0001178913-24-002590 | 6-K | XBRL Viewer

Equity

6 Months Ended

Jun. 30, 2024

Note 3:

Equity

On February 26, 2024, the Company granted 316,165 share options to employees, officers, board members, CEO and several consultants at an exercise price of $12.73 per share and 30,482 RSUs. The share options and the RSUs vest over a period of 1-4 years. The grants to the directors and CEO were subject to approval at the next annual shareholders' meeting. The grants to the directors and CEO were approved in the annual shareholders' meeting held on July 9 ,2024.

During the first half of 2024, 46,456 Series A warrants were exercised to the Company ordinary shares at an exercise price of $13.475 per ordinary share, in accordance with the terms of the Series A warrants.

Unaudited Condensed Interim Consolidated Statements of Financial Position - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
CURRENT ASSETS:
Cash and cash equivalents	$ 3,790	$ 11,866	$ 19,166
Short-term and restricted bank deposits	25,425	29,842	31,956
Trade receivables	2,922	3,700	3,228
Inventories	3,210	2,846	3,113
Other receivables	1,966	1,441	590
Total current assets	37,313	49,695	58,053
LONG-TERM ASSETS:
Other receivables	238	233	277
Long-term restricted bank deposits	453	440	0
Property, plant and equipment, net	12,308	9,228	4,705
Right-of-use assets, net	6,852	6,698	1,133
Intangible assets, net	132	165	198
Total non-current assets	19,983	16,764	6,313
Total assets	57,296	66,459	64,366
CURRENT LIABILITIES:
Current maturities of long-term liabilities	1,496	1,410	1,961
Warrants, net	14,902	7,296	9,683
Trade payables and accrued expenses	2,745	5,528	3,531
Other payables	3,468	3,891	2,817
Total current liabilities	22,611	18,125	17,992
LONG-TERM LIABILITIES:
Liabilities in respect of IIA grants	8,009	7,677	7,806
Liabilities in respect of TEVA	1,962	2,256	2,529
Lease liabilities	6,355	6,350	677
Severance pay liability, net	490	456	433
Total non-current liabilities	16,816	16,739	11,445
Total liabilities	39,427	34,864	29,437
Shareholders' equity:
Ordinary shares of NIS 0.07 par value: Authorized: 20,000,000 shares as of June 30, 2024 and December 31, 2023; 12,857,143 as of June 30, 2023; Issued and Outstanding: 9,286,252 as of June 30, 2024; 9,221,764 as of December 31, 2023 and 9,216,520 as of June 30, 2023	186	184	184
Share premium	208,547	206,251	205,642
Foreign currency translation adjustments	(8)	(18)	(14)
Accumulated deficit	(190,856)	(174,822)	(170,883)
Total equity	17,869	31,595	34,929
Total liabilities and equity	$ 57,296	$ 66,459	$ 64,366

Subsequent events

6 Months Ended

Jun. 30, 2024

Disclosure of non-adjusting events after reporting period [abstract]

Subsequent events

Note 4:

Subsequent events

On July 15, 2024, the Company entered into a definitive share purchase agreement. The agreement includes the sale and purchase of 1,453,488 shares of the Company’s ordinary shares, each with a par value NIS 0.07 (the “Ordinary Shares”), in a private investment in public equity (the “PIPE Offering”). The purchase price is set at $17.20 per share. The gross proceeds from the PIPE Offering are $25,000.

Concurrently with the PIPE offering, on July 15, 2024, the Company and Teva Pharmaceutical Industries Ltd. (“Teva”) entered into Amendment No. 2 (the “Amendment”) to the settlement agreement and mutual general release, dated March 24, 2019, as previously amended by Amendment No. 1, dated December 13, 2020, by and between the Company and Teva (the “Agreement”). Under the terms of the Amendment, the Company will pay Teva $4,000 as the final payment due from the Company under the Agreement, with 50% of such prepayment in cash and 50% in the form of ordinary shares of the Company to be issued by the Company to Teva (as part of the PIPE offering), all in accordance with the terms and timeframe specified in the Amendment (“The transaction”). As a result of the transaction, the company will record financial expenses of $550 and the liability in respect of TEVA will be settled.

