Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 27, 2023 | Jun. 30, 2022 | |
Cover [Abstract] | |||
Entity Public Float | $ 32.9 | ||
Entity Registrant Name | Entera Bio Ltd. | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 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 | 28,809,922 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
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 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 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Document Annual Report | true | ||
Auditor Name | Kesselman & Kesselman | ||
Auditor Location | Tel-Aviv, Israel | ||
Auditor Firm ID | 1309 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 12,309 | $ 24,892 | |
Accounts receivable | 246 | 183 | |
Other current assets | 294 | 254 | |
TOTAL CURRENT ASSETS | 12,849 | 25,329 | |
NON-CURRENT ASSETS: | |||
Property and equipment, net | 139 | 156 | |
Operating lease right-of-use assets | 90 | 239 | |
Deferred income taxes | 43 | 217 | |
Funds in respect of employee rights upon retirement | 6 | 46 | |
TOTAL NON-CURRENT ASSETS | 278 | 658 | |
TOTAL ASSETS | 13,127 | 25,987 | |
CURRENT LIABILITIES: | |||
Accounts payable | 17 | 166 | |
Accrued expenses and other payables | 1,233 | 2,801 | |
Current maturities of operating lease | 91 | 179 | |
Contract liabilities | 0 | 15 | |
TOTAL CURRENT LIABILITIES | 1,341 | 3,161 | |
NON-CURRENT LIABILITIES: | |||
Operating lease liabilities | 0 | 123 | |
Liability for employee rights upon retirement | 32 | 138 | |
TOTAL NON-CURRENT LIABILITIES | 32 | 261 | |
TOTAL LIABILITIES | 1,373 | 3,422 | |
COMMITMENTS AND CONTINGENCIES | |||
SHAREHOLDERS' EQUITY: | |||
Ordinary Shares, NIS 0.0000769 par value: Authorized - as of December 31, 2022 and December 31, 2021, 140,010,000 shares; issued and outstanding as of December 31, 2022, and December 31, 2021 28,809,922 and 28,804,411 shares, respectively | [1] | ||
Additional paid-in capital | 107,210 | 104,950 | |
Accumulated other comprehensive income | 41 | 41 | |
Accumulated deficit | (95,497) | (82,426) | |
TOTAL SHAREHOLDERS' EQUITY | 11,754 | 22,565 | |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 13,127 | $ 25,987 | |
[1]Represents an amount less than one thousand US dollars. |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parentheticals) - ₪ / shares | Dec. 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 | 28,809,922 | 28,804,411 |
Ordinary shares, outstanding | 28,809,922 | 28,804,411 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
REVENUES | $ 134 | $ 571 |
COST OF REVENUES | 101 | 373 |
GROSS PROFIT | 33 | 198 |
OPERATING EXPENSES: | ||
Research and development | 5,848 | 6,771 |
General and administrative | 7,253 | 5,690 |
Other income | (51) | (46) |
TOTAL OPERATING EXPENSES | 13,050 | 12,415 |
OPERATING LOSS | 13,017 | 12,217 |
FINANCIAL EXPENSES (INCOME), net | (83) | 29 |
LOSS BEFORE INCOME TAX | 12,934 | 12,246 |
INCOME TAX EXPENSE (BENEFIT) | 137 | (59) |
NET LOSS | $ 13,071 | $ 12,187 |
LOSS PER SHARE BASIC | $ 0.45 | $ 0.47 |
LOSS PER SHARE DILUTED | $ 0.45 | $ 0.47 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF BASIC LOSS PER SHARE | 28,808,090 | 26,133,770 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF DILUTED LOSS PER SHARE | 28,808,090 | 26,133,770 |
CONSOLIDATED STATEMENTS OF CHAN
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 | (12,187) | (12,187) | |
Exercise of warrants to ordinary shares | [1] | 3,158 | 0 | 0 | 3,158 | |
Exercise of warrants to ordinary shares (in shares) | 3,175,050 | |||||
Issuance of shares due to the ATM program, net of issuance costs | [1] | 21,805 | 0 | 0 | 21,805 | |
Issuance of shares due to the ATM program, net of issuance costs (in shares) | 4,386,728 | |||||
Exercise of options to ordinary shares | [1] | 418 | 0 | 0 | $ 418 | |
Exercise of options to ordinary shares (in shares) | 177,711 | 177,710 | ||||
Share-based compensation | $ 0 | 1,861 | 0 | 0 | $ 1,861 | |
Vested restricted share units | [1] | 0 | 0 | 0 | 0 | |
Vested restricted share units (in shares) | 7,000 | |||||
BALANCE (in shares) at Dec. 31, 2021 | 28,804,411 | |||||
BALANCE at Dec. 31, 2021 | [1] | 104,950 | 41 | (82,426) | 22,565 | |
CHANGES DURING THE YEAR ENDED | ||||||
Net loss | 0 | 0 | 0 | (13,071) | (13,071) | |
Exercise of options to ordinary shares | [1] | 13 | 0 | 0 | $ 13 | |
Exercise of options to ordinary shares (in shares) | 5,511 | 5,511 | ||||
Share-based compensation | $ 0 | 2,247 | 0 | 0 | $ 2,247 | |
BALANCE (in shares) at Dec. 31, 2022 | 28,809,922 | |||||
BALANCE at Dec. 31, 2022 | [1] | $ 107,210 | $ 41 | $ (95,497) | $ 11,754 | |
[1]Represents an amount less than one thousand US dollars. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (13,071) | $ (12,187) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 64 | 53 |
Deferred income taxes | 174 | (217) |
Share-based compensation | 2,247 | 1,861 |
Finance expenses (income), net | (78) | 18 |
Changes in operating asset and liabilities: | ||
Decrease (increase) in accounts receivable | (63) | 72 |
Decrease (increase) in other current assets | (40) | 7 |
Increase (decrease) in accounts payable | (149) | 2 |
Increase (decrease) in accrued expenses and other payables | (1,568) | 1,471 |
Decrease in contract liabilities | (15) | (143) |
Net cash used in operating activities | (12,499) | (9,063) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Funds with respect to employee rights upon retirement | (55) | 0 |
Purchase of property and equipment | (47) | (17) |
Net cash used in investing activities | (102) | (17) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of shares through ATM programs, net of issuance costs | 0 | 21,805 |
Exercise of options and warrants into shares | 13 | 3,576 |
Net cash provided by financing activities | 13 | 25,381 |
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED DEPOSITS | (12,588) | 16,301 |
CASH, CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF THE YEAR | 24,964 | 8,663 |
CASH, CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF THE YEAR | 12,376 | 24,964 |
Reconciliation in amounts on consolidated balance sheets: | ||
Cash and cash equivalents | 12,309 | 24,892 |
Restricted deposits included in other current assets | 67 | 72 |
Total cash and cash equivalents and restricted deposits | 12,376 | 24,964 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW TRANSACTIONS: | ||
Income taxes paid in cash during the year | 165 | 2 |
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 |
GENERAL
GENERAL | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
DESCRIPTION OF BUSINESS | NOTE 1 - GENERAL 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 leader in 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 clinical development. Additionally, the Company intends to license its oral delivery technology to biopharmaceutical companies for use with their proprietary compounds. b. The Company's ordinary shares, NIS 0.0000769 par value per share (“ordinary shares”), are listed on the Nasdaq Capital Market since July 2018 under the symbol “ENTX”. c. On December 10, 2018, the Company entered into a research collaboration and license agreement with Amgen (the “Amgen Agreement”) 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 is responsible for the clinical development, regulatory approval, manufacturing and worldwide commercialization of the programs. d. Because |
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 consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Prior to 2021, the Company prepared its financial statements in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), as permitted in the United States (“U.S.”) based on the Company’s status as a foreign private issuer as defined in the rules promulgated by the U.S. Securities and Exchange Commission (the “SEC”). During 2021, the Company determined that it is no longer qualified as a foreign private issuer under the SEC rules. As a result, since January 1, 2022, the Company has been required to comply with all of the disclosure and reporting requirements applicable to U.S. domestic issuers, including preparing its financial statement in accordance with U.S. GAAP. b. Use of estimates in the preparation of financial statements The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. Actual results may differ from those estimates. c. Functional currency 1) Functional and presentation currency Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The U.S. dollar is the currency of the primary economic environment in which the operations of the Company are conducted. The consolidated financial statements are presented in U.S. dollars. The functional currency of the subsidiary is the U.S. dollar. 2) Transactions and balances Transactions and balances originally denominated in U.S. dollars are presented at their original amounts. Balances in non- U.S. dollar currencies are translated into U.S. dollars using historical and current exchange rates for non-monetary and monetary balances, respectively. For non-U.S. dollar transactions and other items in the statements of income (indicated below), the following exchange rates are used: (i) for transactions – exchange rates at transaction dates or average exchange rates; and (ii) for other items (derived from non-monetary balance sheet items such as depreciation and amortization) – historical exchange rates. Currency transaction gains and losses are presented in financial income (expenses), as appropriate. d. Principles of consolidation The consolidated financial statements include the accounts of the Company and its subsidiary Entera Bio Inc. All inter-company transactions and balances have been eliminated in consolidation. e. 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. f. Restricted cash Restricted cash deposited in an interest-bearing saving account which is used as a security for the Company's office rent and credit card. g. Concentrations of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains cash held in checking accounts and deposits at financial institutions in major Israeli and U.S. banks. Management believes the Company is not exposed to significant credit risk to its current financial institution, but will continue to monitor regularly and adjust, if needed, to mitigate risk. The Company has established guidelines regarding diversification of its investments and their maturities, which are designed to maintain principal and maximize liquidity. To date, the Company has not experienced any losses associated with this credit risk and continues to believe that this exposure is not significant. h. Fair value measurement The Level Level Level i. Employee severance benefits Under In With regard to the period before December 2013, the liability is funded in part from the purchase of insurance policies or by the establishment of pension funds with dedicated deposits in the funds. The amounts used to fund these liabilities are included in the balance sheets under “Funds in respect of employee rights upon retirement”. These policies are the Company’s assets. The The j. 