Enlivex Therapeutics .(ENLV) - 2024 Q3 - Quarterly Report

Financial Performance - The company reported a net loss of $2,602,000 for the three months ended September 30, 2024, compared to a net loss of$5,963,000 for the same period in 2023, indicating a 56.4% improvement[11]. - Basic and diluted loss per share improved to $(0.12) for the three months ended September 30, 2024, compared to$(0.32) for the same period in 2023, showing a 62.5% improvement[11]. - For the nine months ended September 30, 2023, the net loss was $19,973 thousand, compared to a net loss of$9,838 thousand for the same period in 2024[22]. - As of September 30, 2024, the company had an accumulated deficit of $121,931 thousand, indicating significant ongoing financial challenges[32]. - The company expects to continue incurring losses for the foreseeable future and may need to raise additional debt or equity financing[33]. Assets and Liabilities - Total current assets decreased to$27,111,000 as of September 30, 2024, down from $33,764,000 as of December 31, 2023, representing a decline of approximately 19.6$3,210,000 as of September 30, 2024, from $6,747,000 as of December 31, 2023, a reduction of approximately 52.5$26,587,000, down from $30,084,000 as of December 31, 2023, representing a decrease of about 11.7$24,929,000, a decrease from $27,733,000 as of December 31, 2023, reflecting a decline of 10.1$2,772,000 as of September 30, 2024, compared to $813,000 as of December 31, 2023, marking a significant increase of 241.5$3,196 thousand at the end of the period, an increase of $1,970 thousand from the beginning of the period[22]. - As of September 30, 2024, total cash and cash equivalents amounted to$2,772,000, a significant increase from $813,000 as of December 31, 2023[49]. Research and Development - Research and development expenses for the nine months ended September 30, 2024, were$7,204,000, down from $14,560,000 in the same period of 2023, reflecting a reduction of 50.6$162,000, compared to $97,000 for the same period in 2023, representing a 67$1,148 thousand, down from $1,551 thousand in the previous year[22]. - For the nine months ended September 30, 2024, the Company recognized$1,261 thousand in share-based compensation expenses related to stock options[80]. - The total unrecognized estimated compensation cost related to outstanding non-vested stock options was $746 thousand, expected to be recognized over a weighted average period of 3.5 years[80]. - The Company recognized$466 thousand in share-based compensation expense related to restricted stock units for the nine months ended September 30, 2024[85]. Financing and Capital Management - Enlivex Therapeutics Ltd. plans to finance its operations through equity securities issuances and anticipates needing additional funding to support its research and development activities[32]. - The net proceeds from the Offering were approximately $4.5 million after deducting fees and expenses, intended for working capital and general corporate purposes[71]. - The company entered into a securities purchase agreement on May 27, 2024, issuing 2,060,000 Ordinary Shares at a price of$1.40 per share[65]. - The Board of Directors approved the purchase of up to $1 million of Bitcoin as part of its cash management strategy during the fourth quarter of 2024[91]. Grants and Other Income - The gross amount of grants received from the Israeli Innovation Authority was approximately$9.9 million as of September 30, 2024, with no royalties paid to date[64].