Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information Line Items | |
Entity Registrant Name | XTL BIOPHARMACEUTICALS LTD. |
Trading Symbol | XTLB |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 544,906,149 |
Amendment Flag | false |
Entity Central Index Key | 0001023549 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-36000 |
Entity Incorporation, State or Country Code | L3 |
Entity Address, Address Line One | 5 Badner St. |
Entity Address, Address Line Two | Ramat Gan |
Entity Address, City or Town | Ramat Gan |
Entity Address, Postal Zip Code | 4365603 |
Entity Address, Country | IL |
Title of 12(b) Security | American Depositary Shares, each representing one hundred Ordinary Shares, par value NIS 0.1 |
Security Exchange Name | NASDAQ |
Entity Interactive Data Current | Yes |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Firm ID | 1309 |
Auditor Location | Tel-Aviv, Israel |
Auditor Name | Kesselman & Kesselman |
Business Contact [Member] | |
Document Information Line Items | |
Entity Address, Address Line One | 5 Badner St. |
Entity Address, City or Town | Ramat Gan |
Entity Address, Postal Zip Code | 4365603 |
Entity Address, Country | IL |
Contact Personnel Name | Shlomo Shalev |
City Area Code | 972 |
Local Phone Number | 3-6116600 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 2,969 | $ 3,631 |
Marketable securities – InterCure Ltd | 3,158 | 2,411 |
Prepaid expenses and other current assets | 110 | 79 |
Total current assets | 6,237 | 6,121 |
NON-CURRENT ASSETS: | ||
Fixed assets, net | 1 | 2 |
Intangible assets | 380 | 380 |
Non-current assets | 381 | 382 |
Total assets | 6,618 | 6,503 |
CURRENT LIABILITIES: | ||
Accounts payable | 231 | 254 |
NON-CURRENT LIABILITIES: | ||
Warrants | 1,054 | 2,637 |
Commitments | ||
EQUITY ATTRIBUTABLE TO EQUITY HOLDERS OF THE COMPANY: | ||
Share capital - ordinary shares of NIS 0.1 par value: Authorized - December 31, 2021 and 2020 - 1,450,000,000; Issued and outstanding - December 31, 2021 - 544,906,149. December 31, 2020 - 514,205,799 | 14,120 | 13,182 |
Additional paid in capital | 146,326 | 146,015 |
Reserve from transactions with non-controlling interests | 20 | 20 |
Accumulated deficit | (155,133) | (155,605) |
Total equity | 5,333 | 3,612 |
Total liabilities and equity | $ 6,618 | $ 6,503 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parentheticals) - ₪ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of financial position [abstract] | ||
Ordinary shares, par value (in New Shekels per share) | ₪ 0.1 | ₪ 0.1 |
Ordinary shares, authorized | 1,450,000,000 | 1,450,000,000 |
Ordinary shares, issued | 544,906,149 | 514,205,799 |
Ordinary shares, outstanding | 544,906,149 | 514,205,799 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
Research and development expenses | $ (30) | $ (38) | $ (35) |
General and administrative expenses | (1,001) | (910) | (807) |
Operating loss | (1,031) | (948) | (842) |
Revaluation of warrants to purchase ADS’s | 719 | (2,172) | 584 |
Revaluation of marketable securities – InterCure Ltd | 747 | 138 | (574) |
Other finance income | 21 | 45 | 98 |
Other finance expenses | (21) | (17) | (29) |
Finance income (expenses), net | 1,466 | (2,006) | 79 |
Total comprehensive income (loss) for the year (basic) | 435 | (2,954) | (763) |
Total comprehensive income (loss) for the year (diluted) | $ (225) | $ (2,954) | $ (763) |
Basic earnings (loss) per share (in U.S. dollars): (in Dollars per share) | $ 0.001 | $ (0.006) | $ (0.001) |
Diluted loss per share (in U.S. dollars): (in Dollars per share) | $ 0 | $ (0.006) | $ (0.001) |
Weighted average number of issued ordinary shares (in Shares) | 531,995,467 | 514,205,799 | 514,205,799 |
Diluted weighted average number of ordinary shares (in Shares) | 615,548,446 | 514,205,799 | 514,205,799 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Share capital | Additional paid in capital | Accumulated deficit | Reserve from transactions with non- controlling interests | Total |
Balance at Dec. 31, 2018 | $ 13,182 | $ 146,015 | $ (151,944) | $ 20 | $ 7,273 |
Income (Loss) for the year | (763) | (763) | |||
Share-based payment to employees and non-employees | 5 | 5 | |||
Balance at Dec. 31, 2019 | 13,182 | 146,015 | (152,702) | 20 | 6,515 |
Income (Loss) for the year | (2,954) | (2,954) | |||
Share-based payment to employees and non-employees | 51 | 51 | |||
Balance at Dec. 31, 2020 | 13,182 | 146,015 | (155,605) | 20 | 3,612 |
Income (Loss) for the year | 435 | 435 | |||
Exercise of warrants to ordinary shares | 938 | 311 | 1,249 | ||
Share-based payment to employees and non-employees | 37 | 37 | |||
Balance at Dec. 31, 2021 | $ 14,120 | $ 146,326 | $ (155,133) | $ 20 | $ 5,333 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash flows from operating activities: | ||||
Income (loss) for the year | $ 435 | $ (2,954) | $ (763) | |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities (a) | (1,484) | 2,104 | (145) | |
Net cash used in operating activities | (1,049) | (850) | (908) | |
Cash flows from investing activities: | ||||
Repayment of short-term bank deposit | 2,020 | |||
Interest from bank deposit | 8 | 33 | 93 | |
Purchase of fixed assets | (1) | (2) | ||
Net cash from investing activities | 8 | 32 | 2,111 | |
Cash flows from financing activities: | ||||
Exercise of warrants | 385 | |||
Net cash from financing activities | 385 | |||
Increase (decrease) in cash and cash equivalents | (656) | (818) | 1,203 | |
Gains (losses) from exchange rate differences on cash and cash equivalents | (6) | (6) | (3) | |
Cash and cash equivalents at beginning of year | 3,631 | 4,455 | 3,255 | |
Cash and cash equivalents at end of year | 2,969 | 3,631 | 4,455 | |
Income and expenses not involving operating cash flows: | ||||
Depreciation | 1 | 1 | [1] | |
Revaluation of marketable securities - InterCure Ltd | (747) | (138) | 574 | |
Revaluation of warrants to purchase ADS’s | (719) | 2,172 | (584) | |
Share-based payment transactions to employees and non-employees | 37 | 51 | 5 | |
Losses (gains) from exchange rate differences on cash and cash equivalents | 6 | 6 | 3 | |
Interest income | (8) | (33) | (93) | |
Net income and expenses not involving cash flows | (1,430) | 2,059 | (95) | |
Decrease (increase) in prepaid expenses | (31) | 23 | (29) | |
Increase (decrease) in accounts payable | (23) | 22 | (21) | |
Net operating asset and liability | (54) | 45 | (50) | |
Net cash provided by (used in) operating activities | (1,484) | 2,104 | (145) | |
(b) Non-cash activities: | ||||
Exercise of warrants | $ 864 | |||
[1] | Represents amount less than $1 thousand |
General
General | 12 Months Ended |
Dec. 31, 2021 | |
General [Abstract] | |
GENERAL | NOTE 1: GENERAL a. A general description of the Company and its activity: XTL Biopharmaceuticals Ltd. (the “Company”) is engaged in the development of therapeutics for the treatment of unmet medical needs. The Company was incorporated under the Israeli Companies Law on March 9, 1993. The registered office of the Company is located at 5 Badner Street, Ramat Gan, Israel. The Company’s American Depository Shares (“ADSs”) are listed for trading on the Nasdaq Capital Market (“Nasdaq”) and its ordinary shares are traded on the Tel-Aviv Stock Exchange (“TASE”). As of December 31, 2021, the Company has a wholly-owned subsidiary, Xtepo Ltd. (“Xtepo”), which was incorporated in Israel. The Company and Xtepo are heretofore referred to as the Group. b. The Group has incurred continuing losses and depends on outside financing resources to continue its activities. Based on existing business plans, the Company’s management estimates that its outstanding cash and cash equivalent balances will allow the Company to finance its activities which include, but are not limited to maintenance and ongoing expenses related to hCDR1 The Company expects to incur additional losses in 2022 arising from research and development activities, testing additional technologies and operating activities, which will be reflected in negative cash flows from operating activities. In order to perform the clinical trials aimed at developing a product until obtaining its marketing approval, the Company will need to raise additional funds by issuing securities. Should the Company fail to raise additional capital at terms acceptable to the Company, it will be required to further reduce its development activities or sell or grant a sublicense to third parties to use all or part of its technologies. c. COVID-19 virus The outbreak of the Coronavirus in the world in the first half of 2020 and its spread, causes great uncertainty in the world capital markets and major macroeconomic implications, which are characterized by sharp declines and volatility in many securities’ prices. As of the date of issuance of the financial reporting, there was no material effect of the Coronavirus on the operations and financial results of the Company. Although, due to the ongoing uncertainty around the scope and duration of the Coronavirus, as of the financial statement publication date, there is uncertainty regarding its impact on the economy and the market state at all, and those impacts on the value of the securities held by the Company. The Company is monitoring and will continue to monitor the developments around the world in connection with the spread of the Coronavirus, and will examine the implications for its activities. d. Definitions: “Related party” - as the term is defined in IAS 24, “Related Party Disclosures” e. Approval of financial statements: These financial statements were approved by the Company’s Board of Directors (“BoD”) on March 30, 2022. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2: SIGNIFICANT ACCOUNTING POLICIES a. Basis of presentation of the consolidated financial statements: The consolidated financial statements of the Company (the “Financial Statements”) have been prepared in accordance with International Financial Reporting Standards (IFRSs), as issued by the International Accounting Standards Board (IASB). The accounting policies have been consistently applied to all the years presented, unless otherwise stated and have been prepared under the historical cost convention, as adjusted for financial assets and liabilities measured at fair value. The preparation of Financial Statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires the Group’s management to exercise its judgment in the process of applying the Group’s accounting policies. The areas that involve judgment which have significant effect or complexity or where assumptions and estimates are significant to the Financial Statements are disclosed in note 3. Actual results could significantly differ from the estimates and assumptions used by the Group’s management. b. Consolidated financial statements: Subsidiary consolidation: The consolidated financial statements include the accounts of the Company and entities controlled by the Company. Control exists when the Company has the power over the investee; has exposure, or rights, to variable returns from involvement in the investee; and has the ability to use its power over the investee to affect its returns. Subsidiary is fully consolidated starting from the date on which control therein is attained by the Company. The consolidation ceases when such control discontinues. Intra-group balances and transactions, including expenses in respect of transactions between the Group companies, are eliminated. c. Translation of balances and transactions in foreign currency: 1. Functional currency and presentation currency: Items included in the Financial Statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “Functional Currency”). The consolidated financial statements are presented in U.S. dollars, which is the Functional Currency of each of the Group’s entities and the Company’s presentation currency. Below are the exchange rate of the U.S. dollar in relation to the NIS: Exchange rate As of of U.S. $ 1 NIS December 31, 2021 3.110 December 31, 2020 3.215 2. Transactions and balances: Transactions in a currency other than the Functional Currency (“Foreign Currency”) are translated into the Functional Currency using the exchange rates at the dates of the transactions. After initial recognition, monetary assets and liabilities denominated in Foreign Currency are translated at the end of each reporting period into the Functional Currency at the exchange rate at that date. Exchange differences are recognized in the statement of comprehensive income (loss) in the line item finance income (expenses), net. Non-monetary assets and liabilities denominated in foreign currency and measured at cost are translated at the exchange rate at the date of the transaction. d. Property and equipment: Items of property and equipment are measured at cost with the addition of direct acquisition costs, less accumulated depreciation and accumulated impairment losses. Depreciation of property and equipment is calculated on a straight-line basis to reduce their cost to their residual value over their useful life as follows: % per-year Computers 33 An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (see also Note 2f). e. Intangible assets: 1. Unamortized intangible assets (licenses and patent rights): These assets are reviewed for impairment once a year and whenever there are indicators of a possible impairment, in accordance with the provisions of IAS 36, Impairment of Assets 2. Research and development: Research expenditures are recognized as expenses when incurred. Costs arising from development projects are recognized as intangible assets when the following criteria are met: - it is technically feasible to complete the intangible asset so that it will be available for use; - management intends to complete the intangible asset and use or sell it; - there is an ability to use or sell the intangible asset; - it can be demonstrated how the intangible asset will generate probable future economic benefits; - adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and - the expenditure attributable to the intangible asset during its development can be reliably measured. Other development expenditures that do not meet these criteria are recognized as an expense when incurred. Development costs that were previously recognized as an expense are not recognized as an asset in a later period. As of December 31, 2021 and 2020, the Group did not capitalize development project costs as intangible assets. f. Impairment of non-financial assets: Intangible assets which are not yet available for use are not amortized and impairment in their respect is tested at least every year. Depreciable assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets that sustained impairment are reviewed for possible reversal of the impairment at each date of the statement of financial position. g. Investments and other financial assets: 1. Classification: The Group classifies its financial assets in the following measurement categories: ● those to be measured subsequently at fair value through profit or loss ● those to be measured at amortized cost The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. The group classifies its equity investments as financial assets at fair value through profit or loss (FVPL). For assets measured at FVPL, gains and losses are recorded in profit or loss. 2. Recognition and de-recognition: Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. 3. Measurement: At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), the transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. 4. Impairment: The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk . h. Cash and cash equivalents: Cash and cash equivalents include cash at hand and short-term bank deposits with original maturities of three months or less, that are not restricted as to withdrawal or use, and are therefore considered to be cash equivalents. i. Share capital: The Company’s ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new shares, options and warrants are shown in equity as a deduction, from the issuance proceeds. j. Trade payables: Trade payables are the Group’s obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. k. Employee benefits: 1. Employment benefits for retirement compensation/pension: The Group operates various pension plans. The plans are generally funded through payments to insurance companies or trustee-administered funds. Said pension plans qualify for the criteria of defined contribution plan based on their terms and pursuant to section 14 to the Severance Pay Law. 2. Vacation and recreation benefits: According to the Law, an employee is entitled to paid annual leave and sick leave on an annual basis. The entitlement is based on the number of years of service. The Company recognizes an obligation and expense for paid annual leave and sick leave based on the benefit accumulated for each employee. l. Share-based payment: The Group operates several share-based payment plans to employees, directors, officers and to other service providers who render services that are settled with the Group’s equity instruments. In this framework, the Company grants employees, from time to time, and, at its discretion, options to purchase shares of the Company. The fair value of options granted to employees and others providing similar services is measured according to the Black-Scholes model as of the date of grant (the date of the Company’s Board of Directors’ decision unless shareholders’ approval is required) and recognized as an expense in the statement of comprehensive income (loss) and correspondingly carried to equity. The total amount recognized as an expense over the vesting term of the options (the term over which all pre-established vesting conditions are expected to be satisfied) is determined by reference to the fair value of the options granted at grant date. At each reporting date, the Company revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions and recognizes the impact of the revision to original estimates, if any, in the statement of comprehensive income (loss) with a corresponding adjustment in equity. When options are exercised, the Company issues new shares. The proceeds net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium. m. Earning per share: Basic earning per share is calculated by dividing the earnings attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the period. For the diluted earnings per share calculation, the weighted average number of shares outstanding during the year is adjusted for the average number of shares and ordinary shares that are potentially issuable in connection with employee/service-provider share-based payment and warrants, using the treasury stock method. If the inclusion of potentially issuable shares would decrease loss per share, the potentially issuable shares are excluded from the weighted average number of shares outstanding used to calculate diluted earnings per share. n. Issuance of units comprised of warrants and ordinary shares: The Company allocated the total proceeds to the issuance components as follows: While the warrants classified as financial liabilities, the Company has initially recognized them at fair value as of the date of issuance (measured through third-party appraiser, using a Black-Scholes model). The amount recognized in shareholders equity, which represents the funds attributed to the ordinary shares issued, was calculated as the difference between the total issuance proceeds and the fair value of the warrants at that date. Incremental and direct issuance costs were allocated by the Company based on the relative value of the warrants (as calculated on the date of issuance) and the Ordinary Shares (calculated as the difference between the proceeds and the fair value of the warrants). The portion of issuance costs that was allocated to the warrants was recognized immediately as finance expenses in the statement of comprehensive income (loss) and the portion of issuance costs related to the Ordinary Shares was deducted from additional-paid in capital. The warrants are carried at fair value. On each reporting period, the Changes in their fair value are recognized in profit or loss. o. Finance income and finance costs: The Company’s finance income and finance costs include: ● interest income; ● foreign currency gain or loss on financial assets and financial liabilities; ● revaluation of warrants to purchase ADS’s; ● revaluation of marketable securities; ● bank fees. p. Leases: IFRS 16 requiring lessees to recognize a liability for a lease, reflecting the discounted value of future lease payments, and a “right to use” asset, with respect to all leases (except as stated below), with no distinction between financing lease and operating lease. However, IFRS 16 allows lessees not to apply these provisions for short-term leases, by groups of underlying assets, and for leases in which the underlying asset of the lease is of low value. The Company elected to apply the practical expedient for short-term leases (leases with a lease term of 12 months or less). The Company leases an office. Both the lessor and the lessee have termination options. For both options, there is a notice period of 60 days. Therefore, the enforceable period of the lease is 60 days, and the lease qualifies for the short-term lease exemption. The Company has adopted IFRS 16 from January 1, 2019. The implementation of IFRS 16 had no material impact on the Company’s financial statements. |
Critical Accounting Estimates a
Critical Accounting Estimates and Judgments | 12 Months Ended |
Dec. 31, 2021 | |
Critical Accounting Estimates and Judgments [Abstract] | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS | NOTE 3: CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Critical accounting estimates and assumptions: Accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below. 1. Share-based payments - in evaluating the amount of expenses of share-based payment that will be recognized, the Group’s management is required to estimate, among others, different parameters included in the computation of the fair value of the options and the number of options that will vest. 2. Warrants - In accordance with International Accounting Standard 32: “Financial Instruments: Presentation”, warrants allotted to investors with a cashless exercise mechanism are a “financial liability”. As the aforementioned liability is a non-equity derivative financial instrument, it is classified in accordance with International Accounting Standard 32 “Financial Instruments: Presentation ” as a financial liability at fair value through profit or loss, which is measured at its fair value using Black-Scholes model at each date of the balance sheet, with changes in the fair value carried to “revaluation of warrants to purchase ADS’s” in the statements of comprehensive income (loss). 3. The Company’s management is required to estimate, among others, different parameters included in the computation of the fair value of the warrants such as risk-free interest rate, expected volatility and dividend yield. 4. Intangible assets – the intangible asset is not yet available for use and therefore not amortized, an impairment in its respect is tested at least every year. In addition, discretion is exercised as to whether there is an indication to examine impairment more frequently. |
Financial Instruments and Finan
Financial Instruments and Financial Risk Management | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments and Financial Risk Management [Abstract] | |
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | NOTE 4: FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT a. Financial risk management: 1. Financial risk factors: The Group’s activities expose it to a variety of financial risks: market risks, currency risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Group’s financial performance. Risk management is carried out by the Group’s management under policies approved by the Board. The Group’s treasury identifies, evaluates and defines financial risks. The Board provides written principles for overall risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk and investment of excess liquidity. a. Market risks: Foreign currency exchange rate risk: The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures with respect to the NIS. Foreign exchange risk arises from assets and liabilities denominated in currency that is other than the functional currency. The Company treasury’s risk management policy is to hold NIS-denominated cash and cash equivalents in the amount of the anticipated NIS-denominated liabilities for six to twelve consecutive months from time to time and this in line with the directives of the Company’s Board. As of December 31, 2021, had the Group’s functional currency strengthened by 10% against the NIS with all other variables remaining constant, post-tax profit for the year would have been $328 thousand higher (2020 - loss approximately $242 thousand lower; 2019 - loss approximately $233 thousand lower), mainly as a result of exchange rate changes on translation of other accounts receivable and exchange rate changes on NIS-denominated cash and cash equivalents. Equity securities price risk: The group’s exposure to equity securities price risk arises from investments held by the group and classified in the balance sheet at fair value through profit or loss (currently only the investment in the shares of InterCure Ltd). b. Liquidity risk: Cash flow forecasting is performed by the Group’s management both in the entities of the Group and aggregated by the Group. The Group’s management monitors rolling forecasts of the Group’s liquidity requirements to ensure it has sufficient cash to meet operations. The Group does not use borrowing credit facilities. Surplus cash held to finance operating activities is invested in interest bearing current accounts and time deposits. These channels were chosen by reference to their appropriate maturities or liquidity to provide sufficient cash balances to the Group as determined by the abovementioned forecasts. As of December 31, 2021 and 2020, the maturity of the Group’s financial liabilities are less than one year from each of the reporting dates. 2. Capital management: The Group’s objectives when managing capital are to ensure the Group’s ability to continue as a going concern in order to provide returns on investments for shareholders and benefits for other interested parties and to maintain an optimal capital structure to reduce the cost of capital. In order to maintain or adjust the capital structure, the Group may take a variety of measures such as issue new shares or sell assets to reduce liabilities. b. Financial instruments by category: All financial assets of the group are classified in one of two categories: (a) those to be measured subsequently at fair value or through profit or loss, and (b) those to be measured at amortized cost. As of December 31, 2021 and 2020, all financial liabilities were classified in one of two categories: (a) Trade and other account payables, measured at amortized cost, and (b) warrants measured at fair value. c. Changes in financial liabilities classified as cash flow from finance activities: Warrants U.S. dollars in Balance as of January 1, 2019 1,049 Revaluation during the year (584 ) Balance as of December 31, 2019 465 Revaluation during the year 2,172 Balance as of December 31, 2020 2,637 Revaluation during the year (719 ) Exercises during the year (864 ) Balance as of December 31, 2021 1,054 |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 5: CASH AND CASH EQUIVALENTS December 31, 2021 2020 U.S. dollars in thousands Cash in banks and on hand 599 361 Bank deposits with original maturities of three months or less* 2,370 3,270 2,969 3,631 * Deposits with maturity of three months, which in 2021 bear an interest of 0.58 - 1.6% per annum (in 2019: 0.37 - 0.45%). The currencies in which the cash and cash equivalents are denominated or linked to are: December 31, 2021 2020 U.S. dollars in thousands U.S. dollars 2,807 3,538 NIS (not linked to the Israeli CPI) 162 93 2,969 3,631 |