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 The Sublease income is recognized on a straight-line basis over the expected lease term and is included in other income in our consolidated statements of operations . k. Property and equipment 1) Property and equipment are stated at cost, net of accumulated depreciation and amortization. 2) The : Years Computer equipment 3-5 Office furniture 10 Laboratory equipment 7-10 Leasehold improvements are amortized by the straight-line method over the shorter of (i) the expected lease term and (ii) the estimated useful life of the improvements. l. Impairment of long-lived assets The As of December 31, 2022 and 2021, the Company did not recognize an impairment loss on its long-lived assets. m. Share-based compensation The . The Company accounts for Share-Based Compensation awards classified as equity awards, including share-based option awards and RSUs, using grant-date fair value. The Company recognize the value of the award as an expense over the requisite service period . The Company applies ASU 2018-07 (Topic 718) that expands the scope of Topic 718 to include Share-Based Compensation transactions for acquiring goods and services from non-employees. Under the provision of the amendment, the Company measures share-based compensation to non-employees in the same manner as share-based compensation to employees. The Company calculates the fair value of stock-based option awards on the date of grant using the Black-Scholes option pricing model. The option-pricing model requires a number of assumptions, of which the most significant are the expected share price volatility and the expected option term. The computation of expected volatility is based on the historical volatility of the Company’s ordinary shares. The expected option term is calculated using the simplified method, as the Company has concluded that its historical share option exercise experience does not provide a reasonable basis to estimate expected option terms. The interest rate for periods within the expected term of an award is based on the U.S. Treasury yield curve in effect at the time of grant. The Company’s expected dividend rate is zero because the Company does not currently pay cash dividends on its shares and does not anticipate doing so in the foreseeable future . The . n. Research and development expenses Research . Grants received from the Israel Innovation Authority (the “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. At the time grants are received, successful development of the related projects is not assured, therefore, grants are deducted from the research and development expenses as the applicable costs are incurred, and presented in R&D expenses, net . o. Revenue recognition The Company recognized revenue from the Amgen Agreement according to ASC 606, "Revenues from Contracts with Customers”. Prior to the signing of the Amgen Agreement in 2018, the Company did not have revenue transactions. ASC 606 Revenue from Contracts with Customer introduces a five-step model for recognizing revenue from contracts with customers, as follows: 1. Identify the contract with a customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue when (or as) the entity satisfies a performance obligation. According to ASC 606, a performance obligation is a promise to provide a distinct good or service or a series of distinct goods or services. Goods and services that are not distinct are bundled with other goods or services in the contract until a bundle of goods or services that is distinct is created. A good or service promised to a customer is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer and the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. Options granted to the customer that do not provide a material right to the customer that it would not receive without entering into the contract do not give rise to performance obligations. On December 10, 2018, the Company entered into the Amgen Agreement for the use of the Company’s oral delivery platform in the field of inflammatory diseases and other serious illnesses. As part of the agreement, the Company received non-refundable and non-creditable initial access payment of $725 from Amgen in January 2019. The Company identified two performance obligations in the agreement: 1) License to use the Company's proprietary drug delivery platform and 2) pre-clinical research and development services (“pre-clinical R&D services”). The preclinical R&D services include discovery, research and design preclinical activities relating to the programs selected by Amgen. The Company determined the license to the intellectual property to be a right to use that has significant standalone functionality separately from the pre-clinical R&D services since the Company is not required to continue to support, develop or maintain the intellectual property transferred and will not undertake any activities to change the standalone functionality of the intellectual property. Therefore, the license to the intellectual property is a distinct performance obligation and as such revenue is recognized at the point in time that control of the license was transferred to Amgen on December 10, 2018. Revenues attributed to the preclinical R&Ds services are recognized during the period of the pre-clinical R&D services, over time according to the input model method on a cost-to-cost basis, since the customer benefits from the research and development services as the entity performs the service. The Company evaluated the standalone selling price of the pre-clinical R&D services at $225 and the right to use the intellectual property at $500. The . An entity should recognize revenue for a sales-based or usage-based royalty promised in exchange for a license of intellectual property only when (or as) the later of the following events occurs: a) The subsequent sale or usage occurs; and b) The performance obligation to which some or all of the sales based or usage-based royalty has been allocated has been satisfied (or partially satisfied). As Revenues attributed to preclinical R&D services are recognized during the period of the pre-clinical R&D services according to the input model method on a cost-to-cost basis . In 2022 and 2021, the Company recorded revenues of $89 and $502, respectively, related to services provided under the Amgen Agreement. p. Income taxes 1) Deferred taxes Deferred . 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 this 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. q. 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. Diluted 6,255,235 shares and 6,517,102 r. Legal and other contingencies Management . Legal costs incurred in connection with loss contingencies are expensed as incurred . s. 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 Company early adopted this guidance effective January 1, 2022 and the impact of the adoption on the Consolidated financial statements was immaterial. Recently issued accounting pronouncements, not yet adopted 1) I n June 2016, the FASB issued ASU 2016-13 “Financial Instruments—Credit Losses—Measurement of Credit Losses on Financial Instruments.” This guidance replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance will be effective for Smaller Reporting Companies (SRCs, as defined by the SEC) for the fiscal year beginning on January 1, 2023, including interim periods within that year. The adoption of this guidance will not have material impact on the Company’s consolidated financial statements. |
OPERATING LEASES
OPERATING LEASES | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
OPERATING LEASES | NOTE 3 - OPERATING LEASES 1) The Company leases office and research and development space under several agreements. The annual lease consideration is a total of $166 and is linked to the Israeli CPI. The lease agreement expires on June 30, 2023. As of December 31, 2022, the Company provided bank guarantees of approximately $37, in the aggregate, to secure the fulfillment of its obligations under the lease agreements. 2) The Company has entered into operating lease agreements for vehicles used by its employees. The lease periods are generally for three years and the payments are linked to the Israeli CPI. To secure the terms of the lease agreements, the Company has made certain deposits to the leasing company, representing approximately three months of lease payments. The annual lease consideration is a total of $21. The lease cost was as follows: Year ended December 31, Year ended December 31, Operating lease cost 197 216 Supplemental cash flow information related to leases was as follows: Year ended December 31, Year ended December 31, Operating cash flows from operating leases 197 216 Supplemental balance sheet information related to operating leases was as follows: December 31, December 31, Operating Leases Operating lease right-of-use assets 90 239 Current lease liabilities 91 179 Non-current lease liabilities - 123 Total lease liabilities 91 302 Weighted-average remaining lease term (in years) 0.52 1.53 Weighted-average discount rate 16 % 16 % As of December 31, 2022, the maturity of lease liabilities under our non-cancelable operating leases are $91 to be paid in 2023. |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 4 - COMMITMENTS AND CONTINGENCIES a . Commitment to pay royalties to the government of Israel The Company is committed to pay royalties to the IIA on proceeds from sales of products in the research and development of which the Government participates by way of grants. At the time the grants were received, successful development of the related project was not assumed. In the case of failure of the project that was partly financed by the IIA, the Company is not obligated to pay any such royalties. Under the terms of the Company’s funding from the IIA, royalties are payable on sales of products developed from IIA funded projects of 3% during the first three years from commencement of revenues, 4% during the subsequent three years and 5% commencing the seventh year up to 100% of the amount of the grant received by the Company (dollar linked) plus annual interest based on LIBOR. The amount that must be repaid may be increased to three times the amount of the grant received, and the rate of royalties may be accelerated, if manufacturing of the products developed with the grant money is transferred outside of the State of Israel. In addition, if the Company undergoes a change of control or otherwise transfers the technology “know-how” (as defined under the Research Law) in or outside of Israel, the amount that must be repaid will be increased up to six times. The IIA has not yet declared