Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Nov. 30, 2019 | Jan. 09, 2020 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ORAMED PHARMACEUTICALS INC. | |
Entity Central Index Key | 0001176309 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --08-31 | |
Document Type | 10-Q | |
Document Period End Date | Nov. 30, 2019 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2020 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Entity Ex Transition Period | false | |
Entity Common Stock, Shares Outstanding | 17,735,775 | |
Entity File Number | 000-50298 | |
Entity Interactive Data Current | Yes | |
Entity Incorporation State Country Code | DE |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Nov. 30, 2019 | Aug. 31, 2019 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 3,171 | $ 3,329 |
Short-term deposits | 23,755 | 25,252 |
Marketable securities | 3,207 | 3,701 |
Prepaid expenses and other current assets | 609 | 1,042 |
Total current assets | 30,742 | 33,324 |
LONG-TERM ASSETS: | ||
Long-term deposits | 1 | 1 |
Marketable securities | 250 | 1,295 |
Amounts funded in respect of employee rights upon retirement | 16 | 19 |
Property and equipment, net | 27 | 24 |
Operating lease right of use assets | 106 | |
Total long-term assets | 400 | 1,339 |
Total assets | 31,142 | 34,663 |
CURRENT LIABILITIES: | ||
Accounts payable and accrued expenses | 1,796 | 2,541 |
Deferred revenues | 2,703 | 2,703 |
Payable to related parties | 96 | 64 |
Operating lease liabilities | 46 | |
Total current liabilities | 4,641 | 5,308 |
LONG-TERM LIABILITIES: | ||
Deferred revenues | 8,983 | 9,658 |
Employee rights upon retirement | 17 | 22 |
Provision for uncertain tax position | 11 | 11 |
Operating lease liabilities | 60 | |
Other liabilities | 270 | 271 |
Total long-term liabilities | 9,341 | 9,962 |
COMMITMENTS (note 2) | ||
STOCKHOLDERS' EQUITY: | ||
Common stock, $0.012 par value (30,000,000 authorized shares; 17,400,612 and 17,383,359 shares issued and outstanding as of November 30, 2019 and August 31, 2019, respectively) | 209 | 208 |
Additional paid-in capital | 100,597 | 100,288 |
Accumulated deficit | (83,646) | (81,103) |
Total stockholders' equity | 17,160 | 19,393 |
Total liabilities and stockholders' equity | $ 31,142 | $ 34,663 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Nov. 30, 2019 | Aug. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $ 0.012 | $ 0.012 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 17,400,612 | 17,383,359 |
Common stock, shares outstanding | 17,400,612 | 17,383,359 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
Income Statement [Abstract] | ||
REVENUES | $ 674 | $ 674 |
COST OF REVENUES | 35 | |
RESEARCH AND DEVELOPMENT EXPENSES | 2,022 | 4,347 |
GENERAL AND ADMINISTRATIVE EXPENSES | 1,081 | 932 |
OPERATING LOSS | 2,429 | 4,640 |
FINANCIAL INCOME | 209 | 286 |
FINANCIAL EXPENSES | 20 | 8 |
INCOME (LOSS) FROM CHANGES IN FAIR VALUE OF INVESTMENTS | (303) | 60 |
NET LOSS FOR THE PERIOD | $ 2,543 | $ 4,302 |
LOSS PER SHARE OF COMMON STOCK: | ||
BASIC AND DILUTED LOSS PER SHARE OF COMMON STOCK | $ 0.15 | $ .25 |
WEIGHTED AVERAGE NUMBER OF SHARES OF COMMON STOCK USED IN COMPUTING BASIC AND DILUTED LOSS PER SHARE OF COMMON STOCK | 17,472,315 | 17,448,744 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock | Additional paid-in capital | Accumulated other comprehensive income | Accumulated deficit | Total | |
BALANCE at Aug. 31, 2018 | $ 207 | $ 99,426 | $ 702 | $ (69,223) | $ 31,112 | |
BALANCE, Shares at Aug. 31, 2018 | 17,369 | |||||
INITIAL ADOPTION OF ASC 606 | 1,773 | 1,773 | ||||
INITIAL ADOPTION OF ASU 2016-01 | (702) | 702 | ||||
CHANGES DURING THE THREE MONTH PERIOD ENDED | ||||||
SHARES ISSUED FOR SERVICES | [1] | 36 | 36 | |||
SHARES ISSUED FOR SERVICES, Shares | 8 | |||||
STOCK-BASED COMPENSATION | [1] | 239 | 239 | |||
STOCK-BASED COMPENSATION, Shares | ||||||
NET LOSS | (4,302) | (4,302) | ||||
BALANCE at Nov. 30, 2018 | $ 207 | 99,701 | (71,050) | 28,858 | ||
BALANCE, Shares at Nov. 30, 2018 | 17,377 | |||||
BALANCE at Aug. 31, 2019 | $ 208 | 100,288 | (81,103) | 19,393 | ||
BALANCE, Shares at Aug. 31, 2019 | 17,383 | |||||
CHANGES DURING THE THREE MONTH PERIOD ENDED | ||||||
SHARES ISSUED FOR SERVICES | [1] | 17 | 17 | |||
SHARES ISSUED FOR SERVICES, Shares | 5 | |||||
EXERCISE OF WARRANTS AND OPTIONS | $ 1 | 12 | 13 | |||
EXERCISE OF WARRANTS AND OPTIONS, Shares | 12 | |||||
STOCK-BASED COMPENSATION | [1] | 280 | 280 | |||
STOCK-BASED COMPENSATION, Shares | ||||||
NET LOSS | (2,543) | (2,543) | ||||
BALANCE at Nov. 30, 2019 | $ 209 | $ 100,597 | $ (83,646) | $ 17,160 | ||
BALANCE, Shares at Nov. 30, 2019 | 17,400 | |||||
[1] | Represents an amount of less than $1. |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Nov. 30, 2019 | Nov. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (2,543) | $ (4,302) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 2 | |
Exchange differences and interest on deposits and held to maturity bonds | (92) | (116) |
Changes in fair value of investments | 303 | (60) |
Stock-based compensation | 280 | 239 |
Shares issued for services | 17 | 36 |
Changes in operating assets and liabilities: | ||
Prepaid expenses and other current assets | 433 | (153) |
Accounts payable, accrued expenses and related parties | (714) | 929 |
Contract liabilities | (675) | (674) |
Liability for employee rights upon retirement | (5) | |
Other liabilities | (32) | |
Total net cash used in operating activities | (2,996) | (4,131) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of short-term deposits | (3,000) | |
Purchase of held to maturity securities | (397) | |
Proceeds from sale of short-term deposits | 4,600 | 3,000 |
Proceeds from maturity of held to maturity securities | 1,225 | 400 |
Funds in respect of employee rights upon retirement | 3 | |
Purchase of property and equipment | (3) | (8) |
Total net cash provided by investing activities | 2,825 | 2,995 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from issuance of common stock, net of issuance costs | 1 | |
Proceeds from exercise of options | 12 | |
Total net cash provided by financing activities | 13 | |
EFFECT OF EXCHANGE RATE CHANGES ON CASH | 0 | 1 |
DECREASE IN CASH AND CASH EQUIVALENTS | (158) | (1,135) |
CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD | 3,329 | 4,996 |
CASH AND CASH EQUIVALENTS AT END OF PERIOD | 3,171 | 3,861 |
SUPPLEMENTARY DISCLOSURE ON CASH FLOWS - | ||
