Annual and transition report of foreign private issuers [Sections 13 or 15(d)]

Taxes on Income (Tables)

v3.25.1
Taxes on Income (Tables)
 12 Months Ended
Dec. 31, 2024
Taxes on Income [Abstract]  
Schedule of Company’s Loss Before Income Taxes

The following are the domestic (i.e. Israeli) and foreign components of the Company’s loss before income taxes:

 

   

Year ended December 31,

  
    2024     2023     2022  
                   
Domestic   $ (49,317 )   $ (43,500 )   $ (40,494 )
Foreign    
-
      
-
      
-
  
                         
Total   $ (49,317 )   $ (43,500 )   $ (40,494 )
Schedule of Reconciliation Income Tax Benefit

The reconciliation of the income tax benefit that would result from applying the Israeli statutory tax rate to the Company’s reported income tax (benefit) is as follows:

 

   

Year ended December 31,

  
    2024     2023     2022  
Loss before income taxes, as reported in the consolidated statements of operations   $ 49,317     $ 43,500     $ 40,494  
Statutory tax rate     23 %     23 %     23 %
                         
Income tax benefit at statutory tax rate   $ (11,343 )   $ (10,005 )   $ (9,314 )
Effect of Non-deductible expenses     3,573       3,063       475  
Remeasurement of deferred taxes from currency exchange*    
-
      
-
       3,517  
Change in valuation allowance     7,770       7,508       5,322  
Other    
-
       (566 )    
-
  
                         
Reported income taxes benefit   $
-
     $
-
     $
-
  

 

* The Israeli Income Tax Regulations (rules regarding ledger management of foreign invested companies and certain partnerships and the determination of their taxable income), 1986 allow Foreign Invested Companies (i.e., foreign holding percentage of more than 25%) to report for tax purposes in US dollars. The Company implemented these regulations on January 1, 2023.
Schedule of Deferred Tax Assets

The principal components of the Company’s deferred tax assets are as follows:

 

    December 31  
    2024     2023  
Deferred tax assets:            
Net operating loss carry forwards   $ 36,254     $ 28,032  
Research and development     5,726       6,252  
Employees and payroll accrual     352       299  
Property and equipment     100       79  
                 
Total deferred tax assets     42,432       34,662  
                 
Valuation allowance     (42,432 )     (34,662 )
                 
Deferred tax assets, net of valuation allowance   $
-
     $
-