UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
DC 20549
FORM
8-K/A
Amendment
No. 1
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date
of Report (Date of earliest event reported): October 16, 2023
NOTABLE
LABS, LTD.
(Exact
name of registrant as specified in charter)
Israel |
|
001-36581 |
|
Not
Applicable |
(State
or other jurisdiction
of
incorporation) |
|
(Commission
File
Number) |
|
(IRS
Employer
Identification
No.) |
320
Hatch Drive
Foster
City, California |
|
94404 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (415) 851-2410
Vascular
Biogenics Ltd.
8
HaSatat St.
Modi’in,
Israel 7178106
(Former
name or former address, if changed since last report)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Ordinary
Shares, par value NIS 0.35 each |
|
NTBL |
|
The
Nasdaq Capital Market |
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Explanatory
Note
On
October 16, 2023, Notable Labs, Ltd., formerly known as “Vascular Biogenics Ltd.” (the “Company”), filed a Current
Report on Form 8-K with the Securities and Exchange Commission (the “Original Form 8-K”) reporting, among other items, that
on October 16, 2023 the Company completed its business combination with Notable Labs, Inc. (“Notable”) and Vibrant Merger
Sub, Inc., a wholly-owned subsidiary of the Company (“Merger Sub”) in accordance with the terms of the Agreement and Plan
of Merger, dated as of February 22, 2023 (the “Merger Agreement”), by and among the Company, Notable and Merger Sub. Pursuant
to the Merger Agreement, Merger Sub merged with and into Notable, with Notable surviving as a wholly owned subsidiary of the Company
(the “Merger”). This Amendment No. 1 on Form 8-K/A (“Amendment No. 1”) amends the Original Form 8-K to provide
(i) the audited financial statements of Notable as of and for the years ended December 31, 2022 and 2021, (ii) the unaudited financial
statements of Notable as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022, and (iii) the
unaudited pro forma condensed combined balance sheet as of September 30, 2023 and the unaudited pro forma condensed combined statements
of operations for the nine months ended September 30, 2023 and the year ended December 31, 2022. Such financial information was excluded
from the Original Form 8-K in reliance on the instructions thereto.
Item
9.01. Financial Statements and Exhibits.
(a)
Financial Statements of Businesses or Funds Acquired
Notable’s
audited financial statements as of and for the years ended December 31, 2022 and 2021 and the accompanying notes thereto are filed
herewith as Exhibit 99.2 to this Current Report on Form 8-K/A.
Notable’s
unaudited financial statements as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 and the
accompanying notes thereto are filed herewith as Exhibit 99.3 to this Current Report on Form 8-K/A.
(b)
Pro Forma Financial Information
The
unaudited pro forma condensed combined balance sheet as of September 30, 2023 and the unaudited pro forma condensed combined statements
of operations for the nine months ended September 30, 2023 and the year ended December 31, 2022 and the accompanying notes thereto
are filed herewith as Exhibit 99.4 to this Current Report on Form 8-K/A.
(d)
Exhibits
Exhibit
No. |
|
Description |
|
|
|
2.1
+ |
|
Agreement
and Plan of Merger, dated as of February 22, 2023, by and among Vascular Biogenics Ltd., Vibrant Merger Sub, Inc., and Notable Labs,
Inc. (incorporated by reference to Exhibit 2.1 to the Registration Statement on Form S-4 filed with the SEC on September 5, 2023). |
|
|
|
2.2 |
|
Form
of Lock-Up Agreement, by and among Notable Labs, Inc., Vascular Biogenics Ltd., and certain directors and officers of Notable Labs,
Inc. (incorporated by reference to Exhibit 2.4 to the Registration Statement on Form S-4 filed with the SEC on September 5,
2023). |
|
|
|
3.1 |
|
Amendment to Articles of Association, dated October 16, 2023 (previously filed as Exhibit 3.1 to the Original 8-K) |
|
|
|
10.1* |
|
Amended
and Restated Employment Agreement by and between Notable Labs, Inc. and Thomas Bock dated April 30, 2021 (incorporated by reference
to Exhibit 10.14 to the Registration Statement on Form S-4 filed with the SEC on September 5, 2023). |
|
|
|
10.2* |
|
Employment Agreement by and between Notable Labs, Inc. and Joseph Wagner dated June 15, 2020 (incorporated by reference to Exhibit 10.15 to the Registration Statement on Form S-4 filed with the SEC on September 5, 2023). |
|
|
|
10.3* |
|
Engagement Letter by and between Notable Labs, Inc. and Scott A. McPherson dated March 1, 2023 (incorporated by reference to Exhibit 10.16 to the Registration Statement on Form S-4 filed with the SEC on September 5, 2023). |
|
|
|
10.4* |
|
Form of Release and Indemnification Agreement (previously filed as Exhibit 10.4 to the Original 8-K). |
|
|
|
10.5+ |
|
Asset Purchase Agreement by and between Immunewalk Therapeutics Inc. and Vascular Biogenics Ltd., dated as of October 1, 2023 (incorporated by reference to Exhibit 10.1 to the Current Report on Form 8-K filed with the SEC on October 2, 2023) |
|
|
|
23.1 |
|
Consent of Deloitte & Touche LLP, Independent Auditors of Notable Labs, Inc. |
|
|
|
99.1 |
|
Press release dated October 16, 2023 (previously filed as Exhibit 99.1 to the Original 8-K) |
|
|
|
99.2 |
|
Audited financial statements of Notable Labs, Inc. as of and for the years ended December 31, 2022 and 2021 |
|
|
|
99.3 |
|
Unaudited financial statements of Notable Labs, Inc. as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022 |
|
|
|
99.4 |
|
Unaudited pro forma condensed combined financial statements for the year ended December 31, 2022 and as of and for the nine months ended September 30, 2023 |
|
|
|
104 |
|
Cover
Page Interactive Data File (embedded within the Inline XBRL document) |
* |
Management
contract or compensatory plan or arrangement. |
|
|
+ |
Certain
schedules and exhibits have been omitted pursuant to Item 601(b)(2) of Regulation S-K. A copy of any omitted schedule and/or exhibit
will be furnished to the SEC upon request, provided, however, that the Company may request
confidential treatment pursuant to Rule 24b-2 of the Exchange Act for any schedule so furnished. |
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
|
NOTABLE
LABS, LTD. |
|
|
|
Date:
November 29, 2023 |
By: |
/s/
Thomas A. Bock |
|
Name:
|
Thomas A. Bock |
|
Title: |
Chief Executive Officer |
Exhibit
23.1
CONSENT
OF INDEPENDENT AUDITORS
We
consent to the incorporation by reference in the Registration Statements on Form S-8 (Nos. 333-202463, 333-210583, 333-219969, 333-223232,
333-232391, 333-240995 and 333-265325) of Notable Labs, Ltd. (formerly known as Vascular Biogenics Ltd.) of our report dated May 11,
2023, relating to the financial statements of Notable Labs, Inc. appearing in this Current Report on Form 8-K/A dated November 29,
2023.
/s/
Deloitte & Touche LLP
San
Francisco, California
November
29, 2023
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Exhibit
99.2
The
references to share and per share amounts in this Exhibit 99.2 to the Company’s Current Report on Form 8-K do not reflect the Reverse
Share Split, as defined in the Company’s Current Report on Form 8-K of which this Exhibit 99.2 is a part.
NOTABLE
LABS, INC.
INDEX
TO FINANCIAL STATEMENTS
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
INDEPENDENT
AUDITOR’S REPORT
To
the Board of Directors of Notable Labs, Inc.
Opinion
We
have audited the consolidated financial statements of Notable Labs, Inc. and subsidiary (the “Company”), which comprise the
consolidated balance sheets as of December 31, 2022 and 2021, and the related consolidated statements of operations and comprehensive
loss, redeemable convertible preferred stock and stockholders’ deficit, and cash flows for the years then ended, and the related
notes to the consolidated financial statements (collectively referred to as the “financial statements”).
In
our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as
of December 31, 2022 and 2021, and the results of its operations and its cash flows for the years then ended in accordance with accounting
principles generally accepted in the United States of America.
Basis
for Opinion
We
conducted our audits in accordance with auditing standards generally accepted in the United States of America (GAAS). Our responsibilities
under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section
of our report. We are required to be independent of the Company and to meet our other ethical responsibilities, in accordance with the
relevant ethical requirements relating to our audits. We believe that the audit evidence we have obtained is sufficient and appropriate
to provide a basis for our audit opinion.
Substantial
Doubt About the Company’s Ability to Continue as a Going Concern
The
accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note
1 to the financial statements, the Company has suffered recurring losses from operations and negative cash flows from operating activities
since inception, has an accumulated deficit, and has stated that substantial doubt exists about the Company’s ability to continue
as a going concern. Management’s evaluation of the events and conditions and management’s plans regarding these matters are
also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.
Our opinion is not modified with respect to this matter.
Responsibilities
of Management for the Financial Statements
Management
is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally
accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation
and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In
preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate,
that raise substantial doubt about the Company’s ability to continue as a going concern for one year after the date that the financial
statements are issued.
Auditor’s
Responsibilities for the Audit of the Financial Statements
Our
objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement,
whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level
of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS will always
detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of
internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate,
they would influence the judgment made by a reasonable user based on the financial statements.
In
performing an audit in accordance with GAAS, we:
● |
Exercise
professional judgment and maintain professional skepticism throughout the audit. |
|
|
● |
Identify
and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform
audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and
disclosures in the financial statements. |
|
|
● |
Obtain
an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances,
but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Accordingly, no such
opinion is expressed. |
|
|
● |
Evaluate
the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as
well as evaluate the overall presentation of the financial statements. |
|
|
● |
Conclude
whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the Company’s
ability to continue as a going concern for a reasonable period of time. |
We
are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit,
significant audit findings, and certain internal control-related matters that we identified during the audit.
/s/
Deloitte & Touche LLP
San
Francisco, CA
May
11, 2023
NOTABLE
LABS, INC.
Consolidated
Balance Sheets
(in
thousands, except share and per share amounts)
| |
2022 | | |
2021 | |
| |
December 31, | |
| |
2022 | | |
2021 | |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 1,581 | | |
$ | 2,401 | |
Marketable securities | |
| — | | |
| 872 | |
Prepaid expenses and other current assets | |
| 1,407 | | |
| 1,801 | |
Total current assets | |
| 2,988 | | |
| 5,074 | |
Property and equipment, net | |
| 442 | | |
| 751 | |
Finance lease right-of-use assets, net | |
| | | |
| | |
Operating lease right-of-use assets | |
| 357 | | |
| 801 | |
Investment in SAFE | |
| 1,500 | | |
| 1,500 | |
Other assets | |
| 224 | | |
| 362 | |
Total assets | |
$ | 5,511 | | |
$ | 8,488 | |
| |
| | | |
| | |
Liabilities, redeemable convertible preferred stock and stockholders’ deficit | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 753 | | |
$ | 649 | |
Accrued expenses and other current liabilities | |
| 900 | | |
| 1,124 | |
Operating lease liabilities, current | |
| 361 | | |
| 567 | |
Total current liabilities | |
| 2,014 | | |
| 2,340 | |
Payroll protection program loans | |
| — | | |
| 1,038 | |
Redeemable convertible preferred stock warrant liability | |
| 5,113 | | |
| — | |
Operating lease liabilities, non-current | |
| — | | |
| 238 | |
Total liabilities | |
| 7,127 | | |
| 3,616 | |
Commitments and contingencies (Note 11) | |
| - | | |
| - | |
Series A redeemable convertible preferred stock, par value of $0.001, 8,863,394
shares authorized as of December 31, 2022 and 2021, and 2,315,579 and 8,863,394 shares issued and outstanding as of December 31,
2022 and 2021; aggregate liquidation preference of $6.5 million and $18.2 million as of December 31, 2022 and 2021, respectively | |
| 6,653 | | |
| 19,918 | |
Series B redeemable convertible preferred stock, par value of $0.001, 6,674,734
and 7,374,117 shares authorized as of December 31, 2022 and 2021, and 3,556,173 and 6,674,734 shares issued and outstanding as of
December 31, 2022 and 2021; aggregate liquidation preference of $21.5 million and $39.8 million as of December 31, 2022 and 2021,
respectively | |
| 21,440 | | |
| 38,897 | |
Series C redeemable convertible preferred stock, par value of $0.001, 18,148,550
and no shares authorized as of December 31, 2022 and 2021, and 1,510,138 and zero shares issued and outstanding as of December 31,
2022 and 2021; aggregate liquidation preference of $10.1 million and $0 as of December 31, 2022 and 2021, respectively | |
| 7,259 | | |
| — | |
Redeemable convertible preferred stock | |
| 7,259 | | |
| — | |
Stockholders’ deficit: | |
| | | |
| | |
Common stock, $0.001 par value, 45,100,000 and 27,169,197 shares authorized as of December 31, 2022 and 2021 and 15,424,359 and
5,669,483 shares issued and outstanding as of December 31, 2022 and 2021, respectively | |
| 15 | | |
| 6 | |
Additional paid-in capital | |
| 34,061 | | |
| 2,688 | |
Accumulated deficit | |
| (71,044 | ) | |
| (56,637 | ) |
Total stockholders’ deficit | |
| (36,968 | ) | |
| (53,943 | ) |
Total liabilities, redeemable convertible preferred stock
and stockholders’ deficit | |
$ | 5,511 | | |
$ | 8,488 | |
The
accompanying notes are an integral part of these consolidated financial statements.
NOTABLE
LABS, INC.
Consolidated
Statements of Operations and Comprehensive Loss
(in
thousands, except share and per share amounts)
| |
2022 | | |
2021 | |
| |
Year ended December 31, | |
| |
2022 | | |
2021 | |
Services revenue | |
$ | 8 | | |
$ | 285 | |
Operating expenses: | |
| | | |
| | |
Research and development | |
| 7,776 | | |
| 11,472 | |
General and administrative | |
| 5,156 | | |
| 5,727 | |
Total operating expenses | |
| 12,932 | | |
| 17,199 | |
Loss from operations | |
| (12,924 | ) | |
| (16,914 | ) |
| |
| | | |
| | |
Other income (expense), net | |
| (1,483 | ) | |
| 862 | |
Net loss | |
$ | (14,407 | ) | |
$ | (16,052 | ) |
Net loss per share, basic and diluted | |
$ | (1.38 | ) | |
$ | (2.84 | ) |
Weighted-average common shares outstanding, basic and diluted | |
| 10,423,934 | | |
| 5,651,101 | |
| |
| | | |
| | |
Comprehensive loss: | |
| | | |
| | |
Net loss | |
$ | (14,407 | ) | |
$ | (16,052 | ) |
Other comprehensive loss: | |
| | | |
| | |
Unrealized losses | |
| — | | |
| (71 | ) |
Total comprehensive loss | |
$ | (14,407 | ) | |
$ | (16,123 | ) |
The
accompanying notes are an integral part of these consolidated financial statements.
NOTABLE
LABS, INC.
Statements
of Redeemable Convertible Preferred Stock and Stockholders’ Deficit
(in
thousands, except share amounts)
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Income/(Loss) | | |
Deficit | | |
Deficit | |
| |
Redeemable
Convertible Preferred
Stock | | |
Common Stock | | |
Additional Paid-in | | |
Accumulated Other Comprehensive | | |
Accumulated | | |
Total Stockholders’ | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Income/(Loss) | | |
Deficit | | |
Deficit | |
Balances as of January 1, 2021 | |
| 15,538,128 | | |
$ | 58,815 | | |
| 5,624,597 | | |
$ | 6 | | |
$ | 1,879 | | |
$ | 71 | | |
$ | (40,585 | ) | |
$ | (38,629 | ) |
Exercise of common stock options | |
| — | | |
| — | | |
| 44,886 | | |
| — | | |
| 30 | | |
| — | | |
| — | | |
| 30 | |
Stock-based compensation expense | |
| — | | |
| — | | |
| — | | |
| — | | |
| 779 | | |
| — | | |
| — | | |
| 779 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (16,052 | ) | |
| (16,052 | ) |
Other comprehensive loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (71 | ) | |
| — | | |
| (71 | ) |
Balances as of December 31, 2021 | |
| 15,538,128 | | |
| 58,815 | | |
| 5,669,483 | | |
| 6 | | |
| 2,688 | | |
| — | | |
| (56,637 | ) | |
| (53,943 | ) |
Issuance of Series C-1 redeemable convertible preferred stock, net of issuance costs
of $207 and allocated proceeds to the Series C convertible preferred stock warrant liability of $1,154 | |
| 848,856 | | |
| 4,693 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Issuance of Series C-2 redeemable convertible preferred stock in exchange for SAFE
agreement, net of allocated proceeds to the Series C redeemable convertible preferred stock warrant liability of $899 | |
| 661,282 | | |
| 2,566 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | |
Issuance of common stock through conversion of Series A redeemable convertible preferred
stock | |
| (6,547,815 | ) | |
| (13,265 | ) | |
| 6,547,815 | | |
| 6 | | |
| 13,259 | | |
| — | | |
| — | | |
| 13,265 | |
Issuance of common stock through conversion of Series B redeemable convertible preferred
stock | |
| (3,118,561 | ) | |
| (17,457 | ) | |
| 3,118,561 | | |
| 3 | | |
| 17,454 | | |
| — | | |
| — | | |
| 17,457 | |
Exercise of common stock options | |
| — | | |
| — | | |
| 88,500 | | |
| — | | |
| 79 | | |
| — | | |
| — | | |
| 79 | |
Stock-based compensation expense | |
| — | | |
| — | | |
| — | | |
| — | | |
| 581 | | |
| — | | |
| — | | |
| 581 | |
Net loss | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| — | | |
| (14,407 | ) | |
| (14,407 | ) |
Balances as of December 31, 2022 | |
| 7,381,890 | | |
$ | 35,352 | | |
| 15,424,359 | | |
$ | 15 | | |
$ | 34,061 | | |
$ | — | | |
$ | (71,044 | ) | |
$ | (36,968 | ) |
The
accompanying notes are an integral part of these consolidated financial statements.
NOTABLE
LABS, INC.
Consolidated
Statements of Cash Flows
(in
thousands)
| |
2022 | | |
2021 | |
| |
Year ended December 31, | |
| |
2022 | | |
2021 | |
Operating Activities | |
| | | |
| | |
Net loss | |
$ | (14,407 | ) | |
$ | (16,052 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation | |
| 323 | | |
| 326 | |
Stock-based compensation | |
| 581 | | |
| 779 | |
Non-cash operating lease expense | |
| 225 | | |
| 599 | |
Loss on disposal of fixed assets | |
| 43 | | |
| — | |
Loss (gain) on sale of marketable securities | |
| 2 | | |
| (36 | ) |
Gain from PPP loan forgiveness | |
| (1,038 | ) | |
| (765 | ) |
Change in fair value of SAFE and redeemable convertible preferred stock warrant
liability | |
| 2,515 | | |
| — | |
Change in fair value of SAFE notes | |
| | | |
| | |
Change in operating assets and liabilities: | |
| | | |
| | |
Prepaid expenses and other current assets | |
| 284 | | |
| (284 | ) |
Other assets | |
| 138 | | |
| (28 | ) |
Accounts payable | |
| 104 | | |
| 52 | |
Accrued expenses and other current liabilities | |
| (186 | ) | |
| 941 | |
Operating lease liabilities | |
| (226 | ) | |
| (585 | ) |
Net cash used in operating activities | |
| (11,642 | ) | |
| (15,053 | ) |
| |
| | | |
| | |
Investing Activities | |
| | | |
| | |
Purchases of property and equipment | |
| (41 | ) | |
| (441 | ) |
Purchases of other investments | |
| — | | |
| (1,500 | ) |
Proceeds from disposal of property and equipment | |
| 95 | | |
| — | |
Proceeds from maturities of marketable securities | |
| 594 | | |
| 3,447 | |
Proceeds from sales of marketable securities | |
| 870 | | |
| 16,644 | |
Net cash provided by investing activities | |
| 924 | | |
| 14,757 | |
| |
| | | |
| | |
Financing Activities | |
| | | |
| | |
Proceeds from employee stock option exercises | |
| 79 | | |
| 30 | |
Proceeds from issuance of redeemable convertible preferred stock and warrants, net
of issuance costs | |
| 5,810 | | |
| — | |
Proceeds from the issuance of the SAFE agreement | |
| 4,009 | | |
| — | |
Proceeds from PPP loan | |
| — | | |
| 1,038 | |
Net cash provided by financing activities | |
| 9,898 | | |
| 1,068 | |
| |
| | | |
| | |
Net increase (decrease) in cash and cash equivalents | |
| (820 | ) | |
| 772 | |
Cash and cash equivalents at the beginning of year | |
| 2,401 | | |
| 1,629 | |
Cash and cash equivalents at the end of year | |
$ | 1,581 | | |
$ | 2,401 | |
| |
| | | |
| | |
Supplemental non-cash financing and investing activities | |
| | | |
| | |
Purchases of property and equipment in accounts payable | |
$ | — | | |
$ | 14 | |
Right-of-use assets obtained in exchange for lease obligation | |
$ | 181 | | |
$ | — | |
Fair value allocated at issuance to Series C warrants | |
$ | 2,053 | | |
$ | — | |
Series C redeemable convertible preferred stock issuance costs in accrued expenses | |
$ | 38 | | |
$ | — | |
Conversion of Series A and Series B redeemable convertible preferred stock to common stock | |
$ | 30,722 | | |
$ | — | |
The
accompanying notes are an integral part of these consolidated financial statements.
1.
Organization
ORGANIZATION
Description
of Business
Notable
Labs, Inc. (“Notable” or the “Company”) and its wholly owned subsidiary is an emerging tech-bio therapeutics
company dedicated to the development and commercialization of a predictive precision medicine platform and products that treat various
forms of cancer. The Company was incorporated in Delaware in June 2014 and is located in Foster City, California.
Liquidity
and Going Concern Assessment
The
Company has incurred losses and negative cash flows from operations since its inception. As of December 31, 2022 and 2021, the Company
has an accumulated deficit of approximately $71.0 million and $56.6 million, respectively. As of December 31, 2022, the Company had cash
of $1.6 million and has forecasted cash needs in excess of current liquidity. These conditions raise substantial doubt about its ability
to continue as a going concern within one year after the date that the financial statements are issued.
The
Company’s ability to fund its operations will require additional capital, and the Company intends to raise such capital through
the issuance of additional debt or equity, including in connection with potential merger opportunities, or through licensing or collaboration
agreements.
These
plans are intended to mitigate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue
as a going concern; however, as the plans are not entirely within the Company’s control, management has determined it is not probable
they will be effectively implemented.
These
financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification
of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern.
The
Company is continuing to develop its medicine platform and treatments, which is the primary use of funds for the Company. Management
expects to continue to incur additional substantial losses and negative cash flows from operations in the foreseeable future as a result
of expanded research and development activities until regulatory approval is granted. Regulatory approval is not guaranteed and may never
be obtained.
The
ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish these plans and secure
sources of financing and ultimately attain profitable operations. However, if such financing is not approved, does not occur, or alternative
financing is not available at adequate levels or on acceptable terms, or profitable operations are not attained, the Company could be
required to significantly reduce operating expenses and delay, reduce the scope of or eliminate some of its development programs, enter
into a collaboration or other similar arrangement with respect to commercialization rights to any of its product candidates, out license
intellectual property rights to its product candidates and sell unsecured assets, or a combination of the above. Any of these actions
could have a material adverse effect on the Company’s business, results of operations, financial condition and/or its ability to
fund its scheduled obligations on a timely basis or at all. If the Company is unable to obtain adequate capital, it could be forced to
cease operations.
Note
2. Summary of Significant Accounting Policies
SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the
United States (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position
for the periods presented. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative GAAP
included in the Accounting Standards Codification (“ASC”), and Accounting Standards Update (“ASU”) issued by
the Financial Accounting Standards Board (“FASB”) and pursuant to the rules and regulations of the Securities and Exchange
Commission (“SEC”).
Principles
of Consolidation
The
consolidated financial statements include the accounts of Notable and its wholly owned subsidiary, all of which are denominated in US
dollars. All intercompany balances and transactions have been eliminated in consolidation.
Use
of Estimates
The
preparation of the consolidated financial statements in conformity with GAAP generally requires management to make certain estimates
and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. The Company regularly
evaluates estimates and assumptions related to assets and liabilities, and disclosures of contingent assets and liabilities at the dates
of the consolidated financial statements and the reported amounts of expenses during the reporting period. Areas where management uses
subjective judgments include, but are not limited to, measurement of lease liabilities and right of use assets, impairment of long-lived
assets, stock-based compensation, accrued research and development costs, and redeemable convertible preferred stock warrant liability
in the accompanying consolidated financial statements. Management bases its estimates on historical experience and on various other assumptions
that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying
values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates
under different assumptions or conditions.
Concentration
of Credit Risk and Other Risks and Uncertainties
Financial
instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents.
The Company maintains bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits.
The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents to
the extent recorded in the balance sheet. The Company has not experienced any losses on its deposits of cash and cash equivalents.
The
Company is subject to a number of risks similar to other early-stage biopharmaceutical companies, including, but not limited to, the
need to obtain adequate additional funding, possible failure of current or future preclinical studies or clinical trials, its reliance
on third parties to conduct its clinical trials, the need to obtain regulatory and marketing approvals for its product candidates, competitors
developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s product
candidates, protection of its proprietary technology, and the need to secure and maintain adequate manufacturing arrangements with third
parties. These efforts will require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance
and reporting. The Company’s product candidates are still in development and, to date, none of the Company’s product candidates
have been approved for sale and, therefore, the Company has not generated any revenue from product sales. There can be no assurance that
the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual
property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any
approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain
when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid technological change
and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services
of its employees, consultants and other third parties.
Significant
customers are those that represent 10% or more of the Company’s total revenue for each year presented on the consolidated statements
of operations and comprehensive loss. One customer represents 100% of its immaterial accounts receivable and revenues as of and for the
year ended December 31, 2022. Three customers represented 39%, 35%, and 16% of its revenues for the year ended December 31, 2021, respectively.
Approximately 41% and 59% of the $48,000 of accounts receivable recorded in prepaid expenses and other current assets as of December
31, 2021 are attributable to two customers, respectively.
Segments
The
Company operates and manages its business as one reportable operating segment, which is the business of developing predictive precision
medicines that treat various forms of cancer. The Company’s chief executive officer, who is the chief operating decision maker,
reviews financial information on an aggregate basis for allocating resources and evaluating financial performance. All the Company’s
long-lived assets are maintained in, and all revenues and losses are attributable to, the United States of America.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash
and cash equivalents. Cash equivalents consist primarily of amounts invested in short-dated government and Treasury securities and are
stated at fair value. As of December 31, 2022 the entire balance of cash and cash equivalents consisted of cash held in the Company’s
checking accounts As of December 31, 2022 and 2021, the Company had no restricted cash.
Marketable
Securities
The
Company’s investments in marketable securities have been classified and accounted for as available-for-sale securities. Fixed income
securities consist of U.S. Treasury securities. The specific identification method is used to determine the cost basis of fixed income
securities sold. These securities are recorded on the consolidated balance sheets at fair value. Unrealized gains and losses on these
securities are included as a separate component of accumulated other comprehensive income (loss). The cost of investment securities is
adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in other income,
net. Realized gains and losses and declines in fair value judged to be other-than-temporary, if any, are also included in other income,
net. The Company evaluates securities for other-than-temporary impairment at the balance sheet date. Declines in fair value determined
to be other-than-temporary are also included in other income, net. All available-for-sale securities are considered available to support
current operations and are classified as current assets.
Deferred
Offering Costs
The
Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity
financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs
are recorded in stockholders’ deficit as a reduction of additional paid-in capital generated as a result of the offering. Should
the in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses
in the statements of operations. No offering costs have been deferred as of December 31, 2022 and 2021.
Property
and Equipment, Net
Property
and equipment are presented at cost, net of accumulated depreciation. Depreciation is recorded using the straight-line method over the
estimated useful life and begins at the time the asset is placed in service. The estimated useful life of each asset category is as follows:
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED
USEFUL LIFE
Computer
equipment |
3
Years |
|
|
Laboratory
equipment |
5
Years |
|
|
Furniture |
and
office equipment 7 Years |
|
|
Leasehold
improvements |
Lesser
of useful life or remaining lease term |
Upon
sale or retirement of assets, the cost and related accumulated depreciation are removed from the consolidated balance sheet and the resulting
gain or loss is reflected in the consolidated statement of operations and comprehensive loss. Maintenance and repairs are charged to
expense as incurred and costs of major replacements or improvements are capitalized.
Impairment
of Long-Lived Assets
The
Company evaluates the carrying amount of its long-lived assets, such as property and equipment, whenever events or changes in circumstances
indicate that the assets may not be recoverable. The recoverability of assets to be held and used is assessed by comparing the carrying
amount to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount exceeds
the estimated undiscounted future cash flows, an impairment loss is recognized for the excess of the book value of the asset over fair
value. There was no impairment of long-lived assets during the years ended December 31, 2022 and 2021.
Revenue
Recognition
Through
the middle of the year ended December 31, 2021, the Company’s central revenue generating activities and performance obligations
consisted of performing diagnostic services using its proprietary platform that was utilized by entities primarily engaged in their own
research and development efforts to identify therapeutic combinations in a more targeted and efficient method of drug discovery.
In
the year ended 2021, the Company transitioned its approach of performing such services for others to using its own platform to identify
proprietary therapeutic approaches in specific potential patient populations. All major projects for historical customers were complete
before the end of the year ended December 31, 2021. The Company continued to perform certain diagnostics services on a limited basis
as an outsourced provider through the year ended December 31, 2022, but such activities do not represent its major and ongoing central
operations.
The
Company recognizes revenue from diagnostic services in the amount that reflects the consideration that it expects to be entitled as the
Company performs its obligation under a contract with a customer by processing diagnostic tests on laboratory samples and making the
test results available to its customers. Revenue is recorded considering a five-step revenue recognition model that includes identifying
the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating
the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation.
The Company generally has a contract or a purchase order from a customer with the specified required terms, including the number of diagnostic
samples to be performed. The Company has not received any advance payments for which there are any remaining performance obligations.
Accordingly, no deferred revenue is recorded as of December 31, 2022 and 2021. The Company has not recorded any contract assets as of
December 31, 2022 and 2021 as the Company has not completed any performance obligations for which it has not been able to bill its customers.
Costs of services revenue are immaterial and recorded in operating expenses.
Leases
Under
ASC 842 Leases, the Company determines if an arrangement is or contains a lease based on the facts and circumstances present in
that arrangement. Lease classification, recognition, and measurement are then determined at the lease commencement date.
The
Company determines whether leases meet the classification criteria of a finance or operating lease at the lease commencement date considering:
(1) whether the lease transfers ownership of the underlying asset to the lessee at the end of the lease term, (2) whether the lease grants
the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (3) whether the lease term is
for a major part of the remaining economic life of the underlying asset, (4) whether the present value of the sum of the lease payments
and residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset, and (5) whether
the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease
term. As of December 31, 2022 and 2021, the Company’s lease population consisted of real estate and laboratory equipment, all of
which are classified as operating leases. As of December 31, 2022 and 2021, the Company did not have finance leases.
Operating
lease right-of-use (“ROU”) assets and operating lease liabilities are recognized at the lease commencement date based on
the present value of lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset for
the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease.
In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available
at the lease commencement date if the rate implicit in the lease is not readily determinable. The Company determines the incremental
borrowing rate based on the information available at the lease commencement date, which represents an internally developed rate that
would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic
environment. Applying different judgments to the same facts and circumstances could result in the estimated amounts to vary.
The
operating lease ROU assets also include adjustments for prepayments and accrued lease payments and exclude lease incentives. The Company’s
lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options.
Operating lease cost for the minimum fixed lease payments is recognized on a straight-line basis over the lease term. Variable lease
costs that are not considered fixed are expensed as incurred. Variable lease costs represent payments that are dependent on usage, a
rate or index. Variable lease cost primarily relates to various operating expenses such as common area maintenance charges. Fixed and
variable lease expense on operating leases is recognized within operating expenses within the Company’s statements of operations
and comprehensive loss.
Real
estate lease agreements that include lease and non-lease components are accounted for as a single lease component. The Company has elected
to not combine lease and non-lease components for laboratory equipment leases. Lease agreements with a noncancelable term of less than
12 months are not recorded on the Company’s consolidated balance sheet. Lease expense related to such short-term leases is recognized
on a straight-line basis over the lease term.
Redeemable
Convertible Preferred Stock
The
Company records redeemable convertible preferred stock at fair value on the dates of issuance, unless an exception applies, net of issuance
costs. The redeemable convertible preferred stock has been classified outside of stockholders’ deficit as temporary equity on the
accompanying balance sheet because the shares contain certain redemption features that are not solely within the control of the Company.
The redeemable convertible preferred stock is not generally redeemable; however, upon certain change in control events including liquidation,
sale or transfer of control of the Company, holders of the redeemable convertible preferred stock may have the right to receive its liquidation
preference under the terms of the Company’s certificate of incorporation. The carrying values of the redeemable convertible preferred
stock are adjusted to their liquidation preferences if and when it becomes probable that such a liquidation event will occur.
Redeemable
Convertible Preferred Stock Warrant Liabilities
The
Company classifies warrants to purchase redeemable convertible preferred stock as liabilities at fair value when the underlying shares
are contingently redeemable and adjusts the instruments to fair value at each reporting period. The warrants to purchase redeemable convertible
preferred stock are subject to re-measurement at each balance sheet date until exercised or expired, and any change in fair value is
recognized as a component of other income, net in the consolidated statements of operations and comprehensive loss. Offering costs associated
with the issuance of redeemable convertible preferred stock warrant liabilities are allocated on a relative basis and expensed as incurred.
Research
and Development Expenses
Research
and development expenses are charged to expense as incurred. Research and development expenses include payroll and personnel costs related
to research and development activities, materials costs, external clinical drug product manufacturing costs, outside services costs,
repair, maintenance and depreciation costs for research and development equipment, as well as facility costs used for research and development
activities. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities
are capitalized and expensed as the goods are delivered or the related services are performed. The Company continues to evaluate whether
it expects the goods to be delivered or services to be rendered and charges to expense any portion of the advance payment that has been
capitalized when the entity no longer expects the goods to be delivered or services to be rendered.
Accrued
Research and Development Expenses
The
Company records accruals for estimated costs of research, preclinical studies, clinical trials, and manufacturing development, within
accrued expenses and other current liabilities which are significant components of research and development expenses. Some of the Company’s
ongoing research and development activities is conducted by third-party service providers, contract research organizations (“CROs”)
and contract development and manufacturing organizations (“CDMOs”). The financial terms of these contracts are subject to
negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials
or services are provided to the Company under such contracts. The Company accrues the costs incurred under agreements with these third
parties based on estimates of actual work completed in accordance with the respective agreements. The Company determines the estimated
costs through discussions with internal personnel and external service providers as to the progress, stage of completion or actual timeline
(start-date and end-date) of the services and the agreed-upon fees to be paid for such services.
If
the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts accrued expenses
or prepaid expenses accordingly, which impact research and development expenses. Although the Company does not expect its estimates to
be materially different from amounts actually incurred, the Company’s understanding of the status and timing of services performed
relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too
low in any particular period. To date, there have not been any material adjustments to the Company’s prior estimates of research
and development expenses.
Stock-Based
Compensation Expense
The
Company maintains an equity incentive plan as a long-term incentive for employees, consultants, and directors. The plan allows for the
issuance of incentive stock options (“ISO”), non-statutory stock options (“NSO”), and restricted stock awards.
The
Company measures the estimated fair value of the stock-based awards on the date of the grant and recognizes compensation expense for
those awards over the requisite service period, which is generally the vesting period of the respective awards. The Company records expense
for awards with service-based vesting using the straight-line method. The Company accounts for forfeitures as they occur. For performance-based
awards, the Company recognizes share-based compensation expense over the requisite service period using the accelerated attribution method
when achievement of the performance criteria becomes probable.
The
fair value of each stock award is determined based on the number of shares granted and the value of the Company’s common stock
on the date of grant. The absence of an active market for the Company’s common and restricted stock requires the Company’s
Board of Directors (the “Board”) to determine the fair value of its common and restricted stock for purposes of granting
stock awards with assistance from management and an independent third-party valuation firm. The fair value of each stock option award
is estimated on the date of grant using the Black-Scholes option pricing model. The Black-Scholes option-pricing model requires the use
of a number of complex, subjective assumptions including the estimated fair value of the common stock, expected volatility, risk-free
interest rate, expected dividend rate, and expected term of the option. The Company has been a private company and lacks company-specific
historical and implied fair value information, therefore, determining the best estimated fair value of the Company’s common and
restricted stock requires significant judgment. The Company’s Board considers numerous objective and subjective factors to determine
the fair value of the Company’s common stock options at each meeting in which awards are approved. The factors considered include,
but are not limited to (i) the results of contemporaneous independent third-party valuations of the Company’s common stock and
the prices, rights, preferences and privileges of the Company’s redeemable convertible preferred stock relative to those of its
common stock; (ii) the lack of marketability of the Company’s common stock; (iii) actual operating and financial results; (iv)
current business conditions and projections in relation to the Company’s stage of development; (v) the likelihood of achieving
a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions; (vi) precedent transactions
involving the Company’s shares; and (vii) significant milestones and progress of research and development efforts.
The
Company determined the expected stock volatility using a weighted average of the historical volatility of a group of guideline companies
that issued options with substantially similar terms, and expects to continue to do so until such time as the Company has adequate historical
data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined
utilizing the simplified method. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at
the time of grant of the award for time periods approximately equal to the expected term of the award. The Company has not paid, and
does not anticipate paying, cash dividends on its common stock; therefore, the expected dividend yield is assumed to be zero.
The
Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner
in which the award recipient’s cash compensation costs are classified.
See
Note 10 for the assumptions used by the Company in determining the grant date fair value of stock-based awards granted, as well as a
summary of the stock-based award activity under the Company’s equity incentive plan for the year ended December 31, 2022.
Fair
Value Measurement
Fair
value accounting is applied for all financial assets and liabilities that are recognized or disclosed at fair value in the financial
statements on a recurring basis. Financial instruments such as cash and cash equivalents, accounts payable and accrued liabilities approximate
fair value due to their relatively short maturities.
Assets
and liabilities recorded at fair value on a recurring basis in the balance sheet are categorized based on the level of judgment associated
with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or
an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an
orderly transaction between market participants on the measurement date.
The
Company determines the fair value of financial assets and liabilities using the fair value hierarchy that describes three levels of inputs
that may be used to measure fair value, as follows:
Level
1 – |
Observable
inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. |
|
|
Level
2 – |
Inputs
(other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include
quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities
in markets that are not active. |
|
|
Level
3 – |
Unobservable
inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the
measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the
model. |
Comprehensive
Loss
Comprehensive
loss includes net loss and other comprehensive loss for the period. Other comprehensive loss consists of net unrealized losses on marketable
securities.
Income
Taxes
The
Company accounts for income taxes using the liability method, whereby deferred tax asset and liability account balances are determined
based on differences between the 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 when it is more
likely than not that some portion, or all of the Company’s deferred tax assets will not be realized.
The
Company accounts for income tax contingencies using a benefit recognition model. If it considers that a tax position is more likely than
not to be sustained upon audit, based solely on the technical merits of the position, it recognizes the benefit. The Company measures
the benefit by determining the amount that is greater than 50% likely of being realized upon settlement, presuming that the tax position
is examined by the appropriate taxing authority that has full knowledge of all relevant information.
The
Company is subject to taxation in the United States federal jurisdiction and various state jurisdictions. Due to the Company’s
losses incurred, the Company is subject to the income tax examination by authorities since inception. The Company’s policy is to
recognize interest expense and penalties related to income tax matters as a component of income tax expense. As of December 31, 2022,
there were no significant accruals for interest related to unrecognized tax benefits or tax penalties.
Net
Loss Per Share
Basic
net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by
the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities.
Diluted
net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the
weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net
loss per share calculation, redeemable convertible preferred stock, stock options, and warrants to purchase redeemable convertible preferred
stock are considered to be potentially dilutive securities.
The
Company applies the two-class method to calculate its basic and diluted net loss per share as the Company has issued shares that meet
the definition of participating securities. The two-class method is an earnings allocation formula that treats a participating security
as having rights to earnings that otherwise would have been available to common stockholders. The Company’s participating securities
contractually entitle the holders of such shares to participate in dividends, but do not contractually require the holders of such shares
to participate in losses of the Company. Accordingly, in periods in which the Company reports a net loss, such losses are not allocated
to such participating securities.
