, which include short-term bank deposits with original maturities of three months or less from the date of purchase that are not restricted as to withdrawal or use and are readily convertible to known amounts of cash. |
Short-term bank deposits | g. Short-term bank deposits Short-term bank deposits are deposits with an original maturity of more than three months and less than a year from the date of investment and which do not meet the definition of cash equivalents. |
Restricted deposits | h. Restricted deposits The Company’s considers as restricted deposits long term and short term collaterals related to the Company’s lease contracts and credit card. |
Trade receivables | i. Trade receivables Trade receivables are stated net of credit losses allowance. The Company is exposed to credit losses primarily through sales of products. The allowance against gross trade receivables reflects the current expected credit loss inherent in the receivables portfolio determined based on the Company’s methodology. The Company’s methodology is based on historical experience, customer creditworthiness, current and future economic condition and market condition. Additionally, specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company’s assessment for credit loss is negligible. |
Inventory | j. Inventories Inventory is measured at the lower of cost and net realizable value. Inventory costing is based on the moving average cost method. In the case of purchased goods and work in process, costs include raw materials, direct labor, share based compensation and other direct costs and fixed production overheads (based on the normal operating capacity of the production facilities). Net realizable value is the estimated selling price in the ordinary course of business, less attributable selling expenses. |
Leases | k. Leases The Company determines if an arrangement is a lease at inception. Balances related to operating leases are included in operating lease right-of-use (“ROU”) assets and current and non-current operating lease liabilities in the consolidated balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized as of the commencement date based on the present value of lease payments over the lease term. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company’s uses its estimated incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company also elected the practical expedient to not separate lease and non-lease components for its leases (see also Note 6). |
Property and equipment | l. Property and equipment 1) Property and equipment are stated at cost, net of accumulated depreciation. 2) The Company’s property and equipment are depreciated by the straight-line method on the basis of their estimated useful life. The depreciation period is as follows: Years Laboratory equipment 5 Greenhouse equipment* 4 - 10 Computer equipment 3 Office furniture 17 Leasehold improvements ** Electronic equipment 7 Vehicles 7 * Greenhouse equipment - agricultural equipment used in the tobacco production greenhouse. ** Leasehold improvements are amortized by the straight-line method over the shorter of the lease term or useful economic life. |
Impairment of long-lived assets | m. Impairment of long-lived assets The Company’s long-lived assets are reviewed for impairment in accordance with ASC 360, “Property, Plant and Equipment” (“ASC 360”), whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. Recoverability of an asset to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the asset. If such asset is considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the asset exceeds its fair value. For the three years ended December 31, 2022, the Company did not recognize an impairment loss for its long-lived assets. |
Intangible assets | n. Intangible assets The Company capitalizes development costs incurred during the application development stage that are related to internal use technology. Under ASC 350-40, internal-use software capitalization begins when the preliminary project stage is complete and ceases at the point in which the project is substantially complete and is ready for its intended purpose. Cost capitalized to internal use software include sub-contractors services and employee salary expenses. |
Share-based compensation | o. Share-based compensation The Company accounts for employees’ share-based payment awards classified as equity awards using the grant-date fair value. The fair value of each share option award is estimated on the grant date using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the input of highly subjective assumptions, including the fair value of the underlying ordinary shares, the expected term of the share option, the expected volatility of the price of our ordinary shares, risk-free interest rates, and the expected dividend yield of ordinary shares. The assumptions used to determine the fair value of the option awards represent management’s best estimates. These estimates involve inherent uncertainties and the application of management’s judgment. The fair value of share-based payment transactions is recognized as an expense over the requisite service period. The Company elected to recognize compensation costs for awards conditioned only on continued service that have a graded vesting schedule using the accelerated method based on the multiple-option award approach. The Company elected to account for forfeitures as they occur. |
Research and development expenses | p. Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, share-based compensation expenses, payroll taxes and other employee benefits, lab expenses, consumable equipment and consulting fees. All costs associated with research and developments are expensed as incurred. Grants received from Israel Innovation Authority (hereafter - “IIA”), are recognized when the grant becomes receivable, provided there is reasonable assurance that the Company will comply with the conditions attached to the grant and there is reasonable assurance the grant will be received. The grant was deducted from the research and development expenses as the applicable costs are incurred, and presented in research and development expenses, net. See Note 7. For the years ended December 31, 2022, 2021 and 2020 the Company did not receive any grants. |
