PRF Technologies Ltd 20-F for FY2024

PRF Technologies Ltd. (PRFX)

20-F 2025-04-07 For: 2024-12-31

Added on April 10, 2026

About this 20-F

PRF Technologies Ltd filed this 20-F on April 7, 2025, covering the fiscal year ended December 31, 2024 (FY2024).

Headline figures

Fiscal year ended December 31, 2024, as reported in this filing, compared with the same period a year earlier where the filing states it.

Net loss: $14.59M; compared with a net loss of $9.34M a year earlier
Diluted EPS: -$32.16; compared with -$63.13 a year earlier

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Israel		65 Yigal Alon St. Tel Aviv 6744316, Israel Tel: +972 3 7177050
(Jurisdiction of incorporation or organization)		(Address of principal executive offices)

Title of each class to be registered		Trading Symbol(s)		Name of each exchange on which each class is to be registered
Ordinary shares, no par value NIS per share		PRFX		The Nasdaq Stock Market LLC

	Large accelerated filer ☐		Accelerated filer ☐		Non-accelerated filer ☒
					Emerging Growth Company ☒

		Page
INTRODUCTION		1
EMERGING GROWTH COMPANY STATUS		1
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS		2
MARKET, INDUSTRY, AND OTHER DATA		4

PART I		5

ITEM 1.	IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS	5
ITEM 2.	OFFER STATISTICS AND EXPECTED TIMETABLE	5
ITEM 3.	KEY INFORMATION	5
A.	[RESERVED]	5
B.	Capitalization and Indebtedness	5
C.	Reasons for the Offer and Use of Proceeds	5
D.	Risk Factors	5
ITEM 4.	INFORMATION ON THE COMPANY	48
A.	History and Development of the Company	48
B.	Business Overview	49
C.	Organizational Structure	75
D.	Property, Plants and Equipment	75
ITEM 4A.	UNRESOLVED STAFF COMMENTS	75
ITEM 5.	OPERATING AND FINANCIAL REVIEW AND PROSPECTS	75
A.	Operating Results	80
B.	Liquidity and Capital Resources	87
C.	Research and Development, Patents and Licenses	87
D.	Trend Information	87
E.	Critical Accounting Estimates	88
ITEM 6.	DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES	89

A.	Directors and Senior Management	89
B.	Compensation	91
C.	Board Practices	94
D.	Employees	111
E.	Share Ownership	111
F	Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation	112
ITEM 7.	MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS	113
A.	Major Shareholders	113
B.	Related Party Transactions	115
C.	Interests of Experts and Counsel	115
ITEM 8.	FINANCIAL INFORMATION	116
A.	Consolidated Statements and Other Financial Information	116
B.	Significant Changes	116
ITEM 9.	THE OFFER AND LISTING	116
A.	Offer and Listing Details	116
B.	Plan of Distribution	116
C.	Markets	116
D.	Selling Shareholders	116
E.	Dilution	116
F.	Expenses of the Issue	116

ITEM 10.	ADDITIONAL INFORMATION	117
A.	Share Capital	117
B.	Articles of Association	117
C.	Material Contracts	117
D.	Exchange Controls	117
E.	Taxation	117
F.	Dividends and Paying Agents	129
G.	Statement by Experts	129
H.	Documents on Display	129
I.	Subsidiary Information	129
J.	Annual Report to Security Holders.	129
ITEM 11.	QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK	130
ITEM 12.	DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES	130
A.	Debt Securities	130
B.	Warrants and rights	130
C.	Other Securities	130
D.	American Depositary Shares	130

PART II		130

ITEM 13.	DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES	130
ITEM 14.	MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS	130
ITEM 15.	CONTROLS AND PROCEDURES	131
ITEM 16A.	AUDIT COMMITTEE FINANCIAL EXPERT	132
ITEM 16B.	CODE OF ETHICS	132

ITEM 16C.	PRINCIPAL ACCOUNTANT FEES AND SERVICES	132
ITEM 16D.	EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES	132
ITEM 16E.	PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS	133
ITEM 16F.	CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT	133
ITEM 16G.	CORPORATE GOVERNANCE	133
ITEM 16H.	MINE SAFETY DISCLOSURE	134
ITEM 16I	DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS	134
ITEM 16J	INSIDER TRADING POLICIES	135
ITEM 16K	CYBERSECURITY	135