Accordingly,
in periods in which the Company reports a net loss, diluted net loss per share is the same as basic net loss per share, since dilutive
common shares are not assumed to have been issued if their effect is anti-dilutive.
Commitments
and Contingencies
Liabilities
for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded if and when
it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with
loss contingencies are expensed as incurred.
Recent
Accounting Pronouncements
From
time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of
the specified effective date. Other than the recently adopted accounting pronouncements discussed below, other recent accounting pronouncements
issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the Securities
and Exchange Commission did not, or are not believed by management to, have a material impact on the Company’s financial position,
results of operations or cash flows.
Recently
Adopted Accounting Pronouncements
In
August 2020, the FASB issued ASU 2020-06 (Subtopic 470-20): Debt - Debt with Conversion and Other Options (“ASU 2020-06”).
ASU 2020-06 eliminates the beneficial conversion feature and cash conversion models in ASC 470-20 that require separate accounting for
embedded conversion features in convertible instruments, resulting in more instruments being reported as a single unit of account. ASU
2020-06 is effective for public companies for annual periods beginning after December 15, 2021. For all other entities, the amendments
are effective for annual periods beginning after December 15, 2023. Early adoption is permitted for all entities for fiscal years beginning
after December 15, 2020, but an entity must adopt the guidance as of the beginning of a fiscal year. Entities may adopt the guidance
using either a modified retrospective or full retrospective transition method. The Company has early adopted ASU 2020-06 as of January
1, 2021 under the full retrospective method. The adoption did not have a material impact on the Company’s financial results, although
the Company no longer needs to subsequently assess any contingent beneficial conversion features that are present in the Company’s
Series A, B, and C redeemable convertible preferred stock.
In
December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU
2019-12”). The guidance eliminates certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation
and calculating income taxes in interim periods. This ASU also includes guidance to reduce complexity in certain areas, including recognizing
deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The standard is effective for fiscal years beginning
after December 15, 2021, and interim periods with fiscal years beginning after December 15, 2022. The Company adopted this guidance effective
January 1, 2022 on a prospective basis. The adoption did not have a material impact on the Company’s financial statements.
Note
3. Fair Value Measurements
FAIR VALUE MEASUREMENTS
The
following table sets forth the Company’s financial assets and liabilities that are measured at fair value on a recurring basis
by level with the fair value hierarchy (in thousands):
SCHEDULE
OF FAIR VALUE ON RECURRING BASIC ASSETS AND LIABILITIES
| |
As of December 31, 2022 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total Fair Value | |
Liabilities | |
| | |
| | |
| | |
| |
Preferred stock warrant liability | |
$ | — | | |
$ | — | | |
$ | 5,113 | | |
$ | 5,113 | |
| |
As of December 31, 2021 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total Fair Value | |
Assets | |
| | |
| | |
| | |
| |
Short-term marketable securities | |
$ | 872 | | |
$ | — | | |
$ | — | | |
$ | 872 | |
There
were no cash equivalents or marketable securities held as of December 31, 2022. There were no preferred stock warrant liabilities as
of December 31, 2021. Tables providing a roll forward of the fair value, as determined by Level 3 inputs, of the Company’s preferred
stock warrant liability for the year ended December 31, 2022 are included in Note 9.
Cash
equivalents and marketable securities, all of which are classified as available-for-sale securities and measured at fair value on a recurring
basis, consisted of the following as of December 31, 2021, all with contractual maturities of less than one year (in thousands):
SCHEDULE
OF FAIR VALUE AVAILABLE FOR SALE SECURITIES
December 31, 2021 | |
Level | | |
Amortized Cost | | |
Gross Unrealized Gains | | |
Gross Unrealized Losses | | |
Fair Value | |
Short-term marketable securities: | |
| | | |
| | | |
| | | |
| | | |
| | |
U.S. Treasury securities | |
| Level
1 | | |
$ | 872 | | |
$ | — | | |
$ | — | | |
$ | 872 | |
Total | |
| | | |
$ | 872 | | |
$ | — | | |
$ | — | | |
$ | 872 | |
To
date, the Company has not recorded any impairment charges on marketable securities due to other-than-temporary declines in market value.
In determining whether a decline is other than temporary, the Company considers various factors, including the length of time and extent
to which the market value has been less than amortized cost, the financial condition and near-term prospects of the issuer and the Company’s
intent and ability to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market
value.
The
Company estimates the fair values of investments in corporate debt securities, commercial paper and U.S. government agency securities
using valuations obtained from third-party pricing services. The fair market value of marketable securities classified within Level 1
is based on quoted prices for identical instruments in active markets.
The
Company does not intend to sell securities that are in an unrealized loss position and the Company believes it is more likely than not
that the investments will be held until recovery of the amortized cost basis. The Company has determined that the immaterial gross unrealized
losses on marketable securities as of December 31, 2021 were temporary in nature.
There
were no transfers between Levels 1, 2, or 3 during the years ended December 31, 2022 and 2021.
Note
4. Balance Sheet Components
BALANCE SHEET COMPONENTS
Prepaid
Expenses and Other Current Assets
The
following table presents the components of prepaid expenses and other current assets as of December 31, 2022 and 2021 (in thousands):
SCHEDULE
OF PREPAID EXPENSES AND OTHER CURRENT ASSETS
| |
2022 | | |
2021 | |
| |
December 31, | |
| |
2022 | | |
2021 | |
Accounts receivable | |
$ | 8 | | |
$ | 48 | |
Employee retention credit | |
| 1,237 | | |
| 1,293 | |
Prepaid expenses | |
| 119 | | |
| 296 | |
Prepaid benefits | |
| 37 | | |
| 48 | |
Prepaid clinical expenses | |
| 6 | | |
| 116 | |
Total prepaid expenses and other current assets | |
$ | 1,407 | | |
$ | 1,801 | |
During
fiscal years 2020 and 2021, the Company took advantage of the relief provisions provided by the U.S. government in response to COVID-19
under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The CARES Act provides an employee retention credit
(“Employee Retention Credit”), which is a refundable tax credit against certain employment taxes dependent on certain qualified
wages paid to employees through fiscal year 2021. The Company qualifies for the tax credit under the CARES Act and continued to receive
additional tax credits under the additional relief provisions for qualified wages through the end of 2021. During the fiscal year ended
December 31, 2021, the Company recorded $1.0 million related to the Employee Retention Credit in operating expenses. The Company accounts
for these labor related tax credits as a reduction to the expense that they are intended to compensate in the period in which the corresponding
expense is incurred and there is reasonable assurance the Company will both receive the tax credits and comply with all conditions attached
to the tax credits. As of December 31, 2022 and 2021, $1.2 million and $1.3 million, respectively, was recorded as a receivable in prepaid
and other current assets. The Company received $0.7 million of the receivable in February 2023 and believes there is reasonable assurance
the remaining balance will be collected.
Property
and Equipment, Net
The
following table presents the components of property and equipment, net, as of December 31, 2022 and 2021 (in thousands):
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
2022 | | |
2021 | |
| |
December 31, | |
| |
2022 | | |
2021 | |
Computer equipment | |
$ | 171 | | |
$ | 155 | |
Laboratory equipment | |
| 1,950 | | |
| 1,990 | |
Furniture and office equipment | |
| 29 | | |
| 23 | |
Leasehold improvements | |
| 73 | | |
| 73 | |
Property and equipment, Gross | |
| 2,223 | | |
| 2,241 | |
Less: accumulated depreciation | |
| (1,781 | ) | |
| (1,490 | ) |
Total property and equipment, net | |
$ | 442 | | |
$ | 751 | |
Depreciation
expense was approximately $0.3 million for each of the years ended December 31, 2022 and 2021.
Investment
in SAFE
In
October 2021, the Company entered into a simple agreement for future equity (“Oncoheroes SAFE”) agreement for $1.5 million
in exchange for a right to participate in a future equity financing of preferred stock to be issued by Oncoheroes Biosciences Inc. (“Oncoheroes”).
Alternatively, upon a dissolution or liquidity event such as a change in control or an initial public offering, the Company is entitled
to receive a portion of $1.5 million. The number of shares of preferred stock would be determined by dividing the Oncoheroes SAFE purchase
amount by price per share of the preferred stock issued in the respective equity financing. The Company recorded the investment of $1.5
million as an investment in the Oncoheroes SAFE on the consolidated balance sheet at December 31, 2022 and 2021. The investment in the
Oncoheroes SAFE is treated as an investment in an equity security that the Company has elected to record at its cost less any impairment.
No impairment losses have been recognized related to the investment for the years ended December 31, 2022 and 2021.
Accrued
Expenses and Other Current Liabilities
The
following table presents the components of accrued expenses and other current liabilities as of December 31, 2022 and 2021 (in thousands):
SCHEDULE
OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
| |
2022 | | |
2021 | |
| |
December 31, | |
| |
2022 | | |
2021 | |
Accrued expenses | |
$ | 651 | | |
| 894 | |
Accrued employee expenses | |
| 10 | | |
| 13 | |
Accrued bonuses | |
| 239 | | |
| 217 | |
Total accrued expenses and other current liabilities | |
$ | 900 | | |
$ | 1,124 | |
Note
5. Co-Development and License Agreements
CO-DEVELOPMENT AND LICENSE AGREEMENTS
Oncoheroes
Agreement
In
September 2021, the Company entered into an Exclusive License Agreement with Oncoheroes (the “Oncoheroes Agreement”) whereby
the Company obtained worldwide exclusive development and commercialization rights in the small molecule volasertib for uses relating
to certain types of cancer in adults. Under the terms of the Oncoheroes Agreement, Oncoheroes retains the right to develop and commercialize
volasertib for cancers not licensed to the Company.
Under
the terms of the agreement, the Company is obligated to make additional clinical and regulatory milestone payments up to a total of $8.0
million, plus tiered royalties from the mid-single digits up to mid-teens on net sales. In the event the Company grants a sublicense
of rights, the Company will need to pay Oncoheroes a high single digit percentage of any upfront payment obtained from such sublicenses.
No milestones have been met during the years ended December 31, 2022 and 2021 and the Company did not make any royalty payments as the
related product has not been approved for commercialization.
The
Company also entered a SAFE agreement with Oncoheroes in October 2021 for $1.5 million recorded in the investment in SAFE on the balance
sheet, as discussed in Note 4.
CicloMed
Agreement
In
July 2021, the Company entered into a Co-Development and Profit-Sharing Agreement with CicloMed LLC (“CicloMed”) (the “CicloMed
Agreement”) regarding use of the Company’s precision oncology diagnostic test in the research and development of CicloMed’s
CicloProx product for the treatment of acute myeloid leukemia. Under the terms of the co-development agreement, CicloMed holds the primary
responsibility for executing clinical trial operations while Notable is primarily focused on optimizing Notable’s predictive precision
medicine platform. Both parties will equally share the costs associated with the on-going clinical trial incurred after the effective
date. In the event a CicloProx product is commercially developed and sold, the parties will share in the net proceeds. The Company recorded
$1.1 million and $0.4 million for the years ended December 31, 2022 and 2021, respectively, as research and development expense related
to this agreement.
Note
6. Leases
LEASES
As
of December 31, 2022, the Company had operating lease agreements for its facilities at Foster City, California, which expires in May
2023, as well as several pieces of equipment with varying terms and which expire on various dates in the latter half of 2023. During
fiscal year 2022, certain equipment leases were renewed for an additional year.
-
The
following table summarizes total lease expense during the year ended December 31, 2022 and 2021 (in thousands):
SCHEDULE
OF LEASE COST
| |
December 31, 2022 | | |
December 31, 2021 | |
Cash paid for operating lease liabilities | |
$ | 751 | | |
$ | 732 | |
Operating lease expense | |
| 749 | | |
| 747 | |
Variable lease expense | |
| 94 | | |
| 94 | |
Short-term lease expense | |
| 167 | | |
| 126 | |
The
following table summarizes maturities of lease liabilities and the reconciliation of lease liabilities as of December 31, 2022 (in thousands):
SCHEDULE
OF MATURITIES OF THE FINANCE LEASE TO THE FINANCE LEASE LIABILITIES
| |
Lease Obligation | |
2023 | |
$ | 366 | |
2024 and thereafter | |
| — | |
Total future undiscounted lease payments | |
| 366 | |
Less: imputed interest | |
| (5 | ) |
Total lease liabilities | |
$ | 361 | |
Information
related to the Company’s ROU assets and related lease liabilities was as follows (in thousands except for remaining lease term
and discount rate):
SCHEDULE
OF ROU ASSETS AND RELATED LEASE LIABILITIES
| |
December 31, 2022 | |
| |
Facilities Leases | | |
Equipment Leases | |
Current operating lease liabilities | |
$ | 211 | | |
$ | 150 | |
Non-current operating lease liabilities | |
| — | | |
| — | |
Weighted average remaining lease term in years | |
| 0.3 | | |
| 0.7 | |
Weighted average discount rate | |
| 7.0 | % | |
| 7.2 | % |
| |
December 31, 2021 | |
| |
Facilities
Leases | | |
Equipment
Leases | |
Current operating lease liabilities | |
$ | 490 | | |
$ | 77 | |
Non-current operating lease liabilities | |
| 197 | | |
| 41 | |
Weighted average remaining lease term in years | |
| 1.3 | | |
| 1.4 | |
Weighted average discount rate | |
| 7.0 | % | |
| 5.6 | % |
Note
7. Payroll Protection Program Loans
PAYROLL PROTECTION PROGRAM LOANS
In
April 2020, the Company applied for a loan with a bank pursuant to the Payroll Protection Program of the CARES Act as administered by
the U.S. Small Business Administration (the “PPP Loan”). The PPP Loan was approved and took the form of a promissory note
in the amount of $0.8 million, bearing interest of 1% per annum. The Promissory Note provides for customary events of default, including,
among others, those relating to failure to make payment, bankruptcy, breaches of representations and material adverse effects. The Company
had the right to prepay the principal of the PPP Loan at any time without incurring any prepayment charges. In January 2021, this PPP
Loan was forgiven in full and was recognized as a gain within other income (expense), net during the year ended December 31, 2021.
In
February 2021, the Company applied for another promissory note under the Payroll Protection Program and was approved for $1.04 million,
with an interest rate of 1% per annum. In March 2022 this loan was forgiven in full and was recognized as a gain within other income
(expense), net during the year ended December 31, 2022.
Note
8. Capital Structure
CAPITAL STRUCTURE
Common
Stock
As
of December 31, 2022 and 2021, the Company was authorized to issue 45,100,000 and 27,169,197 shares of $0.001 par value common stock,
respectively. Common stockholders are entitled to dividends if and when declared by the Board and after any redeemable convertible preferred
share dividends are fully paid. The holder of each share of common stock is entitled to one vote. As of December 31, 2022, no dividends
have been declared.
Common
shares reserved for future issuance, on an as-if converted basis, as of December 31, 2022 and December 31, 2021, consists of the following:
SCHEDULE OF COMMON SHARES RESERVED FOR FUTURE ISSUANCE
| |
| | | |
| | |
| |
December 31, | |
| |
2022 | | |
2021 | |
Series A redeemable convertible preferred stock | |
| 2,315,579 | | |
| 8,863,394 | |
Series B redeemable convertible preferred stock | |
| 3,556,173 | | |
| 6,674,734 | |
Series C redeemable convertible preferred stock | |
| 1,510,138 | | |
| — | |
Series C warrants to purchase redeemable convertible preferred stock | |
| 1,510,138 | | |
| — | |
Stock options, issued and outstanding | |
| 2,847,484 | | |
| 4,748,713 | |
Stock options, authorized for future issuance | |
| 2,876,298 | | |
| 541,351 | |
Total | |
| 14,615,810 | | |
| 20,828,192 | |
Common
shares reserved for future issuance | |
| 14,615,810 | | |
| 20,828,192 | |
Simple
Agreements for Future Equity
Between
January and May 2022, the Company entered into simple agreements for future equity (the “2022 SAFEs”) with certain investors,
receiving $4.0 million of gross proceeds (“Purchase Amount”) in aggregate in exchange for the investor’s right to participate
in a future equity financing. If there was a future equity financing before the termination of the SAFEs, on the initial closing of such
equity financing, the 2022 SAFEs would automatically convert into the number of shares of preferred stock which would be issued in the
equity financing equal to the purchase amount divided by the lowest price per share of the preferred stock sold in the equity financing
multiplied by the eighty-five percent.
If
there was a liquidity event or dissolution event, the holders of the 2022 SAFEs would automatically be entitled to revive a portion of
the Purchase Amount. The 2022 SAFEs were recorded as a liability at issuance and subject to remeasurement at each reporting date, with
changes in fair value recorded in other income (expense), net in the consolidated statements of operations and comprehensive loss.
In
connection with the Company’s issuance of shares of Series C-1 redeemable convertible preferred stock beginning in June 2022 at
an issuance price of $7.1319 per Series C-1 share, the holders of the 2022 SAFEs were able to participate in the equity financing. The
SAFEs were settled by conversion to Series C-2 shares at an issuance price of $6.062115 per share for a total of 661,282 Series C-2 redeemable
convertible preferred shares. Collectively, the Series C-1 and Series C-2 redeemable convertible preferred stock is referred to as the
Series C redeemable convertible preferred stock. A net gain of $0.5 million was recognized from the change in fair value of the 2022
SAFEs between their issuance and settlement for the year ended December 31, 2022.
Redeemable
Convertible Preferred Stock
As
of December 31, 2022 the Company was authorized to issue 33,686,678 shares of $0.001 par value Series A, Series B, and Series C redeemable
convertible preferred stock (collectively, “the redeemable convertible preferred shares,” “preferred shares,”
or “redeemable convertible preferred stock”). As of December 31, 2021, the Company was authorized to issue 16,237,511 shares
of Series A and Series B redeemable convertible preferred stock.
From
June 2022 to July 2022, the Company issued a total of 848,856 Series C-1 redeemable convertible preferred shares to investors at $7.1319
per share for gross proceeds of $6.1 million.
For
each Series C redeemable convertible preferred share issued, the Company also issued a warrant to purchase Series C redeemable convertible
preferred shares (“Series C Warrants”). Approximately $2.1 million of the Series C proceeds were allocated to the redeemable
convertible preferred stock warrants at issuance. See Note 9.
In
June 2022, the Company amended the Certificate of Incorporation to include a Special Mandatory Conversion clause requiring all existing
redeemable convertible preferred stockholders to participate in the Series C Preferred Stock issuance. Failure to participate in the
Series C Preferred Stock issuance would result in the automatic conversion of the holder’s preferred shares into common shares.
In July 2022, 6,547,815 shares of Series A redeemable convertible preferred shares and 3,118,561 shares of Series B redeemable convertible
preferred shares were converted into common shares as a result of non-participation in the Series C Preferred Stock issuance and the
total authorized Series B redeemable convertible shares decreased.
As
of December 31, 2022 and December 31, 2021, redeemable convertible preferred stock consisted of the following (in thousands, except share
amounts):
SCHEDULE OF REDEEMABLE CONVERTIBLE PREFERRED
STOCK
As of December 31, 2022 |
Series | |
Shares Authorized | | |
Shares Issued and Outstanding | | |
Original Issue Price | | |
Aggregate Liquidation Amount | | |
Carrying amount | |
Series A | |
| | | |
| | | |
| | | |
| | | |
| | |
A-1 | |
| 3,583,743 | | |
| 1,815,484 | | |
$ | 2.9163 | | |
$ | 5,294 | | |
$ | 5,289 | |
A-2 | |
| 1,194,403 | | |
| 308,602 | | |
| 2.6247 | | |
| 810 | | |
| 858 | |
A-3 | |
| 1,234,382 | | |
| 191,493 | | |
| 2.3238 | | |
| 445 | | |
| 506 | |
A-4 | |
| 956,297 | | |
| — | | |
| 1.0457 | | |
| — | | |
| — | |
A-5 | |
| 114,573 | | |
| — | | |
| 0.8728 | | |
| — | | |
| — | |
A-6 | |
| 1,779,996 | | |
| — | | |
| 0.3485 | | |
| — | | |
| — | |
Series A subtotal | |
| 8,863,394 | | |
| 2,315,579 | | |
| - | | |
| 6,549 | | |
| 6,653 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Series B | |
| | | |
| | | |
| | | |
| | | |
| | |
B-1 | |
| 775,744 | | |
| 58,220 | | |
| 5.15279 | | |
| 300 | | |
| 235 | |
B-2 | |
| 5,898,990 | | |
| 3,497,953 | | |
| 6.0621 | | |
| 21,205 | | |
| 21,205 | |
Series B subtotal | |
| 6,674,734 | | |
| 3,556,173 | | |
| - | | |
| 21,505 | | |
| 21,440 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Series C | |
| | | |
| | | |
| | | |
| | | |
| | |
C-1 | |
| 17,487,180 | | |
| 848,856 | | |
| 7.1319 | | |
| 6,054 | | |
| 4,692 | |
C-2 | |
| 661,370 | | |
| 661,282 | | |
| 6.062115 | | |
| 4,009 | | |
| 2,567 | |
Series C subtotal | |
| 18,148,550 | | |
| 1,510,138 | | |
| - | | |
| 10,063 | | |
| 7,259 | |
Total | |
| 33,686,678 | | |
| 7,381,890 | | |
| - | | |
$ | 38,117 | | |
$ | 35,352 | |
As of December 31, 2021 |
Series | |
Shares Authorized | | |
Shares Issued and Outstanding | | |
Original Issue Price | | |
Aggregate Liquidation Amount | | |
Carrying amount | |
Series A | |
| | | |
| | | |
| | | |
| | | |
| | |
A-1 | |
| 3,583,743 | | |
| 3,583,743 | | |
$ | 2.9163 | | |
$ | 10,451 | | |
$ | 10,434 | |
A-2 | |
| 1,194,403 | | |
| 1,194,403 | | |
| 2.6247 | | |
| 3,135 | | |
| 3,320 | |
A-3 | |
| 1,234,382 | | |
| 1,234,382 | | |
| 2.3238 | | |
| 2,868 | | |
| 3,259 | |
A-4 | |
| 956,297 | | |
| 956,297 | | |
| 1.0457 | | |
| 1,000 | | |
| 2,047 | |
A-5 | |
| 114,573 | | |
| 114,573 | | |
| 0.8728 | | |
| 100 | | |
| 238 | |
A-6 | |
| 1,779,996 | | |
| 1,779,996 | | |
| 0.3485 | | |
| 620 | | |
| 620 | |
Series A subtotal | |
| 8,863,394 | | |
| 8,863,394 | | |
| - | | |
| 18,174 | | |
| 19,918 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Series B | |
| | | |
| | | |
| | | |
| | | |
| | |
B-1 | |
| 775,744 | | |
| 775,744 | | |
| 5.15279 | | |
| 3,997 | | |
| 3,137 | |
B-2 | |
| 6,598,373 | | |
| 5,898,990 | | |
| 6.0621 | | |
| 35,760 | | |
| 35,760 | |
Series B subtotal | |
| 7,374,117 | | |
| 6,674,734 | | |
| - | | |
| 39,757 | | |
| 38,897 | |
Total | |
| 16,237,511 | | |
| 15,538,128 | | |
| - | | |
$ | 57,931 | | |
$ | 58,815 | |
The
redeemable convertible preferred shares have the following rights and privileges:
Optional
Conversion
Each
share of redeemable convertible preferred stock shall be convertible, at the option of the holder at any time, into common stock as determined
by dividing the original issue price by the conversion price in effect at the time of conversion. As of December 31, 2022, and 2021 the
initial conversion price per share of redeemable convertible preferred stock is equivalent to the original issue price and as such convert
on a one-for-one basis prior to any adjustments.
The
respective applicable conversion price is subject to adjustment upon any future stock splits or stock combinations, reclassifications
or exchanges of similar stock, upon a reorganization, merger or consolidation of the Company, or upon the issuance or sale by the Company
of common stock for consideration less than the applicable conversion price.
Mandatory
Conversion
Each
of the redeemable convertible preferred shares shall automatically convert into the number of shares of common stock determined in accordance
with the conversion rate upon the earlier of (a) the closing of the sale of shares of Common Stock to the public in a firm-commitment
underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting
in at least $50,000,000 of gross proceeds (before deducting underwriting discounts and commissions), to the Company, or (b) the date
and time, or the occurrence of an event, specified by vote or written consent of the holders of at least (i) a majority of the outstanding
shares of Series A Preferred Stock, (ii) fifty-five percent of the outstanding shares of Series B Preferred Stock, and (iii) a majority
of the outstanding shares of Series C Preferred Stock, voting together as a single class on an as converted to Common Stock basis.
Liquidation
Preference
In
the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company the holders of shares of outstanding
redeemable convertible preferred stock shall be entitled, on a pro rata, as converted and pari passu basis, to be paid out of the assets
of the Company available for distribution to its stockholders before any payment shall be made to the holders of common stock by reason
of their ownership thereof, an amount per share equal to the greater of (i) the applicable original issue price for such series of preferred
stock, plus any declared but unpaid dividends, or (ii) such amount per share as would have been payable had all shares of redeemable
convertible preferred stock been converted into common stock immediately prior to such liquidation, dissolution, winding up or deemed
liquidation event.
If
the assets of the Company to be distributed among the holders of redeemable convertible preferred stock are insufficient to permit the
payment to such holders, then any assets of the Company legally available for distribution will be distributed ratably among the holders
of redeemable convertible preferred stock in proportion to the preferential amount each such holder is otherwise entitled to receive.
After
the payment to the holders of redeemable convertible preferred stock of the full preferential amount specified above, any remaining assets
of the Company available for distribution to its stockholders shall be distributed pro rata among the holders of common stock.
Dividends
The
holders of redeemable convertible preferred stock are entitled to receive dividends out of any assets legally available only when, as,
and if declared by the Company’s Board, prior to and in preference to any declaration or payment of any dividend on the common
stock. Such dividends are noncumulative. As of December 31, 2022, and 2021, there were no cumulative dividends owed or in arrears.
Voting
Each
holder of redeemable convertible preferred stock shall be entitled to the number of votes equal to the number of whole shares of common
stock into which such shares of redeemable convertible preferred stock could then be converted as of the record date. Holders of redeemable
convertible preferred stock shall vote together with the holders of common stock as a single class.
The
holders of Series A redeemable convertible preferred stock, exclusively and voting together as a separate class on a converted to common
stock basis, are entitled to elect one director to the Company’s Board. The holders of Series B redeemable convertible preferred
stock, exclusively and voting together as a separate class on a converted to common stock basis, are entitled to elect one director to
the Company’s Board.
Down-Round
Antidilution Protection
In
the event the Company issues its common stock without consideration or for consideration per share that is less than the conversion price
in effect for each series of the redeemable convertible preferred stock, then the conversion price for that series shall be reduced to
increase the number of shares of common stock into which such series of redeemable convertible preferred shares is convertible.
Note
9. Warrants to Purchase Redeemable Convertible Preferred Stock
WARRANTS TO PURCHASE REDEEMABLE CONVERTIBLE PREFERRED STOCK
In
connection with the issuance of Series C redeemable convertible preferred stock, the Company issued warrants to purchase Series C redeemable
convertible preferred stock (“Series C Warrant”, collectively “Series C Warrants”). The Series C Warrant holders
are entitled to purchase up to 1,510,138 Series C redeemable convertible preferred shares at an exercise price of $7.13 per share. The
Series C Warrants are fully vested upon issuance and expire in June 2032. There have been no exercises of Series C Warrants as of December
31, 2022.
The
Company measures its Series C Warrant liability, classified as a Level 3 liability, at fair value on a recurring basis with the change
in fair value recorded in the consolidated statements of operations and comprehensive loss until the warrants are exercised, expire or
other facts and circumstances lead the warrant liability to be reclassified as an equity instrument. The fair value is determined using
an option-pricing backsolve method. The fair value of the Series C Warrant Liability as of December 31, 2022 was determined by using
a probability weighted expected return method under a scenario in which the Company completes a merger with a public company and a scenario
in which the Company continues to operate until a later exit, which was estimated using the option pricing method.
The
following assumptions were used in estimating the fair value of the warrants:
SCHEDULE OF ESTIMATING THE FAIR VALUE OF THE WARRANTS
As
of issuance in July 2022:
| |
| | |
Risk-free interest rate | |
| 3.11 | % |
Expected life (years) | |
| 2.5 | |
Expected volatility | |
| 95.0 | % |
Annual dividend yield | |
| 0.0 | % |
As
of December 31, 2022:
| |
| | |
Risk-free interest rate | |
| 4.41 | % |
Expected life (years) | |
| 2.00 | |
Expected volatility | |
| 95.0 | % |
Annual dividend yield | |
| 0.00 | % |
Warrants and rights outstanding measurement input | |
| 0.00 | % |
The
following is a summary of the Company’s redeemable convertible preferred stock warrant liability activity for the years ended December
31, 2022:
SCHEDULE OF REDEEMABLE CONVERTIBLE PREFERRED STOCK WARRANT LIABILITY ACTIVITY
| |
Redeemable convertible preferred
stock warrant liability | |
Balance as of December 31, 2021 | |
$ | — | |
Fair value of warrants at issuance | |
| 2,053 | |
Change in fair value | |
| 3,060 | |
Balance as of December 31, 2022 | |
$ | 5,113 | |
Note
10. Equity Incentive Plan and Stock Based Compensation Expense
EQUITY INCENTIVE PLAN AND STOCK BASED COMPENSATION EXPENSE
2015
Equity Incentive Plan
The
Company adopted the 2015 Equity Incentive Plan (the “2015 Plan”) in August 2015, which provides for the granting of ISO,
NSO, and restricted shares to employees, directors, and consultants. The 2015 Plan authorized a total of 591,394 shares reserved for
future issuance. Under amendments to the 2015 Plan, an additional 2,547,746 shares in 2017, 2,243,140 shares in 2019, and 500,000 shares
in 2022 were authorized to be reserved for future issuance. As of December 31, 2022, there were 5,882,280 shares of common stock reserved
for future issuance pursuant to the 2015 Plan.
Options
under the 2015 Plan may be granted for periods of up to 10 years and at prices no less than 100% of the estimated fair value of the underlying
shares of common stock on the date of grant as determined by the Board provided that the exercise price of an ISO granted to a 10% stockholder
shall not be less than 110% of the estimated fair value of the shares on the date of grant. The 2015 Plan requires that options be exercised
no later than 10 years after the grant. Options granted to employees generally vest ratably on a monthly basis over four years, subject
to cliff vesting restrictions and continuing service.
The
following summarizes stock option activity under the 2015 Plan:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
Options Outstanding | |
| |
Total Options Outstanding | | |
Weighted-Average Exercise Price | | |
Weighted-Average Remaining Contractual
Life | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
(in years) | | |
(in thousands) | |
Outstanding as of December 31, 2021 | |
| 4,748,713 | | |
$ | 1.39 | | |
| 6.6 | | |
$ | 741 | |
Granted | |
| 210,000 | | |
$ | 1.55 | | |
| | | |
| | |
Exercised | |
| (88,500 | ) | |
$ | 0.71 | | |
| | | |
| | |
Cancelled | |
| (2,022,729 | ) | |
$ | 1.39 | | |
| | | |
| | |
Outstanding as of December 31, 2022 | |
| 2,847,484 | | |
$ | 1.43 | | |
| 7.3 | | |
$ | 1,419 | |
Exercisable as of December 31, 2022 | |
| 1,757,275 | | |
$ | 1.36 | | |
| 6.6 | | |
$ | 998 | |
Vested and expected to vest as of December 31, 2022 | |
| 2,847,484 | | |
$ | 1.43 | | |
| 7.3 | | |
$ | 1,419 | |
The
aggregate intrinsic value of stock options exercised was $74 thousand and $22 thousand for the years ended December 31, 2022, and 2021,
respectively. There was no restricted stock activity (RSA) under the 2015 Plan for the year ended December 31, 2022.
Stock-Based
Compensation Expense
Weighted-average
grant date fair value of the options granted during the years ended December 31, 2022, and 2021, was $1.03 per share and $0.91 per share,
respectively. The Company estimated the fair value of stock options using the Black-Scholes option pricing model which requires the use
of highly subjective assumptions to determine the fair value of stock-based awards. The fair value of employee and non-employee stock
options is recognized as expense on the straight-line basis over the requisite service period of the awards. These assumptions include:
|
● |
Risk-free
interest rate — The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant
for periods corresponding with the expected term of option. |
|
|
|
|
● |
Expected
volatility — Since the Company is privately held and does not have any trading history for its common stock, the expected
volatility was estimated based on the average volatility for comparable publicly traded biotechnology companies over a period equal
to the expected term of the stock option grants. The comparable companies were chosen based on their similar size, stage in the life
cycle or area of specialty. The Company will continue to apply this process until enough historical information regarding the volatility
of its own stock becomes available. |
|
|
|
|
● |
Expected
term — The expected term represents the period that stock-based awards are expected to be outstanding. The expected term
for option grants is determined using the simplified method. The simplified method deems the term to be the midpoint of the time-to-vesting
and the contractual term of the stock-based awards. The Company utilizes this method due to lack of historical exercise data. |
|
|
|
|
● |
Expected
dividend rate — The Company has never paid dividends on its common stock and has no plans to pay dividends on its common
stock. Therefore, the Company used an expected dividend yield of zero. |
The
fair value of employee stock options during the years ended December 31, 2022, and 2021 was estimated using the following weighted-average
assumptions:
SCHEDULE OF FAIR VALUE OF EMPLOYEE STOCK
OPTIONS
| |
| | | |
| | |
| |
Year ended December 31, | |
| |
2022 | | |
2021 | |
Expected term (in years) | |
| 6.00 | | |
| 5.68 | |
Risk-free interest rate | |
| 1.61 | % | |
| 1.07 | % |
Expected dividend rate | |
| 0.0 | % | |
| 0.0 | % |
Expected volatility | |
| 75.73 | % | |
| 67.81 | % |
The
following table summarizes the components of stock-based compensation expense relating to options recognized in the Company’s statement
of operations and comprehensive loss (in thousands):
SCHEDULE OF COMPONENTS OF STOCK BASED COMPENSATION EXPENSES
| |
| | | |
| | |
| |
Year ended December 31, | |
| |
2022 | | |
2021 | |
Research and development | |
$ | 146 | | |
$ | 178 | |
General and administrative | |
| 435 | | |
| 601 | |
Total | |
$ | 581 | | |
$ | 779 | |
Stock-based compensation expense | |
$ | 581 | | |
$ | 779 | |
As
of December 31, 2022, the total stock-based compensation expense related to stock awards not yet recognized was $1.0 million and will
be recognized over a weighted-average remaining period of approximately 2.2 years.
Note
11. Commitments and Contingencies
COMMITMENTS AND CONTINGENCIES
Employee
Benefit Plan
The
Company sponsors a 401(k) defined contribution plan for its employees. This plan provides for tax-deferred salary deductions for all
employees. Employee contributions are voluntary. Employees may contribute up to 100% of their annual compensation to this plan, as limited
by an annual maximum amount as determined by the IRS. The Company does not make matching contributions under its 401(k) plan.
Contingencies
From
time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. The Company was not subject
to any material legal proceedings during the years ended December 31, 2022 or 2021 and no material legal proceedings are currently pending
or threatened.
Indemnification
In
the ordinary course of business, the Company enters into agreements that may include indemnification provisions. As permitted under Delaware
law and in accordance with its bylaws, the Company indemnifies its officers and directors for certain events or occurrences while the
officer or director is or was serving in such capacity. The Company is also party to indemnification agreements with its officers and
directors. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future
payments that the Company could be required to make under these provisions is not determinable. The Company has never incurred material
costs to defend lawsuits or settle claims related to these indemnification provisions. The Company is not currently aware of any indemnification
claims. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements as of December 31,
2022 and 2021.
Note
12. Income Taxes
INCOME TAXES
The
reconciliation of the federal statutory income tax to the Company’s effective income tax expense from the year ended December 31,
2022 and December 31, 2021 is as follows (in thousands):
SCHEDULE
OF FEDERAL STATUTORY INCOME TAX
| |
| | |
| |
| |
Year Ended December 31, | |
| |
2022 | | |
2021 | |
Federal statutory income tax | |
| 21.0 | % | |
| 21.0 | % |
State income taxes | |
| 7.7 | | |
| 5.9 | |
PPP loan forgiveness | |
| 1.5 | | |
| 1.0 | |
Share-based compensation | |
| (0.2 | ) | |
| (0.6 | ) |
R&D credits | |
| 4.2 | | |
| 5.1 | |
ASC 740-10 reserve | |
| (1.0 | ) | |
| (1.3 | ) |
SAFE Liability remeasurement | |
| (3.7 | ) | |
| — | |
Other | |
| (1.0 | ) | |
| (0.1 | ) |
Change in valuation allowance | |
| (28.5 | ) | |
| (31.0 | ) |
Total provision for income taxes | |
| — | % | |
| — | % |
Deferred
income taxes reflect the net tax effect of temporary differences between amounts recorded for financial reporting purposes and the amounts
used for tax purposes. Deferred income taxes consist of the following (in thousands):
SCHEDULE
OF DEFERRED TAX ASSETS AND LIABILITIES
| |
| | |
| |
| |
December 31, | |
| |
2022 | | |
2021 | |
Deferred tax assets: | |
| | | |
| | |
Net operating loss carryforwards | |
$ | 15,403 | | |
$ | 13,176 | |
Tax credit carryforwards | |
| 2,675 | | |
| 2,227 | |
Property and equipment | |
| 23 | | |
| 7 | |
Capitalized research and experimental cost | |
| 1,401 | | |
| — | |
Stock compensation | |
| 252 | | |
| 228 | |
Other | |
| 96 | | |
| 113 | |
Subtotal | |
| 19,850 | | |
| 15,751 | |
Valuation allowance | |
| (19,850 | ) | |
| (15,751 | ) |
Net deferred tax assets (liabilities) | |
$ | — | | |
$ | — | |
A
valuation allowance is provided when it is more likely than not that the deferred tax assets will not be realized. Due to the uncertainties
surrounding the realization of deferred tax assets through future taxable income, the Company has provided a full valuation allowance
and therefore no benefit has been recognized for the net operating loss carryforwards and other deferred tax assets.
The
valuation allowance increased by $4.1 million during the year ended December 31, 2022. As of December 31, 2022, the Company had federal
and state net operating loss (“NOL”) carryforwards of approximately $57.4 million and $38.1 million, respectively. As of
December 31, 2021, the Company had federal and state net NOL carryforwards of $51.9 million and $26.0 million, respectively. Federal
and State net operating loss carryforwards will begin to expire in 2034, if not utilized.
As
of December 31, 2022, the Company had federal and California research and development (“R&D”) credit carryforwards of
approximately $1.9 million and $1.6 million, respectively. As of December 31, 2021, the Company had federal and California research and
development (“R&D”) credit carryforwards of approximately $1.6 million and $1.4 million, respectively. The Federal R&D
credit carryforwards will begin to expire in 2034, if not utilized. California R&D credit carryforward may be carried forward indefinitely.
The
Company’s ability to utilize net operating losses in the future may be subject to substantial restriction in the event of past
or future ownership changes as defined in Section 382 of the Internal Revenue Code and similar state tax laws. In the event the Company
should experience an ownership change, as defined, utilization of its net operating loss carryforwards and credits may be subject to
a substantial annual limitation. The annual limitation may result in the expiration of net operating losses and credits before utilization.
The
Company complies with ASC 740-10, Accounting for Uncertainty in Income Taxes, which prescribes a comprehensive model for the recognition,
measurement, presentation and disclosure in financial statements of any uncertain tax positions that have been taken or expected to be
taken on a tax return. The Company adopted the provisions set forth in FASB ASC Topic 740-10, issued originally as FASB Interpretation
No. 48, Accounting for Uncertainty in Income Taxes. This pronouncement sets a “more likely than not” criterion for
recognizing the tax benefit of uncertain tax positions.
Uncertain
tax positions are comprised as follows:
SCHEDULE
OF UNCERTAIN TAX POSITIONS
| |
| | |
| |
| |
December 31, | |
| |
2022 | | |
2021 | |
| |
| | |
| |
Balance at the beginning of the period | |
$ | 742 | | |
$ | 536 | |
Additions for tax positions taken in current year | |
| 150 | | |
| 206 | |
Ending balance | |
$ | 892 | | |
$ | 742 | |
In
connection with the unrecognized tax benefits noted above, no penalties and interest were recognized at December 31, 2022. The Company
does not anticipate any adjustments that would result in a material change in its unrecognized tax benefits within twelve months of the
reporting date.
