Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2020 | |
Document And Entity Information | |
Entity Registrant Name | SOL-GEL TECHNOLOGIES LTD. |
Entity Central Index Key | 0001684693 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2020 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2020 |
CONDENCED CONSOLIDATED BALANCE
CONDENCED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 5,444 | $ 9,412 |
Bank deposit | 19,900 | |
Marketable securities | 40,678 | 40,966 |
Receivables from collaborative arrangements | 1,171 | 4,120 |
Prepaid expenses and other current assets | 1,494 | 1,293 |
TOTAL CURRENT ASSETS | 68,687 | 55,791 |
NON-CURRENT ASSETS: | ||
Restricted long-term deposits | 1,284 | 472 |
Property and equipment, net | 2,202 | 2,314 |
Operating lease right-of-use assets | 1,777 | 2,040 |
Funds in respect of employee rights upon retirement | 682 | 684 |
TOTAL NON-CURRENT ASSETS | 5,945 | 5,510 |
TOTAL ASSETS | 74,632 | 61,301 |
CURRENT LIABILITIES: | ||
Accounts payable | 1,232 | 1,710 |
Other accounts payable | 5,154 | 4,123 |
Current maturities of operating leases | 525 | 672 |
TOTAL CURRENT LIABILITIES | 6,911 | 6,505 |
LONG-TERM LIABILITIES - | ||
Operating leases liabilities | 1,227 | 1,373 |
Liability for employee rights upon retirement | 973 | 958 |
TOTAL LONG-TERM LIABILITIES | 2,200 | 2,331 |
COMMITMENTS | ||
TOTAL LIABILITIES | 9,111 | 8,836 |
SHAREHOLDERS' EQUITY: | ||
Ordinary Shares, NIS 0.1 par value - authorized: 50,000,000 as of December 31, 2019 and June 30, 2020; issued and outstanding: 20,402,800 and 22,996,948 as of December 31, 2019 and June 30, 2020, respectively. | 635 | 561 |
Additional paid-in capital | 231,139 | 203,977 |
Accumulated deficit | (166,253) | (152,073) |
TOTAL SHAREHOLDERS' EQUITY | 65,521 | 52,465 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 74,632 | $ 61,301 |
CONDENCED CONSOLIDATED BALANC_2
CONDENCED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - ₪ / shares | Jun. 30, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Ordinary shares, par value per share | ₪ 0.1 | ₪ 0.1 |
Ordinary shares, shares authorized | 50,000,000 | 50,000,000 |
Ordinary shares, shares issued | 22,996,948 | 20,402,800 |
Ordinary shares, shares outstanding | 22,996,948 | 20,402,800 |
CONDENCED CONSOLIDATED STATEMEN
CONDENCED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||||
COLLABORATION REVENUES | $ 1,133 | $ 7,793 | $ 4,598 | $ 14,151 |
RESEARCH AND DEVELOPMENT EXPENSES | 6,451 | 11,440 | 14,381 | 22,233 |
GENERAL AND ADMINISTRATIVE EXPENSES | 2,233 | 1,638 | 4,994 | 3,332 |
TOTAL OPERATING LOSS | 7,551 | 5,285 | 14,777 | 11,414 |
FINANCIAL INCOME, net | (481) | (359) | (597) | (760) |
LOSS FOR THE PERIOD | $ 7,070 | $ 4,926 | $ 14,180 | $ 10,654 |
BASIC AND DILUTED LOSS PER ORDINARY SHARE | $ 0.31 | $ 0.26 | $ 0.64 | $ 0.56 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF BASIC AND DILUTED LOSS PER SHARE | 22,920,557 | 18,949,968 | 22,143,099 | 18,949,968 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Ordinary shares [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total | ||
Balance at Dec. 31, 2018 | $ 520 | $ 190,853 | $ (127,464) | $ 63,909 | ||
Balance, shares at Dec. 31, 2018 | 18,949,968 | 18,949,968 | ||||
Loss for the period | (10,654) | $ (10,654) | ||||
Share-based compensation | 1,487 | 1,487 | ||||
Balance at Jun. 30, 2019 | $ 520 | 192,340 | (138,118) | 54,742 | ||
Balance, shares at Jun. 30, 2019 | 18,949,968 | |||||
Balance at Dec. 31, 2019 | $ 561 | 203,977 | (152,073) | $ 52,465 | ||
Balance, shares at Dec. 31, 2019 | 20,402,800 | 20,402,800 | ||||
Loss for the period | (14,180) | $ (14,180) | ||||
Issuance of shares and warrants through public offering, net of issuance costs | $ 61 | 21,245 | 21,306 | |||
Issuance of shares and warrants through public offering, net of issuance costs, shares | 2,091,907 | |||||
Issuance of shares and warrants through private placement from the controlling shareholder | $ 13 | 4,987 | 5,000 | |||
Issuance of shares and warrants through private placement from the controlling shareholder, shares | 454,628 | |||||
Vesting of restricted shares units | [1] | |||||
Vesting of restricted shares units, shares | 19,166 | |||||
Exercise of options | [1] | 151 | 151 | |||
Exercise of options, shares | 28,447 | |||||
