Compugen (CGEN) 6-K 28 Jul 21 2021 Q2 Compugen Reports Second Quarter 2021 Results Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2021
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, 2021
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2021
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, 2021	Dec. 31, 2020
CURRENT ASSETS:
Cash and cash equivalents	$ 7,847	$ 7,143
Restricted cash	681	667
Short-term bank deposits	102,564	116,622
Trade receivables		2,000
Other accounts receivable and prepaid expenses	2,662	2,658
Total current assets	113,754	129,090
NON-CURRENT ASSETS:
Long-term prepaid expenses	1,906	1,880
Severance pay fund	3,017	2,863
Operating lease right to use asset	2,415	2,772
Property and equipment, net	1,724	1,711
Total non-current assets	9,062	9,226
Total assets	122,816	138,316
CURRENT LIABILITIES:
Trade payables	1,809	1,413
Short-term deferred participation in R&D expenses	660	668
Current maturity of operating lease liability	706	639
Other accounts payable and accrued expenses	8,675	7,803
Total current liabilities	11,850	10,523
NON- CURRENT LIABILITIES:
Long-term deferred participation in R&D expenses	1,798	1,968
Long term operating lease liability	2,141	2,527
Accrued severance pay	3,606	3,516
Total non-current liabilities	7,545	8,011
COMMITMENTS AND CONTINGENT LIABILITIES (NOTE 4)
SHAREHOLDERS' EQUITY:
Ordinary shares of NIS 0.01 par value per share: 200,000,000 shares authorized on June 30, 2021 and December 31, 2020; 83,917,929 and 83,675,856 shares issued and outstanding on June 30, 2021 and December 31, 2020, respectively	231	231
Additional paid-in capital	510,468	507,427
Accumulated deficit	(407,278)	(387,876)
Total shareholders' equity	103,421	119,782
Total liabilities and shareholders' equity	$ 122,816	$ 138,316

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - ₪ / shares	Jun. 30, 2021	Dec. 31, 2020
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	83,917,929	83,675,856
Ordinary shares, shares outstanding	83,917,929	83,675,856

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
Operating expenses:
Research and development expenses, net	$ 14,123	$ 9,159
Marketing and business development expenses	465	414
General and administrative expenses	5,373	4,607
Total operating expenses	19,961	14,180
Financial and other income, net	559	806
Loss before taxes on income	19,402	13,374
Taxes on income
Net loss	$ 19,402	$ 13,374
Basic and diluted net loss per share	$ 0.23	$ 0.18
Total comprehensive loss	$ 19,402	$ 13,374
Weighted average number of ordinary shares used in computing basic and diluted net loss per share	83,739,983	75,774,881

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED 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, 2019	$ 187		$ 396,312	$ (358,178)	$ 38,321
Balance, shares at Dec. 31, 2019	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 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
Balance at Dec. 31, 2020	$ 231		507,427	(387,876)	$ 119,782
Balance, shares at Dec. 31, 2020	83,675,856				83,675,856
Options exercised		[1]	461		$ 461
Options exercised, shares	115,877
Warrants exercised		[1]	425		425
Warrants exercised, shares	89,557
Issuance of ordinary shares pursuant to the ESPP		[1]	239		239
Issuance of ordinary shares pursuant to the ESPP, shares	36,639
Stock-based compensation issued to employees, directors and non-employees			1,916		1,916
Net loss				(19,402)	(19,402)
Balance at Jun. 30, 2021	$ 231		$ 510,468	$ (407,278)	$ 103,421
Balance, shares at Jun. 30, 2021	83,917,929				83,917,929
[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, 2021	Jun. 30, 2020
Cash flows from operating activities:
Net loss	$ (19,402)	$ (13,374)
Adjustments required to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,916	968
Depreciation	240	377
Increase (decrease) in severance pay, net	(64)	200
Gain from property and equipment disposal	(1)
Decrease in operating lease right of use asset	357	235
Decrease (increase) in interest receivables from short-term bank deposits	403	(316)
Decrease in trade receivables	2,000
Decrease in other accounts receivable and prepaid expenses	212	40
Increase in long-term prepaid expenses	(26)	(526)
Increase in trade payables	361	70
Increase in other accounts payable and accrued expenses	872	1,325
Decrease in operating lease liability	(319)	(271)
Decrease in deferred participation in R&D expenses	(178)	(294)
Net cash used in operating activities	(13,629)	(11,566)
Cash flows from investing activities:
Proceeds from maturity of short-term bank deposits	71,100	15,500
Investment in short-term bank deposits	(57,445)	(104,100)
Purchase of property and equipment	(218)	(108)
Proceeds from sales of property and equipment	1
Net cash provided by (used in) investing activities	13,438	(88,708)
Cash flows from financing activities:
Proceeds from issuance of ordinary shares, net	239	74,147
Proceeds from exercise of warrants	425	16,609
Proceeds from exercise of options	245	12,789
Net cash provided by financing activities	909	103,545
Increase in cash, cash equivalents and restricted cash	718	3,271
Cash, cash equivalents and restricted cash at the beginning of the period	7,810	9,839
Cash, cash equivalents and restricted cash at the end of the period	8,528	13,110
Supplemental disclosure of non-cash investing and financing activities:
Purchase of property and equipment	35	47
Receivables on account of shares	$ 216	$ 7