The
Company files federal income tax returns and income tax returns for several states within the United States. The Company is not currently
under examination by income tax authorities in Federal or State jurisdictions. All tax returns will remain open for examination by the
Federal and State authorities for three and four years, respectively, from the date of utilization of any NOL.
Note
13. Related Party Transactions
RELATED PARTY TRANSACTIONS
During
2022 and 2021, the Company recorded general and administrative expenses of $0.3 million and $0.4 million, respectively, related to consulting
services provided by the founder and Chairman of the Company’s Board. The Company accrued $60,000 and $0 for such services as of
December 31, 2022 and 2021, respectively.
Note
14. Net Loss Per Share
NET LOSS PER SHARE
The
following table sets forth the computation of the basic and diluted net loss per share (in thousands except share and per share data):
SCHEDULE
OF EARNINGS PER SHARE BASIC AND DILUTED
| |
| | |
| |
| |
Year ended December 31, | |
| |
2022 | | |
2021 | |
Numerator: | |
| | | |
| | |
Net loss | |
$ | (14,407 | ) | |
$ | (16,052 | ) |
Denominator: | |
| | | |
| | |
Weighted-average shares of common stock outstanding used
to compute net loss per share, basic and diluted | |
| 10,423,934 | | |
| 5,651,101 | |
Net loss per share, basic and diluted: | |
$ | (1.38 | ) | |
$ | (2.84 | ) |
The
Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would
be antidilutive. Therefore, the weighted-average number of shares of Common Stock outstanding used to calculate both basic and diluted
net loss per share is the same. Potentially dilutive securities that were not included in the diluted per share calculations because
they would be anti-dilutive were as follows:
SCHEDULE
OF ANTI-DILUTIVE SECURITIES BASIC AND DILUTED
| |
| | |
| |
| |
Year Ended December 31, | |
| |
2022 | | |
2021 | |
Series A-1 redeemable convertible preferred stock | |
| 1,815,484 | | |
| 3,583,743 | |
Series A-2 redeemable convertible preferred stock | |
| 308,602 | | |
| 1,194,403 | |
Series A-3 redeemable convertible preferred stock | |
| 191,493 | | |
| 1,234,382 | |
Series A-4 redeemable convertible preferred stock | |
| — | | |
| 956,297 | |
Series A-5 redeemable convertible preferred stock | |
| — | | |
| 114,573 | |
Series A-6 redeemable convertible preferred stock | |
| — | | |
| 1,779,996 | |
Series B-1 redeemable convertible preferred stock | |
| 58,220 | | |
| 775,744 | |
Series B-2 redeemable convertible preferred stock | |
| 3,497,953 | | |
| 5,898,990 | |
Series C-1 redeemable convertible preferred stock | |
| 848,856 | | |
| — | |
Series C-2 redeemable convertible preferred stock | |
| 661,282 | | |
| — | |
Warrants to purchase redeemable convertible preferred stock | |
| 1,510,138 | | |
| — | |
Stock options, issued and outstanding | |
| 2,847,484 | | |
| 4,748,713 | |
Total | |
| 11,739,512 | | |
| 20,286,841 | |
Note
15. Subsequent Events
SUBSEQUENT EVENTS
The
Company has evaluated all events occurring through May 11, 2023, the date on which the consolidated financial statements were available
for issuance, during which time, nothing has occurred outside the normal course of business operations that would require disclosure
other than the events disclosed below.
Agreement
and Plan of Merger
On
February 22, 2023, the Company entered into a Merger Agreement with VBL and Vibrant Merger Sub, Inc., a Delaware corporation and VBL’s
direct, wholly-owned subsidiary (“Merger Sub”), pursuant to which, and subject to the satisfaction or waiver of the conditions
set forth in the Merger Agreement, Notable will be merged with and into Merger Sub (such transaction, the “Merger”) at the
effective time of the Merger (the “Effective Time”), with Notable continuing after the Merger as the surviving corporation
and a wholly-owned subsidiary of VBL.
At
the Effective Time, each outstanding share of Notable capital stock will be converted into the right to receive VBL ordinary shares,
as set forth in the Merger Agreement. Under the exchange ratio formula in the Merger Agreement, immediately following the Effective Time,
the former Notable securityholders are expected to own approximately 76% of the VBL ordinary shares on a fully diluted basis and subject
to adjustment and securityholders of VBL as of immediately prior to the Effective Time are expected to own approximately 24% of the VBL
ordinary shares on a fully diluted basis and subject to adjustment. Under certain circumstances, the ownership percentages may be adjusted
upward or downward based on the level of VBL’s Net Cash at the closing of the Merger, and the terms and net proceeds of Notable’s
pre-merger financing.
The
Merger Agreement provides that, immediately following the Effective Time, the board of directors of the combined organization will consist
of up to seven directors, with one director designated by VBL. Upon the closing of the transaction, the combined organization will be
led by Notable’s chief executive officer and executive management team. In connection with the Merger, VBL will seek to amend its
articles of incorporation to: (i) effect an increase of its registered share capital and/or effect a reverse split of its ordinary shares
at a ratio to be determined; (ii) change its name to “Notable Labs, Ltd.”; and (iii) make other such changes as mutually
agreeable to VBL and Notable.
VBL
and Notable’s obligations to consummate the Merger are subject to the satisfaction or waiver of customary closing conditions, including,
among others, obtaining the requisite approval of VBL’s stockholders, obtaining the requisite approval of Notable’s stockholders,
proceeds of Notable’s pre-closing financing, net of certain specified expenses, not being less than $5.0 million and VBL’s
Net Cash not being less than $15.0 million.
Financing
In
connection with the Merger Agreement, the Company entered into Simple Agreements for Future Equity (the “SAFEs”) with certain
investors by which the Company received $4.3 million of gross proceeds and a Series D Preferred Stock Purchase Agreement (the “Series
D Purchase Agreement”). Under the terms of the Series D Purchase Agreement, the SAFE holders will exchange their respective SAFEs
for 6,118,198 shares of Series D-1 Preferred Stock at the time when all conditions precedent to the closing of the Merger contained in
the Merger Agreement, shall have been satisfied or waived and all other conditions precedent in the Series D Purchase Agreement have
been satisfied or waived. In the event the Merger does not close, the SAFE holders will not have their funds returned. Additionally,
under the Series D Purchase Agreement, certain investors committed to purchase, and the Company agreed to issue, 5,891,911 shares of
Series D-2 Preferred Stock to such investors in exchange for $6.0 million, the closing of which will take place at the time all conditions
precedent to the closing of the Merger contained in the Merger Agreement, shall have been satisfied or waived and all other conditions
precedent in the Series D Purchase Agreement shall have been satisfied or waived. The SAFEs were recorded as a liability at issuance
and subject to remeasurement at each reporting date, with changes in fair value recorded in other income (expense), net in the consolidated
statements of operations and comprehensive loss.
The
Company’s closing of private financing will be recorded in the aggregate amount of approximately $10.3 million (approximately $4.4
million from Series D SAFEs that convert into shares of Notable’s Series D-1 Preferred Stock and approximately $6.0 million from
Series D-2 Preferred Stock, all of which will convert into Notable common stock which will be further exchanged for VBL Ordinary Shares
at the Effective Time).
Lease
Extension
In
April 2023, the Company extended the lease for its facilities in Foster City, California. The term of the lease is extended beginning
in June 2023 to May 2027. The Company has the right to terminate the lease effective as of March 2025 upon providing four months of notice
and four months of base rent for the year of the notice as an early lease termination fee. Total lease payments from June 2023 through
May 2027 will be approximately $2.2 million.
Exhibit 99.3
NOTABLE
LABS, INC.
Condensed
Consolidated Balance Sheets
(in
thousands, except share and per share amounts )
(unaudited)
| |
September 30, 2023 | | |
December 31, 2022 | |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash and cash equivalents | |
$ | 1,118 | | |
$ | 1,581 | |
Prepaid expenses and other current assets | |
| 776 | | |
| 1,407 | |
Total current assets | |
| 1,894 | | |
| 2,988 | |
| |
| | | |
| | |
Property and equipment, net | |
| 329 | | |
| 442 | |
Finance lease right-of-use assets, net | |
| 357 | | |
| - | |
Operating lease right-of-use assets | |
| 1,812 | | |
| 357 | |
Investment in SAFE | |
| 1,500 | | |
| 1,500 | |
Other assets | |
| 224 | | |
| 224 | |
Total assets | |
$ | 6,116 | | |
$ | 5,511 | |
| |
| | | |
| | |
Liabilities, redeemable convertible preferred stock and | |
| | | |
| | |
stockholders’ deficit | |
| | | |
| | |
Liabilities, redeemable convertible preferred stock and stockholders’ deficit | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 2,104 | | |
$ | 753 | |
Accrued expenses and other current liabilities | |
| 900 | | |
| 840 | |
Accounts payable and accrued expenses - related party | |
| 213 | | |
| 60 | |
Finance lease liabilities, current | |
| 77 | | |
| - | |
Operating lease liabilities, current | |
| 442 | | |
| 361 | |
Total current liabilities | |
| 3,736 | | |
| 2,014 | |
| |
| | | |
| | |
Finance lease liabilities, net of current amount | |
| 284 | | |
| - | |
Operating lease liabilities, net of current amount | |
| 1,378 | | |
| - | |
SAFE notes, net of issuance costs of $617 | |
| 8,459 | | |
| - | |
Redeemable convertible preferred stock warrant liability | |
| 231 | | |
| 5,113 | |
Total liabilities | |
| 14,088 | | |
| 7,127 | |
| |
| | | |
| | |
Commitments and contingencies | |
| - | | |
| - | |
| |
| | | |
| | |
Series A redeemable convertible preferred stock, par value $0.001, 8,863,394 shares authorized as of September 30,
2023 and December 31, 2022, and 2,315,579 shares issued and outstanding as of September 30, 2023 and December 31, 2022;
aggregate liquidation preference of $6.5 million as of September 30, 2023 and December 31, 2022 | |
| 6,653 | | |
| 6,653 | |
Series B redeemable convertible preferred stock, par value $0.001, 6,674,734 shares authorized as of September 30, 2023 and
December 31, 2022, and 3,556,173 shares issued and outstanding as of September 30, 2023 and December 31, 2022; aggregate
liquidation preference of $21.5 million as of September 30, 2023 and December 31, 2022 | |
| 21,440 | | |
| 21,440 | |
Series C redeemable convertible preferred stock, par value $0.001, 18,148,550 shares authorized as of September 30, 2023 and
December 31, 2022, and 1,510,138 shares issued and outstanding as of September 30, 2023 and December 31, 2022; aggregate
liquidation preference of $10.1 million as of September 30, 2023 and December 31, 2022 | |
| 7,259 | | |
| 7,259 | |
Redeemable convertible preferred stock | |
| 7,259 | | |
| 7,259 | |
| |
| | | |
| | |
Stockholders’ deficit | |
| | | |
| | |
Common stock, $0.001 par value; 45,100,000 shares authorized as of September 30, 2023 and December 31, 2022 and 15,429,359
shares issued and outstanding as of September 30, 2023 and 15,424,359 shares issued and outstanding as of December 31, 2022 | |
| 15 | | |
| 15 | |
Additional paid in capital | |
| 34,519 | | |
| 34,061 | |
Accumulated deficit | |
| (77,858 | ) | |
| (71,044 | ) |
Total stockholders’ deficit | |
| (43,324 | ) | |
| (36,968 | ) |
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit | |
$ | 6,116 | | |
$ | 5,511 | |
See
the accompanying notes to the condensed consolidated financial statements.
NOTABLE
LABS, INC.
Condensed
Consolidated Statements of Operations and Comprehensive Loss
(in
thousands, except share and per share amounts)
(unaudited)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Services revenue | |
$ | 122 | | |
$ | - | | |
$ | 122 | | |
$ | - | |
Cost of services | |
| 31 | | |
| - | | |
| 31 | | |
| - | |
Gross profit | |
| 91 | | |
| - | | |
| 91 | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses | |
| | | |
| | | |
| | | |
| | |
Research and development | |
| 691 | | |
| 1,167 | | |
| 3,341 | | |
| 6,286 | |
General and administrative | |
| 1,150 | | |
| 1,037 | | |
| 7,005 | | |
| 4,086 | |
Total operating expenses | |
| 1,841 | | |
| 2,204 | | |
| 10,346 | | |
| 10,372 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (1,750 | ) | |
| (2,204 | ) | |
| (10,255 | ) | |
| (10,372 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other income, net | |
| 4,643 | | |
| 112 | | |
| 3,441 | | |
| 1,687 | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) | |
$ | 2,893 | | |
$ | (2,092 | ) | |
$ | (6,814 | ) | |
$ | (8,685 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) per share, basic and diluted | |
$ | 0.19 | | |
$ | (0.14 | ) | |
$ | (0.44 | ) | |
$ | (0.97 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average common shares outstanding, basic and diluted | |
| 15,429,359 | | |
| 15,424,359 | | |
| 15,427,137 | | |
| 8,950,608 | |
See
the accompanying notes to the condensed consolidated financial statements.
NOTABLE
LABS, INC.
Condensed
Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Deficit
(in
thousands, except share amounts)
(unaudited)
For
the Three and Nine Months Ended September 30, 2023
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
| |
Redeemable Convertible | | |
Common | | |
Additional | | |
| | |
Total | |
| |
Preferred Stock | | |
Stock | | |
Paid-In | | |
Accumulated | | |
Stockholders' | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance December 31, 2022 | |
| 7,381,890 | | |
$ | 35,352 | | |
| 15,424,359 | | |
$ | 15 | | |
$ | 34,061 | | |
$ | (71,044 | ) | |
$ | (36,968 | ) |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 116 | | |
| - | | |
| 116 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (6,272 | ) | |
| (6,272 | ) |
Balance March 31, 2023 | |
| 7,381,890 | | |
| 35,352 | | |
| 15,424,359 | | |
| 15 | | |
| 34,177 | | |
| (77,316 | ) | |
| (43,124 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Exercise of common stock options | |
| - | | |
| - | | |
| 5,000 | | |
| - | | |
| 5 | | |
| - | | |
| 5 | |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 202 | | |
| - | | |
| 202 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,435 | ) | |
| (3,435 | ) |
Balance June 30, 2023 | |
| 7,381,890 | | |
| 35,352 | | |
| 15,429,359 | | |
| 15 | | |
| 34,384 | | |
| (80,751 | ) | |
| (46,352 | ) |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 135 | | |
| - | | |
| 135 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| 2,893 | | |
| 2,893 | |
Balance September 30, 2023 | |
| 7,381,890 | | |
$ | 35,352 | | |
| 15,429,359 | | |
$ | 15 | | |
$ | 34,519 | | |
$ | (77,858 | ) | |
$ | (43,324 | ) |
For
the Three and Nine Months Ended September 30, 2022
| |
Redeemable Convertible | | |
Common | | |
Additional | | |
| | |
Total | |
| |
Preferred Stock | | |
Stock | | |
Paid-In | | |
Accumulated | | |
Stockholders' | |
| |
Shares | | |
Amount | | |
Shares | | |
Amount | | |
Capital | | |
Deficit | | |
Deficit | |
Balance December 31, 2021 | |
| 15,538,128 | | |
$ | 58,815 | | |
| 5,669,483 | | |
$ | 6 | | |
$ | 2,688 | | |
$ | (56,637 | ) | |
$ | (53,943 | ) |
Exercise of common stock options | |
| - | | |
| - | | |
| - | | |
| - | | |
| 17 | | |
| - | | |
| 17 | |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 339 | | |
| - | | |
| 339 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,129 | ) | |
| (3,129 | ) |
Balance March 31, 2022 | |
| 15,538,128 | | |
| 58,815 | | |
| 5,669,483 | | |
| 6 | | |
| 3,044 | | |
| (59,766 | ) | |
| (56,716 | ) |
Issuance of Series C-1 redeemable convertible preferred stock, net of issuance costs of $152 and allocated proceeds to the Series C convertible preferred stock warrant liability of $918 | |
| 674,477 | | |
| 3,741 | | |
| - | | |
$ | - | | |
$ | - | | |
$ | - | | |
| - | |
Exercise of common stock options | |
| - | | |
| - | | |
| 88,500 | | |
| - | | |
| 63 | | |
| - | | |
| 63 | |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 120 | | |
| - | | |
| 120 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (3,464 | ) | |
| (3,464 | ) |
Balance June 30, 2022 | |
| 16,212,605 | | |
| 62,556 | | |
| 5,757,983 | | |
| 6 | | |
| 3,227 | | |
| (63,230 | ) | |
| (59,997 | ) |
Issuance of Series C-1 redeemable convertible preferred stock, net of issuance costs of $55 and allocated proceeds to the Series C convertible preferred stock warrant liability of $236 | |
| 174,379 | | |
| 952 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Issuance of Series C-2 redeemable convertible preferred stock, in exchange for SAFE agreement net of allocated proceeds to the Series C convertible C redeemable preferred stock warrant liability of $899 | |
| 661,282 | | |
| 2,566 | | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | |
Issuance of common stock through conversion of Series A redeemable convertible
preferred stock | |
| (6,547,815 | ) | |
| (13,265 | ) | |
| 6,547,815 | | |
| 6 | | |
| 13,259 | | |
| - | | |
| 13,265 | |
Issuance of common stock through conversion of Series B redeemable convertible
preferred stock | |
| (3,118,561 | ) | |
| (17,457 | ) | |
| 3,118,561 | | |
| 3 | | |
| 17,454 | | |
| - | | |
| 17,457 | |
Stock-based compensation | |
| - | | |
| - | | |
| - | | |
| - | | |
| 119 | | |
| - | | |
| 119 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| - | | |
| (2,092 | ) | |
| (2,092 | ) |
Balance September 30, 2022 | |
| 7,381,890 | | |
$ | 35,352 | | |
| 15,424,359 | | |
$ | 15 | | |
$ | 34,059 | | |
$ | (65,322 | ) | |
$ | (31,248 | ) |
See
the accompanying notes to the condensed consolidated financial statements.
NOTABLE LABS, INC.
Condensed
Consolidated Statements of Cash Flows
(in
thousands)Cash
(unaudited)
| |
2023 | | |
2022 | |
| |
For the Nine Months Ended September 30, | |
| |
2023 | | |
2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net loss | |
$ | (6,814 | ) | |
$ | (8,685 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation | |
| 193 | | |
| 264 | |
Stock-based compensation | |
| 453 | | |
| 578 | |
Non-cash operating leases | |
| 542 | | |
| 476 | |
Gain on sale of marketable securities | |
| - | | |
| 2 | |
Gain from PPP loan forgiveness | |
| - | | |
| (1,038 | ) |
Change in fair value of SAFE notes | |
| 2,723 | | |
| - | |
Change in fair value of SAFE and redeemable convertible preferred stock warrant
liability | |
| (4,882 | ) | |
| (649 | ) |
Change in operating assets and liabilities | |
| | | |
| | |
Prepaid expenses | |
| 631 | | |
| 263 | |
Other assets | |
| - | | |
| 27 | |
Accounts payable | |
| 1,506 | | |
| (175 | ) |
Accrued expenses and other current liabilities | |
| 60 | | |
| (121 | ) |
Operating lease liabilities | |
| (537 | ) | |
| (474 | ) |
Net cash used in operating activities | |
| (6,125 | ) | |
| (9,532 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Purchases of property and equipment | |
| (34 | ) | |
| (41 | ) |
Purchases of marketable securities | |
| - | | |
| (594 | ) |
Proceeds from maturities of marketable securities | |
| - | | |
| 594 | |
Proceeds from sales of marketable securities | |
| - | | |
| 870 | |
Net cash (used in) provided by investing activities | |
| (34 | ) | |
| 829 | |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds from employee stock options | |
| 5 | | |
| 79 | |
Proceeds from issuance of redeemable convertible preferred stock and warrants, net of issuance costs | |
| - | | |
| 5,810 | |
Repayment of finance lease liabilities | |
| (44 | ) | |
| - | |
Proceeds from the issuance of the SAFE agreement | |
| 5,735 | | |
| 4,009 | |
Net cash provided by financing activities | |
| 5,696 | | |
| 9,898 | |
| |
| | | |
| | |
Net increase in cash and cash equivalents | |
| (463 | ) | |
| 1,195 | |
Cash and cash equivalents at the beginning of the year | |
| 1,581 | | |
| 2,401 | |
Cash and cash equivalents at the end of the period | |
$ | 1,118 | | |
$ | 3,596 | |
| |
| | | |
| | |
| |
| | | |
| | |
SUPPLEMENTAL DISCLOSURE OF NON-CASH FINANCING ACTIVITIES: | |
| | | |
| | |
| |
| | | |
| | |
Issuance of finance lease liability for finance lease right-of-use asset | |
$ | 405 | | |
$ | - | |
| |
| | | |
| | |
Issuance of operating lease liability for operating lease right-of-use asset | |
$ | 1,950 | | |
$ | 181 | |
| |
| | | |
| | |
Fair value allocated at issuance to Series C warrants | |
$ | - | | |
$ | 2,053 | |
| |
| | | |
| | |
Series C redeemable convertible preferred stock issuance costs in accrued expenses | |
$ | - | | |
$ | 38 | |
| |
| | | |
| | |
Conversion of Series A and Series B redeemable convertible preferred stock to common stock | |
$ | - | | |
$ | 30,722 | |
See
the accompanying notes to the condensed consolidated financial statements.
NOTE
1 – ORGANIZATION
Description
of Business
Notable
Labs, Inc. (“Notable” or the “Company”) and its wholly owned subsidiary is an emerging tech-bio therapeutics
company dedicated to the development and commercialization of a predictive precision medicine platform and products that treat various
forms of cancer. The Company was incorporated in Delaware in June 2014 and is located in Foster City, California.
Merger
with Vascular Biogenics, Ltd.
On
February 22, 2023, Notable entered into a Merger Agreement (the “Merger Agreement”) with Vascular Biogenics, Ltd., an Israeli
corporation (“VBL”), and Vibrant Merger Sub, Inc., a Delaware corporation and VBL’s direct, wholly-owned subsidiary,
pursuant to which, and subject to the satisfaction or waiver of the conditions set forth in the Merger Agreement, Notable merged with
and into Merger Sub at the effective time (“Effective Time”), with Notable continuing after the merger as the surviving corporation
and VBL’s wholly-owned subsidiary (such transaction, the “Merger”).
On
October 16, 2023, Notable closed the Merger with VBL. In conjunction with the Merger, the Company changed its name from “Vascular
Biogenics Ltd.” to “Notable Labs, Ltd.” (the “Name Change”).
At
the Effective Time, each outstanding share of Notable capital stock was converted into the right to receive VBL ordinary shares, under
the exchange ratio formula in the Merger Agreement, with former Notable securityholders owning approximately 75.2% of Notable Labs, Ltd.’s
ordinary shares outstanding on a fully diluted basis, and the securityholders of VBL owning approximately 24.8% of Notable Labs, Ltd.’s
ordinary shares outstanding on a fully diluted basis.
Also
on October 16, 2023, in connection with, and prior to completion of, the Merger, the Company effected a 1-for-35 reverse share split
(the “Reverse Share Split”) of its ordinary shares, of a nominal value of NIS 0.35 each (“Ordinary Shares”).
Following
the completion of the Merger, the business of Notable became the business conducted by the Company, which is a clinical-stage platform
therapeutics company developing predictive precision medicines for patients with cancer.
Upon
closing of the Merger, the board of directors of the Company consists of seven directors, with one director designated by VBL. Following
the closing of the Merger, the Company is being led by Notable’s chief executive officer and executive management team.
Since
incorporation through September 30, 2023, Notable Labs, Ltd. and its subsidiaries (hereinafter referred to as “the Post-Merger
Company”) incurred losses and negative cash flows from operations mainly attributable to its development efforts and has an accumulated
deficit. The Post-Merger Company has financed its operations primarily through the issuance of Preferred Shares and Simple Agreements
for Future Equity (“SAFE”) shares and through the cash inflow as a result of the Merger completed on October 16, 2023. As
of the issuance date of these consolidated financial statements, Notable Labs, Ltd.’s cash and investments provide sufficient resources
to fund its operations through at least the next 12 months. In order to develop and commercialize any future product candidates if they
are granted regulatory approval, Notable Labs, Ltd. is required to obtain further funding through public or private offerings, debt financings,
collaboration, licensing arrangements or other sources. Adequate additional funding may not be available to Notable Labs, Ltd. on acceptable
terms, or at all. If Notable Labs, Ltd. is unable to raise capital when needed or on attractive terms, it may be forced to delay, reduce
or eliminate its research and development programs or commercialization and manufacturing efforts.
NOTE
2 – BASIS OF PRESENTATION
The
accompanying unaudited condensed consolidated financial statements of Notable have been prepared in accordance with accounting principles
generally accepted in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all
of the information and notes required by GAAP for annual financial statements. These unaudited interim condensed consolidated financial
statements should therefore be read in conjunction with the audited consolidated financial statements and notes for the year ended December
31, 2022. In the opinion of management, all adjustments (of a normal recurring nature) considered necessary for the fair statement of
the results for the interim periods presented have been included. Operating results for the interim period are not necessarily indicative
of the results that may be expected for the full year.
The
condensed consolidated financial statements include the accounts of Notable and its wholly owned subsidiary, all of which are denominated
in US dollars. All intercompany balances and transactions have been eliminated in consolidation.
NOTE
3 – SIGNIFICANT ACCOUNTING POLICIES
The
accounting policies and calculation methods applied in the preparation of the unaudited condensed consolidated interim financial statements
are consistent with those applied in the preparation of the annual financial statements as of December 31, 2022 and for the year then
ended.
Revenue
Recognition
In
accordance with FASB ASC 606, Revenue from Contracts with Customers, the Company recognizes revenue upon transfer of promised
goods or services in an amount that reflects the consideration expected to be received in exchange for those goods or services. To determine
revenue recognition for arrangements within the scope of FASB ASC 606, the Company performs the following five steps:
|
1. |
Identify
the contract with the customer. |
|
2. |
Identify
the performance obligations in the contract. |
|
3. |
Determine
the transaction price. |
|
4. |
Allocate
the transaction price to the performance obligations in the contract. |
|
5. |
Recognize
revenue as (or when) the performance obligations are satisfied. |
For
services performed, revenue is recognized at a point in time when the services are performed. However, for certain contracts, revenue
is recognized over time as the customer simultaneously receives and consumes the benefits of performance as the Company performs the
service. For license agreements, each contract is reviewed to determine the portion of the revenue that should be recognized at the point
in time that the license is transferred to the customer and the portion of the revenue to be recognized over time.
Cost
of Services
Cost
of services represents costs directly related to the services performed. Cost of services is primarily comprised of cost of samples,
labor.
Use
of Estimates
The
preparation of the condensed consolidated financial statements in conformity with GAAP generally requires management to make certain
estimates and assumptions that affect the reported amounts in the condensed consolidated financial statements and accompanying notes.
The Company regularly evaluates estimates and assumptions related to assets and liabilities, and disclosures of contingent assets and
liabilities at the dates of the condensed consolidated financial statements and the reported amounts of expenses during the reporting
period. Areas where management uses subjective judgments include, but are not limited to, measurement of lease liabilities and right
of use assets, impairment of long-lived assets, stock-based compensation, accrued research and development costs, and redeemable convertible
preferred stock warrant liability in the accompanying condensed consolidated financial statements. Management bases its estimates on
historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which
form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources.
Actual results may differ materially from these estimates under different assumptions or conditions.
Segments
The
Company operates and manages its business as one reportable operating segment, which is the business of developing predictive precision
medicines that treat various forms of cancer. The Company’s chief executive officer, who is the chief operating decision maker,
reviews financial information on an aggregate basis for allocating resources and evaluating financial performance. All of the Company’s
long-lived assets are maintained in, and all revenues and losses are attributable to, the United States of America.
Recently
Adopted Accounting Pronouncements
As
of September 30, 2023, there are no recently adopted accounting standards which would have a material effect on the Company’s financial
statements.
Recently
Issued Accounting Pronouncements Not Yet Adopted
As
of September 30 2023, there are no recently issued accounting standards not yet adopted which would have a material effect on the Company’s
financial statements.
NOTE
4 – FAIR VALUE MEASUREMENTS
The
following table sets forth the Company’s financial liabilities that are measured at fair value on a recurring basis by level with
the fair value hierarchy (in thousands):
SCHEDULE
OF FAIR VALUE ON RECURRING BASIC ASSETS AND LIABILITIES
| |
As of September 30, 2023 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total Fair Value | |
Liabilities | |
| | |
| | |
| | |
| |
SAFE notes | |
$ | — | | |
$ | — | | |
$ | 9,077 | | |
$ | 9,077 | |
Preferred stock warrant liability | |
$ | — | | |
$ | — | | |
$ | 231 | | |
$ | 231 | |
| |
As of December 31, 2022 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total Fair Value | |
Liabilities | |
| | |
| | |
| | |
| |
Preferred stock warrant liability | |
$ | — | | |
$ | — | | |
$ | 5,113 | | |
$ | 5,113 | |
| |
| | | |
| | | |
| | | |
| | |
There
were no transfers between Levels 1, 2, or 3 during the nine months ended September 30, 2023 and the year ended December 31, 2022. Additionally,
there were no cash equivalents or marketable securities held as of September 30, 2023 or December 31, 2022.
The
value of the warrants was based on the estimated value of the warrant using the Black-Scholes model as of September 30, 2023. The following
assumptions were used in determining the fair value of the warrants:
SCHEDULE
OF ESTIMATING THE FAIR VALUE OF THE WARRANTS
| |
| | |
Risk Free interest rate | |
| 4.6 | % |
Expected life (years) | |
| 8.75 | |
Expected volatility | |
| 95.0 | % |
Annual dividend yield | |
| 0 | % |
Warrants and rights outstanding measurement input | |
| 0 | % |
In
connection with the Merger Agreement, the Company entered into SAFEs with certain investors by which the Company received $4.3 million
of gross proceeds and a Series D Preferred Stock Purchase Agreement (the “Series D Purchase Agreement”). Under the terms
of the Series D Purchase Agreement, the SAFE holders will exchange their respective SAFEs for 6,118,198 shares of Series D-1 Preferred
Stock at the time when all conditions precedent to the closing of the Merger contained in the Merger Agreement, shall have been satisfied
or waived and all other conditions precedent in the Series D Purchase Agreement have been satisfied or waived. In the event the Merger
does not close, the SAFE holders will not have their funds returned. The value of the SAFE notes was based on the conversion value of
the SAFE notes as of September 30, 2023.
On
June 28, 2023, Notable entered into Simple Agreements for Future Equity (the “D-2 SAFEs”) with certain investors who committed
to purchase shares of Series D-2 Preferred Stock pursuant to the Series D Purchase Agreement. The D-2 SAFEs will convert into shares
of Series D-2 Preferred Stock without a discount and reduce the purchase price owed by each such investor under the Series D Purchase
Agreement on a dollar-for-dollar basis. In the event the Merger does not occur, the Series D-2 SAFEs will remain outstanding. Notable
received approximately $2.0 million of aggregate gross proceeds from the purchasers of the D-2 SAFEs prior to June 30, 2023.
The
following is a summary of the Company’s SAFE warrant liability and SAFE notes activity for the nine months ended September 30,
2023:
SCHEDULE
OF FAIR VALUE OF PREFERRED STOCK WARRANT LIABILITY
| |
Redeemable convertible preferred stock warrant liability | | |
SAFE notes | |
Balance as of December 31, 2022 | |
$ | 5,113 | | |
$ | — | |
Fair value of SAFE notes at issuance | |
| — | | |
| 6,354 | |
Change in fair value | |
| (4,882 | ) | |
| 2,723 | |
Balance as of September 30, 2023 | |
$ | 231 | | |
$ | 9,077 | |
The
change in the fair value of the redeemable convertible preferred stock warrant liability resulted from a reduction in the value per warrant
based on the fair market valuation of the warrants as of September 30, 2023. The reduction primarily related to the price of the underlying
stock being substantially less than previously expected.
The
fair value of SAFE notes at issuance consists of the $4.3 million notes received in the first quarter of 2023 related to the Series D-1
Preferred Stock and the $2.0 million notes received in the second quarter of 2023 related to the Series D-2 Preferred Stock. The change
in the fair value is based on the conversion values included in the SAFE notes.
NOTE
5 – BALANCE SHEET COMPONENTS
The
following table presents the components of prepaid expenses and other current assets as of September 30, 2023 and December 31, 2022 (in
thousands):
SCHEDULE
OF PREPAID EXPENSES AND OTHER CURRENT ASSETS
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Accounts receivable | |
$ | 5 | | |
$ | 8 | |
Employee retention credit | |
| 572 | | |
| 1,237 | |
Prepaid expenses | |
| 168 | | |
| 119 | |
Prepaid benefits | |
| 25 | | |
| 37 | |
Prepaid clinical expenses | |
| 6 | | |
| 6 | |
Total prepaid expenses and other current assets | |
$ | 776 | | |
$ | 1,407 | |
During
fiscal years 2020 and 2021, the Company took advantage of the relief provisions provided by the U.S. government in response to COVID-19
under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The CARES Act provides an employee retention credit
(“Employee Retention Credit”), which is a refundable tax credit against certain employment taxes dependent on certain qualified
wages paid to employees through fiscal year 2021. The Company qualifies for the tax credit under the CARES Act and continued to receive
additional tax credits under the additional relief provisions for qualified wages through the end of 2021. The Company accounts for these
labor related tax credits as a reduction to the expense that they are intended to compensate in the period in which the corresponding
expense is incurred and there is reasonable assurance the Company will both receive the tax credits and comply with all conditions attached
to the tax credits. As of September 30, 2023 and December 31, 2022, $0.6 million and $1.2 million, respectively, was recorded as a receivable
in prepaid and other current assets. The Company received $0.7 million of the receivable in the quarter ended March 31, 2023 and believes
there is reasonable assurance the remaining balance will be collected.
Property
and Equipment, Net
The
following table presents the components of property and equipment, net, as of September 30, 2023 and December 31, 2022 (in thousands):
SCHEDULE
OF PROPERTY AND EQUIPMENT
|
|
September
30, |
|
|
December
31, |
|
|
|
2023 |
|
|
2022 |
|
Computer
equipment |
|
$ |
183 |
|
|
$ |
171 |
|
Laboratory
equipment |
|
|
1,977 |
|
|
|
1,950 |
|
Furniture
and office equipment |
|
|
29 |
|
|
|
29 |
|
Leasehold
improvements |
|
|
73 |
|
|
|
73 |
|
Property
and equipment, Gross |
|
|
2,262 |
|
|
|
2,223 |
|
Less:
accumulated depreciation |
|
|
(1,933 |
) |
|
|
(1,781 |
) |
Total
property and equipment, net |
|
$ |
329 |
|
|
$ |
442 |
|
Depreciation
expense was approximately $0.1 million and $0.2 million for the three and nine months ended September 30, 2023 and $0.1 million and $0.3
million for the three and nine months ended September 30, 2022.
Investment
in SAFE
In
October 2021, the Company entered into a simple agreement for future equity (“Oncoheroes SAFE”) agreement for $1.5 million
in exchange for a right to participate in a future equity financing of preferred stock to be issued by Oncoheroes Biosciences Inc. (“Oncoheroes”).
Alternatively, upon a dissolution or liquidity event such as a change in control or an initial public offering, the Company is entitled
to receive a portion of $1.5 million. The number of shares of preferred stock would be determined by dividing the Oncoheroes SAFE purchase
amount by price per share of the preferred stock issued in the respective equity financing. The Company recorded the investment of $1.5
million as an investment in the Oncoheroes SAFE on the condensed consolidated balance sheet as of September 30, 2023 and December 31,
2022. The investment in the Oncoheroes SAFE is treated as an investment in an equity security that the Company has elected to record
at its cost less any impairment. No impairment losses have been recognized related to the investment for the three and nine months ended
September 30, 2023 and 2022 (See Note 7).
Accrued
Expenses and Other Current Liabilities
The
following table presents the components of accrued expenses and other current liabilities as of September 30, 2023 and December 31, 2022
(in thousands):
SCHEDULE
OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
| |
September 30, | | |
December 31, | |
| |
2023 | | |
2022 | |
Accrued expenses | |
$ | 742 | | |
| 651 | |
Accrued employee expenses | |
| 6 | | |
| 10 | |
Accrued bonuses | |
| 152 | | |
| 239 | |
Total accrued expenses and other current liabilities | |
$ | 900 | | |
$ | 900 | |
NOTE
6 – ACCOUNTS PAYABLE AND ACCRUED EXPENSES RELATED PARTIES
As
of September 30, 2023 and December 31, 2022, the Company owed related parties the following (in thousands):
SCHEDULE
OF ACCOUNTS PAYABLE AND ACCRUED LIABILITIES
| |
September 30, 2023 | | |
December 31, 2022 | |
| |
Accounts | | |
Accrued | | |
| | |
Accounts | | |
Accrued | | |
| |
| |
Payable | | |
Expenses | | |
Total | | |
Payable | | |
Expenses | | |
Total | |
Chairman of Board of Directors | |
$ | 213 | | |
$ | - | | |
$ | 213 | | |
$ | - | | |
$ | 60 | | |
$ | 60 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
For
consulting services with the Chairman of the Board, the Company recorded general and administrative expenses of $91,250 and $273,750
for the three and nine months ended September 30, 2023. During the three and nine months ended September 30, 2022, the Company recorded
general and administrative expenses of $60,834 and $248,601.
NOTE
7 – CO-DEVELOPMENT AND LICENSE AGREEMENTS
Oncoheroes
Agreement
In
September 2021, the Company entered into an Exclusive License Agreement with Oncoheroes (the “Oncoheroes Agreement”) whereby
the Company obtained worldwide exclusive development and commercialization rights in the small molecule volasertib for uses relating
to certain types of cancer in adults. Under the terms of the Oncoheroes Agreement, Oncoheroes retains the right to develop and commercialize
volasertib for cancers not licensed to the Company.
Under
the terms of the agreement, the Company is obligated to make additional clinical and regulatory milestone payments up to a total of $8.0
million, plus tiered royalties from the mid-single digits up to mid-teens on net sales. In the event the Company grants a sublicense
of rights, the Company will need to pay Oncoheroes a high single digit percentage of any upfront payment obtained from such sublicenses.
No milestones have been met during the three and nine months ended September 30, 2023 and 2022, and the Company did not make any royalty
payments as the related product has not been approved for commercialization.
The
Company also entered a SAFE agreement with Oncoheroes in October 2021 for $1.5 million recorded in the investment in SAFE on the balance
sheet, as discussed in Note 5.
CicloMed
Agreement
In
July 2021, the Company entered into a Co-Development and Profit-Sharing Agreement with CicloMed LLC (“CicloMed”) (the “CicloMed
Agreement”) regarding use of the Company’s precision oncology diagnostic test in the research and development of CicloMed’s
CicloProx product for the treatment of acute myeloid leukemia. Under the terms of the co-development agreement, CicloMed holds the primary
responsibility for executing clinical trial operations while Notable is primarily focused on optimizing Notable’s predictive precision
medicine platform. Both parties will equally share the costs associated with the on-going clinical trial incurred after the effective
date. In the event a CicloProx product is commercially developed and sold, the parties will share in the net proceeds. The Company accrued
amounts relative to this agreement and based on the agreement received a benefit of $0.2 million and $0 million for the three and nine
months ended September 30, 2023 and an expense $0.1 million and $0.2 million for the three and nine months ended September 30, 2022,
as research and development expense related to this agreement.
NOTE
8 – SIMPLE AGREEMENTS FOR FUTURE EQUITY NOTES
The
Company entered into Simple Agreements for Future Equity (the “SAFEs”) with certain investors, during the nine months ended
September 30, 2023, by which the Company received $4.3 million of gross proceeds and a Series D Preferred Stock Purchase Agreement (the
“Series D Purchase Agreement”). Under the terms of the Series D Purchase Agreement, the SAFE holders will exchange their
respective SAFEs for 6,118,198 shares of Series D-1 Preferred Stock at the time when all conditions precedent to the closing of the Merger
contained in the Merger Agreement, shall have been satisfied or waived and all other conditions precedent in the Series D Purchase Agreement
have been satisfied or waived. In the event the Merger does not close, the SAFE holders will not have their funds returned. Additionally,
under the Series D Purchase Agreement, certain investors committed to purchase, and the Company agreed to issue, 5,891,911 shares of
Series D-2 Preferred Stock to such investors in exchange for $6.0 million, the closing of which will take place at the time all conditions
precedent to the closing of the Merger contained in the Merger Agreement, shall have been satisfied or waived and all other conditions
precedent in the Series D Purchase Agreement shall have been satisfied or waived. The SAFEs were recorded as a liability at issuance
and subject to remeasurement at each reporting date, with changes in fair value recorded in other income (expense), net in the condensed
consolidated statements of operations and comprehensive loss.
