RedHill Biopharma (RDHL) 20-F28 Apr 232022 FY Annual report (foreign)Financial data

Company Profile

Document and Entity Information

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2022 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Document Transition Report	false
Document Shell Company Report	false
Entity File Number	001-35773
Entity Registrant Name	RedHill Biopharma Ltd.
Entity Incorporation, State or Country Code	L3
Entity Address, Address Line One	21 Ha’arba’a Street
Entity Address, City or Town	Tel Aviv
Entity Address, Postal Zip Code	6473921
Entity Address, Country	IL
Entity Common Stock, Shares Outstanding	1,179,708,894
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Entity Central Index Key	0001553846
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	Kesselman & Kesselman
Auditor Location	Tel-Aviv, Israel
Auditor Firm ID	1309
American Depositary Shares, each representing ten Ordinary Shares
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing four hundred Ordinary Shares (400)
Trading Symbol	RDHL
Security Exchange Name	NASDAQ
Ordinary shares
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares, par value NIS 0.01 per share (2)
Trading Symbol	RDHL
Security Exchange Name	NASDAQ
Business contact
Document Information [Line Items]
Entity Address, Address Line One	21 Ha’arba’a Street
Entity Address, City or Town	Tel Aviv
Entity Address, Postal Zip Code	6473921
Entity Address, Country	IL
City Area Code	972
Local Phone Number	3-541-3131
Contact Personnel Name	Micha Ben Chorin
Contact Personnel Fax Number	972-3-541-3144

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
NET REVENUES	$ 61,800	$ 85,757	$ 64,359
COST OF REVENUES	33,337	49,406	36,892
GROSS PROFIT	28,463	36,351	27,467
RESEARCH AND DEVELOPMENT EXPENSES	7,279	29,498	16,491
SELLING AND MARKETING EXPENSES	35,442	55,623	49,285
GENERAL AND ADMINISTRATIVE EXPENSES	28,586	32,365	25,375
OPERATING LOSS	42,844	81,135	63,684
FINANCIAL INCOME	13,562	51	270
FINANCIAL EXPENSES	42,387	16,660	12,759
FINANCIAL EXPENSES, net	28,825	16,609	12,489
LOSS AND COMPREHENSIVE LOSS FOR THE YEAR	$ 71,669	$ 97,744	$ 76,173
LOSS PER ORDINARY SHARE, basic (U.S. dollars)	$ 0.12	$ 0.21	$ 0.21
LOSS PER ORDINARY SHARE, diluted (U.S. dollars)	$ 0.12	$ 0.21	$ 0.21

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
CURRENT ASSETS:
Cash and cash equivalents	$ 19,968	$ 29,474
Bank deposits	15	8,530
Restricted cash	16,000
Trade receivables	34,521	31,677
Prepaid expenses and other receivables	4,387	4,661
Inventory	11,009	14,810
Total current assets	85,900	89,152
NON-CURRENT ASSETS:
Restricted cash	150	16,169
Fixed assets	502	572
Right-of-use assets	6,692	3,651
Intangible assets	65,626	71,644
Total non-current assets	72,970	92,036
TOTAL ASSETS	158,870	181,188
CURRENT LIABILITIES:
Accounts payable	4,230	11,664
Lease liabilities	1,032	1,618
Allowance for deductions from revenue	47,870	30,711
Accrued expenses and other current liabilities	17,949	20,896
Borrowing	115,216
Payable in respect of intangible asset purchase	11,157	16,581
Total current liabilities	197,454	81,470
NON-CURRENT LIABILITIES:
Borrowing		83,620
Payable in respect of intangible assets purchase		3,899
Lease liabilities	6,443	2,574
Derivative financial instruments	2,623
Royalty obligation	750	750
Total non-current liabilities	9,816	90,843
TOTAL LIABILITIES	207,270	172,313
EQUITY (Capital Deficiency):
Ordinary shares	2,835	1,495
Additional paid-in capital	382,625	375,246
Accumulated deficit	(433,860)	(367,866)
TOTAL EQUITY (Capital Deficiency)	(48,400)	8,875
TOTAL LIABILITIES AND EQUITY (Capital Deficiency)	$ 158,870	$ 181,188

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (CAPITAL DEFICIENCY) - USD ($) $ in Thousands	Ordinary shares.	Additional paid-in capital	Accumulated deficit	Total
Balance at beginning of period at Dec. 31, 2019	$ 962	$ 267,403	$ (208,363)	$ 60,002
Share-based compensation to employees and service providers			4,202	4,202
Issuance of ordinary shares, net of expenses	84	23,783		23,867
Exercise of options into ordinary shares		52		52
Share-based compensation in consideration for intangible assets	8	1,906		1,914
Comprehensive loss			(76,173)	(76,173)
Balance at end of period at Dec. 31, 2020	1,054	293,144	(280,334)	13,864
Share-based compensation to employees and service providers			10,212	10,212
Issuance of ordinary shares, net of expenses	424	78,113		78,537
Exercise of options into ordinary shares	17	3,989		4,006
Comprehensive loss			(97,744)	(97,744)
Balance at end of period at Dec. 31, 2021	1,495	375,246	(367,866)	8,875
Share-based compensation to employees and service providers			5,675	5,675
Issuance of ordinary shares, net of expenses	1,326	7,393		8,719
Issuance of ordinary shares for vested RSUs	14	(14)
Comprehensive loss			(71,669)	(71,669)
Balance at end of period at Dec. 31, 2022	$ 2,835	$ 382,625	$ (433,860)	$ (48,400)

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES:
Comprehensive loss	$ (71,669)	$ (97,744)	$ (76,173)
Adjustments in respect of income and expenses not involving cash flow:
Share-based compensation to employees and service providers	5,675	10,212	4,202
Depreciation	2,136	1,914	1,710
Amortization and impairment of intangible assets	6,018	16,235	7,035
Non-cash interest expenses related to borrowing and payable in respect of intangible assets purchase	33,151	5,366	6,032
Fair value (gains) on derivative financial instruments	(13,422)
Fair value (gains) losses on financial assets at fair value through profit or loss		5	94
Issuance costs in respect of ordinary shares and warrants	958
Exchange differences and revaluation of bank deposits	(40)	118	101
Total adjustments in respect of income and expenses not involving cash flow	34,476	33,850	19,174
Changes in assets and liability items:
Decrease (increase) in trade receivables	(2,845)	(3,021)	(27,439)
Decrease (increase) in prepaid expenses and other receivables	274	860	(3,277)
Decrease (increase) in inventories	3,801	(8,285)	(4,644)
Increase (decrease) in accounts payable	(7,434)	111	7,369
Increase (decrease) in accrued expenses and other liabilities	(2,947)	(3,186)	19,335
Increase in allowance for deductions from revenue	17,159	12,368	17,076
Total changes in assets and liability items	8,008	(1,153)	8,420
Net cash used in operating activities	(29,185)	(65,047)	(48,579)
INVESTING ACTIVITIES:
Purchase of fixed assets	(198)	(115)	(406)
Purchase of intangible assets			(53,368)
Change in investment in current bank deposits	8,500	(8,500)	10,200
Proceeds from sale of financial assets at fair value through profit or loss		475	7,925
Net cash (used in) provided by investing activities	8,302	(8,140)	(35,649)
FINANCING ACTIVITIES:
Proceeds from long-term borrowings, net of transaction costs			78,061
Proceeds from issuance of ordinary shares and warrants, net of expenses	23,806	78,536	23,867
Exercise of options into ordinary shares		4,006	52
Repayment of payable in respect of intangible asset purchase	(10,878)	(7,397)
Increase in restricted cash			(20,000)
Decrease in restricted cash			4,000
Payment of principal with respect to lease liabilities	(1,475)	(1,683)	(1,610)
Net cash provided by provided by financing activities	11,453	73,462	84,370
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(9,430)	275	142
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS	(76)	(96)	130
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	29,474	29,295	29,023
BALANCE OF CASH AND CASH EQUIVALENTS AT END OF PERIOD	19,968	29,474	29,295
SUPPLEMENTARY INFORMATION ON INTEREST RECEIVED IN CASH	84	47	414
SUPPLEMENTARY INFORMATION ON INTEREST PAID IN CASH	8,182	11,280	6,654
Acquisition of right-of-use assets by means of lease liabilities	5,590	$ 303	2,930
Decrease in lease liability (With corresponding decrease in right of use asset in an amount of $534) resulting from early termination of lease	$ 587
Purchase of intangible assets posted as payable			24,619
Purchase of an intangible asset in consideration for issuance of shares			$ 1,914

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
CONSOLIDATED STATEMENTS OF CASH FLOWS
Decrease in right of use asset	$ 534

