Exhibit 99.1
POLYPID LTD.
AND ITS SUBSIDIARIES
INTERIM CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS
AS OF JUNE 30, 2023
U.S. DOLLARS IN THOUSANDS
UNAUDITED
INDEX
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POLYPID LTD. AND ITS SUBSIDIARY
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands
June 30, | December 31, | |||||||
2023 | 2022 | |||||||
Unaudited | Audited | |||||||
ASSETS | ||||||||
CURRENT ASSETS: | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Short-term deposits | ||||||||
Restricted deposits | ||||||||
Prepaid expenses and other current assets | ||||||||
Total current assets | ||||||||
LONG-TERM ASSETS: | ||||||||
Property and equipment, net | ||||||||
Operating lease right-of-use assets | ||||||||
Other long-term assets | ||||||||
Total long-term assets | ||||||||
Total assets | $ | $ |
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
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POLYPID LTD. AND ITS SUBSIDIARY
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
U.S. dollars in thousands (except share and per share data)
June 30, | December 31, | |||||||
2023 | 2022 | |||||||
Unaudited | Audited | |||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
CURRENT LIABILITIES: | ||||||||
Current maturities of long-term debt | $ | $ | ||||||
Accrued expenses and other current liabilities | ||||||||
Trade payables | ||||||||
Current maturities of operating lease liabilities | ||||||||
Total current liabilities | ||||||||
LONG-TERM LIABILITIES: | ||||||||
Long-term debt | ||||||||
Deferred revenues | ||||||||
Long-term operating lease liabilities | ||||||||
Other liabilities | ||||||||
Total long-term liabilities | ||||||||
COMMITMENTS AND CONTINGENT LIABILITIES | ||||||||
SHAREHOLDERS’ EQUITY: | ||||||||
Ordinary shares with no par value | Authorized: ||||||||
Additional paid-in capital | ||||||||
Accumulated deficit | ( | ) | ( | ) | ||||
Total shareholders’ equity | ||||||||
Total liabilities and shareholders’ equity | $ | $ |
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
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POLYPID LTD. AND ITS SUBSIDIARY
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
U.S. dollars in thousands (except share and per share data)
Six Months Ended | Three Months Ended | |||||||||||||||
June 30, | June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Operating expenses: | ||||||||||||||||
Research and development, net | $ | $ | $ | $ | ||||||||||||
Marketing and business development | ||||||||||||||||
General and administrative | ||||||||||||||||
Operating loss | ||||||||||||||||
Financial expense, net | ||||||||||||||||
Loss before income tax | ||||||||||||||||
Income tax expenses | ||||||||||||||||
Net loss | $ | $ | $ | $ | ||||||||||||
$ | $ | $ | $ | |||||||||||||
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
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POLYPID LTD. AND ITS SUBSIDIARY
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
U.S. dollars in thousands (except share and per share data)
Three Months Ended June 30, 2023 | Number of ordinary shares | Additional | Accumulated deficit | Total equity | ||||||||||||
Balances as of March 31, 2023 | $ | $ | ( | ) | $ | |||||||||||
Share-based compensation | - | |||||||||||||||
Modification of warrants | - | |||||||||||||||
Reclassification of pre-funded warrants to Equity | - | |||||||||||||||
Cashless exercise of pre-funded warrants | ||||||||||||||||
Net loss | - | ( | ) | ( | ) | |||||||||||
Balances as of June 30, 2023 (unaudited) | $ | $ | ( | ) | $ |
Three Months Ended June 30, 2022 | Number of ordinary shares | Additional | Accumulated deficit | Total equity | ||||||||||||
Balances as of March 31, 2022 | $ | $ | ( | ) | $ | |||||||||||
Share-based compensation | - | |||||||||||||||
Issuance of ordinary shares, net (1) | ||||||||||||||||
Issuance of warrants | - | |||||||||||||||
Exercise of options | ||||||||||||||||
Loss | - | ( | ) | ( | ) | |||||||||||
Balances as of June 30, 2022 (unaudited) | $ | $ | ( | ) | $ |
(1) |
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
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POLYPID LTD. AND ITS SUBSIDIARY
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY
U.S. dollars in thousands (except share and per share data)
Six Months Ended June 30, 2023 | Number of ordinary shares | Additional | Accumulated deficit | Total equity | ||||||||||||
