Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2021 | |
Cover Abstract | |
Entity Registrant Name | PainReform Ltd. |
Document Type | 6-K |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Central Index Key | 0001801834 |
Document Period End Date | Jun. 30, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Entity File Number | 001-39481 |
Entity Address, Address Line One | 4 Bruria |
Entity Address, City or Town | St. Tel Aviv |
Entity Address, Postal Zip Code | 6745442 |
Entity Address, Country | IL |
CONDENSED BALANCE SHEETS (UNAUD
CONDENSED BALANCE SHEETS (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 17,787 | $ 15,677 |
Restricted cash | 17 | 13 |
Prepaid clinical trial expenses and deferred clinical trial costs | 1,728 | 1,294 |
Prepaid expenses and other current assets | 282 | 807 |
Total current assets | 19,814 | 17,791 |
Property and equipment, net | 24 | 10 |
Total assets | 19,838 | 17,801 |
Current liabilities: | ||
Trade payables | 57 | 720 |
Other accounts payable and accrued expenses | 556 | 241 |
Total current liabilities | 613 | 961 |
Non-current liabilities: | ||
Provision for uncertain tax positions | 220 | 220 |
Total liabilities | 833 | 1,181 |
Shareholders’ equity: | ||
Ordinary shares, NIS 0.03 par value; Authorized: 16,666,667 shares as of June 30, 2021 and December 31, 2020, respectively; Issued and outstanding: 10,062,383 and 8,758,037 shares as of June 30, 2021 and December 31, 2020, respectively | 90 | 78 |
Additional paid-in capital | 39,138 | 33,023 |
Accumulated deficit | (20,223) | (16,481) |
Total shareholders’ equity | 19,005 | 16,620 |
Total liabilities and shareholders’ equity | $ 19,838 | $ 17,801 |
CONDENSED BALANCE SHEETS (UNA_2
CONDENSED BALANCE SHEETS (UNAUDITED) (Parentheticals) - ₪ / shares | Jun. 30, 2021 | Dec. 31, 2020 |
Statement of Financial Position [Abstract] | ||
Convertible preferred stock, par value per share (in New Shekels per share) | ₪ 0.03 | ₪ 0.03 |
Ordinary shares, shares authorized | 16,666,667 | 16,666,667 |
Ordinary shares, shares issued | 10,062,383 | 8,758,037 |
Ordinary shares, shares outstanding | 10,062,383 | 8,758,037 |
CONDENSED STATEMENTS OF COMPREH
CONDENSED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Operating expenses: | ||
Research and development expenses | $ (1,731) | $ (65) |
General and administrative expenses | (1,968) | (215) |
Operating loss | (3,699) | (280) |
Financial expense, net | (43) | (1,683) |
Net loss and comprehensive loss | $ (3,742) | $ (1,963) |
Basic and diluted net loss per share (in Dollars per share) | $ (0.39) | $ (4.44) |
Weighted average number of shares of ordinary share used in computing basic and diluted net loss per share (in Shares) | 9,562,384 | 576,556 |
CONDENSED STATEMENT OF CHANGES
CONDENSED STATEMENT OF CHANGES IN CONVERTIBLE PREFERRED SHARES AND SHAREHOLDER'S DEFICIT (Unaudited) - USD ($) $ in Thousands | Convertible preferred shares | Ordinary shares | Additional paid-in capital | Accumulated deficit | Total |
Balance at Dec. 31, 2019 | $ 6,621 | $ 5 | $ 180 | $ (12,428) | $ (12,243) |
Balance, shares (in Shares) at Dec. 31, 2019 | 2,954,267 | 576,556 | |||
Share-based compensation | $ 0 | $ 0 | 26 | 0 | 26 |
Share-based compensation, shares (in Shares) | 0 | 0 | |||
Operating lease provided by controlling shareholder | 16 | 0 | 16 | ||
Net loss and comprehensive loss | 0 | (1,963) | (1,963) | ||
Balance at Jun. 30, 2020 | $ 6,621 | $ 5 | 222 | (14,391) | (14,164) |
Balance, shares (in Shares) at Jun. 30, 2020 | 2,954,267 | 576,556 | |||
Balance at Dec. 31, 2020 | $ 0 | $ 78 | 33,023 | (16,481) | 16,620 |
Balance, shares (in Shares) at Dec. 31, 2020 | 0 | 8,758,037 | |||
Share-based compensation to employees and directors | $ 0 | $ 0 | 367 | 0 | 367 |
Share-based compensation to employees and directors, shares (in Shares) | 0 | 0 | |||
Share-based compensation to service providers | $ 0 | $ 0 | 206 | 0 | 206 |
Share-based compensation to service providers, shares (in Shares) | 0 | 0 | |||
Share issuance - Private Investment in Public Equity ("PIPE"), net | $ 0 | $ 12 | 3,771 | 0 | 3,783 |
