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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS - OPERATING ACTIVITIES      
Loss $ (24,951) $ (27,054) $ (30,021)
Adjustments required to reflect net cash used in operating activities (see appendix below) (1,289) 3,481 6,815
Net cash used in operating activities (26,240) (23,573) (23,206)
CASH FLOWS - INVESTING ACTIVITIES      
Investments in short-term deposits (44,000) (78,000) (33,500)
Maturities of short-term deposits 48,322 39,873 50,168
Purchase of property and equipment (131) (97) 0
Purchase of intangible assets (185) 0 0
Net cash provided by (used in) investing activities 4,006 (38,224) 16,668
CASH FLOWS - FINANCING ACTIVITIES      
Issuance of share capital and warrants, net of issuance costs 14,359 50,407 19,246
Exercise of warrants 0 10,907 1,969
Employee stock options exercised 5 7 8
Proceeds from long-term loan, net of issuance costs 9,126 0 0
Repayments of loans (2,832) (3,376) (3,133)
Repayments of lease liabilities (220) (196) (224)
Net cash provided by financing activities 20,438 57,749 17,866
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS (1,796) (4,048) 11,328
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR 12,990 16,831 5,297
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS (607) 207 206
CASH AND CASH EQUIVALENTS - END OF YEAR 10,587 12,990 16,831
Income and expenses not involving cash flows:      
Depreciation and amortization 654 703 934
Exchange differences on cash and cash equivalents 607 (207) (206)
Fair value adjustments of warrants (6,425) 1,936 5,142
Share-based compensation 2,245 1,495 1,272
Interest and exchange differences on short-term deposits (672) (262) (232)
Interest accrued 1,117 301 474
Warrant issuance costs 171 0 594
Exchange differences on lease liabilities (224) 55 125
Total income and expense not involving cash flows (2,527) 4,021 8,103
Changes in operating asset and liability items:      
Decrease (increase) in prepaid expenses and other receivables (650) 24 428
Increase (decrease) in accounts payable and accruals 1,888 (564) (1,716)
Total Change in operating asset and liability 1,238 (540) (1,288)
Total Adjustments required to reflect net cash used in operating activities (1,289) 3,481 6,815
Supplementary information on investing and financing activities not involving cash flows:      
Supplemental information on interest received in cash 342 138 381
Supplemental information on interest paid in cash 593 682 994
Changes in right-of-use asset and lease liabilities 706 183 13
Warrant issuance costs 262 0 0
Purchase of property and equipment 28 0 0
Fair value of exercised warrants (portion related to accumulated fair value adjustments) $ 0 $ 10,295 $ 1,251