Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Aug. 12, 2022 | |
Document Information Line Items | ||
Entity Registrant Name | AYALA PHARMACEUTICALS, INC. | |
Trading Symbol | AYLA | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 14,767,618 | |
Amendment Flag | false | |
Entity Central Index Key | 0001797336 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Document Period End Date | Jun. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Shell Company | false | |
Entity Ex Transition Period | false | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity File Number | 001-39279 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 82-3578375 | |
Entity Address, Address Line One | Oppenheimer 4 | |
Entity Address, City or Town | Rehovot | |
Entity Address, Country | IL | |
Entity Address, Postal Zip Code | 7670104 | |
City Area Code | (857) | |
Local Phone Number | 444-0553 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Security Exchange Name | NASDAQ | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and Cash Equivalents | $ 20,059 | $ 36,982 |
Short-term Restricted Bank Deposits | 111 | 122 |
Trade Receivables | 262 | |
Prepaid Expenses and other Current Assets | 2,322 | 2,636 |
Total Current Assets | 22,754 | 39,740 |
LONG-TERM ASSETS: | ||
Other Assets | 231 | 267 |
Property and Equipment, Net | 1,039 | 1,120 |
Total Long-Term Assets | 1,270 | 1,387 |
Total Assets | 24,024 | 41,127 |
CURRENT LIABILITIES: | ||
Trade Payables | 3,254 | 3,214 |
Other Accounts Payables | 2,993 | 3,258 |
Total Current Liabilities | 6,247 | 6,472 |
LONG TERM LIABILITIES: | ||
Long-term Rent Liability | 414 | 497 |
Total Long-Term Liabilities | 414 | 497 |
STOCKHOLDERS’ STOCKHOLDERS’ EQUITY: | ||
Common Stock of $0.01 par value per share; 200,000,000 shares authorized at December 31, 2021 and June 30, 2022; 14,503,743 and 14,080,383 shares issued at June 30, 2022 and December 31, 2021, respectively; 13,984,622 and 13,956,035 shares outstanding at June 30, 2022 and December 31, 2021, respectively | 139 | 139 |
Additional Paid-in Capital | 146,602 | 145,160 |
Accumulated Deficit | (129,378) | (111,141) |
Total Stockholders’ Equity | 17,363 | 34,158 |
Total Liabilities and Stockholders’ Equity | $ 24,024 | $ 41,127 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in Dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 14,503,743 | 14,080,383 |
Common stock, shares outstanding | 13,984,622 | 13,956,035 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Revenues from licensing agreement and others | $ 38 | $ 761 | $ 496 | $ 1,735 |
Cost of services | (38) | (761) | (406) | (1,735) |
Gross profit | 90 | |||
Operating expenses: | ||||
Research and development | 5,580 | 8,121 | 13,083 | 15,046 |
General and administrative | 2,260 | 2,536 | 4,701 | 4,839 |
Operating loss | (7,840) | (10,657) | (17,694) | (19,885) |
Financial Income (Loss), net | (156) | (22) | (140) | (114) |
Loss before income tax | (7,996) | (10,679) | (17,834) | (19,999) |
Taxes on income | (214) | (162) | (403) | (410) |
Net loss | $ (8,210) | $ (10,841) | $ (18,237) | $ (20,409) |
Net Loss per share attributable to common stockholders, basic and diluted (in Dollars per share) | $ (0.54) | $ (0.75) | $ (1.19) | $ (1.46) |
Weighted average common shares outstanding, basic and diluted (in Shares) | 15,312,766 | 14,417,423 | 15,306,823 | 13,954,676 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Operations (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Income Statement [Abstract] | ||||
Net Loss per share attributable to common stockholders, basic and diluted | $ (0.54) | $ (0.75) | $ (1.19) | $ (1.46) |
Weighted average common shares outstanding, basic and diluted | 15,312,766 | 14,417,423 | 15,306,823 | 13,954,676 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) - USD ($) $ in Thousands | Common Stock | Additional Paid-in Capital | Accumulated Deficit | Total |
Balance at Dec. 31, 2020 | $ 128 | $ 109,157 | $ (70,887) | $ 38,398 |
Balance (in Shares) at Dec. 31, 2020 | 12,728,446 | |||
Share based compensation | 1,419 | 1,419 | ||
Share based compensation (in Shares) | 25,146 | |||
Exercise of stock options | 30 | 30 | ||
Exercise of stock options (in Shares) | 6,000 | |||
Proceeds from Issuance of common stocks and warrants | $ 3 | 23,319 | 23,322 | |
Proceeds from Issuance of common stocks and warrants (in Shares) | 333,333 | |||
Net Loss | (20,409) | (20,409) | ||
Balance at Jun. 30, 2021 | $ 131 | 133,925 | (91,296) | 42,760 |
Balance (in Shares) at Jun. 30, 2021 | 13,092,925 | |||
Balance at Mar. 31, 2021 | $ 131 | 133,358 | (80,455) | 53,034 |
Balance (in Shares) at Mar. 31, 2021 | 13,072,213 | |||
Share based compensation | 567 | 567 | ||
Share based compensation (in Shares) | 20,712 | |||
Net Loss | (10,841) | (10,841) | ||
Balance at Jun. 30, 2021 | $ 131 | 133,925 | (91,296) | 42,760 |
Balance (in Shares) at Jun. 30, 2021 | 13,092,925 | |||
Balance at Dec. 31, 2021 | $ 139 | 145,160 | (111,141) | 34,158 |
Balance (in Shares) at Dec. 31, 2021 | 13,956,035 | |||
Share based compensation | 1,398 | 1,398 | ||
Share based compensation (in Shares) | 23,687 | |||
Proceeds from Issuance of common stocks and warrants | 44 | 44 | ||
Proceeds from Issuance of common stocks and warrants (in Shares) | 4,900 | |||
Net Loss | (18,237) | (18,237) | ||
Balance at Jun. 30, 2022 | $ 139 | 146,602 | (129,378) | 17,363 |
Balance (in Shares) at Jun. 30, 2022 | 13,984,622 | |||
Balance at Mar. 31, 2022 | $ 139 | 145,847 | (121,168) | 24,818 |
Balance (in Shares) at Mar. 31, 2022 | 13,972,778 | |||
Share based compensation | 755 | 755 | ||
Share based compensation (in Shares) | 11,844 | |||
Net Loss | (8,210) | (8,210) | ||
Balance at Jun. 30, 2022 | $ 139 | $ 146,602 | $ (129,378) | $ 17,363 |
Balance (in Shares) at Jun. 30, 2022 | 13,984,622 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Changes in Stockholders’ Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of Stockholders' Equity [Abstract] | ||
