Nuvectis Pharma (NVCT) 10-K5 Mar 242023 FY Annual reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Mar. 01, 2024	Dec. 30, 2023
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
Entity File Number	001-41264
Entity Registrant Name	NUVECTIS PHARMA, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-2405608
Entity Address, Address Line One	1 Bridge Plaza
Entity Address, Address Line Two	Suite 275
Entity Address, City or Town	Fort Lee
Entity Address State Or Province	NJ
Entity Address, Postal Zip Code	07024
City Area Code	201
Local Phone Number	614-3150
Title of 12(b) Security	Common Stock, par value $0.00001 per
Trading Symbol	NVCT
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction Flag	false
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Public Float			$ 60
Entity Common Stock, Shares Outstanding		17,768,824
Entity Central Index Key	0001875558
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers International Limited
Auditor Location	Tel-Aviv, Israel
Auditor Firm ID	1309

BALANCE SHEETS

BALANCE SHEETS - USD ($) $ in Thousands		Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents		$ 19,126	$ 19,993
Other current assets		59	412
TOTAL CURRENT ASSETS		19,185	20,405
TOTAL ASSETS		19,185	20,405
CURRENT LIABILITIES
Accounts payables		2,771	2,910
Payable offering costs			450
Accrued liabilities		415	445
Employee compensation and benefits		3,798	2,381
TOTAL CURRENT LIABILITIES		6,984	6,186
TOTAL LIABILITIES		6,984	6,186
COMMITMENTS AND CONTINGENCIES, see Note 3
SHAREHOLDERS' EQUITY: see Note 4
Common Shares, $0.00001 par value - 60,000,000 shares authorized as of December 31, 2023, and December 31, 2022, respectively, 17,418,886, and 15,190,720 shares issued and outstanding as of December 31, 2023 and December 31, 2022, respectively	[1]
Additional paid in capital		66,446	46,204
Accumulated deficit		(54,245)	(31,985)
TOTAL SHAREHOLDERS' EQUITY		12,201	14,219
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		$ 19,185	$ 20,405

[1]Represent amount lower than $1,000 USD.

BALANCE SHEETS (Parenthetical)

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022	Feb. 03, 2022
BALANCE SHEETS
Common shares, par value (per share)	$ 0.00001	$ 0.00001	$ 0.00001
Common shares, shares authorized	60,000,000	60,000,000	60,000,000
Common shares, shares issued	17,418,886	15,190,720
Common shares, shares outstanding	17,418,886	15,190,720

STATEMENT OF OPERATIONS

STATEMENT OF OPERATIONS - USD ($) $ in Thousands	12 Months Ended
STATEMENT OF OPERATIONS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
OPERATING EXPENSES:
Research and development	$ 15,380	$ 13,227
General and administrative	7,517	6,007
OPERATING LOSS	(22,897)	(19,234)
Finance income	637	149
NET LOSS	(22,260)	(19,085)
NET LOSS ATTRIBUTABLE TO COMMON SHAREHOLDERS	$ (22,260)	$ (19,085)
BASIC NET LOSS PER COMMON SHARES OUTSTANDING, see Note 6	$ (1.43)	$ (1.51)
DILUTED NET LOSS PER COMMON SHARES OUTSTANDING, see Note 6	$ (1.43)	$ (1.51)
Basic weighted average number of common shares outstanding	15,556,655	12,657,651
Diluted weighted average number of common shares outstanding	15,556,655	12,657,651

STATEMENTS OF CHANGES IN REDEEM

STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) - USD ($) $ in Thousands	Redeemable Convertible Preferred Share	Preferred Investment Options Common Stock	Preferred Investment Options Additional Paid-In Capital	Preferred Investment Options Accumulated Deficit	Preferred Investment Options	Common Stock	Additional Paid-In Capital	Accumulated Deficit	Total
Temporary equity, beginning balance at Dec. 31, 2021	$ 15,246
Temporary equity, beginning balance (in shares) at Dec. 31, 2021	5,012,280
Balance at the beginning at Dec. 31, 2021							$ 1,892	$ (12,900)	$ (11,008)
Balance at the beginning (in shares) at Dec. 31, 2021						4,746,651
CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT)
Conversion of Series A redeemable convertible preferred shares	$ (15,246)
Conversion of Series A redeemable convertible preferred shares (in shares)	(5,012,280)
Conversion of Series A redeemable convertible preferred shares							15,246	0	15,246
Conversion of Series A redeemable convertible preferred shares (in shares)						5,012,280
Issuance of common shares upon initial public offering, net of offering costs							13,108	0	13,108
Issuance of common shares upon initial public offering, net of offering costs (in shares)						3,200,000
Issuance of common shares, unexercised prefunded warrants and warrants in private placement, net of offering costs of $1,627							14,251		14,251
Issuance of common shares, unexercised prefunded warrants and warrants in private placement, net of offering costs of $1,627 (shares)						1,015,598
Exercise of prefunded warrants							0		0
Exercise of prefunded warrants (shares)						909,091
Share based payments							1,707		1,707
Issuance of restricted share awards									0
Issuance of restricted share awards (in shares)						307,100
Net Loss								(19,085)	$ (19,085)
Temporary equity, ending balance (in shares) at Dec. 31, 2022	0								0
Balance at the end at Dec. 31, 2022							46,204	(31,985)	$ 14,219
Balance at the end (in shares) at Dec. 31, 2022						15,190,720
CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT)
Issuance of common shares upon initial public offering, net of offering costs							5,114		5,114
Issuance of common shares upon initial public offering, net of offering costs (in shares)						371,743
Share based payments							4,705		4,705
Issuance of restricted share awards							0	0	0
Issuance of restricted share awards (in shares)						663,499
Exercise of warrants			$ 8,906	$ 0	$ 8,906		1,479		1,479
Exercise of warrants (in shares)		1,001,091				185,024
Exercise of options							38		38
Exercise of options (in shares)						6,809
Net Loss								(22,260)	(22,260)
Balance at the end at Dec. 31, 2023							$ 66,446	$ (54,245)	$ 12,201
Balance at the end (in shares) at Dec. 31, 2023						17,418,886

STATEMENTS OF CHANGES IN REDE_2

STATEMENTS OF CHANGES IN REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT) (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Offering cost on exercise of preferred investment options	$ 755
Private Placement
Offering costs		$ 1,627
At-the-Market
Offering costs	$ 174	$ 2,892

STATEMENTS OF CASH FLOWS

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (22,260)	$ (19,085)
Adjustments to reconcile loss to net cash used in operating activities:
Cost of share-based payments	4,705	1,707
Changes in operating assets and liabilities:
Decrease/(increase) in other current assets	353	(321)
(Decrease)/increase in accounts payable	(139)	1,851
(Decrease)/increase in accrued liabilities	(30)	338
Increase in accrued compensation and benefits	1,417	1,951
Net cash used in operating activities	(15,954)	(13,559)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net cash provided by (used in) investing activities	0	0
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common shares - At-the market offering	5,289
Issuance costs related to At-the-market offering	(174)
Proceeds from issuance of common shares upon initial public offering		16,000
Proceeds from issuance of common shares and pre-funded warrants in private placement		15,879
Proceeds from exercise of warrants, options, and preferred investment option	11,192
Issuance costs related to the exercise of warrants, and preferred investment option	(371)
Net cash provided by financing activities	15,087	27,810
(DECREASE)/INCREASE IN CASH AND CASH EQUIVALENTS	(867)	14,251
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	19,993	5,742
CASH AND CASH EQUIVALENTS AT END OF PERIOD	19,126	19,993
Supplemental noncash disclosure of investing and financing activities:
Unpaid issuance costs related to the private placement		450
Initial Public Offering
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance costs related to initial public offering	(341)	(2,551)
Private Placement
CASH FLOWS FROM FINANCING ACTIVITIES:
Issuance costs related to private placement	$ (508)	$ (1,518)