the alternative benchmark rate to replace LIBOR. However, the Company does not believe it will have significant impact on the Company’s financial position or results of operations. As of December 31, 2022, the total royalty amount that would be payable by the Company to the IIA, before the interest and payments as described above, was approximately $460. These grants were allocated to research and development. Following the signing of the Amgen Agreement, the IIA determined that the Company should pay 5.38% of each payment received by the Company from Amgen on the license of Intellectual Property up to six times the grant received. As of December 31, 2022, the Company had paid a total amount of $83 to the IIA. b. On June 1, 2010, D.N.A. Biomedical Solutions Ltd. ("D.N.A.") and Oramed Ltd., ("Oramed") entered into a joint venture agreement, (the "Joint Venture Agreement") for the establishment of Entera Bio Ltd. According to the Joint Venture Agreement each of D.N.A. and Oramed acquired 50% of the Company's ordinary shares. D.N.A invested $600 in the Company, and Oramed and the Company entered into a Patent License Agreement pursuant to which Oramed licensed to the Company one of Oramed’s patents (the “IPR&D”). On February 22, 2011, Oramed and the Company entered into a patent transfer agreement, (the "Patent Transfer Agreement") that superseded the Patent License Agreement, whereby Oramed assigned to the Company all of its rights, title and interest to its patent that Oramed licensed to the Company in 2010, under certain conditions. Under this agreement, the Company is obligated to pay Oramed royalties equal to 3% of its net revenues (as defined in the Patent Transfer Agreement). |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2022 | |
Stockholders' Equity Note [Abstract] | |
SHARE CAPITAL | NOTE 5 - SHARE CAPITAL 1) Rights of the Company’s ordinary shares Each ordinary share is entitled to one vote. The holder of an ordinary shares is also entitled to receive dividends whenever funds are legally available, when and if declared by the Board of Directors. A holder of an ordinary share also has the right to receive upon liquidation of the Company, a sum equal to the nominal value of such share, and if a surplus per share remains, to receive such surplus, subject to the rights conferred on any class of shares which may be issued in the future. Since its inception, the Company has not declared any dividends. 2) Changes in share capital: a. IPO warrants In connection with the Company’s initial public offering (“IPO”) in July 2018, the Company issued 1,400,000 IPO warrants to purchase 700,000 ordinary shares, and these warrants have been listed for trading on the Nasdaq Capital Market since August 12, 2018. The IPO warrants were immediately exercisable at an initial exercise price of $8.40 per ordinary share for a period of five years, unless earlier repurchased by the Company under "Fundamental Transactions” as described in the warrant agreement or earlier expired as described in the warrant agreement. The exercise price and number of ordinary shares issuable upon exercise of each warrant are subject to standard adjustments. In addition, subject to certain exceptions, the exercise price was subject to reduction if, within two years following the date of original issuance of the warrants, which ended in July 2020, the Company sold or granted any warrant or option at an effective price per share of less than $8.00 (as adjusted in proportion with any adjustments made from time to time), based on a weighted average, as described in the warrant agreement. As described in note 5b below, the Company completed a financing round during such two-year period at a price per share lower than the $8.00, therefore, the exercise price of these warrants adjusted to $5.85 per share. At the IPO completion date, both of the instruments (warrants and shares) were classified as equity instruments as the warrants are considered indexed to the entity's own stock based on the provision of ASC 815. As of the December 31, 2022 there were 1,395,500 traded warrants to purchase 697,750 ordinary shares outstanding with an exercise price of $5.85. b. In December 2019 and February 2020, the Company entered into subscription agreement with a selected group of accredited investors for the private placement of 6,047,706 ordinary shares for aggregate subscription proceeds to the Company of $14.3 million at a price of $2.37 per share. In addition, the Company granted 3,023,871 warrants, exercisable over a three-year period from the date of issuance to purchase up to 3,023,871 ordinary shares at a per share exercise price of $2.96 (“Investors Warrants”). In addition, the exercise price was subject to reduction if, within one year of the date of original issuance of the warrants which ended in December 2020, the Company issued ordinary shares at an effective price per share less than $2.96. During 2020, upon issuance of shares through the Company’s At-the-market equity program at a price per share lower than the exercise price, the exercise price of the Investors Warrants and the Broker Warrants adjusted to $1.05. See note 5c. Through June 23, 2021, all warrants holders exercised 3,300,645 warrants into 3,172,800 ordinary shares, either through purchase or a cashless exercise. The total consideration from the exercise of these warrants was $3,145 at an exercise price of $1.05 per share. As of December 31, 2021, all Investors Warrants and Broker Warrants had been exercised and none remain outstanding. c. On July 4, 2020, the Company filed a primary registration statement on form F-3 and established an at-the-market equity program (the " 2020 ATM Program") that allowed the Company to issue up to $13.9 million of ordinary shares, at the Company’s discretion. Distributions of the ordinary shares through 2020 ATM Program were made pursuant to the terms of an equity distribution agreement dated July 13, 2020, among the Company and Canaccord Genuity LLC (the "Agent"). In 2020, the Company issued 2,802,731 ordinary shares pursuant to the 2020 ATM Program for net proceeds of $3.2 million at a weighted average price of $1.27 per ordinary share. d. On May 7, 2021, the Company entered into a new at-the-market equity program (the "2021 ATM Program") that allowed the Company to issue up to additional five million ordinary shares, at the Company's discretion. Distributions of the ordinary shares through the 2021 ATM Program were made pursuant to the terms of an equity distribution agreement dated May 7, 2021 among the Company and B. Riley Securities, Inc. e. In June and July 2021, the Company issued an aggregate of 1,840,463 ordinary shares pursuant to the 2021 ATM Program for net proceeds of $12.1 million at a weighted average price of $6.74 per ordinary share. f. During the year ended December 31, 2021, several employees and service providers exercised 177,711 options into 177,711 ordinary shares for a total consideration of $418 at a weighted average price of $2.54 per ordinary share. g. During the year ended December 31, 2022, one employee exercised 5,511 options into 5,511 ordinary shares for a total consideration of $13 at a price of $2.14 per ordinary share. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
SHARE-BASED COMPENSATION | NOTE 6 - SHARE-BASED COMPENSATION 1) Share-based compensation plan On March 17, 2013, the Company's Board of Directors approved a Share Incentive Plan (the “2013 Plan”). Under the 2013 Plan, the Company reserves specified number of ordinary shares for allocation to stock options (each, an “Option”), restricted share units, restricted share awards and performance-based awards, that had been awarded to employees and non-employees under the 2013 Plan. Each Option is exercisable for one ordinary share. Any Option granted under the 2013 Plan that is not exercised within six years from the date upon which it becomes exercisable will expire. Since adopting the 2018 Plan (as defined below), the Company has not granted any awards under the 2013 Plan. On July 2, 2018, the Company's Board of Directors and shareholders of the Company approved a new Share Incentive Plan (the “2018 Plan”) and reserved 1,371,398 ordinary shares for allocation to stock options (each, a "2018 Plan Option"), restricted share units, restricted share awards and performance-based awards, to employees and non-employees for issuance under the 2018 Plan. Each 2018 Plan Option is exercisable for one ordinary share. Any 2018 Plan Option that is not exercised within 10 years from the date of grant will expire. The 2018 Plan Options granted to employees are subject to the terms stipulated by section 102(b)(2) of the Israeli Income Tax Ordinance (the “Ordinance”). According to these provisions, the Company will not be allowed to claim as an expense for tax purposes the amounts credited to the employees as a capital gain benefit in respect of the options granted. 2018 Plan Options granted to related parties or non-employees of the Company are governed by Section 3(i) of the Ordinance or Non-Qualified Share Options ("NSO"). The Company will be allowed to claim as an expense for tax purposes in the year in which the related parties or non-employees exercised the options into shares. As of December 31, 2022, 922,080 ordinary shares remain available for future grants under the 2018 Plan. On January 2, 2023, the Company’s Board of Directors approved an increase of 1,440,496 ordinary shares that may be issued under the Company’s 2018 Plan pursuant of the terms of the 2018 Plan, 2) share-based compensation grants to employees and directors: a) On January 4, 2021, options to purchase 1,314,218 ordinary shares were granted to the Company’s former Chief Executive Officer, Dr. Spiros Jamas with an exercise price of $1.24 per share. Prior to the terms of Dr. Jamas’ separation agreement (as described below), the options were to 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 to vest in twelve equal quarterly installments following the first anniversary of the grant date. On July 15, 2022, the Company entered into a mutual separation agreement with Dr. Jamas. Pursuant to the separation agreement, Dr. Jamas received the following benefits: (i) a one-time lump sum payment of his annual base salary for a period of 13 months, for a total gross amount equal to $412; and (ii) an extension of the exercise period for the vested portion of the options granted on January 4, 2021, based on the award original terms, representing an aggregate of 492,832 ordinary shares, through the end of a two-year b) On April 7, 2021, the Company’s Board of Directors approved the following option grants: i. Option grants to purchase 213,000 ordinary shares to certain employees and 70,000 options granted to service providers, with an exercise price of $3.61 per share. 