0001213900-22-046331 | 6-K | XBRL Viewer

Exercise of warrants (in Shares)

2,238

Exercise of warrants

632

184,473

402

77,358

Balances at Jun. 30, 2021

(19,164)

208,335

(151,450)

56,885

Balances (in Shares) at Jun. 30, 2021

18,756,570

Balance at Dec. 31, 2020

205,063

(132,286)

72,777

Balance (in Shares) at Dec. 31, 2020

18,494,739

Exercise of warrants (in Shares)

4,750

Exercise of warrants

632

184,473

402

77,358

Balances at Dec. 31, 2021

(42,601)

210,847

(174,887)

35,960

Balances (in Shares) at Dec. 31, 2021

18,756,570

Balance at Mar. 31, 2021

207,120

(140,973)

66,147

Balance (in Shares) at Mar. 31, 2021

18,745,142

1,153

11,428

Balances at Jun. 30, 2021

(10,477)

208,335

(151,450)

56,885

Balances (in Shares) at Jun. 30, 2021

18,756,570

Balance at Dec. 31, 2021

210,847

(174,887)

35,960

Balance (in Shares) at Dec. 31, 2021

18,756,570

Issuance of shares, net (in Shares)

2,539

Issuance of shares, net

^[1]

3,754

^[1]

768,622

Issuance of warrants

468

108

25,981

Balances at Jun. 30, 2022

(23,719)

217,716

(198,606)

19,110

Balances (in Shares) at Jun. 30, 2022

19,551,173

Balance at Mar. 31, 2022

215,606

(186,761)

28,845

Balance (in Shares) at Mar. 31, 2022

19,470,757

Issuance of shares, net (in Shares)

1,266

Issuance of shares, net

^[2]

285

^[2]

57,722

Issuance of warrants

468

22,694

Balances at Jun. 30, 2022

(11,845)

$ 217,716

$ (198,606)

$ 19,110

Balances (in Shares) at Jun. 30, 2022

19,551,173

[1]	Net of issuance cost of $162.
[2]	Net of issuance cost of $21 in cash.

Significant Accounting Policies (Details) $ in Thousands	Jan. 01, 2022 USD ($)
Accounting Policies [Abstract]
Right-to-use assets and lease liabilities	$ 3,388

Basic and Diluted Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

Schedule of basic and diluted net loss per ordinary share

	Six Months Ended June 30,				Three Months Ended June 30,
	2022		2021		2022		2021
	Unaudited
Numerator:
Allocation of loss attributable to Ordinary shareholders		23,719		19,164		11,845		10,477

Denominator:
Weighted average Ordinary shares outstanding		19,222,423		18,685,906		19,505,246		18,747,967

