0001213900-23-065678 | 10-Q | XBRL Viewer | Oramed Pharmaceuticals INC

STOCK-BASED COMPENSATION (in Shares)

$ 1

5,910

5,911

125

TAX WITHHOLDINGS RELATED TO STOCK-BASED COMPENSATION SETTLEMENTS

(677)

BALANCE (in Shares) at Jun. 30, 2022

(20,958)

(817)

(21,775)

BALANCE at Jun. 30, 2022

$ 463

300,712

(147,478)

153,697

(660)

153,037

38,564

BALANCE at Mar. 31, 2022

$ 463

298,831

(136,945)

162,349

(126)

162,223

BALANCE (in Shares) at Mar. 31, 2022

38,564

CHANGES DURING THE SIX MONTH PERIOD ENDED JUNE 30, 2023:

ISSUANCE OF COMMON STOCK, NET

(1)

1,882

BALANCE (in Shares) at Jun. 30, 2022

(10,533)

(534)

(11,067)

BALANCE at Jun. 30, 2022

$ 463

300,712

(147,478)

153,697

(660)

153,037

38,564

BALANCE at Dec. 31, 2022

$ 476

314,417

(163,081)

151,812

(656)

151,156

BALANCE (in Shares) at Dec. 31, 2022

39,564

CHANGES DURING THE SIX MONTH PERIOD ENDED JUNE 30, 2023:

ISSUANCE OF COMMON STOCK, NET

$ 2

2,428

2,430

ISSUANCE OF COMMON STOCK, NET (in Shares)

193

STOCK-BASED COMPENSATION (in Shares)

$ 6

1,887

1,893

462

STOCK-BASED COMPENSATION OF ORAVAX

100

BALANCE (in Shares) at Jun. 30, 2023

(4,589)

(335)

(4,924)

BALANCE at Jun. 30, 2023

$ 484

318,732

(167,670)

151,546

(891)

150,655

40,219

BALANCE at Mar. 31, 2023

$ 481

316,965

(166,476)

150,970

(822)

150,148

BALANCE (in Shares) at Mar. 31, 2023

39,970

CHANGES DURING THE SIX MONTH PERIOD ENDED JUNE 30, 2023:

STOCK-BASED COMPENSATION (in Shares)

$ 3

1,767

1,770

249

STOCK-BASED COMPENSATION OF ORAVAX

BALANCE (in Shares) at Jun. 30, 2023

(1,194)

(119)

(1,313)

BALANCE at Jun. 30, 2023

$ 484

$ 318,732

$ (167,670)

$ 151,546

$ (891)

$ 150,655

40,219

[1]	Represents an amount of less than $1.

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2023

Marketable Securities [Abstract]

Schedule of Marketable Securities Include Investments in Equity Securities

	June 30, 2023		December 31, 2022
Short-term:
DNA (see b below)	$	334	$	352
Entera (see c below)		99		85
Held to maturity securities (see d below)		510		3,306
	$	943	$	3,743

Schedule of Amortized Cost and Estimated Fair Value of Held-to-Maturity Securities

The amortized cost and estimated fair value of held to maturity securities as of June 30, 2023, were as follows:

	June 30, 2023
	Amortized cost		Gross unrealized gains (losses)			Estimated fair value		Average yield to maturity rate
Short-term:
Commercial bonds	$	501	$	(10	)	$	491		0.8	%
Accrued interest		9		-			9
	$	510	$	(10	)	$	500

	December 31, 2022
	Amortized cost		Gross unrealized gains (losses)			Estimated fair value		Average yield to maturity rate
Short-term:
Commercial bonds	$	3,258	$	(82	)	$	3,176		1.07	%
Accrued interest		48		-			48
	$	3,306	$	(82	)	$	3,224

Tabular disclosure of information about investment in debt security measured at amortized cost (held-to-maturity).

