6-K/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K/A

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the Month of: August 2021

Commission File Number: 001-38428

PolyPid Ltd.

(Translation of registrant’s name into English)

18 Hasivim Street

Petach Tikva 495376, Israel

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

☒ Form 20-F      ☐ Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

EXPLANATORY NOTE

On August 11, 2021, PolyPid Ltd. (the “Company”) furnished a Form 6-K including unaudited interim condensed consolidated financial statements as of June 30, 2021 (the “Original Form 6-K”). This Amendment on Form 6-K/A to the Original Form 6-K (this “Amendment”) is furnished to include as exhibits the unaudited interim condensed consolidated financial statements and the XBRL Data Files for such unaudited interim condensed consolidated financial statements. The XBRL Data Files should be read in conjunction with the unaudited consolidated interim financial statements included in the Original Form 6-K furnished on August 11, 2021 and included again in this Amendment as Exhibit 99.1

Other than as expressly set forth above, this Amendment does not, and does not purport to, amend, update or restate the information in any other item of the Original Form 6-K, or reflect any events that have occurred after the time of the Original Form 6-K.

This Amendment is incorporated by reference into the Company’s registration statements on Form F-3 (File No. 333-257651) and Form S-8 (File No. 333-239517), filed with the SEC, to be a part thereof from the date on which this Form 6-K is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.

Exhibit No.	Document Description
99.1	PolyPid Ltd.’s Unaudited Interim Condensed Consolidated Financial Statements as of June 30, 2021.
EX-101.INS	Inline XBRL Taxonomy Instance Document
EX-101.SCH	Inline XBRL Taxonomy Extension Schema Document
EX-101.CAL	Inline XBRL Taxonomy Calculation Linkbase Document
EX-101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
EX-101.LAB	Inline XBRL Taxonomy Label Linkbase Document
EX-101.PRE	Inline XBRL Taxonomy Presentation Linkbase Document

1

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	POLYPID LTD.
Date: August 30, 2021	By:	/s/ Dikla Czaczkes Akselbrad
		Name	Dikla Czaczkes Akselbrad
		Title:	Executive Vice President and Chief Financial Officer

2

EX-99.1

Exhibit 99.1

POLYPID LTD. AND ITS SUBSIDIARY

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

AS OF JUNE 30, 2021

U.S. DOLLARS IN THOUSANDS

UNAUDITED

INDEX

	Page
Condensed Consolidated Balance Sheets	2 - 3
Condensed Consolidated Statements of Operations	4
Condensed Consolidated Statements of Changes in Shareholders’ Equity	5 – 6
Condensed Consolidated Statements of Cash Flows	7
Notes to Condensed Consolidated Financial Statements	8 - 18

- - - - - - - - - - -

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POLYPID LTD. AND ITS SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands

	June 30,		December 31,
	2021		2020
	Unaudited
ASSETS
CURRENT ASSETS:
Cash and cash equivalents	$	7,448	$	4,319
Restricted cash		388		390
Short-term deposits		40,399		40,157
Prepaid expenses and other current assets		937		2,334
Total current assets		49,172		47,200
LONG-TERM ASSETS:
Property and equipment, net		5,734		5,890
Long-term deposits		5,059		22,120
Other long-term assets		1,431		637
Total long-term assets		12,224		28,647
Total assets	$	61,396	$	75,847

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

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POLYPID LTD. AND ITS SUBSIDIARY

CONDENSED CONSOLIDATED BALANCE SHEETS

U.S. dollars in thousands (except share and per share data)

	June 30,			December 31,
	2021			2020
	Unaudited
LIABILITIES AND SHAREHOLDERS’ EQUITY
CURRENT LIABILITIES:
Trade payables	$	1,756		$	974
Other payables and accrued expenses		2,565			1,903
Total current liabilities		4,321			2,877
LONG-TERM LIABILITIES:
Other long-term liabilities		190			193
Total long-term liabilities		190			193
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Share capital -
Ordinary Shares with no par value - Authorized: 47,800,000 shares at June 30, 2021 (unaudited) and December 31, 2020; Issued and outstanding: 18,756,570 and 18,494,739 shares at June 30, 2021 (unaudited) and December 31, 2020, respectively		-			-
Additional paid-in capital		208,335			205,063
Accumulated deficit		(151,450	)		(132,286	)
Total shareholders’ equity		56,885			72,777
Total liabilities and shareholders’ equity		61,396		$	75,847

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

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POLYPID LTD. AND ITS SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

U.S. dollars in thousands (except share and per share data)

	Six months ended June 30,					Three months ended June 30,
	2021			2020		2021			2020
	Unaudited
Operating expenses:
Research and development, net	$	13,460		$	7,772	$	7,442		$	4,339
Marketing and business development expenses		1,391			581		739			305
General and administrative		4,576			3,355		2,449			2,628
Operating loss		19,427			11,708		10,630			7,272
Financial (income) expense, net		(263	)		11,154		(153	)		9,721
Net loss		19,164			22,862		10,477			16,993
Deemed dividend		-			2,114		-			2,114
Net loss attributable to Ordinary Shares	$	19,164		$	24,976	$	10,477		$	19,107
Basic and diluted net loss per Ordinary Share	$	1.03		$	37.87	$	0.56		$	25.30
Weighted average number of Ordinary Shares used in computing basic and diluted net loss per share		18,685,906			659,551		18,747,967			755,289

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

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POLYPID LTD. AND ITS SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY

U.S. dollars in thousands (except share data)

	Convertible Preferred shares								Shareholders’ equity
	Number of Preferred shares		Amount		Total		Number of Ordinary Shares		Additional paid-in capital		Accumulated deficit			Total shareholders’ equity
Balances as of January 1, 2021		-	$	-	$	-		18,494,739	$	205,063	$	(132,286	)	$	72,777
Share-based compensation		-		-		-		-		2,238		-			2,238
Exercise of Warrants		-		-		-		184,473		632		-			632
Exercise of options		-		-		-		77,358		402		-			402
Net loss		-		-		-		-		-		(19,164	)		(19,164	)
Balances as of June 30, 2021 (unaudited)		-	$	-	$	-		18,756,570	$	208,335	$	(151,450	)	$	56,885

	Convertible Preferred shares											Shareholders’ equity
	Number of Preferred shares			Amount			Total			Number of Ordinary Shares		Additional paid-in capital		Accumulated deficit			Total shareholders’ equity
Balances as of January 1, 2020 (audited)		12,520,977		$	106,313		$	106,313			562,748	$	5,671	$	(93,303	)	$	(87,632	)
Share-based compensation		-			-			-			-		2,257		-			2,257
Deemed dividend related to Series E-1 Preferred shares		-			-			-			158,967		2,114		(2,114	)		-
Issuance of Ordinary Shares in connection with IPO, net of issuance costs of $6,224 (see note 1e)		-			-			-			4,312,500		62,776		-			62,776
Conversion of Convertible Preferred shares to Ordinary Shares		(12,520,977	)		(106,313	)		(106,313	)		12,520,977		106,313		-			106,313
Exercise of Warrants		-			-			-			528,824		13		-			13
Reclassification of Warrants into equity		-			-			-			-		23,614		-			23,614
Net loss		-			-			-			-		-		(22,862	)		(22,862	)
Balances as of June 30, 2020 (unaudited)		-		$	-		$	-			18,084,016	$	202,758	$	(118,279	)	$	84,479

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

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POLYPID LTD. AND ITS SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS’ EQUITY

U.S. dollars in thousands (except share data)

	Convertible Preferred shares											Shareholders’ equity
	Number of Preferred shares			Amount			Total			Number of Ordinary Shares		Additional paid-in capital		Accumulated deficit			Total shareholders’ equity
Balances as of January 1, 2020 (audited)		12,520,977		$	106,313		$	106,313			562,748	$	5,671	$	(93,303	)	$	(87,632	)
Share-based compensation		-			-			-			-		4,577		-			4,577
Issuance of Ordinary Shares in connection with IPO, net of issuance costs of $6,243 (see Note 1e)		-			-			-			4,312,500		62,757		-			62,757
Conversion of Convertible Preferred shares to Ordinary Shares		(12,520,977	)		(106,313	)		(106,313	)		12,520,977		106,313		-			106,313
Deemed dividend related to Series E-1 Preferred shares		-			-			-			158,967		2,114		(2,114	)		-
Reclassification of Warrants into equity		-			-			-			-		23,614		-			23,614
Exercise of Warrants		-			-			-			939,152		13		-			13
Issuance of Warrants		-			-			-			-		1		-			1
Exercise of options		-			-			-			395		3		-			3
Net loss		-			-			-			-		-		(36,869	)		(36,869	)
Balances as of December 31, 2020 (audited)		-		$	-		$	-			18,494,739	$	205,063	$	(132,286	)	$	72,777

The accompanying notes are an integral part of the interim condensed consolidated financial statements.

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POLYPID LTD. AND ITS SUBSIDIARY

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

U.S. dollars in thousands

	Six months ended June 30,
	2021			2020
	Unaudited
Cash flows from operating activities:
Net loss	$	(19,164	)	$	(22,862	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation		547			498
Remeasurement of warrants		-			11,373
Share-based compensation		2,238			2,257
Changes in assets and liabilities:
Decrease (increase) in receivables and prepaid expenses		1,397			(13	)
Decrease (increase) in other long-term assets		(10	)		3
Increase (decrease) in trade payables		782			(951	)
Increase in other payables and accrued expenses and other liabilities		659			2,242
Net cash used in operating activities		(13,551	)		(7,453	)
Cash flows from investing activities:
Purchase of property and equipment		(391	)		(608	)
Short-term deposits, net		(242	)		10,631
Long-term deposits, net		17,061			-
Pre-payment for equipment		(787	)		-
Net cash provided by investing activities		15,641			10,023
Cash flows from financing activities:
Proceeds from exercise of Warrants		632			13
Proceeds from exercise of options		402			-
Proceeds from issuance of Ordinary Shares in connection with IPO, net		-			62,776
Net cash provided by financing activities		1,034			62,789
Increase in cash, cash equivalents and restricted cash		3,124			65,359
Cash, cash equivalents and restricted cash at the beginning of the period		4,908			4,498
Cash, cash equivalents and restricted cash at the end of the period	$	8,032		$	69,857
Reconciliation of cash, cash equivalents and restricted cash as shown in the condensed consolidated statements of cash flow:
Cash and cash equivalents		7,448			69,282
Restricted cash and restricted cash included in long-term assets		584			575
Total cash, cash equivalents and restricted cash	$	8,032		$	69,857

The accompanying notes are an integral part of the interim consolidated financial statements.

