Enlivex Therapeutics .(ENLV) - 2022 Q4 - Annual Report

Financial Performance - The net loss for the nine months ended September 30, 2022, was $23,871 thousand, compared to a net loss of $9,732 thousand for the same period in 2021, representing a 145% increase in losses[14]. - Basic and diluted loss per share for the three months ended September 30, 2022, was $0.31, compared to $0.19 for the same period in 2021, indicating a 63% increase in loss per share[14]. - The company expects to continue incurring losses for at least the next several years, necessitating further financing or partnerships[35]. Assets and Liabilities - Total assets decreased from $95,146 thousand as of December 31, 2021, to $72,414 thousand as of September 30, 2022, representing a decline of approximately 24%[8]. - Total shareholders' equity decreased from $85,039 thousand as of December 31, 2021, to $63,274 thousand as of September 30, 2022, a decline of approximately 26%[11]. - Total liabilities decreased from $10,107 thousand as of December 31, 2021, to $9,140 thousand as of September 30, 2022, a reduction of approximately 10%[11]. Cash and Cash Equivalents - Cash and cash equivalents increased significantly from $11,202 thousand in December 2021 to $57,655 thousand in September 2022, indicating a growth of over 414%[8]. - The company reported an increase in cash and cash equivalents of $46,415 thousand for the nine months ended September 30, 2022[25]. - As of September 30, 2022, total cash and cash equivalents amounted to $57.655 million, a significant increase from $11.202 million as of December 31, 2021[56]. Research and Development - Research and development expenses for the three months ended September 30, 2022, were $4,201 thousand, up from $2,679 thousand for the same period in 2021, reflecting a 57% increase[14]. - The Company submitted a grant application for $4.8 million for its clinical development program related to sepsis, receiving approximately $960 thousand for its ongoing Phase II trial[70]. - The company is focused on developing Allocetra, a macrophage reprogramming immunotherapy, which is critical for immune system rebalancing[31]. Share-Based Compensation - The company incurred share-based compensation expenses of $1,955 thousand for the nine months ended September 30, 2022, up from $1,219 thousand in the prior year[25]. - Total share-based compensation expenses for the three months ended September 30, 2022, were $471,000, compared to $377,000 for the same period in 2021, representing an increase of 24.9%[83]. - For the nine months ended September 30, 2022, total share-based compensation expenses were $1,955,000, up from $1,219,000 in the same period of 2021, reflecting a growth of 60.5%[83]. Other Financial Information - The company reported other income/(expense), net of $(56) thousand for the three months ended September 30, 2022, compared to $440 thousand for the same period in 2021, indicating a significant decline in other income[14]. - The accumulated deficit as of September 30, 2022, reached $75,836 thousand, indicating ongoing financial challenges[34]. - The company has not generated any revenues or product sales and has not achieved profitable operations since its inception[34]. Marketable Securities and Financial Assets - Marketable securities were valued at $62,924,000, indicating a stable asset position[86]. - As of September 30, 2022, total financial assets amounted to $58,051,000, consistent with the same amount as of December 31, 2021[86]. - The company held restricted cash of $283,000 as of September 30, 2022, unchanged from the previous period[86]. Operational and Other Expenses - General and administrative expenses rose from $1,185 thousand in Q3 2021 to $1,476 thousand in Q3 2022, marking a 25% increase[14]. - Depreciation expenses for the nine month period ended September 30, 2022 were $556 thousand, compared to $396 thousand for the same period in 2021[59]. - Laboratory equipment costs increased to $2.679 million as of September 30, 2022, from $1.891 million as of December 31, 2021[59]. Equity and Warrants - As of September 30, 2022, there were 202,251 outstanding warrants with a weighted average exercise price of $23.31[72]. - The total number of options outstanding at the end of the period was 2,377,622, with a weighted average exercise price of $5.95[75]. - The Company had 1,787,448 exercisable options at the end of the period, with a weighted average exercise price of $5.14[79].