0001193125-21-092589 | 10-K | XBRL Viewer | Ayala Pharmaceuticals INC

Cover Page - USD ($) $ in Millions	12 Months Ended
Cover Page - USD ($) $ in Millions	Dec. 31, 2020	Mar. 01, 2021	Jun. 30, 2020
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Period End Date	Dec. 31, 2020
Document Fiscal Period Focus	FY
Current Fiscal Year End Date	--12-31
Document Annual Report	true
Document Transition Report	false
Entity Registrant Name	Ayala Pharmaceuticals, Inc.
Entity Central Index Key	0001797336
Entity Address, Country	IL
Entity Incorporation, State or Country Code	DE
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Public Float			$ 64
Entity Common Stock, Shares Outstanding		13,169,708
Entity Shell Company	false
Title of 12(b) Security	Common Stock
Trading Symbol	AYLA
Security Exchange Name	NASDAQ
ICFR Auditor Attestation Flag	false

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Current Assets:
Cash and Cash Equivalents	$ 42,025	$ 16,725
Short-Term Restricted Bank Deposits	90	83
Trade Receivables	681	469
Prepaid Expenses and Other Current Assets	1,444	417
Total Current Assets	44,240	17,694
Long-Term Assets:
Other Assets	305	283
Deferred Offering Costs		656
Property and Equipment, Net	1,283	1,421
Total Long-Term Assets	1,588	2,360
Total Assets	45,828	20,054
Current Liabilities:
Trade Payables	3,726	2,922
Other Accounts Payables	3,151	2,380
Total Current Liabilities	6,877	5,302
Long-Term Liabilities:
Long-Term Rent Liability	553	299
Total Long-Term Liabilities	553	299
Convertible Preferred Stock, $0.01 par value:
Redeemable Convertible Preferred Stock		53,373
STOCKHOLDERS' DEFICIT:
Common Stock of $0.01 par value per share; 20,000,000 and 200,000,000 shares authorized at December 31, 2019 and 2020, respectively; shares issued at December 31, 2019 and 2020, respectively; 4,998,874 and 12,728,446 shares outstanding at December 31, 2019 and 2020, respectively	128	51
Additional Paid-in Capital	109,157	1,770
Accumulated Deficit	(70,887)	(40,741)
Total Stockholders' (Deficit) Equity	38,398	(38,920)
Total Liabilities, Convertible Preferred Stock, and Stockholders' (Deficit) Equity	$ 45,828	20,054
Series A Preferred Stock [Member]
Convertible Preferred Stock, $0.01 par value:
Redeemable Convertible Preferred Stock		23,823
Series B Preferred Stock [Member]
Convertible Preferred Stock, $0.01 par value:
Redeemable Convertible Preferred Stock		$ 29,550

Consolidated Balance Sheets (Parenthetical) - USD ($)

Dec. 31, 2020

Dec. 31, 2019

Temporary stock shares authorized

8,200,000

Temporary stock shares issued

7,430,452

Liquidation preference value

$ 58,586,388

Common stock par value

$ 0.01

Common stock shares authorized

200,000,000

20,000,000

Common stock shares issued

12,728,446

4,998,874

Common stock shares outstanding

^[1]

12,728,446

4,998,874

Series A Preferred Stock [Member]

Temporary stock par value

$ 0.01

Temporary stock shares authorized

3,700,000

Temporary stock shares issued

3,679,778

Temporary stock shares outstanding

3,679,778

Liquidation preference value

$ 23,919,000

Series B Preferred Stock [Member]

Temporary stock par value

$ 0.01

Temporary stock shares authorized

4,500,000

Temporary stock shares issued

3,750,674

Temporary stock shares outstanding

3,750,674

Liquidation preference value

$ 29,668,000

[1]	Does not include 65,847 and 96,017 shares of restricted Common Stock issued but not outstanding in 2019 and 2020, respectively.

Consolidated Statements of Operation - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Statement of Comprehensive Income [Abstract]
Revenues from licensing agreement	$ 3,708	$ 2,334
Cost of Revenue	(3,708)	(1,285)
Gross Profit	0	1,049
Operating expenses:
Research and Development	22,406	14,424
General and Administrative	7,371	4,336
Operating Loss	(29,777)	(17,711)
Financial Income, Net	56	225
Loss before Income Tax	(29,721)	(17,486)
Taxes on Income	(425)	(306)
Net Loss attributable to Common Stockholders	$ (30,146)	$ (17,792)
Net Loss per Share attributable to Common Stockholders, Basic and Diluted	$ (3.06)	$ (3.57)
Weighted Average Shares Used to Compute Net Loss per Share, Basic and Diluted	9,860,610	4,979,606

Statement of Changes in Stockholders' Equity (Deficit) - USD ($)
$ in Thousands

Total

Series A Preferred Stock [Member]

Series B Preferred Stock [Member]

Convertible Preferred Stock [Member]

Preferred Stock [Member]

Convertible Preferred Stock [Member]

Series A Preferred Stock [Member]

Preferred Stock [Member]

Convertible Preferred Stock [Member]

Series B Preferred Stock [Member]

Preferred Stock [Member]

Convertible Preferred Stock [Member]

Receivables on Series B Preferred Stock [Member]

Common Stock [Member]

Additional Paid-in Capital [Member]

Accumulated Deficit [Member]

Beginning balance, Preferred Stock , Shares at Dec. 31, 2018

3,679,778

3,097,343

Beginning balance, Preferred Stock at Dec. 31, 2018

$ 46,210

$ 23,823

$ 24,387

$ (2,000)

Issuance of Series B Preferred Stock, net, Shares

653,331

Issuance of Series B Preferred Stock, net

7,163

$ 5,163

$ 2,000

Ending balance, Preferred Stock , Shares at Dec. 31, 2019

3,679,778

3,750,674

3,679,778

3,750,674

Ending balance, Preferred Stock at Dec. 31, 2019

$ 53,373

$ 23,823

$ 29,550

53,373

$ 23,823

$ 29,550

Beginning balance, Common Stock, Shares at Dec. 31, 2018

4,959,667

Beginning balance at Dec. 31, 2018

(21,859)

$ 50

$ 1,040

$ (22,949)

Share Based Compensation ,Shares

38,457

Share Based Compensation

727

$ 1

726

Exercise of Stock Options, Shares

750

Exercise of Stock Options

$ 0

^[1]

Net loss

(17,792)

Ending balance, Common Stock, Shares at Dec. 31, 2019

4,998,874

Ending Balance at Dec. 31, 2019

(38,920)

$ 51

1,770

(40,741)

Conversion of Preferred Stock into common stock, Shares

(3,679,778)

(3,750,674)

3,715,222

Conversion of Preferred Stock into common stock

53,373

$ (53,373)

$ (23,823)

$ (29,550)

$ 37

53,336

Share Based Compensation ,Shares

18,662

Share Based Compensation

$ 1,569

$ 0

^[1]

1,569

Exercise of Stock Options, Shares

54,999

Exercise of Stock Options

$ 281

$ 1

280

Issuance of Common Stock, Initial Public Offering, net of Issuance Cost, Shares

3,940,689

Issuance of Common Stock, Initial Public Offering, net of Issuance Cost

52,241

$ 39

52,202

Net loss

(30,146)

Ending balance, Common Stock, Shares at Dec. 31, 2020

12,728,446

Ending Balance at Dec. 31, 2020

$ 38,398

$ 128

$ 109,157

$ (70,887)

[1]	Represents an amount lower than $1.

Statement of Changes in Stockholders' Deficit (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2020 USD ($)
IPO [Member]
Issuance of Common Stock, Initial public offering net of issuance costs	$ 2,730

Statements of Consolidated Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash Flows from Operating Activities:
Net Loss	$ (30,146)	$ (17,792)
Adjustments to Reconcile Net Loss to Net Cash used in Operating Activities:
Shared Based Compensation	1,569	727
Depreciation	182	150
(Increase) Decrease in Prepaid Expenses and other Current Assets	(1,029)	171
Increase in Trade Receivables	(212)	(469)
Increase in Trade Payables	451	1,935
Increase in Long Term Rent Liability	254	299
Increase in other Accounts Payable	1,390	29
Net Cash used in Operating Activities	(27,541)	(14,950)
Cash Flows from Investing Activities:
(Investment in) Proceeds from Maturities of Long-Term Deposits	226	(251)
Purchase of Property and Equipment	(45)	(1,330)
Net Cash provided by (used in) Investing Activities	181	(1,581)
Cash Flows from Financing Activities:
Exercise of Stock Options	281	4
Issuance of Convertible Preferred Stock, net	0	7,071
Proceeds from Issuance of Shares, net	52,641	0
Net Cash provided by Financing Activities	52,922	7,075
Increase (Decrease) in Cash and Cash Equivalents and Short-Term Restricted Bank Deposits	25,562	(9,456)
Cash and Cash Equivalents and Short-Term Restricted Bank Deposits at Beginning of the Year	16,808	26,264
Cash and Cash Equivalents and Short-Term Restricted Bank Deposits at End of the Year	42,370	16,808
Supplemental Disclosure of Non-Cash Financing Activities
Non-cash Deferred Offering Costs	400	656
Supplemental Disclosures of Cash Flow Information:
Cash Received for Interest	58	378
Cash Paid for Income Taxes	(300)	(169)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents [Abstract]
Cash and Cash Equivalents	42,025	16,725
Restricted Cash	90	83
Restricted Cash in Other Assets	$ 255	$ 0

General

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

General

1. General

Ayala Pharmaceuticals, Inc. (the “Company”) was incorporated in November 2017. The Company is a clinical stage oncology company dedicated to developing and commercializing small molecule therapeutics for patients suffering from rare and aggressive cancers, primarily in genetically defined patient populations. The Company’s current portfolio of product candidates, AL101 and AL102, target the aberrant activation of the Notch pathway with gamma secretase inhibitors.

In 2017, the Company entered into an exclusive worldwide license agreement with respect to AL101 and AL102. See note 5.

The Company’s lead product candidates, AL101 and AL102, have completed preclinical and Phase 1 studies. AL101 is currently being evaluated in a Phase 2 trial (ACCURACY) in patients with recurrent/metastatic adenoid cystic carcinoma (“R/M ACC”) bearing Notch-activating mutations is ongoing and a Phase 2 trial (TENACITY) in patients with notch activated triple negative breast cancer.

The Company has a wholly-owned Israeli subsidiary, Ayala-Oncology Israel Ltd. (the “Subsidiary”), which was incorporated in November 2017.

Initial Public Offering and Related Transactions

On May 12, 2020, the Company completed the sale of shares of its common stock in its IPO.

In connection with the IPO, the Company issued and sold 3,940,689 shares of common stock, including 274,022 shares associated with the partial exercise on June 4, 2020 of the underwriters’ option to purchase additional shares, at a price to the public of $15.00 per share, resulting in net proceeds to the Company of approximately $52.2 million after deducting underwriting discounts and commissions and offering expenses payable by the Company. All shares issued and sold were registered pursuant to a registration statement on Form

S-1

(File

No. 333-236942),

as amended, declared effective by the U.S. Securities and Exchange Commission (the “Commission”)

on May 7, 2020.

In connection with the IPO,

the Company effected a

one-for-two

reverse stock split of its common stock which became effective on May

2020

. Upon the closing of the IPO, all of the outstanding shares of Series A preferred stock and Series B preferred stock automatically converted into an aggregate of

3,715,222

shares of common stock. Subsequent to the closing of the IPO, there were

preferred shares outstanding.

Significant Accounting Policies

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Significant Accounting Policies

2. Significant Accounting Policies

The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”). The significant accounting policies followed in the preparation of the consolidated financial statements, are as follows:

Use of Estimates:

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. The Company’s management believes that the estimates, judgment and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the consolidated financial statements. Actual results could differ from those estimates.

Consolidated Financial Statements in U.S. Dollars

A substantial portion of the Company’s financing activities, including equity transactions and cash investments, are incurred in U.S. dollars. The Company’s management believes that the U.S. dollar is the currency of the primary economic environment in which the Company operates. Thus, the functional and reporting currency of the Company is the U.S. dollar.