GENERAL

GENERAL	12 Months Ended
GENERAL	Dec. 31, 2022
GENERAL
GENERAL	NOTE 1 - GENERAL: a. General: 1) The Company’s ordinary shares were traded on the Tel-Aviv Stock Exchange (“TASE”) from February 2011 to February 2020, after which the Company voluntarily delisted from trading on the TASE, effective February 13, 2020. The Company’s American Depositary Shares (“ADSs”) were traded on the Nasdaq Capital Market from December 27, 2012 and have been listed on the Nasdaq Global Market (“Nasdaq”) since July 20, 2018. The Company’s registered address is 21 Ha’arba’a St, Tel-Aviv, Israel. 2) Since the Company established its commercial presence in the U.S. in 2017, it has promoted or commercialized various GI-related products that were either developed internally or acquired through in-licensing agreements. As of the date of approval of these financial statements, the Company commercializes in the U.S., mainly Talicia ® , for the treatment of Helicobacter pylori infection in adults , the first product approved by the U .S. Food and Drug Administration (“FDA”) being developed primarily internally by the Company. As of December 31, 2022, the Company commercialized Movantik® in the U.S, for the treatment of opioid-induced constipation. See also note 27(a) regarding the transfer of the Company’s rights in Movantik® to HCR Collateral Management, LLC (“HCRM”) in exchange of all the Company’s debt obligations. The Company also continues to advance the development of part of its late-stage therapeutic candidates. 3) The Company plans to further fund its future operations through commercialization and out-licensing of its therapeutic candidates, commercialization of in-licensed or acquired products and raising additional capital through equity or debt financing or through other non-dilutive financing. The Company’s current cash resources are not sufficient to complete the research and development of any and all of its therapeutic candidates and to fully support its commercial operations until generation of sustainable positive cash flows. Management expects that the Company will incur additional losses as it continues to focus its resources on advancing the development of its therapeutic candidates, as well as advancing its commercial operations, that will result in negative cash flows from operating activities. Management believes that there is presently insufficient funding available to allow the Company to fund its activities for a period exceeding one year from the date of this filing. These conditions and events may cast significant doubt about the Company’s ability to continue as a going concern. The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As a U.S. SEC registrant, the Company is required to have its financial statements audited in accordance with Public Company Oversight Board (“PCAOB”) standards. References in these IFRS financial statements to matters that may cast significant doubt about the Company’s ability to continue as a going concern also raise substantial doubt as contemplated by the PCAOB standards. Following the events of default under the Credit Agreement between RedHill Inc. and HCRM, and HCRM's right to proclaim acceleration of the Borrowing, as described in note 14 below, in February 2023, the Company, RedHill Inc. and HCRM have reached an agreement to extinguish all of RedHill Inc. debt obligations (including all principal, interest, revenue interest, prepayment premiums and exit fees) In the second half of 2022 the Company implemented a cost reduction plan which reduced the operational costs. The COVID-19 pandemic has presented substantial public health and economic challenges around the world and specifically in the Company’s target markets in the U.S., affecting employees, patients, medical clinics, medical diagnosis, communities, and business operations. The Company took actions designed to mitigate the potential impact of the COVID-19 pandemic on its business operations and to date, the COVID-19 pandemic has not caused significant disruptions to the supply chain and the Company has sufficient supply on hand to meet U.S. commercial demand and clinical study’s needs. A number of the Company’s commercial activities have been materially impacted by the COVID-19 pandemic, including some launch sales and marketing activities for Talicia ® H. pylori ® b. Approval of the financial statements: The date of the approval of these financial statements by the Board of Directors (the "BoD") is April 2 7, 2023.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: a. Basis for presentation of the financial statements The consolidated financial statements of the Company 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 consistently in relation to all the periods presented, unless otherwise stated. The consolidated financial statements have been prepared under the historical cost convention, subject to adjustments in respect of revaluation of financial assets and financial liabilities at fair value through profit or loss. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3. Actual results could differ significantly from those estimates and assumptions. b. Translation of foreign currency transactions and balances 1) Functional and presentation currency Items included in the consolidated financial statements are measured using the currency of the primary economic environment in which the Company and its subsidiary operate (the “Functional Currency”). The consolidated financial statements are presented in U.S. dollars (“$”), which is the Company’s functional and presentation currency. 2) Transactions and balances Foreign currency transactions in currencies different from the Functional Currency (hereafter foreign currency, mostly New Israeli Shekel (“NIS”) and Euro are translated into the Functional Currency using the exchange rates at the dates of the transactions. Foreign exchange differences resulting from the settlement of such transactions and from the translation of period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recorded in the Statements of Comprehensive Loss under financial income or financial expenses. c. Principles of consolidation The Company’s consolidated financial statements include the accounts of the Company and its subsidiary. All intercompany balances and transactions have been eliminated in consolidation. d. Cash and cash equivalents Cash and cash equivalents include cash on hand and unrestricted short-term bank deposits with maturities of three months or less. The Company adopted IFRIC Agenda Decision on Demand Deposits with Restrictions on Use arising from a Contract with a Third Party (IAS 7 - Statement of Cash Flows), issued in April 2022. The adoption of the agenda did not have an impact on the Company’s Financial statements as of December 31, 2022 e. Trade receivables Trade receivables are recognized initially at the amount of consideration that is unconditional. They are subsequently measured at amortized cost using the effective interest method, less expected f. Inventory The Company’s inventory represents items purchased by the Company and held for sale in the ordinary course of business, as well as inventory in the process of production for a sale in the ordinary course of business or materials or supplies to be used in the production process, to the extent they are recoverable. The inventory is stated at the lower of cost or net realizable value. Cost of inventory is determined using the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. The Company continually evaluates inventory for potential loss due to excess quantity or obsolete or slow-moving inventory by comparing sales history and sales projections to the inventory on hand. When evidence indicates that the carrying value of a product may not be recoverable, a charge is recorded to reduce the inventory to its current net realizable value. g. Fixed assets Fixed assets items are stated at cost less accumulated depreciation. Depreciation is computed by the straight-line method, to reduce the cost of fixed assets to their residual value over their estimated useful lives as follows: % Computer equipment 33 Office furniture and equipment 8-15 Leasehold improvements are depreciated by the straight-line method over the shorter of the term of the lease or the estimated useful life of the improvements. h. Intangible assets 1) Licenses The Company’s intangible assets represent in-licenses of development-phase compounds acquired by the Company, where the Company continues or has the option to continue to do the development work (“R&D assets”), as well as commercialization rights for approved products ("Commercialization assets"). R&D assets that are available for use are stated at cost and amortized on a straight-line basis over their useful life from the time they are available for use. R&D assets that are not available for use are not amortized and are Commercialization assets are stated at cost and are amortized on a straight-line basis over their useful life when they are available for use. These assets are subsequently carried at cost less accumulated amortization and impairment losses. In determining the useful life of a commercialization asset, the Company considered, among other factors, the duration of the license, patent and regulatory data exclusivities of the product, anticipated duration of sales of the product following loss of exclusivity, and competitors in the marketplace. Amounts due for future payment based on contractual agreements are accrued upon reaching the relevant milestones. All intangible assets are tested for impairment if any events have occurred or changes in circumstances have taken place which might indicate that their carrying amounts may not be recoverable. See also note 3 for key assumptions used in the determination of the recoverable amounts. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the assessments of market participants regarding the time value of money and the risks specific to the asset or cash-generating unit, for which the estimated future cash flows from the asset or cash-generating unit were not adjusted. 2) Research and development Research expenses are recognized as an expense as incurred. An intangible asset arising from the development of the Company’s therapeutic candidates is recognized if all of the following conditions are met: ● it is technically feasible to complete the intangible asset so that it will be available for use; ● management intends to complete the intangible asset and use it or sell it; ● there is an ability to use or sell the intangible asset; ● it can be demonstrated how the intangible asset will generate probable future economic benefits; ● adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; ● costs associated with the intangible asset during development can be measured reliably. Other development costs that do not meet the above criteria are recognized as expenses as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Research and development costs for the performance of pre-clinical trials, clinical trials, and manufacturing by subcontractors are recognized as expenses when incurred. i. Financial assets 1) Classification The financial assets of the Company are classified into the following categories: financial assets at fair value through profit or loss, and financial assets at amortized cost. The classification is done on the basis of the Company’s business model for managing the financial asset and the contractual cash flow characteristics of the financial asset. a) Financial assets at amortized cost are assets held within a business model whose objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial asset 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 Statements of Financial Position date (for which they are classified as noncurrent assets). Financial assets at amortized cost of the Company are included in trade receivables, cash and cash equivalents, restricted cash and other receivables and bank deposits in the Statements of Financial Position. b) Financial assets at fair value through profit or loss of the Company are assets not measured at amortized cost in accordance with (1)(a) above. Assets in this category are classified as current assets if they are expected to be settled within 12 months; otherwise, they are classified as noncurrent. 2) 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 direct incremental transaction costs for all financial assets not recorded at fair value through profit or loss, except for trade receivables, that are recognized initially at the amount of consideration that is unconditional. Financial assets measured at fair value through profit or loss are initially recognized at fair value, related transaction costs are expensed to profit or loss. 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 fair value through profit or loss are subsequently recorded at fair value. Financial assets at amortized cost are measured in subsequent periods at amortized cost using the effective interest method. Gains or losses arising from changes in the fair value of financial assets at fair value through profit or loss are presented in the Statements of Comprehensive Loss under “Financial Expenses (Income), net.” 3) 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 a 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. The Company measures the loss allowance for expected credit losses on trade receivables that are within the scope of IFRS 15 and on financial instruments for which the credit risk has increased significantly since initial recognition based on lifetime expected credit losses. Otherwise, the Company measures the loss allowance at an amount equal to 12-month expected credit losses at the current reporting date. j. Financial liabilities Financial liabilities are initially recognized at their fair value minus transaction costs that are directly attributable to the issue of the financial liability and are subsequently measured at amortized cost. In case there is a difference between the fair value at initial recognition and the transaction price (“day 1 loss”), the financial liabilities are adjusted to reflect the day 1 loss and changes are recorded to profit or loss on a periodic basis while unrecognized day 1 loss is amortized over the contractual life of the instrument. Any amounts not recognized in profit or loss before the date of exercise or maturity will be recognized in profit or loss on that date. Warrants exercisable to the Company’s ordinary shares are classified as an equity instrument only if the warrants are settled by the Company exchanging a fixed amount of cash for a fixed number of its own equity instruments (the ‘fixed for fixed’ criteria). Otherwise, the warrants are classified as a derivative financial liability measured at fair value through profit or loss. When either the Company or the holder have a choice over how the warrants are settled, the warrants are classified as a derivative financial liability measured at fair value through profit or loss, unless all of the settlement alternatives would result in the warrants classified as an equity instrument according to the ‘fixed for fixed’ criteria above. Transaction costs relating to the issuance of derivative financial liabilities measured at fair value through profit or loss are expensed to profit or loss. Financial liabilities at amortized cost are included in current liabilities, except for those with maturities greater than 12 months after the Statements of Financial Position date (for which they are classified as noncurrent liabilities). k. Share capital The Company ’ l. Employee benefits 1) Pension and retirement benefit obligations In any matter related to payment of pension and severance pay to employees in Israel to be dismissed or to retire from the Company, the Company operates in accordance with labor laws. Labor laws and agreements in Israel, as well as the Company’s practice, require the Company to pay severance pay and/or pensions to employees dismissed or retired, in certain circumstances. The Company has a severance pay plan in accordance with Section 14 of the Israeli Severance Pay Law which is treated as a defined contribution plan. According to the plan, the Company regularly makes payments to severance pay or pension funds without having a legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay the related payments to employees’ service in current and prior periods. Contributions for severance pay or pension are recognized as employee benefit expenses when they are due commensurate with receipt of work services from the employee, and no further provision is required in the financial statements. The Company’s subsidiary provides, at will, defined contributions for its employees. 2) Vacation and recreation pay Under Israeli law, each employee in Israel is entitled to vacation days and recreation pay, both computed on an annual basis. This entitlement is based on the period of employment. The Company records expenses and liability for vacation and recreation pay based on the benefit accumulated by each employee. m. Share-based payments The Company operates several equity-settled, share-based compensation plans to employees (as defined in IFRS 2 “Share-Based Payments”) and service providers. As part of the plans, the Company grants employees and service providers, from time to time and at its discretion, options to purchase Company shares. The fair value of the employee and service provider services received in exchange for the grant of the options is recognized as an expense in profit or loss and is recorded as accumulated deficit within equity. For employees, the total amount recognized as an expense over the vesting period of the options (the period during which all vesting conditions are expected to be met) is determined by reference to the fair value of the options granted at the date of grant. For service providers (including equity instruments granted in consideration for intangible assets, see note 15(4)), the Company measures the awards based on the fair value of the asset or service received. Vesting conditions are included in the assumptions about the number of options 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. At the end of each reporting period, the Company revises its estimates of the number of options that are expected to vest based on non-market vesting conditions. The Company recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to accumulated deficit. When exercising options, the Company issues new shares. The proceeds, less directly attributable transaction costs, are recognized as share capital (par value) and share premium. n. Revenue from contracts with customers The Company generated revenue in the years presented in these financial statements from product sales, including in-licensed products, and from promotional services provided in relation to third-party products. 1) Revenue from the sale of products The Company sells products mainly to wholesale distributors. Revenue is recognized at a point in time when control over the product is transferred to the customer (upon delivery), at the net selling price, which reflects reserves for variable consideration, including discounts and allowances. The transaction price in these arrangements is the consideration to which the Company expects to be entitled from the customer. The consideration promised in a contract with the Company’s customers may include fixed amounts and variable amounts. The Company estimates the variable consideration and includes it in the transaction price using the most likely outcome method, and only to the extent it is highly probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The specific considerations the Company uses in estimating these amounts related to variable consideration are as follows: Trade discounts and distribution fees - The Company offers discounts to its customers, as an incentive for prompt payment. The Company records these discounts as a reduction of revenue in the period the related revenue from the sale of products is recognized. In addition, distribution fees are paid to certain distributors based on contractually determined rates from the gross consideration. As the fee paid to the customer is not for a distinct good or service, it is recognized as a reduction of revenue in the period the related revenue from the sale of products is recognized. Rebates and patient discount programs - The Company offers various rebate and patient discount programs, which result in discounted prescriptions to qualified patients. The Company estimates the allowance for these rebates and coupons based on historical and estimated utilization of the rebate and discount programs, at the time the revenues are recognized. These estimates are recognized as a reduction of revenue. See also notes 3 and 13. Product returns - The Company offers customers a right of return of expired products. The Company estimates the amount of product sales that may be returned by its customers and records this estimate as a reduction of revenue at the time of sale, based on historical rates of return, or, if such historical data is not available, the Company estimates product returns based on its own sales information, its visibility into the inventory remaining in the distribution channel and product dating. At the end of each reporting period, the Company may decide to constrain revenue for product returns based on information from various sources. Principal versus agent considerations - When a third party is involved in providing goods or services to a customer, the Company analyzes whether the Company acts as a principal or an agent in the transaction, based on whether the Company obtains control of the product before it is transferred to the customer, using the indicators provided in IFRS 15, including: primary responsibility for fulfilling the promise to provide the products to its customers, inventory risk before and after transfer to the customers and discretion in establishing the selling price of each product. When determined to be the principal in the arrangements, the Company recognizes revenues in the gross amount it expects to be entitled in exchange for the products transferred to the customers. 2) Practical expedients and exemptions The Company expenses sales commissions when incurred since the amortization period of the asset that the Company otherwise would have recognized would have been for less than one year. These costs are recorded as selling and marketing expenses. 3) Revenues from licensing The Company accounts for licenses of intellectual property (“IP”) rights and manufacturing and supply services as distinct performance obligations if the customer can benefit from the good or services either on its own or together with other resources that are readily available to the customer (i.e. – the good or service is capable of being distinct) and if the Company’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e. – the promise is distinct within the context of the contract). If the promise to grant the license is distinct, the Company determines whether the nature of the promise in granting the license to the customer is to provide the customer with either a right to access the entity’s IP as it exists throughout the license period or a right to use the entity’s IP as it exists at the point in time at which the license is granted. Accordingly, revenue from a license providing a right of use to the Variable consideration, such as sales-based royalties and milestones that are allocated to license of IP are recognized only when (or as) the later of the following occurs: (a) the subsequent sale occurs; and (b) the performance obligation to which some or all the sales-based royalty has been allocated has been satisfied (or partially satisfied). Revenue from achieving additional milestones is recognized only when it is highly probable that a significant reversal of cumulative revenues will not occur, usually upon achievement of the specific milestone, in accordance with the relevant agreement. o. Advertising and promotional expenses Advertising and promotional costs include, among others, distribution of free p. Loss per ordinary share The computation of basic loss per share is based on the Company’s loss divided by the weighted average number of ordinary shares and pre-funded warrants outstanding during the period. In calculating the diluted loss per share, the Company adds the weighted average of the number of shares to be issued to the average number of shares outstanding including pre-funded warrants used to calculate the basic loss per share, assuming all shares that have a potentially dilutive effect have been exercised into shares. q. Deferred taxes Deferred income tax is recognized using the liability method for temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in these financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the date of the Statements of Financial Position and are expected to apply when the related deferred income tax asset will be realized, or the deferred income tax liability will be settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Since the Company is unable to assess whether it will have taxable income in the foreseeable future, no deferred tax assets were recorded in these financial statements. r. Leases The leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: fixed payments (including in-substance fixed payments) and variable lease payments that are based on an index or a rate. The lease payments are discounted using the lessee’s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost being the amount of the initial measurement of the lease liability. Payments associated with short-term leases and leases of low-value assets are not recognized as right-of-use assets or lease liabilities but are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets include IT-equipment and small items of office furniture. Contracts may contain both lease and non-lease components. For leases of properties, the Company allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However, for leases of vehicles, for which the Company is a lessee, it has elected not to separate lease and non-lease components and instead accounts for these as a single lease component. s. Recently issued accounting pronouncements: 1) Amendments to IAS 1 regarding classifying liabilities as current or non-current In January 2020, the IASB issued amendment to IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: the definition of a right to defer a settlement, that a right to defer must exist at the end of the reporting period, that classification is unaffected by the likelihood that an entity will exercise its deferral right, that only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. The amendment is effective for annual periods beginning on or after January 1, 2024. In October 2022 the IASB published additional amendments specify that only covenants that an entity is required to comply with on or before the end of the reporting period affect the entity’s right to defer settlement of a liability for at least twelve months after the reporting date (and therefore must be considered in assessing the classification of the liability as current or non-current). Such covenants affect whether the right exists at the end of the reporting period, even if compliance with the covenant is assessed only after the reporting date. However, if the entity’s right to defer settlement of a liability is subject to the entity complying with covenants within twelve months after the reporting period, an entity discloses information that enables users of financial statements to understand the risk of the liabilities becoming repayable within twelve months after the reporting period. The 2022 and 2020 amendments are applied retrospectively for annual reporting periods beginning on or after 1 January 2024. Earlier application of the amendments is permitted. If an entity applies the 2022 amendments for an earlier period, it is also required to apply the 2020 amendments early. The Company is examining the consequences of the amendment on the financial statements . 2) Amendment to IAS 1, Presentation of Financial Statements: disclosure of accounting policies According to the amendment companies must provide disclosure of their material accounting policies rather than their significant accounting policies. Pursuant to the amendment, accounting policy information is material if, when considered with other information disclosed in the financial statements, it can be reasonably be expected to influence decisions that the users of the financial statements make on the basis of those financial statements. The amendment to IAS 1 also clarifies that accounting policy information is expected to be material if, without it, the users of the financial statements would be unable to understand other material information in the financial statements. The amendment also clarifies that immaterial accounting policy information need not be disclosed. The amendment is applicable for reporting periods beginning on or after January 1, 2023. The Company is examining the consequences of the amendment on the financial statements .

