Three Months Ended
|
Nine Months Ended
|
|||||||||||||||
September 30,
|
September 30,
|
|||||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Revenues
|
$
|
1,831
|
$
|
2,076
|
$
|
3,680
|
$
|
3,811
|
||||||||
Cost of revenues
|
(1,318
|
)
|
(2,201
|
)
|
(5,097
|
)
|
(5,737
|
)
|
||||||||
Gross profit (loss)
|
513
|
(125
|
)
|
(1,417
|
)
|
(1,926
|
)
|
|||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
$
|
14,677
|
$
|
20,576
|
$
|
41,894
|
$
|
69,397
|
||||||||
Selling and marketing
|
1,243
|
3,652
|
3,941
|
20,834
|
||||||||||||
General and administrative
|
844
|
5,753
|
2,508
|
30,179
|
||||||||||||
Total operating expenses
|
16,764
|
29,981
|
48,343
|
120,410
|
||||||||||||
Operating loss
|
(16,251
|
)
|
(30,106
|
)
|
(49,760
|
)
|
(122,336
|
)
|
||||||||
Financial income, net
|
536
|
3,735
|
626
|
2,827
|
||||||||||||
Loss before taxes on income
|
(15,715
|
)
|
(26,371
|
)
|
(49,134
|
)
|
(119,509
|
)
|
||||||||
Taxes on income
|
63
|
(60
|
)
|
(29
|
)
|
(132
|
)
|
|||||||||
Net loss
|
$
|
(15,652
|
)
|
$
|
(26,431
|
)
|
$
|
(49,163
|
)
|
$
|
(119,641
|
)
|
||||
Basic and diluted net loss per ordinary share
|
$
|
(1.06
|
)
|
$
|
(0.20
|
)
|
$
|
(3.31
|
)
|
$
|
(1.35
|
)
|
||||
Weighted average number of ordinary shares used in computing basic and diluted net loss
per ordinary share
|
18,861,241
|
133,430,689
|
18,697,015
|
92,115,826
|
December 31,
|
September 30,
|
|||||||
2020
|
2021
|
|||||||
(Unaudited)
|
||||||||
ASSETS
|
||||||||
CURRENT ASSETS:
|
||||||||
Cash and cash equivalents
|
$
|
49,950
|
$
|
139,569
|
||||
Short term deposits
|
–
|
185,000
|
||||||
Short-term Restricted Cash
|
8
|
868
|
||||||
Trade receivables
|
2,506
|
554
|
||||||
Inventory
|
2,164
|
4,611
|
||||||
Prepaid expenses and other current assets
|
3,287
|
5,159
|
||||||
Total current assets
|
57,915
|
335,761
|
||||||
LONG-TERM ASSETS:
|
||||||||
Restricted deposits
|
864
|
–
|
||||||
Other long-term assets
|
537
|
163
|
||||||
Property and equipment, net
|
13,245
|
14,219
|
||||||
Total long-term assets
|
14,646
|
14,382
|
||||||
Total assets
|
$
|
72,561
|
$
|
350,143
|
||||
LIABILITIES, CONVERTIBLE PREFERRED SHARES AND SHAREHOLDERS' EQUITY (DEFICIT)
|
||||||||
CURRENT LIABILITIES:
|
||||||||
Trade payables
|
$
|
7,751
|
$
|
3,830
|
||||
Advances from customers and deferred revenues
|
1,661
|
1,536
|
||||||
Employees and payroll accruals
|
5,528
|
7,671
|
||||||
Accrued expenses and other current liabilities
|
2,579
|
4,140
|
||||||
Short term loan and current maturities
|
275
|
2,400
|
||||||
Total current liabilities
|
17,794
|
19,577
|
||||||
LONG-TERM LIABILITIES:
|
||||||||
Loan, net of current maturities
|
2,224
|
–
|
||||||
Long-term advances from customers and deferred revenues
|
3,473
|
3,588
|
||||||
Warrant liability
|
–
|
4,547
|
||||||
Total long-term liabilities
|
5,697
|
8,135
|
||||||
Convertible preferred shares
|
272,815
|
–
|
||||||
SHAREHOLDERS' EQUITY (DEFICIT):
|
||||||||
Ordinary shares of no-par value
|
*–
|
*-
|
||||||
Additional paid–in capital
|
7,658
|
673,475
|
||||||
Accumulated deficit
|
(231,403
|
)
|
(351,044
|
)
|
||||
Total shareholders' equity (deficit)
|
(223,745
|
)
|
322,431
|
|||||
Total liabilities, convertible preferred shares and shareholders' equity (deficit)
|
$
|
72,561
|
$
|
350,143
|
* Represents amount lower than $1
|
Three Months Ended
September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Cash flows from operating activities:
|
||||||||||||||||
Net loss
|
$
|
(15,652
|
)
|
$
|
(26,431
|
)
|
$
|
(49,163
|
)
|
$
|
(119,641
|
)
|
||||
Adjustments required to reconcile net loss to net cash used in operating activities:
|
||||||||||||||||
Depreciation and amortization
|
539
|
699
|
2,072
|
2,024
|
||||||||||||
