Compugen (CGEN) 6-K 30 Jul 20 2020 Q2 Compugen Reports Second Quarter 2020 Results Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2020
Document and Entity Information [Abstract]
Entity Registrant Name	COMPUGEN LTD
Entity Central Index Key	0001119774
Current Fiscal Year End Date	--12-31
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Entity File Number	000-30902
Entity Address, Address Line One	26 Harokmim Street
Entity Address, City or Town	Holon
Entity Address Country	IL
Entity Address, Postal Zip Code	5885849

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
CURRENT ASSETS:
Cash and cash equivalents	$ 12,490	$ 9,187
Restricted cash	620	652
Short-term bank deposits	122,956	34,040
Other accounts receivable and prepaid expenses	1,088	1,121
Total current assets	137,154	45,000
NON-CURRENT ASSETS:
Long-term prepaid expenses	1,219	693
Severance pay fund	2,513	2,485
Operating lease right to use asset	3,012	3,247
Property and equipment, net	2,022	2,338
Total non-current assets	8,766	8,763
Total assets	145,920	53,763
CURRENT LIABILITIES:
Trade payables	1,111	1,088
Short-term deferred participation in R&D expenses	750	774
Current maturity of operating lease liability	519	600
Other accounts payable and accrued expenses	5,682	4,357
Total current liabilities	8,062	6,819
NON- CURRENT LIABILITIES:
Long-term deferred participation in R&D expenses	2,421	2,691
Long term operating lease liability	2,788	2,978
Accrued severance pay	3,182	2,954
Total non-current liabilities	8,391	8,623
COMMITMENTS AND CONTINGENT LIABILITIES (NOTE 5)
SHAREHOLDERS' EQUITY:
Ordinary shares of NIS 0.01 par value: 200,000,000 shares authorized at June 30, 2020 and December 31, 2019; 82,694,209 and 67,922,836 shares issued and outstanding at June 30, 2020 and December 31, 2019, respectively	227	187
Additional paid-in capital	500,792	396,312
Accumulated deficit	(371,552)	(358,178)
Total shareholders' equity	129,467	38,321
Total liabilities and shareholders' equity	$ 145,920	$ 53,763

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - ₪ / shares	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Ordinary shares, par value per share	₪ 0.01	₪ 0.01
Ordinary shares, shares authorized	200,000,000	200,000,000
Ordinary shares, shares issued	82,694,209	67,922,836
Ordinary shares, shares outstanding	82,694,209	67,922,836

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Operating expenses:
Research and development expenses, net	$ 9,159	$ 11,205
Marketing and business development expenses	414	388
General and administrative expenses	4,607	3,928
Total operating expenses	14,180	15,521
Financial and other income, net	806	414
Loss before taxes on income	13,374	15,107
Taxes on income		722
Net loss	$ 13,374	$ 14,385
Basic and diluted net loss per share	$ 0.18	$ 0.24
Total comprehensive loss	$ 13,374	$ 14,385
Weighted average number of ordinary shares used in computing basic and diluted net loss per share	75,774,881	60,747,948

STATEMENTS OF CHANGES IN SHAREH

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Ordinary shares [Member]		Additional paid-in capital [Member]	Accumulated deficit [Member]	Total
Balance at Dec. 31, 2018	$ 164		$ 367,920	$ (330,841)	$ 37,243
Balance, shares at Dec. 31, 2018	59,849,784
Options exercised		[1]	396		396
Options exercised, shares	123,412
Issuance of shares, net	$ 6		7,247		7,253
Issuance of shares, net, shares	1,982,796
Stock-based compensation relating to options issued to employees, directors and non-employees			1,288		1,288
Net loss				(14,385)	(14,385)
Balance at Jun. 30, 2019	$ 170		376,851	(345,226)	31,795
Balance, shares at Jun. 30, 2019	61,955,992
Balance at Dec. 31, 2018	$ 164		367,920	(330,841)	37,243
Balance, shares at Dec. 31, 2018	59,849,784
Balance at Dec. 31, 2019	$ 187		396,312	(358,178)	$ 38,321
Balance, shares at Dec. 31, 2019	67,922,836				67,922,836
Options exercised	$ 6		12,790		$ 12,796
Options exercised, shares	2,450,973
Warrants exercised	$ 10		16,599		16,609
Warrants exercised, shares	3,504,061
Issuance of shares, net	$ 24		74,123		74,147
Issuance of shares, net, shares	8,816,339
Stock-based compensation relating to options issued to employees, directors and non-employees			968		968
Net loss				(13,374)	(13,374)
Balance at Jun. 30, 2020	$ 227		$ 500,792	$ (371,552)	$ 129,467
Balance, shares at Jun. 30, 2020	82,694,209				82,694,209
[1]	Represents an amount lower than $1