Interest received | $ 112 | $ 159 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Nov. 30, 2019 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 1 - SIGNIFICANT ACCOUNTING POLICIES: a. General: 1) Incorporation and operations Oramed Pharmaceuticals Inc. (collectively with its subsidiary, the “Company”, unless the context indicates otherwise) was incorporated on April 12, 2002, under the laws of the State of Nevada. From incorporation until March 3, 2006, the Company was an exploration stage company engaged in the acquisition and exploration of mineral properties. On February 17, 2006, the Company entered into an agreement with Hadasit Medical Services and Development Ltd. to acquire the provisional patent related to an orally ingestible insulin capsule to be used for the treatment of individuals with diabetes. On May 14, 2007, the Company incorporated a wholly-owned subsidiary in Israel, Oramed Ltd. (the “Subsidiary”), which is engaged in research and development. On March 11, 2011, the Company was reincorporated from the State of Nevada to the State of Delaware. On July 30, 2019, the Subsidiary incorporated a wholly-owned subsidiary in Hong Kong, Oramed HK Limited. As of November 30, 2019, Oramed HK Limited has no operations. On November 30, The royalty payment obligation shall apply during the period of time beginning upon the first commercial sale of the Product in the Territory, and ending upon the later of (i) the expiration of the last-to-expire licensed patents in the Territory; and (ii) 15 years after the first commercial sale of the Product in the Territory (the "Royalty Term"). The License Agreement shall remain in effect until the expiration of the Royalty Term. The License Agreement contains customary termination provisions. Among others, the Company's involvement through the product submission date will include consultancy for the pre-commercialization activities in the Territory, as well as advisory services to HTIT on an ongoing basis. As of November 30, 2019, the Company has received milestone payments in an aggregate amount of $20,500 as follows: the initial payment of $3,000 was received in January 2016. Following the achievement of certain milestones, the second and third payments of $6,500 and $4,000, respectively, were received in July 2016, the fourth milestone payment of $4,000 was received in October 2016 and the fifth milestone payment of $3,000 was received in January 2019. In addition, on November 30, 2015, the Company entered into a Stock Purchase Agreement with HTIT (the “SPA”). According to the SPA, the Company issued 1,155,367 shares of common stock to HTIT for $12,000. The transaction closed on December 28, 2015. In July 2015, according to the letter of intent signed between the parties or their affiliates, HTIT's affiliate paid the Subsidiary a non-refundable amount of $500 as a no-shop fee. The no-shop fee was deferred and the related revenue is recognized over the estimated term of the License Agreement. For revenue recognition policy see note 1c. 2) Development and liquidity risks b. Loss per common share Basic and diluted net loss per common share are computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding for each period. Outstanding stock options, warrants and restricted stock units (“RSUs”) have been excluded from the calculation of the diluted loss per share because all such securities are anti-dilutive for all periods presented. The weighted average number of common stock options, warrants and RSUs excluded from the calculation of diluted net loss was 4,366,806 and 4,352,798 for the three month periods ended November 30, 2019 and 2018, respectively. c. Revenue recognition The License Agreement and the SPA were considered a single arrangement with multiple deliverables. The Company allocated the total consideration of $49,500 between the License Agreement and the SPA according to their fair value, as follows: $10,617 was allocated to the issuance of common stock (less issuance expenses of $23), based on the quoted price of the Company's shares on the closing date of the SPA on December 28, 2015, and $38,883 was allocated to the License Agreement. Under Accounting Standards Codification ("ASC") 605 (which was the authoritative revenue recognition guidance applied for all periods prior to September 1, 2018) given the Company's continuing involvement through the expected product submission in June 2023, amounts received relating to the License Agreement were recognized over the period from which the Company was entitled to the respective payment, and the expected product submission date using a time-based model approach over the periods that the fees were earned. On September 1, 2018, the Company adopted Accounting Standards Update ("ASU") 2014-09 “Revenue from Contracts with Customers (Topic 606)” (“ASC 606”), using the modified retrospective method of adoption. Under this method, the Company applied ASC 606 to the License Agreement at the adoption date and was required to make an adjustment to the September 1, 2018 opening accumulated deficit balance and all prior periods continue to be presented under ASC 605. The most significant impact from adopting ASC 606 was the impact of the timing of recognition of revenue associated with the milestone payment. Under ASC 605 (which was the authoritative revenue recognition guidance applied for all periods prior to September 1, 2018) given the Company's continuing involvement through the expected product submission in June 2023, amounts received relating to the License Agreement were recognized over the period from which the Company was entitled to the respective payment, and the expected product submission date using a time-based model approach over the periods that the fees were earned. However, under ASC 606, the Company is required to recognize the total transaction price (which includes consideration related to milestones once the criteria for recognition have been satisfied) using the input method over the period the performance obligation is fulfilled. Accordingly, once the consideration associated with a milestone is included in the transaction price, incremental revenue is recognized immediately based on the period of time that has elapsed towards complete satisfaction of the performance obligation. This method results in the recognition of revenue earlier than under ASC 605 and the resulting impact was recorded as a reduction of the opening balance of accumulated deficit at September 1, 2018 as further described below. Under ASC 606, the Company identified a single performance obligation in the agreement and determined that the license and services are not distinct as the license and services are highly dependent on