Share issuance - Private Investment in Public Equity ("PIPE"), net, shares (in Shares) | 0 | 1,304,346 | |||
Warrants issued under Private Investment in Public Equity, net | $ 0 | $ 0 | 1,771 | 0 | 1,771 |
Warrants issued under Private Investment in Public Equity, net, shares (in Shares) | 0 | 0 | |||
Net loss and comprehensive loss | (3,742) | (3,742) | |||
Balance at Jun. 30, 2021 | $ 0 | $ 90 | $ 39,138 | $ (20,223) | $ 19,005 |
Balance, shares (in Shares) at Jun. 30, 2021 | 10,062,383 |
CONDENSED STATEMENTS OF CASH FL
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | ||
Cash flows from operating activities | |||
Net loss | $ (3,742) | $ (1,963) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 2 | [1] | |
Share-based compensation to employees and directors | 367 | 26 | |
Share-based compensation to service providers | 206 | ||
Accrued interest and amortization of discount on convertible notes | 0 | 621 | |
Revaluation of derivative warrant liability | 0 | 1,065 | |
Operating lease provided by controlling shareholder | 0 | 16 | |
Change in: | |||
Other current assets | 90 | 11 | |
Trade payables | (663) | 13 | |
Other accounts payable | 316 | (104) | |
Net cash used in operating activities | (3,424) | (315) | |
Cash flows from investing activities | |||
Purchase of property and equipment | (16) | [1] | |
Net cash used in investing activities | (16) | [1] | |
Cash flows from financing activities | |||
Payment of financing fees in connection with initial public offering | 0 | (82) | |
Proceeds from issuance of ordinary shares under Private Investment in Public Equity, net | 5,554 | 0 | |
Net cash provided by (used in) financing activities | 5,554 | (82) | |
Change in cash, cash equivalents and restricted cash | 2,114 | (397) | |
Cash, cash equivalents and restricted cash at the beginning of the year | 15,690 | 947 | |
Cash, cash equivalents and restricted cash at the end of the period | $ 17,804 | $ 550 | |
[1] | Less than $1. |
GENERAL
GENERAL | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
GENERAL | NOTE 1: GENERAL a. The Company was incorporated and started business operations in November 2007. The Company is a clinical stage specialty pharmaceutical company focused on the reformulation of established therapeutics. The Company’s proprietary extended-release drug-delivery system is designed to provide an extended period of post-surgical pain relief without the need for repeated dose administration while reducing the potential need for the use of opiates. b. Since its inception, the Company has devoted substantially all of its efforts to research and development, clinical trials, and capital raising activities. The Company is still in its development and clinical stage and has not yet generated revenues. The Company has incurred losses of $3.7 million and $2.0 million for the periods ended June 30, 2021 and 2020, respectively. As of June 30, 2021, the Company’s accumulated deficit was $20.2 million. The Company has funded its operations to date primarily through equity financing. Additional funding will be required to complete the Company’s research and development and clinical trials, to attain regulatory approvals, to begin the commercialization efforts of the Company’s product and to achieve a level of sales adequate to support the Company’s cost structure. On September 3, 2020, the Company closed an IPO of 2,500,000 units at a price of $8.00 per unit for gross proceeds of approximately $20,000 (net proceeds of approximately $17.3 million after deducting underwriting discounts and commissions and other offering expenses). Refer to Note 1(d). On March 11, 2021, the Company closed a private placement of 1,304,346 ordinary shares and accompanying warrants to purchase an aggregate of up to 652,173 ordinary shares at a combined purchase price of $4.60 per share and accompanying warrant resulting in gross proceeds of $6,000. Refer to Note 1(e). Based on the Company's current operating plan, the Company believes that its existing capital resources will be sufficient to fund operations for at least one year after the date these financial statements are issued. c. The Company effected a 