On
June 28, 2023, Notable entered into Simple Agreements for Future Equity (the “D-2 SAFEs”) with certain investors who committed
to purchase shares of Series D-2 Preferred Stock pursuant to the Series D Purchase Agreement. The D-2 SAFEs will convert into shares
of Series D-2 Preferred Stock without a discount and reduce the purchase price owed by each such investor under the Series D Purchase
Agreement on a dollar-for-dollar basis. In the event the Merger does not occur, the Series D-2 SAFEs will remain outstanding. Notable
received approximately $2.0 million of aggregate gross proceeds from the purchasers of the D-2 SAFEs prior to June 30, 2023.
NOTE
9 – INCOME TAXES
As
of January 1, 2023, the Company had no unrecognized tax benefits, and accordingly, the Company did not recognize interest or penalties
during the three and nine months ended September 30, 2023 related to unrecognized tax benefits. There has been no change in unrecognized
tax benefits during the three and nine months ended September 30, 2023, and there was no accrual for uncertain tax positions as of September
30, 2023. Tax years from 2019 through 2022 remain subject to examination by major tax jurisdictions.
There
is no income tax benefit for the losses for the three and nine months ended September 30, 2023 and 2022, since management has determined
that the realization of the net tax deferred asset is not assured and has created a valuation allowance for the entire amount of such
benefits.
NOTE
10 – LEASES
In
February 2023, the Company entered into a finance lease for equipment with a value of $405,000 along with a service contract with a value
of $181,000. The finance lease is being accounted in accordance with FASB ASC 842, Leases, and the service contract is expensed
over the term of the lease.
In
April 2023, the Company extended the lease for its facilities in Foster City, California. The term of the lease is extended beginning
in June 2023 to May 2027. The Company has the right to terminate the lease effective as of March 2025 upon providing four months of notice
and four months of base rent for the year of the notice as an early lease termination fee. The weighted average incremental borrowing
rate is 6.0%. Total lease payments from June 2023 through May 2027 will be approximately $2.2 million.
The
following table summarizes total lease expense during the three and nine months ended September 30, 2023 and 2022 (in thousands):
SCHEDULE
OF LEASE COST
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Amortization of Right of Use Assets - Finance Leases | |
$ | 20 | | |
$ | - | | |
$ | 47 | | |
$ | - | |
Interest on Lease Liabilities - Finance Leases | |
| 3 | | |
| - | | |
| 7 | | |
| - | |
Cash paid for operating lease liabilities | |
| 191 | | |
| 258 | | |
| 566 | | |
| 561 | |
Operating lease expense | |
| 199 | | |
| 186 | | |
| 570 | | |
| 561 | |
Variable lease expense | |
| 25 | | |
| 18 | | |
| 67 | | |
| 74 | |
Short-term lease expense | |
| - | | |
| - | | |
| 1 | | |
| 167 | |
NOTE
11 – EQUITY INCENTIVE PLAN AND STOCK BASED COMPENSATION EXPENSE
2015
Equity Incentive Plan
The
Company adopted the 2015 Equity Incentive Plan (the “2015 Plan”) in August 2015, which provides for the granting of ISO,
NSO, and restricted shares to employees, directors, and consultants. The 2015 Plan authorized a total of 591,394 shares reserved for
future issuance. Under amendments to the 2015 Plan, an additional 2,547,746 shares in 2017, 2,243,140 shares in 2019, and 500,000 shares
in 2022 were authorized to be reserved for future issuance. As of September 30, 2023, there were 5,882,280 shares of common stock reserved
for future issuance pursuant to the 2015 Plan.
Options
under the 2015 Plan may be granted for periods of up to 10 years and at prices no less than 100% of the estimated fair value of the underlying
shares of common stock on the date of grant as determined by the Board provided that the exercise price of an ISO granted to a 10% stockholder
shall not be less than 110% of the estimated fair value of the shares on the date of grant. The 2015 Plan requires that options be exercised
no later than 10 years after the grant. Options granted to employees generally vest ratably on a monthly basis over four years, subject
to cliff vesting restrictions and continuing service.
The
following summarizes stock option activity under the 2015 Plan:
SCHEDULE
OF STOCK OPTION ACTIVITY
|
|
Options
Outstanding |
|
|
|
Total
Options Outstanding |
|
|
Weighted-Average
Exercise Price |
|
|
Weighted-Average
Remaining Contractual Life |
|
|
Aggregate
Intrinsic Value |
|
|
|
|
|
|
|
|
|
(in
years) |
|
|
(in
thousands) |
|
Outstanding
as of December 31, 2022 |
|
|
2,847,484 |
|
|
$ |
1.43 |
|
|
|
7.3 |
|
|
$ |
1,419 |
|
Granted |
|
|
— |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
Exercised |
|
|
5,000 |
|
|
$ |
1.01 |
|
|
|
|
|
|
|
|
|
Forfeited |
|
|
16,667 |
|
|
$ |
1.55 |
|
|
|
|
|
|
|
|
|
Cancelled |
|
|
272,002 |
|
|
$ |
1.03 |
|
|
|
|
|
|
|
|
|
Outstanding
as of September 30, 2023 |
|
|
2,553,815 |
|
|
$ |
1.47 |
|
|
|
7.3 |
|
|
$ |
1,163 |
|
Exercisable
as of September 30, 2023 |
|
|
1,855,561 |
|
|
$ |
1.45 |
|
|
|
7.1 |
|
|
$ |
894 |
|
Vested
and expected to vest as of September 30, 2023 |
|
|
2,553,815 |
|
|
$ |
1.47 |
|
|
|
7.3 |
|
|
$ |
1,163 |
|
There
was no restricted stock activity (RSA) under the 2015 Plan for the three and nine months ended September 30, 2023.
Stock-Based
Compensation Expense
Stock-based
compensation expense relating to stock options recognized in the Company’s statement of operations and comprehensive loss is as
follows:
SCHEDULE
OF STOCK BASED COMPENSATION EXPENSE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Research and development | |
$ | 24 | | |
$ | 31 | | |
$ | 75 | | |
$ | 220 | |
General and administrative | |
| 111 | | |
| 89 | | |
| 378 | | |
| 359 | |
| |
| | | |
| | | |
| | | |
| | |
Total | |
$ | 135 | | |
$ | 120 | | |
$ | 453 | | |
$ | 579 | |
As
of September 30, 2023, the total stock-based compensation expense related to stock options not yet recognized was $0.6 million and will
be recognized over a weighted-average remaining period of approximately 1.4 years.
NOTE
12 – NET LOSS PER SHARE
The
following table sets forth the computation of the basic and diluted net loss per share (in thousands except share and per share data):
SCHEDULE
OF EARNINGS PER SHARE BASIC AND DILUTED
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
For the Three Months Ended | | |
For the Nine Months Ended | |
| |
September 30, | | |
September 30, | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Numerator: | |
| | |
| | |
| | |
| |
Net income(loss) | |
$ | 2,893 | | |
$ | (2,092 | ) | |
$ | (6,814 | ) | |
$ | (8,685 | ) |
Denominator | |
| | | |
| | | |
| | | |
| | |
Weighted-average shares of common stock outstanding used to compute net loss per
share, basic and diluted | |
| 15,429,359 | | |
| 15,424,359 | | |
| 15,427,137 | | |
| 8,950,608 | |
Net income(loss) per share, basic and diluted | |
$ | 0.19 | | |
$ | (0.14 | ) | |
$ | (0.44 | ) | |
$ | (0.97 | ) |
The
Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would
be antidilutive. Therefore, the weighted-average number of shares of common stock outstanding used to calculate both basic and diluted
net loss per share is the same.
NOTE
13 – SUBSEQUENT EVENTS
The
Company has evaluated all events occurring through November 29, 2023, the date on which the condensed consolidated financial statements
were available for issuance, during which time, nothing has occurred outside the normal course of business operations that would require
disclosure.
On
October 16, 2023, Notable Labs, Ltd., formerly known as “Vascular Biogenics Ltd.” (the “Company” or “VBL”),
completed its business combination with Notable Labs, Inc. (“Notable”) and Vibrant Merger Sub, Inc., a wholly-owned subsidiary
of the Company (“Merger Sub”) in accordance with the terms of the Agreement and Plan of Merger, dated as of February 22,
2023 (the “Merger Agreement”), by and among the Company, Notable and Merger Sub. Pursuant to the Merger Agreement, Merger
Sub merged with and into Notable, with Notable surviving as a wholly owned subsidiary of the Company (the “Merger”). Also
on October 16, 2023, in connection with, and prior to completion of, the Merger, the Company effected a 1-for-35 reverse share split
(the “Reverse Share Split”) of its ordinary shares, of a nominal value of NIS 0.35 each (“Ordinary Shares”).
The Company also changed its name to “Notable Labs, Ltd.” (the “Name Change”). Following the completion of the
Merger, the business of Notable became the business conducted by the Company, which is a clinical-stage platform therapeutics company
developing predictive precision medicines for patients with cancer. Unless otherwise noted, all references to share amounts in this Current
Report on Form 8-K reflect the Reverse Share Split.
Under
the terms of the Merger Agreement, at the effective time of the Merger (the “Effective Time”) each share of Notable’s
common stock, par value $0.001 per share, (“Notable Common Stock”), outstanding immediately prior to the Effective Time was
converted into the right to receive approximately 0.0629 Ordinary Shares, reflecting adjustment to account for the effect of the Reverse
Share Split, and also reflecting adjustment based on the Company Net Cash (as defined in the Merger Agreement) relative to Target Net
Cash immediately prior to the closing of the Merger, and other adjustments.
Prior
to the Closing, certain existing stockholders of Notable purchased an aggregate of approximately $10.3 million of Notable’s Series
D-1 preferred shares and Series D-2 preferred shares. Prior to the Closing the Series D-1 preferred shares and Series D-2 preferred shares
converted into Notable Common Stock, which were then converted into a right to receive Ordinary Shares at the Effective Time.
Immediately
following the Reverse Share Split, at the Effective Time there were approximately 8,936,448 Ordinary Shares outstanding, of which
the existing VBL shareholders owned approximately 2,218,299 outstanding Ordinary Shares and the former Notable shareholders owned
approximately 6,718,149 outstanding Ordinary Shares. On a fully-diluted basis, the former Notable shareholders beneficially own
approximately 75.2% of the VBL Ordinary Shares. The officers and directors of Notable prior to the Closing and certain Notable stockholders
are subject to lock-up agreements. Pursuant to the lock-up agreements, the parties have agreed, except in limited circumstances, not
to offer, pledge, sell or otherwise transfer or dispose of, directly or indirectly, or engage in swap or similar transactions with respect
to the Ordinary Shares, or securities exchangeable for Ordinary Shares, for a period of 60 days following the Closing.
In
addition, effective upon the Closing, the holders of unexercised Notable stock options and warrants immediately prior to the Closing
were issued replacement stock options and warrants to purchase an aggregate of 255,646 Ordinary Shares.
Exhibit
99.4
UNAUDITED
PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
Description
of the Merger and Other Transactions
The
Merger
On
February 22, 2023, Vascular Biogenics Ltd. (“VBL” or the “Company”) entered into a Merger Agreement (the “Merger
Agreement”) among VBL, Notable Labs, Inc. (“Notable”) and Vibrant Merger Sub, Inc., VBL’s direct, wholly-owned
subsidiary (“Merger Sub”), pursuant to which, and subject to the satisfaction or waiver of the conditions set forth in the
Merger Agreement, Notable merged with and into Merger Sub at the effective time (“Effective Time”), with Notable continuing
after the merger as the surviving corporation and VBL’s wholly-owned subsidiary (such transaction, the “Merger”). The
Merger was intended to qualify as a tax-free reorganization for U.S. federal income tax purposes.
On
October 16, 2023, VBL closed the Merger with Notable. In conjunction with the Merger, the Company changed its name from “Vascular
Biogenics Ltd.” to “Notable Labs, Ltd.” (the “Name Change”).
Also
on October 16, 2023, in connection with, and prior to completion of, the Merger, the Company effected a 1-for-35 reverse share split
(the “Reverse Share Split”) of its ordinary shares, of a nominal value of NIS 0.35 each (“Ordinary Shares”).
Immediately
following the Reverse Share Split, at the Effective Time, there were approximately 8,936,365 Ordinary Shares outstanding, of which, the
existing VBL shareholders owned approximately 2,218,306 outstanding Ordinary Shares and the former Notable shareholders owned approximately
6,718,059 outstanding Ordinary Shares. On a fully-diluted basis, the former Notable shareholders beneficially own approximately 75.2%
of the Ordinary Shares. The officers and directors of Notable prior to the Closing and certain Notable stockholders are subject to lock-up
agreements. Pursuant to the lock-up agreements, the parties have agreed, except in limited circumstances, not to offer, pledge, sell
or otherwise transfer or dispose of, directly or indirectly, or engage in swap or similar transactions with respect to the Ordinary Shares,
or securities exchangeable for Ordinary Shares, for a period of 60 days following the Closing.
In
addition, effective upon the Closing, the holders of unexercised Notable stock options and warrants immediately prior to the Closing
were issued replacement stock options and warrants to purchase an aggregate of 255,646 Ordinary Shares.
Following
the completion of the Merger, the Company’s business became that of Notable, which is a clinical-stage platform therapeutics company
developing predictive precision medicines for patients with cancer.
Upon
closing of the Merger, the board of directors of the Company consists of seven directors, with one director designated by VBL. Following
the closing of the Merger, the Company is being led by Notable’s chief executive officer and executive management team.
At
the annual and special meeting of the Company’s shareholders held on October 12, 2023, the Company’s shareholders approved
amendments to the Company’s Amended and Restated Articles of Association (the “Articles”), to effect the Reverse Share
Split, to increase the Company’s registered share capital by NIS 10,000,000 and authorize an additional 1,000,000,000 Ordinary
Shares, subject to any adjustments required pursuant to the Merger and the Reverse Share Split, as determined by the Company’s
board of directors (the “Share Capital Increase”), approve change of the Company’s name to “Notable Labs, Ltd.”,
effective as of the closing of the Merger, and a modification to the legal quorum required for the Company’s general meeting of
shareholders, which shall consist of at least one (1) shareholder who holds or represents at least 33 1/3% of the voting rights in the
Company (the “Quorum Modification”), effective as of the closing of the Merger. Following the effect of the Reverse Share
Split, the Company has 34,285,714 authorized Ordinary Shares and NIS 12,000,000 of registered share capital.
Notable
Pre-Closing Financing
In
February 2023 and in connection with the Merger, Notable issued and sold Series D SAFEs to existing Notable stockholders and their affiliates
in the aggregate amount of approximately $4.4 million. The Series D SAFEs convert into shares of Notable’s Series D-1 Preferred
Stock, par value $0.001, at a 30% discount to the price the Series D Investors will pay for Notable’s Series D-2 Preferred Stock,
par value $0.001. Additionally, in February 2023, Notable entered into a Series D Preferred Stock Purchase Agreement with existing Notable
stockholders and their affiliates, pursuant to which, among other things, the Series D Investors irrevocably committed, upon closing
of the Merger, to purchase approximately $6.0 million of Notable Series D-2 Preferred Stock. The Purchased Securities were exchanged
for Ordinary Shares in the Merger pursuant to the Exchange Ratio.
On
June 28, 2023, Notable entered into Simple Agreements for Future Equity (the “D-2 SAFEs”) with certain investors who committed
to purchase shares of Series D-2 Preferred Stock pursuant to the Series D Purchase Agreement. The D-2 SAFEs will convert into shares
of Series D-2 Preferred Stock without a discount and reduce the purchase price owed by each such investor under the Series D Purchase
Agreement on a dollar-for-dollar basis. Through September 30, 2023, Notable received approximately $3.3 million of aggregate gross proceeds
from the purchasers of the D-2 SAFEs.
The
sale of Series D SAFEs, Series D-2 SAFEs, and Series D-1 and D-2 Preferred Stock by Notable are referred to as Notable Pre-Closing Financing
throughout these unaudited pro forma condensed combined financial statements. See the section titled “Agreements Related to
the Merger – Simple Agreements for Future Equity and Series D Stock Purchase Agreement” for more information related
to the Notable Pre-Closing Financing.
VB-601
Asset Sale
On
October 16, 2023, the Company completed the sale of VB-601 and MOSPD2 related assets (the “VB-601 Asset Sale”) to Immunewalk
Therapeutics Inc. (“Immunewalk”), pursuant to the terms of an Asset Purchase Agreement dated as of October 1, 2023, between
the Company and Immunewalk (the “Asset Purchase Agreement”). Under the Asset Purchase Agreement, Immunewalk agreed to pay
an upfront cash payment of $250,000 to the Company at the closing and additional payments of up to $4.75 million upon the achievement
of clinical and commercial milestones by Immunewalk, its Affiliates or Licensees. Immunewalk also agreed to pay a low to mid-single digit
percentage tiered royalty on aggregate annual Net Sales by Immunewalk or any of its Affiliates above $50 million, for the sale of Covered
Products. The Asset Purchase Agreement also clarified that in cases where Immunewalk licenses any of the VB-601 Assets, the Company is
entitled to receive a low-teen digit percentage of the License Fees actually received by Immunewalk from a Licensee with respect to Net
Sales of such Licensee and adjusted the definition of Net Sales in the Asset Purchase Agreement. In addition, the parties further agreed
that in the event of an asset sale by Immunewalk, the royalty rates shall be adjusted as set forth in the Asset Purchase Agreement.
The
following unaudited pro forma condensed combined financial information gives effect to the (i) Merger, (ii) the Notable Pre-Closing Financing,
(iii) the VB-601 Asset Sale and (iv) the Reverse Share Split.
In
the unaudited pro forma condensed combined financial statements, in accordance with Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification Topic 805 “Business Combinations” (“ASC 805”), the Merger is a reverse asset
acquisition accounted for as a reverse recapitalization, equivalent to Notable issuing stock for the net assets of VBL, because the assets
of VBL at the Effective Date are primarily cash and cash equivalents. Notable was determined to be the accounting acquirer based upon
the terms of the Merger and other factors including: (1) Notable stockholders will own a substantial majority of the voting rights of
the combined organization; (2) Notable will designate a majority (six of seven of the initial members of the board of directors of the
combined organization); and (3) Notable’s senior management will hold all key positions in senior management of the combined organization.
As
a result of Notable being treated as the accounting acquirer, the historical results of operations prior to the Merger will be those
of Notable. VBL’s assets and liabilities will be measured and recognized at their fair values, which approximates carrying value,
with no goodwill or other intangible assets recorded.
The
unaudited pro forma combined balance sheet data as of September 30, 2023 assumes that the Merger took place on September 30, 2023 and
combines the VBL and Notable historical balance sheets as of September 30, 2023. The unaudited pro forma condensed combined statements
of operations assumes that the Merger took place on January 1, 2022 and combines the historical results of VBL and Notable for the nine
months ended September 30, 2023 and for the year ended December 31, 2022.
The
historical financial statements of VBL and Notable have been adjusted to give pro forma effect to reflect the accounting for the transactions
in accordance with U.S. GAAP. The adjustments presented on the unaudited pro forma condensed combined financial statements have been
identified and presented to provide relevant information necessary for an accurate understanding of the combined organization upon consummation
of the Merger.
The
following unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation
S-X, as amended by the final rule, Release No. 33-10786, “Amendments to Financial Disclosures about Acquired and Disposed Businesses.”
Release No. 33-10786 replaces the prior pro forma adjustment criteria with a revised approach to depict the accounting for the transaction
(“Transaction Accounting Adjustments”) and the option to present the reasonably estimable synergies and other transaction
effects that have occurred or are reasonably expected to occur (“Management’s Adjustments”). Management has elected
not to present Management’s Adjustments and has only presented Transaction Accounting Adjustments in the unaudited pro forma condensed
combined financial statements. VBL and Notable have not had any historical relationship prior to the Merger. Accordingly, no pro forma
adjustments were required to eliminate activities between the companies.
This
information should be read together with the historical financial statements and related notes of Notable and VBL which are included
as exhibits to this current report.
The
unaudited pro forma condensed combined financial statements are provided for illustrative purposes only and are not necessarily indicative
of what the actual results of operations and financial position would have been had the Merger taken place on the dates indicated, nor
are they indicative of the future consolidated results of operations or financial position of the combined entity. In the opinion of
management, all necessary adjustments to the unaudited pro forma condensed combined financial statements have been made. Assumptions
underlying the pro forma adjustments are described in the accompanying notes, which should be read in conjunction with the unaudited
pro forma condensed combined financial statements.
Management
has made significant estimates and assumptions in its determination of the pro forma adjustments. The pro forma adjustments are based
on information currently available and certain assumptions and methodologies that management believes are reasonable under the circumstances.
The pro forma adjustments, which are described in the accompanying notes, are based on preliminary estimates and may be revised as additional
information becomes available and is evaluated. Therefore, the actual adjustments may differ from the pro forma adjustments, and it is
possible the difference may be material. Management believes that its assumptions and methodologies provide a reasonable basis for presenting
all of the significant effects of the Merger based on information available at this time and that the pro forma adjustments give appropriate
effect to those assumptions and are properly applied in the unaudited pro forma condensed combined financial information.
UNAUDITED
PRO FORMA CONDENSED COMBINED BALANCE SHEET
AS
OF SEPTEMBER 30, 2023
(in
US Dollars in thousands, except share and per share amounts)
| |
VBL | | |
Notable | | |
Transaction Accounting Adjustments | | |
Notes | |
Pro Forma Combined | |
| |
Note A | | |
Note B | | |
Note C | | |
| |
| |
Assets | |
| | | |
| | | |
| | | |
| |
| | |
Current assets: | |
| | | |
| | | |
| | | |
| |
| | |
Cash and cash equivalents | |
$ | 20,768 | | |
$ | 1,118 | | |
$ | 2,729 | | |
(b) | |
$ | 24,865 | |
| |
| | | |
| | | |
| 250 | | |
(f) | |
| | |
Prepaid expenses and other current assets | |
| 171 | | |
| 776 | | |
| - | | |
| |
| 947 | |
Total current assets | |
| 20,939 | | |
| 1,894 | | |
| 2,979 | | |
| |
| 25,812 | |
Property and equipment, net | |
| - | | |
| 329 | | |
| - | | |
| |
| 329 | |
Finance lease right-of-use assets, net | |
| - | | |
| 357 | | |
| - | | |
| |
| 357 | |
Operating lease right-of-use assets | |
| - | | |
| 1,812 | | |
| - | | |
| |
| 1,812 | |
Investment in SAFE | |
| - | | |
| 1,500 | | |
| - | | |
| |
| 1,500 | |
Other assets | |
| - | | |
| 224 | | |
| - | | |
| |
| 224 | |
Total assets | |
$ | 20,939 | | |
$ | 6,116 | | |
$ | 2,979 | | |
| |
$ | 30,034 | |
| |
| | | |
| | | |
| | | |
| |
| | |
Liabilities, redeemable convertible preferred stock and stockholders’ equity (deficit) | |
| | | |
| | | |
| | | |
| |
| | |
Current liabilities: | |
| | | |
| | | |
| | | |
| |
| | |
Accounts payable | |
$ | 748 | | |
$ | 2,104 | | |
$ | - | | |
| |
$ | 2,852 | |
Accrued expenses and other current liabilities | |
| 1,853 | | |
| 900 | | |
| 3,632 | | |
(e) | |
| 6,385 | |
Accounts payable and accrued expenses - related party | |
| | | |
| 213 | | |
| - | | |
| |
| 213 | |
Finance lease liabilities, current | |
| - | | |
| 77 | | |
| - | | |
| |
| 77 | |
Operating lease liabilities, current | |
| - | | |
| 442 | | |
| - | | |
| |
| 442 | |
Total current liabilities | |
| 2,601 | | |
| 3,736 | | |
| 3,632 | | |
| |
| 9,969 | |
Finance lease liabilities, net of current amount | |
| - | | |
| 284 | | |
| - | | |
| |
| 284 | |
Operating lease liabilities, net of current amount | |
| - | | |
| 1,378 | | |
| - | | |
| |
| 1,378 | |
SAFE notes | |
| - | | |
| 8,459 | | |
| (8,459 | ) | |
(a) | |
| - | |
Redeemable convertible preferred stock warrant liability | |
| - | | |
| 231 | | |
| (231 | ) | |
(g) | |
| - | |
Total liabilities | |
| 2,601 | | |
| 14,088 | | |
| (5,058 | ) | |
| |
| 11,631 | |
Series A redeemable convertible preferred stock | |
| - | | |
| 6,653 | | |
| (6,653 | ) | |
(c) | |
| - | |
Series B redeemable convertible preferred stock | |
| - | | |
| 21,440 | | |
| (21,440 | ) | |
(c) | |
| - | |
Series C redeemable convertible preferred stock | |
| - | | |
| 7,259 | | |
| (7,259 | ) | |
(c) | |
| - | |
Stockholder’s equity (deficit): | |
| | | |
| | | |
| | | |
| |
| | |
Common stock | |
| - | | |
| 15 | | |
| (15 | ) | |
(c) | |
| - | |
Ordinary shares | |
| 175 | | |
| - | | |
| 529 | | |
(c) | |
| 704 | |
Additional paid in capital | |
| 317,120 | | |
| 34,519 | | |
| 8,459 | | |
(a) | |
| 95,703 | |
| |
| | | |
| | | |
| 2,729 | | |
(b) | |
| | |
| |
| - | | |
| - | | |
| (264,119 | ) | |
(c) | |
| | |
| |
| - | | |
| - | | |
| 396 | | |
(d) | |
| | |
| |
| - | | |
| - | | |
| (3,632 | ) | |
(e) | |
| | |
| |
| - | | |
| - | | |
| 231 | | |
(g) | |
| | |
Accumulated deficit | |
| (298,957 | ) | |
| (77,858 | ) | |
| 298,957 | | |
(c) | |
| (78,004 | ) |
| |
| - | | |
| - | | |
| (396 | ) | |
(d) | |
| | |
| |
| - | | |
| - | | |
| 250 | | |
(f) | |
| | |
Total stockholders’ equity (deficit) | |
| 18,338 | | |
| (43,324 | ) | |
| 43,389 | | |
| |
| 18,403 | |
Total liabilities, redeemable convertible preferred stock and
stockholders’ equity (deficit) | |
$ | 20,939 | | |
$ | 6,116 | | |
$ | 2,979 | | |
| |
$ | 30,034 | |
See
accompanying notes to the unaudited pro forma condensed combined financial information.
UNAUDITED
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
FOR
THE NINE MONTHS ENDED SEPTEMBER 30, 2023
(in
US Dollars in thousands, except share and per share amounts)
| |
VBL | | |
Notable | | |
Transaction Accounting Adjustments | | |
Notes | |
Pro Forma Combined | |
| |
Note A | | |
Note B | | |
Note C | | |
| |
| |
| |
| | |
| | |
| | |
| |
| |
Revenue | |
$ | - | | |
$ | 122 | | |
$ | - | | |
| |
$ | 122 | |
Cost of revenues | |
| (2 | ) | |
| (31 | ) | |
| - | | |
| |
| (33 | ) |
Gross profit | |
| (2 | ) | |
| 91 | | |
| - | | |
| |
| 89 | |
| |
| | | |
| | | |
| - | | |
| |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| |
| | |
Research and development expenses, net | |
| (2,176 | ) | |
| 3,341 | | |
| - | | |
| |
| 1,165 | |
General and administrative expenses | |
| 6,959 | | |
| 7,005 | | |
| - | | |
| |
| 13,964 | |
Capital gain, net of impairment on property, plant and equipment | |
| (231 | ) | |
| - | | |
| - | | |
| |
| (231 | ) |
Total operating expenses | |
| 4,552 | | |
| 10,346 | | |
| - | | |
| |
| 14,898 | |
Loss from operations | |
| (4,554 | ) | |
| (10,255 | ) | |
| - | | |
| |
| (14,809 | ) |
| |
| | | |
| | | |
| | | |
| |
| | |
Other income, net | |
| - | | |
| 3,441 | | |
| (2,159 | ) | |
(a)(b) | |
| 1,282 | |
Financial income | |
| 67 | | |
| - | | |
| - | | |
| |
| 67 | |
Financial expenses | |
| (93 | ) | |
| - | | |
| - | | |
| |
| (93 | ) |
Other (expense) income | |
| (26 | ) | |
| 3,441 | | |
| (2,159 | ) | |
| |
| 1,256 | |
Net loss | |
$ | (4,580 | ) | |
$ | (6,814 | ) | |
$ | (2,159 | ) | |
| |
$ | (13,553 | ) |
| |
| | | |
| | | |
| | | |
| |
| | |
Loss per share - basic and diluted | |
$ | (2.05 | ) | |
| | | |
| | | |
| |
$ | (1.51 | ) |
Weighted average shares outstanding - basic and diluted | |
| 2,233,994 | | |
| | | |
| 6,745,202 | | |
(c) | |
| 8,979,196 | |
See
accompanying notes to the unaudited pro forma condensed combined financial information.
UNAUDITED
PRO FORMA CONDENSED COMBINED STATEMENT OF OPERATIONS
FOR
THE YEAR ENDED DECEMBER 31, 2022
(in
US Dollars in thousands, except share and per share amounts)
| |
VBL | | |
Notable | | |
Transaction Accounting Adjustments | | |
Notes | |
Pro Forma Combined | |
| |
Note A | | |
Note B | | |
Note C | | |
| |
| |
| |
| | |
| | |
| | |
| |
| |
Revenue | |
$ | 658 | | |
$ | 8 | | |
$ | - | | |
| |
$ | 666 | |
Cost of revenues | |
| (104 | ) | |
| - | | |
| - | | |
| |
| (104 | ) |
Gross profit | |
| 554 | | |
| 8 | | |
| - | | |
| |
| 562 | |
| |
| | | |
| | | |
| - | | |
| |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| |
| | |
Research and development | |
| 21,653 | | |
| 7,776 | | |
| - | | |
| |
| 29,429 | |
General and administrative expenses | |
| 11,754 | | |
| 5,156 | | |
| 396 | | |
(a) | |
| 17,306 | |
Total operating expenses | |
| 33,407 | | |
| 12,932 | | |
| 396 | | |
| |
| 46,735 | |
Loss from operations | |
| (32,853 | ) | |
| (12,924 | ) | |
| (396 | ) | |
| |
| (46,173 | ) |
| |
| | | |
| | | |
| | | |
| |
| | |
Other expense, net | |
| - | | |
| (1,483 | ) | |
| 3,060 | | |
(b) | |
| 1,577 | |
Financial income | |
| 634 | | |
| - | | |
| - | | |
| |
| 634 | |
Financial expenses | |
| (85 | ) | |
| - | | |
| - | | |
| |
| (85 | ) |
Other income (expense) | |
| 549 | | |
| (1,483 | ) | |
| 3,060 | | |
| |
| 2,126 | |
Net loss | |
$ | (32,304 | ) | |
$ | (14,407 | ) | |
$ | 2,664 | | |
| |
$ | (44,047 | ) |
| |
| | | |
| | | |
| | | |
| |
| | |
Loss per share - basic and diluted | |
$ | (14.58 | ) | |
| | | |
| | | |
| |
$ | (4.92 | ) |
Weighted average shares outstanding - basic and diluted | |
| 2,215,850 | | |
| | | |
| 6,745,202 | | |
(c) | |
| 8,961,052 | |
See
accompanying notes to the unaudited pro forma condensed combined financial information.
NOTES
TO UNAUDITED PRO FORMA CONDENSED COMBINED FINANCIAL INFORMATION
1.
Description of Transactions
The
Merger
On
February 22, 2023, Vascular Biogenics Ltd. (“VBL” or the “Company”) entered into a Merger Agreement (the “Merger
Agreement”) among VBL, Notable Labs, Inc. (“Notable”) and Vibrant Merger Sub, Inc., VBL’s direct, wholly-owned
subsidiary (“Merger Sub”), pursuant to which, and subject to the satisfaction or waiver of the conditions set forth in the
Merger Agreement, Notable merged with and into Merger Sub at the effective time (“Effective Time”), with Notable continuing
after the merger as the surviving corporation and VBL’s wholly-owned subsidiary (such transaction, the “Merger”). The
Merger was intended to qualify as a tax-free reorganization for U.S. federal income tax purposes.
On
October 16, 2023, VBL closed the Merger with Notable. In conjunction with the Merger, the Company changed its name from “Vascular
Biogenics Ltd.” to “Notable Labs, Ltd.” (the “Name Change”).
Also
on October 16, 2023, in connection with, and prior to completion of, the Merger, the Company effected a 1-for-35 reverse share split
(the “Reverse Share Split”) of its ordinary shares, of a nominal value of NIS 0.35 each (“Ordinary Shares”).
Immediately
following the Reverse Share Split, at the Effective Time, there were approximately 8,936,365 Ordinary Shares outstanding, of which, the
existing VBL shareholders owned approximately 2,218,306 outstanding Ordinary Shares and the former Notable shareholders owned approximately
6,718,059 outstanding Ordinary Shares. On a fully-diluted basis, the former Notable shareholders beneficially own approximately 75.2%
of the Ordinary Shares. The officers and directors of Notable prior to the Closing and certain Notable stockholders are subject to lock-up
agreements. Pursuant to the lock-up agreements, the parties have agreed, except in limited circumstances, not to offer, pledge, sell
or otherwise transfer or dispose of, directly or indirectly, or engage in swap or similar transactions with respect to the Ordinary Shares,
or securities exchangeable for Ordinary Shares, for a period of 60 days following the Closing.
In
addition, effective upon the Closing, the holders of unexercised Notable stock options and warrants immediately prior to the Closing
were issued replacement stock options and warrants to purchase an aggregate of 255,646 Ordinary Shares.
Notable
Pre-Closing Financing
Beginning
on February 21, 2023, Notable issued and sold Series D SAFEs to existing Notable stockholders and their affiliates (the “SAFE Investors”)
in the aggregate amount of approximately $4.4 million. The Series D SAFEs converted into shares of Notable’s Series D-1 Preferred
Stock, par value $0.001 (the “Series D-1 Preferred Stock”), at a 30% discount to the price the Series D Investors will pay
for Notable’s Series D-2 Preferred Stock, par value $0.001 (the “Series D-2 Preferred Stock” and together with the
Series D-1 Preferred Stock, the “Purchased Securities”).
On
February 22, 2023, Notable entered into a Series D Preferred Stock Purchase Agreement (the “Purchase Agreement”) with existing
Notable stockholders and their affiliates (the “Series D Investors,” and together with the SAFE Investors, the “Investors”),
pursuant to which, among other things, the Series D Investors agreed to purchase approximately $6.0 million of Notable Series D-2 Preferred
Stock. The Purchased Securities were exchanged for Ordinary Shares in the Merger pursuant to the Exchange Ratio.
On
June 28, 2023, Notable entered into Simple Agreements for Future Equity (the “D-2 SAFEs”) with certain investors who committed
to purchase shares of Series D-2 Preferred Stock pursuant to the Series D Purchase Agreement. The D-2 SAFEs converted into shares of
Series D-2 Preferred Stock without a discount and reduced the purchase price owed by each such investor under the Series D Purchase Agreement
on a dollar-for-dollar basis. Through September 30, 2023, Notable received approximately $3.3 million of aggregate gross proceeds from
the purchasers of the D-2 SAFEs.
VB-601
Asset Sale
On
October 16, 2023, the Company completed the sale of VB-601 and MOSPD2 related assets (the “VB-601 Asset Sale”) to Immunewalk
Therapeutics Inc. (“Immunewalk”), pursuant to the terms of an Asset Purchase Agreement dated as of October 1, 2023, between
the Company and Immunewalk (the “Asset Purchase Agreement”). Under the Asset Purchase Agreement, Immunewalk agreed to pay
an upfront cash payment of $250,000 to the Company at the closing and additional payments of up to $4.75 million upon the achievement
of clinical and commercial milestones by Immunewalk, its Affiliates or Licensees. Immunewalk also agreed to pay a low to mid-single digit
percentage tiered royalty on aggregate annual Net Sales by Immunewalk or any of its Affiliates above $50 million, for the sale of Covered
Products. The Asset Purchase Agreement also clarified that in cases where Immunewalk licenses any of the VB-601 Assets, the Company is
entitled to receive a low-teen digit percentage of the License Fees actually received by Immunewalk from a Licensee with respect to Net
Sales of such Licensee and adjusted the definition of Net Sales in the Asset Purchase Agreement. In addition, the parties further agreed
that in the event of an asset sale by Immunewalk, the royalty rates shall be adjusted as set forth in the Asset Purchase Agreement.
2.
Basis of Presentation
The
following unaudited pro forma condensed combined financial information has been prepared in accordance with Article 11 of Regulation
S-X, as amended by the final rule, Release No. 33-10786, “Amendments to Financial Disclosures about Acquired and Disposed Businesses.”
Management has elected not to present management’s adjustments and has only presented transaction accounting adjustments in the
unaudited pro forma condensed combined financial statements. VBL and Notable have not had any historical relationship prior to the Merger.
Accordingly, no pro forma adjustments were required to eliminate activities between the companies.
The
unaudited pro forma combined balance sheet data as of September 30, 2023 assumes that the Merger took place on September 30, 2023 and
combines the VBL and Notable historical balance sheets as of September 30, 2023. The unaudited pro forma condensed combined statement
of operations assumes that the Merger took place on January 1, 2022 and combines the historical results of VBL and Notable for the nine
months ended September 30, 2023 and for the year ended December 31, 2022. Additionally, the unaudited pro forma condensed combined balance
sheet and statements of operations reflect the other transactions that will have occurred at or prior to the completion of the Merger.
The
Merger in these unaudited pro forma condensed combined financial statements is a reverse asset acquisition that has been accounted for
as a reverse recapitalization, equivalent to Notable issuing stock for the net assets of VBL, in accordance with ASC 805, because at
the closing of the Merger, the primary pre-combination assets of VBL will be cash and cash equivalents. VBL will be treated as the acquired
company for accounting purposes, whereas Notable will be treated as the accounting acquirer. The net assets of VBL will be stated at
fair value, which approximates carrying value, with no goodwill or other intangible assets recorded, and the historical results of operations
prior to the Merger will be those of Notable. The historical financial statements of VBL and Notable have been adjusted to give effect to unaudited pro forma events. The unaudited
pro forma condensed combined financial statements also give effect to other transactions described below that are not directly attributable
to the Merger but are deemed relevant to the pro forma financial position and operations of the combined companies.
Pro
forma adjustments related to the Notable Pre-Closing Financing for aggregate cash proceeds of approximately $2.7 million reflects the
additional issuance of Notable preferred stock as part of the $10.3 million Notable Pre-Closing Financing that was completed immediately
upon the closing of the Merger as a condition to the Merger Agreement. The shares of Notable preferred stock in the Notable Pre-Closing
Financing (including those issued upon cancellation of the Series D SAFEs) were converted into Ordinary Shares as part of the Exchange
Ratio at the Effective Time of the Merger.
To
the extent there are significant changes to the business following completion of the Merger, the assumptions and estimates set forth
in the unaudited pro forma condensed combined financial statements could change significantly. Accordingly, the pro forma adjustments
are subject to further adjustments as additional information becomes available and as additional analyses are conducted following the
completion of the Merger. There can be no assurances that these additional analyses will not result in material changes to the unaudited
pro forma condensed combined financial statements.
3.