Marketable Securities - InterCu
Marketable Securities - InterCure Ltd | 12 Months Ended |
Dec. 31, 2021 | |
Marketable Securities - InterCure Ltd [Abstract] | |
MARKETABLE SECURITIES – InterCure Ltd | NOTE 6: MARKETABLE SECURITIES – InterCure Ltd a. All marketable securities held by the Company constitute Level 1 financial instruments, as defined in IFRS 13 - “ Fair Value Measurement b. The Company holds the following financial instruments: December 31, 2021 2020 U.S. dollars in thousands Marketable securities - InterCure Ltd 3,158 2,411 The entire investment in marketable securities is classified as a financial asset at fair value through profit or loss. As of December 31, 2021 the Company holds approximately 1.11% of InterCure Ltd’s shares (the shares are traded at the Tel-Aviv Stock Exchange - “TASE” and at the Nasdaq Capital Market - “Nasdaq”). c. Changes in marketable securities for the years ended December 31, 2021, 2020 and 2019, were as follows: December 31, 2021 2020 2019 U.S. dollars in thousands Fair value opening balance 2,411 2,273 2,847 Changes in fair value during the year 747 138 (574 ) Fair value closing balance 3,158 2,411 2,273 |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Dec. 31, 2021 | |
Prepaid Expenses and Other Current Assets [Abstract] | |
PREPAID EXPENSES AND OTHE CURRENT ASSETS | NOTE 7: PREPAID EXPENSES AND OTHE CURRENT ASSETS Composition: December 31, 2021 2020 U.S. dollars in thousands Government authorities (*) 16 13 Prepaid expenses 94 66 110 79 (*) The government authorities are monetary items, which are denominated or linked is NIS. The carrying amount of government authorities is a reasonable approximation of the fair value because the effect of discounting is immaterial. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2021 | |
Intangible Assets [Abstract] | |
INTANGIBLE ASSETS | NOTE 8: INTANGIBLE ASSETS a. On January 7, 2014, the Company signed a licensing agreement with Yeda, as amended on September 6, 2015, to develop hCDR1, a Phase II-ready asset for the treatment of Systemic Lupus Erythematosus (“SLE”). The license from Yeda also included all clinical data of the phase 1 and phase 2A conducted in the hCDR1. The terms of the licensing agreement include, among other things, expense reimbursement for patent expenses payable in six installments, certain milestone payments to Yeda, low single-digit royalties based on net sales, and additional customary royalties to the Office of the Israel innovation authority. Under the license agreement, we are required to make milestone payments of up to $2.2 million: $200,000 upon starting a Phase 3 clinical trial, $1 million upon FDA approval to market in the U.S., and $250,000 for marketing approval in each of China and three of the European Union’s Group of Five. In addition, we are required to pay 2-3% royalties of annual net sales and sublicense fees of 15-20% of whatever we receive from any sub-licensee. Under the license agreement, we are also required to meet certain development milestones including the delivery of a trial protocol to Yeda by January 1, 2016 (which we delivered), receipt of investment of at least $5 million by August 1, 2016 (of which $4 million was received in April 2015) and commencement of a Phase II clinical trial by January 1, 2017. In subsequent amendments signed between the Company and Yeda, the parties agreed to postpone the last two installments of the patent expense reimbursement until April 7, 2017, receipt of the remainder of the required $5 million investment by May 1, 2017 and commencement of a Phase 2 clinical trial in respect of hCDR1 by October 1, 2017. The term of the license agreement is the later of the date of expiry of the last of the licensed patents or the expiry of a continuous period of 11 years after first commercial sale in any country during which there shall not have been a first commercial sale in the U.S., EU, Japan, China or any OECD member. The license agreement may be terminated by us without cause upon 60 days prior written notice. The license agreement may also be terminated by Yeda upon 45 days prior written notice if either we fail to meet certain development milestones or commercial sale shall have commenced and there shall be a period of 6 months of no sales, subject to certain exceptions. Yeda shall also be entitled to terminate the license agreement if we were to commence legal action against Yeda challenging the validity of any of the licensed patents, and we were unsuccessful in such challenge, in which event we would be required to pay to Yeda liquidated damages of $8 million. Either party may also terminate the license agreement in the case of a material breach that remains uncured or certain bankruptcy events. As of December 31, 2021, all royalties to Yeda were paid except for a remaining liability of $127 thousand, disclosed under accounts payable. The reason for the remaining liability is that the Company decided not to conduct the phase 2 by itself and to look for a strategic partner. As a result, the second milestone (commencement of Phase 2) was not met yet. Accordingly, the license agreement may be terminated by Yeda upon 45 days prior written notice. To this date the Company and Yeda have held discussions regarding further amendment to the payment scheme under the license agreement. The Company exclusively licensed two families of patents relating to hCDR1: One expires on September 22, 2022 (in the US. For all other countries, it expired on February 26, 2022) and the other expires on January 14, 2024. The Company reviews the hCDR1 asset for impairment once a year on December 31 or more frequently if events or changes in circumstances indicate that there is impairment. If the carrying amount exceeds their recoverable amount, the assets are reduced to their recoverable amount. This asset is not ready for usage (the development was abandoned before finishing) and therefore has not been amortized yet. In order to measure the recoverable amount of the hCDR1 asset, Company management deducted the fair value of its other assets and liabilities from the amount representing its market value as of December 31, 2021. The resulting fair value attributable to the hCDR1 asset was higher than the book value of the hCDR1 asset and therefore no impairment was recorded in the Company’s financial statements as of December 31, 2021. No impairment was recorded on December 31, 2020 as well. b. Composition and movement: There were no $380 thousands. |
Accounts Payable
Accounts Payable | 12 Months Ended |
Dec. 31, 2021 | |
Accounts Payable [Abstract] | |
ACCOUNTS PAYABLE | NOTE 9: ACCOUNTS PAYABLE a. Composition: December 31, 2021 2020 U.S. dollars in thousands Trade payables 2 2 Accrued expenses 229 252 231 254 The carrying amount of other accounts payable is a reasonable approximation of their fair value because the effect of discounting is immaterial. b. The carrying amount of other accounts payable is denominated in the following currencies: December 31, 2021 2020 U.S. dollars in thousands U.S. dollars 180 160 NIS (not linked to the Israeli CPI) 51 94 231 254 |
Employee Benefit Liabilities
Employee Benefit Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefit Liabilities [Abstract] | |
EMPLOYEE BENEFIT LIABILITIES | NOTE 10: EMPLOYEE BENEFIT LIABILITIES According to the effective labor laws and employment agreements in Israel, the Company is obligated to pay compensation and/or pension to employees who are dismissed and, under certain circumstances, to employees who retire. The Company’s obligation for pension payment in Israel and the Company’s obligation for compensation payments to employees in Israel for whom the applicable obligation is pursuant to section 14 to the Severance Pay Law, are covered by fixed contributions into defined contribution plans. The amounts contributed as above are not reflected in the statements of financial position. Section 14 to the Severance Pay Law applies to all of the Company’s employees. The amounts recognized as expenses for defined contribution plans for employees of the Company in 2021, 2020 and 2019 was $0, $2 and $6 thousand, respectively. |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2021 | |
Warrants At Fair Value Of Explanatory [Abstract] | |
WARRANTS | NOTE 11: WARRANTS During the year ended December 31, 2017, the Company raised gross funds amounted to $5,300 thousand by issuance of 2,400,000 ADS’s and 2,400,000 warrants to purchase the same amount of ADS’s. The warrants shall be exercisable six months following the issuance date and will expire five and one-half years from the issuance date. The number of warrants and their exercise price could be adjusted upon standard anti-dilution protection clauses and subject to a cashless exercise mechanism (see also Note 13d). IFRS 13 “Fair Value Measurement”, (“IFRS 13”), defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions and risk of nonperformance. IFRS 13 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. IFRS 13 establishes three levels of inputs that may be used to measure fair value. Level 1 - quoted prices in active markets for identical assets or liabilities; Level 2 - inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or Level 3 - unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The Company accounted for the warrants issued to investors with a cashless exercise mechanism as a non-current liability according to provisions of IAS 32. The Company measured the warrants at fair value by using a Black-Scholes model. The warrants were measured in each reporting period. Changes in the fair value were recognized in the Company’s statement of comprehensive income (loss) as financial income or expense, as appropriate. The warrants were classified as level 3. The Company used the following assumptions to estimate the Investors’ warrants: December 31, 2021 2020 2019 Risk-free interest rate (1) 0.19 % 0.12 % 1.6 % Expected volatility (2) 60.83-62.46 % 68.59-69.23 % 52.53-52.62 % Contractual term life (in years) (3) 0.63-0.68 1.63-1.68 2.63-2.68 Dividend yield (4) 0 % 0 % 0 % (1) Risk-free interest rate - based on yield rates of non-index linked U.S. Federal Reserve treasury bonds. (2) Expected volatility - was calculated based on actual historical share price movements of the Company over a term that is equivalent to the contractual term of the option. If the change in standard deviation for that warrants shifted +/- 5%, the impact on the 2018 profit or loss would be $ 1 (3) Expected life - the expected life was based on the expiration date of the warrants. (4) Dividend yield - was based on the fact that the Company has not paid dividends to its shareholders in the past and does not expect to pay dividends to its shareholders in the future. Outstanding warrants: The table below summarizes the outstanding warrants as of December 31, 2021 - Warrants Number of Issuance Value in Exercise price Expiration date 650,000 65,000,000 February 17, 2017 0.2 4.1 5,000,000 on February 12, 2022 and 60,000,000 on August 16, 2022 1,197,500 119,750,000 March 7, 2017 0.77 2.3 September 6, 2022 1,847,500 184,750,000 Warrant exercises: Warrants issued February 17, Warrants issued March 7, Number of warrants Value in USD (per warrant) Number of warrants Value in USD (per warrant) Outstanding at January 1, 2021 1,050,000 0.75 1,400,000 1.32 Exercised (400,000 ) 1.14 (202,500 ) 1.59 - 2.94 Outstanding at December 31, 2021 650,000 0.2 1,197,500 0.77 The fair value of the warrants exercised was estimated at each date of exercise using a Black-Scholes model. For more information about the warrants exercised, see note 20. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2021 | |