Balances as of January 1, 2023 | $ | $ | ( | ) | $ | |||||||||||
Share-based compensation | - | |||||||||||||||
Issuance of Ordinary shares, net (1) | ||||||||||||||||
Issuance of pre-funded warrants, net (2) | ||||||||||||||||
Modification of warrants | - | |||||||||||||||
Reclassification of pre-funded warrants to Liabilities | - | ( | ) | ( | ) | |||||||||||
Reclassification of pre-funded warrants to Equity | - | |||||||||||||||
Cashless exercise of pre-funded warrants | ||||||||||||||||
Exercise of options | ||||||||||||||||
Net loss | - | ( | ) | ( | ) | |||||||||||
Balances as of June 30, 2023 (unaudited) | $ | $ | ( | ) | $ |
(1) |
(2) |
Six Months Ended June 30, 2022 | Number of Ordinary shares | Additional | Accumulated deficit | Total equity | ||||||||||||
Balances as of January 1, 2022 | $ | $ | ( | ) | $ | |||||||||||
Share-based compensation | - | |||||||||||||||
Issuance of shares, net (1) | ||||||||||||||||
Issuance of warrants | - | |||||||||||||||
Exercise of options | ||||||||||||||||
Loss | - | ( | ) | ( | ) | |||||||||||
Balances as of June 30, 2022 (unaudited) | $ | $ | ( | ) | $ |
(1) |
Year Ended December 31, 2022 | Number of ordinary shares | Additional | Accumulated deficit | Total equity | ||||||||||||
Balances as of January 1, 2022 | $ | $ | ( | ) | $ | |||||||||||
Share-based compensation | - | |||||||||||||||
Issuance of ordinary shares, net (1) | ||||||||||||||||
Issuance of warrants | - | |||||||||||||||
Exercise of options | ||||||||||||||||
Net loss | - | ( | ) | ( | ) | |||||||||||
Balances as of December 31, 2022 (audited) | $ | $ | ( | ) | $ |
(1) |
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
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POLYPID LTD. AND ITS SUBSIDIARY
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Six Months Ended June 30, | ||||||||
2023 | 2022 | |||||||
Unaudited | ||||||||
Cash flows from operating activities: | ||||||||
Net loss | $ | ( | ) | $ | ( | ) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | ||||||||
Depreciation of property and equipment | ||||||||
Non-cash financial expenses, net | ||||||||
Remeasurement of warrants classified as a liability | ( | ) | ||||||
Share-based compensation expenses | ||||||||
Changes in assets and liabilities: | ||||||||
Prepaid expenses and other assets | ||||||||
Operating lease liabilities and right-of-use-assets, net | ( | ) | ||||||
Trade payables | ( | ) | ( | ) | ||||
Accrued expenses and other liabilities | ( | ) | ||||||
Net cash used in operating activities | ( | ) | ( | ) | ||||
Cash flows from investing activities: | ||||||||
Short-term and long-term deposits, net | ( | ) | ||||||
Purchase of property and equipment | ( | ) | ( | ) | ||||
Net cash provided (used) by investing activities | ( | ) | ||||||
Cash flows from financing activities: | ||||||||
Proceeds from issuance of ordinary shares, net | ||||||||
Proceeds from long-term debt, net | ||||||||
Payments due to long-term debt | ( | ) | ( | ) | ||||
Payment of fees due to modification of debt | ( | ) | ||||||
Proceeds from issuance of pre-funded warrants | ||||||||
Proceeds from exercise of options | ||||||||
Net cash provided by financing activities | ||||||||
Increase (decrease) in cash, cash equivalents and restricted cash | ( | ) | ||||||
Cash, cash equivalents and restricted cash at the beginning of the period | ||||||||
Cash, cash equivalents and restricted cash at the end of the period | $ | $ |
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
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POLYPID LTD. AND ITS SUBSIDIARY
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
U.S. dollars in thousands
Six Months Ended June 30, | ||||||||
2023 | 2022 | |||||||
Unaudited | ||||||||
Non-cash activities: | ||||||||
Modification of warrants | $ | $ | ||||||
Credit line derivative | $ | $ | ||||||
Property and equipment acquired by credit | $ | $ | ||||||
Supplemental disclosures of cash flows: | ||||||||
Interest paid | $ | $ | ||||||
Supplemental disclosures of cash flow information: | ||||||||
Cash and cash equivalents | $ | $ | ||||||
Restricted cash | ||||||||
Restricted cash included in other long-term assets | ||||||||
Cash, cash equivalents and restricted cash at the end of the period | $ | $ |
The accompanying notes are an integral part of the interim condensed consolidated financial statements.