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POLYPID LTD. AND ITS SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

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 its operations on February 28, 2008. The Company is a late-stage biopharma company focused on developing and commercializing novel, locally administered therapies using its PLEX (Polymer-Lipid Encapsulation matriX) technology. The Company’s product candidates are designed to address unmet medical needs by delivering active pharmaceutical ingredients (“APIs”) 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-PLEX₁₀₀, which incorporates an antibiotic, for the prevention of surgical site infection in bone and soft tissue.

The Company wholly-owns subsidiaries in the Unites States of America and Romania.

Through June 30, 2021, the Company has been primarily engaged in research and development.

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 are dependent on future events, including, among other things, its ability to obtain marketing approval from regulatory authorities and access potential markets; secure financing, develop a 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 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.

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 III 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 over 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, 2021, the Company’s had cash, cash equivalents, short-term deposits and long-term deposits of $52,906. During the six months ended June 30, 2021, the Company incurred a net loss of $19,164 and had negative cash flows from operating activities of $13,551. In addition, the Company had an accumulated deficit of $151,450 as of June 30, 2021. 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.

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POLYPID LTD. AND ITS SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 1:- GENERAL (Cont.)

The Company’s future operations are highly dependent on a combination of factors, including (i) the timely and successful completion of additional financing discussed above; (ii) completion of all required clinical studies; (iii) the success of its research and development; activities; (iv) the manufacture of all required clinical and commercial production batches; (v) marketing approval by the relevant regulatory authorities; and (vi) market acceptance of the Company’s product candidates.

There can be no assurance that the Company will be successful in obtaining additional financing on favorable terms, or at all or will succeed in achieving the clinical, scientific and commercial milestones as detailed above.

c. On March 11, 2020, the World Health Organization declared the outbreak of a respiratory disease caused by a new coronavirus as a “pandemic,” which is now known as COVID-19. The outbreak has impacted millions of individuals worldwide. In response, many countries have implemented measures to combat the outbreak which have impacted global business operations. Our business was affected by the effects of the recent and evolving COVID-19 pandemic, which has resulted in travel and other restrictions in order to reduce the spread of the disease, including in Israel, the United States and the European Union, where the Company is conducting its clinical trials. No impairments were recorded as of the balance sheet date as no triggering events or changes in circumstances had occurred; however, due to significant uncertainty surrounding the situation, management’s judgment regarding this could change in the future.

d. On June 21, 2020, the Company’s Board of Directors resolved to consolidate the Company’s share capital by applying a reverse share split at a ratio of 1.046:1 and to cancel the Company’s ordinary shares (the “Ordinary Shares”) par value, such that every 1.046 Ordinary Shares of NIS 0.8 par value, were substituted by 1 Ordinary Share with no par value (“the Split”). The Split was applied in the same proportion and manner to all of the Company’s authorized, issued and outstanding securities, including preferred shares, options and warrants.

e. On June 30, 2020, the Company closed its initial public offering (“IPO”), whereby 4,312,500 Ordinary Shares were sold by the Company to the public (inclusive of 562,500 Ordinary Shares pursuant to the full exercise of an overallotment option granted to the underwriters). The aggregate net proceeds received by the Company from the IPO were $62,757, net of underwriting discounts and other offering costs.

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POLYPID LTD. AND ITS SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES

a. Basis of presentation:

The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2020.

These unaudited interim consolidated financial statements of the Company as of June 30, 2021 and for the six months then ended, have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

The unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all the information and footnotes required by generally

accepted accounting principles for annual consolidated financial statements. In the opinion of our management, all material adjustments considered necessary for a fair presentation of the financial information as of and for the periods presented have been included.

b. Accounting policies:

The significant accounting policies followed in the preparation of these unaudited interim consolidated financial statements are consistent to those applied in the preparation of the latest annual consolidated financial statements.

c. Use of estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

d. Recently issued accounting pronouncements

As an “emerging growth company”, the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election.

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases,” which would require lessees to recognize assets and liabilities on the balance sheet for most leases, whether operating or financing, while continuing to recognize the expenses on their income statements in a manner similar to current practice. Under the guidance, the Company would also be required to provide enhanced disclosures. The guidance states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term.

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POLYPID LTD. AND ITS SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES (Cont.)

The guidance will be effective for the Company beginning January 1, 2022, and interim periods in fiscal years beginning January 1, 2023. The Company is in the initial stage of its assessment of the new standard and is currently evaluating the quantitative impact of adoption, and the related disclosure requirements. The Company anticipates the adoption of this standard will result in an increase in its noncurrent assets, and current and noncurrent liabilities recorded on the consolidated balance sheets. The Company is currently evaluating the effect that ASU 2016-02 will have on its consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing a variety of exceptions within the framework of Accounting Standards Codification (“ASC”) Topic 740. These exceptions include the exception to the incremental approach for intra period tax allocation in the event of a loss from continuing operations and income or a gain from other items (such as other comprehensive income), and the exception to using general methodology for the interim period tax accounting for year-to-date losses that exceed anticipated losses. The guidance will be effective for the Company beginning January 1, 2022, and interim periods in fiscal years beginning January 1, 2023. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2019-12 will have on its consolidated financial statements and related disclosures.

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POLYPID LTD. AND ITS SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 3:- COMMITMENTS AND CONTINGENT LIABILITIES

a. The facilities of the Company are leased under various operating lease agreements for periods ending no later than 2027. The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2024.

Future minimum lease payments under non-cancelable operating leases as of June 30, 2021 (unaudited) are as follows:

	June 30, 2021
	Unaudited
2021	$	635
2022		1,232
2023		1,052
2024		294
Thereafter		705
Total	$	3,918

As of June 30, 2021 (unaudited), the Company made advance payments on account of installments on car leases in the amount of $74.

Lease and rental expenses for the six months ended June 30, 2021 (unaudited) and June 30, 2020 were $566 and $500, respectively.

b. In connection with its research and development programs, the Company received participation payments from the Israel Innovation Authority of the Ministry of Economy in Israel (“IIA”) of $5,139 for industrial research and development projects as of June 30, 2021 (unaudited). In return for the IIA’s participation, the Company is committed to pay royalties at a rate of 3% of sales of the developed products, up to 100% of the amount of grants received plus interest at LIBOR. During the six months ended June 30, 2021 (unaudited) and the year ended December 31, 2020, no royalties have been paid or accrued.

c. On January 9, 2020, the Company entered into an agreement for an automatic filling machine for the Company’s manufacturing plant in a total amount of EUR 1,377. As of June 30, 2021, the Company paid a pre-payment of EUR 505 and will pay the remaining of the payments during the remainder of 2021 according to the milestones of the agreement.

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POLYPID LTD. AND ITS SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 4:- FAIR VALUE MEASUREMENTS

Financial instruments measured at fair value on a recurring basis include warrants to purchase Convertible Preferred shares (see Note 5). The warrants are classified as a liability in accordance with ASC 480-10-25. These warrants were classified as level 3 in the fair value hierarchy since some of the inputs used in the valuation (the “Share Price”) were determined based on management’s assumptions up until the IPO date.

To calculate the fair value of the warrants, we first calculated the underlying preferred share value by using the income approach and the market approach. Then the equity value was allocated by using the hybrid model method utilizing two scenarios of OPM and IPO. Once the preferred shares value was derived from the two scenarios, the Black-Scholes model was utilized to calculate the warrants value in each one of the scenarios, by using probability for each one of the scenarios to derive the weighted average fair value of the warrants.

As of June 30, 2020:

According to the IPO scenario, the underlying share price was $16 for the series E-1 Preferred shares. The following assumptions were used to estimate the value of the series E-1 Preferred share warrants as of June 30, 2020: exercise price of $15.95, expected volatility of 78.07%, risk free interest rates of 0.76%, dividend yield of 0%, and expected term of 4.17 years. Accordingly, the fair value of the series E-1 Preferred share warrants as of June 30, 2020 was $1,868. As of June 30, 2021, 200,596 warrants were outstanding.

According to the IPO scenario, the underlying share price was $16 for the series D-2 Preferred shares. The following assumptions were used to estimate the value of the series D-2 Preferred share warrants as of June 30, 2020: exercise price of $9.24, expected volatility of 82.48%, risk free interest rates of 0.46%, dividend yield of 0%, and expected term of 0.6 years. Accordingly, the fair value of the series D-2 Preferred share warrants as of June 30, 2020 was $20,930. As of June 30, 2021, all warrants had been exercised into 1,069,850 Ordinary Shares.

According to the IPO scenario, the underlying Share Price was $16.00 for the series A Preferred shares. The following assumptions were used to estimate the value of the series A Preferred share warrants as of June 30, 2020: exercise price of 0.84 NIS ($0.23) and dividend yield of 0%. Accordingly, the fair value of the series A Preferred share warrants as of June 30, 2020 was $816. As of June 30, 2020, as part of the IPO, 53,775 warrants had been exercised into 53,775 Ordinary Shares.

On June 30, 2020, as a result of the IPO, the warrant liability to Convertible Preferred shares has been classified to warrants to Ordinary Shares in equity.

The change in the fair value of the preferred share warrant liability is summarized below:

	June 30,		December 31,
	2021		2020
	Unaudited
Beginning of year	$	-	$	12,241
Change in fair value		-		11,373
Reclassification of Warrants into equity		-		(23,614	)
End of period	$	-	$	-

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POLYPID LTD. AND ITS SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 5:- WARRANTS

In March 2008, in connection with the March 2008 Founders and Share Purchase Agreement, the Company granted to the investor warrants to purchase Convertible Preferred A shares (“Series A Warrants”), with an exercise price of NIS 0.84 ($0.23). The Series A Warrants may be converted at any time until the earlier of: (1) consummation of an initial public offering on certain stock exchanges as set forth in the warrant terms, with net proceeds to the Company of at least $15,000 (and pre-money valuation of at least $75,000), (2) merger or consolidation of the Company with another company, and (3) the sale of substantially all of the Company’s assets or substantially all of the shares to another party.

In connection with the first financing round that occurred in 2016, the Company granted to the investors warrants to purchase up to 2,775,398 Convertible D-2 Preferred shares (“Series D-2 Warrants”) at a price per share of $9.23.

The survival of Series D-2 Warrants shall be limited to a period ending upon the earlier of: (i) the lapse of 5 years from closing; or (ii) deemed liquidation event.

The Series D-2 Warrants will be exercised automatically if they are still outstanding on the final day of the warrant period as defined in the warrants grant letter, and if the fair market value of a warrant share is more than the exercise price for such share.