On July 16, 2024, 44,573 Series A warrants were exercised to the Company ordinary shares at an exercise price of $13.475 per ordinary share, in accordance with the terms of the Series A warrants.

Following the PIPE offering, exercise of Series A warrants, and exercise of options, the Company’s updated number of Issued and Outstanding shares are 10,786,423.

On July 16, 2024, the company was selected to receive €16,250 in blended funding from the European Innovation Council (EIC) through its accelerator program. Funding of €2,500 is expected to be received as a grant, and €13,750 as an investment. The terms of the investment are currently being negotiated.

In July 2024, the Company signed new agreements with suppliers to procure services totaling $6,086 for the Phase III clinical trial of EscharEx, covering a period of two years.

General

6 Months Ended

Jun. 30, 2024

Disclosure Of General Information [Abstract]

General

Note 1:

General

Description of the Company and its operations:

MediWound Ltd. Was incorporated in Israel in January 2000. The Company which is located in Yavne, Israel (The "Company" or "MediWound"), is biopharmaceutical company that develops, manufactures and commercializes novel, cost effective, bio-therapeutic, non-surgical solutions for tissue repair and regeneration. The Company’s strategy leverages its breakthrough enzymatic technology platform into diversified portfolio of biotherapeutics across multiple indications to pioneer solutions for unmet medical needs. The Company’s current portfolio is focused on next-generation protein-based therapies for burn care, wound care and tissue repair.

The Company's first innovative biopharmaceutical product, Nexobrid, has received in December 2022, an approval from the U.S. Food and Drug Administration (“FDA”) and marketing approval in each of India, Switzerland and Japan. In addition, it has a marketing authorization from the European Medicines Agency (“EMA”) and regulatory agencies in other international markets for removal of dead or damaged tissue, known as eschar, in adults with deep partial and full thickness thermal burns.

The Company commercialize Nexobrid globally through multiple sales channels.

The Company sells Nexobrid to burn centers in the European Union, United Kingdom and Israel, primarily through its commercial organizations.

The Company has established local distribution channels in multiple international markets, focusing on Asia Pacific, EMEA, CEE and LATAM, which local distributors are also responsible for obtaining local marketing authorization within the relevant territories.

In the United States, the Company entered into an exclusive license and supply agreements with Vericel Corporation (“Vericel”) to commercialize Nexobrid in North America upon FDA approval. On September 21, 2023, the Company announced the U.S. commercial availability of Nexobrid® for the removal of eschar in adults with deep partial- and/or full-thickness thermal burns.

On September 20, 2022, The Company announced that EMA has validated for review the Type II Variation to expand the currently approved indication for Nexobrid (removal of eschar in adults with deep partial-and full-thickness thermal burn wounds) into the pediatric population.

The Company’s second investigational next-generation enzymatic therapy product, EscharEx, a topical biological drug being developed for debridement of chronic and other hard-to-heal wounds.

The Company expected to initiate the Phase III study in the second half of 2024.

The Company's securities are listed for trading on NASDAQ since March 2014.

The Company has three wholly owned subsidiaries: MediWound Germany GmbH, acting as Europe (“EU”) marketing authorization holder and EU sales and marketing arm, and MediWound UK Limited and MediWound US, Inc. which are currently inactive companies.

In October 2023, Israel was attacked by a terrorist organization and entered a state of war. As of the date of these consolidated financial statements, the war in Israel is ongoing and continues to evolve. The company’s head quarter, manufacturing and R&D facilities are located in Israel. Currently, such activities in Israel remain largely unaffected. During the first half of 2024, the impact of this war on the company’s results of operations and financial condition was immaterial.

BARDA Contracts

In September 2015, the Company was awarded BARDA Contract for treatment of thermal burn injuries. This contract was amended multiple times to extend its term until September 2024 and its total value, up to a total amount of $175,000 as of the end of 2023. On May 11 2024 the company signed an extension to the contracts with BARDA until September 2025.