Net of Issuance Cost | $ 3 | $ 1,665 |
Condensed Consolidated Statem_5
Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net Loss | $ (18,237) | $ (20,409) |
Adjustments to Reconcile Net Loss to Net Cash used in Operating Activities: | ||
Shared Based Compensation | 1,398 | 1,419 |
Depreciation | 81 | 94 |
(Increase) decrease in Prepaid Expenses and Other Assets | 321 | (106) |
Increase in Trade Receivables | (262) | (248) |
Increase (decrease) in Trade Payables | 40 | (1,124) |
Decrease in other Accounts Payable | (348) | (823) |
Net Cash used in Operating Activities | (17,007) | (21,197) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of Property and Equipment | (3) | |
Net Cash provided by (used in) Investing Activities | (3) | |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from Issuance of Shares, net | 44 | |
Issuance of shares and warrants, Net | 23,553 | |
Exercise of Stock Options | 30 | |
Net Cash provided by Financing Activities | 44 | 23,583 |
Increase (Decrease) in Cash and Cash Equivalents and Restricted Bank Deposits | (16,963) | 2,383 |
Cash and Cash Equivalents and Restricted Bank Deposits at Beginning of the period | 37,339 | 42,370 |
Cash and Cash Equivalents and Restricted Bank Deposits at End of the period | 20,376 | 44,753 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES | ||
Non-cash deferred issuance costs | 231 | |
Amortization of deferred rent liability | 51 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ||
Cash Received for Interest | 16 | 7 |
Tax Paid in Cash | 182 | 80 |
Reconciliation of cash, cash equivalents and restricted bank deposits | ||
Cash and Cash Equivalents | 20,059 | 44,412 |
Restricted Bank Deposits | 111 | 119 |
Restricted Bank Deposits in Other Assets | 206 | 222 |
Cash and Cash Equivalents and Restricted Bank Deposits at End of the Period | $ 20,376 | $ 44,753 |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 1—SIGNIFICANT ACCOUNTING POLICIES General a) Ayala Pharmaceuticals, Inc. (the “Company”) was incorporated in November 2017. The Company is a clinical stage oncology company dedicated to developing and commercializing small molecule therapeutics for patients suffering from rare and aggressive cancers, primarily in genetically defined patient populations. The Company’s current portfolio of product candidates, AL101 and AL102, target the aberrant activation of the Notch pathway with gamma secretase inhibitors. b) In 2017, the Company entered into an exclusive worldwide license agreement with respect to AL101 and AL102. See note 4. c) The Company’s lead product candidates, AL101 and AL102, have completed preclinical and Phase 1 studies. AL102 is currently being evaluated in a pivotal Phase 2/3 trial (RINGSIDE) in patients with Desmoids tumors and was evaluated in a Phase 1 clinical trial in combination with Novartis’ BMCA targeting agent, WVT078, in Patients with relapsed/refractory Multiple Myeloma. AL101 is currently being evaluated in a Phase 2 trial (ACCURACY) in patients with recurrent/metastatic adenoid cystic carcinoma (“R/M ACC”) bearing Notch-activating mutations is ongoing. d) The Company has a wholly-owned Israeli subsidiary, Ayala-Oncology Israel Ltd. (the “Subsidiary”), which was incorporated in November 2017. Initial Public Offering and Other Transactions On February 19, 2021, the Company entered into a Securities Purchase Agreement (the “2021 Purchase Agreement”) with the purchasers named therein (the “Investors”). Pursuant to the 2021 Purchase Agreement, the company agreed to sell (i) an aggregate of 333,333 shares of the Company’s Common Stock (the “Private Placement Shares”), \ In June 2021, the Company entered into an Open Market Sales Agreement, or the Sales Agreement, with Jefferies LLC, or Jefferies, as sales agent, pursuant to which the Company may, from time to time, issue and sell Common Stock with an aggregate value of up to $200.0 million in “at-the-market” offerings (the “ATM”) registration statement Registration Statement Going Concern The Company has incurred recurring losses since inception as a research and development organization and has an accumulated deficit of $129.4 million as of June 30, 2022. For the six months ended June 30, 2022, the Company used approximately $17.0 million of cash in operations. The Company has relied on its ability to fund its operations through public and private equity financings. The Company expects operating losses and negative cash flows to continue at significant levels in the future as it continues its clinical trials. As of June 30, 2022, the Company had approximately $20.4 million in cash and cash equivalents and restricted bank deposits, which, without additional funding, the Company believes will not be sufficient to meet its obligations within the next twelve months from the date of issuance of these consolidated financial statements. The Company plans to continue to fund its operations through public or private debt and equity financings, but there can be no assurances that such financing will continue to be available to the Company on satisfactory terms, or at all. If the Company is unable to obtain funding, the Company would be forced to delay, reduce or eliminate its research and development programs, which could adversely affect its business prospects, or the Company may be unable to continue operations. As such, those factors raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Therefore, the condensed consolidated financial statements for the six months ended June 30, 2022 do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from uncertainty related to the Company’s ability to continue as a going concern. Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments (of a normal recurring nature) considered necessary for a fair statement of the results for the interim periods presented have been included. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed for the year ended December 31, 2021 (the “Annual Report”) with the Securities and Exchange Commission (the “SEC”). The Company’s significant accounting policies have not changed materially from those included in Note 2 of the Company’s audited consolidated financial statements for the year ended December 31, 2021 included in the Company’s Annual Report, unless otherwise stated. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company’s management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements. Actual results could differ from those estimates. Net Loss per Share Basic loss per share is computed by dividing the net loss by the weighted average number of shares of Common Stock outstanding during the period. Diluted loss per share is computed by dividing the net loss by the weighted average number of shares of Common Stock outstanding together with the number of additional shares of Common Stock that would have been outstanding if all potentially dilutive shares of Common Stock had been issued. Diluted net loss per share is the same as basic net loss per share in periods when the effects of potentially dilutive shares of Common Stock are anti-dilutive. The calculation of basic and diluted loss per share includes 1,333,333 weighted average warrants with an exercise price of $0.01 for the three and six month ended June 30, 2022 and 2021. The calculation of diluted loss per share does not include 583,332 Warrants and 1,159,169 options outstanding to purchase common stock with anti-dilutive effect for the six months ended June 30, 2022. The calculation of diluted loss per share does not include 583,332 Warrants and 901,067 options outstanding to purchase common stock with anti-dilutive effect for the three and six month ended June 30, 2021. Newly Issued Accounting Pronouncements As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflects this election. In February 2016, the FASB issued ASU 2016-02—Leases, requiring the recognition of lease assets and liabilities on the balance sheet. The standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease-term of more than 12 months. The standard is effective for the Company for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. This adoption approach will result in a balance sheet presentation that will not be comparable to the prior period in the first year of adoption. The adoption of this ASU will result in the recognition of operating lease assets and liabilities of approximately $4.8 million. The Company is still in the process of finalizing the calculation. The standard is not expected to have a material impact on the Company's results of operations or cash flows. In June 2016, the FASB issued ASU No. 2016-13 (Topic 326), Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance will be effective for the Company for fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2016-13 will have on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing a variety of exceptions within the framework of ASC 740. These exceptions include the exception to the incremental approach for intra-period tax allocation in the event of a loss from continuing operations and income or a gain from other items (such as other comprehensive income), and the exception to using general methodology for the interim period tax accounting for year-to-date losses that exceed anticipated losses. The guidance will be effective for the Company beginning January 1, 2023, and interim periods in fiscal years beginning January 1, 2023. Early adoption is permitted. The Company has evaluated and has determined that there the Company’s Recently issued and adopted pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 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): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2020. The Company elected to early adopt ASU 2020-06 on January 1, 2022. Adoption |
Revenues
Revenues | 6 Months Ended |
Jun. 30, 2022 | |
Revenues [Abstract] | |
REVENUES | NOTE 2—REVENUES The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which applies to all contracts with customers. Under Topic 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the entity satisfies a performance obligation. At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within the contract and determines those that are performance obligations and assesses whether each promised good or service is distinct. Customer option to acquire additional goods or services gives rise to a performance obligation in the contract only if the option provides a material right to the customer that it would not receive without entering into that contract. In a contract with multiple performance obligations, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation, which determines how the transaction price is allocated among the performance obligations. The Company evaluates each performance obligation to determine if it can be satisfied at a point in time or over time. Revenue is recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration the Company expects to be entitled to receive in exchange for those goods or services. In December 2018, the Company entered into an evaluation, option and license agreement (the “Novartis Agreement”) with Novartis International Pharmaceutical Limited (“Novartis”) for which the Company was The Company concluded that there is one distinct performance obligation under the Novartis Agreement: Research and development services, an obligation which is satisfied over time. Revenue associated with the research and development services in the amounts of approximately $0.5 million and $1.7 were recognized in the six months ended June 30, 2022 and 2021, respectively. The Company concluded that progress towards completion of the research and development performance obligation related to the Novartis Agreement is best measured in an amount proportional to the expenses relative to the total estimated expenses. The Company periodically reviews and updates its estimates, when appropriate, which may adjust revenue recognized for the period. Most of the company's revenues derive from the Novartis Agreement, for which revenues consist of reimbursable research and development costs. On June 2, 2022, Novartis informed the Company that Novartis does not intend to exercise its option to obtain an exclusive license for AL102, thereby terminating the agreement. |