All outstanding Series A and D-2 warrants are classified as a long-term liability and are re-measured at each reporting date, as the underlying shares may be redeemed upon an event which is not solely in the control of the Company. Following the warrants conversions during 2020 and 2021, no Series A or Series D-2 Warrants were outstanding as of June 30, 2021.

On June 28, 2019, in connection with a Private Placement Memorandum (the “2019 PPM”), the Company included the following as part of its issuance costs: (i) warrants to purchase up to 200,596 series E-1 Preferred shares (“Series E-1 warrants”) at a price per share of $15.95 against payment of a total exercise amount of up to $3,200 and (ii) a cash fee of 10% of any new investment that were introduced by National Securities. The survival of the Series E-1 warrants shall be limited to a period ending upon 4 years from closing.

As of June 30, 2021, 200,596 Series E-1 warrants were outstanding and as a result of the IPO, the warrant liability to Convertible Preferred shares has been classified to warrants to Ordinary Shares in equity.

-14-

POLYPID LTD. AND ITS SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 6:- SHAREHOLDERS’ DEFICIENCY

a. General:

On June 21, 2020, the Company’s Board of Directors resolved to consolidate the Company’s share capital by applying an additional reverse share split and cancelling the shares’ par value (see Note 1d).

Following the Split and the cancellation of the par value, all Ordinary Shares, Convertible Preferred shares, options, convertible loans, warrants, exercise prices and per share data have been adjusted retroactively for all periods presented in these consolidated financial statements.

b. Ordinary share capital is composed as follows:

	June 30, 2021				December 31, 2020
	Authorized		Issued and outstanding		Authorized		Issued and outstanding
	Unaudited
	Number of shares
Ordinary Shares with no par value		47,800,000		18,756,570		47,800,000		18,494,739

c. Share option plans:

The Company authorized through its 2012 Share Option Plan, the grant of options to officers, directors, advisors, management and other key employees of up to 3,672,094 Ordinary Shares. The options granted generally have a four year or three-year vesting period and expire ten years after the date of grant. Options granted under the Company’s option plan that are cancelled or forfeited before expiration become available for future grant. As of June 30, 2021 (unaudited), 932,189 of the Company’s options were available for future grants.

A summary of the status of the Company’s option plan as of June 30, 2021 (unaudited), and changes during the period then ended is presented below:

	Number of options			Weighted average exercise price		Aggregate intrinsic value
	Unaudited
Outstanding at beginning of period		2,193,392			5.72	$	9,263
Granted		56,000			10.07		58
Exercised		(43,866	)		6.42		227
Forfeited and cancelled		(7,573	)		6.62		19
Outstanding at end of period		2,197,953			5.82		7,387
Exercisable options		1,473,947			5.01		5,997
Vested and expected to vest		2,197,953			5.82		7,387

-15-

POLYPID LTD. AND ITS SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 6:- SHAREHOLDERS’ DEFICIENCY (Cont.)

As of June 30, 2021 (unaudited), there were unrecognized compensation costs of $8,286, which are expected to be recognized over a weighted average period of approximately 2.3 years.

The total equity-based compensation expense related to all of the Company’s equity-based awards recognized for the six months ended June 30, 2021 and for the six months ended June 30, 2020 (unaudited), was comprised as follows:

	Six months ended June 30,
	2021		2020
	Unaudited
Research and development	$	1,013	$	762
Market and business development		162		58
General and administrative		1,063		1,437
Total share-based compensation expense	$	2,238	$	2,257

43,866 options were exercised by employees during the six months ended June 30, 2021 (unaudited).

The options outstanding as of June 30, 2021 (unaudited) have been separated into ranges of exercise prices, as follows:

Exercise price	Options outstanding as of June 30, 2021		Weighted average exercise price		Weighted average remaining contractual term		Options exercisable as of June 30, 2021		Weighted average exercise price		Weighted average remaining contractual term
					(years)						(years)
*)0.22		245,535		*)0.22		1.72		245,535		*)0.22		1.72
1.75		107,904		1.75		1.72		107,904		1.75		1.72
3.59		83,503		3.59		2.26		83,503		3.59		2.26
5.07		253,722		5.07		3.00		253,722		5.07		3.00
9.23		199,930		9.23		4.07		199,930		9.23		4.07
3.10		26,959		3.10		4.94		26,959		3.10		4.94
3.93		51,385		3.93		5.48		51,385		3.93		5.48
4.10		20,914		4.10		5.69		20,914		4.10		5.69
4.18		1,195		4.18		5.90		1,195		4.18		5.90
7.70		59,345		7.70		6.34		59,345		7.70		6.34
8.42		7,589		8.42		7.28		6,625		8.42		7.28
8.65		14,340		8.65		7.11		12,840		8.65		7.11
8.02		26,290		8.02		7.73		19,611		8.02		7.73
6.80		58,731		6.80		8.62		25,222		6.80		8.62
6.62		894,511		6.62		8.96		359,257		6.62		8.96
11.04		90,100		11.04		9.37		-		11.04		-
10.07		56,000		10.07		9.62		-		10.07		-
		2,197,953		5.82		6.16		1,473,947		5.01		4.76

*) The exercise price as per the option terms was denominated in NIS and translated to $ in the table above using the exchange rate as of the grant date. The options were granted at Ordinary Share par value.

-16-

POLYPID LTD. AND ITS SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 6:- SHAREHOLDERS’ DEFICIENCY (Cont.)

d. Options issued to non-employees:

The outstanding options granted to consultants as of June 30, 2021 (unaudited) were as follows:

Grant date	Options outstanding as of June 30, 2021		Exercise price per share		Options exercisable as of June 30, 2021		Exercisable through
October 2013		5,719	$	5.07		5,719	October 2023
September 2014		5,719	$	5.07		5,719	September 2024
April 2016		5,975	$	3.10		5,975	April 2026
December 2016		7,170	$	3.93		7,170	December 2026
June 2017		197,722	$	4.10		156,970	June 2027
November 2017		17,925	$	7.70		17,925	November 2027
August 2019		71,700	$	8.18		67,197	August 2029
June 2020		64,530	$	6.62-$6.80		21,306	June 2030
April 2021		62,741	$	9.57		-	April 2031
		439,201				287,981

33,492 options were exercised by non- employees during the six months ended June 30, 2021 (unaudited).

-17-

POLYPID LTD. AND ITS SUBSIDIARY

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

U.S. dollars in thousands (except share and per share data)

NOTE 7:- BASIC AND DILUTED NET LOSS PER SHARE

The following table sets forth the computation of the Company’s basic and diluted net loss per Ordinary Share:

	Six months ended June 30,				Three months ended June 30,
	2021		2020		2021		2020
	Unaudited
Numerator:
Net loss attributable to Ordinary Shares as reported	$	19,164	$	22,862	$	10,477	$	16,993
Deemed dividend		-		2,114		-		2,114
Net loss applicable to Ordinary shareholders		19,164		24,976		10,477		19,107
Denominator:
Weighted average shares used in computing net loss per Ordinary share, basic and diluted:		18,685,906		659,551		18,747,967		755,289
Ordinary share – basic and dilutive		18,685,906		659,551		18,747,967		755,289
Net loss per Ordinary share, basic and diluted	$	1.03	$	37.87	$	0.56	$	25.30

- 18 -

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Document And Entity Information	6 Months Ended
	Jun. 30, 2021
Document Information Line Items
Entity Registrant Name	PolyPid Ltd.
Document Type	6-K/A
Current Fiscal Year End Date	--12-31
Amendment Flag	true
Amendment Description	On August 11, 2021, PolyPid Ltd. (the “Company”) furnished a Form 6-K including unaudited interim condensed consolidated financial statements as of June 30, 2021 (the “Original Form 6-K”). This Amendment on Form 6-K/A to the Original Form 6-K (this “Amendment”) is furnished to include as exhibits the unaudited interim condensed consolidated financial statements and the XBRL Data Files for such unaudited interim condensed consolidated financial statements. The XBRL Data Files should be read in conjunction with the unaudited consolidated interim financial statements included in the Original Form 6-K furnished on August 11, 2021 and included again in this Amendment as Exhibit 99.1
Entity Central Index Key	0001611842
Document Period End Date	Jun. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q2
Entity File Number	001-38428

XML

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 7,448	$ 4,319
Restricted cash	388	390
Short-term deposits	40,399	40,157
Prepaid expenses and other current assets	937	2,334
Total current assets	49,172	47,200
LONG-TERM ASSETS:
Property and equipment, net	5,734	5,890
Long-term deposits	5,059	22,120
Other long-term assets	1,431	637
Total long-term assets	12,224	28,647
Total assets	61,396	75,847
CURRENT LIABILITIES:
Trade payables	1,756	974
Other payables and accrued expenses	2,565	1,903
Total current liabilities	4,321	2,877
LONG-TERM LIABILITIES:
Other long-term liabilities	190	193
Total long-term liabilities	190	193
COMMITMENTS AND CONTINGENCIES
SHAREHOLDERS’ EQUITY:
Ordinary Shares with no par value - Authorized: 47,800,000 shares at June 30, 2021 (unaudited) and December 31, 2020; Issued and outstanding: 18,756,570 and 18,494,739 shares at June 30, 2021 (unaudited) and December 31, 2020, respectively
Additional paid-in capital	208,335	205,063
Accumulated deficit	(151,450)	(132,286)
Total shareholders’ equity	56,885	72,777
Total liabilities and shareholders’ equity	$ 61,396	$ 75,847

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Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2021	Dec. 31, 2020
Statement of Financial Position [Abstract]
Ordinary shares par value (in Dollars per share)
Ordinary shares, shares authorized	47,800,000	47,800,000
Ordinary shares, shares issued	18,756,570	18,494,739
Ordinary shares, shares outstanding	18,756,570	18,494,739

XML

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Operating expenses:
Research and development, net	$ 7,442	$ 4,339	$ 13,460	$ 7,772
Marketing and business development expenses	739	305	1,391	581
General and administrative	2,449	2,628	4,576	3,355
Operating loss	10,630	7,272	19,427	11,708
Financial (income) expense, net	(153)	9,721	(263)	11,154
Net loss	10,477	16,993	19,164	22,862
Deemed dividend		2,114		2,114
Net loss attributable to Ordinary Shares	$ 10,477	$ 19,107	$ 19,164	$ 24,976
Basic and diluted net loss per Ordinary Share (in Dollars per share)	$ 0.56	$ 25.30	$ 1.03	$ 37.87
Weighted average number of Ordinary Shares used in computing basic and diluted net loss per share (in Shares)	18,747,967	755,289	18,685,906	659,551