As of June 30, 2024, the Company has received approximately $92,065 in total funding from BARDA under the first contract, and an additional $16,500 for procurement of Nexobrid for U.S. emergency preparedness, which were recorded at the net amount of approximately $10,500 following the split of gross profit agreement with Vericel for the initial BARDA procurement.

DOD and MTEC contracts:

On February 17, 2022, the Company was entered into a contract with the U.S. Department of Defense (DoD), through the Medical Technology Enterprise Consortium (MTEC), to develop Nexobrid as a non-surgical solution for field-care burn treatment for the U.S. Army. The contract provides funding up to $2,727.

During 2023, the DoD through MTEC awarded the Company additional funding of $9,117 in addition, the company awarded directly through MTEC funding of $1,190, to advance the development of a new temperature stable formulation of Nexobrid. In May 2024 the Company was awarded an additional funding of $1,557 from the DoD through MTEC. The total funding from the DoD and MTEC is $14,591.

In June 2024, the Company signed new agreements with suppliers to precure services totaling $3,300 for the Phase III clinical trial of EscharEx, covering a period of two years.

The accompanying consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern. From inception to June 30, 2024, the Company has incurred cash outflows from operations, losses from operations, and has an accumulated deficit of $190.9 million.

The Company believes that its existing cash and cash equivalents, short-term and restricted bank deposits of $29.2 million as of June 30, 2024, will be sufficient to fund its operations and capital expenditure for at least twelve months from the date of issuance of these consolidated financial statements.

General (Narrative) (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
General (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023	May 31, 2024	Feb. 17, 2022
Disclosure of associates [line items]
Gross profit		$ 447	$ 1,137	$ 1,054	$ 1,963	$ 3,578
Accumulated deficit	$ (190,856)	(190,856)	$ (170,883)	(190,856)	$ (170,883)	(174,822)
Cash and cash equivalents, short-term and restricted bank deposits	29,200	29,200		29,200
Suppliers [Member]
Disclosure of associates [line items]
Contracts with customers	3,300
U.S. Department of Defense (DoD) [Member]
Disclosure of associates [line items]
Funding amount	14,591	14,591		14,591				$ 2,727
Additional funding amount						9,117	$ 1,557
Advance funding						1,190
BARDA [Member]
Disclosure of associates [line items]
Contract amount for research, development and manufacturing						$ 175,000
Funding amount	92,065	92,065		92,065
Additional funding amount	$ 16,500	$ 16,500		16,500
Gross profit				$ 10,500

Subsequent events (Narrative) (Details) $ / shares in Units, € in Thousands, $ in Thousands			1 Months Ended
	Jul. 15, 2024 ₪ / shares shares	Jul. 15, 2024 USD ($)	Jul. 31, 2024 USD ($)	Jul. 16, 2024 EUR (€) shares	Jul. 16, 2024 $ / shares	Jun. 30, 2024 ₪ / shares shares	Dec. 31, 2023 ₪ / shares shares	Jun. 30, 2023 shares
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued						9,286,252	9,221,764	9,216,520
Number of shares outstanding						9,286,252	9,221,764	9,216,520
Par value per share \| ₪ / shares						₪ 0.07	₪ 0.07
Subsequents Event [Member]
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued				10,786,423
Number of shares outstanding				10,786,423
Number of warrants exercised				44,573
Exercise price of warrants \| $ / shares					$ 13.475
Amount of blended funding from European innovation council \| €				€ 16,250
Expected funding amount received as grant \| €				2,500
Investment amount in property \| €				€ 13,750
Subsequents Event [Member] \| Suppliers [Member]
Disclosure of non-adjusting events after reporting period [line items]
Contracts with customers \| $			$ 6,086
Terms of contract			2 years
Subsequents Event [Member] \| Share Purchase Agreement [Member]
Disclosure of non-adjusting events after reporting period [line items]
Number of shares issued	1,453,488
Par value per share \| ₪ / shares	₪ 0.07
Purchase price per share \| ₪ / shares	₪ 17.2
Gross proceeds from the PIPE Offering \| $		$ 25,000
Subsequents Event [Member] \| Teva Pharmaceutical Industries Ltd [Member]
Disclosure of non-adjusting events after reporting period [line items]
Amount of final payment \| $		4,000
Financial expenses \| $		$ 550