Revenue recognition | q. Revenue recognition Revenues are recognized in accordance with ASC 606; revenue from contracts with customers is recognized when control of the promised goods or services is transferred to the customers, in an amount that the Company expects in exchange for those goods or services. (1) Identify the contract with a customer A contract is an agreement between two or more parties that creates enforceable rights and obligations. In evaluating the contract, the Company analyzes the customer’s intent and ability to pay the amount of promised consideration and considers the probability of collecting substantially all of the consideration. (2) Identify the performance obligations in the contract At a contract’s inception, the Company assesses the goods or services promised in a contract with a customer and identifies the performance obligations. Performance obligations are promised goods or services in a contract to transfer a distinct good or service to the customer. The Company evaluates whether options granted to a customer to acquire additional goods or services give rise to a performance obligation. If an agreement contains such option, the Company determines that the option is a separate performance obligation only if the option provides a material right to the customer that it would not receive without entering into that agreement. (3) Determine the transaction price The Company estimates the transaction price based on the amount of consideration the Company expects to be received for transferring the promised goods or services in the contract. The consideration may include both fixed consideration and variable consideration. At the inception of each arrangement that includes variable consideration, the Company evaluates the amount of the potential payments and the likelihood that the payments will be received. If it is probable that a significant revenue reversal would not occur, the variable consideration is included in the transaction price. The transaction price is allocated to each performance obligation on a relative stand-alone selling price basis. In determining the stand-alone selling price the Company considers market conditions as well as entity-specific factors, including those factors contemplated in negotiating the agreements as well as internally developed estimates that include assumptions related to the market opportunity, estimated development costs, probability of success and the time needed to commercialize a product candidate pursuant to the license. (4) Allocate the transaction price to the performance obligations in the contract For contracts with more than one performance obligation the Company allocates the transaction price to each separate performance obligation, based on its relative standalone selling price. (5) Recognize revenue when a performance obligation is satisfied Revenue is recognized when or as performance obligations are satisfied by transferring control of a promised good or service to a customer. Control either transfers over time or at a point in time, which affects when revenue is recorded. Up-front payments and fees are recorded as deferred revenue upon receipt or when due until the Company performs its obligations under these arrangements. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as current portion of deferred revenue in the accompanying consolidated balance sheets. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. Amounts are recorded as accounts receivable when the Company’s right to consideration is unconditional. 1. Revenues from sale of goods The goods are products based on the Company’s rhCollagen, and include the BioInk product for the development of 3D bioprinting of organs and tissues and the medical aesthetics and products for tendinopathy and wound healing. The Company recognizes revenues from selling goods at a point in time when control over the product is transferred to customers . 2. Revenues from rendering services Revenue from rendering of services is recognized over time, during the period the customer simultaneously receives and consumes the benefits provided by the Company’s performance. Under the Company’s service contracts, the Company has a right to consideration from the customer in an amount that corresponds directly with the value to the customer of the Company’s performance completed to date and recognizes revenue in the amount to which the Company has a right to invoice. The Company charges its customers based on payment terms agreed upon in specific agreements. When payments are made before or after the service is performed, the Company recognizes the resulting contract asset or liability. 3. Revenues from licensing agreement On February 5, 2021, the Company signed a Development, Exclusivity and Option Products Agreement (“the Development Agreement”), with AbbVie, pursuant to which the Company and AbbVie will collaborate in the development and commercialization of dermal and soft tissue filler products for the medical aesthetics market, using the Company’s rhCollagen technology and AbbVie’s technology (see also Note 7). The Company has identified in the Development Agreement the right for the CollPlant technology and right to use any know-how related to CollPlant rhCollagen. The Company determined that those rights described above are to the use of the IP of CollPlant, therefore represent a right under a license contract. The Company farther identified the license as a performance obligation. In addition, the Company has identified in the Development Agreement (i) certain development activities, (ii) a right of first negotiation for Option Products, and (iii) an option for future supply agreement. However, neither of the above mentioned is distinct and/or provides a material right to the customer and therefore, do not give rise to a performance obligation. As such the Company has concluded that the contract includes only one performance obligation, and the transaction price was fully allocated to the license delivery performance obligation. The transaction price included an up-front paid amount of $14,000 as well as variable considerations contingent upon the Company or AbbVie achieving certain milestones and sales-based royalties (“Variable Consideration”). The Company estimates variable consideration using the most likely method. Amounts included in the transaction price are recognized only when it is probable that a significant reversal of cumulative revenues will not occur. Since it is not probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the milestone payments is resolved, and since the contract include termination provisions, the Company estimated the transaction price at $14,000 and recognized that amount as revenue once the license was delivered. For the year ended December 31, 2022 the Company did not reach any millstones and therefore did not recognize revenues relating to the Development Agreement. Sales-based royalties are not included in the transaction price. Rather, they are recognized as incurred, due to the specific exception of ASC 606 for sales-based royalties in licensing of intellectual properties. |
Income taxes | r. Income taxes 1) Deferred taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is recognized to the extent that it is more likely than not that the deferred taxes will not be realized in the foreseeable future. The Company has provided a full valuation allowance with respect to its deferred tax assets. 2) Uncertainty in income taxes The Company follows a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the available evidence indicates that it is more likely than not that the position will be sustained based on technical merits. If the more likely than not threshold is met, the second step is to measure the tax position as the largest amount that has more than a 50% likelihood of being realized upon ultimate settlement. |
