Enlivex Therapeutics .(US:ENLV)2023-03-30 16:00Financial Performance - The net loss for 2022 was $31,060,000, compared to a net loss of $14,468,000 in 2021, indicating an increase in losses of approximately 114.5%[17]. - Basic and diluted loss per share increased to $1.69 in 2022, compared to $0.81 in 2021, representing a rise of approximately 108.6%[17]. - Total comprehensive loss for 2022 was $31,060,000, compared to a total comprehensive loss of $14,344,000 in 2021, an increase of approximately 116.5%[17]. - For the year ended December 31, 2022, Enlivex Therapeutics Ltd. reported a net loss of $31.06 million, an increase of 114% compared to a net loss of $14.47 million in 2021[21]. - The company incurred net cash used in operating activities of $23.95 million in 2022, compared to $17.54 million in 2021, reflecting a 36.6% increase[21]. Assets and Equity - Total assets decreased to $67,642,000 as of December 31, 2022, down from $95,146,000 in 2021, representing a decline of approximately 29.1%[16]. - Total shareholders' equity decreased to $56,841,000 in 2022 from $85,039,000 in 2021, a decline of approximately 33.3%[16]. - Enlivex's accumulated deficit reached $83.2 million as of December 31, 2022, indicating ongoing financial challenges since the company has not generated any revenues or product sales[27]. - As of December 31, 2022, the company had total financial assets of $50,656 thousand, a decrease from $84,564 thousand in 2021[134]. Cash and Cash Equivalents - Cash and cash equivalents increased significantly to $49,945,000 in 2022, compared to $11,202,000 in 2021, marking an increase of approximately 345.5%[16]. - Cash, cash equivalents, and restricted cash at the end of 2022 totaled $50.36 million, a significant increase from $11.64 million at the end of 2021[21]. - Total cash and cash equivalents increased to $49,945 thousand in 2022 from $11,202 thousand in 2021, representing a growth of 345%[80]. - Total cash, cash equivalents, and restricted cash shown in the statement of cash flows reached $50,357 thousand in 2022, up from $11,636 thousand in 2021, marking a 332% increase[80]. Research and Development - Research and development expenses rose to $18,693,000 in 2022, up from $12,881,000 in 2021, reflecting a growth of approximately 45.3%[17]. - Research and development expenses for the year ended December 31, 2022, totaled $19,900 thousand, an increase from $13,901 thousand in 2021[135]. - Enlivex's research and development activities are expected to require additional cash investment for preclinical studies and clinical trials, necessitating further financing[28]. - Research and development expenses include costs directly attributable to R&D programs, with all costs expensed as incurred[54]. Operating Expenses - Operating expenses totaled $25,797,000 in 2022, up from $19,288,000 in 2021, which is an increase of approximately 33.9%[17]. - General and administrative expenses for the year ended December 31, 2022, amounted to $7,104 thousand, compared to $6,407 thousand in 2021[136]. - Operating lease expenses for 2022 amounted to $1,037 thousand, up from $698 thousand in 2021, representing a 49% increase[96]. Financing and Capital Structure - The company plans to finance its operations through equity securities issuances and anticipates continuing to incur losses for several years[28]. - The Company entered into an ATM Agreement on December 30, 2022, allowing for the sale of Ordinary Shares with an aggregate offering price of up to $100 million[109]. - The Company sold 476,983 Ordinary Shares under the Former ATM Agreement, resulting in a gross aggregate offering price of $8,557 thousand at an average price of $17.94 per share[108]. - The net proceeds from the February 2021 Offering were $47,023 thousand after deducting fees and expenses[108]. Shareholder Information - The number of shares outstanding increased to 18,421,852 as of December 31, 2022, from 18,331,507 in 2021, reflecting a growth of approximately 0.5%[19]. - As of December 31, 2022, the Company had 202,251 warrants outstanding with a weighted average exercise price of $23.31[114]. - The total unrecognized estimated compensation cost related to non-vested stock options was $2,746 thousand, expected to be recognized over a weighted average period of 1.61 years[119]. - The Company granted 860,492 stock options in 2022 at a weighted average exercise price of $5.49[118]. Tax and Regulatory Matters - The Company has not paid income taxes since its incorporation, with a statutory tax rate of 23%[126]. - As of December 31, 2022, the Company recorded a liability of $705 thousand for uncertain tax positions[61]. Other Financial Metrics - The company reported interest income of $835 thousand for the year ended December 31, 2022, significantly up from $120 thousand in 2021[137]. - The Company recorded charges related to patent costs of approximately $536 thousand, $373 thousand, and $374 thousand for the years ended December 31, 2022, 2021, and 2020, respectively[58]. - The intrinsic value of options exercised during 2022 was $0[120]. - The weighted average risk-free interest rate for stock options was 3.41% in 2022[117].