PART III		136

ITEM 17.	FINANCIAL STATEMENTS	136
ITEM 18.	FINANCIAL STATEMENTS	136
ITEM 19.	EXHIBITS	136
SIGNATURES		139

	●	the cost to continue the development of the DeepSolar technology to develop a wider portfolio of solutions;

	●	the cost of establishing a sales, marketing, and technical support infrastructure to support the ramp up of the DeepSolar solution;

	●	the amount of revenue, if any, received from commercial sales of PRF-110, should it receive marketing approval, or from the DeepSolar solution;

	●	we have not recruited adequate numbers of effective sales and marketing personnel;

	●	the challenge of sales personnel to obtain access to potential customers;

	●	unforeseen costs and expenses associated with creating an independent sales and marketing organization.

	●	TLC590, from the Taiwan Liposome Company, is a liposomal formulation of ropivacaine that completed Phase II trials in patients following hernia surgery.
	●	Cali Biosciences developing an injectable ropivacaine formulation CPL-01 which is currently in phase III for bunion and hernia; and

	●	Vertex pharmaceuticals, which completed phase III clinical studies in abdominoplasty and bunionectomy with VX-548, a selective NaV1.8 inhibitor.

Phase 1:	The drug is initially introduced into healthy human subjects or, in certain indications such as cancer, patients with the target disease or condition and tested for safety, dosage tolerance, absorption, metabolism, distribution, excretion and, if possible, to gain an early indication of its effectiveness and to determine optimal dosage.
Phase 2:	The drug is administered to a limited patient population to identify possible adverse effects and safety risks, to preliminarily evaluate the efficacy of the product for specific targeted diseases and to determine dosage tolerance and optimal dosage.
Phase 3:	The drug is administered to an expanded patient population, generally at geographically dispersed clinical trial sites, in well-controlled clinical trials to generate enough data to statistically evaluate the efficacy and safety of the product for approval, to establish the overall risk-benefit profile of the product, and to provide adequate information for the labeling of the product.
Phase 4:	Post-approval studies, which are conducted following initial approval, are typically conducted to gain additional experience and data from treatment of patients in the intended therapeutic indication.

	Year ended December 31,
	2024			2023			2022
Statements of comprehensive loss data:	(US$ thousands)
Research and development		11,705			6,035			4,422
General and administrative		2,968			3,549			4,447
Total operating loss		14,673			9,584			8,869
financial (income) expenses, net		(93	)		(248	)		86
Loss before taxes		14,580			9,336			8,783
Income tax expense		8			8			9
Net loss		14,588			9,344			8,792

	Years ended December 31,
	(US$ thousands)
	2024			2023			2022
Net cash used in operating activities		(12,621	)		(6,679	)		(6,459	)
Net cash provided by (used in) investing activities		(13	)		5,991			(6,006	)
Net cash provided by financing activities		8,863			4,616			-
Effect of Exchange rate changes on cash, cash equivalents and restricted cash		6			2			-
(Decrease) Increase in cash and cash equivalents and restricted cash		(3,765	)		3,930			(12,465	)
Cash and cash equivalents and restricted cash, at the beginning of the year		8,036			4,106			16,571
Cash and cash equivalents and restricted cash, at the end of the year		4,271			8,036			4,106

Name	Age	Position
Senior Management
Dr. Ehud Geller	78	Interim Chief Executive Officer, Executive Chairman of the Board, and Director
Eyal Broder	54	Interim Chief Financial Officer
Prof. Eli Hazum	77	Chief Technology Officer and Director
Dr. Sigal Aviel	61	Chief Operating Officer
Rita Keynan	56	Vice President of Pharmaceutical Operations

Non-Employee Director

Efi Cohen-Arazi(1) (2) (3) (4)	70	Director
Dr. Ellen S. Baron(1) (2) (3)(4)	72	External Director
Augustine Lawlor(1) (2) (3)(4)	69	External Director

(1)	Member of the Compensation Committee
(2)	Member of the Audit Committee
(3)	Independent Director under Israeli Law
(4)	Independent Director under the Nasdaq Listing Rules