CRITICAL ACCOUNTING ESTIMATES A

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS	12 Months Ended
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS	Dec. 31, 2022
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS	NOTE 3 - CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS: The preparation of financial statements requires management to make estimates which, by definition, will seldom equal the actual results and will affect the reported amounts in the Company’s consolidated financial statements and the accompanying notes. Some of the policies described in note 2 of the Company’s consolidated financial statements involve a high degree of judgment or complexity. The Company believes ● Recognition and measurement of allowance for rebates and patient discount programs. ● Impairment reviews of intangible R&D assets . ● Estimated useful life of the acquired assets in the Movantik ® acquisition. Recognition and measurement of allowance for rebates and patient discount programs The Company offers various rebate and patient discount programs, which result in discounted prescriptions to qualified patients. Rebates and discounts provided to the wholesalers and to the patients under these arrangements are accounted for as variable consideration, and recognized as a reduction in revenue, for which unsettled amounts are accrued. The allowance for these rebates is calculated based on historical and estimated utilization of the rebate and discount programs at the time the revenues are recognized. The main estimates used in recognizing and measuring this allowance relate to the amount of products sold to customers not yet prescribed to patients (units “in the channel”) and the projected duration of The Company to sell the units in the channel. The Company periodically evaluates its estimates against actual results and, if necessary, updates the estimates accordingly. See also note 13. Impairment reviews of intangible R&D assets The Company reviews annually or when events or changes in circumstances indicate the carrying value of the R&D assets may not be recoverable. When and if necessary, an impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is determined using discounted cash flow calculations where the asset’s expected post-tax cash flows are risk-adjusted over their estimated remaining useful economic life. The risk-adjusted cash flows are discounted using the estimated Company’s post-tax weighted average cost of capital (“WACC”) which is 15.9%. The main estimates used in calculating the recoverable amount include: outcome of the therapeutic candidates R&D activities; probability of success in gaining regulatory approval, size of the potential market and the Company’s asset’s specific share in it and amount and timing of projected future cash flows. During the year ended December 31, 2022, there was no impairment of intangible R&D assets. Estimated useful life of the acquired assets in the Movantik ® acquisition In connection with the agreements mentioned in note 1 ® ® ® 12.5

FINANCIAL INSTRUMENTS AND FINAN

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT	12 Months Ended
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT	Dec. 31, 2022
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT	NOTE 4 - FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT: Financial risk management: 1) Financial risk factors The Company’s activities expose it to a variety of financial risks: market risks (including foreign exchange risk and interest risk), credit risk and liquidity risk. The Company’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company’s results of operations and financial position. Risk management is performed by the Chief Financial Officer of the Company who identifies and evaluates financial risks in close cooperation with the Company’s Chief Executive Officer. The Company’s finance department is responsible for carrying out financial risk management activities in accordance with policies approved by its BoD. The BoD provides general guidelines for overall financial risk management, as well as policies dealing with specific areas, such as exchange rate risk, interest rate risk, credit risk, use of financial instruments, and investment of excess cash. In order to minimize market risk and credit risk, the Company invests the majority of its cash balances in low-risk investments, such as (i) highly-rated bank deposits with terms of up to one-year term with exit points and (ii) a managed portfolio of select corporate bonds comprised of a diversified mix of highly-rated bonds. No more than 10% of the total value of the Company’s corporate bonds portfolio is invested in a single bond issuer. (a) Market risks (i) The Company could be exposed to foreign exchange risk as a result of its payments to employees and service providers and investment of some liquidity in currencies other than the U.S. dollar (i.e., the Functional Currency). The Company manages the foreign exchange risk by aligning the currencies for holding liquidity with the currencies of expected expenses, based on the expected cash flows of the Company. Had the Functional Currency of the Company been stronger by 5% against the NIS, assuming all other variables remained constant, the Company would have recognized a negligible reduction in expenses in all the years presented in these financial statements. The foreign exchange risks associated with these balances are immaterial. (ii) The Company’s main interest rate risk during the periods in this Financial Statements arose from long-term borrowing with interest on the outstanding loan computed as the 3-month USD LIBOR rate (hereinafter – the “LIBOR”), subject to a 1.75% floor rate, plus 8.2% fixed rate, which was decreased to 6.7%, starting April 1, 2021. On June 17, 2022, RedHill Inc. signed an amendment to the Credit Agreement, see also note 14(a). The Amendment sets an increase of 0.5% to the interest on the outstanding term loan for the quarters ending June 30, 2022, and September 30, 2022, at 3-month LIBOR rate (“LIBOR”), subject to a 1.75% floor rate, plus 7.2% fixed rate, which was decreased to 6.7% thereafter. The Company regularly monitors the LIBOR, as well as the LIBOR forward curve. As of December 31, 2022, LIBOR was 4.8%, higher than the floor rate. In July 2017, the United Kingdom’s Financial Conduct Authority (“FCA”), which regulates LIBOR, announced its intention to stop compelling the group of major banks that sustain LIBOR to submit rate quotations after the end of 2021 (the “LIBOR Reform”). ICE Benchmark Administration Limited (IBA), the administrator of the LIBOR, intends to cease the publication of the LIBOR settings immediately following the LIBOR publication on June 30, 2023. The IBA noted that any publication of the LIBOR settings based on panel bank submissions beyond December 31, 2021, will need to comply with applicable regulations, including as to representativeness. Based on current information from panel banks, IBA anticipates there being a representative panel for the continuation of these USD LIBOR settings through to June 30, 2023. As to the extinguishment of the LIBOR linked loan to HCRM after the balance sheet date. See notes 14 and 27(a) below with regard to the agreement to extinguish the loan referred to in this paragraph. (b) Credit risk Credit risk arises Credit risk of trade receivables is the risk that customers may fail to pay their debts. The Company manages credit risk by setting credit limits, performing controls and monitoring qualitative and quantitative indicators of trade receivable balances such as the period of credit taken and overdue payments. Customer credit risk also arises as a result of the concentration of the Company’s revenues with its largest customers. See also note 2 4 The Company’s vast majority of sales is to three U.S.-based large wholesale customers, which their historical loss rate is practically zero. Based on the above information, as well as analyzing if there is any relevant forward-looking information related to the Company’s customers, the Company did not record a loss allowance for trade receivables as of December 31, 2022, and December 31, 20 2 (c) Liquidity risk Prudent liquidity risk management requires maintaining sufficient cash or the availability of funding through an adequate amount of committed credit facilities. Management monitors rolling forecasts of the Company’s liquidity reserve (comprising of cash and cash equivalents As of December 31, 2022, the Company has generated revenues from commercialization activities, however, no sufficient revenue was generated to compensate for operating expenses and therefore the Company is exposed to liquidity risk and has substantial doubt about its ability to continue as a going concern (as described in note 1). The tables below break down the Company’s financial liabilities into relevant maturity groupings based on their contractual and estimated maturities. The amounts disclosed in the tables are the contractual and estimated undiscounted cash flows. Contractual maturities of financial liabilities As of December 31, 2022 Less than 1 year 2-5 years More than 5 years Total contractual cash flows Carrying amount U.S. Dollars in Thousands Account payable 4,230 4,230 4,230 Lease liabilities 1,723 4,079 5,723 11,525 7,475 Accrued expenses and other current liabilities 17,949 17,949 17,949 Borrowing 115,216 115,216 115,216 Payable in respect of intangible assets purchase 11,650 11,650 11,157 Royalty obligation — 197 1,449 1,646 750 Total 150,768 4,276 7,172 162,216 156,777 Contractual maturities of financial liabilities As of December 31, 2021 Less than 1 year 2-5 years More than 5 years Total contractual cash flows Carrying amount U.S. Dollars in Thousands Accounts payable 11,664 11,664 11,664 Lease liabilities 2,109 2,553 — 4,662 4,192 Accrued expenses and other current liabilities 20,896 20,896 20,896 Borrowing 9,159 107,213 9,000 125,372 83,620 Payable in respect of intangible assets purchase 17,600 5,000 22,600 20,480 Royalty obligation — 1,011 1,351 2,362 750 Total 61,428 115,777 10,351 187,556 141,602 2) Capital risk management The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders, maintain optimal capital structure, and to reduce the cost of capital. As discussed in note As a result of the event of default described in note 14(a) as of December 31, 2022, the Company classified the Borrowing as a current liability and adjusted its carrying amount to reflect all amounts owing or payable under the Credit Agreement as being immediately due. See also note 14 (a). 3) Fair value estimation The carrying amount of cash equivalents, restricted cash, bank deposits, receivables, account payables and accrued expenses approximate their fair value due to their short-term characteristics. The fair value of the Borrowing as of December 31, 2022, is approximately $115 million. This fair value is based on the adjusted of carrying amount to reflect all amounts owing or payable under the Credit Agreement as being immediately due. The fair value of the Borrowing as of December 31, 2021, was $96 million. These fair values are based on discounted cash flow using current borrowing rate. The fair value of the Payable in respect of intangible assets purchase balances as of December 31, 2022 is $11 million (as of December 31, 2021 $23 million). These fair values are based on discounted cash flows using a current discounting rate. The fair value of the Royalty obligation balance is not materially different from its carrying amount. The following table presents the change in derivative liabilities measured at level 3 for the year ended December 31, 2022: Derivative financial instruments Year Ended December 31, 2022 2021 U.S. dollars in thousands Balance at beginning of the period — — Initial recognition of financial liability 16,375 — Initial recognition of unrecognized day 1 loss (330) — Fair value adjustments recognized in profit or loss (13,422) — Balance at end of the period 2,623 — See also notes 17(b)

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	12 Months Ended
CASH AND CASH EQUIVALENTS	Dec. 31, 2022
CASH AND CASH EQUIVALENTS.
CASH AND CASH EQUIVALENTS	NOTE 5 - CASH AND CASH EQUIVALENTS: December 31, 2022 2021 U.S. dollars in thousands Cash in bank 13,323 28,890 Short-term bank deposits 6,645 584 19,968 29,474 The carrying amounts of the cash and cash equivalents approximate their fair values. As of December 31, 20 22 4.3%

PREPAID EXPENSES AND OTHER RECE

PREPAID EXPENSES AND OTHER RECEIVABLES	12 Months Ended
PREPAID EXPENSES AND OTHER RECEIVABLES	Dec. 31, 2022
PREPAID EXPENSES AND OTHER RECEIVABLES
PREPAID EXPENSES AND OTHER RECEIVABLES	NOTE 6 - PREPAID EXPENSES AND OTHER RECEIVABLES: December 31, 2022 2021 U.S. dollars in thousands Advance to suppliers 1,033 632 Government institutions 831 847 Prepaid expenses and others 2,523 3,182 4,387 4,661 The fair value of other receivables which constitute of financial assets

INVENTORY

INVENTORY	12 Months Ended
INVENTORY	Dec. 31, 2022
INVENTORY
INVENTORY	NOTE 7 - INVENTORY: December 31, 2022 2021 U.S. dollars in thousands Raw materials 1,797 3,012 Work in progress 2,385 5,195 Finished goods 6,827 6,603 11,009 14,810 During the years ended December 31, 20 2 Write-downs of inventories to net realizable value amounted to $2.4 million in 20 2

FIXED ASSETS

FIXED ASSETS	12 Months Ended
FIXED ASSETS	Dec. 31, 2022
FIXED ASSETS
FIXED ASSETS	NOTE 8 - FIXED ASSETS: The composition of assets and accumulated depreciation are grouped by major classifications: Cost Accumulated depreciation Depreciated balance December 31 December 31 December 31 2022 2021 2022 2021 2022 2021 U.S. dollars in thousands Office furniture and equipment (including computers) 1,199 1,024 933 677 266 347 Leasehold improvements 379 357 143 132 236 225 1,578 1,381 1,076 809 502 572

LEASES

LEASES	12 Months Ended
LEASES	Dec. 31, 2022
LEASES
LEASES	NOTE 9 - LEASES: Amounts recognized in the consolidated statements of financial position: December 31, 2022 2021 U.S dollars in thousands Right-of-use assets: Properties 5,630 1,986 Vehicles 1,062 1,665 6,692 3,651 Lease liabilities: Current 1,032 1,618 Non-current 6,443 2,574 7,475 4,192 Additions to the right-of-use assets and lease liabilities during 2022 and 2021 were $5.6 million and $0.4 million, respectively. In 2022 a $0.5 million decrease in lease liabilities (and a corresponding decrease in right-of-use assets) was recorded as a result of early termination of leases. Amounts recognized in the consolidated statements of comprehensive loss: Year Ended December 31, 2022 2021 Depreciation charge of right-of-use assets Properties 924 608 Vehicles 945 1,282 1,869 1,890 Interest expense 430 355 Foreign exchange differences (140) 32 Expenses relating to short-term leases and leases of low-value assets are immaterial. The total cash outflow for leases in 2022 and 2021 was $2 million and $1.9 million respectively. In March 2022, the Company entered into a lease agreement for the U.S. offices it uses. The agreement will expire on July 31, 2034. There were no extension options that took in the account in the calculation of the recognized right-of-use asset and lease liability. The projected yearly rental for the first four years is approximately $400,000 per year and for the next 8 years are approximately $900,000 per year. The weighted average lessee’s incremental annual borrowing rate applied to the lease liabilities was 9.9%. ……………………………………………………………………………..............................................................................................