Tax
Tax | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
TAX | NOTE 3—TAX The Company has reviewed the tax positions taken, or to be taken, in its tax returns for all tax years currently open to examination by a taxing authority. As of June 30, 2022 and 2021, the Company has recorded an uncertain tax position liability exclusive of interest and penalties of $1.2 million and $0.7 million, respectively, which were classified as other long-term liabilities. As of June 30, 2022 and 2021, the Company accrued interest related to uncertain tax positions of $63 thousand and $30 thousand, respectively. The interest is recorded as part of financial expenses. These uncertain tax positions would impact the Company’s effective tax rate, if recognized. A reconciliation of the Company’s unrecognized tax benefits is below: Six months Year ended ended June 30, December 31, 2022 2021 (in thousands) Uncertain tax position at the beginning of the period $ 858 $ 581 Additions for uncertain tax position of prior years (foreign exchange and interest) 20 17 Additions for tax positions of current period 367 260 Uncertain tax position at the end of the period $ 1,245 $ 858 The Company files U.S. federal, various U.S. state and Israeli income tax returns. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. In the United States and Israel, the 2017 and subsequent tax years remain subject to examination by the applicable taxing authorities as of June 30, 2022. |
Commitments and Contingent
Commitments and Contingent | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENT | NOTE 4—COMMITMENTS AND CONTINGENT Liabilities Lease In January 2019, the Subsidiary signed a new lease agreement. The term of the lease is for 63 months and includes an option to extend the lease for an additional 60 months. As part of the agreement, the lessor also provided the Company with finance in the amount of approximately $0.5 million paid in arrears for of leasehold improvements. The financing was recorded as a Long-Term Rent Liability. In June 2020, the Company signed a new lease agreement. The term of the lease is for 30 months. The minimum rental payments under operating leases as of June 30, 2022, are as follows (in thousands): Year ended December 31, 2022 205 2023 409 2024 145 $ 759 The Subsidiary obtained a bank guarantee in the amount of approximately $0.2 million for its new office lease agreement. Asset Transfer and License Agreement with Bristol-Myers Squibb Company. In November 2017, the Company entered into a license agreement, or the BMS License Agreement, with Bristol-Myers Squibb Company, or BMS, under which BMS granted the Company a worldwide, non-transferable, exclusive, sublicensable license under certain patent rights and know-how controlled by BMS to research, discover, develop, make, have made, use, sell, offer to sell, export, import and commercialize AL101 and AL102, or the BMS Licensed Compounds, and products containing AL101 or AL102, or the BMS Licensed Products, for all uses including the prevention, treatment or control of any human or animal disease, disorder or condition. Under the BMS License Agreement, the Company is obligated to use commercially reasonable efforts to develop at least one BMS Licensed Product. The Company has sole responsibility for, and bear the cost of, conducting research and development and preparing all regulatory filings and related submissions with respect to the BMS Licensed Compounds and/or BMS Licensed Products. BMS has assigned and transferred all INDs for the BMS Licensed Compounds to the Company. The Company is also required to use commercially reasonable efforts to obtain regulatory approvals in certain major market countries for at least one BMS Licensed Product, as well as to effect the first commercial sale of and commercialize each BMS Licensed Product after obtaining such regulatory approval. The Company has sole responsibility for, and bear the cost of, commercializing BMS Licensed Products. For a limited period of time, the Company may not, engage directly or indirectly in the clinical development or commercialization of a Notch inhibitor molecule that is not a BMS Licensed Compound. The Company is required to pay BMS payments upon the achievement of certain development or regulatory milestone events of up to $95 million in the aggregate with respect to the first BMS Licensed Compound to achieve each such event and up to $47 million in the aggregate with respect to each additional BMS Licensed Compound to achieve each such event. The Company is also obligated to pay BMS payments of up to $50 million in the aggregate for each BMS Licensed Product that achieves certain sales-based milestone events and tiered royalties on net sales of each BMS Licensed Product by the Company or its affiliates or sublicensees at rates ranging from a high single-digit to low teen percentage, depending on the total annual worldwide net sales of each such Licensed Product. If the Company sublicenses or assigns any rights to the licensed patents, the BMS Licensed Compounds and/or the BMS Licensed Products, the Company is required to share with BMS a portion of all consideration received from such sublicense or assignment, ranging from a mid-teen to mid-double-digit percentage, depending on the development stage of the most advanced BMS Licensed Compound or BMS Licensed Product that is subject to the applicable sublicense or assignment, but such portion may be reduced based on the milestone or royalty payments that are payable by the Company to BMS under the BMS License Agreement. The Company accounted for the acquisition