Document and Entity Information
Document and Entity Information | 3 Months Ended |
Mar. 31, 2022shares | |
Cover [Abstract] | |
Entity Registrant Name | ENTERA BIO LTD. |
Document Type | 10-Q |
Document Period End Date | Mar. 31, 2022 |
Entity Central Index Key | 0001638097 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Amendment Flag | false |
Entity Current Reporting Status | Yes |
Entity Common Stock, Shares Outstanding | 28,804,411 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q1 |
Entity Shell Company | false |
Entity Small Business | true |
Entity Interactive Data Current | Yes |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Incorporation, State or Country Code | L3 |
Entity Address, Address Line One | Kiryat Hadassah |
Entity Address, Address Line Two | Minrav Building – Fifth Floor |
Entity Address, City or Town | Jerusalem |
Entity Address, Postal Zip Code | 9112002 |
Entity Address, Country | IL |
City Area Code | 972 |
Local Phone Number | 2-532-7151 |
Document Quarterly Report | true |
Document Transition Report | false |
Entity File Number | 001-38556 |
Entity Tax Identification Number | 00-0000000 |
Trading Symbol | ENTX |
Security Exchange Name | NASDAQ |
Title of 12(b) Security | Ordinary Shares |
CONDENCED CONSOLIDATED BALANCE
CONDENCED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 | |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 20,109 | $ 24,892 | |
Accounts receivable | 210 | 183 | |
Other current assets | 1,322 | 254 | |
TOTAL CURRENT ASSETS | 21,641 | 25,329 | |
NON-CURRENT ASSETS: | |||
Property and equipment, net | 163 | 156 | |
Operating lease right-of-use assets | 212 | 239 | |
Deferred income taxes | 250 | 217 | |
Funds in respect of employee rights upon retirement | 46 | 46 | |
TOTAL NON-CURRENT ASSETS | 671 | 658 | |
TOTAL ASSETS | 22,312 | 25,987 | |
CURRENT LIABILITIES: | |||
Accounts payable | 199 | 166 | |
Accrued expenses and other payables | 1,993 | 2,801 | |
Current maturities of operating lease | 142 | 179 | |
Contract liabilities | 0 | 15 | |
TOTAL CURRENT LIABILITIES | 2,334 | 3,161 | |
NON-CURRENT LIABILITIES: | |||
Operating lease liabilities | 98 | 123 | |
Liability for employee rights upon retirement | 135 | 138 | |
TOTAL NON-CURRENT LIABILITIES | 233 | 261 | |
TOTAL LIABILITIES | 2,567 | 3,422 | |
COMMITMENTS AND CONTINGENCIES | |||
SHAREHOLDERS' EQUITY: | |||
Ordinary Shares, NIS 0.0000769 par value: Authorized - as of March 31, 2022 and December 31, 2021, 140,010,000 shares; issued and outstanding: - as of March 31, 2022, and December 31, 2021 28,804,411 shares. | [1] | ||
Additional paid-in capital | 105,914 | 104,950 | |
Accumulated other comprehensive income | 41 | 41 | |
Accumulated deficit | (86,210) | (82,426) | |
TOTAL SHAREHOLDERS' EQUITY | 19,745 | 22,565 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 22,312 | $ 25,987 | |
[1] | Represents an amount less than one thousand US dollars |
CONDENCED CONSOLIDATED BALANC_2
CONDENCED CONSOLIDATED BALANCE SHEETS (Parentheticals) - ₪ / shares | Mar. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Ordinary share, par value | ₪ 0.0000769 | ₪ 0.0000769 |
Ordinary shares, authorized | 140,010,000 | 140,010,000 |
Ordinary shares, issued | 28,804,411 | 28,804,411 |
Ordinary shares, outstanding | 28,804,411 | 28,804,411 |
CONDENCED CONSOLIDATED STATEMEN
CONDENCED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income Statement [Abstract] | ||
REVENUES | $ 68 | $ 157 |
COST OF REVENUES | 54 | 73 |
GROSS PROFIT | 14 | 84 |
OPERATING EXPENSES: | ||
Research and development | 1,690 | 1,124 |
General and administrative | 2,171 | 1,309 |
Other income | (12) | (10) |
TOTAL OPERATING EXPENSES | (3,849) | (2,423) |
OPERATING LOSS | 3,835 | 2,339 |
FINANCIAL INCOME, NET | (44) | (29) |
LOSS BEFORE INCOME TAX | 3,791 | 2,310 |
INCOME TAX, BENEFIT | (7) | (14) |
NET LOSS | $ 3,784 | $ 2,296 |
LOSS PER SHARE BASIC AND DILUTED | $ 0.13 | $ 0.10 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF BASIC AND DILUTED LOSS PER SHARE | 28,804,411 | 21,890,100 |
CONDENCED CONSOLIDATED STATEM_2
CONDENCED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Ordinary shares [Member] | Additional paid-in capital [Member] | Accumulated other Comprehensive income [Member] | Accumulated deficit [Member] | Total | |
Balance at Dec. 31, 2020 | [1] | $ 77,708 | $ 41 | $ (70,239) | $ 7,510 | |
BALANCE (in shares) at Dec. 31, 2020 | 21,057,922 | |||||
CHANGES DURING THE YEAR ENDED | ||||||
Net loss | $ 0 | 0 | 0 | (2,296) | (2,296) | |
Issuance of shares due to the ATM program, net of issuance costs | $ 0 | 9,858 | 0 | 0 | 9,858 | |
Issuance of shares due to the ATM program, net of issuance costs (in shares) | 2,546,265 | |||||
Exercise of options to ordinary shares | $ 0 | 227 | 0 | 0 | 227 | |
Exercise of options to ordinary shares (in shares) | 94,218 | |||||