Commitments [Abstract] | |
COMMITMENTS | NOTE 12: COMMITMENTS Royalty and contingent milestone payments: On August 3, 2010, the Company entered into Asset Purchase Agreement (“APA”) to acquire from Bio-Gal the rights to develop rHuEPO for the treatment of multiple myeloma under the research and license agreement with Yeda (see also Note 8a). According to the APA, the Company is obligated to pay 1% royalties on net sales of the developed product as well as a fixed royalty payment in the amount of $350 thousand upon the successful completion of a phase 2 clinical trial. The payment conditions for the above amount are at the earlier of occurrence of the following events: (i) Raising capital of at least $2 million by the Company or Xtepo after a successful completion of a phase 2 clinical trial; (ii) Six months after the successful completion of a phase 2 clinical trial. As of December 31, 2021, the Company has not completed the phase 2 clinical trial and therefore no royalty expenses have been recorded. |
Share Capital, Reserves and Ret
Share Capital, Reserves and Retained Earnings | 12 Months Ended |
Dec. 31, 2021 | |
Share Capital Reserves And Retained Earnings [Abstract] | |
SHARE CAPITAL, RESERVES AND RETAINED EARNINGS | NOTE 13: SHARE CAPITAL, RESERVES AND RETAINED EARNINGS a. The Company’s Ordinary shares of NIS 0.1 are traded on the TASE. The Company’s ADSs are listed for trading on the Nasdaq Capital Market in the U.S. The share price was NIS 0.086 (USD 0.0277) as of December 31, 2021. Ordinary shares confer upon their holders voting rights and right to participate in the shareholders’ meeting, right to receive dividends and the right to participate in the excess of assets upon liquidation of the Company. b. On August 3, 2017, the Company held its Annual General Meeting of Shareholders, pursuant to which, inter alia, it was decided to increase the Company’s authorized share capital from 700,000,000 Ordinary Shares to 1,450,000,000 Ordinary Shares. |
Share-Based Payment
Share-Based Payment | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of share-based payment arrangements [text block] [Abstract] | |
SHARE-BASED PAYMENT | NOTE 14: SHARE-BASED PAYMENT On August 29, 2011, the Company’s Board of Directors approved the adoption of an employee share option plan for the grant of options exercisable into shares of the Company, in accordance with section 102 to the Israeli Tax Ordinance (the “2011 Plan”) which ended after 10 years, and the holding of up to 10,000,000 shares in the framework of the 2011 Plan, for option allocation to Company employees, directors and consultants. The terms of the options, which will be granted according to the 2011 Plan, including the option period, exercise price, vesting period and exercise period shall be determined by the Company’s Board of Directors on the date of the actual allocation. On January 29, 2020, it was decided to increase the reserve by 10 million and on May 19, 2020 it was decided to increase the reserve by another 10 million options. The total reserve after these increases is 30 million. As of December 31, 2021, the remaining number of options available for grant under the 2011 Plan is 17,600,000 options. Movements in the number of share options and their related weighted average exercise prices (in dollars) during the years ended December 31, 2021, 2020 and 2019 are as follows: Year ended December 31, 2021 2020 2019 Number of Weighted Number of Weighted Number of Weighted Outstanding at beginning of year 16,200,000 0.07 6,200,000 0.15 6,200,000 0.15 Granted - - 20,000,000 0.03 - - Exercised - - - - - - Expired (3,433,331 ) 0.16 - - - - Forfeited (366,669 ) 0.08 (10,000,000 ) 0.03 - - Outstanding at end of year 12,400,000 0.05 16,200,000 0.07 6,200,000 0.15 Exercisable at end of year 7,399,998 0.07 7,699,997 0.13 5,949,998 0.16 Below is information about the exercise price (in dollars) and the remaining contractual life (in years) for options outstanding at end of year: December 31, 2021 2020 Options Range of Weighted Options Range of Weighted 10,900,000 0.03 - 0.14 7.94 12,150,000 0 - 0.14 8.65 1,500,000 0.17 3.66 4,050,000 0.15 -1.6 4.12 12,400,000 16,200,000 December 31, 2019 Options outstanding at end of year Range of exercise prices (USD) Weighted average remaining contractual life 2,150,000 0 - 0.14 6.24 4,050,000 0.15 -1.6 5.12 6,200,000 Net expenses recognized in the Company’s statements of comprehensive income (loss) for the years ended December 31, 2021, 2020 and 2019 for grant of options to employees and service providers were $37, $51 and $5 thousand, respectively. The table below summarizes the outstanding options as of December 31, 2021 that have been granted to the Company’s executives, directors and consultants – Options Position Grant date (*) Exercise price in NIS Fair value USD in thousands Vesting schedule 600,000 Four Directors December 30, 0.4325 46 33.33% of the stock options vest following the lapse of 12 months from the grant date, and the remaining 66.67% vest in 8 equal portions each quarter over a period of 2 years from the first 300,000 Two Directors March 25, 0.40 24 33.33% of the stock options vest following the lapse of 12 months from the grant date, and the remaining 66.67% vest in 8 equal portions each quarter over a period of 2 years from the first 1,500,000 Chairman of Board March 31, 0.6 63 12 equal portions each quarter over a period of 3 years from the date of grant 10,000,000 Chief Executive Officer (new) July 7, 2020 0.09 103 12 equal portions each quarter over a period of 3 years from the grant date 12,400,000 (*) Date of the Company’s Board of Directors’ decision (or shareholders, if required). (**) As of December 31, 2021, the unrecognized compensation cost related to all unvested options of approximately $15 thousands is expected to be recognized as an expense over a weighted-average recognition period of approximately 1.5 years. The fair value for options granted in 2020 is estimated at the date of grant using a Black-Scholes model with the following weighted average assumptions: 2020 Dividend yield 0 % Expected volatility 74.2 % Risk-free interest 0.67 % Expected life (years) 10 We have calculated the volatility based on the company’s historical volatility. The share price was set according to the Company’s share market value. No options were granted in 2021 and 2019. |
Research and Development Expens
Research and Development Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of research and development expense [text block] [Abstract] | |
RESEARCH AND DEVELOPMENT EXPENSES | NOTE 15: RESEARCH AND DEVELOPMENT EXPENSES Year ended December 31, 2021 2020 2019 U.S. dollars in thousands Fees related to service providers 30 38 35 |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of general and administrative expense [text block] [Abstract] | |
GENERAL AND ADMINISTRATIVE EXPENSES | NOTE 16: GENERAL AND ADMINISTRATIVE EXPENSES Year ended December 31, 2021 2020 2019 U.S. dollars in thousands Salaries and expenses relating to employees and service providers 123 164 112 Expenses relating to options and shares to employees and non-employees 37 51 5 Patents and fees 137 150 135 Directors’ fees 64 67 132 Investor relations and travel 3 4 27 Rent and office maintenance 15 42 13 Insurance 229 151 106 Professional services 381 266 262 Other 12 15 15 1,001 910 807 |
Finance Income (Expenses), Net
Finance Income (Expenses), Net | 12 Months Ended |
Dec. 31, 2021 | |
Finance Income (Expenses), Net [Abstract] | |
FINANCE INCOME (EXPENSES), NET | NOTE 17: FINANCE INCOME (EXPENSES), NET Year ended December 31, 2021 2020 2019 U.S. dollars in thousands Finance expenses: Revaluation of warrants to purchase ADS’s - 2,172 - Bank account management fees and commissions 21 17 29 Revaluation of marketable securities - - 574 Total finance expenses 21 2,189 603 Finance income: Revaluation of warrants to purchase ADS’s 719 - 584 Revaluation of marketable securities 747 138 - Interest income on bank deposits 8 33 93 Exchange differences 13 12 5 Total finance income 1,487 183 682 Finance income (expenses), net 1,466 (2,006 ) 79 |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of income tax [text block] [Abstract] | |
TAXES ON INCOME | NOTE 18: TAXES ON INCOME a. Tax rates applicable to the Company: Since the tax year 2018, the taxable income of the Company is subject to a corporate tax rate of 23%. b. The Group’s carryforward tax losses as of December 31, 2021, totaled approximately $44 million which may be carried forward and offset against taxable income in the future for an indefinite period. The Company did not recognize deferred taxes for carryforward losses and temporary differences, as well as capital losses and real losses, because their utilization in the foreseeable future is not probable. c. Below is the reconciliation between the “theoretical” tax expense, assuming that all the income were taxed at the regular tax rate applicable to companies in Israel and the taxes recorded in the statements of comprehensive income (loss) in the reporting year: Year ended December 31, 2021 2020 2019 U.S. dollars in thousands Income (loss) before taxes on income, as reported in the statements of comprehensive income (loss) 435 (2,954 ) (763 ) Theoretical tax expense (benefit) 100 (679 ) (175 ) Expenses (income) not recognized for tax purposes 515 420 (80 ) Temporary differences in the reported year for which no deferred taxes were recognized - 1 (1 ) Increase (decrease) in taxes resulting mainly from exchange rate differentials and taxable losses in the reported year for which no deferred taxes were recognized (615 ) 258 256 Tax benefit - - - d. Tax assessments: The Company filed self-assessments that are deemed final through the 2016 tax year. Xtepo has not received tax assessments since its incorporation in November 2009. |
Transactions and Balances with
Transactions and Balances with Related Parties | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of related party [text block] [Abstract] | |
TRANSACTIONS AND BALANCES WITH RELATED PARTIES | NOTE 19: TRANSACTIONS AND BALANCES WITH RELATED PARTIES The Company’s key management personnel who are included, along with other factors, in the definition of related party, as above in IAS 24, includes directors, members of the executive committee and InterCure Ltd. Compensation to key management personnel: The compensation to key management personnel for employee services provided to the Company is shown below: Year ended December 31, 2021 2020 2019 U.S. dollars in thousands Salaries, management and consulting fees and other short-term benefits 239 276 290 Pension, post retirement and other benefits - 2 7 Share-based payments 37 51 5 276 329 302 Number of persons 8 8 8 As of December 31, 2021 and 2020, the Company’s balances with related parties total approximately $30 thousand (all of which were linked to the NIS) and $52 thousand (all of which were linked to the NIS), respectively. For further information regarding share-based payment to related parties, see also Note 14 above. InterCure Ltd: The Company’s investment in the shares of InterCure Ltd is presented as Marketable securities. As of December 31, 2021 and 2020, the Company’s balances of InterCure Ltd’s shares total approximately $3,158 thousand and $2,411 thousand, respectively. The Company subleases an office from Canndoc Ltd, which is a subsidiary of InterCure Ltd. During 2021 approximately $14 thousands were paid to Canndoc Ltd for the rent. As of December 31, 2021 and 2020, the Company’s share in the shares of InterCure Ltd was 1.11% and 1.76%, respectively. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of earnings per share [text block] [Abstract] | |