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
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Non-Marketable Equity Securities [Abstract]

Commitments (Details) - USD ($) $ in Thousands		6 Months Ended
Commitments (Details) - USD ($) $ in Thousands	Nov. 13, 2022	Jun. 30, 2023
Commitments (Details) [Line Items]
Right terminate years	10 years
Development amount	$ 15,000
Development received amount	$ 2,000
Royalties percentage	15.00%
Interest amount		$ 2,548
Liability		$ 96
Israel Innovation Authority [Member]
Commitments (Details) [Line Items]
Royalties percentage		3.00%
Interest amount		$ 2,208
Minimum [Member] \| Israel Innovation Authority [Member]
Commitments (Details) [Line Items]
Royalty percentage		100.00%
Maximum [Member] \| Israel Innovation Authority [Member]
Commitments (Details) [Line Items]
Royalty percentage		150.00%

Non-Marketable Equity Securities

6 Months Ended

Jun. 30, 2023

NON-MARKETABLE EQUITY SECURITIES

NOTE 5 – NON-MARKETABLE EQUITY SECURITIES:

On August 26, 2022, the Company entered into a stock purchase agreement with Diasome Pharmaceuticals, Inc. (“Diasome”), a privately-held company, pursuant to which the Company purchased shares of Series B preferred stock of Diasome for an aggregate purchase price of approximately $2,700. Following the purchase, the Company holds less than 5% of the issued and outstanding stock of Diasome. The stock purchase agreement provides the Company with the option to purchase additional preferred shares of stock on a pro rata basis at similar terms to the terms and conditions of the current round contingent upon Diasome achieving certain milestones.

The Company accounts for the investment under the measurement alternative in ASC 321 “Investments – Equity Securities,” whereby the equity investment is recorded at cost, less impairment. The carrying amount is subsequently remeasured to its fair value in accordance with the provisions of ASC 820 “Fair Value Measurement” when observable price changes occur as of the date the transaction occurred, or it is impaired. Any adjustments to the carrying amount are recorded in net income.

The Company’s non-marketable equity securities are an investment in a company without a readily determinable fair value. As of June 30, 2023, the Company recorded an $824 increase in value due to the closing in June 2023 of a Series C investment round in Diasome. The change was recorded using the transaction price of similar securities issued by Diasome, adjusted for contractual rights and obligations of the securities held by the Company.

Interim Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
REVENUES	$ 674	$ 674	$ 1,340	$ 1,340
RESEARCH AND DEVELOPMENT EXPENSES	1,821	9,179	6,248	15,015
SALES AND MARKETING EXPENSES	192	380	376	970
GENERAL AND ADMINISTRATIVE EXPENSES	2,452	2,532	3,715	8,024
OPERATING LOSS	3,791	11,417	8,999	22,669
FINANCIAL INCOME, NET	2,478	350	4,075	894
NET LOSS	1,313	11,067	4,924	21,775
NET LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS	119	534	335	817
NET LOSS ATTRIBUTABLE TO STOCKHOLDERS	$ 1,194	$ 10,533	$ 4,589	$ 20,958
BASIC LOSS PER SHARE OF COMMON STOCK (in Dollars per share)	$ 0.03	$ 0.27	$ 0.11	$ 0.54
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING BASIC LOSS PER SHARE OF COMMON STOCK (in Shares)	40,225,594	38,795,318	40,144,725	38,732,636

Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Marketable Securities (Details) [Line Items]
Cost of securities	$ 595	$ 595
Cost method investments	$ 1
DNA [Member]
Marketable Securities (Details) [Line Items]
Ownership percentage	1.40%

Leases (Details) - Schedule of Operating Right-of-use Assets and Operating Lease Liabilities - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Schedule of Operating Right of Use Assets and Operating Lease Liabilities [Abstract]
Operating right-of-use assets	$ 842	$ 987
Operating lease liabilities, current	236	247
Operating lease liabilities long-term	488	647
Total operating lease liabilities	$ 724	$ 894

Non-Marketable Equity Securities (Details) - USD ($) $ in Thousands		6 Months Ended
	Aug. 26, 2022	Jun. 30, 2023
Non-Marketable Equity Securities [Abstract]
Aggregate purchase price	$ 2,700
Issued and outstanding stock	5.00%
Equity securities		$ 824