Exercise of warrants to ordinary shares | $ 0 | 24 | 0 | 0 | 24 | |
Exercise of warrants to ordinary shares (in shares) | 71,380 | |||||
Share-based compensation | $ 0 | 327 | 0 | 0 | 327 | |
Vested restricted share units | $ 0 | 0 | 0 | 0 | 0 | |
Vested restricted share units (in shares) | 7,000 | |||||
BALANCE (in shares) at Mar. 31, 2021 | 23,776,785 | |||||
Balance at Mar. 31, 2021 | [1] | 88,144 | 41 | (72,535) | 15,650 | |
Balance at Dec. 31, 2021 | [1] | 104,950 | 41 | (82,426) | 22,565 | |
BALANCE (in shares) at Dec. 31, 2021 | 28,804,411 | |||||
CHANGES DURING THE YEAR ENDED | ||||||
Net loss | $ 0 | 0 | 0 | (3,784) | (3,784) | |
Share-based compensation | $ 0 | 964 | 0 | 0 | 964 | |
BALANCE (in shares) at Mar. 31, 2022 | 28,804,411 | |||||
Balance at Mar. 31, 2022 | [1] | $ 105,914 | $ 41 | $ (86,210) | $ 19,745 | |
[1] | Represents an amount less than one thousand US dollars. |
CONDENCED CONSOLIDATED STATEM_3
CONDENCED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (3,784) | $ (2,296) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 16 | 9 |
Deferred income taxes | (33) | (52) |
Share-based compensation | 964 | 327 |
Finance income, net | (39) | (19) |
Changes in operating asset and liabilities: | ||
Decrease (increase) in accounts receivable | (27) | 240 |
Increase in other current assets | (1,099) | (777) |
Increase in accounts payable | 33 | 276 |
Increase (decrease) in accrued expenses and other payables | (808) | 114 |
Decrease in contract liabilities | (15) | (143) |
Net cash used in operating activities | (4,792) | (2,321) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (23) | 0 |
Net cash used in investing activities | (23) | 0 |
Cash flows from financing activities: | ||
Proceeds from issuance of shares through ATM programs, net of issuance costs | 0 | 9,858 |
Exercise of options and warrants into shares | 0 | 251 |
Net cash provided by financing activities | 0 | 10,109 |
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (4,815) | 7,788 |
CASH, CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF THE PERIOD | 24,964 | 8,663 |
CASH, CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF THE PERIOD | 20,149 | 16,451 |
Reconciliation in amounts on consolidated balance sheets: | ||
Cash and cash equivalents | 20,109 | 16,381 |
Restricted deposits included in other current assets | 40 | 70 |
Total cash and cash equivalents and restricted cash | 20,149 | 16,451 |
SUPPLEMENTARY INFORMATION ON INVESTING AND FINANCING ACTIVITIES NOT INVOLVING CASH FLOWS: | ||
Operating lease right of use assets obtained in exchange for new operating lease liabilities | $ 0 | $ 31 |
DESCRIPTION OF BUSINESS
DESCRIPTION OF BUSINESS | 3 Months Ended |
Mar. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | NOTE 1 - DESCRIPTION OF BUSINESS a. Entera Bio Ltd. (collectively with its subsidiary, the "Company") was incorporated on September 30, 2009 and commenced operation on June 1, 2010. On January 8, 2018 the Company incorporated Entera Bio Inc., a wholly owned subsidiary incorporated in Delaware, United States. The Company is a clinical-stage biopharmaceutical company focused on the development and commercialization of orally delivered large molecule therapeutics for use in areas with significant unmet medical need where adoption of injectable therapies is limited due to cost, convenience and compliance challenges for patients. The Company’s most advanced product candidates, EB613 for the treatment of osteoporosis and EB612 for the treatment of hypoparathyroidism, are based on its proprietary technology platform and are both in Phase 2 clinical development. The Company also licenses its technology to biopharmaceutical companies for use with their proprietary compounds and, to date, has completed one such agreement with Amgen Inc. b. The Company's securities have been listed for trading on the Nasdaq Capital Market since the Company’s initial public offering in July 2018, in which total of 1,400,000 ordinary shares and 1,400,000 warrants to purchase up to 700,000 ordinary shares were issued in consideration of net proceeds of $9.6 million, after deducting offering expenses. c. On December 10, 2018, the Company entered into a research collaboration and license agreement (the “Amgen Agreement”) with Amgen Inc. (“Amgen”) for the use of the Company’s oral delivery platform in the field of inflammatory disease and other serious illnesses. Pursuant to the Amgen Agreement, the Company and Amgen have agreed to use the Company’s proprietary drug delivery platform to develop oral formulations for one preclinical large molecule program that Amgen has selected. Amgen also has options to select up to two additional programs to include in the Amgen Agreement. Amgen is responsible for the clinical development, regulatory