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Cash flows from operating activities:
Net loss	$ (13,374)	$ (14,385)
Adjustments required to reconcile net loss to net cash used in operating activities:
Stock-based compensation	968	1,288
Depreciation	377	561
Increase in severance pay, net	200	15
Gain from property and equipment disposal		(148)
Decrease in operating lease right of use asset	235	559
Decrease (increase) in interest receivables from short-term bank deposits	(316)	60
Decrease in other accounts receivable and prepaid expenses	40	231
Decrease (increase) in long-term prepaid expenses	(526)	11
Increase (decrease) in trade payables	70	(1,860)
Increase (decrease) in and other accounts payable and accrued expenses	1,325	(2,165)
Decrease in operating lease liability	(271)	(316)
Decrease in deferred participation in R&D expenses	(294)	(265)
Net cash used in operating activities	(11,566)	(16,414)
Cash flows from investing activities:
Proceeds from maturity of short-term bank deposits	15,500	29,603
Investment in short-term bank deposits	(104,100)	(21,200)
Purchase of property and equipment	(108)	(29)
Proceeds from sales of property and equipment		284
Net cash provided by (used in) investing activities	(88,708)	8,658
Cash flows from financing activities:
Proceeds from issuance of ordinary shares, net	74,147	7,123
Proceeds from exercise of warrants	16,609
Proceeds from exercise of options	12,789	396
Net cash provided by financing activities	103,545	7,519
Increase (decrease) in cash, cash equivalents and restricted cash	3,271	(237)
Cash, cash equivalents and restricted cash at the beginning of the period	9,839	6,466
Cash, cash equivalents and restricted cash at the end of the period	13,110	6,229
Supplemental disclosure of non-cash investing and financing activities:
Purchase of property and equipment	47	64
Receivables on account of shares	$ 7	$ 130

GENERAL

GENERAL	6 Months Ended
	Jun. 30, 2020
GENERAL [Abstract]
GENERAL	NOTE 1:- GENERAL a. Compugen (the "Company") is a clinical-stage, therapeutic discovery and development company utilizing its b. The Company is headquartered in Holon, Israel. Its clinical development activities operate from its U. S. subsidiary c. On August 5, 2013, the Company entered into a Research and Development Collaboration and License Agreement Under the terms of the Bayer Agreement, the Company received an upfront payment of $10,000, and, following the return of the CGEN 15022 program in 2017, is eligible to receive an aggregate of over $250,000 in potential milestone payments, not including aggregate milestone payments of approximately $23,000 received to date. Additionally, the Company is eligible to receive mid to high single digit royalties on global net sales of any approved products under the collaboration. Pursuant to the terms of Bayer Agreement, BAY 1905254 program (formerly CGEN-15001T) was transferred to Bayer’s full control for further preclinical and clinical development activities, and worldwide commercialization under milestone and royalty bearing licenses from Compugen. F - 7 COMPUGEN LTD. AND ITS SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS U.S. dollars in thousands (except share and per share data) NOTE 1:- GENERAL (Cont.) d. Effective March 30, 2018, the Company entered into an exclusive license agreement with MedImmune Limited, the e. On October 10, 2018, the Company entered into a Master Clinical Trial Collaboration Agreement (the "Master On February 14, 2020, the Master Clinical Agreement with Bristol-Myers Squibb was amended to include a triple combination clinical trial to evaluate the safety, tolerability and antitumor activity of COM701 in combination with Opdivo® (nivolumab), and Bristol-Myers Squibb’s antibody targeting TIGIT known as BMS-986207, in patients with advanced solid tumors, instead of the planned expansion of the combined therapy study designed to evaluate the dual combination of COM701 and Opdivo®. Pursuant to the Master Clinical Agreement, as amended, the Company will sponsor the two-part Phase 1/2 trial, which includes the evaluation of the triple combination of COM701, Opdivo® and BMS-986207, in patients with advanced solid tumors where Bristol-Myers Squibb will provide Opdivo® and BMS-986207 at no cost to the Company for the combination arm of this trial and the Company will be responsible for all costs associated with the study that it is conducting. In conjunction with the signing of the Master Clinical Agreement, Bristol-Myers Squibb made a $12,000 investment in Compugen, see Note 5a.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES These unaudited interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes for the year ended December 31, 2019. The significant accounting policies applied in the annual financial statements of the Company as of December 31, 2019, are applied consistently in these interim consolidated financial statements.

