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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| PainReform Ltd | NASDAQ:PRFX | NASDAQ | Common Stock |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -0.15 | -4.67% | 3.06 | 3.06 | 3.17 | 3.20 | 3.06 | 3.16 | 100,589 | 22:03:54 |
|
99.1
|
Unaudited Condensed Financial Statements as of June 30, 2024
|
|
99.2
|
Operating and Financial Review as of June 30, 2024 and for the six months then ended
|
|
99.3
|
Press Release dated August 15, 2024
|
|
Date: August 15, 2024
|
PAINREFORM LTD.
|
||
|
By:
|
/s/ Ehud Geller | ||
| Ehud Geller | |||
| Interim Chief Executive Officer | |||
Page | |
F-2 | |
F-3 | |
F-4 | |
F-5 | |
F-6 - F-12 |
|
|
As of
June 30,
|
As of
December 31,
|
||||||||||
|
|
Note
|
2024
|
2023
|
|||||||||
|
Assets
|
||||||||||||
|
Current assets:
|
||||||||||||
|
Cash and cash equivalents
|
$
|
|
$
|
|
||||||||
|
Restricted cash
|
|
|
||||||||||
|
Prepaid clinical trial expenses and deferred clinical trial costs
|
|
|
||||||||||
|
Prepaid expenses and other current assets
|
|
|
||||||||||
|
|
||||||||||||
|
Total current assets
|
|
|
||||||||||
|
Non-current assets
|
||||||||||||
|
Operating lease right of use asset
|
4
|
|
|
|||||||||
|
Property and equipment, net
|
|
|
||||||||||
|
Total long-term assets
|
|
|
||||||||||
|
Total assets
|
$
|
|
$
|
|
||||||||
|
Liabilities and shareholders’ equity
|
||||||||||||
|
Current liabilities:
|
||||||||||||
|
Trade payables
|
$
|
|
$
|
|
||||||||
|
Employees and related liabilities
|
|
|
||||||||||
|
Operating lease liability
|
4
|
|
|
|||||||||
|
Accrued expenses
|
|
|
||||||||||
|
Total current liabilities
|
|
|
||||||||||
|
|
||||||||||||
|
Non-current liabilities:
|
||||||||||||
|
|
||||||||||||
|
Operating lease liability
|
4
|
|
|
|||||||||
|
Provision for uncertain tax positions
|
|
|
||||||||||
|
Total non-current liabilities
|
|
|
||||||||||
|
|
||||||||||||
|
Total liabilities
|
|
|
||||||||||
|
|
||||||||||||
|
Commitments (Note 7)
|
||||||||||||
|
Shareholders’ equity:
|
||||||||||||
|
Ordinary shares, NIS
Issued and outstanding:
|
|
|
||||||||||
|
Additional paid-in capital
|
5a
|
|
|
|
||||||||
|
Accumulated deficit
|
(
|
)
|
(
|
)
|
||||||||
|
|
||||||||||||
|
Total shareholders’ (deficit) equity
|
(
|
)
|
|
|||||||||
|
|
||||||||||||
|
Total liabilities and shareholders’ (deficit) equity
|
$
|
|
$
|
|
||||||||
F - 2
PAINREFORM LTD.
|
|
For the Six Months Ended
June, |
|||||||||||
|
|
Note
|
2024
|
2023
|
|||||||||
|
|
||||||||||||
|
Operating expenses:
|
||||||||||||
|
Research and development expenses
|
$
|
(
|
)
|
$
|
(
|
) | ||||||
|
General and administrative expenses
|
(
|
)
|
(
|
) | ||||||||
|
|
||||||||||||
|
Operating loss
|
(
|
)
|
(
|
) | ||||||||
|
|
||||||||||||
|
Financial income, net
|
8
|
|
|
|||||||||
|
|
||||||||||||
|
Net loss and comprehensive loss
|
$
|
(
|
)
|
$
|
(
|
) | ||||||
|
|
||||||||||||
|
Basic and diluted net loss per share
|
6
|
$
|
(
|
)
|
$
|
(
|
) | |||||
|
|
||||||||||||
|
Weighted average number of Ordinary shares used in computing basic and diluted net loss per share
|
|
|
||||||||||
F - 3
PAINREFORM LTD.
|
|
Ordinary shares
|
Additional paid-in
capital
|
Accumulated
deficit
|
Total
shareholders’ (deficit) equity
|
||||||||||||||||
|
|
Number
|
Amount
|
||||||||||||||||||
|
|
||||||||||||||||||||
|
Balance as of January 1, 2023
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||
|
|
||||||||||||||||||||
|
Share-based compensation to employees and directors
|
-
|
|
|
|
|
|||||||||||||||
|
|
||||||||||||||||||||
|
Share issuance to service providers
|
|
|
|
|||||||||||||||||
|
Net loss and comprehensive loss
|
-
|
|
|
(
|
)
|
(
|
)
|
|||||||||||||
|
|
||||||||||||||||||||
|
Balance as of June 30, 2023
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||
|
Balance as of January 1, 2024
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
|
||||||||||
|
|
||||||||||||||||||||
|
Share-based compensation to employees and directors
|
-
|
|
|
|
|
|||||||||||||||
|
Share issuance (Note 5a)
|
|
|
(
|
)
|
|
|
||||||||||||||
|
Issuance of common stock, warrants and prefunded warrants upon private placement, net of underwriting commissions and other offering costs (Note 5c)
|
|
|
|
|
||||||||||||||||
|
Exercise of prefunded warrants (Note 5c) |
|
|
( |
) | ||||||||||||||||
|
Net loss and comprehensive loss
|
|
|
(
|
)
|
(
|
)
|
||||||||||||||
|
Balance as of June 30, 2024
|
|
$
|
|
$
|
|
$
|
(
|
)
|
$
|
(
|
)
|
|||||||||
F - 4
PAINREFORM LTD.