Share-based compensation | 779 | 779 | ||||
Balance at Jun. 30, 2020 | $ 635 | $ 231,139 | $ 166,253 | $ 65,521 | ||
Balance, shares at Jun. 30, 2020 | 22,996,948 | 22,996,948 | ||||
[1] | less than $1 thousand. |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Loss | $ (7,070) | $ (4,926) | $ (14,180) | $ (10,654) | |
Adjustments required to reconcile loss to net cash used in operating activities: | |||||
Depreciation | 470 | 432 | |||
Changes in accrued liability for employee rights upon retirement, net | 17 | 46 | |||
Share-based compensation | 779 | 1,487 | |||
Financial expenses (income), net | (14) | 43 | |||
Net changes in operating leases | (30) | (103) | |||
Changes in fair value of marketable securities | 76 | (79) | $ 65 | ||
Changes in operating asset and liabilities: | |||||
Accounts receivable | 2,949 | (7,826) | |||
Prepaid expenses and other current assets | (201) | 1,890 | |||
Accounts payable and other | 553 | 1,935 | |||
Long-term receivables | |||||
Net cash used in operating activities | (9,581) | (12,829) | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Purchase of property and equipment | (358) | (282) | |||
Investment in marketable securities | (19,640) | (2,551) | (38,702) | ||
Proceeds from sale of marketable securities | 19,852 | 23,773 | 54,333 | ||
Short-term deposits | (19,900) | 1,000 | |||
Long-term deposits | (12) | (5) | |||
Net cash provided by (used in) investing activities | (20,058) | 21,935 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceed from exercise of options | 151 | ||||
Proceeds from issuance of shares, net of issuance costs | 26,306 | ||||
Net cash provided by financing activities | 26,457 | ||||
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS | 14 | (43) | |||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (3,168) | 9,063 | |||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE PERIOD | 9,762 | 5,675 | 5,675 | ||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIODs | 6,594 | 14,738 | 6,594 | 14,738 | 9,762 |
Cash and Cash equivalents | 5,444 | 14,388 | 5,444 | 14,388 | $ 9,412 |
Restricted cash | 1,150 | 350 | 1,150 | 350 | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH SHOWN IN STATEMENT OF CASH FLOWS | $ 6,594 | $ 14,738 | 6,594 | 14,738 | |
SUPPLEMENTARY INFORMATION: | |||||
Interest received | $ 628 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 6 Months Ended |
Jun. 30, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | NOTE 1 - NATURE OF OPERATIONS Sol-Gel Technologies Ltd. (the "Company") is an Israeli Company incorporated in 1997. The Company is a clinical stage specialty pharmaceutical company focused on developing and commercializing topical dermatological drug products. The Company’s lead product candidates are based upon its proprietary microencapsulation delivery system, consisting of microcapsules made of precipitated silica. In addition to these novel product candidates, the Company’s product pipeline includes generic product candidates. On August 4, 2014, 100% of the Company’s shares were acquired by its current controlling shareholder (the “controlling shareholder”). In January 2018, the Company completed an Initial Public Offering ("IPO") on the NASDAQ Stock Market, in which it issued 6,250,000 Ordinary shares at a price per share of $12. During February 2018 the underwriters exercised their green shoe option and purchased additional 937,500 ordinary shares at the same price per share. The total proceeds received from the IPO, net of issuance costs, were approximately $78.8 million. Immediately prior to the closing of the IPO, the outstanding promissory note was automatically converted into 5,444,825 Ordinary shares of the Company based on the IPO price of $12 per ordinary share. In August 2019, the Company completed an underwritten follow-on public offering, in which it issued 1,437,500 ordinary shares Risk and Uncertainties Since incorporation through June 30, 2020, the Company has an accumulated deficit of approximately $166,253 and its activities have been funded mainly by its shareholders and revenue from collaboration arrangements. Management believes that the Company's cash and cash equivalents, deposits and marketable securities as of June 30, 2020 will allow the Company to fund