Subsequent Events (Details) - Schedule of DIP Credit Agreement	Jun. 30, 2023
August 14, 2023 [Member]
Securities Purchased under Agreements to Resell, Allowance for Credit Loss [Line Items]
Event	The auction for the sale of the Purchased Securities shall have commenced.
August 18, 2023 [Member]
Securities Purchased under Agreements to Resell, Allowance for Credit Loss [Line Items]
Event	The Bankruptcy Court shall commence a hearing to consider approval of the sale of the Purchased Securities.
August 21, 2023 [Member]
Securities Purchased under Agreements to Resell, Allowance for Credit Loss [Line Items]
Event	The Bankruptcy Court shall have entered an order approving the sale of the Purchased Securities in form and substance acceptable to the Company.
September 30, 2023 [Member]
Securities Purchased under Agreements to Resell, Allowance for Credit Loss [Line Items]
Event	The closing of the sale of the Purchased Securities shall have occurred.

Interim Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 6,767	$ 40,464
Short-term deposits	142,491	111,513
Marketable securities	943	3,743
Prepaid expenses and other current assets	769	1,389
Total current assets	150,970	157,109
LONG-TERM ASSETS:
Long-term deposits	7	7
Non-marketable equity securities	3,524	2,700
Amounts funded in respect of employee rights upon retirement	26	24
Property and equipment, net	945	815
Operating lease right-of-use assets	842	987
Total long-term assets	5,344	4,533
Total assets	156,314	161,642
CURRENT LIABILITIES:
Accounts payable and accrued expenses	828	4,158
Deferred revenues		1,340
Payable to related parties	3	1
Operating lease liabilities	236	247
Total current liabilities	1,067	5,746
LONG-TERM LIABILITIES:
Long-term deferred revenues	4,000	4,000
Employee rights upon retirement	27	21
Provision for uncertain tax position	11	11
Operating lease liabilities	488	647
Other liabilities	66	61
Total long-term liabilities	4,592	4,740
COMMITMENTS (note 3)
EQUITY ATTRIBUTABLE TO COMPANY’S STOCKHOLDERS:
Common stock, $0.012 par value (60,000,000 authorized shares; 40,219,396 and 39,563,888 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively)	484	476
Additional paid-in capital	318,732	314,417
Accumulated deficit	(167,670)	(163,081)
Total stockholders’ equity	151,546	151,812
Non-controlling interests	(891)	(656)
Total equity	150,655	151,156
Total liabilities and equity	$ 156,314	$ 161,642

Stockholders' Equity

6 Months Ended

Jun. 30, 2023

Stockholders' Equity Note [Abstract]

STOCKHOLDERS' EQUITY

NOTE 6 - STOCKHOLDERS’ EQUITY:

On September 1, 2021, the Company entered into a controlled equity offering agreement (the “Cantor Equity Distribution Agreement”) with Cantor Fitzgerald & Co., as agent, pursuant to which the Company may issue and sell shares of its common stock having an aggregate offering price of up to $100,000, through a sales agent, subject to certain terms and conditions. Any shares sold will be sold pursuant to the Company’s effective shelf registration statement on Form S-3 including a prospectus dated July 26, 2021 and prospectus supplement dated September 1, 2021. The Company paid the sales agent a cash commission of 3.0% of the gross proceeds of the sale of any shares sold through the sales agent under the Cantor Equity Distribution Agreement. As of June 30, 2023 and August 10, 2023, 1,971,447 shares were issued under the Cantor Equity Distribution Agreement for aggregate net proceeds of $26,253.

On April 17, 2023, the Company granted an aggregate of 868,500 RSUs representing a right to receive shares of the Company’s common stock to executive officers and board members of the Company. The RSUs will vest in twelve equal quarterly installments starting May 1, 2023. The total fair value of these RSUs on the date of grant was $1,980, using the quoted closing market share price of $2.28 on the Nasdaq Capital Market on the date of grant.

On April 17, 2023, the Company granted an aggregate of 245,500 performance based RSUs (“PSUs”) representing a right to receive shares of the Company’s common stock to executive officers of the Company. The PSUs vested on May 26, 2023, upon the Company’s common stock achieving and maintaining a specified price per share. The total fair value of these PSUs on the date of grant was $550, using the Monte-Carlo model.

