Enlivex Therapeutics .(US:ENLV)2022-05-26 16:00Financial Performance - The company reported a net loss of $8.225 million for the three months ended March 31, 2022, compared to a net loss of $3.200 million for the same period in 2021, indicating an increase in losses of approximately 157.3%[11] - Basic and diluted loss per share for the first quarter of 2022 was $0.45, compared to $0.19 for the same period in 2021, indicating a worsening of approximately 136.8%[11] - The company reported total operating expenses of $6.404 million for the first quarter of 2022, compared to $3.802 million for the same period in 2021, representing an increase of approximately 68.5%[11] - The company reported a net loss of $8,225 thousand for March 2022, compared to a net loss of $3,200 thousand for March 2021, indicating a significant increase in losses[19] - The accumulated deficit as of March 31, 2022, reached $60,190 thousand, reflecting ongoing financial challenges since inception[28] Assets and Liabilities - As of March 31, 2022, total assets decreased to $88.621 million from $95.146 million as of December 31, 2021, representing a decline of approximately 6.4%[8] - Total current liabilities increased to $5.743 million as of March 31, 2022, compared to $4.718 million as of December 31, 2021, marking an increase of approximately 21.7%[8] - The company's accumulated deficit grew to $60.190 million as of March 31, 2022, compared to $51.965 million at the end of 2021, representing an increase of approximately 15.8%[8] - The total shareholders' equity decreased to $77.652 million as of March 31, 2022, down from $85.039 million at the end of 2021, reflecting a decline of approximately 8.6%[8] - The total financial assets as of March 31, 2022, amount to $78,427 thousand, compared to $84,564 thousand as of December 31, 2021[77] Cash Flow and Investments - Cash and cash equivalents increased significantly to $67.666 million as of March 31, 2022, from $11.202 million as of December 31, 2021, showing a growth of approximately 504.5%[8] - Cash flows from operating activities showed a net cash used of $3,269 thousand for March 2022, compared to $2,340 thousand for March 2021, highlighting increased operational cash burn[19] - The company generated net cash provided by investing activities of $59,674 thousand in March 2022, a significant recovery from a net cash used of $59,589 thousand in March 2021[19] - Cash and cash equivalents at the end of the period were $68,091 thousand, a substantial increase from $5,400 thousand at the end of March 2021[19] - Total cash and cash equivalents increased to $67,666 thousand as of March 31, 2022, compared to $11,202 thousand on December 31, 2021, representing a growth of 503%[50] Research and Development - Research and development expenses for the first quarter of 2022 were $4.682 million, up from $2.497 million in the same quarter of 2021, reflecting an increase of approximately 87.5%[11] - The company has incurred significant capital investments in research and development, with expectations for continued cash investment in clinical trials and related activities[28] - The company has not generated any revenues or product sales and continues to rely on raising capital to support research and development activities[28] - The company expects to incur losses for at least the next several years and will need to secure additional financing to fund its development[29] Shareholder Information - The weighted average number of shares outstanding increased to 18,369,827 for the first quarter of 2022, compared to 16,479,750 for the same period in 2021, indicating an increase of approximately 11.5%[11] - The company has a total of 4,150,704 Ordinary Shares authorized for issuance under the 2019 Equity Incentive Plan, with 1,186,343 shares available for future grant[67] - The total number of options outstanding is 2,399,622, with an intrinsic value of $2,475,465 thousand[73] - The number of options exercisable as of March 31, 2022, is 1,676,873[73] - The company recognized share-based compensation expense of $788 thousand for the three months ended March 31, 2022, compared to $190 thousand for the same period in 2021[76] Grants and Funding - The gross amount of grants received from the Israeli Innovation Authority was approximately $8 million as of March 31, 2022, with no royalties paid yet[62] - The company submitted a grant application for $4.8 million for its clinical development program, expecting to receive up to $1 million if approved[63] - The company received approval for a 2022 Sepsis Grant Application amounting to NIS 4.0 million (approximately $1.2 million) in May 2022[80] Other Financial Metrics - Property and equipment net value increased to $3,294 thousand as of March 31, 2022, up from $2,530 thousand, marking a 30.2% rise[53] - Accrued expenses and other liabilities totaled $4,272 thousand, an increase of 14.6% from $3,727 thousand as of December 31, 2021[55] - Share-based compensation expenses for the three months ended March 31, 2022, were $565 thousand, compared to $175 thousand for the same period in 2021, indicating a 222.9% increase[72] - The fair value of restricted stock units not yet recognized as of March 31, 2022, is $1,077 thousand, expected to be recognized over a weighted average period of 1.75 years[75] - The total number of shares granted during the period was 48,375, with a grant fair value of $14.67[75]