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Condensed Consolidated Statements of Changes In Convertible Preferred Shares and Shareholders’ Equity - USD ($) $ in Thousands	Convertible Preferred Shares	Total Convertible Preferred Shares	Number of Ordinary Shares	Additional paid-in capital	Accumulated deficit	Total
Balances at Dec. 31, 2019	$ 106,313	$ 106,313		$ 5,671	$ (93,303)	$ (87,632)
Balances (in Shares) at Dec. 31, 2019	12,520,977		562,748
Share-based compensation				2,257		2,257
Deemed dividend related to Series E-1 Preferred shares				2,114	(2,114)
Deemed dividend related to Series E-1 Preferred shares (in Shares)			158,967
Issuance of Ordinary Shares in connection with IPO, net of issuance costs (see note 1e)				62,776		62,776
Issuance of Ordinary Shares in connection with IPO, net of issuance costs (see note 1e) (in Shares)			4,312,500
Conversion of Convertible Preferred shares to Ordinary Shares	$ (106,313)	(106,313)		106,313		106,313
Conversion of Convertible Preferred shares to Ordinary Shares (in Shares)	(12,520,977)		12,520,977
Exercise of Warrants				13		13
Exercise of Warrants (in Shares)			528,824
Reclassification of Warrants into equity				23,614		23,614
Net loss					(22,862)	(22,862)
Balances at Jun. 30, 2020				202,758	(118,279)	84,479
Balances (in Shares) at Jun. 30, 2020			18,084,016
Balances at Dec. 31, 2019	$ 106,313	106,313		5,671	(93,303)	(87,632)
Balances (in Shares) at Dec. 31, 2019	12,520,977		562,748
Share-based compensation				4,577		4,577
Deemed dividend related to Series E-1 Preferred shares				2,114	(2,114)
Deemed dividend related to Series E-1 Preferred shares (in Shares)			158,967
Issuance of Ordinary Shares in connection with IPO, net of issuance costs (see note 1e)				62,757		62,757
Issuance of Ordinary Shares in connection with IPO, net of issuance costs (see note 1e) (in Shares)			4,312,500
Conversion of Convertible Preferred shares to Ordinary Shares	$ (106,313)	(106,313)		106,313		106,313
Conversion of Convertible Preferred shares to Ordinary Shares (in Shares)	(12,520,977)		12,520,977
Exercise of Warrants				13		13
Exercise of Warrants (in Shares)			939,152
Issuance of Warrants				1		1
Reclassification of Warrants into equity				23,614		23,614
Exercise of options				3		3
Exercise of options (in Shares)			395
Net loss					(36,869)	(36,869)
Balances at Dec. 31, 2020				205,063	(132,286)	72,777
Balances (in Shares) at Dec. 31, 2020			18,494,739
Share-based compensation				2,238		2,238
Exercise of Warrants				632		632
Exercise of Warrants (in Shares)			184,473
Exercise of options				402		402
Exercise of options (in Shares)			77,358
Net loss					(19,164)	(19,164)
Balances at Jun. 30, 2021				$ 208,335	$ (151,450)	$ 56,885
Balances (in Shares) at Jun. 30, 2021			18,756,570

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Condensed Consolidated Statements of Changes In Convertible Preferred Shares and Shareholders’ Equity (Parentheticals) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2020
Statement of Stockholders' Equity [Abstract]
Net of issuance costs	$ 6,224	$ 6,243

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Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (19,164)	$ (22,862)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	547	498
Remeasurement of warrants		11,373
Share-based compensation	2,238	2,257
Changes in assets and liabilities:
Decrease (increase) in receivables and prepaid expenses	1,397	(13)
Decrease (increase) in other long-term assets	(10)	3
Increase (decrease) in trade payables	782	(951)
Increase in other payables and accrued expenses and other liabilities	659	2,242
Net cash used in operating activities	(13,551)	(7,453)
Cash flows from investing activities:
Purchase of property and equipment	(391)	(608)
Short-term deposits, net	(242)	10,631
Long-term deposits, net	17,061
Pre-payment for equipment	(787)
Net cash provided by investing activities	15,641	10,023
Cash flows from financing activities:
Proceeds from exercise of Warrants	632	13
Proceeds from exercise of options	402
Proceeds from issuance of Ordinary Shares in connection with IPO, net		62,776
Net cash provided by financing activities	1,034	62,789
Increase in cash, cash equivalents and restricted cash	3,124	65,359
Cash, cash equivalents and restricted cash at the beginning of the period	4,908	4,498
Cash, cash equivalents and restricted cash at the end of the period	8,032	69,857
Reconciliation of cash, cash equivalents and restricted cash as shown in the condensed consolidated statements of cash flow:
Cash and cash equivalents	7,448	69,282
Restricted cash and restricted cash included in long-term assets	584	575
Total cash, cash equivalents and restricted cash	$ 8,032	$ 69,857

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General

6 Months Ended

Jun. 30, 2021

General [Abstract]

GENERAL

NOTE 1:- GENERAL

a. PolyPid Ltd. (“the Company”) was incorporated under the laws of Israel and commenced its operations on February 28, 2008. The Company is a late-stage biopharma company focused on developing and commercializing novel, locally administered therapies using its PLEX (Polymer-Lipid Encapsulation matriX) technology. The Company’s product candidates are designed to address unmet medical needs by delivering active pharmaceutical ingredients (“APIs”) 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-PLEX₁₀₀, which incorporates an antibiotic, for the prevention of surgical site infection in bone and soft tissue.

The Company wholly-owns subsidiaries in the Unites States of America and Romania.

Through June 30, 2021, the Company has been primarily engaged in research and development.

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 are dependent on future events, including, among other things, its ability to obtain marketing approval from regulatory authorities and access potential markets; secure financing, develop a 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 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.

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 III 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 over 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, 2021, the Company’s had cash, cash equivalents, short-term deposits and long-term deposits of $52,906. During the six months ended June 30, 2021, the Company incurred a net loss of $19,164 and had negative cash flows from operating activities of $13,551. In addition, the Company had an accumulated deficit of $151,450 as of June 30, 2021. 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) the timely and successful completion of additional financing discussed above; (ii) completion of all required clinical studies; (iii) the success of its research and development; activities; (iv) the manufacture of all required clinical and commercial production batches; (v) marketing approval by the relevant regulatory authorities; and (vi) market acceptance of the Company’s product candidates.

There can be no assurance that the Company will be successful in obtaining additional financing on favorable terms, or at all or will succeed in achieving the clinical, scientific and commercial milestones as detailed above.

c. On March 11, 2020, the World Health Organization declared the outbreak of a respiratory disease caused by a new coronavirus as a “pandemic,” which is now known as COVID-19. The outbreak has impacted millions of individuals worldwide. In response, many countries have implemented measures to combat the outbreak which have impacted global business operations. Our business was affected by the effects of the recent and evolving COVID-19 pandemic, which has resulted in travel and other restrictions in order to reduce the spread of the disease, including in Israel, the United States and the European Union, where the Company is conducting its clinical trials. No impairments were recorded as of the balance sheet date as no triggering events or changes in circumstances had occurred; however, due to significant uncertainty surrounding the situation, management’s judgment regarding this could change in the future.

d. On June 21, 2020, the Company’s Board of Directors resolved to consolidate the Company’s share capital by applying a reverse share split at a ratio of 1.046:1 and to cancel the Company’s ordinary shares (the “Ordinary Shares”) par value, such that every 1.046 Ordinary Shares of NIS 0.8 par value, were substituted by 1 Ordinary Share with no par value (“the Split”). The Split was applied in the same proportion and manner to all of the Company’s authorized, issued and outstanding securities, including preferred shares, options and warrants.

e. On June 30, 2020, the Company closed its initial public offering (“IPO”), whereby 4,312,500 Ordinary Shares were sold by the Company to the public (inclusive of 562,500 Ordinary Shares pursuant to the full exercise of an overallotment option granted to the underwriters). The aggregate net proceeds received by the Company from the IPO were $62,757, net of underwriting discounts and other offering costs.

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Significant Accounting Policies

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES

a. Basis of presentation:

The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2020.

These unaudited interim consolidated financial statements of the Company as of June 30, 2021 and for the six months then ended, have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

The unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all the information and footnotes required by generally

accepted accounting principles for annual consolidated financial statements. In the opinion of our management, all material adjustments considered necessary for a fair presentation of the financial information as of and for the periods presented have been included.

b. Accounting policies:

The significant accounting policies followed in the preparation of these unaudited interim consolidated financial statements are consistent to those applied in the preparation of the latest annual consolidated financial statements.

c. Use of estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

d. Recently issued accounting pronouncements

As an “emerging growth company”, the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election.

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases,” which would require lessees to recognize assets and liabilities on the balance sheet for most leases, whether operating or financing, while continuing to recognize the expenses on their income statements in a manner similar to current practice. Under the guidance, the Company would also be required to provide enhanced disclosures. The guidance states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term.

The guidance will be effective for the Company beginning January 1, 2022, and interim periods in fiscal years beginning January 1, 2023. The Company is in the initial stage of its assessment of the new standard and is currently evaluating the quantitative impact of adoption, and the related disclosure requirements. The Company anticipates the adoption of this standard will result in an increase in its noncurrent assets, and current and noncurrent liabilities recorded on the consolidated balance sheets. The Company is currently evaluating the effect that ASU 2016-02 will have on its consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing a variety of exceptions within the framework of Accounting Standards Codification (“ASC”) Topic 740. These exceptions include the exception to the incremental approach for intra period tax allocation in the event of a loss from continuing operations and income or a gain from other items (such as other comprehensive income), and the exception to using general methodology for the interim period tax accounting for year-to-date losses that exceed anticipated losses. The guidance will be effective for the Company beginning January 1, 2022, and interim periods in fiscal years beginning January 1, 2023. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2019-12 will have on its consolidated financial statements and related disclosures.

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Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENT LIABILITIES

NOTE 3:- COMMITMENTS AND CONTINGENT LIABILITIES

a. The facilities of the Company are leased under various operating lease agreements for periods ending no later than 2027. The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2024.

Future minimum lease payments under non-cancelable operating leases as of June 30, 2021 (unaudited) are as follows:

	June 30, 2021
	Unaudited
2021	$	635
2022		1,232
2023		1,052
2024		294
Thereafter		705
Total	$	3,918

As of June 30, 2021 (unaudited), the Company made advance payments on account of installments on car leases in the amount of $74.