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
INTANGIBLE ASSETS	Dec. 31, 2022
INTANGIBLE ASSETS
INTANGIBLE ASSETS	NOTE 10 - INTANGIBLE ASSETS: a. Commercialization ® Year Ended December 31, 2022 2021 U.S. dollars in thousands R&D assets: Cost: Balance at beginning of year 5,757 5,757 Balance at end of year 5,757 5,757 Accumulated amortization: Balance at beginning of year (116) (50) Amortization charges (32) (66) Balance at end of year (148) (116) 5,609 5,641 Commercialization assets: Cost: Balance at beginning of year 89,373 89,373 Balance at end of year 89,373 89,373 Accumulated impairments and amortization: Balance at beginning of year (23,370) (7,201) Amortization and impairment charges see (b) below (5,986) (16,169) Balance at end of year (29,356) (23,370) 60,017 66,003 65,626 71,644 The Company estimated the useful life of assets related to Movantik® at 10.5 12.5 b. Intangible assets impairment: 1) Following the decrease in Movantik® net revenues, the Company tested for impairment of the related intangible asset as of June 30, 2022, and determined the recoverable amount of the asset. The weighted average cost of capital (WACC) used to discount the asset’s cash flows was 17.8% . No impairment was required as the recoverable amount of the asset was higher than the asset’s book value as of June 30, 2022. As of December 31, 2022, the Company concluded that no indication that the asset may be impaired exists and therefore did not re-estimate the recoverable amount of the asset. The agreement described in notes 14 and 27(a) to extinguish of all of RedHill Inc. debt obligations in exchange for the transfer of its rights in Movantik® is an indication that the recoverable amount of the intangible asset related to Movantik® is higher than the asset’s book value as of December 31, 2022. 2) Following the prolongation of the COVID-19 pandemic and its significant impact on worldwide travel, the Company expected a continued decrease in U.S. outbound travel and the potential market for Aemcolo ® , for traveler’s diarrhea. Accordingly, the Company has reevaluated the recoverable amount of the intangible asset related to Aemcolo ® . Based mainly on estimates of the asset’s potential market, peak market share and the period in which it will be reached (including the likelihood of early termination of the license before it will be reached), the Company considered the Aemcolo ® asset to be entirely impaired. Accordingly, as of December 31, 2021, the Company recognized an impairment loss of $8.9 million. The significant change in assumption is related to attributing a probability greater than zero to the possibility of early termination before the Company will generate meaningful revenues, that are greater than the Company’s investment in the asset. The impairment loss was recognized under Cost of Revenues in the Consolidated Statements of Comprehensive Loss.

LIABILITY FOR EMPLOYEE RIGHTS U

LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT	12 Months Ended
LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT	Dec. 31, 2022
LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT
LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT	NOTE 11 - LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT: a. Labor laws and agreements in Israel require the Company to pay severance pay and/or pensions to an employee dismissed or retiring from their employment in certain circumstances. b. The Company’s pension liability and the Company’s liability for payment of severance pay for employees in Israel for whom the liability is within the scope of Section 14 of the Severance Pay Law, is covered by ongoing deposits with defined contribution plans. The amounts deposited are not included in the Statements of Financial Position. The amounts charged as an expense with respect to defined contribution plans in 2022, 2021, and 2020 were $261,000, $285,000, and $214,000, respectively.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	12 Months Ended
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	Dec. 31, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	NOTE 12- ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES: December 31, 2022 2021 U.S. dollars in thousands Accrued expenses 16,168 17,233 Employees and related liabilities 1,667 3,496 Government institutions 114 167 17,949 20,896

ALLOWANCE FOR DEDUCTIONS FROM R

ALLOWANCE FOR DEDUCTIONS FROM REVENUES	12 Months Ended
ALLOWANCE FOR DEDUCTIONS FROM REVENUES	Dec. 31, 2022
ALLOWANCE FOR DEDUCTIONS FROM REVENUES
ALLOWANCE FOR DEDUCTIONS FROM REVENUES	NOTE 13 - ALLOWANCE FOR DEDUCTIONS FROM REVENUES: The following table shows the movement of the allowance for deductions from revenue: Rebates and patient discount programs Product returns Total U.S. dollars in thousands As of January 1, 2022 29,742 969 30,711 Increases 123,878 2,547 126,425 Decreases (utilized) (108,531) (2,192) (110,723) Adjustments 1,547 (90) 1,457 As of December 31, 2022 46,636 1,234 47,870 Rebates and patient discount programs Product returns Total U.S. dollars in thousands As of January 1, 2021 16,380 1,963 18,343 Increases 94,640 851 95,491 Decreases (utilized) (80,633) (2,179) (82,812) Adjustments (645) 334 (311) As of December 31, 2021 29,742 969 30,711 Rebates and patient discount programs Product returns Total U.S. dollars in thousands As of January 1, 2020 1,001 266 1,267 Increases 56,669 2,469 59,138 Decreases (utilized) (40,656) (772) (41,428) Adjustments (634) - (634) As of December 31, 2020 16,380 1,963 18,343

BORROWING

BORROWING	12 Months Ended
BORROWING	Dec. 31, 2022
BORROWING.
BORROWING	NOTE 14 – BORROWING: a. Credit agreement with HCRM On February 23, 2020 (“Closing Date”), RedHill Inc. entered into a credit agreement and certain security documents (the “Credit Agreement”) with HCRM. Under the terms of the Credit Agreement, RedHill Inc. received on March 12, 2020, a $30 million term loan to support its commercial operations. On March 31, 2020, RedHill Inc. received an additional $50 million term loan to fund the acquisition of rights to Movantik ® According to the Credit Agreement for each quarter for the period from January 1, 2021, to December 31, 2029, HCRM will receive royalties of 4% of the Company’s worldwide net revenues, subject to a $75 million cap per annum, as well as interest on the outstanding term loan to be computed as the 3-month LIBOR rate (“LIBOR”), subject to a 1.75% floor rate, plus 8.2% fixed rate, which was decreased to 6.7% starting April 1, 2021. The weighted effective interest rate on the Closing Date was approximately 16.5%. The term loans mature in six years with no principal payments required in the first three years. The term loans can be prepaid at RedHill Inc.’s discretion, subject to customary prepayment fees, which decrease over time. Upon the prepayment or repayment of all or any portion of the term loans, RedHill Inc. will pay HCRM 4% on the principal amount of the term loan being repaid or prepaid as an exit fee. The borrowings under the Credit Agreement are secured by a first priority lien on substantially all of the current and future assets of RedHill Inc., all assets related in any material respect to Talicia ® the equity interests in RedHill Inc. The Credit Agreement also restricts the ability of RedHill Inc. to make certain payments, including paying dividends to the Company prior to the full repayment of the term loan facility. The Credit Agreement contains certain customary affirmative and negative covenants. Inter alia, The Credit Agreement contains a financial covenant requiring RedHill Inc. to maintain a minimum level of cash The Credit Agreement contains defined events of default, in certain cases subject to a grace period, following which the lenders may declare any outstanding principal and unpaid interest immediately due and payable. As described above, the Credit Agreement contains a financial covenant requiring the Company to maintain a level of cash liquidity, on any business day from the Closing Date to the maturity date, in accounts that are subject to HCRM’s control. Therefore, the amounts of minimum cash and cash equivalents are excluded from cash and cash equivalents in the Statements of Financial Position and the Statements of Cash Flows. Instead, these amounts are presented as restricted cash in the Statements of Financial Position and the movements in this restricted cash are presented as financing activities in the Statements of Cash Flows. As of December 31, 2021, the minimum cash amount is restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period and therefore is presented as a non-current asset. On June 17, 2022, RedHill Inc. signed an amendment to the Credit Agreement, which requires Redhill Inc. to maintain minimum net sales of $75 million for the trailing four fiscal quarters periods ending June 30, 2022, and September 30, 2022, and $90 million each fiscal quarter thereafter. Redhill Inc. shall also be required to maintain minimum net sales of $14 million for Movantik® each fiscal quarter starting the fiscal quarter ending June 30, 2022. The Amendment further sets an increase of 0.5% to the interest on the outstanding term loan for the quarters ending June 30, 2022, and September 30, 2022, at 3-month LIBOR rate (“LIBOR”), subject to a 1.75% floor rate, plus 7.2% fixed rate, which will be decreased to 6.7% . On September 13, 2022, the Company and RedHill Inc. received a notice of events of default and reservation of rights letter (the “Notice”) from HCRM. The Notice asserts that certain events of default occurred as a result of alleged breaches by RedHill Inc. of its representations and warranties and financial covenants under the Credit Agreement. As a result of the alleged events of default, the Notice provides that the outstanding obligations under the Credit Agreement now bear interest at the default rate prescribed therein and that the lenders may accelerate the obligations under the Credit Agreement. While not asserted in the Notice, the Company acknowledges that it has not satisfied its obligation to deliver to HCRM its condensed consolidated interim financial statements as of June 30, 2022, within 60 days after the end of the Company’s fiscal quarter. The Company disagrees with the assertions made by HCRM as the basis for the Notice and, accordingly, the validity of the Notice. Moreover, the Company disputes the alleged events of default asserted by HCRM and, on September 15, 2022, the Company sent a response letter to HCRM to this effect. In addition, the Company did not maintain minimum net sales of $75 million for the trailing four fiscal quarters periods ending September 30, 2022. In addition, the Company did not maintain minimum net sales of $90 million for the trailing four fiscal quarters periods ending December 31, 2022. Additionally, the Company did not maintain minimum net sales of $14 million for Movantik® in the fourth fiscal quarter ending December 31, 2022. As a result of the events of default described above and that as of December 31, 2022, the Company did not expect to obtain a waiver from HCRM, HCRM may proclaim acceleration of the Borrowing. Therefore, the Company classified the Borrowing as a current liability and adjusted its carrying amount to reflect all amounts owing or payable under the Credit Agreement as being immediately due. Accordingly, the Company recorded an adjustment of approximately $29.3 million in the carrying amount of the borrowing and a corresponding charge in the statements of comprehensive loss under financial expenses. On September 29, 2022, HCRM exercised its rights under a Deposit Account Control Agreement to take control of RedHill Inc.’s account at PNC Bank, National Association (“PNC”). HCRM then instructed PNC to wire $16 million (the “Funds”), which is equivalent to the minimum cash required under the Credit Agreement, from the PNC account to an account held by HCRM. RedHill Inc.’s control over the PNC account has since been restored. HCRM has acknowledged that, despite receipt of the Funds in an account held in HCRM’s name, the Funds remain the property of RedHill Inc. and are held merely as security for RedHill Inc.’s obligations under the Credit Agreement. On November 14, 2022, RedHill Inc. reached a non-binding agreement in principle and on February 2, 2023, it reached a definitive agreement with HCRM resulting in the extinguishment of all of RedHill Inc. debt obligations (including all principal, interest, revenue interest, prepayment premiums and exit fees) under the Credit Agreement in exchange for the transfer of its rights in Movantik® to Movantik Acquisition Co., an affiliate of HCRM. See also note 27(a). Further details of the Company’s exposure to risks arising from the Credit Agreement, as well as maturities and fair value information, are set out in note 4. b. Reconciliation of liabilities arising from financing activities: U.S. dollars in thousands Non-cash changes January 1, 2022 Proceeds from borrowings Principal and interest payments Addition during the year Interest expense Foreign exchange movement December 31, 2022 Borrowing 83,620 (7,507) 39,103 115,216 Payable in respect of intangible assets purchase 20,480 (11,123) 1,800 11,157 Lease liabilities 4,192 (2,010) 5,003 430 (140) 7,475 Non-cash changes January 1, 2021 Proceeds from borrowings Principal and interest payments Addition during the year Interest expense Foreign exchange movement December 31, 2021 Borrowing 81,386 (9,701) 11,935 83,620 Payable in respect of intangible assets purchase 24,746 (8,500) 4,234 20,480 Lease liabilities 5,517 (2,107) 385 355 42 4,192 Non-cash changes January 1, 2020 Proceeds from borrowings Principal and interest payments Addition during the year Interest expense Foreign exchange movement December 31, 2020 Borrowing — 78,061 (6,246) 9,571 81,386 Payable in respect of intangible assets purchase — 22,288 2,458 24,746 Lease liabilities 3,815 (1,802) 2,930 406 168 5,517

