Annual report pursuant to Section 13 and 15(d)

Balances and Transaction with Related Parties

v3.23.1
Balances and Transaction with Related Parties
 12 Months Ended
Dec. 31, 2022
Balances and Transaction with Related Parties [Abstract]  
BALANCES AND TRANSACTION WITH RELATED PARTIES
NOTE 10 - BALANCES AND TRANSACTION WITH RELATED PARTIES

 

  A. Balances with related parties

 

    As of December 31,  
    2022     2021  
             
Additional paid in capital (treasury stock) (See 1 below)     -       (19 )

 

  B. Transactions with related parties

 

  1. In October 2019, BiomX Israel entered into a loan agreement in the amount of $19 with a shareholder who was subject to taxation in Israel in connection with the Recapitalization Transaction. The loan was initially for a period of up to two years from the time of the grant, is non-recourse, and is secured by shares of Common Stock issued to them with a value that equals three times the loan amount at the time of the grant. If the shareholder defaults on such loan, the Company will have the right to forfeit or sell such number of shares with a value equal to the amount of the loan not timely repaid (plus interest accrued thereon), based on their market price at the time of such forfeiture or sale. The number of shares of Common Stock in respect of which the loan was granted was 5,700. The granting of the loan and the restrictions imposed on the related Common Stock until repayment of the loan were accounted as an acquisition of treasury stock by the Company at an amount equal to the loan. During the year ended December 31, 2022, the loan was repaid by the stockholder to the Company and was accounted as proceeds on account of shares in the statements of changes in stockholders’ equity as the shares of Common Stock were not transferred to the stockholder as of December 31, 2022.

 

  2. Refer to Note 13A regarding a Securities Purchase Agreement with institutional investors, all of the Company’s directors and certain executive officers.

 

  3. Refer to Note 13B regarding stock options granted to related parties.