Basic and diluted loss per share	$	1.23	$	1.03	$	0.61	$	0.56

Schedule of diluted loss per share attributable to ordinary shareholders

	Three and Six Months Ended June 30,
	2022		2021
	Unaudited

Ordinary Share options		4,146,332		2,637,154
Warrants		374,315		218,521

		4,520,647		2,855,675

Interim Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Cash flows from operating activities:
Loss	$ (11,845)	$ (10,477)	$ (23,719)	$ (19,164)	$ (42,601)
Adjustments to reconcile loss to net cash used in operating activities:
Depreciation of property and equipment			805	547
Non-cash financial expenses, net			146
Share-based compensation expenses			2,539	2,238
Changes in assets and liabilities:
Prepaid expenses and other assets			1,584	1,387
Trade payables			(1,748)	782
Accrued expenses and other liabilities			51	659
Net cash used in operating activities			(20,342)	(13,551)
Cash flows from investing activities:
Short-term and long-term deposits, net			10,245	16,819
Purchase of property and equipment			(1,185)	(391)
Pre-payments for equipment				(787)
Net cash provided by investing activities			9,060	15,641
Cash flows from financing activities:
Proceeds from issuance of Ordinary shares, net			3,754
Proceeds from long-term debt, net			9,331
Payments due to long-term debt			(406)
Proceeds from issuance of warrants			468
Proceeds from exercise of options			108	402
Proceeds from exercise of warrants				632
Net cash provided by financing activities			13,255	1,034
Increase in cash, cash equivalents and restricted cash			1,973	3,124
Cash, cash equivalents and restricted cash at the beginning of the period			10,456	4,908	4,908
Cash, cash equivalents and restricted cash at the end of the period	12,429	8,032	12,429	8,032	$ 10,456
Non-cash activities:
Property and equipment acquired by credit			42
Supplemental disclosures of cash flows:
Interest paid			77
Supplemental disclosures of cash flow information:
Cash and cash equivalents	11,640	7,448	11,640	7,448
Restricted cash	789	584	789	584
Total cash, cash equivalents and restricted cash	$ 12,429	$ 8,032	$ 12,429	$ 8,032

Shareholders’ Equity

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

SHAREHOLDERS’ EQUITY

NOTE 5:- SHAREHOLDERS’ EQUITY

Ordinary share capital (with no par value) is composed as follows:

June 30,
2022

December 31,
2021

Unaudited

Audited

Authorized

Issued and outstanding

Authorized

Issued and outstanding

Number of shares

Ordinary shares

47,800,000

19,551,173

47,800,000

18,756,570

In July 2021, the Company entered into a Controlled Equity Offering Sales Agreement (the “Sales Agreement”) with Cantor Fitzgerald & Co. (the “Agent”), pursuant to which the Company may offer and sell, from time to time, its Ordinary shares, no par value (the “Ordinary Shares”), through the Agent in an at the market offering (“ATM’”), as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, for an aggregate offering price of up to $45,000. During the six-month period ended June 30, 2022, the Company sold 768,622 Ordinary Shares under the ATM for a total amount of $3,754, net of issuance cost in the amount of $162.

Share option plan:

Through June 30, 2022, the Company authorized through its 2012 Share Option Plan the grant of 4,672,094 options to Ordinary shares to its officers, directors, advisors, management and other employees. 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, 2022, 397,030 of the Company’s options were available for future grants.

On May 9, 2022, the Board of Directors approved to increase the Company’s options pool by additional one million options from 3,672,094 to 4,672,094.

A summary of the status of options to employees under the Company’s option plan as of and for the six-month period ended June 30, 2022, and changes during the period then ended is presented below (unaudited):

	Number of options			Weighted average exercise price		Aggregate intrinsic value		Weighted average remaining contractual life (years)

Outstanding at beginning of period		2,726,911		$	6.25	$	2,323		6.44
Granted		1,088,220			5.55
Exercised		(25,981	)		4.15	$	14
Forfeited and expired		(172,644	)		6.93

Outstanding at end of period		3,616,506		$	6.02	$	1,555		6.84

Exercisable options		1,797,434			5.53	$	1,555		4.32

Vested and expected to vest		3,616,506		$	6.02	$	1,555		6.84

The Black-Scholes option pricing model assumptions used to value the employee share options at the grant dates are presented in the following table for the six-month period ended June 30, 2022:

Dividend yield (%)		0
Expected volatility (%)		70.45-87.55
Risk-free interest rate (%)		1.81-3.00
Expected term (in years)		1.2-6.2

The total share-based compensation expense recognized by the Company’s departments:

	Six Months Ended June 30,
	2022		2021
	Unaudited

Research and development	$	1,193	$	1,013
Marketing and business development		199		162
General and administrative		1,147		1,063

	$	2,539	$	2,238

As of June 30, 2022, there were unrecognized compensation costs of $9,738, which are expected to be recognized over a weighted average period of approximately 2.9 years.

On May 3, 2022, the annual and extraordinary general meeting of shareholders of the Company approved a new grant of 76,120 options to the then current Chief Executive Officer of the Company, Mr. Amir Weisberg. In addition, it was approved to accelerate the vesting of 12,906 options from an outstanding grant, in which in both cases the vesting of all options will occur on June 30, 2022. As a result, the Company recognized a total share-based compensation expense in the amount of $76.

