Exhibit 99.1
ENLIVEX THERAPEUTICS LTD.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2024 AND DECEMBER 31, 2023
AND FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2024 AND 2023
ENLIVEX THERAPEUTICS LTD.
CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
AS OF JUNE 30, 2024 AND DECEMBER 31, 2023
AND FOR THE THREE AND SIX MONTH PERIODS ENDED JUNE 30, 2024 AND 2023
INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
F-1
ENLIVEX THERAPEUTICS LTD.
CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)
U.S. dollars in thousands (except share data)
| June 30, | December 31, | |||||||
| 2024 | 2023 | |||||||
| ASSETS | ||||||||
| Current Assets | ||||||||
| Cash and cash equivalents | $ | $ | ||||||
| Short-term interest-bearing deposits | ||||||||
| Prepaid expenses and other receivables | ||||||||
| Assets classified as held for sale | ||||||||
| Total Current Assets | ||||||||
| Non-Current Assets | ||||||||
| Other receivables | ||||||||
| Property and equipment, net | ||||||||
| Other assets | ||||||||
| Total Non-Current Assets | ||||||||
| TOTAL ASSETS | $ | $ | ||||||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | ||||||||
| Current Liabilities | ||||||||
| Accounts payable | $ | $ | ||||||
| Accrued expenses and other liabilities | ||||||||
| Liability classified as held for sale | ||||||||
| Total Current Liabilities | ||||||||
| Non-Current Liabilities | ||||||||
| Other long-term liabilities | ||||||||
| Total Non-Current Liabilities | ||||||||
| Commitments and Contingent Liabilities | ||||||||
| TOTAL LIABILITIES | ||||||||
| SHAREHOLDERS’ EQUITY | ||||||||
| Ordinary shares of NIS 0.40 par value per share: | ||||||||
| Additional paid in capital | ||||||||
| Foreign currency translation adjustments | ||||||||
| Accumulated deficit | ( | ) | ( | ) | ||||
| TOTAL SHAREHOLDERS’ EQUITY | ||||||||
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ | $ | ||||||
The accompanying notes are an integral part of the condensed consolidated financial statements.
F-2
ENLIVEX THERAPEUTICS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED)
U.S. dollars in thousands (except share and per share data)
| For the three months ended | For the six months ended | |||||||||||||||
| June 30, | June 30, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenues | $ | $ | $ | $ | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development expenses | ||||||||||||||||
| General and administrative expenses | ||||||||||||||||
| Loss on disposal group of assets held for sale | ||||||||||||||||
| Operating loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Finance income (expense) | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| Net loss | ( | ) | ( | ) | ( | ) | ( | ) | ||||||||
| $ | ( | ) | $ | ( | ) | $ | ( | ) | $ | ( | ) | |||||
| Weighted average number of shares outstanding | ||||||||||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements.
F-3
ENLIVEX THERAPEUTICS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (UNAUDITED)
U.S. dollars in thousands (except share data)
| Ordinary Shares | Additional paid in | Currency translation | Accumulated | |||||||||||||||||||||
| Shares | Amount | capital | reserve | deficit | Total | |||||||||||||||||||
| Balance as of December 31, 2023 | $ | ( | ) | |||||||||||||||||||||
| Changes during the three months period ended March 31, 2024: | ||||||||||||||||||||||||
| Restricted stock units vested | ( | ) | ||||||||||||||||||||||
| Issuance of shares for cash consideration of | ||||||||||||||||||||||||
| Stock based compensation | - | |||||||||||||||||||||||
| Net loss | - | ( | ) | ( | ) | |||||||||||||||||||
| Balance as of March 31, 2024 (unaudited) | ( | ) | ||||||||||||||||||||||
| Changes during the three months period ended June 30, 2024: | ||||||||||||||||||||||||
| Issuance of shares for cash consideration of $ | ||||||||||||||||||||||||
| Restricted stock units vested | ( | ) | ||||||||||||||||||||||
| Exercise of options | - | |||||||||||||||||||||||
| Stock based compensation | - | |||||||||||||||||||||||
| Net loss | - | ( | ) | ( | ) | |||||||||||||||||||
| Balance as of June 30, 2024 (unaudited) | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||
| Balance as of December 31, 2022 | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||
| Changes during the three months period ended March 31, 2022: | ||||||||||||||||||||||||
| Restricted stock units vested | ( | ) | ||||||||||||||||||||||
| Issuance of shares for cash consideration of $ | ||||||||||||||||||||||||
| Stock based compensation | - | |||||||||||||||||||||||
| Net loss | - | ( | ) | ( | ) | |||||||||||||||||||
| Balance as of March 31, 2023 (unaudited) | ( | ) | ||||||||||||||||||||||
| Changes during the three months period ended June 30, 2023: | ||||||||||||||||||||||||
| Issuance of shares for cash consideration of $ | ||||||||||||||||||||||||
| Restricted stock units vested | ( | ) | ||||||||||||||||||||||
| Exercise of options | ||||||||||||||||||||||||
| Stock based compensation | - | |||||||||||||||||||||||
| Net loss | - | ( | ) | ( | ) | |||||||||||||||||||
| Balance as of June 30, 2023 (unaudited) | $ | $ | $ | $ | ( | ) | $ | |||||||||||||||||
The accompanying notes are an integral part of the condensed consolidated financial statements.