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2024
Cover [Abstract]
Entity Registrant Name	MediWound Ltd.
Entity Central Index Key	0001593984
Document Type	6-K
Document Period End Date	Jun. 30, 2024
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Entity File Number	001-36349
Entity Address, Address Line One	42 Hayarkon Street
Entity Address, City or Town	Yavne
Entity Address, Postal Zip Code	8122745
Entity Address, Country	IL

Unaudited Condensed Interim Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands	Share capital [Member]	Share premium [Member]	Foreign currency translation reserve [Member]	Accumulated deficit [Member]	Total
Balance at Dec. 31, 2022	$ 143	$ 178,882	$ (5)	$ (168,106)	$ 10,914
Profit (loss) for the period	0	0	0	(2,777)	(2,777)
Other comprehensive income (loss)	0	0	(9)	0	(9)
Total comprehensive income (loss)	0	0	(9)	(2,777)	(2,786)
Issuance of ordinary shares, net of issuance expenses	40	25,429	0	0	25,469
Exercise of options	1	0	0	0	1
Share-based compensation	0	1,331	0	0	1,331
Balance at Jun. 30, 2023	184	205,642	(14)	(170,883)	34,929
Balance at Dec. 31, 2022	143	178,882	(5)	(168,106)	10,914
Profit (loss) for the period	0	0	0	(6,716)	(6,716)
Other comprehensive income (loss)	0	0	(13)	0	(13)
Total comprehensive income (loss)	0	0	(13)	(6,716)	(6,729)
Exercise of RSU	1	0	0	0	1
Issuance of ordinary shares, net of issuance expenses	40	25,429	0	0	25,469
Share-based compensation	0	1,940	0	0	1,940
Balance at Dec. 31, 2023	184	206,251	(18)	(174,822)	31,595
Balance at Mar. 31, 2023	183	204,930	(14)	(171,799)	33,300
Profit (loss) for the period	0	0	0	916	916
Other comprehensive income (loss)	0	0	0	0	0
Total comprehensive income (loss)	0	0	0	916	916
Issuance expenses	0	0	0	0	0
Exercise of options	1	0	0	0	1
Share-based compensation	0	712	0	0	712
Balance at Jun. 30, 2023	184	205,642	(14)	(170,883)	34,929
Balance at Dec. 31, 2023	184	206,251	(18)	(174,822)	31,595
Profit (loss) for the period	0	0	0	(16,034)	(16,034)
Other comprehensive income (loss)	0	0	10	0	10
Total comprehensive income (loss)	0	0	10	(16,034)	(16,024)
Exercise of warrants	2	1,026	0	0	1,028
Share-based compensation	0	1,270	0	0	1,270
Balance at Jun. 30, 2024	186	208,547	(8)	(190,856)	17,869
Balance at Mar. 31, 2024	185	207,575	(10)	(184,551)	23,199
Profit (loss) for the period	0	0	0	(6,305)	(6,305)
Other comprehensive income (loss)	0	0	2	0	2
Total comprehensive income (loss)	0	0	2	(6,305)	(6,303)
Exercise of warrants	1	214	0	0	215
Share-based compensation	0	758	0	0	758
Balance at Jun. 30, 2024	$ 186	$ 208,547	$ (8)	$ (190,856)	$ 17,869

Equity (Narrative) (Details)		6 Months Ended
Equity (Narrative) (Details)	Feb. 26, 2024 Share $ / shares	Jun. 30, 2024 Share $ / shares
Series A warrants [Member]
Disclosure of classes of share capital [line items]
Warrants were exercised		46,456
Warrant exercise price \| $ / shares		$ 13.475
Employees, officers, board members, CEO and several consultants [Member] \| Share Options [Member]
Disclosure of classes of share capital [line items]
Number of options granted	316,165
Exercise price per share \| $ / shares	$ 12.73
Vesting period of share options	1-4 years
Employees, officers, board members, CEO and several consultants [Member] \| Restricted Shares Units [Member]
Disclosure of classes of share capital [line items]
Number of restricted share units granted	30,482
Vesting period of share options	1-4 years