Revaluation of Private Warrants
|
–
|
(3,589
|
)
|
–
|
(2,744
|
)
|
||||||||||
Stock Based Compensation
|
798
|
8,165
|
2,383
|
59,826
|
||||||||||||
Capital gain
|
–
|
–
|
(6
|
)
|
–
|
|||||||||||
Interest income
|
(112
|
)
|
(80
|
)
|
(327
|
)
|
(136
|
)
|
||||||||
Decrease (increase) in prepaid expenses and current assets
|
842
|
4,612
|
108
|
(1,136
|
)
|
|||||||||||
Decrease (increase) in accounts receivable
|
(1,355
|
)
|
866
|
(932
|
)
|
1,373
|
||||||||||
Decrease (increase) in inventory
|
(99
|
)
|
(947
|
)
|
455
|
(2,447
|
)
|
|||||||||
Decrease in trade payables
|
(924
|
)
|
(7,131
|
)
|
(3,384
|
)
|
(4,361
|
)
|
||||||||
Increase in accrued expenses and other liabilities
|
2,391
|
474
|
1,238
|
1,344
|
||||||||||||
Increase (decrease) in employees and payroll accruals
|
83
|
(2,019
|
)
|
1,088
|
2,143
|
|||||||||||
Increase (decrease) in advances from customers and deferred revenues
|
(69
|
)
|
(968
|
)
|
(130
|
)
|
570
|
|||||||||
Net cash used in operating activities
|
(13,558
|
)
|
(26,349
|
)
|
(46,598
|
)
|
(63,185
|
)
|
||||||||
Cash flows from investing activities:
|
||||||||||||||||
Purchase of property and equipment
|
(928
|
)
|
(864
|
)
|
(3,134
|
)
|
(2,998
|
)
|
||||||||
Withdrawal of (investment in) short term deposits
|
(22
|
)
|
10,000
|
34,720
|
(185,000
|
)
|
||||||||||
Decrease in restricted deposits
|
–
|
55
|
–
|
56
|
||||||||||||
Net cash provided (used) in investing activities
|
(950
|
)
|
9,191
|
31,586
|
(187,942
|
)
|
||||||||||
Cash flows from financing activities:
|
||||||||||||||||
Cash received in connection with reverse merger, net of issuance cost
|
–
|
–
|
–
|
122,728
|
||||||||||||
Issuance of common stock in connection with PIPE offering, net of issuance cost
|
–
|
–
|
–
|
217,343
|
||||||||||||
Proceeds from exercise of options
|
41
|
222
|
219
|
690
|
||||||||||||
Repayment of loan
|
(71
|
)
|
(46
|
)
|
(192
|
)
|
(179
|
)
|
||||||||
Net cash provided (used) by financing activities
|
(30
|
)
|
176
|
27
|
340,582
|
|||||||||||
Effect of exchange rate changes on cash, cash equivalents and restricted cash
|
118
|
196
|
325
|
216
|
||||||||||||
Increase (decrease) in cash, cash equivalents and restricted cash
|
(14,420
|
)
|
(16,786
|
)
|
(14,660
|
)
|
89,671
|
|||||||||
Cash, cash equivalents and restricted cash at beginning of the period
|
73,187
|
157,223
|
73,427
|
50,766
|
||||||||||||
Cash, cash equivalents and restricted cash at end of the period
|
$
|
58,767
|
$
|
140,437
|
$
|
58,767
|
$
|
140,437
|
Three Months Ended
September 30,
|
Nine Months Ended September 30,
|
|||||||||||||||
2020
|
2021
|
2020
|
2021
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Supplementary disclosure of cash flows activities:
|
||||||||||||||||
(1) Cash received during the period for:
|
||||||||||||||||
Interest
|
$
|
(946
|
)
|
$
|
(119
|
)
|
$
|
(947
|
)
|
$
|
(125
|
)
|
||||
(2) Cash paid during the period for:
|
||||||||||||||||
Interest
|
$
|
22
|
$
|
42
|
$
|
67
|
$
|
87
|
||||||||
Income taxes
|
$
|
–
|
$
|
59
|
$
|
29
|
$
|
128
|
||||||||
(3) Non-cash transactions:
|
||||||||||||||||
Non-marketable securities in consideration for property and equipment
|
$
|
–
|
$
|
–
|
$
|
54
|
$
|
–
|
||||||||
Conversion of preferred shares to ordinary shares
|
–
|
–
|
–
|
272,815
|
||||||||||||
Issuance cost paid in Equity
|
–
|
–
|
–
|
77,309
|
||||||||||||
(4) Cash, cash equivalents and restricted cash at end of the period:
|
||||||||||||||||
Cash and cash equivalents
|
$
|
57,952
|
$
|
139,569
|
$
|
57,952
|
$
|
139,569
|
||||||||
Short-term restricted deposits
|
8
|
868
|
8
|
868
|
||||||||||||
Restricted deposits
|
807
|
–
|
807
|
–
|
||||||||||||
$
|
58,767
|
$
|
140,437
|
$
|
58,767
|
$
|
140,437
|
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