F-4
ENLIVEX THERAPEUTICS LTD.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
U.S. dollars in thousands
| For the six months ended June 30, | ||||||||
| 2024 | 2023 | |||||||
| Cash flows from operating activities | ||||||||
| Net loss | $ | ( | ) | $ | ( | ) | ||
| Adjustments required to reflect net cash used in operating activities: | ||||||||
| Income and expenses not involving cash flows: | ||||||||
| Depreciation | ||||||||
| Capital gain on sale of property and equipment | ( | ) | ||||||
| Loss on short-term bank deposits | ||||||||
| Gain on assets and liabilities classified as held for sale | ( | ) | ||||||
| Non-cash operating lease expenses | ||||||||
| Share-based compensation | ||||||||
| Changes in operating asset and liability items: | ||||||||
| Decrease in prepaid expenses and other receivables | ( | ) | ||||||
| Decrease in accounts payable | ( | ) | ( | ) | ||||
| Decrease in accrued expenses and other liabilities | ( | ) | ( | ) | ||||
| Operating lease liabilities | ( | ) | ( | ) | ||||
| Net cash used in operating activities | ( | ) | ( | ) | ||||
| Cash flows from investing activities | ||||||||
| Purchase of property and equipment | ( | ) | ( | ) | ||||
| Proceeds from sale of property and equipment | ||||||||
| Proceeds from sale of assets held for sale | ||||||||
| Investment in short-term interest-bearing bank deposits | ( | ) | ( | ) | ||||
| Release of short-term interest-bearing bank deposits | ||||||||
| Net cash provided by (used in) investing activities | ( | ) | ||||||
| Cash flows from financing activities | ||||||||
| Proceeds from issuance of shares and warrants, net | ||||||||
| Proceeds from exercise of options | ||||||||
| Net cash provided by financing activities | ||||||||
| Increase (decrease) in cash and cash equivalents | ( | ) | ||||||
| Cash and cash equivalents - beginning of period | ||||||||
| Cash and cash equivalents - end of period | $ | $ | ||||||
| Supplemental disclosures of cash flow information: | ||||||||
| Cash paid for taxes | $ | $ | ||||||
| Cash received for interest, net | $ | $ | ||||||
The accompanying notes are an integral part of the condensed consolidated financial statements.
F-5
ENLIVEX THERAPEUTICS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (UNAUDITED)
NOTE 1 - GENERAL INFORMATION
| a. | General |
Enlivex Therapeutics Ltd. (the “Parent” and, including its consolidated subsidiaries, “we”, “us”, “our” or the “Company”) was originally incorporated on January 22, 2012 under the laws of the State of Israel.
The Company is a clinical stage macrophage reprogramming immunotherapy company, developing AllocetraTM, a universal, off-the-shelf cell therapy designed to reprogram macrophages into their homeostatic state. Resetting non-homeostatic macrophages into their homeostatic state is critical for immune system rebalancing and resolution of debilitating and life-threatening conditions. Non-homeostatic macrophages contribute significantly to the severity of certain diseases, which include, sepsis, osteoarthritis and others.
AllocetraTM is based on the discoveries of Professor Dror Mevorach, an expert on immune activity, macrophage activation and clearance of dying (apoptotic) cells, in his laboratory in the Hadassah University Hospital located in the State of Israel.