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POLYPID LTD. AND ITS SUBSIDIARY
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
NOTE 1:- GENERAL
a. | PolyPid Ltd. (the “Company”) was incorporated under the laws of Israel and commenced operations on February 28, 2008. The Company is a Phase 3 biopharmaceutical company focused on developing targeted, locally administered, and prolonged-release therapeutics using its proprietary PLEX (Polymer-Lipid Encapsulation matriX) technology. The Company’s product candidates are designed to address unmet medical needs by delivering active pharmaceutical ingredients, locally at predetermined release rates and durations over extended periods ranging from days to several months. The Company is initially focused on the development of its lead product candidate, D-PLEX, which incorporates an antibiotic for the prevention of surgical site infections (“SSIs”) in bone and soft tissue. Through June 30, 2023, the Company has been primarily engaged in research and development. |
The Company’s wholly owned subsidiaries include a subsidiary in the United States (the “US Subsidiary”) and a subsidiary in Romania. The US Subsidiary’s operation focuses on marketing and business development of the Company’s operation in the United States.
b. | The Company’s activities since inception have consisted of performing research and development activities. Successful completion of the Company’s development programs and, ultimately, the attainment of profitable operations is dependent on future events, including, among other things, its ability to secure financing; obtain marketing approval from regulatory authorities; access potential markets; build a sustainable customer base; attract, retain and motivate qualified personnel; and develop strategic alliances. The Company’s operations are funded by its shareholders and research and development grants and the Company intends to seek further private or public financing as well as make applications for further research and development grants for continuing its operations. Although management believes that the Company will be able to successfully fund its operations, there can be no assurance that the Company will be able to do so or that the Company will ever operate profitably. |
In September 2022,
The Company expects to continue to incur substantial losses over the next several years during its clinical development phase. To fully execute its business plan, the Company will need to complete Phase 3 clinical studies and certain development activities as well as manufacture the required clinical and commercial production batches in the pilot manufacturing plant. Further, the Company’s product candidates will require regulatory approval prior to commercialization, and the Company will need to establish sales, marketing and logistic infrastructures. These activities may span many years and require substantial expenditures to complete and may ultimately be unsuccessful. Any delays in completing these activities could adversely impact the Company.
As of June 30, 2023,
the Company’s cash, cash equivalents and short-term deposits amounted to a total of $
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POLYPID LTD. AND ITS SUBSIDIARY
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
NOTE 1:- GENERAL (CONT.)
Management plans to seek additional equity financing through private and public offerings or strategic partnerships and, in the longer term, by generating revenues from product sales.
The Company’s future operations are highly dependent on a combination of factors, including (i) completion of all required clinical studies; (ii) the success of its research and development activities; (iii) manufacture of all required clinical and commercial production batches; (iv) marketing approval by the relevant regulatory authorities; and (v) market acceptance of the Company’s product candidates.
There can be no assurance that the Company will succeed in achieving the clinical, scientific and commercial milestones as detailed above.
Based on the abovementioned, as of the approval date of these interim consolidated financial statements, the Company has not raised the necessary funding in order to continue its activity for a period of at least one year. Therefore, these factors raise a substantial doubt about the Company’s ability to continue as a going concern. The interim condensed consolidated financial statements do not include any adjustments to the carrying amounts and classifications of assets and liabilities that might result should the Company be unable to continue as a going concern.
NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES
a. | Basis of presentation and summary of significant accounting policies: |
The accompanying interim condensed consolidated financial statements of the Company have been prepared in conformity with accounting principles generally accepted in the United States and are consistent in all material respects with those applied in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022, filed with the Securities and Exchange Commission on March 31, 2023.
The preparation of interim condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) requires management to make estimates and judgments that affect the amounts reported in the interim condensed consolidated financial statements and accompanying notes. Significant items subject to such estimates and assumptions, but are not limited to, the fair value of financial assets and liabilities, the useful lives of property and equipment and the determination of the fair value of the Company’s share-based compensation. The Company bases these estimates on historical and anticipated results, trends and various other assumptions that it believes are reasonable under the circumstances, including assumptions as to future events. Actual results could differ from those estimates.
The interim financial information is unaudited, but reflects all normal recurring adjustments that are, in the opinion of management, necessary to fairly present the information set forth herein. The interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022 (the “2022 Consolidated Financial Statements”). Interim results are not necessarily indicative of the results for a full year.
There have been no material changes in the Company’s significant accounting policies as compared to the significant accounting policies described in the Company’s Annual Report on Form 20-F for the year ended December 31, 2022.
