Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Entity Registrant Name | BioLineRx Ltd. |
Entity Central Index Key | 0001498403 |
Document Period End Date | Dec. 31, 2021 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Accelerated Filer |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity's Reporting Status Current | Yes |
Entity a Voluntary Filer | No |
Entity Incorporation State Country Code | L3 |
Contact Personnel Fax Number | +972 (8) 642-9101 |
Entity Address, Address Line One | 2 HaMa’ayan Street |
Entity Address, City or Town | Modi’in |
Entity Address, Postal Zip Code | 7177871 |
Entity Address, Country | IL |
Entity Interactive Data Current | Yes |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Common Stock, Shares Outstanding | 715,156,008 |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
Entity File Number | 001-35223 |
Entity a Well-known Seasoned Issuer | No |
ICFR Auditor Attestation Flag | true |
Auditor Name | Kesselman & Kesselman |
Auditor Location | Tel Aviv, Israel |
Auditor Firm ID | 1309 |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Philip A. Serlin |
Contact Personnel Email Address | phils@biolinerx.com |
Entity Address, Address Line One | 2 HaMa’ayan Street |
Entity Address, City or Town | Modi’in |
Entity Address, Postal Zip Code | 7177871 |
City Area Code | 972 |
Local Phone Number | 642-9100 |
Entity Address, Country | IL |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 12,990 | $ 16,831 |
Short-term bank deposits | 44,145 | 5,756 |
Prepaid expenses | 127 | 152 |
Other receivables | 142 | 141 |
Total current assets | 57,404 | 22,880 |
NON-CURRENT ASSETS | ||
Property and equipment, net | 952 | 1,341 |
Right-of-use assets, net | 1,331 | 1,355 |
Intangible assets, net | 21,704 | 21,714 |
Total non-current assets | 23,987 | 24,410 |
Total assets | 81,391 | 47,290 |
CURRENT LIABILITIES | ||
Current maturities of long-term loan | 2,757 | 3,092 |
Accounts payable and accruals: | ||
Trade | 5,567 | 5,918 |
Other | 1,227 | 1,440 |
Lease liabilities | 168 | 191 |
Total current liabilities | 9,719 | 10,641 |
NON-CURRENT LIABILITIES | ||
Warrants | 1,859 | 10,218 |
Long-term loan, net of current maturities | 0 | 2,740 |
Lease liabilities | 1,726 | 1,661 |
Total non-current liabilities | 3,585 | 14,619 |
COMMITMENTS AND CONTINGENT LIABILITIES | ||
Total liabilities | 13,304 | 25,260 |
EQUITY | ||
Ordinary shares | 21,066 | 9,870 |
Share premium | 339,346 | 279,241 |
Warrants | 975 | 0 |
Capital reserve | 13,157 | 12,322 |
Other comprehensive loss | (1,416) | (1,416) |
Accumulated deficit | (305,041) | (277,987) |
Total equity | 68,087 | 22,030 |
Total liabilities and equity | $ 81,391 | $ 47,290 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Profit or loss [abstract] | |||
RESEARCH AND DEVELOPMENT EXPENSES | $ (19,466) | $ (18,173) | $ (23,438) |
SALES AND MARKETING EXPENSES | (1,003) | (840) | (857) |
GENERAL AND ADMINISTRATIVE EXPENSES | (4,308) | (3,914) | (3,816) |
OPERATING LOSS | (24,777) | (22,927) | (28,111) |
NON-OPERATING INCOME (EXPENSES), NET | (1,830) | (5,701) | 4,165 |
FINANCIAL INCOME | 559 | 236 | 777 |
FINANCIAL EXPENSES | (1,006) | (1,629) | (2,277) |
LOSS AND COMPREHENSIVE LOSS | $ (27,054) | $ (30,021) | $ (25,446) |
LOSS PER ORDINARY SHARE - BASIC AND DILUTED | $ (0.04) | $ (0.12) | $ (0.17) |
WEIGHTED AVERAGE NUMBER OF SHARES USED IN CALCULATION OF LOSS PER ORDINARY SHARE | 662,933,695 | 252,844,394 | 146,407,055 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Ordinary shares [Member] | Share premium [Member] | Warrants [Member] | Capital reserve [Member] | Other comprehensive loss [Member] | Accumulated deficit [Member] | Total |
BALANCE at Dec. 31, 2018 | $ 3,110 | $ 250,192 | $ 0 | $ 11,955 | $ (1,416) | $ (222,520) | $ 41,321 |
CHANGES IN | |||||||
Issuance of share capital and warrants, net | 1,580 | 14,165 | 0 | 0 | 0 | 0 | 15,745 |
Employee stock options exercised | 2 | 83 | 0 | (84) | 0 | 0 | 1 |
Employee stock options forfeited and expired | 0 | 1,498 | 0 | (1,498) | 0 | 0 | 0 |
Share-based compensation | 0 | 0 | 0 | 1,759 | 0 | 0 | 1,759 |
Comprehensive loss for the year | 0 | 0 | 0 | 0 | 0 | (25,446) | (25,446) |
BALANCE at Dec. 31, 2019 | 4,692 | 265,938 | 0 | 12,132 | (1,416) | (247,966) | 33,380 |
CHANGES IN | |||||||
Issuance of share capital and warrants, net | 4,777 | 9,395 | 0 | 0 | 0 | 0 | 14,172 |
Warrants exercised | 393 | 2,826 | 0 | 0 | 0 | 0 | 3,219 |
Employee stock options exercised | 8 | 228 | 0 | (228) | 0 | 0 | 8 |
Employee stock options forfeited and expired | 0 | 854 | 0 | (854) | 0 | 0 | 0 |
Share-based compensation | 0 | 0 | 0 | 1,272 | 0 | 0 | 1,272 |
Comprehensive loss for the year | 0 | 0 | 0 | 0 | 0 | (30,021) | (30,021) |
BALANCE at Dec. 31, 2020 | 9,870 | 279,241 | 0 | 12,322 | (1,416) | (277,987) | 22,030 |
CHANGES IN | |||||||
Issuance of share capital and warrants, net | 8,956 | 40,476 | 975 | 0 | 0 | 0 | 50,407 |
Warrants exercised | 2,235 | 18,967 | 0 | 0 | 0 | 0 | 21,202 |
Employee stock options exercised | 5 | 41 | 0 | (39) | 0 | 0 | 7 |
Employee stock options forfeited and expired | 0 | 621 | 0 | (621) | 0 | 0 | 0 |
Share-based compensation | 0 | 0 | 1,495 | 0 | 0 | 1,495 | |
Comprehensive loss for the year | 0 | 0 | 0 | (27,054) | (27,054) | ||
BALANCE at Dec. 31, 2021 | $ 21,066 | $ 339,346 | $ 975 | $ 13,157 | $ (1,416) | $ (305,041) | $ 68,087 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
CASH FLOWS - OPERATING ACTIVITIES | |||
Net loss | $ (27,054) | $ (30,021) | $ (25,446) |
Adjustments required to reflect net cash used in operating activities (see appendix below) | 3,481 | 6,815 | 2,780 |
Net cash used in operating activities | (23,573) | (23,206) | (22,666) |
CASH FLOWS - INVESTING ACTIVITIES | |||
Investments in short-term deposits | (78,000) | (33,500) | (43,545) |
Maturities of short-term deposits | 39,873 | 50,168 | 48,875 |
Purchase of property and equipment | (97) | 0 | (67) |
Purchase of intangible assets | 0 | 0 | (6) |
Net cash provided by (used in) investing activities | (38,224) | 16,668 | 5,257 |
CASH FLOWS - FINANCING ACTIVITIES | |||
Issuance of share capital and warrants, net of issuance costs | 50,407 | 19,246 | 20,297 |
Exercise of warrants | 10,907 | 1,969 | 0 |
Employee stock options exercised | 7 | 8 | 1 |
Repayments of loans | (3,376) | (3,133) | (889) |
Repayments of lease liabilities | (196) | (224) | (215) |
Net cash provided by financing activities | 57,749 | 17,866 | 19,194 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (4,048) | 11,328 | 1,785 |
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | 16,831 | 5,297 | 3,404 |
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS | 207 | 206 | 108 |
CASH AND CASH EQUIVALENTS - END OF YEAR | 12,990 | 16,831 | 5,297 |
Income and expenses not involving cash flows: | |||
Depreciation and amortization | 703 | 934 | 940 |
Long-term prepaid expenses | 0 | 0 | 56 |
Exchange differences on cash and cash equivalents | (207) | (206) | (108) |
Fair value adjustments of warrants | 1,936 | 5,142 | (4,634) |
Share-based compensation | 1,495 | 1,272 | 1,759 |
Interest on short-term deposits | (262) | (232) | (775) |
Interest on loans | 301 | 474 | 647 |
Warrant issuance costs | 0 | 594 | 417 |
Exchange differences on lease liabilities | 55 | 125 | 154 |
Total income and expense not involving cash flows | 4,021 | 8,103 | (1,544) |
Changes in operating asset and liability items: | |||
Decrease in prepaid expenses and other receivables | 24 | 428 | 1,106 |
Increase (decrease) in accounts payable and accruals | (564) | (1,716) | 3,218 |
Total Change in operating asset and liability | (540) | (1,288) | 4,324 |
Total Adjustments required to reflect net cash used in operating activities | 3,481 | 6,815 | 2,780 |
Supplementary information on investing and financing activities not involving cash flows: | |||
Supplemental information on interest received in cash | 138 | 381 | 868 |
Supplemental information on interest paid in cash (see Notes 9 and 10) | 682 | 994 | 1,198 |
Supplemental information on non-cash transactions (see Notes 9 and 11c) | $ 10,112 | $ 1,251 | $ 147 |
GENERAL INFORMATION
GENERAL INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of general information [Abstract] | |
GENERAL INFORMATION | NOTE 1 – GENERAL INFORMATION a. General BioLineRx Ltd. (“BioLineRx”), headquartered in Modi’in, Israel, was incorporated and commenced operations in April 2003. BioLineRx and its subsidiaries (collectively, the “Company”) are engaged in the development of therapeutics, primarily in clinical stages, with a focus on the field of oncology. In 2017, the Company acquired substantially all the outstanding shares of Agalimmune Ltd. (“Agalimmune”), a private company incorporated in the United Kingdom, with a focus on the field of immuno-oncology. In February 2007, BioLineRx listed its ordinary shares on the Tel Aviv Stock Exchange (“TASE”) and they have been traded on the TASE since that time. Since July 2011, BioLineRx’s American Depositary Shares (“ADSs”) have also been traded on the NASDAQ Capital Market. The Company has incurred accumulated losses in the amount of $305 million through December 31, 2021 and cannot determine with reasonable certainty when and if it will have sustainable profits. See Note 3c with regard to the Company's management of liquidity risk. b. Approval of consolidated financial statements The consolidated financial statements of the Company for the year ended December 31, 2021 were approved by the Board of Directors on March 15, 2022, and signed on its behalf by the Chairman of the Board, the Chief Executive Officer and the Chief Financial Officer. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of significant accounting policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES a. Basis of presentation The Company’s consolidated financial statements as of December 31, 2020 and 2021, and for each of the three years in the period ended December 31, 2021, have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The significant accounting policies described below have been applied on a consistent basis for all years presented, unless noted otherwise. The consolidated financial statements have been prepared on the basis of historical cost, subject to adjustment of warrant liabilities to their fair value through profit or loss. The preparation of financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity and expenses, as well as the related disclosures of contingent assets and liabilities, in the process of applying the Company’s accounting policies. Actual results could differ from those estimates. Areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 4. Actual results may differ materially from estimates and assumptions used by the Company’s management. b. Principles of consolidation Consolidated entities are all entities over which BioLineRx has control. BioLineRx controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Consolidated entities are fully consolidated from the date on which control of such entities is transferred to BioLineRx and they are de-consolidated from the date that control ceases. c. Functional and reporting currency The functional and reporting currency in these financial statements is the U.S. dollar (“dollar”, “USD” or “$”), which is the primary currency of the economic environment in which the Company operates. Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are generally recognized in profit or loss. Foreign exchange gains and losses that relate to borrowings are presented in the statement of comprehensive loss, within financial expenses. d. Cash equivalents and short-term bank deposits Cash and cash equivalents include cash on hand and short-term bank deposits (up to three months from date of deposit) that are not restricted as to withdrawal or use. Bank deposits with original maturity dates of more than three months and with a current maturity date of less than one year from the balance sheet date are included in short-term bank deposits. The fair value of cash equivalents and short-term bank deposits approximate their carrying value, since they bear interest at rates close to the prevailing market rates. e. Property and equipment Property and equipment are stated at historical cost less depreciation. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Assets are depreciated by the straight-line method over the estimated useful lives of the assets, provided that the Company’s management believes the residual values of the assets to be negligible, as follows: % Computers and communications equipment 20-33 Office furniture and equipment 6-15 Laboratory equipment 15-20 The assets’ residual values, methods of depreciation and useful lives are reviewed and adjusted, if appropriate, at each balance sheet date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Leasehold improvements are amortized by the straight-line method over the shorter of the lease term or the estimated useful life of the improvements. f. Intangible assets The Company applies the cost method of accounting for initial and subsequent measurements of intangible assets. Under this method of accounting, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. Intellectual property The Company recognizes in its financial statements intangible assets developed by the Company to the extent that the conditions stipulated in o. below are met. Intellectual property acquired by the Company is initially measured at cost. Intellectual property acquired by the Company for development purposes is not amortized and is tested annually for impairment. See g. below. Computer software Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized over the estimated useful lives of the software (3-5 years). g. Impairment of non-financial assets Impairment of intellectual property is required when the Company decides to terminate or suspend the development of a project based on such intellectual property. In addition, the Company performs impairment reviews on an annual basis, or more frequently if events or changes in circumstances indicate a potential impairment. Property and equipment, as well as computer software, are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized equal to the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and the asset’s value in use to the Company. h. Financial assets The Company accounts for financial assets in accordance with IFRS 9 “Financial Instruments.” 1) Classification The financial assets of the Company are classified as financial assets at amortized cost. The classification is done on the basis of the Company’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. Financial assets at amortized cost Financial assets at amortized cost are assets held pursuant to a business model whose objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are included in current assets, except for those with maturities greater than 12 months after the balance sheet date (in which case they are classified as non-current assets). The Company’s financial assets at amortized cost are included in other receivables and bank deposits in the consolidated statements of financial position. 2) Recognition and measurement Regular purchases and sales of financial assets are recognized on the settlement date, which is the date on which the asset is delivered to the Company or delivered by the Company. Investments are initially recognized at fair value plus transaction costs, except for trade receivables, which are recognized initially at the amount of consideration that is unconditional unless they contain significant financing components. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Financial assets at amortized cost are measured in subsequent periods at amortized cost using the effective interest method. 3) Impairment The Company recognizes a loss allowance for expected credit losses on financial assets at amortized cost. At each reporting date, the Company assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. If the financial instrument is determined to have low credit risk at the reporting date, the Company assumes that the credit risk on a financial instrument has not increased significantly since initial recognition. i. Warrants Receipts in respect of warrants are classified as equity to the extent that they confer the right to purchase a fixed number of shares for a fixed exercise price. In the event that the exercise price or the numbers of shares to be issued are not deemed to be fixed, the warrants are classified as a non-current derivative financial liability. This liability is initially recognized at its fair value on the date the contract is entered into and subsequently accounted for at fair value at each reporting date. The fair value changes are charged to non-operating income and expense on the statement of comprehensive loss. Issuance costs allocable to warrants are also recorded as non-operating expense on the statement of comprehensive loss. j. Share capital The Company’s ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are shown in equity as a deduction from the issuance proceeds. k. Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. l. Deferred taxes Deferred taxes are recognized using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax assets are recognized only to the extent that it is probable that future taxable income will be available against which the temporary differences can be utilized. As the Company is currently engaged primarily in development activities and is not expected to generate taxable income in the foreseeable future, no deferred tax assets are included in the financial statements. m. Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. n. Revenue from contracts with customers The Company accounts for revenue in accordance with IFRS 15, “Revenue from Contracts with Customers.” IFRS 15 introduces a five-step model for recognizing revenue from contracts with customers, as follows: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to the performance obligations in the contract; and • recognize revenue when (or as) the entity satisfies a performance obligation. During the years included in these financial statements, the Company did not generate revenues, other than immaterial amounts received from an out-licensing agreement signed in 2014 with Perrigo Company plc., which have been included in non-operating income. o. Research and development expenses Research expenses are charged to profit or loss as incurred. An intangible asset arising from development (or from the development phase of an internal project) is recognized if all of the following conditions are fulfilled: • technological feasibility exists for completing development of the intangible asset so that it will be available for use or sale. • it is management’s intention to complete development of the intangible asset for use or sale. • the Company has the ability to use or sell the intangible asset. • it is probable that the intangible asset will generate future economic benefits, including existence of a market for the output of the intangible asset or the intangible asset itself or, if the intangible asset is to be used internally, the usefulness of the intangible asset. • adequate technical, financial and other resources are available to complete development of the intangible asset, as well as the use or sale thereof. • the Company has the ability to reliably measure the expenditure attributable to the intangible asset during its development. Other development costs that do not meet the foregoing conditions are charged to profit or loss as incurred. Development costs previously expensed are not recognized as an asset in subsequent periods. As of December 31, 2021, the Company has not yet capitalized development expenses. p. Employee benefits 1) Pension and severance pay obligations Israeli labor laws and the Company’s employment agreements require the Company to pay retirement benefits to employees terminated or leaving their employment in certain other circumstances. Most of the Company’s employees are covered by a defined contribution plan under Section 14 of the Israel Severance Pay Law. With respect to the remaining employees, the Company records a liability on its balance sheet for defined benefit plans that represents the present value of the defined benefit obligation as of each reporting date, net of the fair value of plan assets. The present value of the defined benefit liability is determined by discounting the anticipated future cash outflows, using interest rates that are denominated in the currency in which the benefits will be payable. The amounts recorded as an employee benefit expense in respect of pension and severance pay obligations for the years 2019, 2020 and 2021 were $580,000, $668,000 and $744,000, respectively. 2) Vacation and recreation pay Labor laws in Israel entitle every employee to vacation and recreation pay, both of which are computed annually. The entitlement with respect to each employee is based on the employee’s length of service at the Company. The Company recognizes a liability and an expense in respect of vacation and recreation pay based on the individual entitlement of each employee. 3) Share-based payments The Company operates an equity-settled, share-based compensation plan, under which it grants equity instruments (options, restricted stock units and performance stock units) of the Company as additional consideration for services from employees and service providers. The fair value of the employee services received in exchange for grant of the equity instruments is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the equity instruments granted: • including any market performance conditions (for example, the Company’s share price); and • excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and the employee remaining with the entity over a specified time period). Non-market performance and service conditions are included in assumptions about the number of equity instruments that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. Performance stock unit expenses are recognized only if it is probable that the performance condition will be achieved. When the equity instruments are exercised, the Company issues new shares. The proceeds received, net of any directly attributable transaction costs, are credited to share capital (at par value) and share premium when the equity instruments are exercised. q. Loss per share 1) Basic The basic loss per share is calculated by dividing the loss attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. 2) Diluted The diluted loss per share is calculated by adjusting the weighted average number of outstanding ordinary shares, assuming conversion of all dilutive potential shares. The Company’s dilutive potential shares consist of warrants issued to investors, as well as equity instruments granted to employees and service providers. The dilutive potential shares were not taken into account in computing loss per share in 2019, 2020 and 2021, as their effect would have been anti-dilutive. r. Leases The Company’s leases include property and motor vehicle leases. At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company reassesses whether a contract is, or contains, a lease only if the terms and conditions of the contract are changed. At the commencement date, the Company measures the lease liability at the present value of the lease payments that are not paid at that date, including, inter alia, the exercise price of a purchase option if the Company is reasonably certain to exercise that option. Simultaneously, the Company recognizes a right-of-use asset in the amount of the lease liability. Since the interest rate implicit in the lease cannot be readily determined, the Company uses the Company’s incremental borrowing rate. This rate is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The lease term is the non-cancellable period for which the Company has the right to use an underlying asset, together with both the periods covered by an option to extend the lease, if the Company is reasonably certain to exercise that option, and periods covered by an option to terminate the lease, if the Company is reasonably certain not to exercise that option. After the commencement date, the Company measures the right-of-use asset applying the cost model, less any accumulated depreciation and any accumulated impairment losses and adjusted for any remeasurement of the lease liability Assets are depreciated by the straight-line method over the estimated useful lives of the right of use assets or the lease period, which is shorter: Years Property 11 Motor vehicles 3 Interest on the lease liability is recognized in profit or loss in each period during the lease term, in an amount that produces a constant periodic rate of interest on the remaining balance of the lease liability. s. New standards and interpretations not yet adopted Classification of Liabilities as Current or Non-current (Amendment to IAS 1) The narrow-scope amendments to IAS 1, “Presentation of Financial Statements,” clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g., the receipt of a waiver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the “settlement” of a liability. The amendments could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. They must be applied retrospectively in accordance with the normal requirements in IAS 8, “Accounting Policies, Changes in Accounting Estimates and Errors.” The amendment should be applied retrospectively for annual periods beginning on or after January 1, 2023. Earlier application is permitted. The adoption of the amendment is not expected to have a material impact on the Company’s financial statements. F - 18 BioLineRx Ltd. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FINANCIAL INSTRUMENTS AND FINAN
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | NOTE 3 – FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT Based on assessments by Company management, the Company’s exposure to credit risk as of December 31, 2021, is immaterial (see Note 3b). The activities of the Company expose it to market risk, primarily as a result of currency risk. The Company’s Finance Department is responsible for carrying out risk management activities in accordance with policies approved by its Board of Directors. In this regard, the Finance Department identifies, defines and assesses financial risks in close cooperation with other Company departments. The Board of Directors provides written guidelines for overall risk management, as well as written policies dealing with specific areas, such as exchange rate risk, interest rate risk, credit risk, use of financial instruments and investment of excess cash. a. Market risk 1) Concentration of currency risk The Company’s activities are partly denominated in non-dollar currencies (primarily the New Israeli Shekel, or “NIS,” and the Euro), which exposes the Company to risks resulting from changes in exchange rates. The effect of fluctuations in various exchange rates on the Company’s income and equity is as follows: December 31, 2021 Income (loss) Value on Income (loss) Sensitive instrument 10% increase 5% increase balance sheet 5% decrease 10% decrease in USD thousands NIS-linked balances: Cash and cash equivalents (427 ) (224 ) 4,699 522 247 Other receivables (13 ) (7 ) 142 16 7 Trade payables 40 21 (442 ) (49 ) (23 ) Other payables 102 53 (1,119 ) (124 ) (59 ) Total NIS-linked balances (298 ) (157 ) 3,280 365 172 Euro-linked trade payables (158 ) (83 ) (1,230 ) 193 92 Total (456 ) (240 ) 2,050 558 264 December 31, 2020 Income (loss) Value on Income (loss) Sensitive instrument 10% increase 5% increase balance sheet 5% decrease 10% decrease in USD thousands NIS-linked balances: Cash and cash equivalents (341 ) (179 ) 3,755 198 417 Other receivables (13 ) (7 ) 141 7 16 Trade payables 47 25 (518 ) (27 ) (58 ) Other payables 117 61 (1,286 ) (68 ) (143 ) Total NIS-linked balances (190 ) (100 ) 2,092 110 232 Euro-linked trade payables (203 ) (106 ) (2,232 ) 248 117 Total (393 ) (206 ) (140 ) 358 349 The Company also maintains cash and cash equivalent balances in other currencies in amounts that are not material. Set forth below is certain data regarding dollar exchange rates: Exchange rate of NIS per $1 Exchange rate of Euro per $1 As of December 31: 2019 3.456 0.891 2020 3.215 0.815 2021 3.110 0.884 Percentage increase (decrease) in the exchange rate: 2020 (7.0 )% (8.5 )% 2021 (3.3 )% 8.5 % Set forth below is information on the linkage of monetary items: December 31, 2020 December 31, 2021 Dollar NIS Other currencies Dollar NIS Other Currencies USD in thousands USD in thousands Assets: Current assets: Cash and cash equivalents 12,488 3,755 588 7,223 4,699 1,068 Short term bank deposits 5,756 - - 44,145 - - Other receivables - 141 - - 142 - 18,244 3,896 588 51,368 4,841 1,068 Liabilities: Current liabilities: Current maturities of long-term loans 3,092 - - 2,757 - - Accounts payable and accruals: Trade 2,455 518 2,945 2,700 442 2,425 Other 154 1,286 - 108 1,119 - Non-current liabilities Long-term loans, net of current maturities 2,740 - - - - - 8,441 1,804 2,945 5,565 1,561 2,425 Net balance 9,803 2,092 (2,357 ) 45,803 3,280 (1,357 ) 2) Fair value of financial instruments As of December 31, 2021, the financial instruments of the Company consist of non-derivative assets and liabilities (primarily working capital items, deposits and current loan), as well as warrants classified as a liability. With regard to non-derivative assets and liabilities, given their nature, the fair value of the financial instruments included in working capital is generally close or identical to their carrying amount. With regard to the warrants classified as a liability, see Note 11c. With regard to the long-term loan, see Note 10. 3) Exposure to market risk and management thereof In the opinion of Company management, the market risk to which the Company is exposed is primarily related to currency risk exposure, as mentioned above. Additionally, Company management does not consider the interest rate risk mentioned in paragraph 4 below to be material. 4) Interest rate risk Company management does not consider interest rate risk to be material, as the Company holds deposits and short-term government bonds whose fair value and/or cash flows are not materially affected by changes in interest rates. b. Credit risk Credit risk is managed at the Company level. These risks relate to cash and cash equivalents, bank deposits and other receivables. The Company’s cash, cash equivalents and short-term bank deposits at December 31, 2020, and 2021 were deposited with highly rated major Israeli and U.S. banks. In the Company’s opinion, the credit risk associated with these balances is remote. The Company considers its maximum exposure to credit risk to be as follows: December 31, 2020 2021 in USD thousands Assets: Cash and cash equivalents 16,831 12,990 Short-term bank deposits 5,756 44,145 Other receivables 141 142 Total 22,728 57,277 c. Liquidity risk Company management monitors rolling forecasts of the Company’s liquidity reserves on the basis of anticipated cash flows and maintains the liquidity balances at a level that is sufficient to meet its needs. Although the Company has succeeded in generating significant revenues from a number of out-licensing transactions in the past, it cannot determine with reasonable certainty if and when it will become profitable on a current basis. Management believes that the Company’s current cash and other resources will be sufficient to fund its projected cash requirements into the first half of 2024. However, in the event that the Company does not begin to generate sustainable cash flows from its operating activities in the future, the Company will need to carry out significant cost reductions or raise additional funding. d. Fair value of financial instruments The different levels of valuation of financial instruments are defined as follows: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Inputs, other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3 Inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and also considers counterparty credit risk, in its assessment of fair value. The fair value of the financial instruments included in the working capital of the Company, as well as the long-term loan, is usually identical or close to their carrying value. The fair value of the warrants is based on Level 3 measurements. The fair value of the warrants, calculated based on the Black-Scholes model, was $1,859,000 as of December 31, 2021. For more information on the parameters used to value the warrants, see Note 11c. e. Changes in financial liabilities with cash flows included in financing activities Long-term loans Warrants Total in USD thousands Balance as of January 1, 2020 8,491 658 9,149 Changes during the year 2020: Cash flows received - 5,669 5,669 Cash flows paid (3,133 ) - (3,133 ) Share premium resulting from exercise of warrants - (1,251 ) (1,251 ) Amounts recognized through profit and loss 474 5,142 5,616 Balance as of December 31, 2020 5,832 10,218 16,050 Changes during the year 2021: Cash flows paid (3,376 ) - (3,376 ) Share premium resulting from exercise of warrants - (10,295 ) (10,295 ) Amounts recognized through profit and loss 301 1,936 2,237 Balance as of December 31, 2021 2,757 1,859 4,616 See Note 9 for information on changes in lease liabilities. f. Fair value measurement of warrants using significant unobservable inputs (level 3) The following table presents the changes in level 3 instruments for the years ended December 31, 2019, 2020 and 2021: Warrants in USD thousands Balance as of January 1, 2019 323 Changes during 2019: Issuances 4,969 Changes in fair value through profit and loss (4,634 ) Balance as of December 31, 2019 658 Changes during 2020: Issuances 5,669 Exercises (1,251 ) Changes in fair value through profit and loss 5,142 Balance as of December 31, 2020 10,218 Changes during 2021: Issuances - Exercises (10,295 ) Changes in fair value through profit and loss 1,936 Balance as of December 31, 2021 1,859 |
CRITICAL ACCOUNTING ESTIMATES A
