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POLYPID LTD.

NASDAQ: PYPD

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Company: PolyPid Ltd.
Ticker: Nasdaq: PYPD
Sector: Healthcare
Investor Contact: Ben Shamsian
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PolyPid Financials

Financials – Current & Historical

CONSOLIDATED BALANCE SHEETS
v3.25.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2024
Dec. 31, 2023
CURRENT ASSETS:    
Cash and cash equivalents $ 15,641 $ 5,309
Restricted deposits 168 300
Prepaid expenses and other current assets 764 458
Total current assets 16,573 6,067
LONG-TERM ASSETS:    
Property and equipment, net 6,075 7,621
Operating lease right-of-use assets 2,295 1,597
Other long-term assets 277 87
Total long-term assets 8,647 9,305
Total assets 25,220 15,372
CURRENT LIABILITIES:    
Trade payables 2,409 772
Accrued expenses and other current liabilities 2,566 1,971
Current maturities of long-term debt 6,787 4,003
Current maturities of operating lease liabilities 919 540
Total current liabilities 12,681 7,286
LONG-TERM LIABILITIES:    
Long-term debt 634 6,379
Deferred revenues 2,548 2,548
Long-term operating lease liabilities 1,277 857
Other liabilities 396 398
Total long-term liabilities 4,855 10,182
COMMITMENTS AND CONTINGENT LIABILITIES (NOTE 8)
SHAREHOLDERS’ EQUITY (DEFICIT):    
Ordinary shares, no par value - Authorized: 107,800,000 shares at December 31, 2024 and 2023, respectively; Issued and outstanding: 10,190,904 and 1,653,559 shares at December 31, 2024 and 2023, respectively
Additional paid-in capital 275,015 236,213
Accumulated deficit (267,331) (238,309)
Total shareholders’ equity (deficit) 7,684 (2,096)
Total liabilities and shareholders’ equity (deficit) $ 25,220 $ 15,372
CONSOLIDATED BALANCE SHEETS (PARENTHETICALS)
v3.25.0.1
Consolidated Balance Sheets (Parentheticals) - $ / shares
Dec. 31, 2024
Dec. 31, 2023
Statement of Financial Position [Abstract]    
Ordinary shares, par value (in Dollars per share)
Ordinary shares, authorized 107,800,000 107,800,000
Ordinary shares, issued 10,190,904 1,653,559
Ordinary shares, outstanding 10,190,904 1,653,559
CONSOLIDATED STATEMENTS OF INCOME
v3.25.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Operating expenses:      
Research and development, net $ 22,811 $ 16,148 $ 27,990
Marketing and business development 945 1,196 2,888
General and administrative 4,273 5,523 8,010
Operating loss 28,029 22,867 38,888
Financial expense, net 951 929 540
Loss before income tax 28,980 23,796 39,428
Income tax expense 42 69 129
Net loss $ 29,022 $ 23,865 $ 39,557
Basic (in Dollars per share) [1] $ 4.91 $ 16.99 $ 61.09
Diluted (in Dollars per share) [1] $ 4.91 $ 16.93 $ 61.09
Basic (in Shares) [1] 5,912,890 1,404,368 647,556
Diluted (in Shares) [1] 5,912,890 1,421,308 647,556
[1] Results for the year ended December 31, 2022, have been retroactively adjusted to reflect the 1-for-30 reverse share split affected on September 18, 2023 (see Note 1b).
CONSOLIDATED STATEMENTS OF CASH FLOWS
v3.25.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
Dec. 31, 2022
Cash flows from operating activities:      
Net loss $ (29,022) $ (23,865) $ (39,557)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation of property and equipment 1,622 1,822 1,721
Remeasurement of warrants (201)
Financial expenses, net 697 1,727 289
Share-based compensation expenses 2,824 3,391 4,307
Changes in assets and liabilities:      
Prepaid expenses and other assets (315) 641 1,185
Operating lease right-of-use assets 824 593 (2,431)
Operating lease liabilities (723) (494) 2,132
Trade payables 1,637 (369) (3,095)
Deferred revenues 2,548
Accrued expenses and other liabilities 493 (481) (1,416)
Net cash used in operating activities (21,963) (17,236) (34,317)
Cash flows from investing activities:      
Investment in bank deposits (21,353) (18,600) (7,000)