GENERAL

GENERAL	12 Months Ended
GENERAL	Dec. 31, 2023
GENERAL
GENERAL	NOTE 1 – GENERAL: a. Nuvectis Pharma Inc. (the “Company”) was incorporated under the laws of the State of Delaware on July 27, 2020 and commenced its principal operations in May 2021. The Company’s principal executive offices are located at Fort Lee in the state of New Jersey. The Company is a biopharmaceutical company, which operates as one segment, focused on the development of novel targeted small molecule therapeutics for the treatment of cancer in genetically defined patient populations. The Company’s precision medicine approach translates key scientific insights relating to the oncogenic drivers and pathway addiction of cancer into potential potent and highly selective anticancer drugs. b. In May 2021, the Company entered into a worldwide, exclusive license agreement with the CRT Pioneer Fund (“CRT”) (see note 5a). In August 2021, the Company entered into a worldwide, exclusive license agreement with the University of Edinburgh, Scotland for the Company’s second drug candidate (see note 5a). c. Initial Public Offering On February 8, 2022, the Company’s shares began trading on the NASDAQ under symbol “NVCT” (see note 6b) d. Liquidity The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. The Company has incurred net operating losses since its inception and had an accumulated deficit of $54.2 million as of December 31, 2023. The Company had cash and cash equivalents of $19.1 million as of December 31, 2023 and has not generated positive cash flows from operations. To date, the Company has been able to fund its operations primarily through the issuance and sale of common shares and redeemable convertible preferred shares. During the year ended December 31, 2023, the Company sold a total of 371,743 shares of common stock under the ATM for aggregate total gross proceeds of approximately $5.3 million at an average selling price of $14.23 per share, resulting in net proceeds of approximately $5.1 million after deducting commissions and other transaction costs. See note 11.e for at-the-market activity subsequent to December 31, 2023. Based on management’s cash flow projections, the Company believes that the Company’s currently available cash and cash equivalents as of December 31, 2023 is sufficient to fund the Company’s planned operations for a period greater than 12 months from the issuance of these financial statements. The Company will need to raise additional capital in order to complete the clinical trials aimed at developing the product candidates until obtaining its regulation and marketing approvals. There can be no assurances that the Company will be able to secure such additional financing if at all, or at terms that are satisfactory to the Company, and that it will be sufficient to meet its needs. In the event the Company is not successful in obtaining sufficient funding, this could force the Company to delay, limit, or reduce our products’ development, clinical trials, commercialization efforts or other operations, or even close down or liquidate.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES: a. Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and stated in U.S. dollars. The significant accounting policies used in the preparation of the financial statements are as follows: b. Segment Reporting The Company has one operating segment. An operating segment is defined as a component that engages in business activities whose operating results are reviewed by the chief operating decision maker for the purpose of assessing performance and allocating resources and for which discrete financial information is available. c. Use of Estimates in the Preparation of Financial Statements The preparation of the Company’s financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to accruals for research and development expenses, valuation of share based compensation awards, and valuation allowances for deferred tax assets. These estimates and assumptions are based on current facts, future expectations, and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates. d. Functional and Presentation Currency The U.S. dollar (“dollar”) is the currency of the primary economic environment in which the operations of the Company are conducted and expects to continue to operate in the foreseeable future. Accordingly, the functional currency of the Company is the dollar. Adjustments arising from foreign currency transactions between the purchase and the settlement dates are reflected in the statements of operations as a component of financial income (expense). For non-dollar transactions and other items in the statements of operations (indicated below), the following exchange rates are used: (i) for transactions — exchange rates at transaction dates or average rates; and (ii) for other items (derived from non-monetary balance sheet items such as depreciation) — historical exchange rates. The Company did not recognize foreign currency transaction gains or losses in the years ended December 31, 2023 and December 31, 2022. e. Cash and Cash Equivalents The Company considers as cash equivalents all highly liquid investments, which include short-term bank deposits that are not restricted as to withdrawal or use, with maturities of three months or less at the date acquired. f. Concentrations of Credit Risk The Company is subject to credit risk from holding its cash and cash equivalents at one commercial bank. The Company limits its exposure to credit losses by investing in money market accounts which are included in cash and cash equivalents through a U.S. bank with high credit ratings. Cash may consist of deposits held with banks that may at times exceed federally insured limits, however, exposure to credit risk in the event of default by the financial institution is limited to the extent of amounts recorded on the balance sheets. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held. g. Leases In accordance with Accounting Standards Codification (“ASC”) 842, Leases, the Company defines a short-term lease if a lease has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. At the inception of the lease and as of December 31, 2023, the Company determined all leases were classified as short-term. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term in general and administrative. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The operating lease costs for 2023 and 2022 were $14 thousand and $13 thousand, respectively. h. Research and Development Expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including licensing fees, cost of salaries, share-based compensation expenses, payroll taxes and other employee benefits, subcontractors, materials used for research and development activities, and professional services. All costs associated with research and development are expensed as incurred. i. General and Administrative General and administrative expenses consist primarily of personnel-related expenses, including employee salaries, bonuses, benefits, and share-based compensation, and recruiting costs for personnel in executive, finance, and other administrative functions. Other significant general and administrative expenses include legal fees relating to intellectual property and corporate matters, professional fees for accounting, tax and consulting services, insurance costs, and travel expenses. General and administrative costs are expensed as incurred. j. Loss Contingencies Certain conditions may exist as of the date of the financial statements, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company’s management assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. Management applies the guidance in ASC 450-20-25 when assessing losses resulting from contingencies. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability is recorded as accrued expenses in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material are disclosed. As of December 31, 2023, and December 31, 2022, no contingent liabilities have been recognized. k. Share-Based Compensation The Company accounts for employees’, directors’ and service providers’ share-based payment awards classified as equity awards using the grant-date fair value method. The fair value of share-based payment transactions is recognized as an expense over the requisite service period. The equity awards could come in the form of options, warrants and RSAs. The Company elected to recognize compensation costs for awards using the accelerated method based on the multiple-option award approach. Performance based awards are expensed over the vesting period only if the achievement of performance criteria is probable. The Company has elected to recognize forfeitures as they occur. For options containing a market condition, the market conditions are required to be considered when calculating the grant date fair value. ASC 718 requires selection of a valuation technique that best fits the circumstances of an award. (see note 7). In order to reflect the substantive characteristics of the market condition option award, a Monte Carlo simulation valuation model was used to calculate the grant date fair value of such options. Expense for the market condition options is recognized over the derived service period as determined through the Monte Carlo simulation model. l. Comprehensive Loss Comprehensive loss includes no items other than net loss. m. Income Taxes 1) Deferred taxes The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (hereafter – “ASC 740”). ASC 740 prescribes that Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is recognized to the extent that it is more likely than not that the deferred taxes will not be realized in the foreseeable future. Given the Company’s losses, the Company concluded it is more likely than not the deferred tax assets will not be realized and has provided a full valuation allowance with respect to its deferred tax assets. 2) Uncertainty in income taxes The Company accounts for uncertain tax positions in accordance with ASC 740-10. The Company follows a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the available evidence indicates that it is more likely than not that the position will be sustained based on technical merits. If this threshold is met, the second step is to measure the tax position as the largest amount that has more than a 50% likelihood of being realized upon ultimate settlement. The Company does not have any provision for uncertain tax positions. n. Net Loss Per Share The Company’s basic net loss per share is calculated by dividing net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares and vested ordinary shares issuable for little or no further consideration outstanding during the period, without consideration of potentially dilutive securities. The diluted net loss per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury share method or the if-converted method based on the nature of such securities. Diluted net loss per share is the same as basic net loss per share in periods when the effects of potentially dilutive shares of ordinary shares are anti-dilutive. The Company computes net loss per share using the two-class method required for participating securities. The two-class method requires income available to ordinary shareholders for the period to be allocated between ordinary shares and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company considered its redeemable convertible preferred shares to be participating securities as the holders of the redeemable convertible preferred shares would be entitled to dividends that would be distributed to the holders of ordinary shares on a pro-rata basis assuming conversion of all redeemable convertible preferred shares into ordinary shares. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses. As such, net loss for the periods presented was not allocated to the Company’s preferred shares. o. Fair Value Measurement The Company follows authoritative accounting guidance, which among other things, defines fair value, establishes a consistent framework for measuring fair value, and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (at exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The three levels of inputs that may be used to measure fair value include: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. The Company’s Level 1 assets consist of money market funds. Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value. The money market accounts totaling $17.1 million are included in cash and cash equivalents and are considered Level 1. During the years ended December 31, 2023 and 2022, respectively, there were no transfers between fair value measure levels. The Company had no financial assets and liabilities measured at fair value as of December 31, 2023 and 2022, respectively. Other financial instruments consist mainly of cash and cash equivalents, other current assets, accounts payable and accrued liabilities. The fair value of these financial instruments approximates their carrying values. p. Deferred Offering Costs Deferred offering costs consist of legal and other costs incurred in connection with the formation and preparation for the Initial Public Offering (“IPO”) or the Private Investment in Public Entity (“PIPE”). These costs, along with underwriting fees were charged to additional paid-in capital upon the completion of the IPO or PIPE. The deferred offering costs were offset against the proceeds received upon the completion of the IPO or PIPE. q. Redeemable Convertible Preferred Shares When the Company issues convertible preferred shares, it considers the provisions of ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) in order to determine whether the preferred share should be classified as a liability. If the instrument is not within the scope of ASC 480, the Company further analyzes the instrument’s characteristics in order to determine whether it should be classified within temporary equity (mezzanine) or within permanent equity in accordance with the provisions of ASC 480-10-S99. The Company’s redeemable convertible preferred shares are not mandatorily or currently redeemable. However, they include a liquidation or deemed liquidation events that would constitute a redemption event that is outside of the Company’s control. As such, all shares of redeemable preferred shares have been presented outside of permanent equity. Upon the consummation of the IPO, all of the Company's preferred shares were converted into common shares and reclassified from temporary equity, into permanent equity. r. Warrants The Company determines the accounting classification of warrants that are issued, as either liability or equity, by first assessing whether the warrants meet liability classification in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, (“ASC 480-10”), and then in accordance with ASC 815-40, Derivatives and Hedging - Contracts in Entity’s Own Equity (“ASC 815-40”). Under ASC 480-10, warrants are considered liability-classified if the warrants are mandatorily redeemable, obligate the issuer to settle the warrants or the underlying shares by paying cash or other assets, or must or may require settlement by issuing variable number of shares. If the warrants do not meet liability classification under ASC 480-10, the Company assesses the requirements under ASC 815-40, which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification under ASC 815-40, in order to conclude equity classification, the Company assesses whether the warrants are indexed to its common shares and whether the warrants are classified as equity under ASC 815-40 or other applicable GAAP. After all relevant assessments are made, the Company concludes whether the warrants are classified as liability or equity. Liability-classified warrants are required to be accounted for at fair value both on the date of issuance and on subsequent accounting period ending dates, with all changes in fair value after the issuance date recorded as a component of other income (expense), net in the statements of operations. Equity-classified warrants are accounted for at consideration received on the issuance date with no changes in fair value recognized after the issuance date. As of December 31, 2023 and 2022, respectively, all of the Company’s outstanding warrants are equity-classified warrants. See Note 6d. s. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13 “Financial Instruments—Credit Losses—Measurement of Credit Losses on Financial Instruments.” This guidance replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company adopted ASU 2016-13 on January 1, 2023 and such adoption did not impact the Company’s financial position, results of operations, cash flows or net loss per share. t. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, FASB issued an Accounting Standard Update No. 2023-09 “Income Taxes (Topic 740)” to enhance the transparency and decision usefulness of income tax disclosure. The amendments in this Update mandate public entities to disclose specific categories in the rate reconciliation and additional information for reconciling items that meet quantitative threshold in the annual tax rate reconciliations. Update requires to present a table showing percentages and currency amounts, outlining tax related aspects such as state/local income tax, foreign tax effect, changes in tax law, credits, valuation allowances, nontaxable and nondeductible items, unrecognized tax benefits. Items that impact tax calculations by 5% and more are required to be disclosed separately, with certain categories required to be disaggregated by jurisdiction or nature. Reconciling items are categorized based on state/local, foreign, or federal/national tax levels. Some items can be presented on a net basis, while others need gross presentation. Entities must provide explanations of the major state/local jurisdictions affecting taxes and explain individual reconciling items. Additionally, the amendments in this Update require that all entities must disclose amount of income taxes paid disaggregated by federal(national) state and by individual jurisdictions in which income taxes paid if equal to or greater than 5% of total income taxes paid. The amendments also require entities to disclose income from continuing operations before income tax expense, and income tax expenses categorized by federal/national, state, and foreign levels. Moreover, certain previous disclosure requirements, like estimating changes in unrecognized tax benefits and cumulative temporary differences in deferred tax liabilities, are eliminated. The amendment in this Update also replaces the term "public entity" with "public business entity" in Topic 740 definitions. The amendments in this Updated are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued. Retrospective application is permitted. The Company is currently evaluating the impact that ASU No. 2023-09 will have on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU improves reportable segments disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU also require that a public entity that has a single reportable segment to provide all the disclosures required by the amendments and all existing segment disclosures in Topic 280. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

RESEARCH AND DEVELOPMENT EXPENS

RESEARCH AND DEVELOPMENT EXPENSES	12 Months Ended
RESEARCH AND DEVELOPMENT EXPENSES	Dec. 31, 2023
RESEARCH AND DEVELOPMENT EXPENSES
RESEARCH AND DEVELOPMENT EXPENSES	NOTE 3 – RESEARCH AND DEVELOPMENT EXPENSES: Research and development expenses consisted of the following (in thousands): For the year ended For the year ended December 31, December 31, 2023 2022 Employee compensation and benefits 6,310 4,648 Clinical expense 4,296 3,714 License fee 1,001 2,297 Manufacturing 3,495 2,170 Professional services and other 278 398 Total research and development expenses 15,380 13,227