COMMITMENTS

COMMITMENTS	12 Months Ended
COMMITMENTS	Dec. 31, 2022
COMMITMENTS
COMMITMENTS	NOTE 15 - COMMITMENTS: Agreements to purchase intellectual property and commercial products: 1) On August 11, 2010, the Company entered into an agreement with a publicly-traded Through December 31, 2022, the Company has paid the Australian company in total $1.5 million. 2) On June 30, 2014, the Company entered into an agreement with a German company that granted the Company the exclusive worldwide (excluding China, Hong Kong, Taiwan, and Macao) development and commercialization rights to all indications to a therapeutic candidate. Under the terms of the agreement, the Company paid the German company an upfront payment of $1 million and agreed to pay the German company potential tiered royalties, less certain deductible amounts, as detailed in the agreement, ranging from mid-teens and up to 30%. Such potential royalties are due until the later of (i) the expiration of the last to expire licensed patent that covers the product in the relevant country and (ii) the expiration of regulatory exclusivity in the relevant country. Through December 31, 2022, the Company has paid the German company only the initial amount mentioned above. 3) On March 30, 2015, the Company entered into an agreement with a U.S.-based private company that granted the Company the exclusive worldwide development and commercialization rights for all indications to a therapeutic candidate, and additional intellectual property rights, targeting multiple oncology, inflammatory and GI indications. Under the terms of the agreement, the Company undertook to pay the U.S. company an initial amount of $1.5 million and an additional amount of $2 million to be paid on a specific date. In addition, the Company undertook to pay up to $2 million in potential development milestone payments, and potential tiered royalties on revenues, less certain deductible amounts starting in the low double-digits, as detailed in the agreement. Such potential royalties are due until the later of (i) the expiration of the last to expire licensed patent that covers the product in the relevant country; and (ii) the expiration of regulatory exclusivity in the relevant country. Through December 31, 2022, the Company paid the U.S. company a total of $3 million. Following 4) On October 17, 2019, the Company entered into a strategic collaboration with Cosmo Pharmaceuticals N.V. (“Cosmo”), which includes an exclusive license agreement, as amended, for the U.S. rights to Aemcolo ® Under the terms of the license agreement, Cosmo invested $36.3 million in cash and granted the Company the exclusive rights to commercialize Aemcolo ® The license agreement also grants the Company certain rights related to the potential development of additional indications for Aemcolo ® ® With respect to this agreement, the Company measured the commercialization rights based on their fair value (approximately $11.8 million, as of the date of the acquisition) with a corresponding credit to equity. As to impairment of the Aemcolo® intangible asset - See note 10(b). 5) Movantik ® acquisition: 1. General Effective April 1, 2020, RedHill Inc. entered into an exclusive license agreement (the “License Agreement”) with AstraZeneca, granting RedHill Inc. exclusive, worldwide (excluding Europe, Canada) commercialization and development rights to Movantik® (naloxegol). In addition, RedHill Inc. entered into certain related agreements, pursuant to which AstraZeneca provides RedHill Inc. transitional services for an agreed period. On April 1, 2020 (“Effective Date”), RedHill Inc. made an upfront payment of $52.5 million to AstraZeneca, and the AstraZeneca License Agreement, the Supply Agreement and the TSA became effective. Under the terms of the AstraZeneca License Agreement, as amended on July 14, 2020, RedHill Inc. agreed to pay a further non-contingent payment of $15.5 million in December 2021. On March 11, 2021, RedHill Inc and AstraZeneca signed an amendment to the License Agreement, pursuant to which, the $15.5 million payment due in December 2021 was adjusted to gradual payments starting in March 2021 and ending in December 2022, totaling $16 million. The amendment is not considered a substantial modification of the terms and resulted in an adjustment of approximately $0.5 million in the carrying amount of the payable in respect of intangible assets purchase and a corresponding charge in the consolidated statements of comprehensive loss, under financial expenses. As of December 31, 2022, the Company had an unsettled balance with respect to this payment. However, the outstanding balance was settled at the beginning of 2023, as agreed upon with Astrazeneca. RedHill Inc. also assumed responsibility for sales-based royalty, currently at a rate of 20%, as well as sales-based potential milestone payments that AstraZeneca is required to pay to Nektar Therapeutics (“Nektar”), the originator of Movantik ® In addition, AstraZeneca transferred on the Effective Date to RedHill Inc. a co-commercialization agreement with Daiichi Sankyo, Inc. (“DSI”) for Movantik ® ® On February 22, 2021, Aether Therapeutics Inc. (“Aether”), filed a complaint against RedHill Inc in the United States District Court for the District of Delaware ("Aether Litigation"). The complaint asserts that the Company's marketing of the Movantik ® ® 2. Accounting treatment The total acquisition consideration, including upfront payment, discounted present value of the deferred payment and directly attributable transaction costs amounted to approximately $65 million. Since all acquired assets are intended to generate revenues from sales of Movantik ® and have a similar useful life, the Company attributed this consideration to a single intangible asset representing the acquired rights to Movantik ® . The intangible asset shall be amortized commencing the Effective Date on a straight-line basis over its useful life, which was re-estimated at approximately 12.5 years from the Effective Date (see also note 10(a) with regards to change in estimation of the useful life). With respect to sales-based royalties and milestone payments aforementioned, the Company applied an accounting policy, pursuant to which these variable payments shall not be included in the initial measurement of the cost of the intangible asset acquired, as they are not a present obligation of RedHill Inc. 6) As described in note 15(5) above, as part of the Movantik ® ® Effective July 1, 2020, RedHill Inc. and DSI replaced the co-commercialization agreement with a new royalty-bearing agreement, under which RedHill Inc. bears all responsibilities and costs for commercializing Movantik® in the U.S. During the term of this new agreement, RedHill Inc. will pay DSI a mid-teen royalty rate on net sales of Movantik® in the U.S. in addition to payments totaling $15.1 million, of which $5.1 million paid in January 2022, $5 million paid in July 2022, and the remaining of $5 million to be assumed by HCRM under the agreement described in notes 14 and 27(a), which was finalized on February 2, 2023. Additionally, in July 2020 as part of the new royalty bearing agreement, the Company also entered into a security purchase agreement, under which DSI received 283,387 ADSs as a partial consideration in relation to Movantik®. In July 2020, the Company recognized an intangible asset in the amount of approximately $12.5 million. This amount includes approximately $10.5 million for the present value of the above-mentioned payments, recognized against a corresponding financial liability and approximately $2 million for the ADSs issued to DSI. The intangible asset recognized has similar estimated useful life as the intangible asset discussed in note 15(5) above and is amortized on a straight-line basis over its useful life. For more information on the transfer of the rights in Movantik® see also note 27(a) below. 7) In October 2021, the Company entered into an exclusive license agreement (the “License Agreement”) with Gaelan Medical Trade LLC ("Gaelan") for Talicia® in the United Arab Emirates (UAE). Under the terms of the License Agreement, the Company received in April 2022 an upfront payment of $2 million. In addition, the Company is eligible for additional milestone payments as well as tiered royalties up to mid-teens on net sales of Talicia® in the UAE. Gaelan will receive the exclusive rights to commercialize Talicia® in the UAE, as well as a right of first refusal to commercialize Talicia® in the Gulf Cooperation Council region (Saudi Arabia, Kuwait, Qatar, Bahrain, and Oman) for a pre-determined period. Gaelan shall be responsible for obtaining and maintaining regulatory approvals, as well as to conduct any and all required clinical and other studies. In March 2022, the Company and Gaelan signed an amendment to the License Agreement, according to which Gaelan may sublicense or assign any of its rights or obligations under the License Agreement. 8) In March 2022, the Company entered into an exclusive license agreement with Kukbo Co. Ltd ("Kukbo") for oral opaganib for the treatment of COVID-19 in South Korea, following Kukbo's investment in the company. Under the terms of the license agreement, the Company would receive an upfront payment of $1.5 million, be eligible for up to $5.6 million in milestone payments, and receive low double-digit royalties on net sales of oral opaganib in South Korea. Kukbo will receive the exclusive rights to commercialize opaganib in South Korea for COVID-19

INCOME TAX

INCOME TAX	12 Months Ended
INCOME TAX	Dec. 31, 2022
INCOME TAX
INCOME TAX	NOTE 16 - INCOME TAX: a. Taxation of the Company in Israel: 1) Measurement of results for tax purposes The Company elected to compute its taxable income in accordance with Income Tax Regulations (Rules for Accounting for Foreign Investors Companies and Certain Partnerships and Setting their Taxable Income), 1986. Accordingly, the Company’s taxable income or loss is calculated in U.S. dollars. The results of the Company are measured for tax purposes in accordance with Accounting Principles Generally Accepted in Israel (Israeli GAAP). These financial statements are prepared in accordance with IFRS. The differences between IFRS and Israeli GAAP, both on an annual and a cumulative basis cause differences between taxable results and the results are reflected in these financial statements. 2) Tax rates The net income of the Company is subject to the Israeli corporate tax rate. Israeli corporate tax rates is 23%. b. U.S. subsidiary: The Company’s subsidiary is incorporated in the U.S. and is taxed under U.S. tax laws. As a general rule, inter-company transactions between the Israel-resident Company and its U.S-resident subsidiary are subject to the reporting provisions of the Income Tax Regulations, section 85-A, 2006 of the Israeli Tax Ordinance of the Israeli Tax Ordinance. c Carryforward losses : As of December 31, 2022, the Company had net operating loss (“NOLs”) carried forward of approximately $283 million. Under Israeli tax laws, carryforward tax losses have no expiration date. As of December 31, 2022, the U.S. subsidiary had a net operating loss carryforward of approximately $72 million, of which approximately $10 million expires in 2037, and approximately $62 million does not expire, but is limited to offset 80% of the net income in the year it is utilized. Under U.S. tax laws, for NOLs arising after December 31, 2017, the 2017 Act limits a taxpayer’s ability to utilize NOL carryforwards to 80% of taxable income. In addition, NOLs arising after 2017 can be carried forward indefinitely, but carryback is generally prohibited. NOLs generated in tax years beginning before January 1, 2018, will not be subject to the foregoing taxable income limitation and will continue to have a two-year carryback and twenty-year carryforward period. Furthermore, in accordance with Coronavirus Aid, Relief, and Economic Security Act (CARES Act) of 2020, losses from tax years beginning in 2018, 2019 or 2020 can be carried back 5 years. Deferred tax assets on losses for tax purposes carried forward to subsequent years are recognized if utilization of the related tax benefit against a future taxable income is expected. The Company has not created deferred taxes on its carryforward losses since their utilization is not expected in the foreseeable future. d Deductible temporary differences: The amount of cumulative deductible temporary differences, other than carryforward losses (as mentioned in c. above), for which deferred tax assets have not been recognized in the Statements of Financial Position as of December 31, 2022, and 2021, were $14 million and $20 million, respectively. These temporary differences have no expiration dates. e Tax assessments: The Company has not been assessed for tax purposes since its incorporation. The Company’s tax assessments for 2017 are therefore considered final.

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
SHARE CAPITAL	Dec. 31, 2022
SHARE CAPITAL
SHARE CAPITAL	NOTE 17 - SHARE CAPITAL: a. Composition: Company share capital is composed of shares of NIS 0.01 par value, as follows: Number of shares December 31, 2022 2021 In thousands Authorized ordinary shares 1,594,000 794,000 Authorized preferred shares (reserved) 6,000 6,000 Issued and paid ordinary shares 931,962 524,016 On May 13, 2022, the annual general meeting of shareholders approved the increase of the authorized share capital of the Company to 1,594,000,000 Ordinary Shares, NIS 0.01 par value per share. See also note 27(b) regarding ratio change of the Company's ADSs During 2022, the Company sold 1,223,292 ADSs under the “at-the-market” equity offering program (“ATM program”) at an average price of $1.67 per ADS, for aggregate net proceeds of approximately $2 million, net of an immaterial amount of issuance expenses. The sales were under the Company's sales agreement with Cantor Fitzgerald & Co. upon the terms and subject to the conditions and limitations in the sales agreement, the Company may elect from time to time, to offer and sell its ADSs having aggregate gross sales proceeds of up to $100 million through the ATM program. During 2021, the Company sold 87,624 ADSs under an ATM program at an average price of $9.03 per ADS. Net and gross proceeds to the Company were approximately $0.8 million. b. In May 2022, the Company entered into a definitive agreement with a single investor, which entailed the issuance of 10,563,380 ADSs (or ADS equivalent which consist of pre-funded warrants with an exercise price of $0.001 per pre-funded warrant) and grant of unregistered private warrants to purchase up to 13,204,225 ADSs, for a total net consideration of $14.4 million. The warrants have an exercise price of $1.48 per ADS, are exercisable six months after the issuance date, and have a term of five and one-half years The warrants were classified as a financial liability due to a net settlement provision. These derivatives were recognized and subsequently measured at fair value through profit or loss. The consideration, net of issue expenses, was allocated to the various issued instruments. Out of the gross consideration, $8.1 million was allocated to the warrants. The remainder of approximately $6.9 million was allocated to equity. Issuance expenses of approximately $0.6 million were allocated as following: $0.3 million allocated to the liability instruments and were recorded directly to the statement of comprehensive loss and $0.3 million allocated to the equity The fair value of the warrants was computed using the Black and Scholes option pricing model. The fair value of the warrants as of December 31, 2022, was based on the price of an ADS on December 31, 2022, and based on the following parameters: risk-free interest rate of 4.00% and an average standard deviation of 81.75%. c. In December 2022, the Company completed an underwritten public offering with gross proceeds to the Company of approximately $8 million . The offering consisted of 32,000,000 ADSs (or ADS equivalent which consist of pre-funded warrants with an exercise price of $0.001 per pre-funded warrant) as well as granted warrants to purchase up to 32,000,000 ADSs. Issuance expenses of approximately $0.6 million were recorded directly to the statement of comprehensive loss . The warrants have an exercise price of $0.25 per ADS, are exercisable immediately after the issuance date and have a term of 5 years . The warrants may be exercised either for cash or on a cashless basis. The warrants were classified as a financial liability due to a net settlement provision. These derivatives were recognized and subsequently measured at fair value through profit or loss. Upon initial recognition the fair value of the warrants was adjusted to reflect the unrecognized day 1 loss. After initial recognition, the unrecognized day 1 loss of the warrants is amortized over its contractual life. The fair value of the warrants as of December 31, 2022, was based on the price of an ADS on December 31, 2022, and based on the following parameters: risk-free interest rate of 3.99% and an average standard deviation of 81.71% . d. During 2022, the Company issued 486,504 ADSs resulting from vested RSUs that had been issued to employees and consultants of the Company . e. In October 2021, the Company has entered into an agreement with Kukbo Co. Ltd. (“Kukbo”), a South Korean corporation, for the sale of the Company’s ADSs in a private placement of up to $10 million. Kukbo’s investment in the Company is to be made in two tranches, with the first tranche of $5 million paid in October 2021 and the second tranche of $5 million to follow within six months, subject to satisfaction of certain conditions. As part of the first tranche, The Company has issued 827,586 ADSs at a purchase price of $6.04 , which represented a 20% premium over the 30-day weighted average price of the ADSs on the Nasdaq. The $5 million consideration for the first tranche was attributed in full to equity, Likewise, the number of ADSs to be issued in the second tranche will be calculated based on a price per ADS representing a 20% premium over the 30-day weighted average at the closing. The $5 million of the second trench has not yet been received as of the approval date of this financial statements, See also note 15(8) above. f.