1-for-3 reverse split of the Company’s ordinary shares and convertible preferred shares on July 6, 2020. All issued and outstanding ordinary shares and convertible preferred shares and related per share amounts contained in these financial statements have been retroactively adjusted to reflect this reverse share split for all periods presented. d. On September 3, 2020, the Company closed its IPO of 2,500,000 units at a price of $8.00 per unit. Each unit consisted of one ordinary share and one warrant to purchase one ordinary share. The ordinary shares and warrants were immediately separable from the units and were issued separately. The warrants are exercisable immediately, expire five years from the date of issuance and have an exercise price of $8.80 per share. On October 5, 2020, the underwriters exercised their over-allotment option and were issued warrants to purchase 375,000 ordinary shares in return for net amount of $3. The Company received gross proceeds of approximately $20,000 (net proceeds of approximately $17,300 after deducting underwriting discounts and commissions and other offering expenses). e. On March 11, 2021, the Company closed a private placement of 1,304,346 ordinary shares and accompanying warrants to purchase an aggregate of up to 652,173 ordinary shares at a combined purchase price of $4.60 per share and accompanying warrant resulting in gross proceeds of $6,000.The warrants are exercisable immediately at an exercise price of $4.60 per share and expire five and a half years from the issuance date. In connection with the private placement, the Company also entered into a registration rights agreement, dated as of March 8, 2021 with the purchasers in the offering pursuant to which the Company filed a registration statement SEC on April 1, 2021 to register the resale of the ordinary shares and the ordinary shares issuable upon exercise of the warrants, of which such registration statement was declared effective on April 9, 2021. The Company paid the placement agents of the private placement a cash placement fee equal to $390 and an expense reimbursement of $40. The Company also issued to the placement agents warrants to purchase 52,173 ordinary shares, at an exercise price of $5.06 per ordinary share and a term expiring on March 8, 2026. f. Public health epidemics or outbreaks could adversely impact the Company’s business. In late 2019, a novel strain of COVID-19, also known as coronavirus, was reported in Wuhan, China. While initially the outbreak was largely concentrated in China, it rapidly spread across the globe, including in Israel and the United States. The extent to which COVID-19 pandemic impacts the Company’s operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration and severity of the outbreak, and the actions that may be required to contain the coronavirus or treat its impact. In particular, the continued spread of the coronavirus globally, could adversely impact the Company’s operations and workforce, including other Company’s research and clinical trials and its ability to raise capital, which in turn could have an adverse impact on the Company's business, financial condition and results of operation. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2: SIGNIFICANT ACCOUNTING The significant accounting policies that have been applied in the preparation of the unaudited condensed financial statements are identical to those that were applied in preparation of the Company’s most recent annual financial statements in connection with its Annual Report on Form 20-F, except for the following: - In August 2020, the FA SB issued guidance that is expected to reduce complexity and improve comparability of financial reporting associated with accounting for convertible instruments and contracts in an entity’s own equity. This guidance will be effective for the Company on January 1, 2022. - ASC Topic 740, "Income Taxes ", was amended to simplify the accounting for income taxes to improve consistency of accounting methods and remove certain exceptions. The amendment is effective for the Company beginning January 1, 2021. |