each other. In other words, HTIT cannot benefit from the license without the related services, and vice versa. Since the customer benefits from the services as the entity performs, revenue is recognized over time through the expected product submission date in June 2023, using the input method. The Company used the input method to measure the process for the purpose of recognizing revenue, which approximates the straight line attribution. The Company used significant judgment when it determined the product submission date. Under ASC 606, the consideration that the Company would be entitled to upon the achievement of contractual milestones, which are contingent upon the occurrence of future events, are a form of variable consideration. When assessing the portion, if any, of such milestones-related consideration to be included in the transaction price, the Company first assesses the most likely outcome for each milestone and excludes the consideration related to milestones of which the occurrence is not considered the most likely outcome. The Company then evaluates if any of the variable consideration determined in the first step is constrained by including in the transaction price variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company used significant judgment when it determined the first step of variable consideration. The potential future royalty consideration is also considered a form of variable consideration under ASC 606 as it is based on a percentage of potential future sales of the Company's products. However, the Company applies the sales-based royalty exception and accordingly will recognize the sales-based royalty amounts when the related sale has occurred. To date, the Company has not recognized any royalty-related revenue. As of the adoption date, the Company adjusted its accumulated deficit by $1,773 against contract liabilities due to the effect of variable consideration. Amounts that were allocated to the License Agreement as of November 30, 2019 aggregated $22,382, all of which were received through the balance sheet date. Through November 30, 2019, the Company has recognized revenue associated with this agreement in the aggregate amount of $10,696 (of which $674 was recognized in the quarter ended November 30, 2019, and deferred the remaining amount of $11,686 which is presented as deferred revenues on the condensed consolidated balance sheet. d. Financial instruments In January 2016, the Financial Accounting Standards Board (“FASB”) issued guidance which updates certain aspects of recognition, measurement, presentation and disclosure of financial assets and financial liabilities (“ASU 2016-01”). The guidance requires entities to recognize changes in fair value in net income rather than in accumulated other comprehensive income. The Company adopted the provisions of this update in the first quarter of fiscal year 2019. Following the adoption, as of September 1, 2018, the Company classified the available for sale securities to financial assets measured in fair value through profit or loss. The impact of this adoption on the Company's accumulated losses as of the adoption date was $702. e. Condensed Consolidated Financial Statements Preparation The condensed consolidated financial statements included herein have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and, except as described in note 1f, on the same basis as the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2019 (the “2019 Form 10-K”). These condensed consolidated financial statements reflect all adjustments that are of a normal recurring nature and that are considered necessary for a fair statement of the results of the periods presented. Certain information and disclosures normally included in annual consolidated financial statements have been omitted in this interim period report pursuant to the rules and regulations of the Securities and Exchange Commission. Because the condensed consolidated interim financial statements do not include all of the information and disclosures required by U.S. GAAP for annual financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in the 2019 Form 10-K. The results for interim periods are not necessarily indicative of a full fiscal year’s results. f. Recently adopted standards In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which supersedes the existing guidance for lease accounting, Leases (Topic 840). The new standard requires a lessee to record assets and liabilities on its balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the lessee’s income statement. The Company adopted this standard as of September 1, 2019 on a modified retrospective basis and will not restate comparative periods. The Company elected the package of practical expedients permitted under the transition guidance within the new standard which, among other things, allows the Company to carryforward the historical lease classification. The Company made an accounting policy election to keep leases with an initial term of 12 months or less off of its balance sheet. The Company recognized those lease payments in its statements of operations on a straight-line basis over the lease period. As of the adoption date, the Company recognized an operating lease asset and liability of $113 and $113, respectively, as of September 1, 2019 on its balance sheet. |
Commitments
Commitments | 3 Months Ended |
Nov. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | NOTE 2 - COMMITMENTS: a. In March 2011, the Subsidiary sold shares of its investee company, Entera, to D.N.A, retaining 117,000 ordinary shares (after giving effect to a stock split by Entera in July 2018). In consideration for the shares sold to D.N.A, the Company received, among other payments, ordinary shares of D.N.A (see also note 4). As part of this agreement, the Subsidiary entered into a patent transfer agreement (the "Patent Transfer Agreement") according to which the Subsidiary assigned to Entera all of its right, title and interest in and to a certain patent application related to the oral administration of proteins that it has licensed to Entera since August 2010. Under this agreement, the Subsidiary is entitled to receive from Entera royalties of 3% of Entera's net revenues (as defined in the agreement) and a license back of that patent application for use in respect of diabetes and influenza. As of November 30, 2019, Entera had not yet realized any revenues and had not paid any royalties to the Subsidiary. On December 11, 2018, Entera announced that it had entered into a research collaboration and license agreement (the "Amgen License") with Amgen related to research of inflammatory disease and other serious illnesses. As reported by Entera, under the terms of the Amgen License, Entera will receive a modest initial technology access fee from Amgen and will be responsible for preclinical development at Amgen's expense. Entera will be eligible to receive up to $270,000 in aggregate payments, as well as tiered royalties up to mid-single digits, upon achievement of various clinical and commercial milestones if Amgen decides to move all of these programs forward. Amgen is responsible for clinical development, manufacturing and commercialization of any of the resulting programs. To the extent the Amgen License results in net revenues as defined in the Patent Transfer Agreement, the Subsidiary will be entitled to the aforementioned royalties. In addition, as part of a consulting agreement with a third party, dated February 15, 2011, the Subsidiary is obliged to pay this third party royalties of 8% of the net royalties received in respect of the patent that was sold to Entera in March 2011. b. On January 3, 2017, the Subsidiary entered into a lease agreement for its office facilities in Israel. The lease agreement is for a period of 60 months commencing October 1, 2016. The annual lease payment was New Israeli Shekel ("NIS") 119,000 ($32) from October 2016 through September 2018 and NIS 132,000 ($38) from October 2018 through September 2021, and is linked to the increase in the Israeli consumer price index ("CPI") (as of November 30, 2019, the aggregate future lease payments will be $70 until the expiration of the lease agreement, based on the exchange rate as of November 30, 2019). As security for its obligation under this lease agreement, the Company provided a bank guarantee in an amount equal to three monthly lease payments. c. On December 18, 2017, the Subsidiary entered into an agreement with a vendor for the process development and production of one of its oral capsule ingredients in the amount of $2,905 that will be paid over the term of the engagement and based on the achievement of certain development milestones, $1,542 of which was recognized in research and development expenses through November 30, 2019. d. On February 14, 2018, the Subsidiary entered into a Clinical Research Organization Services Agreement with a third party, effective as of November 1, 2017, to retain it as a clinical research organization ("CRO") for the Subsidiary's three month dose-ranging clinical trial for its oral insulin capsule for type 2 diabetes patients and, on May 20, 2019, the Subsidiary entered into amendments to such agreement. As consideration for its services, the Subsidiary will pay the CRO a total amount of $10,206 during the term of the engagement and based on achievement of certain milestones, of which $8,003 was recognized in research and development expenses through November 30, 2019. e. On May 21, 2018, the Subsidiary entered into a CRO Services Agreement with a third party to retain it as a CRO for the Subsidiary's food effect clinical trial for its oral insulin capsule. As consideration for its services, the Subsidiary will pay the CRO a total amount of $1,166 during the term of the engagement and based on achievement of certain milestones, $1,141 of which was recognized in research and development expenses through November 30, 2019. f. On July 29, 2019, the Subsidiary entered into a CRO Services Agreement with a third party to retain it as a CRO for the Subsidiary's dose-ranging clinical trial for its oral insulin. As consideration for its services, the Subsidiary will pay the CRO a total amount of $658 during the term of the engagement and based on achievement of certain milestones, $313 of which was recognized in research and development expenses through November 30, 2019. g. Grants from the Israel Innovation Authority ("IIA") Under the terms of the Company's funding from the IIA, royalties of 3% are payable on sales of products developed from a project so funded, up to a maximum amount equaling 100%-150% of the grants received (dollar linked) with the addition of interest at an annual rate based on LIBOR. At the time the grants were received, successful development of the related projects was not assured. The total amount that was received through November 30, 2019 was $2,207. The royalty expenses which are related to the funded project were recognized in cost of revenues in the quarter ended November 30, 2019 and in prior periods. h. Grants from the European Commission ("EC") On November 26, 2019 the Company received an initial payment of €17.50 from the EC under the SME Instrument of the European Innovation Programme Horizon 2020. As part of the grant terms, the Company is required to use the proceeds from the grant in Europe. The Company intends on using the grant to explore the possibility of running clinical trials in Europe. |
Fair Value
Fair Value | 3 Months Ended |
Nov. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE | NOTE 3 - FAIR VALUE: The Company measures fair value and discloses fair value measurements for financial assets. Fair value is based on the price that would be received to sell an asset in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described as follows: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. As of November 30, 2019, the assets measured at fair value are comprised of equity securities (Level 1). The fair value of held to maturity bonds as presented in note 4 was based on a Level 2 measurement. As of November 30, 2019, the carrying amounts of cash equivalents, short-term deposits and accounts payable approximate their fair values due to the short-term maturities of these instruments. As of November 30, 2019, the carrying amounts of long-term deposits approximate their fair values due to the stated interest rates which approximate market rates. The amounts funded in respect of employee rights are stated at cash surrender value which approximates its fair value. There were no Level 3 items for the three month periods ended November 30, 2019 and 2018. |
Marketable Securities
Marketable Securities | 3 Months Ended |