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 grant date. The fair value of the options at the date of grant was $646. ii. Options grant to purchase 33,368 ordinary shares to a non-executive director of the Company, with an exercise price of $3.61. The options will vest over three years in twelve equal quarterly instalments starting on the vesting commencement date. These options were subject to the approval of the shareholders of the Company, which was approved on October 4, 2021. The fair value of the options at the shareholders' approval date was $104. c) On April 21, 2021, options to purchase 345,000 ordinary shares were granted to several executive officers of the Company, with an exercise price of $3.15. 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 grant date. These options were subject to the approval of the shareholders of the Company, which was approved on October 4, 2021. The fair value of the options at the shareholders' approval date was $1,140. d) 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 0f $195 for each of the seven non-executive board members on January 1, 2022. The options will vest over three 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 0f $65 for each of the seven non-executive board members on January 1, 2022. The options will vest over one 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. e) On March 31, 2022, the Company’s Board of Directors approved the following option grants: i. Options to purchase 80,000 ordinary shares to an executive officer and a service provider, in each case, with an exercise price of $2.86 per share. The fair value of the options was $147. ii. Options to purchase 55,000 ordinary shares to certain executive officers with an exercise price of $2.86 per share. This grant was subject to shareholders' approval, which was obtained at a meeting of the Company’s shareholders held on September 7, 2022. The fair value of the options was $37. 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 grant date. f) On April 28, 2022, the Company’s Board of Directors approved option grants to purchase 220,000 ordinary shares to employees with an exercise price of $2.57 per share. 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 grant date. The fair value of the options was $364. g) On May 11, 2022, the Company’s Board of Directors approved a grant of options to purchase 500,000 ordinary shares to Ms. Miranda Toledano, who was serving as the Company’s Chief Financial Officer at the time of the grant. Ms. Toledano has since been appointed the Company’s Chief Executive Officer (as described in Note 6(2)l below). This grant was subject to shareholders' approval, which was obtained at a meeting of the Company’s shareholders held on September 7, 2022. These options have an exercise price of $2.00 per share and 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 grant date. The fair value of the options was $390. h) On July 15, 2022, the Company’s Board of Directors appointed Ms. Miranda Toledano as the Company’s Chief Executive Officer and approved a grant of options to purchase 600,000 ordinary shares at an exercise price of $1.40 per share, which are in addition to the options described in note 6(2)k above. This grant was subject to shareholders' approval, which was obtained at a meeting of the Company’s shareholders held on September 7, 2022. 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 applicable grant date. The fair value of the options was $524. In addition, upon the occurrence of a Triggering Event (as defined below) and subject to the approval of the Board of Directors, Ms. Toledano will be granted additional options to purchases 200,000 ordinary shares. The exercise price will be determined at the time of the Board of Directors’ approval. "Triggering Event" means the earlier of the following events: (i) the execution by the Company of a binding strategic or partnership agreement with a strategic partner to fund the Company's Phase III FDA Trial; or (b) raising sufficient funding to complete the Company's Phase III FDA Trial, in each case as such event is approved by the Board of Directors. i) On June 15, 2022, the Company entered into a separation agreement with Dr. Phillip Schwartz, the Company’s former President of R&D, under which Dr. Schwartz agreed to continue to provide services to the Company until July 21, 2022 (the “Separation Date”). Pursuant to the terms of the separation agreement, which were approved by the Company’s shareholders on September 7, 2022, Dr. Schwartz received a full acceleration of his unvested options, as of the Separation Date, to purchase 68,750 ordinary shares granted in April 2021 that otherwise would have been forfeited. These options, together with 31,250 already vested options granted in April 2021 and 357,500 already vested options to purchase ordinary shares granted in 2017, will be exercisable for a period of 10 years from their respective initial grant dates . 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: 2022 2021 Exercise price $1.40-$2.86 $1.24-$3.61 Dividend yield - - Expected volatility 69%-70.2% 68%-71% Risk-free interest rate 1.35%-3.36% 1.11%-0.94% Expected life - in years 5.5-6.5 6.1-5.8 2022 2021 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding at beginning of the year 4,316,859 $ 3.63 2,570,109 $ 4.85 Granted 2,458,863 2.29 1,975,586 1.95 Exercised (5,511 ) 2.14 (177,710 ) 2.37 Forfeited (902,009 ) 1.41 (16,660 ) 2.37 Expired (135,115 ) 3.80 (34,466 ) 4.00 Outstanding at end of the year 5,733,087 $ 3.30 4,316,859 $ 3.63 Exercisable at end of the year 3,165,677 $ 4.06 2,068,067 $ 5.39 The following tables summarizes information concerning outstanding and exercisable options as of December 31, 2022, in terms of ordinary shares: December 31, 2022 Options outstanding Options exercisable Number of Weighted Number of Weighted options Average options Average Exercise outstanding Remaining exercisable Remaining prices per at end of Contractual at end of contractual share (USD) Year Life year Life - 1,560 0.09 1,560 0.09 1.24 492,831 1.54 492,831 1.54 1.40 600,000 9.54 - - 2.02 500,000 9.37 - - 2.14 400,775 7.26 277,994 7.26 2.53 33,638 6.89 33,638 6.89 2.57 205,500 9.33 - - 2.815 1,003,863 9.01 376,447 9.01 2.86 135,000 9.25 - - 3.15 345,000 8.30 123,125 8.30 3.61 250,868 8.27 101,059 8.27 3.68 294,580 0.26 294,580 0.26 3.97 247,082 6.05 242,053 6.05 6.31 1,222,390 3.08 1,222,390 3.08 5,733,087 3,165,677 The aggregate intrinsic value of the total of the outstanding and exercisable options as of December 31, 2022, is $1. The following table illustrates the effect of share-based compensation on the statements of operations: 2022 2021 Cost of revenues 14 102 Research and development expenses 708 661 General and administrative 1,525 1,098 2,247 1,861 |
INCOME TAX
INCOME TAX | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
INCOME TAX | NOTE 7 - INCOME TAX A. Corporate tax rate 1) Ordinary taxable income in Israel is subject to a corporate tax rate of 23%. 2) The Company’s subsidiary Entera Bio, Inc. is taxed separately under the U.S. tax laws at a tax rate of 29% (Federal and state tax) B. Losses for tax purposes carried forward to future years The balance of carryforward losses as of December 31, 2022 and 2021 are approximately $67.1 million and $56.1 million, respectively. Under Israeli tax law, tax loss carry forward have no expiration date. C. Tax assessments The Company and its subsidiary have tax assessments that are considered to be final through tax year 2017. D. Loss (income) before income taxes is composed of the following Year ended December 31 2022 2021 Entera Bio Ltd. 12,997 12,362 Entera Bio Inc. (65 ) (116 ) Total loss before taxes 12,934 12,246 E. Income tax expense (benefit): Year ended December 31 2022 2021 Current: Subsidiary: (37 ) 158 Total current income tax (37 ) 158 Deferred income taxes 174 (217 ) Total deferred income taxes 174 (217 ) Total income tax expense (benefit) 137 (59 ) F. Deferred income taxes December 31, 2022 2021 Deferred tax assets: Net operating loss carry forward 15,428 12,895 Research and development 1,225 1,319 Share-based compensation 877 876 Other 158 152 Net deferred tax assets before valuation allowance 17,688 15,242 Valuation allowance (17,645 ) (15,025 ) Net deferred tax assets 43 217 The Company has classified the net deferred tax assets as long-term. In assessing the likelihood of realizing deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences and carry forward losses become deductible. Based on the taxable loss in the Israel, management believes it was more likely than not that the deferred tax assets will not be realized in the Israel and believes it was more likely than not that deferred tax assets will be realized for the U.S. subsidiary. G. Rollforward of valuation allowance: Balance at January 1, 2021 12,420 Additions 2,605 Balance at January 1, 2022 15,025 Additions 2,620 Balance at December 31, 2022 17,645 H. 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 carry forward tax losses and research and development expenses due to the uncertainty of the realization of such tax benefits. I. Uncertain tax positions As of December 31, 2022 and 2021, the Company does not have a provision for uncertain tax positions. |
SUPPLEMENTARY FINANCIAL STATEME
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | 12 Months Ended |
Dec. 31, 2022 | |
Supplementary Financial Statement Information [Abstract] | |
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | NOTE 8 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION: Balance sheets: December 31, 2022 2021 Accrued expenses and other payables: Employees and employees related 154 147 Income tax - 134 Provision for vacation 146 308 Accrued expenses 933 2,212 1,233 2,801 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 9 - SUBSEQUENT EVENT a. On January 2, 2023, 534,246 options to purchase ordinary shares were granted to six non-executive board members with an exercise price of $0.73 per share. The options will vest over one year in four equal quarterly installments starting on January 1, 2023. This grant was approved by the shareholders of the Company on October 4, 2021. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (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 consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). Prior to 2021, the Company prepared its financial statements in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”), as permitted in the United States (“U.S.”) based on the Company’s status as a foreign private issuer as defined in the rules promulgated by the U.S. Securities and Exchange Commission (the “SEC”). During 2021, the Company determined that it is no longer qualified as a foreign private issuer under the SEC rules. As a result, since January 1, 2022, the Company has been required to comply with all of the disclosure and reporting requirements applicable to U.S. domestic issuers, including preparing its financial statement in accordance with U.S. GAAP. |