GENERAL AND ADMINISTRATIVE EXPE

GENERAL AND ADMINISTRATIVE EXPENSES	12 Months Ended
GENERAL AND ADMINISTRATIVE EXPENSES	Dec. 31, 2023
GENERAL AND ADMINISTRATIVE EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES	NOTE 4 – GENERAL AND ADMINISTRATIVE EXPENSES: General and administrative expenses consisted of the following (in thousands): For the year ended For the year ended December 31, December 31, 2023 2022 Professional and consulting services 3,460 2,381 Employee compensation and benefits 2,298 1,756 Insurance 842 1,183 Travel 369 262 Other 548 425 Total general and administrative expenses 7,517 6,007

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
COMMITMENTS AND CONTINGENCIES	Dec. 31, 2023
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES	NOTE 5 – COMMITMENTS AND CONTINGENCIES: a. License agreement CRT Pioneer Fund License Agreement In May 2021, the Company entered into a worldwide, exclusive license agreement with the CRT Pioneer Fund for CP800 and any of its derivatives, (collectively, the “CP800 Program”). CP800 is a small molecule drug candidate that the Company believes can be applied to a broad range of cancers. Prior to licensing by the Company, CRT was the commercial owner of the CP800 Program, which it acquired from the Institute of Cancer Research in London, UK (“ICR”). The ICR is a world-renowned research institute focused on the discovery and preclinical development of cancer therapeutics pursuant to the license agreement, the Company has an obligation to pay success-based milestones and royalties to CRT, as follows: 1) pre-approval milestone payments of up to approximately $26.5 million including an upfront nonrefundable payment of $3.5 million and $1.0 million in patient recruitment milestones which has already been paid; 2) regulatory approval and commercial sales milestones of up $178 million (in addition to the above $26.5 million); and 3) mid-single digit to 10% royalties on a tiered basis on net sales. On March 31, 2022, the Company and ICR revised the license agreement for research and development support to a total of $865,000 (to allow for additional research activities). $0.6 million and $0.3 million of expense of the research and development support was recognized during the years ended December 31, 2023 and 2022, respectively. As of December 31, 2023, all the expense has been recognized. License Term The license will remain in effect in each territory subject to the license and will continue until the Company’s obligation to pay royalties in such territory has expired. The royalty term for each licensed product in each country commences with the first commercial sale of the applicable licensed product in the applicable country and ends on the expiration of the last to expire of any patent specified by the license (with the key composition of matters patent expiring October 2034) or the expiration of any extended exclusivity period in the relevant country. CRT may earlier terminate the license if the Company, or any of our affiliates or sub-licensees, challenge or seek to challenge the validity of any of the licensed patents or upon a change of control in which the Company becomes controlled by a Tobacco Party, as such term is defined in the license. Either party may terminate the license upon material breach by the other party, and upon the appointment of a receiver or upon a winding-up order or similar or equivalent action. For the years ended December 31, 2023 and 2022, the Company paid zero and $1.0 million in license fees associated with the achievement of certain milestones, respectively. These expenses were recorded as research and development expenses. Any potential future research support, milestone or royalty payment amounts have not been accrued at December 31, 2023 and 2022 due to the uncertainty related to the achievement of these events, milestones or commitments to additional research. University of Edinburgh License Agreement In August 2021, the Company entered into a worldwide, exclusive license agreement with the University Court of the University of Edinburgh (“Edinburgh” or “University” or “Parties” or “UoE”) for the second drug candidate. The Company is obligated to pay success-based milestones and royalties to the UoE, as follows: (1) pre-approval milestone payments of up to approximately $49.5 million including an upfront nonrefundable payment of $3.5 million which has already been paid and $0.5 million on the first anniversary of the effective date of this agreement. (2) regulatory approval and commercial sales milestones of up $279.5 million. (3) mid- single digit to 8% royalties on a tiered basis on net sales; and 2.5% of the gross amount of each of the Company’s future fund raisings up to a cumulative total of $3.0 million. In collaboration with Edinburgh, the Company wishes to generate preclinical data to support Investigational New Drug (IND) submission and inform patient selection/enrichment strategies. The aim of the development collaboration formed between the Parties under this Agreement is to progress the development of the Licensed Technology, which is licensed under the License Agreement) according to the Work Plan. The Company has agreed to provide funding to Edinburgh to support such collaboration. The Parties wish to enter into this Agreement to set out the terms for the provision of such funding by the company and the terms of the development collaboration formed between the Parties. In consideration of the obligations of Edinburgh, the Company shall pay the Project Costs in the amount of $772,000, payable over 18 months. As of December 31, 2023, UoE’s research and development as described above has not yet begun and therefore no expenses were recorded in the financial statements. License Term The royalty term for each licensed product in each country is the period commencing with the first commercial sale of the applicable licensed product in the applicable country and ending on the expiration of the last to expire of any patent specified by the license (statutory expiration for the NXP900 patent family is April 2036), or the expiration of any extended exclusivity period in the relevant country. The Company may terminate the license if the Company determines that it is not scientifically or commercially viable to research, develop, or commercialize the licensed products which are the subject of the license agreement. UoE may terminate the agreement if the Company: (i) ceases to carry on the business regarding the treatment, prevention and/or diagnosis of human diseases; (ii) discontinues the development of the licensed products which are the subject of the license; (iii) disposes of our assets or business in whole or in material part; (iv) challenges the validity, ownership, or enforceability of the exclusively licensed technology; (v) contests the secret or substantial nature of certain know-how subject to the license; or (vi) breaches certain diligence obligations or fails to pay any amount due under the license within a specified time frame. For the year ended December 31, 2023, the Company paid $1.0 million related to the achievement of certain milestones and $0.4 million associated with the private placement which was recorded as a liability and recorded as a research and development expense as of December 31, 2022. For the year ended December 31, 2022, the Company paid million related to the fund raising commitment. Any potential future research support, milestone or royalty payment amounts have not been accrued at December 31, 2023 and 2022 due to the uncertainty related to the achievement of these events, milestones or commitments to additional research. b. Contingencies As of December 31, 2023, and 2022, no contingent liabilities have been recognized.

REDEEMABLE CONVERTIBLE PREFERRE

REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' DEFICIT	12 Months Ended
	Dec. 31, 2023
REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' DEFICIT
REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' DEFICIT	NOTE 6 – REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ DEFICIT: On February 3, 2022, the Company amended its certificate of incorporation such that the total number of shares of all classes of capital shares authorized to be issued was increased to 65,000,000, with 5,000,000 shares designated as preferred share with a par value of $0.00001, and 60,000,000 shares designated as common share with a par value of $0.00001. On February 8, 2022, the Company completed an IPO in which it sold 3,200,000 common shares at $5.00 per share and received net proceeds of $13.6 million, after underwriting discounts and commissions, of $1.1 million and expenses of $1.8 million. Additionally, on February 8, 2022, in connection with the closing of the IPO, 5,012,280 shares of Series A redeemable convertible preferred shares, respectively, automatically converted into an equal number of shares of common share. Beginning on the IPO date, there were no shares of convertible preferred shares outstanding as of December 31, 2023 and 2022. b. Redeemable Convertible Preferred Shares During June and July 2021, the Company entered into an investment agreement with its founders and certain new investors to issue 128,520 redeemable convertible preferred shares (“Preferred Shares”) in a total amount of approximately $15.3 million in which $1.73 million were invested by related parties on the same terms as all investors in the Preferred Shares. Conversion Rights Trigger Events — Upon either (a) the closing of a Deemed Liquidation Event, (b) an initial public offering the Corporation’s securities on a major public stock exchange (including, without limitation and for illustration purposes, the Nasdaq Stock Market’s National Market or the New York Stock Exchange) resulting in at least $15,000,000 of proceeds to the Corporation, or (c) the vote or written consent of the majority of the Preferred Shareholders (the time of such closing or the date and time specified or the time of the event specified in such vote or written consent is referred to herein as the “Mandatory Conversion Time”), then (i) all outstanding shares of Preferred Shares shall automatically be converted into shares of Common Shares, at the then effective conversion rate as calculated as follows — each share of Preferred Shares shall be convertible, at the option of the holder thereof, at any time and from time to time, and without the payment of additional consideration by the holder thereof, into such number of fully paid and non-assessable shares of Common Shares as is determined by dividing the Original Issue Price ($119.0476) by the Conversion Price ($3.05 per share, subject to appropriate adjustment in the event of any share dividend, share split, combination or other similar recapitalization or event with respect to the applicable Preferred Shares). Such initial Conversion Price, and the rate at which shares of Preferred Shares may be converted into shares of Common Shares, shall be subject to adjustment as detailed in the Company’s Certified of Incorporation in effect at the time of conversion (as of December 31, 2021 the conversion is $3.05 per share) (ii) such shares may not be reissued by the Corporation. During February 2022 the company completed the IPO and the convertible preferred shares were converted to common shares. c. Rights of the Company’s common shares Each ordinary share confers upon its holder the right to one vote and to receive dividends as declared by the Board of Directors of the Company. Since its inception, the Company has not declared any dividends. In the event of our liquidation, dissolution or winding up, holders of the Company common shares will be entitled to share ratably in all assets remaining after payment of all debts and other liabilities. As of December 31, 2023, no dividends have been declared. d. Private Placement in Public Entity On July 29, 2022, the Company closed a private placement offering (the “July Private Placement”), pursuant to the terms and conditions of a Securities Purchase Agreement (the “Agreement”), dated July 27, 2022. In connection with the July Private Placement, the Company issued 1,015,598 shares of common shares (the “Shares”), pre-funded warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 909,091 shares of common shares and preferred investment options (the “Preferred Investment Options”) to purchase up to an aggregate of 1,924,689 shares of common shares. The purchase price of each Share and each Pre-Funded Warrant was the $8.25. The purchaser received one Preferred Investment Option for no consideration, with each Share or Pre-Funded Warrant purchased. The aggregate net cash proceeds to the Company from the July Private Placement were approximately $14.3 million, after deducting placement agent fees and other offering expenses. The Pre-Funded Warrants had an exercise price of $0.001 per share, were exercisable on or after August 24, 2022, and are exercisable until the Pre-Funded Warrants were exercised in full. The Preferred Investment Options became exercisable on January 23, 2023 and are exercisable at any time on or after January 23, 2023 through January 29, 2026, at an exercise price of $9.65 per share, subject to certain adjustments as defined in the Agreement. As of December 31, 2023, 1,001,091 Preferred Investment Options were exercised for $8.9 million, net of fees. The Company agreed to pay the placement agent a fee and management fee equal to 7.0% and 1.0%, respectively, of the aggregate gross proceeds from the July Private Placement. In addition, the Company issued warrants to the placement agent to purchase up to 115,481 shares of common shares. The placement agent warrants are in substantially the same form as the Preferred Investment Options, except that the exercise price is $10.31. The Preferred Investment Options, the Pre-Funded Warrants, and the placement agent warrants are collectively referred to as the “Private Placement Warrants”. As of December 31, 2023 79,104 placement agent warrants were exercised for which the Company has received $0.8 million. The Company evaluated the terms of the Private Placement Warrants and determined that they should be classified as equity instruments based upon accounting guidance provided in ASC 480 and ASC 815-40. Since the Company determined that the Private Placement Warrants were equity-classified, the Company recorded the proceeds from the July Private Placement, net of issuance costs, within common shares at par value and the balance of the net proceeds to additional paid in capital. As of December 31, 2023, the outstanding Preferred Investment Options, and the placement agent warrants were not exercisable. e. At-the-Market Agreement On March 17, 2023, the Company filed a shelf registration statement on Form S-3 (the “S-3”), which was declared effective on March 29, 2023. Under the S-3, the Company may sell up to a total of $150 million of its securities. In connection with the S-3, the Company entered into an At-the-Market agreement (“ATM”) with H.C. Wainwright & Co., LLC (“Agent”) relating to the sale of shares of common shares. Under the ATM, the Company pays the Agents a commission rate of up to 3.0% of the gross proceeds from the sale of any common shares. During the year ended December 31, 2023, the Company sold a total of 371,743 shares of common shares under the ATM for aggregate total gross proceeds of approximately $5.3 million at an average selling price of $14.23 per share, resulting in net proceeds of approximately $5.1 million after deducting commissions and other transaction costs.