Income (loss) per share | s. Income (loss) per share Basic income (loss) per share is computed on the basis of the net income (loss), for the period divided by the weighted average number of ordinary shares and prepaid warrants outstanding during the period. Diluted income (loss) per share is based upon the weighted average number of ordinary shares and of potential ordinary shares outstanding when dilutive. Ordinary share equivalents include outstanding stock options and warrants, which are included under the treasury stock method when dilutive. The calculation of diluted income (loss) per share does not include options and warrants exercisable into 2,558,164 1,590,346 |
Fair value measurement | t. Fair value measurement Fair value is based on the price that would be received from the sale of an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described as follows: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value. A financial instrument’s categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The carrying amount of the cash and cash equivalents, restricted deposits, trade receivable, trade payables, accrued expenses and other liabilities approximates their fair value. The Company’s financial liability at fair value through profit or loss is the anti-dilution derivatives, classified as liabilities, and amounted to $28 as of December 31, 2020. As of December 31, 2021 the assumption of probability for anti dilution event was 0%, hence the financial liability fair value was $0. As of December 31, 2022 and 2021, the company has no financial instruments measured at fair value. |
Newly issued and recently adopted accounting pronouncements | u. Newly issued and recently adopted accounting pronouncements: In August 2020, the FASB issued ASU No. 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts in an entity’s own equity. Among other changes, ASU 2020-06 removes from GAAP the liability and equity separation model for convertible instruments with a cash conversion feature and a beneficial conversion feature, and as a result, after adoption, entities will no longer separately present in equity an embedded conversion feature for such debt. Similarly, the embedded conversion feature will no longer be amortized into income as interest expense over the life of the instrument. Instead, entities will account for a convertible debt instrument wholly as debt unless (1) a convertible instrument contains features that require bifurcation as a derivative under ASC Topic 815, Derivatives and Hedging, or (2) a convertible debt instrument was issued at a substantial premium. Additionally, ASU 2020-06 requires the application of the if-converted method to calculate the impact of convertible instruments on diluted earnings per share (EPS). ASU 2020-06 is effective for fiscal years beginning after December 15, 2021, with early adoption permitted for fiscal years beginning after December 15, 2020. The adoption of this ASU did not have a material impact on the financial statements. Newly issued and not yet adopted accounting pronouncements: The Company has reviewed recent accounting pronouncements and concluded that they are either not applicable to its business or that no material effect is expected on the consolidated financial statements as a result of their future adoption |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful lives property and equipment | Years Laboratory equipment 5 Greenhouse equipment* 4 - 10 Computer equipment 3 Office furniture 17 Leasehold improvements ** Electronic equipment 7 Vehicles 7 * Greenhouse equipment - agricultural equipment used in the tobacco production greenhouse. ** Leasehold improvements are amortized by the straight-line method over the shorter of the lease term or useful economic life. |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment | December 31 2022 2021 Cost: Laboratory equipment $ 3,164 $ 2,765 Greenhouse equipment 751 713 Computer equipment 225 167 Office furniture 300 216 Leasehold improvements 3,310 2,629 Electronic equipment 6 - Vehicles 251 251 8,007 6,741 Less: Accumulated depreciation (5,041 ) (4,013 ) Property and Equipment, net $ 2,966 $ 2,728 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventories [Abstract] | |
Schedule of inventories | December 31, 2022 2021 Work in progress $ 881 $ 693 Finished goods 549 388 $ 1,430 $ 1,081 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Operating Leases [Abstract] | |
Schedule of supplemental cash flow information related to leases | Year ended December 31, 2022 2021 Operating cash flows from operating leases $ 770 $ 702 |
Schedule of supplemental balance sheet information related to leases | December 31, 2022 2021 Operating Leases Operating lease right-of-use assets $ 2,711 $ 2,953 Current lease liabilities $ 529 $ 519 Non-current lease liabilities 2,382 3,089 Total lease liabilities $ 2,911 $ 3,608 Weighted Average Remaining Lease Term Operating leases 5.7 years 6.7 years Weighted Average Discount Rate Operating leases 7.13 % 7.33 % |
Schedule of maturities of lease liabilities | Operating leases Year ending December 31, 2023 $ 709 2024 604 2025 550 2026 524 2027 and thereafter 1,143 Total undiscounted lease payments 3,530 Less - imputed interests (619 ) Present value of lease liabilities 2,911 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share Capital [Abstract] | |
Schedule of shares issued granted options | Year ended December 31, 2022 Award amount Exercise Vesting Expiration Employees 529,000 $ 5.33-9.22 4 years 10 years Directors 217,000 $ 9.22 4 years 10 years Year ended December 31, 2021 Award amount Exercise Vesting Expiration Employees 96,500 $ 12.78-20.7 4 years 10 years Directors 23,000 $ 15.2 4 years 10 years Year ended December 31, 2020 Award amount Exercise Vesting Expiration Employees 317,909 $ 10.08 4 years 10 years Directors 194,713 $ 9.12-11.06 4 years 10 years |
Schedule of fair value of options granted to employees on the date of grant was computed using the Black-Scholes model | Year ended December 31, 2022 2021 2020 Value of one ordinary share $ 5.03-9.22 $ 11.9-20.37 $ 7.86-10.5 Dividend yield 0 % 0 % 0 % Expected volatility 67.95-72.27 % 65.36-66.49 % 66.12-66.41 % Risk-free interest rate 0.39-3.03 % 0.64-1.37 % 0.45-0.52 % Expected term 6.11 years 6.11 years 6.11 years |
Schedule of weighted average period | Year ended December 31, 2022 2021 2020 Weighted-average grant date fair value of options granted, per option $ 5.32 9.16 5.76 Total intrinsic value of the options exercised 221 869 82 Total fair value of options vested 2,802 3,356 1,937 |
Schedule of changes in number of options granted | 2022 Number of Weighted weighted average remaining contractual term (in years) aggregate intrinsic value Options outstanding at the beginning of the year 1,220,694 $ 7.71 5.84 $ 7,445 Granted 746,000 8.54 Exercised (39,457 ) 4.42 Expired (3,438 ) 10.39 Forfeited (55,050 ) 11.48 Options outstanding at the end of the year 1,868,749 7.85 6.81 14,818 Options exercisable at the end of the year 914,373 $ 6.79 4.34 $ 6,209 2022 Number of Weighted weighted average remaining contractual term (in years) aggregate intrinsic value Options outstanding at the beginning of the year 15,416 $ 16.04 2.54 314 Options outstanding at the end of the year 15,416 $ 16.04 1.79 202 Options exercisable at the end of the year 9,766 $ 8.47 1.52 65 |