Name and Position⁽¹⁾	Salary		Social Benefits⁽²⁾		Bonuses		Value of Options Granted⁽³⁾		All Other Compensation⁽⁴⁾		Total
	(in thousands of U.S. dollars)
Ehud Geller, Interim Chief Executive Officer and Chairman		-		-		-		31		150		181
Sigal Aviel Chief Operating Officer		281		49		-		17		-		347
Rita Keynan Vice President of Pharmaceutical Operations		230		57		-		68		-		355
Eyal Broder, Interim Chief Financial Officer		153		50		32		-		-		235
Eli Hazum Chief Technology Officer		-		-		-		23		144		167

(1)	All executive officers listed in the table were employed on a full-time basis during 2024.
(2)	“Social Benefits” include payments to the National Insurance Institute, advanced education funds, managers’ insurance and pension funds, vacation pay and recuperation pay as mandated by Israeli law.
(3)	Consists of amounts recognized as share-based compensation expense for the year ended December 31, 2024. Assumptions and key variables used in the calculation of such amounts are discussed in Note 10 of our financial statements.
(4)	“All Other Compensation” includes chairman of the board of directors’ annual fee and directors’ consulting related fees.

	Ordinary Shares Beneficially Owned		Percentage Owned**
Senior Management and Directors
Dr. Ehud Geller(1)		21,546		1.2	%
Eyal Broder (2)		1,733		*
Dr. Sigal Aviel(3)		5,045		*
Rita Keynan(4)		3,952		*
Prof. Eli Hazum(5)		2,368		*
Ellen S. Baron(6)		765		*
Augustine Lawlor(7)		765		*
Efi Cohen-Arazi(8)		1,327		*
All senior management and directors as a group (8 persons)		37,501		2.0	%
More than 5% Shareholders
Bladeranger Ltd (9)		402,561		19.1	%

*	Less than 1%

**	Based on 1,885,001 ordinary shares outstanding.

(2)	Consists of options to purchase 900 ordinary shares exercisable at $6.0 per share and expiring on October 10, 2034 and options to purchase 833 ordinary shares exercisable at $3.1 per share and expiring on February 20, 2035. Does not include options to purchase 9,167 ordinary shares exercisable at $3.1 per share and expiring on February 20, 2035, that vest in more than 60 days from April 1, 2025.

(3)	Consists of options to purchase 214 ordinary shares exercisable at a weighted average exercise price of $57.6 per share and expiring on May 23, 2029 and 521 ordinary shares exercisable at a weighted average exercise price of $136.8 expiring on November 23, 2032 and 3,060 ordinary shares exercisable at a weighted average exercise price of $6.0 expiring on November 23, 2032. And 1,250 ordinary shares exercisable at a weighted average exercise price of $3.1 expiring on February 20, 2035 Does not include options to purchase 13,750 ordinary shares exercisable at $3.1 per share and expiring on February 20, 2035, that vest in more than 60 days from April 1, 2025.

(1)	The audit fees for the years ended December 31, 2024 and 2023 include professional services rendered in connection with the audit of our annual financial statements and the review of our interim financial statements, statutory audits of the Company.
(2)	Issuance of consents and assistance with review of documents filed with the SEC.

Exhibit No.		Exhibit Description

1.1		Amended and Restated Articles of Association of the Company, as currently in effect (included as Exhibit 3.1 to our Registration Statement on Form F-1 filed with the Securities and Exchange Commission on April 15, 2024, and incorporated herein by reference).

2.1		Description of Securities Registered under Section 12 of the Securities Exchange Act of 1934 (included as Exhibit 2.1 to our Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 18, 2021, and incorporated herein by reference)

2.2		Specimen Share Certificate (included as Exhibit 4.1 to the Registration Statement on Form F-1 as filed with the Securities and Exchange Commission on August 5, 2020, as amended, and incorporated herein by reference).