|
|
For the Six Months Ended
June, |
|||||||
|
|
2024
|
2023
|
||||||
|
Cash flows from operating activities
|
||||||||
|
|
||||||||
|
Net loss
|
$
|
(
|
)
|
$
|
(
|
)
|
||
|
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
|
Depreciation
|
|
|
||||||
|
Exchange rate differences on cash, cash equivalents and restricted cash
|
(
|
)
|
|
|||||
|
Net change in operating lease asset and liability
|
(
|
)
|
|
|||||
|
Share-based compensation to employees and directors
|
|
|
||||||
|
Interest income
|
|
|
||||||
|
Change in:
|
||||||||
|
Other current assets
|
|
(
|
)
|
|||||
|
Trade payables
|
(
|
)
|
(
|
)
|
||||
|
Other accounts payable
|
|
|
||||||
|
Net cash used in operating activities
|
(
|
)
|
(
|
)
|
||||
|
|
||||||||
|
Cash flows from investing activities
|
||||||||
|
|
||||||||
|
Purchase of property and equipment
|
(
|
)
|
|
|||||
|
Purchase of short term deposit
|
|
(
|
)
|
|||||
|
Proceeds from short term deposit
|
|
|
||||||
|
|
||||||||
|
Net cash provided by (used in) investing activities
|
(
|
)
|
|
|||||
|
|
||||||||
|
Cash flows from financing activities
|
||||||||
|
|
||||||||
|
Proceeds from issuance of shares and prefunded warrants
|
|
|
||||||
|
Issuance costs
|
(
|
)
|
|
|||||
|
Net cash provided by financing activities
|
|
|
||||||
|
|
||||||||
|
Effect of Exchange rate changes on cash, cash equivalents and restricted cash
|
|
(
|
)
|
|||||
|
Change in cash, cash equivalents and restricted cash
|
(
|
)
|
|
|||||
|
Cash, cash equivalents and restricted cash at the beginning of the period
|
|
|
||||||
|
|
||||||||
|
Cash, cash equivalents and restricted cash at the end of the period
|
$
|
|
$
|
|
||||
|
|
As of June,
|
|||||||
|
|
2024
|
2023
|
||||||
|
Cash and cash equivalents
|
$
|
|
$
|
|
||||
|
Restricted cash
|
|
|
||||||
|
Total cash, cash equivalents and restricted cash
|
$
|
|
$
|
|
||||
Financial activities not involving cash flow:
|
Issuance costs
|
|
$
|
|
|
|
$
|
|
|
F - 5
PAINREFORM LTD.
NOTE 1: GENERAL
| a. |
PainReform Ltd. ("the Company") was incorporated and started business operations in November 2007. The Company is a clinical stage specialty pharmaceutical company focused on the reformulation of established therapeutics. The Company’s proprietary extended-release drug-delivery system is designed to provide an extended period of post-surgical pain relief without the need for repeated dose administration while reducing the potential need for the use of opiates.
|
| b. |
Liquidity
Since its inception, the Company has devoted substantially all its efforts to research and development, clinical trials, and capital raising activities. The Company is still in its development and clinical stage and has not yet generated revenues.
The Company has incurred significant losses and negative cash flows from operations and incurred losses of $
The Company expects to continue incurring losses and negative cash flows from operations until its product, PRF-110, reaches commercial profitability, if at all. As a result of the initiation of the Company’s’ Phase III clinical trial, along with its current cash position, the Company does not have sufficient resources to fund operations until the end of its Phase III study nor to continue as a going concern for at least one year from the issuance date of these financial statements.
Management’s plans include continued capital raising through the sale of additional equity securities, debt, or capital inflows from strategic partnerships. There are no assurances, however, that the Company will successfully obtain the level of financing needed for its operations. If the Company is unsuccessful in raising capital, it may need to reduce activities or curtail or abandon some or all of its operations, which could materially harm the Company’s business, financial condition and results of operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. These financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business and does not include any adjustments that might result from the outcome of this uncertainty.
|
| c. |
The Company reports its financial results in U.S. dollars. A portion of research, development, general and administrative expenses of its Israeli operations are incurred in New Israeli Shekel ("NIS") As a result, the Company is exposed to exchange rate risks that may materially and adversely affect its financial results. If the NIS appreciates against the U.S. dollar, or if the value of the NIS declines against the U.S. dollar at a time when the rate of inflation in the cost of Israeli goods and services exceeds the rate of decline in the relative value of the NIS, then the U.S. dollar-denominated cost of its operations in Israel would increase and its results of operations could be materially and adversely affected. Inflation in Israel compounds the adverse impact of a devaluation of the NIS against the U.S. dollar by further increasing the amount of its Israeli expenses. Israeli inflation may also (in the future) outweigh the positive effect of any appreciation of the U.S. dollar relative to the NIS, if and to the extent that, it outpaces or precedes such appreciation. The Israeli rate of inflation did not have a material adverse effect on its financial condition during the Six months ended June 30, 2024 and 2023, respectively. Given its general lack of currency hedging arrangements to protect it from fluctuations in the exchange rates of the NIS in relation to the U.S. dollar (and/or from inflation of such non-U.S. currencies), the Company may be exposed to material adverse effects from such movements. The Company cannot predict any future trends in the rate of inflation in Israel or the rate of devaluation (if any) of the U.S. dollar against the NIS.
|
|
d.
|
U.S. and global markets are experiencing volatility and disruption following the escalation of geopolitical tensions and the military conflict between Russia and Ukraine. The conflict in Ukraine could lead to market disruptions, including significant volatility in commodity prices, credit and capital markets. Any of the abovementioned factors could affect its business, prospects, financial condition, and operating results. The extent and duration of the military action, sanctions and resulting market disruptions are not possible to predict.
|
|
e.
|
On October 7, 2023, an attack was launched against Israel, which thrust Israel into a state of war. The Company is continuing the development of its product and progressing with the clinical trials taking place out of Israel. The Company's management does not expect this situation to have a material impact on its operations or its business results. As of the date of these financial statements, the war in Israel is ongoing and continues to evolve. The intensity and duration of the war is difficult to predict.
|
F - 6
PAINREFORM LTD.
NOTES TO CONDENSED UNAUDITED FINANCIAL STATEMENTS
U.S. dollars in thousands, except share and per share data
F - 7
PAINREFORM LTD.
NOTES TO CONDENSED UNAUDITED FINANCIAL STATEMENTS
U.S. dollars in thousands, except share and per share data
| a. |
Warrants and Warrants units
|
|
Type
|
Issuance Date
|
Number of warrants
|
Exercise price
|
Exercisable through
|
|
August 2019 warrants
|
|
|
$
|
|
|
December 2019 warrants
|
|
|
$
|
|
|
Warrants to underwriters
|
|
|
$
|
|
|
Warrants to underwriters
|
|
|
$
|
|
|
IPO warrants
|
|
|
$
|
|
|
PIPE warrants
|
|
|
$
|
|
|
Warrants to PIPE placement agent
|
|
|
$
|
|
|
December 2023 warrants (**)
|
|
|
$
|
|
|
December 2023 warrants
|
|
|
$
|
|
|
Warrants issued to investors (***)
|
|
|
$
|
|
|
Warrants issued to underwriters (***)
|
|
|
$
|
|
|
TOTAL
|
|
|
|
|
F - 8
PAINREFORM LTD.