of the rights granted by BMS as an asset acquisition because it did not meet the definition of a business. The Company recorded the total consideration transferred and value of shares issued to BMS as research and development expense in the consolidated statement of operations as incurred since the acquired the rights granted by BMS represented in-process research and development and had no alternative future use. The Company accounts for contingent consideration payable upon achievement of sales milestones in such asset acquisitions when the underlying contingency is resolved. The BMS License Agreement remains in effect, on a country-by-country and BMS Licensed Product-by-BMS Licensed Product basis, until the expiration of royalty obligations with respect to a given BMS Licensed Product in the applicable country. Royalties are paid on a country-by-country and BMS Licensed Product-by-BMS Licensed Product basis from the first commercial sale of a particular BMS Licensed Product in a country until the latest of 10 years after the first commercial sale of such BMS Licensed Product in such country, (b) when such BMS Licensed Product is no longer covered by a valid claim in the licensed patent rights in such country, or (c) the expiration of any regulatory or marketing exclusivity for such BMS Licensed Product in such country. Any inventions, and related patent rights, invented solely by either party pursuant to activities conducted under the BMS License Agreement shall be solely owned by such party, and any inventions, and related patent rights, conceived of jointly by the Company and BMS pursuant to activities conducted under the BMS License Agreement shall be jointly owned by the Company and BMS, with BMS’s rights thereto included in the Company’s exclusive license. The Company has the first right—with reasonable consultation with, or participation by, BMS—to prepare, prosecute, maintain and enforce the licensed patents, at the Company’s expense. BMS has the right to terminate the BMS License Agreement in its entirety upon written notice to the Company (a) for insolvency-related events involving the Company, (b) for the Company’s material breach of the BMS License Agreement if such breach remains uncured for a defined period of time, for the Company’s failure to fulfill its obligations to develop or commercialize the BMS Licensed Compounds and/or BMS Licensed Products not remedied within a defined period of time following written notice by BMS, or (d) if the Company or its affiliates commence any action challenging the validity, scope, enforceability or patentability of any of the licensed patent rights. The Company has the right to terminate the BMS License Agreement (a) for convenience upon prior written notice to BMS, the length of notice dependent on whether a BMS Licensed Project has received regulatory approval, (b) upon immediate written notice to BMS for insolvency-related events involving BMS, (c) for BMS’s material breach of the BMS License Agreement if such breach remains uncured for a defined period of time, or (d) on a BMS Licensed Compound-by-BMS Licensed Compound and/or BMS Licensed Product-by-BMS Licensed Product basis upon immediate written notice to BMS if the Company reasonably determine that there are unexpected safety and public health issues relating to the applicable BMS Licensed Compounds and/or BMS Licensed Products. Upon termination of the BMS License Agreement in its entirety by the Company for convenience or by BMS, the Company grants an exclusive, non-transferable, sublicensable, worldwide license to BMS under certain of its patent rights that are necessary to develop, manufacture or commercialize BMS Licensed Compounds or BMS Licensed Products. In exchange for such license, BMS must pay the Company a low single-digit percentage royalty on net sales of the BMS Licensed Compounds and/or BMS Licensed Products by it or its affiliates, licensees or sublicensees, provided that the termination occurred after a specified developmental milestone for such BMS Licensed Compounds and/ or BMS Licensed Products. Option and License Agreement with Novartis International Pharmaceutical Ltd. In December 2018, the Company entered into an evaluation, option and license agreement, or the Novartis Option Agreement, with Novartis, pursuant to which Novartis agreed to conduct certain studies to evaluate AL102 in combination with its B-cell maturation antigen, or BCMA, therapies in multiple myeloma, and the Company agreed to supply AL102 for such studies. All supply and development costs associated with such evaluation studies were fully borne by Novartis. Under the Novartis Option Agreement, the Company granted Novartis an exclusive option to obtain an exclusive (including as to the Company and its affiliates), sublicensable (subject to certain terms and conditions), worldwide license and sublicense (as applicable) under certain patent rights and know-how controlled by the Company (including applicable patent rights and know-how that are licensed from BMS pursuant to the BMS License Agreement) to research, develop, manufacture (subject to the Company’s non-exclusive right to manufacture and supply AL102 or the Novartis Licensed Product for Novartis) and commercialize AL102 or any pharmaceutical product containing AL102 as the sole active ingredient, or the Novartis Licensed Product, for the diagnosis, prophylaxis, treatment, or prevention of multiple myeloma in humans. The Company also granted Novartis the right of first negotiation for the license rights to conduct development or commercialization activities with respect to the use of AL102 for indications other than multiple myeloma. Additionally, from the exercise by Novartis of its option until the termination of the Novartis Option Agreement, the Company was not able to, either itself or through its affiliates or any other third parties, directly or indirectly research, develop or commercialize certain BCMA-related