Enlivex Therapeutics .(ENLV) - 2024 Q2 - Quarterly Report

Financial Performance - The net loss for the three months ended June 30, 2024, was $3.096 million, compared to a net loss of$6.792 million for the same period in 2023, indicating an improvement of about 54%[6] - The net loss for the six months ended June 30, 2024, was $7,236 thousand, compared to a net loss of$14,010 thousand for the same period in 2023[11] - The company reported operating loss of $2.986 million for the three months ended June 30, 2024, compared to an operating loss of$6.649 million for the same period in 2023, reflecting a reduction of about 55%[6] - Basic and diluted loss per share improved to $(0.16) for the three months ended June 30, 2024, compared to$(0.37) for the same period in 2023[6] Assets and Liabilities - As of June 30, 2024, total assets decreased to $31.902 million from$36.831 million as of December 31, 2023, representing a decline of approximately 13.5%[4] - Total current liabilities decreased to $2.841 million from$6.061 million, a reduction of approximately 53%[4] - Total shareholders' equity decreased to $28.562 million from$30.084 million, a decline of approximately 5.1%[4] - The company reported total accrued expenses and other liabilities of $2,538,000 as of June 30, 2024, down from$4,001,000 as of December 31, 2023, indicating a reduction of about 37%[34] Cash Flow and Financing - Cash and cash equivalents increased significantly to $3.747 million from$0.813 million, marking a growth of over 360%[4] - The company reported a net cash used in operating activities of $6,307 thousand for the six months ended June 30, 2024, down from$12,807 thousand in the prior year[11] - Cash and cash equivalents at the end of the period were $4,166 thousand, an increase from$3,862 thousand at the end of June 30, 2023[11] - The company raised $4,943 thousand from the issuance of shares and warrants during the six months ended June 30, 2024[11] Research and Development - Research and development expenses for the three months ended June 30, 2024, were$1.999 million, down from $5.035 million in the same period of 2023, a decrease of approximately 60$145 thousand, compared to $122 thousand for the same period in 2023, reflecting an increase of approximately 18.9$771 thousand for the six months ended June 30, 2024[11] - For the three months ended June 30, 2024, the company recognized share-based compensation expenses of $388 thousand, compared to$511 thousand for the same period in 2023, reflecting a decrease of approximately 24%[56] - For the six months ended June 30, 2024, total share-based compensation expenses amounted to $771 thousand, down from$1,144 thousand in the same period of 2023, indicating a decline of about 32.5%[56] Future Outlook - The company expects to continue incurring losses for the foreseeable future and will need to raise additional financing to support its development activities[16] - The company plans to finance its operations through equity securities issuances and, in the longer term, revenues[17] - The company’s management believes that current financial resources will be sufficient for at least twelve months following the filing of the financial statements[17] Other Financial Information - The company has not generated any revenues or product sales and has not achieved profitable operations since its inception[15] - The company has not paid any royalties to the Israeli Innovation Authority as of June 30, 2024, despite receiving approximately $9.9 million in grants[38] - The company entered into a securities purchase agreement on May 27, 2024, for the issuance of 2,060,000 Ordinary Shares at a price of$1.40 per share[39] - The total unrecognized estimated compensation cost related to outstanding non-vested stock options was $1,061 thousand, expected to be recognized over a weighted average period of 1.36 years[50]