SHARE BASED PAYMENTS

SHARE BASED PAYMENTS	12 Months Ended
SHARE BASED PAYMENTS	Dec. 31, 2023
SHARE BASED PAYMENTS
SHARE BASED PAYMENTS	NOTE 7 – SHARE BASED PAYMENTS a. Share Based Payments In January 2023, the Company granted 43,500 options with an exercise price of $7.51 per share, to a service provider, which will become exercisable between January 19, 2023, and January 18, 2025, into common shares based on the achievement of service condition, market condition or performance condition. As of December 31, 2023, 21,000 options were exercisable. Service condition options totaled 22,500, had an estimated value based on Black-Scholes of approximately $74,000 and were exercisable as of December 31, 2023. Performance condition options totaled 12,000, had an estimated value based on Black-Scholes of approximately $39,000 and were exercisable as of December 31, 2023. Market condition options totaling 9,000 options have a market condition which was achieved by December 31, 2023, and an estimated value of $20,000 based on a Monte Carlo model. 2,792 options have been exercised as of December 31, 2023. The fair value of options was evaluated at the grant date using a Black-Scholes Option Pricing Model for various possible scenarios. The following table summarizes assumptions used for the Black-Scholes model at the grant date: Risk-free interest rate 4.09 % Common stock price $ 7.51 Expected dividend yield — Expected term (in years) 2 Expected volatility 75 % In February 2022, the Company granted to the underwriter of the IPO 128,000 fully vested warrants upon the IPO, exercisable into common shares with an exercise price of $6.25 per share for 5 years after the grant date. The 128,000 fully vested warrants have an estimated value (based on Black-Scholes model) of approximately $458,000 and were recognized as a reduction from gross proceeds of the IPO. As of December 31, 2023, IPO warrants totaling 105,920 were exercised for $0.7 million. The following table summarizes assumptions used for the Black-Scholes model at the grant date: Risk-free interest rate 1.78 % Common stock price $ 5.00 Expected dividend yield — Expected term (in years) 5 Expected volatility 99 % In July 2022, the Company granted to the private placement agent of July Private Placement, 115,481 warrants which become exercisable any time between January 23, 2023 and January 29, 2026, exercisable into common share with an exercise price of $10.31 per share. The 115,481 warrants have an estimated value (based on Black-Scholes model) of approximately $618,000. As of December 31, 2023 79,104 placement agent warrants were exercised for which the Company has received $0.8 million. The following table summarizes assumptions used for the Black-Scholes model at the grant date: Risk-free interest rate 2.86 % Common stock price $ 9.26 Expected dividend yield 0 Expected term (in years) 3.5 Expected volatility 86.06 % Volatility was estimated based on the historic volatility of comparable public companies. b. 2021 Incentive Plan In May 2021, the Company’s board of directors approved an equity incentive plan (hereafter — “2021 Plan”), in which the Company has reserved a total amount of 408,486 common shares for issuance in connection with the Option Agreement. In February 2022, the Company’s board of directors approved an increase to total shares under the incentive plan to 1,500,000. An amendment to the 2021 Plan was approved by holders of a majority of the voting power of the common shares of the Company in June 2023 to increase the total shares under the incentive plan to 2,500,000. In addition, the amendment provides that on January 1 of each calendar year beginning in 2024 and ending in and including 2033, this authorization limit will automatically increase to the extent necessary so that the number of shares available for issuance pursuant to future awards granted after such date under the 2021 Plan is not less than (i) six percent (6%) of the number of shares outstanding as of the last day of the immediately preceding calendar year or (ii) such lesser number of shares as may be determined by the Board. The 2021 Plan provides for a variety of share-based compensation awards, including options, restricted share unit awards, or other shares. Under the 2021 Plan, the Company generally grants share-based awards with service-based vesting conditions only. Options and restricted share unit awards granted typically vest over a three-year period, but may be granted with different vesting terms. Mr. Ron Bentsur, Dr. Enrique Poradosu and Mr. Shay Shemesh will be eligible for fully vested common shares equal to 1%, 0.5% and 0.5%, respectively, of the then fully diluted share count when the Company reaches an average capitalization over a 30-day period of $350 million or higher. As of December 31, 2023, the market capitalization has not been achieved. The following table summarizes the Company’s option activity for the year ended December 31, 2023, for the 2021 Incentive Plan: Weighted Number of Weighted average average Aggregated shares under Exercise price per remaining Intrinsic value option Option Life (in thousands) Balance, December 31, 2022 311,590 4.20 8.79 1,042 Granted 43,500 7.51 Exercised (6,809) 5.91 Forfeited — — Outstanding – December 31, 2023 348,281 4.59 7.94 1,317 Exercisable – December 31, 2023 210,836 4.22 7.99 Expected to vest – December 31, 2023 348,281 4.59 7.94 1,317 As of December 31, 2023, there was $0.2 million of unrecognized share-based compensation expense related to unvested options that is expected to be recognized over a weighted-average period of 0.65 years. The fair value of each option granted is estimated using the Black-Scholes option pricing method. The volatility is based on a combination of historical volatilities of companies in comparable stages as well as companies in the industry by statistical analysis of daily share pricing model. The risk-free interest rate assumption is based on observed interest rates appropriate for the expected term of the options granted in dollar terms. The expected term of the options granted represents the period of time that the granted options are expected to remain outstanding based on common practice in the industry. Restricted Share Awards Restricted stock awards (RSAs) have been granted to employees and directors. The value of an RSA award is based on the Company’s stock price on the date of grant using hybrid pricing model with a combination of the Black-Scholes Option Pricing Model (OPM) and the P-WERM model for various possible scenarios. The shares underlying the RSA awards are not issued until the RSAs vest. Upon vesting, each RSA converts into one share of the Company’s common shares. The Company has granted RSAs pursuant to the 2021 plan. On April 1, 2022, the Company issued 120,000 RSAs to Mr. Ron Bentsur and 60,000 RSAs each 1/3 1/3 On January 12, 2023, the Company issued 210,000 RSAs to Mr. Ron Bentsur and 115,000 RSAs each 1/3 The following table summarizes the Company’s RSA activity for the year ended December 31, 2023, as described above from the 2021 Incentive Plan: Weighted Weighted average Aggregated Number of average grant contractual term Intrinsic value shares date fair value (in years) (in thousands) Balance, December 31, 2022 338,807 7.15 2.22 2,541 Granted 663,499 8.76 Vested (60,810) 8.32 Outstanding – December 31, 2023 941,496 8.23 1.80 7,852 Expected to vest – December 31, 2023 941,496 8.23 1.80 7,852 As of December 31, 2023, there was $2.5 million of total unrecognized compensation cost related to RSAs that is expected to be recognized over a weighted average period of 1.8 years. The total fair value of RSAs vested for the year ended December 31, 2023, was $0.3 million. On July 27, 2021, Mr. Ron Bentsur, Dr. Enrique Poradosu, and Mr. Shay Shemesh were granted 96,759 RSAs, 48,399 RSAs and 48,399 RSAs, respectively, which were not part of the Incentive Plan and excluded from the table above. On March 29, 2023, January 1, 2023, July 1, 2022 and December 13, 2022, the vesting of these grants was extended to July 15, 2024, April 1, 2023, January 1, 2023 and June 30, 2022, respectively. Also see note 11 for subsequent vesting extensions. c. Share compensation expense For the period ended December 31, 2023, the Company recognized expenses of $2.1 million as part of the general and administrative expenses and $2.6 million as part of the research and development expenses. For the period ended December 31, 2022, the Company recognized expenses of $0.8 million as part of the general and administrative expenses and $0.9 million as part of the research and development expenses.

NET LOSS PER SHARE

NET LOSS PER SHARE	12 Months Ended
NET LOSS PER SHARE	Dec. 31, 2023
NET LOSS PER SHARE
NET LOSS PER SHARE	NOTE 8 – NET LOSS PER SHARE: a. Basic Basic net loss per share is calculated by dividing the net loss attributable to the Company’s shareholders by the weighted average number of common shares outstanding. For the year ended For the year ended December 31, 2023 December 31, 2022 in thousand U.S. dollars except per share and share amounts Loss attributable to common shareholders (22,260) (19,085) Basic and diluted net loss per common share (1.43) (1.51) Weighted average of common share outstanding 15,556,655 12,657,651 Basic loss per share is calculated by dividing the result attributable to equity holders of the Company by the weighted average number of Ordinary Shares in issue during the year. For the year ended December 31, 2023 2022 Weighted average of common shares 16,691,708 13,205,888 Unvested RSAs (1,135,053) (548,237) Weighted average of common share outstanding 15,556,655 12,657,651 b. Diluted As of December 31, 2023 and 2022, respectively, the Company excluded potentially dilutive securities from the calculation of diluted net loss per Ordinary Share because their effects would have been anti-dilutive. The following potentially dilutive securities were excluded from the calculation of diluted net loss per Ordinary Share because their effect would have been anti-dilutive for the years presented: For the year ended For the year ended December 31, December 31, 2023 2022 Common shares issuable in relation to: Warrants 159,870 344,374 Options 348,281 311,590 Unvested RSA 1,135,053 548,237