EARNINGS (LOSS) PER SHARE | NOTE 20: EARNINGS (LOSS) PER SHARE Basic earnings (loss) per share The calculation of basic earnings per share (EPS) is based on the following profit (loss) attributable to shareholders and weighted-average number of ordinary shares outstanding. Profit (loss) attributed to ordinary shareholders (basic) 2021 2020 2019 U.S. dollars in thousands Total comprehensive income (loss) for the year 435 (2,954 ) (763 ) Weighted-average number of ordinary shares (basic) 2021 2020 2019 Number of shares Issued ordinary shares at January 1 514,205,799 514,205,799 514,205,799 Issued March 7,2021 due to warrant exercise 10,634,406 - - Issued May 4, 2021 due to warrant exercise 639,508 - - Issued July 6, 2021 due to warrant exercise 4,145,205 - - Issued August 30, 2021 due to warrant exercise 1,179,452 - - Issued September 1, 2021 due to warrant exercise 414,384 - - Issued October 11, 2021 due to warrant exercise 776,713 - - Weighted average number of ordinary shares (basic) 531,995,467 514,205,799 514,205,799 Diluted earnings (loss) per share The calculation of diluted EPS is based on the following profit (loss) attributable to shareholders and weighted-average number of ordinary shares outstanding after adjustment for the effects of all dilutive potential ordinary shares. Profit (loss) attributed to ordinary shareholders (diluted) 2021 2020 2019 U.S. dollars in thousands Total comprehensive income (loss) for the year (basic) 435 (2,954 ) (763 ) Warrant revaluation income (660 ) - - (225 ) (2,954 ) (763 ) Weighted-average number of ordinary shares (diluted) 2021 2020 2019 Number of shares Weighted-average number of ordinary shares (basic) 531,995,467 514,205,799 514,205,799 Effect of warrants 83,552,979 - - Weighted average number of ordinary shares (diluted) 615,548,446 514,205,799 514,205,799 At December 31, 2021, 12,400,000 options and 650,000 warrants (each warrant is exercisable to 100 shares) were excluded from the diluted weighted-average number of ordinary shares calculation because their effect would have been anti-dilutive (in 2020 and 2019 all options and warrants were excluded because there was loss per share). The average market value of the Company’s shares for calculating the dilutive effect of share options and warrants was based on quoted market prices for the year during which the options were outstanding. All outstanding options and warrants could be exercised to 12,400,000 and 184,750,000 ordinary shares, respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 21: SUBSEQUENT EVENTS On February 16, 2022 5,000,000 warrants from the February 17, 2017 round expired. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation of the consolidated financial statements | a. Basis of presentation of the consolidated financial statements: The consolidated financial statements of the Company (the “Financial Statements”) have been prepared in accordance with International Financial Reporting Standards (IFRSs), as issued by the International Accounting Standards Board (IASB). The accounting policies have been consistently applied to all the years presented, unless otherwise stated and have been prepared under the historical cost convention, as adjusted for financial assets and liabilities measured at fair value. The preparation of Financial Statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires the Group’s management to exercise its judgment in the process of applying the Group’s accounting policies. The areas that involve judgment which have significant effect or complexity or where assumptions and estimates are significant to the Financial Statements are disclosed in note 3. Actual results could significantly differ from the estimates and assumptions used by the Group’s management. |
Consolidated financial statements | b. Consolidated financial statements: Subsidiary consolidation: The consolidated financial statements include the accounts of the Company and entities controlled by the Company. Control exists when the Company has the power over the investee; has exposure, or rights, to variable returns from involvement in the investee; and has the ability to use its power over the investee to affect its returns. Subsidiary is fully consolidated starting from the date on which control therein is attained by the Company. The consolidation ceases when such control discontinues. Intra-group balances and transactions, including expenses in respect of transactions between the Group companies, are eliminated. |
Translation of balances and transactions in foreign currency | c. Translation of balances and transactions in foreign currency: 1. Functional currency and presentation currency: Items included in the Financial Statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (the “Functional Currency”). The consolidated financial statements are presented in U.S. dollars, which is the Functional Currency of each of the Group’s entities and the Company’s presentation currency. Below are the exchange rate of the U.S. dollar in relation to the NIS: Exchange rate As of of U.S. $ 1 NIS December 31, 2021 3.110 December 31, 2020 3.215 2. Transactions and balances: Transactions in a currency other than the Functional Currency (“Foreign Currency”) are translated into the Functional Currency using the exchange rates at the dates of the transactions. After initial recognition, monetary assets and liabilities denominated in Foreign Currency are translated at the end of each reporting period into the Functional Currency at the exchange rate at that date. Exchange differences are recognized in the statement of comprehensive income (loss) in the line item finance income (expenses), net. Non-monetary assets and liabilities denominated in foreign currency and measured at cost are translated at the exchange rate at the date of the transaction. |
Property and equipment | d. Property and equipment: Items of property and equipment are measured at cost with the addition of direct acquisition costs, less accumulated depreciation and accumulated impairment losses. Depreciation of property and equipment is calculated on a straight-line basis to reduce their cost to their residual value over their useful life as follows: % per-year Computers 33 An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount (see also Note 2f). |
Intangible assets | e. Intangible assets: 1. Unamortized intangible assets (licenses and patent rights): These assets are reviewed for impairment once a year and whenever there are indicators of a possible impairment, in accordance with the provisions of IAS 36, Impairment of Assets 2. Research and development: Research expenditures are recognized as expenses when incurred. Costs arising from development projects are recognized as intangible assets when the following criteria are met: - it is technically feasible to complete the intangible asset so that it will be available for use; - management intends to complete the intangible asset and use or sell it; - there is an ability to use or sell the intangible asset; - it can be demonstrated how the intangible asset will generate probable future economic benefits; - adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and - the expenditure attributable to the intangible asset during its development can be reliably measured. Other development expenditures that do not meet these criteria are recognized as an expense when incurred. Development costs that were previously recognized as an expense are not recognized as an asset in a later period. As of December 31, 2021 and 2020, the Group did not capitalize development project costs as intangible assets. |
Impairment of non-financial assets | f. Impairment of non-financial assets: Intangible assets which are not yet available for use are not amortized and impairment in their respect is tested at least every year. Depreciable assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Non-financial assets that sustained impairment are reviewed for possible reversal of the impairment at each date of the statement of financial position. |
Investments and other financial assets | g. Investments and other financial assets: 1. Classification: The Group classifies its financial assets in the following measurement categories: ● those to be measured subsequently at fair value through profit or loss ● those to be measured at amortized cost The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. The group classifies its equity investments as financial assets at fair value through profit or loss (FVPL). For assets measured at FVPL, gains and losses are recorded in profit or loss. 2. Recognition and de-recognition: Regular way purchases and sales of financial assets are recognized on trade-date, the date on which the group commits to purchase or sell the asset. Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. 3. Measurement: At initial recognition, the group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), the transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. 4. Impairment: The Group assesses on a forward-looking basis the expected credit losses associated with its debt instruments carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk . |
Cash and cash equivalents | h. Cash and cash equivalents: Cash and cash equivalents include cash at hand and short-term bank deposits with original maturities of three months or less, that are not restricted as to withdrawal or use, and are therefore considered to be cash equivalents. |
Share capital | i. Share capital: The Company’s ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new shares, options and warrants are shown in equity as a deduction, from the issuance proceeds. |
Trade payables | j. Trade payables: Trade payables are the Group’s obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest method. |
Employee benefits | k. Employee benefits: 1. Employment benefits for retirement compensation/pension: The Group operates various pension plans. The plans are generally funded through payments to insurance companies or trustee-administered funds. Said pension plans qualify for the criteria of defined contribution plan based on their terms and pursuant to section 14 to the Severance Pay Law. 2. Vacation and recreation benefits: According to the Law, an employee is entitled to paid annual leave and sick leave on an annual basis. The entitlement is based on the number of years of service. The Company recognizes an obligation and expense for paid annual leave and sick leave based on the benefit accumulated for each employee. |
Share-based payment | l. Share-based payment: The Group operates several share-based payment plans to employees, directors, officers and to other service providers who render services that are settled with the Group’s equity instruments. In this framework, the Company grants employees, from time to time, and, at its discretion, options to purchase shares of the Company. The fair value of options granted to employees and others providing similar services is measured according to the Black-Scholes model as of the date of grant (the date of the Company’s Board of Directors’ decision unless shareholders’ approval is required) and recognized as an expense in the statement of comprehensive income (loss) and correspondingly carried to equity. The total amount recognized as an expense over the vesting term of the options (the term over which all pre-established vesting conditions are expected to be satisfied) is determined by reference to the fair value of the options granted at grant date. At each reporting date, the Company revises its estimates of the number of options that are expected to vest based on the non-market vesting conditions and recognizes the impact of the revision to original estimates, if any, in the statement of comprehensive income (loss) with a corresponding adjustment in equity. When options are exercised, the Company issues new shares. The proceeds net of any directly attributable transaction costs are credited to share capital (nominal value) and share premium. |
Earning per share | m. Earning per share: Basic earning per share is calculated by dividing the earnings attributable to equity holders of the Company by the weighted average number of ordinary shares outstanding during the period. For the diluted earnings per share calculation, the weighted average number of shares outstanding during the year is adjusted for the average number of shares and ordinary shares that are potentially issuable in connection with employee/service-provider share-based payment and warrants, using the treasury stock method. If the inclusion of potentially issuable shares would decrease loss per share, the potentially issuable shares are excluded from the weighted average number of shares outstanding used to calculate diluted earnings per share. |
Issuance of units comprised of warrants and ordinary shares | n. Issuance of units comprised of warrants and ordinary shares: The Company allocated the total proceeds to the issuance components as follows: While the warrants classified as financial liabilities, the Company has initially recognized them at fair value as of the date of issuance (measured through third-party appraiser, using a Black-Scholes model). The amount recognized in shareholders equity, which represents the funds attributed to the ordinary shares issued, was calculated as the difference between the total issuance proceeds and the fair value of the warrants at that date. Incremental and direct issuance costs were allocated by the Company based on the relative value of the warrants (as calculated on the date of issuance) and the Ordinary Shares (calculated as the difference between the proceeds and the fair value of the warrants). The portion of issuance costs that was allocated to the warrants was recognized immediately as finance expenses in the statement of comprehensive income (loss) and the portion of issuance costs related to the Ordinary Shares was deducted from additional-paid in capital. The warrants are carried at fair value. On each reporting period, the Changes in their fair value are recognized in profit or loss. |
Finance income and finance costs | o. Finance income and finance costs: The Company’s finance income and finance costs include: ● interest income; ● foreign currency gain or loss on financial assets and financial liabilities; ● revaluation of warrants to purchase ADS’s; ● revaluation of marketable securities; ● bank fees. |