On May 1, 2023, the Company granted an aggregate of 20,000 RSUs representing a right to receive shares of the Company’s common stock to a board member. The RSUs will vest in twelve quarterly installments starting May 1, 2023. The total fair value of these RSUs on the date of grant was $49, using the quoted closing market share price of $2.45 on the Nasdaq Capital Market on the date of grant.

The entire disclosure for equity.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Schedule of DIP Credit Agreement

Subsequent Events (Tables)

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

The DIP Loan Agreement includes the following milestones:

By no later than:		Event
August 14, 2023		The auction for the sale of the Purchased Securities shall have commenced.
August 18, 2023		The Bankruptcy Court shall commence a hearing to consider approval of the sale of the Purchased Securities.
August 21, 2023		The Bankruptcy Court shall have entered an order approving the sale of the Purchased Securities in form and substance acceptable to the Company.
September 30, 2023		The closing of the sale of the Purchased Securities shall have occurred.

Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands	Aug. 10, 2023	Jun. 30, 2023	Sep. 01, 2021	May 01, 2023	Apr. 17, 2023
Stockholders' Equity (Details) [Line Items]
Aggregate offering price			$ 100,000
Cash commission percentage			3.00%
Shares issued (in Shares)		1,971,447
Aggregate net proceeds	$ 26,253	$ 26,253
Subsequent Event [Member]
Stockholders' Equity (Details) [Line Items]
Shares issued (in Shares)	1,971,447
Restricted Stock Units (RSUs) [Member]
Stockholders' Equity (Details) [Line Items]
Granted aggregate shares (in Shares)				20,000	868,500
Fair value of RSUs				$ 49	$ 1,980
Share price per share (in Dollars per share)				$ 2.45	$ 2.28
PSUs [Member]
Stockholders' Equity (Details) [Line Items]
Granted aggregate shares (in Shares)					245,500
Fair value of RSUs					$ 550

Related Party Transactions

6 Months Ended

Jun. 30, 2023

RELATED PARTY TRANSACTIONS

NOTE 8 - RELATED PARTY TRANSACTIONS:

On July 1, 2008, the Company’s wholly-owned subsidiary, Oramed Ltd. (the “Subsidiary”), entered into two consulting agreements with KNRY Ltd. (“KNRY”), an Israeli company owned by the Chief Scientific Officer, whereby the President and Chief Executive Officer and the Chief Scientific Officer, through KNRY, provide services to the Company (the “Consulting Agreements”). The Consulting Agreements are both terminable by either party upon 140 days prior written notice. The Consulting Agreements, as amended, provide that KNRY will be reimbursed for reasonable expenses incurred in connection with the performance of the Consulting Agreements and that the monthly consulting fee paid to the President and Chief Executive Officer and the Chief Scientific Officer is NIS 146,705 ($40) and NIS 106,400 ($29), respectively.

In addition to the Consulting Agreements, based on a relocation cost analysis, the Company paid for certain direct costs, related taxes and expenses incurred in connection with the relocation of the President and Chief Executive Officer to the U.S. During the six months ended June 30, 2023, there were no such relocation expenses, compared to $190 for the six months ended June 30, 2022.

Following the relocation of the President and Chief Executive Officer to the State of Israel, the Company entered into two agreements with the President and Chief Executive Officer, replacing his above-mentioned consulting agreement through KNRY, substantially on the same terms, in order to allocate his time and services between the Company and the Subsidiary.

Effective November 1, 2022, the Company entered into a consulting agreement with Shnida Ltd., whereby the President and Chief Executive Officer, through Shnida Ltd., provides services as President and Chief Executive Officer of the Company. The agreement is terminable by either party upon 140 days prior written notice. The agreement provides that Shnida Ltd. will be reimbursed for reasonable expenses incurred in connection with performance of the agreement and that the President and Chief Executive Officer will receive a monthly consulting fee of NIS 88,023 ($24), plus value added tax. Pursuant to the agreement, Shnida Ltd. and the President and Chief Executive Officer each agree that during the term of the agreement and for a 12-month period thereafter, none of them will compete with the Company nor solicit employees of the Company.