Lease and rental expenses for the six months ended June 30, 2021 (unaudited) and June 30, 2020 were $566 and $500, respectively.

b. In connection with its research and development programs, the Company received participation payments from the Israel Innovation Authority of the Ministry of Economy in Israel (“IIA”) of $5,139 for industrial research and development projects as of June 30, 2021 (unaudited). In return for the IIA’s participation, the Company is committed to pay royalties at a rate of 3% of sales of the developed products, up to 100% of the amount of grants received plus interest at LIBOR. During the six months ended June 30, 2021 (unaudited) and the year ended December 31, 2020, no royalties have been paid or accrued.

c. On January 9, 2020, the Company entered into an agreement for an automatic filling machine for the Company’s manufacturing plant in a total amount of EUR 1,377. As of June 30, 2021, the Company paid a pre-payment of EUR 505 and will pay the remaining of the payments during the remainder of 2021 according to the milestones of the agreement.

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Fair Value Measurements

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

NOTE 4:- FAIR VALUE MEASUREMENTS

Financial instruments measured at fair value on a recurring basis include warrants to purchase Convertible Preferred shares (see Note 5). The warrants are classified as a liability in accordance with ASC 480-10-25. These warrants were classified as level 3 in the fair value hierarchy since some of the inputs used in the valuation (the “Share Price”) were determined based on management’s assumptions up until the IPO date.

To calculate the fair value of the warrants, we first calculated the underlying preferred share value by using the income approach and the market approach. Then the equity value was allocated by using the hybrid model method utilizing two scenarios of OPM and IPO. Once the preferred shares value was derived from the two scenarios, the Black-Scholes model was utilized to calculate the warrants value in each one of the scenarios, by using probability for each one of the scenarios to derive the weighted average fair value of the warrants.

As of June 30, 2020:

According to the IPO scenario, the underlying share price was $16 for the series E-1 Preferred shares. The following assumptions were used to estimate the value of the series E-1 Preferred share warrants as of June 30, 2020: exercise price of $15.95, expected volatility of 78.07%, risk free interest rates of 0.76%, dividend yield of 0%, and expected term of 4.17 years. Accordingly, the fair value of the series E-1 Preferred share warrants as of June 30, 2020 was $1,868. As of June 30, 2021, 200,596 warrants were outstanding.

According to the IPO scenario, the underlying share price was $16 for the series D-2 Preferred shares. The following assumptions were used to estimate the value of the series D-2 Preferred share warrants as of June 30, 2020: exercise price of $9.24, expected volatility of 82.48%, risk free interest rates of 0.46%, dividend yield of 0%, and expected term of 0.6 years. Accordingly, the fair value of the series D-2 Preferred share warrants as of June 30, 2020 was $20,930. As of June 30, 2021, all warrants had been exercised into 1,069,850 Ordinary Shares.

According to the IPO scenario, the underlying Share Price was $16.00 for the series A Preferred shares. The following assumptions were used to estimate the value of the series A Preferred share warrants as of June 30, 2020: exercise price of 0.84 NIS ($0.23) and dividend yield of 0%. Accordingly, the fair value of the series A Preferred share warrants as of June 30, 2020 was $816. As of June 30, 2020, as part of the IPO, 53,775 warrants had been exercised into 53,775 Ordinary Shares.

On June 30, 2020, as a result of the IPO, the warrant liability to Convertible Preferred shares has been classified to warrants to Ordinary Shares in equity.

The change in the fair value of the preferred share warrant liability is summarized below:

	June 30,		December 31,
	2021		2020
	Unaudited
Beginning of year	$	-	$	12,241
Change in fair value		-		11,373
Reclassification of Warrants into equity		-		(23,614	)
End of period	$	-	$	-

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Warrants

6 Months Ended

Jun. 30, 2021

Warrants [Abstract]

WARRANTS

NOTE 5:- WARRANTS

In March 2008, in connection with the March 2008 Founders and Share Purchase Agreement, the Company granted to the investor warrants to purchase Convertible Preferred A shares (“Series A Warrants”), with an exercise price of NIS 0.84 ($0.23). The Series A Warrants may be converted at any time until the earlier of: (1) consummation of an initial public offering on certain stock exchanges as set forth in the warrant terms, with net proceeds to the Company of at least $15,000 (and pre-money valuation of at least $75,000), (2) merger or consolidation of the Company with another company, and (3) the sale of substantially all of the Company’s assets or substantially all of the shares to another party.

In connection with the first financing round that occurred in 2016, the Company granted to the investors warrants to purchase up to 2,775,398 Convertible D-2 Preferred shares (“Series D-2 Warrants”) at a price per share of $9.23.

The survival of Series D-2 Warrants shall be limited to a period ending upon the earlier of: (i) the lapse of 5 years from closing; or (ii) deemed liquidation event.

The Series D-2 Warrants will be exercised automatically if they are still outstanding on the final day of the warrant period as defined in the warrants grant letter, and if the fair market value of a warrant share is more than the exercise price for such share.

All outstanding Series A and D-2 warrants are classified as a long-term liability and are re-measured at each reporting date, as the underlying shares may be redeemed upon an event which is not solely in the control of the Company. Following the warrants conversions during 2020 and 2021, no Series A or Series D-2 Warrants were outstanding as of June 30, 2021.

On June 28, 2019, in connection with a Private Placement Memorandum (the “2019 PPM”), the Company included the following as part of its issuance costs: (i) warrants to purchase up to 200,596 series E-1 Preferred shares (“Series E-1 warrants”) at a price per share of $15.95 against payment of a total exercise amount of up to $3,200 and (ii) a cash fee of 10% of any new investment that were introduced by National Securities. The survival of the Series E-1 warrants shall be limited to a period ending upon 4 years from closing.

As of June 30, 2021, 200,596 Series E-1 warrants were outstanding and as a result of the IPO, the warrant liability to Convertible Preferred shares has been classified to warrants to Ordinary Shares in equity.

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Shareholders’ Deficiency

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ DEFICIENCY

NOTE 6:- SHAREHOLDERS’ DEFICIENCY

a. General:

On June 21, 2020, the Company’s Board of Directors resolved to consolidate the Company’s share capital by applying an additional reverse share split and cancelling the shares’ par value (see Note 1d).

Following the Split and the cancellation of the par value, all Ordinary Shares, Convertible Preferred shares, options, convertible loans, warrants, exercise prices and per share data have been adjusted retroactively for all periods presented in these consolidated financial statements.

b. Ordinary share capital is composed as follows:

	June 30, 2021				December 31, 2020
	Authorized		Issued and outstanding		Authorized		Issued and outstanding
	Unaudited
	Number of shares
Ordinary Shares with no par value		47,800,000		18,756,570		47,800,000		18,494,739

c. Share option plans:

The Company authorized through its 2012 Share Option Plan, the grant of options to officers, directors, advisors, management and other key employees of up to 3,672,094 Ordinary Shares. The options granted generally have a four year or three-year vesting period and expire ten years after the date of grant. Options granted under the Company’s option plan that are cancelled or forfeited before expiration become available for future grant. As of June 30, 2021 (unaudited), 932,189 of the Company’s options were available for future grants.

A summary of the status of the Company’s option plan as of June 30, 2021 (unaudited), and changes during the period then ended is presented below:

	Number of options			Weighted average exercise price		Aggregate intrinsic value
	Unaudited
Outstanding at beginning of period		2,193,392			5.72	$	9,263
Granted		56,000			10.07		58
Exercised		(43,866	)		6.42		227
Forfeited and cancelled		(7,573	)		6.62		19
Outstanding at end of period		2,197,953			5.82		7,387
Exercisable options		1,473,947			5.01		5,997
Vested and expected to vest		2,197,953			5.82		7,387

As of June 30, 2021 (unaudited), there were unrecognized compensation costs of $8,286, which are expected to be recognized over a weighted average period of approximately 2.3 years.

The total equity-based compensation expense related to all of the Company’s equity-based awards recognized for the six months ended June 30, 2021 and for the six months ended June 30, 2020 (unaudited), was comprised as follows:

	Six months ended June 30,
	2021		2020
	Unaudited
Research and development	$	1,013	$	762
Market and business development		162		58
General and administrative		1,063		1,437
Total share-based compensation expense	$	2,238	$	2,257

43,866 options were exercised by employees during the six months ended June 30, 2021 (unaudited).

The options outstanding as of June 30, 2021 (unaudited) have been separated into ranges of exercise prices, as follows:

Exercise price	Options outstanding as of June 30, 2021		Weighted average exercise price		Weighted average remaining contractual term		Options exercisable as of June 30, 2021		Weighted average exercise price		Weighted average remaining contractual term
					(years)						(years)
*)0.22		245,535		*)0.22		1.72		245,535		*)0.22		1.72
1.75		107,904		1.75		1.72		107,904		1.75		1.72
3.59		83,503		3.59		2.26		83,503		3.59		2.26
5.07		253,722		5.07		3.00		253,722		5.07		3.00
9.23		199,930		9.23		4.07		199,930		9.23		4.07
3.10		26,959		3.10		4.94		26,959		3.10		4.94
3.93		51,385		3.93		5.48		51,385		3.93		5.48
4.10		20,914		4.10		5.69		20,914		4.10		5.69
4.18		1,195		4.18		5.90		1,195		4.18		5.90
7.70		59,345		7.70		6.34		59,345		7.70		6.34
8.42		7,589		8.42		7.28		6,625		8.42		7.28
8.65		14,340		8.65		7.11		12,840		8.65		7.11
8.02		26,290		8.02		7.73		19,611		8.02		7.73
6.80		58,731		6.80		8.62		25,222		6.80		8.62
6.62		894,511		6.62		8.96		359,257		6.62		8.96
11.04		90,100		11.04		9.37		-		11.04		-
10.07		56,000		10.07		9.62		-		10.07		-
		2,197,953		5.82		6.16		1,473,947		5.01		4.76

*) The exercise price as per the option terms was denominated in NIS and translated to $ in the table above using the exchange rate as of the grant date. The options were granted at Ordinary Share par value.

d. Options issued to non-employees:

The outstanding options granted to consultants as of June 30, 2021 (unaudited) were as follows:

Grant date	Options outstanding as of June 30, 2021		Exercise price per share		Options exercisable as of June 30, 2021		Exercisable through
October 2013		5,719	$	5.07		5,719	October 2023
September 2014		5,719	$	5.07		5,719	September 2024
April 2016		5,975	$	3.10		5,975	April 2026
December 2016		7,170	$	3.93		7,170	December 2026
June 2017		197,722	$	4.10		156,970	June 2027
November 2017		17,925	$	7.70		17,925	November 2027
August 2019		71,700	$	8.18		67,197	August 2029
June 2020		64,530	$	6.62-$6.80		21,306	June 2030
April 2021		62,741	$	9.57		-	April 2031
		439,201				287,981

33,492 options were exercised by non- employees during the six months ended June 30, 2021 (unaudited).