UNAUDITED INTERIM CONSOLIDATED

UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2020
Unaudited Interim Consolidated Financial Statements
UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS	NOTE 3:- UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six-month period ended June 30, 2020 are not necessarily indicative of the results that may be expected for the year ended December 31, 2020.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2020
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 4:- COMMITMENTS AND CONTINGENCIES a. The Company provided bank guarantees in the amount of $ b. The Company received in the past grants from the office of the Israel Innovation Authority of the Israeli Ministry of If income is generated from products which incorporate technologies which were funded by a research program, the Company is committed to pay royalties at a rate of between 3% to 5% of future revenue generated from products that incorporate technologies that were funded by such research program(s), up to a maximum of 100% of the amount received, linked to the U.S. dollar (for grants received under programs approved subsequent to January 1, 1999, the maximum amount to be repaid is 100% plus interest at LIBOR). As of June 30, 2020, the Company's aggregate contingent obligations for payments to IIA, based on royalty-bearing participation received or accrued, net of royalties paid or accrued, totaled $9,281. c. On June 25, 2012, the Company entered into an Antibodies Discovery Collaboration Agreement (the "Antibodies d. On F - 9 COMPUGEN LTD. AND ITS SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS U.S. dollars in thousands (except share and per share data) NOTE 4:- COMMITMENTS AND CONTINGENCIES (Cont.) For the six months ended June 30, 2020 and 2019, the Company had not paid and accrued expenses related to this agreement. e. Effective as of January 5, 2018, the Company entered into a Commercial License Agreement (“CLA”) with a