GENERAL

GENERAL	6 Months Ended
	Jun. 30, 2021
GENERAL [Abstract]
GENERAL	NOTE 1:- GENERAL a. Compugen Ltd. (the "Company" or “Compugen”) is a clinical-stage, therapeutic discovery and development company b. The Company is headquartered in Holon, Israel. Its clinical development activities operate through 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, the Company 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. d. Effective March 30, 2018, the Company entered into an exclusive license agreement with MedImmune Limited, the 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.) e. On October 10, 2018, the Company entered into a Master Clinical Trial Collaboration Agreement (the "Master In conjunction with the signing of the Master Clinical Agreement, Bristol-Myers Squibb made a $12,000 investment in Compugen, see Note 5a. 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 sponsors 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 provides Opdivo® and BMS-986207 at no cost to the Company. As part of the said amendment, it was agreed that the Company will complete the dose escalation arm of the dual combination of COM701 with Opdivo® under the Phase 1 study and will not continue the expansion cohorts of the dual combination. On February 19, 2021, the Master Clinical Agreement was further amended to include an expansion of the Phase 1 combination study designed to evaluate the dual combination of COM701 and Opdivo® in patients with advanced solid tumors, where Compugen is responsible for and sponsors the expansion cohort and Bristol-Myers Squibb provides Opdivo® at no cost to us for this study. The amendment also revises the exclusivity period granted to Bristol-Myers Squibb to include a specific date for termination of the exclusivity period, so that it ends at the earlier of (i) six months after the study completion of the triple combination and the dual combination; or (ii) December 31, 2023.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2021
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, 2020. The significant accounting policies applied in the annual financial statements of the Company as of December 31, 2020, are applied consistently in these interim consolidated financial statements.

UNAUDITED INTERIM CONSOLIDATED

UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2021
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, 2021 are not necessarily indicative of the results that may be expected for the year ended December 31, 2021.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2021
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, 2021, 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 $9,540. 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.) c. On June 25, 2012, the Company entered into an Antibodies Discovery Collaboration Agreement (the "Antibodies d. On e. Effective as of January 5, 2018, the Company entered into a Commercial License Agreement (“CLA”) with a f. Effective as of October 28, 2020, the Company entered into a collaboration agreement with a U.S. antibody