Options issued to non-employees (including directors and consultants):

Outstanding options granted to non-employees as of June 30, 2022, were as follows (unaudited):

Grant date	Options outstanding as of June 30, 2022		Average Exercise price per share ($)		Options exercisable as of June 30, 2022		Exercisable through

October 2013		5,719	$	5.06		5,719	October 2023
September 2014		5,719	$	5.06		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		197,722	June 2027
November 2017		17,925	$	7.70		17,925	November 2027
August 2019		71,700	$	8.18		71,700	August 2029
June 2020		64,530	$	6.62		42,918	June 2030
April 2021		62,741	$	9.57		62,741	April 2031
August 2021		15,000	$	8.13		-	August 2031
December 2021		10,000	$	6.80		-	December 2031
May 2022		65,625	$	5.00		-	May 2032

		529,826				417,589

No options were exercised by non-employees during the six-month period ended June 30, 2022.

Warrants:

Further to the discussed in Note 4, as of April 26, 2022, the Company measured the fair value of the warrants to purchase Ordinary shares (a Level 3 valuation) using the Black-Scholes option pricing model.

As of April 26, 2022, the relative fair value of the Warrant to purchase Ordinary shares issued to Kreos was $468, which was calculated using the following assumptions:

Share price ($)			4.96
Exercise price ($)			5.14
Expected volatility (%)			60.81
Adjustment to risk-free interest rate (%)			2.84
Dividend yield (%)			-
Risk-free interest rate (%)			2.88
Expected life (in years)			6.94

As of June 30, 2022, all warrants exercisable into Ordinary Shares as of June 30, 2022, were as follows (unaudited):

Grant date	Warrants outstanding as of June 30, 2022		Average Exercise price per share ($)		Warrants exercisable as of June 30, 2022		Exercisable through

August 2019		200,596	$	15.95		200,596	August 2023
September 2020		17,925	$	16.00		17,925	September 2024
April 2022		155,794	$	5.14		155,794	April 2029

		374,315				374,315

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2022

COMMITMENTS AND CONTINGENT LIABILITIES

NOTE 3:- COMMITMENTS AND CONTINGENT LIABILITIES

In connection with its research and development programs, through June 30, 2022, the Company received participation payments from the Israel Innovation Authority of the Ministry of Economy in Israel (“IIA”) in the aggregate amount of $4,888. In return for 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 rate. Through June 30, 2022, no royalties have been paid or accrued.

The Company’s facilities are leased under operating lease agreements for periods ending no later than 2027. The Company has bank guarantees in connection with the facilities lease agreements in the total amount of $214. Accordingly, cash in the same amount was restricted in bank deposits. The Company also leases motor vehicles under various operating leases, the latest of which expires in 2025. Future minimum lease payments under non-cancelable operating leases as of June 30, 2022, are as follows (unaudited):

2022	$	854
2023		1,273
2024		515
2025		456
2026 and thereafter		665

Total	$	3,763

As of June 30, 2022, the Company made advance payments on account of car leases in the amount of $84 (unaudited). Lease expenses for the six-month ended June 30, 2022, were $699 (unaudited).

Shareholders’ Equity (Tables)

6 Months Ended

Jun. 30, 2022

Stockholders' Equity Note [Abstract]

Schedule of ordinary share capital

June 30,
2022

December 31,
2021

Unaudited

Audited

Authorized

Issued and outstanding

Authorized

Issued and outstanding

Number of shares

Ordinary shares

47,800,000

19,551,173

47,800,000

18,756,570

Schedule of status of options to employees under the company’s option plan

	Number of options			Weighted average exercise price		Aggregate intrinsic value		Weighted average remaining contractual life (years)

