Workflow
Enlivex Therapeutics .(ENLV) - 2023 Q3 - Quarterly Report

Financial Performance - The net loss for the nine months ended September 30, 2023, was $19,973,000, compared to a net loss of $23,871,000 for the same period in 2022, indicating an improvement of about 16.0%[5]. - Basic and diluted loss per share improved from $(1.30) in the nine months ended September 30, 2022, to $(1.08) in the same period of 2023[5]. - The company reported a net cash (used in) provided by investing activities of $(30,103) thousand for the nine months ended September 30, 2023, compared to $65,400 thousand in the same period of 2022[12]. - The company has not generated any revenues or product sales and has not achieved profitable operations or positive cash flow from operations[17]. - The company expects to continue incurring losses for at least the next several years and will need to raise additional financing to support its development activities[18]. Assets and Liabilities - Total assets decreased from $67,642,000 as of December 31, 2022, to $46,936,000 as of September 30, 2023, representing a decline of approximately 30.6%[4]. - Total shareholders' equity decreased from $56,841,000 as of December 31, 2022, to $38,779,000 as of September 30, 2023, a decline of approximately 31.8%[4]. - Total current liabilities decreased from $6,607,000 as of December 31, 2022, to $4,339,000 as of September 30, 2023, a reduction of about 34.3%[4]. - As of September 30, 2023, total financial assets amounted to $30,895,000, a decrease of 39.1% from $50,656,000 on December 31, 2022[53]. Cash and Cash Equivalents - Cash and cash equivalents significantly dropped from $49,945,000 in December 2022 to $1,971,000 in September 2023, a decrease of about 96.0%[4]. - Cash and cash equivalents decreased from $49,945,000 as of December 31, 2022, to $1,971,000 as of September 30, 2023, representing a decline of 96.1%[53]. - Net cash used in operating activities for the nine months ended September 30, 2023, was $18,246 thousand, slightly improved from $19,135 thousand in the same period of 2022[12]. - Cash used in operating activities increased to $700,000 for the nine months ended September 30, 2023, compared to $624,000 in the same period of 2022[40]. Research and Development - Research and development expenses for the nine months ended September 30, 2023, increased to $14,560,000, up from $12,993,000 for the same period in 2022, reflecting a rise of approximately 12.1%[5]. - The company is developing Allocetra, a universal cell therapy aimed at reprogramming macrophages, which is critical for immune system rebalancing[14]. Shareholder Information - The weighted average number of shares outstanding increased from 18,379,062 in the nine months ended September 30, 2022, to 18,566,383 in the same period of 2023[5]. - The company has a share repurchase program approved for up to $1.5 million of its outstanding Ordinary Shares, with a compliance deadline of 45 days following court approval on November 2, 2023[55]. Grants and Compensation - The gross amount of grants received from the Israeli Innovation Authority was approximately $9.7 million as of September 30, 2023, with no royalties paid to date[42]. - Share-based compensation expenses for the three months ended September 30, 2023, totaled $407,000, compared to $471,000 in the same period of 2022[52]. - The company recognized share-based compensation expenses related to stock options of $1,261,000 for the nine months ended September 30, 2023, compared to $1,385,000 in 2022[52]. - The total unrecognized estimated compensation cost related to outstanding non-vested stock options was $1,347,000, expected to be recognized over a weighted average period of 1.07 years[50]. Operational Challenges - The company incurred an accumulated deficit of $102,998 thousand as of September 30, 2023, indicating ongoing financial challenges since inception[17]. - The company is currently unable to predict the impact of the ongoing conflict in Israel on its business operations[55].