NOTES TO CONDENSED UNAUDITED FINANCIAL STATEMENTS
U.S. dollars in thousands, except share and per share data
NOTE 5: SHAREHOLDERS’ EQUITY (Cont.)
F - 9
PAINREFORM LTD.
NOTES TO CONDENSED UNAUDITED FINANCIAL STATEMENTS
U.S. dollars in thousands, except share and per share data
| b. | Share-based compensation: |
| 1. The 2008 Plan: |
|
|
Number
of options
|
Weighted
average
exercise
price
|
Weighted
average
remaining
contractual
life
|
|||||||||
|
|
||||||||||||
|
Options outstanding as of December 31,2023
|
|
$
|
|
|
||||||||
|
Options granted
|
|
|
-
|
|||||||||
|
Options exercised
|
|
|
-
|
|||||||||
|
Options expired
|
(
|
)
|
|
|
||||||||
|
Options outstanding as of June 30, 2024
|
|
$
|
|
-
|
||||||||
|
|
||||||||||||
|
Options exercisable as of June 30, 2024
|
|
$
|
|
-
|
||||||||
| 2. The 2019 Plan: |
|
|
Number
of options
|
Weighted
average
exercise price
|
Weighted
average
remaining
contractual
life
|
|||||||||
|
|
||||||||||||
|
Options outstanding as of December 31,2023
|
|
$
|
|
|
||||||||
|
Options granted
|
|
|
-
|
|||||||||
|
Options exercised
|
|
|
-
|
|||||||||
|
Options expired
|
(
|
)
|
|
-
|
||||||||
|
Options outstanding as of June 30, 2024
|
|
$
|
|
|
||||||||
|
|
||||||||||||
|
Options exercisable as of June 30, 2024
|
|
$
|
|
|
||||||||
F - 10
PAINREFORM LTD.
NOTES TO CONDENSED UNAUDITED FINANCIAL STATEMENTS
U.S. dollars in thousands, except share and per share data
| c. | On April 15, 2024, the Company sold to certain institutional investors an aggregate of (i) |
|
Basic loss per share is computed on the basis of the net loss for the period divided by the weighted average number of ordinary shares, prefunded warrants, and vested ordinary shares issuable for little or no further consideration outstanding during the period. Diluted loss per share is based upon the weighted average number of ordinary shares and of potential ordinary shares outstanding when dilutive. Potential ordinary shares include outstanding stock options, and warrants, which are included under the treasury stock method when dilutive.
For the periods ended June 30, 2024, and 2023, all outstanding share options and warrants have been excluded from the calculation of the diluted net loss per share as all such securities are anti-dilutive for all periods presented.
|
F - 11
PAINREFORM LTD.
NOTES TO CONDENSED UNAUDITED FINANCIAL STATEMENTS
U.S. dollars in thousands, except share and per share data
|
|
Six Months ended
June 30,
|
|||||||
|
|
2024
|
2023
|
||||||
|
|
||||||||
|
Bank fees
|
(
|
)
|
(
|
)
|
||||
|
Interest income
|
|
|
||||||
|
Exchange rate differences
|
|
(
|
)
|
|||||
|
Total financial income, net
|
$
|
|
$
|
|
||||
| 1. |
An increase in the employees' options pool to
|
| 2. |
A grant of
|
| 1. |
To increase the Company’s authorized share capital by
|
| 2. |
To cancel the nominal value of the Company’s ordinary shares such that, subject to the approval of Proposal 3, the Company’s authorized share capital will be divided into
|
| 3. |
To approve a reverse split of the Company ordinary shares, so that every six ordinary shares of the Company with no nominal value will be combined into one share and to amend the Company Articles of Association accordingly. As of the August 15, 2024 The reverse split is not effective. The company's pro forma Basic and diluted net loss per share as of June 30, 2024 and 2023 giving retroactive effect to the reverse split, will be
|
| • |
our ability to continue as a going concern;
|
| • |
our history of losses and needs for additional capital to fund our operations and our ability to obtain additional capital on acceptable terms, or at all;
|
| • |
our dependence on the success of our initial product candidate, PRF-110;
|
| • |
the outcomes of preclinical studies, clinical trials and other research regarding PRF-110 and future product candidates
|
| • |
fluctuations in inflation and interest in Israel and the United States;
|
| • |
our limited experience managing clinical trials;
|
| • |
our ability to retain key personnel and recruit additional employees;
|
| • |
our reliance on third parties for the conduct of clinical trials, product manufacturing and development
|
| • |
the impact of competition and new technologies;
|
| • |
our ability to comply with regulatory requirements relating to the development and marketing of our product candidates;
|
| • |
our ability to establish and maintain strategic partnerships and other corporate collaborations;
|
| • |
the implementation of our business model and strategic plans for our business and product candidates;
|
| • |
the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and our ability to operate our business without infringing the intellectual property rights of others;
|
| • |
the overall global economic environment;
|
| • |
our ability to develop an active trading market for our ordinary shares and whether the market price of our ordinary shares is volatile; and
|
| • |
statements as to the impact of the political and security situation in Israel on our business.
|
| • |
continue the ongoing and planned preclinical and clinical development of our drug candidates;
|
| • |
build a portfolio of drug candidates through the acquisition or in-license of drugs, drug candidates or technologies;
|
| • |
initiate preclinical studies and clinical trials for any additional drug candidates that we may pursue in the future;
|
| • |
seek marketing approvals for our current and future drug candidates that successfully complete clinical trials;
|
| • |
establish a sales, marketing and distribution infrastructure to commercialize any drug candidate for which we may obtain marketing approval;
|
| • |
develop, maintain, expand and protect our intellectual property portfolio;
|
| • |
implement operational, financial and management systems; and
|
| • |
attract, hire and retain additional administrative, clinical, regulatory and scientific personnel.
|
| • |
employee-related expenses, including salaries, benefits and stock-based compensation expense;
|
| • |
fees paid to consultants for services directly related to our drug development and regulatory effort;
|
| • |
expenses incurred under contract manufacturing organizations, as well as contract manufacturing organizations and consultants that conduct preclinical studies and clinical trials;
|
| • |
costs associated with development activities;
|
| • |
costs associated with technology and intellectual property licenses; and
|
| • |
milestone payments and other costs under licensing agreements.
|
| • |
number of clinical trials required for approval and any requirement for extension trials;
|
| • |
per patient trial costs;
|
| • |
number of patients that participate in the clinical trials;
|
| • |
number of sites included in the clinical trials;
|
| • |
countries in which the clinical trial is conducted;
|
| • |
length of time required to enroll eligible patients;
|
| • |
potential additional safety monitoring or other studies requested by regulatory agencies; and
|
| • |
efficacy and safety profile of the drug candidate.