Outstanding at beginning of period		2,726,911		$	6.25	$	2,323		6.44
Granted		1,088,220			5.55
Exercised		(25,981	)		4.15	$	14
Forfeited and expired		(172,644	)		6.93

Outstanding at end of period		3,616,506		$	6.02	$	1,555		6.84

Exercisable options		1,797,434			5.53	$	1,555		4.32

Vested and expected to vest		3,616,506		$	6.02	$	1,555		6.84

Schedule of Black-Scholes option pricing model assumptions used to value

Dividend yield (%)		0
Expected volatility (%)		70.45-87.55
Risk-free interest rate (%)		1.81-3.00
Expected term (in years)		1.2-6.2

Schedule of the total share-based compensation expense

	Six Months Ended June 30,
	2022		2021
	Unaudited

Research and development	$	1,193	$	1,013
Marketing and business development		199		162
General and administrative		1,147		1,063

	$	2,539	$	2,238

Schedule of outstanding options granted to non-employees

Grant date	Options outstanding as of June 30, 2022		Average Exercise price per share ($)		Options exercisable as of June 30, 2022		Exercisable through

October 2013		5,719	$	5.06		5,719	October 2023
September 2014		5,719	$	5.06		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		197,722	June 2027
November 2017		17,925	$	7.70		17,925	November 2027
August 2019		71,700	$	8.18		71,700	August 2029
June 2020		64,530	$	6.62		42,918	June 2030
April 2021		62,741	$	9.57		62,741	April 2031
August 2021		15,000	$	8.13		-	August 2031
December 2021		10,000	$	6.80		-	December 2031
May 2022		65,625	$	5.00		-	May 2032

		529,826				417,589

Schedule of relative fair value of the warrant to purchase ordinary shares

Share price ($)			4.96
Exercise price ($)			5.14
Expected volatility (%)			60.81
Adjustment to risk-free interest rate (%)			2.84
Dividend yield (%)			-
Risk-free interest rate (%)			2.88
Expected life (in years)			6.94

Schedule of warrants exercisable into ordinary shares

Grant date	Warrants outstanding as of June 30, 2022		Average Exercise price per share ($)		Warrants exercisable as of June 30, 2022		Exercisable through

August 2019		200,596	$	15.95		200,596	August 2023
September 2020		17,925	$	16.00		17,925	September 2024
April 2022		155,794	$	5.14		155,794	April 2029

		374,315				374,315

Shareholders’ Equity (Details) - Schedule of the total share-based compensation expense - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Shareholders’ Equity (Details) - Schedule of the total share-based compensation expense [Line Items]
Total share-based compensation expense	$ 2,539	$ 2,238
Research and development [Member]
Shareholders’ Equity (Details) - Schedule of the total share-based compensation expense [Line Items]
Total share-based compensation expense	1,193	1,013
Marketing and business development [Member]
Shareholders’ Equity (Details) - Schedule of the total share-based compensation expense [Line Items]
Total share-based compensation expense	199	162
General and administrative [Member]
Shareholders’ Equity (Details) - Schedule of the total share-based compensation expense [Line Items]
Total share-based compensation expense	$ 1,147	$ 1,063

Shareholders’ Equity (Details) - Schedule of Black-Scholes option pricing model assumptions used to value	12 Months Ended
	Jun. 30, 2022
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Dividend yield (%)	0.00%
Minimum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility (%)	70.45%
Risk-free interest rate (%)	1.81%
Expected term (in years)	1 year 2 months 12 days
Maximum [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected volatility (%)	87.55%
Risk-free interest rate (%)	3.00%
Expected term (in years)	6 years 2 months 12 days

Interim Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses:
Research and development, net	$ 8,398	$ 7,442	$ 17,095	$ 13,460
Marketing and business development	923	739	1,698	1,391
General and administrative	2,243	2,449	4,723	4,576
Operating loss	11,564	10,630	23,516	19,427
Financial expense (income), net	281	(153)	203	(263)
Loss	$ 11,845	$ 10,477	$ 23,719	$ 19,164
Basic and diluted loss per Ordinary share (in Dollars per share)	$ 0.61	$ 0.56	$ 1.23	$ 1.03
Weighted average number of Ordinary shares used in computing basic and diluted loss per share (in Shares)	19,505,246	18,747,967	19,222,423	18,685,906