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Basic and Diluted Net Loss Per Share

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

BASIC AND DILUTED NET LOSS PER SHARE

NOTE 7:- BASIC AND DILUTED NET LOSS PER SHARE

The following table sets forth the computation of the Company’s basic and diluted net loss per Ordinary Share:

	Six months ended June 30,				Three months ended June 30,
	2021		2020		2021		2020
	Unaudited
Numerator:
Net loss attributable to Ordinary Shares as reported	$	19,164	$	22,862	$	10,477	$	16,993
Deemed dividend		-		2,114		-		2,114
Net loss applicable to Ordinary shareholders		19,164		24,976		10,477		19,107
Denominator:
Weighted average shares used in computing net loss per Ordinary share, basic and diluted:		18,685,906		659,551		18,747,967		755,289
Ordinary share – basic and dilutive		18,685,906		659,551		18,747,967		755,289
Net loss per Ordinary share, basic and diluted	$	1.03	$	37.87	$	0.56	$	25.30

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Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2021

Accounting Policies [Abstract]

Basis of presentation

a. Basis of presentation:

The unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes for the year ended December 31, 2020.

These unaudited interim consolidated financial statements of the Company as of June 30, 2021 and for the six months then ended, have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”).

The unaudited interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information. Accordingly, they do not include all the information and footnotes required by generally

accepted accounting principles for annual consolidated financial statements. In the opinion of our management, all material adjustments considered necessary for a fair presentation of the financial information as of and for the periods presented have been included.

Accounting policies

b. Accounting policies:

The significant accounting policies followed in the preparation of these unaudited interim consolidated financial statements are consistent to those applied in the preparation of the latest annual consolidated financial statements.

Use of estimates

c. Use of estimates:

The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Recently Issued Accounting Pronouncements

d. Recently issued accounting pronouncements

As an “emerging growth company”, the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflect this election.

In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, “Leases,” which would require lessees to recognize assets and liabilities on the balance sheet for most leases, whether operating or financing, while continuing to recognize the expenses on their income statements in a manner similar to current practice. Under the guidance, the Company would also be required to provide enhanced disclosures. The guidance states that a lessee would recognize a lease liability for the obligation to make lease payments and a right-to-use asset for the right to use the underlying asset for the lease term.

The guidance will be effective for the Company beginning January 1, 2022, and interim periods in fiscal years beginning January 1, 2023. The Company is in the initial stage of its assessment of the new standard and is currently evaluating the quantitative impact of adoption, and the related disclosure requirements. The Company anticipates the adoption of this standard will result in an increase in its noncurrent assets, and current and noncurrent liabilities recorded on the consolidated balance sheets. The Company is currently evaluating the effect that ASU 2016-02 will have on its consolidated financial statements.

In December 2019, the FASB issued ASU No. 2019-12, “Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes,” which simplifies the accounting for income taxes by removing a variety of exceptions within the framework of Accounting Standards Codification (“ASC”) Topic 740. These exceptions include the exception to the incremental approach for intra period tax allocation in the event of a loss from continuing operations and income or a gain from other items (such as other comprehensive income), and the exception to using general methodology for the interim period tax accounting for year-to-date losses that exceed anticipated losses. The guidance will be effective for the Company beginning January 1, 2022, and interim periods in fiscal years beginning January 1, 2023. Early adoption is permitted. The Company is currently evaluating the effect that ASU 2019-12 will have on its consolidated financial statements and related disclosures.

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Commitments and Contingent Liabilities (Tables)

6 Months Ended

Jun. 30, 2021

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum lease payments under operating leases

	June 30, 2021
	Unaudited
2021	$	635
2022		1,232
2023		1,052
2024		294
Thereafter		705
Total	$	3,918

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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Fair Value Disclosures [Abstract]

Schedule of change in the fair value of the preferred share warrants liability

	June 30,		December 31,
	2021		2020
	Unaudited
Beginning of year	$	-	$	12,241
Change in fair value		-		11,373
Reclassification of Warrants into equity		-		(23,614	)
End of period	$	-	$	-

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Shareholders’ Deficiency (Tables)

6 Months Ended

Jun. 30, 2021

Stockholders' Equity Note [Abstract]

Schedule of ordinary share capital

	June 30, 2021				December 31, 2020
	Authorized		Issued and outstanding		Authorized		Issued and outstanding
	Unaudited
	Number of shares
Ordinary Shares with no par value		47,800,000		18,756,570		47,800,000		18,494,739

Schedule of status of the company’s option plan

	Number of options			Weighted average exercise price		Aggregate intrinsic value
	Unaudited
Outstanding at beginning of period		2,193,392			5.72	$	9,263
Granted		56,000			10.07		58
Exercised		(43,866	)		6.42		227
Forfeited and cancelled		(7,573	)		6.62		19
Outstanding at end of period		2,197,953			5.82		7,387
Exercisable options		1,473,947			5.01		5,997
Vested and expected to vest		2,197,953			5.82		7,387

Schedule of the total equity-based compensation expense related to all of the company’s equity-based awards recognized

	Six months ended June 30,
	2021		2020
	Unaudited
Research and development	$	1,013	$	762
Market and business development		162		58
General and administrative		1,063		1,437
Total share-based compensation expense	$	2,238	$	2,257

Schedule of options outstanding

Exercise price	Options outstanding as of June 30, 2021		Weighted average exercise price		Weighted average remaining contractual term		Options exercisable as of June 30, 2021		Weighted average exercise price		Weighted average remaining contractual term
					(years)						(years)
*)0.22		245,535		*)0.22		1.72		245,535		*)0.22		1.72
1.75		107,904		1.75		1.72		107,904		1.75		1.72
3.59		83,503		3.59		2.26		83,503		3.59		2.26
5.07		253,722		5.07		3.00		253,722		5.07		3.00
9.23		199,930		9.23		4.07		199,930		9.23		4.07
3.10		26,959		3.10		4.94		26,959		3.10		4.94
3.93		51,385		3.93		5.48		51,385		3.93		5.48
4.10		20,914		4.10		5.69		20,914		4.10		5.69
4.18		1,195		4.18		5.90		1,195		4.18		5.90
7.70		59,345		7.70		6.34		59,345		7.70		6.34
8.42		7,589		8.42		7.28		6,625		8.42		7.28
8.65		14,340		8.65		7.11		12,840		8.65		7.11
8.02		26,290		8.02		7.73		19,611		8.02		7.73
6.80		58,731		6.80		8.62		25,222		6.80		8.62
6.62		894,511		6.62		8.96		359,257		6.62		8.96
11.04		90,100		11.04		9.37		-		11.04		-
10.07		56,000		10.07		9.62		-		10.07		-
		2,197,953		5.82		6.16		1,473,947		5.01		4.76

*) The exercise price as per the option terms was denominated in NIS and translated to $ in the table above using the exchange rate as of the grant date. The options were granted at Ordinary Share par value.

Schedule of outstanding options granted to consultants

Grant date	Options outstanding as of June 30, 2021		Exercise price per share		Options exercisable as of June 30, 2021		Exercisable through
October 2013		5,719	$	5.07		5,719	October 2023
September 2014		5,719	$	5.07		5,719	September 2024
April 2016		5,975	$	3.10		5,975	April 2026
December 2016		7,170	$	3.93		7,170	December 2026
June 2017		197,722	$	4.10		156,970	June 2027
November 2017		17,925	$	7.70		17,925	November 2027
August 2019		71,700	$	8.18		67,197	August 2029
June 2020		64,530	$	6.62-$6.80		21,306	June 2030
April 2021		62,741	$	9.57		-	April 2031
		439,201				287,981

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Basic and Diluted Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2021

Earnings Per Share [Abstract]

Schedule of basic and diluted net loss per ordinary share

	Six months ended June 30,				Three months ended June 30,
	2021		2020		2021		2020
	Unaudited
Numerator:
Net loss attributable to Ordinary Shares as reported	$	19,164	$	22,862	$	10,477	$	16,993
Deemed dividend		-		2,114		-		2,114
Net loss applicable to Ordinary shareholders		19,164		24,976		10,477		19,107
Denominator:
Weighted average shares used in computing net loss per Ordinary share, basic and diluted:		18,685,906		659,551		18,747,967		755,289
Ordinary share – basic and dilutive		18,685,906		659,551		18,747,967		755,289
Net loss per Ordinary share, basic and diluted	$	1.03	$	37.87	$	0.56	$	25.30

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General (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 21, 2020	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
General (Details) [Line Items]
Cash equivalents, short-term deposits and long-term deposits		$ 52,906		$ 52,906
Net Income (Loss) Attributable to Parent		(10,477)	$ (16,993)	(19,164)	$ (22,862)	$ (36,869)
Cash flows from operating activities				13,551
Accumulated deficit		$ (151,450)		$ (151,450)		$ (132,286)
Description of reverse share split	the Company’s Board of Directors resolved to consolidate the Company’s share capital by applying a reverse share split at a ratio of 1.046:1 and to cancel the Company’s ordinary shares (the “Ordinary Shares”) par value, such that every 1.046 Ordinary Shares of NIS 0.8 par value, were substituted by 1 Ordinary Share with no par value (“the Split”). The Split was applied in the same proportion and manner to all of the Company’s authorized, issued and outstanding securities, including preferred shares, options and warrants.
Initial Public Offering [Member]
General (Details) [Line Items]
Sale of ordinary shares (in Shares)					4,312,500
Aggregate net proceeds					$ 62,757
Over-Allotment Option [Member]
General (Details) [Line Items]
Sale of ordinary shares (in Shares)					562,500

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Commitments and Contingent Liabilities (Details) € in Thousands, $ in Thousands		6 Months Ended
	Jan. 09, 2020 EUR (€)	Jun. 30, 2021 USD ($)	Jun. 30, 2021 EUR (€)	Jun. 30, 2020 USD ($)
Commitments and Contingent Liabilities (Details) [Line Items]
Advance payments		$ 74
Rental and lease expenses		566		$ 500
Participation payments		$ 5,139
Automatic filing machine (in Euro) | €	€ 1,377
Pre-payment for automatic filing machine (in Euro) | €			€ 505
Business Acquisition [Member]
Commitments and Contingent Liabilities (Details) [Line Items]
Commitments and Contingent liabilities, description		the Company is committed to pay royalties at a rate of 3% of sales of the developed products, up to 100% of the amount of grants received plus interest at LIBOR. During the six months ended June 30, 2021 (unaudited) and the year ended December 31, 2020, no royalties have been paid or accrued.	the Company is committed to pay royalties at a rate of 3% of sales of the developed products, up to 100% of the amount of grants received plus interest at LIBOR. During the six months ended June 30, 2021 (unaudited) and the year ended December 31, 2020, no royalties have been paid or accrued.