Unaudited Condensed Interim Consolidated Statements of Financial Position (Parenthetical) - ₪ / shares	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023
Statement of financial position [abstract]
Ordinary shares, par value (per share)	₪ 0.07	₪ 0.07
Number of shares authorised	20,000,000	20,000,000	12,857,143
Number of shares issued	9,286,252	9,221,764	9,216,520
Number of shares outstanding	9,286,252	9,221,764	9,216,520

Unaudited Condensed Interim Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Cash flows from operating activities:
Net Profit (loss)	$ (6,305)	$ 916	$ (16,034)	$ (2,777)	$ (6,716)
Adjustments to profit and loss items:
Depreciation and amortization	357	315	725	618	1,303
Share-based compensation	758	712	1,270	1,331	1,940
Revaluation of warrants accounted at fair value	1,927	(4,990)	8,007	(5,923)	(8,310)
Revaluation of liabilities in respect of IIA grants	237	233	470	492	427
Revaluation of liabilities in respect of TEVA	99	119	206	241	468
Financing income and exchange differences of lease liability	(11)	(9)	17	(22)	257
Increase in severance pay liability, net	13	(10)	48	67	83
Other income	0	0	0	0	(211)
Financial income, net	(405)	(759)	(918)	(1,005)	(2,231)
Un-realized foreign currency loss	11	120	78	466	189
Adjustments to profit and loss items, total	2,986	(4,269)	9,903	(3,735)	(6,085)
Changes in asset and liability items:
Decrease (increase) in trade receivables	876	(707)	753	6,115	5,658
Decrease (increase) in inventories	103	(579)	(345)	(1,162)	(906)
Decrease (increase) in other receivables	(459)	435	(574)	122	(894)
Increase (decrease) in trade payables and accrued expenses	(530)	312	(1,900)	(1,636)	(594)
Decrease in other payables	(294)	(1,359)	(34)	(1,526)	(928)
Changes in asset and liability items, total	(304)	(1,898)	(2,100)	1,913	2,336
Net cash used in operating activities	(3,623)	(5,251)	(8,231)	(4,599)	(10,465)
Cash Flows from Investing Activities:
Purchase of property and equipment	(3,016)	(1,065)	(4,275)	(2,570)	(6,464)
Interest received	522	577	1,127	879	1,947
Proceeds from (investment in) short term bank deposits, net	5,339	(25,590)	4,209	(31,830)	(29,804)
Net cash provided by (used in) investing activities	2,845	(26,078)	1,061	(33,521)	(34,321)
Cash Flows from Financing Activities:
Repayment of leases liabilities	(214)	(157)	(458)	(334)	(778)
Proceeds from exercise of warrants	111		610		0
Proceeds from issuance of shares and warrants, net	0	(248)	0	24,909	24,909
Repayment of IIA grants, net	0	0	(120)	(310)	(380)
Repayment of liabilities in respect of TEVA	0	0	(834)	(417)	(834)
Net cash provided by (used in) financing activities	(103)	(405)	(802)	23,848	22,917
Exchange rate differences on cash and cash equivalent balances	(15)	(120)	(104)	(457)	(160)
Decrease in cash and cash equivalents	(896)	(31,854)	(8,076)	(14,729)	(22,029)
Balance of cash and cash equivalents at the beginning of the period	4,686	51,020	11,866	33,895	33,895
Balance of cash and cash equivalents at the end of the period	3,790	19,166	3,790	19,166	11,866
Supplement disclosure of Non-cash transactions:
ROU asset, net recognized with corresponding lease liability	0	102	365	154	6,825
Purchase Of Property And Equipment	$ (43)	$ 0	$ (142)	$ 0	$ (1,011)

Material Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Disclosure of significant accounting policies [Abstract]

Basis of presentation of financial statements

Basis of presentation of financial statements:

These financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

Basis of preparation of the interim consolidated financial statements

Basis of preparation of the interim consolidated financial statements:

The interim condensed consolidated financial statements for the six and three months ended June 30, 2024, have been prepared in accordance with IAS 34 "Interim Financial Reporting".