Proceeds from bank deposits 21,099 22,600 25,342
Purchase of property and equipment (76) (196) (1,767)
Net cash provided by investing activities (330) 3,804 16,575
Cash flows from financing activities:      
Proceeds from exercise of options 9 108
Proceeds from issuance of Ordinary shares, warrants and pre-funded warrants, net 35,863 12,710 5,011
Proceeds from long-term debt, net 11,711
Payment due to long-term debt (3,322) (2,618) (402)
Payment of fees due to modification of debt (125) (125)
Net cash provided by financing activities 32,416 9,976 16,428
Increase (decrease) in cash, cash equivalents and restricted deposits 10,123 (3,456) (1,314)
Cash, cash equivalents and restricted deposits at the beginning of the year 5,686 9,142 10,456
Cash, cash equivalents and restricted deposits at the end of the year 15,809 5,686 9,142
Supplemental disclosures of cash flows:      
Interest paid 950 1,038 734
Cash paid during the year for income taxes 3 18 8
Supplemental disclosures of cash flow information:      
Cash and cash equivalents 15,641 5,309 8,552
Restricted deposits 168 300 511
Restricted deposits included in other long-term assets 77 79
Cash, cash equivalents and restricted deposits at the end of the year 15,809 5,686 9,142
Supplemental disclosures of non-cash investing and financing information:      
Property and equipment acquired by credit 100
Property and equipment paid for in prior periods 340
Right-of-use asset recognized with corresponding lease liability 1,522 241 3,528
Credit line derivative 100 127
Modification of warrants 31
Warrants issued as part of credit line $ 115
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS??? EQUITY (DEFICIT)
v3.25.0.1
Consolidated Statements of Changes in Shareholders’ Equity (Deficit) - USD ($)
$ in Thousands
Number of Ordinary shares
Additional paid-in capital
Accumulated deficit
Total
Balance at Dec. 31, 2021   $ 210,847 $ (174,887) $ 35,960
Balance (in Shares) at Dec. 31, 2021 [1] 633,093      
Share-based compensation   4,307 4,307
Issuance of Ordinary shares, net [2]   4,423 4,423
Issuance of Ordinary shares, net (in Shares) [1],[2] 35,505      
Issuance of warrants   588 588
Exercise of options   108 108
Exercise of options (in Shares) [1] 1,007      
Net loss   (39,557) (39,557)
Balance at Dec. 31, 2022   220,273 (214,444) 5,829
Balance (in Shares) at Dec. 31, 2022 [1] 669,605      
Share-based compensation   3,391 3,391
Issuance of pre-funded warrants, net [3]   3,987 3,987
Modification of warrants   31 31
Reclassification of pre-funded warrants to Liabilities   (2,106) (2,106)
Reclassification of pre-funded warrants to Equity   1,905 1,905
Cashless exercise of pre-funded warrants  
Cashless exercise of pre-funded warrants (in Shares) 345,151      
Issuance of Ordinary shares, net [4]   8,723 8,723
Issuance of Ordinary shares, net (in Shares) [4] 637,660      
Exercise of options   9 9
Exercise of options (in Shares) 1,143      
Net loss   (23,865) (23,865)
Balance at Dec. 31, 2023   236,213 (238,309) $ (2,096)
Balance (in Shares) at Dec. 31, 2023 1,653,559     1,653,559
Share-based compensation   2,824 $ 2,824
Issuance of Ordinary shares, warrants and pre-funded warrants, net [5]   35,863 35,863
Issuance of Ordinary shares, warrants and pre-funded warrants, net (in Shares) [5] 8,537,345      
Issuance of warrants   115 115
Net loss   (29,022) (29,022)
Balance at Dec. 31, 2024   $ 275,015 $ (267,331) $ 7,684
Balance (in Shares) at Dec. 31, 2024 10,190,904     10,190,904
[1] Results for the year ended December 31, 2022, have been retroactively adjusted to reflect the 1-for-30 reverse share split affected on September 18, 2023 (see Note 1b).
[2] Net of issuance costs of $222.
[3] Net of issuance costs of $362.
[4] Net of issuance costs of $757.
[5] Net of issuance costs of $2,894.

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