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2020
SHAREHOLDERS' EQUITY [Abstract]
SHAREHOLDERS' EQUITY	NOTE 5:- SHAREHOLDERS' EQUITY a. Issuance of Shares: On May 25, 2018, the Company entered into a sales agreement with Cantor Fitzgerald & Co. ("Cantor"), as sales agent, pursuant to which the Company was entitled to offer and sell, from time to time through Cantor, ordinary shares, par value NIS 0.01 per share, of the Company (the "Ordinary Shares"), under an At-the-Market ("ATM") program, having an aggregate offering price of up to $25,000 (the "ATM Shares"). Any ATM Shares offered and sold were issued pursuant to the Company’s shelf registration statement on Form F-3 (Registration No. 333-213007) and the related prospectus previously declared effective by the Securities and Exchange Commission (the "SEC") on October 11, 2016 (the "Registration Statement"), as supplemented by a prospectus supplement, dated May 25, 2018. As of December 31, 2019, 7,245,268 shares were issued and sold under the ATM, with proceeds of approximately $22,914 (net of $781 issuance expenses). The program was terminated in 2019. On June 14, 2018, the Company entered into agreements in connection with a registered direct offering (the "Offering") of an aggregate of 5,316,457 Ordinary Shares (the "RD Shares") of the Company together with accompanying warrants to purchase an aggregate of up to 4,253,165 Ordinary Shares (the "Warrants") at a combined offering price of $3.95 per RD Share and accompanying Warrant. The Warrants are exercisable at a price of $4.74 per Ordinary Share and expire five years from the date of issuance. The Offering was made pursuant to the Company’s Registration Statement. The RD Shares were issued and the Warrants were granted on June 19, 2018 following the closing of the Offering. Immediate proceeds from the Offering were $19,767 (net of $1,233 issuance expenses). During the six-month period ended June 30, 2020, warrants to purchase an aggregate of 3,504,061 Ordinary Shares were exercised with proceeds of approximately $16,609 and warrants to purchase up to 749,104 Ordinary Shares remain outstanding. F - 10 COMPUGEN LTD. AND ITS SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS U.S. dollars in thousands (except share and per share data) NOTE 5:- SHAREHOLDERS' EQUITY (Cont.) On October 10, 2018, the Company entered into a Master Clinical Trial Collaboration Agreement with Bristol-Myers Squibb to evaluate the safety and tolerability of the Company’s COM701 in combination with Bristol-Myers Squibb’s programmed death-1 (PD-1) immune checkpoint inhibitor Opdivo® (nivolumab), in patients with advanced solid tumors. In conjunction with the Master Clinical Agreement, Bristol-Myers Squibb made a $12,000 equity investment in the Company. Under the terms of the securities purchase agreement, Bristol-Myers Squibb purchased 2,424,243 ordinary shares of the Company at a purchase price of $4.95 per share. The share price represents a 33% premium over the average closing price of Compugen’s ordinary shares for twenty (20) Nasdaq trading days prior to the execution of the securities purchase agreement. The investment closed on October 12, 2018. The premium over the fair market value in the amount of $4,121 represents the relative fair value of deferred participation of Bristol-Myers Squibb in R&D expenses which will be amortized over the period of the clinical trial based on the progress in the R&D, in accordance with ASC 808 "Collaborative Arrangements" and $7,788 (net of $91 issuance expenses) were considered equity investment. In March 2020, the Company entered into an underwriting agreement with SVB Leerink LLC and Stifel, Nicolaus & Company, Incorporated, as representatives of the several underwriters relating to the issuance and sale in a public offering of 8,333,334 of the Company's ordinary shares at a price to the public of $9.00 per share (and a price of $8.46 per share to the underwriters). Such shares were issued on March 16, 2020. In addition, the Company granted the underwriters a 30-day option to purchase additional ordinary shares at the price set forth above. On April 14, 2020, the Company issued and sold, pursuant to that underwriting agreement an additional 483,005 ordinary shares pursuant to the underwriters’ option specified above. The Company sold a total of 8,816,339 ordinary shares in the offering with proceeds of $74,147 (net of $5,200 issuance expenses). b. Stock based compensation: During the six-month period ended June 30, 2020, the Company's Board of Directors granted 183,000 options to purchase ordinary shares of the Company to employees. The exercise prices for such options range from $6.15 to $9.02 per share, with vesting to occur in up to four years. The following table presents the assumptions used to estimate the fair value of the options granted in the periods presented: Six months ended June 30, 2020 2019 Unaudited Volatility 55%-59% 54%-55% Risk-free interest rate 0.5%-1.6% 2.2%-2.5% Dividend yield 0% 0% Expected life (years) 5.0-5.1 4.9-5.1 F - 11 COMPUGEN LTD. AND ITS SUBSIDIARY NOTES TO CONSOLIDATED FINANCIAL STATEMENTS U.S. dollars in thousands (except share and per share data) NOTE 5:- SHAREHOLDERS' EQUITY (Cont.) Weighted average fair value of options granted during the six-month periods ended June 30, 2020 and 2019 were $3.10 and $1.82, respectively. During the six-month periods ended June 30, 2020 and 2019, the Company recorded share based compensation in a total amount of $968 and $1,288, respectively. As of June 30, 2020, the total unrecognized estimated compensation cost related to non-vested stock options granted prior to that date was $4,016 which is expected to be recognized over a weighted average period of approximately 2.67 years. For the six months ended June 30, 2020 and 2019, the total weighted average number of shares related to outstanding options and warrants excluded from the calculations of diluted net loss per share were 7,984,232 and 12,822,249, respectively.

TAXES ON INCOME

TAXES ON INCOME	6 Months Ended
	Jun. 30, 2020
TAXES ON INCOME [Abstract]
TAXES ON INCOME	NOTE 6:- TAXES ON INCOME In May 2019 the Company received a refund of withholding taxes on the Bayer milestones from the German tax authorities in the amount of $722. The refund is presented as income tax benefit in the consolidated statements of comprehensive loss.

FINANCIAL AND OTHER INCOME, NET

FINANCIAL AND OTHER INCOME, NET	6 Months Ended
	Jun. 30, 2020
FINANCIAL AND OTHER INCOME, NET [Abstract]
FINANCIAL AND OTHER INCOME, NET	NOTE 7:- FINANCIAL AND OTHER INCOME, NET Six months ended June 30, 2020 2019 Unaudited Interest income $ 878 $ 468 Exchange rate differences and other (72 ) (54 ) Financial and other income, net $ 806 $ 414

RELATED PARTY BALANCES AND TRAN

RELATED PARTY BALANCES AND TRANSACTIONS	6 Months Ended
	Jun. 30, 2020
RELATED PARTY BALANCES AND TRANSACTIONS [Abstract]
RELATED PARTY BALANCES AND TRANSACTIONS	NOTE 8:- RELATED PARTY BALANCES AND TRANSACTIONS Balances with related parties: June 30, 2020 December 31, 2019 Unaudited Trade payables (a) $ 0 $ 104 Related parties' expenses: Six months ended June 30, 2020 2019 Unaudited Amounts charged to: Research and development expenses (a) $ 0 $ 99 (a) For the six-month period ended June 30, 2019, the Company incurred expenses for research and development services provided by related party for cancer studies in animal models, and breeding and maintenance of animals (mice) to support such studies. Since January 1, 2020, such party is not considered related party anymore.