Leases | p. Leases: IFRS 16 requiring lessees to recognize a liability for a lease, reflecting the discounted value of future lease payments, and a “right to use” asset, with respect to all leases (except as stated below), with no distinction between financing lease and operating lease. However, IFRS 16 allows lessees not to apply these provisions for short-term leases, by groups of underlying assets, and for leases in which the underlying asset of the lease is of low value. The Company elected to apply the practical expedient for short-term leases (leases with a lease term of 12 months or less). The Company leases an office. Both the lessor and the lessee have termination options. For both options, there is a notice period of 60 days. Therefore, the enforceable period of the lease is 60 days, and the lease qualifies for the short-term lease exemption. The Company has adopted IFRS 16 from January 1, 2019. The implementation of IFRS 16 had no material impact on the Company’s financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Schedule of exchange rate of the U.S. dollar in relation to the NIS | Exchange rate As of of U.S. $ 1 NIS December 31, 2021 3.110 December 31, 2020 3.215 |
Schedule of depreciation of property and equipment | % per-year Computers 33 |
Financial Instruments and Fin_2
Financial Instruments and Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments and Financial Risk Management [Abstract] | |
Schedule of changes in financial liabilities from finance activities | Warrants U.S. dollars in Balance as of January 1, 2019 1,049 Revaluation during the year (584 ) Balance as of December 31, 2019 465 Revaluation during the year 2,172 Balance as of December 31, 2020 2,637 Revaluation during the year (719 ) Exercises during the year (864 ) Balance as of December 31, 2021 1,054 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of cash and cash equivalents [text block] [Abstract] | |
Schedule of cash and cash equivalents | December 31, 2021 2020 U.S. dollars in thousands Cash in banks and on hand 599 361 Bank deposits with original maturities of three months or less* 2,370 3,270 2,969 3,631 * Deposits with maturity of three months, which in 2021 bear an interest of 0.58 - 1.6% per annum (in 2019: 0.37 - 0.45%). |
Schedule of cash and cash equivalents are denominated or linked | December 31, 2021 2020 U.S. dollars in thousands U.S. dollars 2,807 3,538 NIS (not linked to the Israeli CPI) 162 93 2,969 3,631 |
Marketable Securities - Inter_2
Marketable Securities - InterCure Ltd (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Marketable Securities Explanatory [Abstract] | |
Schedule of financial instruments | December 31, 2021 2020 U.S. dollars in thousands Marketable securities - InterCure Ltd 3,158 2,411 |
Schedule of changes in marketable securities | December 31, 2021 2020 2019 U.S. dollars in thousands Fair value opening balance 2,411 2,273 2,847 Changes in fair value during the year 747 138 (574 ) Fair value closing balance 3,158 2,411 2,273 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Prepaid Expenses Explanatory Table [Abstract] | |
Schedule of prepaid expenses and othe current assets | December 31, 2021 2020 U.S. dollars in thousands Government authorities (*) 16 13 Prepaid expenses 94 66 110 79 (*) The government authorities are monetary items, which are denominated or linked is NIS. |
Accounts Payable (Tables)
Accounts Payable (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Other Accounts Payables Explanatory [Abstract] | |
Schedule of composition of accounts payable | December 31, 2021 2020 U.S. dollars in thousands Trade payables 2 2 Accrued expenses 229 252 231 254 |
Schedule of carrying amount of other accounts payable | December 31, 2021 2020 U.S. dollars in thousands U.S. dollars 180 160 NIS (not linked to the Israeli CPI) 51 94 231 254 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Warrants At Fair Value Of Explanatory [Abstract] | |
Schedule of warrants valuation assumptions of investors' warrants | December 31, 2021 2020 2019 Risk-free interest rate (1) 0.19 % 0.12 % 1.6 % Expected volatility (2) 60.83-62.46 % 68.59-69.23 % 52.53-52.62 % Contractual term life (in years) (3) 0.63-0.68 1.63-1.68 2.63-2.68 Dividend yield (4) 0 % 0 % 0 % |
Schedule of the outstanding warrants | Warrants Number of Issuance Value in Exercise price Expiration date 650,000 65,000,000 February 17, 2017 0.2 4.1 5,000,000 on February 12, 2022 and 60,000,000 on August 16, 2022 1,197,500 119,750,000 March 7, 2017 0.77 2.3 September 6, 2022 1,847,500 184,750,000 |
Schedule of warrant exercises | Warrants issued February 17, Warrants issued March 7, Number of warrants Value in USD (per warrant) Number of warrants Value in USD (per warrant) Outstanding at January 1, 2021 1,050,000 0.75 1,400,000 1.32 Exercised (400,000 ) 1.14 (202,500 ) 1.59 - 2.94 Outstanding at December 31, 2021 650,000 0.2 1,197,500 0.77 |
Share-Based Payment (Tables)
Share-Based Payment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of share-based payment arrangements [text block] [Abstract] | |
Schedule of number of share options and their related weighted average exercise prices | Year ended December 31, 2021 2020 2019 Number of Weighted Number of Weighted Number of Weighted Outstanding at beginning of year 16,200,000 0.07 6,200,000 0.15 6,200,000 0.15 Granted - - 20,000,000 0.03 - - Exercised - - - - - - Expired (3,433,331 ) 0.16 - - - - Forfeited (366,669 ) 0.08 (10,000,000 ) 0.03 - - Outstanding at end of year 12,400,000 0.05 16,200,000 0.07 6,200,000 0.15 Exercisable at end of year 7,399,998 0.07 7,699,997 0.13 5,949,998 0.16 |
Schedule of exercise price and the remaining contractual life (in years) | December 31, 2021 2020 Options Range of Weighted Options Range of Weighted 10,900,000 0.03 - 0.14 7.94 12,150,000 0 - 0.14 8.65 1,500,000 0.17 3.66 4,050,000 0.15 -1.6 4.12 12,400,000 16,200,000 December 31, 2019 Options outstanding at end of year Range of exercise prices (USD) Weighted average remaining contractual life 2,150,000 0 - 0.14 6.24 4,050,000 0.15 -1.6 5.12 6,200,000 |
Schedule of outstanding options | Options Position Grant date (*) Exercise price in NIS Fair value USD in thousands Vesting schedule 600,000 Four Directors December 30, 0.4325 46 33.33% of the stock options vest following the lapse of 12 months from the grant date, and the remaining 66.67% vest in 8 equal portions each quarter over a period of 2 years from the first 300,000 Two Directors March 25, 0.40 24 33.33% of the stock options vest following the lapse of 12 months from the grant date, and the remaining 66.67% vest in 8 equal portions each quarter over a period of 2 years from the first 1,500,000 Chairman of Board March 31, 0.6 63 12 equal portions each quarter over a period of 3 years from the date of grant 10,000,000 Chief Executive Officer (new) July 7, 2020 0.09 103 12 equal portions each quarter over a period of 3 years from the grant date 12,400,000 (*) Date of the Company’s Board of Directors’ decision (or shareholders, if required). (**) As of December 31, 2021, the unrecognized compensation cost related to all unvested options of approximately $15 thousands is expected to be recognized as an expense over a weighted-average recognition period of approximately 1.5 years. |
Schedule of detailed information about the fair value for options granted | 2020 Dividend yield 0 % Expected volatility 74.2 % Risk-free interest 0.67 % Expected life (years) 10 |
Research and Development Expe_2
Research and Development Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of research and development expense [text block] [Abstract] | |
Schedule of research and development expenses | Year ended December 31, 2021 2020 2019 U.S. dollars in thousands Fees related to service providers 30 38 35 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of general and administrative expense [text block] [Abstract] | |
Schedule of general and administrative expenses | Year ended December 31, 2021 2020 2019 U.S. dollars in thousands Salaries and expenses relating to employees and service providers 123 164 112 Expenses relating to options and shares to employees and non-employees 37 51 5 Patents and fees 137 150 135 Directors’ fees 64 67 132 Investor relations and travel 3 4 27 Rent and office maintenance 15 42 13 Insurance 229 151 106 Professional services 381 266 262 Other 12 15 15 1,001 910 807 |
Finance Income (Expenses), Net
Finance Income (Expenses), Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Finance Income (Expenses), Net [Abstract] | |
Schedule of finance income (expenses), net | Year ended December 31, 2021 2020 2019 U.S. dollars in thousands Finance expenses: Revaluation of warrants to purchase ADS’s - 2,172 - Bank account management fees and commissions 21 17 29 Revaluation of marketable securities - - 574 Total finance expenses 21 2,189 603 Finance income: Revaluation of warrants to purchase ADS’s 719 - 584 Revaluation of marketable securities 747 138 - Interest income on bank deposits 8 33 93 Exchange differences 13 12 5 Total finance income 1,487 183 682 Finance income (expenses), net 1,466 (2,006 ) 79 |
Taxes on Income (Tables)
Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of income tax [text block] [Abstract] | |
Schedule of reconciliation between the “theoretical” tax expense | Year ended December 31, 2021 2020 2019 U.S. dollars in thousands Income (loss) before taxes on income, as reported in the statements of comprehensive income (loss) 435 (2,954 ) (763 ) Theoretical tax expense (benefit) 100 (679 ) (175 ) Expenses (income) not recognized for tax purposes 515 420 (80 ) Temporary differences in the reported year for which no deferred taxes were recognized - 1 (1 ) Increase (decrease) in taxes resulting mainly from exchange rate differentials and taxable losses in the reported year for which no deferred taxes were recognized (615 ) 258 256 Tax benefit - - - |
Transactions and Balances wit_2
Transactions and Balances with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of related party [text block] [Abstract] | |
Schedule of compensation to key management personnel for employee services | Year ended December 31, 2021 2020 2019 U.S. dollars in thousands Salaries, management and consulting fees and other short-term benefits 239 276 290 Pension, post retirement and other benefits - 2 7 Share-based payments 37 51 5 276 329 302 Number of persons 8 8 8 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of earnings per share [text block] [Abstract] | |
Schedule of profit (loss) attributed to ordinary shareholders (basic) | 2021 2020 2019 U.S. dollars in thousands Total comprehensive income (loss) for the year 435 (2,954 ) (763 ) |
Schedule of weighted-average number of ordinary shares (basic) | 2021 2020 2019 Number of shares Issued ordinary shares at January 1 514,205,799 514,205,799 514,205,799 Issued March 7,2021 due to warrant exercise 10,634,406 - - Issued May 4, 2021 due to warrant exercise 639,508 - - Issued July 6, 2021 due to warrant exercise 4,145,205 - - Issued August 30, 2021 due to warrant exercise 1,179,452 - - Issued September 1, 2021 due to warrant exercise 414,384 - - Issued October 11, 2021 due to warrant exercise 776,713 - - Weighted average number of ordinary shares (basic) 531,995,467 514,205,799 514,205,799 |
Schedule of profit (loss) attributed to ordinary shareholders (diluted) | 2021 2020 2019 U.S. dollars in thousands Total comprehensive income (loss) for the year (basic) 435 (2,954 ) (763 ) Warrant revaluation income (660 ) - - (225 ) (2,954 ) (763 ) |
Schedule of weighted-average number of ordinary shares (diluted) | 2021 2020 2019 Number of shares Weighted-average number of ordinary shares (basic) 531,995,467 514,205,799 514,205,799 Effect of warrants 83,552,979 - - Weighted average number of ordinary shares (diluted) 615,548,446 514,205,799 514,205,799 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - Schedule of exchange rate of the U.S. dollar in relation to the NIS | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of exchange rate of the U.S. dollar in relation to the NIS [Abstract] | ||
Exchange rate | 3.11 | 3.215 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of depreciation of property and equipment | 12 Months Ended |
Dec. 31, 2021 | |
Computers [Member] | |
Significant Accounting Policies (Details) - Schedule of depreciation of property and equipment [Line Items] | |
Property and equipment useful life, percentage | 33.00% |
Financial Instruments and Fin_3
Financial Instruments and Financial Risk Management (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments and Financial Risk Management [Abstract] | |
Description of foreign currency exchange rate risk | As of December 31, 2021, had the Group’s functional currency strengthened by 10% against the NIS with all other variables remaining constant, post-tax profit for the year would have been $328 thousand higher (2020 - loss approximately $242 thousand lower; 2019 - loss approximately $233 thousand lower), mainly as a result of exchange rate changes on translation of other accounts receivable and exchange rate changes on NIS-denominated cash and cash equivalents. |
Financial Instruments and Fin_4