|
|
Six Months Ended
June 30,
|
||||||||
|
2024
|
2023
|
|||||||
|
(US$ thousands)
|
||||||||
|
Statements of comprehensive loss data:
|
||||||||
|
Research and development
|
(11,407
|
)
|
(2,700
|
)
|
||||
|
General and administrative
|
(1,503
|
)
|
(1,968
|
)
|
||||
|
Total operating loss
|
(12,910
|
)
|
(4,668
|
)
|
||||
|
Financial income, net
|
92
|
179
|
||||||
|
Net loss
|
(12,818
|
)
|
(4,489
|
)
|
||||
| • |
the costs, timing and outcome of regulatory review of PRF-110;
|
| • |
the scope, progress, results and costs of our current and future clinical trials of PRF-110 for our current targeted uses;
|
| • |
the extent to which we acquire or invest in businesses, products and technologies, including entering into or maintaining licensing or collaboration arrangements for PRF-110 on favorable terms, although we currently have no commitments
or agreements to complete any such transactions;
|
| • |
the costs and timing of future commercialization activities, including drug sales, marketing, manufacturing and distribution, for any of our product candidates for which we receive marketing approval, to the extent that such sales,
marketing, manufacturing and distribution are not the responsibility of any collaborator that we may have at such time;
|
| • |
the amount of revenue, if any, received from commercial sales of PRF-110, should it receive marketing approval;
|
| • |
the costs of preparing, filing and prosecuting patent applications, maintaining, defending and enforcing our intellectual property rights and defending intellectual property-related claims;
|
| • |
our ability to establish strategic collaborations, licensing or other arrangements and the financial terms of any such agreements, including the timing and amount of any future milestone, royalty or other payments due under any such
agreement;
|
| • |
our headcount growth and associated costs as we expand our business operations and our research and development activities;
|
| • |
the costs of operating as a public company;
|
| • |
maintaining minimum shareholders’ equity requirements under the Nasdaq rules; and
|
| • |
the impact of the COVID-19 pandemic and the Russian invasion of Ukraine, which may exacerbate the magnitude of the factors discussed above.
|
|
Six months
Ended June 30,
2024
|
Six months
Ended June 30,
2023
|
|||||||
|
Net cash used in operating activities
|
$
|
(8,644
|
)
|
$
|
(3,955
|
)
|
||
|
Net cash provided by (used in) investing activities
|
(12
|
)
|
5,000
|
|||||
|
Net cash provided by financing activities
|
3,410
|
-
|
||||||
|
Effect of Exchange rate changes on cash, cash equivalents and restricted cash
|
3
|
(3
|
)
|
|||||
|
Increase (decrease) in cash and cash equivalents and restricted cash
|
(5,243
|
)
|
1,042
|
|||||
|
Cash and cash equivalents and restricted cash, at the beginning of period
|
8,036
|
4,106
|
||||||
|
Cash and cash equivalents and restricted cash, at the end of period
|
$
|
2,793
|
$
|
5,148
|
||||
Document And Entity Information |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Cover Abstract | |
| Entity Registrant Name | PainReform Ltd. |
| Document Type | 6-K |
| Current Fiscal Year End Date | --12-31 |
| Amendment Flag | false |
| Entity Central Index Key | 0001801834 |
| Document Period End Date | Jun. 30, 2024 |
| Document Fiscal Year Focus | 2024 |
| Document Fiscal Period Focus | Q2 |
| Entity File Number | 001-39481 |
| Entity Address, Address Line One | 65 Yigal Alon St. |
| Entity Address, City or Town | Tel Aviv |
| Entity Address, Postal Zip Code | 6744316 |
| Entity Address, Country | IL |
CONDENSED BALANCE SHEETS (Unaudited) (Parenthetical) - ₪ / shares |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Statement of Financial Position [Abstract] | ||
| Ordinary shares, par value (in New Shekels per share) | ₪ 0.3 | ₪ 0.3 |
| Ordinary shares, shares authorized | 20,000,000 | 5,000,000 |
| Ordinary shares, shares issued | 3,468,243 | 1,728,347 |
| Ordinary shares, shares outstanding | 3,468,243 | 1,728,347 |
CONDENSED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Operating expenses: | ||
| Research and development expenses | $ (11,407) | $ (2,700) |
| General and administrative expenses | (1,503) | (1,968) |
| Operating loss | (12,910) | (4,668) |
| Financial income, net | 92 | 179 |
| Net loss and comprehensive loss | $ (12,818) | $ (4,489) |
| Basic net loss per share | $ (3.12) | $ (4.12) |
| Diluted net loss per share | $ (3.12) | $ (4.12) |
| Weighted average number of Ordinary shares used in computing basic net loss per share | 4,114,155 | 1,090,452 |
| Weighted average number of Ordinary shares used in computing diluted net loss per share | 4,114,155 | 1,090,452 |
CONDENSED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Cash flows from operating activities | ||
| Net loss | $ (12,818) | $ (4,489) |
| Adjustments to reconcile net loss to net cash used in operating activities: | ||
| Depreciation | 8 | 6 |
| Exchange rate differences on cash, cash equivalents and restricted cash | (3) | 3 |
| Net change in operating lease asset and liability | (7) | 0 |
| Share-based compensation to employees and directors | 198 | 441 |
| Interest income | 0 | 71 |
| Change in: | ||
| Other current assets | 1,564 | (23) |
| Trade payables | (102) | (139) |
| Other accounts payable | 2,516 | 175 |
| Net cash used in operating activities | (8,644) | (3,955) |
| Cash flows from investing activities | ||
| Purchase of property and equipment | (12) | 0 |
| Purchase of short term deposit | 0 | (1,000) |
| Proceeds from short term deposit | 0 | 6,000 |
| Net cash provided by (used in) investing activities | (12) | 5,000 |
| Cash flows from financing activities | ||
| Proceeds from issuance of shares and prefunded warrants | 4,000 | 0 |
| Issuance costs | (590) | 0 |
| Net cash provided by financing activities | 3,410 | 0 |
| Effect of Exchange rate changes on cash, cash equivalents and restricted cash | 3 | (3) |
| Change in cash, cash equivalents and restricted cash | (5,243) | 1,042 |
| Cash, cash equivalents and restricted cash at the beginning of the period | 8,036 | 4,106 |
| Cash, cash equivalents and restricted cash at the end of the period | 2,793 | 5,148 |
| Supplemental cash flow information: | ||
| Cash and cash equivalents | 2,783 | 5,138 |
| Restricted cash | 10 | 10 |
| Total cash, cash equivalents and restricted cash | 2,793 | 5,148 |
| Issuance Costs | $ 70 | $ 0 |
GENERAL |
6 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | |||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||
| GENERAL |
NOTE 1: GENERAL
|
UNAUDITED CONDENSED FINANCIAL STATEMENTS |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Condensed Financial Information Disclosure [Abstract] | |
| UNAUDITED CONDENSED FINANCIAL STATEMENTS |
NOTE 2: UNAUDITED CONDENSED FINANCIAL STATEMENTS
The unaudited condensed financial statements included herein have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) and, on the same basis as the audited financial statements included in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2023 (the “2023 Form 20-F”).