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2020
SHAREHOLDERS' EQUITY [Abstract]
Schedule of Weighted-average Assumptions Used to Estimate Fair Value of Options Granted	The following table presents the assumptions used to estimate the fair value of the options granted in the periods presented: Six months ended June 30, 2020 2019 Unaudited Volatility 55%-59% 54%-55% Risk-free interest rate 0.5%-1.6% 2.2%-2.5% Dividend yield 0% 0% Expected life (years) 5.0-5.1 4.9-5.1

FINANCIAL AND OTHER INCOME, N_2

FINANCIAL AND OTHER INCOME, NET (Tables)	6 Months Ended
	Jun. 30, 2020
FINANCIAL AND OTHER INCOME, NET [Abstract]
Schedule of Financial And Other Income, Net	Six months ended June 30, 2020 2019 Unaudited Interest income $ 878 $ 468 Exchange rate differences and other (72 ) (54 ) Financial and other income, net $ 806 $ 414

RELATED PARTY BALANCES AND TR_2

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2020
Related Party Balances And Transactions
Schedule of Related Party Balances and Transactions	Balances with related parties: June 30, 2020 December 31, 2019 Unaudited Trade payables (a) $ 0 $ 104 Related parties' expenses: Six months ended June 30, 2020 2019 Unaudited Amounts charged to: Research and development expenses (a) $ 0 $ 99 (a) For the six-month period ended June 30, 2019, the Company incurred expenses for research and development services provided by related party for cancer studies in animal models, and breeding and maintenance of animals (mice) to support such studies. Since January 1, 2020, such party is not considered related party anymore.

GENERAL (Details)

GENERAL (Details) - USD ($) $ in Thousands	Aug. 05, 2013	Mar. 30, 2018	Jun. 30, 2020
GENERAL [Abstract]
Upfront payment received	$ 10,000	$ 10,000
Development, regulatory and commercial milestones compensation		$ 200,000
Potential milestone compensation	250,000
Preclinical milestone compensation	$ 23,000
Amount of investment in Compugen			$ 12,000

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	Jan. 05, 2018	Jun. 30, 2020	Jun. 30, 2019
Government and Other Grants [Line Items]
Contingent fees		$ 500	$ 0
Amount incurred milestone payments		52	$ 0
Office leases [Member] | Israel [Member]
Government and Other Grants [Line Items]
Bank guarantees in favor of lessor, foreign currency derivative contracts and credit card security		$ 633
Government and Other Grants [Member]
Government and Other Grants [Line Items]
Maximum royalty repaid as percentage of grant received		100.00%
Contingent royalty obligations		$ 9,281
Government and Other Grants [Member] | Minimum [Member]
Government and Other Grants [Line Items]
Royalty percentage based on future revenues		3.00%
Government and Other Grants [Member] | Maximum [Member]
Government and Other Grants [Line Items]
Royalty percentage based on future revenues		5.00%
Commercial License Agreement [Member]
Government and Other Grants [Line Items]
Percentage of royalties on net sales	1.00%
May 2012 Agreement With Advisor [Member]
Government and Other Grants [Line Items]
Agreement, start date		May 9, 2012
Agreement termination description		In 2014, the May 2012 Agreement was terminated, except with respect to certain payments arising from the Bayer Agreement which survive termination until August 5, 2025.
May 2012 Agreement With Advisor [Member] | Minimum [Member]
Government and Other Grants [Line Items]
Participation Rights		4.00%

SHAREHOLDERS' EQUITY (Issuance

SHAREHOLDERS' EQUITY (Issuance of Shares) (Details) $ / shares in Units, $ in Thousands

Apr. 14, 2020shares

Oct. 10, 2018USD ($)$ / shares

Jun. 14, 2018$ / sharesshares

Mar. 16, 2020$ / sharesshares

Jun. 19, 2018USD ($)