Nov. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | NOTE 4 - MARKETABLE SECURITIES: The Company's marketable securities include investments in equity securities of D.N.A and Entera, and in held to maturity bonds. a. Composition: November 30, 2019 August 31, 2019 Short-term: D.N.A (see b below) $ 296 $ 557 Entera (see c below) 263 304 Held to maturity bonds (see d below) 2,648 2,840 $ 3,207 $ 3,701 Long-term: Held to maturity bonds (see d below) $ 250 $ 1,295 b. D.N.A The D.N.A ordinary shares are traded on the Tel Aviv Stock Exchange. The fair value of those securities is measured at the quoted prices of the securities on the measurement date. As of November 30, 2019, the Company owns approximately 6.9% of D.N.A's outstanding ordinary shares. The cost of the securities as of November 30, 2019 and August 31, 2019 is $595. c. Entera Entera ordinary shares have been traded on The Nasdaq Capital Market since June 28, 2018. The Company measures the investment at fair value from such date, since it has a readily determinable fair value (prior to such date the investment was accounted for as a cost method investment (amounting to $1)). d. Held to maturity securities The amortized cost and estimated fair value of held-to-maturity securities as of November 30, 2019, are as follows: November 30, 2019 Amortized cost Gross unrealized losses Estimated fair value Short-term: Commercial bonds $ 2,624 $ (16 ) $ 2,608 Accrued interest 24 - 24 Long-term 250 - 250 $ 2,898 $ (16 ) $ 2,882 As of November 30, 2019, the contractual maturities of debt securities classified as held-to-maturity are as follows: after one year through two years, $250, and the yield to maturity rate is 2.77%. The amortized cost and estimated fair value of held-to-maturity securities as of August 31, 2019, are as follows: August 31, 2019 Amortized cost Gross unrealized losses Estimated fair value Short-term: Commercial bonds $ 2,808 $ 6 $ 2,814 Accrued interest 32 - 32 Long-term 1,295 4 1,299 $ 4,135 $ 10 $ 4,145 As of August 31, 2019, the contractual maturities of debt securities classified as held-to-maturity are as follows: after one year through two years, $1,295 and the yield to maturity rates vary between 2.55% to 3.20%. Held to maturity securities which will mature during the 12 months from the balance sheet date are included in short-term marketable securities. Held to maturity securities with maturity dates of more than one year are considered long-term marketable securities. |
Stockholders' Equity
Stockholders' Equity | 3 Months Ended |
Nov. 30, 2019 | |
Equity [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 5 - STOCKHOLDERS' EQUITY: On September 5, 2019, the Company entered into an Equity Distribution Agreement (the "Sales Agreement"), pursuant to which the Company may, from time to time and at the Company's option, issue and sell shares of Company common stock having an aggregate offering price of up to $15,000, through a sales agent, subject to certain terms and conditions. Any shares sold will be sold pursuant to the Company's effective shelf registration statement on Form S-3 including a prospectus dated February 2, 2017, as supplemented by a prospectus supplement dated September 5, 2019. The Company will pay the sales agent a cash commission of 3.0% of the gross proceeds of the sale of any shares sold through the sales agent under the Sales Agreement. As of November 30, 2019, no shares were sold under the Sales Agreement. As of January 9, 2020, 335,163 shares were issued under the Sales Agreement for aggregate net proceeds of $1,785. |
Related Parties - Transactions
Related Parties - Transactions | 3 Months Ended |
Nov. 30, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES - TRANSACTIONS | NOTE 6 - RELATED PARTIES - TRANSACTIONS: On July 1, 2008, the Subsidiary entered into two consulting agreements with KNRY Ltd. ("KNRY"), an Israeli company owned by the Chief Scientific Officer (the "CSO"), whereby the Chief Executive Officer (the "CEO") and the CSO, through KNRY, provide services to the Company (the "Consulting Agreements"). The Consulting Agreements are both terminable by either party upon 140 days prior written notice. The Consulting Agreements, as amended, provide that KNRY will be reimbursed for reasonable expenses incurred in connection with performance of the Consulting Agreements and that the monthly consulting fee paid to the CEO and the CSO is NIS 127,570 ($37) and NIS 80,454 ($23), respectively. In addition to the Consulting Agreements, based on a relocation cost analysis prepared by consulting company ORI - Organizational Resources International Ltd., the Company pays for certain direct costs, related taxes and expenses incurred in connection with the relocation of the CEO to New York. During the three months ended November 30, 2019, such relocation expenses totaled $86 compared to $131 for the three months ended November 30, 2018. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Nov. 30, 2019 | |
Accounting Policies [Abstract] | |
General | a. General: 1) Incorporation and operations Oramed Pharmaceuticals Inc. (collectively with its subsidiary, the “Company”, unless the context indicates otherwise) was incorporated on April 12, 2002, under the laws of the State of Nevada. From incorporation until March 3, 2006, the Company was an exploration stage company engaged in the acquisition and exploration of mineral properties. On February 17, 2006, the Company entered into an agreement with Hadasit Medical Services and Development Ltd. to acquire the provisional patent related to an orally ingestible insulin capsule to be used for the treatment of individuals with diabetes. On May 14, 2007, the Company incorporated a wholly-owned subsidiary in Israel, Oramed Ltd. (the “Subsidiary”), which is engaged in research and development. On March 11, 2011, the Company was reincorporated from the State of Nevada to the State of Delaware. On July 30, 2019, the Subsidiary incorporated a wholly-owned subsidiary in Hong Kong, Oramed HK Limited. As of November 30, 2019, Oramed HK Limited has no operations. On November 30, The royalty payment obligation shall apply during the period of time beginning upon the first commercial sale of the Product in the Territory, and ending upon the later of (i) the expiration of the last-to-expire licensed patents in the Territory; and (ii) 15 years after the first commercial sale of the Product in the Territory (the "Royalty Term"). The License Agreement shall remain in effect until the expiration of the Royalty Term. The License Agreement contains customary termination provisions. Among others, the Company's involvement through the product submission date will include consultancy for the pre-commercialization activities in the Territory, as well as advisory services to HTIT on an ongoing basis. As of November 30, 2019, the Company has received milestone payments in an aggregate amount of $20,500 as follows: the initial payment of $3,000 was received in January 2016. Following the achievement of certain milestones, the second and third payments of $6,500 and $4,000, respectively, were received in July 2016, the fourth milestone payment of $4,000 was received in October 2016 and the fifth milestone payment of $3,000 was received in January 2019. In addition, on November 30, 2015, the Company entered into a Stock Purchase Agreement with HTIT (the “SPA”). According to the SPA, the Company issued 1,155,367 shares of common stock to HTIT for $12,000. The transaction closed on December 28, 2015. In July 2015, according to the letter of intent signed between the parties or their affiliates, HTIT's affiliate paid the Subsidiary a non-refundable amount of $500 as a no-shop fee. The no-shop fee was deferred and the related revenue is recognized over the estimated term of the License Agreement. For revenue recognition policy see note 1c. 2) Development and liquidity risks |