The Company’s ordinary shares,
par value of NIS
| b. | Financial Resources |
The Company devotes substantially all of its efforts toward research and development activities and raising capital to support such activities. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding before the Company achieves sustainable revenues and profit from operations.
Research and development activities
have required significant capital investment since the Company’s inception. The Company expects that its operations will require
additional cash investment to pursue the Company’s research and development activities, including preclinical studies, formulation
development, clinical trials and related drug manufacturing. The Company has not generated any revenues or product sales and has not achieved
profitable operations or positive cash flow from operations. The Company has incurred net losses since its inception, and, as of June
30, 2024, had an accumulated deficit of $
The Company expects to continue to incur losses for the foreseeable future, and the Company will need to raise additional debt or equity financing or enter into partnerships to fund its development. If the Company is not able to achieve its funding requirements, it may be required to reduce discretionary spending, may not be able to continue the development of its product candidates or may be required to delay its development programs, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. There can be no assurances that additional financing will be secured or, if secured, will be on favorable terms. The ability of the Company to transition to profitability in the longer term is dependent on developing products and product revenues to support its expenses.
The Company’s management and board of directors (the “Board”) are of the opinion that the Company’s current financial resources will be sufficient to continue the development of the Company’s product candidates for at least twelve months following the filing of these financial statements on Form 6-K. The Company may determine, however, to raise additional capital during such period as the Board deems prudent. The Company’s management plans to finance its operations with issuances of the Company’s equity securities and, in the longer term, revenues. There are no assurances, however, that the Company will be successful in obtaining the financing necessary for its long-term development. The Company’s ability to continue to operate in the long term is dependent upon additional financial support.
NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES
Basis of Presentation
These unaudited condensed consolidated financial statements include the accounts of the Company and have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information. Accordingly, certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been made.
F-6
ENLIVEX THERAPEUTICS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (UNAUDITED)
These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited annual financial statements and notes thereto included in the Company’s 2023 Annual Report on Form 20-F, as filed with the U.S. Securities and Exchange Commission on April 30, 2024. The results of operations for these interim periods are not necessarily indicative of the operating results for any future period. The December 31, 2023 financial information has been derived from the Company’s audited financial statements.
Use of Estimates
The preparation of interim financial statements in conformity with U.S. GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts in the consolidated balance sheets and statements of operations, it also requires that management exercise its judgment in applying the Company’s accounting policies. On an ongoing basis, management evaluates its estimates, including estimates related to its stock-based compensation expense and implicit interest rate on new lease liabilities. Significant estimates in these interim financial statements include estimates made for accrued research and development expenses and stock-based compensation expenses.
Functional Currency and Translation to The Reporting Currency
The functional currency of the Company is the U.S. dollar because the U.S. dollar is the currency of the primary economic environment in which the Company operates and expects to continue to operate in the foreseeable future.
Balances related to non-monetary assets and liabilities are based on translated amounts as of the date of the change, and non-monetary assets acquired and liabilities were translated at the approximate exchange rate prevailing at the date of the transaction. Transactions included in the statement of income were translated at the approximate exchange rate in effect at the time of the transaction.
1 U.S. dollar =
The U.S. dollar increased against the
NIS
Recently Adopted Accounting Standards
During the three months ended June 30, 2024, the Company was not required to adopt any recently issued accounting standards.
Recently Issued Accounting Pronouncements Not Yet Adopted
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which is intended to provide enhanced segment disclosures. The standard will require disclosures about significant segment expenses and other segment items and identifying the Chief Operating Decision Maker and how they use the reported segment profitability measures to assess segment performance and allocate resources. These enhanced disclosures are required for all entities on an interim and annual basis, even if they have only a single reportable segment. The standard is effective for years beginning after December 15, 2023 and interim periods within annual periods beginning after December 15, 2024, and early adoption is permitted. The Company does not believe that adoption of this ASU will have a material impact on the Company’s consolidated financial statements.
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which is intended to provide enhancements to annual income tax disclosures. The standard will require more detailed information in the rate reconciliation table and for income taxes paid, among other enhancements. The standard is effective for years beginning after December 15, 2024, early adoption is permitted. The Company does not believe that adoption of this ASU will have a material impact on the Company’s consolidated financial statements.
Significant Accounting Policies
There have been no material changes to the significant accounting policies previously disclosed in the Company’s Annual Report on Form 20-F for the year ended December 31, 2023.