INCOME TAXES

INCOME TAXES	12 Months Ended
INCOME TAXES	Dec. 31, 2023
INCOME TAXES
INCOME TAXES	NOTE 9 – INCOME TAXES: a. The Company has not recorded an income tax benefit for the years ended December 31, 2023 and 2022, respectively. The Company has incurred net pre-tax losses in the United States only for all periods presented. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to the differences between the carrying amounts of existing assets and liabilities in the financial statements and their respective tax bases using tax rates expected to be in effect during the years in which the basis differences reverse. b. Tax Rates: Income of the Company is taxed according to the federal tax laws in the US and the relevant state laws. The U.S tax rate in 2023 and 2022 is 26.9% comprising U.S statutory tax rates of 21% and state tax rate of 5.9%. For the years ended years ended December 31, 2023 and 2022, the Company’s effective tax rate is below the federal statutory income tax rate of 21% primarily due to state income taxes, net of federal benefit and the Company’s position to establish a full valuation allowance on its deferred tax assets. c. Corporate Taxation in the U.S. The applicable corporate tax rate for the Company is 21%. As of December 31, 2023, the Company has an accumulated tax loss carryforward of approximately $35.0 million (as of December 31, 2022, $23.0 million). Under U.S. tax laws, subject to certain limitations, carryforward tax losses originating in tax year have no expiration date, but they are limited to 80% of the company’s taxable income in any given tax year. A reconciliation of the statutory U.S. federal rate to the Company’s effective tax rate is as follows: For the year-ended Percentage of pre-tax income 2023 2022 Statutory federal income tax rate 21% 21% State taxes, net of federal tax benefit 6% 6% Stock based compensation —% —% Other (5)% (5)% Change in valuation allowance (22)% (22)% Income taxes provision (benefit) —% —% d. Tax Assessments The Company has not been taxed since its inception. e. Deferred Taxes The tax effect of temporary differences and carryforwards that give rise to significant portions of the deferred tax assets and liabilities are presented below: As of As of December 31, 2023 December 31, 2022 (in thousands USD) (in thousands USD) Deferred tax asset: Net operating loss carry forward 9,625 6,120 Share Compensation 2,236 969 Research and Development credits 52 52 Accruals and reserves 2,578 1,432 Total deferred tax assets 14,491 8,573 Valuation allowance (14,491) (8,573) Deferred tax assets recognized — — As the achievement of required future taxable income is not likely, the Company recorded a full valuation allowance. The following table presents a reconciliation of the beginning and ending valuation allowance: As of As of December 31, 2023 December 31, 2022 (in thousands USD) (in thousands USD) Balance at beginning of the year 8,573 3,471 Additions to valuation allowance 5,918 5,102 Release of valuation allowance — — Balance at end of the year 14,491 8,573

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
RELATED PARTY TRANSACTIONS	Dec. 31, 2023
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS	NOTE 10 – RELATED PARTY TRANSACTIONS: a. As for related party transactions regarding equity grants, see note 7 and note 11.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
SUBSEQUENT EVENTS	Dec. 31, 2023
SUBSEQUENT EVENTS.
SUBSEQUENT EVENTS	NOTE 11 – SUBSEQUENT EVENTS: a. On January 4, 2024, the Company issued 130,000 RSAs each to Dr. Enrique Poradosu and Mr. Shay Shemesh. b. On January 4, 2024, the vesting of the July 2021 grant to Mr. Ron Bentsur, Dr. Enrique Poradosu and Mr. Shay Shemesh was extended to July 15, 2024 c. On January 4, 2024, the vesting of the April 2022 grant to Mr. Ron Bentsur, Dr. Enrique Poradosu and Mr. Shay Shemesh first 1/3 vesting of the grant was extended to July 15, 2024, the second 1/3 vesting was extended to July 15, 2024 and the third vesting remained at April 2, 2025. d. On January 4, 2024, the vesting of the January 2023 grant to Mr. Ron Bentsur, Dr. Enrique Poradosu and Mr. Shay Shemesh first 1/3 vesting of the grant was extended to July 15, 2024, the second remained at January 12, 2025 and the third vesting remained at January 12, 2026. e. Through the completion of the subsequent events review, the Company sold a total of 422,130 shares of common stock under the ATM for aggregate total gross proceeds of approximately $3.9 million at an average selling price of $9.31 per share, resulting in net proceeds of approximately $3.8 million after deducting commissions and other transaction costs.

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2023
SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation	a. Basis of Presentation The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and stated in U.S. dollars. The significant accounting policies used in the preparation of the financial statements are as follows:
Segment Reporting	b. Segment Reporting The Company has one operating segment. An operating segment is defined as a component that engages in business activities whose operating results are reviewed by the chief operating decision maker for the purpose of assessing performance and allocating resources and for which discrete financial information is available.
Use of Estimates in the Preparation of Financial Statements	c. Use of Estimates in the Preparation of Financial Statements The preparation of the Company’s financial statements requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities and expenses in the Company’s financial statements and accompanying notes. The most significant estimates in the Company’s financial statements relate to accruals for research and development expenses, valuation of share based compensation awards, and valuation allowances for deferred tax assets. These estimates and assumptions are based on current facts, future expectations, and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially and adversely from these estimates.
Functional and Presentation Currency	d. Functional and Presentation Currency The U.S. dollar (“dollar”) is the currency of the primary economic environment in which the operations of the Company are conducted and expects to continue to operate in the foreseeable future. Accordingly, the functional currency of the Company is the dollar. Adjustments arising from foreign currency transactions between the purchase and the settlement dates are reflected in the statements of operations as a component of financial income (expense). For non-dollar transactions and other items in the statements of operations (indicated below), the following exchange rates are used: (i) for transactions — exchange rates at transaction dates or average rates; and (ii) for other items (derived from non-monetary balance sheet items such as depreciation) — historical exchange rates. The Company did not recognize foreign currency transaction gains or losses in the years ended December 31, 2023 and December 31, 2022.
Cash and Cash Equivalents	e. Cash and Cash Equivalents The Company considers as cash equivalents all highly liquid investments, which include short-term bank deposits that are not restricted as to withdrawal or use, with maturities of three months or less at the date acquired.
Concentrations of Credit Risk	f. Concentrations of Credit Risk The Company is subject to credit risk from holding its cash and cash equivalents at one commercial bank. The Company limits its exposure to credit losses by investing in money market accounts which are included in cash and cash equivalents through a U.S. bank with high credit ratings. Cash may consist of deposits held with banks that may at times exceed federally insured limits, however, exposure to credit risk in the event of default by the financial institution is limited to the extent of amounts recorded on the balance sheets. The Company has not experienced any losses in such accounts and management believes that the Company is not exposed to significant credit risk due to the financial position of the depository institutions in which those deposits are held.
Leases	g. Leases In accordance with Accounting Standards Codification (“ASC”) 842, Leases, the Company defines a short-term lease if a lease has a lease term of 12 months or less and does not include an option to purchase the underlying asset that the lessee is reasonably certain to exercise. At the inception of the lease and as of December 31, 2023, the Company determined all leases were classified as short-term. Short-term leases with an initial term of 12 months or less are not recorded on the balance sheet. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term in general and administrative. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants. The operating lease costs for 2023 and 2022 were $14 thousand and $13 thousand, respectively.
Research and Development Expenses	h. Research and Development Expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including licensing fees, cost of salaries, share-based compensation expenses, payroll taxes and other employee benefits, subcontractors, materials used for research and development activities, and professional services. All costs associated with research and development are expensed as incurred.
General and Administrative	i. General and Administrative General and administrative expenses consist primarily of personnel-related expenses, including employee salaries, bonuses, benefits, and share-based compensation, and recruiting costs for personnel in executive, finance, and other administrative functions. Other significant general and administrative expenses include legal fees relating to intellectual property and corporate matters, professional fees for accounting, tax and consulting services, insurance costs, and travel expenses. General and administrative costs are expensed as incurred.
Loss Contingencies	j. Loss Contingencies Certain conditions may exist as of the date of the financial statements, which may result in a loss to the Company, but which will only be resolved when one or more future events occur or fail to occur. The Company’s management assesses such contingent liabilities, and such assessment inherently involves an exercise of judgment. Management applies the guidance in ASC 450-20-25 when assessing losses resulting from contingencies. If the assessment of a contingency indicates that it is probable that a material loss has been incurred and the amount of the liability can be estimated, then the estimated liability is recorded as accrued expenses in the Company’s financial statements. If the assessment indicates that a potential material loss contingency is not probable but is reasonably possible, or is probable but cannot be estimated, then the nature of the contingent liability, together with an estimate of the range of possible loss if determinable and material are disclosed. As of December 31, 2023, and December 31, 2022, no contingent liabilities have been recognized.
Share-Based Compensation	k. Share-Based Compensation The Company accounts for employees’, directors’ and service providers’ share-based payment awards classified as equity awards using the grant-date fair value method. The fair value of share-based payment transactions is recognized as an expense over the requisite service period. The equity awards could come in the form of options, warrants and RSAs. The Company elected to recognize compensation costs for awards using the accelerated method based on the multiple-option award approach. Performance based awards are expensed over the vesting period only if the achievement of performance criteria is probable. The Company has elected to recognize forfeitures as they occur. For options containing a market condition, the market conditions are required to be considered when calculating the grant date fair value. ASC 718 requires selection of a valuation technique that best fits the circumstances of an award. (see note 7). In order to reflect the substantive characteristics of the market condition option award, a Monte Carlo simulation valuation model was used to calculate the grant date fair value of such options. Expense for the market condition options is recognized over the derived service period as determined through the Monte Carlo simulation model.
Comprehensive Loss	l. Comprehensive Loss Comprehensive loss includes no items other than net loss.
Income Taxes	m. Income Taxes 1) Deferred taxes The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (hereafter – “ASC 740”). ASC 740 prescribes that Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is recognized to the extent that it is more likely than not that the deferred taxes will not be realized in the foreseeable future. Given the Company’s losses, the Company concluded it is more likely than not the deferred tax assets will not be realized and has provided a full valuation allowance with respect to its deferred tax assets. 2) Uncertainty in income taxes The Company accounts for uncertain tax positions in accordance with ASC 740-10. The Company follows a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the available evidence indicates that it is more likely than not that the position will be sustained based on technical merits. If this threshold is met, the second step is to measure the tax position as the largest amount that has more than a 50% likelihood of being realized upon ultimate settlement. The Company does not have any provision for uncertain tax positions.
Net Loss Per Share	n. Net Loss Per Share The Company’s basic net loss per share is calculated by dividing net loss attributable to ordinary shareholders by the weighted-average number of ordinary shares and vested ordinary shares issuable for little or no further consideration outstanding during the period, without consideration of potentially dilutive securities. The diluted net loss per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury share method or the if-converted method based on the nature of such securities. Diluted net loss per share is the same as basic net loss per share in periods when the effects of potentially dilutive shares of ordinary shares are anti-dilutive. The Company computes net loss per share using the two-class method required for participating securities. The two-class method requires income available to ordinary shareholders for the period to be allocated between ordinary shares and participating securities based upon their respective rights to receive dividends as if all income for the period had been distributed. The Company considered its redeemable convertible preferred shares to be participating securities as the holders of the redeemable convertible preferred shares would be entitled to dividends that would be distributed to the holders of ordinary shares on a pro-rata basis assuming conversion of all redeemable convertible preferred shares into ordinary shares. These participating securities do not contractually require the holders of such shares to participate in the Company’s losses. As such, net loss for the periods presented was not allocated to the Company’s preferred shares.
Fair Value Measurement	o. Fair Value Measurement The Company follows authoritative accounting guidance, which among other things, defines fair value, establishes a consistent framework for measuring fair value, and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as the exchange price that would be received to sell an asset or paid to transfer a liability (at exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The three levels of inputs that may be used to measure fair value include: Level 1: Quoted prices (unadjusted) in active markets for identical assets or liabilities that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. The Company’s Level 1 assets consist of money market funds. Level 2: Observable inputs other than Level 1 prices, such as quoted prices for similar assets or liabilities in active markets or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value. The money market accounts totaling $17.1 million are included in cash and cash equivalents and are considered Level 1. During the years ended December 31, 2023 and 2022, respectively, there were no transfers between fair value measure levels. The Company had no financial assets and liabilities measured at fair value as of December 31, 2023 and 2022, respectively. Other financial instruments consist mainly of cash and cash equivalents, other current assets, accounts payable and accrued liabilities. The fair value of these financial instruments approximates their carrying values.
Deferred Offering Costs	p. Deferred Offering Costs Deferred offering costs consist of legal and other costs incurred in connection with the formation and preparation for the Initial Public Offering (“IPO”) or the Private Investment in Public Entity (“PIPE”). These costs, along with underwriting fees were charged to additional paid-in capital upon the completion of the IPO or PIPE. The deferred offering costs were offset against the proceeds received upon the completion of the IPO or PIPE.
Redeemable Convertible Preferred Shares	q. Redeemable Convertible Preferred Shares When the Company issues convertible preferred shares, it considers the provisions of ASC 480, Distinguishing Liabilities from Equity (“ASC 480”) in order to determine whether the preferred share should be classified as a liability. If the instrument is not within the scope of ASC 480, the Company further analyzes the instrument’s characteristics in order to determine whether it should be classified within temporary equity (mezzanine) or within permanent equity in accordance with the provisions of ASC 480-10-S99. The Company’s redeemable convertible preferred shares are not mandatorily or currently redeemable. However, they include a liquidation or deemed liquidation events that would constitute a redemption event that is outside of the Company’s control. As such, all shares of redeemable preferred shares have been presented outside of permanent equity. Upon the consummation of the IPO, all of the Company's preferred shares were converted into common shares and reclassified from temporary equity, into permanent equity.
Warrants	r. Warrants The Company determines the accounting classification of warrants that are issued, as either liability or equity, by first assessing whether the warrants meet liability classification in accordance with ASC 480-10, Accounting for Certain Financial Instruments with Characteristics of both Liabilities and Equity, (“ASC 480-10”), and then in accordance with ASC 815-40, Derivatives and Hedging - Contracts in Entity’s Own Equity (“ASC 815-40”). Under ASC 480-10, warrants are considered liability-classified if the warrants are mandatorily redeemable, obligate the issuer to settle the warrants or the underlying shares by paying cash or other assets, or must or may require settlement by issuing variable number of shares. If the warrants do not meet liability classification under ASC 480-10, the Company assesses the requirements under ASC 815-40, which states that contracts that require or may require the issuer to settle the contract for cash are liabilities recorded at fair value, irrespective of the likelihood of the transaction occurring that triggers the net cash settlement feature. If the warrants do not require liability classification under ASC 815-40, in order to conclude equity classification, the Company assesses whether the warrants are indexed to its common shares and whether the warrants are classified as equity under ASC 815-40 or other applicable GAAP. After all relevant assessments are made, the Company concludes whether the warrants are classified as liability or equity. Liability-classified warrants are required to be accounted for at fair value both on the date of issuance and on subsequent accounting period ending dates, with all changes in fair value after the issuance date recorded as a component of other income (expense), net in the statements of operations. Equity-classified warrants are accounted for at consideration received on the issuance date with no changes in fair value recognized after the issuance date. As of December 31, 2023 and 2022, respectively, all of the Company’s outstanding warrants are equity-classified warrants. See Note 6d.
Recently Issued Accounting Pronouncements Not Yet Adopted	s. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13 “Financial Instruments—Credit Losses—Measurement of Credit Losses on Financial Instruments.” This guidance replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The Company adopted ASU 2016-13 on January 1, 2023 and such adoption did not impact the Company’s financial position, results of operations, cash flows or net loss per share. t. Recently Issued Accounting Pronouncements Not Yet Adopted In December 2023, FASB issued an Accounting Standard Update No. 2023-09 “Income Taxes (Topic 740)” to enhance the transparency and decision usefulness of income tax disclosure. The amendments in this Update mandate public entities to disclose specific categories in the rate reconciliation and additional information for reconciling items that meet quantitative threshold in the annual tax rate reconciliations. Update requires to present a table showing percentages and currency amounts, outlining tax related aspects such as state/local income tax, foreign tax effect, changes in tax law, credits, valuation allowances, nontaxable and nondeductible items, unrecognized tax benefits. Items that impact tax calculations by 5% and more are required to be disclosed separately, with certain categories required to be disaggregated by jurisdiction or nature. Reconciling items are categorized based on state/local, foreign, or federal/national tax levels. Some items can be presented on a net basis, while others need gross presentation. Entities must provide explanations of the major state/local jurisdictions affecting taxes and explain individual reconciling items. Additionally, the amendments in this Update require that all entities must disclose amount of income taxes paid disaggregated by federal(national) state and by individual jurisdictions in which income taxes paid if equal to or greater than 5% of total income taxes paid. The amendments also require entities to disclose income from continuing operations before income tax expense, and income tax expenses categorized by federal/national, state, and foreign levels. Moreover, certain previous disclosure requirements, like estimating changes in unrecognized tax benefits and cumulative temporary differences in deferred tax liabilities, are eliminated. The amendment in this Update also replaces the term "public entity" with "public business entity" in Topic 740 definitions. The amendments in this Updated are effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued. Retrospective application is permitted. The Company is currently evaluating the impact that ASU No. 2023-09 will have on its consolidated financial statements and related disclosures. In November 2023, the FASB issued ASU No. 2023-07 Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The ASU improves reportable segments disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The ASU also require that a public entity that has a single reportable segment to provide all the disclosures required by the amendments and all existing segment disclosures in Topic 280. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