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Accounting Judgements And Estimates Explanatory Abstract | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS | NOTE 4 – CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS As part of the financial reporting process, Company management is required to make estimates that affect the value of assets, liabilities, income, expenses and certain disclosures included in the Company’s consolidated financial statements. By their very nature, such estimates are subjective and complex and consequently may differ from actual results. The accounting estimates used in the preparation of the financial statements are continually evaluated and adjusted based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. Described below are the critical accounting estimates used in the preparation of the financial statements, the formulation of which required Company management to make assumptions as to circumstances and events that involve significant uncertainty. In using its judgment to determine the accounting estimates, the Company takes into consideration, as appropriate, the relevant facts, past experience, the effect of external factors and reasonable assumptions under the circumstances. Impairment of intangible assets The Company performs impairment reviews of intangible assets on an annual basis, or more frequently if events or changes in circumstances indicate a potential impairment. In light of the clinical progress and additional expenses incurred with regard to the clinical development of BL-8040 and AGI-134, and following the valuation analysis performed as detailed in Note 8, the Company has concluded that the value of its intangible assets is higher than their carrying value as of December 31, 2020 and 2021. Fair value estimations of warrants As described in Notes 3d and 11, the Company completed financing transactions in which it issued ADSs and warrants to purchase additional ADSs. The fair value of the warrants, which are not traded on an active market, is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 5 – CASH AND CASH EQUIVALENTS December 31, 2020 2021 in USD thousands Cash on hand and in bank 5,549 8,461 Short-term bank deposits 11,282 4,529 16,831 12,990 The short-term bank deposits included in cash and cash equivalents bear interest at annual rates of between 0.26% and 0.41%. The carrying amount of cash and cash equivalents approximates their fair value, since they bear interest at rates similar to prevailing market interest rates. |
SHORT-TERM BANK DEPOSITS
SHORT-TERM BANK DEPOSITS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Short Term Bank Deposits Abstract | |
SHORT-TERM BANK DEPOSITS | NOTE 6 – SHORT-TERM BANK DEPOSITS The short-term bank deposits are in dollars and bear interest at annual rates of between 0.26% and 0.83%. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY AND EQUIPMENT | NOTE 7 – PROPERTY AND EQUIPMENT Set forth below are the composition of property and equipment and the related accumulated depreciation, grouped by major classifications: Cost Accumulated depreciation Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2020 2021 in USD thousands in USD thousands in USD thousands Composition in 2021 Office furniture and equipment 207 - - 207 109 15 - 124 98 83 Computers and communications equipment 795 68 - 863 609 69 - 678 186 185 Laboratory equipment 1,561 29 - 1,590 1,351 158 - 1,509 210 81 Leasehold improvements 2,028 - - 2,028 1,181 244 - 1,425 847 603 4,591 97 - 4,688 3,250 486 - 3,736 1,341 952 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
INTANGIBLE ASSETS | NOTE 8 – INTANGIBLE ASSETS The fair value of intellectual property has been calculated with the assistance of an external appraiser, based on the Company's estimates and assumptions. The value in use of the assets was estimated by using the decision-tree approach to valuing research products. This approach incorporates the option of abandonment at each development stage. The traditional Discounted Cash Flows (DCF) model is implemented at the final node of the decision tree. The DCF analysis estimates the future cash flows the Company expects to derive from the asset, and incorporates expectations about possible variations in the amount or timing of those future cash flows, and the uncertainty inherent in the assets. As of December 31, 2021 and 2020, the fair value of the intangible assets according to the impairment testing exceeds its book value. Therefore, no impairment was recognized. Intellectual property includes the following intangible assets acquired by the Company: — $6.7 million recorded as a result of the acquisition of Agalimmune (see Note 1a). — $15.0 million ($10 million of cash consideration; $5 million of equity consideration) recorded as a result of an amendment to the in-licensing agreement with Biokine Therapeutics Ltd. ("Biokine") that reduced, for that consideration, future payments to be made by the Company on sublicense receipts (as defined in the license agreement) from 40% to 20%. These assets are used for the Company's research and development activities and have not yet been amortized. Set forth below are the composition of intangible assets and the related accumulated depreciation, grouped by major classifications: Cost Accumulated depreciation and impairment Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2020 2021 in USD thousands in USD thousands in USD thousands Composition in 2021 Intellectual property 21,792 - - 21,792 96 - - 96 21,696 21,696 Computer software 616 - - 616 598 10 - 608 18 8 22,408 - - 22,408 694 10 - 704 21,714 21,704 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2021 | |
Presentation of leases for lessee [abstract] | |
LEASES | NOTE 9 – LEASES A. Right-of-use assets Cost Accumulated depreciation Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2020 2021 in USD thousands in USD thousands in USD thousands Composition in 2021 Property 1,552 - - 1,552 270 135 - 405 1,282 1,147 Motor vehicles 396 183 - 579 323 72 - 395 73 184 1,948 183 - 2,131 593 207 - 800 1,355 1,331 B. Lease liabilities Balance at Additions Deletions Interest expense Exchange differences Payments Balance at beginning during during during during during end of of year year year year year year year in USD thousands Composition in 2021 Property 1,733 - - 228 54 (307 ) 1,708 Motor vehicles 119 183 - 16 1 (133 ) 186 1,852 183 - 244 55 (440 ) 1,894 C. Additional disclosures 1) The Company leases its premises under a lease agreement entered into in August 2014. Payments under the lease commenced in June 2015, and the initial term of the lease expired in June 2020. The Company exercised its option to extend the lease through June 30, 2025, and has the option to extend the lease for two additional lease periods totaling up to five additional years, each option at a 5% increase to the preceding lease payment amount. The monthly lease fee is $26,000. In addition, the Company pays building maintenance charges of $9,400 per month. 2) The Company has entered into lease agreements in connection with a number of vehicles. The lease periods are generally for three years. The annual lease fees, linked to the CPI, are $250,000. To secure the terms of the lease agreements, the Company has prepaid approximately two months of lease payments to the leasing companies. 3) As of December 31, 2021, minimum future rental payments (taking into consideration the aforementioned extension periods) under the leases were as follows: Year Property Motor vehicles Total in USD thousands 2022 324 97 421 2023 324 74 398 2024 340 43 383 2025 340 - 340 2026-2030 1,591 - 1,591 2,919 214 3,133 Extension and termination options are included in most of the property and motor vehicle leases. These are used to maximize operational flexibility in terms of managing the assets used in the Company’s operations. The substantial majority of extension and termination options are exercisable solely by the Company and not by the respective lessor. |
LONG-TERM LOANS
LONG-TERM LOANS | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [abstract] | |
LONG-TERM LOANS | NOTE 10 – LONG-TERM LOAN In October 2018, the Company entered into a loan agreement with Kreos Capital V (Expert Fund) L.P. (“Kreos Capital”) in order to finance a $10 million cash payment relating to the agreement with Biokine (see Note 8). Composition December 31, 2020 2021 in USD thousands Total loan balance 5,832 2,757 Less current maturities (3,092 ) (2,757 ) Long-term portion of loan 2,740 - |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
EQUITY | NOTE 11 – EQUITY a. Share capital The Company’s share capital is composed of ordinary shares, as follows: Number of Ordinary Shares December 31, 2020 2021 Authorized share capital 1,500,000,000 1,500,000,000 Issued and paid-up share capital 349,169,545 715,156,008 In USD and NIS Amounts December 31, 2020 2021 Authorized share capital (in NIS) 150,000,000 150,000,000 Issued and paid-up share capital (in NIS) 34,916,955 71,515,600 Issued and paid-up share capital (in USD) 9,869,795 21,066,368 b. Rights related to shares The ordinary shares confer upon their holders voting and dividend rights and the right to receive assets of the Company upon its liquidation. As of December 31, 2020 and 2021, all outstanding share capital consisted of ordinary shares. c. Changes in the Company’s equity 1) In October 2018, the Company entered into a loan agreement with Kreos Capital. In connection with the loan, Kreos Capital received warrants to purchase 63,837 ADSs at an exercise price of $14.10 per ADS. The warrants issued have been classified as a non-current financial liability due to a net settlement provision. The warrant is exercisable for a period of ten years from the date of issuance. The fair value of the warrants at the date of issuance, computed using the Black-Scholes option pricing model, amounted to $861,000. The fair value of the warrants as of December 31, 2021 was $42,000 (December 31, 2020 - $55,000) and was based on the then current price of an ADS, a risk-free interest rate of 1.44%, an average standard deviation of 73.89%, and on the remaining contractual life of the warrants. The change in fair value for the years ended December 31, 2020 and 2021, of $8,000 and $13,000, respectively, has been recorded as non-operating income on the statement of comprehensive loss. As of December 31, 2021, none of these warrants had been exercised. 2) In February 2019, the Company completed an underwritten public offering of 1,866,667 of its ADSs and warrants to purchase 1,866,667 ADSs, at a public offering price of $8.25 per ADS and accompanying warrant. The warrants are exercisable immediately, expire five years from the date of issuance and have an exercise price of $11.25 per ADS. The offering raised a total of $15.4 million, with net proceeds of $14.1 million, after deducting fees and expenses. The amount of the offering consideration initially allocated to the warrants was $5.0 million. Total issuance costs initially allocated to the warrants were $0.4 million. The warrants issued have been classified as a non-current financial liability due to a net settlement provision. This liability was initially recognized at its fair value on the date the contract was entered into and is subsequently accounted for at fair value at each balance sheet date. The fair value changes are charged to non-operating income and expense in the statement of comprehensive loss. The fair value of the warrants as of December 31, 2021 was $564,000 (December 31, 2020 -$969,000), and was based on the then current price of an ADS, a risk-free interest rate of 0.73 %, an average standard deviation of 95.7% , and on the remaining contractual life of the warrants. The changes in fair value for the years ended December 31, 2020 and 2021 of $377,000 and $405,000 have been recorded as non-operating expenses and non-operating income, respectively, on the statement of comprehensive loss. As of December 31, 2021, none of these warrants had been exercised. 3) In May and June 2020, the Company sold in registered direct offerings an aggregate of 7,653,145 ADSs at a price of $1.75 per ADS. In concurrent private placements, the Company issued to investors in the offerings unregistered warrants to purchase 7,653,145 ADSs. The warrants are exercisable immediately, expire two and half years from the date of issuance and have an exercise price of $2.25 per ADS. In addition, the Company granted to the placement agent’s designees, as part of the placement fees, warrants to purchase 382,657 ADSs. These warrants are exercisable immediately, expire two and half years from the date of issuance and have an exercise price of $2.1875 per ADS. The offerings raised a total of $13.4 million, with net proceeds of $12.0 million, after deducting fees and expenses. The amount of the offering consideration initially allocated to the warrants was $5.7 million. Total issuance costs initially allocated to the warrants were $0.6 million. The warrants issued have been classified as a non-current financial liability due to a net settlement provision. This liability was initially recognized at its fair value on the date the contract was entered into and is subsequently accounted for at fair value at each balance sheet date. The fair value changes are charged to non-operating income and expense in the statement of comprehensive loss. As of December 31, 2020 and 2021, 875,000 and 4,864,741 of these warrants had been exercised. The fair value of the unexercised warrants as of December 31, 2021 was $1,253,000 (December 31, 2020 - $9,194,000) and was based on the then current price of an ADS, a risk-free interest rate of 0.39 %, an average standard deviation of 80.8% and on the remaining contractual life of the warrants. The changes in fair value for the years ended December 31, 2020 and 2021 of $4,776,000 and $2,354,000 have been recorded as non-operating expenses, respectively, on the statement of comprehensive loss. 4) In January 2021, the Company completed an underwritten public offering of 14,375,000 of its ADSs at a public offering price of $2.40 per ADS. The offering raised total gross proceeds of $34.5 million, with net proceeds of $31.4 million after deducting fees and expenses. In addition, warrants to purchase 718,750 ADSs were granted to the underwriters. These warrants are exercisable immediately, expire five years from the date of issuance and have an exercise price of $3.00 per ADS. The warrants have been classified as shareholders’ equity, with initial recognition at fair value on the date issued. The total issuance costs initially allocated to the warrants were recorded as an offset to share premium. The fair value of the warrants on the issuance date was approximately $1.0 million, which was recorded as issuance costs, and computed using the Black and Scholes option pricing model, based upon the then current price of an ADS, a risk-free interest rate of approximately 0.45% and an average standard deviation of approximately 73.8%. d. Share purchase agreements 1) In September 2020, the Company entered into an ATM sales agreement with H.C. Wainwright & Co., LLC (“HCW”), pursuant to which the Company was entitled, at its sole discretion, to offer and sell through HCW, acting as sales agent, ADSs having an aggregate offering price of up to $25.0 million throughout the period during which the ATM facility remained in effect. The Company agreed to pay HCW a commission of 3.0% of the gross proceeds from the sale of ADSs under the facility. Expenses associated with establishment of the ATM facility with HCW, amounting to $0.2 million, were recorded in 2020 as non-operating expenses. In September 2021, the Company terminated the agreement. During 2021, the Company issued a total of 4,745,368 ADSs under the agreement for total gross proceeds of $18.5 million. From the effective date of the agreement through its termination, 7,381,101 ADSs were sold under the program for total gross proceeds of approximately $24.5 million. 2) In September 2021, the Company entered into a new $25.0 million ATM sales agreement with HCW under substantially identical terms to the previous agreement. Expenses associated with establishment of the ATM facility with HCW, amounting to $0.1 million, were recorded in non-operating expenses during the period. From the effective date of the new agreement through the issuance date of this report, 402,327 ADSs were sold under the program for total gross proceeds of approximately $1.1 million. e. Share-based payments 1) Share Incentive plan – general In 2003, the Company adopted the 2003 Share Incentive Plan (the “Plan”). The Plan provides for the granting of stock options and ordinary shares to the Company’s employees, directors, consultants and other service providers. Options are issued at the determination of the Board of Directors in accordance with applicable law. The options are generally exercisable for a ten-year period and the grants generally vest over a four-year period. In 2013, the Company’s Board of Directors approved amendments to the Plan to take into account changes in laws and regulations that had occurred since its adoption and to extend the term of the plan until November 2023. In 2016, the Board of Directors approved amendments to the Plan to allow the grant of restricted stock units (“RSUs”) and performance stock units (“PSUs”). PSUs are RSUs that are linked to any one or more performance goals (in addition to, or in lieu of, time-based vesting terms) determined appropriate by the Board of Directors. The specific performance goals, as well as the time period associated with achieving such goals, are approved by the Board and are set forth in the grantee’s grant agreement. To date, each PSU grant has had between three to five performance goals on which vesting is based, each such goal being either a specified Company milestone and or the success of a specific project, with vesting of 20-40% on the achievement of each goal. The tranche of PSUs associated with a given milestone expires 12 months after the target date established for that milestone. During 2021, 514,151 PSUs were vested in accordance with their original terms. As of December 31, 2021, there were 43,801,214 ordinary shares issuable upon the exercise of outstanding equity instruments under the Plan. Company employees and directors are granted options under Section 102 of the Israeli Income Tax Ordinance (the “Ordinance”), primarily under the “capital gains” track. Non-employees of the Company (consultants and other service providers) are granted options under Section 3(i) of the Ordinance. As of December 31, 2021, there were 5.7 million remaining authorized but unissued ordinary shares in the pool reserved for future share-based incentive grants. 