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POLYPID LTD. AND ITS SUBSIDIARY
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES (CONT.)
b. | Basic and diluted loss per share: |
The Company’s basic loss per share is calculated by dividing the loss attributable to ordinary shareholders by the weighted-average number of shares of ordinary shares outstanding for the period, without consideration of potentially dilutive securities. The diluted 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 loss per share is the same as basic loss per share in periods when the effects of potentially dilutive shares of ordinary shares are anti-dilutive.
c. | Fair value of financial instruments: |
Under U.S. GAAP, fair value is defined as the amount that would be received for selling an asset or paid to transfer a liability in an orderly transaction between market participants and requires that assets and liabilities carried at fair value are classified and disclosed in the following three categories:
Level 1 - | Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets and liabilities. | |
Level 2 - | Include other inputs that are directly or indirectly observable in the marketplace. | |
Level 3 - | Unobservable inputs which are supported by little or no market activity. |
The carrying amounts of cash and cash equivalents, restricted cash, short-term deposits, long-term deposits, other current assets, trade payables, accrued expenses and other current and non-current liabilities approximate their fair value due to the short-term maturity of such instruments.
Fair value estimates are made at a specific point in time, based on relevant market information and information about the financial instruments. These estimates are subjective in nature and involve uncertainties and matters of significant judgment and, therefore, cannot be determined with precision. Changes in assumptions could significantly affect these estimates.
d. | Recently adopted accounting pronouncements: |
As an “Emerging Growth Company”, the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act.
The Company has reviewed recent accounting pronouncements and concluded that they are either not applicable to its business or that no material effect is expected on the condensed consolidated financial statements as a result of their future adoption.
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POLYPID LTD. AND ITS SUBSIDIARY
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
NOTE 3:- LEASES
The Company leases substantially all of its office space and vehicles under operating leases. The Company’s leases have original lease periods expiring between 2023 and 2027. Some leases include one or more options to renew. The Company does not assume renewals in its determination of the lease term unless the renewals are deemed to be reasonably certain. Lease payments included in the measurement of the lease liability are comprised of the following: the fixed non-cancelable lease payments, payments for optional renewal periods, where it is reasonably certain the renewal period will be exercised, and payments for early termination options unless it is reasonably certain the lease will not be terminated early.
Weighted average remaining lease term (years) | ||||
Weighted average discount rates | % |
Operating lease cost | $ | |||
Cash payments for operating leases | $ |
The remainder of 2023 | $ | |||
2024 | ||||
2025 | ||||
2026 | ||||
2027 | ||||
Total undiscounted lease payments | ||||
Less - imputed interest | ( | ) | ||
Present value of lease liabilities | $ |
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POLYPID LTD. AND ITS SUBSIDIARY
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
NOTE 4:- LINE OF CREDIT ARRANGEMENT
Further to the discussion in Note 7 in the 2022 Consolidated Financial Statements regarding the secured line of credit agreement signed on April 5, 2022, with Kreos Capital VI (Expert Fund) LP (“Kreos”) (the “Credit Line” or “debt”), the Company entered into an amendment to the Credit Line on March 29, 2023 (the “Amendment”).
Pursuant to
the Amendment,
The Company evaluated the amendment under ASC 470-50, “Debt - modification and extinguishment”, and concluded that the terms of the new debt and the original debt are not substantially different, therefore the debt restructuring is accounted as debt modification where no gain or loss was recognized.
During the six-month period ended on
June 30, 2023, the Company recognized $
In addition, the Company’s debt includes
Claw-Back feature that meets the definition of embedded derivative under ASC 815. Consequently, the embedded derivative was bifurcated
and accounted for separately at fair value. The fair value of the derivative amounted to $
Further to the above, the outstanding
warrants issued to Kreos were repriced and as a result bear an exercise price of $
The Company incurred debt restructuring costs, which were fully paid in cash, and are presented as a direct deduction against the carrying amount of the debt and amortized to interest expense using the effective interest method.
NOTE 5:- COMMITMENTS AND CONTINGENT LIABILITIES
In connection with
its research and development programs, through June 30, 2023, the Company received participation payments from the Israel Innovation Authority
of the Ministry of Economy in Israel (“IIA”) in the aggregate amount of $
Through June 30, 2023, no royalties have been paid or accrued.