4.1#		2019 Option Plan (included as Exhibit 10.1 to our Registration Statement on Form F-1 as filed with the Securities and Exchange Commission on June 30, 2020, and incorporated herein by reference)

4.2#		Compensation Policy (included as Exhibit 4.2 to our Annual Report on Form 20-F filed with the Securities and Exchange Commission on March 16, 2022, and incorporated herein by reference)

4.3		Form of Indemnification Agreement (included as Exhibit 10.2 to our Registration Statement on Form F-1 as filed with the Securities and Exchange Commission on August 24, 2020, and incorporated herein by reference)

4.4#		Form of Option Award (included as Exhibit 10.7 to our Registration Statement on Form F-1 as filed with the Securities and Exchange Commission on June 30, 2020, and incorporated herein by reference)

4.5		Amended and Restated Investors’ Rights Agreement dated November 26, 2008 (included as Exhibit 10.8 to our Registration Statement on Form F-1 as filed with the Securities and Exchange Commission on June 30, 2020, and incorporated herein by reference)

4.6		Form of Representative Warrant (included as Exhibit 10.5 to our Registration Statement on Form F-1 as filed with the Securities and Exchange Commission on June 30, 2020, and incorporated herein by reference)

4.7		Form of Warrant Agency Agreement including Form of Unit Warrant (included as Exhibit 10.6 to our Registration Statement on Form F-1 as filed with the Securities and Exchange Commission on June 30, 2020, and incorporated herein by reference)

4.8		Securities Purchase Agreement dated as of March 8, 2021 by and between PainReform Ltd. and the purchasers identified on the signature pages thereto (included as Exhibit 10.1 to our Form 6-K filed with the Securities and Exchange Commission on March 9, 2021, and incorporated herein by reference)

4.9		Form of Warrant issued to certain institutional investors on March 10, 2021 (included as Exhibit 10.2 to our Form 6-K filed with the Securities and Exchange Commission on March 9, 2021, and incorporated herein by reference)

4.10		Registration Rights Agreement dated as of March 8, 2021 by and between PainReform and the purchasers signatory thereto (included as Exhibit 10.3 to our Form 6-K filed with the Securities and Exchange Commission on March 9, 2021, and incorporated herein by reference)

4.11		Form of Securities Purchase Agreement, dated as of July 12, 2023, between the Company and the purchasers identified on the signature pages thereto (included as Exhibit 10.1 to our Form 6-K filed with the Securities and Exchange Commission on July 14, 2023, and incorporated herein by reference).

4.12		Form of Placement Agency Agreement, dated as of July 12, 2023, by and between the Company and Maxim Group LLC (included as Exhibit 10.2 to our Form 6-K filed with the Securities and Exchange Commission on July 14, 2023, and incorporated herein by reference).

4.13		Form of Pre-Funded Ordinary Share Purchase Warrant (included as Exhibit 10.3 to our Form 6-K filed with the Securities and Exchange Commission on July 14, 2023, and incorporated herein by reference).

4.14		Form of Ordinary Share Purchase Warrant (included as Exhibit 10.4 to our Form 6-K filed with the Securities and Exchange Commission on July 14, 2023, and incorporated herein by reference).

4.15		Form of Securities Purchase Agreement, dated as of July 14, 2023, between the Company and the purchasers identified on the signature pages thereto (included as Exhibit 10.1 to our Form 6-K filed with the Securities and Exchange Commission on July 18, 2023, and incorporated herein by reference).

4.16		Form of Placement Agency Agreement, dated as of July 14, 2023, by and between the Company and Maxim Group LLC (included as Exhibit 10.2 to our Form 6-K filed with the Securities and Exchange Commission on July 18, 2023, and incorporated herein by reference).

4.17		Form of Pre-Funded Ordinary Share Purchase Warrant (included as Exhibit 10.3 to our Form 6-K filed with the Securities and Exchange Commission on July 18, 2023, and incorporated herein by reference).

4.18		Form of Ordinary Share Purchase Warrant (included as Exhibit 10.4 to our Form 6-K filed with the Securities and Exchange Commission on July 18, 2023, and incorporated herein by reference).

4.19		Form of Inducement Letter (included as Exhibit 10.1 to our Form 6-K filed with the Securities and Exchange Commission on December 27, 2023, and incorporated herein by reference).

4.20		Form of New Warrant (included as Exhibit 10.2 to our Form 6-K filed with the Securities and Exchange Commission on December 27, 2023, and incorporated herein by reference).

4.22		Form of Securities Purchase Agreement (included as Exhibit 10.23 to our Registration Statement on Form F-1 filed with the Securities and Exchange Commission on April 15, 2024, and incorporated herein by reference).