compounds for the treatment of multiple myeloma. According to the agreement, Novartis was obligated to pay the Company a low eight figure option exercise fee in order to exercise its option and activate its license, upon which the Company would have been eligible to receive development, regulatory and commercial milestone payments of up to $245 million in the aggregate and tiered royalties on net sales of Novartis Licensed Products by Novartis or its affiliates or sublicensees at rates ranging from a mid-single-digit to low double-digit percentage, depending on the total annual worldwide net sales of Novartis Licensed Products. Royalties were to be paid on a country-by-country and Novartis Licensed Product-by-Novartis Licensed Product basis from the first commercial sale of a particular Novartis Licensed Product in a country until the latest of (a) 10 years after the first commercial sale of such Novartis Licensed Product in such country, (b) when such Novartis Licensed Product is no longer covered by a valid claim in the licensed patent rights in such country, or (c) the expiration of any regulatory or marketing exclusivity for such Novartis Licensed Product in such country. Contemporaneously with the Novartis Option Agreement, the Company entered into a stock purchase agreement and associated investment agreements, or the SPA, with Novartis’ affiliate, Novartis Institutes for BioMedical Research, Inc., or NIBRI, pursuant to which NIBRI acquired a $10 million equity stake in the Company. Novartis owned any inventions, and related patent rights, invented solely by it or jointly with the Company in connection with activities conducted pursuant to the Novartis Option Agreement. The Company maintained first right to prosecute and maintain any patents licensed to Novartis, both before and after its exercise of its option. The Company maintained the first right to defend and enforce its patents prior to Novartis’s exercise of its option, upon which Novartis gains such right with respect to patents included in the license. On June 2, 2022, Novartis informed the Company that Novartis does not intend to exercise its option to obtain an exclusive license for AL102, thereby terminating the agreement. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 5—SUBSEQUENT EVENTS Pursuant to the Sales Agreement, in August 2022, the Company sold a total of 263,875 shares of common stock for total gross proceeds of approximately $419 thousand, or $406 thousand net of issuance costs. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
General | General a) Ayala Pharmaceuticals, Inc. (the “Company”) was incorporated in November 2017. The Company is a clinical stage oncology company dedicated to developing and commercializing small molecule therapeutics for patients suffering from rare and aggressive cancers, primarily in genetically defined patient populations. The Company’s current portfolio of product candidates, AL101 and AL102, target the aberrant activation of the Notch pathway with gamma secretase inhibitors. b) In 2017, the Company entered into an exclusive worldwide license agreement with respect to AL101 and AL102. See note 4. c) The Company’s lead product candidates, AL101 and AL102, have completed preclinical and Phase 1 studies. AL102 is currently being evaluated in a pivotal Phase 2/3 trial (RINGSIDE) in patients with Desmoids tumors and was evaluated in a Phase 1 clinical trial in combination with Novartis’ BMCA targeting agent, WVT078, in Patients with relapsed/refractory Multiple Myeloma. AL101 is currently being evaluated in a Phase 2 trial (ACCURACY) in patients with recurrent/metastatic adenoid cystic carcinoma (“R/M ACC”) bearing Notch-activating mutations is ongoing. d) The Company has a wholly-owned Israeli subsidiary, Ayala-Oncology Israel Ltd. (the “Subsidiary”), which was incorporated in November 2017. |
Initial Public Offering and Other Transactions | Initial Public Offering and Other Transactions On February 19, 2021, the Company entered into a Securities Purchase Agreement (the “2021 Purchase Agreement”) with the purchasers named therein (the “Investors”). Pursuant to the 2021 Purchase Agreement, the company agreed to sell (i) an aggregate of 333,333 shares of the Company’s Common Stock (the “Private Placement Shares”), \ In June 2021, the Company entered into an Open Market Sales Agreement, or the Sales Agreement, with Jefferies LLC, or Jefferies, as sales agent, pursuant to which the Company may, from time to time, issue and sell Common Stock with an aggregate value of up to $200.0 million in “at-the-market” offerings (the “ATM”) registration statement Registration Statement |
Going Concern | Going Concern The Company has incurred recurring losses since inception as a research and development organization and has an accumulated deficit of $129.4 million as of June 30, 2022. For the six months ended June 30, 2022, the Company used approximately $17.0 million of cash in operations. The Company has relied on its ability to fund its operations through public and private equity financings. The Company expects operating losses and negative cash flows to continue at significant levels in the future as it continues its clinical trials. As of June 30, 2022, the Company had approximately $20.4 million in cash and cash equivalents and restricted bank deposits, which, without additional funding, the Company believes will not be sufficient to meet its obligations within the next twelve months from the date of issuance of these consolidated financial statements. The Company plans to continue to fund its operations through public or private debt and equity financings, but there can be no assurances that such financing will continue to be available to the Company on satisfactory terms, or at all. If the Company is unable to obtain funding, the Company would be forced to delay, reduce or eliminate its research and development programs, which could adversely affect its business prospects, or the Company may be unable to continue operations. As such, those factors raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated financial statements have been prepared assuming that the Company will continue as a going concern. Therefore, the condensed consolidated financial statements for the six months ended June 30, 2022 do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from uncertainty related to the Company’s ability to continue as a going concern. |