Certain information and disclosures normally included in annual financial statements have been omitted in this interim period report pursuant to the rules and regulations of the Securities and Exchange Commission (the "SEC")” Because the unaudited condensed financial statements do not include all of the information and disclosures required by U.S. GAAP for annual financial statements, they should be read in conjunction with the audited financial statements and notes included in the 2023 Form 20-F.
The year-end balance sheet data were derived from the audited financial statements as of December 31, 2023, but not all disclosures required by U.S. GAAP are included.
In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair statement of the Company’s financial position as of June 30, 2024 and its results of operations and cash flows for the Six months ended June 30, 2024 and 2023 have been included. Operating results for the Six months ended June 30, 2024, are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or any other interim period or for any other future year.
|
SIGNIFICANT ACCOUNTING POLICIES |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Accounting Policies [Abstract] | |
| SIGNIFICANT ACCOUNTING POLICIES |
NOTE 3: SIGNIFICANT ACCOUNTING POLICIES
The significant accounting policies that have been applied in the preparation of the unaudited condensed financial statements are consistent with those that were applied in preparation of the Company’s most recent annual financial statements in connection with its Annual Report on Form 20-F:
|
RIGHT OF USE ASSETS AND LEASE LIABILITY |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Lessor Disclosure [Abstract] | |
| RIGHT OF USE ASSETS AND LEASE LIABILITY |
NOTE 4: RIGHT OF USE ASSETS AND LEASE LIABILITY
On August 1, 2023, the Company signed a lease agreement ("the lease agreement") for its principal offices for a period of one year, or until July 31, 2024, with an option on behalf of the Company for a period of additional one year until July 31, 2025 ("the additional period), that the Company’s management exercised on May 2024 .In the additional period the rent will increase by 2%, instead of the 5% that was originally set.
|
SHAREHOLDERS' EQUITY |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| SHAREHOLDERS’ EQUITY |
NOTE 5: SHAREHOLDERS’ EQUITY
The following table summarizes the warrants and warrants units outstanding as of June 30, 2024:
(*) Each 10 warrants are exercisable into one IPO unit consisting of one share and one IPO warrant with an exercise price of $88.00 (Note 5d).
(**) On April 15, 2024, the Company amended the terms of certain existing warrants to purchase up to an aggregate of 935,792 ordinary shares that were previously issued in December 2023 (the “December 2023 Warrants”). Pursuant to the terms of the amendment, the exercise price of the December 2023 Warrants was reduced from $2.85 per share to $0.80 per share, and the expiration date was amended from December 28, 2028 to April 15, 2029, due to the change of the exercise price of the 935,792 warrants, the fair value of the warrants was increased by 177 which the company recorded and offset in the same amount, in the additional paid in capital, the company used black and Scholes model with these estimations: expected terms of 4.75 years, interest risk free of 4.68%, yearly volatility of 97.24%.
(***) In April 15, 2024 the company issued to investors 5,000,000 warrants with an exercise price of $0.80 and additional 350,000 warrants with exercise price of $1.00 to the underwriters. (Note 5d)
On July 14, 2023, the Company sold to a certain institutional investor (“the investor”) 117,930 ordinary shares at a purchase price of $9.00 per share, and prefunded warrants to purchase up to 183,300 ordinary shares at a purchase price of $8.999, resulting in gross proceeds of approximately $2.7 million. In addition, the Company issued to the investor unregistered warrants to purchase up to 301,230 ordinary shares in a concurrent private placement.
On July 18, 2023, the Company sold to the investor 145,000 ordinary shares at a purchase price of $9.00 per share, and prefunded warrants to purchase up to 21,666 ordinary shares at a purchase price of $8.999, resulting in gross proceeds of approximately $1.5 million. In addition, the Company issued to the investor unregistered warrants to purchase up to 166,666 ordinary shares in a concurrent private placement.
On December 28, 2023, the Company entered into an inducement offer letter agreement, or the Inducement Letter, with the investor, of certain of the Company’s existing warrants to purchase up to (i) 301,230 ordinary shares issued on July 14, 2023 at an exercise price of $9.00 per ordinary share, or the July 14 Warrants, and (ii) 166,666 ordinary shares issued on July 18, 2023 at an exercise price of $9.00 per ordinary share, or the July 18 Warrants and together with the July 14, Warrants, the Existing Warrants.
Pursuant to the Inducement Letter, the investor agreed to exercise for cash its Existing Warrants to purchase an aggregate of 467,896 ordinary shares at a reduced exercise price of $2.85 per ordinary share, resulting in gross proceeds to the Company of approximately $1.3 million, and net proceeds of approximately $1 million. In addition, the Investor received 935,792 new warrants with an exercise price of $2.85.
As of December 31, 2023 the Company issued 170,000 shares out of the 467,896 shares that the investor paid for, leaving the investor with the right to receive an additional 297,896 shares. On March 12, 2024 the Company issued 121,896 ordinary shares and On April 9, 2024, the Company issued the remaining 176,000 ordinary shares. As of June 30, 2024 all the prefunded shares that were registered on December 31, 2023 were issued to the investor.
Share options outstanding and exercisable to employees and directors under the 2008 Share Option Plan (the “2008 Plan”) as of June 30, 2024 were as follows:
The share options were expired without being exercised on April 2, 2024.
Share options outstanding and exercisable to employees and directors under the 2019 Share Option Plan (the “2019 Plan”) as of June 30, 2024, were as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
LOSS PER SHARE |
6 Months Ended | |
|---|---|---|
Jun. 30, 2024 | ||
| Earnings Per Share [Abstract] | ||
| LOSS PER SHARE |
NOTE 6: LOSS PER SHARE
|
COMMITMENTS AND CONTINGENCIES |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Commitments and Contingencies Disclosure [Abstract] | |
| COMMITMENTS AND CONTINGENCIES |
NOTE 7: COMMITMENTS AND CONTINGENCIES
On November 13, 2020, and December 3, 2020, the Company entered into a Master Clinical Research Organization Agreement (the “First Agreement”) and a Master Clinical Trial Agreement (the “Second Agreement”) with Lotus Clinical Research (“Lotus”) as the Company’s clinical research organization.