In addition, the Company, through the Subsidiary, has entered into an employment agreement with the President and Chief Executive Officer, effective as of November 1, 2022, pursuant to which the President and Chief Executive Officer receives gross monthly salary of NIS 46,901 ($13) in consideration for his services as President and Chief Executive Officer of the Subsidiary. In addition, the President and Chief Executive Officer is provided with a cellular phone and a company car pursuant to the terms of his agreement.

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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SIGNIFICANT ACCOUNTING POLICIES

Significant Accounting Policies

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES:

Condensed consolidated financial statements preparation

The condensed consolidated financial statements included herein have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and, on the same basis as the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022 (the “2022 Form 10-K”). These condensed consolidated financial statements reflect all adjustments that are of a normal recurring nature and that are considered necessary for a fair statement of the results of the periods presented. Certain information and disclosures normally included in annual consolidated financial statements have been omitted in this interim period report pursuant to the rules and regulations of the Securities and Exchange Commission. Because the condensed consolidated interim 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 consolidated financial statements and notes included in the 2022 Form 10-K. The results for interim periods are not necessarily indicative of a full fiscal year’s results.

Loss per common share

Basic and diluted net loss per share of common stock are computed by dividing the net loss attributable to stockholders for the period by the weighted average number of shares of common stock outstanding for each period, including vested restricted stock units (“RSUs”). Outstanding stock options, warrants and unvested RSUs have been excluded from the calculation of the diluted loss per share because all such securities are anti-dilutive for all periods presented. The weighted average number of common stock options, warrants and RSUs excluded from the calculation of diluted net loss was 3,694,057 and 3,470,361 for the six month periods ended June 30, 2023 and June 30, 2022, respectively, and 4,026,508 and 3,477,121 for the three month periods ended June 30, 2023 and June 30, 2022, respectively.

Revenue recognition

HTIT

On November 30, 2015, the Company entered into a Technology License Agreement (the “TLA”), with Hefei Tianhui Incubator of Technologies Co. Ltd. (“HTIT”) and on December 21, 2015, the parties entered into an Amended and Restated Technology License Agreement that was further amended by the parties on June 3, 2016 and July 24, 2016 (the “HTIT License Agreement”).

As of June 30, 2023, an aggregate amount of $22,382 was allocated to the HTIT License Agreement, all of which were received through the balance sheet date. Through June 30, 2023, the Company recognized revenue associated with this agreement in the aggregate amount of $20,382, of which $1,340 was recognized in the six month period ended June 30, 2023, and deferred the remaining amount of $2,000, which is presented as long-term deferred revenues on the condensed consolidated balance sheet.

Medicox

On November 13, 2022, the Company entered into a distribution license agreement (“Medicox License Agreement”) with Medicox Co., Ltd. (“Medicox”). The Medicox License Agreement grants Medicox an exclusive license to apply for regulatory approval and distribute ORMD-0801 in the Republic of Korea. For further details, see note 3a.

Under ASC 606, the Company identified Medicox as a customer and the Medicox License Agreement as a contract with a customer.

The Company identified a performance obligation in the Medicox License Agreement to stand-ready and provide Medicox with support in its commercialization efforts in the Republic of Korea. This performance obligation includes a non-distinct distribution license for ORMD-0801, which the Company views a predominant item in the combined performance obligation. The Company concluded that the license is not distinct, as no party other than the Company is capable of providing related services to Medicox, and both the license and related services are necessary for the customer to obtain a regulatory approval in the Republic of Korea. In addition, the agreement covers the terms of future manufacturing services, that are contingent on the completion and success of the commercialization efforts.

The Medicox License Agreement contains a fixed consideration of $2,000, which was received by the Company in fiscal year 2022 and is presented under long-term deferred revenues as of June 30, 2023. It also contains variable consideration of contractual milestone payments and sales-based royalties.

The Company’s obligation to stand-ready and support Medicox will be recognized on a straight-line basis over the period the Company expects to provide support to Medicox. As of June 30, 2023, this support has not commenced, and no revenue was recognized from the Medicox License Agreement.