RESEARCH AND DEVELOPMENT EXPE_2

RESEARCH AND DEVELOPMENT EXPENSES (Tables)	12 Months Ended
RESEARCH AND DEVELOPMENT EXPENSES (Tables)	Dec. 31, 2023
RESEARCH AND DEVELOPMENT EXPENSES
Schedule of research and development expenses	Research and development expenses consisted of the following (in thousands): For the year ended For the year ended December 31, December 31, 2023 2022 Employee compensation and benefits 6,310 4,648 Clinical expense 4,296 3,714 License fee 1,001 2,297 Manufacturing 3,495 2,170 Professional services and other 278 398 Total research and development expenses 15,380 13,227

GENERAL AND ADMINISTRATIVE EX_2

GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	12 Months Ended
GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	Dec. 31, 2023
GENERAL AND ADMINISTRATIVE EXPENSES
Schedule of general and administrative expenses	General and administrative expenses consisted of the following (in thousands): For the year ended For the year ended December 31, December 31, 2023 2022 Professional and consulting services 3,460 2,381 Employee compensation and benefits 2,298 1,756 Insurance 842 1,183 Travel 369 262 Other 548 425 Total general and administrative expenses 7,517 6,007

SHARE BASED PAYMENTS (Tables)

SHARE BASED PAYMENTS (Tables)	12 Months Ended
SHARE BASED PAYMENTS (Tables)	Dec. 31, 2023
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of assumptions	Risk-free interest rate 4.09 % Common stock price $ 7.51 Expected dividend yield — Expected term (in years) 2 Expected volatility 75 %
Schedule of stock option activity	Weighted Number of Weighted average average Aggregated shares under Exercise price per remaining Intrinsic value option Option Life (in thousands) Balance, December 31, 2022 311,590 4.20 8.79 1,042 Granted 43,500 7.51 Exercised (6,809) 5.91 Forfeited — — Outstanding – December 31, 2023 348,281 4.59 7.94 1,317 Exercisable – December 31, 2023 210,836 4.22 7.99 Expected to vest – December 31, 2023 348,281 4.59 7.94 1,317
Schedule of restricted stock awards	Weighted Weighted average Aggregated Number of average grant contractual term Intrinsic value shares date fair value (in years) (in thousands) Balance, December 31, 2022 338,807 7.15 2.22 2,541 Granted 663,499 8.76 Vested (60,810) 8.32 Outstanding – December 31, 2023 941,496 8.23 1.80 7,852 Expected to vest – December 31, 2023 941,496 8.23 1.80 7,852
February 2022 Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of assumptions	The following table summarizes assumptions used for the Black-Scholes model at the grant date: Risk-free interest rate 1.78 % Common stock price $ 5.00 Expected dividend yield — Expected term (in years) 5 Expected volatility 99 %
July 2022 Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Schedule of assumptions	The following table summarizes assumptions used for the Black-Scholes model at the grant date: Risk-free interest rate 2.86 % Common stock price $ 9.26 Expected dividend yield 0 Expected term (in years) 3.5 Expected volatility 86.06 %

NET LOSS PER SHARE (Tables)

NET LOSS PER SHARE (Tables)	12 Months Ended
NET LOSS PER SHARE (Tables)	Dec. 31, 2023
NET LOSS PER SHARE
Schedule of basic net loss per share	For the year ended For the year ended December 31, 2023 December 31, 2022 in thousand U.S. dollars except per share and share amounts Loss attributable to common shareholders (22,260) (19,085) Basic and diluted net loss per common share (1.43) (1.51) Weighted average of common share outstanding 15,556,655 12,657,651
Schedule of weighted average of common shares outstanding	For the year ended December 31, 2023 2022 Weighted average of common shares 16,691,708 13,205,888 Unvested RSAs (1,135,053) (548,237) Weighted average of common share outstanding 15,556,655 12,657,651

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
INCOME TAXES (Tables)	Dec. 31, 2023
INCOME TAXES
Schedule of reconciliation of statutory U.s federal rate to the company's effective tax rate	For the year-ended Percentage of pre-tax income 2023 2022 Statutory federal income tax rate 21% 21% State taxes, net of federal tax benefit 6% 6% Stock based compensation —% —% Other (5)% (5)% Change in valuation allowance (22)% (22)% Income taxes provision (benefit) —% —%
Schedule of deferred tax assets and liabilities	As of As of December 31, 2023 December 31, 2022 (in thousands USD) (in thousands USD) Deferred tax asset: Net operating loss carry forward 9,625 6,120 Share Compensation 2,236 969 Research and Development credits 52 52 Accruals and reserves 2,578 1,432 Total deferred tax assets 14,491 8,573 Valuation allowance (14,491) (8,573) Deferred tax assets recognized — —
Summary of reconciliation of allowances	As of As of December 31, 2023 December 31, 2022 (in thousands USD) (in thousands USD) Balance at beginning of the year 8,573 3,471 Additions to valuation allowance 5,918 5,102 Release of valuation allowance — — Balance at end of the year 14,491 8,573

GENERAL (Details)