its operating plan through at least the next 12 months from the financial statements issuance date. However, the Company expects to continue to incur significant research and development and other costs related to its ongoing operations and in order to continue its future operations, the Company will need to obtain additional funding until becoming profitable. In December 2019, COVID-19 was identified in Wuhan, China. This virus continues to spread globally and, as of June 2020, has spread to over 50 countries, including the United States and Israel. The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. The full extent to which the COVID-19 pandemic will directly or indirectly impact its business, results of operations and financial condition, including revenues from collaboration arrangements, expenses, reserves and allowances, manufacturing, supply, regulatory approvals, clinical trials, commercial launch of branded and generic product candidates, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain and cannot be predicted. The Company continues to monitor and assess new information related to the COVID-19 pandemic, the actions taken to contain or treat COVID-19, as well as the economic impact on the different markets. As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact the Company's financial condition, liquidity, or results of operations is uncertain. Furthermore, the estimation process required to prepare the Company’s consolidated financial statements requires assumptions to be made about future events and conditions and the impact of COVID-19 on its financial results, and while management believes such assumptions are reasonable, they are inherently subjective and uncertain. The Company’s actual results could differ materially from those estimates. As of June 30, 2020, the main impact on the Company's operations resulting from COVID-19 is the decline in revenues of Acyclovir in the second quarter. Management believes that such decline is mainly attributed to the government restrictions, such as social distancing, “shelter in place” orders, business closures and the economic and logistical impacts that these measures have on consumer demand as well as the health care industry’s ability to administer such procedures. Additionally, these restrictions may result in reduction in new infected patients. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES: | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES: | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: a. Basis of Presentation The consolidated results for the three and six month period ended June 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2019. The comparative balance sheet at December 31, 2019 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP. b. Loss per share c. Newly issued and recently adopted accounting pronouncements: |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | NOTE 3 — MARKETABLE SECURITIES: The following table sets forth the Company’s marketable securities for the indicated periods: December 31, June 30, 2019 2020 Level 2 securities: U.S government and agency bonds $ 2,499 - Canada government bonds 999 - Other foreign government bonds 3,521 3,523 Corporate bonds* 33,947 37,155 Total $ 40,966 $ 40,678 * Investments in Corporate bonds rated A or higher. The table below sets forth a summary of the changes in the fair value of the Company’s marketable securities for the indicated periods: Marketable securities For the year ended For the Six Months December 31, 2019 ended June 30, 2020 Balance at beginning of the period $ 56,662 $ 40,966 Additions 38,702 19,640 Sale or maturity (54,333 ) (19,852 ) Changes in fair value during the period (65 ) (76 ) Balance at end of the period $ 40,966 $ 40,678 As of June 30, 2020, the Company’s debt securities had the following maturity dates: Market value June 30, 2020 Due within one year 39,937 Between 1-2 years 741 The carrying amount of the cash and cash equivalents, bank deposits, restricted cash, restricted long term deposits, accrued expenses and other liabilities approximates their fair value. |
COLLABORATION AGREEMENTS_
COLLABORATION AGREEMENTS: | 6 Months Ended |
Jun. 30, 2020 | |
Revenue from Contract with Customer [Abstract] | |