Loss per common share | b. Loss per common share Basic and diluted net loss per common share are computed by dividing the net loss for the period by the weighted average number of shares of common stock outstanding for each period. Outstanding stock options, warrants and restricted stock units (“RSUs”) have been excluded from the calculation of the diluted loss per share because all such securities are anti-dilutive for all periods presented. The weighted average number of common stock options, warrants and RSUs excluded from the calculation of diluted net loss was 4,366,806 and 4,352,798 for the three month periods ended November 30, 2019 and 2018, respectively. |
Revenue recognition | c. Revenue recognition The License Agreement and the SPA were considered a single arrangement with multiple deliverables. The Company allocated the total consideration of $49,500 between the License Agreement and the SPA according to their fair value, as follows: $10,617 was allocated to the issuance of common stock (less issuance expenses of $23), based on the quoted price of the Company's shares on the closing date of the SPA on December 28, 2015, and $38,883 was allocated to the License Agreement. Under Accounting Standards Codification ("ASC") 605 (which was the authoritative revenue recognition guidance applied for all periods prior to September 1, 2018) given the Company's continuing involvement through the expected product submission in June 2023, amounts received relating to the License Agreement were recognized over the period from which the Company was entitled to the respective payment, and the expected product submission date using a time-based model approach over the periods that the fees were earned. On September 1, 2018, the Company adopted Accounting Standards Update ("ASU") 2014-09 “Revenue from Contracts with Customers (Topic 606)” (“ASC 606”), using the modified retrospective method of adoption. Under this method, the Company applied ASC 606 to the License Agreement at the adoption date and was required to make an adjustment to the September 1, 2018 opening accumulated deficit balance and all prior periods continue to be presented under ASC 605. The most significant impact from adopting ASC 606 was the impact of the timing of recognition of revenue associated with the milestone payment. Under ASC 605 (which was the authoritative revenue recognition guidance applied for all periods prior to September 1, 2018) given the Company's continuing involvement through the expected product submission in June 2023, amounts received relating to the License Agreement were recognized over the period from which the Company was entitled to the respective payment, and the expected product submission date using a time-based model approach over the periods that the fees were earned. However, under ASC 606, the Company is required to recognize the total transaction price (which includes consideration related to milestones once the criteria for recognition have been satisfied) using the input method over the period the performance obligation is fulfilled. Accordingly, once the consideration associated with a milestone is included in the transaction price, incremental revenue is recognized immediately based on the period of time that has elapsed towards complete satisfaction of the performance obligation. This method results in the recognition of revenue earlier than under ASC 605 and the resulting impact was recorded as a reduction of the opening balance of accumulated deficit at September 1, 2018 as further described below. Under ASC 606, the Company identified a single performance obligation in the agreement and determined that the license and services are not distinct as the license and services are highly dependent on each other. In other words, HTIT cannot benefit from the license without the related services, and vice versa. Since the customer benefits from the services as the entity performs, revenue is recognized over time through the expected product submission date in June 2023, using the input method. The Company used the input method to measure the process for the purpose of recognizing revenue, which approximates the straight line attribution. The Company used significant judgment when it determined the product submission date. Under ASC 606, the consideration that the Company would be entitled to upon the achievement of contractual milestones, which are contingent upon the occurrence of future events, are a form of variable consideration. When assessing the portion, if any, of such milestones-related consideration to be included in the transaction price, the Company first assesses the most likely outcome for each milestone and excludes the consideration related to milestones of which the occurrence is not considered the most likely outcome. The Company then evaluates if any of the variable consideration determined in the first step is constrained by including in the transaction price variable consideration to the extent that it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company used significant judgment when it determined the first step of variable consideration. The potential future royalty consideration is also considered a form of variable consideration under ASC 606 as it is based on a percentage of potential future sales of the Company's products. However, the Company applies the sales-based royalty exception and accordingly will recognize the sales-based royalty amounts when the related sale has occurred. To date, the Company has not recognized any royalty-related revenue. As of the adoption date, the Company adjusted its accumulated deficit by $1,773 against contract liabilities due to the effect of variable consideration. Amounts that were allocated to the License Agreement as of November 30, 2019 aggregated $22,382, all of which were received through the balance sheet date. Through November 30, 2019, the Company has recognized revenue associated with this agreement in the aggregate amount of $10,696 (of which $674 was recognized in the quarter ended November 30, 2019, and deferred the remaining amount of $11,686 which is presented as deferred revenues on the condensed consolidated balance sheet. |