Pro Forma Adjustments
The
pro forma notes and adjustments, based on preliminary estimates that could change materially as additional information is obtained, are
as follows (in US Dollars, except share and per share amounts):
Unaudited
Pro Forma Condensed Combined Balance Sheet – As of September 30, 2023
Note
A |
Derived
from the historical condensed consolidated balance sheet of VBL as of September 30, 2023. |
|
|
Note
B |
Derived
from the historical condensed balance sheet of Notable as of September 30, 2023. |
|
|
Note
C |
Transaction
Accounting Adjustments: |
|
|
|
(a) |
To
reclassify $8.5 million of Notable SAFE notes liability to additional paid-in capital as the SAFE notes will be converted into shares
of Notable’s Series D-1 Preferred Stock that will result in the eventual exchange of such securities and other securities held
by Notable stockholders for Ordinary Shares in connection with the Merger. The SAFE note conversion will be triggered by the Merger.
|
|
|
|
|
(b) |
To
record the closing of Notable’s private financing in the aggregate amount of approximately $2.7 million of additional investment
in the form of Series D-2 Preferred Stock upon closing of the Merger that will result in the eventual exchange of such securities
and other securities held by Notable stockholders for Ordinary Shares in connection with the Merger Exchange Ratio. The estimated
Pre-Closing Financing transaction costs are included as an adjustment to the accrued expenses and other current liabilities line
item, which is detailed in pro forma adjustment (e) below. |
|
|
|
|
(c) |
To
give effect to the reverse recapitalization, whereby each share of Notable’s common stock (including the conversion of all
Notable preferred stock into common stock on a 1-for-1 basis) outstanding immediately prior to the Effective Time was converted into
the right to receive approximately 0.0627 Ordinary Shares after adjusting for the Reverse Share Split. Immediately following the
Reverse Share Split, at the Effective Time, there were approximately 8,936,365 Ordinary Shares outstanding, of which, the existing
VBL shareholders owned approximately 2,218,306 outstanding Ordinary Shares and the former Notable shareholders owned approximately
6,718,059 outstanding Ordinary Shares. All shares of Notable stock issued in connection with the Notable pre-closing financings were
exchanged for Ordinary Shares as part of the Merger and the terms thereof will not have a continuing impact after the consummation
of the Merger. In connection with the reverse recapitalization, VBL’s historical accumulated deficit of $299 million is credited
to additional paid-in capital. The estimated Merger transaction costs are included as an adjustment to the accrued expenses and other
current liabilities line item, which is detailed in pro forma adjustment (e) below. |
|
|
|
|
(d) |
To
recognize stock-based compensation expense of $0.4 million associated with VBL stock options and restricted stock units that contain
change in control provisions which trigger the acceleration of vesting upon closing of the Merger. Notable’s stock options
contain a double trigger acceleration provision and will not have accelerated vesting upon the Closing of the Merger. |
|
|
|
|
(e) |
To
recognize $3.6 million of incremental Merger and Pre-Closing Financing transaction costs incurred by the accounting acquirer, Notable,
subsequent to September 30, 2023 in connection with the Merger. |
|
|
|
|
(f) |
To
record VB-601 Asset Sale of $0.3 million in connection with closing of the Merger. |
|
|
|
|
(g) |
To
reclassify $0.2 million of Notable preferred stock warrant liability to additional paid-in capital as the Notable warrants meet the
fixed-for-fixed indexation criteria to be equity classified upon the consummation of the Merger. |
Unaudited
Pro Forma Condensed Combined Statement of Operations - For The Nine Months Ended September 30, 2023
Note
A |
Derived
from the historical condensed consolidated statement of operations of VBL for the nine months ended September 30, 2023. |
|
|
Note
B |
Derived
from the historical condensed statement of operations of Notable for the nine months ended September 30, 2023. |
|
|
Note
C |
Transaction
Accounting Adjustments: |
|
|
|
(a) |
Reflects
the elimination of the $4.9 million gain on change in fair value of Notable preferred stock warrant liability upon reclassification
of the Notable preferred stock warrant liabilities to equity as of January 1, 2022 because the warrant will be converted into a like
warrant that will convert into common shares. |
|
|
|
|
(b) |
Reflects
the elimination of the $2.7 million loss on change in fair value of the Notable SAFE notes as of January 1, 2022 in connection with
the Merger because the SAFE notes will be converted into Notable preferred stock that will be exchanged for Ordinary Shares. |
|
|
|
|
(c) |
The
pro forma basic and diluted net loss per share amounts presented are based upon the number of shares of common stock outstanding
as if the Merger had occurred on January 1, 2022. This includes the issuance of 6,718,059 Ordinary Shares to the shareholders of
Notable in connection with the Merger and 27,143 restricted stock units that vest upon the closing of the Merger. Potentially dilutive
securities have been excluded from the computation of net loss per share as such securities would have been anti-dilutive. There
were 150,886 Ordinary Shares underlying outstanding options and RSUs at September 30, 2023 that were excluded from the computation
of net loss per share as such securities would have been anti-dilutive. Further, a total of 255,646 Ordinary Shares underlying Notable
outstanding options (160,648 Ordinary Shares related to Notable options to purchase 2,553,815 shares of Notable common stock) and
warrants (94,998 Ordinary Shares related to Notable warrants to purchase 1,510,138 shares of Notable common stock) at September 30,
2023 were excluded from the computation of net loss per share as such securities would have been anti-dilutive. Outstanding Notable
options and warrants will become options and warrants to purchase Ordinary Shares following the Merger. The following table illustrates
the adjustment to the weighted average shares outstanding used in the earnings per share calculations: |
For the Nine Months Ended September 30, 2023 | |
Weighted Average
Shares Outstanding | |
VBL Historical Shares1 | |
| 2,233,994 | |
| |
| | |
VBL Ordinary Shares to be issued to Notable shareholders in connection with the Merger | |
| 6,718,059 | |
VBL restricted stock units that vest upon change of control | |
| 27,143 | |
Transaction Accounting Adjustment (b) | |
| 6,745,202 | |
| |
| | |
Pro Forma Combined Shares | |
| | |
| |
| 8,979,196 | |
(1)
Includes the weighted average effect of fully vested pre-funded warrants and fully vested restricted stock units.
Unaudited
Pro Forma Condensed Combined Statement of Operations - For The Year Ended December 31, 2022
Note
A |
Derived
from the historical audited consolidated statement of operations of VBL for the year ended December 31, 2022. |
|
|
Note
B |
Derived
from the historical audited statement of operations of Notable for the year ended December 31, 2022. |
|
|
Note
C |
Transaction
Accounting Adjustments: |
|
|
|
(a) |
To
recognize stock-based compensation expense of $0.4 million associated with VBL stock options and restricted stock units that contain
change in control provisions which trigger the acceleration of vesting upon closing of the Merger. Notable’s stock options
contain a double trigger acceleration provision and will not have accelerated vesting upon the Closing of the Merger. |
|
|
|
|
(b) |
Reflects
the elimination of the $3.1 million loss on change in fair value of Notable preferred stock warrant liability upon reclassification
of the Notable preferred stock warrant liabilities to equity as of January 1, 2022 because the warrant will be converted into a like
warrant that will convert into common shares. |
|
|
|
|
(c) |
The
pro forma basic and diluted net loss per share amounts presented are based upon the number of shares of common stock outstanding
as if the Merger had occurred on January 1, 2022. This includes the issuance of 6,718,059 Ordinary Shares to the shareholders of
Notable in connection with the Merger and 27,143 restricted stock units that vest upon the closing of the Merger. Potentially dilutive
securities have been excluded from the computation of net loss per share as such securities would have been anti-dilutive. There
were 150,886 Ordinary Shares underlying outstanding options and RSUs at September 30, 2023 that were excluded from the computation
of net loss per share as such securities would have been anti-dilutive. Further, a total of 255,646 Ordinary Shares underlying Notable
outstanding options (160,648 Ordinary Shares related to Notable options to purchase 2,553,815 shares of Notable common stock) and
warrants (94,998 Ordinary Shares related to Notable warrants to purchase 1,510,138 shares of Notable common stock) at September 30,
2023 were excluded from the computation of net loss per share as such securities would have been anti-dilutive. Outstanding Notable
options and warrants will become options and warrants to purchase Ordinary Shares following the Merger. The following table illustrates
the adjustment to the weighted average shares outstanding used in the earnings per share calculations: |
For the Year Ended December 31, 2022 | |
Weighted Average Shares Outstanding | |
VBL Historical Shares1 | |
| 2,215,850 | |
| |
| | |
VBL Ordinary Shares to be issued to Notable shareholders in connection with the Merger | |
| 6,718,059 | |
VBL restricted stock units that vest upon change of control | |
| 27,143 | |
Transaction Accounting Adjustment (b) | |
| 6,745,202 | |
| |
| | |
Pro Forma Combined Shares | |
| | |
| |
| 8,961,052 | |
(1)
Includes the weighted average effect of fully vested pre-funded warrants and fully vested restricted stock units.
v3.23.3
Cover
|
12 Months Ended |
Dec. 31, 2022 |
Cover [Abstract] |
|
Document Type |
8-K/A
|
Amendment Flag |
true
|
Amendment Description |
On
October 16, 2023, Notable Labs, Ltd., formerly known as “Vascular Biogenics Ltd.” (the “Company”), filed a Current
Report on Form 8-K with the Securities and Exchange Commission (the “Original Form 8-K”) reporting, among other items, that
on October 16, 2023 the Company completed its business combination with Notable Labs, Inc. (“Notable”) and Vibrant Merger
Sub, Inc., a wholly-owned subsidiary of the Company (“Merger Sub”) in accordance with the terms of the Agreement and Plan
of Merger, dated as of February 22, 2023 (the “Merger Agreement”), by and among the Company, Notable and Merger Sub. Pursuant
to the Merger Agreement, Merger Sub merged with and into Notable, with Notable surviving as a wholly owned subsidiary of the Company
(the “Merger”). This Amendment No. 1 on Form 8-K/A (“Amendment No. 1”) amends the Original Form 8-K to provide
(i) the audited financial statements of Notable as of and for the years ended December 31, 2022 and 2021, (ii) the unaudited financial
statements of Notable as of September 30, 2023 and for the three and nine months ended September 30, 2023 and 2022, and (iii) the
unaudited pro forma condensed combined balance sheet as of September 30, 2023 and the unaudited pro forma condensed combined statements
of operations for the nine months ended September 30, 2023 and the year ended December 31, 2022. Such financial information was excluded
from the Original Form 8-K in reliance on the instructions thereto.
|
Document Period End Date |
Dec. 31, 2022
|
Document Fiscal Period Focus |
FY
|
Document Fiscal Year Focus |
2023
|
Entity File Number |
001-36581
|
Entity Registrant Name |
NOTABLE
LABS, LTD.
|
Entity Central Index Key |
0001603207
|
Entity Tax Identification Number |
00-0000000
|
Entity Incorporation, State or Country Code |
L3
|
Entity Address, Address Line One |
320
Hatch Drive
|
Entity Address, City or Town |
Foster
City
|
Entity Address, State or Province |
CA
|
Entity Address, Postal Zip Code |
94404
|
City Area Code |
(415)
|
Local Phone Number |
851-2410
|
Written Communications |
false
|
Soliciting Material |
false
|
Pre-commencement Tender Offer |
false
|
Pre-commencement Issuer Tender Offer |
false
|
Title of 12(b) Security |
Ordinary
Shares, par value NIS 0.35 each
|
Trading Symbol |
NTBL
|
Security Exchange Name |
NASDAQ
|
Entity Emerging Growth Company |
false
|
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v3.23.3
Condensed Consolidated Balance Sheets - Notable Labs Inc [Member] - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Current assets: |
|
|
Cash and cash equivalents |
$ 1,581
|
$ 2,401
|
Marketable securities |
|
872
|
Prepaid expenses and other current assets |
1,407
|
1,801
|
Total current assets |
2,988
|
5,074
|
Property and equipment, net |
442
|
751
|
Operating lease right-of-use assets |
357
|
801
|
Investment in SAFE |
1,500
|
1,500
|
Other assets |
224
|
362
|
Total assets |
5,511
|
8,488
|
Current liabilities: |
|
|
Accounts payable |
753
|
649
|
Accrued expenses and other current liabilities |
900
|
1,124
|
Operating lease liabilities, current |
361
|
567
|
Total current liabilities |
2,014
|
2,340
|
Payroll protection program loans |
|
1,038
|
Redeemable convertible preferred stock warrant liability |
5,113
|
|
Operating lease liabilities, non-current |
|
238
|
Total liabilities |
7,127
|
3,616
|
Commitments and contingencies (Note 11) |
|
|
Stockholders’ deficit: |
|
|
Common stock, $0.001 par value, 45,100,000 and 27,169,197 shares authorized as of December 31, 2022 and 2021 and 15,424,359 and 5,669,483 shares issued and outstanding as of December 31, 2022 and 2021, respectively |
15
|
6
|
Additional paid-in capital |
34,061
|
2,688
|
Accumulated deficit |
(71,044)
|
(56,637)
|
Total stockholders’ deficit |
(36,968)
|
(53,943)
|
Total liabilities, redeemable convertible preferred stock and stockholders’ deficit |
5,511
|
8,488
|
Series A Redeemable Convertible Preferred Stock [Member] |
|
|
Current liabilities: |
|
|
Redeemable convertible preferred stock |
6,653
|
19,918
|
Series B Redeemable Convertible Preferred Stock [Member] |
|
|
Current liabilities: |
|
|
Redeemable convertible preferred stock |
21,440
|
38,897
|
Series C Redeemable Convertible Preferred Stock [Member] |
|
|
Current liabilities: |
|
|
Redeemable convertible preferred stock |
$ 7,259
|
|
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v3.23.3
Condensed Consolidated Balance Sheets (Parenthetical) - Notable Labs Inc [Member] - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Common stock, par value |
$ 0.001
|
$ 0.001
|
Common stock, shares authorized |
45,100,000
|
27,169,197
|
Common stock, shares issued |
15,424,359
|
5,669,483
|
Common stock, shares outstanding |
15,424,359
|
5,669,483
|
Series A Redeemable Convertible Preferred Stock [Member] |
|
|
Temporary equity, par value |
$ 0.001
|
$ 0.001
|
Temporary equity, shares authorized |
8,863,394
|
8,863,394
|
Temporary equity, shares issued |
2,315,579
|
8,863,394
|
Temporary equity, shares outstanding |
2,315,579
|
8,863,394
|
Temporary equity, liquidation preference |
$ 6,549
|
$ 18,174
|
Series B Redeemable Convertible Preferred Stock [Member] |
|
|
Temporary equity, par value |
$ 0.001
|
$ 0.001
|
Temporary equity, shares authorized |
6,674,734
|
7,374,117
|
Temporary equity, shares issued |
3,556,173
|
6,674,734
|
Temporary equity, shares outstanding |
3,556,173
|
6,674,734
|
Temporary equity, liquidation preference |
$ 21,505
|
$ 39,757
|
Series C Redeemable Convertible Preferred Stock [Member] |
|
|
Temporary equity, par value |
$ 0.001
|
$ 0.001
|
Temporary equity, shares authorized |
18,148,550
|
0
|
Temporary equity, shares issued |
1,510,138
|
0
|
Temporary equity, shares outstanding |
1,510,138
|
0
|
Temporary equity, liquidation preference |
$ 10,063
|
$ 0
|
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v3.23.3
Condensed Consolidated Statements of Operations and Comprehensive Loss - Notable Labs Inc [Member] - USD ($) $ in Thousands |
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Restructuring Cost and Reserve [Line Items] |
|
|
Services revenue |
$ 8
|
$ 285
|
Operating expenses: |
|
|
Research and development |
7,776
|
11,472
|
General and administrative |
5,156
|
5,727
|
Total operating expenses |
12,932
|
17,199
|
Loss from operations |
(12,924)
|
(16,914)
|
Other income (expense), net |
(1,483)
|
862
|
Net loss |
$ (14,407)
|
$ (16,052)
|
Net loss per share, basic |
$ (1.38)
|
$ (2.84)
|
Net loss per share, diluted |
$ (1.38)
|
$ (2.84)
|
Weighted-average common shares outstanding, basic |
10,423,934
|
5,651,101
|
Weighted-average common shares outstanding, diluted |
10,423,934
|
5,651,101
|
Comprehensive loss: |
|
|
Net loss |
$ (14,407)
|
$ (16,052)
|
Other comprehensive loss: |
|
|
Unrealized losses |
|
(71)
|
Total comprehensive loss |
$ (14,407)
|
$ (16,123)
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
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v3.23.3
Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Shareholders' Deficit - Notable Labs Inc [Member] - USD ($) $ in Thousands |
Redeemable Convertible Preferred Stocks [Member] |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Stockholders Deficit [Member] |
Beginning balance, value at Dec. 31, 2020 |
$ 58,815
|
$ 6
|
$ 1,879
|
$ 71
|
$ (40,585)
|
$ (38,629)
|
Beginning balance, shares at Dec. 31, 2020 |
15,538,128
|
5,624,597
|
|
|
|
|
Exercise of common stock options |
|
|
30
|
|
|
30
|
Exercise of common stock options, shares |
|
44,886
|
|
|
|
|
Stock-based compensation expense |
|
|
779
|
|
|
779
|
Net loss |
|
|
|
|
(16,052)
|
(16,052)
|
Other comprehensive loss |
|
|
|
(71)
|
|
(71)
|
Ending balance, value at Dec. 31, 2021 |
$ 58,815
|
$ 6
|
2,688
|
|
(56,637)
|
(53,943)
|
Ending balance, shares at Dec. 31, 2021 |
15,538,128
|
5,669,483
|
|
|
|
|
Exercise of common stock options |
|
|
79
|
|
|
79
|
Exercise of common stock options, shares |
|
88,500
|
|
|
|
|
Stock-based compensation expense |
|
|
581
|
|
|
581
|
Net loss |
|
|
|
|
(14,407)
|
(14,407)
|
Issuance of Series C-1 redeemable convertible preferred stock, net of issuance costs of $207 and allocated proceeds to the Series C convertible preferred stock warrant liability of $1,154 |
$ 4,693
|
|
|
|
|
|
Issuance of Series C-1 redeemable convertible preferred stock, net of issuance costs and allocated proceeds to the Series C convertible preferred stock warrant liability, shares |
848,856
|
|
|
|
|
|
Issuance of Series C-2 redeemable convertible preferred stock in exchange for SAFE agreement, net of allocated proceeds to the Series C redeemable convertible preferred stock warrant liability of $899 |
$ 2,566
|
|
|
|
|
|
Issuance of Series C-2 redeemable convertible preferred stock in exchange for SAFE agreement, net of allocated proceeds to the Series C redeemable convertible preferred stock warrant liability of $899, shares |
661,282
|
|
|
|
|
|
Issuance of common stock through conversion of Series A redeemable convertible preferred stock |
$ (13,265)
|
$ 6
|
13,259
|
|
|
13,265
|
Issuance of common stock through conversion of Series A redeemable convertible preferred stock, shares |
(6,547,815)
|
6,547,815
|
|
|
|
|
Issuance of common stock through conversion of Series B redeemable convertible preferred stock |
$ (17,457)
|
$ 3
|
17,454
|
|
|
17,457
|
Issuance of common stock through conversion of Series B redeemable convertible preferred stock, shares |
(3,118,561)
|
3,118,561
|
|
|
|
|
Ending balance, value at Dec. 31, 2022 |
$ 35,352
|
$ 15
|
$ 34,061
|
|
$ (71,044)
|
$ (36,968)
|
Ending balance, shares at Dec. 31, 2022 |
7,381,890
|
15,424,359
|
|
|
|
|
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v3.23.3
Condensed Consolidated Statements of Cash Flows - Notable Labs Inc [Member] - USD ($) $ in Thousands |
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Operating Activities |
|
|
Net loss |
$ (14,407)
|
$ (16,052)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation |
323
|
326
|
Stock-based compensation |
581
|
779
|
Non-cash operating lease expense |
225
|
599
|
Loss on disposal of fixed assets |
43
|
|
Loss (gain) on sale of marketable securities |
2
|
(36)
|
Gain from PPP loan forgiveness |
(1,038)
|
(765)
|
Change in fair value of SAFE and redeemable convertible preferred stock warrant liability |
2,515
|
|
Change in operating assets and liabilities: |
|
|
Prepaid expenses and other current assets |
284
|
(284)
|
Other assets |
138
|
(28)
|
Accounts payable |
104
|
52
|
Accrued expenses and other current liabilities |
(186)
|
941
|
Operating lease liabilities |
(226)
|
(585)
|
Net cash used in operating activities |
(11,642)
|
(15,053)
|
Investing Activities |
|
|
Purchases of property and equipment |
(41)
|
(441)
|
Purchases of marketable securities |
(594)
|
(3,393)
|
Purchases of other investments |
|
(1,500)
|
Proceeds from disposal of property and equipment |
95
|
|
Proceeds from maturities of marketable securities |
594
|
3,447
|
Proceeds from sales of marketable securities |
870
|
16,644
|
Net cash provided by investing activities |
924
|
14,757
|
Financing Activities |
|
|
Proceeds from employee stock option exercises |
79
|
30
|
Proceeds from issuance of redeemable convertible preferred stock and warrants, net of issuance costs |
5,810
|
|
Proceeds from the issuance of the SAFE agreement |
4,009
|
|
Proceeds from PPP loan |
|
1,038
|
Net cash provided by financing activities |
9,898
|
1,068
|
Net increase (decrease) in cash and cash equivalents |
(820)
|
772
|
Cash and cash equivalents at the beginning of year |
2,401
|
1,629
|
Cash and cash equivalents at the end of year |
1,581
|
2,401
|
Supplemental non-cash financing and investing activities |
|
|
Purchases of property and equipment in accounts payable |
|
14
|
Right-of-use assets obtained in exchange for lease obligation |
181
|
|
Fair value allocated at issuance to Series C warrants |
2,053
|
|
Series C redeemable convertible preferred stock issuance costs in accrued expenses |
38
|
|
Conversion of Series A and Series B redeemable convertible preferred stock to common stock |
$ 30,722
|
|
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v3.23.3
ORGANIZATION
|
12 Months Ended |
Dec. 31, 2022 |
Notable Labs Inc [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
ORGANIZATION |
1.
Organization
ORGANIZATION
Description
of Business
Notable
Labs, Inc. (“Notable” or the “Company”) and its wholly owned subsidiary is an emerging tech-bio therapeutics
company dedicated to the development and commercialization of a predictive precision medicine platform and products that treat various
forms of cancer. The Company was incorporated in Delaware in June 2014 and is located in Foster City, California.
Liquidity
and Going Concern Assessment
The
Company has incurred losses and negative cash flows from operations since its inception. As of December 31, 2022 and 2021, the Company
has an accumulated deficit of approximately $71.0 million and $56.6 million, respectively. As of December 31, 2022, the Company had cash
of $1.6 million and has forecasted cash needs in excess of current liquidity. These conditions raise substantial doubt about its ability
to continue as a going concern within one year after the date that the financial statements are issued.
The
Company’s ability to fund its operations will require additional capital, and the Company intends to raise such capital through
the issuance of additional debt or equity, including in connection with potential merger opportunities, or through licensing or collaboration
agreements.
These
plans are intended to mitigate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue
as a going concern; however, as the plans are not entirely within the Company’s control, management has determined it is not probable
they will be effectively implemented.
These
financial statements have been prepared on a going concern basis and do not include any adjustments to the amounts and classification
of assets and liabilities that may be necessary in the event the Company can no longer continue as a going concern.
The
Company is continuing to develop its medicine platform and treatments, which is the primary use of funds for the Company. Management
expects to continue to incur additional substantial losses and negative cash flows from operations in the foreseeable future as a result
of expanded research and development activities until regulatory approval is granted. Regulatory approval is not guaranteed and may never
be obtained.
The
ability of the Company to continue as a going concern is dependent upon its ability to successfully accomplish these plans and secure
sources of financing and ultimately attain profitable operations. However, if such financing is not approved, does not occur, or alternative
financing is not available at adequate levels or on acceptable terms, or profitable operations are not attained, the Company could be
required to significantly reduce operating expenses and delay, reduce the scope of or eliminate some of its development programs, enter
into a collaboration or other similar arrangement with respect to commercialization rights to any of its product candidates, out license
intellectual property rights to its product candidates and sell unsecured assets, or a combination of the above. Any of these actions
could have a material adverse effect on the Company’s business, results of operations, financial condition and/or its ability to
fund its scheduled obligations on a timely basis or at all. If the Company is unable to obtain adequate capital, it could be forced to
cease operations.
|
X |
- DefinitionThe entire disclosure for organization, consolidation and basis of presentation of financial statements disclosure.
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v3.23.3
SIGNIFICANT ACCOUNTING POLICIES
|
12 Months Ended |
Dec. 31, 2022 |
Notable Labs Inc [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
SIGNIFICANT ACCOUNTING POLICIES |
Note
2. Summary of Significant Accounting Policies
SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation
The
accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the
United States (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position
for the periods presented. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative GAAP
included in the Accounting Standards Codification (“ASC”), and Accounting Standards Update (“ASU”) issued by
the Financial Accounting Standards Board (“FASB”) and pursuant to the rules and regulations of the Securities and Exchange
Commission (“SEC”).
Principles
of Consolidation
The
consolidated financial statements include the accounts of Notable and its wholly owned subsidiary, all of which are denominated in US
dollars. All intercompany balances and transactions have been eliminated in consolidation.
Use
of Estimates
The
preparation of the consolidated financial statements in conformity with GAAP generally requires management to make certain estimates
and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. The Company regularly
evaluates estimates and assumptions related to assets and liabilities, and disclosures of contingent assets and liabilities at the dates
of the consolidated financial statements and the reported amounts of expenses during the reporting period. Areas where management uses
subjective judgments include, but are not limited to, measurement of lease liabilities and right of use assets, impairment of long-lived
assets, stock-based compensation, accrued research and development costs, and redeemable convertible preferred stock warrant liability
in the accompanying consolidated financial statements. Management bases its estimates on historical experience and on various other assumptions
that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying
values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates
under different assumptions or conditions.
Concentration
of Credit Risk and Other Risks and Uncertainties
Financial
instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents.
The Company maintains bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits.
The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents to
the extent recorded in the balance sheet. The Company has not experienced any losses on its deposits of cash and cash equivalents.
The
Company is subject to a number of risks similar to other early-stage biopharmaceutical companies, including, but not limited to, the
need to obtain adequate additional funding, possible failure of current or future preclinical studies or clinical trials, its reliance
on third parties to conduct its clinical trials, the need to obtain regulatory and marketing approvals for its product candidates, competitors
developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s product
candidates, protection of its proprietary technology, and the need to secure and maintain adequate manufacturing arrangements with third
parties. These efforts will require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance
and reporting. The Company’s product candidates are still in development and, to date, none of the Company’s product candidates
have been approved for sale and, therefore, the Company has not generated any revenue from product sales. There can be no assurance that
the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual
property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any
approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain
when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid technological change
and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services
of its employees, consultants and other third parties.
Significant
customers are those that represent 10% or more of the Company’s total revenue for each year presented on the consolidated statements
of operations and comprehensive loss. One customer represents 100% of its immaterial accounts receivable and revenues as of and for the
year ended December 31, 2022. Three customers represented 39%, 35%, and 16% of its revenues for the year ended December 31, 2021, respectively.
Approximately 41% and 59% of the $48,000 of accounts receivable recorded in prepaid expenses and other current assets as of December
31, 2021 are attributable to two customers, respectively.
Segments
The
Company operates and manages its business as one reportable operating segment, which is the business of developing predictive precision
medicines that treat various forms of cancer. The Company’s chief executive officer, who is the chief operating decision maker,
reviews financial information on an aggregate basis for allocating resources and evaluating financial performance. All the Company’s
long-lived assets are maintained in, and all revenues and losses are attributable to, the United States of America.
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash
and cash equivalents. Cash equivalents consist primarily of amounts invested in short-dated government and Treasury securities and are
stated at fair value. As of December 31, 2022 the entire balance of cash and cash equivalents consisted of cash held in the Company’s
checking accounts As of December 31, 2022 and 2021, the Company had no restricted cash.
Marketable
Securities
The
Company’s investments in marketable securities have been classified and accounted for as available-for-sale securities. Fixed income
securities consist of U.S. Treasury securities. The specific identification method is used to determine the cost basis of fixed income
securities sold. These securities are recorded on the consolidated balance sheets at fair value. Unrealized gains and losses on these
securities are included as a separate component of accumulated other comprehensive income (loss). The cost of investment securities is
adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in other income,
net. Realized gains and losses and declines in fair value judged to be other-than-temporary, if any, are also included in other income,
net. The Company evaluates securities for other-than-temporary impairment at the balance sheet date. Declines in fair value determined
to be other-than-temporary are also included in other income, net. All available-for-sale securities are considered available to support
current operations and are classified as current assets.
Deferred
Offering Costs
The
Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity
financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs
are recorded in stockholders’ deficit as a reduction of additional paid-in capital generated as a result of the offering. Should
the in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses
in the statements of operations. No offering costs have been deferred as of December 31, 2022 and 2021.
Property
and Equipment, Net
Property
and equipment are presented at cost, net of accumulated depreciation. Depreciation is recorded using the straight-line method over the
estimated useful life and begins at the time the asset is placed in service. The estimated useful life of each asset category is as follows:
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED
USEFUL LIFE
Computer
equipment |
3
Years |
|
|
Laboratory
equipment |
5
Years |
|
|
Furniture |
and
office equipment 7 Years |
|
|
Leasehold
improvements |
Lesser
of useful life or remaining lease term |
Upon
sale or retirement of assets, the cost and related accumulated depreciation are removed from the consolidated balance sheet and the resulting
gain or loss is reflected in the consolidated statement of operations and comprehensive loss. Maintenance and repairs are charged to
expense as incurred and costs of major replacements or improvements are capitalized.
Impairment
of Long-Lived Assets
The
Company evaluates the carrying amount of its long-lived assets, such as property and equipment, whenever events or changes in circumstances
indicate that the assets may not be recoverable. The recoverability of assets to be held and used is assessed by comparing the carrying
amount to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount exceeds
the estimated undiscounted future cash flows, an impairment loss is recognized for the excess of the book value of the asset over fair
value. There was no impairment of long-lived assets during the years ended December 31, 2022 and 2021.
Revenue
Recognition
Through
the middle of the year ended December 31, 2021, the Company’s central revenue generating activities and performance obligations
consisted of performing diagnostic services using its proprietary platform that was utilized by entities primarily engaged in their own
research and development efforts to identify therapeutic combinations in a more targeted and efficient method of drug discovery.
In
the year ended 2021, the Company transitioned its approach of performing such services for others to using its own platform to identify
proprietary therapeutic approaches in specific potential patient populations. All major projects for historical customers were complete
before the end of the year ended December 31, 2021. The Company continued to perform certain diagnostics services on a limited basis
as an outsourced provider through the year ended December 31, 2022, but such activities do not represent its major and ongoing central
operations.
The
Company recognizes revenue from diagnostic services in the amount that reflects the consideration that it expects to be entitled as the
Company performs its obligation under a contract with a customer by processing diagnostic tests on laboratory samples and making the
test results available to its customers. Revenue is recorded considering a five-step revenue recognition model that includes identifying
the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating
the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation.
The Company generally has a contract or a purchase order from a customer with the specified required terms, including the number of diagnostic
samples to be performed. The Company has not received any advance payments for which there are any remaining performance obligations.
Accordingly, no deferred revenue is recorded as of December 31, 2022 and 2021. The Company has not recorded any contract assets as of
December 31, 2022 and 2021 as the Company has not completed any performance obligations for which it has not been able to bill its customers.
Costs of services revenue are immaterial and recorded in operating expenses.
Leases
Under
ASC 842 Leases, the Company determines if an arrangement is or contains a lease based on the facts and circumstances present in
that arrangement. Lease classification, recognition, and measurement are then determined at the lease commencement date.
The
Company determines whether leases meet the classification criteria of a finance or operating lease at the lease commencement date considering:
(1) whether the lease transfers ownership of the underlying asset to the lessee at the end of the lease term, (2) whether the lease grants
the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (3) whether the lease term is
for a major part of the remaining economic life of the underlying asset, (4) whether the present value of the sum of the lease payments
and residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset, and (5) whether
the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease
term. As of December 31, 2022 and 2021, the Company’s lease population consisted of real estate and laboratory equipment, all of
which are classified as operating leases. As of December 31, 2022 and 2021, the Company did not have finance leases.
Operating
lease right-of-use (“ROU”) assets and operating lease liabilities are recognized at the lease commencement date based on
the present value of lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset for
the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease.
In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available
at the lease commencement date if the rate implicit in the lease is not readily determinable. The Company determines the incremental
borrowing rate based on the information available at the lease commencement date, which represents an internally developed rate that
would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic
environment. Applying different judgments to the same facts and circumstances could result in the estimated amounts to vary.
The
operating lease ROU assets also include adjustments for prepayments and accrued lease payments and exclude lease incentives. The Company’s
lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options.
Operating lease cost for the minimum fixed lease payments is recognized on a straight-line basis over the lease term. Variable lease
costs that are not considered fixed are expensed as incurred. Variable lease costs represent payments that are dependent on usage, a
rate or index. Variable lease cost primarily relates to various operating expenses such as common area maintenance charges. Fixed and
variable lease expense on operating leases is recognized within operating expenses within the Company’s statements of operations
and comprehensive loss.
Real
estate lease agreements that include lease and non-lease components are accounted for as a single lease component. The Company has elected
to not combine lease and non-lease components for laboratory equipment leases. Lease agreements with a noncancelable term of less than
12 months are not recorded on the Company’s consolidated balance sheet. Lease expense related to such short-term leases is recognized
on a straight-line basis over the lease term.
Redeemable
Convertible Preferred Stock
The
Company records redeemable convertible preferred stock at fair value on the dates of issuance, unless an exception applies, net of issuance
costs. The redeemable convertible preferred stock has been classified outside of stockholders’ deficit as temporary equity on the
accompanying balance sheet because the shares contain certain redemption features that are not solely within the control of the Company.
The redeemable convertible preferred stock is not generally redeemable; however, upon certain change in control events including liquidation,
sale or transfer of control of the Company, holders of the redeemable convertible preferred stock may have the right to receive its liquidation
preference under the terms of the Company’s certificate of incorporation. The carrying values of the redeemable convertible preferred
stock are adjusted to their liquidation preferences if and when it becomes probable that such a liquidation event will occur.
Redeemable
Convertible Preferred Stock Warrant Liabilities
The
Company classifies warrants to purchase redeemable convertible preferred stock as liabilities at fair value when the underlying shares
are contingently redeemable and adjusts the instruments to fair value at each reporting period. The warrants to purchase redeemable convertible
preferred stock are subject to re-measurement at each balance sheet date until exercised or expired, and any change in fair value is
recognized as a component of other income, net in the consolidated statements of operations and comprehensive loss. Offering costs associated
with the issuance of redeemable convertible preferred stock warrant liabilities are allocated on a relative basis and expensed as incurred.
Research
and Development Expenses
Research
and development expenses are charged to expense as incurred. Research and development expenses include payroll and personnel costs related
to research and development activities, materials costs, external clinical drug product manufacturing costs, outside services costs,
repair, maintenance and depreciation costs for research and development equipment, as well as facility costs used for research and development
activities. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities
are capitalized and expensed as the goods are delivered or the related services are performed. The Company continues to evaluate whether
it expects the goods to be delivered or services to be rendered and charges to expense any portion of the advance payment that has been
capitalized when the entity no longer expects the goods to be delivered or services to be rendered.
Accrued
Research and Development Expenses
The
Company records accruals for estimated costs of research, preclinical studies, clinical trials, and manufacturing development, within
accrued expenses and other current liabilities which are significant components of research and development expenses. Some of the Company’s
ongoing research and development activities is conducted by third-party service providers, contract research organizations (“CROs”)
and contract development and manufacturing organizations (“CDMOs”). The financial terms of these contracts are subject to
negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials
or services are provided to the Company under such contracts. The Company accrues the costs incurred under agreements with these third
parties based on estimates of actual work completed in accordance with the respective agreements. The Company determines the estimated
costs through discussions with internal personnel and external service providers as to the progress, stage of completion or actual timeline
(start-date and end-date) of the services and the agreed-upon fees to be paid for such services.
If
the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts accrued expenses
or prepaid expenses accordingly, which impact research and development expenses. Although the Company does not expect its estimates to
be materially different from amounts actually incurred, the Company’s understanding of the status and timing of services performed
relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too
low in any particular period. To date, there have not been any material adjustments to the Company’s prior estimates of research
and development expenses.
Stock-Based
Compensation Expense
The
Company maintains an equity incentive plan as a long-term incentive for employees, consultants, and directors. The plan allows for the
issuance of incentive stock options (“ISO”), non-statutory stock options (“NSO”), and restricted stock awards.
The
Company measures the estimated fair value of the stock-based awards on the date of the grant and recognizes compensation expense for
those awards over the requisite service period, which is generally the vesting period of the respective awards. The Company records expense
for awards with service-based vesting using the straight-line method. The Company accounts for forfeitures as they occur. For performance-based
awards, the Company recognizes share-based compensation expense over the requisite service period using the accelerated attribution method
when achievement of the performance criteria becomes probable.
The
fair value of each stock award is determined based on the number of shares granted and the value of the Company’s common stock
on the date of grant. The absence of an active market for the Company’s common and restricted stock requires the Company’s
Board of Directors (the “Board”) to determine the fair value of its common and restricted stock for purposes of granting
stock awards with assistance from management and an independent third-party valuation firm. The fair value of each stock option award
is estimated on the date of grant using the Black-Scholes option pricing model. The Black-Scholes option-pricing model requires the use
of a number of complex, subjective assumptions including the estimated fair value of the common stock, expected volatility, risk-free
interest rate, expected dividend rate, and expected term of the option. The Company has been a private company and lacks company-specific
historical and implied fair value information, therefore, determining the best estimated fair value of the Company’s common and
restricted stock requires significant judgment. The Company’s Board considers numerous objective and subjective factors to determine
the fair value of the Company’s common stock options at each meeting in which awards are approved. The factors considered include,
but are not limited to (i) the results of contemporaneous independent third-party valuations of the Company’s common stock and
the prices, rights, preferences and privileges of the Company’s redeemable convertible preferred stock relative to those of its
common stock; (ii) the lack of marketability of the Company’s common stock; (iii) actual operating and financial results; (iv)
current business conditions and projections in relation to the Company’s stage of development; (v) the likelihood of achieving
a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions; (vi) precedent transactions
involving the Company’s shares; and (vii) significant milestones and progress of research and development efforts.
The
Company determined the expected stock volatility using a weighted average of the historical volatility of a group of guideline companies
that issued options with substantially similar terms, and expects to continue to do so until such time as the Company has adequate historical
data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined
utilizing the simplified method. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at
the time of grant of the award for time periods approximately equal to the expected term of the award. The Company has not paid, and
does not anticipate paying, cash dividends on its common stock; therefore, the expected dividend yield is assumed to be zero.
The
Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner
in which the award recipient’s cash compensation costs are classified.
See
Note 10 for the assumptions used by the Company in determining the grant date fair value of stock-based awards granted, as well as a
summary of the stock-based award activity under the Company’s equity incentive plan for the year ended December 31, 2022.
Fair
Value Measurement
Fair
value accounting is applied for all financial assets and liabilities that are recognized or disclosed at fair value in the financial
statements on a recurring basis. Financial instruments such as cash and cash equivalents, accounts payable and accrued liabilities approximate
fair value due to their relatively short maturities.
Assets
and liabilities recorded at fair value on a recurring basis in the balance sheet are categorized based on the level of judgment associated
with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or
an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an
orderly transaction between market participants on the measurement date.
The
Company determines the fair value of financial assets and liabilities using the fair value hierarchy that describes three levels of inputs
that may be used to measure fair value, as follows:
Level
1 – |
Observable
inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. |
|
|
Level
2 – |
Inputs
(other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include
quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities
in markets that are not active. |
|
|
Level
3 – |
Unobservable
inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the
measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the
model. |
Comprehensive
Loss
Comprehensive
loss includes net loss and other comprehensive loss for the period. Other comprehensive loss consists of net unrealized losses on marketable
securities.
Income
Taxes
The
Company accounts for income taxes using the liability method, whereby deferred tax asset and liability account balances are determined
based on differences between the 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 when it is more
likely than not that some portion, or all of the Company’s deferred tax assets will not be realized.
The
Company accounts for income tax contingencies using a benefit recognition model. If it considers that a tax position is more likely than
not to be sustained upon audit, based solely on the technical merits of the position, it recognizes the benefit. The Company measures
the benefit by determining the amount that is greater than 50% likely of being realized upon settlement, presuming that the tax position
is examined by the appropriate taxing authority that has full knowledge of all relevant information.
The
Company is subject to taxation in the United States federal jurisdiction and various state jurisdictions. Due to the Company’s
losses incurred, the Company is subject to the income tax examination by authorities since inception. The Company’s policy is to
recognize interest expense and penalties related to income tax matters as a component of income tax expense. As of December 31, 2022,
there were no significant accruals for interest related to unrecognized tax benefits or tax penalties.
Net
Loss Per Share
Basic
net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by
the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities.