UNAUDITED CONDENSED FINANCIAL S
UNAUDITED CONDENSED FINANCIAL STATEMENTS | 6 Months Ended |
Jun. 30, 2021 | |
Condensed Financial Information Disclosure [Abstract] | |
UNAUDITED CONDENSED FINANCIAL STATEMENTS | NOTE 3: UNAUDITED CONDENSED FINANCIAL STATEMENTS The accompanying balance sheet as of June 30, 2021, the statements of comprehensive loss, the statements of cash flows and the statement of changes in convertible preferred shares and shareholders’ equity for the six months ended June 30, 2021 and 2020, are unaudited. The accompanying unaudited financial statements have been prepared in a condensed format and include the unaudited financial operations of the Company as of June 30, 2021 and for the six months period then ended, in accordance with U.S. GAAP, relating to the preparation of financial statements for interim periods. Accordingly, the accompanying unaudited financial statements do not include all the information and footnotes required by generally accepted accounting principles for complete set of financial statements. These unaudited financial statements should be read in conjunction with the audited financial statements and the accompanying notes of the Company for the year ended December 31, 2020 included in the Company's Annual report on Form 20-F filed with the SEC on March 18, 2021. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2021, are not necessarily indicative of the results that may be expected for the year ended December 31, 2021. |
LOSS PER SHARE
LOSS PER SHARE | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
LOSS PER SHARE | NOTE 4: LOSS PER SHARE Basic loss per share is calculated based on the weighted average number of ordinary shares outstanding during each period. All outstanding share options, convertible notes, and warrants have been excluded from the calculation of the diluted net loss per share as all such securities are anti-dilutive for all years presented. The loss and the weighted average number of shares used in computing basic and diluted net loss per share is as follows: Six months ended 2021 2020 Numerator: Net loss applicable to shareholders of ordinary shares $ (3,742 ) $ (1,963 ) Interest accrued on preferred shares - (597 ) Total loss attributed to ordinary shares (3,742 ) (2,560 ) Denominator: Shares of ordinary share used in computing basic and diluted net loss per share 9,562,384 576,556 Net loss per share of ordinary share, basic and diluted $ (0.39 ) $ (4.44 ) |
SHAREHOLDERS' Equity
SHAREHOLDERS' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
SHAREHOLDERS’ Equity | NOTE 5: SHAREHOLDERS’ Equity Shares based compensation : Share options outstanding and exercisable to employees and directors under the 2008 Plan as of June 30, 2021 and December 31, 2020 were as follows: Number of options Weighted average exercise price Weighted average remaining contractual life Options outstanding as of December 31, 2020 153,882 $ 0.24 3.25 Options outstanding as of June 30, 2021 153,882 $ 0.24 2.75 Options exercisable as of June 30, 2021 153,882 $ 0.24 2.75 Share options outstanding and exercisable to employees and directors under the 2019 Plan as of June 30, 2021 and December 31, 2020, were as follows: Number of options Weighted average exercise price Weighted average remaining contractual life Options outstanding as of December 31, 2020 219,456 $ 2.62 8.56 Options outstanding as of June 30, 2021 971,477 $ 3.93 9.22 Options exercisable as of June 30, 2021 213,061 $ 2.57 8.06 Warrants and warrants units The following table s summarizes the warrants and warrants units outstanding as of June 30, 2021: Type ISSUANCE DATE NUMBER OF WARRANTS EXERCISE PRICE EXERCISABLE THROUGH August 2019 warrants August 22, 2019 205,268 $6.72 (*) August 22, 2024 December 2019 warrants December 9, 2019 92,321 $6.72 (*) December 8, 2024 Warrants to bridge financing placement agent September 3, 2020 55,785 $6.72 (*) December 8, 2024 Warrants to underwriter September 3, 2020 125,000 $10.00 September 1, 2025 Warrants to underwriter October 5, 2020 375,000 $8.80 September 3, 2025 IPO warrants (note 1c) September 3, 2020 2,812,170 $8.80 September 3, 2025 PIPE warrants (note 1c) March 11, 2021 652,173 $4.60 September 10, 2026 Warrants to PIPE placement agent (note 1c) March 11,2021 52,173 $5.06 March 8, 2026 (*) Each warrant is exercisable into one IPO unit consisting of one share and one IPO warrant. |