Schedule of outstanding and exercisable options | December 31, 2022 Options outstanding Options exercisable Exercise prices * Number of Weighted Number of Weighted $ 25.58 6,666 2.38 1,329 2.38 6.25 5,000 2.33 5,000 2.33 15.2 23,000 8.41 8,625 8.41 13.08 31,375 7.56 14,777 7.02 12.78 30,000 8.24 13,125 8.24 11.06 162,713 7.11 111,865 7.11 10.08 286,198 7.19 183,303 7.06 9.12 32,000 7.66 18,000 7.66 5.07 188,625 3.04 175,277 3.04 4.02 396,588 2.22 392,838 2.2 9.22 591,000 9.22 - - $ 5.33 131,000 9.92 - - 1,884,165 924,139 * In U.S. dollars per Ordinary Share. |
Schedule of share-based compensation | Year ended December 31 2022 2021 2020 Cost of revenues $ 22 $ 78 $ 66 Research and development expenses 565 525 464 General, administrative and marketing expenses 1,587 1,017 1,075 $ 2,174 $ 1,620 $ 1,605 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred income taxes | 2022 2021 Deferred tax assets Net operating loss carry forward 20,105 14,391 Research and development 1,736 1,280 Offering costs 230 - Operating lease liabilities 670 830 Share-based compensation 349 - Valuation of financial instruments - (6 ) Total gross deferred tax assets 23,090 16,495 Less – valuation allowance (22,466 ) (15,816 ) Deferred tax liabilities: Operating lease assets (624 ) (679 ) Net deferred tax assets - - |
Schedule of valuation allowance | Balance at December 31, 2021 $ 15,816 Additions 6,650 Balance at December 31, 2022 $ 22,466 |
Supplementary Financial State_2
Supplementary Financial Statement Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplementary Financial Statement Information [Abstract] | |
Schedule of balance sheet | December 31 2022 2021 a. Accrued liabilities and other: Employees and institutions for employees $ 944 $ 863 Provisions for vacation and others 446 473 Royalties and Other 53 93 $ 1,443 $ 1,429 |
Schedule of disaggregated revenues text block | Year ended December 31 2022 2021 2020 Revenues from licensing agreement (see Note 2(q)) $ - $ 14,000 $ 3,600 Revenues from the sales of goods 299 1,595 2,108 Revenues from the rendering of services - 46 429 Total revenues $ 299 $ 15,641 $ 6,137 |
Schedule of revenues by geographical area | Year ended December 31 2022 2021 2020 United states and Canada $ 174 $ 15,013 $ 5,768 Europe and Israel 125 628 369 Total revenues $ 299 $ 15,641 $ 6,137 |
Schedule of revenue by major customers | 2022 2021 2020 Customer A $ 9 $ 14,770 $ 822 Customer B $ 101 $ *) $ *) Customer C $ 158 $ *) $ *) Customer D $ - $ 169 $ 4,929 *) Less than 10%. |
Schedule of changes in deferred revenues relating to goods | 2022 2021 2020 Balance at beginning of year $ (32 ) $ (207 ) $ (942 ) Contract liability recognized during the period - (32 ) (270 ) Revenue recognized during the period 32 207 1,005 Balance at end of year - (32 ) (207 ) Contract liability presented in current liabilities - (32 ) (207 ) Contract liability presented in non-current liabilities - - - |
Schedule of Financial income (expenses) ,net | Year ended December 31 2022 2021 2020 Exchange rate differences $ (115 ) $ (38 ) $ (181 ) Bank and other fees (10 ) (30 ) (11 ) Remeasurement of financial instruments - 28 40 Other financing expenses (24 ) (7 ) (23 ) Interest on bank deposits 321 219 - Financial income (expenses), net $ 172 $ 172 $ (175 ) |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2022 | |
Accounting Policies [Abstract] | ||||
Considerations contingent | $ 14,000 | |||
Termination provisions | $ 14,000 | |||
Income tax percentage | 50% | |||
Warrants exercisable | 1,590,346 | 4,008,007 | 2,558,164 | |
Research and development expenses | $ 28 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of estimated useful lives property and equipment | 12 Months Ended | |
Dec. 31, 2022 | ||
Laboratory equipment [Member] | ||
Significant Accounting Policies (Details) - Schedule of estimated useful lives property and equipment [Line Items] | ||
Useful life measured property and equipment | 5 years | |
Greenhouse equipment [Member] | Minimum [Member] | ||
Significant Accounting Policies (Details) - Schedule of estimated useful lives property and equipment [Line Items] | ||
Useful life measured property and equipment | 4 years | [1] |
Greenhouse equipment [Member] | Maximum [Member] | ||
Significant Accounting Policies (Details) - Schedule of estimated useful lives property and equipment [Line Items] | ||
Useful life measured property and equipment | 10 years | [1] |
Computer equipment [Member] | ||
Significant Accounting Policies (Details) - Schedule of estimated useful lives property and equipment [Line Items] | ||
Useful life measured property and equipment | 3 years | |
Office furniture [Member] | ||
Significant Accounting Policies (Details) - Schedule of estimated useful lives property and equipment [Line Items] | ||
Useful life measured property and equipment | 17 years | |
Leasehold improvements [Member] | ||
Significant Accounting Policies (Details) - Schedule of estimated useful lives property and equipment [Line Items] | ||
Useful life measured property and equipment | [2] | |
Electronic equipment [Member] | ||
Significant Accounting Policies (Details) - Schedule of estimated useful lives property and equipment [Line Items] | ||
Useful life measured property and equipment | 7 years | |
Vehicles [Member] | ||
Significant Accounting Policies (Details) - Schedule of estimated useful lives property and equipment [Line Items] | ||
Useful life measured property and equipment | 7 years | |
[1] Greenhouse equipment - agricultural equipment used in the tobacco production greenhouse. |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 1,036 | $ 773 | $ 660 |
Disposed of property and equipment | $ 7 | $ 33 |
Property and Equipment (Detai_2
Property and Equipment (Details) - Schedule of property and equipment - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Cost: | ||
Property and Equipment, Gross | $ 8,007 | $ 6,741 |
Accumulated depreciation | (5,041) | (4,013) |
Property and Equipment, net | 2,966 | 2,728 |
Laboratory Equipment [Member] | ||
Cost: | ||
Property and Equipment, Gross | 3,164 | 2,765 |
Greenhouse Equipment [Member] | ||
Cost: | ||
Property and Equipment, Gross | 751 | 713 |
Computer Equipment [Member] | ||
Cost: | ||
Property and Equipment, Gross | 225 | 167 |
Office Furniture [Member] | ||
Cost: | ||
Property and Equipment, Gross | 300 | 216 |
Leasehold Improvements [Member] | ||
Cost: | ||
Property and Equipment, Gross | 3,310 | 2,629 |
Electronic equipment [Member] | ||
Cost: | ||
Property and Equipment, Gross | 6 | |
Vehicles [Member] | ||
Cost: | ||
Property and Equipment, Gross | $ 251 | $ 251 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |||
Write-down of inventory | $ 296 | $ 367 | $ 55 |
Inventories (Details) - Schedul
Inventories (Details) - Schedule of inventories - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Schedule Of Inventories Abstract | ||