A subsidiary’s functional currency is the currency of the primary economic environment in which the subsidiary operates; normally, that is the currency of the environment in which a subsidiary primarily generates and expends cash. In making the determination of the appropriate functional currency for a subsidiary, the Company considers cash flow indicators, local market indicators, financing indicators and the subsidiary’s relationship with both the parent company and other subsidiaries. For subsidiaries that are primarily a direct and integral component or extension of the parent entity’s operations, the U.S. dollar is the functional currency.

The Company has determined the functional currency of its foreign subsidiary is the U.S. Dollar. The foreign operation is considered a direct and integral part or extension of the Company’s operations. The

day-to-day

operations of the foreign subsidiary are dependent on the economic environment of the U.S. Dollar.

Accordingly, monetary accounts maintained in currencies other than the U.S. dollar are remeasured into U.S. dollars in accordance with Statement of the Accounting Standard Codification (“ASC”) No. 830 “Foreign Currency Matters” (“ASC No. 830”). All transaction gains and losses of the remeasured monetary balance sheet items are reflected in the statements of operations as financial income or expenses as appropriate.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and the Subsidiary. Intercompany balances and transactions have been eliminated upon consolidation.

Cash and Cash Equivalents and Short-term restricted bank deposits

The Company considers all highly liquid certificates of deposits with original maturities of three months or less from the purchase date to be cash equivalents. Cash equivalents consist primarily of amounts invested in money market accounts in the United States and are stated at fair value. Short-term restricted bank deposits consists of a bank deposit accounts that serves as collateral for a credit card agreement and lease agreements at one of the Company’s financial institutions.

Property and Equipment, Net

Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated on a straight-line basis over the estimated useful lives of the related assets, at the following annual rates:


Computers and Software	33	%
Lab Equipment	15	%
Office Furniture and Equipment	7	%

Leasehold improvements are amortized on a straight-line basis over the shorter of the assets’ estimated useful life or the remaining term of the lease.

Maintenance and repair costs are expensed as incurred.

Impairment of Long-Lived Assets

The Company’s long-lived assets are reviewed for impairment in accordance with ASC No. 360, “Property, Plant and Equipment,” whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If indicators of impairment exist and the undiscounted future cash flows that the assets are expected to generate are less than the carrying value of the assets, the Company reduces the carrying amount of the assets through an impairment charge, to their estimated fair values. During the years ended December 31, 2019 and 2020,

no impairment indicators have been identified.

Accrued Post-Employment Benefit

Under Israeli employment laws, employees of the Company are included under Section 14 of the Severance Compensation Act, 1963 (“Section 14”) for a portion of their salaries. According to Section 14, these employees are entitled to monthly payments made by the Company on their behalf with insurance companies.

Payments in accordance with Section 14 release the Company from any future severance payments with respect to those employees. The obligation to make the monthly deposits is expensed as incurred. In addition, the aforementioned deposits are not recorded as an asset in the consolidated balance sheet, and there is no liability recorded as the Company does not have a future obligation to make any additional payments. Severance costs amounted to approximately $0.2 million and $0.2 million for the year ended December 31, 2019 and 2020, respectively.

The Company maintains a 401(k) retirement savings plan for its U.S. employees. Each eligible employee may elect to contribute a portion of the employee’s compensation to the plan. As of December 31, 2019, and 2020, the Company has matched 100% of all employee contributions, up to 6% of the employee’s base salary.

Fair Value of Financial Instruments:

The Company measures and discloses the fair value of financial assets and liabilities in accordance with ASC Topic 820, “Fair Value Measurement.” Fair value is based on the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

The accounting standard establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:

Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2: Observable inputs that are based on inputs not quoted on active markets but corroborated by market data.

Level 3: Unobservable inputs are used when little or no market data are available.

Restricted bank deposits, trade receivables, trade payables are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date.

Research and Development

Research and development costs are expensed as incurred. Research and development costs include payroll and personnel expenses, consulting costs, external contract research and development expenses, raw materials, drug product manufacturing costs, and allocated overhead including depreciation , rent, and utilities. Research and development costs that are paid in advance of performance are capitalized as a prepaid expense and amortized over the service period as the services are provided.

Acquired

In-Process

Research and Development

In an asset acquisition, the initial costs of rights to

in-process

research and development projects acquired are expensed as R&D in the consolidated statements of operations unless the

in-process

research and development has an alternative future use. In a business combination, the fair value of

in-process

research and development is capitalized as an indefinite-lived intangible asset, regardless of whether the

in-process

research and development asset has an alternative future use.

Clinical Trial Costs

Clinical trial costs are a component of research and development expenses. The Company bases its expenses related to Clinical Research Organization (“CRO”) on its estimates of the services received and efforts expanded pursuant to agreements with them. The financial terms of these agreements are subject to negotiation, vary from contract to contract and may result in uneven payment flows. In instances where payments made to CROs exceed the level of services provided and result in a prepayment of the research and development expenses. For reoccurring services fees, the Company estimates the time period over which services will be performed and the level of effort to be expanded in each period. If the actual timing of the performance of services varies from the estimate, the Company adjusts the accrual or amount of prepaid expenses accordingly.

Non-refundable

advance payments for goods and services that will be used in future research and development activities are expensed when the activity has been performed or when the goods have been received rather than when the payment is made.

Patent Costs

Legal and related patent costs are expensed as incurred as their realization is uncertain. Costs related to patent registration are classified as general and administrative expenses, and costs related to acquired patents are classified as research and development expenses in the accompanying consolidated statements of operations.

Contingent Liabilities

The Company accounts for its contingent liabilities in accordance with ASC No. 450, “Contingencies”. A provision is recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated. With respect to legal matters, provisions are reviewed and adjusted to reflect the impact of negotiations, estimated settlements, legal rulings, advice of legal counsel and other information and events pertaining to a particular matter. As of December 31, 2019, and 2020, the Company is

t a party to any litigation that could have a material adverse effect on the Company’s business, financial position, results of operations or cash flows.

Income Taxes

The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”. This standard prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value, if it is more likely than not that some portion of the entire deferred tax asset will not be realized.

The Company accounts for uncertain tax positions in accordance with the provisions of ASC

740-10,

“Income Taxes”. Accounting guidance addresses the determination of whether tax benefits claimed or expected to be claimed on a tax return should be recorded in the consolidated financial statements, under which a Company may recognize the tax benefit from an uncertain tax position only if it is more likely than not that the tax position will be sustained on examination by the taxing authorities, based on the technical merits of the position.

The tax benefits recognized in the consolidated financial statements from such a position should be measured based on the largest benefit that has a greater than fifty percent likelihood of being realized upon ultimate settlement. The Company’s tax positions had no material effect on the Company’s financial results.

Concentrations of Credit Risk

Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash and cash equivalents. Bank deposits are held by accredited financial institutions and these deposits may at times be in excess of insured limits. Money Market funds are of Prime A and only invested in government issued securities. The Company limits its credit risk associated with cash and cash equivalents by placing them with financial institutions that it believes are of high-quality credit rating. The Company has not experienced any losses on its deposits of cash or cash equivalents.

The Company mitigates its credit risks by performing credit evaluations of its customers’. The Company generally does not require collateral.

Company’s trade receivables are from one customer as of December 31, 2019 and December 31, 2020.

Share-Based Compensation

The Company measures its share-based payment awards made to employees, directors, and

non-employee

service providers based on estimated fair values. The fair value of each option award is estimated on the grant date using the Black-Scholes option pricing model. The Company recognizes compensation expenses based on the accelerated method over the requisite service period. The Company recognizes forfeitures of awards as they occur.

The Black-Scholes option pricing model requires a number of assumptions, of which the most significant are share price, expected volatility, expected option term (the time from the grant date until the options are exercised or expire), risk-free rate, and expected divided rate. Share price is estimated based on third party valuation (see also Note 9).

After the IPO, the fair value of each ordinary share was based on the closing price of the Company’s publicly traded ordinary shares as reported on the date of the grant.

Expected volatility

As the Company has a short trading history for its ordinary shares, the expected volatility is derived from the average historical share volatilities of several unrelated public companies within the Company’s industry that the Company considers to be comparable to its own business over a period equivalent to the option’s expected term.

Expected Dividend Yield

The Company has historically not paid dividends and has no foreseeable plans to pay dividends, therefore the Company uses an expected dividend yield of 0%.

Risk-Free Interest Rate

The risk-free interest rate is based on the yield from U.S. Treasury

zero-coupon

bonds with an equivalent expected term.

Expected Term

The expected option term is calculated for options granted to employees and directors using the “simplified” method. Under this approach, the expected term is presumed to be the midpoint between the weighted average vesting term and the contractual term of the option. The simplified method makes the assumption that the employee will exercise share options evenly over the period when the share options are vested and ending on the date when the share options expire. The expected option term for options granted to

non-employees

is based on the contractual term. Changes in the determination of each of the inputs can affect the fair value of the share options granted and the results of operations of the Company.

Restricted shares are value as fair value of shares on date of grant.

Basic and Diluted Net Loss per Share

Basic loss per share is computed by dividing the net loss by the weighted average number of shares of Common Stock outstanding during the period. Diluted loss per share is computed by dividing the net loss by the weighted average number of shares of Common Stock outstanding together with the number of additional shares of Common Stock that would have been outstanding if all potentially dilutive shares of Common Stock had been issued. Diluted net loss per share is the same as basic net loss per share in periods when the effects of potentially dilutive shares of Common Stock are anti-dilutive.

Comprehensive Loss

The Company has no components of comprehensive loss other than net loss. Thus, comprehensive loss is the same as net loss for the period presented.

Segment Information

Financial information is available for evaluation by the chief operating decision maker, the Company’s Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment. Operating segments are defined as components of an enterprise in which separate financial information is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assessing performance.

Deferred Offering Costs

Deferred offering costs consist primarily of accounting, legal, and other fees related to the Company’s proposed IPO. Upon consummation of the IPO, the deferred offering costs were reclassified to stockholders’ (deficit) equity and recorded against the proceeds from the offering..

As of December 31, 2019 the Company had $0.7 in deferred offering costs and none as of December 31, 2020.

Revenue Recognition

The Company recognizes revenue in accordance with ASC Topic 606, Revenue from Contracts with Customers, which applies to all contracts with customers. Under Topic 606, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps:

(i)

identify the contract(s) with a customer;

(ii)

identify the performance obligations in the contract;

(iii)

determine the transaction price;

(iv)

allocate the transaction price to the performance obligations in the contract; and

(v)

recognize revenue when (or as) the entity satisfies a performance obligation.

At contract inception, once the contract is determined to be within the scope of Topic 606, the Company assesses the goods or services promised within the contract and determines those that are performance obligations and assesses whether each promised good or service is distinct.

Customer option to acquire additional goods or services gives rise to a performance obligation in the contract only if the option provides a material right to the customer that it would not receive without entering into that contract.

In a contract with multiple performance obligations, the Company must develop estimates and assumptions that require judgment to determine the underlying stand-alone selling price for each performance obligation, which determines how the transaction price is allocated among the performance obligations.

The Company evaluates each performance obligation to determine if it can be satisfied at a point in time or over time.

Revenue is recognized when control of the promised goods or services is transferred to the customers, in an amount that reflects the consideration the Company expect to be entitled to receive in exchange for those goods or services.

In December 2018, the Company entered into an Evaluation Option to acquire License Agreement (the “Novartis Agreement”) with Novartis International Pharmaceutical Limited (“Novartis”) for which the company is paid for its research and development costs up to

4.3

million. For additional details regarding the Novartis Agreement, refer to Note

The Company concluded that there is one distinct performance obligation under the Novartis Agreement: Research and development services, obligation which is satisfied over time.

Revenue associated with the research and development services in the amount

$3.7 million and $2.3

million was recognized in 2020 and 2019 respectively.

The Company concluded that progress towards completion of the research and development performance obligation related to the Novartis Agreement is best measured in an amount proportional to the expenses incurred from the total estimated expenses. The Company periodically reviews and updates its estimates, when appropriate, which may adjust revenue recognized for the period. The transaction price to be recognized as revenue under the Novartis Agreement consists of the reimbursable research and development costs.