Financial instruments | d. Financial instruments In January 2016, the Financial Accounting Standards Board (“FASB”) issued guidance which updates certain aspects of recognition, measurement, presentation and disclosure of financial assets and financial liabilities (“ASU 2016-01”). The guidance requires entities to recognize changes in fair value in net income rather than in accumulated other comprehensive income. The Company adopted the provisions of this update in the first quarter of fiscal year 2019. Following the adoption, as of September 1, 2018, the Company classified the available for sale securities to financial assets measured in fair value through profit or loss. The impact of this adoption on the Company's accumulated losses as of the adoption date was $702. |
Condensed Consolidated Financial Statements Preparation | e. Condensed Consolidated Financial Statements Preparation The condensed consolidated financial statements included herein have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and, except as described in note 1f, on the same basis as the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the fiscal year ended August 31, 2019 (the “2019 Form 10-K”). These condensed consolidated financial statements reflect all adjustments that are of a normal recurring nature and that are considered necessary for a fair statement of the results of the periods presented. Certain information and disclosures normally included in annual consolidated financial statements have been omitted in this interim period report pursuant to the rules and regulations of the Securities and Exchange Commission. Because the condensed consolidated interim financial statements do not include all of the information and disclosures required by U.S. GAAP for annual financial statements, they should be read in conjunction with the audited consolidated financial statements and notes included in the 2019 Form 10-K. The results for interim periods are not necessarily indicative of a full fiscal year’s results. |
Recently adopted standards | f. Recently adopted standards In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842)”, which supersedes the existing guidance for lease accounting, Leases (Topic 840). The new standard requires a lessee to record assets and liabilities on its balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the lessee’s income statement. The Company adopted this standard as of September 1, 2019 on a modified retrospective basis and will not restate comparative periods. The Company elected the package of practical expedients permitted under the transition guidance within the new standard which, among other things, allows the Company to carryforward the historical lease classification. The Company made an accounting policy election to keep leases with an initial term of 12 months or less off of its balance sheet. The Company recognized those lease payments in its statements of operations on a straight-line basis over the lease period. As of the adoption date, the Company recognized an operating lease asset and liability of $113 and $113, respectively, as of September 1, 2019 on its balance sheet. |
Marketable Securities (Tables)
Marketable Securities (Tables) | 3 Months Ended |
Nov. 30, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of marketable securities include investments in equity securities | November 30, 2019 August 31, 2019 Short-term: D.N.A (see b below) $ 296 $ 557 Entera (see c below) 263 304 Held to maturity bonds (see d below) 2,648 2,840 $ 3,207 $ 3,701 Long-term: Held to maturity bonds (see d below) $ 250 $ 1,295 |
Schedule of amortized cost and estimated fair value of held-to-maturity securities | November 30, 2019 Amortized cost Gross unrealized losses Estimated fair value Short-term: Commercial bonds $ 2,624 $ (16 ) $ 2,608 Accrued interest 24 - 24 Long-term 250 - 250 $ 2,898 $ (16 ) $ 2,882 August 31, 2019 Amortized cost Gross unrealized losses Estimated fair value Short-term: Commercial bonds $ 2,808 $ 6 $ 2,814 Accrued interest 32 - 32 Long-term 1,295 4 1,299 $ 4,135 $ 10 $ 4,145 |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - USD ($) $ in Thousands | Nov. 30, 2015 | Dec. 28, 2015 | Nov. 30, 2019 | Nov. 30, 2018 | Sep. 02, 2019 | Aug. 31, 2019 | Jul. 31, 2015 |
Significant Accounting Policies (Textual) | |||||||
Milestone payment received | $ 20,500 | ||||||
Right of use assets and lease liabilities | 106 | ||||||
License agreement value | 22,382 | ||||||
Recognize revenue | 10,696 | ||||||
Deferred costs | $ 11,686 | ||||||
Recognized revenue, description | Of which $674 was recognized in the quarter ended November 30, 2019. | ||||||
Securities excluded from the calculation of diluted net loss | 4,366,806 | 4,352,798 | |||||
Non-refundable amount | $ 500 | ||||||
Milestone payment, description | The initial payment of $3,000 was received in January 2016. Following the achievement of certain milestones, the second and third payments of $6,500 and $4,000, respectively, were received in July 2016, the fourth milestone payment of $4,000 was received in October 2016 and the fifth milestone payment of $3,000 was received in January 2019. | ||||||
Reduction of accumulated deficit | $ 702 | ||||||
Accumulated deficit | (83,646) | $ (81,103) | |||||
Adjusted accumulated deficit against contract liabilities | 1,773 | ||||||
Operating lease liability | $ 113 | ||||||
Operating lease Assets | $ 113 | ||||||
Stock Purchase Agreement [Member] | |||||||
Significant Accounting Policies (Textual) | |||||||
Number of common stock issued ,value | $ 10,617 | ||||||
Total consideration | 49,500 | ||||||
Issuance expenses | 23 | ||||||
License Agreement [Member] | |||||||
Significant Accounting Policies (Textual) | |||||||
Number of common stock issued ,value | $ 38,883 | ||||||
Deferred costs | $ 11,686 | ||||||
HTIT [Member] | |||||||
Significant Accounting Policies (Textual) | |||||||
Percentages of royalties on net sales | 10.00% | ||||||
Aggregate license costs | $ 37,500 | ||||||
License costs payable | 3,000 | ||||||
Amount paid subject to the Company entering into certain agreements | 8,000 | ||||||