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2021
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 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 ATM 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 at a purchase price of $3.95 per RD Share. In connection with the issuance of the RD Shares, the Company also issued warrants to purchase an aggregate of up to 4,253,165 additional Ordinary Shares (the "Warrants"). The Warrants are exercisable at a price of $4.74 per Ordinary Share and have a term of five years from the date of issuance. The Offering was made pursuant to the Company’s Registration Statement. Proceeds from the Offering were $19,767 (net of $1,233 issuance expenses). During the six-month periods ended June 30, 2021 and 2020, Warrants to purchase an aggregate of 89,557 and 3,504,061 Ordinary Shares were exercised with proceeds of approximately $425 and $16,609, respectively, and Warrants to purchase up to 297,469 Ordinary Shares remain outstanding as of June 30, 2021. 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. 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.) 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 option plan: During the six-month period ended June 30, 2021, the Company's Board of Directors granted 66,500 options to purchase Ordinary Shares of the Company to employees. The exercise prices for such options range from $7.59 to $13.32 per Ordinary 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, 2021 2020 Unaudited Volatility 66%-67% 55%-59% Risk-free interest rate 0.5%-0.8% 0.5%-1.6% Dividend yield 0% 0% Expected life (years) 5.1 5.0-5.1 Weighted average fair value of options granted during the six-month periods ended June 30, 2021 and 2020 were $5.54 and $3.10, respectively. During the six-month periods ended June 30, 2021 and 2020, the Company recorded share based compensation in a total amount of $1,805 and $968, respectively. As of June 30, 2021, the total unrecognized estimated compensation cost related to non-vested stock options granted prior to that date was $9,596 which is expected to be recognized over a weighted average period of approximately 3.00 years. For the six months ended June 30, 2021 and 2020, the total weighted average number of shares related to outstanding options and warrants excluded from the calculations of diluted net loss per share were 6,242,283 and 7,984,232, respectively. F - 12 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.) c. Employee Stock Purchase Plan: The Company selected the Black-Scholes-Merton option-pricing model as the most appropriate fair value method for its stock-option awards and Employee Stock Purchase Plan (“ESPP”). As of June 30, 2021, 36,639 Ordinary Shares had been purchased under the ESPP and 563,361 Ordinary Shares were available for future issuance under the ESPP. Six months ended June 30, 2021 2020 Unaudited Volatility 64%-70% - Risk-free interest rate 0.0%-0.1% - Dividend yield 0% - Expected life (years) 0.4-0.5 - During the six-month period ended June 30, 2021, the Company recorded ESPP compensation in a total amount of $111.

FINANCIAL AND OTHER INCOME, NET

FINANCIAL AND OTHER INCOME, NET	6 Months Ended
	Jun. 30, 2021
FINANCIAL AND OTHER INCOME, NET [Abstract]
FINANCIAL AND OTHER INCOME, NET	NOTE 6:- FINANCIAL AND OTHER INCOME, NET Six months ended June 30, 2021 2020 Unaudited Interest income $ 528 $ 878 Exchange rate differences and other 31 (72 ) Financial and other income, net $ 559 $ 806

RELATED PARTY BALANCES AND TRAN

RELATED PARTY BALANCES AND TRANSACTIONS	6 Months Ended
	Jun. 30, 2021
RELATED PARTY BALANCES AND TRANSACTIONS [Abstract]
RELATED PARTY BALANCES AND TRANSACTIONS	NOTE 7:- RELATED PARTY BALANCES AND TRANSACTIONS Balances with related parties: June 30, December 2021 31, 2020 Unaudited Trade and other payables (a) $ 62 $ 83 Related parties' expenses: Six months ended June 30, 2021 2020 Unaudited Amounts charged to: Research and development expenses (a) $ 110 $ 146 (a) 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.

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2021
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, 2021 2020 Unaudited Volatility 66%-67% 55%-59% Risk-free interest rate 0.5%-0.8% 0.5%-1.6% Dividend yield 0% 0% Expected life (years) 5.1 5.0-5.1
Employee Stock Purchase Plan [Member]
Schedule of Weighted-average Assumptions Used to Estimate Fair Value of Options Granted	Six months ended June 30, 2021 2020 Unaudited Volatility 64%-70% - Risk-free interest rate 0.0%-0.1% - Dividend yield 0% - Expected life (years) 0.4-0.5 -

FINANCIAL AND OTHER INCOME, N_2

FINANCIAL AND OTHER INCOME, NET (Tables)	6 Months Ended
	Jun. 30, 2021
FINANCIAL AND OTHER INCOME, NET [Abstract]
Schedule of Financial And Other Income, Net	Six months ended June 30, 2021 2020 Unaudited Interest income $ 528 $ 878 Exchange rate differences and other 31 (72 ) Financial and other income, net $ 559 $ 806

RELATED PARTY BALANCES AND TR_2

RELATED PARTY BALANCES AND TRANSACTIONS (Tables)	6 Months Ended
	Jun. 30, 2021
Related Party Balances And Transactions
Schedule of Related Party Balances and Transactions	Balances with related parties: June 30, December 2021 31, 2020 Unaudited Trade and other payables (a) $ 62 $ 83 Related parties' expenses: Six months ended June 30, 2021 2020 Unaudited Amounts charged to: Research and development expenses (a) $ 110 $ 146 (a) 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.