Recently Issued Accounting Pronouncements Not Yet Adopted

As an “emerging growth company,” the Jumpstart Our Business Startups Act (“JOBS Act”) allows the Company to delay adoption of new or revised accounting pronouncements applicable to public companies until such pronouncements are made applicable to private companies. The Company has elected to use this extended transition period under the JOBS Act. The adoption dates discussed below reflects this election.

In February 2016, the FASB issued ASU

2016-02—Leases,

requiring the recognition of lease assets and liabilities on the balance sheet. The standard: (a) clarifies the definition of a lease; (b) requires a dual approach to lease classification similar to current lease classifications; and (c) causes lessees to recognize leases on the balance sheet as a lease liability with a corresponding

right-of-use

asset for leases with a lease-term of more than 12 months. The standard is effective for public entities for fiscal years beginning after December 15, 2018 and for the Company for fiscal years beginning after December 15, 2021. The Company is currently evaluating the impact of adopting this new guidance on its financial statements.

In June 2016, the FASB issued ASU

No. 2016-13

(Topic 326), Financial Instruments—Credit Losses: Measurement of Credit Losses on Financial Instruments, which replaces the existing incurred loss impairment model with an expected credit loss model and requires a financial asset measured at amortized cost to be presented at the net amount expected to be collected. The guidance will be effective for the Company for fiscal years beginning after December 15, 2020. Early adoption is permitted. The Company is currently evaluating the effect that ASU

2016-13

will have on its consolidated financial statements and related disclosures.

Property and Equipment, net

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Property and Equipment, net

3. Property and Equipment, net

Property and Equipment, net consists of the following:


	December 31, 2019		December 31, 2020
	(in thousands)
Cost:
Computers and Software	$	72	$	73
Lab Equipment		276		293
Office Furniture and Equipment		140		142
Leasehold Improvements		1,085		1,105

		1,573		1,613
Less: Accumulated Depreciation		152		330

Property and Equipment, Net	$	1,421	$	1,283

epreciation expenses for the years ended December 31, 2019 and 2020 was approximately

$150,000 and $182,000, respectively.

Accrued Expenses

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Accounts Payable and Accrued Liabilities Disclosure [Text Block]

4. Accrued Expenses

Accrued expenses consist of the following:


	December 31, 2019		December 31, 2020
	(in thousands)
Accrued Professional Fees	$	770	$	657
Accrued Research and Development Expenses		105		101
Tax Provision		440		780
Accrued Payroll and Employee Benefits		1,065		1,613
Total Accrued Expenses	$	2,380	$	3,151

Commitments and Contingent Liabilities

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingent Liabilities

5. Commitments and Contingent Liabilities

Lease

The Subsidiary rents its facilities under an operating lease agreement, which expired in November 2019.

In January 2019, the Company signed a new lease agreement. The term of the lease is for

63 months

and includes an

option to extend the lease for an additional 60 months

As part of the agreement, the lessor also provided the Company with finance in in the amount of approximately

0.5

million paid in arrears for of leasehold improvements.

The financing was recorded as a Long-Term Rent Liability. The minimum rental payments under operating leases as of December 31, 2020, are as follows (in thousands):


Year ended December 31,
2021		362
2022		362
2023		362
2024		121

	$	1,207

The Subsidiary obtained a bank guarantee in the amount of approximately

$0.2

million for its new office lease agreement.

The subsidiary leasing expense for the years ended December 2019 and 2020 was $0.3 million and $0.3 million, respectively.

Asset Transfer and License Agreement with Bristol-Myers Squibb Company.

In November 2017, the Company entered into a license agreement, or the BMS License Agreement, with Bristol-Myers Squibb Company, or BMS, under which BMS granted the Company a worldwide,

non-transferable,

exclusive, sublicensable license under certain patent rights and

know-how

controlled by BMS to research, discover, develop, make, have made, use, sell, offer to sell, export, import and commercialize AL101 and AL102, or the BMS Licensed Compounds, and products containing AL101 or AL102, or the BMS Licensed Products, for all uses including the prevention, treatment or control of any human or animal disease, disorder or condition.

Under the BMS License Agreement, the Company is obligated to use commercially reasonable efforts to develop at least one BMS Licensed Product. The Company has sole responsibility for, and bear the cost of, conducting research and development and preparing all regulatory filings and related submissions with respect to the BMS Licensed Compounds and/or BMS Licensed Products. BMS has assigned and transferred all INDs for the BMS Licensed Compounds to the Company. The Company is also required to use commercially reasonable efforts to obtain regulatory approvals in certain major market countries for at least one BMS Licensed Product, as well as to effect the first commercial sale of and commercialize each BMS Licensed Product after obtaining such regulatory approval. The Company has sole responsibility for, and bear the cost of, commercializing BMS Licensed Products. For a limited period of time, the Company may not, engage directly or indirectly in the clinical development or commercialization of a Notch inhibitor molecule that is not a BMS Licensed Compound.

As consideration of the rights granted by BMS to the Company under the BMS License Agreement, the Company paid BMS a payment of

$6 million and issued to BMS 1,125,929

shares of Series A Preferred Stock valued at approximately $7.3 million. The payment and transfer of intellectual property occurred in November 2017 at the time the BMS License Agreement was executed (the “Effective Date”).

The Company is required to pay BMS payments upon the achievement of certain development or regulatory milestone events of up to $95 million in the aggregate with respect to the first BMS Licensed Compound to achieve each such event and up to $47 million in the aggregate with respect to each additional BMS Licensed Compound to achieve each such event. The Company is also obligated to pay BMS payments of up to $50 million in the aggregate for each BMS Licensed Product that achieves certain sales-based milestone events and tiered royalties on net sales of each BMS Licensed Product by the Company or its affiliates or sublicensees at rates ranging from a high single-digit to low teen percentage, depending on the total annual worldwide net sales of each such Licensed Product. If the Company sublicenses or assigns any rights to the licensed patents, the BMS Licensed Compounds and/or the BMS Licensed Products, the Company is required to share with BMS a portion of all consideration received from such sublicense or assignment, ranging from a

mid-teen

mid-double-digit

percentage, depending on the development stage of the most advanced BMS Licensed Compound or BMS Licensed Product that is subject to the applicable sublicense or assignment, but such portion may be reduced based on the milestone or royalty payments that are payable by the Company to BMS under the BMS License Agreement.

Under the terms of the BMS Agreement, the Company was obligated to issue to BMS additional shares of preferred stock as would be required for BMS to maintain its 8% equity ownership in Company, subject to certain exceptions. This right terminated upon the closing of the sale of the Company’s Series B Preferred Stock. The Company estimates the fair value of this anti-dilution commitment using the probability weighted expected return method (“PWERM”). At the date of BMS Agreement, the Company recorded liability associated with the anti-dilution right in the amount of approximately $0.5 million, according to its fair value. For the year ended December 31, 2018, the Company recorded an income of approximately $0.5 million for the revaluation of the liability, within financial income, net, in the consolidated statement of operations.

The Company accounted for the acquisition of the rights granted by BMS as an asset acquisition because it did not meet the definition of a business. The Company recorded the total consideration transferred and value of shares issued to BMS as research and development expense in the consolidated statement of operations as incurred since the acquired the rights granted by BMS represented

in-process

research and development and had no alternative future use.

The Company accounts for contingent consideration payable upon achievement of sales milestones in such asset acquisitions when the underlying contingency is resolved.

The BMS License Agreement remains in effect, on a

country-by-country

and BMS Licensed

Product-by-BMS

Licensed Product basis, until the expiration of royalty obligations with respect to a given BMS Licensed Product in the applicable country. Royalties are paid on a

country-by-country

and BMS Licensed

Product-by-BMS

Licensed Product basis from the first commercial sale of a particular BMS Licensed Product in a country until the latest of

10 years after the first commercial sale of such BMS Licensed Product in such country, (b) when such BMS Licensed Product is no longer covered by a valid claim in the licensed patent rights in such country, or (c) the expiration of any regulatory or marketing exclusivity for such BMS Licensed Product in such country. Any inventions, and related patent rights, invented solely by either party pursuant to activities conducted under the BMS License Agreement shall be solely owned by such party, and any inventions, and related patent rights, conceived of jointly by the Company and BMS pursuant to activities conducted under the BMS License Agreement shall be jointly owned by the Company and BMS, with BMS’s rights thereto included in the Company’s exclusive license. The Company has the first right—with reasonable consultation with, or participation by, BMS—to prepare, prosecute, maintain and enforce the licensed patents, at the Company’s expense.

BMS has the right to terminate the BMS License Agreement in its entirety upon written notice to the Company (a) for insolvency-related events involving the Company, (b) for the Company’s material breach of the BMS License Agreement if such breach remains uncured for a defined period of time, for the Company’s failure to fulfill its obligations to develop or commercialize the BMS Licensed Compounds and/or BMS Licensed Products not remedied within a defined period of time following written notice by BMS, or (d) if the Company or its affiliates commence any action challenging the validity, scope, enforceability or patentability of any of the licensed patent rights. The Company has the right to terminate the BMS License Agreement (a) for convenience upon prior written notice to BMS, the length of notice dependent on whether a BMS Licensed Project has received regulatory approval, (b) upon immediate written notice to BMS for insolvency-related events involving BMS, (c) for BMS’s material breach of the BMS License Agreement if such breach remains uncured for a defined period of time, or (d) on a BMS Licensed

Compound-by-BMS

Licensed Compound and/or BMS Licensed

Product-by-BMS

Licensed Product basis upon immediate written notice to BMS if the Company reasonably determine that there are unexpected safety and public health issues relating to the applicable BMS Licensed Compounds and/or BMS Licensed Products.

Upon termination of the BMS License Agreement in its entirety by the Company for convenience or by BMS, the Company grants an exclusive,

non-transferable,

sublicensable, worldwide license to BMS under certain of its patent rights that are necessary to develop, manufacture or commercialize BMS Licensed Compounds or BMS Licensed Products. In exchange for such license, BMS must pay the Company a low single-digit percentage royalty on net sales of the BMS Licensed Compounds and/or BMS Licensed Products by it or its affiliates, licensees or sublicensees, provided that the termination occurred after a specified developmental milestone for such BMS Licensed Compounds and/ or BMS Licensed Products.

Option and License Agreement with Novartis International Pharmaceutical Ltd.

In December 2018, the Company entered into an evaluation, option and license agreement, or the Novartis Option Agreement, with Novartis International Pharmaceutical Limited, or Novartis, pursuant to which Novartis agreed to conduct certain studies to evaluate AL102 in combination with its

B-cell

maturation antigen, or BCMA, therapies in multiple myeloma, and the Company agreed to supply AL102 for such studies. All supply and development costs associated with such evaluation studies are fully borne by Novartis.

Under the Novartis Option Agreement, the Company granted Novartis an exclusive option to obtain an exclusive (including as to the Company and its affiliates), sublicensable (subject to certain terms and conditions), worldwide license and sublicense (as applicable) under certain patent rights and

know-how

controlled by the Company (including applicable patent rights and

know-how

that are licensed from BMS pursuant to the BMS License Agreement) to research, develop, manufacture (subject to the Company’s

non-exclusive

right to manufacture and supply AL102 or the Novartis Licensed Product for Novartis) and commercialize AL102 or any pharmaceutical product containing AL102 as the sole active ingredient, or the Novartis Licensed Product, for the diagnosis, prophylaxis, treatment, or prevention of multiple myeloma in humans. The Company also granted Novartis the right of first negotiation for the license rights to conduct development or commercialization activities with respect to the use of AL102 for indications other than multiple myeloma. Additionally, from the exercise by Novartis of its option until the termination of the Novartis Option Agreement, the Company may not, either itself or through its affiliates or any other third parties, directly or indirectly research, develop or commercialize certain BCMA-related compounds for the treatment of multiple myeloma.