Use of estimates in the preparation of financial statements | b. Use of estimates in the preparation of financial statements The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, 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. Actual results may differ from those estimates. |
Functional currency | c. Functional currency 1) Functional and presentation currency Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The U.S. dollar is the currency of the primary economic environment in which the operations of the Company are conducted. The consolidated financial statements are presented in U.S. dollars. The functional currency of the subsidiary is the U.S. dollar. 2) Transactions and balances Transactions and balances originally denominated in U.S. dollars are presented at their original amounts. Balances in non- U.S. dollar currencies are translated into U.S. dollars using historical and current exchange rates for non-monetary and monetary balances, respectively. For non-U.S. dollar transactions and other items in the statements of income (indicated below), the following exchange rates are used: (i) for transactions – exchange rates at transaction dates or average exchange rates; and (ii) for other items (derived from non-monetary balance sheet items such as depreciation and amortization) – historical exchange rates. Currency transaction gains and losses are presented in financial income (expenses), as appropriate. |
Principles of consolidation | d. Principles of consolidation The consolidated financial statements include the accounts of the Company and its subsidiary Entera Bio Inc. All inter-company transactions and balances have been eliminated in consolidation. |
Cash and cash equivalents | e. 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. |
Restricted cash | f. Restricted cash Restricted cash deposited in an interest-bearing saving account which is used as a security for the Company's office rent and credit card. |
Concentrations of credit risk | g. Concentrations of credit risk Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company maintains cash held in checking accounts and deposits at financial institutions in major Israeli and U.S. banks. Management believes the Company is not exposed to significant credit risk to its current financial institution, but will continue to monitor regularly and adjust, if needed, to mitigate risk. The Company has established guidelines regarding diversification of its investments and their maturities, which are designed to maintain principal and maximize liquidity. To date, the Company has not experienced any losses associated with this credit risk and continues to believe that this exposure is not significant. |
Fair value measurement | h. Fair value measurement The Level Level Level |
Employee severance benefits | i. Employee severance benefits Under In With regard to the period before December 2013, the liability is funded in part from the purchase of insurance policies or by the establishment of pension funds with dedicated deposits in the funds. The amounts used to fund these liabilities are included in the balance sheets under “Funds in respect of employee rights upon retirement”. These policies are the Company’s assets. The The |
Leases | j. 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 The Sublease income is recognized on a straight-line basis over the expected lease term and is included in other income in our consolidated statements of operations . |
Property and equipment | k. Property and equipment 1) Property and equipment are stated at cost, net of accumulated depreciation and amortization. 2) The : Years Computer equipment 3-5 Office furniture 10 Laboratory equipment 7-10 Leasehold improvements are amortized by the straight-line method over the shorter of (i) the expected lease term and (ii) the estimated useful life of the improvements. |
Impairment of long-lived assets | l. Impairment of long-lived assets The As of December 31, 2022 and 2021, the Company did not recognize an impairment loss on its long-lived assets. |
Share-based compensation | m. Share-based compensation The . The Company accounts for Share-Based Compensation awards classified as equity awards, including share-based option awards and RSUs, using grant-date fair value. The Company recognize the value of the award as an expense over the requisite service period . The Company applies ASU 2018-07 (Topic 718) that expands the scope of Topic 718 to include Share-Based Compensation transactions for acquiring goods and services from non-employees. Under the provision of the amendment, the Company measures share-based compensation to non-employees in the same manner as share-based compensation to employees. The Company calculates the fair value of stock-based option awards on the date of grant using the Black-Scholes option pricing model. The option-pricing model requires a number of assumptions, of which the most significant are the expected share price volatility and the expected option term. The computation of expected volatility is based on the historical volatility of the Company’s ordinary shares. The expected option term is calculated using the simplified method, as the Company has concluded that its historical share option exercise experience does not provide a reasonable basis to estimate expected option terms. The interest rate for periods within the expected term of an award is based on the U.S. Treasury yield curve in effect at the time of grant. The Company’s expected dividend rate is zero because the Company does not currently pay cash dividends on its shares and does not anticipate doing so in the foreseeable future . The . |
Research and development expenses | n. Research and development expenses Research . Grants received from the Israel Innovation Authority (the “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. At the time grants are received, successful development of the related projects is not assured, therefore, grants are deducted from the research and development expenses as the applicable costs are incurred, and presented in R&D expenses, net . |
Revenue recognition | o. Revenue recognition The Company recognized revenue from the Amgen Agreement according to ASC 606, "Revenues from Contracts with Customers”. Prior to the signing of the Amgen Agreement in 2018, the Company did not have revenue transactions. ASC 606 Revenue from Contracts with Customer introduces a five-step model for recognizing revenue from contracts with customers, as follows: 1. Identify the contract with a customer. 2. Identify the performance obligations in the contract. 3. Determine the transaction price. 4. Allocate the transaction price to the performance obligations in the contract. 5. Recognize revenue when (or as) the entity satisfies a performance obligation. According to ASC 606, a performance obligation is a promise to provide a distinct good or service or a series of distinct goods or services. Goods and services that are not distinct are bundled with other goods or services in the contract until a bundle of goods or services that is distinct is created. A good or service promised to a customer is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer and the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. Options granted to the customer that do not provide a material right to the customer that it would not receive without entering into the contract do not give rise to performance obligations. On December 10, 2018, the Company entered into the Amgen Agreement for the use of the Company’s oral delivery platform in the field of inflammatory diseases and other serious illnesses. As part of the agreement, the Company received non-refundable and non-creditable initial access payment of $725 from Amgen in January 2019. The Company identified two performance obligations in the agreement: 1) License to use the Company's proprietary drug delivery platform and 2) pre-clinical research and development services (“pre-clinical R&D services”). The preclinical R&D services include discovery, research and design preclinical activities relating to the programs selected by Amgen. The Company determined the license to the intellectual property to be a right to use that has significant standalone functionality separately from the pre-clinical R&D services since the Company is not required to continue to support, develop or maintain the intellectual property transferred and will not undertake any activities to change the standalone functionality of the intellectual property. Therefore, the license to the intellectual property is a distinct performance obligation and as such revenue is recognized at the point in time that control of the license was transferred to Amgen on December 10, 2018. Revenues attributed to the preclinical R&Ds services are recognized during the period of the pre-clinical R&D services, over time according to the input model method on a cost-to-cost basis, since the customer benefits from the research and development services as the entity performs the service. The Company evaluated the standalone selling price of the pre-clinical R&D services at $225 and the right to use the intellectual property at $500. The . An entity should recognize revenue for a sales-based or usage-based royalty promised in exchange for a license of intellectual property only when (or as) the later of the following events occurs: a) The subsequent sale or usage occurs; and b) The performance obligation to which some or all of the sales based or usage-based royalty has been allocated has been satisfied (or partially satisfied). As Revenues attributed to preclinical R&D services are recognized during the period of the pre-clinical R&D services according to the input model method on a cost-to-cost basis . In 2022 and 2021, the Company recorded revenues of $89 and $502, respectively, related to services provided under the Amgen Agreement. |
Income taxes | p. Income taxes 1) Deferred taxes Deferred . 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 this 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. |
Loss per share | q. 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. Diluted 6,255,235 shares and 6,517,102 |
Legal and other contingencies | r. Legal and other contingencies Management . Legal costs incurred in connection with loss contingencies are expensed as incurred . |