Financial Instruments and Financial Risk Management (Details) - Schedule of changes in financial liabilities from finance activities - Warrants - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial Instruments and Financial Risk Management (Details) - Schedule of changes in financial liabilities from finance activities [Line Items] | |||
Balance at beginning | $ 2,637 | $ 465 | $ 1,049 |
Revaluation during the year | (719) | 2,172 | (584) |
Exercises during the year | (864) | ||
Balance at ending | $ 1,054 | $ 2,637 | $ 465 |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Cash and Cash Equivalents (Details) [Line Items] | ||
Maturity period | 3 months | 3 months |
Bottom of range [member] | ||
Cash and Cash Equivalents (Details) [Line Items] | ||
Interest rate per annum | 0.58% | 0.37% |
Top of range [member] | ||
Cash and Cash Equivalents (Details) [Line Items] | ||
Interest rate per annum | 1.60% | 0.45% |
Cash and Cash Equivalents (De_2
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of cash and cash equivalents [Abstract] | |||
Cash in banks and on hand | $ 599 | $ 361 | |
Bank deposits with original maturities of three months or less | [1] | 2,370 | 3,270 |
Cash and cash equivalents | $ 2,969 | $ 3,631 | |
[1] | Deposits with maturity of three months, which in 2021 bear an interest of 0.58-1.6% per annum (in 2019: 0.37-0.45%). |
Cash and Cash Equivalents (De_3
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents are denominated or linked - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents are denominated or linked [Line Items] | ||
Cash and cash equivalents | $ 2,969 | $ 3,631 |
U.S. dollars [Member] | ||
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents are denominated or linked [Line Items] | ||
Cash and cash equivalents | 2,807 | 3,538 |
NIS (not linked to the Israeli CPI) [Member] | ||
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents are denominated or linked [Line Items] | ||
Cash and cash equivalents | $ 162 | $ 93 |
Marketable Securities - Inter_3
Marketable Securities - InterCure Ltd (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Marketable Securities Explanatory [Abstract] | |
Percentage of shares hold | 1.11% |
Marketable Securities - Inter_4
Marketable Securities - InterCure Ltd (Details) - Schedule of financial instruments - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of financial instruments [Abstract] | ||
Marketable securities | $ 3,158 | $ 2,411 |
Marketable Securities - Inter_5
Marketable Securities - InterCure Ltd (Details) - Schedule of changes in marketable securities - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Schedule of changes in marketable securities [Abstract] | |||
Fair value opening balance | $ 2,411 | $ 2,273 | $ 2,847 |
Changes in fair value during the year | 747 | 138 | (574) |
Total marketable securities | $ 3,158 | $ 2,411 | $ 2,273 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets (Details) - Schedule of prepaid expenses and other current assets - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of prepaid expenses and other current assets [Abstract] | |||
Government authorities | [1] | $ 16 | $ 13 |
Prepaid expenses | 94 | 66 | |
Total | $ 110 | $ 79 | |
[1] | The government authorities are monetary items, which are denominated or linked is NIS. |
Intangible Assets (Details)
Intangible Assets (Details) - USD ($) | May 01, 2017 | Aug. 01, 2016 | Dec. 31, 2021 | Apr. 30, 2015 |
Intangible Assets (Details) [Line Items] | ||||
License agreement, description | Under the license agreement, we are required to make milestone payments of up to $2.2 million: $200,000 upon starting a Phase 3 clinical trial, $1 million upon FDA approval to market in the U.S., and $250,000 for marketing approval in each of China and three of the European Union’s Group of Five. In addition, we are required to pay 2-3% royalties of annual net sales and sublicense fees of 15-20% of whatever we receive from any sub-licensee. | |||
Receipt of investment | $ 5,000,000 | |||
Received amount | $ 4,000,000 | |||
Receipt of required investment | $ 5,000,000 | |||
Expiry term | 11 years | |||
Required payment of liquidated damages | $ 8,000,000 | |||
Expires term, description | The Company exclusively licensed two families of patents relating to hCDR1: One expires on September 22, 2022 (in the US. For all other countries, it expired on February 26, 2022) and the other expires on January 14, 2024. | |||
Assets remained amount | $ 380 | |||
Yeda [Member] | ||||
Intangible Assets (Details) [Line Items] | ||||
Remaining liability | $ 127,000 |
Accounts Payable (Details) - Sc
Accounts Payable (Details) - Schedule of composition of accounts payable - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of composition of accounts payable [Abstract] | ||
Trade payables | $ 2 | $ 2 |
Accrued expenses | 229 | 252 |
Total accounts payable | $ 231 | $ 254 |
Accounts Payable (Details) - _2
Accounts Payable (Details) - Schedule of carrying amount of other accounts payable - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts Payable (Details) - Schedule of carrying amount of other accounts payable [Line Items] | ||
Other accounts payable | $ 231 | $ 254 |
U.S. dollars [Member] | ||
Accounts Payable (Details) - Schedule of carrying amount of other accounts payable [Line Items] | ||
Other accounts payable | 180 | 160 |
NIS (not linked to the Israeli CPI) [Member] | ||
Accounts Payable (Details) - Schedule of carrying amount of other accounts payable [Line Items] | ||
Other accounts payable | $ 51 | $ 94 |
Employee Benefit Liabilities (D
Employee Benefit Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of employee benefits [Abstract] | |||
Defined contribution plans for employees | $ 0 | $ 2 | $ 6 |
Warrants (Details)
Warrants (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2017 | |
Warrants (Details) [Line Items] | ||
Gross funds raised | $ 5,300 | |
Warrants issued | 2,400,000 | |
Description of warrants exercisable | The warrants shall be exercisable six months following the issuance date and will expire five and one-half years from the issuance date. | |
Expected volatility, description | If the change in standard deviation for that warrants shifted +/- 5%, the impact on the 2018 profit or loss would be $162 thousands and $159 thousands, respectively. The higher the standard deviation, the higher the fair value. | |
American Depository Shares [Member] | ||
Warrants (Details) [Line Items] | ||
ADS's issued | 2,400,000 |
Warrants (Details) - Schedule o
Warrants (Details) - Schedule of warrants valuation assumptions of investors' warrants | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Warrants (Details) - Schedule of warrants valuation assumptions of investors' warrants [Line Items] | ||||
Risk-free interest rate | [1] | 0.19% | 0.12% | 1.60% |
Expected volatility | [2] | |||
Dividend yield | [3] | 0.00% | 0.00% | 0.00% |
Bottom of range [member] | ||||
Warrants (Details) - Schedule of warrants valuation assumptions of investors' warrants [Line Items] | ||||
Risk-free interest rate | [1] | |||
Expected volatility | [2] | 60.83% | 68.59% | 52.53% |
Contractual term life (in years) | [4] | 7 months 17 days | 1 year 7 months 17 days | 2 years 7 months 17 days |
Dividend yield | [3] | |||
Top of range [member] | ||||
Warrants (Details) - Schedule of warrants valuation assumptions of investors' warrants [Line Items] | ||||
Risk-free interest rate | [1] | |||
Expected volatility | [2] | 62.46% | 69.23% | 52.62% |
Contractual term life (in years) | [4] | 8 months 4 days | 1 year 8 months 4 days | 2 years 8 months 4 days |
Dividend yield | [3] | |||
[1] | Risk-free interest rate - based on yield rates of non-index linked U.S. Federal Reserve treasury bonds. | |||
[2] | Expected volatility - was calculated based on actual historical share price movements of the Company over a term that is equivalent to the contractual term of the option. If the change in standard deviation for that warrants shifted +/- 5%, the impact on the 2018 profit or loss would be $162 thousands and $159 thousands, respectively. The higher the standard deviation, the higher the fair value. | |||
[3] | Dividend yield - was based on the fact that the Company has not paid dividends to its shareholders in the past and does not expect to pay dividends to its shareholders in the future. | |||
[4] | Expected life - the expected life was based on the expiration date of the warrants. |
Warrants (Details) - Schedule_2
Warrants (Details) - Schedule of the outstanding warrants | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
Warrants (Details) - Schedule of the outstanding warrants [Line Items] | |
Warrants outstanding to purchase ADSs (in Shares) | shares | 1,847,500 |
Number of shares exercisable | $ 184,750,000 |
February 17, 2017 [Member] | |
Warrants (Details) - Schedule of the outstanding warrants [Line Items] | |
Warrants outstanding to purchase ADSs (in Shares) | shares | 650,000 |
Number of shares exercisable | $ 65,000,000 |
Issuance date | Feb. 17, 2017 |
Value in USD (per warrant) | $ 0.2 |
Exercise price in USD (per warrant) | $ 4.1 |
Expiration date | 5,000,000 on February 12, 2022 and 60,000,000 on August 16, 2022 |
March 7, 2017 [Member] | |
Warrants (Details) - Schedule of the outstanding warrants [Line Items] | |
Warrants outstanding to purchase ADSs (in Shares) | shares | 1,197,500 |
Number of shares exercisable | $ 119,750,000 |
Issuance date | Mar. 7, 2017 |
Value in USD (per warrant) | $ 0.77 |
Exercise price in USD (per warrant) | $ 2.3 |
Expiration date | September 6, 2022 |
Warrants (Details) - Schedule_3
Warrants (Details) - Schedule of warrant exercises | 12 Months Ended |
Dec. 31, 2021$ / sharesshares | |
February 17, 2017 [Member] | |
Warrants (Details) - Schedule of warrant exercises [Line Items] | |
Number of warrants outstanding, beginning balance | 1,050,000 |
Value in USD (per warrant), outstanding beginning balance | 0.75 |
Number of warrants, exercised (in Dollars per share) | $ / shares | $ (400,000) |
Value in USD (per warrant), exercised (in Dollars per share) | $ / shares | $ 1.14 |
Number of warrants outstanding, ending balance | 650,000 |
Value in USD (per warrant), outstanding ending balance | 0.2 |
March 7, 2017 [Member] | |
Warrants (Details) - Schedule of warrant exercises [Line Items] | |
Number of warrants outstanding, beginning balance | 1,400,000 |
Value in USD (per warrant), outstanding beginning balance | 1.32 |
Number of warrants, exercised (in Dollars per share) | $ / shares | $ (202,500) |
Number of warrants outstanding, ending balance | 1,197,500 |
Value in USD (per warrant), outstanding ending balance | 0.77 |
Bottom of range [member] | March 7, 2017 [Member] | |
Warrants (Details) - Schedule of warrant exercises [Line Items] | |
Value in USD (per warrant), exercised (in Dollars per share) | $ / shares | $ 1.59 |
Top of range [member] | March 7, 2017 [Member] | |
Warrants (Details) - Schedule of warrant exercises [Line Items] | |
Value in USD (per warrant), exercised (in Dollars per share) | $ / shares | $ 2.94 |
Commitments (Details)
Commitments (Details) $ in Thousands | Aug. 03, 2010USD ($) |
Commitments [Abstract] | |
Percentage of obligation to pay royalties | 1.00% |
Royalty payment | $ 350 |
Raising capital | $ 2,000 |
Share Capital, Reserves and R_2
Share Capital, Reserves and Retained Earnings (Details) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Aug. 03, 2017 | |
Share Capital, Reserves and Retained Earnings (Details) [Line Items] | |||
Ordinary shares, description | The Company’s Ordinary shares of NIS 0.1 are traded on the TASE. The Company’s ADSs are listed for trading on the Nasdaq Capital Market in the U.S. The share price was NIS 0.086 (USD 0.0277) as of December 31, 2021. | ||
Ordinary shares, authorized | 1,450,000,000 | 1,450,000,000 | |
Ordinary Shares [Member] | |||
Share Capital, Reserves and Retained Earnings (Details) [Line Items] | |||
Ordinary shares, authorized | 1,450,000,000 | ||
Ordinary Shares [Member] | Annual General Meeting of Shareholders [Member] | |||
Share Capital, Reserves and Retained Earnings (Details) [Line Items] | |||
Ordinary shares, authorized | 700,000,000 |
Share-Based Payment (Details)
Share-Based Payment (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 29, 2020 | Aug. 29, 2011 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-Based Payment (Details) [Line Items] | |||||
Increase of reserve, description | On January 29, 2020, it was decided to increase the reserve by 10 million and on May 19, 2020 it was decided to increase the reserve by another 10 million options. The total reserve after these increases is 30 million. As of December 31, 2021, the remaining number of options available for grant under the 2011 Plan is 17,600,000 options. | ||||
Net expenses recognized for grant of options to employees | $ 37 | $ 51 | $ 5 | ||
Unvested options | $ 15 | ||||
Weighted-average term | 1 year 6 months | ||||
Two Thousand Eleven Plan [Member] | |||||
Share-Based Payment (Details) [Line Items] | |||||
Share based payment award remaining contractual term | 10 years | ||||
Number of share holding of up (in Shares) | 10,000,000 |
Share-Based Payment (Details) -