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS	12 Months Ended
SHARE-BASED PAYMENTS	Dec. 31, 2022
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS	NOTE 18 - SHARE-BASED PAYMENTS: a. The following is information on options granted in 2022: Number of options granted Exercise Fair value of price for 1 options on date of According to the Award Plan ADS ($) grant in U.S. dollars Date of BoD of the Company (1) in thousands (2) January 2022 5,000 2.45 7 March 2022 6,000 1.67 6 11,000 13 1) The options will vest as follows: for directors, employees and consultants of the Company and the Company's subsidiary who had provided services exceeding one year as of the grant date, options will vest in 16 equal quarterly installments over a four-year period. For directors, employees and consultants of the Company and the Company's subsidiary who had not provided services exceeding one year as of the grant date, the options will vest as follows: 1/4 The options are exercisable into the Company’s ADSs. 2 1.73% b. The following is information on RSUs granted in 2022: Fair value of Number of RSUs granted RSUs on date of According to the Award Plan of the Company grant in U.S. dollars Date of BoD Other than to Directors To directors (4) Total in thousands (5) January 2022 (1) 1,920,500 140,000 2,060,500 5,712 March 2022 (1) 96,000 — 96,000 160 April 2022(1) 35,000 — 35,000 87 June 2022 (2) 2,018,500 165,000 2,183,500 1,878 July 2022 (2) 65,000 — 65,000 56 September 2022 (3) 370,279 51,030 421,309 352 November 2022 (3) 603,416 603,416 380 Total 5,108,695 356,030 5,464,725 8,625 1) 2) 3) 4) In addition, In June 2022 September 2022 5) The fair value of the RSUs were determined based on the price of an ADS on the date the RSUs were granted. c. During 2022, approximately 2.7 million options and RSUs were forfeited, resulting in $4.5 million in reversed expenses . d. The following is information on options granted in 2021: Number of options granted According to the Award Plan Exercise Fair value of of the Company (1) price for 1 options on date of Other than to Ads grant in U.S. dollars Date of BoD directors (1) To directors (1) (2) Total $) in thousands (3) March 2021 40,500 — 40,500 9.44 151 April 2021 2,036,440 — 2,036,440 7.08 8,274 May 2021 22,500 — 22,500 7.05 90 July 2021 17,000 310,341 327,341 6.9 - 7.08 1,377 August 2021 53,500 53,500 6.97 - 7.18 210 September 2021 12,000 — 12,000 4.56 31 November 2021 24,500 — 24,500 4.54 63 December 2021 17,000 — 17,000 2.65 26 2,223,440 310,341 2,533,781 10,222 1) The options will vest as follows: for directors, employees and consultants of the Company and the Company's subsidiary who had provided services exceeding one year as of the grant date, options will vest in 16 equal quarterly installments over a four-year period. For directors, employees and consultants of the Company and the Company's subsidiary who had not provided services exceeding one year as of the grant date, the options will vest as follows: 1/4 of the options will vest one year following the grant date and the rest will vest over 12 equal quarterly installments. During the contractual term, the options will be exercisable, either in full or in part, from the vesting date until the end of 10 years from the date of grant . 2) The general meeting of the Company’s shareholders held on July 26, 2021 (the “July 2021 AGM”), subsequent to approval of the Company’s BoD, approved the grant of 310,341 options under the Company’s Award Plan, to directors and to the Company's Chief Executive Officer. 3) The fair value of the options was computed using the binomial model and the underlying data used was mainly the following: price of the Company’s ADSs: $4.28 - $9.19 , expected volatility: 64.05% - 66.65% , risk-free interest rate: 1.26% - 1.73% and the expected term was derived based on the contractual term of the options, the expected exercise behavior and expected post-vesting forfeiture rates. The expected volatility assumption used in based on the historical volatility of the Company’s ordinary share. 4) Exchange of options to purchase the Company’s ADSs: a. On April 26, 2021, the Company made an o ffer ( the “Exchange Offer”) to eligible option holders (as defined in the offer), subject to specified conditions, to exchange some or all of their outstanding options to purchase ADSs ( the “Exchanged Options”) for new options to purchase ADSs ( the “New Options” ). On May 26, 2021, concurrently with the expiration of the Exchange Offer, the Company granted New Options to purchase 2,805,281 ADSs of the Company, pursuant to the terms of the Exchange Offer and the Company’s Amended and Restated Award Plan (2010). The New Options have lower exercise price per ADS than the Exchanged Options and subject to meeting certain performance conditions, specified in the Exchange Offer, may be further lowered. Other than the exercise price, each New Option has the same expiration date, vesting schedule and other terms as the Exchanged Options . b. The incremental compensation expense recognized by the Company has been measured as the excess of the fair value of each New Option granted, as of the date the New Options were granted, over the fair value of the Exchanged Options, measured immediately prior to the exchange. The total incremental value measured by the Company is approximately $3.5 million, of which $3.3 million was recognized as an expense for the year ended December 31, 2021. The remaining incremental value will be recognized over the remaining vesting period of the New Options. c. e. Changes in the number of options in ADSs and weighted averages of exercise prices are as follows: Year Ended December 31, 2022 2021 Weighted Weighted average of average of Number of exercise Number of exercise options price ($) options price ($) Outstanding at beginning of year 6,821,491 6.50 5,428,803 9.08 Exercised — 7.08 (565,998) 7.08 Expired and forfeited (1,573,138) 6.82 (575,095) 8.02 Granted 11,000 2.02 2,533,781 7.05 Outstanding at end of year 5,259,353 6.39 6,821,491 6.50 Exercisable at end of year 3,950,491 6.23 3,615,662 6.14 f. Changes in the number of RSUs in ADSs during the period are as follows: Year Ended December 31, 2022 2021 Number of Number of RSUs RSUs Outstanding at beginning of year — — Exercised (486,504) — Expired and forfeited (1,154,435) — Granted 5,286,695 — Outstanding at end of year 3,645,756 — g. The following is information about the exercise price and remaining useful life of outstanding options at year-end: Year Ended December 31, 2022 2021 Number of Number of options Weighted options Weighted outstanding average of outstanding average of at end of Exercise price remaining at end of Exercise price remaining year range useful life year range useful life 5,259,353 $1.67-$15.6 5.2 6,821,491 $2.65-$15.6 6.8 h. Expenses recognized in profit or loss for the options and RSUs are as follows: Year Ended December 31, 2022 2021 2020 U.S. dollars in thousands 5,675 10,212 4,202 The remaining compensation expenses as of December 31, 2022, are $4 million and will be expensed in full by December 2025.

NET REVENUES

NET REVENUES	12 Months Ended
NET REVENUES	Dec. 31, 2022
NET REVENUES
NET REVENUES	NOTE 19 - NET REVENUES: Year Ended December 31, 2022 2021 2020 U.S dollars in thousands Licensing revenues (1) 2,000 — — Movantik® revenues 52,098 76,767 59,356 Sales of Other products 7,702 8,990 5,003 61,800 85,757 64,359 1) See also note 15(7) above .

RESEARCH AND DEVELOPMENT EXPENS

RESEARCH AND DEVELOPMENT EXPENSES	12 Months Ended
RESEARCH AND DEVELOPMENT EXPENSES	Dec. 31, 2022
RESEARCH AND DEVELOPMENT EXPENSES.
RESEARCH AND DEVELOPMENT EXPENSES	NOTE 20 - RESEARCH AND DEVELOPMENT EXPENSES: Year Ended December 31, 2022 2021 2020 U.S. dollars in thousands Payroll and related expenses 661 839 636 Professional services 1,210 1,821 1,752 Share-based payments 1,151 1,910 883 Clinical and pre-clinical trials 3,872 23,905 12,569 Intellectual property development 180 349 298 Other 205 674 353 7,279 29,498 16,491

SELLING AND MARKETING EXPENSES

SELLING AND MARKETING EXPENSES	12 Months Ended
SELLING AND MARKETING EXPENSES	Dec. 31, 2022
SELLING AND MARKETING EXPENSES
SELLING AND MARKETING EXPENSES	NOTE 21 - SELLING AND MARKETING EXPENSES: Year Ended December 31, 2022 2021 2020 U.S. dollars in thousands Payroll and related expenses 19,235 24,227 20,756 Share-based payments 553 2,570 1,464 Professional services 6,596 17,441 18,957 Samples 836 1,008 438 Travel, Fleet, meals and related expenses 5,136 7,305 5,729 Office-related expenses 1,510 1,285 957 Other 1,576 1,787 984 35,442 55,623 49,285

GENERAL AND ADMINISTRATIVE EXPE

GENERAL AND ADMINISTRATIVE EXPENSES	12 Months Ended
GENERAL AND ADMINISTRATIVE EXPENSES	Dec. 31, 2022
GENERAL AND ADMINISTRATIVE EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES	NOTE 22 - GENERAL AND ADMINISTRATIVE EXPENSES: Year Ended December 31, 2022 2021 2020 U.S. dollars in thousands Payroll and related expenses 10,521 11,974 11,159 Share-based payments 3,971 5,732 1,855 Professional services and supply chain 10,787 11,040 9,132 Medical affairs 1,214 1,600 1,052 Office-related expenses 1,434 1,438 1,168 Other 659 581 1,009 28,586 32,365 25,375

FINANCIAL EXPENSES, net

FINANCIAL EXPENSES, net	12 Months Ended
FINANCIAL EXPENSES, net	Dec. 31, 2022
FINANCIAL EXPENSES, net
FINANCIAL EXPENSES, net	NOTE 23 - FINANCIAL EXPENSES, net : Year Ended December 31, 2022 2021 2020 U.S dollars in thousands Financial income: Fair value gains on derivative financial instruments 13,422 — — Gains on financial assets at fair value through profit or loss — — 94 Interest from bank deposits 140 51 176 13,562 51 270 Financial expenses: Interest for lease liabilities 430 395 405 Issuance costs with respect of warrants 958 — — Loss from changes in exchange rates 40 28 9 Interest and royalties expenses related to borrowing and payable in respect of intangible assets purchase 40,903 16,172 12,045 Other 56 65 300 42,387 16,660 12,759 Financial expenses (income), 28,825 16,609 12,489

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
SEGMENT INFORMATION	Dec. 31, 2022
SEGMENT INFORMATION
SEGMENT INFORMATION	NOTE 24 - SEGMENT INFORMATION: The Chief Executive Officer is the Company’s Chief Operating Decision Maker (“CODM”). The CODM allocates resources and assesses the Company’s performance based on the following segmentation: The Company reports on revenue and segment Adjusted EBITDA. The CODM does not review assets by operating segment. Adjusted EBITDA represents net loss before depreciation, amortization, and financial expenses (income), adjusted to exclude share-based compensation and the Aemcolo® intangible asset impairment. (See also note 10b). The following table presents segment profitability and a reconciliation to the consolidated net loss and comprehensive loss for the periods indicated: Year Ended December 31, 2022 2021 2020 U.S. dollars in thousands Commercial Operations Segment Adjusted EBITDA (16,595) (15,527) (27,236) Research And Development Adjusted EBITDA (12,420) (37,247) (23,501) Financial expenses (income), net 28,825 16,609 12,489 Share-based compensation to employees and service providers 5,675 10,212 4,202 Depreciation 2,136 1,914 1,710 Amortization and impairment of intangible assets 6,018 16,235 7,035 Consolidated Comprehensive loss 71,669 97,744 76,173 Except for $2 million in licensing revenues reported for the year ended December 31, 2022, which are allocated to the Research and Development segment, all of the Company’s revenues are allocated to the Commercial Operations segment. b. Major customers The following table represent the percentages of total net revenues from the major customers: Year Ended December 31, 2022 2021 2020 Customer A 32% 32% 35% Customer B 30% 31% 28% Customer C 33% 32% 35% The Company’s revenues were entirely in the U.S. except licensing revenues, and the payment terms for all customers are 30 to 66 days. c. Assets by geographic location The Company’s non-current assets located in Israel as of December 31, 2022, amount to $6.8 million (mainly intangible assets - $5.6 million and right-of-use assets - $0.9 million). The remainder of the consolidated non-current assets as of December 31, 2022, amount to $66.3 million and are located in the U.S (consisting mainly of intangible assets - $60 million, and right-of-use assets - $5.8 million).

LOSS PER ORDINARY SHARE

LOSS PER ORDINARY SHARE	12 Months Ended
LOSS PER ORDINARY SHARE	Dec. 31, 2022
LOSS PER ORDINARY SHARE
LOSS PER ORDINARY SHARE	NOTE 25 - LOSS PER ORDINARY SHARE: a. Basic The basic loss per share is calculated by dividing the loss by the weighted average number of ordinary shares in issue during the period. The following is data taken into account in the computation of basic loss per share: Year Ended December 31, 2022 2021 2020 Loss (U.S. dollars in thousands) 71,669 97,744 76,173 Weighted average number of ordinary shares outstanding during the period (in thousands) 619,299 465,273 364,276 Basic loss per share (U.S. dollars) 0.12 0.21 0.21 b. Diluted Diluted loss per share is calculated by adjusting the weighted average number of ordinary shares outstanding, assuming conversion of all potentially dilutive ordinary shares, using the treasury stock method. The Company had two categories of potentially dilutive ordinary shares: warrants issued to investors and options issued to employees and service providers. The effect of these options and warrants for all reporting years is anti-dilutive.

RELATED PARTIES

RELATED PARTIES	12 Months Ended
RELATED PARTIES	Dec. 31, 2022
RELATED PARTIES
RELATED PARTIES	NOTE 26 - RELATED PARTIES: a. Key management in 2022 includes members of the Board of Directors, including the Company’s Chief Commercial Officer and Chief Executive Officer: Year Ended December 31, 2022 2021 2020 U.S. dollars in thousands Key management compensation: Salaries and other short-term employee benefits 1,486 1,668 1,526 Post-employment benefits 64 91 61 Share-based payments 1,041 1,611 661 Other long-term benefits 44 54 33 b. Balances with related parties: December 31, 2022 2021 U.S. dollars in thousand Current liabilities - Credit balance in “accrued expenses and other current liabilities” 191 399