FINANCIAL EXPENSES, NET
FINANCIAL EXPENSES, NET | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
FINANCIAL EXPENSES, NET | NOTE 6: FINANCIAL EXPENSES, NET Six months ended 2021 2020 Interest expense and amortization of discount on convertible notes - 621 Bank fees (3 ) 1 Change in fair value of derivative warrant liability - 1,065 Exchange rate differences (40 ) (4 ) Total financial expenses, net $ (43 ) $ 1,683 |
CLINICAL TRIALS
CLINICAL TRIALS | 6 Months Ended |
Jun. 30, 2021 | |
Clinical Trails [Abstract] | |
CLINICAL TRIALS | NOTE 7: CLINICAL TRIALS On November 13, 2020 (the "First Agreement Execution Date"), the Company entered into a Master Clinical Research Organization Agreement (the "First Agreement"), and on December 3, 2020, the Company entered into a Master Clinical Trial Agreement (the "Second Agreement") both with Lotus Clinical Research as the Company's clinical research organization for the Company's planned Phase 3 trials of PRF-110, which are expected to take place in 2021. Under the First Agreement, the Company paid the first milestone of $581 on December 28, 2020 and additional two milestones of $581 during the first six months of 2021. In addition, the Company paid a non-refundable deposit of $710 under the Second Agreement in January 2021. As of June 30, 2021, the Company accounted these amounts of net $1,728 as prepaid clinical trial expense and deferred clinical trial costs after recognition of $145 clinical trials expenses. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 1 Months Ended |
Jul. 22, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 8: SUBSEQUENT EVENTS In July 2021, the Company issued 419,673 ordinary shares upon exercise of warrants for consideration totaling $1,930. |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Schedule of loss per Share | Six months ended 2021 2020 Numerator: Net loss applicable to shareholders of ordinary shares $ (3,742 ) $ (1,963 ) Interest accrued on preferred shares - (597 ) Total loss attributed to ordinary shares (3,742 ) (2,560 ) Denominator: Shares of ordinary share used in computing basic and diluted net loss per share 9,562,384 576,556 Net loss per share of ordinary share, basic and diluted $ (0.39 ) $ (4.44 ) |
SHAREHOLDERS' Equity (Tables)
SHAREHOLDERS' Equity (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Stockholders' Equity Note [Abstract] | |
Schedule of share options outstanding and exercisable to employees and directors | Number of options Weighted average exercise price Weighted average remaining contractual life Options outstanding as of December 31, 2020 153,882 $ 0.24 3.25 Options outstanding as of June 30, 2021 153,882 $ 0.24 2.75 Options exercisable as of June 30, 2021 153,882 $ 0.24 2.75 Share options outstanding and exercisable to employees and directors under the 2019 Plan as of June 30, 2021 and December 31, 2020, were as follows: Number of options Weighted average exercise price Weighted average remaining contractual life Options outstanding as of December 31, 2020 219,456 $ 2.62 8.56 Options outstanding as of June 30, 2021 971,477 $ 3.93 9.22 Options exercisable as of June 30, 2021 213,061 $ 2.57 8.06 |
Schedule of warrants and warrants units outstanding | Type ISSUANCE DATE NUMBER OF WARRANTS EXERCISE PRICE EXERCISABLE THROUGH August 2019 warrants August 22, 2019 205,268 $6.72 (*) August 22, 2024 December 2019 warrants December 9, 2019 92,321 $6.72 (*) December 8, 2024 Warrants to bridge financing placement agent September 3, 2020 55,785 $6.72 (*) December 8, 2024 Warrants to underwriter September 3, 2020 125,000 $10.00 September 1, 2025 Warrants to underwriter October 5, 2020 375,000 $8.80 September 3, 2025 IPO warrants (note 1c) September 3, 2020 2,812,170 $8.80 September 3, 2025 PIPE warrants (note 1c) March 11, 2021 652,173 $4.60 September 10, 2026 Warrants to PIPE placement agent (note 1c) March 11,2021 52,173 $5.06 March 8, 2026 (*) Each warrant is exercisable into one IPO unit consisting of one share and one IPO warrant. |