2) Employee share incentive plan: The following table contains additional information concerning equity instruments granted to employees and directors under the existing share incentive plans. Year ended December 31, 2019 2020 2021 Number Weighted average exercise price (in NIS) Number Weighted average exercise price (in NIS) Number Weighted average exercise price (in NIS) Outstanding at beginning of year 11,459,697 4.2 19,358,913 2.6 35,981,579 1.5 Granted 11,057,600 1.3 18,689,300 0.5 6,588,200 0.4 Forfeited and expired (3,084,834 ) 3.9 (1,776,037 ) 2.2 (1,438,642 ) 3.0 Exercised (73,550 ) 0.1 (290,597 ) 0.1 (174,923 ) 0.1 Outstanding at end of year* 19,358,913 2.6 35,981,579 1.5 40,956,214 0.7 ** Exercisable at end of year 5,353,089 5.1 11,535,679 3.2 18,663,353 1.7 * As of December 31, 2019, 2020 and 2021, includes 2,225,704, 2,421,799 and 4,084,748 PSUs at an exercise price of 0.10 NIS (par value of ordinary shares), for which performance obligations have not been met. ** See 3 below. The total consideration received from the exercise of equity instruments during 2019, 2020 and 2021 was not material. Set forth below is data regarding the range of exercise prices and weighted-average remaining contractual life (in years) for the equity instruments outstanding at the end of each of the years indicated. As of December 31, 2019 2020 2021 Range of exercise prices (in NIS) Number Weighted average Number Weighted average Number Weighted average Up to 2.00 11,676,900 9.9 28,888,767 9.3 40,276,214 8.0 2.01-5.00 6,341,033 7.3 5,866,532 6.3 630,000 5.2 5.01-10.00 822,300 3.9 707,600 3.1 50,000 0.2 10.01-20.00 518,680 3.2 518,680 1.9 - - 19,358,913 8.6 35,981,579 8.6 40,956,214 8.0 The fair value of equity instruments granted to employees through December 31, 2021 has been determined using the Black-Scholes option-pricing model. These values are based on the following assumptions as of the applicable grant dates: 2019 2020 2021 Expected dividend yield 0 % 0 % 0 % Expected volatility 61 % 63 % 67 % Risk-free interest rate 3 % 1 % 1 % Expected life of options (in years) 6 6 6 The remaining unrecognized deferred compensation expense as of December 31, 2021 was $1.1 million. This amount will be expensed over the remaining vesting period of the equity instruments. 3) Repricing of employee stock options In September 2020, the Board of Directors approved the re-pricing of outstanding “underwater” employee stock options for the purchase of 12.3 million ordinary shares, out of total employee stock options for the purchase of 15.1 million ordinary shares outstanding at that time. The weighted average exercise price of the options subject to re-pricing was NIS 2.64 per share, with the proposed new exercise price of the options at NIS 1.00 per share. Execution of the re-pricing was subject to approval from the Israeli tax authorities, which was received in January 2021. The total compensation cost associated with the re-pricing of approximately $200,000 has been recorded as an expense beginning in 2021 and will continue over the remaining vesting period of the re-priced options. 4) Stock options to consultants From inception through December 31, 2018, the Company issued to consultants options for the purchase of 371,523 ordinary shares at a weighted average exercise price of NIS 7.86 per share. In 2019, the Company issued additional options to consultants for the purchase of 225,000 ordinary shares at a weighted average price of NIS 0.90 per share. In 2020, the Company did not issue additional options to consultants. In 2021, the Company issued additional options to consultants for the purchase of 2,700,000 ordinary shares at a weighted average price of NIS 0.66 per share. The options to consultants generally vest over four years and may be exercised for periods of between five and ten years. As of December 31, 2021, 2,845,000 options to consultants were outstanding with a weighted average exercise price of NIS 1.05 per share and a weighted average contractual life of 8.6 years. Company management estimates the fair value of the options granted to consultants based on the value of services received over the vesting period of the applicable options. The value of such services (primarily in respect of clinical advisory services) is estimated based on the additional cash compensation the Company would need to pay if such options were not granted. The value of services recorded in each of the years 2019, 2020 and 2021 was not material. |
TAXES ON INCOME
TAXES ON INCOME | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Income Taxes [Abstract] | |
TAXES ON INCOME | NOTE 12 – TAXES ON INCOME a. Corporate taxation in Israel The taxable income of BioLineRx, not subject to benefits as detailed below, is taxed at the standard Israeli corporate tax rate, which was 23% for all years included in these financial statements. Under amendment no. 73 to the Encouragement of Capital Investment Law, a portion of the Company’s taxable income in Israel is entitled to a preferred 12% tax rate on its income derived from intellectual property. b. Tax loss carryforwards As of December 31, 2021, the tax loss carryforwards of BioLineRx were approximately $ 325 million. The tax loss carryforwards have no expiration date. The Company has not created deferred tax assets in respect of these tax loss carryforwards. See Note 2(1). c. Tax assessments In accordance with Israeli tax regulations, the tax returns filed by BioLineRx through the 2016 tax year are considered final. d. Theoretical taxes As described in Note 2, paragraph 1, the Company has not recognized any deferred tax assets in the financial statements, as it does not expect to generate taxable income in the foreseeable future. The reported tax on the Company’s income before taxes differs from the theoretical amount that would arise using the weighted average tax rate applicable to income of the consolidated entities as follows: Year ended December 31, 2019 2020 2021 in USD in USD in USD thousands thousands thousands Loss before taxes 23.0 % (25,446 ) 23.0 % (30,021 ) 23.0 % (27,045 ) Theoretical tax benefit (5,853 ) (6,905 ) (6,220 ) Disallowed deductions (tax exempt income): Loss (gain) on adjustment of warrants to fair value (1,054 ) 1,280 480 Share-based compensation 405 292 343 Other 10 11 11 Increase in taxes for tax losses and timing differences incurred in the reporting year for which deferred taxes were not created 6,492 5,322 5,386 Taxes on income for the reported year - - - |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
LOSS PER SHARE | NOTE 13 – LOSS PER SHARE The following table contains the data used in the computation of the basic loss per share: Year ended December 31, 2019 2020 2021 in USD thousands Loss attributed to ordinary shares (25,446 ) (30,021 ) (27,054 ) in thousands Number of shares used in basic calculation 146,407 252,844 662,934 in USD Basic and diluted loss per ordinary share (0.17 ) (0.12 ) (0.04 ) All outstanding options and warrants have been excluded from the calculation of the diluted loss per share for all years presented, since their effect was anti-dilutive. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of commitments and contingent liabilities [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | NOTE 14 – COMMITMENTS AND CONTINGENT LIABILITIES a. Commitments 1) Obligation to pay royalties to the State of Israel The Company is required to pay royalties to the State of Israel (represented by the Israel Innovation Authority, or IIA), computed on the basis of proceeds from the sale or license of products whose development was supported by grants from the predecessor of the IIA, the Office of the Chief Scientist. This obligation relates solely to financial participation in the development of products by the Company. In accordance with the terms of grants provided by the IIA, the State is entitled to royalties on the sale or license of any product whose development was supported with State participation. These royalties are generally 3% in the first three years from initial repayment, 4% of sales in the three subsequent years and 5% of sales in the seventh year until repayment of 100% of the grants (linked to the dollar) received by the Company, plus annual interest at the LIBOR rate. Under certain circumstances, the royalty rate is calculated according to a formula based on the ratio of participation by the IIA in the project to the total project costs incurred by the Company In connection with the in-licensing of BL-8040 from Biokine Therapeutics Ltd. (“Biokine”), and as a condition to IIA consent to the transaction, the Company agreed to abide by any obligations resulting from funds previously received by Biokine from the IIA. The contingent liability to the IIA assumed by the Company relating to this transaction amounts to $3.6 million as of December 31, 2021. The Company has a full right of offset for amounts payable to the IIA from payments due to Biokine in the future. 2) Licensing agreements From time to time, the Company enters into in-licensing agreements with academic institutions, research institutions and companies (the “licensors”) in connection with the development of therapeutic compounds. Pursuant to these licensing agreements, the Company generally obtains the rights for one or more therapeutic compounds in pre-clinical and early clinical stages of development, in order to continue development of the compounds through more advanced stages of development and, subsequently, to manufacture, distribute and market the drugs or to out-license the development, manufacturing and commercialization rights to third parties. Such development activities are carried out by either the Company and/or by companies or institutions to which the Company has entered into an out-license agreement, subject to certain restrictions stipulated in the various agreements. The licenses that have been granted to the Company are broad and comprehensive, and generally include various provisions and usage rights as follows: (i) territorial scope of the license (global); (ii) term of the license (unrestricted but not shorter than the life of the patent); and (iii) development of the therapeutic compound (allowing the Company to perform all development activities on its own, or by outsourcing under Company supervision, as well as out-licensing development under the license to other companies, subject to the provisions of the licensing agreements). According to the provisions of the licensing agreements, the intellectual property rights in the development of any licensed technology, through the date the applicable license agreement is effective, remain with the licensor, while the rights in products and/or other deliverables developed by the Company after the license is granted belong to the Company. In cases where the licensor has a claim to an invention that was jointly developed with the Company, the licensor also co-owns the related intellectual property. In any event, the scope of the license also covers these intellectual property rights. In addition, the Company generally undertakes in the licensing agreements to protect registered patents resulting from developments under the various licenses, to promote the registration of patents covering new developments in cooperation with the licensor, and to bear responsibility for all related costs. Pursuant to the various agreements, the Company generally works to register the various patents on a broad basis worldwide, and if the Company decides not to initiate or continue a patent registration proceeding in a given country, the Company is required to notify the applicable licensor to this effect and the licensor is entitled to take action for registration of the patent in such country. The consideration paid pursuant to the licensing agreements generally includes several components that may be payable over the license period and that relate, inter alia, to the progress made in research and development activities, as well as commercial success, as follows: (a) one-time, up-front payment and/or periodic payments; (b) payments through the early stages of development (i.e., through the end of phase 2); (c) payments upon the achievement of milestones necessary for advancing to phase 3; (d) payments from the end of a successful phase 3 trial through approval of the therapeutic compound; and e) royalties on sales of the final product resulting from development under the license or including any component thereof, generally less than 5% of the Company’s net sales of the product, although in specific instances the royalty rate has been higher or lower than this range. In instances where the Company has out-licensed the product for further development, the Company pays a percentage of the net consideration received from the licensee (“Sublicense Receipts”) to the upstream licensor that generally range from 20% to 29.5% of such consideration, although in specific instances the percentage paid has been higher or lower than this range. These Sublicense Receipts generally take the place of most or all of the milestone and royalty payments set forth in (b) through (e) above. The license agreements may be cancelled by the licensor only in specific circumstances, generally upon the occurrence of one of the following events: (a) the Company’s failure to meet certain milestones stipulated in the applicable license agreement and appended timetables; (b) default, insolvency, receivership, liquidation, etc. of the Company that is not imposed and/or lifted within the timeframe stipulated in the license agreement; and (c) fundamental breach of the license agreement that is not corrected within the stipulated timeframe. The Company may generally cancel a license agreement with prior notice of 30 to 90 days, due to unsuccessful development or any other cause. The Company has undertaken to indemnify certain licensors, their employees, officers, representatives or anyone acting on their behalf for any damage and/or expense that they may incur in connection with the Company’s use of a license granted to it, all in accordance with the terms stipulated in the applicable license agreements. Some of the license agreements are accompanied by consulting, support and cooperation agreements, pursuant to which the Company is committed to pay the various licensers a fixed monthly amount over the period stipulated in the agreement for their assistance in the continued research and development under the license. 3) Commitments in respect of Agalimmune and Biokine The consideration due to Agalimmune shareholders is based on certain development and commercial milestones, including future sales of Agalimmune products. In addition, the selling shareholders of Agalimmune have certain reversionary rights in the event of a breach of the transaction agreement and certain other limited triggering events. In accordance with the license agreement of BL-8040 with Biokine (as amended), the Company is required to pay Biokine a payment of 20% of amounts received as consideration in connection with any sublicensing or sale of the licensed technology. Biokine is also eligible to receive up to a total of $5 million in future milestone payments. Subject to certain limitations, if the Company independently sell products related to BL-8040, the Company will pay Biokine a royalty payment of 10% of net sales. 4) Purchase orders The Company’s outstanding open purchase order commitments as of December 31, 2021 amounted to $8.4 million. b. Guarantees To secure the Company’s lease obligation on its premises, the Company has provided a bank guarantee in the amount of $100,000 for the benefit of the lessor, which remains outstanding as of December 31, 2021. |
TRANSACTIONS AND BALANCES WITH
TRANSACTIONS AND BALANCES WITH RELATED PARTIES | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
TRANSACTIONS AND BALANCES WITH RELATED PARTIES | NOTE 15 – TRANSACTIONS AND BALANCES WITH RELATED PARTIES Transactions with related parties Expenses: Year ended December 31, 2019 2020 2021 in USD thousands Benefits to related parties: Compensation and benefits to senior management, including benefit component of equity instrument grants 1,934 2,391 2,302 Compensation and benefits to directors, including benefit component of equity instrument grants 280 373 300 Key management compensation Key management includes directors and executive officers. The compensation paid or payable to key management for services during each of the years indicated is presented below. Year ended December 31, 2019 2020 2021 in USD thousands Salaries and other short-term employee benefits 1,415 1,656 1,883 Post-employment benefits 115 126 136 Other long-term benefits 31 33 35 Share-based compensation 653 949 548 2,214 2,764 2,602 |
SUPPLEMENTARY FINANCIAL STATEME
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of supplementary financial statement information [Abstract] | |