approval, manufacturing and worldwide commercialization of the programs. The Company granted Amgen an exclusive, worldwide, sublicensable license under certain of its intellectual property relating to its drug delivery technology to develop, manufacture and commercialize the applicable products. The Company will retain all intellectual property rights to its drug delivery technology, and Amgen will retain all rights to its large molecules and any subsequent improvements, and ownership of certain intellectual property developed through the performance of the agreement is to be determined by U.S. patent law . d. Since the Company is engaged in research and development activities, it has not derived significant income from its activities and has incurred accumulated losses in the amount of $86.2 million through March 31, 2022 and negative cash flows from operating activities. The Company's management is of the opinion that its available funds as of March 31, 2022 will allow the Company to operate under its current plans into the fourth quarter of 2022. These factors raise substantial doubt as to the Company's ability to continue as a going concern. Management is in the process of evaluating various financing alternatives in the public or private equity markets or through the license of the Company's technology to additional external parties through partnerships or research collaborations as the Company will need to finance future research and development activities, general and administrative expenses and e. Covid-19 In March 2020, the World Health Organization declared the outbreak of COVID-19 to be a pandemic. The COVID-19 pandemic is having widespread, rapidly evolving, and unpredictable impacts on global society, economies, financial markets, and business practices. During 2021, there was a broad distribution of several vaccinations and medicines to overcome the pandemic. The Company has shifted its operations to co-exist along the pandemic with encouragement of vaccinations to all of its employees. Though the Company sees great progress to overcome the COVID-19 pandemic, still the COVID-19 pandemic may continue to impact the Company’s business operations, with outbursts of new variants of the COVID-19 from time to time, and there is uncertainty in the nature and degree of its continued effects over time |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES a. Basis of presentation of the financial statements These unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial statements. Accordingly, they do not include all of the information and notes required by U.S. GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s consolidated financial position as of March 31, 2022, the consolidated results of operations, statements of changes in shareholders' equity and cash flows for the three-month periods ended March 31, 2022 and 2021. The consolidated results for the three-month period ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2021. The comparative balance sheet at December 31, 2021 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP for annual financial statements. b. Loss per share Basic loss per share is computed on the basis of the net loss, adjusted to recognize the effect of a down-round feature when it is triggered, for the period divided by the weighted average number of outstanding ordinary shares during the period. c. Newly issued and recently adopted accounting pronouncements: Recently issued accounting pronouncements adopted 1) In November 2021, the FASB issued ASU 2021-10 “Government Assistance (Topic 832)”, which requires annual disclosures that increase the transparency of transactions involving government grants, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity’s financial statements. The amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2021. The adoption of this guidance did not have material impact on the company’s consolidated financial statements. 2) In August 2020, the FASB issued ASU 2020-06 “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40).” This guidance simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The amendments to this guidance are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. The adoption of this guidance did not have material impact on the Company’s consolidated financial statements. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 3 - SHARE-BASED COMPENSATION a. On August 23, 2021, the Company’s Board of Directors approved the following option grants which were approved by the shareholders of the Company on October 4, 2021: i. Grants of options to purchase ordinary shares with a total fair value of $195 for each of the seven non-executive board members on January 1, 2022. The options will vest over 3 years in twelve equal quarterly instalments starting on January 1, 2022 the vesting commencement date. On January 1, 2022, which is considered the awards grant date, the Company granted 752,899 ordinary shares to non-executive directors with an exercise price of $2.815 per share. ii. Grants of options to purchase ordinary shares with a total fair value of $65 for each of the seven non-executive board members on January 1, 2022. The options will vest over 1 year in four equal quarterly instalments starting on January 1, 2022 the vesting commencement date. On January 1, 2022, which is considered the awards grant date, the Company granted 250,964 ordinary shares to non-executive directors with an exercise price of $2.815 per share. b. On March 31, 2022, the Company’s Board of Directors approved options grants to purchase 115,000 ordinary shares to certain executive officers and 20,000 options granted to a service provider, with an exercise price of $2.86 per share. The options vest over 4 years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% of the option will vest in twelve equal quarterly installments following the first anniversary of the grant date. The fair value of the options at the date of grant was $274. 55,000 out of these options are subject to the approval of the shareholders of the Company. The fair value of each option granted is estimated at the date of grant using the Black-Scholes option-pricing model, with the following weighted average assumptions: Three months ended March 31, 2022 Exercise price $2.815-$2.86 Dividend yield - Expected volatility 69%-70 % Risk-free interest rate 1.35%-2.41 % Expected life - in years 5.5-6.5 |
SUPPLEMENTARY FINANCIAL STATEME
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | 3 Months Ended |
Mar. 31, 2022 | |
Supplementary Financial Statement Information [Abstract] | |
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | NOTE 4 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION: Balance sheets: March 31, December 31, 2022 2021 Accrued expenses and other payables: Employees and employees related 210 147 Income tax 160 134 Provision for vacation 314 308 Accrued expenses 1,309 2,212 1,993 2,801 |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 3 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 5- SUBSEQUENT EVENT The options vest over four years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% of the option will vest in twelve equal quarterly installments following the first anniversary of the date of grant. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of presentation of the financial statements | a. Basis of presentation of the financial statements These unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial statements. Accordingly, they do not include all of the information and notes required by U.S. GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s consolidated financial position as of March 31, 2022, the consolidated results of operations, statements of changes in shareholders' equity and cash flows for the three-month periods ended March 31, 2022 and 2021. The consolidated results for the three-month period ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022. These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2021. The comparative balance sheet at December 31, 2021 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP for annual financial statements. |
Loss per share | b. Loss per share Basic loss per share is computed on the basis of the net loss, adjusted to recognize the effect of a down-round feature when it is triggered, for the period divided by the weighted average number of outstanding ordinary shares during the period. |
Newly issued and recently adopted accounting pronouncements | c. Newly issued and recently adopted accounting pronouncements: Recently issued accounting pronouncements adopted 1) In November 2021, the FASB issued ASU 2021-10 “Government Assistance (Topic 832)”, which requires annual disclosures that increase the transparency of transactions involving government grants, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity’s financial statements. The amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2021. The adoption of this guidance did not have material impact on the company’s consolidated financial statements. 2) In August 2020, the FASB issued ASU 2020-06 “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40).” This guidance simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The amendments to this guidance are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. The adoption of this guidance did not have material impact on the Company’s consolidated financial statements. |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of fair value assumptions of option granted using Black-Scholes option-pricing model | Three months ended March 31, 2022 Exercise price $2.815-$2.86 Dividend yield - Expected volatility 69%-70 % Risk-free interest rate 1.35%-2.41 % Expected life - in years 5.5-6.5 |