FINANCIAL EXPENSES, NET (Tables
FINANCIAL EXPENSES, NET (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure Text Block Supplement [Abstract] | |
Schedule of financial expenses, net | Six months ended 2021 2020 Interest expense and amortization of discount on convertible notes - 621 Bank fees (3 ) 1 Change in fair value of derivative warrant liability - 1,065 Exchange rate differences (40 ) (4 ) Total financial expenses, net $ (43 ) $ 1,683 |
GENERAL (Detail Textuals)
GENERAL (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands | Mar. 11, 2021 | Mar. 08, 2021 | Oct. 05, 2020 | Sep. 03, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 |
Nature Of Operations [Line Items] | |||||||
Net loss | $ (3,742) | $ (1,963) | |||||
Accumulated deficit | $ (20,223) | $ (16,481) | |||||
Stockholders' Equity, Reverse Stock Split | 1-for-3 reverse split | ||||||
Gross proceeds from issue | $ 5,554 | $ 0 | |||||
IPO [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Shares, issued | 2,500,000 | ||||||
Shares issued, price per share (in Dollars per share) | $ 4.60 | $ 8 | |||||
Gross proceeds (in Dollars) | $ 6,000 | $ 20,000 | |||||
Net proceeds (in Dollars) | $ 17,300 | ||||||
Exercise price (in Dollars per share) | $ 4.60 | $ 8.80 | |||||
Private Placement [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Shares, issued | 1,304,346 | ||||||
Warrants issue to purchase ordinary shares | 652,173 | ||||||
Expiration period of warrants from issuance date | five years | ||||||
Combined purchase price | $ 4.60 | ||||||
Gross proceeds from issue | $ 6,000 | $ 3 | |||||
Private Placement [Member] | Placement Agents [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Warrants issue to purchase ordinary shares | 52,173 | ||||||
Exercise price (in Dollars per share) | $ 5.06 | ||||||
Cash Placement Fee | $ 390 | ||||||
Expenses Reimbursement | $ 40 | ||||||
Over-Allotment Option [Member] | |||||||
Nature Of Operations [Line Items] | |||||||
Warrants issue to purchase ordinary shares | 652,173 | 375,000 |
CONVERTIBLE NOTES (Details)
CONVERTIBLE NOTES (Details) - $ / shares | Mar. 11, 2021 | Sep. 03, 2020 |
IPO [Member] | ||
Convertible Notes (Details) [Line Items] | ||
Share price per unit (in Dollars per share) | $ 4.60 | $ 8 |
LOSS PER SHARE (Details) - Sche
LOSS PER SHARE (Details) - Schedule of Loss per Share - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of Loss per Share [Abstract] | ||
Net loss applicable to shareholders of ordinary shares | $ (3,742) | $ (1,963) |
Interest accrued on preferred shares | 0 | (597) |
Total loss attributed to ordinary shares | (3,742) | (2,560) |
Shares of ordinary share used in computing basic and diluted net loss per share | $ 9,562,384 | $ 576,556 |
Net loss per share of ordinary share, basic and diluted (in Dollars per share) | $ (0.39) | $ (4.44) |
RELATED PARTIES (Details)
RELATED PARTIES (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transactions [Abstract] | ||
Operating lease provided by controlling shareholder | $ 0 | $ 16 |
SHAREHOLDERS' Equity (Details)
SHAREHOLDERS' Equity (Details) - Schedule of share options outstanding and exercisable to employees and directors - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
2008 Plan [Member] | ||
Schedule Of Share Options Outstanding And Exercisable To Employees And Directors [Line Items] | ||
Option outstanding at beginning, Number of options | 153,882 | |
Option outstanding at beginning, Weighted average exercise price | $ 0.24 | |
Option outstanding at beginning, Weighted average remaining contractual life | 2 years 9 months | 3 years 3 months |
Option outstanding at ending, Number of options | 153,882 | 153,882 |
Option outstanding at ending, Weighted average exercise price | $ 0.24 | $ 0.24 |
Options exercisable, Number of options | 153,882 | |
Options exercisable, Weighted average exercise price | $ 0.24 | |
Options exercisable, Weighted average remaining contractual life | 2 years 9 months | |
2019 Plan [Member] | ||
