SIGNIFICANT ACCOUNTING POLICIES (Policies) |
6 Months Ended | ||||||||||||
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Jun. 30, 2026 | |||||||||||||
| Accounting Policies, By Policy [Line Items] | |||||||||||||
| Unaudited Condensed Financial Statements |
The
accompanying condensed financial statements are unaudited. These unaudited interim condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP") for interim financial
statements and follow the requirements of the Securities and Exchange Commission (“SEC”) for interim financial reporting.
Accordingly, they do not include all of the information and notes required by U.S. GAAP for annual financial statements. In the opinion
of management, these unaudited condensed consolidated financial statements reflect all adjustments, which include normal and recurring
adjustments, necessary for a fair statement of the Company’s consolidated financial position as of June 30, 2026, and the consolidated
results of operations, statements of changes in shareholders’ equity and cash flows for the three-month and six-month periods
ended June 30, 2026 and 2025.
The
consolidated results for the three-month and six-month periods ended June 30, 2026 are not necessarily indicative of the results to be
expected for the year ending December 31, 2026.
These
unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements
and the related notes of the Company as of and for the year ended December 31, 2025, included in the Company’s Annual Report on
Form 10-K filed with the SEC on March 17, 2026. The significant accounting policies adopted and used in the preparation of the financial
statements are consistent with those of the previous financial year.
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| Use of estimates |
The
preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect
the amounts reported in the financial statements and accompanying notes. As applicable to these financial statements, the most significant
estimates and assumptions relate to fair value of financial instruments, see Note 8. These estimates and assumptions are based on current
facts, future expectations, and various other factors 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 and the recording of expenses that are not readily apparent
from other sources. Actual results may differ materially and adversely from these estimates. |
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| Restricted cash |
As
of June 30, 2026 and December 31, 2025, the Company pledged an amount of $62
and $57,
respectively in favor of a bank as collateral for guarantees provided to secure operating lease payments.
The
Company is required to hold a minimum amount of NIS 87
in its bank account in order to maintain availability of a credit line from its credit card company. |
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| Fair value measurement |
Fair
value is based on the price that would be received from the sale of an asset or that would be paid to transfer a liability in an orderly
transaction between market participants
at
the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value
hierarchy that prioritizes observable
and
unobservable inputs used to measure fair value into three broad levels, which are described as follows:
In
determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable
inputs to the extent possible and considers counterparty credit risk in its assessment of fair value.
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| Concentration of credit risks |
Financial
instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents, restricted
cash and long-term deposits. The Company deposits cash and cash equivalents mostly with four low risk financial institutions. The Company
has not experienced any material credit losses in these accounts and does not believe it is exposed to significant credit risk on these
instruments. |