0001178913-22-001917 | 10-Q | XBRL Viewer

Document and Entity Information	3 Months Ended
Document and Entity Information	Mar. 31, 2022 shares
Cover [Abstract]
Entity Registrant Name	ENTERA BIO LTD.
Document Type	10-Q
Document Period End Date	Mar. 31, 2022
Entity Central Index Key	0001638097
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Amendment Flag	false
Entity Current Reporting Status	Yes
Entity Common Stock, Shares Outstanding	28,804,411
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Entity Shell Company	false
Entity Small Business	true
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Incorporation, State or Country Code	L3
Entity Address, Address Line One	Kiryat Hadassah
Entity Address, Address Line Two	Minrav Building – Fifth Floor
Entity Address, City or Town	Jerusalem
Entity Address, Postal Zip Code	9112002
Entity Address, Country	IL
City Area Code	972
Local Phone Number	2-532-7151
Document Quarterly Report	true
Document Transition Report	false
Entity File Number	001-38556
Entity Tax Identification Number	00-0000000
Trading Symbol	ENTX
Security Exchange Name	NASDAQ
Title of 12(b) Security	Ordinary Shares

CONDENCED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Thousands

Mar. 31, 2022

Dec. 31, 2021

CURRENT ASSETS:

Cash and cash equivalents

$ 20,109

$ 24,892

Accounts receivable

210

183

Other current assets

1,322

254

TOTAL CURRENT ASSETS

21,641

25,329

NON-CURRENT ASSETS:

Property and equipment, net

163

156

Operating lease right-of-use assets

212

239

Deferred income taxes

250

217

Funds in respect of employee rights upon retirement

TOTAL NON-CURRENT ASSETS

671

658

TOTAL ASSETS

22,312

25,987

CURRENT LIABILITIES:

Accounts payable

199

166

Accrued expenses and other payables

1,993

2,801

Current maturities of operating lease

142

179

Contract liabilities

TOTAL CURRENT LIABILITIES

2,334

3,161

NON-CURRENT LIABILITIES:

Operating lease liabilities

123

Liability for employee rights upon retirement

135

138

TOTAL NON-CURRENT LIABILITIES

233

261

TOTAL LIABILITIES

2,567

3,422

COMMITMENTS AND CONTINGENCIES

SHAREHOLDERS' EQUITY:

Ordinary Shares, NIS 0.0000769 par value: Authorized - as of March 31, 2022 and December 31, 2021, 140,010,000 shares; issued and outstanding: - as of March 31, 2022, and December 31, 2021 28,804,411 shares.

^[1]

Additional paid-in capital

105,914

104,950

Accumulated other comprehensive income

Accumulated deficit

(86,210)

(82,426)

TOTAL SHAREHOLDERS' EQUITY

19,745

22,565

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

$ 22,312

$ 25,987

[1]	Represents an amount less than one thousand US dollars

CONDENCED CONSOLIDATED BALANCE SHEETS (Parentheticals) - ₪ / shares	Mar. 31, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Ordinary share, par value	₪ 0.0000769	₪ 0.0000769
Ordinary shares, authorized	140,010,000	140,010,000
Ordinary shares, issued	28,804,411	28,804,411
Ordinary shares, outstanding	28,804,411	28,804,411

CONDENCED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income Statement [Abstract]
REVENUES	$ 68	$ 157
COST OF REVENUES	54	73
GROSS PROFIT	14	84
OPERATING EXPENSES:
Research and development	1,690	1,124
General and administrative	2,171	1,309
Other income	(12)	(10)
TOTAL OPERATING EXPENSES	(3,849)	(2,423)
OPERATING LOSS	3,835	2,339
FINANCIAL INCOME, NET	(44)	(29)
LOSS BEFORE INCOME TAX	3,791	2,310
INCOME TAX, BENEFIT	(7)	(14)
NET LOSS	$ 3,784	$ 2,296
LOSS PER SHARE BASIC AND DILUTED	$ 0.13	$ 0.10
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF BASIC AND DILUTED LOSS PER SHARE	28,804,411	21,890,100

CONDENCED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)
$ in Thousands

Ordinary shares [Member]