Share-Based Payment (Details) - Schedule of number of share options and their related weighted average exercise prices - Stock Options [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Share-Based Payment (Details) - Schedule of number of share options and their related weighted average exercise prices [Line Items] | |||
Number of options, outstanding at beginning of year | 16,200,000 | 6,200,000 | 6,200,000 |
Weighted average exercise price, outstanding at beginning of year | $ 0.07 | $ 0.15 | $ 0.15 |
Number of options, granted | 20,000,000 | ||
Weighted average exercise price, granted | $ 0.03 | ||
Number of options, exercised | |||
Weighted average exercise price, exercised | |||
Number of options, expired | (3,433,331) | ||
Weighted average exercise price, expired | $ 0.16 | ||
Number of options, forfeited | (366,669) | (10,000,000) | |
Weighted average exercise price, forfeited | $ 0.08 | $ 0.03 | |
Number of options, outstanding at end of year | 12,400,000 | 16,200,000 | 6,200,000 |
Weighted average exercise price, outstanding at end of year | $ 0.05 | $ 0.07 | $ 0.15 |
Number of options, exercisable at end of year | 7,399,998 | 7,699,997 | 5,949,998 |
Weighted average exercise price, exercisable at end of year | $ 0.07 | $ 0.13 | $ 0.16 |
Share-Based Payment (Details)_2
Share-Based Payment (Details) - Schedule of exercise price and the remaining contractual life (in years) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Range of Exercise Prices One [Member] | |||
Share-Based Payment (Details) - Schedule of exercise price and the remaining contractual life (in years) [Line Items] | |||
Options outstanding at end of year (in Shares) | 10,900,000 | 12,150,000 | 2,150,000 |
Weighted average remaining contractual life | 7 years 11 months 8 days | 8 years 7 months 24 days | 6 years 2 months 26 days |
Range of Exercise Prices One [Member] | Bottom of range [member] | |||
Share-Based Payment (Details) - Schedule of exercise price and the remaining contractual life (in years) [Line Items] | |||
Range of exercise prices | $ 0.03 | $ 0 | $ 0 |
Range of Exercise Prices One [Member] | Top of range [member] | |||
Share-Based Payment (Details) - Schedule of exercise price and the remaining contractual life (in years) [Line Items] | |||
Range of exercise prices | $ 0.14 | $ 0.14 | $ 0.14 |
Range of Exercise Prices Two [Member] | |||
Share-Based Payment (Details) - Schedule of exercise price and the remaining contractual life (in years) [Line Items] | |||
Options outstanding at end of year (in Shares) | 1,500,000 | 4,050,000 | 4,050,000 |
Range of exercise prices | $ 0.17 | ||
Weighted average remaining contractual life | 3 years 7 months 28 days | 4 years 1 month 13 days | 5 years 1 month 13 days |
Range of Exercise Prices Two [Member] | Bottom of range [member] | |||
Share-Based Payment (Details) - Schedule of exercise price and the remaining contractual life (in years) [Line Items] | |||
Range of exercise prices | $ 0.15 | $ 0.15 | |
Range of Exercise Prices Two [Member] | Top of range [member] | |||
Share-Based Payment (Details) - Schedule of exercise price and the remaining contractual life (in years) [Line Items] | |||
Range of exercise prices | $ 1.6 | $ 1.6 | |
Stock Options [Member] | |||
Share-Based Payment (Details) - Schedule of exercise price and the remaining contractual life (in years) [Line Items] | |||
Options outstanding at end of year (in Shares) | 12,400,000 | 16,200,000 | 6,200,000 |
Share-Based Payment (Details)_3
Share-Based Payment (Details) - Schedule of outstanding options $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2021USD ($)$ / sharesshares | ||
Stock Options [Member] | ||
Share-Based Payment (Details) - Schedule of outstanding options [Line Items] | ||
Options outstanding | 12,400,000 | |
Four Directors [Member] | December 30, 2014 | ||
Share-Based Payment (Details) - Schedule of outstanding options [Line Items] | ||
Options outstanding | 600,000 | |
Position | Four Directors | |
Grant date | Dec. 30, 2014 | [1],[2] |
Exercise price in NIS | $ / shares | $ 0.4325 | |
Fair value USD in thousands | $ | $ 46 | |
Vesting schedule | 33.33% of the stock options vest following the lapse of 12 months from the grant date, and the remaining 66.67% vest in 8 equal portions each quarter over a period of 2 years from the first | |
Two Directors [Member] | March 25, 2015 [Member] | ||
Share-Based Payment (Details) - Schedule of outstanding options [Line Items] | ||
Options outstanding | 300,000 | |
Position | Two Directors | |
Grant date | Mar. 25, 2015 | [1],[2] |
Exercise price in NIS | $ / shares | $ 0.4 | |
Fair value USD in thousands | $ | $ 24 | |
Vesting schedule | 33.33% of the stock options vest following the lapse of 12 months from the grant date, and the remaining 66.67% vest in 8 equal portions each quarter over a period of 2 years from the first | |
Chairman of Board [Member] | March 31, 2016 [Member] | ||
Share-Based Payment (Details) - Schedule of outstanding options [Line Items] | ||
Options outstanding | 1,500,000 | |
Position | Chairman of Board | |
Grant date | Mar. 31, 2016 | [1],[2] |
Exercise price in NIS | $ / shares | $ 0.6 | |
Fair value USD in thousands | $ | $ 63 | |
Vesting schedule | 12 equal portions each quarter over a period of 3 years from the date of grant | |
Chief Executive Officer (new) [Member] | July 7, 2020 [Member] | ||
Share-Based Payment (Details) - Schedule of outstanding options [Line Items] | ||
Options outstanding | 10,000,000 | |
Position | Chief Executive Officer (new) | |
Grant date | Jul. 7, 2020 | [1],[2] |
Exercise price in NIS | $ / shares | $ 0.09 | |
Fair value USD in thousands | $ | $ 103 | |
Vesting schedule | 12 equal portions each quarter over a period of 3 years from the grant date | |
[1] | As of December 31, 2021, the unrecognized compensation cost related to all unvested options of approximately $15 thousands is expected to be recognized as an expense over a weighted-average recognition period of approximately 1.5 years. | |
[2] | Date of the Company’s Board of Directors’ decision (or shareholders, if required). |
Share-Based Payment (Details)_4
Share-Based Payment (Details) - Schedule of detailed information about the fair value for options granted - Black-Scholes-Merton Options pricing model [Member] | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Payment (Details) - Schedule of detailed information about the fair value for options granted [Line Items] | |
Dividend yield | 0.00% |
Expected volatility | 74.20% |
Risk-free interest | 0.67% |
Expected life (years) | 10 years |
Research and Development Expe_3
Research and Development Expenses (Details) - Schedule of research and development expenses - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of research and development expenses [Abstract] | |||
Research and development expense | $ 30 | $ 38 | $ 35 |
General and Administrative Ex_3
General and Administrative Expenses (Details) - Schedule of general and administrative expenses - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of general and administrative expenses [Abstract] | |||
Salaries and expenses relating to employees and service providers | $ 123 | $ 164 | $ 112 |
Expenses relating to options and shares to employees and non-employees | 37 | 51 | 5 |
Patents and fees | 137 | 150 | 135 |
Directors’ fees | 64 | 67 | 132 |
Investor relations and travel | 3 | 4 | 27 |
Rent and office maintenance | 15 | 42 | 13 |
Insurance | 229 | 151 | 106 |
Professional services | 381 | 266 | 262 |
Other | 12 | 15 | 15 |
General and administrative expenses | $ 1,001 | $ 910 | $ 807 |
Finance Income (Expenses), Ne_2
Finance Income (Expenses), Net (Details) - Schedule of finance income (expenses), net - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Finance expenses: | |||
Revaluation of warrants to purchase ADS’s | $ 2,172 | ||
Bank account management fees and commissions | 21 | 17 | 29 |
Revaluation of marketable securities | 574 | ||
Total finance expenses | 21 | 2,189 | 603 |
Finance income: | |||
Revaluation of warrants to purchase ADS’s | 719 | 584 | |
Revaluation of marketable securities | 747 | 138 | |
Interest income on bank deposits | 8 | 33 | 93 |
Exchange differences | 13 | 12 | 5 |
Total finance income | 1,487 | 183 | 682 |
Finance income (expenses), net | $ 1,466 | $ (2,006) | $ 79 |
Taxes on Income (Details)
Taxes on Income (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2018 | |
Disclosure of income tax [text block] [Abstract] | ||
Corporate tax rate | 23.00% | |
Carryforward tax losses | $ 44 |
Taxes on Income (Details) - Sch
Taxes on Income (Details) - Schedule of reconciliation between the “theoretical” tax expense - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of reconciliation between the “theoretical” tax expense [Abstract] | |||
Income (loss) before taxes on income, as reported in the statements of comprehensive income (loss) | $ 435 | $ (2,954) | $ (763) |
Theoretical tax expense (benefit) | 100 | (679) | (175) |
Expenses (income) not recognized for tax purposes | 515 | 420 | (80) |
Temporary differences in the reported year for which no deferred taxes were recognized | 1 | (1) | |
Increase (decrease) in taxes resulting mainly from exchange rate differentials and taxable losses in the reported year for which no deferred taxes were recognized | (615) | 258 | 256 |
Tax benefit |
Transactions and Balances wit_3
Transactions and Balances with Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Transactions and Balances with Related Parties (Details) [Line Items] | ||
Amounts of related parties linked to NIS | $ 30 | $ 52 |
InterCure Ltd [Member] | ||
Transactions and Balances with Related Parties (Details) [Line Items] | ||
Balances of shares total | $ 3,158 | $ 2,411 |
Percentage of shares | 1.11% | 1.76% |
Canndoc Ltd [Member] | ||
Transactions and Balances with Related Parties (Details) [Line Items] | ||
Rent paid | $ 14 |
Transactions and Balances wit_4
Transactions and Balances with Related Parties (Details) - Schedule of compensation to key management personnel for employee services $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Schedule of compensation to key management personnel for employee services [Abstract] | |||
Salaries, management and consulting fees and other short-term benefits | $ 239 | $ 276 | $ 290 |
Pension, post retirement and other benefits | 2 | 7 | |
Share-based payments | 37 | 51 | 5 |
Total | $ 276 | $ 329 | $ 302 |
Number of persons | 8 | 8 | 8 |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) | 12 Months Ended |
Dec. 31, 2021shares | |
Disclosure of earnings per share [text block] [Abstract] | |
Options | 12,400,000 |
warrants | 650,000 |
Each warrant is exercisable to shares | 100 |
Outstanding options | 12,400,000 |
Outstanding warrants | 184,750,000 |
Earnings (Loss) Per Share (De_2
Earnings (Loss) Per Share (Details) - Schedule of profit (loss) attributed to ordinary shareholders (basic) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of profit (loss) attributed to ordinary shareholders (basic) [Abstract] | |||
Total comprehensive income (loss) for the year | $ 435 | $ (2,954) | $ (763) |
Earnings (Loss) Per Share (De_3
Earnings (Loss) Per Share (Details) - Schedule of weighted-average number of ordinary shares (basic) - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of shares | |||
Issued ordinary shares at January 1 | 514,205,799 | 514,205,799 | 514,205,799 |
Weighted average number of ordinary shares (basic) | 531,995,467 | 514,205,799 | 514,205,799 |
Issued March 7,2021 due to warrant exercise [Member] | |||
Number of shares | |||
Issued | 10,634,406 | ||
Issued May 4, 2021 due to warrant exercise [Member] | |||
Number of shares | |||
Issued | 639,508 | ||
Issued July 6, 2021 due to warrant exercise [Member] | |||
Number of shares | |||
Issued | 4,145,205 | ||
Issued August 30, 2021 due to warrant exercise [Member] | |||
Number of shares | |||
Issued | 1,179,452 | ||
Issued September 1, 2021 due to warrant exercise [Member] | |||
Number of shares | |||
Issued | 414,384 | ||
Issued October 11, 2021 due to warrant exercise [Member] | |||
Number of shares | |||
Issued | 776,713 |
Earnings (Loss) Per Share (De_4
Earnings (Loss) Per Share (Details) - Schedule of profit (loss) attributed to ordinary shareholders (diluted) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of profit (loss) attributed to ordinary shareholders (diluted) [Abstract] | |||
Total comprehensive income (loss) for the year (basic) | $ 435 | $ (2,954) | $ (763) |
Warrant revaluation income | (660) | ||
comprehensive income | $ (225) | $ (2,954) | $ (763) |
Earnings (Loss) Per Share (De_5
Earnings (Loss) Per Share (Details) - Schedule of weighted-average number of ordinary shares (diluted) - Number of shares [Member] - shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Number of shares | |||
Weighted-average number of ordinary shares (basic) | 531,995,467 | 514,205,799 | 514,205,799 |
Effect of warrants | 83,552,979 | ||
Weighted average number of ordinary shares (diluted) | 615,548,446 | 514,205,799 | 514,205,799 |
Subsequent Events (Details)
Subsequent Events (Details) | 1 Months Ended |
Feb. 16, 2022shares | |
Subsequent Event [Member] | |
Subsequent Events (Details) [Line Items] | |
Warrants expired | 5,000,000 |