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Shareholders’ Equity (Details) - USD ($)
$ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

May 09, 2022

May 03, 2022

Apr. 26, 2022

Jul. 31, 2021

Jun. 30, 2022

Aggregate offering price (in Dollars)

$ 45,000

Total amount for ATM (in Dollars)

$ 3,754

Net of issuance cost (in Dollars)

$ 162

Stock options available for future grants

397,030

Unrecognized compensation costs (in Dollars)

$ 9,738

recognized over a weighted average period

2 years 10 months 24 days

Vesting options from an outstanding grant

12,906

Fair value of warrant to purchase ordinary shares (in Dollars)

$ 468

Total 2012 Share option plan [Member]

Grant of options shares

4,672,094

Ordinary Shares [Member]

Board of Directors [Member]

Ordinary shares sold

57,722

^[1]

768,622

^[2]

Additional options shares

1,000,000

Board of Directors [Member] | Minimum [Member]

Additional options shares

3,672,094

Board of Directors [Member] | Maximum [Member]

Additional options shares

4,672,094

Chief Executive Officer [Member]

Grant of options shares

76,120

Non-Employees [Member]

Share-based compensation expense (in Dollars)

$ 76

[1]	Net of issuance cost of $21 in cash.
[2]	Net of issuance cost of $162.

Line of Credit Arrangement (Details) - Schedule of changes in the FCA’s fair value $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Schedule of changes in the FCA’s fair value [Abstract]
Balance as of beginning balance
Issuance of a FCA	17
Changes to the fair value accounted for as financial income	121
Balance as of ending balance	$ 138

Commitments and Contingent Liabilities (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Commitments and Contingent Liabilities (Details) [Line Items]
Participation payments	$ 4,888
Bank guarantees	214
Advance payments	84
Rental and lease expenses	$ 699
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 rate. Through June 30, 2022, no royalties have been paid or accrued.

Interim Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
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	19,551,173	18,756,570
Ordinary shares, shares outstanding	19,551,173	18,756,570

Commitments and Contingent Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Abstract]

Schedule of future minimum lease payments under non-cancelable operating leases

2022	$	854
2023		1,273
2024		515
2025		456
2026 and thereafter		665

Total	$	3,763

Basic and Diluted Loss Per Share

6 Months Ended

Jun. 30, 2022

Earnings Per Share [Abstract]

BASIC AND DILUTED LOSS PER SHARE

NOTE 6:- BASIC AND DILUTED 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,
	2022		2021		2022		2021
	Unaudited
Numerator:
Allocation of loss attributable to Ordinary shareholders		23,719		19,164		11,845		10,477

Denominator:
Weighted average Ordinary shares outstanding		19,222,423		18,685,906		19,505,246		18,747,967

Basic and diluted loss per share	$	1.23	$	1.03	$	0.61	$	0.56

The potential Ordinary Shares that were excluded from the computation of diluted loss per share attributable to Ordinary shareholders for the periods presented because including them would have been anti-dilutive are as follows:

	Three and Six Months Ended June 30,
	2022		2021
	Unaudited

Ordinary Share options		4,146,332		2,637,154
Warrants		374,315		218,521

		4,520,647		2,855,675

Document And Entity Information	6 Months Ended
Document And Entity Information	Jun. 30, 2022
Document Information Line Items
Entity Registrant Name	PolyPid Ltd.
Document Type	6-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001611842
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity File Number	001-38428