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | NOTE 16 – SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION a. Other receivables December 31, 2020 2021 in USD thousands Government institutions 139 140 Other 2 2 141 142 b. Accounts payable and accruals December 31, 2020 2021 in USD thousands 1) Trade: Accounts payable: Overseas 4,795 4,504 In Israel 1,123 1,063 5,918 5,567 2) Other: Accrued expenses 884 521 Accrual for vacation and recreation pay 287 397 Payroll and related expenses 266 307 Other 3 2 1,440 1,227 The carrying amounts of accounts payable and accruals approximate their fair value, as the effect of discounting is not material. c. Research and development expenses Year ended December 31, 2019 2020 2021 in USD thousands Research and development services 16,029 11,696 12,088 Payroll and related expenses 3,784 3,501 4,074 Share based compensation 1,233 623 971 Lab, occupancy and telephone 782 771 882 Professional fees 464 643 595 Depreciation and amortization 862 864 660 Other 284 75 196 23,438 18,173 19,466 d. Sales and marketing expenses Year ended December 31, 2019 2020 2021 in USD thousands Marketing 296 585 729 Payroll and related expenses 503 234 249 Overseas travel 58 21 25 857 840 1,003 e. General and administrative expenses Year ended December 31, 2019 2020 2021 in USD thousands Payroll and related expenses 1,416 1,369 1,408 Share based compensation 465 729 583 Professional fees 1,193 1,044 1,103 Insurance 298 603 1,064 Depreciation 78 70 42 Other 366 99 108 3,816 3,914 4,308 f. Non-operating income (expenses), net Year ended December 31, 2019 2020 2021 in USD thousands Issuance costs (417 ) (784 ) - Changes in fair value of warrants 4,634 (5,142 ) (1,936 ) Other (52 ) 225 106 4,165 (5,701 ) (1,830 ) g. Financial income Year ended December 31, 2019 2020 2021 in USD thousands Interest income and exchange differences 777 236 559 777 236 559 h. Financial expenses Year ended December 31, 2019 2020 2021 in USD thousands Interest expense and exchange differences 2,253 1,607 984 Bank commissions 24 22 22 2,277 1,629 1,006 |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of significant accounting policies [Abstract] | |
Basis of presentation | a. Basis of presentation The Company’s consolidated financial statements as of December 31, 2020 and 2021, and for each of the three years in the period ended December 31, 2021, have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The significant accounting policies described below have been applied on a consistent basis for all years presented, unless noted otherwise. The consolidated financial statements have been prepared on the basis of historical cost, subject to adjustment of warrant liabilities to their fair value through profit or loss. The preparation of financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity and expenses, as well as the related disclosures of contingent assets and liabilities, in the process of applying the Company’s accounting policies. Actual results could differ from those estimates. Areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 4. Actual results may differ materially from estimates and assumptions used by the Company’s management. |
Principles of consolidation | b. Principles of consolidation Consolidated entities are all entities over which BioLineRx has control. BioLineRx controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Consolidated entities are fully consolidated from the date on which control of such entities is transferred to BioLineRx and they are de-consolidated from the date that control ceases. |
Functional and reporting currency | c. Functional and reporting currency The functional and reporting currency in these financial statements is the U.S. dollar (“dollar”, “USD” or “$”), which is the primary currency of the economic environment in which the Company operates. Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are generally recognized in profit or loss. Foreign exchange gains and losses that relate to borrowings are presented in the statement of comprehensive loss, within financial expenses. |
Cash equivalents and short-term bank deposits | d. Cash equivalents and short-term bank deposits Cash and cash equivalents include cash on hand and short-term bank deposits (up to three months from date of deposit) that are not restricted as to withdrawal or use. Bank deposits with original maturity dates of more than three months and with a current maturity date of less than one year from the balance sheet date are included in short-term bank deposits. The fair value of cash equivalents and short-term bank deposits approximate their carrying value, since they bear interest at rates close to the prevailing market rates. |
Property and equipment | e. Property and equipment Property and equipment are stated at historical cost less depreciation. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Assets are depreciated by the straight-line method over the estimated useful lives of the assets, provided that the Company’s management believes the residual values of the assets to be negligible, as follows: % Computers and communications equipment 20-33 Office furniture and equipment 6-15 Laboratory equipment 15-20 The assets’ residual values, methods of depreciation and useful lives are reviewed and adjusted, if appropriate, at each balance sheet date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Leasehold improvements are amortized by the straight-line method over the shorter of the lease term or the estimated useful life of the improvements. |
Intangible assets | f. Intangible assets The Company applies the cost method of accounting for initial and subsequent measurements of intangible assets. Under this method of accounting, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. Intellectual property The Company recognizes in its financial statements intangible assets developed by the Company to the extent that the conditions stipulated in o. below are met. Intellectual property acquired by the Company is initially measured at cost. Intellectual property acquired by the Company for development purposes is not amortized and is tested annually for impairment. See g. below. Computer software Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized over the estimated useful lives of the software (3-5 years). |
Impairment of non-amortized non-financial assets | g. Impairment of non-financial assets Impairment of intellectual property is required when the Company decides to terminate or suspend the development of a project based on such intellectual property. In addition, the Company performs impairment reviews on an annual basis, or more frequently if events or changes in circumstances indicate a potential impairment. Property and equipment, as well as computer software, are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized equal to the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and the asset’s value in use to the Company. |
Financial assets | h. Financial assets The Company accounts for financial assets in accordance with IFRS 9 “Financial Instruments.” 1) Classification The financial assets of the Company are classified as financial assets at amortized cost. The classification is done on the basis of the Company’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets. Financial assets at amortized cost Financial assets at amortized cost are assets held pursuant to a business model whose objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are included in current assets, except for those with maturities greater than 12 months after the balance sheet date (in which case they are classified as non-current assets). The Company’s financial assets at amortized cost are included in other receivables and bank deposits in the consolidated statements of financial position. 2) Recognition and measurement Regular purchases and sales of financial assets are recognized on the settlement date, which is the date on which the asset is delivered to the Company or delivered by the Company. Investments are initially recognized at fair value plus transaction costs, except for trade receivables, which are recognized initially at the amount of consideration that is unconditional unless they contain significant financing components. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Financial assets at amortized cost are measured in subsequent periods at amortized cost using the effective interest method. 3) Impairment The Company recognizes a loss allowance for expected credit losses on financial assets at amortized cost. At each reporting date, the Company assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. If the financial instrument is determined to have low credit risk at the reporting date, the Company assumes that the credit risk on a financial instrument has not increased significantly since initial recognition. |
Warrants | i. Warrants Receipts in respect of warrants are classified as equity to the extent that they confer the right to purchase a fixed number of shares for a fixed exercise price. In the event that the exercise price or the numbers of shares to be issued are not deemed to be fixed, the warrants are classified as a non-current derivative financial liability. This liability is initially recognized at its fair value on the date the contract is entered into and subsequently accounted for at fair value at each reporting date. The fair value changes are charged to non-operating income and expense on the statement of comprehensive loss. Issuance costs allocable to warrants are also recorded as non-operating expense on the statement of comprehensive loss. |
Share capital | j. Share capital The Company’s ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are shown in equity as a deduction from the issuance proceeds. |
Trade payables | k. Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. |
Deferred taxes | l. Deferred taxes Deferred taxes are recognized using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax assets are recognized only to the extent that it is probable that future taxable income will be available against which the temporary differences can be utilized. As the Company is currently engaged primarily in development activities and is not expected to generate taxable income in the foreseeable future, no deferred tax assets are included in the financial statements. |
Borrowings | m. Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. |
Revenue from contracts with customers | n. Revenue from contracts with customers The Company accounts for revenue in accordance with IFRS 15, “Revenue from Contracts with Customers.” IFRS 15 introduces a five-step model for recognizing revenue from contracts with customers, as follows: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to the performance obligations in the contract; and • recognize revenue when (or as) the entity satisfies a performance obligation. During the years included in these financial statements, the Company did not generate revenues, other than immaterial amounts received from an out-licensing agreement signed in 2014 with Perrigo Company plc., which have been included in non-operating income. |
Research and development expenses | o. Research and development expenses Research expenses are charged to profit or loss as incurred. An intangible asset arising from development (or from the development phase of an internal project) is recognized if all of the following conditions are fulfilled: • technological feasibility exists for completing development of the intangible asset so that it will be available for use or sale. • it is management’s intention to complete development of the intangible asset for use or sale. • the Company has the ability to use or sell the intangible asset. • it is probable that the intangible asset will generate future economic benefits, including existence of a market for the output of the intangible asset or the intangible asset itself or, if the intangible asset is to be used internally, the usefulness of the intangible asset. • adequate technical, financial and other resources are available to complete development of the intangible asset, as well as the use or sale thereof. • the Company has the ability to reliably measure the expenditure attributable to the intangible asset during its development. Other development costs that do not meet the foregoing conditions are charged to profit or loss as incurred. Development costs previously expensed are not recognized as an asset in subsequent periods. As of December 31, 2021, the Company has not yet capitalized development expenses. |
Employee benefits | p. Employee benefits 1) Pension and severance pay obligations Israeli labor laws and the Company’s employment agreements require the Company to pay retirement benefits to employees terminated or leaving their employment in certain other circumstances. Most of the Company’s employees are covered by a defined contribution plan under Section 14 of the Israel Severance Pay Law. With respect to the remaining employees, the Company records a liability on its balance sheet for defined benefit plans that represents the present value of the defined benefit obligation as of each reporting date, net of the fair value of plan assets. The present value of the defined benefit liability is determined by discounting the anticipated future cash outflows, using interest rates that are denominated in the currency in which the benefits will be payable. The amounts recorded as an employee benefit expense in respect of pension and severance pay obligations for the years 2019, 2020 and 2021 were $580,000, $668,000 and $744,000, respectively. 2) Vacation and recreation pay Labor laws in Israel entitle every employee to vacation and recreation pay, both of which are computed annually. The entitlement with respect to each employee is based on the employee’s length of service at the Company. The Company recognizes a liability and an expense in respect of vacation and recreation pay based on the individual entitlement of each employee. 3) Share-based payments The Company operates an equity-settled, share-based compensation plan, under which it grants equity instruments (options, restricted stock units and performance stock units) of the Company as additional consideration for services from employees and service providers. The fair value of the employee services received in exchange for grant of the equity instruments is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the equity instruments granted: • including any market performance conditions (for example, the Company’s share price); and • excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and the employee remaining with the entity over a specified time period). Non-market performance and service conditions are included in assumptions about the number of equity instruments that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. Performance stock unit expenses are recognized only if it is probable that the performance condition will be achieved. When the equity instruments are exercised, the Company issues new shares. The proceeds received, net of any directly attributable transaction costs, are credited to share capital (at par value) and share premium when the equity instruments are exercised. |
Loss per share | q. Loss per share 1) Basic The basic loss per share is calculated by dividing the loss attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. 2) Diluted The diluted loss per share is calculated by adjusting the weighted average number of outstanding ordinary shares, assuming conversion of all dilutive potential shares. The Company’s dilutive potential shares consist of warrants issued to investors, as well as equity instruments granted to employees and service providers. The dilutive potential shares were not taken into account in computing loss per share in 2019, 2020 and 2021, as their effect would have been anti-dilutive. |
Leases | r. Leases The Company’s leases include property and motor vehicle leases. At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company reassesses whether a contract is, or contains, a lease only if the terms and conditions of the contract are changed. At the commencement date, the Company measures the lease liability at the present value of the lease payments that are not paid at that date, including, inter alia, the exercise price of a purchase option if the Company is reasonably certain to exercise that option. Simultaneously, the Company recognizes a right-of-use asset in the amount of the lease liability. Since the interest rate implicit in the lease cannot be readily determined, the Company uses the Company’s incremental borrowing rate. This rate is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The lease term is the non-cancellable period for which the Company has the right to use an underlying asset, together with both the periods covered by an option to extend the lease, if the Company is reasonably certain to exercise that option, and periods covered by an option to terminate the lease, if the Company is reasonably certain not to exercise that option. After the commencement date, the Company measures the right-of-use asset applying the cost model, less any accumulated depreciation and any accumulated impairment losses and adjusted for any remeasurement of the lease liability Assets are depreciated by the straight-line method over the estimated useful lives of the right of use assets or the lease period, which is shorter: Years Property 11 Motor vehicles 3 Interest on the lease liability is recognized in profit or loss in each period during the lease term, in an amount that produces a constant periodic rate of interest on the remaining balance of the lease liability. |