F-7
ENLIVEX THERAPEUTICS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (UNAUDITED)
NOTE 3 – CASH, CASH EQUIVALENTS AND RESTRICTED CASH
| June 30, | December 31, | |||||||
| (in thousands) | 2024 | 2023 | ||||||
| Cash held in banks | $ | $ | ||||||
| Total cash and cash equivalents | ||||||||
| Restricted cash – current – Prepaid expenses and other receivables | ||||||||
| Restricted cash – noncurrent – Other assets | ||||||||
| Total cash, cash equivalents and restricted cash shown in the statement of cash flows | $ | $ | ||||||
NOTE 4 – SHORT TERM DEPOSITS
| June 30, | December 31, | |||||||
| (in thousands) | 2024 | 2023 | ||||||
| Bank deposits in U.S.$ (annual average interest rates | $ | $ | ||||||
| Bank deposits in NIS (annual average interest rates | ||||||||
| Total short-term deposits | $ | $ | ||||||
NOTE 5 – PREPAID EXPENSES AND OTHER RECEIVABLES
| June 30, | December 31, | |||||||
| (in thousands) | 2024 | 2023 | ||||||
| Prepaid expenses | $ | $ | ||||||
| Tax authorities | ||||||||
| Others | ||||||||
| $ | $ | |||||||
NOTE 6 – PROPERTY AND EQUIPMENT
| June 30, | December 31, | |||||||
| (in thousands) | 2024 | 2023 | ||||||
| Cost: | ||||||||
| Laboratory equipment | $ | $ | ||||||
| Computers | ||||||||
| Office furniture & equipment | ||||||||
| Leasehold improvements | ||||||||
| Total cost | ||||||||
| Accumulated depreciation: | ||||||||
| Laboratory equipment | ||||||||
| Computers | ||||||||
| Office furniture & equipment | ||||||||
| Leasehold improvements | ||||||||
| Total accumulated depreciation | ||||||||
| Depreciated cost | $ | $ | ||||||
Depreciation expenses for the three and six month periods
ended June 30, 2024 and 2023 were $
F-8
ENLIVEX THERAPEUTICS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (UNAUDITED)
NOTE 7 – OTHER ASSETS
| June 30, | December 31, | |||||||
| (in thousands) | 2024 | 2023 | ||||||
| Restricted cash | $ | $ | ||||||
| Long Term Deposit | ||||||||
| Long-term prepaid expenses | ||||||||
| Right-of-Use assets, net | ||||||||
| $ | $ | |||||||
NOTE 8 –
| June 30, | December 31, | |||||||
| (in thousands) | 2024 | 2023 | ||||||
| Vacation, convalescence and bonus accruals | $ | $ | ||||||
| Employees and payroll related | ||||||||
| Short term operating lease liabilities | ||||||||
| Accrued expenses and other | ||||||||
| $ | $ | |||||||
NOTE 9 – LEASES
| Six months ended June 30, | ||||||||
| (in thousands) | 2024 | 2023 | ||||||
| The components of lease expense were as follows: | ||||||||
| Operating leases expenses | $ | $ | ||||||
| Supplemental consolidated cash flow information related to operating leases follows: | ||||||||
| Cash used in operating activities | $ | $ | ||||||
| Non-cash activity: | ||||||||
| Right of use assets obtained in exchange for new operating lease liabilities | $ | $ | ||||||
| June 30, | December 31, | |||||||
| (in thousands) | 2024 | 2023 | ||||||
| Supplemental information related to operating leases, including location of amounts reported in the accompanying consolidated balance sheets, follows: | ||||||||
| Other assets - Right-of-Use assets | $ | $ | ||||||
| Accumulated amortization | ||||||||
| Operating lease Right-of-Use assets, net | $ | $ | ||||||
| Lease liabilities – current - Accounts payable and accrued liabilities | $ | $ | ||||||
| Lease liabilities – noncurrent | ||||||||
| Total operating lease liabilities | $ | $ | ||||||
| Weighted average remaining lease term in years | ||||||||
| Weighted average annual discount rate | % | % | ||||||
F-9
ENLIVEX THERAPEUTICS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (UNAUDITED)
| Maturities of operating lease liabilities as of June 30, 2024, were as follows: | ||||
| 2024 (after June 30) | $ | |||
| 2025 | ||||
| 2026 | ||||
| 2027 | ||||
| 2028 and onwards | ||||
| Total undiscounted lease liability | ||||
| Less: Imputed interest | ( | ) | ||
| Present value of lease liabilities | $ | |||