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POLYPID LTD. AND ITS SUBSIDIARY
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
NOTE 6:- SHAREHOLDERS’ EQUITY
a. |
June 30, 2023 | December 31, 2022 | |||||||||||||||
Unaudited | Audited | |||||||||||||||
Authorized | Issued and outstanding | Authorized | Issued and outstanding | |||||||||||||
Number of shares | ||||||||||||||||
Ordinary shares |
b. | In July 2021, the Company entered into a Controlled Equity
Offering Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. (the “Agent”), pursuant to
which the Company may offer and sell, from time to time, its Ordinary shares, no par value (the “Ordinary Shares”), through
the Agent in an At The Market offering (“ATM’”), as defined in Rule 415(a)(4) promulgated under the Securities Act
of 1933, as amended, for an aggregate offering price of up to $ |
During the six-month
period ended June 30, 2023, the Company sold
c. | On March 29, 2023, the Company entered into a private placement
of unregistered pre-funded warrants to purchase up to |
On March 31,
2023, the Company closed a public offering which was comprised of
Following the
Public Offering, the Company did not have a sufficient number of authorized Ordinary shares to cover
On May 5, 2023,
the shareholders of the Company approved to increase the Company’s authorized share capital by
On May 11, 2023,
all of the PFWs were exercised into
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POLYPID LTD. AND ITS SUBSIDIARY
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
NOTE 6:- SHAREHOLDERS’ EQUITY (CONT.)
d. | Share option plan: |
Through June 30,
2023, the Company authorized through its 2012 Share Option Plan the grant of
As of June 30, 2023,
During the first
quarter of 2023, the Company decreased the exercise price of
On May 5, 2023,
the Company’s board of directors also approved a similar exercise price decrease of
Number of | Weighted average exercise price | Aggregate intrinsic value | Weighted | |||||||||||||
Outstanding at beginning of period | $ | $ | ||||||||||||||
Granted | $ | |||||||||||||||
Exercised | ( | ) | $ | $ | ||||||||||||
Forfeited and expired | ( | ) | $ | |||||||||||||
Outstanding at end of period | $ | $ | ||||||||||||||
Exercisable options | $ | $ | ||||||||||||||
Vested and expected to vest | $ | $ |
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POLYPID LTD. AND ITS SUBSIDIARY
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
NOTE 6:- SHAREHOLDERS’ EQUITY (CONT.)
d. | Share option plan: (Cont.) |
Dividend yield (%) | ||||
Expected volatility (%) | ||||
Risk-free interest rate (%) | ||||
Expected term (in years) |
Six
Months Ended | ||||||||
2023 | 2022 | |||||||
Unaudited | ||||||||
Research and development | $ | $ | ||||||
Marketing and business development | ||||||||
General and administrative | ||||||||
$ | $ |
As of June 30, 2023,
there were unrecognized compensation costs of $
e. | Options issued to non-employees (including directors and consultants): |
Grant date | Options outstanding as of June 30, 2023 | Average Exercise price per share ($) | Options exercisable as of June 30, 2023 | Exercisable through | ||||||||||
April 2016 | $ | |||||||||||||
December 2016 | $ | |||||||||||||
June 2017 | $ | |||||||||||||
November 2017 | $ | |||||||||||||
August 2019 | $ | |||||||||||||
June 2020 | $ | |||||||||||||
April 2021 | $ | |||||||||||||
August 2021 | $ | |||||||||||||
December 2021 | $ | |||||||||||||
May 2022 | $ | |||||||||||||
November 2022 | $ | |||||||||||||
February 2023 | $ | |||||||||||||
May 2023 | $ | |||||||||||||
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POLYPID LTD. AND ITS SUBSIDIARY
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
NOTE 6:- SHAREHOLDERS’ EQUITY (CONT.)
f. | Warrants: |
Grant date | Warrants as of June 30, 2023 | Average price per share ($) | Warrants as of June 30, 2023 | Exercisable through | ||||||||||
August 2019 | $ | |||||||||||||
September 2020 | $ | |||||||||||||
April 2022 | $ | |||||||||||||
July 2022 | $ | |||||||||||||
*) |
NOTE 7:- BASIC AND DILUTED LOSS PER SHARE
Six Months Ended June 30, | Three Months Ended June 30, | |||||||||||||||
2023 | 2022 | 2023 | 2022 | |||||||||||||
Unaudited | ||||||||||||||||
Numerator: | ||||||||||||||||
Allocation of loss attributable to ordinary shareholders | ||||||||||||||||
Denominator: | ||||||||||||||||
Weighted average Ordinary shares outstanding | ||||||||||||||||
Basic and diluted loss per share | $ | $ | $ | $ |
Three and Six Months Ended June 30, | ||||||||
2023 | 2022 | |||||||
Unaudited | ||||||||
Ordinary share options | ||||||||
Warrants | ||||||||
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