New standards and interpretations not yet adopted | s. New standards and interpretations not yet adopted Classification of Liabilities as Current or Non-current (Amendment to IAS 1) The narrow-scope amendments to IAS 1, “Presentation of Financial Statements,” clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the expectations of the entity or events after the reporting date (e.g., the receipt of a waiver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the “settlement” of a liability. The amendments could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. They must be applied retrospectively in accordance with the normal requirements in IAS 8, “Accounting Policies, Changes in Accounting Estimates and Errors.” The amendment should be applied retrospectively for annual periods beginning on or after January 1, 2023. Earlier application is permitted. The adoption of the amendment is not expected to have a material impact on the Company’s financial statements. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of significant accounting policies [Abstract] | |
Schedule of Depreciation Rates | % Computers and communications equipment 20-33 Office furniture and equipment 6-15 Laboratory equipment 15-20 |
Schedule of Useful Life of Right of Use Assets | Years Property 11 Motor vehicles 3 |
FINANCIAL INSTRUMENTS AND FIN_2
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Sensitivity Analysis | December 31, 2021 Income (loss) Value on Income (loss) Sensitive instrument 10% increase 5% increase balance sheet 5% decrease 10% decrease in USD thousands NIS-linked balances: Cash and cash equivalents (427 ) (224 ) 4,699 522 247 Other receivables (13 ) (7 ) 142 16 7 Trade payables 40 21 (442 ) (49 ) (23 ) Other payables 102 53 (1,119 ) (124 ) (59 ) Total NIS-linked balances (298 ) (157 ) 3,280 365 172 Euro-linked trade payables (158 ) (83 ) (1,230 ) 193 92 Total (456 ) (240 ) 2,050 558 264 December 31, 2020 Income (loss) Value on Income (loss) Sensitive instrument 10% increase 5% increase balance sheet 5% decrease 10% decrease in USD thousands NIS-linked balances: Cash and cash equivalents (341 ) (179 ) 3,755 198 417 Other receivables (13 ) (7 ) 141 7 16 Trade payables 47 25 (518 ) (27 ) (58 ) Other payables 117 61 (1,286 ) (68 ) (143 ) Total NIS-linked balances (190 ) (100 ) 2,092 110 232 Euro-linked trade payables (203 ) (106 ) (2,232 ) 248 117 Total (393 ) (206 ) (140 ) 358 349 |
Schedule of Concentration of Currency Risk | Exchange rate of NIS per $1 Exchange rate of Euro per $1 As of December 31: 2019 3.456 0.891 2020 3.215 0.815 2021 3.110 0.884 Percentage increase (decrease) in the exchange rate: 2020 (7.0 )% (8.5 )% 2021 (3.3 )% 8.5 % |
Schedule of Linkage of Monetary Items | December 31, 2020 December 31, 2021 Dollar NIS Other currencies Dollar NIS Other Currencies USD in thousands USD in thousands Assets: Current assets: Cash and cash equivalents 12,488 3,755 588 7,223 4,699 1,068 Short term bank deposits 5,756 - - 44,145 - - Other receivables - 141 - - 142 - 18,244 3,896 588 51,368 4,841 1,068 Liabilities: Current liabilities: Current maturities of long-term loans 3,092 - - 2,757 - - Accounts payable and accruals: Trade 2,455 518 2,945 2,700 442 2,425 Other 154 1,286 - 108 1,119 - Non-current liabilities Long-term loans, net of current maturities 2,740 - - - - - 8,441 1,804 2,945 5,565 1,561 2,425 Net balance 9,803 2,092 (2,357 ) 45,803 3,280 (1,357 ) |
Schedule of Credit Risk | December 31, 2020 2021 in USD thousands Assets: Cash and cash equivalents 16,831 12,990 Short-term bank deposits 5,756 44,145 Other receivables 141 142 Total 22,728 57,277 |
Schedule of Changes in Financial Liabilities With Cash Flows Included in Financing Activities | Long-term loans Warrants Total in USD thousands Balance as of January 1, 2020 8,491 658 9,149 Changes during the year 2020: Cash flows received - 5,669 5,669 Cash flows paid (3,133 ) - (3,133 ) Share premium resulting from exercise of warrants - (1,251 ) (1,251 ) Amounts recognized through profit and loss 474 5,142 5,616 Balance as of December 31, 2020 5,832 10,218 16,050 Changes during the year 2021: Cash flows paid (3,376 ) - (3,376 ) Share premium resulting from exercise of warrants - (10,295 ) (10,295 ) Amounts recognized through profit and loss 301 1,936 2,237 Balance as of December 31, 2021 2,757 1,859 4,616 |
Schedule of Fair Value Measurement of Warrants | Warrants in USD thousands Balance as of January 1, 2019 323 Changes during 2019: Issuances 4,969 Changes in fair value through profit and loss (4,634 ) Balance as of December 31, 2019 658 Changes during 2020: Issuances 5,669 Exercises (1,251 ) Changes in fair value through profit and loss 5,142 Balance as of December 31, 2020 10,218 Changes during 2021: Issuances - Exercises (10,295 ) Changes in fair value through profit and loss 1,936 Balance as of December 31, 2021 1,859 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash And Cash Equivalents | December 31, 2020 2021 in USD thousands Cash on hand and in bank 5,549 8,461 Short-term bank deposits 11,282 4,529 16,831 12,990 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Composition of Property and Equipment and Related Accumulated Depreciation | Cost Accumulated depreciation Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2020 2021 in USD thousands in USD thousands in USD thousands Composition in 2021 Office furniture and equipment 207 - - 207 109 15 - 124 98 83 Computers and communications equipment 795 68 - 863 609 69 - 678 186 185 Laboratory equipment 1,561 29 - 1,590 1,351 158 - 1,509 210 81 Leasehold improvements 2,028 - - 2,028 1,181 244 - 1,425 847 603 4,591 97 - 4,688 3,250 486 - 3,736 1,341 952 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of Intangible Assets | Cost Accumulated depreciation and impairment Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2020 2021 in USD thousands in USD thousands in USD thousands Composition in 2021 Intellectual property 21,792 - - 21,792 96 - - 96 21,696 21,696 Computer software 616 - - 616 598 10 - 608 18 8 22,408 - - 22,408 694 10 - 704 21,714 21,704 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Presentation of leases for lessee [abstract] | |
Schedule of Right-of-use assets | Cost Accumulated depreciation Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2020 2021 in USD thousands in USD thousands in USD thousands Composition in 2021 Property 1,552 - - 1,552 270 135 - 405 1,282 1,147 Motor vehicles 396 183 - 579 323 72 - 395 73 184 1,948 183 - 2,131 593 207 - 800 1,355 1,331 |
Schedule of Lease Liabilities | Balance at Additions Deletions Interest expense Exchange differences Payments Balance at beginning during during during during during end of of year year year year year year year in USD thousands Composition in 2021 Property 1,733 - - 228 54 (307 ) 1,708 Motor vehicles 119 183 - 16 1 (133 ) 186 1,852 183 - 244 55 (440 ) 1,894 |
Schedule of Minimum Future Rental Payments | Year Property Motor vehicles Total in USD thousands 2022 324 97 421 2023 324 74 398 2024 340 43 383 2025 340 - 340 2026-2030 1,591 - 1,591 2,919 214 3,133 |
LONG-TERM LOANS (Tables)
LONG-TERM LOANS (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [abstract] | |
Schedule of Composition of Long-Term Bank Loan | December 31, 2020 2021 in USD thousands Total loan balance 5,832 2,757 Less current maturities (3,092 ) (2,757 ) Long-term portion of loan 2,740 - |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Share Capital | Number of Ordinary Shares December 31, 2020 2021 Authorized share capital 1,500,000,000 1,500,000,000 Issued and paid-up share capital 349,169,545 715,156,008 In USD and NIS Amounts December 31, 2020 2021 Authorized share capital (in NIS) 150,000,000 150,000,000 Issued and paid-up share capital (in NIS) 34,916,955 71,515,600 Issued and paid-up share capital (in USD) 9,869,795 21,066,368 |
Schedule of Amounts Outstanding Under Employee Share Incentive Plan | Year ended December 31, 2019 2020 2021 Number Weighted average exercise price (in NIS) Number Weighted average exercise price (in NIS) Number Weighted average exercise price (in NIS) Outstanding at beginning of year 11,459,697 4.2 19,358,913 2.6 35,981,579 1.5 Granted 11,057,600 1.3 18,689,300 0.5 6,588,200 0.4 Forfeited and expired (3,084,834 ) 3.9 (1,776,037 ) 2.2 (1,438,642 ) 3.0 Exercised (73,550 ) 0.1 (290,597 ) 0.1 (174,923 ) 0.1 Outstanding at end of year* 19,358,913 2.6 35,981,579 1.5 40,956,214 0.7 ** Exercisable at end of year 5,353,089 5.1 11,535,679 3.2 18,663,353 1.7 * As of December 31, 2019, 2020 and 2021, includes 2,225,704, 2,421,799 and 4,084,748 PSUs at an exercise price of 0.10 NIS (par value of ordinary shares), for which performance obligations have not been met. ** See 3 below. |
Schedule of Options Outstanding by Exercise Price Range | As of December 31, 2019 2020 2021 Range of exercise prices (in NIS) Number Weighted average Number Weighted average Number Weighted average Up to 2.00 11,676,900 9.9 28,888,767 9.3 40,276,214 8.0 2.01-5.00 6,341,033 7.3 5,866,532 6.3 630,000 5.2 5.01-10.00 822,300 3.9 707,600 3.1 50,000 0.2 10.01-20.00 518,680 3.2 518,680 1.9 - - 19,358,913 8.6 35,981,579 8.6 40,956,214 8.0 |
Schedule of Assumptions Used to Value Options | 2019 2020 2021 Expected dividend yield 0 % 0 % 0 % Expected volatility 61 % 63 % 67 % Risk-free interest rate 3 % 1 % 1 % Expected life of options (in years) 6 6 6 |
TAXES ON INCOME (Tables)
TAXES ON INCOME (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Income Taxes [Abstract] | |
Schedule of Reconciliation of Weighted Average Tax Rate Applicable to Income | Year ended December 31, 2019 2020 2021 in USD in USD in USD thousands thousands thousands Loss before taxes 23.0 % (25,446 ) 23.0 % (30,021 ) 23.0 % (27,045 ) Theoretical tax benefit (5,853 ) (6,905 ) (6,220 ) Disallowed deductions (tax exempt income): Loss (gain) on adjustment of warrants to fair value (1,054 ) 1,280 480 Share-based compensation 405 292 343 Other 10 11 11 Increase in taxes for tax losses and timing differences incurred in the reporting year for which deferred taxes were not created 6,492 5,322 5,386 Taxes on income for the reported year - - - |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Earnings per share [abstract] | |
Schedule of Basic Loss Per Share | Year ended December 31, 2019 2020 2021 in USD thousands Loss attributed to ordinary shares (25,446 ) (30,021 ) (27,054 ) in thousands Number of shares used in basic calculation 146,407 252,844 662,934 in USD Basic and diluted loss per ordinary share (0.17 ) (0.12 ) (0.04 ) |
TRANSACTIONS AND BALANCES WIT_2
TRANSACTIONS AND BALANCES WITH RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of Transactions With Related Parties | Year ended December 31, 2019 2020 2021 in USD thousands Benefits to related parties: Compensation and benefits to senior management, including benefit component of equity instrument grants 1,934 2,391 2,302 Compensation and benefits to directors, including benefit component of equity instrument grants 280 373 300 |
Schedule of Key Management Compensation | Year ended December 31, 2019 2020 2021 in USD thousands Salaries and other short-term employee benefits 1,415 1,656 1,883 Post-employment benefits 115 126 136 Other long-term benefits 31 33 35 Share-based compensation 653 949 548 2,214 2,764 2,602 |
SUPPLEMENTARY FINANCIAL STATE_2
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of supplementary financial statement information [Abstract] | |
Schedule of Other Receivables | December 31, 2020 2021 in USD thousands Government institutions 139 140 Other 2 2 141 142 |
Schedule of Accounts Payable and Accruals | December 31, 2020 2021 in USD thousands 1) Trade: Accounts payable: Overseas 4,795 4,504 In Israel 1,123 1,063 5,918 5,567 2) Other: Accrued expenses 884 521 Accrual for vacation and recreation pay 287 397 Payroll and related expenses 266 307 Other 3 2 1,440 1,227 |
Schedule of Income and Expenses | c. Research and development expenses Year ended December 31, 2019 2020 2021 in USD thousands Research and development services 16,029 11,696 12,088 Payroll and related expenses 3,784 3,501 4,074 Share based compensation 1,233 623 971 Lab, occupancy and telephone 782 771 882 Professional fees 464 643 595 Depreciation and amortization 862 864 660 Other 284 75 196 23,438 18,173 19,466 d. Sales and marketing expenses Year ended December 31, 2019 2020 2021 in USD thousands Marketing 296 585 729 Payroll and related expenses 503 234 249 Overseas travel 58 21 25 857 840 1,003 e. General and administrative expenses Year ended December 31, 2019 2020 2021 in USD thousands Payroll and related expenses 1,416 1,369 1,408 Share based compensation 465 729 583 Professional fees 1,193 1,044 1,103 Insurance 298 603 1,064 Depreciation 78 70 42 Other 366 99 108 3,816 3,914 4,308 f. Non-operating income (expenses), net Year ended December 31, 2019 2020 2021 in USD thousands Issuance costs (417 ) (784 ) - Changes in fair value of warrants 4,634 (5,142 ) (1,936 ) Other (52 ) 225 106 4,165 (5,701 ) (1,830 ) g. Financial income Year ended December 31, 2019 2020 2021 in USD thousands Interest income and exchange differences 777 236 559 777 236 559 h. Financial expenses Year ended December 31, 2019 2020 2021 in USD thousands Interest expense and exchange differences 2,253 1,607 984 Bank commissions 24 22 22 2,277 1,629 1,006 |
GENERAL INFORMATION (Narrative)
GENERAL INFORMATION (Narrative) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of general information [Abstract] | ||
Accumulated deficit | $ (305,041) | $ (277,987) |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | |||
Employee benefit expense | $ 744,000 | $ 668,000 | $ 580,000 |
Computer software [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Estimated useful lives of intangible assets (In years) | 3-5 years |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES (Schedule of Depreciation Rates) (Details) - Net Book Value [Member] | 12 Months Ended |
Dec. 31, 2021 | |
Computers and communications equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates (in %) | 20-33 |
Office furniture and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates (in %) | 6-15 |
Laboratory equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates (in %) | 15-20 |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES (Schedule of Useful Life of Right of Use Assets) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Property [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Estimated useful lives or lease period of right of use assets | 11 |
Motor vehicles [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Estimated useful lives or lease period of right of use assets | 3 |
FINANCIAL INSTRUMENTS AND FIN_3
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Narrative) (Details) | Dec. 31, 2021USD ($) |
Warrants [Member] | |
Disclosure of financial liabilities [line items] | |
Fair value of the warrants | $ 1,859,000 |
FINANCIAL INSTRUMENTS AND FIN_4
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Schedule of Sensitivity Analysis) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
10% increase effect on net income (loss) and equity | $ (427) | $ (341) |
5% increase effect on net income (loss) and equity | (224) | (179) |
Value on balance sheet | 4,699 | 3,755 |
5% decrease effect on net income (loss) and equity | 522 | 198 |
10% decrease effect on net income (loss) and equity | 247 | 417 |
Other receivables [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
10% increase effect on net income (loss) and equity | (13) | (13) |
5% increase effect on net income (loss) and equity | (7) | (7) |
Value on balance sheet | 142 | 141 |
5% decrease effect on net income (loss) and equity | 16 | 7 |
10% decrease effect on net income (loss) and equity | 7 | 16 |
Trade payables [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
10% increase effect on net income (loss) and equity | 40 | 47 |
5% increase effect on net income (loss) and equity | 21 | 25 |
Value on balance sheet | (442) | (518) |
5% decrease effect on net income (loss) and equity | (49) | (27) |
10% decrease effect on net income (loss) and equity | (23) | (58) |
Other payables [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
10% increase effect on net income (loss) and equity | 102 | 117 |
5% increase effect on net income (loss) and equity | 53 | 61 |
Value on balance sheet | (1,119) | (1,286) |
5% decrease effect on net income (loss) and equity | (124) | (68) |
10% decrease effect on net income (loss) and equity | (59) | (143) |
NIS-linked balances [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
10% increase effect on net income (loss) and equity | (298) | (190) |
5% increase effect on net income (loss) and equity | (157) | (100) |
Value on balance sheet | 3,280 | 2,092 |
5% decrease effect on net income (loss) and equity | 365 | 110 |
10% decrease effect on net income (loss) and equity | 172 | 232 |
Euro-linked trade payables [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
10% increase effect on net income (loss) and equity | (158) | (203) |
5% increase effect on net income (loss) and equity | (83) | (106) |
Value on balance sheet | (1,230) | (2,232) |
5% decrease effect on net income (loss) and equity | 193 | 248 |
10% decrease effect on net income (loss) and equity | 92 | 117 |
Total [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
10% increase effect on net income (loss) and equity | (456) | (393) |