NOTE 10 – COMMITMENTS AND CONTINGENT LIABILITIES
The Company is required to pay royalties
to the State of Israel (represented by the Israeli Innovation Authority (the “IIA”)), computed on the basis of proceeds
from the sale or license of products for which development was supported by IIA grants. These royalties are generally
The gross amount of grants received
by the Company from the IIA, including accrued interest as of June 30, 2024, was approximately
NOTE 11 – EQUITY
| a) | On May 27, 2024, the Company entered into a securities purchase agreement with a single institutional investor in connection with
the issuance and sale by the Company in a registered direct offering (the “Offering”) of (i) |
Each Investor Warrant has an exercise price of $1.40 per
Ordinary Share and is immediately exercisable. The Series A Warrants expire upon the earlier of
H.C. Wainwright & Co. (“Wainwright”) acted
as placement agent in connection with the Offering, and in consideration therefor the Company agreed to register and issue to Wainwright
warrants (the “Placement Agent Warrants”, and together with the Investor Warrants and the Pre-Funded Warrants, the “Warrants”)
to purchase up to 250,000 Ordinary Shares. The Placement Agent Warrants comprise Series A Warrants to purchase
In addition, the Company agreed to pay Wainwright an aggregate
cash fee equal to
F-10
ENLIVEX THERAPEUTICS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (UNAUDITED)
The closing of the Offering occurred on May 29, 2024. The
net proceeds from the Offering were approximately $
| b) | All Company warrants are classified as components of shareholders’ equity because such warrants are free standing financial instruments that are legally detachable, separately exercisable, do not embody an obligation for the Company to repurchase its own shares and permit the holders to receive a fixed number of Ordinary Shares upon exercise, require physical settlement and do not provide any guarantee of value or return (unless, in accordance with ASC 815-40-55-3, there is a fundamental transaction, as defined in the warrant agreements, which allows the holders of the warrants to receive the same form of consideration payable to the holders of Ordinary Shares, in which case equity treatment is not precluded). |
Number of Warrants | Weighted average exercise price | |||||||
| Outstanding January 1, 2024 | $ | |||||||
| Issued | $ | |||||||
| Outstanding and exercisable June 30, 2024 | $ | |||||||
| Number of Warrants | Exercise Price Per Share | Issuance date | Expiration date | |||||||
| $ | ||||||||||
| $ | ||||||||||
| $ | ||||||||||
| $ | No expiration date | |||||||||
| $ | ||||||||||
| $ | ||||||||||
| $ | ||||||||||
| $ | ||||||||||
| (i) |
| (ii) |
| (iii) |
| c) | During the six months ended June 30, 2024 the Company issued |
NOTE 12 – SHARE-BASED COMPENSATION
| a) | As of June 30, 2024, |
F-11
ENLIVEX THERAPEUTICS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (UNAUDITED)
| b) |
| Three
months ended June 30, | ||||||||||||||||
| 2024 | 2023 | |||||||||||||||
| Number of options | Weighted average exercise price | Number of options | Weighted average exercise price | |||||||||||||
| Outstanding at beginning of period | $ | $ | ||||||||||||||
| Forfeited and expired | ( | ) | $ | ( | ) | $ | ||||||||||
| Outstanding at end of period | $ | $ | ||||||||||||||
| Exercisable at end of period | $ | $ | ||||||||||||||
| Non-vested at beginning of period | $ | $ | ||||||||||||||
| Vested | $ | ( | ) | $ | ||||||||||||
| Forfeited | ( | ) | $ | ( | ) | $ | ||||||||||
| Non-vested at the end of period | $ | $ | ||||||||||||||
Six months ended | ||||||||||||||||
| 2024 | 2023 | |||||||||||||||
| Number of options | Weighted average exercise price | Number of options | Weighted average exercise price | |||||||||||||
| Outstanding at beginning of period | $ | $ | ||||||||||||||
| Granted | $ | $ | ||||||||||||||