Basis of Presentation | Basis of Presentation The accompanying unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for annual financial statements. In the opinion of management, all adjustments (of a normal recurring nature) considered necessary for a fair statement of the results for the interim periods presented have been included. Operating results for the interim period are not necessarily indicative of the results that may be expected for the full year. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements for the year ended December 31, 2021, included in the Company’s Annual Report on Form 10-K filed for the year ended December 31, 2021 (the “Annual Report”) with the Securities and Exchange Commission (the “SEC”). The Company’s significant accounting policies have not changed materially from those included in Note 2 of the Company’s audited consolidated financial statements for the year ended December 31, 2021 included in the Company’s Annual Report, unless otherwise stated. |
Use of estimates | Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company’s management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements. Actual results could differ from those estimates. |
Net Loss per Share | Net Loss per Share Basic loss per share is computed by dividing the net loss by the weighted average number of shares of Common Stock outstanding during the period. Diluted loss per share is computed by dividing the net loss by the weighted average number of shares of Common Stock outstanding together with the number of additional shares of Common Stock that would have been outstanding if all potentially dilutive shares of Common Stock had been issued. Diluted net loss per share is the same as basic net loss per share in periods when the effects of potentially dilutive shares of Common Stock are anti-dilutive. The calculation of basic and diluted loss per share includes 1,333,333 weighted average warrants with an exercise price of $0.01 for the three and six month ended June 30, 2022 and 2021. The calculation of diluted loss per share does not include 583,332 Warrants and 1,159,169 options outstanding to purchase common stock with anti-dilutive effect for the six months ended June 30, 2022. The calculation of diluted loss per share does not include 583,332 Warrants and 901,067 options outstanding to purchase common stock with anti-dilutive effect for the three and six month ended June 30, 2021. |
Newly Issued Accounting Pronouncements | Newly Issued Accounting Pronouncements As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflects this election. In February 2016, the FASB issued ASU 2016-02—Leases, requiring the recognition of lease assets and liabilities on the balance sheet. The standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding right-of-use asset for leases with a lease-term of more than 12 months. The standard is effective for the Company for fiscal years beginning after December 15, 2021, and interim periods within fiscal years beginning after December 15, 2022. This adoption approach will result in a balance sheet presentation that will not be comparable to the prior period in the first year of adoption. The adoption of this ASU will result in the recognition of operating lease assets and liabilities of approximately $4.8 million. The Company is still in the process of finalizing the calculation. The standard is not expected to have a material impact on the Company's results of operations or cash flows. In June 2016, the FASB issued ASU No. 2016-13 (Topic 326), Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance will be effective for the Company for fiscal years beginning after December 15, 2022. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2016-13 will have on its consolidated financial statements. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, which simplifies the accounting for income taxes by removing a variety of exceptions within the framework of ASC 740. These exceptions include the exception to the incremental approach for intra-period tax allocation in the event of a loss from continuing operations and income or a gain from other items (such as other comprehensive income), and the exception to using general methodology for the interim period tax accounting for year-to-date losses that exceed anticipated losses. The guidance will be effective for the Company beginning January 1, 2023, and interim periods in fiscal years beginning January 1, 2023. Early adoption is permitted. The Company has evaluated and has determined that there the Company’s |
Recently issued and adopted pronouncements | Recently issued and adopted pronouncements In August 2020, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 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): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (ASU 2020-06), which simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. This guidance also eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. ASU 2020-06 is effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2020. The Company elected to early adopt ASU 2020-06 on January 1, 2022. Adoption |
Tax (Tables)
Tax (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of unrecognized tax benefits | Six months Year ended ended June 30, December 31, 2022 2021 (in thousands) Uncertain tax position at the beginning of the period $ 858 $ 581 Additions for uncertain tax position of prior years (foreign exchange and interest) 20 17 Additions for tax positions of current period 367 260 Uncertain tax position at the end of the period $ 1,245 $ 858 |