5% increase effect on net income (loss) and equity | (240) | (206) |
Value on balance sheet | 2,050 | (140) |
5% decrease effect on net income (loss) and equity | 558 | 358 |
10% decrease effect on net income (loss) and equity | $ 264 | $ 349 |
FINANCIAL INSTRUMENTS AND FIN_5
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Schedule of Concentration of Currency Risk) (Details) - $ / rate | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
NIS per $1 | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Exchange rate per dollar | 3.110 | 3.215 | 3.456 |
Percentage increase (decrease) in USD exchange rate | (3.30%) | (7.00%) | |
Euro per $1 | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Exchange rate per dollar | 0.884 | 0.815 | 0.891 |
Percentage increase (decrease) in USD exchange rate | 8.50% | (8.50%) |
FINANCIAL INSTRUMENTS AND FIN_6
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Schedule of Linkage of Monetary Items) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||||
Cash and cash equivalents | $ 12,990 | $ 16,831 | $ 5,297 | $ 3,404 |
Total assets | 81,391 | 47,290 | ||
Current liabilities: | ||||
Current maturities of long-term loans | 2,757 | 3,092 | ||
Accounts payable and accruals: | ||||
Trade | 5,567 | 5,918 | ||
Other | 2 | 3 | ||
Non-current liabilities | ||||
Long-term loans, net of current maturities | 0 | 2,740 | ||
Total liabilities | 13,304 | 25,260 | ||
Dollar [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 7,223 | 12,488 | ||
Short term bank deposits | 44,145 | 5,756 | ||
Other receivables | 0 | 0 | ||
Total assets | 51,368 | 18,244 | ||
Current liabilities: | ||||
Current maturities of long-term loans | 2,757 | 3,092 | ||
Accounts payable and accruals: | ||||
Trade | 2,700 | 2,455 | ||
Other | 108 | 154 | ||
Non-current liabilities | ||||
Long-term loans, net of current maturities | 0 | 2,740 | ||
Total liabilities | 5,565 | 8,441 | ||
Net asset value | 45,803 | 9,803 | ||
NIS [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 4,699 | 3,755 | ||
Short term bank deposits | 0 | 0 | ||
Other receivables | 142 | 141 | ||
Total assets | 4,841 | 3,896 | ||
Current liabilities: | ||||
Current maturities of long-term loans | 0 | 0 | ||
Accounts payable and accruals: | ||||
Trade | 442 | 518 | ||
Other | 1,119 | 1,286 | ||
Non-current liabilities | ||||
Long-term loans, net of current maturities | 0 | 0 | ||
Total liabilities | 1,561 | 1,804 | ||
Net asset value | 3,280 | 2,092 | ||
GBP and other [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 1,068 | 588 | ||
Short term bank deposits | 0 | 0 | ||
Other receivables | 0 | 0 | ||
Total assets | 1,068 | 588 | ||
Current liabilities: | ||||
Current maturities of long-term loans | 0 | 0 | ||
Accounts payable and accruals: | ||||
Trade | 2,425 | 2,945 | ||
Other | 0 | 0 | ||
Non-current liabilities | ||||
Long-term loans, net of current maturities | 0 | 0 | ||
Total liabilities | 2,425 | 2,945 | ||
Net asset value | $ (1,357) | $ (2,357) |
FINANCIAL INSTRUMENTS AND FIN_7
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Schedule of Credit Risk) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Assets: | ||||
Cash and cash equivalents | $ 12,990 | $ 16,831 | $ 5,297 | $ 3,404 |
Total assets | 81,391 | 47,290 | ||
Credit risk [member] | ||||
Assets: | ||||
Cash and cash equivalents | 12,990 | 16,831 | ||
Short-term bank deposits | 44,145 | 5,756 | ||
Other receivables | 142 | 141 | ||
Total assets | $ 57,277 | $ 22,728 |
FINANCIAL INSTRUMENTS AND FIN_8
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Schedule of Changes in Financial Liabilities With Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Balance as of January 1 | $ 16,050 | $ 9,149 |
Changes during the year: | ||
Cash flows received | 5,669 | |
Cash flows paid | (3,376) | (3,133) |
Share premium resulting from exercise of warrants | (10,295) | (1,251) |
Amounts recognized through profit and loss | 2,237 | 5,616 |
Balance as of December 31 | 4,616 | 16,050 |
Long-term loans [member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Balance as of January 1 | 5,832 | 8,491 |
Changes during the year: | ||
Cash flows received | 0 | |
Cash flows paid | (3,376) | (3,133) |
Share premium resulting from exercise of warrants | 0 | 0 |
Amounts recognized through profit and loss | 301 | 474 |
Balance as of December 31 | 2,757 | 5,832 |
Warrants [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Balance as of January 1 | 10,218 | 658 |
Changes during the year: | ||
Cash flows received | 5,669 | |
Cash flows paid | 0 | 0 |
Share premium resulting from exercise of warrants | (10,295) | (1,251) |
Amounts recognized through profit and loss | 1,936 | 5,142 |
Balance as of December 31 | $ 1,859 | $ 10,218 |
FINANCIAL INSTRUMENTS AND FIN_9
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Schedule of Fair Value Measurement of Warrants) (Details) - Level 3 of fair value hierarchy [member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Balance as of January 1 | $ 10,218 | $ 658 | $ 323 |
Issuances | 0 | 5,669 | 4,969 |
Exercises | (10,295) | (1,251) | |
Changes in fair value through profit and loss | 1,936 | 5,142 | (4,634) |
Balance as of December 31 | $ 1,859 | $ 10,218 | $ 658 |
CASH AND CASH EQUIVALENTS (Narr
CASH AND CASH EQUIVALENTS (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Bottom of range [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Interest rate on short-term deposits | 0.26% |
Top of range [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Interest rate on short-term deposits | 0.41% |
CASH AND CASH EQUIVALENTS (Sche
CASH AND CASH EQUIVALENTS (Schedule of Cash And Cash Equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents [abstract] | ||||
Cash on hand and in bank | $ 8,461 | $ 5,549 | ||
Short-term bank deposits | 4,529 | 11,282 | ||
Cash and cash equivalents | $ 12,990 | $ 16,831 | $ 5,297 | $ 3,404 |
SHORT-TERM BANK DEPOSITS (Narra
SHORT-TERM BANK DEPOSITS (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Bottom of range [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Interest rate on short-term deposits | 0.26% |
Top of range [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Interest rate on short-term deposits | 0.83% |
PROPERTY AND EQUIPMENT (Schedul
PROPERTY AND EQUIPMENT (Schedule of Composition of Property and Equipment and Related Accumulated Depreciation) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance at beginning of year | $ 1,341 |
Balance at end of year | 952 |
Cost [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance at beginning of year | 4,591 |
Additions during year | 97 |
Deletions during year | 0 |
Balance at end of year | 4,688 |
Cost [Member] | Office furniture and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance at beginning of year | 207 |
Additions during year | 0 |
Deletions during year | 0 |
Balance at end of year | 207 |
Cost [Member] | Computers and communications equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance at beginning of year | 795 |
Additions during year | 68 |
Deletions during year | 0 |
Balance at end of year | 863 |
Cost [Member] | Laboratory equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance at beginning of year | 1,561 |
Additions during year | 29 |
Deletions during year | 0 |
Balance at end of year | 1,590 |
Cost [Member] | Leasehold improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance at beginning of year | 2,028 |
Additions during year | 0 |
Deletions during year | 0 |
Balance at end of year | 2,028 |
Accumulated depreciation [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance at beginning of year | (3,250) |
Additions during year | 486 |
Deletions during year | 0 |
Balance at end of year | (3,736) |
Accumulated depreciation [member] | Office furniture and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance at beginning of year | (109) |
Additions during year | 15 |
Deletions during year | 0 |
Balance at end of year | (124) |
Accumulated depreciation [member] | Computers and communications equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance at beginning of year | (609) |
Additions during year | 69 |
Deletions during year | 0 |
Balance at end of year | (678) |
Accumulated depreciation [member] | Laboratory equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance at beginning of year | (1,351) |
Additions during year | 158 |
Deletions during year | 0 |
Balance at end of year | (1,509) |
Accumulated depreciation [member] | Leasehold improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance at beginning of year | (1,181) |
Additions during year | 244 |
Deletions during year | 0 |
Balance at end of year | (1,425) |
Net Book Value [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance at beginning of year | 1,341 |
Balance at end of year | 952 |
Net Book Value [Member] | Office furniture and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance at beginning of year | 98 |
Balance at end of year | 83 |
Net Book Value [Member] | Computers and communications equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance at beginning of year | 186 |
Balance at end of year | 185 |
Net Book Value [Member] | Laboratory equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance at beginning of year | 210 |
Balance at end of year | 81 |
Net Book Value [Member] | Leasehold improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Balance at beginning of year | 847 |
Balance at end of year | $ 603 |
INTANGIBLE ASSETS (Narrative) (
INTANGIBLE ASSETS (Narrative) (Details) - Intellectual property [Member] $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Agalimmune Ltd. [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets acquired | $ 6.7 |
Biokine Therapeutics Ltd [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Intangible assets acquired | 15 |
Cash consideration | 10 |
Equity consideration | $ 5 |
Percentage of payment to be made | 40% to 20% |
INTANGIBLE ASSETS (Schedule of
INTANGIBLE ASSETS (Schedule of Intangible Assets) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | $ 21,714 |
Balance at end of year | 21,704 |
Net Book Value [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | 21,714 |
Balance at end of year | 21,704 |
Net Book Value [Member] | Intellectual property [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | 21,696 |
Balance at end of year | 21,696 |
Net Book Value [Member] | Computer software [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | 18 |
Balance at end of year | 8 |
Cost [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | 22,408 |
Additions during year | 0 |
Deletions during year | 0 |
Balance at end of year | 22,408 |
Cost [Member] | Intellectual property [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | 21,792 |
Additions during year | 0 |
Deletions during year | 0 |
Balance at end of year | 21,792 |
Cost [Member] | Computer software [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | 616 |
Additions during year | 0 |
Deletions during year | 0 |
Balance at end of year | 616 |
Accumulated depreciation and impairment [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | (694) |
Additions during year | 10 |
Deletions during year | 0 |
Balance at end of year | (704) |
Accumulated depreciation and impairment [Member] | Intellectual property [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | (96) |
Additions during year | 0 |
Deletions during year | 0 |
Balance at end of year | (96) |
Accumulated depreciation and impairment [Member] | Computer software [Member] | |
Disclosure of detailed information about intangible assets [line items] | |
Balance at beginning of year | (598) |
Additions during year | 10 |
Deletions during year | 0 |
Balance at end of year | $ (608) |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Presentation of leases for lessee [abstract] | |
Lease agreement monthly fee | $ 26,000 |
Additional extension period | five |
Percentage Increase preceding lease payment amount | 5.00% |
Lease Period | 3 years |
Annual Lease fee | $ 250,000 |
Building maintenance charges | $ 9,400 |
LEASES (Schedule of Right-of-us
LEASES (Schedule of Right-of-use assets) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of year | $ 1,355 |
Balance at end of year | 1,331 |
Net book value [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of year | 1,355 |
Balance at end of year | 1,331 |
Net book value [Member] | Property [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of year | 1,282 |
Balance at end of year | 1,147 |
Net book value [Member] | Motor vehicles [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of year | 73 |
Balance at end of year | 184 |
Cost [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of year | 1,948 |
Additions during year | 183 |
Deletions during year | 0 |
Balance at end of year | 2,131 |
Cost [Member] | Property [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of year | 1,552 |
Additions during year | 0 |
Deletions during year | 0 |
Balance at end of year | 1,552 |
Cost [Member] | Motor vehicles [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of year | 396 |
Additions during year | 183 |
Deletions during year | 0 |
Balance at end of year | 579 |
Accumulated depreciation [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of year | (593) |
Additions during year | 207 |
Deletions during year | 0 |
Balance at end of year | (800) |
Accumulated depreciation [member] | Property [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of year | (270) |
Additions during year | 135 |
Deletions during year | 0 |
Balance at end of year | (405) |
Accumulated depreciation [member] | Motor vehicles [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning of year | (323) |
Additions during year | 72 |
Deletions during year | 0 |
Balance at end of year | $ (395) |
LEASES (Schedule of Lease Liabi
LEASES (Schedule of Lease Liabilities) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Disclosure Of Quantitative Information About Lease Liabilities [Line Items] | |
Balance at beginning of year | $ 1,852 |
Additions during year | 183 |
Deletions during year | 0 |
Interest expense during year | 244 |
Exchange Differences During Year | 55 |
Payments during year | (440) |
Balance at end of year | 1,894 |
Property [member] | |
Disclosure Of Quantitative Information About Lease Liabilities [Line Items] | |
Balance at beginning of year | 1,733 |
Additions during year | 0 |
Deletions during year | 0 |
Interest expense during year | 228 |
Exchange Differences During Year | 54 |
Payments during year | (307) |
Balance at end of year | 1,708 |
Motor vehicles [member] | |
Disclosure Of Quantitative Information About Lease Liabilities [Line Items] | |
Balance at beginning of year | 119 |
Additions during year | 183 |
Deletions during year | 0 |
Interest expense during year | 16 |
Exchange Differences During Year | 1 |
Payments during year | (133) |
Balance at end of year | $ 186 |
LEASES (Schedule of Minimum Fut
LEASES (Schedule of Minimum Future Rental Payments) (Details) $ in Thousands | Dec. 31, 2021USD ($) |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum future rental payments | $ 3,133 |
Property [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum future rental payments | 2,919 |
Motor vehicles [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum future rental payments | 214 |
2022 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum future rental payments | 421 |
2022 [Member] | Property [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum future rental payments | 324 |
2022 [Member] | Motor vehicles [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum future rental payments | 97 |
2023 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum future rental payments | 398 |
2023 [Member] | Property [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum future rental payments | 324 |
2023 [Member] | Motor vehicles [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum future rental payments | 74 |
2024 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum future rental payments | 383 |
2024 [Member] | Property [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum future rental payments | 340 |
2024 [Member] | Motor vehicles [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum future rental payments | 43 |
2025 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum future rental payments | 340 |
2025 [Member] | Property [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum future rental payments | 340 |
2025 [Member] | Motor vehicles [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum future rental payments | 0 |
2026-2030 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum future rental payments | 1,591 |
2026-2030 [Member] | Property [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum future rental payments | 1,591 |
2026-2030 [Member] | Motor vehicles [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Minimum future rental payments | $ 0 |
LONG-TERM LOANS (Narrative) (De
LONG-TERM LOANS (Narrative) (Details) $ in Millions | 1 Months Ended |
Oct. 31, 2018USD ($) | |
Disclosure of detailed information about borrowings [abstract] | |
Loan taken from Kreos Capital for the payment | $ 10 |
LONG-TERM LOANS (Schedule of Co
LONG-TERM LOANS (Schedule of Composition of Long-Term Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | ||
Less current maturities | $ (2,757) | $ (3,092) |
Long-term portion of loan | 0 | 2,740 |
Loan from Kreos Capital [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Total loan balance | $ 2,757 | $ 5,832 |