According to the agreement, Novartis shall pay the Company a low eight figure option exercise fee in order to exercise its option and activate its license, upon which the Company will be eligible to receive development, regulatory and commercial milestone payments of up to

245

million in the aggregate and tiered royalties on net sales of Novartis Licensed Products by Novartis or its affiliates or sublicensees at rates ranging from a

mid-single-digit

to low double-digit percentage, depending on the total annual worldwide net sales of Novartis Licensed Products. Royalties will be paid on a

country-by-country

and Novartis Licensed

Product-by-Novartis

Licensed Product basis from the first commercial sale of a particular Novartis Licensed Product in a country until the latest of (a) 10 years after the first commercial sale of such Novartis Licensed Product in such country, (b) when such Novartis Licensed Product is no longer covered by a valid claim in the licensed patent rights in such country, or (c) the expiration of any regulatory or marketing exclusivity for such Novartis Licensed Product in such country. Contemporaneously with the Novartis Option Agreement, the Company entered into a stock purchase agreement and associated investment agreements, or the SPA, with Novartis’ affiliate, Novartis Institutes for BioMedical Research, Inc., or NIBRI, pursuant to which NIBRI acquired a $10 million equity stake in the Company.

Novartis shall own any inventions, and related patent rights, invented solely by it or jointly with the Company in connection with activities conducted pursuant to the Novartis Option Agreement. The Company will maintain first right to prosecute and maintain any patents licensed to Novartis, both before and after its exercise of its option. The Company maintain the first right to defend and enforce its patents prior to Novartis’s exercise of its option, upon which Novartis gains such right with respect to patents included in the license.

The option granted to Novartis will remain in effect until the earlier of (a) 60 days following the last visit of the last subject in the evaluation studies, the termination of the Novartis Option Agreement, or (c) 36 months following the delivery by the Company to Novartis of sufficient amounts of clinical evaluation materials to conduct the anticipated clinical studies. The Novartis Option Agreement remains in effect until such time as no Novartis Licensed Product is being developed or commercialized by Novartis, its affiliates, or sublicensees (including distributors or commercial partners), unless terminated earlier. The Company has the right to terminate the Novartis Option Agreement (a) for Novartis’s material breach if such breach remains uncured for 60 days (such cure period shall be extended for an additional period during which Novartis is making good faith efforts to cure such breach) or (b) for Novartis’s failure to use commercially reasonable efforts to develop or commercialize AL102 and/or the Novartis Licensed Product not remedied within four months following written notice to Novartis. Novartis has the right to terminate the Novartis Option Agreement (a) in its entirety or on a

country-by-country

basis for convenience, upon 60 days written notice to us, (b) for Company’s material breach if such breach remains uncured for 60 days (such cure period shall be extended for an additional period during which Novartis is making good faith efforts to cure such breach) or (c) upon immediate written notice to the Company for insolvency-related events involving the Company.

Fair Value Measurements

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Fair Value Measurements

6. Fair Value Measurements

As of December 31, 2019, the Company had no financial liabilities measured at fair value.

The following tables summarize the fair value measurements of our financial instruments as of December 31, 2020:


	Fair Value Measurements at December 31, 2020
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
			($ in thousands)
Cash equivalents:
Money market funds	$	35,900	$	—	$	—	$	35,900

Total cash equivalents	$	35,900	$	—	$	—	$	35,900

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Convertible Preferred Stock

12 Months Ended

Dec. 31, 2020

Temporary Equity Disclosure [Abstract]

Convertible Preferred Stock

7. Convertible Preferred Stock

December 2017

, the Company entered into a Series A Preferred Stock Purchase Agreement, pursuant to which the Company issued

2,553,849

shares of Series A Preferred Stock for a total amount of $

16.6

million, at a price equal to $

6.50

per share, of which

461,540

shares of Series A Preferred Stock were issued for a total amount of $

3.0

million at an additional closing that took place in

March 2018

In consideration for the license from BMS, described in Note

, the Company issued

1,125,929

shares of Series A Preferred Stock.

December 2018

, the Company entered into a Series B Preferred Share Purchase Agreement, according to which the Company issued

3,097,343

shares of Series B Preferred Stock for a total amount of $

24.5

million, at a price equal to $

7.91

per share.

In February and

May 2019

, the Company completed additional closings of the Series B Preferred Stock financing, in which the Company issued

653,331

shares of Series B Preferred Stock for a total amount of $

5.2

million, at a price equal to $

7.91

per share.


	December 31, 2019
Convertible Preferred Shares	Shares Authorized		Shares Issued and Outstanding		Carrying Value		Liquidation Preference
Series A		3,700,000		3,679,778	$	23,823,000	$	23,918,557
Series B		4,500,000		3,750,674	$	29,550,000	$	29,667,831

Total		8,200,000		7,430,452	$	53,373,000	$	58,586,388

Upon completion of the IPO, all convertible preferred shares outstanding, totaling 3,715,222 shares, were automatically converted into an equivalent number of ordinary shares on a one-to-one basis and their carrying value of $53.4 million was reclassified into shareholders’ equity.

Common Stock

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Common Stock

8. Common Stock

On November 14, 2017, the Company approved its subscription agreements with its founding stockholders, according to which the Company issued

4,916,834

shares of Common Stock for

consideration.

On December

2017

, the stockholders of the Company increased the authorized capital stock of the company by

24,995,000

shares of Common Stock such that after such increase the authorized capital stock of the company was

25,000,000

, divided into (i)

20,000,000

shares of Common Stock (ii)

5,000,000

shares of Series A Preferred Stock.

Concurrently with the increase, the stockholders of the Company approved a stock split of the Company’s Common Stock and Preferred Stock such that each then outstanding share was divided into

10,000

shares so that following such stock split each stockholder holds a total of

10,000

shares for each share held by such shareholder immediately prior to the stock split. All references to common stock, share and per share amounts have been retroactively restated to reflect the

10,000

stock split as if it had taken place as of the beginning of the earliest period presented.

The Common Stock confer upon the holders the right vote in annual and special meetings of the Company, and to participate in the distribution of the surplus assets of the Company upon liquidation of the Company, after the distribution of the preferred stock liquidation preference. No dividends have been declared as of December 31, 2019 and 2020

December 2018

, the stockholders of the Company increased the authorized capital stock of the company by

3,200,000

shares such that after such increase, the authorized capital stock of the company was

28,200,000

shares, divided into (i)

20,000,000

shares of Common Stock (ii)

3,700,000

shares of Series A Preferred Stock and (iii)

4,500,000

shares of Series B Preferred Stock.

On May

2020

, the Company completed the sale of shares of its common stock in its IPO. In connection with the IPO, the Company issued and sold

3,940,689

shares of common stock, including

274,022

shares associated with the partial exercise on June

2020

of the underwriters’ option to purchase additional shares, at a price to the public of $

15.00

per share, resulting in net proceeds to the Company of approximately $

52.8

million after deducting underwriting discounts and commissions and estimated offering expenses payable by the Company. All shares issued and sold were registered pursuant to a registration statement on Form

S-1

(File

No. 333-236942),

as amended, declared effective by the U.S. Securities and Exchange Commission (the “Commission”) on May

2020

In connection with the IPO, the Company effected a

one-for-two

reverse stock split of its common stock which became effective on May

2020

. Upon the closing of the IPO, all of the outstanding shares of Series A preferred stock and Series B preferred stock automatically converted into an aggregate of

3,715,222

shares of common stock. Subsequent to the closing of the IPO, there were

shares of

preferred stock outstanding, and amended

the authorized capital stock of the company to

210,000,000

shares of common stock, par, divided into (i)

200,000,000

shares of Common Stock (ii)

10,000,000

shares of Preferred Stock.

Total shares of Common Stock reserved for issuance are summarized as follows:


	December 31, 2019		December 31, 2020
Series A Preferred Stock, as converted		1,839,884		—
Series B Preferred Stock, as converted		1,875,338		—
Options Outstanding		608,218		695,674
Shares available for future option grants		71,720		387,736

Total shares of Common Stock reserved for Issuance		4,395,160		1,083,410

Composition of Capital Stock:

December 31, 2019

December 31, 2020

Issued and

Authorized

outstanding

Authorized

outstanding

Shares of USD 0.01 par value:

Common Stock

20,000,000

4,998,874

200,000,000

12,728,446

*	Does not include 65,847 and 96,017 shares of restricted Common Stock issued but no t outstanding in 2019 and 2020, respectively.

Share Based Plans

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Share Based Plans

9.	Share Based Plans

In 2017, the Company’s board of directors adopted the 2017 Stock Incentive Plan (the “Plan”). According to the Plan, share awards, including restricted stock, restricted stock units or other share-based awards, or options to purchase shares may be granted to employees, directors, consultants and other service providers of the Company or any affiliate of the Company.

As of December 31, 2020, a total of

1,341,040

shares of Common Stock were authorized for issuance in accordance with the provisions of the 2017 Plan, of which

387,736

shares were then available for future awards (whether as share awards or as options to purchase shares of Common Stock of the Company). Each option granted under the Plan expires no later than

years from the date of grant. The options vest primarily over

four

five

years of employment.

The following table set forth the parameters used in the computation of the fair value of options granted to employees:


	Year ended December 31,
	2019			2020
Expected volatility		80%			80%
Expected dividends		0%			0%
Expected term (in years)		6.06-6.34			6.34
Risk free rate		1.41%-2.51	%		0.47%-2.03 %

Expected Volatility:

As the Company is privately owned, there is not sufficient historical volatility for the expected term of the stock options. Therefore, the Company uses an average historical share price volatility based on an analysis of reported data for a peer group of comparable publicly traded companies which were selected based upon industry similarities.

Expected term (years):

Expected term represents the period that the Company’s option grants are expected to be outstanding. There is not sufficient historical share exercise data to calculate the expected term of the stock options. Therefore, the Company elected to utilize the simplified method to value option grants. Under this approach, the weighted-average expected life is presumed to be the average of the shortest vesting term and the contractual term of the option.

Risk-free interest rate:

The Company determined the risk-free interest rate by using a weighted-average equivalent to the expected term based on the U.S. Treasury yield curve in effect as of the date of grant.

Expected dividend yield:

The Company does not anticipate paying any dividends in the foreseeable future.

The Company recorded share-based compensation for the period indicated as follows (in thousands):


		Year ended		Year ended
		December 31,		December 31,
		2019		2020
Research and Development	$	365	$	509
General and Administrative		362		1,060

Total Share-Based Compensation	$	727	$	1,569

The Company recognizes compensation expenses for the value of its awards granted based on the accelerated method over the requisite service period of each of the awards.

A summary of the Company’s stock option activity granted to employees under the Plan is as follows:


	Year ended December 31, 2020
				Weighted		Weighted
	Number			Weighted		average
	Number			average		remaining		Aggregate
	of			exercise		contractual term		Aggregate
	options			price		(in years)		intrinsic value
Outstanding at Beginning of Year		608,218		$	5.14		8.48	$	836,941
Granted		177,299			8.77
Exercised		(54,999	)		5.10			$	280,107
Forfeited		(30,938	)		5.11
Expired		(3,906	)		5.10

Outstanding, December 31, 2020		695,674		$	6.07		8.26	$	3,427,504

Exercisable Options, December 31, 2020				$	5.33		7.71	$	3,350,011

The weighted-average grant date

per-share

fair value of stock options granted during 2019 and 2020 was $

4.16

and $

6.07

, respectively. The aggregate intrinsic value of stock options exercised during the year ended December 31, 2019 and 2020 was $

and $280, respectively. As of December 31, 2020, there was approximately $

1.2

million of total unrecognized compensation cost related to

non-vested

share-based compensation arrangements granted under the Plan. That cost is expected to be recognized over a weighted-average period of

1.03

years.

Company’s restricted shares:

In February 2018, the Company granted 83,165 restricted shares to an employee and an officer of the Company. In the case of the officer, the restricted shares vest over two years starting November 15, 2017, and in the case of the other employee, the restricted shares vest over four years starting November 15, 2017.

In December 2019, the Company granted 59,597 restricted shares to

two

officers of the Company. The restricted shares vest over four years starting December 24, 2019.