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Commitments and Contingent Liabilities (Details) - Schedule of future minimum lease payments under operating leases $ in Thousands	Jun. 30, 2021 USD ($)
Schedule of future minimum lease payments under operating leases [Abstract]
2021	$ 635
2022	1,232
2023	1,052
2024	294
Thereafter	705
Total	$ 3,918

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Fair Value Measurements (Details) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares	Jun. 30, 2020 USD ($) $ / shares	Jun. 30, 2020 ₪ / shares
Fair Value Measurements (Details) [Line Items]
Fair value (in Dollars) | $	$ 7,387
IPO [Member]
Fair Value Measurements (Details) [Line Items]
Share price (in Dollars per share)		$ 16
Warrant E-1 [Member]
Fair Value Measurements (Details) [Line Items]
Exercise price		$ 15.95
Expected volatility		78.07%
Risk free interest rates		0.76%
Dividend yield		0.00%
Expected term		4 years 2 months 1 day
Fair value (in Dollars) | $		$ 1,868
Warrants outstanding (in Shares) | shares	200,596
Series D-2 Preferred Shares | IPO [Member]
Fair Value Measurements (Details) [Line Items]
Share price (in Dollars per share)		$ 16
Warrant D-2 [Member]
Fair Value Measurements (Details) [Line Items]
Exercise price		$ 9.24
Expected volatility		82.48%
Risk free interest rates		0.46%
Warrants exercised into ordinary shares (in Shares) | shares	1,069,850
Convertible Preferred D-2 Shares [Member]
Fair Value Measurements (Details) [Line Items]
Fair value (in Dollars) | $		$ 20,930
Convertible Preferred D-2 Shares [Member] | IPO [Member]
Fair Value Measurements (Details) [Line Items]
Dividend yield		0.00%
Expected term		7 months 6 days
Convertible Preferred A shares [Member] | IPO [Member]
Fair Value Measurements (Details) [Line Items]
Share price (in Dollars per share)	$ 16.00
Series A Preferred Share Warrants [Member] | IPO [Member]
Fair Value Measurements (Details) [Line Items]
Exercise price | ₪ / shares			₪ 0.84
Dividend yield		0.00%
Warrant A [Member]
Fair Value Measurements (Details) [Line Items]
Exercise price		$ 0.23
Fair value of series A Preferred share warrants (in Dollars) | $		$ 816
Ordinary share issued from exercise (in Shares) | shares	53,775
Series A Preferred shares [Member]
Fair Value Measurements (Details) [Line Items]
Warrants exercised shares (in Shares) | shares	53,775

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Fair Value Measurements (Details) - Schedule of change in the fair value of the preferred share warrants liability - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Dec. 31, 2020
Schedule of change in the fair value of the preferred share warrants liability [Abstract]
Beginning of year		$ 12,241
Change in fair value		11,373
Reclassification of Warrants into equity		(23,614)
End of period

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Warrants (Details) - $ / shares	1 Months Ended		6 Months Ended
	Jun. 28, 2019	Mar. 31, 2008	Jun. 30, 2021	Dec. 31, 2016
Warrant [Member]
Warrants (Details) [Line Items]
Warrants to purchase, description		in connection with the March 2008 Founders and Share Purchase Agreement, the Company granted to the investor warrants to purchase Convertible Preferred A shares (“Series A Warrants”), with an exercise price of NIS 0.84 ($0.23). The Series A Warrants may be converted at any time until the earlier of: (1) consummation of an initial public offering on certain stock exchanges as set forth in the warrant terms, with net proceeds to the Company of at least $15,000 (and pre-money valuation of at least $75,000), (2) merger or consolidation of the Company with another company, and (3) the sale of substantially all of the Company’s assets or substantially all of the shares to another party.
Series D-2 Convertible Preferred Shares [Member] | Warrant [Member]
Warrants (Details) [Line Items]
Shares issued				2,775,398
Share price				$ 9.23
Series E-1 Convertible Preferred Shares [Member]
Warrants (Details) [Line Items]
Warrants to purchase, description			As of June 30, 2021, 200,596 Series E-1 warrants were outstanding and as a result of the IPO, the warrant liability to Convertible Preferred shares has been classified to warrants to Ordinary Shares in equity.
Series E-1 Convertible Preferred Shares [Member] | Warrant [Member]
Warrants (Details) [Line Items]
Warrants to purchase, description	On June 28, 2019, in connection with a Private Placement Memorandum (the “2019 PPM”), the Company included the following as part of its issuance costs: (i) warrants to purchase up to 200,596 series E-1 Preferred shares (“Series E-1 warrants”) at a price per share of $15.95 against payment of a total exercise amount of up to $3,200 and (ii) a cash fee of 10% of any new investment that were introduced by National Securities.
Preferred shares			200,596

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Shareholders’ Deficiency (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) shares
Shareholders’ Deficiency (Details) [Line Items]
Stock options available for future grants	932,189
Unrecognized compensation costs (in Dollars) | $	$ 8,286
Recognized over weighted average period	2 years 3 months 18 days
Options were exercised	43,866
Officers [Member] | 2012 Share Option Plan [Member]
Shareholders’ Deficiency (Details) [Line Items]
Total options unallocated, granted and exercised to shares	3,672,094
Non-Employees [Member]
Shareholders’ Deficiency (Details) [Line Items]
Options were exercised	33,492

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Shareholders’ Deficiency (Details) - Schedule of ordinary share capital - shares	Jun. 30, 2021	Dec. 31, 2020
Number of shares
Ordinary shares Authorized	47,800,000	47,800,000
Ordinary shares Issued	18,756,570	18,494,739
Ordinary shares outstanding	18,756,570	18,494,739

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Shareholders’ Deficiency (Details) - Schedule of status of the company’s option plan $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2021 USD ($) $ / shares shares
Schedule of status of the company’s option plan [Abstract]
Number of Options, Outstanding, Beginning balance | shares	2,193,392
Weighted Average Exercise Price, Outstanding, Beginning balance | $ / shares	$ 5.72
Aggregate intrinsic value, Beginning balance | $	$ 9,263
Number of Options, Granted | shares	56,000
Weighted Average Exercise Price, Granted | $ / shares	$ 10.07
Aggregate intrinsic value, Granted | $	$ 58
Number of Options, Exercised | shares	(43,866)
Weighted Average Exercise Price, Exercised | $ / shares	$ 6.42
Aggregate intrinsic value, Exercised | $	$ 227
Number of Options, Forfeited and cancelled | shares	(7,573)
Weighted Average Exercise Price, Forfeited and cancelled | $ / shares	$ 6.62
Aggregate intrinsic value, Forfeited and cancelled | $	$ 19
Number of Options, Outstanding, Ending balance | shares	2,197,953
Weighted Average Exercise Price Per Share, Outstanding, Ending balance | $ / shares	$ 5.82
Aggregate intrinsic value, Ending balance | $	$ 7,387
Number of Options, Exercisable options | shares	1,473,947
Weighted Average Exercise Price, Exercisable options | $ / shares	$ 5.01
Aggregate intrinsic value, Exercisable options | $	$ 5,997
Number of Options, Vested and expected to vest | shares	2,197,953
Weighted Average Exercise Price, Vested and expected to vest | $ / shares	$ 5.82
Aggregate intrinsic value, Vested and expected to vest | $	$ 7,387

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Shareholders’ Deficiency (Details) - Schedule of the total equity-based compensation expense related to all of the company’s equity-based awards recognized - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Shareholders’ Deficiency (Details) - Schedule of the total equity-based compensation expense related to all of the company’s equity-based awards recognized [Line Items]
Total share-based compensation expense	$ 2,238	$ 2,257
Research and development [Member]
Shareholders’ Deficiency (Details) - Schedule of the total equity-based compensation expense related to all of the company’s equity-based awards recognized [Line Items]
Total share-based compensation expense	1,013	762
Marketing and business development [Member]
Shareholders’ Deficiency (Details) - Schedule of the total equity-based compensation expense related to all of the company’s equity-based awards recognized [Line Items]
Total share-based compensation expense	162	58
General and administrative [Member]
Shareholders’ Deficiency (Details) - Schedule of the total equity-based compensation expense related to all of the company’s equity-based awards recognized [Line Items]
Total share-based compensation expense	$ 1,063	$ 1,437

