| SUBSEQUENT EVENTS |
NOTE 8 - SUBSEQUENT EVENTS
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a. |
On July 14, 2026, the Company's shareholders approved an increase in the Company's authorized shares to 350,000,000.
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b. |
On July 26, 2026, the Company entered into a securities purchase agreement (the “July 2026 Purchase Agreement”) with certain institutional and accredited investors, including funds affiliated with BVF providing for the private placement (the “July 2026 Private Placement”) of an aggregate of 134,803,910 ordinary shares, or, in lieu thereof, pre-funded warrants to purchase Ordinary Shares (the “July 2026 Pre-Funded Warrants”), at a purchase price of $2.04 per Ordinary Share, for aggregate gross proceeds of approximately $275.0 million, before deducting placement agent fees and other related offering expenses.
On July 28, 2026 (the “Closing Date”), the Company issued 122,961,215 ordinary shares and July 2026 Pre-Funded Warrants to purchase 11,842,695 ordinary shares.
The July 2026 Pre-Funded Warrants have an exercise price of NIS 0.0000769 per ordinary share, are immediately exercisable, do not expire and are subject to customary beneficial ownership limitations and adjustments.
The Company intends to use the net proceeds from the July 2026 Private Placement to support activities related to the initiation of its Phase 3 registrational study of EB613 in postmenopausal women with osteoporosis and for general working capital and corporate purposes.
Pursuant to the July 2026 Purchase Agreement, effective upon the closing of the July 2026 Private Placement, the Company also granted BVF certain rights to designate two nominees to the Company’s board of directors, subject to specified ownership thresholds and other conditions as set forth in the July 2026 Purchase Agreement.
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c.
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In July 2026, certain holders of warrants issued in the Company’s 2023 private placement exercised an aggregate of 431,137 warrants and 906,886 pre-funded warrants for aggregate gross proceeds to the Company of $431 thousand.
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d.
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On August 5, 2026, the Company issued 107,770 ordinary shares to five non-executive members of the board of directors in lieu of cash board fees for the first quarter and the second quarter of 2026, which was approved by the Company’s shareholders at a meeting of the Company’s shareholders held on July 31, 2024.
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e.
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In September 2022, the Company’s shareholders approved to Ms. Miranda Toledano, the Company’s Chief Executive Officer, a grant of options to purchase 200,000 ordinary shares, subject to the occurrence of a triggering event, defined as either (i) the execution of a binding strategic or partnership agreement to fund the Company’s Phase 3 clinical trial or (ii) raising sufficient funding to complete the Company’s Phase 3 clinical trial. Following the closing of the July 2026 Private Placement, the second triggering event was satisfied. On August 5, 2026, the Board of Directors approved the grant of the 200,000 options at an exercise price of $2.81 per share. The options vest over four years, with 25% of the options vest on the first anniversary of the date of grant and the remaining 75% of the options vest in twelve equal quarterly installments following the first anniversary of the grant date.
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