Additional paid-in capital [Member]

Accumulated other Comprehensive income [Member]

Accumulated deficit [Member]

Total

Balance at Dec. 31, 2020

^[1]

$ 77,708

$ 41

$ (70,239)

$ 7,510

BALANCE (in shares) at Dec. 31, 2020

21,057,922

CHANGES DURING THE YEAR ENDED

Net loss

$ 0

(2,296)

Issuance of shares due to the ATM program, net of issuance costs

$ 0

9,858

Issuance of shares due to the ATM program, net of issuance costs (in shares)

2,546,265

Exercise of options to ordinary shares

$ 0

227

Exercise of options to ordinary shares (in shares)

94,218

Exercise of warrants to ordinary shares

$ 0

Exercise of warrants to ordinary shares (in shares)

71,380

Share-based compensation

$ 0

327

Vested restricted share units

$ 0

Vested restricted share units (in shares)

7,000

BALANCE (in shares) at Mar. 31, 2021

23,776,785

Balance at Mar. 31, 2021

^[1]

88,144

(72,535)

15,650

Balance at Dec. 31, 2021

^[1]

104,950

(82,426)

22,565

BALANCE (in shares) at Dec. 31, 2021

28,804,411

CHANGES DURING THE YEAR ENDED

Net loss

$ 0

(3,784)

Share-based compensation

$ 0

964

BALANCE (in shares) at Mar. 31, 2022

28,804,411

Balance at Mar. 31, 2022

^[1]

$ 105,914

$ 41

$ (86,210)

$ 19,745

[1]	Represents an amount less than one thousand US dollars.

CONDENCED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (3,784)	$ (2,296)
Adjustments required to reconcile net loss to net cash used in operating activities:
Depreciation	16	9
Deferred income taxes	(33)	(52)
Share-based compensation	964	327
Finance income, net	(39)	(19)
Changes in operating asset and liabilities:
Decrease (increase) in accounts receivable	(27)	240
Increase in other current assets	(1,099)	(777)
Increase in accounts payable	33	276
Increase (decrease) in accrued expenses and other payables	(808)	114
Decrease in contract liabilities	(15)	(143)
Net cash used in operating activities	(4,792)	(2,321)
CASH FLOWS FROM INVESTING ACTIVITIES:
Purchase of property and equipment	(23)	0
Net cash used in investing activities	(23)	(0)
Cash flows from financing activities:
Proceeds from issuance of shares through ATM programs, net of issuance costs	0	9,858
Exercise of options and warrants into shares	0	251
Net cash provided by financing activities	0	10,109
INCREASE (DECREASE) IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH	(4,815)	7,788
CASH, CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT BEGINNING OF THE PERIOD	24,964	8,663
CASH, CASH EQUIVALENTS AND RESTRICTED DEPOSITS AT END OF THE PERIOD	20,149	16,451
Reconciliation in amounts on consolidated balance sheets:
Cash and cash equivalents	20,109	16,381
Restricted deposits included in other current assets	40	70
Total cash and cash equivalents and restricted cash	20,149	16,451
SUPPLEMENTARY INFORMATION ON INVESTING AND FINANCING ACTIVITIES NOT INVOLVING CASH FLOWS:
Operating lease right of use assets obtained in exchange for new operating lease liabilities	$ 0	$ 31

DESCRIPTION OF BUSINESS

3 Months Ended

Mar. 31, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

DESCRIPTION OF BUSINESS

NOTE 1 - DESCRIPTION OF BUSINESS

a.	Entera Bio Ltd. (collectively with its subsidiary, the "Company") was incorporated on September 30, 2009 and commenced operation on June 1, 2010. On January 8, 2018 the Company incorporated Entera Bio Inc., a wholly owned subsidiary incorporated in Delaware, United States. The Company is a clinical-stage biopharmaceutical company focused on the development and commercialization of orally delivered large molecule therapeutics for use in areas with significant unmet medical need where adoption of injectable therapies is limited due to cost, convenience and compliance challenges for patients. The Company’s most advanced product candidates, EB613 for the treatment of osteoporosis and EB612 for the treatment of hypoparathyroidism, are based on its proprietary technology platform and are both in Phase 2 clinical development. The Company also licenses its technology to biopharmaceutical companies for use with their proprietary compounds and, to date, has completed one such agreement with Amgen Inc.
b.	The Company's securities have been listed for trading on the Nasdaq Capital Market since the Company’s initial public offering in July 2018, in which total of 1,400,000 ordinary shares and 1,400,000 warrants to purchase up to 700,000 ordinary shares were issued in consideration of net proceeds of $9.6 million, after deducting offering expenses.