Diluted
net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the
weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net
loss per share calculation, redeemable convertible preferred stock, stock options, and warrants to purchase redeemable convertible preferred
stock are considered to be potentially dilutive securities.
The
Company applies the two-class method to calculate its basic and diluted net loss per share as the Company has issued shares that meet
the definition of participating securities. The two-class method is an earnings allocation formula that treats a participating security
as having rights to earnings that otherwise would have been available to common stockholders. The Company’s participating securities
contractually entitle the holders of such shares to participate in dividends, but do not contractually require the holders of such shares
to participate in losses of the Company. Accordingly, in periods in which the Company reports a net loss, such losses are not allocated
to such participating securities.
Accordingly,
in periods in which the Company reports a net loss, diluted net loss per share is the same as basic net loss per share, since dilutive
common shares are not assumed to have been issued if their effect is anti-dilutive.
Commitments
and Contingencies
Liabilities
for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded if and when
it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with
loss contingencies are expensed as incurred.
Recent
Accounting Pronouncements
From
time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of
the specified effective date. Other than the recently adopted accounting pronouncements discussed below, other recent accounting pronouncements
issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the Securities
and Exchange Commission did not, or are not believed by management to, have a material impact on the Company’s financial position,
results of operations or cash flows.
Recently
Adopted Accounting Pronouncements
In
August 2020, the FASB issued ASU 2020-06 (Subtopic 470-20): Debt - Debt with Conversion and Other Options (“ASU 2020-06”).
ASU 2020-06 eliminates the beneficial conversion feature and cash conversion models in ASC 470-20 that require separate accounting for
embedded conversion features in convertible instruments, resulting in more instruments being reported as a single unit of account. ASU
2020-06 is effective for public companies for annual periods beginning after December 15, 2021. For all other entities, the amendments
are effective for annual periods beginning after December 15, 2023. Early adoption is permitted for all entities for fiscal years beginning
after December 15, 2020, but an entity must adopt the guidance as of the beginning of a fiscal year. Entities may adopt the guidance
using either a modified retrospective or full retrospective transition method. The Company has early adopted ASU 2020-06 as of January
1, 2021 under the full retrospective method. The adoption did not have a material impact on the Company’s financial results, although
the Company no longer needs to subsequently assess any contingent beneficial conversion features that are present in the Company’s
Series A, B, and C redeemable convertible preferred stock.
In
December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU
2019-12”). The guidance eliminates certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation
and calculating income taxes in interim periods. This ASU also includes guidance to reduce complexity in certain areas, including recognizing
deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The standard is effective for fiscal years beginning
after December 15, 2021, and interim periods with fiscal years beginning after December 15, 2022. The Company adopted this guidance effective
January 1, 2022 on a prospective basis. The adoption did not have a material impact on the Company’s financial statements.
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.3
FAIR VALUE MEASUREMENTS
|
12 Months Ended |
Dec. 31, 2022 |
Notable Labs Inc [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
FAIR VALUE MEASUREMENTS |
Note
3. Fair Value Measurements
FAIR VALUE MEASUREMENTS
The
following table sets forth the Company’s financial assets and liabilities that are measured at fair value on a recurring basis
by level with the fair value hierarchy (in thousands):
SCHEDULE
OF FAIR VALUE ON RECURRING BASIC ASSETS AND LIABILITIES
| |
As of December 31, 2022 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total Fair Value | |
Liabilities | |
| | |
| | |
| | |
| |
Preferred stock warrant liability | |
$ | — | | |
$ | — | | |
$ | 5,113 | | |
$ | 5,113 | |
| |
As of December 31, 2021 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total Fair Value | |
Assets | |
| | |
| | |
| | |
| |
Short-term marketable securities | |
$ | 872 | | |
$ | — | | |
$ | — | | |
$ | 872 | |
There
were no cash equivalents or marketable securities held as of December 31, 2022. There were no preferred stock warrant liabilities as
of December 31, 2021. Tables providing a roll forward of the fair value, as determined by Level 3 inputs, of the Company’s preferred
stock warrant liability for the year ended December 31, 2022 are included in Note 9.
Cash
equivalents and marketable securities, all of which are classified as available-for-sale securities and measured at fair value on a recurring
basis, consisted of the following as of December 31, 2021, all with contractual maturities of less than one year (in thousands):
SCHEDULE
OF FAIR VALUE AVAILABLE FOR SALE SECURITIES
December 31, 2021 | |
Level | | |
Amortized Cost | | |
Gross Unrealized Gains | | |
Gross Unrealized Losses | | |
Fair Value | |
Short-term marketable securities: | |
| | | |
| | | |
| | | |
| | | |
| | |
U.S. Treasury securities | |
| Level
1 | | |
$ | 872 | | |
$ | — | | |
$ | — | | |
$ | 872 | |
Total | |
| | | |
$ | 872 | | |
$ | — | | |
$ | — | | |
$ | 872 | |
To
date, the Company has not recorded any impairment charges on marketable securities due to other-than-temporary declines in market value.
In determining whether a decline is other than temporary, the Company considers various factors, including the length of time and extent
to which the market value has been less than amortized cost, the financial condition and near-term prospects of the issuer and the Company’s
intent and ability to retain its investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market
value.
The
Company estimates the fair values of investments in corporate debt securities, commercial paper and U.S. government agency securities
using valuations obtained from third-party pricing services. The fair market value of marketable securities classified within Level 1
is based on quoted prices for identical instruments in active markets.
The
Company does not intend to sell securities that are in an unrealized loss position and the Company believes it is more likely than not
that the investments will be held until recovery of the amortized cost basis. The Company has determined that the immaterial gross unrealized
losses on marketable securities as of December 31, 2021 were temporary in nature.
There
were no transfers between Levels 1, 2, or 3 during the years ended December 31, 2022 and 2021.
|
X |
- DefinitionThe 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.
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v3.23.3
BALANCE SHEET COMPONENTS
|
12 Months Ended |
Dec. 31, 2022 |
Notable Labs Inc [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
BALANCE SHEET COMPONENTS |
Note
4. Balance Sheet Components
BALANCE SHEET COMPONENTS
Prepaid
Expenses and Other Current Assets
The
following table presents the components of prepaid expenses and other current assets as of December 31, 2022 and 2021 (in thousands):
SCHEDULE
OF PREPAID EXPENSES AND OTHER CURRENT ASSETS
| |
2022 | | |
2021 | |
| |
December 31, | |
| |
2022 | | |
2021 | |
Accounts receivable | |
$ | 8 | | |
$ | 48 | |
Employee retention credit | |
| 1,237 | | |
| 1,293 | |
Prepaid expenses | |
| 119 | | |
| 296 | |
Prepaid benefits | |
| 37 | | |
| 48 | |
Prepaid clinical expenses | |
| 6 | | |
| 116 | |
Total prepaid expenses and other current assets | |
$ | 1,407 | | |
$ | 1,801 | |
During
fiscal years 2020 and 2021, the Company took advantage of the relief provisions provided by the U.S. government in response to COVID-19
under the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The CARES Act provides an employee retention credit
(“Employee Retention Credit”), which is a refundable tax credit against certain employment taxes dependent on certain qualified
wages paid to employees through fiscal year 2021. The Company qualifies for the tax credit under the CARES Act and continued to receive
additional tax credits under the additional relief provisions for qualified wages through the end of 2021. During the fiscal year ended
December 31, 2021, the Company recorded $1.0 million related to the Employee Retention Credit in operating expenses. The Company accounts
for these labor related tax credits as a reduction to the expense that they are intended to compensate in the period in which the corresponding
expense is incurred and there is reasonable assurance the Company will both receive the tax credits and comply with all conditions attached
to the tax credits. As of December 31, 2022 and 2021, $1.2 million and $1.3 million, respectively, was recorded as a receivable in prepaid
and other current assets. The Company received $0.7 million of the receivable in February 2023 and believes there is reasonable assurance
the remaining balance will be collected.
Property
and Equipment, Net
The
following table presents the components of property and equipment, net, as of December 31, 2022 and 2021 (in thousands):
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
2022 | | |
2021 | |
| |
December 31, | |
| |
2022 | | |
2021 | |
Computer equipment | |
$ | 171 | | |
$ | 155 | |
Laboratory equipment | |
| 1,950 | | |
| 1,990 | |
Furniture and office equipment | |
| 29 | | |
| 23 | |
Leasehold improvements | |
| 73 | | |
| 73 | |
Property and equipment, Gross | |
| 2,223 | | |
| 2,241 | |
Less: accumulated depreciation | |
| (1,781 | ) | |
| (1,490 | ) |
Total property and equipment, net | |
$ | 442 | | |
$ | 751 | |
Depreciation
expense was approximately $0.3 million for each of the years ended December 31, 2022 and 2021.
Investment
in SAFE
In
October 2021, the Company entered into a simple agreement for future equity (“Oncoheroes SAFE”) agreement for $1.5 million
in exchange for a right to participate in a future equity financing of preferred stock to be issued by Oncoheroes Biosciences Inc. (“Oncoheroes”).
Alternatively, upon a dissolution or liquidity event such as a change in control or an initial public offering, the Company is entitled
to receive a portion of $1.5 million. The number of shares of preferred stock would be determined by dividing the Oncoheroes SAFE purchase
amount by price per share of the preferred stock issued in the respective equity financing. The Company recorded the investment of $1.5
million as an investment in the Oncoheroes SAFE on the consolidated balance sheet at December 31, 2022 and 2021. The investment in the
Oncoheroes SAFE is treated as an investment in an equity security that the Company has elected to record at its cost less any impairment.
No impairment losses have been recognized related to the investment for the years ended December 31, 2022 and 2021.
Accrued
Expenses and Other Current Liabilities
The
following table presents the components of accrued expenses and other current liabilities as of December 31, 2022 and 2021 (in thousands):
SCHEDULE
OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
| |
2022 | | |
2021 | |
| |
December 31, | |
| |
2022 | | |
2021 | |
Accrued expenses | |
$ | 651 | | |
| 894 | |
Accrued employee expenses | |
| 10 | | |
| 13 | |
Accrued bonuses | |
| 239 | | |
| 217 | |
Total accrued expenses and other current liabilities | |
$ | 900 | | |
$ | 1,124 | |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.3
CO-DEVELOPMENT AND LICENSE AGREEMENTS
|
12 Months Ended |
Dec. 31, 2022 |
Notable Labs Inc [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
CO-DEVELOPMENT AND LICENSE AGREEMENTS |
Note
5. Co-Development and License Agreements
CO-DEVELOPMENT AND LICENSE AGREEMENTS Oncoheroes
Agreement
In
September 2021, the Company entered into an Exclusive License Agreement with Oncoheroes (the “Oncoheroes Agreement”) whereby
the Company obtained worldwide exclusive development and commercialization rights in the small molecule volasertib for uses relating
to certain types of cancer in adults. Under the terms of the Oncoheroes Agreement, Oncoheroes retains the right to develop and commercialize
volasertib for cancers not licensed to the Company.
Under
the terms of the agreement, the Company is obligated to make additional clinical and regulatory milestone payments up to a total of $8.0
million, plus tiered royalties from the mid-single digits up to mid-teens on net sales. In the event the Company grants a sublicense
of rights, the Company will need to pay Oncoheroes a high single digit percentage of any upfront payment obtained from such sublicenses.
No milestones have been met during the years ended December 31, 2022 and 2021 and the Company did not make any royalty payments as the
related product has not been approved for commercialization.
The
Company also entered a SAFE agreement with Oncoheroes in October 2021 for $1.5 million recorded in the investment in SAFE on the balance
sheet, as discussed in Note 4.
CicloMed
Agreement
In
July 2021, the Company entered into a Co-Development and Profit-Sharing Agreement with CicloMed LLC (“CicloMed”) (the “CicloMed
Agreement”) regarding use of the Company’s precision oncology diagnostic test in the research and development of CicloMed’s
CicloProx product for the treatment of acute myeloid leukemia. Under the terms of the co-development agreement, CicloMed holds the primary
responsibility for executing clinical trial operations while Notable is primarily focused on optimizing Notable’s predictive precision
medicine platform. Both parties will equally share the costs associated with the on-going clinical trial incurred after the effective
date. In the event a CicloProx product is commercially developed and sold, the parties will share in the net proceeds. The Company recorded
$1.1 million and $0.4 million for the years ended December 31, 2022 and 2021, respectively, as research and development expense related
to this agreement.
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v3.23.3
LEASES
|
12 Months Ended |
Dec. 31, 2022 |
Notable Labs Inc [Member] |
|
LeasesLineItems [Line Items] |
|
LEASES |
Note
6. Leases
LEASES
As
of December 31, 2022, the Company had operating lease agreements for its facilities at Foster City, California, which expires in May
2023, as well as several pieces of equipment with varying terms and which expire on various dates in the latter half of 2023. During
fiscal year 2022, certain equipment leases were renewed for an additional year.
-
The
following table summarizes total lease expense during the year ended December 31, 2022 and 2021 (in thousands):
SCHEDULE
OF LEASE COST
| |
December 31, 2022 | | |
December 31, 2021 | |
Cash paid for operating lease liabilities | |
$ | 751 | | |
$ | 732 | |
Operating lease expense | |
| 749 | | |
| 747 | |
Variable lease expense | |
| 94 | | |
| 94 | |
Short-term lease expense | |
| 167 | | |
| 126 | |
The
following table summarizes maturities of lease liabilities and the reconciliation of lease liabilities as of December 31, 2022 (in thousands):
SCHEDULE
OF MATURITIES OF THE FINANCE LEASE TO THE FINANCE LEASE LIABILITIES
| |
Lease Obligation | |
2023 | |
$ | 366 | |
2024 and thereafter | |
| — | |
Total future undiscounted lease payments | |
| 366 | |
Less: imputed interest | |
| (5 | ) |
Total lease liabilities | |
$ | 361 | |
Information
related to the Company’s ROU assets and related lease liabilities was as follows (in thousands except for remaining lease term
and discount rate):
SCHEDULE
OF ROU ASSETS AND RELATED LEASE LIABILITIES
| |
December 31, 2022 | |
| |
Facilities Leases | | |
Equipment Leases | |
Current operating lease liabilities | |
$ | 211 | | |
$ | 150 | |
Non-current operating lease liabilities | |
| — | | |
| — | |
Weighted average remaining lease term in years | |
| 0.3 | | |
| 0.7 | |
Weighted average discount rate | |
| 7.0 | % | |
| 7.2 | % |
| |
December 31, 2021 | |
| |
Facilities
Leases | | |
Equipment
Leases | |
Current operating lease liabilities | |
$ | 490 | | |
$ | 77 | |
Non-current operating lease liabilities | |
| 197 | | |
| 41 | |
Weighted average remaining lease term in years | |
| 1.3 | | |
| 1.4 | |
Weighted average discount rate | |
| 7.0 | % | |
| 5.6 | % |
|
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v3.23.3
PAYROLL PROTECTION PROGRAM LOANS
|
12 Months Ended |
Dec. 31, 2022 |
Notable Labs Inc [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
PAYROLL PROTECTION PROGRAM LOANS |
Note
7. Payroll Protection Program Loans
PAYROLL PROTECTION PROGRAM LOANS
In
April 2020, the Company applied for a loan with a bank pursuant to the Payroll Protection Program of the CARES Act as administered by
the U.S. Small Business Administration (the “PPP Loan”). The PPP Loan was approved and took the form of a promissory note
in the amount of $0.8 million, bearing interest of 1% per annum. The Promissory Note provides for customary events of default, including,
among others, those relating to failure to make payment, bankruptcy, breaches of representations and material adverse effects. The Company
had the right to prepay the principal of the PPP Loan at any time without incurring any prepayment charges. In January 2021, this PPP
Loan was forgiven in full and was recognized as a gain within other income (expense), net during the year ended December 31, 2021.
In
February 2021, the Company applied for another promissory note under the Payroll Protection Program and was approved for $1.04 million,
with an interest rate of 1% per annum. In March 2022 this loan was forgiven in full and was recognized as a gain within other income
(expense), net during the year ended December 31, 2022.
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v3.23.3
CAPITAL STRUCTURE
|
12 Months Ended |
Dec. 31, 2022 |
Notable Labs Inc [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
CAPITAL STRUCTURE |
Note
8. Capital Structure
CAPITAL STRUCTURE
Common
Stock
As
of December 31, 2022 and 2021, the Company was authorized to issue 45,100,000 and 27,169,197 shares of $0.001 par value common stock,
respectively. Common stockholders are entitled to dividends if and when declared by the Board and after any redeemable convertible preferred
share dividends are fully paid. The holder of each share of common stock is entitled to one vote. As of December 31, 2022, no dividends
have been declared.
Common
shares reserved for future issuance, on an as-if converted basis, as of December 31, 2022 and December 31, 2021, consists of the following:
SCHEDULE OF COMMON SHARES RESERVED FOR FUTURE ISSUANCE
| |
| | | |
| | |
| |
December 31, | |
| |
2022 | | |
2021 | |
Series A redeemable convertible preferred stock | |
| 2,315,579 | | |
| 8,863,394 | |
Series B redeemable convertible preferred stock | |
| 3,556,173 | | |
| 6,674,734 | |
Series C redeemable convertible preferred stock | |
| 1,510,138 | | |
| — | |
Series C warrants to purchase redeemable convertible preferred stock | |
| 1,510,138 | | |
| — | |
Stock options, issued and outstanding | |
| 2,847,484 | | |
| 4,748,713 | |
Stock options, authorized for future issuance | |
| 2,876,298 | | |
| 541,351 | |
Total | |
| 14,615,810 | | |
| 20,828,192 | |
Common
shares reserved for future issuance | |
| 14,615,810 | | |
| 20,828,192 | |
Simple
Agreements for Future Equity
Between
January and May 2022, the Company entered into simple agreements for future equity (the “2022 SAFEs”) with certain investors,
receiving $4.0 million of gross proceeds (“Purchase Amount”) in aggregate in exchange for the investor’s right to participate
in a future equity financing. If there was a future equity financing before the termination of the SAFEs, on the initial closing of such
equity financing, the 2022 SAFEs would automatically convert into the number of shares of preferred stock which would be issued in the
equity financing equal to the purchase amount divided by the lowest price per share of the preferred stock sold in the equity financing
multiplied by the eighty-five percent.
If
there was a liquidity event or dissolution event, the holders of the 2022 SAFEs would automatically be entitled to revive a portion of
the Purchase Amount. The 2022 SAFEs were recorded as a liability at issuance and subject to remeasurement at each reporting date, with
changes in fair value recorded in other income (expense), net in the consolidated statements of operations and comprehensive loss.
In
connection with the Company’s issuance of shares of Series C-1 redeemable convertible preferred stock beginning in June 2022 at
an issuance price of $7.1319 per Series C-1 share, the holders of the 2022 SAFEs were able to participate in the equity financing. The
SAFEs were settled by conversion to Series C-2 shares at an issuance price of $6.062115 per share for a total of 661,282 Series C-2 redeemable
convertible preferred shares. Collectively, the Series C-1 and Series C-2 redeemable convertible preferred stock is referred to as the
Series C redeemable convertible preferred stock. A net gain of $0.5 million was recognized from the change in fair value of the 2022
SAFEs between their issuance and settlement for the year ended December 31, 2022.
Redeemable
Convertible Preferred Stock
As
of December 31, 2022 the Company was authorized to issue 33,686,678 shares of $0.001 par value Series A, Series B, and Series C redeemable
convertible preferred stock (collectively, “the redeemable convertible preferred shares,” “preferred shares,”
or “redeemable convertible preferred stock”). As of December 31, 2021, the Company was authorized to issue 16,237,511 shares
of Series A and Series B redeemable convertible preferred stock.
From
June 2022 to July 2022, the Company issued a total of 848,856 Series C-1 redeemable convertible preferred shares to investors at $7.1319
per share for gross proceeds of $6.1 million.
For
each Series C redeemable convertible preferred share issued, the Company also issued a warrant to purchase Series C redeemable convertible
preferred shares (“Series C Warrants”). Approximately $2.1 million of the Series C proceeds were allocated to the redeemable
convertible preferred stock warrants at issuance. See Note 9.
In
June 2022, the Company amended the Certificate of Incorporation to include a Special Mandatory Conversion clause requiring all existing
redeemable convertible preferred stockholders to participate in the Series C Preferred Stock issuance. Failure to participate in the
Series C Preferred Stock issuance would result in the automatic conversion of the holder’s preferred shares into common shares.
In July 2022, 6,547,815 shares of Series A redeemable convertible preferred shares and 3,118,561 shares of Series B redeemable convertible
preferred shares were converted into common shares as a result of non-participation in the Series C Preferred Stock issuance and the
total authorized Series B redeemable convertible shares decreased.
As
of December 31, 2022 and December 31, 2021, redeemable convertible preferred stock consisted of the following (in thousands, except share
amounts):
SCHEDULE OF REDEEMABLE CONVERTIBLE PREFERRED
STOCK
As of December 31, 2022 |
Series | |
Shares Authorized | | |
Shares Issued and Outstanding | | |
Original Issue Price | | |
Aggregate Liquidation Amount | | |
Carrying amount | |
Series A | |
| | | |
| | | |
| | | |
| | | |
| | |
A-1 | |
| 3,583,743 | | |
| 1,815,484 | | |
$ | 2.9163 | | |
$ | 5,294 | | |
$ | 5,289 | |
A-2 | |
| 1,194,403 | | |
| 308,602 | | |
| 2.6247 | | |
| 810 | | |
| 858 | |
A-3 | |
| 1,234,382 | | |
| 191,493 | | |
| 2.3238 | | |
| 445 | | |
| 506 | |
A-4 | |
| 956,297 | | |
| — | | |
| 1.0457 | | |
| — | | |
| — | |
A-5 | |
| 114,573 | | |
| — | | |
| 0.8728 | | |
| — | | |
| — | |
A-6 | |
| 1,779,996 | | |
| — | | |
| 0.3485 | | |
| — | | |
| — | |
Series A subtotal | |
| 8,863,394 | | |
| 2,315,579 | | |
| - | | |
| 6,549 | | |
| 6,653 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Series B | |
| | | |
| | | |
| | | |
| | | |
| | |
B-1 | |
| 775,744 | | |
| 58,220 | | |
| 5.15279 | | |
| 300 | | |
| 235 | |
B-2 | |
| 5,898,990 | | |
| 3,497,953 | | |
| 6.0621 | | |
| 21,205 | | |
| 21,205 | |
Series B subtotal | |
| 6,674,734 | | |
| 3,556,173 | | |
| - | | |
| 21,505 | | |
| 21,440 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Series C | |
| | | |
| | | |
| | | |
| | | |
| | |
C-1 | |
| 17,487,180 | | |
| 848,856 | | |
| 7.1319 | | |
| 6,054 | | |
| 4,692 | |
C-2 | |
| 661,370 | | |
| 661,282 | | |
| 6.062115 | | |
| 4,009 | | |
| 2,567 | |
Series C subtotal | |
| 18,148,550 | | |
| 1,510,138 | | |
| - | | |
| 10,063 | | |
| 7,259 | |
Total | |
| 33,686,678 | | |
| 7,381,890 | | |
| - | | |
$ | 38,117 | | |
$ | 35,352 | |
As of December 31, 2021 |
Series | |
Shares Authorized | | |
Shares Issued and Outstanding | | |
Original Issue Price | | |
Aggregate Liquidation Amount | | |
Carrying amount | |
Series A | |
| | | |
| | | |
| | | |
| | | |
| | |
A-1 | |
| 3,583,743 | | |
| 3,583,743 | | |
$ | 2.9163 | | |
$ | 10,451 | | |
$ | 10,434 | |
A-2 | |
| 1,194,403 | | |
| 1,194,403 | | |
| 2.6247 | | |
| 3,135 | | |
| 3,320 | |
A-3 | |
| 1,234,382 | | |
| 1,234,382 | | |
| 2.3238 | | |
| 2,868 | | |
| 3,259 | |
A-4 | |
| 956,297 | | |
| 956,297 | | |
| 1.0457 | | |
| 1,000 | | |
| 2,047 | |
A-5 | |
| 114,573 | | |
| 114,573 | | |
| 0.8728 | | |
| 100 | | |
| 238 | |
A-6 | |
| 1,779,996 | | |
| 1,779,996 | | |
| 0.3485 | | |
| 620 | | |
| 620 | |
Series A subtotal | |
| 8,863,394 | | |
| 8,863,394 | | |
| - | | |
| 18,174 | | |
| 19,918 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Series B | |
| | | |
| | | |
| | | |
| | | |
| | |
B-1 | |
| 775,744 | | |
| 775,744 | | |
| 5.15279 | | |
| 3,997 | | |
| 3,137 | |
B-2 | |
| 6,598,373 | | |
| 5,898,990 | | |
| 6.0621 | | |
| 35,760 | | |
| 35,760 | |
Series B subtotal | |
| 7,374,117 | | |
| 6,674,734 | | |
| - | | |
| 39,757 | | |
| 38,897 | |
Total | |
| 16,237,511 | | |
| 15,538,128 | | |
| - | | |
$ | 57,931 | | |
$ | 58,815 | |
The
redeemable convertible preferred shares have the following rights and privileges:
Optional
Conversion
Each
share of redeemable convertible preferred stock shall be convertible, at the option of the holder at any time, into common stock as determined
by dividing the original issue price by the conversion price in effect at the time of conversion. As of December 31, 2022, and 2021 the
initial conversion price per share of redeemable convertible preferred stock is equivalent to the original issue price and as such convert
on a one-for-one basis prior to any adjustments.
The
respective applicable conversion price is subject to adjustment upon any future stock splits or stock combinations, reclassifications
or exchanges of similar stock, upon a reorganization, merger or consolidation of the Company, or upon the issuance or sale by the Company
of common stock for consideration less than the applicable conversion price.
Mandatory
Conversion
Each
of the redeemable convertible preferred shares shall automatically convert into the number of shares of common stock determined in accordance
with the conversion rate upon the earlier of (a) the closing of the sale of shares of Common Stock to the public in a firm-commitment
underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933, as amended, resulting
in at least $50,000,000 of gross proceeds (before deducting underwriting discounts and commissions), to the Company, or (b) the date
and time, or the occurrence of an event, specified by vote or written consent of the holders of at least (i) a majority of the outstanding
shares of Series A Preferred Stock, (ii) fifty-five percent of the outstanding shares of Series B Preferred Stock, and (iii) a majority
of the outstanding shares of Series C Preferred Stock, voting together as a single class on an as converted to Common Stock basis.
Liquidation
Preference
In
the event of any voluntary or involuntary liquidation, dissolution or winding up of the Company the holders of shares of outstanding
redeemable convertible preferred stock shall be entitled, on a pro rata, as converted and pari passu basis, to be paid out of the assets
of the Company available for distribution to its stockholders before any payment shall be made to the holders of common stock by reason
of their ownership thereof, an amount per share equal to the greater of (i) the applicable original issue price for such series of preferred
stock, plus any declared but unpaid dividends, or (ii) such amount per share as would have been payable had all shares of redeemable
convertible preferred stock been converted into common stock immediately prior to such liquidation, dissolution, winding up or deemed
liquidation event.
If
the assets of the Company to be distributed among the holders of redeemable convertible preferred stock are insufficient to permit the
payment to such holders, then any assets of the Company legally available for distribution will be distributed ratably among the holders
of redeemable convertible preferred stock in proportion to the preferential amount each such holder is otherwise entitled to receive.
After
the payment to the holders of redeemable convertible preferred stock of the full preferential amount specified above, any remaining assets
of the Company available for distribution to its stockholders shall be distributed pro rata among the holders of common stock.
Dividends
The
holders of redeemable convertible preferred stock are entitled to receive dividends out of any assets legally available only when, as,
and if declared by the Company’s Board, prior to and in preference to any declaration or payment of any dividend on the common
stock. Such dividends are noncumulative. As of December 31, 2022, and 2021, there were no cumulative dividends owed or in arrears.
Voting
Each
holder of redeemable convertible preferred stock shall be entitled to the number of votes equal to the number of whole shares of common
stock into which such shares of redeemable convertible preferred stock could then be converted as of the record date. Holders of redeemable
convertible preferred stock shall vote together with the holders of common stock as a single class.
The
holders of Series A redeemable convertible preferred stock, exclusively and voting together as a separate class on a converted to common
stock basis, are entitled to elect one director to the Company’s Board. The holders of Series B redeemable convertible preferred
stock, exclusively and voting together as a separate class on a converted to common stock basis, are entitled to elect one director to
the Company’s Board.
Down-Round
Antidilution Protection
In
the event the Company issues its common stock without consideration or for consideration per share that is less than the conversion price
in effect for each series of the redeemable convertible preferred stock, then the conversion price for that series shall be reduced to
increase the number of shares of common stock into which such series of redeemable convertible preferred shares is convertible.
|
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v3.23.3
WARRANTS TO PURCHASE REDEEMABLE CONVERTIBLE PREFERRED STOCK
|
12 Months Ended |
Dec. 31, 2022 |
Notable Labs Inc [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
WARRANTS TO PURCHASE REDEEMABLE CONVERTIBLE PREFERRED STOCK |
Note
9. Warrants to Purchase Redeemable Convertible Preferred Stock
WARRANTS TO PURCHASE REDEEMABLE CONVERTIBLE PREFERRED STOCK
In
connection with the issuance of Series C redeemable convertible preferred stock, the Company issued warrants to purchase Series C redeemable
convertible preferred stock (“Series C Warrant”, collectively “Series C Warrants”). The Series C Warrant holders
are entitled to purchase up to 1,510,138 Series C redeemable convertible preferred shares at an exercise price of $7.13 per share. The
Series C Warrants are fully vested upon issuance and expire in June 2032. There have been no exercises of Series C Warrants as of December
31, 2022.
The
Company measures its Series C Warrant liability, classified as a Level 3 liability, at fair value on a recurring basis with the change
in fair value recorded in the consolidated statements of operations and comprehensive loss until the warrants are exercised, expire or
other facts and circumstances lead the warrant liability to be reclassified as an equity instrument. The fair value is determined using
an option-pricing backsolve method. The fair value of the Series C Warrant Liability as of December 31, 2022 was determined by using
a probability weighted expected return method under a scenario in which the Company completes a merger with a public company and a scenario
in which the Company continues to operate until a later exit, which was estimated using the option pricing method.
The
following assumptions were used in estimating the fair value of the warrants:
SCHEDULE OF ESTIMATING THE FAIR VALUE OF THE WARRANTS
As
of issuance in July 2022:
| |
| | |
Risk-free interest rate | |
| 3.11 | % |
Expected life (years) | |
| 2.5 | |
Expected volatility | |
| 95.0 | % |
Annual dividend yield | |
| 0.0 | % |
As
of December 31, 2022:
| |
| | |
Risk-free interest rate | |
| 4.41 | % |
Expected life (years) | |
| 2.00 | |
Expected volatility | |
| 95.0 | % |
Annual dividend yield | |
| 0.00 | % |
Warrants and rights outstanding measurement input | |
| 0.00 | % |
The
following is a summary of the Company’s redeemable convertible preferred stock warrant liability activity for the years ended December
31, 2022:
SCHEDULE OF REDEEMABLE CONVERTIBLE PREFERRED STOCK WARRANT LIABILITY ACTIVITY
| |
Redeemable convertible preferred
stock warrant liability | |
Balance as of December 31, 2021 | |
$ | — | |
Fair value of warrants at issuance | |
| 2,053 | |
Change in fair value | |
| 3,060 | |
Balance as of December 31, 2022 | |
$ | 5,113 | |
|
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v3.23.3
EQUITY INCENTIVE PLAN AND STOCK BASED COMPENSATION EXPENSE
|
12 Months Ended |
Dec. 31, 2022 |
Notable Labs Inc [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
EQUITY INCENTIVE PLAN AND STOCK BASED COMPENSATION EXPENSE |
Note
10. Equity Incentive Plan and Stock Based Compensation Expense
EQUITY INCENTIVE PLAN AND STOCK BASED COMPENSATION EXPENSE
2015
Equity Incentive Plan
The
Company adopted the 2015 Equity Incentive Plan (the “2015 Plan”) in August 2015, which provides for the granting of ISO,
NSO, and restricted shares to employees, directors, and consultants. The 2015 Plan authorized a total of 591,394 shares reserved for
future issuance. Under amendments to the 2015 Plan, an additional 2,547,746 shares in 2017, 2,243,140 shares in 2019, and 500,000 shares
in 2022 were authorized to be reserved for future issuance. As of December 31, 2022, there were 5,882,280 shares of common stock reserved
for future issuance pursuant to the 2015 Plan.
Options
under the 2015 Plan may be granted for periods of up to 10 years and at prices no less than 100% of the estimated fair value of the underlying
shares of common stock on the date of grant as determined by the Board provided that the exercise price of an ISO granted to a 10% stockholder
shall not be less than 110% of the estimated fair value of the shares on the date of grant. The 2015 Plan requires that options be exercised
no later than 10 years after the grant. Options granted to employees generally vest ratably on a monthly basis over four years, subject
to cliff vesting restrictions and continuing service.
The
following summarizes stock option activity under the 2015 Plan:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
Options Outstanding | |
| |
Total Options Outstanding | | |
Weighted-Average Exercise Price | | |
Weighted-Average Remaining Contractual
Life | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
(in years) | | |
(in thousands) | |
Outstanding as of December 31, 2021 | |
| 4,748,713 | | |
$ | 1.39 | | |
| 6.6 | | |
$ | 741 | |
Granted | |
| 210,000 | | |
$ | 1.55 | | |
| | | |
| | |
Exercised | |
| (88,500 | ) | |
$ | 0.71 | | |
| | | |
| | |
Cancelled | |
| (2,022,729 | ) | |
$ | 1.39 | | |
| | | |
| | |
Outstanding as of December 31, 2022 | |
| 2,847,484 | | |
$ | 1.43 | | |
| 7.3 | | |
$ | 1,419 | |
Exercisable as of December 31, 2022 | |
| 1,757,275 | | |
$ | 1.36 | | |
| 6.6 | | |
$ | 998 | |
Vested and expected to vest as of December 31, 2022 | |
| 2,847,484 | | |
$ | 1.43 | | |
| 7.3 | | |
$ | 1,419 | |
The
aggregate intrinsic value of stock options exercised was $74 thousand and $22 thousand for the years ended December 31, 2022, and 2021,
respectively. There was no restricted stock activity (RSA) under the 2015 Plan for the year ended December 31, 2022.
Stock-Based
Compensation Expense
Weighted-average
grant date fair value of the options granted during the years ended December 31, 2022, and 2021, was $1.03 per share and $0.91 per share,
respectively. The Company estimated the fair value of stock options using the Black-Scholes option pricing model which requires the use
of highly subjective assumptions to determine the fair value of stock-based awards. The fair value of employee and non-employee stock
options is recognized as expense on the straight-line basis over the requisite service period of the awards. These assumptions include:
|
● |
Risk-free
interest rate — The risk-free interest rate is based on the U.S. Treasury zero coupon issues in effect at the time of grant
for periods corresponding with the expected term of option. |
|
|
|
|
● |
Expected
volatility — Since the Company is privately held and does not have any trading history for its common stock, the expected
volatility was estimated based on the average volatility for comparable publicly traded biotechnology companies over a period equal
to the expected term of the stock option grants. The comparable companies were chosen based on their similar size, stage in the life
cycle or area of specialty. The Company will continue to apply this process until enough historical information regarding the volatility
of its own stock becomes available. |
|
|
|
|
● |
Expected
term — The expected term represents the period that stock-based awards are expected to be outstanding. The expected term
for option grants is determined using the simplified method. The simplified method deems the term to be the midpoint of the time-to-vesting
and the contractual term of the stock-based awards. The Company utilizes this method due to lack of historical exercise data. |
|
|
|
|
● |
Expected
dividend rate — The Company has never paid dividends on its common stock and has no plans to pay dividends on its common
stock. Therefore, the Company used an expected dividend yield of zero. |
The
fair value of employee stock options during the years ended December 31, 2022, and 2021 was estimated using the following weighted-average
assumptions:
SCHEDULE OF FAIR VALUE OF EMPLOYEE STOCK
OPTIONS
| |
| | | |
| | |
| |
Year ended December 31, | |
| |
2022 | | |
2021 | |
Expected term (in years) | |
| 6.00 | | |
| 5.68 | |
Risk-free interest rate | |
| 1.61 | % | |
| 1.07 | % |
Expected dividend rate | |
| 0.0 | % | |
| 0.0 | % |
Expected volatility | |
| 75.73 | % | |
| 67.81 | % |
The
following table summarizes the components of stock-based compensation expense relating to options recognized in the Company’s statement
of operations and comprehensive loss (in thousands):
SCHEDULE OF COMPONENTS OF STOCK BASED COMPENSATION EXPENSES
| |
| | | |
| | |
| |
Year ended December 31, | |
| |
2022 | | |
2021 | |
Research and development | |
$ | 146 | | |
$ | 178 | |
General and administrative | |
| 435 | | |
| 601 | |
Total | |
$ | 581 | | |
$ | 779 | |
Stock-based compensation expense | |
$ | 581 | | |
$ | 779 | |
As
of December 31, 2022, the total stock-based compensation expense related to stock awards not yet recognized was $1.0 million and will
be recognized over a weighted-average remaining period of approximately 2.2 years.
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.3
COMMITMENTS AND CONTINGENCIES
|
12 Months Ended |
Dec. 31, 2022 |
Notable Labs Inc [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
COMMITMENTS AND CONTINGENCIES |
Note
11. Commitments and Contingencies
COMMITMENTS AND CONTINGENCIES
Employee
Benefit Plan
The
Company sponsors a 401(k) defined contribution plan for its employees. This plan provides for tax-deferred salary deductions for all
employees. Employee contributions are voluntary. Employees may contribute up to 100% of their annual compensation to this plan, as limited
by an annual maximum amount as determined by the IRS. The Company does not make matching contributions under its 401(k) plan.
Contingencies
From
time to time, the Company may become involved in legal proceedings arising in the ordinary course of business. The Company was not subject
to any material legal proceedings during the years ended December 31, 2022 or 2021 and no material legal proceedings are currently pending
or threatened.
Indemnification
In
the ordinary course of business, the Company enters into agreements that may include indemnification provisions. As permitted under Delaware
law and in accordance with its bylaws, the Company indemnifies its officers and directors for certain events or occurrences while the
officer or director is or was serving in such capacity. The Company is also party to indemnification agreements with its officers and
directors. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential amount of future
payments that the Company could be required to make under these provisions is not determinable. The Company has never incurred material
costs to defend lawsuits or settle claims related to these indemnification provisions. The Company is not currently aware of any indemnification
claims. Accordingly, the Company has not recorded any liabilities for these indemnification rights and agreements as of December 31,
2022 and 2021.
|
X |
- DefinitionThe entire disclosure for commitments and contingencies.
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v3.23.3
INCOME TAXES
|
12 Months Ended |
Dec. 31, 2022 |
Notable Labs Inc [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
INCOME TAXES |
Note
12. Income Taxes
INCOME TAXES
The
reconciliation of the federal statutory income tax to the Company’s effective income tax expense from the year ended December 31,
2022 and December 31, 2021 is as follows (in thousands):
SCHEDULE
OF FEDERAL STATUTORY INCOME TAX
| |
| | |
| |
| |
Year Ended December 31, | |
| |
2022 | | |
2021 | |
Federal statutory income tax | |
| 21.0 | % | |
| 21.0 | % |
State income taxes | |
| 7.7 | | |
| 5.9 | |
PPP loan forgiveness | |
| 1.5 | | |
| 1.0 | |
Share-based compensation | |
| (0.2 | ) | |
| (0.6 | ) |
R&D credits | |
| 4.2 | | |
| 5.1 | |
ASC 740-10 reserve | |
| (1.0 | ) | |
| (1.3 | ) |
SAFE Liability remeasurement | |
| (3.7 | ) | |
| — | |
Other | |
| (1.0 | ) | |
| (0.1 | ) |
Change in valuation allowance | |
| (28.5 | ) | |
| (31.0 | ) |
Total provision for income taxes | |
| — | % | |
| — | % |
Deferred
income taxes reflect the net tax effect of temporary differences between amounts recorded for financial reporting purposes and the amounts
used for tax purposes. Deferred income taxes consist of the following (in thousands):
SCHEDULE
OF DEFERRED TAX ASSETS AND LIABILITIES
| |
| | |
| |
| |
December 31, | |
| |
2022 | | |
2021 | |
Deferred tax assets: | |
| | | |
| | |
Net operating loss carryforwards | |
$ | 15,403 | | |
$ | 13,176 | |
Tax credit carryforwards | |
| 2,675 | | |
| 2,227 | |
Property and equipment | |
| 23 | | |
| 7 | |
Capitalized research and experimental cost | |
| 1,401 | | |
| — | |
Stock compensation | |
| 252 | | |
| 228 | |
Other | |
| 96 | | |
| 113 | |
Subtotal | |
| 19,850 | | |
| 15,751 | |
Valuation allowance | |
| (19,850 | ) | |
| (15,751 | ) |
Net deferred tax assets (liabilities) | |
$ | — | | |
$ | — | |
A
valuation allowance is provided when it is more likely than not that the deferred tax assets will not be realized. Due to the uncertainties
surrounding the realization of deferred tax assets through future taxable income, the Company has provided a full valuation allowance
and therefore no benefit has been recognized for the net operating loss carryforwards and other deferred tax assets.