May 25, 2018USD ($)

Jun. 30, 2020USD ($)shares

Jun. 30, 2019USD ($)

Dec. 31, 2019USD ($)shares

Jun. 30, 2020₪ / sharesshares

Dec. 31, 2019₪ / sharesshares

May 25, 2018₪ / shares

Ordinary shares, par value | ₪ / shares

₪ 0.01

₪ 0.01

Ordinary shares, shares authorized | shares

200,000,000

200,000,000

Warrants purchase to ordinary shares | shares

3,504,061

Expected dividend yield

0.00%

0.00%

Deferred participation of BMS in R&D expenses

$ 4,121

Proceeds from warrant exercised

16,609

Warrants purchase to ordinary shares remain outstanding | shares

749,104

At The Market Offering Program [Member]

Ordinary shares, par value | ₪ / shares

₪ 0.01

Proceeds from issuance of common stock

$ 25,000

$ 22,914

Issuance of shares, net, shares | shares

7,245,268

Issuance expenses

$ 781

Agreement [Member] | Registered direct offering [Member]

Proceeds from issuance of common stock

$ 19,767

Issuance expenses

$ 1,233

Ordinary shares, shares authorized | shares

5,316,457

Warrants purchase to ordinary shares | shares

4,253,165

Offering price per share | $ / shares

$ 3.95

Exercise price of warrants | $ / shares

$ 4.74

Expiration period of warrants

5 years

Master Clinical Agreement [Member]

Proceeds from issuance of common stock

$ 2,424,243

Offering price per share | $ / shares

$ 4.95

Equity investment

$ 12,000

Percentage of closing price

33.00%

Collaborative Arrangements [Member]

Proceeds from issuance of common stock

7,788

Issuance expenses

$ 91

SVB Leerink LLC and Stifel, Nicolaus & Company [Member]

Issuance of shares, net, shares | shares

8,333,334

8,816,339

Issuance expenses

$ 5,200

Offering price per share | $ / shares

$ 9

Proceeds from ordinary shares in offering

$ 74,147

SVB Leerink LLC and Stifel, Nicolaus & Company [Member] | Underwriters [Member]

Issuance of shares, net, shares | shares

483,005

Offering price per share | $ / shares

$ 8.46

SHAREHOLDERS' EQUITY (Schedule

SHAREHOLDERS' EQUITY (Schedule of Stock-Based Compensation) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted	183,000
Stock options granted, exercise price, minimum	$ 6.15
Stock options granted, exercise price, maximum	$ 9.02
Vesting period	4 years
Expected volatility, minimum	55.00%	54.00%
Expected volatility, maximum	59.00%	55.00%
Expected risk free interest rates range, minimum	0.50%	2.20%
Expected risk free interest rate range, maximum	1.60%	2.50%
Expected dividend yield	0.00%	0.00%
Weighted average fair value of options granted during period	$ 3.10	$ 1.82
Share based compensation	$ 968	$ 1,288
Unrecognized compensation cost	$ 4,016
Period over which compensation expense will be recognized	2 years 8 months 1 day
Total weighted average number of shares related to outstanding options and warrants excluded from the calculations of diluted net loss per share	7,984,232	12,822,249
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	5 years	4 years 10 months 24 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	5 years 1 month 6 days	5 years 1 month 6 days

TAXES ON INCOME (Details)

TAXES ON INCOME (Details) $ in Thousands	May 31, 2019USD ($)
German tax authorities [Member]
Income Tax Contingency [Line Items]
Refund of withholding taxes	$ 722

FINANCIAL AND OTHER INCOME, N_3

FINANCIAL AND OTHER INCOME, NET (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
FINANCIAL AND OTHER INCOME, NET [Abstract]
Interest income	$ 878	$ 468
Exchange rate differences and other	(72)	(54)
Financial and other income, net	$ 806	$ 414

RELATED PARTY BALANCES AND TR_3

RELATED PARTY BALANCES AND TRANSACTIONS (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
RELATED PARTY BALANCES AND TRANSACTIONS [Abstract]
Trade payables	[1]	$ 0		$ 104
Related parties' expenses amounts charged to research and development expenses	[1]	$ 0	$ 99
[1]	For the six-month period ended June 30, 2019, the Company incurred expenses for research and development services provided by related party for cancer studies in animal models, and breeding and maintenance of animals (mice) to support such studies. Since January 1, 2020, such party is not considered related party anymore.