Newly issued and recently adopted accounting pronouncements | s. 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 Company early adopted this guidance effective January 1, 2022 and the impact of the adoption on the Consolidated financial statements was immaterial. Recently issued accounting pronouncements, not yet adopted 1) I n June 2016, the FASB issued ASU 2016-13 “Financial Instruments—Credit Losses—Measurement of Credit Losses on Financial Instruments.” This guidance replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance will be effective for Smaller Reporting Companies (SRCs, as defined by the SEC) for the fiscal year beginning on January 1, 2023, including interim periods within that year. The adoption of this guidance will not have material impact on the Company’s consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of estimated useful life | Years Computer equipment 3-5 Office furniture 10 Laboratory equipment 7-10 |
OPERATING LEASES (Tables)
OPERATING LEASES (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of lease cost | Year ended December 31, Year ended December 31, Operating lease cost 197 216 |
Schedule of operating lease cashflow information | Year ended December 31, Year ended December 31, Operating cash flows from operating leases 197 216 |
Schedule of operating lease liability and operating lease right-of-use asset | December 31, December 31, Operating Leases Operating lease right-of-use assets 90 239 Current lease liabilities 91 179 Non-current lease liabilities - 123 Total lease liabilities 91 302 Weighted-average remaining lease term (in years) 0.52 1.53 Weighted-average discount rate 16 % 16 % |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of fair value assumptions of option granted using Black-Scholes option-pricing model | 2022 2021 Exercise price $1.40-$2.86 $1.24-$3.61 Dividend yield - - Expected volatility 69%-70.2% 68%-71% Risk-free interest rate 1.35%-3.36% 1.11%-0.94% Expected life - in years 5.5-6.5 6.1-5.8 |
Schedule of option activity | 2022 2021 Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding at beginning of the year 4,316,859 $ 3.63 2,570,109 $ 4.85 Granted 2,458,863 2.29 1,975,586 1.95 Exercised (5,511 ) 2.14 (177,710 ) 2.37 Forfeited (902,009 ) 1.41 (16,660 ) 2.37 Expired (135,115 ) 3.80 (34,466 ) 4.00 Outstanding at end of the year 5,733,087 $ 3.30 4,316,859 $ 3.63 Exercisable at end of the year 3,165,677 $ 4.06 2,068,067 $ 5.39 |
Schedule of outstanding and exercisable options of ordinary shares | December 31, 2022 Options outstanding Options exercisable Number of Weighted Number of Weighted options Average options Average Exercise outstanding Remaining exercisable Remaining prices per at end of Contractual at end of contractual share (USD) Year Life year Life - 1,560 0.09 1,560 0.09 1.24 492,831 1.54 492,831 1.54 1.40 600,000 9.54 - - 2.02 500,000 9.37 - - 2.14 400,775 7.26 277,994 7.26 2.53 33,638 6.89 33,638 6.89 2.57 205,500 9.33 - - 2.815 1,003,863 9.01 376,447 9.01 2.86 135,000 9.25 - - 3.15 345,000 8.30 123,125 8.30 3.61 250,868 8.27 101,059 8.27 3.68 294,580 0.26 294,580 0.26 3.97 247,082 6.05 242,053 6.05 6.31 1,222,390 3.08 1,222,390 3.08 5,733,087 3,165,677 |
Schedule of of share-based compensation on statements of operations | 2022 2021 Cost of revenues 14 102 Research and development expenses 708 661 General and administrative 1,525 1,098 2,247 1,861 |
INCOME TAX (Tables)
INCOME TAX (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of loss (income) before income taxes | Year ended December 31 2022 2021 Entera Bio Ltd. 12,997 12,362 Entera Bio Inc. (65 ) (116 ) Total loss before taxes 12,934 12,246 |
Schedule of tax expenses | Year ended December 31 2022 2021 Current: Subsidiary: (37 ) 158 Total current income tax (37 ) 158 Deferred income taxes 174 (217 ) Total deferred income taxes 174 (217 ) Total income tax expense (benefit) 137 (59 ) |
Schedule of deferred income taxes | December 31, 2022 2021 Deferred tax assets: Net operating loss carry forward 15,428 12,895 Research and development 1,225 1,319 Share-based compensation 877 876 Other 158 152 Net deferred tax assets before valuation allowance 17,688 15,242 Valuation allowance (17,645 ) (15,025 ) Net deferred tax assets 43 217 |
Schedule of rollforward of valuation allowance | Balance at January 1, 2021 12,420 Additions 2,605 Balance at January 1, 2022 15,025 Additions 2,620 Balance at December 31, 2022 17,645 |
SUPPLEMENTARY FINANCIAL STATE_2
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplementary Financial Statement Information [Abstract] | |
Schedule of accounts payable and accrued liabilities | December 31, 2022 2021 Accrued expenses and other payables: Employees and employees related 154 147 Income tax - 134 Provision for vacation 146 308 Accrued expenses 933 2,212 1,233 2,801 |
GENERAL (Detail Textuals)
GENERAL (Detail Textuals) $ in Thousands | Dec. 31, 2022 ₪ / shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 ₪ / shares | Dec. 31, 2021 USD ($) |
General [Line Items] | ||||
Ordinary share, par value | ₪ / shares | ₪ 0.0000769 | ₪ 0.0000769 | ||
Accumulated deficit | $ | $ (95,497) | $ (82,426) |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Computer equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 3 years |
Computer equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 5 years |
Office furniture [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
Laboratory equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 7 years |
Laboratory equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Estimated useful life | 10 years |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2019 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2019 | |
Significant Accounting Policies [Line Items] | ||||
Severance payment expenses | $ 132 | $ 137 | ||
Severance expenses | $ 132 | |||
Number of antidilutive securities excluded from computation of earnings per share | 6,255,235 | 6,517,102 | ||
Revenues recorded in revenue recognition | $ 89 | $ 502 | ||
From Amgen [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Non-refundable and non-creditable initial technology access fee payment, including payment for the first year of preclinical services | $ 725 | |||
Additional amount paid for services to be recognized upon commencement of the pre-clinical Research and Development services | $ 225 | |||
Right to use intellectual property | $ 500 |
OPERATING LEASE (Details)
OPERATING LEASE (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating lease cost | $ 197 | $ 216 |
OPERATING LEASE (Details 1)
OPERATING LEASE (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Operating cash flows from operating leases | $ 197 | $ 216 |
OPERATING LEASES (Details 2)
OPERATING LEASES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
Operating lease right-of-use assets | $ 90 | $ 239 |
Current lease liabilities | 91 | 179 |
Non-current lease liabilities | 0 | 123 |
Total lease liabilities | $ 91 | $ 302 |
Weighted-average remaining lease term (in years) | 6 months 7 days | 1 year 6 months 10 days |
Weighted-average discount rate | 16% | 16% |
OPERATING LEASES (Detail Textua
OPERATING LEASES (Detail Textuals) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lessee, Lease, Description [Line Items] | ||
Maturity of lease liabilities under our non-cancelable operating leases to be paid in 2023 | $ 91 | $ 302 |
Operating lease agreements for office and research and development space [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Annual lease consideration | 166 | |
Value of bank guarantees provided | 37 | |
Operating lease agreements for vehicles for employees [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Annual lease consideration | $ 21 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Detail Textuals) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Patent Transfer Agreement [Member] | |
Commitments [Line Items] | |
Percentage of net revenues | 3% |
D.N.A Biomedical Solutions Ltd [Member] | Joint Venture Agreement [Member] | |
Commitments [Line Items] | |
Amount of investment in entity | $ 600 |
D. N. A Biomedical Solutions Ltd And Oramed Ltd [Member] | Joint Venture Agreement [Member] | |
Commitments [Line Items] | |
Percentage of ownership of entity acquired | 50% |
Government of Israel [Member] | |
Commitments [Line Items] | |
Percentage sales of products developed from projects in first three years, from commencement of revenues | 3% |
Percentage sales of products developed from projects subsequent three years | 4% |
Percentage sales of products developed from projects commencing the seventh year up to 100% of amount of grant received | 5% |
Total royalty amount payable | $ 460 |
Percentage of each payment received from Amgen | 5.38% |
Royalty amount paid | $ 83 |
SHARE CAPITAL (Detail Textuals)
SHARE CAPITAL (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||||||
Jun. 23, 2021 | Mar. 31, 2021 | Feb. 29, 2020 | Jul. 31, 2018 | Jul. 31, 2021 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | May 07, 2021 | Jul. 04, 2020 | ||
Stockholders Equity Note [Line Items] | ||||||||||||
Stock-based compensation expenses | $ 2,247 | $ 1,861 | ||||||||||
Value of shares issued | [1] | |||||||||||
Proceeds from issuance of shares through ATM programs, net of issuance costs | $ 0 | $ 21,805 | ||||||||||
Number of options exercised | 5,511 | 177,710 | ||||||||||
Exercise of options to ordinary shares | $ 13 | $ 418 | ||||||||||
Weighted average exercise rice of options exercised | $ 2.14 | $ 2.37 | ||||||||||
ATM Equity Program 2020 [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Adjusted exercise price under At-the-market equity program | $ 1.05 | |||||||||||
Broker Warrants Type 1 [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Exercise price of warrants issued | $ 2.96 | $ 2.96 | ||||||||||
Broker Warrants [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Exercise price of warrants issued | $ 2.37 | $ 2.37 | ||||||||||
Broker Dealer [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Number of shares issued | 184,515 | 184,515 | ||||||||||
Broker-Dealer 1 [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Number of shares issued | 92,257 | 92,257 | ||||||||||
Ordinary shares [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Voting rights of ordinary share | one vote | |||||||||||
Number of options exercised | 5,511 | 177,711 | ||||||||||
Exercise of options to ordinary shares | [1] | |||||||||||
Ordinary shares [Member] | ATM Equity Program 2020 [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Value of shares issued | $ 13,900 | |||||||||||
Weighted average price of share issued | $ 3.99 | $ 1.27 | ||||||||||
Net proceeds from share issuance | $ 9,900 | $ 3,200 | ||||||||||
Number of shares issued | 2,546,265 | 2,802,731 | ||||||||||
Ordinary shares [Member] | ATM Equity Program 2021 [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Weighted average price of share issued | $ 6.74 | |||||||||||
Net proceeds from share issuance | $ 12,100 | |||||||||||
Number of shares issued | 1,840,463 | 5,000,000 | ||||||||||
Ordinary shares [Member] | Several employees and service providers [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Number of options exercised | 5,511 | 177,711 | ||||||||||