Shareholders’ Equity (Details) - Schedule of warrants exercisable into ordinary shares	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Class of Warrant or Right [Line Items]
Warrants outstanding	374,315
Warrants exercisable	374,315
August 2019 [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	200,596
Average Exercise price per share (in Dollars per share) \| $ / shares	$ 15.95
Warrants exercisable	200,596
Exercisable	August 2023
September 2020 [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	17,925
Average Exercise price per share (in Dollars per share) \| $ / shares	$ 16
Warrants exercisable	17,925
Exercisable	September 2024
April 2022 [Member]
Class of Warrant or Right [Line Items]
Warrants outstanding	155,794
Average Exercise price per share (in Dollars per share) \| $ / shares	$ 5.14
Warrants exercisable	155,794
Exercisable	April 2029

Interim Condensed Consolidated Statements of Operations (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Statement of Comprehensive Income [Abstract]
Basic and diluted loss per Ordinary share	$ 0.61	$ 0.56	$ 1.23	$ 1.03
Weighted average number of Ordinary shares used in computing basic and diluted loss per share	19,505,246	18,747,967	19,222,423	18,685,906

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

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-Topic 815
-SubTopic 40
-Section 65
-Paragraph 1
-Subparagraph (e)(4)
-URI https://asc.fasb.org/extlink&oid=126732423&loc=SL123482106-238011

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(25))
-URI https://asc.fasb.org/extlink&oid=126953954&loc=SL114868664-224227

LINE OF CREDIT ARRANGEMENT

Line of Credit Arrangement

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Abstract]

NOTE 4:- LINE OF CREDIT ARRANGEMENT

On April 5, 2022, the Company entered into a secured line of credit agreement for up to $15,000 with Kreos Capital VI (Expert Fund) LP (“Kreos”) (the “Credit Line”). The Credit Line is comprised of three tranches in the amount of $10,000, $2,500 and $2,500, respectively, in which the first tranche in the amount of $10,000 (the “First Tranche”) was drawn on April 26, 2022. In addition, in accordance with the Credit Line agreement, the Company will issue to Kreos warrants to purchase the Company’s Ordinary shares equal to 8% of the amount of each tranche, when and if borrowed, with an exercise price of $5.14 per share. The expiration date for each warrant issued will be seven years from the issuance date. Accordingly, as a result of the First Tranche withdrawal, the Company issued to Kreos a warrant in the total amount of $800. The total number of shares issuable upon exercise is equal to the total amount divided by the exercise price.

The Credit Line is denominated in USD and bears interest at an annual rate equal to 9.25%. The interest paid due to the Credit Line for the six-month period ended June 30, 2022, amounted to $77.

On each drawdown date, the Company shall pay to Kreos on the drawdown date the last month payment for each tranche. For the First Tranche the amount the Company paid was $317.

On May 19, 2022, the second tranche milestone was met following the independent data safety monitoring board review of interim analysis of SHEILD I, which recommended to end the trial at the lower end of the patient recruitment target as agreed in the Credit Line agreement (the “Second Tranche”). As of June 30, 2022, the Company has yet to draw the Second Tranche (for further information see Note 7).

Drawdown of the third and final tranche of $2,500 will be available subject to obtaining positive top-line results from the SHIELD I trial of the Company or if other conditions are met as agreed in the Credit Line agreement (the “Third Tranche”). Drawdown of the Third Tranche can be made by December 31, 2022.

The Company has concluded that the Credit Line Arrangement include several legally detachable and separately exercisable freestanding financial instruments: The first tranche term loan, the warrants, and the right to receive additional loan tranches (the “Financial Commitment Asset” or “FCA”).

The Company has concluded that the warrants should be classified as equity since the warrants are not an ASC No. 480 liability, are indexed to the Company’s own share and meet all the equity classification conditions pursuant to ASC No. 815-40. The Company has also concluded that the FCA is not indexed to the Company’s own share and should be measured at fair value, with changes in fair value recognized in earnings. In addition, the First Tranche term loan was accounted for using the effective interest method.