| Forfeited and expired | ( | ) | $ | ( | ) | $ | ||||||||||
| Outstanding at end of period | $ | $ | ||||||||||||||
| Exercisable at end of period | $ | $ | ||||||||||||||
| Non vested at beginning of period | $ | $ | ||||||||||||||
| Granted | $ | $ | ||||||||||||||
| Forfeited and expired | ( | ) | $ | ( | ) | $ | ||||||||||
| vested | ( | ) | $ | ( | ) | $ | ||||||||||
| Outstanding at end of period | $ | $ | ||||||||||||||
During the
three and six month periods ended June 30, 2024 and 2023, the Company recognized $
F-12
ENLIVEX THERAPEUTICS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (UNAUDITED)
| c) |
| Exercise price | Number of options outstanding | Remaining contractual Life (in years) | Intrinsic Value of Options Outstanding (in thousands) | No. of options exercisable | ||||||||||||||
| $ | $ | |||||||||||||||||
| $ | ||||||||||||||||||
| $ | ||||||||||||||||||
| $ | ||||||||||||||||||
| $ | ||||||||||||||||||
| $ | ||||||||||||||||||
| $ | ||||||||||||||||||
| $ | ||||||||||||||||||
| $ | ||||||||||||||||||
| $ | ||||||||||||||||||
| $ | ||||||||||||||||||
| $ | ||||||||||||||||||
| $ | ||||||||||||||||||
| $ | ||||||||||||||||||
| $ | ||||||||||||||||||
| $ | ||||||||||||||||||
| d) |
| Three months ended June 30, | ||||||||||||||||
| 2024 | 2023 | |||||||||||||||
| Number of shares | Weighted average grant date fair value | Number of shares | Weighted average grant date fair value | |||||||||||||
| Nonvested at beginning of period | $ | $ | ||||||||||||||
| Granted | $ | $ | ||||||||||||||
| Vested | ( | ) | $ | ( | ) | $ | ||||||||||
| Forfeited | ( | ) | $ | ( | ) | $ | ||||||||||
| Nonvested at end of period | $ | $ | ||||||||||||||
| Six months ended June 30, | ||||||||||||||||
| 2024 | 2023 | |||||||||||||||
| Number of shares | Weighted average grant date fair value | Number of shares | Weighted average grant date fair value | |||||||||||||
| Nonvested at beginning of period | $ | $ | ||||||||||||||
| Granted | $ | $ | ||||||||||||||
| Vested | ( | ) | $ | ( | ) | $ | ||||||||||
| Forfeited | ( | ) | $ | ( | ) | $ | ||||||||||
| Nonvested at end of period | $ | $ | ||||||||||||||
The Company estimates the fair value of restricted stock units based on the closing sales price of the Ordinary Shares on the date of grant (or the closing bid price, if no sales were reported).
F-13
ENLIVEX THERAPEUTICS LTD.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS JUNE 30, 2024 (UNAUDITED)
For the three and six month periods
ended June 30, 2024 and 2023, the Company recognized $
Total share-based compensation
expense related to restricted stock units not yet recognized as of June 30, 2024 was $
| e) |
| Three months ended June 30, | Six months ended June 30, | |||||||||||||||
| (in thousands) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Research & development | $ | $ | $ | $ | ||||||||||||
| General & administrative | ||||||||||||||||
| Total | $ | $ | $ | $ | ||||||||||||
NOTE 13 – FAIR VALUE MEASUREMENT
| (in thousands) | June 30, 2024 | |||||||||||||||
| Total | Level 1 | Level 2 | Level 3 | |||||||||||||
| Cash and cash equivalents | $ | $ | $ | |||||||||||||
| Short term deposits | ||||||||||||||||
| Restricted cash | ||||||||||||||||
| Total financial assets | $ | $ | $ | |||||||||||||
| (in thousands) | December 31, 2023 | |||||||||||||||
| Total | Level 1 | Level 2 | Level 3 | |||||||||||||
| Cash and cash equivalents | $ | $ | $ | $ | ||||||||||||
| Short term deposits | ||||||||||||||||
| Restricted cash | ||||||||||||||||
| Total financial assets | $ | $ | $ | $ | ||||||||||||
NOTE 14 – EVENTS SUBSEQUENT TO THE BALANCE SHEET DATE
The Company evaluated all events and transactions that occurred subsequent to the balance sheet date and prior to the date on which these unaudited condensed consolidated financial statements were issued and determined that the following subsequent event necessitated disclosure:
| 1. | In July 2024, |
F-14