
Financial Performance - For the three months ended March 31, 2023, Enlivex reported a net loss of $7,218 thousand, compared to a net loss of $8,225 thousand for the same period in 2022, reflecting an improvement of approximately 12.2%[5] - The company's accumulated deficit increased to $90,243 thousand as of March 31, 2023, compared to $83,025 thousand at the end of 2022, marking a rise of approximately 8.7%[4] - Enlivex has not generated any revenues or product sales and has not achieved profitable operations since its inception[14] - The company expects to continue incurring losses for at least the next several years and will need to raise additional financing to support its research and development activities[15] Assets and Cash Position - As of March 31, 2023, Enlivex Therapeutics Ltd. reported total assets of $60,022 thousand, a decrease from $67,642 thousand as of December 31, 2022, representing a decline of approximately 11.5%[4] - The company had cash and cash equivalents of $13,138 thousand as of March 31, 2023, down from $49,945 thousand at the end of 2022, indicating a decrease of about 73.7%[4] - The company reported total financial assets of $43,636 thousand as of March 31, 2023, a decrease from $50,656 thousand as of December 31, 2022[51] - Total short-term deposits increased significantly to $22,839 thousand as of March 31, 2023, from $299 thousand as of December 31, 2022[32] Shareholder Equity and Financing - Enlivex's total shareholders' equity decreased to $50,574 thousand as of March 31, 2023, down from $56,841 thousand at the end of 2022, a decline of about 11.0%[4] - The company plans to finance its operations through equity securities issuances and, in the longer term, through revenues[16] - The company issued 110,115 Ordinary Shares under the ATM agreement for a gross consideration of $470 thousand during the three months ended March 31, 2023[44] - The company issued 10,190 Ordinary Shares under the ATM Agreement during the second quarter of 2023[53] Research and Development Expenses - Research and development expenses for the first quarter of 2023 were $5,176 thousand, an increase of 10.6% from $4,682 thousand in the same period of 2022[5] Share-Based Compensation - The company recognized $530 thousand in share-based compensation expenses related to stock options for the three months ended March 31, 2023, down from $565 thousand in the same period of 2022[50] - The total unrecognized estimated compensation cost related to outstanding non-vested stock options was $2,213 thousand, expected to be recognized over a weighted average period of 1.57 years[50] - Share-based compensation expenses related to restricted stock units amounted to $103 thousand for the three months ended March 31, 2023, compared to $223 thousand for the same period in 2022[50] - The company reported a total share-based compensation expense of $633 thousand for the three months ended March 31, 2023, down from $788 thousand in the same period of 2022[50] Liabilities and Expenses - The company had accrued expenses and other liabilities totaling $3,970 thousand as of March 31, 2023, down from $4,659 thousand as of December 31, 2022[36] - The company’s total operating lease liabilities were $4,677 thousand as of March 31, 2023, compared to $4,847 thousand as of December 31, 2022[39] - Depreciation expenses for the three months ended March 31, 2023, were $209 thousand, compared to $188 thousand for the same period in 2022[34] Stock Options and Warrants - As of March 31, 2023, the total number of outstanding options was 2,929,868 with a weighted average exercise price of $5.84, compared to 2,399,622 options at a weighted average exercise price of $5.95 as of March 31, 2022[47] - The number of exercisable options at the end of the period was 2,053,017, with a weighted average exercise price of $5.58[47] - The intrinsic value of options outstanding as of March 31, 2023, was $617 thousand[51] - The company had 202,251 warrants outstanding as of March 31, 2023, with an average exercise price of $23.31[43] Grants and Financial Support - The company has received approximately $9.3 million in grants from the Israeli Innovation Authority, with no royalties paid as of March 31, 2023[41] Interest Rates - The average interest rates for bank deposits were 4.29% for cash equivalents and 4.69% for short-term deposits as of March 31, 2023[31][32]