According to the agreements Lotus will serve as the clinical research organization for the Company’s planned Phase 3 trials of PRF-110, which began in March 2023 and to take place during the years 2023 - 2024. On April 2024, the Company and the CRO negotiated and signed the updated terms of the First Agreement and the Second Agreement and mutually agreed to update the total milestone completion payment to $6.3 million and to update the payment for the actual number of evaluable subjects to $10.3 million, for a total of $16.6.
As of June 30, 2024, the Company recognized as expenses all the prepaid clinical trial of $1,514, as the clinical trials of the last patients were finalized in June 2024. As of June 30, 2024 and 2023, the Company recognized clinical trial expenses of $11.4 million and $2.7 million, respectively.
|
FINANCIAL INCOME, NET |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure Text Block Supplement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| FINANCIAL INCOME, NET |
NOTE 8: FINANCIAL INCOME, NET
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL INSTRUMENTS |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Financial Instruments [Abstract] | |
| FINANCIAL INSTRUMENTS |
NOTE 9: FINANCIAL INSTRUMENTS
The carrying amount of cash equivalents, restricted cash, account payables and accrued expenses approximate their fair value due to their short-term characteristics.
|
SUBSEQUENT EVENTS |
6 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||
| Subsequent Events [Abstract] | ||||||||||||||||
| SUBSEQUENT EVENTS |
NOTE 10: SUBSEQUENT EVENTS
On July 18, 2024 PainReform board of directors approved:
On August 13, 2024, PainReform hold an extraordinary general meeting, in which the following proposals were approved:
|
SHAREHOLDERS' EQUITY (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of warrants and warrants units outstanding |
(*) Each 10 warrants are exercisable into one IPO unit consisting of one share and one IPO warrant with an exercise price of $88.00 (Note 5d).
(**) On April 15, 2024, the Company amended the terms of certain existing warrants to purchase up to an aggregate of 935,792 ordinary shares that were previously issued in December 2023 (the “December 2023 Warrants”). Pursuant to the terms of the amendment, the exercise price of the December 2023 Warrants was reduced from $2.85 per share to $0.80 per share, and the expiration date was amended from December 28, 2028 to April 15, 2029, due to the change of the exercise price of the 935,792 warrants, the fair value of the warrants was increased by 177 which the company recorded and offset in the same amount, in the additional paid in capital, the company used black and Scholes model with these estimations: expected terms of 4.75 years, interest risk free of 4.68%, yearly volatility of 97.24%.
(***) In April 15, 2024 the company issued to investors 5,000,000 warrants with an exercise price of $0.80 and additional 350,000 warrants with exercise price of $1.00 to the underwriters. (Note 5d)
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2008 Plan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of share options outstanding and exercisable to employees and directors |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| 2019 Plan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of share options outstanding and exercisable to employees and directors |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL INCOME, NET (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2024 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Disclosure Text Block Supplement [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of financial income, net |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GENERAL (Narrative) (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
|---|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
| Nature Of Operations [Line Items] | |||
| Net loss | $ 12,818 | $ 4,489 | |
| Negative operating cash outflows | 8,644 | $ 3,955 | |
| Accumulated deficit | 54,681 | $ 41,863 | |
| Working capital deficit | 1,899 | ||
| Cash on hands | $ 2,793 | ||
RIGHT OF USE ASSETS AND LEASE LIABILITY (Narrative) (Details) |
6 Months Ended |
|---|---|
Jun. 30, 2024 | |
| Lessor Disclosure [Abstract] | |
| Lease expiration date | Jul. 31, 2024 |
| Option to extend operating lease | On August 1, 2023, the Company signed a lease agreement ("the lease agreement") for its principal offices for a period of one year, or until July 31, 2024, with an option on behalf of the Company for a period of additional one year until July 31, 2025 ("the additional period), that the Company’s management exercised on May 2024 .In the additional period the rent will increase by 2%, instead of the 5% that was originally set. |
SHAREHOLDERS' EQUITY - (Narrative) (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 5 Months Ended | 6 Months Ended | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
Jul. 14, 2023
USD ($)
$ / shares
shares
|
Apr. 15, 2024
USD ($)
$ / shares
shares
|
Dec. 28, 2023
USD ($)
$ / shares
shares
|
Jul. 18, 2023
USD ($)
$ / shares
shares
|
Jun. 08, 2023 |
Jun. 30, 2024
₪ / shares
shares
|
Jun. 30, 2024
$ / shares
shares
|
Apr. 09, 2024
shares
|
Mar. 12, 2024
shares
|
Dec. 31, 2023
₪ / shares
shares
|
|||
| Class of Stock [Line Items] | ||||||||||||
| Average expected term | 4 years 9 months | |||||||||||
| Risk free interest rate | 4.68% | |||||||||||
| Volatility | 97.24% | |||||||||||
| Ordinary shares, shares issued | 3,468,243 | 3,468,243 | 1,728,347 | |||||||||
| Ordinary share, par value | ₪ / shares | ₪ 0.3 | ₪ 0.3 | ||||||||||
| Ordinary shares, shares outstanding | 3,468,243 | 3,468,243 | 1,728,347 | |||||||||
| Warrants, exercise price | $ / shares | $ 88 | |||||||||||
| December 2023 warrants [Member] | ||||||||||||
| Class of Stock [Line Items] | ||||||||||||
| Warrants issued to purchase aggregate ordinary shares | 935,792 | |||||||||||
| Warrants, exercise price | $ / shares | [1] | $ 0.8 | ||||||||||