Number of shares issued on options exercised | 5,511 | 177,711 | ||||||||||
Weighted average exercise rice of options exercised | $ 2.14 | $ 2.54 | ||||||||||
Total Consideration | $ 13 | $ 418 | ||||||||||
IPO [Member] | Warrant [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Number of warrants issued | 4,500 | 1,400,000 | 1,395,500 | |||||||||
Number of ordinary shares called by warrants | 2,250 | 700,000 | 697,750 | |||||||||
Exercise price of warrants issued | $ 5.85 | $ 8.4 | $ 5.85 | |||||||||
Term of warrants issued | 5 years | |||||||||||
Threshold limit of period for reduction in exercise price | 2 years | |||||||||||
Threshold limit of reduction in exercise price | $ 8 | |||||||||||
Reduced exercise price | $ 5.85 | |||||||||||
Total Consideration | $ 13 | |||||||||||
Private Placement [Member] | Accredited investors, including certain board members and their affiliates [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Number of warrants issued | 3,023,871 | 3,023,871 | ||||||||||
Number of ordinary shares called by warrants | 3,023,871 | 3,023,871 | ||||||||||
Exercise price of warrants issued | $ 2.96 | $ 2.96 | ||||||||||
Term of warrants issued | 3 years | 3 years | ||||||||||
Number of shares issued under private placement | 6,047,706 | 6,047,706 | ||||||||||
Proceeds from private placement | $ 14,300 | $ 14,300 | ||||||||||
Price of shares issued under private placement | $ 2.37 | $ 2.37 | ||||||||||
Private Placement [Member] | Warrant [Member] | Chairman of the board and DNA [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Number of warrants issued | 3,300,645 | |||||||||||
Exercise price of warrants issued | $ 1.05 | |||||||||||
Proceeds from exercise of warrants | $ 3,145 | |||||||||||
Private Placement [Member] | Ordinary shares [Member] | Chairman of the board and DNA [Member] | ||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||
Number of ordinary shares called by warrants | 3,172,800 | |||||||||||
[1]Represents an amount less than one thousand US dollars. |
SHARE-BASED COMPENSATION (Detai
SHARE-BASED COMPENSATION (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0% | 0% |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise price | $ 1.4 | $ 1.24 |
Expected volatility | 69% | 68% |
Risk-free interest rate | 1.35% | 1.11% |
Expected life - in years | 5 years 6 months | 6 years 1 month 6 days |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise price | $ 2.86 | $ 3.61 |
Expected volatility | 70.20% | 71% |
Risk-free interest rate | 3.36% | 0.94% |
Expected life - in years | 6 years 6 months | 5 years 9 months 18 days |
SHARE-BASED COMPENSATION (Det_2
SHARE-BASED COMPENSATION (Details 1) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Number of options | ||
Outstanding at beginning of the year | 4,316,859 | 2,570,109 |
Granted | 2,458,863 | 1,975,586 |
Exercised | (5,511) | (177,710) |
Forfeited | (902,009) | (16,660) |
Expired | (135,115) | (34,466) |
Outstanding at end of the year | 5,733,087 | 4,316,859 |
Exercisable at end of the year | 3,165,677 | 2,068,067 |
Weighted Average exercise price | ||
Outstanding at beginning of the year | $ 3.63 | $ 4.85 |
Granted | 2.29 | 1.95 |
Exercised | 2.14 | 2.37 |
Forfeited | 1.41 | 2.37 |
Expired | 3.8 | 4 |
Outstanding at end of the year | 3.3 | 3.63 |
Exercisable at end of the year | $ 4.06 | $ 5.39 |
SHARE-BASED COMPENSATION (Det_3
SHARE-BASED COMPENSATION (Details 2) - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price Per Share | $ 3.3 | $ 3.63 | $ 4.85 |
Number of options outstanding at end of year | 5,733,087 | 4,316,859 | 2,570,109 |
Number of options exercisable at end of year | 3,165,677 | 2,068,067 | |
Exercise Price Per Share - Zero | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price Per Share | $ 0 | ||
Number of options outstanding at end of year | 1,560 | ||
Options outstanding, Weighted Average Remaining contractual Life | 1 month 2 days | ||
Number of options exercisable at end of year | 1,560 | ||
Options exercisable, Weighted Average Remaining contractual Life | 1 month 2 days | ||
Exercise Price Per Share - 1.24 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price Per Share | $ 1.24 | ||
Number of options outstanding at end of year | 492,831 | ||
Options outstanding, Weighted Average Remaining contractual Life | 1 year 6 months 14 days | ||
Number of options exercisable at end of year | 492,831 | ||
Options exercisable, Weighted Average Remaining contractual Life | 1 year 6 months 14 days | ||
Exercise Price Per Share - 1.4 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price Per Share | $ 1.4 | ||
Number of options outstanding at end of year | 600,000 | ||
Options outstanding, Weighted Average Remaining contractual Life | 9 years 6 months 14 days | ||
Number of options exercisable at end of year | 0 | ||
Exercise Price Per Share - 2.02 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price Per Share | $ 2.02 | ||
Number of options outstanding at end of year | 500,000 | ||
Options outstanding, Weighted Average Remaining contractual Life | 9 years 4 months 13 days | ||
Number of options exercisable at end of year | 0 | ||
Exercise Price Per Share - 2.14 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price Per Share | $ 2.14 | ||
Number of options outstanding at end of year | 400,775 | ||
Options outstanding, Weighted Average Remaining contractual Life | 7 years 3 months 3 days | ||
Number of options exercisable at end of year | 277,994 | ||
Options exercisable, Weighted Average Remaining contractual Life | 7 years 3 months 3 days | ||
Exercise Price Per Share - 2.53 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price Per Share | $ 2.53 | ||
Number of options outstanding at end of year | 33,638 | ||
Options outstanding, Weighted Average Remaining contractual Life | 6 years 10 months 20 days | ||
Number of options exercisable at end of year | 33,638 | ||
Options exercisable, Weighted Average Remaining contractual Life | 6 years 10 months 20 days | ||
Exercise Price Per Share - 2.57 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price Per Share | $ 2.57 | ||
Number of options outstanding at end of year | 205,500 | ||
Options outstanding, Weighted Average Remaining contractual Life | 9 years 3 months 29 days | ||
Number of options exercisable at end of year | 0 | ||
Exercise Price Per Share - 2.815 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price Per Share | $ 2.815 | ||
Number of options outstanding at end of year | 1,003,863 | ||
Options outstanding, Weighted Average Remaining contractual Life | 9 years 3 days | ||
Number of options exercisable at end of year | 376,447 | ||
Options exercisable, Weighted Average Remaining contractual Life | 9 years 3 days | ||
Exercise Price Per Share - 2.86 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price Per Share | $ 2.86 | ||
Number of options outstanding at end of year | 135,000 | ||
Options outstanding, Weighted Average Remaining contractual Life | 9 years 3 months | ||
Number of options exercisable at end of year | 0 | ||
Exercise Price Per Share - 3.15 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price Per Share | $ 3.15 | ||
Number of options outstanding at end of year | 345,000 | ||
Options outstanding, Weighted Average Remaining contractual Life | 8 years 3 months 18 days | ||
Number of options exercisable at end of year | 123,125 | ||
Options exercisable, Weighted Average Remaining contractual Life | 8 years 3 months 18 days | ||
Exercise Price Per Share - 3.61 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price Per Share | $ 3.61 | ||
Number of options outstanding at end of year | 250,868 | ||
Options outstanding, Weighted Average Remaining contractual Life | 8 years 3 months 7 days | ||
Number of options exercisable at end of year | 101,059 | ||
Options exercisable, Weighted Average Remaining contractual Life | 8 years 3 months 7 days | ||
Exercise Price Per Share - 3.68 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price Per Share | $ 3.68 | ||
Number of options outstanding at end of year | 294,580 | ||
Options outstanding, Weighted Average Remaining contractual Life | 3 months 3 days | ||
Number of options exercisable at end of year | 294,580 | ||
Options exercisable, Weighted Average Remaining contractual Life | 3 months 3 days | ||
Exercise Price Per Share - 3.97 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price Per Share | $ 3.97 | ||
Number of options outstanding at end of year | 247,082 | ||
Options outstanding, Weighted Average Remaining contractual Life | 6 years 18 days | ||
Number of options exercisable at end of year | 242,053 | ||
Options exercisable, Weighted Average Remaining contractual Life | 6 years 18 days | ||
Exercise Price Per Share - 6.31 | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise Price Per Share | $ 6.31 | ||
Number of options outstanding at end of year | 1,222,390 | ||
Options outstanding, Weighted Average Remaining contractual Life | 3 years 29 days | ||
Number of options exercisable at end of year | 1,222,390 | ||
Options exercisable, Weighted Average Remaining contractual Life | 3 years 29 days |
SHARE-BASED COMPENSATION (Det_4
SHARE-BASED COMPENSATION (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation | $ 2,247 | $ 1,861 |
Cost of revenues | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation | 14 | 102 |
Research and development expenses | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation | 708 | 661 |
General and administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation | $ 1,525 | $ 1,098 |
SHARE-BASED COMPENSATION (Det_5
SHARE-BASED COMPENSATION (Detail Textuals) ₪ / shares in Units, $ / shares in Units, ₪ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||||
Jul. 15, 2022 USD ($) $ / shares shares | May 11, 2022 USD ($) $ / shares shares | Apr. 07, 2021 USD ($) $ / shares shares | Jan. 04, 2021 USD ($) $ / shares shares | Jun. 15, 2022 ILS (₪) shares | Jun. 15, 2022 USD ($) shares | Apr. 28, 2022 USD ($) $ / shares shares | Aug. 23, 2021 USD ($) $ / shares shares | Apr. 30, 2021 shares | Apr. 21, 2021 USD ($) $ / shares shares | Mar. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2022 ₪ / shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 ₪ / shares | Jul. 02, 2018 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
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 grant date. | ||||||||||||||||
Number of options to purchase ordinary shares | 2,458,863 | 1,975,586 | |||||||||||||||
Exercise price of options granted | $ / shares | $ 2.29 | $ 1.95 | |||||||||||||||
Vestion period | 4 years | ||||||||||||||||
Aggregate intrinsic value of outstanding options | $ | $ 1 | ||||||||||||||||
Stock-based compensation expenses | $ | $ 2,247 | $ 1,861 | |||||||||||||||
General and administrative expenses | $ | $ 7,253 | $ 5,690 | |||||||||||||||