The Company allocated the proceeds received under the Credit Line between the warrants and the First Tranche term loan using the relative fair value method. The proceeds allocation resulted in $9,532 (unaudited) allocated to the First Tranche and $468 (unaudited) allocated to the warrants, net of issuance costs.

During the six-month period ended on June 30, 2022, the Company recognized $223 of interest expenses related to the First Tranche, which were included as part of financial expenses in the Company’s statements of operation.

the FCA was measured at its fair value (hierarchy level 3) and presented under prepaid expenses and other current assets in the interim condensed consolidated balance sheets.

The fair value of the underlying asset for the FCA calculation was calculated based on the Monte-Carlo option pricing model using the following inputs:

	June 30,		April 26,
	2022		2022

Expected volatility (%)		65		72
Risk-free interest rate (%)		1.72		1.21

The fair value of the FCA was calculated based on the Black-Scholes option pricing model using the following inputs:

	June 30,	April 26,
	2022	2022

Dividend yield (%)	-	-
Expected volatility (%)	60.8-60.96	60.96-61.11
Risk-free interest rate (%)	3.03-3.04	2.88
Expected term (in years)	6.52-6.73	6.52-6.73

The following table sets forth the changes in the FCA’s fair value (unaudited):

Balance as of January 1, 2022	$	-
Issuance of a FCA		17
Changes to the fair value accounted for as financial income		121

Balance as of June 30, 2022	$	138

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-URI https://asc.fasb.org/topic&trid=2208564

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (h)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-Section 50
-Paragraph 1C
-Subparagraph (c)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (d)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (g)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1C
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Section 50
-Paragraph 1C
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495334-112611

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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-Section 50
-Paragraph 1E
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495348-112611

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Paragraph 1B
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1I
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495371-112611

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
-SubTopic 20
-Section 50
-Paragraph 1B
-Subparagraph (i)
-URI https://asc.fasb.org/extlink&oid=123466505&loc=SL123495323-112611

Basis of presentation and summary of significant accounting policies

Subsequent Events

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 7:- SUBSEQUENT EVENTS

Further to the discussed in Notes 4 and 5e, on July 19, 2022, the Company withdrew the Second Tranche (additional $2,500), and accordingly issued to Kreos a warrant in the total amount of $200, with an exercise price of $5.14 per share.

On August 2, 2022, the Company entered into a license, distribution and supply agreement (the “License Agreement”) with Mercury Pharma Group Limited, under the trade name Advanz Pharma Holdings (“Advanz”), pursuant to which the Company granted the exclusive right to Advanz to market, advertise, promote, distribute, offer for sale, sell and import our product D-PLEX₁₀₀, for the prevention of (i) post abdominal surgery incisional infection; and/or (ii) post cardiac surgery sternal infection, in the European Economic Area and the United Kingdom. The term of the license is until the later of December 31, 2035, or 10 years after the first commercial sale of the Product. The license is also terminable by either party under certain limited circumstances.

Under the terms of the License Agreement, the Company is entitled to receive an upfront payment immediately upon signing and additional development-related milestones for a total of up to €23 million (approximately $23,500) as follows: upfront payment of €2.5 million (approximately $2,600), up to €12.25 million (approximately $12,500) contingent upon positive top-line results of the Company’s SHIELD I Phase 3 study and additional development-related milestones of up to €8.25 million (approximately $8,400). Upon commercialization, the Company will receive up to €87 million (approximately $89,000) in sales-related milestones. In addition, the Company will also supply D-PLEX100 to Advanz for a transfer price and will be entitled to royalties on net sales in double-digit percentages of up to mid-twenties.

Accounting Policies, by Policy (Policies)

6 Months Ended

Jun. 30, 2022

Accounting Policies [Abstract]

Basis of presentation and summary of significant accounting policies:

Basic and diluted loss per share

Basic and diluted loss per share:

Fair value of financial instruments

Fair value of financial instruments:

	Level 1 -	Observable inputs that reflect quoted prices (unadjusted) in active markets for identical assets and liabilities.