In May 2020, the Company granted 58,651 restricted shares to two officers of the Company. The restricted shares vest over four years starting May 7, 2020.

The following table summarizes information relating to restricted shares, as well as changes to such awards during the fiscal years ended December 31, 2019 and 2020:


	Year ended		Year ended
	December 31,		December 31,
	2019		2020
Outstanding at beginning of Year	44,707		65,847
Granted	59,597		58,651
Forfeited	—		(3,907	)
Vested	(38,457	)	(18,662	)

Outstanding at end of Year	65,847		101,929

The weighted average fair values at grant date of restricted shares granted for the years ended December 31, 2019 and 2020 was $6.74 and $15,

per share respectively.

The total fair value of shares vested during each of 2019 and 2020 was approximately $0.2 million. As of December 31, 2020, the Company had approximately $0.5 million of unrecognized compensation expense related to

non-vested

restricted shares, expected to be recognized over a weighted average period of 0.91 years.

Restricted shares are subject to a repurchase right by the Company on certain occasions. Under the repurchase right, the Company may reacquire a

pro-rata

portion of the granted shares, for no consideration, if certain conditions occur including the employees’ end of service with the Company.

Taxes on Income

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Taxes on Income

10.	Taxes on Income

The Company records income tax expense related to profits realized in the United States and realized by its subsidiary in Israel.

United States:

On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act (the “U.S. Tax Reform”); a comprehensive tax legislation that includes significant changes to the taxation of business entities. These changes, most of which are effective for tax years beginning after December 31, 2017, include several key tax provisions that might impact the Company, among others: (i) a permanent reduction to the statutory federal corporate income tax rate from 35% (top rate) to 21% (flat rate) effective for tax years beginning after December 31, 2017 (ii) a new tax deduction in the amount of 37.5% of “foreign derived intangible income” that effectively reduces the federal corporate tax on certain qualified foreign derived sales/licenses/leases and service income in excess of a base amount to 13.125% (as compared to the regular corporate income tax rate of 21%); (iii) stricter limitation on the tax deductibility of business interest expense; (iv) a shift of the U.S. taxation of multinational corporations from a tax on worldwide income to a territorial system (along with certain rules designed to prevent erosion of the U.S. income tax base) (v) a

one-time

deemed repatriation tax on accumulated offshore earnings held in cash and illiquid assets, with the latter taxed at a lower rate and (vi) an expansion of the U.S. controlled foreign corporation (“CFC”) anti deferral starting with the CFC’s first tax year beginning in 2018 intended to tax in the U.S. “global intangible

low-taxed

income” (“GILTI”).

The Company recorded loss from continuing operations, before taxes on income for the period indicated as follows (in thousands):


	Year ended			Year ended
	December 31,			December 31,
	2019			2020
United States	$	(17,104	)	$	(29,698	)
Israel		(382	)		(23	)

Net loss before tax	$	(17,486	)	$	(29,721	)

Income tax expense is summarized as follows (in thousands):

	Year ended		Year ended
	December 31,		December 31,
	2019		2020
Current:
Federal	$	—	$
State		10		—
Foreign		296		426

	$	306	$	426

Deferred:
Federal	$	—	$	—
State		—		—
Foreign		—		—

	$	—	$	—

Income tax expense	$	306	$	426

The effective income tax rate differed from the amount computed by applying the federal statutory rate to our loss before income taxes as follows:


	Year ended			Year ended
	December, 31			December, 31
	2019			2020
U.S. federal tax provision at statutory rate		21.00	%		21.00 %
State and local tax, net of federal benefit		2.81			4.64
Foreign rate differences		(0.04	)		(0.07	)
Non-deductible stock compensation		(0.87	)		(1.11	)
Section 951A GILTI		(1.02	)		(0.85	)
Effect of other permanent differences		0.00			(0.07	)
Uncertain tax positions		(1.11	)		(0.52	)
Change in valuation allowance		(22.44	)		(26.65	)
Federal Tax Reform Rate Change		0.00			0.00
Other adjustments		(0.08	)		2.20
Effective tax rate		(1.75	)%		(1.43	)%

Deferred Income Taxes

Deferred income

taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets are as follows (in thousands):


	As of			As of
	December 31,			December 31,
	2019			2020
Deferred tax assets:
Federal net operating loss carryforwards	$	5,730		$	12,752
Intangible assets		2,971			651
Accrued expenses		120			3,022
Other		(7	)		—

Total deferred tax assets		8,814			16,425
Valuation allowance		(8,814	)		(16,425	)

Net deferred tax assets	$	—		$

As of December 31, 2020, the Company has provided a valuation allowance of approximately $16.4 million in respect of the Company’s deferred tax assets resulting from tax loss carryforwards and other temporary differences. Realization of deferred tax assets is dependent upon future earnings, if any, the time and amount of which are uncertain. As the Company is still in its development stage and has not yet generated revenues, it is more likely than not that sufficient taxable income will not be available for the tax losses to be utilized in the future. Therefore, a valuation allowance was recorded to reduce the deferred tax assets to their recoverable amounts.

Available Carryforward Tax Losses

As of December 31, 2020, we had net operating loss carryforwards, or NOLs, of $51.2 million for federal income tax purposes and $31.6 million for state income tax purposes, which may be available to offset our future taxable income, if any, and begin to expire in various amounts in 2037 and 2038, respectively, provided that NOLs generated in tax years ending after December 31, 2017 will not be subject to expiration. In general, under Sections 382 and 383 of the U.S. Internal Revenue Code of 1986, as amended, or the Code, a corporation that undergoes an “ownership change” is subject to limitations on its ability to use its

pre-change

NOLs to offset future taxable income. If the U.S. Internal Revenue Service challenges our determinations with respect to the existence of previous ownership changes or the effects thereof, or if we undergo an ownership change, our ability to use our NOLs could be limited by Section 382 of the Code. Future changes in our stock ownership, some of which are outside of our control, could also result in an ownership change under Sections 382 and 383 of the Code. In addition, for taxable years beginning after December 31, 2020, utilization of federal NOLs generated in tax years beginning after December 31, 2017 are limited to a maximum of 80% of the taxable income for such year, after taking into account utilization of NOLs generated in years beginning before January 1, 2018 and determined without regard to such NOL deduction. Furthermore, our ability to use NOLs of companies that we may acquire in the future may be subject to limitations. For these reasons, we may not be able to use a material portion of the NOLs, even if we attain profitability. The reduction of the corporate tax rate under recently-enacted U.S. tax legislation may cause a reduction in the economic benefit of our NOLs and other deferred tax assets available to us.

. In addition, as of December 31, 2020, the Company had federal Orphan Drug research and development credit carryforwards of approximately $618 thousand and $33, respectively. If not utilized, the federal tax carryforwards which expire in 2039.

Uncertain Tax Positions

The Company has reviewed the tax positions taken, or to be taken, in our tax returns for all tax years currently open to examination by a taxing authority. As of December

2019

and

2020

, the Company has recorded an uncertain tax position liability exclusive of interest and penalties of approximately $

0.4

and $

0.6

million, respectively. As of December

2020

, the Company has not accrued penalties for uncertain tax positions. A reconciliation of the Company’s unrecognized tax benefits is below:


	2019		2020
	(in thousands)		(in thousands)
Uncertain tax position at the beginning of year	$	205	$	424
Additions for uncertain tax position of prior years (foreign exchange and interest)		25		3
Additions for tax positions of current year		194		153

Uncertain tax position at the end of the year	$	424	$	581

The Company remains subject to examination until the statute of limitations expires for each respective tax jurisdiction. The statute of limitations is currently open for 2017, 2018 and 2019 for all tax jurisdictions.

Israel:

In December 2016, the Israeli Parliament approved the Economic Efficiency Law (Legislative Amendments for Applying the Economic Policy for the 2017 and 2018 Budget Years) which reduces the corporate income tax rate from

25% to 24% effective from January 1, 2017, and to 23% effective from January 1, 2018.

The Israeli corporate income tax rate was 23%

in 2019 and 2020. Income not eligible for Preferred Enterprise benefits is taxed at the regular corporate tax rates as described above.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References + Details

Net Loss Per Share Attributable to Common Stockholders

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Net Loss Per Share Attributable to Common Stockholders

11.	Net Loss Per Share Attributable to Common Stockholders

The following table sets forth the computation of the loss per share for the period presented (in thousands, except for share data):


	Year ended		Year ended
	December 31, 2019		December 31, 2020
Numerator:
Net loss		17,792	$	30,146
Denominator:
Weighted-average number of shares used to compute net loss per share, basic and diluted		4,979,606		9,860,610

The following potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the period presented due to their anti-dilutive effect: 3,679,778 shares of Series A Preferred Stock, 3,750,674 shares of Series B Preferred Stock and 608,218 options outstanding to purchase common stock as of December 31, 2019.

The following potentially dilutive common stock equivalents have been excluded from the calculation of diluted net loss per share for the period presented due to their anti-dilutive effect: Stock and

695,674

options outstanding to purchase common stock as of December 31, 2020.

Subsequent Events

12 Months Ended

Dec. 31, 2020

Subsequent Events [Abstract]

Subsequent Events

On February 19, 2021, the Company entered into a Securities Purchase Agreement (the “2021 Purchase Agreement”) with the purchasers named therein (the “Investors”). Pursuant to the 2021 Purchase Agreement, the Company agreed to sell (i) an aggregate of 333,333 shares of its common stock (the “Private Placement Shares”), par value $0.01 per share, together with warrants to purchase an aggregate of 116,666 shares of its common stock with an exercise price of $18.10 per share (the “Common Warrants”), for an aggregate purchase price of $4,999,995.00 and

(ii) pre-funded

warrants to purchase an aggregate of 1,333,333 shares of its common stock with an exercise price of $0.01 per share (the

“Pre-Funded

Warrants” and collectively with the Common Warrants, the “Private Placement Warrants”), together with an aggregate of 466,666 Common Warrants, for an aggregate purchase price of $19,986,661.67 (collectively, the “Private Placement”). The Private Placement closed on February 23, 2021.

The exercise price and the number of shares of common stock issuable upon exercise of each Private Placement Warrant are subject to adjustment in the event of certain stock dividends and distributions, stock splits, stock combinations, reclassifications or similar events affecting the common stock. In addition, in certain circumstances, upon a fundamental transaction, a holder of Common Warrants will be entitled to receive, upon exercise of the Common Warrants, the kind and amount of securities, cash or other property that such holder would have received had they exercised the Private Placement Warrants immediately prior to the fundamental transaction. The

Pre-Funded

Warrants will be automatically exercised on cashless basis upon the occurrence of a fundamental transaction. Each Common Warrant is exercisable from the date of issuance and has a term of three years and each

Pre-Funded

Warrant is exercisable from the date of issuance and has a term of ten years. Pursuant to the 2021 Purchase Agreement, the Company agreed to use reasonable best efforts to register the Private Placement Shares and Private Placement Warrants for resale by the Investors on a registration statement on Form

S-3

promptly following the date such form is available for use by the Company, but in no event later than June 15, 2021.

The Private Placement was exempt from registration pursuant to Section 4(a)(2) of the Securities Act and Regulation D promulgated thereunder, as a transaction by an issuer not involving a public offering.

In 2021, the board of directors granted 204,570 stock options and

71,253

shares of restricted stock to certain officer of the of the Company and its employees.

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Use of Estimates

Use of Estimates:

Consolidated Financial Statements in U.S. Dollars

day-to-day

operations of the foreign subsidiary are dependent on the economic environment of the U.S. Dollar.

Principles of Consolidation

The consolidated financial statements include the accounts of the Company and the Subsidiary. Intercompany balances and transactions have been eliminated upon consolidation.

Cash and Cash Equivalents and Short-term restricted bank deposits

Property and Equipment, Net


Computers and Software	33	%
Lab Equipment	15	%
Office Furniture and Equipment	7	%

Leasehold improvements are amortized on a straight-line basis over the shorter of the assets’ estimated useful life or the remaining term of the lease.

Maintenance and repair costs are expensed as incurred.