Work in progress | $ 881 | $ 693 |
Finished goods | 549 | 388 |
Total inventory | $ 1,430 | $ 1,081 |
Operating Leases (Details)
Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Leases [Abstract] | ||
Term of leases | 3 years | |
Restricted deposit | $ 188 | |
Operating leases cost, rental space and vehicles | 645 | $ 646 |
Variable lease payments | $ 24 | $ 12 |
Operating Leases (Details) - Sc
Operating Leases (Details) - Schedule of supplemental cash flow information related to leases - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Supplemental Cash Flow Information Related To Leases Abstract | ||
Operating cash flows from operating leases | $ 770 | $ 702 |
Operating Leases (Details) - _2
Operating Leases (Details) - Schedule of supplemental balance sheet information related to leases - Operating Lease [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
Operating lease right-of-use assets | $ 2,711 | $ 2,953 |
Current lease liabilities | 529 | 519 |
Non-current lease liabilities | 2,382 | 3,089 |
Total lease liabilities | $ 2,911 | $ 3,608 |
Weighted Average Remaining Lease Term | ||
Operating leases | 5 years 8 months 12 days | 6 years 8 months 12 days |
Weighted Average Discount Rate | ||
Operating leases | 7.13% | 7.33% |
Operating Leases (Details) - _3
Operating Leases (Details) - Schedule of maturities of lease liabilities - Lease Liability [Member] $ in Thousands | Dec. 31, 2022 USD ($) |
Operating Leases (Details) - Schedule of maturities of lease liabilities [Line Items] | |
2023 | $ 709 |
2024 | 604 |
2025 | 550 |
2026 | 524 |
2027 and thereafter | 1,143 |
Total undiscounted lease payments | 3,530 |
Less - imputed interests | (619) |
Present value of lease liabilities | $ 2,911 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Percentage of income | 3% | ||
Royalty expense | $ 9 | $ 468 | $ 795 |
Gross amount of grant received | 10,100 | ||
Paid royalties | 2,800 | ||
Maximum total royalty amount | $ 7,314 |
Development , Exclusivity and_2
Development , Exclusivity and Option Products Agreements (Details) - USD ($) | 1 Months Ended | 12 Months Ended |
Feb. 28, 2021 | Dec. 31, 2022 | |
Development , Exclusivity and Option Products Agreements (Details) [Line Items] | ||
Received amount | $ 50,000,000 | |
Cash payment | $ 14,000,000 | |
Proceeds of payments | $ 53,000,000 | |
Non-refundable payment | 4,000,000 | |
Additional payable | $ 43,000,000 | |
Development agreement, term | 10 years | |
CollPlant [Member] | ||
Development , Exclusivity and Option Products Agreements (Details) [Line Items] | ||
Received amount | $ 53,000,000 | |
Definitive Agreement [Member] | ||
Development , Exclusivity and Option Products Agreements (Details) [Line Items] | ||
Proceeds of payments | 36,000,000 | |
Non-refundable payment | $ 600,000 |
Share Capital (Details)
Share Capital (Details) - USD ($) $ in Thousands | 4 Months Ended | 12 Months Ended | ||||||||
Feb. 17, 2021 | Sep. 06, 2019 | Sep. 03, 2019 | Sep. 10, 2018 | Apr. 30, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Feb. 14, 2020 | Aug. 30, 2019 | |
Share Capital (Details) [Line Items] | ||||||||||
Pre-paid warrant to purchase | 811,085 | |||||||||
Ordinary shares | 811,085 | |||||||||
Exercised warrants | 992,149 | |||||||||
Return amount (in Dollars) | $ 3,969 | |||||||||
Restricted shares | 12,000 | |||||||||
Issue of ordinary shares | 12,000 | |||||||||
Stock option, description | The total issuance costs accumulated to $3,200. | |||||||||
Shares return value (in Dollars) | $ 1,700 | $ 1,800 | ||||||||
Shares issued | 445,000 | |||||||||
Aggregate purchase price (in Dollars) | $ 4,450 | |||||||||
Fair value of options granted (in Dollars) | 3,970 | $ 1,094 | $ 2,952 | |||||||
Employee Benefits and Share-Based Compensation (in Dollars) | $ 2,637 | |||||||||
Weighted average period | 1 year 9 months 18 days | |||||||||
Warrant [Member] | ||||||||||
Share Capital (Details) [Line Items] | ||||||||||
Exercised warrants | 992,149 | |||||||||
Exercised shares | 425,000 | 450,000 | ||||||||
Ordinary Shares [Member] | ||||||||||
Share Capital (Details) [Line Items] | ||||||||||
Exercised shares | 425,000 | 450,000 | ||||||||
Convertible Loan Agreement [Member] | ||||||||||
Share Capital (Details) [Line Items] | ||||||||||
Principal amount (in Dollars) | $ 6,500 | |||||||||
Sagy Purchase Agreement [Member] | ||||||||||
Share Capital (Details) [Line Items] | ||||||||||
Stock option, description | On the first closing date, which occurred on September 3, 2019, Ami Sagy transferred to the Company the principal amount of $2,000. This amount was invested on account of the issuance in a form of convertible loan and was automatically converted into 500,000 ADSs at a conversion price of $4.00 per ADS on October 27, 2019. On the second closing date, which occurred on February 28, 2021, after the Company executed the Development, Exclusivity and Option Products Agreement (see note 8), the following occurred: (i) Ami Sagy transferred the Company an amount of $1,000 by way of an equity investment, and (ii) the Company issued to Ami Sagy 250,000 ADSs representing 250,000 ordinary shares and a warrants to purchase up to 250,000 ADSs representing 250,000 ordinary shares. On the third closing date, which was subject to shareholder approval and occurred on October 27, 2019, the Company issued to Ami Sagy a warrant to purchase up to 500,000 ADSs representing 500,000 ordinary shares. The consideration of the third closing is included in the principal amount received in the first closing. | |||||||||
U. S. Agreement [Member] | ||||||||||
Share Capital (Details) [Line Items] | ||||||||||
Stock option, description | On the second closing date, which occurred on October 27, 2019, the following occurred: (i) the principal amount invested on account of the issuance in a form of convertible loan, was automatically converted into 875,000 ADSs at a conversion price equal to $4.00 per ADS, and (ii) the Company issued to the U.S. Investors warrants to purchase up to 875,000 ADSs representing 875,000 ordinary shares. | |||||||||
Meitav Dash Purchase Agreement [Member] | ||||||||||
Share Capital (Details) [Line Items] | ||||||||||
Warants exercise, description | On October 27, 2019, an extraordinary general meeting was held and the Company received the “shareholders’ approval” and subsequently issued the ADSs and warrants as mentioned above. The Company also issued an aggregate of 175,039 ADSs to Mr. Sagy, and Meitav Dash, and 250,000 ADSs and 20,000 prepaid warrant to purchase up to 20,000 ADSs to Alpha in satisfaction of the price protection undertakings under the Alpha Purchase Agreement, the Meitav Dash Purchase Agreement and the Sagy Purchase Agreement. In 2021, one of the U.S investors exercised 450,000 warrants into 450,000 ordinary shares ADS in return of $1,800. In 2022, three U.S investors exercised 425,000 warrants into 425,000 ordinary shares in return of $1,700. d) On February 14, 2020, the Company entered into a Securities Purchase Agreement with several accredited U.S. investors, pursuant to which the Company issued on March 6, 2020, in a private placement, 445,000 ordinary shares for an aggregate purchase price of $4,450. e) On February 17, 2021, the Company completed a registered direct offering providing for the sale and issuance of an aggregate of 2,000,000 ADSs at a purchase price of $17.50 per ADS, for aggregate gross proceeds of $35,000. The total issuance costs accumulated to $3,200. | |||||||||