On December 10, 2018, the Company entered into a research collaboration and license agreement (the “Amgen Agreement”) with Amgen Inc. (“Amgen”) for the use of the Company’s oral delivery platform in the field of inflammatory disease and other serious illnesses. Pursuant to the Amgen Agreement, the Company and Amgen have agreed to use the Company’s proprietary drug delivery platform to develop oral formulations for one preclinical large molecule program that Amgen has selected. Amgen also has options to select up to two additional programs to include in the Amgen Agreement. Amgen is responsible for the clinical development, regulatory approval, manufacturing and worldwide commercialization of the programs.

The Company granted Amgen an exclusive, worldwide, sublicensable license under certain of its intellectual property relating to its drug delivery technology to develop, manufacture and commercialize the applicable products. The Company will retain all intellectual property rights to its drug delivery technology, and Amgen will retain all rights to its large molecules and any subsequent improvements, and ownership of certain intellectual property developed through the performance of the agreement is to be determined by U.S. patent law.

Since the Company is engaged in research and development activities, it has not derived significant income from its activities and has incurred accumulated losses in the amount of $86.2 million through March 31, 2022 and negative cash flows from operating activities. The Company's management is of the opinion that its available funds as of March 31, 2022 will allow the Company to operate under its current plans into the fourth quarter of 2022. These factors raise substantial doubt as to the Company's ability to continue as a going concern. Management is in the process of evaluating various financing alternatives in the public or private equity markets or through the license of the Company's technology to additional external parties through partnerships or research collaborations as the Company will need to finance future research and development activities, general and administrative expenses and working capital through fund raising. However, there is no certainty about the Company's ability to obtain such funding.

Covid-19

In March 2020, the World Health Organization declared the outbreak of COVID-19 to be a pandemic. The COVID-19 pandemic is having widespread, rapidly evolving, and unpredictable impacts on global society, economies, financial markets, and business practices. During 2021, there was a broad distribution of several vaccinations and medicines to overcome the pandemic. The Company has shifted its operations to co-exist along the pandemic with encouragement of vaccinations to all of its employees. Though the Company sees great progress to overcome the COVID-19 pandemic, still the COVID-19 pandemic may continue to impact the Company’s business operations, with outbursts of new variants of the COVID-19 from time to time, and there is uncertainty in the nature and degree of its continued effects over time

SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES

a.	Basis of presentation of the financial statements

These unaudited interim condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial statements. Accordingly, they do not include all of the information and notes required by U.S. GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s consolidated financial position as of March 31, 2022, the consolidated results of operations, statements of changes in shareholders' equity and cash flows for the three-month periods ended March 31, 2022 and 2021.

The consolidated results for the three-month period ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022.

These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2021. The comparative balance sheet at December 31, 2021 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP for annual financial statements.

b.	Loss per share

Basic loss per share is computed on the basis of the net loss, adjusted to recognize the effect of a down-round feature when it is triggered, for the period divided by the weighted average number of outstanding ordinary shares during the period.

Diluted loss per share is based upon the weighted average number of ordinary shares and of ordinary shares equivalents outstanding when dilutive. Ordinary share equivalents include outstanding stock options and warrants, which are included under the treasury stock method when dilutive. The calculation of diluted loss per share does not include options, restricted shares units and warrants, exercisable into 6,238,605 shares and 7,894,997 shares for the periods ended March 31, 2022 and 2021, respectively, because the effect would be anti-dilutive.

c.	Newly issued and recently adopted accounting pronouncements:

Recently issued accounting pronouncements adopted

1)	In November 2021, the FASB issued ASU 2021-10 “Government Assistance (Topic 832)”, which requires annual disclosures that increase the transparency of transactions involving government grants, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity’s financial statements. The amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2021. The adoption of this guidance did not have material impact on the company’s consolidated financial statements.