SUPPLEMENTARY FINANCIAL STATE_2
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Table) | 3 Months Ended |
Mar. 31, 2022 | |
Supplementary Financial Statement Information [Abstract] | |
Schedule of accounts payable and accrued liabilities | March 31, December 31, 2022 2021 Accrued expenses and other payables: Employees and employees related 210 147 Income tax 160 134 Provision for vacation 314 308 Accrued expenses 1,309 2,212 1,993 2,801 |
GENERAL (Detail Textuals)
GENERAL (Detail Textuals) - USD ($) | 3 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | |
General [Line Items] | ||
Number of warrants issued | 1,400,000 | |
Number of ordinary shares will be purchased by exercising warrants | 700,000 | |
Net proceeds from share issuance | $ 9,600 | |
Accumulated deficit | $ (86,210,000) | $ (82,426,000) |
Warrant [Member] | ||
General [Line Items] | ||
Number of shares issued | 1,400,000 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) - shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Significant Accounting Policies [Line Items] | ||
Number of antidilutive securities excluded from computation of earnings per share | 6,238,605 | 7,894,997 |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) | 3 Months Ended |
Mar. 31, 2022$ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Dividend yield | 0.00% |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ 2.815 |
Expected volatility | 69.00% |
Risk-free interest rate | 1.35% |
Expected life - in years | 5 years 6 months |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Exercise price | $ 2.86 |
Expected volatility | 70.00% |
Risk-free interest rate | 2.41% |
Expected life - in years | 6 years 6 months |
SHARE-BASED COMPENSATION (Det_2
SHARE-BASED COMPENSATION (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended |
Aug. 23, 2021 | Mar. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Ordinary shares available for future grant | 55,000 | |
Description of terms of share-based payment arrangement | The options vest over 4 years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% of the option will vest in twelve equal quarterly installments following the first anniversary of the grant date. | |
Exercise price of options granted | $ 2.86 | |
Vestion period | 4 years | |
Fair value of options at the date of grant | $ 274 | |
Service Provider | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options to purchase ordinary shares | 20,000 | |
Executive Officer | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options to purchase ordinary shares | 115,000 | |
Non-executive director | Vest over twelve equal quarterly instalments starting on January 1, 2022 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options to purchase ordinary shares | 752,899 | |
Exercise price of options granted | $ 2.815 | |
Vestion period | 3 years | |
Fair value of options at the date of grant | $ 195 | |
Non-executive director | Vest over four equal quarterly instalments starting on January 1, 2022 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options to purchase ordinary shares | 250,964 | |
Exercise price of options granted | $ 2.815 | |
Vestion period | 1 year | |
Fair value of options at the date of grant | $ 65 |
SUPPLEMENTARY FINANCIAL STATE_3
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts Payable and Accrued Liabilities, Current [Abstract] | ||
Employees and employees related | $ 210 | $ 147 |
Income tax | 160 | 134 |
Provision for vacation | 314 | 308 |
Accrued expenses | 1,309 | 2,212 |
Accrued Liabilities and Other Liabilities | $ 1,993 | $ 2,801 |
SUBSEQUENT EVENT (Detail Textua
SUBSEQUENT EVENT (Detail Textuals) - $ / shares | 1 Months Ended | 3 Months Ended |
Apr. 28, 2022 | Mar. 31, 2022 | |
Subsequent Event [Line Items] | ||
Vestion period | 4 years | |
Exercise price of options granted | $ 2.86 | |
Description of terms of share-based payment arrangement | The options vest over 4 years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% of the option will vest in twelve equal quarterly installments following the first anniversary of the grant date. | |
Service Provider | ||
Subsequent Event [Line Items] | ||
Number of options to purchase ordinary shares | 20,000 | |
SUBSEQUENT EVENT | Service Provider | ||
Subsequent Event [Line Items] | ||
Exercise price of options granted | $ 2.57 | |
Description of terms of share-based payment arrangement | The options vest over four years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% of the option will vest in twelve equal quarterly installments following the first anniversary of the date of grant. | |
Number of options to purchase ordinary shares | 220,000 |