COLLABORATION AGREEMENTS: | NOTE 4 – COLLABORATION AGREEMENTS: a . In 2007, the Company granted rights to a third party for use and commercialization of a product for skin protection. Under this agreement, the Company is entitled to royalties during the years 2016 to 2024. Based on current sales, royalties are not material. b. In 2016 through 2020, the Company entered into several collaboration agreements with two third parties for the development, manufacturing and commercialization of several product candidates. Under the agreements, the third parties are obligated to conduct regulatory, scientific, clinical and technical activities necessary to develop the product and prepare and file ANDA, with the FDA and gain regulatory approval. The Company participates in the development of the product candidates, including participation in joint steering committees and is obligated for sourcing the active pharmaceutical ingredient (API) during the development phase. Upon FDA approval, the third parties have exclusive rights and are required to use diligent efforts to commercialize these products in territories defined under the agreements, including all required sales, marketing and distributing activities associated with the agreements. The Company is entitled to 50% of the third parties’ gross profits related to the sale of these products, as such term is defined in the agreements. In February 2019, the Company announced that a third party has received final approval from the FDA for the first generic version of a drug product. During the six months ended June 30, 2020 the Company recognized revenues from royalties related to sales of products in the U.S. under this agreement in the amount of $4,536. This Agreement is considered to be within the scope of ASC 808, as the parties are active participants and exposed to the risks and rewards of the collaborative activity. The Company recognizes collaboration revenue when the related sales occur. |
SHARE CAPITAL
SHARE CAPITAL | 6 Months Ended |
Jun. 30, 2020 | |
Stockholders' Equity Note [Abstract] | |
SHARE CAPITAL | NOTE 5 - SHARE CAPITAL Ordinary shares In addition and in parallel to the public offering, the Company signed an agreement for a private placement with its controlling shareholder for an additional investment of approximately $5 million in consideration of 454,628 ordinary shares and warrants to purchase up to 363,702 ordinary shares, at the same terms of the underwritten public offering mentioned above. The private placement agreement was contingent on certain conditions and was approved by the company’s shareholders on April 8, 2020. The total proceeds of $5 million received in April 2020. |
RELATED PARTIES_
RELATED PARTIES: | 6 Months Ended |
Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES: | NOTE 6 - RELATED PARTIES: a. Related parties include the controlling shareholder and companies under his control, the board of directors and the executive officers of the Company. b. As to the private placement with the controlling shareholder, see note 5. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES: (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of presentation | a. Basis of Presentation The consolidated results for the three and six month period ended June 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2019. The comparative balance sheet at December 31, 2019 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP. |
Loss per share | b. Loss per share |
Newly issued and recently adopted accounting pronouncements: | c. Newly issued and recently adopted accounting pronouncements: |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | The following table sets forth the Company’s marketable securities for the indicated periods: December 31, June 30, 2019 2020 Level 2 securities: U.S government and agency bonds $ 2,499 - Canada government bonds 999 - Other foreign government bonds 3,521 3,523 Corporate bonds* 33,947 37,155 Total $ 40,966 $ 40,678 * Investments in Corporate bonds rated A or higher. |
Summary of Changes in Fair Value of Marketable Securities | The table below sets forth a summary of the changes in the fair value of the Company’s marketable securities for the indicated periods: Marketable securities For the year ended For the Six Months December 31, 2019 ended June 30, 2020 Balance at beginning of the period $ 56,662 $ 40,966 Additions 38,702 19,640 Sale or maturity (54,333 ) (19,852 ) Changes in fair value during the period (65 ) (76 ) Balance at end of the period $ 40,966 $ 40,678 |