Impairment of Long-Lived Assets

no impairment indicators have been identified.

Accrued Post-Employment Benefit

Fair Value of Financial Instruments:

Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

The accounting standard establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below:

Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs.

Level 2: Observable inputs that are based on inputs not quoted on active markets but corroborated by market data.

Level 3: Unobservable inputs are used when little or no market data are available.

Restricted bank deposits, trade receivables, trade payables are stated at their carrying value, which approximates fair value due to the short time to the expected receipt or payment date.

Research and Development

Acquired In-Process Research and Development

Acquired

In-Process

Research and Development

In an asset acquisition, the initial costs of rights to

in-process

research and development projects acquired are expensed as R&D in the consolidated statements of operations unless the

in-process

research and development has an alternative future use. In a business combination, the fair value of

in-process

research and development is capitalized as an indefinite-lived intangible asset, regardless of whether the

in-process

research and development asset has an alternative future use.

Clinical Trial Costs

Non-refundable

Patent Costs

Contingent Liabilities

t a party to any litigation that could have a material adverse effect on the Company’s business, financial position, results of operations or cash flows.

Income Taxes

The Company accounts for uncertain tax positions in accordance with the provisions of ASC

740-10,

Concentrations of Credit Risk

The Company mitigates its credit risks by performing credit evaluations of its customers’. The Company generally does not require collateral.

Company’s trade receivables are from one customer as of December 31, 2019 and December 31, 2020.

Share-Based Compensation

The Company measures its share-based payment awards made to employees, directors, and

non-employee

After the IPO, the fair value of each ordinary share was based on the closing price of the Company’s publicly traded ordinary shares as reported on the date of the grant.

Expected volatility

Expected Dividend Yield

The Company has historically not paid dividends and has no foreseeable plans to pay dividends, therefore the Company uses an expected dividend yield of 0%.

Risk-Free Interest Rate

The risk-free interest rate is based on the yield from U.S. Treasury

zero-coupon

bonds with an equivalent expected term.

Expected Term

non-employees

is based on the contractual term. Changes in the determination of each of the inputs can affect the fair value of the share options granted and the results of operations of the Company.

Restricted shares are value as fair value of shares on date of grant.

Basic and Diluted Net Loss per Share

Comprehensive Loss

The Company has no components of comprehensive loss other than net loss. Thus, comprehensive loss is the same as net loss for the period presented.

Segment Information

Deferred Offering Costs

As of December 31, 2019 the Company had $0.7 in deferred offering costs and none as of December 31, 2020.

Revenue Recognition

(i)

identify the contract(s) with a customer;

(ii)

identify the performance obligations in the contract;

(iii)

determine the transaction price;

(iv)

allocate the transaction price to the performance obligations in the contract; and

(v)

recognize revenue when (or as) the entity satisfies a performance obligation.

The Company evaluates each performance obligation to determine if it can be satisfied at a point in time or over time.

4.3

million. For additional details regarding the Novartis Agreement, refer to Note

The Company concluded that there is one distinct performance obligation under the Novartis Agreement: Research and development services, obligation which is satisfied over time.

Revenue associated with the research and development services in the amount

$3.7 million and $2.3

million was recognized in 2020 and 2019 respectively.

Recently Issued Accounting Pronouncements Not Yet Adopted

In February 2016, the FASB issued ASU

2016-02—Leases,

right-of-use

In June 2016, the FASB issued ASU

No. 2016-13

2016-13

will have on its consolidated financial statements and related disclosures.

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Policies [Abstract]

Schedule Of Property Plant And Equipment Estimated Useful Lives Percentage


Computers and Software	33	%
Lab Equipment	15	%
Office Furniture and Equipment	7	%

Property and Equipment, net (Tables)

12 Months Ended

Dec. 31, 2020

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, net

Property and Equipment, net consists of the following:


	December 31, 2019		December 31, 2020
	(in thousands)
Cost:
Computers and Software	$	72	$	73
Lab Equipment		276		293
Office Furniture and Equipment		140		142
Leasehold Improvements		1,085		1,105

		1,573		1,613
Less: Accumulated Depreciation		152		330

Property and Equipment, Net	$	1,421	$	1,283

Accrued Expenses (Tables)

12 Months Ended

Dec. 31, 2020

Payables and Accruals [Abstract]

Summary of Accrued Expenses

Accrued expenses consist of the following:


	December 31, 2019		December 31, 2020
	(in thousands)
Accrued Professional Fees	$	770	$	657
Accrued Research and Development Expenses		105		101
Tax Provision		440		780
Accrued Payroll and Employee Benefits		1,065		1,613
Total Accrued Expenses	$	2,380	$	3,151

Commitments and Contingent Liabilities (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies Disclosure [Abstract]

Schedule of Future Minimum Rental Payments Under Operating Leases

The financing was recorded as a Long-Term Rent Liability. The minimum rental payments under operating leases as of December 31, 2020, are as follows (in thousands):


Year ended December 31,
2021		362
2022		362
2023		362
2024		121

	$	1,207

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value Disclosures [Abstract]

Summary of fair value measurements of our financial instruments

The following tables summarize the fair value measurements of our financial instruments as of December 31, 2020:


	Fair Value Measurements at December 31, 2020
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
			($ in thousands)
Cash equivalents:
Money market funds	$	35,900	$	—	$	—	$	35,900

Total cash equivalents	$	35,900	$	—	$	—	$	35,900

Convertible Preferred Stock (Tables)

12 Months Ended

Dec. 31, 2020

Temporary Equity Disclosure [Abstract]

Summary of Redeemable Convertible Preferred Stock


	December 31, 2019
Convertible Preferred Shares	Shares Authorized		Shares Issued and Outstanding		Carrying Value		Liquidation Preference
Series A		3,700,000		3,679,778	$	23,823,000	$	23,918,557
Series B		4,500,000		3,750,674	$	29,550,000	$	29,667,831

Total		8,200,000		7,430,452	$	53,373,000	$	58,586,388

Common Stock (Tables)

12 Months Ended

Dec. 31, 2020

Equity [Abstract]

Summary Of Total Shares Of Common Stock Reserved For Issuance

Total shares of Common Stock reserved for issuance are summarized as follows:


	December 31, 2019		December 31, 2020
Series A Preferred Stock, as converted		1,839,884		—
Series B Preferred Stock, as converted		1,875,338		—
Options Outstanding		608,218		695,674
Shares available for future option grants		71,720		387,736

Total shares of Common Stock reserved for Issuance		4,395,160		1,083,410

Schedule Of Composition Of Capital Stock

Composition of Capital Stock:

December 31, 2019

December 31, 2020

Issued and

Authorized

outstanding

Authorized

outstanding

Shares of USD 0.01 par value:

Common Stock

20,000,000

4,998,874

200,000,000

12,728,446

*	Does not include 65,847 and 96,017 shares of restricted Common Stock issued but no t outstanding in 2019 and 2020, respectively.

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section 45
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Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 210
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-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 505
-SubTopic 10
-Section 50
-Paragraph 10
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 480
-SubTopic 10
-Section S99
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=65877616&loc=d3e177068-122764

Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
-Topic 210
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-URI http://asc.fasb.org/extlink&oid=120391452&loc=d3e13212-122682

Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 505
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-Section S99
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-Subparagraph (SX 210.3-04)
-URI http://asc.fasb.org/extlink&oid=120397183&loc=d3e187085-122770

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-URI http://asc.fasb.org/extlink&oid=109259400&loc=d3e21506-112644

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+ Details

Share Based Plans (Tables)

12 Months Ended

Dec. 31, 2020

Share-based Payment Arrangement [Abstract]

Summary of computation of the fair value of options granted

The following table set forth the parameters used in the computation of the fair value of options granted to employees:


	Year ended December 31,
	2019			2020
Expected volatility		80%			80%
Expected dividends		0%			0%
Expected term (in years)		6.06-6.34			6.34
Risk free rate		1.41%-2.51	%		0.47%-2.03 %

Summary of share-based compensation for the period indicated

The Company recorded share-based compensation for the period indicated as follows (in thousands):


	Year ended December 31, 2019		Year ended December 31, 2020
Research and Development	$	365	$	509
General and Administrative		362		1,060

Total Share-Based Compensation	$	727	$	1,569

Summary of stock option activity granted to employees under the Plan

A summary of the Company’s stock option activity granted to employees under the Plan is as follows:


	Year ended December 31, 2020
				Weighted		Weighted
	Number			Weighted		average
	Number			average		remaining		Aggregate
	of			exercise		contractual term		Aggregate
	options			price		(in years)		intrinsic value
Outstanding at Beginning of Year		608,218		$	5.14		8.48	$	836,941
Granted		177,299			8.77
Exercised		(54,999	)		5.10			$	280,107
Forfeited		(30,938	)		5.11
Expired		(3,906	)		5.10

Outstanding, December 31, 2020		695,674		$	6.07		8.26	$	3,427,504

Exercisable Options, December 31, 2020				$	5.33		7.71	$	3,350,011

Summary of information relating to restricted shares

The following table summarizes information relating to restricted shares, as well as changes to such awards during the fiscal years ended December 31, 2019 and 2020:


	Year ended		Year ended
	December 31,		December 31,
	2019		2020
Outstanding at beginning of Year	44,707		65,847
Granted	59,597		58,651
Forfeited	—		(3,907	)
Vested	(38,457	)	(18,662	)

Outstanding at end of Year	65,847		101,929

Taxes on Income (Table)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule Of Income Before Income Tax Domestic And Foreign

The Company recorded loss from continuing operations, before taxes on income for the period indicated as follows (in thousands):


	Year ended			Year ended
	December 31,			December 31,
	2019			2020
United States	$	(17,104	)	$	(29,698	)
Israel		(382	)		(23	)

Net loss before tax	$	(17,486	)	$	(29,721	)

Schedule of Components of Income Tax Expense Benefit

Income tax expense is summarized as follows (in thousands):

	Year ended		Year ended
	December 31,		December 31,
	2019		2020
Current:
Federal	$	—	$
State		10		—
Foreign		296		426

	$	306	$	426

Deferred:
Federal	$	—	$	—
State		—		—
Foreign		—		—

	$	—	$	—

Income tax expense	$	306	$	426

Schedule of Effective Income Tax Rate Reconciliation

The effective income tax rate differed from the amount computed by applying the federal statutory rate to our loss before income taxes as follows:


	Year ended			Year ended
	December, 31			December, 31
	2019			2020
U.S. federal tax provision at statutory rate		21.00	%		21.00 %
State and local tax, net of federal benefit		2.81			4.64
Foreign rate differences		(0.04	)		(0.07	)
Non-deductible stock compensation		(0.87	)		(1.11	)
Section 951A GILTI		(1.02	)		(0.85	)
Effect of other permanent differences		0.00			(0.07	)
Uncertain tax positions		(1.11	)		(0.52	)
Change in valuation allowance		(22.44	)		(26.65	)
Federal Tax Reform Rate Change		0.00			0.00
Other adjustments		(0.08	)		2.20
Effective tax rate		(1.75	)%		(1.43	)%

Schedule of Deferred Tax Assets and Liabilities


	As of			As of
	December 31,			December 31,
	2019			2020
Deferred tax assets:
Federal net operating loss carryforwards	$	5,730		$	12,752
Intangible assets		2,971			651
Accrued expenses		120			3,022
Other		(7	)		—

Total deferred tax assets		8,814			16,425
Valuation allowance		(8,814	)		(16,425	)

Net deferred tax assets	$	—		$

Schedule of Unrecognized Tax Benefits Roll Forward


	2019		2020
	(in thousands)		(in thousands)
Uncertain tax position at the beginning of year	$	205	$	424
Additions for uncertain tax position of prior years (foreign exchange and interest)		25		3
Additions for tax positions of current year		194		153

Uncertain tax position at the end of the year	$	424	$	581

Net Loss Per Share Attributable to Common Stockholders (Tables)

12 Months Ended

Dec. 31, 2020

Earnings Per Share [Abstract]

Summary of computation of the unaudited pro forma net loss per share

The following table sets forth the computation of the loss per share for the period presented (in thousands, except for share data):