Two Tranches [Member] | ||||||||||
Share Capital (Details) [Line Items] | ||||||||||
Principal amount (in Dollars) | 3,000 | |||||||||
One Tranche [Member] | ||||||||||
Share Capital (Details) [Line Items] | ||||||||||
Principal amount (in Dollars) | $ 3,500 | |||||||||
Third Tranches [Member] | ||||||||||
Share Capital (Details) [Line Items] | ||||||||||
Restricted shares | 4,000 | |||||||||
Issue of ordinary shares | 4,000 |
Share Capital (Details) - Sched
Share Capital (Details) - Schedule of shares issued granted options - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Employees [Member] | |||
Share Capital (Details) - Schedule of shares issued granted options [Line Items] | |||
Award amount (in Shares) | 529,000 | 96,500 | 317,909 |
Exercise price range (in Dollars per share) | $ 10.08 | ||
Vesting period | 4 years | 4 years | 4 years |
Expiration | 10 years | 10 years | 10 years |
Employees [Member] | Minimum [Member] | |||
Share Capital (Details) - Schedule of shares issued granted options [Line Items] | |||
Exercise price range (in Dollars per share) | $ 5.33 | $ 12.78 | |
Employees [Member] | Maximum [Member] | |||
Share Capital (Details) - Schedule of shares issued granted options [Line Items] | |||
Exercise price range (in Dollars per share) | $ 9.22 | $ 20.7 | |
Directors [Member] | |||
Share Capital (Details) - Schedule of shares issued granted options [Line Items] | |||
Award amount (in Shares) | 217,000 | 23,000 | 194,713 |
Exercise price range (in Dollars per share) | $ 9.22 | $ 15.2 | |
Vesting period | 4 years | 4 years | 4 years |
Expiration | 10 years | 10 years | 10 years |
Directors [Member] | Minimum [Member] | |||
Share Capital (Details) - Schedule of shares issued granted options [Line Items] | |||
Exercise price range (in Dollars per share) | $ 9.12 | ||
Directors [Member] | Maximum [Member] | |||
Share Capital (Details) - Schedule of shares issued granted options [Line Items] | |||
Exercise price range (in Dollars per share) | $ 11.06 |
Share Capital (Details) - Sch_2
Share Capital (Details) - Schedule of fair value of options granted to employees on the date of grant was computed using the Black-Scholes model - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Capital (Details) - Schedule of fair value of options granted to employees on the date of grant was computed using the Black-Scholes model [Line Items] | |||
Dividend yield | 0% | 0% | 0% |
Expected term | 6 years 1 month 9 days | 6 years 1 month 9 days | 6 years 1 month 9 days |
Minimum [Member] | |||
Share Capital (Details) - Schedule of fair value of options granted to employees on the date of grant was computed using the Black-Scholes model [Line Items] | |||
Value of one ordinary share | $ 5.03 | $ 11.9 | $ 7.86 |
Expected volatility | 67.95% | 65.36% | 66.12% |
Risk-free interest rate | $ 0.39 | $ 0.64 | $ 0.45 |
Maximum [Member] | |||
Share Capital (Details) - Schedule of fair value of options granted to employees on the date of grant was computed using the Black-Scholes model [Line Items] | |||
Value of one ordinary share | $ 9.22 | $ 20.37 | $ 10.5 |
Expected volatility | 72.27% | 66.49% | 66.41% |
Risk-free interest rate | $ 3.03 | $ 1.37 | $ 0.52 |
Share Capital (Details) - Sch_3
Share Capital (Details) - Schedule of weighted average period - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule Of Weighted Average Period Abstract | |||
Weighted-average grant date fair value of options granted, per option (in Dollars per share) | $ 5.32 | $ 9.16 | $ 5.76 |
Total intrinsic value of the options exercised | $ 221 | $ 869 | $ 82 |
Total fair value of options vested | $ 2,802 | $ 3,356 | $ 1,937 |
Share Capital (Details) - Sch_4
Share Capital (Details) - Schedule of changes in number of options granted $ / shares in Units, $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) $ / shares shares | |
Share Capital (Details) - Schedule of changes in number of options granted [Line Items] | |
Number of Options Outstanding, Options outstanding at the beginning of the year | shares | 1,220,694 |
Weighted average exercise price Options outstanding, Options outstanding at the beginning of the year | $ / shares | $ 7.71 |
weighted average remaining contractual term (in years), Options outstanding at the beginning of the year | 5 years 10 months 2 days |
aggregate intrinsic value, Options outstanding at the beginning of the year | $ | $ 7,445 |
Number of options, Granted | shares | 746,000 |
Weighted average exercise price, Granted | $ / shares | $ 8.54 |
Number of options, Exercised | shares | (39,457) |
Weighted average exercise price, Exercised | $ / shares | $ 4.42 |
Number of options, Expired | shares | (3,438) |
Weighted average exercise price, Expired | $ / shares | $ 10.39 |
Number of options, Forfeited | shares | (55,050) |
Weighted average exercise price, Forfeited | $ / shares | $ 11.48 |
Number of options, Options outstanding at the end of the year | shares | 1,868,749 |
Weighted average exercise price, Options outstanding at the end of the year | $ / shares | $ 7.85 |
weighted average remaining contractual term (in years), Options outstanding at the end of the year | 6 years 9 months 21 days |
aggregate intrinsic value, Options outstanding at the end of the year | $ | $ 14,818 |
Number of options, Options exercisable at the end of the year | shares | 914,373 |
Weighted average exercise price, Options exercisable at the end of the year | $ / shares | $ 6.79 |
weighted average remaining contractual term (in years), Options exercisable at the end of the year | 4 years 4 months 2 days |
aggregate intrinsic value, Options exercisable at the end of the year | $ | $ 6,209 |
Non-Employees [Member] | |
Share Capital (Details) - Schedule of changes in number of options granted [Line Items] | |
Number of Options Outstanding, Options outstanding at the beginning of the year | shares | 15,416 |
Weighted average exercise price Options outstanding, Options outstanding at the beginning of the year | $ / shares | $ 16.04 |
weighted average remaining contractual term (in years), Options outstanding at the beginning of the year | 2 years 6 months 14 days |
aggregate intrinsic value, Options outstanding at the beginning of the year | $ | $ 314 |
Number of options, Options outstanding at the end of the year | shares | 15,416 |
Weighted average exercise price, Options outstanding at the end of the year | $ / shares | $ 16.04 |
weighted average remaining contractual term (in years), Options outstanding at the end of the year | 1 year 9 months 14 days |
aggregate intrinsic value, Options outstanding at the end of the year | $ | $ 202 |
Number of options, Options exercisable at the end of the year | shares | 9,766 |