Common Stock, Par or Stated Value Per Share | ₪ / shares | ₪ 0.0000769 | ₪ 0.0000769 | |||||||||||||||
Executive Officer and Service Provider [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Ordinary shares available for future grant | 80,000 | ||||||||||||||||
Exercise price of options granted | $ / shares | $ 2.86 | ||||||||||||||||
Fair value of options at the date of grant | $ | $ 147 | ||||||||||||||||
Certain employees [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Number of options to purchase ordinary shares | 213,000 | ||||||||||||||||
Exercise price of options granted | $ / shares | $ 3.61 | ||||||||||||||||
Vestion period | 4 years | ||||||||||||||||
Fair value of options at the date of grant | $ | $ 646 | ||||||||||||||||
Certain employees [Member] | Vest on the first anniversary of the date of grant [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Vesting percentage | 25% | ||||||||||||||||
Certain employees [Member] | Vest in twelve equal quarterly installments following the first anniversary of the applicable grant date [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Vesting percentage | 75% | ||||||||||||||||
Service Provider [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Number of options to purchase ordinary shares | 70,000 | ||||||||||||||||
Exercise price of options granted | $ / shares | $ 3.61 | $ 2.86 | |||||||||||||||
Vestion period | 4 years | ||||||||||||||||
Fair value of options at the date of grant | $ | $ 646 | ||||||||||||||||
Service Provider [Member] | Vest on the first anniversary of the date of grant [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Vesting percentage | 25% | ||||||||||||||||
Service Provider [Member] | Vest in twelve equal quarterly installments following the first anniversary of the applicable grant date [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Vesting percentage | 75% | ||||||||||||||||
Executive Officer [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Ordinary shares available for future grant | 55,000 | ||||||||||||||||
Number of options to purchase ordinary shares | 345,000 | ||||||||||||||||
Exercise price of options granted | $ / shares | $ 3.15 | $ 2.86 | |||||||||||||||
Vestion period | 4 years | ||||||||||||||||
Fair value of options at the date of grant | $ | $ 1,140 | $ 37 | |||||||||||||||
Executive Officer [Member] | Vest on the first anniversary of the date of grant [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Vesting percentage | 25% | ||||||||||||||||
Executive Officer [Member] | Vest in twelve equal quarterly installments following the first anniversary of the applicable grant date [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Vesting percentage | 75% | ||||||||||||||||
Former CEO [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Number of options to purchase ordinary shares | 492,832 | 492,832 | |||||||||||||||
Vestion period | 2 years | 2 years | |||||||||||||||
Annual base salary | $ | $ 412 | ||||||||||||||||
Description of mutual separation | (i) a one-time lump sum payment of his annual base salary for a period of 13 months, for a total gross amount equal to $412; and (ii) an extension of the exercise period for the vested portion of the options granted on January 4, 2021, based on the award original terms, representing an aggregate of 492,832 ordinary shares, through the end of a two-year period commencing on July 15, 2022. | (i) a one-time lump sum payment of his annual base salary for a period of 13 months, for a total gross amount equal to $412; and (ii) an extension of the exercise period for the vested portion of the options granted on January 4, 2021, based on the award original terms, representing an aggregate of 492,832 ordinary shares, through the end of a two-year period commencing on July 15, 2022. | |||||||||||||||
General and administrative expenses | $ | $ 457 | ||||||||||||||||
Number of unvested options forfeited | 821,386 | 821,386 | |||||||||||||||
Non-executive director [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Number of options to purchase ordinary shares | 33,368 | ||||||||||||||||
Exercise price of options granted | $ / shares | $ 3.61 | ||||||||||||||||
Vestion period | 3 years | ||||||||||||||||
Fair value of options at the date of grant | $ | $ 104 | ||||||||||||||||
Non-executive director [Member] | Vest over twelve equal quarterly instalments starting on January 1, 2022 [Member] | |||||||||||||||||
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 | $ / shares | $ 2.815 | ||||||||||||||||
Vestion period | 3 years | ||||||||||||||||
Fair value of options at the date of grant | $ | $ 195 | ||||||||||||||||
Non-executive director [Member] | Vest over four equal quarterly instalments starting on January 1, 2022 [Member] | |||||||||||||||||
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 | $ / shares | $ 2.815 | ||||||||||||||||
Vestion period | 1 year | ||||||||||||||||
Fair value of options at the date of grant | $ | $ 65 | ||||||||||||||||
Employee [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
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 grant date. | ||||||||||||||||
Number of options to purchase ordinary shares | 220,000 | ||||||||||||||||
Exercise price of options granted | $ / shares | $ 2.57 | ||||||||||||||||
Vestion period | 4 years | ||||||||||||||||
Fair value of options at the date of grant | $ | $ 364 | ||||||||||||||||
New CEO [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Description of terms of share-based payment arrangement | This grant was subject to shareholders' approval, which was obtained at a meeting of the Company’s shareholders held on September 7, 2022. 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 applicable grant date. | ||||||||||||||||
Number of options to purchase ordinary shares | 600,000 | 1,314,218 | |||||||||||||||
Exercise price of options granted | $ / shares | $ 1.4 | $ 1.24 | |||||||||||||||
Vestion period | 4 years | ||||||||||||||||
Fair value of options at the date of grant | $ | $ 524 | $ 1,320 | |||||||||||||||
New CEO [Member] | Triggering Event [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Number of options to purchase ordinary shares | 200,000 | ||||||||||||||||
New CEO [Member] | Vest on the first anniversary of the date of grant [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Vesting percentage | 25% | ||||||||||||||||
New CEO [Member] | Vest in twelve equal quarterly installments following the first anniversary of the applicable grant date [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Vesting percentage | 75% | ||||||||||||||||
Chief Financial Officer [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Description of terms of share-based payment arrangement | This grant was subject to shareholders' approval, which was obtained at a meeting of the Company’s shareholders held on September 7, 2022. These options have an exercise price of $2.00 per share and 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 grant date. | ||||||||||||||||
Number of options to purchase ordinary shares | 500,000 | ||||||||||||||||
Exercise price of options granted | $ / shares | $ 2 | ||||||||||||||||
Vestion period | 4 years | ||||||||||||||||
Fair value of options at the date of grant | $ | $ 390 | ||||||||||||||||
President of R&D [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Stock-based compensation expenses | $ | $ 112 | ||||||||||||||||
Cash separation payment | ₪ 537,600 | 156 | |||||||||||||||
Additional cash separation payment | ₪ 737,771 | $ 214 | |||||||||||||||
President of R&D [Member] | 2017 Grant [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Ordinary shares available for future grant | 31,250 | ||||||||||||||||
Number of options to purchase ordinary shares | 357,500 | 357,500 | 68,750 | ||||||||||||||
Vestion period | 10 years | 10 years | |||||||||||||||
2018 Plan [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Number of ordinary shares authorized | 1,371,398 | ||||||||||||||||
Ordinary shares available for future grant | 922,080 | ||||||||||||||||
Number of additional ordinary shares authorized | 1,440,496 |
INCOME TAX (Details)
INCOME TAX (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | ||
Loss (income) before income taxes | $ 12,934 | $ 12,246 |
Entera Bio Ltd | ||
Operating Loss Carryforwards [Line Items] | ||
Loss (income) before income taxes | 12,997 | 12,362 |
Entera Bio Inc | ||
Operating Loss Carryforwards [Line Items] | ||
Loss (income) before income taxes | $ (65) | $ (116) |
INCOME TAX (Details 1)
INCOME TAX (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | ||
Total current income tax | $ (37) | $ 158 |
Deferred: | ||
Deferred income taxes | 174 | (217) |
Total deferred income taxes | 174 | (217) |
Total income tax expense (benefit) | 137 | (59) |
Subsidiary | ||
Current: | ||
Total current income tax | $ (37) | $ 158 |
INCOME TAX (Details 2)
INCOME TAX (Details 2) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | |||
Net operating loss carry forward | $ 15,428 | $ 12,895 | |
Research and development | 1,225 | 1,319 | |
Share-based compensation | 877 | 876 | |
Other | 158 | 152 | |
Net deferred tax assets before valuation allowance | 17,688 | 15,242 | |
valuation allowance | (17,645) | (15,025) | $ (12,420) |
Net deferred tax assets | $ 43 | $ 217 |
INCOME TAX (Details 3)
INCOME TAX (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Opening balance | $ 15,025 | $ 12,420 |
Additions | 2,620 | 2,605 |
Closing balance | $ 17,645 | $ 15,025 |
INCOME TAX (Detail Textuals)
INCOME TAX (Detail Textuals) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Loss Carryforwards [Line Items] | ||
Carryforward losses | $ 67.1 | $ 56.1 |
Israeli tax rate [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income tax rate | 23% | |
Foreign Tax Authority [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
Income tax rate | 29% |
SUPPLEMENTARY FINANCIAL STATE_3
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued expenses and other payables: | ||
Employees and employees related | $ 154 | $ 147 |
Income tax | 0 | 134 |
Provision for vacation | 146 | 308 |
Accrued expenses | 933 | 2,212 |
Accrued expenses and other payables, total | $ 1,233 | $ 2,801 |
SUBSEQUENT EVENTS (Detail Textu
SUBSEQUENT EVENTS (Detail Textuals) - shares | 3 Months Ended | 12 Months Ended | ||
Jan. 02, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Subsequent Event [Line Items] | ||||
Number of options to purchase ordinary shares | 2,458,863 | 1,975,586 | ||
Exercise of options to ordinary shares (in shares) | 5,511 | 177,710 | ||
Vestion period | 4 years | |||
Subsequent Event [Member] | Non Executive Board [Member] | ||||
Subsequent Event [Line Items] | ||||
Number of options to purchase ordinary shares | 534,246 | |||
Exercise of options to ordinary shares (in shares) | 0.73 | |||
Vestion period | 1 year |