The
valuation allowance increased by $4.1 million during the year ended December 31, 2022. As of December 31, 2022, the Company had federal
and state net operating loss (“NOL”) carryforwards of approximately $57.4 million and $38.1 million, respectively. As of
December 31, 2021, the Company had federal and state net NOL carryforwards of $51.9 million and $26.0 million, respectively. Federal
and State net operating loss carryforwards will begin to expire in 2034, if not utilized.
As
of December 31, 2022, the Company had federal and California research and development (“R&D”) credit carryforwards of
approximately $1.9 million and $1.6 million, respectively. As of December 31, 2021, the Company had federal and California research and
development (“R&D”) credit carryforwards of approximately $1.6 million and $1.4 million, respectively. The Federal R&D
credit carryforwards will begin to expire in 2034, if not utilized. California R&D credit carryforward may be carried forward indefinitely.
The
Company’s ability to utilize net operating losses in the future may be subject to substantial restriction in the event of past
or future ownership changes as defined in Section 382 of the Internal Revenue Code and similar state tax laws. In the event the Company
should experience an ownership change, as defined, utilization of its net operating loss carryforwards and credits may be subject to
a substantial annual limitation. The annual limitation may result in the expiration of net operating losses and credits before utilization.
The
Company complies with ASC 740-10, Accounting for Uncertainty in Income Taxes, which prescribes a comprehensive model for the recognition,
measurement, presentation and disclosure in financial statements of any uncertain tax positions that have been taken or expected to be
taken on a tax return. The Company adopted the provisions set forth in FASB ASC Topic 740-10, issued originally as FASB Interpretation
No. 48, Accounting for Uncertainty in Income Taxes. This pronouncement sets a “more likely than not” criterion for
recognizing the tax benefit of uncertain tax positions.
Uncertain
tax positions are comprised as follows:
SCHEDULE
OF UNCERTAIN TAX POSITIONS
| |
| | |
| |
| |
December 31, | |
| |
2022 | | |
2021 | |
| |
| | |
| |
Balance at the beginning of the period | |
$ | 742 | | |
$ | 536 | |
Additions for tax positions taken in current year | |
| 150 | | |
| 206 | |
Ending balance | |
$ | 892 | | |
$ | 742 | |
In
connection with the unrecognized tax benefits noted above, no penalties and interest were recognized at December 31, 2022. The Company
does not anticipate any adjustments that would result in a material change in its unrecognized tax benefits within twelve months of the
reporting date.
The
Company files federal income tax returns and income tax returns for several states within the United States. The Company is not currently
under examination by income tax authorities in Federal or State jurisdictions. All tax returns will remain open for examination by the
Federal and State authorities for three and four years, respectively, from the date of utilization of any NOL.
|
X |
- DefinitionThe 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.
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v3.23.3
RELATED PARTY TRANSACTIONS
|
12 Months Ended |
Dec. 31, 2022 |
Notable Labs Inc [Member] |
|
Related Party Transaction [Line Items] |
|
RELATED PARTY TRANSACTIONS |
Note
13. Related Party Transactions
RELATED PARTY TRANSACTIONS
During
2022 and 2021, the Company recorded general and administrative expenses of $0.3 million and $0.4 million, respectively, related to consulting
services provided by the founder and Chairman of the Company’s Board. The Company accrued $60,000 and $0 for such services as of
December 31, 2022 and 2021, respectively.
|
X |
- DefinitionThe entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.
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v3.23.3
NET LOSS PER SHARE
|
12 Months Ended |
Dec. 31, 2022 |
Notable Labs Inc [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
NET LOSS PER SHARE |
Note
14. Net Loss Per Share
NET LOSS PER SHARE
The
following table sets forth the computation of the basic and diluted net loss per share (in thousands except share and per share data):
SCHEDULE
OF EARNINGS PER SHARE BASIC AND DILUTED
| |
| | |
| |
| |
Year ended December 31, | |
| |
2022 | | |
2021 | |
Numerator: | |
| | | |
| | |
Net loss | |
$ | (14,407 | ) | |
$ | (16,052 | ) |
Denominator: | |
| | | |
| | |
Weighted-average shares of common stock outstanding used
to compute net loss per share, basic and diluted | |
| 10,423,934 | | |
| 5,651,101 | |
Net loss per share, basic and diluted: | |
$ | (1.38 | ) | |
$ | (2.84 | ) |
The
Company’s potentially dilutive securities have been excluded from the computation of diluted net loss per share as the effect would
be antidilutive. Therefore, the weighted-average number of shares of Common Stock outstanding used to calculate both basic and diluted
net loss per share is the same. Potentially dilutive securities that were not included in the diluted per share calculations because
they would be anti-dilutive were as follows:
SCHEDULE
OF ANTI-DILUTIVE SECURITIES BASIC AND DILUTED
| |
| | |
| |
| |
Year Ended December 31, | |
| |
2022 | | |
2021 | |
Series A-1 redeemable convertible preferred stock | |
| 1,815,484 | | |
| 3,583,743 | |
Series A-2 redeemable convertible preferred stock | |
| 308,602 | | |
| 1,194,403 | |
Series A-3 redeemable convertible preferred stock | |
| 191,493 | | |
| 1,234,382 | |
Series A-4 redeemable convertible preferred stock | |
| — | | |
| 956,297 | |
Series A-5 redeemable convertible preferred stock | |
| — | | |
| 114,573 | |
Series A-6 redeemable convertible preferred stock | |
| — | | |
| 1,779,996 | |
Series B-1 redeemable convertible preferred stock | |
| 58,220 | | |
| 775,744 | |
Series B-2 redeemable convertible preferred stock | |
| 3,497,953 | | |
| 5,898,990 | |
Series C-1 redeemable convertible preferred stock | |
| 848,856 | | |
| — | |
Series C-2 redeemable convertible preferred stock | |
| 661,282 | | |
| — | |
Warrants to purchase redeemable convertible preferred stock | |
| 1,510,138 | | |
| — | |
Stock options, issued and outstanding | |
| 2,847,484 | | |
| 4,748,713 | |
Total | |
| 11,739,512 | | |
| 20,286,841 | |
|
X |
- DefinitionThe entire disclosure for earnings per share.
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v3.23.3
SUBSEQUENT EVENTS
|
12 Months Ended |
Dec. 31, 2022 |
Notable Labs Inc [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
SUBSEQUENT EVENTS |
Note
15. Subsequent Events
SUBSEQUENT EVENTS
The
Company has evaluated all events occurring through May 11, 2023, the date on which the consolidated financial statements were available
for issuance, during which time, nothing has occurred outside the normal course of business operations that would require disclosure
other than the events disclosed below.
Agreement
and Plan of Merger
On
February 22, 2023, the Company entered into a Merger Agreement with VBL and Vibrant Merger Sub, Inc., a Delaware corporation and VBL’s
direct, wholly-owned subsidiary (“Merger Sub”), pursuant to which, and subject to the satisfaction or waiver of the conditions
set forth in the Merger Agreement, Notable will be merged with and into Merger Sub (such transaction, the “Merger”) at the
effective time of the Merger (the “Effective Time”), with Notable continuing after the Merger as the surviving corporation
and a wholly-owned subsidiary of VBL.
At
the Effective Time, each outstanding share of Notable capital stock will be converted into the right to receive VBL ordinary shares,
as set forth in the Merger Agreement. Under the exchange ratio formula in the Merger Agreement, immediately following the Effective Time,
the former Notable securityholders are expected to own approximately 76% of the VBL ordinary shares on a fully diluted basis and subject
to adjustment and securityholders of VBL as of immediately prior to the Effective Time are expected to own approximately 24% of the VBL
ordinary shares on a fully diluted basis and subject to adjustment. Under certain circumstances, the ownership percentages may be adjusted
upward or downward based on the level of VBL’s Net Cash at the closing of the Merger, and the terms and net proceeds of Notable’s
pre-merger financing.
The
Merger Agreement provides that, immediately following the Effective Time, the board of directors of the combined organization will consist
of up to seven directors, with one director designated by VBL. Upon the closing of the transaction, the combined organization will be
led by Notable’s chief executive officer and executive management team. In connection with the Merger, VBL will seek to amend its
articles of incorporation to: (i) effect an increase of its registered share capital and/or effect a reverse split of its ordinary shares
at a ratio to be determined; (ii) change its name to “Notable Labs, Ltd.”; and (iii) make other such changes as mutually
agreeable to VBL and Notable.
VBL
and Notable’s obligations to consummate the Merger are subject to the satisfaction or waiver of customary closing conditions, including,
among others, obtaining the requisite approval of VBL’s stockholders, obtaining the requisite approval of Notable’s stockholders,
proceeds of Notable’s pre-closing financing, net of certain specified expenses, not being less than $5.0 million and VBL’s
Net Cash not being less than $15.0 million.
Financing
In
connection with the Merger Agreement, the Company entered into Simple Agreements for Future Equity (the “SAFEs”) with certain
investors by which the Company received $4.3 million of gross proceeds and a Series D Preferred Stock Purchase Agreement (the “Series
D Purchase Agreement”). Under the terms of the Series D Purchase Agreement, the SAFE holders will exchange their respective SAFEs
for 6,118,198 shares of Series D-1 Preferred Stock at the time when all conditions precedent to the closing of the Merger contained in
the Merger Agreement, shall have been satisfied or waived and all other conditions precedent in the Series D Purchase Agreement have
been satisfied or waived. In the event the Merger does not close, the SAFE holders will not have their funds returned. Additionally,
under the Series D Purchase Agreement, certain investors committed to purchase, and the Company agreed to issue, 5,891,911 shares of
Series D-2 Preferred Stock to such investors in exchange for $6.0 million, the closing of which will take place at the time all conditions
precedent to the closing of the Merger contained in the Merger Agreement, shall have been satisfied or waived and all other conditions
precedent in the Series D Purchase Agreement shall have been satisfied or waived. The SAFEs were recorded as a liability at issuance
and subject to remeasurement at each reporting date, with changes in fair value recorded in other income (expense), net in the consolidated
statements of operations and comprehensive loss.
The
Company’s closing of private financing will be recorded in the aggregate amount of approximately $10.3 million (approximately $4.4
million from Series D SAFEs that convert into shares of Notable’s Series D-1 Preferred Stock and approximately $6.0 million from
Series D-2 Preferred Stock, all of which will convert into Notable common stock which will be further exchanged for VBL Ordinary Shares
at the Effective Time).
Lease
Extension
In
April 2023, the Company extended the lease for its facilities in Foster City, California. The term of the lease is extended beginning
in June 2023 to May 2027. The Company has the right to terminate the lease effective as of March 2025 upon providing four months of notice
and four months of base rent for the year of the notice as an early lease termination fee. Total lease payments from June 2023 through
May 2027 will be approximately $2.2 million.
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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v3.23.3
SIGNIFICANT ACCOUNTING POLICIES (Policies) - Notable Labs Inc [Member]
|
12 Months Ended |
Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
Basis of Presentation |
Basis
of Presentation
The
accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the
United States (“GAAP”) and include all adjustments necessary for the fair presentation of the Company’s financial position
for the periods presented. Any reference in these notes to applicable accounting guidance is meant to refer to the authoritative GAAP
included in the Accounting Standards Codification (“ASC”), and Accounting Standards Update (“ASU”) issued by
the Financial Accounting Standards Board (“FASB”) and pursuant to the rules and regulations of the Securities and Exchange
Commission (“SEC”).
|
Principles of Consolidation |
Principles
of Consolidation
The
consolidated financial statements include the accounts of Notable and its wholly owned subsidiary, all of which are denominated in US
dollars. All intercompany balances and transactions have been eliminated in consolidation.
|
Use of Estimates |
Use
of Estimates
The
preparation of the consolidated financial statements in conformity with GAAP generally requires management to make certain estimates
and assumptions that affect the reported amounts in the consolidated financial statements and accompanying notes. The Company regularly
evaluates estimates and assumptions related to assets and liabilities, and disclosures of contingent assets and liabilities at the dates
of the consolidated financial statements and the reported amounts of expenses during the reporting period. Areas where management uses
subjective judgments include, but are not limited to, measurement of lease liabilities and right of use assets, impairment of long-lived
assets, stock-based compensation, accrued research and development costs, and redeemable convertible preferred stock warrant liability
in the accompanying consolidated financial statements. Management bases its estimates on historical experience and on various other assumptions
that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying
values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from these estimates
under different assumptions or conditions.
|
Concentration of Credit Risk and Other Risks and Uncertainties |
Concentration
of Credit Risk and Other Risks and Uncertainties
Financial
instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents.
The Company maintains bank deposits in federally insured financial institutions and these deposits may exceed federally insured limits.
The Company is exposed to credit risk in the event of default by the financial institutions holding its cash and cash equivalents to
the extent recorded in the balance sheet. The Company has not experienced any losses on its deposits of cash and cash equivalents.
The
Company is subject to a number of risks similar to other early-stage biopharmaceutical companies, including, but not limited to, the
need to obtain adequate additional funding, possible failure of current or future preclinical studies or clinical trials, its reliance
on third parties to conduct its clinical trials, the need to obtain regulatory and marketing approvals for its product candidates, competitors
developing new technological innovations, the need to successfully commercialize and gain market acceptance of the Company’s product
candidates, protection of its proprietary technology, and the need to secure and maintain adequate manufacturing arrangements with third
parties. These efforts will require significant amounts of additional capital, adequate personnel infrastructure and extensive compliance
and reporting. The Company’s product candidates are still in development and, to date, none of the Company’s product candidates
have been approved for sale and, therefore, the Company has not generated any revenue from product sales. There can be no assurance that
the Company’s research and development will be successfully completed, that adequate protection for the Company’s intellectual
property will be obtained or maintained, that any products developed will obtain necessary government regulatory approval or that any
approved products will be commercially viable. Even if the Company’s product development efforts are successful, it is uncertain
when, if ever, the Company will generate revenue from product sales. The Company operates in an environment of rapid technological change
and substantial competition from other pharmaceutical and biotechnology companies. In addition, the Company is dependent upon the services
of its employees, consultants and other third parties.
Significant
customers are those that represent 10% or more of the Company’s total revenue for each year presented on the consolidated statements
of operations and comprehensive loss. One customer represents 100% of its immaterial accounts receivable and revenues as of and for the
year ended December 31, 2022. Three customers represented 39%, 35%, and 16% of its revenues for the year ended December 31, 2021, respectively.
Approximately 41% and 59% of the $48,000 of accounts receivable recorded in prepaid expenses and other current assets as of December
31, 2021 are attributable to two customers, respectively.
|
Segments |
Segments
The
Company operates and manages its business as one reportable operating segment, which is the business of developing predictive precision
medicines that treat various forms of cancer. The Company’s chief executive officer, who is the chief operating decision maker,
reviews financial information on an aggregate basis for allocating resources and evaluating financial performance. All the Company’s
long-lived assets are maintained in, and all revenues and losses are attributable to, the United States of America.
|
Cash and Cash Equivalents |
Cash
and Cash Equivalents
The
Company considers all highly liquid investments with original maturities of three months or less from the date of purchase to be cash
and cash equivalents. Cash equivalents consist primarily of amounts invested in short-dated government and Treasury securities and are
stated at fair value. As of December 31, 2022 the entire balance of cash and cash equivalents consisted of cash held in the Company’s
checking accounts As of December 31, 2022 and 2021, the Company had no restricted cash.
|
Marketable Securities |
Marketable
Securities
The
Company’s investments in marketable securities have been classified and accounted for as available-for-sale securities. Fixed income
securities consist of U.S. Treasury securities. The specific identification method is used to determine the cost basis of fixed income
securities sold. These securities are recorded on the consolidated balance sheets at fair value. Unrealized gains and losses on these
securities are included as a separate component of accumulated other comprehensive income (loss). The cost of investment securities is
adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in other income,
net. Realized gains and losses and declines in fair value judged to be other-than-temporary, if any, are also included in other income,
net. The Company evaluates securities for other-than-temporary impairment at the balance sheet date. Declines in fair value determined
to be other-than-temporary are also included in other income, net. All available-for-sale securities are considered available to support
current operations and are classified as current assets.
|
Deferred Offering Costs |
Deferred
Offering Costs
The
Company capitalizes certain legal, professional accounting and other third-party fees that are directly associated with in-process equity
financings as deferred offering costs until such financings are consummated. After consummation of the equity financing, these costs
are recorded in stockholders’ deficit as a reduction of additional paid-in capital generated as a result of the offering. Should
the in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses
in the statements of operations. No offering costs have been deferred as of December 31, 2022 and 2021.
|
Property and Equipment, Net |
Property
and Equipment, Net
Property
and equipment are presented at cost, net of accumulated depreciation. Depreciation is recorded using the straight-line method over the
estimated useful life and begins at the time the asset is placed in service. The estimated useful life of each asset category is as follows:
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED
USEFUL LIFE
Computer
equipment |
3
Years |
|
|
Laboratory
equipment |
5
Years |
|
|
Furniture |
and
office equipment 7 Years |
|
|
Leasehold
improvements |
Lesser
of useful life or remaining lease term |
Upon
sale or retirement of assets, the cost and related accumulated depreciation are removed from the consolidated balance sheet and the resulting
gain or loss is reflected in the consolidated statement of operations and comprehensive loss. Maintenance and repairs are charged to
expense as incurred and costs of major replacements or improvements are capitalized.
|
Impairment of Long-Lived Assets |
Impairment
of Long-Lived Assets
The
Company evaluates the carrying amount of its long-lived assets, such as property and equipment, whenever events or changes in circumstances
indicate that the assets may not be recoverable. The recoverability of assets to be held and used is assessed by comparing the carrying
amount to the estimated undiscounted future cash flows expected to be generated by the asset or asset group. If the carrying amount exceeds
the estimated undiscounted future cash flows, an impairment loss is recognized for the excess of the book value of the asset over fair
value. There was no impairment of long-lived assets during the years ended December 31, 2022 and 2021.
|
Revenue Recognition |
Revenue
Recognition
Through
the middle of the year ended December 31, 2021, the Company’s central revenue generating activities and performance obligations
consisted of performing diagnostic services using its proprietary platform that was utilized by entities primarily engaged in their own
research and development efforts to identify therapeutic combinations in a more targeted and efficient method of drug discovery.
In
the year ended 2021, the Company transitioned its approach of performing such services for others to using its own platform to identify
proprietary therapeutic approaches in specific potential patient populations. All major projects for historical customers were complete
before the end of the year ended December 31, 2021. The Company continued to perform certain diagnostics services on a limited basis
as an outsourced provider through the year ended December 31, 2022, but such activities do not represent its major and ongoing central
operations.
The
Company recognizes revenue from diagnostic services in the amount that reflects the consideration that it expects to be entitled as the
Company performs its obligation under a contract with a customer by processing diagnostic tests on laboratory samples and making the
test results available to its customers. Revenue is recorded considering a five-step revenue recognition model that includes identifying
the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating
the transaction price to the performance obligations, and recognizing revenue when, or as, an entity satisfies a performance obligation.
The Company generally has a contract or a purchase order from a customer with the specified required terms, including the number of diagnostic
samples to be performed. The Company has not received any advance payments for which there are any remaining performance obligations.
Accordingly, no deferred revenue is recorded as of December 31, 2022 and 2021. The Company has not recorded any contract assets as of
December 31, 2022 and 2021 as the Company has not completed any performance obligations for which it has not been able to bill its customers.
Costs of services revenue are immaterial and recorded in operating expenses.
|
Leases |
Leases
Under
ASC 842 Leases, the Company determines if an arrangement is or contains a lease based on the facts and circumstances present in
that arrangement. Lease classification, recognition, and measurement are then determined at the lease commencement date.
The
Company determines whether leases meet the classification criteria of a finance or operating lease at the lease commencement date considering:
(1) whether the lease transfers ownership of the underlying asset to the lessee at the end of the lease term, (2) whether the lease grants
the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise, (3) whether the lease term is
for a major part of the remaining economic life of the underlying asset, (4) whether the present value of the sum of the lease payments
and residual value guaranteed by the lessee equals or exceeds substantially all of the fair value of the underlying asset, and (5) whether
the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease
term. As of December 31, 2022 and 2021, the Company’s lease population consisted of real estate and laboratory equipment, all of
which are classified as operating leases. As of December 31, 2022 and 2021, the Company did not have finance leases.
Operating
lease right-of-use (“ROU”) assets and operating lease liabilities are recognized at the lease commencement date based on
the present value of lease payments over the lease term. ROU assets represent the Company’s right to use an underlying asset for
the lease term and operating lease liabilities represent the Company’s obligation to make lease payments arising from the lease.
In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available
at the lease commencement date if the rate implicit in the lease is not readily determinable. The Company determines the incremental
borrowing rate based on the information available at the lease commencement date, which represents an internally developed rate that
would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic
environment. Applying different judgments to the same facts and circumstances could result in the estimated amounts to vary.
The
operating lease ROU assets also include adjustments for prepayments and accrued lease payments and exclude lease incentives. The Company’s
lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options.
Operating lease cost for the minimum fixed lease payments is recognized on a straight-line basis over the lease term. Variable lease
costs that are not considered fixed are expensed as incurred. Variable lease costs represent payments that are dependent on usage, a
rate or index. Variable lease cost primarily relates to various operating expenses such as common area maintenance charges. Fixed and
variable lease expense on operating leases is recognized within operating expenses within the Company’s statements of operations
and comprehensive loss.
Real
estate lease agreements that include lease and non-lease components are accounted for as a single lease component. The Company has elected
to not combine lease and non-lease components for laboratory equipment leases. Lease agreements with a noncancelable term of less than
12 months are not recorded on the Company’s consolidated balance sheet. Lease expense related to such short-term leases is recognized
on a straight-line basis over the lease term.
|
Redeemable Convertible Preferred Stock |
Redeemable
Convertible Preferred Stock
The
Company records redeemable convertible preferred stock at fair value on the dates of issuance, unless an exception applies, net of issuance
costs. The redeemable convertible preferred stock has been classified outside of stockholders’ deficit as temporary equity on the
accompanying balance sheet because the shares contain certain redemption features that are not solely within the control of the Company.
The redeemable convertible preferred stock is not generally redeemable; however, upon certain change in control events including liquidation,
sale or transfer of control of the Company, holders of the redeemable convertible preferred stock may have the right to receive its liquidation
preference under the terms of the Company’s certificate of incorporation. The carrying values of the redeemable convertible preferred
stock are adjusted to their liquidation preferences if and when it becomes probable that such a liquidation event will occur.
|
Redeemable Convertible Preferred Stock Warrant Liabilities |
Redeemable
Convertible Preferred Stock Warrant Liabilities
The
Company classifies warrants to purchase redeemable convertible preferred stock as liabilities at fair value when the underlying shares
are contingently redeemable and adjusts the instruments to fair value at each reporting period. The warrants to purchase redeemable convertible
preferred stock are subject to re-measurement at each balance sheet date until exercised or expired, and any change in fair value is
recognized as a component of other income, net in the consolidated statements of operations and comprehensive loss. Offering costs associated
with the issuance of redeemable convertible preferred stock warrant liabilities are allocated on a relative basis and expensed as incurred.
|
Research and Development Expenses |
Research
and Development Expenses
Research
and development expenses are charged to expense as incurred. Research and development expenses include payroll and personnel costs related
to research and development activities, materials costs, external clinical drug product manufacturing costs, outside services costs,
repair, maintenance and depreciation costs for research and development equipment, as well as facility costs used for research and development
activities. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities
are capitalized and expensed as the goods are delivered or the related services are performed. The Company continues to evaluate whether
it expects the goods to be delivered or services to be rendered and charges to expense any portion of the advance payment that has been
capitalized when the entity no longer expects the goods to be delivered or services to be rendered.
|
Accrued Research and Development Expenses |
Accrued
Research and Development Expenses
The
Company records accruals for estimated costs of research, preclinical studies, clinical trials, and manufacturing development, within
accrued expenses and other current liabilities which are significant components of research and development expenses. Some of the Company’s
ongoing research and development activities is conducted by third-party service providers, contract research organizations (“CROs”)
and contract development and manufacturing organizations (“CDMOs”). The financial terms of these contracts are subject to
negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials
or services are provided to the Company under such contracts. The Company accrues the costs incurred under agreements with these third
parties based on estimates of actual work completed in accordance with the respective agreements. The Company determines the estimated
costs through discussions with internal personnel and external service providers as to the progress, stage of completion or actual timeline
(start-date and end-date) of the services and the agreed-upon fees to be paid for such services.
If
the actual timing of the performance of services or the level of effort varies from the estimate, the Company adjusts accrued expenses
or prepaid expenses accordingly, which impact research and development expenses. Although the Company does not expect its estimates to
be materially different from amounts actually incurred, the Company’s understanding of the status and timing of services performed
relative to the actual status and timing of services performed may vary and may result in reporting amounts that are too high or too
low in any particular period. To date, there have not been any material adjustments to the Company’s prior estimates of research
and development expenses.
|
Stock-Based Compensation Expense |
Stock-Based
Compensation Expense
The
Company maintains an equity incentive plan as a long-term incentive for employees, consultants, and directors. The plan allows for the
issuance of incentive stock options (“ISO”), non-statutory stock options (“NSO”), and restricted stock awards.
The
Company measures the estimated fair value of the stock-based awards on the date of the grant and recognizes compensation expense for
those awards over the requisite service period, which is generally the vesting period of the respective awards. The Company records expense
for awards with service-based vesting using the straight-line method. The Company accounts for forfeitures as they occur. For performance-based
awards, the Company recognizes share-based compensation expense over the requisite service period using the accelerated attribution method
when achievement of the performance criteria becomes probable.
The
fair value of each stock award is determined based on the number of shares granted and the value of the Company’s common stock
on the date of grant. The absence of an active market for the Company’s common and restricted stock requires the Company’s
Board of Directors (the “Board”) to determine the fair value of its common and restricted stock for purposes of granting
stock awards with assistance from management and an independent third-party valuation firm. The fair value of each stock option award
is estimated on the date of grant using the Black-Scholes option pricing model. The Black-Scholes option-pricing model requires the use
of a number of complex, subjective assumptions including the estimated fair value of the common stock, expected volatility, risk-free
interest rate, expected dividend rate, and expected term of the option. The Company has been a private company and lacks company-specific
historical and implied fair value information, therefore, determining the best estimated fair value of the Company’s common and
restricted stock requires significant judgment. The Company’s Board considers numerous objective and subjective factors to determine
the fair value of the Company’s common stock options at each meeting in which awards are approved. The factors considered include,
but are not limited to (i) the results of contemporaneous independent third-party valuations of the Company’s common stock and
the prices, rights, preferences and privileges of the Company’s redeemable convertible preferred stock relative to those of its
common stock; (ii) the lack of marketability of the Company’s common stock; (iii) actual operating and financial results; (iv)
current business conditions and projections in relation to the Company’s stage of development; (v) the likelihood of achieving
a liquidity event, such as an initial public offering or sale of the Company, given prevailing market conditions; (vi) precedent transactions
involving the Company’s shares; and (vii) significant milestones and progress of research and development efforts.
The
Company determined the expected stock volatility using a weighted average of the historical volatility of a group of guideline companies
that issued options with substantially similar terms, and expects to continue to do so until such time as the Company has adequate historical
data regarding the volatility of its own traded stock price. The expected term of the Company’s stock options has been determined
utilizing the simplified method. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at
the time of grant of the award for time periods approximately equal to the expected term of the award. The Company has not paid, and
does not anticipate paying, cash dividends on its common stock; therefore, the expected dividend yield is assumed to be zero.
The
Company classifies stock-based compensation expense in its consolidated statements of operations and comprehensive loss in the same manner
in which the award recipient’s cash compensation costs are classified.
See
Note 10 for the assumptions used by the Company in determining the grant date fair value of stock-based awards granted, as well as a
summary of the stock-based award activity under the Company’s equity incentive plan for the year ended December 31, 2022.
|
Fair Value Measurement |
Fair
Value Measurement
Fair
value accounting is applied for all financial assets and liabilities that are recognized or disclosed at fair value in the financial
statements on a recurring basis. Financial instruments such as cash and cash equivalents, accounts payable and accrued liabilities approximate
fair value due to their relatively short maturities.
Assets
and liabilities recorded at fair value on a recurring basis in the balance sheet are categorized based on the level of judgment associated
with the inputs used to measure their fair values. Fair value is defined as the exchange price that would be received for an asset or
an exit price that would be paid to transfer a liability in the principal or most advantageous market for the asset or liability in an
orderly transaction between market participants on the measurement date.
The
Company determines the fair value of financial assets and liabilities using the fair value hierarchy that describes three levels of inputs
that may be used to measure fair value, as follows:
Level
1 – |
Observable
inputs such as unadjusted, quoted prices in active markets for identical assets or liabilities at the measurement date. |
|
|
Level
2 – |
Inputs
(other than quoted prices included in Level 1) are either directly or indirectly observable for the asset or liability. These include
quoted prices for similar assets or liabilities in active markets and quoted prices for identical or similar assets or liabilities
in markets that are not active. |
|
|
Level
3 – |
Unobservable
inputs that reflect management’s best estimate of what market participants would use in pricing the asset or liability at the
measurement date. Consideration is given to the risk inherent in the valuation technique and the risk inherent in the inputs to the
model. |
|
Comprehensive Loss |
Comprehensive
Loss
Comprehensive
loss includes net loss and other comprehensive loss for the period. Other comprehensive loss consists of net unrealized losses on marketable
securities.
|
Income Taxes |
Income
Taxes
The
Company accounts for income taxes using the liability method, whereby deferred tax asset and liability account balances are determined
based on differences between the 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 when it is more
likely than not that some portion, or all of the Company’s deferred tax assets will not be realized.
The
Company accounts for income tax contingencies using a benefit recognition model. If it considers that a tax position is more likely than
not to be sustained upon audit, based solely on the technical merits of the position, it recognizes the benefit. The Company measures
the benefit by determining the amount that is greater than 50% likely of being realized upon settlement, presuming that the tax position
is examined by the appropriate taxing authority that has full knowledge of all relevant information.
The
Company is subject to taxation in the United States federal jurisdiction and various state jurisdictions. Due to the Company’s
losses incurred, the Company is subject to the income tax examination by authorities since inception. The Company’s policy is to
recognize interest expense and penalties related to income tax matters as a component of income tax expense. As of December 31, 2022,
there were no significant accruals for interest related to unrecognized tax benefits or tax penalties.
|
Net Loss Per Share |
Net
Loss Per Share
Basic
net loss per share attributable to common stockholders is calculated by dividing the net loss attributable to common stockholders by
the weighted-average number of shares of common stock outstanding during the period, without consideration for potentially dilutive securities.
Diluted
net loss per share attributable to common stockholders is computed by dividing the net loss attributable to common stockholders by the
weighted-average number of common stock and potentially dilutive securities outstanding for the period. For purposes of the diluted net
loss per share calculation, redeemable convertible preferred stock, stock options, and warrants to purchase redeemable convertible preferred
stock are considered to be potentially dilutive securities.
The
Company applies the two-class method to calculate its basic and diluted net loss per share as the Company has issued shares that meet
the definition of participating securities. The two-class method is an earnings allocation formula that treats a participating security
as having rights to earnings that otherwise would have been available to common stockholders. The Company’s participating securities
contractually entitle the holders of such shares to participate in dividends, but do not contractually require the holders of such shares
to participate in losses of the Company. Accordingly, in periods in which the Company reports a net loss, such losses are not allocated
to such participating securities.
Accordingly,
in periods in which the Company reports a net loss, diluted net loss per share is the same as basic net loss per share, since dilutive
common shares are not assumed to have been issued if their effect is anti-dilutive.
|
Commitments and Contingencies |
Commitments
and Contingencies
Liabilities
for loss contingencies arising from claims, assessments, litigation, fines, and penalties and other sources are recorded if and when
it is probable that a liability has been incurred and the amount can be reasonably estimated. Legal costs incurred in connection with
loss contingencies are expensed as incurred.
|
Recent Accounting Pronouncements |
Recent
Accounting Pronouncements
From
time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of
the specified effective date. Other than the recently adopted accounting pronouncements discussed below, other recent accounting pronouncements
issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the Securities
and Exchange Commission did not, or are not believed by management to, have a material impact on the Company’s financial position,
results of operations or cash flows.
|
Recently Adopted Accounting Pronouncements |
Recently
Adopted Accounting Pronouncements
In
August 2020, the FASB issued ASU 2020-06 (Subtopic 470-20): Debt - Debt with Conversion and Other Options (“ASU 2020-06”).
ASU 2020-06 eliminates the beneficial conversion feature and cash conversion models in ASC 470-20 that require separate accounting for
embedded conversion features in convertible instruments, resulting in more instruments being reported as a single unit of account. ASU
2020-06 is effective for public companies for annual periods beginning after December 15, 2021. For all other entities, the amendments
are effective for annual periods beginning after December 15, 2023. Early adoption is permitted for all entities for fiscal years beginning
after December 15, 2020, but an entity must adopt the guidance as of the beginning of a fiscal year. Entities may adopt the guidance
using either a modified retrospective or full retrospective transition method. The Company has early adopted ASU 2020-06 as of January
1, 2021 under the full retrospective method. The adoption did not have a material impact on the Company’s financial results, although
the Company no longer needs to subsequently assess any contingent beneficial conversion features that are present in the Company’s
Series A, B, and C redeemable convertible preferred stock.
In
December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (“ASU
2019-12”). The guidance eliminates certain exceptions for recognizing deferred taxes for investments, performing intraperiod allocation
and calculating income taxes in interim periods. This ASU also includes guidance to reduce complexity in certain areas, including recognizing
deferred taxes for tax goodwill and allocating taxes to members of a consolidated group. The standard is effective for fiscal years beginning
after December 15, 2021, and interim periods with fiscal years beginning after December 15, 2022. The Company adopted this guidance effective
January 1, 2022 on a prospective basis. The adoption did not have a material impact on the Company’s financial statements.