EVENTS SUBSEQUENT TO DECEMBER 3

EVENTS SUBSEQUENT TO DECEMBER 31, 2022	12 Months Ended
EVENTS SUBSEQUENT TO DECEMBER 31, 2022	Dec. 31, 2022
EVENTS SUBSEQUENT TO DECEMBER 31, 2022
EVENTS SUBSEQUENT TO DECEMBER 31, 2022	NOTE 27 - EVENTS SUBSEQUENT TO DECEMBER 31, 2022: a. On February 2, 2023, the Company and RedHill Inc. have reached an agreement with HCRM resulting in the extinguishment of all of RedHill Inc. debt obligations (including all principal, interest, revenue interest, prepayment premiums and exit fees) under the Credit Agreement in exchange for the transfer of its rights in Movantik® to Movantik Acquisition Co., an affiliate of HCRM. HCRM will assume substantially all post-closing liabilities, and RedHill Inc. will retain substantially all pre-closing liabilities relating to Movantik®. As part of the parties' arrangement, and to ensure continuous patient care, RedHill Inc. will provide HCRM with paid transition services for up to 12 months . HCRM will retain security interests in certain of the Company’s assets until substantially all pre-closing liabilities relating to Movantik® have been paid or other specific conditions are met. Following the sale of the rights to Movantik®, the $16 million held as restricted cash under the Credit Agreement was deposited into an escrow account to pay pre-closing liabilities related to Movantik®. See also notes 15(5) and 15(6). b. On March 23, 2023, the Company implemented a ratio change of the Company's ADSs to its non-traded ordinary shares from ratio of 1 ADS representing 10 ordinary shares to a new ratio of 1 ADS representing 400 ordinary shares. c. On April 3, 2023, the Company completed a Registered Direct Offering with gross proceeds to the Company of approximately $6 million, before deducting offering expenses of approximately $0.6 million. The offering consisted of 1,500,000 ADSs (or ADS equivalent) as well as granted (i) unregistered private warrants to purchase up to 1,500,000 ADSs. The warrants have an exercise price of $4.75 per ADS, are exercisable immediately after the issuance date and have a term of 5 years . (ii) unregistered private warrants to purchase up to 1,500,000 ADSs. The warrants have an exercise price of $4.00 per ADS, are exercisable immediately after the issuance date and have a term of 9 months . The Company also has agreed that certain existing warrants to purchase up to an aggregate of 330,106 ADSs at an exercise price of $59.20 per ADS ( $1.48 per ADS prior to the ratio change describes in note 27 (b) above) and a termination date of November 11, 2027, were amended, so that the amended warrants have a reduced exercise price of $4.75 per share and a termination date of 5 years following the closing of the offering. In addition, the Company has agreed to issue to the Placement Agent, warrants to purchase up to 90,000 ADSs with an exercise price of $5.00 per share and exercisable for 5 years . All the warrants may be exercised either for cash or on a cashless basis.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis for presentation of the financial statements	a. Basis for presentation of the financial statements The consolidated financial statements of the Company 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 consistently in relation to all the periods presented, unless otherwise stated. The consolidated financial statements have been prepared under the historical cost convention, subject to adjustments in respect of revaluation of financial assets and financial liabilities at fair value through profit or loss. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3. Actual results could differ significantly from those estimates and assumptions.
Translation of foreign currency transactions and balances	b. Translation of foreign currency transactions and balances 1) Functional and presentation currency Items included in the consolidated financial statements are measured using the currency of the primary economic environment in which the Company and its subsidiary operate (the “Functional Currency”). The consolidated financial statements are presented in U.S. dollars (“$”), which is the Company’s functional and presentation currency. 2) Transactions and balances Foreign currency transactions in currencies different from the Functional Currency (hereafter foreign currency, mostly New Israeli Shekel (“NIS”) and Euro are translated into the Functional Currency using the exchange rates at the dates of the transactions. Foreign exchange differences resulting from the settlement of such transactions and from the translation of period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recorded in the Statements of Comprehensive Loss under financial income or financial expenses.
Principles of consolidation	c. Principles of consolidation The Company’s consolidated financial statements include the accounts of the Company and its subsidiary. All intercompany balances and transactions have been eliminated in consolidation.
Cash and cash equivalents	d. Cash and cash equivalents Cash and cash equivalents include cash on hand and unrestricted short-term bank deposits with maturities of three months or less. The Company adopted IFRIC Agenda Decision on Demand Deposits with Restrictions on Use arising from a Contract with a Third Party (IAS 7 - Statement of Cash Flows), issued in April 2022. The adoption of the agenda did not have an impact on the Company’s Financial statements as of December 31, 2022
Trade receivables	e. Trade receivables Trade receivables are recognized initially at the amount of consideration that is unconditional. They are subsequently measured at amortized cost using the effective interest method, less expected
Inventory	f. Inventory The Company’s inventory represents items purchased by the Company and held for sale in the ordinary course of business, as well as inventory in the process of production for a sale in the ordinary course of business or materials or supplies to be used in the production process, to the extent they are recoverable. The inventory is stated at the lower of cost or net realizable value. Cost of inventory is determined using the first-in, first-out method. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. The Company continually evaluates inventory for potential loss due to excess quantity or obsolete or slow-moving inventory by comparing sales history and sales projections to the inventory on hand. When evidence indicates that the carrying value of a product may not be recoverable, a charge is recorded to reduce the inventory to its current net realizable value.
Fixed assets	g. Fixed assets Fixed assets items are stated at cost less accumulated depreciation. Depreciation is computed by the straight-line method, to reduce the cost of fixed assets to their residual value over their estimated useful lives as follows: % Computer equipment 33 Office furniture and equipment 8-15 Leasehold improvements are depreciated by the straight-line method over the shorter of the term of the lease or the estimated useful life of the improvements.
Intangible assets	h. Intangible assets 1) Licenses The Company’s intangible assets represent in-licenses of development-phase compounds acquired by the Company, where the Company continues or has the option to continue to do the development work (“R&D assets”), as well as commercialization rights for approved products ("Commercialization assets"). R&D assets that are available for use are stated at cost and amortized on a straight-line basis over their useful life from the time they are available for use. R&D assets that are not available for use are not amortized and are Commercialization assets are stated at cost and are amortized on a straight-line basis over their useful life when they are available for use. These assets are subsequently carried at cost less accumulated amortization and impairment losses. In determining the useful life of a commercialization asset, the Company considered, among other factors, the duration of the license, patent and regulatory data exclusivities of the product, anticipated duration of sales of the product following loss of exclusivity, and competitors in the marketplace. Amounts due for future payment based on contractual agreements are accrued upon reaching the relevant milestones. All intangible assets are tested for impairment if any events have occurred or changes in circumstances have taken place which might indicate that their carrying amounts may not be recoverable. See also note 3 for key assumptions used in the determination of the recoverable amounts. An impairment loss is recognized for the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and value in use. For purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the assessments of market participants regarding the time value of money and the risks specific to the asset or cash-generating unit, for which the estimated future cash flows from the asset or cash-generating unit were not adjusted.
Research and development	2) Research and development Research expenses are recognized as an expense as incurred. An intangible asset arising from the development of the Company’s therapeutic candidates is recognized if all of the following conditions are met: ● it is technically feasible to complete the intangible asset so that it will be available for use; ● management intends to complete the intangible asset and use it or sell it; ● there is an ability to use or sell the intangible asset; ● it can be demonstrated how the intangible asset will generate probable future economic benefits; ● adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; ● costs associated with the intangible asset during development can be measured reliably. Other development costs that do not meet the above criteria are recognized as expenses as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. Research and development costs for the performance of pre-clinical trials, clinical trials, and manufacturing by subcontractors are recognized as expenses when incurred.
Financial assets	i. Financial assets 1) Classification The financial assets of the Company are classified into the following categories: financial assets at fair value through profit or loss, and financial assets at amortized cost. The classification is done on the basis of the Company’s business model for managing the financial asset and the contractual cash flow characteristics of the financial asset. a) Financial assets at amortized cost are assets held within a business model whose objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial asset 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 Statements of Financial Position date (for which they are classified as noncurrent assets). Financial assets at amortized cost of the Company are included in trade receivables, cash and cash equivalents, restricted cash and other receivables and bank deposits in the Statements of Financial Position. b) Financial assets at fair value through profit or loss of the Company are assets not measured at amortized cost in accordance with (1)(a) above. Assets in this category are classified as current assets if they are expected to be settled within 12 months; otherwise, they are classified as noncurrent. 2) 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 direct incremental transaction costs for all financial assets not recorded at fair value through profit or loss, except for trade receivables, that are recognized initially at the amount of consideration that is unconditional. Financial assets measured at fair value through profit or loss are initially recognized at fair value, related transaction costs are expensed to profit or loss. 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 fair value through profit or loss are subsequently recorded at fair value. Financial assets at amortized cost are measured in subsequent periods at amortized cost using the effective interest method. Gains or losses arising from changes in the fair value of financial assets at fair value through profit or loss are presented in the Statements of Comprehensive Loss under “Financial Expenses (Income), net.” 3) 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 a 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. The Company measures the loss allowance for expected credit losses on trade receivables that are within the scope of IFRS 15 and on financial instruments for which the credit risk has increased significantly since initial recognition based on lifetime expected credit losses. Otherwise, the Company measures the loss allowance at an amount equal to 12-month expected credit losses at the current reporting date.
Financial liabilities	j. Financial liabilities Financial liabilities are initially recognized at their fair value minus transaction costs that are directly attributable to the issue of the financial liability and are subsequently measured at amortized cost. In case there is a difference between the fair value at initial recognition and the transaction price (“day 1 loss”), the financial liabilities are adjusted to reflect the day 1 loss and changes are recorded to profit or loss on a periodic basis while unrecognized day 1 loss is amortized over the contractual life of the instrument. Any amounts not recognized in profit or loss before the date of exercise or maturity will be recognized in profit or loss on that date. Warrants exercisable to the Company’s ordinary shares are classified as an equity instrument only if the warrants are settled by the Company exchanging a fixed amount of cash for a fixed number of its own equity instruments (the ‘fixed for fixed’ criteria). Otherwise, the warrants are classified as a derivative financial liability measured at fair value through profit or loss. When either the Company or the holder have a choice over how the warrants are settled, the warrants are classified as a derivative financial liability measured at fair value through profit or loss, unless all of the settlement alternatives would result in the warrants classified as an equity instrument according to the ‘fixed for fixed’ criteria above. Transaction costs relating to the issuance of derivative financial liabilities measured at fair value through profit or loss are expensed to profit or loss. Financial liabilities at amortized cost are included in current liabilities, except for those with maturities greater than 12 months after the Statements of Financial Position date (for which they are classified as noncurrent liabilities).
Share capital	k. Share capital The Company ’
Employee benefits	l. Employee benefits 1) Pension and retirement benefit obligations In any matter related to payment of pension and severance pay to employees in Israel to be dismissed or to retire from the Company, the Company operates in accordance with labor laws. Labor laws and agreements in Israel, as well as the Company’s practice, require the Company to pay severance pay and/or pensions to employees dismissed or retired, in certain circumstances. The Company has a severance pay plan in accordance with Section 14 of the Israeli Severance Pay Law which is treated as a defined contribution plan. According to the plan, the Company regularly makes payments to severance pay or pension funds without having a legal or constructive obligation to pay further contributions if the fund does not hold sufficient assets to pay the related payments to employees’ service in current and prior periods. Contributions for severance pay or pension are recognized as employee benefit expenses when they are due commensurate with receipt of work services from the employee, and no further provision is required in the financial statements. The Company’s subsidiary provides, at will, defined contributions for its employees. 2) Vacation and recreation pay Under Israeli law, each employee in Israel is entitled to vacation days and recreation pay, both computed on an annual basis. This entitlement is based on the period of employment. The Company records expenses and liability for vacation and recreation pay based on the benefit accumulated by each employee.
Share-based payments	m. Share-based payments The Company operates several equity-settled, share-based compensation plans to employees (as defined in IFRS 2 “Share-Based Payments”) and service providers. As part of the plans, the Company grants employees and service providers, from time to time and at its discretion, options to purchase Company shares. The fair value of the employee and service provider services received in exchange for the grant of the options is recognized as an expense in profit or loss and is recorded as accumulated deficit within equity. For employees, the total amount recognized as an expense over the vesting period of the options (the period during which all vesting conditions are expected to be met) is determined by reference to the fair value of the options granted at the date of grant. For service providers (including equity instruments granted in consideration for intangible assets, see note 15(4)), the Company measures the awards based on the fair value of the asset or service received. Vesting conditions are included in the assumptions about the number of options 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. At the end of each reporting period, the Company revises its estimates of the number of options that are expected to vest based on non-market vesting conditions. The Company recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to accumulated deficit. When exercising options, the Company issues new shares. The proceeds, less directly attributable transaction costs, are recognized as share capital (par value) and share premium.
Revenue from contracts with customers	n. Revenue from contracts with customers The Company generated revenue in the years presented in these financial statements from product sales, including in-licensed products, and from promotional services provided in relation to third-party products. 1) Revenue from the sale of products The Company sells products mainly to wholesale distributors. Revenue is recognized at a point in time when control over the product is transferred to the customer (upon delivery), at the net selling price, which reflects reserves for variable consideration, including discounts and allowances. The transaction price in these arrangements is the consideration to which the Company expects to be entitled from the customer. The consideration promised in a contract with the Company’s customers may include fixed amounts and variable amounts. The Company estimates the variable consideration and includes it in the transaction price using the most likely outcome method, and only to the extent it is highly probable that a significant reversal of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The specific considerations the Company uses in estimating these amounts related to variable consideration are as follows: Trade discounts and distribution fees - The Company offers discounts to its customers, as an incentive for prompt payment. The Company records these discounts as a reduction of revenue in the period the related revenue from the sale of products is recognized. In addition, distribution fees are paid to certain distributors based on contractually determined rates from the gross consideration. As the fee paid to the customer is not for a distinct good or service, it is recognized as a reduction of revenue in the period the related revenue from the sale of products is recognized. Rebates and patient discount programs - The Company offers various rebate and patient discount programs, which result in discounted prescriptions to qualified patients. The Company estimates the allowance for these rebates and coupons based on historical and estimated utilization of the rebate and discount programs, at the time the revenues are recognized. These estimates are recognized as a reduction of revenue. See also notes 3 and 13. Product returns - The Company offers customers a right of return of expired products. The Company estimates the amount of product sales that may be returned by its customers and records this estimate as a reduction of revenue at the time of sale, based on historical rates of return, or, if such historical data is not available, the Company estimates product returns based on its own sales information, its visibility into the inventory remaining in the distribution channel and product dating. At the end of each reporting period, the Company may decide to constrain revenue for product returns based on information from various sources. Principal versus agent considerations - When a third party is involved in providing goods or services to a customer, the Company analyzes whether the Company acts as a principal or an agent in the transaction, based on whether the Company obtains control of the product before it is transferred to the customer, using the indicators provided in IFRS 15, including: primary responsibility for fulfilling the promise to provide the products to its customers, inventory risk before and after transfer to the customers and discretion in establishing the selling price of each product. When determined to be the principal in the arrangements, the Company recognizes revenues in the gross amount it expects to be entitled in exchange for the products transferred to the customers. 2) Practical expedients and exemptions The Company expenses sales commissions when incurred since the amortization period of the asset that the Company otherwise would have recognized would have been for less than one year. These costs are recorded as selling and marketing expenses. 3) Revenues from licensing The Company accounts for licenses of intellectual property (“IP”) rights and manufacturing and supply services as distinct performance obligations if the customer can benefit from the good or services either on its own or together with other resources that are readily available to the customer (i.e. – the good or service is capable of being distinct) and if the Company’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract (i.e. – the promise is distinct within the context of the contract). If the promise to grant the license is distinct, the Company determines whether the nature of the promise in granting the license to the customer is to provide the customer with either a right to access the entity’s IP as it exists throughout the license period or a right to use the entity’s IP as it exists at the point in time at which the license is granted. Accordingly, revenue from a license providing a right of use to the Variable consideration, such as sales-based royalties and milestones that are allocated to license of IP are recognized only when (or as) the later of the following occurs: (a) the subsequent sale occurs; and (b) the performance obligation to which some or all the sales-based royalty has been allocated has been satisfied (or partially satisfied). Revenue from achieving additional milestones is recognized only when it is highly probable that a significant reversal of cumulative revenues will not occur, usually upon achievement of the specific milestone, in accordance with the relevant agreement.
Advertising and promotional expenses	o. Advertising and promotional expenses Advertising and promotional costs include, among others, distribution of free
Loss per ordinary share	p. Loss per ordinary share The computation of basic loss per share is based on the Company’s loss divided by the weighted average number of ordinary shares and pre-funded warrants outstanding during the period. In calculating the diluted loss per share, the Company adds the weighted average of the number of shares to be issued to the average number of shares outstanding including pre-funded warrants used to calculate the basic loss per share, assuming all shares that have a potentially dilutive effect have been exercised into shares.
Deferred taxes	q. Deferred taxes Deferred income tax is recognized using the liability method for temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in these financial statements. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the date of the Statements of Financial Position and are expected to apply when the related deferred income tax asset will be realized, or the deferred income tax liability will be settled. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Since the Company is unable to assess whether it will have taxable income in the foreseeable future, no deferred tax assets were recorded in these financial statements.
Leases	r. Leases The leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments: fixed payments (including in-substance fixed payments) and variable lease payments that are based on an index or a rate. The lease payments are discounted using the lessee’s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost being the amount of the initial measurement of the lease liability. Payments associated with short-term leases and leases of low-value assets are not recognized as right-of-use assets or lease liabilities but are recognized on a straight-line basis as an expense in profit or loss. Short-term leases are leases with a lease term of 12 months or less. Low-value assets include IT-equipment and small items of office furniture. Contracts may contain both lease and non-lease components. For leases of properties, the Company allocates the consideration in the contract to the lease and non-lease components based on their relative stand-alone prices. However, for leases of vehicles, for which the Company is a lessee, it has elected not to separate lease and non-lease components and instead accounts for these as a single lease component.
Recently issued accounting pronouncements	s. Recently issued accounting pronouncements: 1) Amendments to IAS 1 regarding classifying liabilities as current or non-current In January 2020, the IASB issued amendment to IAS 1 to specify the requirements for classifying liabilities as current or non-current. The amendments clarify: the definition of a right to defer a settlement, that a right to defer must exist at the end of the reporting period, that classification is unaffected by the likelihood that an entity will exercise its deferral right, that only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. The amendment is effective for annual periods beginning on or after January 1, 2024. In October 2022 the IASB published additional amendments specify that only covenants that an entity is required to comply with on or before the end of the reporting period affect the entity’s right to defer settlement of a liability for at least twelve months after the reporting date (and therefore must be considered in assessing the classification of the liability as current or non-current). Such covenants affect whether the right exists at the end of the reporting period, even if compliance with the covenant is assessed only after the reporting date. However, if the entity’s right to defer settlement of a liability is subject to the entity complying with covenants within twelve months after the reporting period, an entity discloses information that enables users of financial statements to understand the risk of the liabilities becoming repayable within twelve months after the reporting period. The 2022 and 2020 amendments are applied retrospectively for annual reporting periods beginning on or after 1 January 2024. Earlier application of the amendments is permitted. If an entity applies the 2022 amendments for an earlier period, it is also required to apply the 2020 amendments early. The Company is examining the consequences of the amendment on the financial statements . 2) Amendment to IAS 1, Presentation of Financial Statements: disclosure of accounting policies According to the amendment companies must provide disclosure of their material accounting policies rather than their significant accounting policies. Pursuant to the amendment, accounting policy information is material if, when considered with other information disclosed in the financial statements, it can be reasonably be expected to influence decisions that the users of the financial statements make on the basis of those financial statements. The amendment to IAS 1 also clarifies that accounting policy information is expected to be material if, without it, the users of the financial statements would be unable to understand other material information in the financial statements. The amendment also clarifies that immaterial accounting policy information need not be disclosed. The amendment is applicable for reporting periods beginning on or after January 1, 2023. The Company is examining the consequences of the amendment on the financial statements .