Payable upon achievement of certain milestones and conditions | $ 26,500 | ||||||
Royalty commitment description | In the event that the Company does not meet certain conditions, the Royalties rate may be reduced to a minimum of 8%. Following the final expiration of the Company's patents covering the technology in the Territory in 2033, the Royalties rate may be reduced, under certain circumstances, to 5%. | ||||||
Royalty term | 15 years | ||||||
HTIT [Member] | Stock Purchase Agreement [Member] | |||||||
Significant Accounting Policies (Textual) | |||||||
Number of common stock issued | 1,155,367 | ||||||
Number of common stock issued ,value | $ 12,000 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Thousands | Dec. 11, 2018 | Jul. 29, 2019 | May 21, 2018 | Feb. 14, 2018 | Dec. 18, 2017 | Mar. 31, 2011 | Nov. 30, 2019 | Oct. 01, 2016 | Feb. 15, 2011 |
Commitments (Textual) | |||||||||
Total received | $ 2,207 | ||||||||
Aggregate payments receive | $ 270,000 | ||||||||
Grants from the European Commission, description | On November 26, 2019 the Company received an initial payment of €17.50 from the EC under the SME Instrument of the European Innovation Programme Horizon 2020. | ||||||||
Vendor One [Member] | |||||||||
Commitments (Textual) | |||||||||
Commitments for consulting services | $ 2,905 | ||||||||
Expense which was recognized | $ 1,542 | ||||||||
Vendor Two [Member] | |||||||||
Commitments (Textual) | |||||||||
Expense which was recognized | 8,003 | ||||||||
Vendor Three [Member] | |||||||||
Commitments (Textual) | |||||||||
Expense which was recognized | 1,141 | ||||||||
Vendor Four [Member] | |||||||||
Commitments (Textual) | |||||||||
Expense which was recognized | $ 313 | ||||||||
Clinical Research Organization Services Agreement [Member] | |||||||||
Commitments (Textual) | |||||||||
Commitments for consulting services | $ 10,206 | ||||||||
Office facilities [Member] | |||||||||
Commitments (Textual) | |||||||||
Operating lease, term | 60 months | ||||||||
Lessee, description | The annual lease payment was New Israeli Shekel (“NIS”) 119,000 ($32) from October 2016 through September 2018 and NIS 132,000 ($38) from October 2018 through September 2021, and is linked to the increase in the Israeli consumer price index (“CPI”) (as of November 30, 2019, the aggregate future lease payments will be $70 until the expiration of the lease agreement, based on the exchange rate as of November 30, 2019). | ||||||||
Third party [Member] | Clinical Research Organization Services Agreement [Member] | |||||||||
Commitments (Textual) | |||||||||
Commitments for consulting services | $ 658 | $ 1,166 | |||||||
Entera Bio Ltd. [Member] | D.N.A [Member] | |||||||||
Commitments (Textual) | |||||||||
Ownership percentage retained | 3.00% | 8.00% | |||||||
Ordinary shares after stock split | 117,000 | ||||||||
Israel Innovation Authority [Member] | |||||||||
Commitments (Textual) | |||||||||
Royalty percentage | 3.00% | 8.00% | |||||||
Israel Innovation Authority [Member] | Minimum [Member] | |||||||||
Commitments (Textual) | |||||||||
Royalty percentage | 100.00% | ||||||||
Israel Innovation Authority [Member] | Maximum [Member] | |||||||||
Commitments (Textual) | |||||||||
Royalty percentage | 150.00% |
Marketable Securities (Details)
Marketable Securities (Details) - USD ($) $ in Thousands | Nov. 30, 2019 | Aug. 31, 2019 |
Short-term: | ||
D.N.A (see b below) | $ 296 | $ 557 |
Entera (see c below) | 263 | 304 |
Held to maturity bonds (see d below) | 2,648 | 2,840 |
Marketable securities | 3,207 | 3,701 |
Long-term: | ||
Held to maturity bonds (see d below) | $ 250 | $ 1,295 |
Marketable Securities (Details
Marketable Securities (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Nov. 30, 2019 | Aug. 31, 2019 | |
Summary of held to maturity securities [Abstract] | ||
Amortized cost | $ 2,898 | $ 4,135 |
Gross unrealized gains/losses | (16) | 10 |
Estimated fair value | 2,882 | 4,145 |
Short-term [Member] | Accrued interest [Member] | ||
Summary of held to maturity securities [Abstract] | ||
Amortized cost | 24 | 32 |
Gross unrealized gains/losses | ||
Estimated fair value | 24 | 32 |
Long-term [Member] | ||
Summary of held to maturity securities [Abstract] | ||
Amortized cost | 250 | 1,295 |
Gross unrealized gains/losses | 4 | |
Estimated fair value | 250 | 1,299 |
Commercial bonds [Member] | Short-term [Member] | ||
Summary of held to maturity securities [Abstract] | ||
Amortized cost | 2,624 | 2,808 |
Gross unrealized gains/losses | (16) | 6 |
Estimated fair value | $ 2,608 | $ 2,814 |
Marketable Securities (Detail_2
Marketable Securities (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Nov. 30, 2019 | Aug. 31, 2019 | |
Marketable Securities (Textual) | ||
Percentage of ownership interest | 6.90% | |
Cost of securities | $ 595 | $ 595 |
Marketable securities | $ 250 | $ 1,295 |
Yield to maturity rate | 2.77% | |
Marketable securities maturity dates, description | After one year through two years. | After one year through two years. |
Marketable securities maturity, term | 12 months | |
Cost method investment | $ 1 | |
Minimum [Member] | ||
Marketable Securities (Textual) | ||
Yield to maturity rate | 2.55% | |
Maximum [Member] | ||
Marketable Securities (Textual) | ||
Yield to maturity rate | 3.20% |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - Sales Agreement [Member] - USD ($) $ in Thousands | Jan. 09, 2020 | Sep. 05, 2019 |
Stockholders' Equity (Textual) | ||
Common stock aggregate offering price | $ 15,000 | |
Percentage of commission | 3.00% | |
Subsequent Events [Member] | ||
Stockholders' Equity (Textual) | ||
Issuance of shares | 335,163 | |
Aggregate net proceeds | $ 1,785 |
Related Parties - Transactions
Related Parties - Transactions (Details) ₪ in Thousands, $ in Thousands | Jul. 01, 2008 | Nov. 30, 2019USD ($) | Nov. 30, 2019ILS (₪) | Nov. 30, 2018USD ($) |
Relocation expenses | $ | $ 86 | $ 131 | ||
KNRY [Member] | ||||
Consulting agreements, description | The Consulting Agreements are both terminable by either party upon 140 days prior written notice. The Consulting Agreements, as amended, provide that KNRY will be reimbursed for reasonable expenses incurred in connection with performance of the Consulting Agreements and that the monthly consulting fee paid to the CEO and the CSO is NIS 127,570 ($37) and NIS 80,454 ($23), respectively. | |||
Chief Executive Officer [Member] | NIS [Member] | ||||
Monthly consulting fee | ₪ 127,570 | |||
Chief Scientific Officer [Member] | NIS [Member] | ||||
Monthly consulting fee | ₪ 80,454 |