Weighted average exercise price, Options exercisable at the end of the year | $ / shares | $ 8.47 |
weighted average remaining contractual term (in years), Options exercisable at the end of the year | 1 year 6 months 7 days |
aggregate intrinsic value, Options exercisable at the end of the year | $ | $ 65 |
Share Capital (Details) - Sch_5
Share Capital (Details) - Schedule of outstanding and exercisable options | 12 Months Ended | |
Dec. 31, 2022 $ / shares shares | ||
Share Capital (Details) - Schedule of outstanding and exercisable options [Line Items] | ||
Options outstanding Number of options outstanding | 1,884,165 | |
Options exercisable Number of options exercisable | 924,139 | |
Options exercisable Weighted average remaining contractual life | 4 years 4 months 2 days | |
Exercise prices 25.58 [Member] | ||
Share Capital (Details) - Schedule of outstanding and exercisable options [Line Items] | ||
Options outstanding Exercise prices (in Dollars per share) | $ / shares | $ 25.58 | [1] |
Options outstanding Number of options outstanding | 6,666 | |
Options outstanding Weighted average remaining contractual Life | 2 years 4 months 17 days | |
Options exercisable Number of options exercisable | 1,329 | |
Options exercisable Weighted average remaining contractual life | 2 years 4 months 17 days | |
Exercise prices 6.25 [Member] | ||
Share Capital (Details) - Schedule of outstanding and exercisable options [Line Items] | ||
Options outstanding Exercise prices (in Dollars per share) | $ / shares | $ 6.25 | [1] |
Options outstanding Number of options outstanding | 5,000 | |
Options outstanding Weighted average remaining contractual Life | 2 years 3 months 29 days | |
Options exercisable Number of options exercisable | 5,000 | |
Options exercisable Weighted average remaining contractual life | 2 years 3 months 29 days | |
Exercise prices 15.2 [Member] | ||
Share Capital (Details) - Schedule of outstanding and exercisable options [Line Items] | ||
Options outstanding Exercise prices (in Dollars per share) | $ / shares | $ 15.2 | [1] |
Options outstanding Number of options outstanding | 23,000 | |
Options outstanding Weighted average remaining contractual Life | 8 years 4 months 28 days | |
Options exercisable Number of options exercisable | 8,625 | |
Options exercisable Weighted average remaining contractual life | 8 years 4 months 28 days | |
Exercise prices 13.08 [Member] | ||
Share Capital (Details) - Schedule of outstanding and exercisable options [Line Items] | ||
Options outstanding Exercise prices (in Dollars per share) | $ / shares | $ 13.08 | [1] |
Options outstanding Number of options outstanding | 31,375 | |
Options outstanding Weighted average remaining contractual Life | 7 years 6 months 21 days | |
Options exercisable Number of options exercisable | 14,777 | |
Options exercisable Weighted average remaining contractual life | 7 years 7 days | |
Exercise prices 12.78 [Member] | ||
Share Capital (Details) - Schedule of outstanding and exercisable options [Line Items] | ||
Options outstanding Exercise prices (in Dollars per share) | $ / shares | $ 12.78 | [1] |
Options outstanding Number of options outstanding | 30,000 | |
Options outstanding Weighted average remaining contractual Life | 8 years 2 months 26 days | |
Options exercisable Number of options exercisable | 13,125 | |
Options exercisable Weighted average remaining contractual life | 8 years 2 months 26 days | |
Exercise prices 11.06 [Member] | ||
Share Capital (Details) - Schedule of outstanding and exercisable options [Line Items] | ||
Options outstanding Exercise prices (in Dollars per share) | $ / shares | $ 11.06 | [1] |
Options outstanding Number of options outstanding | 162,713 | |
Options outstanding Weighted average remaining contractual Life | 7 years 1 month 9 days | |
Options exercisable Number of options exercisable | 111,865 | |
Options exercisable Weighted average remaining contractual life | 7 years 1 month 9 days | |
Exercise prices 10.08 [Member] | ||
Share Capital (Details) - Schedule of outstanding and exercisable options [Line Items] | ||
Options outstanding Exercise prices (in Dollars per share) | $ / shares | $ 10.08 | [1] |
Options outstanding Number of options outstanding | 286,198 | |
Options outstanding Weighted average remaining contractual Life | 7 years 2 months 8 days | |
Options exercisable Number of options exercisable | 183,303 | |
Options exercisable Weighted average remaining contractual life | 7 years 21 days | |
Exercise prices 9.12 [Member] | ||
Share Capital (Details) - Schedule of outstanding and exercisable options [Line Items] | ||
Options outstanding Exercise prices (in Dollars per share) | $ / shares | $ 9.12 | [1] |
Options outstanding Number of options outstanding | 32,000 | |
Options outstanding Weighted average remaining contractual Life | 7 years 7 months 28 days | |
Options exercisable Number of options exercisable | 18,000 | |
Options exercisable Weighted average remaining contractual life | 7 years 7 months 28 days | |
Exercise prices 5.07 [Member] | ||
Share Capital (Details) - Schedule of outstanding and exercisable options [Line Items] | ||
Options outstanding Exercise prices (in Dollars per share) | $ / shares | $ 5.07 | [1] |
Options outstanding Number of options outstanding | 188,625 | |
Options outstanding Weighted average remaining contractual Life | 3 years 14 days | |
Options exercisable Number of options exercisable | 175,277 | |
Options exercisable Weighted average remaining contractual life | 3 years 14 days | |
Exercise prices 4.02 [Member] | ||
Share Capital (Details) - Schedule of outstanding and exercisable options [Line Items] | ||
Options outstanding Exercise prices (in Dollars per share) | $ / shares | $ 4.02 | [1] |
Options outstanding Number of options outstanding | 396,588 | |
Options outstanding Weighted average remaining contractual Life | 2 years 2 months 19 days | |
Options exercisable Number of options exercisable | 392,838 | |
Options exercisable Weighted average remaining contractual life | 2 years 2 months 12 days | |
Exercise prices 9.22 [Member] | ||
Share Capital (Details) - Schedule of outstanding and exercisable options [Line Items] | ||
Options outstanding Exercise prices (in Dollars per share) | $ / shares | $ 9.22 | [1] |
Options outstanding Number of options outstanding | 591,000 | |
Options outstanding Weighted average remaining contractual Life | 9 years 2 months 19 days | |
Options exercisable Number of options exercisable | ||
Options exercisable Weighted average remaining contractual life | ||
Exercise prices 5.33 [Member] | ||
Share Capital (Details) - Schedule of outstanding and exercisable options [Line Items] | ||
Options outstanding Exercise prices (in Dollars per share) | $ / shares | $ 5.33 | [1] |
Options outstanding Number of options outstanding | 131,000 | |
Options outstanding Weighted average remaining contractual Life | 9 years 11 months 1 day | |
Options exercisable Number of options exercisable | ||
Options exercisable Weighted average remaining contractual life | ||
[1] In U.S. dollars per Ordinary Share. |