GENERAL (Details) $ / shares in Units, $ in Thousands		12 Months Ended
GENERAL (Details) $ / shares in Units, $ in Thousands	Feb. 08, 2022 USD ($) shares	Dec. 31, 2023 USD ($) segment $ / shares shares	Dec. 31, 2022 USD ($) shares
STOCKHOLDERS' EQUITY
Business segments \| segment		1
Accumulated deficit		$ 54,245	$ 31,985
Cash and cash equivalents		19,126	19,993
Proceeds from issuance of common shares - At-the market offering		$ 5,289
Proceeds from issuance of common shares and pre-funded warrants in private placement			$ 15,879
Initial Public Offering
STOCKHOLDERS' EQUITY
Number of shares issued \| shares	3,200,000
Proceeds from issuance of common shares - At-the market offering	$ 13,600
At-the-Market
STOCKHOLDERS' EQUITY
Number of shares issued \| shares		371,743
Proceeds from issuance of common shares - At-the market offering		$ 5,300
Share price \| $ / shares		$ 14.23
Net proceeds		$ 5,100
Common stock
STOCKHOLDERS' EQUITY
Number of shares issued \| shares		371,743	3,200,000

SIGNIFICANT ACCOUNTING POLICI_3

SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting and Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) segment	Dec. 31, 2022 USD ($)
SIGNIFICANT ACCOUNTING POLICIES
Number of operating segments \| segment	1
Operating lease cost \| $	$ 14	$ 13

SIGNIFICANT ACCOUNTING POLICI_4

SIGNIFICANT ACCOUNTING POLICIES - Loss Contingencies (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Contingent liabilities	$ 0	$ 0

SIGNIFICANT ACCOUNTING POLICI_5

SIGNIFICANT ACCOUNTING POLICIES - Fair Value Measurement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SIGNIFICANT ACCOUNTING POLICIES
Money market accounts	$ 17,100
Fair Value, Assets, Level 1 to Level 2 Transfers, Amount1	0	$ 0
Fair Value, Assets, Level 2 to Level 1 Transfers, Amount1	0	0
Fair Value, Liabilities, Level 1 to Level 2 Transfers, Amount1	0	0
Fair Value, Liabilities, Level 2 to Level 1 Transfers, Amount 1	0	0
Amount of transfers into or out of Level 3 of the fair value, assets	0	0
Amount of transfers into or out of Level 3 of the fair value, liabilities	0	0
Assets, Fair Value	0	0
Financial Liabilities Fair Value	$ 0	$ 0

RESEARCH AND DEVELOPMENT EXPE_3

RESEARCH AND DEVELOPMENT EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
RESEARCH AND DEVELOPMENT EXPENSES
Employee compensation and benefits	$ 6,310	$ 4,648
Clinical expense	4,296	3,714
License fee	1,001	2,297
Manufacturing	3,495	2,170
Professional services and other	278	398
Total research and development expenses	$ 15,380	$ 13,227

GENERAL AND ADMINISTRATIVE EX_3

GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
GENERAL AND ADMINISTRATIVE EXPENSES
Professional and consulting services	$ 3,460	$ 2,381
Employee compensation and benefits	2,298	1,756
Insurance	842	1,183
Travel	369	262
Other	548	425
Total general and administrative expenses	$ 7,517	$ 6,007

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($)		1 Months Ended	12 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) - USD ($)	Mar. 31, 2022	May 31, 2021	Dec. 31, 2023	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
Research and development			$ 15,380,000	$ 13,227,000
License fee			1,001,000	2,297,000
CRT Pioneer Fund License Agreement
COMMITMENTS AND CONTINGENCIES
Non refundable payment		$ 3,500,000
Patient recruitment milestones		$ 1,000,000
Royalties		10%
Research and development	$ 865,000
Project cost			600,000	300,000
License fee			$ 0	$ 1,000,000
CRT Pioneer Fund License Agreement \| Maximum
COMMITMENTS AND CONTINGENCIES
Pre - approval milestone		$ 26,500,000
Commercial sales milestone		$ 178,000,000

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - License agreement - University of Edinburgh (Details) - University of Edinburgh License Agreement - USD ($)	1 Months Ended	12 Months Ended
	Aug. 31, 2021	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Non refundable payment	$ 3,500,000
Anniversary milestone payments	$ 500,000
Royalties	8%
Royalties gross	2.50%
Fund raised	$ 3,000,000	$ 3,000,000
Project cost	772,000
Maximum
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Pre - approval milestone	49,500,000
Commercial sales milestone	$ 279,500,000

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - License agreement - University of Edinburgh - License term (Details) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Aug. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collaborative agreement, amount utilized from fund raising commitment		$ 0.8
University of Edinburgh License Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Fund raised	$ 3	3
University of Edinburgh License Agreement \| Initial Public Offering
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
One year milestone			$ 0.5
Accrued liability			$ 0.4
CRT Pioneer Fund License Agreement \| Private Placement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Milestone achievement expenses paid		1
Private placement expenses		$ 0.4

COMMITMENTS AND CONTINGENCIES_3

COMMITMENTS AND CONTINGENCIES - Contingencies (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
COMMITMENTS AND CONTINGENCIES
Contingent liabilities	$ 0	$ 0

REDEEMABLE CONVERTIBLE PREFER_2

REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS DEFICIT (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 08, 2022 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) Vote $ / shares shares	Dec. 31, 2022 $ / shares shares	Feb. 03, 2022 $ / shares shares	Dec. 31, 2021 shares
Common shares, par value (per share) \| $ / shares		$ 0.00001	$ 0.00001	$ 0.00001
Preferred shares par value, (per share) \| $ / shares				$ 0.00001
Common shares, shares authorized		60,000,000	60,000,000	60,000,000
Preferred shares, shares authorized				5,000,000
Shares authorized				65,000,000
Proceeds from issuance of common shares - At-the market offering \| $		$ 5,289
Issuance costs \| $		$ 174
Temporary equity, shares outstanding			0
Voting rights per share \| Vote		1
Dividends declared \| $ / shares		$ 0
Convertible Preferred Stock [Member]
Price per share \| $ / shares	$ 119.0476
Convertible preferred stock issuable	5,012,280
Temporary equity, shares outstanding			0		5,012,280
Initial Public Offering
Number of shares issued	3,200,000
Price per share \| $ / shares	$ 5
Proceeds from issuance of common shares - At-the market offering \| $	$ 13,600
Payment for underwriting discounts and commissions \| $	1,100
Issuance costs \| $	$ 1,800

REDEEMABLE CONVERTIBLE PREFER_3

REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS DEFICIT - Redeemable convertible preferred shares (Details) - Redeemable Convertible Preferred Share $ in Thousands	2 Months Ended
	Jul. 31, 2021 USD ($) shares
Conversion of Series A redeemable convertible preferred shares (shares) \| shares	128,520
Conversion of Series A redeemable convertible preferred shares	$ 15,300
Investors
Conversion of Series A redeemable convertible preferred shares	$ 1,730

REDEEMABLE CONVERTIBLE PREFER_4

REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS DEFICIT - Conversion rights (Details) - Redeemable Convertible Preferred Share - USD ($)	Feb. 08, 2022	Dec. 31, 2021
Price per share	$ 119.0476
Conversion price	$ 3.05	$ 3.05
Minimum
Proceeds - corporation	$ 15,000,000

REDEEMABLE CONVERTIBLE PREFER_5

REDEEMABLE CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' DEFICIT - Private placement in public entity (Details) - USD ($)			12 Months Ended
	Mar. 17, 2023	Jul. 29, 2022	Dec. 31, 2023	Dec. 31, 2022
STOCKHOLDERS' EQUITY
Proceeds from exercise of warrants			$ 11,192,000
Selling of securities			5,114,000	$ 13,108,000
Net proceeds			$ 5,289,000
Private Placement
STOCKHOLDERS' EQUITY
Number of shares issued		1,015,598
Share price		$ 8.25
Net proceeds		$ 14,300,000
Number of preferred investment options exercised			1,001,091
Proceeds from exercise of preferred investment options			$ 8,900,000
Placement agent fee (as percentage)		7%
Placement agents management fee (as percentage)		1%
Private Placement \| Pre-Funded Warrants
STOCKHOLDERS' EQUITY
Warrants to purchase an aggregate		909,091
Warrants exercise price		$ 0.001
Private Placement \| Preferred Investment Options
STOCKHOLDERS' EQUITY
Warrants to purchase an aggregate		1,924,689
Warrants exercise price		$ 9.65
Private Placement \| Placement Agents Warrants
STOCKHOLDERS' EQUITY
Warrants to purchase an aggregate		115,481
Warrants exercise price		$ 10.31
Warrant exercised			79,104
Net proceeds			$ 800,000
At The Market Agreement
STOCKHOLDERS' EQUITY
Number of shares issued			371,743
Share price			$ 14.23
Selling of securities	$ 150,000,000
Percentage of gross proceeds from common stock	3%
Gross proceeds from issuance of common stock			$ 5,300,000
Net proceeds			$ 5,100,000

SHARE BASED PAYMENTS (Details)

SHARE BASED PAYMENTS (Details)	1 Months Ended			12 Months Ended
SHARE BASED PAYMENTS (Details)	Jan. 31, 2023 $ / shares shares	Jul. 31, 2022 USD ($) $ / shares shares	Feb. 28, 2022 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) D $ / shares shares
SHARE BASED PAYMENTS
Proceeds from exercise of warrants \| $				$ 11,192,000
Incentive Plan 2021
SHARE BASED PAYMENTS
Trading days \| D				30
Mr.Ron Bentsur \| Incentive Plan 2021
SHARE BASED PAYMENTS
Percentage of fully diluted shares issuable upon vesting				1%
Dr.Enrique Poradosu \| Incentive Plan 2021
SHARE BASED PAYMENTS
Percentage of fully diluted shares issuable upon vesting				0.50%
Mr.Shay Shemesh \| Incentive Plan 2021
SHARE BASED PAYMENTS
Percentage of fully diluted shares issuable upon vesting				0.50%
Service Providers.
SHARE BASED PAYMENTS
Granted	43,500
Exercise Price \| $ / shares	$ 7.51
Options exercisable				21,000
Exercised				2,792
Minimum \| Incentive Plan 2021
SHARE BASED PAYMENTS
Average capitalization \| $				$ 350,000,000
February 2022 Warrants
SHARE BASED PAYMENTS
Number of warrants granted			128,000
Warrants exercise price \| $ / shares			$ 6.25
Expected term (in years)			5 years
Estimated value of warrants \| $			$ 458,000
Warrant exercised				105,920
Proceeds from exercise of warrants \| $				$ 700,000
July 2022 Warrants
SHARE BASED PAYMENTS
Number of warrants granted		115,481
Warrants exercise price \| $ / shares		$ 10.31
Expected term (in years)		3 years 6 months
Estimated value of warrants \| $		$ 618,000
Number of placement agent warrants exercised				79,104
Proceeds from exercise of warrants \| $				$ 800,000
Employee Stock Option [Member]
SHARE BASED PAYMENTS
Expected term (in years)	2 years
Employee Stock Option [Member] \| Incentive Plan 2021
SHARE BASED PAYMENTS
Granted				43,500
Exercise Price \| $ / shares				$ 7.51
Options exercisable				210,836
Exercised				6,809
Service Based Share Options \| Service Providers.
SHARE BASED PAYMENTS
Options exercisable				22,500
Fair value of share options granted \| $				$ 74,000
Market Condition Based Share Options \| Service Providers.
SHARE BASED PAYMENTS
Options exercisable				9,000
Fair value of share options granted \| $				$ 20,000
Performance Condition Based Share Options \| Service Providers.
SHARE BASED PAYMENTS
Options exercisable				12,000
Fair value of share options granted \| $				$ 39,000