2)	In August 2020, the FASB issued ASU 2020-06 “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40).” This guidance simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The amendments to this guidance are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. The adoption of this guidance did not have material impact on the Company’s consolidated financial statements.

SHARE-BASED COMPENSATION

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

SHARE-BASED COMPENSATION

NOTE 3 - SHARE-BASED COMPENSATION

On August 23, 2021, the Company’s Board of Directors approved the following option grants which were approved by the shareholders of the Company on October 4, 2021:


	i.	Grants of options to purchase ordinary shares with a total fair value of $195 for each of the seven non-executive board members on January 1, 2022. The options will vest over 3 years in twelve equal quarterly instalments starting on January 1, 2022 the vesting commencement date. On January 1, 2022, which is considered the awards grant date, the Company granted 752,899 ordinary shares to non-executive directors with an exercise price of $2.815 per share.

	ii.	Grants of options to purchase ordinary shares with a total fair value of $65 for each of the seven non-executive board members on January 1, 2022. The options will vest over 1 year in four equal quarterly instalments starting on January 1, 2022 the vesting commencement date. On January 1, 2022, which is considered the awards grant date, the Company granted 250,964 ordinary shares to non-executive directors with an exercise price of $2.815 per share.


	b.	On March 31, 2022, the Company’s Board of Directors approved options grants to purchase 115,000 ordinary shares to certain executive officers and 20,000 options granted to a service provider, with an exercise price of $2.86 per share. The options vest over 4 years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% of the option will vest in twelve equal quarterly installments following the first anniversary of the grant date. The fair value of the options at the date of grant was $274. 55,000 out of these options are subject to the approval of the shareholders of the Company.

		The fair value of each option granted is estimated at the date of grant using the Black-Scholes option-pricing model, with the following weighted average assumptions:

	Three months ended March 31, 2022
Exercise price		$2.815-$2.86
Dividend yield		-
Expected volatility		69%-70	%
Risk-free interest rate		1.35%-2.41	%
Expected life - in years		5.5-6.5

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION

3 Months Ended

Mar. 31, 2022

Supplementary Financial Statement Information [Abstract]

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION

NOTE 4 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION:

Balance sheets:

	March 31,		December 31,
	2022		2021
Accrued expenses and other payables:
Employees and employees related		210		147
Income tax		160		134
Provision for vacation		314		308
Accrued expenses		1,309		2,212
		1,993		2,801

SUBSEQUENT EVENT	3 Months Ended
SUBSEQUENT EVENT	Mar. 31, 2022
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 5- SUBSEQUENT EVENT On April 28, 2022, options to purchase 220,000 ordinary shares were granted to several employees of the Company, with an exercise price of $2.57 per share. The options vest over four years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% of the option will vest in twelve equal quarterly installments following the first anniversary of the date of grant.

SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2022

Accounting Policies [Abstract]

Basis of presentation of the financial statements

a.	Basis of presentation of the financial statements

The consolidated results for the three-month period ended March 31, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022.

Loss per share

b.	Loss per share

Newly issued and recently adopted accounting pronouncements

c.	Newly issued and recently adopted accounting pronouncements:

Recently issued accounting pronouncements adopted

1)	In November 2021, the FASB issued ASU 2021-10 “Government Assistance (Topic 832)”, which requires annual disclosures that increase the transparency of transactions involving government grants, including (1) the types of transactions, (2) the accounting for those transactions, and (3) the effect of those transactions on an entity’s financial statements. The amendments in this update are effective for financial statements issued for annual periods beginning after December 15, 2021. The adoption of this guidance did not have material impact on the company’s consolidated financial statements.

2)	In August 2020, the FASB issued ASU 2020-06 “Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging – Contracts in Entity’s Own Equity (Subtopic 815 – 40).” This guidance simplifies the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts on an entity’s own equity. The amendments to this guidance are effective for fiscal years beginning after December 15, 2021, and interim periods within those fiscal years. The adoption of this guidance did not have material impact on the Company’s consolidated financial statements.