4.23		Form of Pre-Funded Ordinary Share Purchase Warrant (included as Exhibit 4.2 to our Registration Statement on Form F-1 filed with the Securities and Exchange Commission on April 15, 2024, and incorporated herein by reference).

4.24		Form of Ordinary Share Purchase Warrant (included as Exhibit 4.3 to our Registration Statement on Form F-1 filed with the Securities and Exchange Commission on April 15, 2024, and incorporated herein by reference).

4.25		Form of Placement Agent Ordinary Share Purchase Warrant (included as Exhibit 4.4 to our Registration Statement on Form F-1 filed with the Securities and Exchange Commission on April 15, 2024, and incorporated herein by reference).


4.26		Amendment to Existing Warrants (included as Exhibit 10.5 to our Form 6-K filed with the Securities and Exchange Commission on April 17, 2024, and incorporated herein by reference).

4.27		Form of Inducement Letter (included as Exhibit 10.1 to our Form 6-K filed with the Securities and Exchange Commission on September 11, 2024, and incorporated herein by reference).

4.28		Form of Ordinary Share Purchase Warrant (included as Exhibit 10.2 to our Form 6-K filed with the Securities and Exchange Commission on September 11, 2024, and incorporated herein by reference).

4.29		Form of Placement Agent Ordinary Share Purchase Warrant (included as Exhibit 10.3 to our Form 6-K filed with the Securities and Exchange Commission on September 11, 2024, and incorporated herein by reference).

4.30		At the Market Offering Agreement dated October 16, 2024 between the Company and H.C. Wainwright & Co. LLC (included as Exhibit 10.1 to our Form 6-K filed with the Securities and Exchange Commission on October 16, 2024, and incorporated herein by reference).

4.31*†^		Business Acquisition Agreement dated as of February 17, 2025 between the Company and Bladeranger Ltd.

4.32*		Form of Pre-Funded Ordinary Share Purchase Warrant

4.33*		Form of Milestone Based Pre-Funded Ordinary Share Purchase Warrant

4.34*		Form of Milestone Based Ordinary Share Purchase Warrant A

4.35*		Form of Milestone Based Ordinary Share Purchase Warrant B

12.1*		Certification of the Chief Executive Officer pursuant to rule 13a-14(a) of the Securities Exchange Act of 1934

12.2*		Certification of the Chief Financial Officer pursuant to rule 13a-14(a) of the Securities Exchange Act of 1934

13.1*		Certification of the Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. 1350

13.2*		Certification of the Chief Financial Officer pursuant to 18 U.S.C. 1350

15.1*		Consent of Kesselman & Kesselman, a member firm of PricewaterhouseCoopers International Limited, Independent Registered Public Accounting Firm.

97.1#		Clawback Policy (included as Exhibit 97.1 to our Annual Report on Form 20-F filed with the Securities and Exchange Commission on February 29, 2024, and incorporated herein by reference).

#	Management contract or compensatory plan.

†	Portions of this exhibit have been omitted in accordance with Item 601(a)(5) of Regulation S-K. The Registrant undertakes to furnish a copy of all omitted schedules and exhibits to the SEC upon its request.

^	Portions of this exhibit (indicated by asterisks) have been omitted under rules of the U.S. Securities and Exchange Commission permitting the confidential treatment of select information.

	PAINREFORM LTD.

Date: April 7, 2025	By:	/s/ Ehud Geller
		Ehud Geller
		Interim Chief Executive Officer, Executive Chairman of the Board and Director

	Page
Report of Independent Registered Public Accounting Firm	F-2
(Firm Name: Kesselman & Kesselman / PCAOB ID No. 1309)

Balance Sheets	F-3

Statements of Comprehensive Loss	F-4

Statements of Changes in Shareholders’ Equity	F-5

Statements of Cash Flows	F-6 - F-7

Notes to Financial Statements	F-8 - F-28

			As of December 31,
	Note		2024			2023
Assets
Current assets:
Cash and cash equivalents				4,261			8,026
Restricted cash		2f		10			10
Prepaid clinical trial expenses and deferred clinical trial costs		6b		-			1,514
Prepaid expenses and other current assets		3		157			249
Total current assets			$	4,428		$	9,799
Non-current assets
Operating lease right of use asset		6a		62			93
Property and equipment, net				35			38
Total Non-current assets			$	97		$	131