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v3.23.3
SIGNIFICANT ACCOUNTING POLICIES (Tables)
|
12 Months Ended |
Dec. 31, 2022 |
Notable Labs Inc [Member] |
|
Restructuring Cost and Reserve [Line Items] |
|
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIFE |
Property
and equipment are presented at cost, net of accumulated depreciation. Depreciation is recorded using the straight-line method over the
estimated useful life and begins at the time the asset is placed in service. The estimated useful life of each asset category is as follows:
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED
USEFUL LIFE
Computer
equipment |
3
Years |
|
|
Laboratory
equipment |
5
Years |
|
|
Furniture |
and
office equipment 7 Years |
|
|
Leasehold
improvements |
Lesser
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|
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v3.23.3
FAIR VALUE MEASUREMENTS (Tables) - Notable Labs Inc [Member]
|
12 Months Ended |
Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
SCHEDULE OF FAIR VALUE ON RECURRING BASIC ASSETS AND LIABILITIES |
The
following table sets forth the Company’s financial assets and liabilities that are measured at fair value on a recurring basis
by level with the fair value hierarchy (in thousands):
SCHEDULE
OF FAIR VALUE ON RECURRING BASIC ASSETS AND LIABILITIES
| |
As of December 31, 2022 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total Fair Value | |
Liabilities | |
| | |
| | |
| | |
| |
Preferred stock warrant liability | |
$ | — | | |
$ | — | | |
$ | 5,113 | | |
$ | 5,113 | |
| |
As of December 31, 2021 | |
| |
Level 1 | | |
Level 2 | | |
Level 3 | | |
Total Fair Value | |
Assets | |
| | |
| | |
| | |
| |
Short-term marketable securities | |
$ | 872 | | |
$ | — | | |
$ | — | | |
$ | 872 | |
|
SCHEDULE OF FAIR VALUE AVAILABLE FOR SALE SECURITIES |
SCHEDULE
OF FAIR VALUE AVAILABLE FOR SALE SECURITIES
December 31, 2021 | |
Level | | |
Amortized Cost | | |
Gross Unrealized Gains | | |
Gross Unrealized Losses | | |
Fair Value | |
Short-term marketable securities: | |
| | | |
| | | |
| | | |
| | | |
| | |
U.S. Treasury securities | |
| Level
1 | | |
$ | 872 | | |
$ | — | | |
$ | — | | |
$ | 872 | |
Total | |
| | | |
$ | 872 | | |
$ | — | | |
$ | — | | |
$ | 872 | |
|
X |
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v3.23.3
BALANCE SHEET COMPONENTS (Tables) - Notable Labs Inc [Member]
|
12 Months Ended |
Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
SCHEDULE OF PREPAID EXPENSES AND OTHER CURRENT ASSETS |
The
following table presents the components of prepaid expenses and other current assets as of December 31, 2022 and 2021 (in thousands):
SCHEDULE
OF PREPAID EXPENSES AND OTHER CURRENT ASSETS
| |
2022 | | |
2021 | |
| |
December 31, | |
| |
2022 | | |
2021 | |
Accounts receivable | |
$ | 8 | | |
$ | 48 | |
Employee retention credit | |
| 1,237 | | |
| 1,293 | |
Prepaid expenses | |
| 119 | | |
| 296 | |
Prepaid benefits | |
| 37 | | |
| 48 | |
Prepaid clinical expenses | |
| 6 | | |
| 116 | |
Total prepaid expenses and other current assets | |
$ | 1,407 | | |
$ | 1,801 | |
|
SCHEDULE OF PROPERTY AND EQUIPMENT |
The
following table presents the components of property and equipment, net, as of December 31, 2022 and 2021 (in thousands):
SCHEDULE
OF PROPERTY AND EQUIPMENT
| |
2022 | | |
2021 | |
| |
December 31, | |
| |
2022 | | |
2021 | |
Computer equipment | |
$ | 171 | | |
$ | 155 | |
Laboratory equipment | |
| 1,950 | | |
| 1,990 | |
Furniture and office equipment | |
| 29 | | |
| 23 | |
Leasehold improvements | |
| 73 | | |
| 73 | |
Property and equipment, Gross | |
| 2,223 | | |
| 2,241 | |
Less: accumulated depreciation | |
| (1,781 | ) | |
| (1,490 | ) |
Total property and equipment, net | |
$ | 442 | | |
$ | 751 | |
|
SCHEDULE OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES |
The
following table presents the components of accrued expenses and other current liabilities as of December 31, 2022 and 2021 (in thousands):
SCHEDULE
OF ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
| |
2022 | | |
2021 | |
| |
December 31, | |
| |
2022 | | |
2021 | |
Accrued expenses | |
$ | 651 | | |
| 894 | |
Accrued employee expenses | |
| 10 | | |
| 13 | |
Accrued bonuses | |
| 239 | | |
| 217 | |
Total accrued expenses and other current liabilities | |
$ | 900 | | |
$ | 1,124 | |
|
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v3.23.3
LEASES (Tables) - Notable Labs Inc [Member]
|
12 Months Ended |
Dec. 31, 2022 |
LeasesLineItems [Line Items] |
|
SCHEDULE OF LEASE COST |
The
following table summarizes total lease expense during the year ended December 31, 2022 and 2021 (in thousands):
SCHEDULE
OF LEASE COST
| |
December 31, 2022 | | |
December 31, 2021 | |
Cash paid for operating lease liabilities | |
$ | 751 | | |
$ | 732 | |
Operating lease expense | |
| 749 | | |
| 747 | |
Variable lease expense | |
| 94 | | |
| 94 | |
Short-term lease expense | |
| 167 | | |
| 126 | |
|
SCHEDULE OF MATURITIES OF THE FINANCE LEASE TO THE FINANCE LEASE LIABILITIES |
The
following table summarizes maturities of lease liabilities and the reconciliation of lease liabilities as of December 31, 2022 (in thousands):
SCHEDULE
OF MATURITIES OF THE FINANCE LEASE TO THE FINANCE LEASE LIABILITIES
| |
Lease Obligation | |
2023 | |
$ | 366 | |
2024 and thereafter | |
| — | |
Total future undiscounted lease payments | |
| 366 | |
Less: imputed interest | |
| (5 | ) |
Total lease liabilities | |
$ | 361 | |
|
SCHEDULE OF ROU ASSETS AND RELATED LEASE LIABILITIES |
Information
related to the Company’s ROU assets and related lease liabilities was as follows (in thousands except for remaining lease term
and discount rate):
SCHEDULE
OF ROU ASSETS AND RELATED LEASE LIABILITIES
| |
December 31, 2022 | |
| |
Facilities Leases | | |
Equipment Leases | |
Current operating lease liabilities | |
$ | 211 | | |
$ | 150 | |
Non-current operating lease liabilities | |
| — | | |
| — | |
Weighted average remaining lease term in years | |
| 0.3 | | |
| 0.7 | |
Weighted average discount rate | |
| 7.0 | % | |
| 7.2 | % |
| |
December 31, 2021 | |
| |
Facilities
Leases | | |
Equipment
Leases | |
Current operating lease liabilities | |
$ | 490 | | |
$ | 77 | |
Non-current operating lease liabilities | |
| 197 | | |
| 41 | |
Weighted average remaining lease term in years | |
| 1.3 | | |
| 1.4 | |
Weighted average discount rate | |
| 7.0 | % | |
| 5.6 | % |
|
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v3.23.3
CAPITAL STRUCTURE (Tables) - Notable Labs Inc [Member]
|
12 Months Ended |
Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
SCHEDULE OF COMMON SHARES RESERVED FOR FUTURE ISSUANCE |
Common
shares reserved for future issuance, on an as-if converted basis, as of December 31, 2022 and December 31, 2021, consists of the following:
SCHEDULE OF COMMON SHARES RESERVED FOR FUTURE ISSUANCE
| |
| | | |
| | |
| |
December 31, | |
| |
2022 | | |
2021 | |
Series A redeemable convertible preferred stock | |
| 2,315,579 | | |
| 8,863,394 | |
Series B redeemable convertible preferred stock | |
| 3,556,173 | | |
| 6,674,734 | |
Series C redeemable convertible preferred stock | |
| 1,510,138 | | |
| — | |
Series C warrants to purchase redeemable convertible preferred stock | |
| 1,510,138 | | |
| — | |
Stock options, issued and outstanding | |
| 2,847,484 | | |
| 4,748,713 | |
Stock options, authorized for future issuance | |
| 2,876,298 | | |
| 541,351 | |
Total | |
| 14,615,810 | | |
| 20,828,192 | |
Common
shares reserved for future issuance | |
| 14,615,810 | | |
| 20,828,192 | |
|
SCHEDULE OF REDEEMABLE CONVERTIBLE PREFERRED STOCK |
As
of December 31, 2022 and December 31, 2021, redeemable convertible preferred stock consisted of the following (in thousands, except share
amounts):
SCHEDULE OF REDEEMABLE CONVERTIBLE PREFERRED
STOCK
As of December 31, 2022 |
Series | |
Shares Authorized | | |
Shares Issued and Outstanding | | |
Original Issue Price | | |
Aggregate Liquidation Amount | | |
Carrying amount | |
Series A | |
| | | |
| | | |
| | | |
| | | |
| | |
A-1 | |
| 3,583,743 | | |
| 1,815,484 | | |
$ | 2.9163 | | |
$ | 5,294 | | |
$ | 5,289 | |
A-2 | |
| 1,194,403 | | |
| 308,602 | | |
| 2.6247 | | |
| 810 | | |
| 858 | |
A-3 | |
| 1,234,382 | | |
| 191,493 | | |
| 2.3238 | | |
| 445 | | |
| 506 | |
A-4 | |
| 956,297 | | |
| — | | |
| 1.0457 | | |
| — | | |
| — | |
A-5 | |
| 114,573 | | |
| — | | |
| 0.8728 | | |
| — | | |
| — | |
A-6 | |
| 1,779,996 | | |
| — | | |
| 0.3485 | | |
| — | | |
| — | |
Series A subtotal | |
| 8,863,394 | | |
| 2,315,579 | | |
| - | | |
| 6,549 | | |
| 6,653 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Series B | |
| | | |
| | | |
| | | |
| | | |
| | |
B-1 | |
| 775,744 | | |
| 58,220 | | |
| 5.15279 | | |
| 300 | | |
| 235 | |
B-2 | |
| 5,898,990 | | |
| 3,497,953 | | |
| 6.0621 | | |
| 21,205 | | |
| 21,205 | |
Series B subtotal | |
| 6,674,734 | | |
| 3,556,173 | | |
| - | | |
| 21,505 | | |
| 21,440 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Series C | |
| | | |
| | | |
| | | |
| | | |
| | |
C-1 | |
| 17,487,180 | | |
| 848,856 | | |
| 7.1319 | | |
| 6,054 | | |
| 4,692 | |
C-2 | |
| 661,370 | | |
| 661,282 | | |
| 6.062115 | | |
| 4,009 | | |
| 2,567 | |
Series C subtotal | |
| 18,148,550 | | |
| 1,510,138 | | |
| - | | |
| 10,063 | | |
| 7,259 | |
Total | |
| 33,686,678 | | |
| 7,381,890 | | |
| - | | |
$ | 38,117 | | |
$ | 35,352 | |
As of December 31, 2021 |
Series | |
Shares Authorized | | |
Shares Issued and Outstanding | | |
Original Issue Price | | |
Aggregate Liquidation Amount | | |
Carrying amount | |
Series A | |
| | | |
| | | |
| | | |
| | | |
| | |
A-1 | |
| 3,583,743 | | |
| 3,583,743 | | |
$ | 2.9163 | | |
$ | 10,451 | | |
$ | 10,434 | |
A-2 | |
| 1,194,403 | | |
| 1,194,403 | | |
| 2.6247 | | |
| 3,135 | | |
| 3,320 | |
A-3 | |
| 1,234,382 | | |
| 1,234,382 | | |
| 2.3238 | | |
| 2,868 | | |
| 3,259 | |
A-4 | |
| 956,297 | | |
| 956,297 | | |
| 1.0457 | | |
| 1,000 | | |
| 2,047 | |
A-5 | |
| 114,573 | | |
| 114,573 | | |
| 0.8728 | | |
| 100 | | |
| 238 | |
A-6 | |
| 1,779,996 | | |
| 1,779,996 | | |
| 0.3485 | | |
| 620 | | |
| 620 | |
Series A subtotal | |
| 8,863,394 | | |
| 8,863,394 | | |
| - | | |
| 18,174 | | |
| 19,918 | |
| |
| | | |
| | | |
| | | |
| | | |
| | |
Series B | |
| | | |
| | | |
| | | |
| | | |
| | |
B-1 | |
| 775,744 | | |
| 775,744 | | |
| 5.15279 | | |
| 3,997 | | |
| 3,137 | |
B-2 | |
| 6,598,373 | | |
| 5,898,990 | | |
| 6.0621 | | |
| 35,760 | | |
| 35,760 | |
Series B subtotal | |
| 7,374,117 | | |
| 6,674,734 | | |
| - | | |
| 39,757 | | |
| 38,897 | |
Total | |
| 16,237,511 | | |
| 15,538,128 | | |
| - | | |
$ | 57,931 | | |
$ | 58,815 | |
|
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v3.23.3
WARRANTS TO PURCHASE REDEEMABLE CONVERTIBLE PREFERRED STOCK (Tables) - Notable Labs Inc [Member]
|
12 Months Ended |
Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
SCHEDULE OF ESTIMATING THE FAIR VALUE OF THE WARRANTS |
The
following assumptions were used in estimating the fair value of the warrants:
SCHEDULE OF ESTIMATING THE FAIR VALUE OF THE WARRANTS
As
of issuance in July 2022:
| |
| | |
Risk-free interest rate | |
| 3.11 | % |
Expected life (years) | |
| 2.5 | |
Expected volatility | |
| 95.0 | % |
Annual dividend yield | |
| 0.0 | % |
As
of December 31, 2022:
| |
| | |
Risk-free interest rate | |
| 4.41 | % |
Expected life (years) | |
| 2.00 | |
Expected volatility | |
| 95.0 | % |
Annual dividend yield | |
| 0.00 | % |
Warrants and rights outstanding measurement input | |
| 0.00 | % |
|
SCHEDULE OF REDEEMABLE CONVERTIBLE PREFERRED STOCK WARRANT LIABILITY ACTIVITY |
The
following is a summary of the Company’s redeemable convertible preferred stock warrant liability activity for the years ended December
31, 2022:
SCHEDULE OF REDEEMABLE CONVERTIBLE PREFERRED STOCK WARRANT LIABILITY ACTIVITY
| |
Redeemable convertible preferred
stock warrant liability | |
Balance as of December 31, 2021 | |
$ | — | |
Fair value of warrants at issuance | |
| 2,053 | |
Change in fair value | |
| 3,060 | |
Balance as of December 31, 2022 | |
$ | 5,113 | |
|
X |
- DefinitionTabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.
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v3.23.3
EQUITY INCENTIVE PLAN AND STOCK BASED COMPENSATION EXPENSE (Tables) - Notable Labs Inc [Member]
|
12 Months Ended |
Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
SCHEDULE OF STOCK OPTION ACTIVITY |
The
following summarizes stock option activity under the 2015 Plan:
SCHEDULE OF STOCK OPTION ACTIVITY
| |
Options Outstanding | |
| |
Total Options Outstanding | | |
Weighted-Average Exercise Price | | |
Weighted-Average Remaining Contractual
Life | | |
Aggregate Intrinsic Value | |
| |
| | |
| | |
(in years) | | |
(in thousands) | |
Outstanding as of December 31, 2021 | |
| 4,748,713 | | |
$ | 1.39 | | |
| 6.6 | | |
$ | 741 | |
Granted | |
| 210,000 | | |
$ | 1.55 | | |
| | | |
| | |
Exercised | |
| (88,500 | ) | |
$ | 0.71 | | |
| | | |
| | |
Cancelled | |
| (2,022,729 | ) | |
$ | 1.39 | | |
| | | |
| | |
Outstanding as of December 31, 2022 | |
| 2,847,484 | | |
$ | 1.43 | | |
| 7.3 | | |
$ | 1,419 | |
Exercisable as of December 31, 2022 | |
| 1,757,275 | | |
$ | 1.36 | | |
| 6.6 | | |
$ | 998 | |
Vested and expected to vest as of December 31, 2022 | |
| 2,847,484 | | |
$ | 1.43 | | |
| 7.3 | | |
$ | 1,419 | |
|
SCHEDULE OF FAIR VALUE OF EMPLOYEE STOCK OPTIONS |
The
fair value of employee stock options during the years ended December 31, 2022, and 2021 was estimated using the following weighted-average
assumptions:
SCHEDULE OF FAIR VALUE OF EMPLOYEE STOCK
OPTIONS
| |
| | | |
| | |
| |
Year ended December 31, | |
| |
2022 | | |
2021 | |
Expected term (in years) | |
| 6.00 | | |
| 5.68 | |
Risk-free interest rate | |
| 1.61 | % | |
| 1.07 | % |
Expected dividend rate | |
| 0.0 | % | |
| 0.0 | % |
Expected volatility | |
| 75.73 | % | |
| 67.81 | % |
|
SCHEDULE OF COMPONENTS OF STOCK BASED COMPENSATION EXPENSES |
The
following table summarizes the components of stock-based compensation expense relating to options recognized in the Company’s statement
of operations and comprehensive loss (in thousands):
SCHEDULE OF COMPONENTS OF STOCK BASED COMPENSATION EXPENSES
| |
| | | |
| | |
| |
Year ended December 31, | |
| |
2022 | | |
2021 | |
Research and development | |
$ | 146 | | |
$ | 178 | |
General and administrative | |
| 435 | | |
| 601 | |
Total | |
$ | 581 | | |
$ | 779 | |
Stock-based compensation expense | |
$ | 581 | | |
$ | 779 | |
|
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v3.23.3
INCOME TAXES (Tables) - Notable Labs Inc [Member]
|
12 Months Ended |
Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
SCHEDULE OF FEDERAL STATUTORY INCOME TAX |
SCHEDULE
OF FEDERAL STATUTORY INCOME TAX
| |
| | |
| |
| |
Year Ended December 31, | |
| |
2022 | | |
2021 | |
Federal statutory income tax | |
| 21.0 | % | |
| 21.0 | % |
State income taxes | |
| 7.7 | | |
| 5.9 | |
PPP loan forgiveness | |
| 1.5 | | |
| 1.0 | |
Share-based compensation | |
| (0.2 | ) | |
| (0.6 | ) |
R&D credits | |
| 4.2 | | |
| 5.1 | |
ASC 740-10 reserve | |
| (1.0 | ) | |
| (1.3 | ) |
SAFE Liability remeasurement | |
| (3.7 | ) | |
| — | |
Other | |
| (1.0 | ) | |
| (0.1 | ) |
Change in valuation allowance | |
| (28.5 | ) | |
| (31.0 | ) |
Total provision for income taxes | |
| — | % | |
| — | % |
|
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES |
SCHEDULE
OF DEFERRED TAX ASSETS AND LIABILITIES
| |
| | |
| |
| |
December 31, | |
| |
2022 | | |
2021 | |
Deferred tax assets: | |
| | | |
| | |
Net operating loss carryforwards | |
$ | 15,403 | | |
$ | 13,176 | |
Tax credit carryforwards | |
| 2,675 | | |
| 2,227 | |
Property and equipment | |
| 23 | | |
| 7 | |
Capitalized research and experimental cost | |
| 1,401 | | |
| — | |
Stock compensation | |
| 252 | | |
| 228 | |
Other | |
| 96 | | |
| 113 | |
Subtotal | |
| 19,850 | | |
| 15,751 | |
Valuation allowance | |
| (19,850 | ) | |
| (15,751 | ) |
Net deferred tax assets (liabilities) | |
$ | — | | |
$ | — | |
|
SCHEDULE OF UNCERTAIN TAX POSITIONS |
SCHEDULE
OF UNCERTAIN TAX POSITIONS
| |
| | |
| |
| |
December 31, | |
| |
2022 | | |
2021 | |
| |
| | |
| |
Balance at the beginning of the period | |
$ | 742 | | |
$ | 536 | |
Additions for tax positions taken in current year | |
| 150 | | |
| 206 | |
Ending balance | |
$ | 892 | | |
$ | 742 | |
|
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v3.23.3
NET LOSS PER SHARE (Tables) - Notable Labs Inc [Member]
|
12 Months Ended |
Dec. 31, 2022 |
Restructuring Cost and Reserve [Line Items] |
|
SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED |
The
following table sets forth the computation of the basic and diluted net loss per share (in thousands except share and per share data):
SCHEDULE
OF EARNINGS PER SHARE BASIC AND DILUTED
| |
| | |
| |
| |
Year ended December 31, | |
| |
2022 | | |
2021 | |
Numerator: | |
| | | |
| | |
Net loss | |
$ | (14,407 | ) | |
$ | (16,052 | ) |
Denominator: | |
| | | |
| | |
Weighted-average shares of common stock outstanding used
to compute net loss per share, basic and diluted | |
| 10,423,934 | | |
| 5,651,101 | |
Net loss per share, basic and diluted: | |
$ | (1.38 | ) | |
$ | (2.84 | ) |
|
SCHEDULE OF ANTI-DILUTIVE SECURITIES BASIC AND DILUTED |
SCHEDULE
OF ANTI-DILUTIVE SECURITIES BASIC AND DILUTED
| |
| | |
| |
| |
Year Ended December 31, | |
| |
2022 | | |
2021 | |
Series A-1 redeemable convertible preferred stock | |
| 1,815,484 | | |
| 3,583,743 | |
Series A-2 redeemable convertible preferred stock | |
| 308,602 | | |
| 1,194,403 | |
Series A-3 redeemable convertible preferred stock | |
| 191,493 | | |
| 1,234,382 | |
Series A-4 redeemable convertible preferred stock | |
| — | | |
| 956,297 | |
Series A-5 redeemable convertible preferred stock | |
| — | | |
| 114,573 | |
Series A-6 redeemable convertible preferred stock | |
| — | | |
| 1,779,996 | |
Series B-1 redeemable convertible preferred stock | |
| 58,220 | | |
| 775,744 | |
Series B-2 redeemable convertible preferred stock | |
| 3,497,953 | | |
| 5,898,990 | |
Series C-1 redeemable convertible preferred stock | |
| 848,856 | | |
| — | |
Series C-2 redeemable convertible preferred stock | |
| 661,282 | | |
| — | |
Warrants to purchase redeemable convertible preferred stock | |
| 1,510,138 | | |
| — | |
Stock options, issued and outstanding | |
| 2,847,484 | | |
| 4,748,713 | |
Total | |
| 11,739,512 | | |
| 20,286,841 | |
|
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SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIFE (Details) - Notable Labs Inc [Member]
|
Dec. 31, 2022 |
Computer Equipment [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property plant and equipment useful life |
3 years
|
Laboratory Equipment [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property plant and equipment useful life |
5 years
|
Furniture And Office Equipment [Member] |
|
Property, Plant and Equipment [Line Items] |
|
Property plant and equipment useful life |
7 years
|
Leasehold Improvements [Member] |
|
Property, Plant and Equipment [Line Items] |
|
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v3.23.3
SCHEDULE OF FAIR VALUE ON RECURRING BASIC ASSETS AND LIABILITIES (Details) - Notable Labs Inc [Member] - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Preferred stock warrant liability |
$ 5,113
|
|
Short-term marketable securities |
|
872
|
Fair Value, Inputs, Level 1 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Preferred stock warrant liability |
|
|
Short-term marketable securities |
|
872
|
Fair Value, Inputs, Level 2 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Preferred stock warrant liability |
|
|
Short-term marketable securities |
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
|
|
Preferred stock warrant liability |
$ 5,113
|
|
Short-term marketable securities |
|
|
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v3.23.3
SCHEDULE OF PROPERTY AND EQUIPMENT (Details) - Notable Labs Inc [Member] - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, Gross |
$ 2,223
|
$ 2,241
|
Less: accumulated depreciation |
(1,781)
|
(1,490)
|
Total property and equipment, net |
442
|
751
|
Computer Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, Gross |
171
|
155
|
Laboratory Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, Gross |
1,950
|
1,990
|
Office Equipment [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, Gross |
29
|
23
|
Leasehold Improvements [Member] |
|
|
Property, Plant and Equipment [Line Items] |
|
|
Property and equipment, Gross |
$ 73
|
$ 73
|
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v3.23.3
BALANCE SHEET COMPONENTS (Details Narrative) - Notable Labs Inc [Member] - USD ($)
|
1 Months Ended |
12 Months Ended |
Oct. 31, 2021 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Employee Retention Credit |
|
|
$ 1,000,000.0
|
Prepaid and other current assets |
|
$ 1,200,000
|
1,300,000
|
Other receivables |
|
|
700,000
|
Depreciation |
|
323,000
|
326,000
|
Investment in SAFE |
|
1,500,000
|
1,500,000
|
Impairment losses |
|
0
|
0
|
Simple Agreement Future Equity [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Investment in SAFE |
|
$ 1,500,000
|
$ 1,500,000
|
Issuance initial public offering |
$ 1,500,000
|
|
|
Simple Agreement Future Equity [Member] | Preferred Stock [Member] |
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
Investment in SAFE |
$ 1,500,000
|
|
|
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v3.23.3
CO-DEVELOPMENT AND LICENSE AGREEMENTS (Details Narrative) - Notable Labs Inc [Member] - USD ($) $ in Thousands |
12 Months Ended |
|
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Oct. 31, 2021 |
Sep. 30, 2021 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Investment in SAFE |
$ 1,500
|
$ 1,500
|
|
|
Research and development expense |
7,776
|
11,472
|
|
|
Oncoheroes Agreement [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Payments milestones |
|
|
|
$ 8,000
|
Investment in SAFE |
|
|
$ 1,500
|
|
CicloMed Agreement [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Research and development expense |
$ 1,100
|
$ 400
|
|
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v3.23.3
SCHEDULE OF COMMON SHARES RESERVED FOR FUTURE ISSUANCE (Details) - Notable Labs Inc [Member] - shares
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Class of Stock [Line Items] |
|
|
Common shares reserved for future issuance |
14,615,810
|
20,828,192
|
Series A Redeemable Convertible Preferred Stock [Member] |
|
|
Class of Stock [Line Items] |
|
|
Common shares reserved for future issuance |
2,315,579
|
8,863,394
|
Series B Redeemable Convertible Preferred Stock [Member] |
|
|
Class of Stock [Line Items] |
|
|
Common shares reserved for future issuance |
3,556,173
|
6,674,734
|
Series C Redeemable Convertible Preferred Stock [Member] |
|
|
Class of Stock [Line Items] |
|
|
Common shares reserved for future issuance |
1,510,138
|
|
Series C Warrants To Purchase Redeemable Convertible Preferred Stock [Member] |
|
|
Class of Stock [Line Items] |
|
|
Common shares reserved for future issuance |
1,510,138
|
|
Equity Option [Member] |
|
|
Class of Stock [Line Items] |
|
|
Common shares reserved for future issuance |
2,847,484
|
4,748,713
|
Stock Options Authorized For Future Issuance [Member] |
|
|
Class of Stock [Line Items] |
|
|
Common shares reserved for future issuance |
2,876,298
|
541,351
|
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v3.23.3
SCHEDULE OF REDEEMABLE CONVERTIBLE PREFERRED STOCK (Details) - Notable Labs Inc [Member] - USD ($) $ / shares in Units, $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Series A1 Redeemable Convertible Preferred Stock [Member] |
|
|
Class of Stock [Line Items] |
|
|
Temporary equity, shares authorized |
3,583,743
|
3,583,743
|
Temporary equity, shares issued |
1,815,484
|
3,583,743
|
Temporary equity, shares outstanding |
1,815,484
|
3,583,743
|
Original Issue Price |
$ 2.9163
|
$ 2.9163
|
Aggregate liquidation amount |
$ 5,294
|
$ 10,451
|
Carrying amount |
$ 5,289
|
$ 10,434
|
Series A2 Redeemable Convertible Preferred Stock [Member] |
|
|
Class of Stock [Line Items] |
|
|
Temporary equity, shares authorized |
1,194,403
|
1,194,403
|
Temporary equity, shares issued |
308,602
|
1,194,403
|
Temporary equity, shares outstanding |
308,602
|
1,194,403
|
Original Issue Price |
$ 2.6247
|
$ 2.6247
|
Aggregate liquidation amount |
$ 810
|
$ 3,135
|
Carrying amount |
$ 858
|
$ 3,320
|
Series A3 Redeemable Convertible Preferred Stock [Member] |
|
|
Class of Stock [Line Items] |
|
|
Temporary equity, shares authorized |
1,234,382
|
1,234,382
|
Temporary equity, shares issued |
191,493
|
1,234,382
|
Temporary equity, shares outstanding |
191,493
|
1,234,382
|
Original Issue Price |
$ 2.3238
|
$ 2.3238
|
Aggregate liquidation amount |
$ 445
|
$ 2,868
|
Carrying amount |
$ 506
|
$ 3,259
|
Series A4 Redeemable Convertible Preferred Stock [Member] |
|
|
Class of Stock [Line Items] |
|
|
Temporary equity, shares authorized |
956,297
|
956,297
|
Temporary equity, shares issued |
|
956,297
|
Temporary equity, shares outstanding |
|
956,297
|
Original Issue Price |
$ 1.0457
|
$ 1.0457
|
Aggregate liquidation amount |
|
$ 1,000
|
Carrying amount |
|
$ 2,047
|
Series A5 Redeemable Convertible Preferred Stock [Member] |
|
|
Class of Stock [Line Items] |
|
|
Temporary equity, shares authorized |
114,573
|
114,573
|
Temporary equity, shares issued |
|
114,573
|
Temporary equity, shares outstanding |
|
114,573
|
Original Issue Price |
$ 0.8728
|
$ 0.8728
|
Aggregate liquidation amount |
|
$ 100
|
Carrying amount |
|
$ 238
|
Series A6 Redeemable Convertible Preferred Stock [Member] |
|
|
Class of Stock [Line Items] |
|
|
Temporary equity, shares authorized |
1,779,996
|
1,779,996
|
Temporary equity, shares issued |
|
1,779,996
|
Temporary equity, shares outstanding |
|
1,779,996
|
Original Issue Price |
$ 0.3485
|
$ 0.3485
|
Aggregate liquidation amount |
|
$ 620
|
Carrying amount |
|
$ 620
|
Series A Redeemable Convertible Preferred Stock [Member] |
|
|
Class of Stock [Line Items] |
|
|
Temporary equity, shares authorized |
8,863,394
|
8,863,394
|
Temporary equity, shares issued |
2,315,579
|
8,863,394
|
Temporary equity, shares outstanding |
2,315,579
|
8,863,394
|
Original Issue Price |
|
|
Aggregate liquidation amount |
$ 6,549
|
$ 18,174
|
Carrying amount |
$ 6,653
|
$ 19,918
|
Series B1 Redeemable Convertible Preferred Stock [Member] |
|
|
Class of Stock [Line Items] |
|
|
Temporary equity, shares authorized |
775,744
|
775,744
|
Temporary equity, shares issued |
58,220
|
775,744
|
Temporary equity, shares outstanding |
58,220
|
775,744
|
Original Issue Price |
$ 5.15279
|
$ 5.15279
|
Aggregate liquidation amount |
$ 300
|
$ 3,997
|
Carrying amount |
$ 235
|
$ 3,137
|
Series B2 Redeemable Convertible Preferred Stock [Member] |
|
|
Class of Stock [Line Items] |
|
|
Temporary equity, shares authorized |
5,898,990
|
6,598,373
|
Temporary equity, shares issued |
3,497,953
|
5,898,990
|
Temporary equity, shares outstanding |
3,497,953
|
5,898,990
|
Original Issue Price |
$ 6.0621
|
$ 6.0621
|
Aggregate liquidation amount |
$ 21,205
|
$ 35,760
|
Carrying amount |
$ 21,205
|
$ 35,760
|
Series B Redeemable Convertible Preferred Stock [Member] |
|
|
Class of Stock [Line Items] |
|
|
Temporary equity, shares authorized |
6,674,734
|
7,374,117
|
Temporary equity, shares issued |
3,556,173
|
6,674,734
|
Temporary equity, shares outstanding |
3,556,173
|
6,674,734
|
Original Issue Price |
|
|
Aggregate liquidation amount |
$ 21,505
|
$ 39,757
|
Carrying amount |
$ 21,440
|
$ 38,897
|
Series C1 Redeemable Convertible Preferred Stock [Member] |
|
|
Class of Stock [Line Items] |
|
|
Temporary equity, shares authorized |
17,487,180
|
|
Temporary equity, shares issued |
848,856
|
|
Temporary equity, shares outstanding |
848,856
|
|
Original Issue Price |
$ 7.1319
|
|
Aggregate liquidation amount |
$ 6,054
|
|
Carrying amount |
$ 4,692
|
|
Series C2 Redeemable Convertible Preferred Stock [Member] |
|
|
Class of Stock [Line Items] |
|
|
Temporary equity, shares authorized |
661,370
|
|
Temporary equity, shares issued |
661,282
|
|
Temporary equity, shares outstanding |
661,282
|
|
Original Issue Price |
$ 6.062115
|
|
Aggregate liquidation amount |
$ 4,009
|
|
Carrying amount |
$ 2,567
|
|
Series C Redeemable Convertible Preferred Stock [Member] |
|
|
Class of Stock [Line Items] |
|
|
Temporary equity, shares authorized |
18,148,550
|
0
|
Temporary equity, shares issued |
1,510,138
|
0
|
Temporary equity, shares outstanding |
1,510,138
|
0
|
Original Issue Price |
|
|
Aggregate liquidation amount |
$ 10,063
|
$ 0
|
Carrying amount |
$ 7,259
|
|
Redeemable Convertible Preferred Stock [Member] |
|
|
Class of Stock [Line Items] |
|
|
Temporary equity, shares authorized |
33,686,678
|
16,237,511
|
Temporary equity, shares issued |
7,381,890
|
15,538,128
|
Temporary equity, shares outstanding |
7,381,890
|
15,538,128
|
Original Issue Price |
|
|
Aggregate liquidation amount |
$ 38,117
|
$ 57,931
|
Carrying amount |
$ 35,352
|
$ 58,815
|
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v3.23.3
CAPITAL STRUCTURE (Details Narrative) - Notable Labs Inc [Member] - USD ($)
|
1 Months Ended |
2 Months Ended |
5 Months Ended |
12 Months Ended |
|
Jul. 31, 2022 |
Jun. 30, 2022 |
Jul. 31, 2022 |
May 31, 2022 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Class of Stock [Line Items] |
|
|
|
|
|
|
Common stock, shares authorized |
|
|
|
|
45,100,000
|
27,169,197
|
Common stock, par value |
|
|
|
|
$ 0.001
|
$ 0.001
|
Dividends, common stock |
|
|
|
|
$ 0
|
|
Minimum [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Gross proceeds |
|
|
|
|
$ 50,000,000
|
|
Series C1 Redeemable Convertible Preferred Stock [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Share price |
|
|
|
|
$ 7.1319
|
|
Temporary equity, shares authorized |
|
|
|
|
17,487,180
|
|
Series C2 Redeemable Convertible Preferred Stock [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Share price |
|
|
|
|
$ 6.062115
|
|
Temporary equity, shares authorized |
|
|
|
|
661,370
|
|
Redeemable Convertible Preferred Stock [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Share price |
|
|
|
|
|
|
Temporary equity, shares authorized |
|
|
|
|
33,686,678
|
16,237,511
|
Temporary equity, par value |
|
|
|
|
$ 0.001
|
|
Series C Warrants [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Number of shares issued |
|
|
$ 2,100,000
|
|
|
|
Series A Redeemable Convertible Preferred Shares [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Number of shares conversion |
6,547,815
|
|
|
|
|
|
Series B Redeemable Convertible Preferred Shares [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Number of shares conversion |
3,118,561
|
|
|
|
|
|
Investor [Member] | Series C2 Redeemable Convertible Preferred Stock [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Share price |
$ 7.1319
|
|
$ 7.1319
|
|
|
|
Number of shares issued, shares |
|
|
848,856
|
|
|
|
Number of shares issued |
|
|
$ 6,100,000
|
|
|
|
2022 SAFEs Agreement [Member] | Series C1 Redeemable Convertible Preferred Stock [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Share price |
|
$ 7.1319
|
|
|
|
|
2022 SAFEs Agreement [Member] | Series C2 Redeemable Convertible Preferred Stock [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Share price |
|
$ 6.062115
|
|
|
|
|
Number of shares issued, shares |
|
661,282
|
|
|
|
|
Number of shares issued |
|
$ 500,000
|
|
|
|
|
2022 SAFEs Agreement [Member] | Investor [Member] |
|
|
|
|
|
|
Class of Stock [Line Items] |
|
|
|
|
|
|
Gross proceeds |
|
|
|
$ 4,000,000.0
|
|
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
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SCHEDULE OF REDEEMABLE CONVERTIBLE PREFERRED STOCK WARRANT LIABILITY ACTIVITY (Details) - Notable Labs Inc [Member] - USD ($) $ in Thousands |
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Balance as of December 31, 2021 |
|
|
Fair value of warrants at issuance |
2,515
|
|
Balance as of December 31, 2022 |
5,113
|
|
Redeemable Convertible Preferred Stock [Member] |
|
|
Balance as of December 31, 2021 |
|
|
Fair value of warrants at issuance |
2,053
|
|
Change in fair value |
3,060
|
|
Balance as of December 31, 2022 |
$ 5,113
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v3.23.3
SCHEDULE OF STOCK OPTION ACTIVITY (Details) - Notable Labs Inc [Member] - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Weighted-average exercise price, granted |
$ 1.03
|
$ 0.91
|
Twenty Fifteen Plan [Member] |
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] |
|
|
Options outstanding, balance |
4,748,713
|
|
Weighted-average exercise price, balance |
$ 1.39
|
|
Weighted-average remaining contractual life, balance |
7 years 3 months 18 days
|
6 years 7 months 6 days
|
Aggregate intrinsic value, balance |
$ 741
|
|
Options, granted |
210,000
|
|
Weighted-average exercise price, granted |
$ 1.55
|
|
Options, exercised |
(88,500)
|
|
Weighted-average exercise price, exercised |
$ 0.71
|
|
Options, cancelled |
(2,022,729)
|
|
Weighted-average exercise price, cancelled |
$ 1.39
|
|
Options outstanding, balance |
2,847,484
|
4,748,713
|
Weighted-average exercise price, balance |
$ 1.43
|
$ 1.39
|
Aggregate intrinsic value, balance |
$ 1,419
|
$ 741
|
Options, exercisable |
1,757,275
|
|
Weighted-average exercise price, exercisable |
$ 1.36
|
|
Weighted-average remaining contractual life, exercisable |
6 years 7 months 6 days
|
|
Aggregate intrinsic value, exercisable |
$ 998
|
|
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number |
2,847,484
|
|
Weighted-average exercise price, balance |
$ 1.43
|
|
Weighted-average remaining contractual life, vested and expected to vest |
7 years 3 months 18 days
|
|
Aggregate intrinsic value, vested and expected to vest |
$ 1,419
|
|
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v3.23.3
EQUITY INCENTIVE PLAN AND STOCK BASED COMPENSATION EXPENSE (Details Narrative) - Notable Labs Inc [Member] - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended |
|
|
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Dec. 31, 2019 |
Dec. 31, 2017 |
Aug. 31, 2015 |
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
common stock reserved for future issuance |
14,615,810
|
20,828,192
|
|
|
|
Stock option exercised |
$ 74
|
$ 22
|
|
|
|
Restricted stock activity, outstanding |
0
|
|
|
|
|
Weighted-average exercise price, granted |
$ 1.03
|
$ 0.91
|
|
|
|
Stock-based compensation expense related to stock awards not yet recognized |
$ 1,000
|
|
|
|
|
weighted-average remaining period |
2 years 2 months 12 days
|
|
|
|
|
Twenty Fifteen Plan [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
common stock reserved for future issuance |
5,882,280
|
|
2,243,140
|
2,547,746
|
591,394
|
Share based payment award description |
Options
under the 2015 Plan may be granted for periods of up to 10 years and at prices no less than 100% of the estimated fair value of the underlying
shares of common stock on the date of grant as determined by the Board provided that the exercise price of an ISO granted to a 10% stockholder
shall not be less than 110% of the estimated fair value of the shares on the date of grant. The 2015 Plan requires that options be exercised
no later than 10 years after the grant.
|
|
|
|
|
Weighted-average exercise price, granted |
$ 1.55
|
|
|
|
|
Twenty Fifteen Plan [Member] | Common Stock [Member] |
|
|
|
|
|
Accumulated Other Comprehensive Income (Loss) [Line Items] |
|
|
|
|
|
common stock reserved for future issuance |
500,000
|
|
|
|
|
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v3.23.3
SCHEDULE OF DEFERRED TAX ASSETS AND LIABILITIES (Details) - Notable Labs Inc [Member] - USD ($) $ in Thousands |
Dec. 31, 2022 |
Dec. 31, 2021 |
Deferred tax assets: |
|
|
Net operating loss carryforwards |
$ 15,403
|
$ 13,176
|
Tax credit carryforwards |
2,675
|
2,227
|
Property and equipment |
23
|
7
|
Capitalized research and experimental cost |
1,401
|
|
Stock compensation |
252
|
228
|
Other |
96
|
113
|
Subtotal |
19,850
|
15,751
|
Valuation allowance |
(19,850)
|
(15,751)
|
Net deferred tax assets (liabilities) |
|
|
X |
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INCOME TAXES (Details Narrative) - Notable Labs Inc [Member] - USD ($)
|
12 Months Ended |
|
Dec. 31, 2022 |
Dec. 31, 2021 |
Operating Loss Carryforwards [Line Items] |
|
|
Valuation allowance, deferred tax asset, increase (decrease), amount |
$ 4,100,000
|
|
Deferred tax assets, operating loss carryforwards, state and local |
57,400,000
|
$ 51,900,000
|
Deferred tax assets, operating loss carryforwards, state and local |
38,100,000
|
26.0
|
Effective income tax rate reconciliation, nondeductible expense, research and development, amount |
1,401,000
|
|
Income Tax Examination, Interest Expense |
0
|
|
Income Tax Examination, Penalties Expense |
0
|
|
Domestic Tax Authority [Member] |
|
|
Operating Loss Carryforwards [Line Items] |
|
|
Effective income tax rate reconciliation, nondeductible expense, research and development, amount |
1,900,000
|
1,600,000
|
Foreign Tax Authority [Member] |
|
|
Operating Loss Carryforwards [Line Items] |
|
|
Effective income tax rate reconciliation, nondeductible expense, research and development, amount |
$ 1,600,000
|
$ 1,400,000
|
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RELATED PARTY TRANSACTIONS (Details Narrative) - Notable Labs Inc [Member] - USD ($)
|
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
General and administrative expense |
$ 5,156,000
|
$ 5,727,000
|
Accounts payable and accrued liabilities, current |
60,000
|
0
|
Founder and Chairman [Member] |
|
|
General and administrative expense |
$ 300,000
|
$ 400,000
|
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SCHEDULE OF EARNINGS PER SHARE BASIC AND DILUTED (Details) - Notable Labs Inc [Member] - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Restructuring Cost and Reserve [Line Items] |
|
|
Net loss |
$ (14,407)
|
$ (16,052)
|
Weighted average common shares outstanding basic |
10,423,934
|
5,651,101
|
Weighted average common shares outstanding diluted |
10,423,934
|
5,651,101
|
Net loss per share basic |
$ (1.38)
|
$ (2.84)
|
Net loss per share diluted |
$ (1.38)
|
$ (2.84)
|
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v3.23.3
SCHEDULE OF ANTI-DILUTIVE SECURITIES BASIC AND DILUTED (Details) - Notable Labs Inc [Member] - shares shares in Thousands |
12 Months Ended |
Dec. 31, 2022 |
Dec. 31, 2021 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
11,739,512
|
20,286,841
|
Series A1 Redeemable Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
1,815,484
|
3,583,743
|
Series A2 Redeemable Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
308,602
|
1,194,403
|
Series A3 Redeemable Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
191,493
|
1,234,382
|
Series A4 Redeemable Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
|
956,297
|
Series A5 Redeemable Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
|
114,573
|
Series A6 Redeemable Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
|
1,779,996
|
Series B1 Redeemable Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
58,220
|
775,744
|
Series B2 Redeemable Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
3,497,953
|
5,898,990
|
Series C1 Redeemable Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
848,856
|
|
Series C2 Redeemable Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
661,282
|
|
Warrants To Purchase Redeemable Convertible Preferred Stock [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
1,510,138
|
|
Stock Options Issued And Outstanding [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
2,847,484
|
4,748,713
|
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v3.23.3
SUBSEQUENT EVENTS (Details Narrative) - Notable Labs Inc [Member] - USD ($)
|
|
1 Months Ended |
6 Months Ended |
12 Months Ended |
Feb. 22, 2023 |
Apr. 30, 2023 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Proceeds from convertible debt |
$ 5,000,000.0
|
|
|
|
Net cash |
$ 15.0
|
|
|
$ 1,600,000
|
Lease cost |
|
|
|
|
June 2023 Through May 2027 [Member] |
|
|
|
|
Lease cost |
|
$ 2,200,000
|
|
|
Simple Agreement Future Equity [Member] |
|
|
|
|
Gross proceeds |
|
|
$ 4,300,000
|
|
Convertible notes payable |
|
|
$ 10,300,000
|
|
Simple Agreement Future Equity [Member] | Series D1 Preferred Stock [Member] |
|
|
|
|
Preferred stock, shares issued |
|
|
6,118,198
|
|
Convertible notes payable |
|
|
$ 4,400,000
|
|
Simple Agreement Future Equity [Member] | Series D2 Preferred Stock [Member] |
|
|
|
|
Preferred stock, shares issued |
|
|
5,891,911
|
|
Issuance price |
|
|
$ 6,000,000.0
|
|
Convertible notes payable |
|
|
$ 6,000,000.0
|
|
Former Notable Security Holders [Member] | Merger Agreement [Member] |
|
|
|
|
Ownership percentage |
76.00%
|
|
|
|
Security Holders of VBL [Member] | Merger Agreement [Member] |
|
|
|
|
Ownership percentage |
24.00%
|
|
|
|
X |
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