SHARE-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2022

Share-based Payment Arrangement [Abstract]

Schedule of fair value assumptions of option granted using Black-Scholes option-pricing model

	Three months ended March 31, 2022
Exercise price		$2.815-$2.86
Dividend yield		-
Expected volatility		69%-70	%
Risk-free interest rate		1.35%-2.41	%
Expected life - in years		5.5-6.5

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Table)

3 Months Ended

Mar. 31, 2022

Supplementary Financial Statement Information [Abstract]

Schedule of accounts payable and accrued liabilities

	March 31,		December 31,
	2022		2021
Accrued expenses and other payables:
Employees and employees related		210		147
Income tax		160		134
Provision for vacation		314		308
Accrued expenses		1,309		2,212
		1,993		2,801

GENERAL (Detail Textuals) - USD ($)	3 Months Ended
GENERAL (Detail Textuals) - USD ($)	Mar. 31, 2022	Dec. 31, 2021
General [Line Items]
Number of warrants issued	1,400,000
Number of ordinary shares will be purchased by exercising warrants	700,000
Net proceeds from share issuance	$ 9,600
Accumulated deficit	$ (86,210,000)	$ (82,426,000)
Warrant [Member]
General [Line Items]
Number of shares issued	1,400,000

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

SIGNIFICANT ACCOUNTING POLICIES (Detail Textuals) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Significant Accounting Policies [Line Items]
Number of antidilutive securities excluded from computation of earnings per share	6,238,605	7,894,997

SHARE-BASED COMPENSATION (Details)	3 Months Ended
SHARE-BASED COMPENSATION (Details)	Mar. 31, 2022 $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield	0.00%
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price	$ 2.815
Expected volatility	69.00%
Risk-free interest rate	1.35%
Expected life - in years	5 years 6 months
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Exercise price	$ 2.86
Expected volatility	70.00%
Risk-free interest rate	2.41%
Expected life - in years	6 years 6 months

SHARE-BASED COMPENSATION (Detail Textuals) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	3 Months Ended
	Aug. 23, 2021	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Ordinary shares available for future grant		55,000
Description of terms of share-based payment arrangement		The options vest over 4 years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% of the option will vest in twelve equal quarterly installments following the first anniversary of the grant date.
Exercise price of options granted		$ 2.86
Vestion period		4 years
Fair value of options at the date of grant		$ 274
Service Provider
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options to purchase ordinary shares		20,000
Executive Officer
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options to purchase ordinary shares		115,000
Non-executive director \| Vest over twelve equal quarterly instalments starting on January 1, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options to purchase ordinary shares	752,899
Exercise price of options granted	$ 2.815
Vestion period	3 years
Fair value of options at the date of grant	$ 195
Non-executive director \| Vest over four equal quarterly instalments starting on January 1, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of options to purchase ordinary shares	250,964
Exercise price of options granted	$ 2.815
Vestion period	1 year
Fair value of options at the date of grant	$ 65

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities, Current [Abstract]
Employees and employees related	$ 210	$ 147
Income tax	160	134
Provision for vacation	314	308
Accrued expenses	1,309	2,212
Accrued Liabilities and Other Liabilities	$ 1,993	$ 2,801

SUBSEQUENT EVENT (Detail Textuals) - $ / shares	1 Months Ended	3 Months Ended
SUBSEQUENT EVENT (Detail Textuals) - $ / shares	Apr. 28, 2022	Mar. 31, 2022
Subsequent Event [Line Items]
Vestion period		4 years
Exercise price of options granted		$ 2.86
Description of terms of share-based payment arrangement		The options vest over 4 years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% of the option will vest in twelve equal quarterly installments following the first anniversary of the grant date.
Service Provider
Subsequent Event [Line Items]
Number of options to purchase ordinary shares		20,000
SUBSEQUENT EVENT \| Service Provider
Subsequent Event [Line Items]
Exercise price of options granted	$ 2.57
Description of terms of share-based payment arrangement	The options vest over four years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% of the option will vest in twelve equal quarterly installments following the first anniversary of the date of grant.
Number of options to purchase ordinary shares	220,000