Commitments and Contingent (Tab
Commitments and Contingent (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of minimum rental payments under operating leases | Year ended December 31, 2022 205 2023 409 2024 145 $ 759 |
Significant Accounting Polici_2
Significant Accounting Policies (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Feb. 19, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Significant Accounting Policies (Details) [Line Items] | ||||||
Common stock sold shares | 4,900 | 827,094 | ||||
Common stock par value (in Dollars per share) | $ 0.01 | $ 0.01 | $ 0.01 | |||
Aggregate offering value (in Dollars) | $ 200,000,000 | $ 200,000,000 | ||||
Gross proceeds from common stock (in Dollars) | $ 44,000 | |||||
Accumulated deficit (in Dollars) | $ (129,378,000) | (129,378,000) | $ (111,141,000) | |||
Cash in operations (in Dollars) | (17,007,000) | $ (21,197,000) | ||||
Cash and cash equivalents (in Dollars) | $ 20,400,000 | $ 20,400,000 | ||||
Weighted average of warrants | 15,312,766 | 14,417,423 | 15,306,823 | 13,954,676 | ||
Basic and diluted loss per share (in Dollars per share) | $ (0.54) | $ (0.75) | $ (1.19) | $ (1.46) | ||
Operating lease assets and liabilities (in Dollars) | $ 4,800,000 | |||||
Options Outstanding [Member] | ||||||
Significant Accounting Policies (Details) [Line Items] | ||||||
Purchase common stock with anti-dilutive effect | 1,159,169 | 901,067 | ||||
Warrant [Member] | ||||||
Significant Accounting Policies (Details) [Line Items] | ||||||
Weighted average of warrants | 1,333,333 | |||||
Basic and diluted loss per share (in Dollars per share) | $ 0.01 | |||||
Purchase common stock with anti-dilutive effect | 583,332 | 583,332 | ||||
2021 Purchase Agreement [Member] | ||||||
Significant Accounting Policies (Details) [Line Items] | ||||||
Warrants to purchase common stock purchase price (in Dollars per share) | $ 18.1 | |||||
2021 Purchase Agreement [Member] | Private Placement [Member] | ||||||
Significant Accounting Policies (Details) [Line Items] | ||||||
Common stock sold shares | 333,333 | |||||
Common stock par value (in Dollars per share) | $ 0.01 | |||||
Aggregate purchase shares | 116,666 | |||||
Aggregate purchase price (in Dollars) | $ 19,986,661.67 | |||||
2021 Purchase Agreement [Member] | Common Warrants [Member] | ||||||
Significant Accounting Policies (Details) [Line Items] | ||||||
Aggregate purchase price (in Dollars) | $ 4,999,995 | |||||
2021 Purchase Agreement [Member] | Prefunded Warrants [Member] | ||||||
Significant Accounting Policies (Details) [Line Items] | ||||||
Aggregate purchase shares | 1,333,333 | |||||
Warrants to purchase common stock purchase price (in Dollars per share) | $ 0.01 | |||||
2021 Purchase Agreement [Member] | Private Placement [Member] | ||||||
Significant Accounting Policies (Details) [Line Items] | ||||||
Aggregate purchase shares | 466,666 | |||||
Sales Agreement [Member] | ||||||
Significant Accounting Policies (Details) [Line Items] | ||||||
Gross proceeds from common stock (in Dollars) | $ 10,400,000 |
Revenues (Details)
Revenues (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Novartis Agreement [Member] | Novartis International Pharmaceutical Agreement [Member] | ||
Revenues (Details) [Line Items] | ||
Research and development services | $ 0.5 | $ 1.7 |
Tax (Details)
Tax (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Jun. 30, 2021 |
Income Tax Disclosure [Abstract] | ||
Interest and penalties | $ 1,200 | $ 700 |
Accrued interest | $ 63 | $ 30 |
Tax (Details) - Schedule of unr
Tax (Details) - Schedule of unrecognized tax benefits - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Schedule of unrecognized tax benefits [Abstract] | ||
Uncertain tax position at the beginning of the period | $ 858 | $ 581 |
Additions for uncertain tax position of prior years (foreign exchange and interest) | 20 | 17 |
Additions for tax positions of current period | 367 | 260 |
Uncertain tax position at the end of the period | $ 1,245 | $ 858 |
Commitments and Contingent (Det
Commitments and Contingent (Details) - USD ($) $ in Millions | 1 Months Ended | 6 Months Ended |
Jan. 31, 2019 | Jun. 30, 2022 | |
Commitments and Contingent (Details) [Line Items] | ||
Lease term | 63 months | |
Lease for additional | 60 months | |
Leasehold improvements | $ 0.5 | |
New office lease agreement | $ 0.2 | |
Equity stake | $ 10 | |
New Lease Agreement [Member] | ||
Commitments and Contingent (Details) [Line Items] | ||
Lease term | 30 months | |
BMS License Agreement [Member] | ||
Commitments and Contingent (Details) [Line Items] | ||
Term of license agreement | 10 years | |
BMS License Agreement [Member] | BMS [Member] | ||
Commitments and Contingent (Details) [Line Items] | ||
Collaborative arrangement, milestone payments liability | $ 95 | |
Collaborative arrangement, additional milestone payments | 47 | |
Collaborative arrangements sales based milestone amount payable | $ 50 | |
Option And License Agreement [Member] | Novartis International Pharmaceutical Ltd. [Member] | ||
Commitments and Contingent (Details) [Line Items] | ||
Term of license agreement | 10 years | |
Milestone payment receivable | $ 245 |
Commitments and Contingent (D_2
Commitments and Contingent (Details) - Schedule of minimum rental payments under operating leases $ in Thousands | Jun. 30, 2022 USD ($) |
Schedule of minimum rental payments under operating leases [Abstract] | |
2022 | $ 205 |
2023 | 409 |
2024 | 145 |
Total | $ 759 |
Subsequent Events (Details)
Subsequent Events (Details) | 1 Months Ended |
Aug. 31, 2022 | |
Subsequent Event [Member] | |
Subsequent Events (Details) [Line Items] | |
Pursuant to sales agreement | Pursuant to the Sales Agreement, in August 2022, the Company sold a total of 263,875 shares of common stock for total gross proceeds of approximately $419 thousand, or $406 thousand net of issuance costs. |