Annual and transition report of foreign private issuers pursuant to Section 13 or 15(d)

Taxes on Income (Tables)

v3.24.1
Taxes on Income (Tables)
 12 Months Ended
Dec. 31, 2023
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,

  
    2023     2022     2021  
                   
Domestic   $ (43,500 )   $ (40,494 )   $ (58,092 )
Foreign     -       -       -  
Total   $ (43,500 )   $ (40,494 )   $ (58,092 )
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,

  
    2023     2022     2021  
Loss before income taxes, as reported in the consolidated statements of operations   $ 43,500     $ 40,494     $ 58,092  
Statutory tax rate     23 %     23 %     23 %
                         
Income tax benefit at statutory tax rate   $ (10,005 )   $ (9,314 )   $ (13,361 )
Effect of Non-deductible expenses     3,063       475       6,129  
Remeasurement of deferred taxes from currency exchange*     -       3,517       209  
Change in valuation allowance     7,508       5,322       7,023  
Other     (566 )     -       -  
Reported income taxes benefit   $ -     $ -     $ -  
* The 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  
    2023     2022  
Deferred tax assets:            
Net operating loss carry forwards   $ 28,032     $ 21,991  
Research and development     6,252       4,834  
Employees and payroll accrual     299       272  
Property and equipment     79       57  
Total deferred tax assets     34,662       27,154  
                 
Valuation allowance     (34,662 )     (27,154 )
                 
Deferred tax assets, net of valuation allowance   $ -     $ -