Schedule of Debt Securities | As of June 30, 2020, the Company’s debt securities had the following maturity dates: Market value June 30, 2020 Due within one year 39,937 Between 1-2 years 741 |
NATURE OF OPERATIONS (Details)
NATURE OF OPERATIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | 12 Months Ended | |||
Aug. 31, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2019 | Aug. 04, 2014 | |
Subsidiary, Sale of Stock [Line Items] | ||||||
Per share price | $ 12 | |||||
Additional ordinary shares purchased | 937,500 | |||||
Procceds from Initial public offering, net of issuance costs | $ 26,306 | |||||
Outstanding promissory note converted into ordinary shares | 5,444,825 | |||||
Accumulated deficit | $ 166,253 | $ 152,073 | ||||
IPO [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Ordinary shares issued | 1,437,500 | 6,250,000 | ||||
Per share price | $ 8 | $ 12 | ||||
Procceds from Initial public offering, net of issuance costs | $ 10,600 | $ 78,800 | ||||
Controlling Shareholder [Member] | ||||||
Subsidiary, Sale of Stock [Line Items] | ||||||
Percentage of acquired shares | 100.00% |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES: (Narrative) (Details) - shares | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Accounting Policies [Abstract] | ||
Anti-dilutive shares | 1,244,731 | 1,251,378 |
MARKETABLE SECURITIES (Schedule
MARKETABLE SECURITIES (Schedule of Company's Marketable Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Level 2 securities: | ||||
Marketable securities | $ 40,678 | $ 40,966 | $ 56,662 | |
U.S government and agency bonds [Member] | ||||
Level 2 securities: | ||||
Marketable securities | 2,499 | |||
Canada government bonds [Member] | ||||
Level 2 securities: | ||||
Marketable securities | 999 | |||
Other foreign government bonds [Member] | ||||
Level 2 securities: | ||||
Marketable securities | 3,523 | 3,521 | ||
Corporate bonds [Member] | ||||
Level 2 securities: | ||||
Marketable securities | [1] | $ 37,155 | $ 33,947 | |
[1] | Investments in Corporate bonds rated A or higher. |
MARKETABLE SECURITIES (Summary
MARKETABLE SECURITIES (Summary of Changes in Fair Value of Company's Marketable Securities) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |||
Balance at beginning of the period | $ 40,966 | $ 56,662 | $ 56,662 |
Additions | 19,640 | 2,551 | 38,702 |
Sale or maturity | (19,852) | (23,773) | (54,333) |
Changes in fair value during the period | (76) | $ 79 | (65) |
Balance at end of the period | $ 40,678 | $ 40,966 |
MARKETABLE SECURITIES (Schedu_2
MARKETABLE SECURITIES (Schedule of Company's debt marketable securities) (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due within one year | $ 39,937 |
Between 1-2 years | $ 741 |
COLLABORATION AGREEMENTS_ (Deta
COLLABORATION AGREEMENTS: (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Dec. 31, 2007 | |
Percentage of gross profits related to sale products | 50.00% | |
Revenues recognized | $ 4,536 | |
Minimum [Member] | ||
Royalties Maturity | 2016 | |
Maximum [Member] | ||
Royalties Maturity | 2024 |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Apr. 08, 2020 | Feb. 19, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Per share price | $ 12 | ||||
Procceds from Initial public offering, net of issuance costs | $ 26,306 | ||||
Warrants [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Issuance of shares and warrants throught public offering, net of issuance costs, shares | 2,091,907 | ||||
Per share price | |||||
Warrants granted to purchase ordinary shares | 1,673,525 | ||||
Expected term | 3 years | ||||
Exercise price | $ 14 | ||||
Procceds from Initial public offering, net of issuance costs | $ 21,300 | ||||
Warrants [Member] | Private Placement [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Issuance of shares and warrants throught public offering, net of issuance costs, shares | 454,628 | ||||
Warrants granted to purchase ordinary shares | 363,702 | ||||
Procceds from Initial public offering, net of issuance costs | $ 5,000 | ||||
Net proceeds | $ 5,000 |