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Shareholders’ Deficiency (Details) - Schedule of options outstanding	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Exercise Price 0.22 [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Number of options outstanding		[1]
Weighted average remaining contractual term (year)	1 year 8 months 19 days
Exercise Price 0.22 [Member] | Options Exercisable [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Weighted average remaining contractual term (year)	1 year 8 months 19 days
Number options exercisable		[1]
Exercise Price 1.75 [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Number of options outstanding	107,904
Weighted average exercise price (in Dollars per share) | $ / shares	$ 1.75
Weighted average remaining contractual term (year)	1 year 8 months 19 days
Exercise Price 1.75 [Member] | Options Exercisable [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Weighted average exercise price (in Dollars per share) | $ / shares	$ 1.75
Weighted average remaining contractual term (year)	1 year 8 months 19 days
Number options exercisable	107,904
Exercise Price 3.59 [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Number of options outstanding	83,503
Weighted average exercise price (in Dollars per share) | $ / shares	$ 3.59
Weighted average remaining contractual term (year)	2 years 3 months 3 days
Exercise Price 3.59 [Member] | Options Exercisable [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Weighted average exercise price (in Dollars per share) | $ / shares	$ 3.59
Weighted average remaining contractual term (year)	2 years 3 months 3 days
Number options exercisable	83,503
Exercise Price 5.07 [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Number of options outstanding	253,722
Weighted average exercise price (in Dollars per share) | $ / shares	$ 5.07
Weighted average remaining contractual term (year)	3 years
Exercise Price 5.07 [Member] | Options Exercisable [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Weighted average exercise price (in Dollars per share) | $ / shares	$ 5.07
Weighted average remaining contractual term (year)	3 years
Number options exercisable	253,722
Exercise Price 9.23 [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Number of options outstanding	199,930
Weighted average exercise price (in Dollars per share) | $ / shares	$ 9.23
Weighted average remaining contractual term (year)	4 years 25 days
Exercise Price 9.23 [Member] | Options Exercisable [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Weighted average exercise price (in Dollars per share) | $ / shares	$ 9.23
Weighted average remaining contractual term (year)	4 years 25 days
Number options exercisable	199,930
Exercise Price 3.10 [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Number of options outstanding	26,959
Weighted average exercise price (in Dollars per share) | $ / shares	$ 3.10
Weighted average remaining contractual term (year)	4 years 11 months 8 days
Exercise Price 3.10 [Member] | Options Exercisable [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Weighted average exercise price (in Dollars per share) | $ / shares	$ 3.10
Weighted average remaining contractual term (year)	4 years 11 months 8 days
Number options exercisable	26,959
Exercise Price 3.93 [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Number of options outstanding	51,385
Weighted average exercise price (in Dollars per share) | $ / shares	$ 3.93
Weighted average remaining contractual term (year)	5 years 5 months 23 days
Exercise Price 3.93 [Member] | Options Exercisable [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Weighted average exercise price (in Dollars per share) | $ / shares	$ 3.93
Weighted average remaining contractual term (year)	5 years 5 months 23 days
Number options exercisable	51,385
Exercise Price 4.10 [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Number of options outstanding	20,914
Weighted average exercise price (in Dollars per share) | $ / shares	$ 4.10
Weighted average remaining contractual term (year)	5 years 8 months 8 days
Exercise Price 4.10 [Member] | Options Exercisable [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Weighted average exercise price (in Dollars per share) | $ / shares	$ 4.10
Weighted average remaining contractual term (year)	5 years 8 months 8 days
Number options exercisable	20,914
Exercise Price 4.18 [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Number of options outstanding	1,195
Weighted average exercise price (in Dollars per share) | $ / shares	$ 4.18
Weighted average remaining contractual term (year)	5 years 10 months 24 days
Exercise Price 4.18 [Member] | Options Exercisable [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Weighted average exercise price (in Dollars per share) | $ / shares	$ 4.18
Weighted average remaining contractual term (year)	5 years 10 months 24 days
Number options exercisable	1,195
Exercise Price 7.70 [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Number of options outstanding	59,345
Weighted average exercise price (in Dollars per share) | $ / shares	$ 7.70
Weighted average remaining contractual term (year)	6 years 4 months 2 days
Exercise Price 7.70 [Member] | Options Exercisable [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Weighted average exercise price (in Dollars per share) | $ / shares	$ 7.70
Weighted average remaining contractual term (year)	6 years 4 months 2 days
Number options exercisable	59,345
Exercise Price 8.42 [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Number of options outstanding	7,589
Weighted average exercise price (in Dollars per share) | $ / shares	$ 8.42
Weighted average remaining contractual term (year)	7 years 3 months 10 days
Exercise Price 8.42 [Member] | Options Exercisable [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Weighted average exercise price (in Dollars per share) | $ / shares	$ 8.42
Weighted average remaining contractual term (year)	7 years 3 months 10 days
Number options exercisable	6,625
Exercise Price 8.65 [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Number of options outstanding	14,340
Weighted average exercise price (in Dollars per share) | $ / shares	$ 8.65
Weighted average remaining contractual term (year)	7 years 1 month 9 days
Exercise Price 8.65 [Member] | Options Exercisable [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Weighted average exercise price (in Dollars per share) | $ / shares	$ 8.65
Weighted average remaining contractual term (year)	7 years 1 month 9 days
Number options exercisable	12,840
Exercise Price 8.02 [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Number of options outstanding	26,290
Weighted average exercise price (in Dollars per share) | $ / shares	$ 8.02
Weighted average remaining contractual term (year)	7 years 8 months 23 days
Exercise Price 8.02 [Member] | Options Exercisable [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Weighted average exercise price (in Dollars per share) | $ / shares	$ 8.02
Weighted average remaining contractual term (year)	7 years 8 months 23 days
Number options exercisable	19,611
Exercise Price 6.80 [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Number of options outstanding	58,731
Weighted average exercise price (in Dollars per share) | $ / shares	$ 6.80
Weighted average remaining contractual term (year)	8 years 7 months 13 days
Exercise Price 6.80 [Member] | Options Exercisable [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Weighted average exercise price (in Dollars per share) | $ / shares	$ 6.80
Weighted average remaining contractual term (year)	8 years 7 months 13 days
Number options exercisable	25,222
Exercise Price 6.62 [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Number of options outstanding	894,511
Weighted average exercise price (in Dollars per share) | $ / shares	$ 6.62
Weighted average remaining contractual term (year)	8 years 11 months 15 days
Exercise Price 6.62 [Member] | Options Exercisable [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Weighted average exercise price (in Dollars per share) | $ / shares	$ 6.62
Weighted average remaining contractual term (year)	8 years 11 months 15 days
Number options exercisable	359,257
Exercise Price 11.04 [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Number of options outstanding	90,100
Weighted average exercise price (in Dollars per share) | $ / shares	$ 11.04
Weighted average remaining contractual term (year)	9 years 4 months 13 days
Exercise Price 11.04 [Member] | Options Exercisable [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Weighted average exercise price (in Dollars per share) | $ / shares	$ 11.04
Weighted average remaining contractual term (year)
Number options exercisable
Exercise Price 10.07 [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Number of options outstanding	56,000
Weighted average exercise price (in Dollars per share) | $ / shares	$ 10.07
Weighted average remaining contractual term (year)	9 years 7 months 13 days
Exercise Price 10.07 [Member] | Options Exercisable [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Weighted average exercise price (in Dollars per share) | $ / shares	$ 10.07
Weighted average remaining contractual term (year)
Number options exercisable
Total of Exercise Price Range [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Number of options outstanding	2,197,953
Weighted average exercise price (in Dollars per share) | $ / shares	$ 5.82
Weighted average remaining contractual term (year)	6 years 1 month 28 days
Total of Exercise Price Range [Member] | Options Exercisable [Member]
Shareholders’ Deficiency (Details) - Schedule of options outstanding [Line Items]
Weighted average exercise price (in Dollars per share) | $ / shares	$ 5.01
Weighted average remaining contractual term (year)	4 years 9 months 3 days
Number options exercisable	1,473,947

[1] The exercise price as per the option terms was denominated in NIS and translated to $ in the table above using the exchange rate as of the grant date. The options were granted at Ordinary Share par value.

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Shareholders’ Deficiency (Details) - Schedule of outstanding options granted to consultants	6 Months Ended
	Jun. 30, 2021 $ / shares shares
Shareholders’ Deficiency (Details) - Schedule of outstanding options granted to consultants [Line Items]
Options outstanding	439,201
Options exercisable	287,981
October 2013 [Member]
Shareholders’ Deficiency (Details) - Schedule of outstanding options granted to consultants [Line Items]
Options outstanding	5,719
Exercise price per share (in Dollars per share) | $ / shares	$ 5.07
Options exercisable	5,719
Exercisable	October 2023
September 2014 [Member]
Shareholders’ Deficiency (Details) - Schedule of outstanding options granted to consultants [Line Items]
Options outstanding	5,719
Exercise price per share (in Dollars per share) | $ / shares	$ 5.07
Options exercisable	5,719
Exercisable	September 2024
April 2016 [Member]
Shareholders’ Deficiency (Details) - Schedule of outstanding options granted to consultants [Line Items]
Options outstanding	5,975
Exercise price per share (in Dollars per share) | $ / shares	$ 3.10
Options exercisable	5,975
Exercisable	April 2026
December 2016 [Member]
Shareholders’ Deficiency (Details) - Schedule of outstanding options granted to consultants [Line Items]
Options outstanding	7,170
Exercise price per share (in Dollars per share) | $ / shares	$ 3.93
Options exercisable	7,170
Exercisable	December 2026
June 2017 [Member]
Shareholders’ Deficiency (Details) - Schedule of outstanding options granted to consultants [Line Items]
Options outstanding	197,722
Exercise price per share (in Dollars per share) | $ / shares	$ 4.10
Options exercisable	156,970
Exercisable	June 2027
November 2017 [Member]
Shareholders’ Deficiency (Details) - Schedule of outstanding options granted to consultants [Line Items]
Options outstanding	17,925
Exercise price per share (in Dollars per share) | $ / shares	$ 7.70
Options exercisable	17,925
Exercisable	November 2027
August 2019 [Member]
Shareholders’ Deficiency (Details) - Schedule of outstanding options granted to consultants [Line Items]
Options outstanding	71,700
Exercise price per share (in Dollars per share) | $ / shares	$ 8.18
Options exercisable	67,197
Exercisable	August 2029
June 2020 [Member]
Shareholders’ Deficiency (Details) - Schedule of outstanding options granted to consultants [Line Items]
Options outstanding	64,530
Exercise price per share (in Dollars per share) | $ / shares
Options exercisable	21,306
Exercisable	June 2030
April 2021 [Member]
Shareholders’ Deficiency (Details) - Schedule of outstanding options granted to consultants [Line Items]
Options outstanding	62,741
Exercise price per share (in Dollars per share) | $ / shares	$ 9.57
Options exercisable
Exercisable	April 2031
Minimum [Member] | June 2020 [Member]
Shareholders’ Deficiency (Details) - Schedule of outstanding options granted to consultants [Line Items]
Exercise price per share (in Dollars per share) | $ / shares	$ 6.62
Maximum [Member] | June 2020 [Member]
Shareholders’ Deficiency (Details) - Schedule of outstanding options granted to consultants [Line Items]
Exercise price per share (in Dollars per share) | $ / shares	$ 6.80

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Basic and Diluted Net Loss Per Share (Details) - Schedule of basic and diluted net loss per ordinary share - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020	Jun. 30, 2021	Jun. 30, 2020
Numerator:
Net loss attributable to Ordinary Shares as reported	$ 10,477	$ 16,993	$ 19,164	$ 22,862
Deemed dividend		2,114		2,114
Net loss applicable to Ordinary shareholders	$ 10,477	$ 19,107	$ 19,164	$ 24,976
Denominator:
Weighted average shares used in computing net loss per Ordinary share, basic and diluted: (in Shares)	18,747,967	755,289	18,685,906	659,551
Ordinary share – basic and dilutive (in Dollars per share)	$ 18,747,967	$ 755,289	$ 18,685,906	$ 659,551
Net loss per Ordinary share, basic and diluted (in Dollars per share)	$ 0.56	$ 25.30	$ 1.03	$ 37.87