These condensed consolidated interim financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting and do not include all of the information required for full annual financial statements. They should be read in conjunction with the financial statements as at and for the year ended December 31, 2023 (hereinafter – “the annual financial statements”). These condensed consolidated interim financial statements were authorized for issue by the Group’s Board of Directors on August 14, 2024.

Presentation of Financial Statements

Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current (amendment to IAS 1).

As a result of applying the Amendment the warrants presented in these financial statements were classified as a current liability pursuant to the conversion option.

Material Accounting Policies

6 Months Ended

Jun. 30, 2024

Disclosure of significant accounting policies [Abstract]

Material Accounting Policies

Note 2:

Material Accounting Policies

The following accounting policies have been applied consistently in the financial statements for all periods presented unless otherwise stated.

Basis of presentation of financial statements:

These financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB").

Basis of preparation of the interim consolidated financial statements:

The interim condensed consolidated financial statements for the six and three months ended June 30, 2024, have been prepared in accordance with IAS 34 "Interim Financial Reporting".

Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current (amendment to IAS 1).

As a result of applying the Amendment the warrants presented in these financial statements were classified as a current liability pursuant to the conversion option.

Unaudited Condensed Interim Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Profit or loss [abstract]
Revenues from sale of products	$ 1,506	$ 1,206	$ 3,202	$ 2,358	$ 6,261
Revenues from development services	3,504	3,534	6,727	6,149	12,265
Revenues from license agreements and royalties	53	33	98	65	160
Total revenues	5,063	4,773	10,027	8,572	18,686
Cost of revenues from sale of products	1,558	628	3,144	1,436	4,927
Cost of revenues from development services	3,055	3,005	5,821	5,170	10,177
Cost of revenues from license agreements and royalties	3	3	8	3	4
Total cost of revenues	4,616	3,636	8,973	6,609	15,108
Gross profit	447	1,137	1,054	1,963	3,578
Research and development	1,898	2,024	3,368	4,126	7,467
Selling and marketing	1,224	1,332	2,403	2,438	4,844
General and administrative	1,809	1,788	3,501	3,770	6,768
Other income	0	0	0	0	(211)
Total operating expenses	4,931	5,144	9,272	10,334	18,868
Operating loss	(4,484)	(4,007)	(8,218)	(8,371)	(15,290)
Financial income	582	5,828	1,171	7,480	10,651
Financial expenses	(2,405)	(893)	(8,965)	(1,869)	(1,892)
Financing income (expenses), net	(1,823)	4,935	(7,794)	5,611	8,759
Profit (loss) before taxes on income	(6,307)	928	(16,012)	(2,760)	(6,531)
Taxes on income	2	(12)	(22)	(17)	(185)
Net profit (loss)	(6,305)	916	(16,034)	(2,777)	(6,716)
Other comprehensive income (loss):
Foreign currency translation adjustments	2	0	10	(9)	(13)
Total comprehensive profit (loss)	$ (6,303)	$ 916	$ (16,024)	$ (2,786)	$ (6,729)
Profit (loss) per share data:
Basic net profit (loss) per share - USD	$ (0.68)	$ 0.1	$ (1.73)	$ (0.32)	$ (0.75)
Diluted net profit (loss) per share - USD	$ (0.68)	$ 0.1	$ (1.73)	$ (0.32)	$ (0.75)
Number of shares used in calculating basic profit (loss) per share	9,279,370	9,208,902	9,256,862	8,803,065	9,013,144
Number of shares used in calculating diluted profit (loss) per share	9,279,370	9,208,902	9,256,862	8,803,065	9,013,144