GENERAL (Details)

GENERAL (Details) - USD ($) $ in Thousands	Aug. 05, 2013	Mar. 30, 2018	Jun. 30, 2021
GENERAL [Abstract]
Upfront payment received	$ 10,000	$ 10,000
Development, regulatory and commercial milestones compensation		200,000
Potential milestone compensation	250,000
Additional milestone compensation		$ 2,000
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, 2021	Jun. 30, 2020
Government and Other Grants [Line Items]
Contingent fees		$ 0	$ 500
Amount incurred milestone payments		0	$ 52
Collaboration Agreement With U.S. Antibody Company [Member]
Government and Other Grants [Line Items]
Amount incurred milestone payments		$ 150
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.
Commercial License Agreement [Member]
Government and Other Grants [Line Items]
Percentage of royalties on net sales	1.00%
Minimum [Member] | May 2012 Agreement With Advisor [Member]
Government and Other Grants [Line Items]
Participation Rights		4.00%
Government and Other Grants [Member]
Government and Other Grants [Line Items]
Maximum royalty repaid as percentage of grant received		100.00%
Contingent royalty obligations		$ 9,540
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%
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		$ 672

SHAREHOLDERS' EQUITY (Issuance

SHAREHOLDERS' EQUITY (Issuance of Shares) (Details) $ / shares in Units, $ in Thousands	Apr. 14, 2020shares	Oct. 10, 2018USD ($)$ / shares	Jun. 14, 2018USD ($)$ / sharesshares	Mar. 16, 2020$ / sharesshares	May 25, 2018USD ($)	Jun. 30, 2021USD ($)shares	Jun. 30, 2020USD ($)shares	Dec. 31, 2019USD ($)shares	Jun. 30, 2021₪ / sharesshares	Dec. 31, 2020₪ / 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		89,557
Deferred participation of BMS in R&D expenses						$ 4,121
Proceeds from warrant exercised						425	$ 16,609
Warrants purchase to ordinary shares remain outstanding | shares									297,469
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, 2021	Jun. 30, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted	66,500
Stock options granted, exercise price, minimum	$ 7.59
Stock options granted, exercise price, maximum	$ 13.32
Vesting period	4 years
Expected volatility, minimum	66.00%	55.00%
Expected volatility, maximum	67.00%	59.00%
Expected risk free interest rates range, minimum	0.50%	0.50%
Expected risk free interest rate range, maximum	0.80%	1.60%
Expected dividend yield	0.00%	0.00%
Expected life	5 years 1 month 6 days
Weighted average fair value of options granted during period	$ 5.54	$ 3.10
Share based compensation stock options	$ 1,805	$ 968
Unrecognized compensation cost	$ 9,596
Period over which compensation expense will be recognized	3 years
Total weighted average number of shares related to outstanding options and warrants excluded from the calculations of diluted net loss per share	6,242,283	7,984,232
Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted	36,639
Ordinary shares available for issuance | shares	563,361
Expected volatility, minimum	64.00%
Expected volatility, maximum	70.00%
Expected risk free interest rates range, minimum	0.00%
Expected risk free interest rate range, maximum	0.10%
Expected dividend yield	0.00%
Share based compensation ESPP	$ 111
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life		5 years
Minimum [Member] | Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	4 months 24 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life		5 years 1 month 6 days
Maximum [Member] | Employee Stock Purchase Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	6 months

FINANCIAL AND OTHER INCOME, N_3

FINANCIAL AND OTHER INCOME, NET (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2021	Jun. 30, 2020
FINANCIAL AND OTHER INCOME, NET [Abstract]
Interest income	$ 528	$ 878
Exchange rate differences and other	31	(72)
Financial and other income, net	$ 559	$ 806

RELATED PARTY BALANCES AND TR_3

RELATED PARTY BALANCES AND TRANSACTIONS (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2021	Jun. 30, 2020	Dec. 31, 2020
RELATED PARTY BALANCES AND TRANSACTIONS [Abstract]
Trade and other payables	[1]	$ 62		$ 83
Related parties' expenses amounts charged to research and development expenses	[1]	$ 110	$ 146
[1]	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.