Schedule Of Share Options Outstanding And Exercisable To Employees And Directors [Line Items] | ||
Option outstanding at beginning, Number of options | 219,456 | |
Option outstanding at beginning, Weighted average exercise price | $ 2.62 | |
Option outstanding at beginning, Weighted average remaining contractual life | 9 years 2 months 19 days | 8 years 6 months 21 days |
Option outstanding at ending, Number of options | 971,477 | 219,456 |
Option outstanding at ending, Weighted average exercise price | $ 3.93 | $ 2.62 |
Options exercisable, Number of options | 213,061 | |
Options exercisable, Weighted average exercise price | $ 2.57 | |
Options exercisable, Weighted average remaining contractual life | 8 years 21 days |
SHAREHOLDERS' Equity (Details_2
SHAREHOLDERS' Equity (Details) - Schedule of warrants and warrants units outstanding $ / shares in Units, $ in Thousands | 6 Months Ended | |
Jun. 30, 2021USD ($)$ / shares | ||
August 2019 warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
ISSUANCE DATE | Aug. 22, 2019 | |
NUMBER OF WARRANTS | $ | $ 205,268 | |
EXERCISE PRICE | $ / shares | $ 6.72 | [1] |
EXERCISABLE THROUGH | Aug. 22, 2024 | |
December 2019 warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
ISSUANCE DATE | Dec. 9, 2019 | |
NUMBER OF WARRANTS | $ | $ 92,321 | |
EXERCISE PRICE | $ / shares | $ 6.72 | [1] |
EXERCISABLE THROUGH | Dec. 8, 2024 | |
Warrants to bridge financing placement agent [Member] | ||
Class of Warrant or Right [Line Items] | ||
ISSUANCE DATE | Sep. 3, 2020 | |
NUMBER OF WARRANTS | $ | $ 55,785 | |
EXERCISE PRICE | $ / shares | $ 6.72 | [1] |
EXERCISABLE THROUGH | Dec. 8, 2024 | |
Warrants to underwriter [Member] | ||
Class of Warrant or Right [Line Items] | ||
ISSUANCE DATE | Sep. 3, 2020 | |
NUMBER OF WARRANTS | $ | $ 125,000 | |
EXERCISE PRICE | $ / shares | $ 10 | |
EXERCISABLE THROUGH | Sep. 1, 2025 | |
Warrants to underwriter [Member] | ||
Class of Warrant or Right [Line Items] | ||
ISSUANCE DATE | Oct. 5, 2020 | |
NUMBER OF WARRANTS | $ | $ 375,000 | |
EXERCISE PRICE | $ / shares | $ 8.80 | |
EXERCISABLE THROUGH | Sep. 3, 2025 | |
IPO warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
ISSUANCE DATE | Sep. 3, 2020 | |
NUMBER OF WARRANTS | $ | $ 2,812,170 | |
EXERCISE PRICE | $ / shares | $ 8.80 | |
EXERCISABLE THROUGH | Sep. 3, 2025 | |
PIPE warrants [Member] | ||
Class of Warrant or Right [Line Items] | ||
ISSUANCE DATE | Mar. 11, 2021 | |
NUMBER OF WARRANTS | $ | $ 652,173 | |
EXERCISE PRICE | $ / shares | $ 4.60 | |
EXERCISABLE THROUGH | Sep. 10, 2026 | |
Warrants to PIPE placement agent [Member] | ||
Class of Warrant or Right [Line Items] | ||
ISSUANCE DATE | Mar. 11, 2021 | |
NUMBER OF WARRANTS | $ | $ 52,173 | |
EXERCISE PRICE | $ / shares | $ 5.06 | |
EXERCISABLE THROUGH | Mar. 8, 2026 | |
[1] | Each warrant is exercisable into one IPO unit consisting of one share and one IPO warrant. |
FINANCIAL EXPENSES, NET (Detail
FINANCIAL EXPENSES, NET (Details) - Schedule of financial expenses, net - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Schedule of financial expenses, net [Abstract] | ||
Interest expense and amortization of discount on convertible notes | $ 0 | $ 621 |
Bank fees | (3) | 1 |
Change in fair value of derivative warrant liability | 0 | 1,065 |
Exchange rate differences | (40) | (4) |
Total financial expenses, net | $ (43) | $ 1,683 |
CLINICAL TRIALS (Detail Textual
CLINICAL TRIALS (Detail Textuals) - Master Clinical Research Organization Agreement (First Agreement) and Master Clinical Trial Agreement (Second Agreement) [Member] - Lotus Clinical Research [Member] - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||
Payment made under the agreement | $ 581 | $ 581 |
Recognized costs for clinical trial expenses | 710 | |
Prepaid clinical trial expenses | 1,728 | |
Deferred clinical trial expenses | $ 145 |
SUBSEQUENT EVENTS (Detail Textu
SUBSEQUENT EVENTS (Detail Textuals) - Subsequent Event - Armistice Capital LLC $ in Thousands | 1 Months Ended |
Jul. 22, 2021USD ($)shares | |
Subsequent Event [Line Items] | |
Shares, issued | shares | 419,673 |
Proceed from shares issued | $ | $ 1,930 |