| December 2023 warrants [Member] | Minimum [Member] | ||||||||||||
| Class of Stock [Line Items] | ||||||||||||
| Warrants, exercise price | $ / shares | $ 0.8 | |||||||||||
| December 2023 warrants [Member] | Maximum [Member] | ||||||||||||
| Class of Stock [Line Items] | ||||||||||||
| Increase in fair value of warrants | $ | $ 177 | |||||||||||
| Warrants, exercise price | $ / shares | $ 2.85 | |||||||||||
| Inducement offer letter agreement [Member] | ||||||||||||
| Class of Stock [Line Items] | ||||||||||||
| Ordinary shares, shares issued | 467,896 | |||||||||||
| Investor [Member] | ||||||||||||
| Class of Stock [Line Items] | ||||||||||||
| Warrants issued to purchase aggregate ordinary shares | 183,300 | 21,666 | ||||||||||
| Number of warrants issued | 5,000,000 | 935,792 | 3,558,000 | |||||||||
| Ordinary shares, shares issued | 117,930 | 145,000 | 994,500 | 994,500 | 176,000 | 121,896 | ||||||
| Gross proceeds from warrants | $ | $ 2,700 | $ 1,500 | ||||||||||
| Ordinary share, par value | $ / shares | $ 9 | $ 9 | ||||||||||
| Warrants, exercise price | $ / shares | $ 8.999 | $ 0.8 | $ 2.85 | $ 8.999 | ||||||||
| Investor [Member] | Private placement [Member] | ||||||||||||
| Class of Stock [Line Items] | ||||||||||||
| Warrants issued to purchase aggregate ordinary shares | 301,230 | 166,666 | ||||||||||
| Investor [Member] | Inducement offer letter agreement [Member] | ||||||||||||
| Class of Stock [Line Items] | ||||||||||||
| Warrants issued to purchase aggregate ordinary shares | 301,230 | 467,896 | ||||||||||
| Ordinary shares, shares issued | 166,666 | 170,000 | ||||||||||
| Additional shares issued | 297,896 | |||||||||||
| Gross proceeds from warrants | $ | $ 1,300 | |||||||||||
| Net proceeds (in Dollars) | $ | $ 1,000 | |||||||||||
| Ordinary share, par value | $ / shares | $ 9 | |||||||||||
| Warrants, exercise price | $ / shares | $ 9 | $ 2.85 | ||||||||||
| Investor [Member] | April 2024 Shares [Member] | ||||||||||||
| Class of Stock [Line Items] | ||||||||||||
| Warrants issued to purchase aggregate ordinary shares | 4,552,500 | |||||||||||
| Ordinary shares, shares issued | 447,500 | |||||||||||
| Number of ordinary shares called by warrants | 4,552,500 | |||||||||||
| Warrants, exercise price | $ / shares | $ 0.8 | |||||||||||
| Investor [Member] | Investor Warrants [Member] | ||||||||||||
| Class of Stock [Line Items] | ||||||||||||
| Warrants issued to purchase aggregate ordinary shares | 5,000,000 | |||||||||||
| Number of ordinary shares called by warrants | 5,000,000 | |||||||||||
| Warrants, exercise price | $ / shares | $ 0.7999 | |||||||||||
| Underwriter [Member] | ||||||||||||
| Class of Stock [Line Items] | ||||||||||||
| Warrants issued to purchase aggregate ordinary shares | 350,000 | |||||||||||
| Number of warrants issued | 350,000 | |||||||||||
| Gross proceeds from warrants | $ | $ 4,000 | |||||||||||
| Net proceeds (in Dollars) | $ | $ 3,300 | |||||||||||
| Number of ordinary shares called by warrants | 350,000 | |||||||||||
| Warrants, exercise price | $ / shares | $ 1 | |||||||||||
| ||||||||||||
SHAREHOLDERS' EQUITY - Schedule of warrants and warrants units outstanding (Details) $ / shares in Units, $ in Thousands |
6 Months Ended | |||||||
|---|---|---|---|---|---|---|---|---|
|
Jun. 30, 2024
USD ($)
$ / shares
| ||||||||
| Class of Warrant or Right [Line Items] | ||||||||
| Number of warrants | $ | $ 10,268,762 | |||||||
| Exercise price | $ / shares | $ 88 | |||||||
| August 2019 warrants [Member] | ||||||||
| Class of Warrant or Right [Line Items] | ||||||||
| Issuance Date | Aug. 22, 2019 | |||||||
| Number of warrants | $ | $ 205,268 | |||||||
| Exercise price | $ / shares | $ 67.2 | [1] | ||||||
| Exercisable through | Aug. 22, 2024 | |||||||
| December 2019 warrants [Member] | ||||||||
| Class of Warrant or Right [Line Items] | ||||||||
| Issuance Date | Dec. 09, 2019 | |||||||
| Number of warrants | $ | $ 148,106 | |||||||
| Exercise price | $ / shares | $ 67.2 | [1] | ||||||
| Exercisable through | Dec. 08, 2024 | |||||||
| Warrants to underwriters [Member] | ||||||||
| Class of Warrant or Right [Line Items] | ||||||||
| Issuance Date | Sep. 03, 2020 | |||||||
| Number of warrants | $ | $ 125,000 | |||||||
| Exercise price | $ / shares | $ 100 | |||||||
| Exercisable through | Sep. 01, 2025 | |||||||
| Warrants to underwriter [Member] | ||||||||
| Class of Warrant or Right [Line Items] | ||||||||
| Issuance Date | Oct. 05, 2020 | |||||||
| Number of warrants | $ | $ 375,000 | |||||||
| Exercise price | $ / shares | $ 88 | |||||||
| Exercisable through | Sep. 03, 2025 | |||||||
| IPO warrants [Member] | ||||||||
| Class of Warrant or Right [Line Items] | ||||||||
| Issuance Date | Sep. 03, 2020 | |||||||
| Number of warrants | $ | $ 2,812,170 | |||||||
| Exercise price | $ / shares | $ 88 | |||||||
| Exercisable through | Sep. 03, 2025 | |||||||
| PIPE warrants [Member] | ||||||||
| Class of Warrant or Right [Line Items] | ||||||||
| Issuance Date | Mar. 11, 2021 | |||||||
| Number of warrants | $ | $ 232,500 | |||||||
| Exercise price | $ / shares | $ 46 | |||||||
| Exercisable through | Sep. 10, 2026 | |||||||
| Warrants to PIPE placement agent [Member] | ||||||||
| Class of Warrant or Right [Line Items] | ||||||||
| Issuance Date | Mar. 11, 2021 | |||||||
| Number of warrants | $ | $ 52,173 | |||||||
| Exercise price | $ / shares | $ 50.6 | |||||||
| Exercisable through | Mar. 08, 2026 | |||||||
| December 2023 warrants [Member] | ||||||||
| Class of Warrant or Right [Line Items] | ||||||||
| Issuance Date | Dec. 28, 2023 | [2] | ||||||
| Number of warrants | $ | $ 935,792 | [2] | ||||||
| Exercise price | $ / shares | $ 0.8 | [2] | ||||||
| Exercisable through | Apr. 15, 2029 | [2] | ||||||
| December 2023 warrants [Member] | ||||||||
| Class of Warrant or Right [Line Items] | ||||||||
| Issuance Date | Dec. 28, 2023 | |||||||
| Number of warrants | $ | $ 32,753 | |||||||
| Exercise price | $ / shares | $ 3.56 | |||||||
| Exercisable through | Dec. 28, 2028 | |||||||