	Level 2 -	Include other inputs that are directly or indirectly observable in the marketplace.

	Level 3 -	Unobservable inputs which are supported by little or no market activity.

Recently adopted accounting pronouncements

Recently adopted accounting pronouncements:

Recently Issued Accounting Pronouncements

Recently Issued Accounting Pronouncements:

Interim Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 11,640	$ 9,819
Restricted cash	576	397
Short-term deposits	12,139	22,384
Prepaid expenses and other current assets	661	2,211
Total current assets	25,016	34,811
LONG-TERM ASSETS:
Property and equipment, net	9,183	8,761
Other long-term assets	618	663
Total long-term assets	9,801	9,424
Total assets	34,817	44,235
CURRENT LIABILITIES:
Current maturities of long-term debt	2,168
Trade payables	2,430	4,136
Accrued expenses and other current liabilities	4,106	3,940
Total current liabilities	8,704	8,076
LONG-TERM LIABILITIES:
Long-term debt	6,919
Other liabilities	84	199
Total long-term liabilities	7,003	199
COMMITMENTS AND CONTINGENT LIABILITIES
SHAREHOLDERS’ EQUITY:
Ordinary shares with no par value - Authorized: 47,800,000 shares at June 30, 2022 (unaudited) and December 31, 2021 (audited); Issued and outstanding: 19,551,173 and 18,756,570 shares at June 30, 2022 (unaudited) and December 31, 2021 (audited), respectively
Additional paid-in capital	217,716	210,847
Accumulated deficit	(198,606)	(174,887)
Total shareholders’ equity	19,110	35,960
Total liabilities and shareholders’ equity	$ 34,817	$ 44,235

Subsequent Events (Details) - Subsequent Event [Member] $ / shares in Units, € in Thousands, $ in Thousands			1 Months Ended
	Aug. 02, 2022 USD ($)	Aug. 02, 2022 EUR (€)	Jul. 19, 2022 USD ($) $ / shares	Aug. 02, 2022 EUR (€)
Subsequent Events (Details) [Line Items]
Additional withdrew amount			$ 2,500
Total amount			$ 200
Exercise price per share (in Dollars per share) \| $ / shares			$ 5.14
Subsequent event description	(i) post abdominal surgery incisional infection; and/or (ii) post cardiac surgery sternal infection, in the European Economic Area and the United Kingdom. The term of the license is until the later of December 31, 2035, or 10 years after the first commercial sale of the Product.	(i) post abdominal surgery incisional infection; and/or (ii) post cardiac surgery sternal infection, in the European Economic Area and the United Kingdom. The term of the license is until the later of December 31, 2035, or 10 years after the first commercial sale of the Product.
Additional development	$ 23,500			€ 23,000
Upfront payment	2,600	€ 2,500
SHIELD I Phase 3 [Member]
Subsequent Events (Details) [Line Items]
Upfront payment	12,500	12,250
Development-Related Milestones [Member]
Subsequent Events (Details) [Line Items]
Upfront payment	8,400	8,250
Sales-Related Milestones [Member]
Subsequent Events (Details) [Line Items]
Upfront payment	$ 89,000	€ 87,000

General (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
General (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
General [Abstract]
Cash equivalents and short-term deposits	$ 23,779		$ 23,779
Loss incurred	(11,845)	$ (10,477)	(23,719)	$ (19,164)	$ (42,601)
Cash flows from operating activities			20,342
Accumulated deficit	$ (198,606)		$ (198,606)		$ (174,887)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Basic and Diluted 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		12 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Numerator:
Allocation of loss attributable to Ordinary shareholders	$ 11,845	$ 10,477	$ 23,719	$ 19,164	$ 42,601
Denominator:
Weighted average Ordinary shares outstanding	19,505,246	18,747,967	19,222,423	18,685,906
Basic and diluted loss per share	$ 0.61	$ 0.56	$ 1.23	$ 1.03

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.