Total assets			$	4,525		$	9,930

Liabilities and shareholders’ equity

Current liabilities:
Trade payables				296			221
Employees and related liabilities				197			465
Operating lease liability				45			56
Accrued expenses		4		1,904			1,668

Total current liabilities			$	2,442		$	2,410

Non-current liabilities:
Operating lease liability				-			30
Provision for unrecognized tax positions		5f		259			251

Total non-current liabilities				259			281

Total liabilities			$	2,701		$	2,691

Commitments		6

Shareholders’ Equity:		7
Ordinary shares, No par value; Authorized: 2,500,000 and 208,333 shares as of December 31, 2024, and 2023, respectively; Issued and outstanding: 1,471,412 and 165,489 shares as of December 31, 2024, and 2023, respectively (*)				-			-
Additional paid-in capital (*)				58,275			49,102
Accumulated deficit				(56,451	)		(41,863	)

Total shareholders’ equity			$	1,824		$	7,239

Total liabilities and shareholders’ equity			$	4,525		$	9,930

			For the Year Ended December 31,
	Note		2024			2023			2022

Operating expenses:
Research and development expenses		8a		(11,705	)		(6,035	)		(4,422	)
General and administrative expenses		8b		(2,968	)		(3,549	)		(4,447	)

Operating loss			$	(14,673	)	$	(9,584	)	$	(8,869	)

Financial income, net		8c		93			248			86

Loss before taxes				(14,580	)		(9,336	)		(8,783	)

Income tax expenses				(8	)		(8	)		(9	)

Net comprehensive loss			$	(14,588	)	$	(9,344	)	$	(8,792	)

Basic and diluted net loss per share		2o	$	(32.16	)	$	(63.13	)	$	(63.46	)

Weighted average number of Ordinary Share used in computing basic and diluted net loss per share (*)				453,544			148,013			138,548

	Ordinary shares		Additional paid-in		Accumulated			Total shareholders’
	Number		Capital		Deficit			equity

Balance as of January 1, 2022		137,914	$	41,809	$	(23,727	)	$	18,082

Share-based compensation to employees and directors		-		1,389		-			1,389

Share-based compensation to service providers		-		342		-			342

Share issuance to service providers		634

Net comprehensive loss		-		-		(8,792	)		(8,792	)

Balance as of December 31, 2022		138,548	$	43,540	$	(32,519	)	$	11,021

Share-based compensation to employees and directors		-		804		-			804

Share issuance to service providers		362		-		-			*

Issuance of common stock and pre-funded warrants upon private placement, net of underwriting commissions and other offering costs.		19,496		1,450		-			1,450

Issuance and exercise of common stock warrants upon private placement, net of underwriting commissions and other offering costs.		7,038		3,308					3,308

Net comprehensive loss		-		-		(9,344	)		(9,344	)

Balance as of December 31, 2023		165,489	$	49,102	$	(41,863	)	$	7,239

Share-based compensation to employees and directors		-		310		-			310

Exercise of prefunded warrants (Note 7b)		12,412		-		-			-
Issuance of common stock, warrants and prefunded warrants upon private placement, net of underwriting commissions and other offering costs. (Note 7b)		208,334		3,340		-			3,340
Exercise of warrants and issuance of warrants upon private placement, net of underwriting commissions and other offering costs. (Note 7b)		247,325		1,305		-			1,305
Exercise of warrants (Note 7b)		494,650		2,912		-			2,912
Issuance of Ordinary shares, net of offering costs – At-the-market (Note 7b)		343,202		1,306		-			1,306

Net loss and comprehensive loss		-		-		(14,588	)		(14,588	)

Balance as of December 31, 2024		1,471,412	$	58,275	$	(56,451	)	$	1,824

	December 31,
	2024		2023		2022
Cash and cash equivalents		4,261		8,026		4,096

Restricted cash		10		10		10

Total cash, cash equivalents, and restricted cash	$	4,271	$	8,036	$	4,106

Supplemental cash flow information:
Acquisition of right-of-use assets by means of lease liabilities	$	-	$	113	$	-

	%

Computers, software and electronic equipment		33
Furniture and office equipment		7