	Year ended		Year ended
	December 31, 2019		December 31, 2020
Numerator:
Net loss		17,792	$	30,146
Denominator:
Weighted-average number of shares used to compute net loss per share, basic and diluted		4,979,606		9,860,610

General - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions					12 Months Ended
	Dec. 31, 2020	Jun. 04, 2020	May 31, 2020	May 12, 2020	Dec. 31, 2020
Shares Issued, Price Per Share		$ 15.00		$ 15.00
Proceeds from Issuance Initial Public Offering		$ 52.2		$ 52.2
Preferred Stock, Shares Outstanding	0				0
Common Stock [Member]
Stock Issued During Period, Shares, New Issues					3,940,689
Conversion of preferred stock	3,715,222		3,715,222		3,715,222
IPO [Member]
Stock Issued During Period, Shares, New Issues				3,940,689
Over-Allotment Option [Member]
Stock Issued During Period, Shares, New Issues		274,022		274,022

Significant Accounting Policies - Summary of Property Plant And Equipment Estimated Useful Lives percentage (Detail)	Dec. 31, 2020
Computers and Software [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Net	33.00%
Lab Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Net	15.00%
Office Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property and Equipment, Net	7.00%

Significant Accounting Policies - Additional Information (Detail) - USD ($)		12 Months Ended
	Dec. 01, 2018	Dec. 31, 2020	Dec. 31, 2019
Significant Accounting Policies [Line Items]
Facts and Circumstances Leading to Impairment		0	0
Severance Costs		$ 200,000	$ 200,000
Employer Matching Contribution, Percent of Match		100.00%	100.00%
Maximum Annual Contributions Per Employee, Percent		6.00%	6.00%
Loss Contingency Accrual		$ 0	$ 0
Deferred Offering Costs		0	0.7
Research and Development	$ 4,300,000	22,406,000	14,424,000
Revenue recognised from performance obligation		$ 3,700,000	$ 2,300,000

Property and Equipment, net - Summary of Property and Equipment, net (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Cost:
Property, Plant and Equipment, Gross	$ 1,613	$ 1,573
Less: Accumulated Depreciation	330	152
Property and Equipment, Net	1,283	1,421
Computers and Software [Member]
Cost:
Property, Plant and Equipment, Gross	73	72
Lab Equipment [Member]
Cost:
Property, Plant and Equipment, Gross	293	276
Office Furniture and Equipment [Member]
Cost:
Property, Plant and Equipment, Gross	142	140
Leasehold Improvements [Member]
Cost:
Property, Plant and Equipment, Gross	$ 1,105	$ 1,085

Property and Equipment, net - Summary of Property and Equipment, net (Parenthectical) (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation	$ 182	$ 150

Accrued Expenses - Summary of Accrued Expenses (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accrued Professional Fees	$ 657	$ 770
Accrued Research and Development Expenses	101	105
Tax Provision	780	440
Accrued Payroll and Employee Benefits	1,613	1,065
Total Accrued Expenses	$ 3,151	$ 2,380

Commitments and Contingent Liabilities - Additional Information (Detail) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jan. 31, 2019	Dec. 31, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Nov. 30, 2017
Commitments And Contingencies Disclosure [Line Items]
Bank guarantee obtained for lease agreement			$ 200
Operating LeaseTerm Of Contract			63 months
Operating Lease Option To Extend Terms			option to extend the lease for an additional 60 months
Stock shares issued during the period new issues value			$ 52,241
Operating lease, expense			300	$ 300
License Agreement [Member] \| Leasehold Improvements [Member]
Commitments And Contingencies Disclosure [Line Items]
Collaborative arrangements commitments to pay for lease improvements	$ 500
License Agreement [Member] \| BMS [Member]
Commitments And Contingencies Disclosure [Line Items]
Payments For License Fees			$ 6,000
Stock Issued During Period, Shares, Issued for Services			1,125,929
Stock Issued During Period, Value, Issued for Services			$ 7,300
Collaborative Arrangement, Milestone Payments			95,000
Collaborative Arrangement, Additional Milestone Payments			47,000
Collaborative arrangements sales based milestone amount payable			$ 50,000
Percentage of equity ownership to be maintained by the investee			8.00%
Changes in fair value of financial liabilities recognised in the income statement					$ 500
Term Of License Agreement			10 years	10 years
License Agreement [Member] \| BMS [Member] \| Antidilution Rights Associated Liability [Member]
Commitments And Contingencies Disclosure [Line Items]
Liabilities associated with antidilution rights						$ 500
Option And License Agreement [Member] \| Novartis International Pharmaceutical Limited [Member]
Commitments And Contingencies Disclosure [Line Items]
Term Of License Agreement		10 years	10 years	10 years
Milestone payment receivable		$ 245,000	$ 245,000	$ 245,000	$ 245,000
Period before which breach shall be cured by the licensee			60 days
Notice period for termination of the agreement			60 days
Period before which breach shall be cured by the company			60 days
Option And License Agreement [Member] \| Novartis International Pharmaceutical Limited [Member] \| Based On The Last Visit For Evaluation Studies [Member]
Commitments And Contingencies Disclosure [Line Items]
Period for which license option granted shall remain effective			60 days
Option And License Agreement [Member] \| Novartis International Pharmaceutical Limited [Member] \| On The Basis Of Clinical Evaluation Materials Delivered [Member]
Commitments And Contingencies Disclosure [Line Items]
Period for which license option granted shall remain effective			36 months
Stock Purchase Agreement And Associated Investment Agreement [Member] \| Novartis International Pharmaceutical Limited [Member]
Commitments And Contingencies Disclosure [Line Items]
Stock shares issued during the period new issues value		$ 10,000

Commitments and Contingent Liabilities - Schedule Of Future Minimum Rental Payments For Operating Leases (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Leases [Abstract]
2021	$ 362
2022	362
2023	362
2024	121
Operating Leases, Future Minimum Payments Due	$ 1,207

Fair Value Measurements - Summary Of Fair Value Measurements Of Our Financial Instruments (Detail) $ in Thousands	Dec. 31, 2020 USD ($)
Cash equivalents:
Total cash equivalents	$ 35,900
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Cash equivalents:
Total cash equivalents	35,900
Significant Other Observable Inputs (Level 2) [Member]
Cash equivalents:
Total cash equivalents	0
Significant Unobservable Inputs (Level 3) [Member]
Cash equivalents:
Total cash equivalents	0
Money Market Funds [Member]
Cash equivalents:
Total cash equivalents	35,900
Money Market Funds [Member] \| Quoted Prices in Active Markets for Identical Assets (Level 1) [Member]
Cash equivalents:
Total cash equivalents	35,900
Money Market Funds [Member] \| Significant Other Observable Inputs (Level 2) [Member]
Cash equivalents:
Total cash equivalents	0
Money Market Funds [Member] \| Significant Unobservable Inputs (Level 3) [Member]
Cash equivalents:
Total cash equivalents	$ 0

Convertible Preferred Stock - Redeemable Convertible Preferred Stock (Detail) - USD ($)	May 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Temporary Equity Disclosure [Line Items]
Shares Authorized	10,000,000	8,200,000
Shares Issued and Outstanding		7,430,452
Carrying Value		$ 53,373,000
Liquidation Preference		$ 58,586,388
Series A Redeemable Preferred Stock [Member]
Temporary Equity Disclosure [Line Items]
Shares Authorized		3,700,000	3,700,000	5,000,000
Shares Issued and Outstanding		3,679,778
Carrying Value		$ 23,823,000
Liquidation Preference		$ 23,918,557
Series B Redeemable Preferred Stock [Member]
Temporary Equity Disclosure [Line Items]
Shares Authorized		4,500,000	4,500,000
Shares Issued and Outstanding		3,750,674
Carrying Value		$ 29,550,000
Liquidation Preference		$ 29,667,831

Convertible Preferred Stock - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended				2 Months Ended	12 Months Ended
	Dec. 31, 2020	May 31, 2020	Dec. 31, 2018	Mar. 31, 2018	Dec. 31, 2017	Nov. 30, 2017	Mar. 31, 2019	Dec. 31, 2020
Temporary Equity Disclosure [Line Items]
Convertible preferred stock carrying amount reclassified to shareholders equity								$ 53.4
Common Stock [Member]
Temporary Equity Disclosure [Line Items]
Conversion of preferred stock	3,715,222	3,715,222						3,715,222
BMS [Member]
Temporary Equity Disclosure [Line Items]
Temporary equity shares issued during the period shares						1,125,929
Series A Redeemable Preferred Stock [Member] \| Series A Preferred Stock Purchase Agreement [Member]
Temporary Equity Disclosure [Line Items]
Temporary equity shares issued during the period shares					2,553,849
Temporary equity shares issued during the period value					$ 16.6
Temporary equity Issue price per share					$ 6.50
Series A Redeemable Preferred Stock [Member] \| Additional Closing [Member] \| Series A Preferred Stock Purchase Agreement [Member]
Temporary Equity Disclosure [Line Items]
Temporary equity shares issued during the period value				$ 3.0
Temporary Equity Issue Period shares				461,540
Series B Redeemable Preferred Stock [Member] \| Series B Preferred Stock Purchase Agreement [Member]
Temporary Equity Disclosure [Line Items]
Temporary equity shares issued during the period shares			3,097,343
Temporary equity shares issued during the period value			$ 24.5
Temporary equity Issue price per share			$ 7.91
Series B Redeemable Preferred Stock [Member] \| Additional Closing [Member] \| Series B Preferred Stock Purchase Agreement [Member]
Temporary Equity Disclosure [Line Items]
Temporary equity shares issued during the period shares							653,331
Temporary equity shares issued during the period value							$ 5.2
Temporary equity Issue price per share							$ 7.91

Common Stock - Additional Information (Detail) $ / shares in Units, $ in Millions						12 Months Ended
	Dec. 31, 2020 shares	Jun. 04, 2020 USD ($) $ / shares shares	May 31, 2020 shares	May 12, 2020 USD ($) $ / shares shares	Nov. 14, 2017 shares	Dec. 31, 2020 shares	Dec. 31, 2019 shares	Dec. 31, 2018 shares	Dec. 31, 2017 shares	Dec. 10, 2017 shares
Class of Stock [Line Items]
Increase in the authorised capital stock of the company								3,200,000		24,995,000
Common stock shares authorized	200,000,000		200,000,000			200,000,000	20,000,000	20,000,000	20,000,000
Temporary stock shares authorized			10,000,000				8,200,000
Authorised capital stock shares of the company			210,000,000					28,200,000	25,000,000
Stock split ratio common stock						10,000	10,000	10,000
Proceeds from Issuance Initial Public Offering \| $		$ 52.2		$ 52.2
Shares Issued, Price Per Share \| $ / shares		$ 15.00		$ 15.00
Over-Allotment Option [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues		274,022		274,022
Common Stock [Member]
Class of Stock [Line Items]
Stock Issued During Period, Shares, New Issues						3,940,689
Conversion of preferred stock	3,715,222		3,715,222			3,715,222
Series A Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Temporary stock shares authorized							3,700,000	3,700,000	5,000,000
Series B Redeemable Preferred Stock [Member]
Class of Stock [Line Items]
Temporary stock shares authorized							4,500,000	4,500,000
Founder Subscription Agreement [Member]
Class of Stock [Line Items]
Stock Issued During Period Shares Issued For Services					4,916,834

Common Stock - Schedule Of Composition Of Capital Stock (Detail) - shares

Dec. 31, 2020

May 31, 2020

Dec. 31, 2019

Dec. 31, 2018

Dec. 31, 2017

Equity [Abstract]

Common stock shares authorized

200,000,000

20,000,000

Common Stock, Shares, Outstanding

^[1]

12,728,446

4,998,874

[1]	Does not include 65,847 and 96,017 shares of restricted Common Stock issued but not outstanding in 2019 and 2020, respectively.