EQUITY (Narrative) (Details)
EQUITY (Narrative) (Details) | 1 Months Ended | 2 Months Ended | 4 Months Ended | 12 Months Ended | 13 Months Ended | 189 Months Ended | ||||||||||||
Sep. 30, 2021USD ($) | Jan. 31, 2021USD ($)$ / sharesshares | Sep. 30, 2020USD ($)₪ / sharesshares | Sep. 30, 2020USD ($)shares | Feb. 28, 2019USD ($)$ / sharesshares | Oct. 31, 2018USD ($)$ / sharesshares | Jun. 30, 2020USD ($)$ / sharesshares | Dec. 31, 2021USD ($)shares | Dec. 31, 2021₪ / shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019Share₪ / sharesshares | Dec. 31, 2019USD ($) | Sep. 30, 2021USD ($)shares | Dec. 31, 2018₪ / sharesshares | Dec. 31, 2021USD ($)Shareshares | Dec. 31, 2020₪ / shares | Dec. 31, 2020USD ($)Share | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Underwritten public offering | shares | 14,375,000 | 1,866,667 | ||||||||||||||||
Public offering price | $ / shares | $ 2.40 | $ 8.25 | ||||||||||||||||
Proceeds from public offering, gross | $ 15,400,000 | |||||||||||||||||
Proceeds from public offering, net | $ 14,100,000 | |||||||||||||||||
Issuance expense | $ 0 | $ 784,000 | $ 417,000 | |||||||||||||||
Gross proceeds | $ 50,407,000 | $ 19,246,000 | $ 20,297,000 | |||||||||||||||
Remaining authorized unissued ordinary shares | shares | 5,700,000 | |||||||||||||||||
Option outstanding | Share | 19,358,913 | 40,956,214 | 35,981,579 | |||||||||||||||
Weighted average contractual life | 8 years | 8 years 7 months 6 days | 8 years 7 months 6 days | |||||||||||||||
Risk-free interest rate (%) | 1.00% | 1.00% | 3.00% | |||||||||||||||
Average standard deviation | 67.00% | 63.00% | 61.00% | |||||||||||||||
Remaining unrecognized deferred compensation expense | $ 1,100,000 | |||||||||||||||||
Compensation cost | $ 2,602,000 | $ 2,764,000 | $ 2,214,000 | |||||||||||||||
H C Wainwright And Co Llc [Member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Non operating expense | $ 100,000 | $ 200,000 | ||||||||||||||||
Gross proceeds | 18,500,000 | $ 1,100,000 | $ 24,500,000 | |||||||||||||||
Sale of stock | shares | 402,327 | 4,745,368 | 7,381,101 | |||||||||||||||
Aggregate offering price | $ 25,000,000 | $ 25,000,000 | $ 25,000,000 | $ 25,000,000 | ||||||||||||||
Percentage of commission on sales agreement | 3.00% | 3.00% | ||||||||||||||||
2003 Plan [Member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Ordinary shares, issued | shares | 43,801,214 | |||||||||||||||||
Option vested | 514,151 | |||||||||||||||||
Performance Shares Unit [Member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Option outstanding | Share | 2,225,704 | 4,084,748 | 2,421,799 | |||||||||||||||
Weighted average exercise price outstanding | ₪ / shares | ₪ 0.10 | ₪ 0.10 | ₪ 0.10 | |||||||||||||||
Underwater Employee Stock Options [Member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Ordinary shares, issued | shares | 12,300,000 | 12,300,000 | ||||||||||||||||
Weighted average exercise price | ₪ / shares | $ 2.64 | |||||||||||||||||
Option outstanding | 15,100,000 | 15,100,000 | ||||||||||||||||
Revised weighted average exercise price | ₪ / shares | $ 1 | |||||||||||||||||
Compensation cost | $ 200,000 | |||||||||||||||||
Warrant [Member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Exercise Price Of Share Issued | $ / shares | $ 11.25 | $ 1.75 | ||||||||||||||||
Change in fair value | $ 5,000,000 | $ 2,354,000 | $ 4,776,000 | |||||||||||||||
Exercisable term of warrant | five years | |||||||||||||||||
Issuance expense | $ 400,000 | |||||||||||||||||
Options exercised | 4,864,741 | 875,000 | ||||||||||||||||
Fair value of the warrants | $ 1,253,000 | $ 9,194,000 | ||||||||||||||||
Risk-free interest rate (%) | 0.39% | |||||||||||||||||
Average standard deviation | 80.80% | |||||||||||||||||
Registered direct offerings sales | shares | 7,653,145 | |||||||||||||||||
Warrants expiration period | two and half years | |||||||||||||||||
Exercise price of warrants | $ / shares | $ 2.25 | |||||||||||||||||
Warrant [Member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Fair value of the warrants | $ 1,000,000 | |||||||||||||||||
Risk-free interest rate (%) | 0.45% | |||||||||||||||||
Average standard deviation | 73.80% | |||||||||||||||||
Aggregate offering price | $ 34,500,000 | |||||||||||||||||
Warrants issued to purchase shares | shares | 718,750 | |||||||||||||||||
Warrants expiration period | five years | |||||||||||||||||
Exercise price of warrants | $ / shares | $ 3 | |||||||||||||||||
Proceeds from warrant issue, net | $ 31,400,000 | |||||||||||||||||
Consultants [Member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Ordinary shares, issued | shares | 225,000 | 371,523 | 2,700,000 | |||||||||||||||
Weighted average exercise price | ₪ / shares | 0.66 | ₪ 0.90 | ₪ 7.86 | |||||||||||||||
Option vested and exercised | The options to consultants generally vest over four years and may be exercised for periods of between five and ten years. | |||||||||||||||||
Option outstanding | Share | 2,845,000 | |||||||||||||||||
Weighted average contractual life | 8 years 7 months 6 days | |||||||||||||||||
Weighted average exercise price outstanding | ₪ / shares | ₪ 1.05 | |||||||||||||||||
Loan Agreement With Kreos Capital [Member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Shares issued to purchase warrant | shares | 63,837 | |||||||||||||||||
Exercise Price Of Share Issued | $ / shares | $ 14.10 | |||||||||||||||||
Loan Agreement With Kreos Capital [Member] | Warrant [Member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Change in fair value | $ 13,000 | $ 8,000 | ||||||||||||||||
Fair value of the warrants | $ 861,000 | $ 42,000 | 55,000 | |||||||||||||||
Risk-free interest rate (%) | 1.44% | |||||||||||||||||
Average standard deviation | 73.89% | |||||||||||||||||
Loan Agreement With Kreos Capital [Member] | Warrant [Member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Change in fair value | $ 405,000 | $ 377,000 | ||||||||||||||||
Fair value of the warrants | $ 564,000 | $ 969,000 | ||||||||||||||||
Risk-free interest rate (%) | 0.73% | 95.70% | ||||||||||||||||
Investors [Member] | Warrant [Member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Warrants issued to purchase shares | shares | 7,653,145 | |||||||||||||||||
Placement Agent's Designees [Member] | Warrant [Member] | ||||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||||||
Amount allocated to warrant | $ 5,700,000 | |||||||||||||||||
Issuance expense | 600,000 | |||||||||||||||||
Aggregate offering price | $ 13,400,000 | |||||||||||||||||
Warrants issued to purchase shares | shares | 382,657 | |||||||||||||||||
Warrants expiration period | two and half years | |||||||||||||||||
Exercise price of warrants | $ / shares | $ 2.1875 | |||||||||||||||||
Proceeds from warrant issue, net | $ 12,000,000 |
EQUITY (Schedule of Share Capit
EQUITY (Schedule of Share Capital) (Details) | Dec. 31, 2021ILS (₪)shares | Dec. 31, 2021USD ($)shares | Dec. 31, 2020ILS (₪)shares | Dec. 31, 2020USD ($)shares |
Number of Ordinary Shares | ||||
Authorized share capital | 1,500,000,000 | 1,500,000,000 | 1,500,000,000 | 1,500,000,000 |
Issued and paid-up share capital | 715,156,008 | 715,156,008 | 349,169,545 | 349,169,545 |
Authorized share capital | ₪ | ₪ 150,000,000 | ₪ 150,000,000 | ||
Issued and paid-up share capital | ₪ 71,515,600 | $ 21,066,368 | ₪ 34,916,955 | $ 9,869,795 |
EQUITY (Schedule of Amounts Out
EQUITY (Schedule of Amounts Outstanding Under Employee Share Incentive Plan) (Details) | 12 Months Ended | ||
Dec. 31, 2021Share₪ / shares | Dec. 31, 2020Share₪ / shares | Dec. 31, 2019Share₪ / shares | |
Number of options | |||
Outstanding at beginning of year | 35,981,579 | 19,358,913 | |
Outstanding at end of year | 40,956,214 | 35,981,579 | 19,358,913 |
Employees and Directors [Member] | |||
Number of options | |||
Outstanding at beginning of year | 35,981,579 | 19,358,913 | 11,459,697 |
Granted | 6,588,200 | 18,689,300 | 11,057,600 |
Forfeited and expired | (1,438,642) | (1,776,037) | (3,084,834) |
Exercised | (174,923) | (290,597) | (73,550) |
Outstanding at end of year | 40,956,214 | 35,981,579 | 19,358,913 |
Exercisable at end of year | 18,663,353 | 11,535,679 | 5,353,089 |
Weighted average exercise price (in NIS) | |||
Outstanding at beginning of year | ₪ / shares | ₪ 1.5 | ₪ 2.6 | ₪ 4.2 |
Granted | ₪ / shares | 0.4 | 0.5 | 1.3 |
Forfeited and expired | ₪ / shares | 3 | 2.2 | 3.9 |
Exercised | ₪ / shares | 0.1 | 0.1 | 0.1 |
Outstanding at end of year | ₪ / shares | 0.7 | 1.5 | 2.6 |
Exercisable at end of year | ₪ / shares | ₪ 1.7 | ₪ 3.2 | ₪ 5.1 |
EQUITY (Schedule of Options Out
EQUITY (Schedule of Options Outstanding by Exercise Price Range) (Details) - Share | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options outstanding | 40,956,214 | 35,981,579 | 19,358,913 |
Weighted average remaining contractual (in yrs.) | 8 years | 8 years 7 months 6 days | 8 years 7 months 6 days |
Up to 2.00 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options outstanding | 40,276,214 | 28,888,767 | 11,676,900 |
Weighted average remaining contractual (in yrs.) | 8 years | 9 years 3 months 18 days | 9 years 10 months 24 days |
2.01-5.00 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options outstanding | 630,000 | 5,866,532 | 6,341,033 |
Weighted average remaining contractual (in yrs.) | 5 years 2 months 12 days | 6 years 3 months 18 days | 7 years 3 months 18 days |
5.01-10.00 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options outstanding | 50,000 | 707,600 | 822,300 |
Weighted average remaining contractual (in yrs.) | 2 months 12 days | 3 years 1 month 6 days | 3 years 10 months 24 days |
10.01-20.00 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options outstanding | 0 | 518,680 | 518,680 |
Weighted average remaining contractual (in yrs.) | 1 year 10 months 24 days | 3 years 2 months 12 days |
EQUITY (Schedule of Assumptions
EQUITY (Schedule of Assumptions Used to Value Options) (Details) - Year | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of classes of share capital [abstract] | |||
Expected dividend yield (%) | 0.00% | 0.00% | 0.00% |
Expected volatility (%) | 67.00% | 63.00% | 61.00% |
Risk-free interest rate (%) | 1.00% | 1.00% | 3.00% |
Expected life of options (in years) | 6 | 6 | 6 |
TAXES ON INCOME (Narrative) (De
TAXES ON INCOME (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of non-adjusting events after reporting period [line items] | |||
Corporate tax rate | 23.00% | 23.00% | 23.00% |
Tax loss carryforwards | $ 325 | ||
Israel [Member] | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Corporate tax rate | 12.00% |
TAXES ON INCOME (Schedule of Re
TAXES ON INCOME (Schedule of Reconciliation of Weighted Average Tax Rate Applicable to Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Income Taxes [Abstract] | |||
Loss before taxes (Percentage) | 23.00% | 23.00% | 23.00% |
Loss before taxes | $ (27,045) | $ (30,021) | $ (25,446) |
Theoretical tax benefit | (6,220) | (6,905) | (5,853) |
Disallowed deductions (tax exempt income): | |||
Loss (gain) on adjustment of warrants to fair value | 480 | 1,280 | (1,054) |
Share-based compensation | 343 | 292 | 405 |
Other | 11 | 11 | 10 |
Increase in taxes for tax losses and timing differences incurred in the reporting year for which deferred taxes were not created | 5,386 | 5,322 | 6,492 |
Taxes on income for the reported year | $ 0 | $ 0 | $ 0 |
LOSS PER SHARE (Schedule of Bas
LOSS PER SHARE (Schedule of Basic Loss Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per share [abstract] | |||
Loss attributed to ordinary shares | $ (27,054) | $ (30,021) | $ (25,446) |
Number of shares used in basic calculation | 662,933,695 | 252,844,394 | 146,407,055 |
Basic and diluted loss per ordinary share | $ (0.04) | $ (0.12) | $ (0.17) |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2021 |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Royalties received percentage | 100.00% | |
Contingent liability | $ 3,600,000 | |
Royalties on sale | 5.00% | |
Bank guarantee amount for benefit of lessor | 100,000 | |
Company's outstanding open purchase order commitments | $ 8,400,000 | |
Biokine [Member] | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Royalties payment percentage | 20.00% | |
Maximum future milestone payments | $ 5,000,000 | |
Royalties payment percentage if the company independently sell products | 10.00% | |
Bottom of range [Member] | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Percentage of net consideration received from the licensee | 20.00% | |
Top of range [Member] | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Percentage of net consideration received from the licensee | 29.50% | |
First three years [Member] | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Royalties received percentage | 3.00% | |
Three subsequent years [Member] | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Royalties received percentage | 4.00% | |
Seventh year [Member] | ||
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | ||
Royalties received percentage | 5.00% |
TRANSACTIONS AND BALANCES WIT_3
TRANSACTIONS AND BALANCES WITH RELATED PARTIES (Schedule of Transactions With Related Parties) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Senior Management [Member] | |||
Benefits to related parties: | |||
Compensation and benefits to management, including benefit component of equity instrument grants | $ 2,302 | $ 2,391 | $ 1,934 |
Director [Member] | |||
Benefits to related parties: | |||
Compensation and benefits to management, including benefit component of equity instrument grants | $ 300 | $ 373 | $ 280 |
TRANSACTIONS AND BALANCES WIT_4
TRANSACTIONS AND BALANCES WITH RELATED PARTIES (Schedule of Key Management Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | |||
Salaries and other short-term employee benefits | $ 1,883 | $ 1,656 | $ 1,415 |
Post-employment benefits | 136 | 126 | 115 |
Other long-term benefits | 35 | 33 | 31 |
Share-based compensation | 548 | 949 | 653 |
Benefits to key executive personnel | $ 2,602 | $ 2,764 | $ 2,214 |
SUPPLEMENTARY FINANCIAL STATE_3
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Other Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of supplementary financial statement information [Abstract] | ||
Government institutions | $ 140 | $ 139 |
Other | 2 | 2 |
Other receivables | $ 142 | $ 141 |
SUPPLEMENTARY FINANCIAL STATE_4
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Accounts Payable and Accruals) (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts payable: | ||
Overseas | $ 4,504 | $ 4,795 |
In Israel | 1,063 | 1,123 |
Trade | 5,567 | 5,918 |
Other: | ||
Accrued expenses | 521 | 884 |
Accrual for vacation and recreation pay | 397 | 287 |
Payroll and related expenses | 307 | 266 |
Other | 2 | 3 |
Other | $ 1,227 | $ 1,440 |
SUPPLEMENTARY FINANCIAL STATE_5
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Research and Development Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of supplementary financial statement information [Abstract] | |||
Research and development services | $ 12,088 | $ 11,696 | $ 16,029 |
Payroll and related expenses | 4,074 | 3,501 | 3,784 |
Share based compensation | 971 | 623 | 1,233 |
Lab, occupancy and telephone | 882 | 771 | 782 |
Professional fees | 595 | 643 | 464 |
Depreciation and amortization | 660 | 864 | 862 |
Other | 196 | 75 | 284 |
Research and development expenses | $ 19,466 | $ 18,173 | $ 23,438 |
SUPPLEMENTARY FINANCIAL STATE_6
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Sales and Marketing Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of supplementary financial statement information [Abstract] | |||
Marketing | $ 729 | $ 585 | $ 296 |
Payroll and related expenses | 249 | 234 | 503 |
Overseas travel | 25 | 21 | 58 |
Sales and marketing expenses | $ 1,003 | $ 840 | $ 857 |
SUPPLEMENTARY FINANCIAL STATE_7
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of General and Administrative Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of supplementary financial statement information [Abstract] | |||
Payroll and related expenses | $ 1,408 | $ 1,369 | $ 1,416 |
Share based compensation | 583 | 729 | 465 |
Professional fees | 1,103 | 1,044 | 1,193 |
Insurance | 1,064 | 603 | 298 |
Depreciation | 42 | 70 | 78 |
Other | 108 | 99 | 366 |
General and administrative expenses | $ 4,308 | $ 3,914 | $ 3,816 |
SUPPLEMENTARY FINANCIAL STATE_8
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Non-Operating Income (Expenses), Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of supplementary financial statement information [Abstract] | |||
Issuance costs | $ 0 | $ (784) | $ (417) |
Changes in fair value of warrants | (1,936) | (5,142) | 4,634 |
Other | 106 | 225 | (52) |
Non-operating income, net | $ (1,830) | $ (5,701) | $ 4,165 |
SUPPLEMENTARY FINANCIAL STATE_9
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Financial Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of supplementary financial statement information [Abstract] | |||
Interest income and exchange differences | $ 559 | $ 236 | $ 777 |
Financial income | $ 559 | $ 236 | $ 777 |
SUPPLEMENTARY FINANCIAL STAT_10
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Financial Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of supplementary financial statement information [Abstract] | |||
Interest expense and exchange differences | $ 984 | $ 1,607 | $ 2,253 |
Bank commissions | 22 | 22 | 24 |
Financial expenses | $ 1,006 | $ 1,629 | $ 2,277 |