Share Capital (Details) - Sch_6
Share Capital (Details) - Schedule of share-based compensation - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share Capital (Details) - Schedule of share-based compensation [Line Items] | |||
Share-based compensation | $ 2,174 | $ 1,620 | $ 1,605 |
Cost of revenues [Member] | |||
Share Capital (Details) - Schedule of share-based compensation [Line Items] | |||
Share-based compensation | 22 | 78 | 66 |
Research and development expenses [Member] | |||
Share Capital (Details) - Schedule of share-based compensation [Line Items] | |||
Share-based compensation | 565 | 525 | 464 |
General, administrative and marketing expenses [Member] | |||
Share Capital (Details) - Schedule of share-based compensation [Line Items] | |||
Share-based compensation | $ 1,587 | $ 1,017 | $ 1,075 |
Income Tax (Details)
Income Tax (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Income Tax (Details) [Line Items] | |
Corporate tax rates | 23% |
Net carry forward tax losses | $ 66,339 |
CollPlant Biotechnologies Ltd [Member] | |
Income Tax (Details) [Line Items] | |
Net carry forward tax losses | $ 21,075 |
Income Tax (Details) - Schedule
Income Tax (Details) - Schedule of deferred income taxes - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets | ||
Net operating loss carry forward | $ 20,105 | $ 14,391 |
Research and development | 1,736 | 1,280 |
Offering costs | 230 | |
Operating lease liabilities | 670 | 830 |
Share-based compensation | 349 | |
Valuation of financial instruments | (6) | |
Total gross deferred tax assets | 23,090 | 16,495 |
Less – valuation allowance | (22,466) | (15,816) |
Deferred tax liabilities: | ||
Operating lease assets | (624) | (679) |
Net deferred tax assets |
Income Tax (Details) - Schedu_2
Income Tax (Details) - Schedule of valuation allowance $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Schedule Of Valuation Allowance Abstract | |
Beginning balance | $ 15,816 |
Additions | 6,650 |
Ending balance | $ 22,466 |
Supplementary Financial State_3
Supplementary Financial Statement Information (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Supplementary Financial Statement Information [Abstract] | |
Percentage of total revenues | 10% |
Less than percentage | 10% |
Supplementary Financial State_4
Supplementary Financial Statement Information (Details) - Schedule of balance sheet - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
a. Accrued liabilities and other: | ||
Accounts payable and accruals - other | $ 1,443 | $ 1,429 |
Employees and institutions for employees [Member] | ||
a. Accrued liabilities and other: | ||
Accounts payable and accruals - other | 944 | 863 |
Provisions for vacation and others [Member] | ||
a. Accrued liabilities and other: | ||
Accounts payable and accruals - other | 446 | 473 |
Royalties and Other [Member] | ||
a. Accrued liabilities and other: | ||
Accounts payable and accruals - other | $ 53 | $ 93 |
Supplementary Financial State_5
Supplementary Financial Statement Information (Details) - Schedule of disaggregated revenues text block - Revenues [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplementary Financial Statement Information (Details) - Schedule of disaggregated revenues text block [Line Items] | |||
Revenues from licensing agreement (see Note 2(q)) | $ 14,000 | $ 3,600 | |
Revenues from the sales of goods | 299 | 1,595 | 2,108 |
Revenues from the rendering of services | 46 | 429 | |
Total revenues | $ 299 | $ 15,641 | $ 6,137 |
Supplementary Financial State_6
Supplementary Financial Statement Information (Details) - Schedule of revenues by geographical area - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
United states and Canada [Member] | |||
Supplementary Financial Statement Information (Details) - Schedule of revenues by geographical area [Line Items] | |||
Total revenues | $ 174 | $ 15,013 | $ 5,768 |
Europe and Israel [Member] | |||
Supplementary Financial Statement Information (Details) - Schedule of revenues by geographical area [Line Items] | |||
Total revenues | 125 | 628 | 369 |
Total [Member] | |||
Supplementary Financial Statement Information (Details) - Schedule of revenues by geographical area [Line Items] | |||
Total revenues | $ 299 | $ 15,641 | $ 6,137 |
Supplementary Financial State_7
Supplementary Financial Statement Information (Details) - Schedule of revenue by major customers - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Customer A [Member] | |||||
Supplementary Financial Statement Information (Details) - Schedule of revenue by major customers [Line Items] | |||||
Total revenues | $ 9 | $ 14,770 | $ 822 | ||
Customer B [Member] | |||||
Supplementary Financial Statement Information (Details) - Schedule of revenue by major customers [Line Items] | |||||
Total revenues | 101 | [1] | [1] | ||
Customer C [Member] | |||||
Supplementary Financial Statement Information (Details) - Schedule of revenue by major customers [Line Items] | |||||
Total revenues | 158 | [1] | [1] | ||
Customer D [Member] | |||||
Supplementary Financial Statement Information (Details) - Schedule of revenue by major customers [Line Items] | |||||
Total revenues | $ 169 | $ 4,929 | |||
[1]Less than 10%. |
Supplementary Financial State_8
Supplementary Financial Statement Information (Details) - Schedule of changes in deferred revenues relating to goods - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Changes in Deferred Revenues Relating To Goods [Abstract] | |||
Balance at beginning of year | $ (32) | $ (207) | $ (942) |
Contract liability recognized during the period | (32) | (270) | |
Revenue recognized during the period | 32 | 207 | 1,005 |
Balance at end of year | (32) | (207) | |
Contract liability presented in current liabilities | (32) | (207) | |
Contract liability presented in non-current liabilities |
Supplementary Financial State_9
Supplementary Financial Statement Information (Details) - Schedule of Financial income (expenses) ,net - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Financial Income Expenses, Net [Abstract] | |||
Exchange rate differences | $ (115) | $ (38) | $ (181) |
Bank and other fees | (10) | (30) | (11) |
Remeasurement of financial instruments | 28 | 40 | |
Other financing expenses | (24) | (7) | (23) |
Interest on bank deposits | 321 | 219 | |
Financial income (expenses), net | $ 172 | $ 172 | $ (175) |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) $ in Thousands | 1 Months Ended | 4 Months Ended | ||
Nov. 09, 2017 | Feb. 28, 2023 | Apr. 30, 2021 | Feb. 14, 2020 | |
Subsequent Events (Details) [Line Items] | ||||
Exercised warrants | 992,149 | |||
Ordinary shares, issued | 445,000 | |||
Gross proceeds | $ 1,066 | |||
Warrant [Member] | ||||
Subsequent Events (Details) [Line Items] | ||||
Exercised warrants | 992,149 | |||
Gross proceeds | $ 186,000 | |||
Private Placement [Member] | ||||
Subsequent Events (Details) [Line Items] | ||||
Ordinary shares, issued | 186,000 | |||
Subsequent Event [Member] | ||||
Subsequent Events (Details) [Line Items] | ||||
Exercised warrants | 186,000 | |||
Ordinary shares, issued | 186,000 | |||
Return amount | $ 774 |