Common Stock - Schedule Of Composition Of Capital Stock (Parenthetical) (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Common stock par value	$ 0.01	$ 0.01
Issued But Not Outstanding [Member]
Class of Stock [Line Items]
Restricted stock shares issued during the period shares	96,017	65,847

Common Stock - Summary Of Total Shares Of Common Stock Reserved For Issuance (Detail) - shares	Dec. 31, 2020	Dec. 31, 2019
Class of Stock [Line Items]
Total shares of Common Stock reserved	1,083,410	4,395,160
Redeemable Convertible Series A Preferred Stock As Converted [Member]
Class of Stock [Line Items]
Total shares of Common Stock reserved	0	1,839,884
Redeemable Convertible Series B Preferred Stock As Converted [Member]
Class of Stock [Line Items]
Total shares of Common Stock reserved	0	1,875,338
Options Outstanding [Member]
Class of Stock [Line Items]
Total shares of Common Stock reserved	695,674	608,218
Shares Available For Future Options Grants [Member]
Class of Stock [Line Items]
Total shares of Common Stock reserved	387,736	71,720

Share Based Plans - Additional Information (Detail) - USD ($) $ in Millions	1 Months Ended	12 Months Ended		14 Months Ended
	Feb. 28, 2018	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Common stock shares reserved for future issuance		1,083,410	4,395,160
Share based compensation by share based payment arrangement equity instruments other than options granted		58,651	59,597
Share based compensation by share based payment arrangement equity imnstruments other than options period for recognition		1 year 10 days
Restricted Stock [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based payment arrangement equity instrument other than options vested aggegate intrinsic fair value		$ 0.2	$ 0.2
Share based compensation by share based payment arrangement equity instruments other than options unrecognised compensation		$ 0.5
Share based compensation by share based payment arrangement equity imnstruments other than options period for recognition		10 months 27 days
Restricted Stock [Member] \| Employee And Officer [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based payment arrangement equity instruments other than options granted	83,165
Restricted Stock [Member] \| Employee [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based payment arrangement equity instrument other than options vesting period		4 years	4 years	4 years
Restricted Stock [Member] \| Officer [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based payment arrangement equity instruments other than options granted		58,651	59,597
Share based compensation by share based payment arrangement equity instrument other than options vesting period		2 years	2 years	2 years
2017 Plan [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based payment arrangement number of shares authorized		1,341,040
Common stock shares reserved for future issuance		387,736
Share based compensation by share based payment arrangement expiry period		10 years
2017 Plan [Member] \| Minimum [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based payment arrangement service period for vesting		4 years
2017 Plan [Member] \| Maximum [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based compensation by share based payment arrangement service period for vesting		5 years

Share Based Plan - Summary of computation of the fair value of options granted (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected volatility	80.00%	80.00%
Expected dividends	0.00%	0.00%
Risk free rate	0.47%	1.41%
Risk free rate	2.03%	2.51%
Minimum [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term (in years)		6 years 21 days
Maximum [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Expected term (in years)	6 years 4 months 2 days	6 years 4 months 2 days

Share Based Plans - Summary of share-based compensation for the period indicated (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 1,569	$ 727
Research and Development [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	509	365
General and Administrative [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based Payment Arrangement, Expense	$ 1,060	$ 362

Share Based Plans - Summary of stock option activity granted to employees under the Plan (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Number of options, Outstanding at Beginning of Year	608,218
Number of options, Granted	177,299
Number of options, Exercised	(54,999)
Number of options, Forfeited	(30,938)
Number of options, Expired	(3,906)
Number of options, Outstanding, December 31, 2020	695,674	608,218
Weighted average exercise price, Outstanding at Beginning of Year	$ 5.14
Weighted average exercise price, Granted	8.77
Weighted average exercise price, Exercised	5.10
Weighted average exercise price, Forfeited	5.11
Weighted average exercise price, Expired	5.10
Weighted average exercise price, Outstanding, December 31, 2020	6.07	$ 5.14
Weighted average exercise price, Exercisable Options, December 31, 2020	$ 5.33
Weighted average remaining contractual term, Outstanding at Beginning of Year	8 years 5 months 23 days
Weighted average remaining contractual term, Outstanding, December 31, 2020	8 years 3 months 3 days	8 years 5 months 23 days
Weighted average remaining contractual term, Exercisable Options, December 31, 2020	7 years 8 months 15 days
Aggregate intrinsic value, Outstanding at Beginning of Year	$ 836,941
Aggregate intrinsic value, Exercised	280,107	$ 0
Aggregate intrinsic value, Outstanding, December 31, 2020	3,427,504	$ 836,941
Aggregate intrinsic value, Exercisable Options, December 31, 2020	$ 3,350,011

Share Based Plans - Summary of stock option activity granted to employees under the Plan (Parenthetical) (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Share based compensation by share based payment arrangement weighted average grant date per share fair value	$ 6.07	$ 4.16
Share based compensation by share based payment arrangement aggegate intrinsic value of options excercised	$ 280,107	$ 0
Share based compensation by share based payment arrangement unrecognized compensation options	$ 1,200,000
Share based compensation by share based payment arangement unrecognized compensation on options period for recognition	1 year 10 days

Share Based Plans - Summary of information relating to restricted shares (Detail) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Outstanding at beginning of Year	65,847	44,707
Granted	58,651	59,597
Forfeited	(3,907)
Vested	(18,662)	(38,457)
Outstanding at end of Year	101,929	65,847

Share Based Plans - Summary of information relating to restricted shares(Parenthetical) (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Restricted Stock [Member]
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share based comepnsation by share based payment arrangement weighted average grant date fair value of equity instruments other than options granted	$ 15	$ 6.74

Taxes on Income - Schedule of Income Before Income Tax Domestic And Foreign (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
United States	$ (29,698)	$ (17,104)
Israel	(23)	(382)
Net loss before tax	$ (29,721)	$ (17,486)

Taxes on Income - Schedule of Components of Income Tax Expense Benefit (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Current
State		$ 10
Foreign	$ 426	296
Current	426	306
Deferred
Income tax expense	$ 425	$ 306

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Taxes on Income - Schedule of Effective Income Tax Rate Reconciliation (Detail)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Income Tax Disclosure [Abstract]
U.S. federal tax provision at statutory rate	21.00%	21.00%	21.00%	35.00%
State and local tax, net of federal benefit	4.64%	2.81%
Foreign rate differences	(0.07%)	(0.04%)
Non-deductible stock compensation	(1.11%)	(0.87%)
Section 951A GILTI	(0.85%)	(1.02%)
Effect of other permanent differences	(0.07%)	0.00%
Uncertain tax positions	(0.52%)	(1.11%)
Change in valuation allowance	(26.65%)	(22.44%)
Federal Tax Reform Rate Change	0.00%	0.00%
Other adjustments	2.20%	(0.08%)
Effective tax rate	(1.43%)	(1.75%)

Taxes on Income - Schedule of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets, Gross [Abstract]
Federal net operating loss carryforwards	$ 12,752	$ 5,730
Intangible assets	651	2,971
Accrued expenses	3,022	120
Other	0	(7)
Total deferred tax assets	16,425	8,814
Valuation allowance	$ (16,425)	(8,814)
Net deferred tax assets		$ 0

Taxes on Income - Schedule of Unrecognized Tax Benefits Roll Forward (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Uncertain tax position at the beginning of year	$ 424	$ 205
Additions for uncertain tax position of prior years (foreign exchange and interest)	3	25
Additions for tax positions of current year	153	194
Uncertain tax position at the end of the year	$ 581	$ 424

Taxes on Income - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Income Tax [Line Items]
Federal statutory Income tax rate	21.00%	21.00%	21.00%	35.00%
Federal statutory income tax rate deduction on foreign dervied intangible income	37.50%
Valuation allowance on deferred tax assets	$ 16,400
Unrecognised income tax benefit	$ 581	$ 424	$ 205
Federal statutory corporate income tax rate	21.00%	21.00%	21.00%	35.00%
2037
Income Tax [Line Items]
Federal statutory Income tax rate		13.125%
Federal statutory corporate income tax rate		13.125%
2039 \| Maximum [Member] \| Federal Orphan Drug Research And Development Credit Carryforward [Member]
Income Tax [Line Items]
Tax credit carryforward amount	$ 618,000
2039 \| Minimum [Member] \| Federal Orphan Drug Research And Development Credit Carryforward [Member]
Income Tax [Line Items]
Tax credit carryforward amount	$ 33,000
Domestic Tax Authority \| Maximum [Member]
Income Tax [Line Items]
Federal operating loss carryforward Usage limited to percentage of taxable income for the period	80.00%
Domestic Tax Authority \| 2037
Income Tax [Line Items]
Federal tax losses carry forward	$ 51,200
State tax losses carry forward	51,200
State and Local Jurisdiction \| 2038
Income Tax [Line Items]
Federal tax losses carry forward	31,600
State tax losses carry forward	$ 31,600
Foreign Tax Authority \| IL
Income Tax [Line Items]
Federal statutory Income tax rate	23.00%	23.00%	23.00%	24.00%	25.00%
Federal statutory corporate income tax rate	23.00%	23.00%	23.00%	24.00%	25.00%
Tax Rate On Cerain Sales Leases And License Income
Income Tax [Line Items]
Federal statutory Income tax rate	13.125%
Federal statutory corporate income tax rate	13.125%

Net Loss Per Share Attributable to Common Stockholders - Summary of computation of the unaudited pro forma net loss per share (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Numerator:
Net loss	$ 30,146	$ 17,792
Denominator:
Weighted-average number of shares used to compute net loss per share, basic and diluted	9,860,610	4,979,606

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 1A
-Subparagraph (a)
-URI http://asc.fasb.org/extlink&oid=121641772&loc=SL7669619-108580

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
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-Section 50
-Paragraph 31
-URI http://asc.fasb.org/extlink&oid=120311839&loc=d3e8924-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 942
-SubTopic 220
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(22))
-URI http://asc.fasb.org/extlink&oid=120399700&loc=SL114874048-224260

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 11
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-URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22694-107794

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Net Loss Per Share Attributable to Common Stockholders - Additional Information (Detail) - shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Series A Redeemable Convertible Preferred Stock [Member]
Earnings Per Share [Line Items]
Antidilutive Securities Excluded From The Computation Of Earnings Per Share		3,679,778
Series B Redeemable Convertible Preferred Stock [Member]
Earnings Per Share [Line Items]
Antidilutive Securities Excluded From The Computation Of Earnings Per Share		3,750,674
Employee Stock Option [Member]
Earnings Per Share [Line Items]
Antidilutive Securities Excluded From The Computation Of Earnings Per Share	695,674	608,218

Subsequent Events - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2020	Feb. 19, 2021	Dec. 31, 2019
Subsequent Event [Line Items]
Stock options granted	177,299
Common stock par or stated value per share	$ 0.01		$ 0.01
Class of warrants or rights term	8 years 3 months 3 days		8 years 5 months 23 days
Employees and One Officer [Member]
Subsequent Event [Line Items]
Stock options granted	204,570
Subsequent Event [Member] \| Private Placement Shares And Common Warrants [Member] \| 2021 Investors Purchase Agreement [Member]
Subsequent Event [Line Items]
Common stock shares subscribed but not issued		333,333
Common stock par or stated value per share		$ 0.01
Class of warrants or rights number of shares called by warrants or rights		116,666
Class of warrants or rights number of shares exercise price of warrants or rights		$ 18.10
Common stock shares and warrants subscribed but not issued value		$ 4,999,995.00
Subsequent Event [Member] \| Prefunded Warrants [Member]
Subsequent Event [Line Items]
Class of warrants or rights term		10 years
Subsequent Event [Member] \| Prefunded Warrants [Member] \| 2021 Investors Purchase Agreement [Member]
Subsequent Event [Line Items]
Class of warrants or rights number of shares called by warrants or rights		1,333,333
Class of warrants or rights number of shares exercise price of warrants or rights		$ 0.01
Class of warrants or rights subscribed but not issued		466,666
Class of warrants or rights subscribed but not issued value		$ 19,986,661.67
Subsequent Event [Member] \| Common Stock [Member]
Subsequent Event [Line Items]
Class of warrants or rights term		3 years