| Warrants issued to investors [Member] | ||||||||
| Class of Warrant or Right [Line Items] | ||||||||
| Issuance Date | Apr. 15, 2024 | [3] | ||||||
| Number of warrants | $ | $ 5,000,000 | [3] | ||||||
| Exercise price | $ / shares | $ 0.8 | [3] | ||||||
| Exercisable through | Apr. 15, 2029 | [3] | ||||||
| Warrants issued to underwriters [Member] | ||||||||
| Class of Warrant or Right [Line Items] | ||||||||
| Issuance Date | Apr. 15, 2024 | [3] | ||||||
| Number of warrants | $ | $ 350,000 | [3] | ||||||
| Exercise price | $ / shares | $ 1 | [3] | ||||||
| Exercisable through | Apr. 15, 2029 | [3] | ||||||
| ||||||||
SHAREHOLDERS' EQUITY - Schedule of share options outstanding and exercisable to employees and directors (Details) - $ / shares |
6 Months Ended | 12 Months Ended |
|---|---|---|
Jun. 30, 2024 |
Dec. 31, 2023 |
|
| Schedule Of Share Options Outstanding And Exercisable To Employees And Directors [Line Items] | ||
| Ordinary shares, shares issued | 3,468,243 | 1,728,347 |
| 2008 Plan [Member] | ||
| Schedule Of Share Options Outstanding And Exercisable To Employees And Directors [Line Items] | ||
| Option outstanding at beginning, Number of options | 15,388 | |
| Option outstanding at beginning, Weighted average exercise price | $ 2.4 | |
| Option outstanding at beginning, Weighted average remaining contractual life | 3 months | 3 months |
| Granted, Number of options | 0 | |
| Granted, Weighted average exercise price | $ 0 | |
| Exercised, Number of options | 0 | |
| Exercised, Weighted average exercise price | $ 0 | |
| Expired, Number of options | (15,388) | |
| Expired, Weighted average exercise price | $ 2.4 | |
| Option outstanding at ending, Number of options | 0 | 15,388 |
| Option outstanding at ending, Weighted average exercise price | $ 0 | $ 2.4 |
| Options exercisable, Number of options | 0 | |
| Options exercisable, Weighted average exercise price | $ 0 | |
| 2019 Plan [Member] | ||
| Schedule Of Share Options Outstanding And Exercisable To Employees And Directors [Line Items] | ||
| Option outstanding at beginning, Number of options | 187,994 | |
| Option outstanding at beginning, Weighted average exercise price | $ 11.94 | |
| Option outstanding at beginning, Weighted average remaining contractual life | 8 years 2 months 4 days | 8 years 8 months 8 days |
| Granted, Number of options | 0 | |
| Granted, Weighted average exercise price | $ 0 | |
| Exercised, Number of options | 0 | |
| Exercised, Weighted average exercise price | $ 0 | |
| Expired, Number of options | (10,861) | |
| Expired, Weighted average exercise price | $ 5.7 | |
| Option outstanding at ending, Number of options | 177,133 | 187,994 |
| Option outstanding at ending, Weighted average exercise price | $ 12.32 | $ 11.94 |
| Options exercisable, Number of options | 148,132 | |
| Options exercisable, Weighted average exercise price | $ 13.59 | |
| Options exercisable, Weighted average remaining contractual life | 8 years 25 days |
COMMITMENTS AND CONTINGENCIES (Narrative) (Details) - USD ($) $ in Thousands |
1 Months Ended | ||
|---|---|---|---|
Apr. 30, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Purchase Commitment, Excluding Long-Term Commitment [Line Items] | |||
| Total milestone completion payment | $ 16,600 | ||
| Deferred costs | $ 1,514 | ||
| Clinical trial expense | $ 11,400 | $ 2,700 | |
| First Agreement [Member] | |||
| Purchase Commitment, Excluding Long-Term Commitment [Line Items] | |||
| Total milestone completion payment | 6,300 | ||
| Second Agreement [Member] | |||
| Purchase Commitment, Excluding Long-Term Commitment [Line Items] | |||
| Total payment for actual number of evaluable subjects | $ 10,300 |
FINANCIAL INCOME, NET - Schedule of financial income, net (Details) - USD ($) $ in Thousands |
6 Months Ended | |
|---|---|---|
Jun. 30, 2024 |
Jun. 30, 2023 |
|
| Schedule of financial expenses, net [Abstract] | ||
| Bank fees | $ (9) | $ (8) |
| Interest income | 98 | 190 |
| Exchange rate differences | 3 | (3) |
| Total financial income, net | $ 92 | $ 179 |
SUBSEQUENT EVENTS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 6 Months Ended | |||
|---|---|---|---|---|---|
Aug. 13, 2024 |
Jul. 18, 2024 |
Jun. 30, 2024 |
Jun. 30, 2023 |
Dec. 31, 2023 |
|
| Subsequent Event [Line Items] | |||||
| Shares authorized | 20,000,000 | 5,000,000 | |||
| Basic net loss per share | $ (3.12) | $ (4.12) | |||
| Diluted net loss per share | $ (3.12) | $ (4.12) | |||
| Weighted average number of Ordinary shares used in computing diluted net loss per share | 4,114,155 | 1,090,452 | |||
| Weighted average number of Ordinary shares used in computing basic net loss per share | 4,114,155 | 1,090,452 | |||
| Reverse split of ordinary shares [Member] | |||||
| Subsequent Event [Line Items] | |||||
| Basic net loss per share | $ 18.69 | $ 24.7 | |||
| Diluted net loss per share | $ 18.69 | $ 24.7 | |||
| Weighted average number of Ordinary shares used in computing diluted net loss per share | 685,693 | 181,742 | |||
| Weighted average number of Ordinary shares used in computing basic net loss per share | 685,693 | 181,742 | |||
| Subsequent Event | |||||
| Subsequent Event [Line Items] | |||||
| Options granted to the company employee | 28,000 | ||||
| Excersice price of options granted | $ 0.54 | ||||
| Vesting period of options | 3 months | ||||
| Stock opions vested | $ 2,333 | ||||
| Increase in the employees' options pool ordinary shares | 600,000 | ||||
| Increase in authorised share capital | 40,000,000 | ||||
| Shares authorized | 60,000,000 | ||||
SUBSEQUENT EVENTS (Narrative) (Details 1) - ₪ / shares |
Aug. 13, 2024 |
Jun. 30, 2024 |
Dec. 31, 2023 |
|---|---|---|---|
| Subsequent Event [Line Items] | |||
| Ordinary shares, par value (in New Shekels per share) | ₪ 0.3 | ₪ 0.3 | |
| Subsequent Event | |||
| Subsequent Event [Line Items] | |||
| Ordinary shares, par value (in New Shekels per share) | ₪ 0.3 |
1 Year PainReform Chart |
1 Month PainReform Chart |
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