SHARE BASED PAYMENTS - Assumpti

SHARE BASED PAYMENTS - Assumptions (Details) - $ / shares	1 Months Ended
SHARE BASED PAYMENTS - Assumptions (Details) - $ / shares	Jan. 31, 2023	Jul. 31, 2022	Feb. 28, 2022
Employee Stock Option
SHARE BASED PAYMENTS
Risk-free interest rate	4.09%
Common stock price	$ 7.51
Expected dividend yield	0%
Expected term (in years)	2 years
Expected volatility	75%
February 2022 Warrants
SHARE BASED PAYMENTS
Risk-free interest rate			1.78%
Common stock price			$ 5
Expected term (in years)			5 years
Expected volatility			99%
July 2022 Warrants
SHARE BASED PAYMENTS
Risk-free interest rate		2.86%
Common stock price		$ 9.26
Expected dividend yield		0%
Expected term (in years)		3 years 6 months
Expected volatility		86.06%

SHARE BASED PAYMENTS - Assump_2

SHARE BASED PAYMENTS - Assumptions Black sholes model (Details)	1 Months Ended
	Jan. 31, 2023
Employee Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected term (in years)	2 years

SHARE BASED PAYMENTS - Addition

SHARE BASED PAYMENTS - Additional information (Details) - USD ($) $ in Millions					1 Months Ended		12 Months Ended
	Jan. 04, 2024	Mar. 29, 2023	Jan. 12, 2023	Apr. 01, 2022	Jun. 30, 2023	Feb. 28, 2022	Dec. 31, 2023	Dec. 31, 2022	Feb. 03, 2022	May 31, 2021
SHARE BASED PAYMENTS
Common shares, shares authorized							60,000,000	60,000,000	60,000,000
Common shares, shares issued							17,418,886	15,190,720
Common shares, shares outstanding							17,418,886	15,190,720
Number of shares outstanding					6%
Common Stock
SHARE BASED PAYMENTS
Number of shares issued					2,500,000
Unvested RSA \| Dr.Enrique Poradosu
SHARE BASED PAYMENTS
Number of RSA's/Options issued	130,000
Restricted Stock Awards
SHARE BASED PAYMENTS
Vesting period			3 years	3 years
Total fair value of RSAs			$ 3.3	$ 1.7
Restricted Stock Awards \| On Each Anniversary from the date of grant
SHARE BASED PAYMENTS
Vesting percentage		33.33%	33.33%	33.33%
Restricted Stock Awards \| Mr.Ron Bentsur
SHARE BASED PAYMENTS
Number of RSA's/Options issued			210,000	120,000
Restricted Stock Awards \| Dr.Enrique Poradosu
SHARE BASED PAYMENTS
Number of RSA's/Options issued			115,000	60,000
Restricted Stock Awards \| Mr.Shay Shemesh
SHARE BASED PAYMENTS
Number of RSA's/Options issued			115,000	60,000
2021 Global Equity Incentive Plan \| Restricted Stock Awards
SHARE BASED PAYMENTS
Number of Common shares issues per RSA							1
Incentive Plan 2021
SHARE BASED PAYMENTS
Number of shares reserved										408,486
Additional increase to shares reserved						1,500,000
Incentive Plan 2021 \| Employee Stock Option
SHARE BASED PAYMENTS
Unrecognized share-based compensation expense							$ 0.2
Weighted-average period expected to be recognized							7 months 24 days
Incentive Plan 2021 \| Restricted Stock Awards
SHARE BASED PAYMENTS
Unrecognized share-based compensation expense							$ 2.5
Weighted-average period expected to be recognized							1 year 9 months 18 days
Total fair value of RSAs							$ 0.3

SHARE BASED PAYMENTS - Activity

SHARE BASED PAYMENTS - Activity (Details) - USD ($) $ / shares in Units, $ in Thousands		12 Months Ended
	Jul. 27, 2021	Dec. 31, 2023	Dec. 31, 2022
Incentive Plan 2021 \| Employee Stock Option
Number of shares under option
Beginning balance		311,590
Granted		43,500
Exercised		(6,809)
Ending balance		348,281	311,590
Exercisable - December 31, 2023		210,836
Expected to vest - December 31, 2023		348,281
Weighted average Exercise price per Option
Balance, December 31, 2022		$ 4.20
Granted		7.51
Exercised		5.91
Outstanding - December 31, 2023		4.59	$ 4.20
Exercisable - December 31, 2023		4.22
Expected to vest - December 31, 2023		$ 4.59
Weighted average remaining life and Aggregated Intrinsic value
Weighted average remaining life, Outstanding		7 years 11 months 8 days	8 years 9 months 14 days
Weighted average remaining life, Exercisable		7 years 11 months 26 days
Weighted average remaining life, Vest or Expected to vest		7 years 11 months 8 days
Aggregated Intrinsic value		$ 1,317	$ 1,042
Aggregated Intrinsic value, Vest or Expected to vest		$ 1,317
Incentive Plan 2021 \| Restricted Stock Awards
Number of shares under option
Beginning balance		338,807
Granted		663,499
Vested		(60,810)
Ending balance		941,496	338,807
Expected to vest - December 31, 2023		941,496
Weighted average Exercise price per Option
Balance, December 31, 2022		$ 7.15
Granted		8.76
Vested		8.32
Outstanding - December 31, 2023		8.23	$ 7.15
Expected to vest - December 31, 2023		$ 8.23
Weighted average remaining life and Aggregated Intrinsic value
Weighted average remaining life, Outstanding		1 year 9 months 18 days	2 years 2 months 19 days
Weighted average remaining life, Vest or Expected to vest		1 year 9 months 18 days
Aggregated Intrinsic value		$ 7,852	$ 2,541
Aggregated Intrinsic value, Vest or Expected to vest		$ 7,852
Mr.Ron Bentsur \| Unvested RSA
Number of shares under option
Granted	96,759
Dr.Enrique Poradosu \| Unvested RSA
Number of shares under option
Granted	48,399
Mr.Shay Shemesh \| Unvested RSA
Number of shares under option
Granted	48,399

SHARE BASED PAYMENTS - Share Co

SHARE BASED PAYMENTS - Share Compensation Expense (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
General and administrative expenses
SHARE BASED PAYMENTS
Share based compensation expense	$ 2.1	$ 0.8
Research and development expenses
SHARE BASED PAYMENTS
Share based compensation expense	$ 2.6	$ 0.9

NET LOSS PER SHARE - Weighted a

NET LOSS PER SHARE - Weighted average number of common stock outstanding (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
NET LOSS PER SHARE
Loss attributable to common stockholders	$ (22,260)	$ (19,085)
Basic net loss per common share	$ (1.43)	$ (1.51)
Diluted net loss per common share	$ (1.43)	$ (1.51)
Weighted average of common shares	16,691,708	13,205,888
Unvested RSAs	(1,135,053)	(548,237)
Basic weighted average of common share outstanding	15,556,655	12,657,651
Diluted Weighted average of common share outstanding	15,556,655	12,657,651

NET LOSS PER SHARE - Anti-dilut

NET LOSS PER SHARE - Anti-dilutive (Details) - shares	12 Months Ended
NET LOSS PER SHARE - Anti-dilutive (Details) - shares	Dec. 31, 2023	Dec. 31, 2022
Warrants
NET LOSS PER SHARE
Anti-dilutive excluded from the calculation of diluted net loss per common stock	159,870	344,374
Employee Stock Option
NET LOSS PER SHARE
Anti-dilutive excluded from the calculation of diluted net loss per common stock	348,281	311,590
Unvested RSA
NET LOSS PER SHARE
Anti-dilutive excluded from the calculation of diluted net loss per common stock	1,135,053	548,237

INCOME TAXES - Tax rates (Detai

INCOME TAXES - Tax rates (Details)	12 Months Ended
INCOME TAXES - Tax rates (Details)	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Income taxes provision (benefit)	26.90%	26.90%
Federal tax rate	21%	21%
State tax rate	5.90%	5.90%

INCOME TAXES - Corporate Taxati

INCOME TAXES - Corporate Taxation US (Details) - USD ($) $ in Millions	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Tax loss carry forward	$ 35	$ 23

INCOME TAXES - Reconciliation o

INCOME TAXES - Reconciliation of the statutory U.S federal rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Percentage of pre-tax income
Statutory federal income tax rate	21%	21%
State taxes, net of federal tax benefit	5.90%	5.90%
Other	(5.00%)	(5.00%)
Change in valuation allowance	(22.00%)	(22.00%)
Income taxes provision (benefit)	26.90%	26.90%

INCOME TAXES - Deferred Taxes (

INCOME TAXES - Deferred Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Deferred tax asset:
Net operating loss carry forward	$ 9,625	$ 6,120
Share Compensation	2,236	969
Research and Development credits	52	52
Accruals and reserves	2,578	1,432
Total deferred tax assets	14,491	8,573
Valuation allowance	(14,491)	(8,573)	$ (3,471)
Deferred tax assets recognized	$ 0	$ 0

INCOME TAXES - Valuation allowa

INCOME TAXES - Valuation allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
INCOME TAXES
Balance at beginning of the year	$ 8,573	$ 3,471
Additions to valuation allowance	5,918	5,102
Release of valuation allowance	0	0
Balance at end of the year	$ 14,491	$ 8,573

SUBSEQUENT EVENTS (Details)

SUBSEQUENT EVENTS (Details) - USD ($)		1 Months Ended	12 Months Ended
SUBSEQUENT EVENTS (Details) - USD ($)	Jan. 04, 2024	Feb. 29, 2024	Dec. 31, 2023
Subsequent Event [Line Items]
Proceeds from issuance of common shares - At-the market offering			$ 5,289,000
RSUs \| Dr.Enrique Poradosu
Subsequent Event [Line Items]
RSUs issued	130,000
At The Market Agreement
Subsequent Event [Line Items]
Number of shares issued			371,743
Proceeds from issuance of common shares - At-the market offering			$ 5,100,000
Share price			$ 14.23
Subsequent events \| Mr. Ron Bentsur, Dr. Enrique Poradosu, and Mr. Shay Shemesh
Subsequent Event [Line Items]
Vesting percentage	33.33%
Subsequent events \| RSUs \| Mr.Shay Shemesh
Subsequent Event [Line Items]
RSUs issued	130,000
Subsequent events \| At The Market Agreement
Subsequent Event [Line Items]
Number of shares issued		422,130
Proceeds from issuance of common shares - At-the market offering		$ 3,900,000
Share price		$ 9.31
Net proceeds		$ 3,800,000

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (22,260)	$ (19,085)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false