If Medicox proceeds with the regulatory approval process in the Republic of Korea, the Company expects most of the revenue to be recognized at a later stage. The Company notes that its Phase 3 trial did not meet its primary and secondary endpoints. If Medicox chooses to terminate the agreement as a result of the outcome of the applicable Phase 3 trials, the Company expects to accelerate revenue recognition and recognize it at such time.

Recently adopted accounting pronouncements

Financial instruments – credit losses

In June 2016, the Financial Accounting Standards Board issued Accounting Standards Update 2016-13 “Financial Instruments—Credit Losses—Measurement of Credit Losses on Financial Instruments.” This guidance replaces the incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance became effective for the fiscal year beginning after December 15, 2022, including interim periods within that year. The Company adopted the provisions of this update as of January 1, 2023, with no material impact on its consolidated financial statements.

Fair value

The Company measures fair value and discloses fair value measurements for financial assets and liabilities. Fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described as follows:

Level 1:

Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2:

Observable prices that are based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

Level 3:

Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs.

As of June 30, 2023, the fair value of marketable equity securities as presented in note 4 was based on a Level 1 measurement. The fair value of held to maturity bonds as presented in note 4 was based on a Level 2 measurement. The fair value of the investment in non-marketable equity securities as presented in note 5 was based on a Level 3 measurement.

As of June 30, 2023, the carrying amounts of cash equivalents, short-term deposits and accounts payable approximate their fair values due to the short-term maturities of these instruments.

The amounts funded in respect of employee rights are stated at cash surrender value which approximates its fair value.

General (Details) - USD ($) $ in Thousands			6 Months Ended	9 Months Ended
General (Details) - USD ($) $ in Thousands	Aug. 09, 2023	Aug. 08, 2023	Jun. 30, 2023	May 24, 2024
General (Details) [Line Items]
Capital stock issued (in Shares)			1,890,000
Shares issued and outstanding percentage			63.00%
Aggregate face amount				$ 99,550
Subsequent Event [Member]
General (Details) [Line Items]
Debtors principal amount	$ 100,000
Securities purchased	$ 5,000
Aggregate face amount		$ 99,550
Forecast [Member] \| Minimum [Member]
General (Details) [Line Items]
Bear interest rate				6.66%
Forecast [Member] \| Maximum [Member]
General (Details) [Line Items]
Bear interest rate				7.38%

Leases (Tables)

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Schedule of Operating Right-of-use Assets and Operating Lease Liabilities

	June 30, 2023		December 31, 2022
Operating right-of-use assets	$	842	$	987

Operating lease liabilities, current		236		247
Operating lease liabilities long-term		488		647
Total operating lease liabilities	$	724	$	894

Schedule of Right-of-use Assets Over the Remaining Lease Periods

Lease payments for the Company’s right-of-use assets over the remaining lease periods as of June 30, 2023 and December 31, 2022 are as follows:

	June 30, 2023			December 31, 2022
2023		138			291
2024		276			291
2025		217			228
2026		118			124
2027		10			10
Total undiscounted lease payments		759			944
Less: Interest*		(35	)		(50	)
Present value of lease liabilities	$	724		$	894

*	Future lease payments were discounted by 3%-5.75% interest rate.

Marketable Securities (Details) - Schedule of Amortized Cost and Estimated Fair Value of Held-to-Maturity Securities - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost	$ 510	$ 3,306
Gross unrealized gains (losses)	(10)	(82)
Estimated fair value	500	3,224
Commercial bonds [Member]
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost	501	3,258
Gross unrealized gains (losses)	(10)	(82)
Estimated fair value	$ 491	$ 3,176
Average yield to maturity rate	0.80%	1.07%
Accrued interest [Member]
Schedule of Held-to-Maturity Securities [Line Items]
Amortized cost	$ 9	$ 48
Gross unrealized gains (losses)
Estimated fair value	$ 9	$ 48

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Interim Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (Parentheticals) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
DILUTED LOSS PER SHARE OF COMMON STOCK	$ 0.03	$ 0.27	$ 0.11	$ 0.54
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING DILUTED LOSS PER SHARE OF COMMON STOCK (in Shares)	40,225,594	38,795,318	40,144,725	38,732,636

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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