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	Dec. 31, 2022
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Schedule of estimated useful lives of fixed assets	% Computer equipment 33 Office furniture and equipment 8-15

FINANCIAL INSTRUMENTS AND FIN_2

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2022
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
Schedule of company's financial liabilities and estimated maturities	Contractual maturities of financial liabilities As of December 31, 2022 Less than 1 year 2-5 years More than 5 years Total contractual cash flows Carrying amount U.S. Dollars in Thousands Account payable 4,230 4,230 4,230 Lease liabilities 1,723 4,079 5,723 11,525 7,475 Accrued expenses and other current liabilities 17,949 17,949 17,949 Borrowing 115,216 115,216 115,216 Payable in respect of intangible assets purchase 11,650 11,650 11,157 Royalty obligation — 197 1,449 1,646 750 Total 150,768 4,276 7,172 162,216 156,777 Contractual maturities of financial liabilities As of December 31, 2021 Less than 1 year 2-5 years More than 5 years Total contractual cash flows Carrying amount U.S. Dollars in Thousands Accounts payable 11,664 11,664 11,664 Lease liabilities 2,109 2,553 — 4,662 4,192 Accrued expenses and other current liabilities 20,896 20,896 20,896 Borrowing 9,159 107,213 9,000 125,372 83,620 Payable in respect of intangible assets purchase 17,600 5,000 22,600 20,480 Royalty obligation — 1,011 1,351 2,362 750 Total 61,428 115,777 10,351 187,556 141,602
Schedule of change in derivative financial instrument	Derivative financial instruments Year Ended December 31, 2022 2021 U.S. dollars in thousands Balance at beginning of the period — — Initial recognition of financial liability 16,375 — Initial recognition of unrecognized day 1 loss (330) — Fair value adjustments recognized in profit or loss (13,422) — Balance at end of the period 2,623 —

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	12 Months Ended
CASH AND CASH EQUIVALENTS (Tables)	Dec. 31, 2022
CASH AND CASH EQUIVALENTS.
Schedule of cash and cash equivalents	December 31, 2022 2021 U.S. dollars in thousands Cash in bank 13,323 28,890 Short-term bank deposits 6,645 584 19,968 29,474

PREPAID EXPENSES AND OTHER RE_2

PREPAID EXPENSES AND OTHER RECEIVABLES (Tables)	12 Months Ended
PREPAID EXPENSES AND OTHER RECEIVABLES (Tables)	Dec. 31, 2022
PREPAID EXPENSES AND OTHER RECEIVABLES
Schedule of prepaid expenses and other receivables	December 31, 2022 2021 U.S. dollars in thousands Advance to suppliers 1,033 632 Government institutions 831 847 Prepaid expenses and others 2,523 3,182 4,387 4,661

INVENTORY (Tables)

INVENTORY (Tables)	12 Months Ended
INVENTORY (Tables)	Dec. 31, 2022
INVENTORY
Schedule of Inventory	December 31, 2022 2021 U.S. dollars in thousands Raw materials 1,797 3,012 Work in progress 2,385 5,195 Finished goods 6,827 6,603 11,009 14,810

FIXED ASSETS (Tables)

FIXED ASSETS (Tables)	12 Months Ended
FIXED ASSETS (Tables)	Dec. 31, 2022
FIXED ASSETS
Schedule of composition of assets and accumulated depreciation, grouped by major classifications	Cost Accumulated depreciation Depreciated balance December 31 December 31 December 31 2022 2021 2022 2021 2022 2021 U.S. dollars in thousands Office furniture and equipment (including computers) 1,199 1,024 933 677 266 347 Leasehold improvements 379 357 143 132 236 225 1,578 1,381 1,076 809 502 572

LEASES (Tables)

LEASES (Tables)	12 Months Ended
LEASES (Tables)	Dec. 31, 2022
GENERAL
Schedule of amounts recognized for leases	December 31, 2022 2021 U.S dollars in thousands Right-of-use assets: Properties 5,630 1,986 Vehicles 1,062 1,665 6,692 3,651 Lease liabilities: Current 1,032 1,618 Non-current 6,443 2,574 7,475 4,192 Additions to the right-of-use assets and lease liabilities during 2022 and 2021 were $5.6 million and $0.4 million, respectively. In 2022 a $0.5 million decrease in lease liabilities (and a corresponding decrease in right-of-use assets) was recorded as a result of early termination of leases. Amounts recognized in the consolidated statements of comprehensive loss: Year Ended December 31, 2022 2021 Depreciation charge of right-of-use assets Properties 924 608 Vehicles 945 1,282 1,869 1,890 Interest expense 430 355 Foreign exchange differences (140) 32 Expenses relating to short-term leases and leases of low-value assets are immaterial. The total cash outflow for leases in 2022 and 2021 was $2 million and $1.9 million respectively. In March 2022, the Company entered into a lease agreement for the U.S. offices it uses. The agreement will expire on July 31, 2034. There were no extension options that took in the account in the calculation of the recognized right-of-use asset and lease liability. The projected yearly rental for the first four years is approximately $400,000 per year and for the next 8 years are approximately $900,000 per year. The weighted average lessee’s incremental annual borrowing rate applied to the lease liabilities was 9.9%. ……………………………………………………………………………..............................................................................................

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
INTANGIBLE ASSETS (Tables)	Dec. 31, 2022
INTANGIBLE ASSETS
Schedule of intangible assets changes	Year Ended December 31, 2022 2021 U.S. dollars in thousands R&D assets: Cost: Balance at beginning of year 5,757 5,757 Balance at end of year 5,757 5,757 Accumulated amortization: Balance at beginning of year (116) (50) Amortization charges (32) (66) Balance at end of year (148) (116) 5,609 5,641 Commercialization assets: Cost: Balance at beginning of year 89,373 89,373 Balance at end of year 89,373 89,373 Accumulated impairments and amortization: Balance at beginning of year (23,370) (7,201) Amortization and impairment charges see (b) below (5,986) (16,169) Balance at end of year (29,356) (23,370) 60,017 66,003 65,626 71,644

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	Dec. 31, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Schedule of accrued expenses and other current liabilities	December 31, 2022 2021 U.S. dollars in thousands Accrued expenses 16,168 17,233 Employees and related liabilities 1,667 3,496 Government institutions 114 167 17,949 20,896

ALLOWANCE FOR DEDUCTIONS FROM_2

ALLOWANCE FOR DEDUCTIONS FROM REVENUES (Tables)	12 Months Ended
ALLOWANCE FOR DEDUCTIONS FROM REVENUES (Tables)	Dec. 31, 2022
ALLOWANCE FOR DEDUCTIONS FROM REVENUES
Schedule of movement of allowance for deductions from revenue	Rebates and patient discount programs Product returns Total U.S. dollars in thousands As of January 1, 2022 29,742 969 30,711 Increases 123,878 2,547 126,425 Decreases (utilized) (108,531) (2,192) (110,723) Adjustments 1,547 (90) 1,457 As of December 31, 2022 46,636 1,234 47,870 Rebates and patient discount programs Product returns Total U.S. dollars in thousands As of January 1, 2021 16,380 1,963 18,343 Increases 94,640 851 95,491 Decreases (utilized) (80,633) (2,179) (82,812) Adjustments (645) 334 (311) As of December 31, 2021 29,742 969 30,711 Rebates and patient discount programs Product returns Total U.S. dollars in thousands As of January 1, 2020 1,001 266 1,267 Increases 56,669 2,469 59,138 Decreases (utilized) (40,656) (772) (41,428) Adjustments (634) - (634) As of December 31, 2020 16,380 1,963 18,343

BORROWING (Tables)

BORROWING (Tables)	12 Months Ended
BORROWING (Tables)	Dec. 31, 2022
BORROWING.
Schedule of reconciliation of liabilities arising from financing activities	U.S. dollars in thousands Non-cash changes January 1, 2022 Proceeds from borrowings Principal and interest payments Addition during the year Interest expense Foreign exchange movement December 31, 2022 Borrowing 83,620 (7,507) 39,103 115,216 Payable in respect of intangible assets purchase 20,480 (11,123) 1,800 11,157 Lease liabilities 4,192 (2,010) 5,003 430 (140) 7,475 Non-cash changes January 1, 2021 Proceeds from borrowings Principal and interest payments Addition during the year Interest expense Foreign exchange movement December 31, 2021 Borrowing 81,386 (9,701) 11,935 83,620 Payable in respect of intangible assets purchase 24,746 (8,500) 4,234 20,480 Lease liabilities 5,517 (2,107) 385 355 42 4,192 Non-cash changes January 1, 2020 Proceeds from borrowings Principal and interest payments Addition during the year Interest expense Foreign exchange movement December 31, 2020 Borrowing — 78,061 (6,246) 9,571 81,386 Payable in respect of intangible assets purchase — 22,288 2,458 24,746 Lease liabilities 3,815 (1,802) 2,930 406 168 5,517

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
SHARE CAPITAL (Tables)	Dec. 31, 2022
SHARE CAPITAL
Schedule of composition of share capital	Number of shares December 31, 2022 2021 In thousands Authorized ordinary shares 1,594,000 794,000 Authorized preferred shares (reserved) 6,000 6,000 Issued and paid ordinary shares 931,962 524,016

SHARE-BASED PAYMENTS (Tables)

SHARE-BASED PAYMENTS (Tables)	12 Months Ended
SHARE-BASED PAYMENTS (Tables)	Dec. 31, 2022
SHARE-BASED PAYMENTS
Schedule of information on options granted	a. The following is information on options granted in 2022: Number of options granted Exercise Fair value of price for 1 options on date of According to the Award Plan ADS ($) grant in U.S. dollars Date of BoD of the Company (1) in thousands (2) January 2022 5,000 2.45 7 March 2022 6,000 1.67 6 11,000 13 1) The options will vest as follows: for directors, employees and consultants of the Company and the Company's subsidiary who had provided services exceeding one year as of the grant date, options will vest in 16 equal quarterly installments over a four-year period. For directors, employees and consultants of the Company and the Company's subsidiary who had not provided services exceeding one year as of the grant date, the options will vest as follows: 1/4 The options are exercisable into the Company’s ADSs. 2 1.73% d. The following is information on options granted in 2021: Number of options granted According to the Award Plan Exercise Fair value of of the Company (1) price for 1 options on date of Other than to Ads grant in U.S. dollars Date of BoD directors (1) To directors (1) (2) Total $) in thousands (3) March 2021 40,500 — 40,500 9.44 151 April 2021 2,036,440 — 2,036,440 7.08 8,274 May 2021 22,500 — 22,500 7.05 90 July 2021 17,000 310,341 327,341 6.9 - 7.08 1,377 August 2021 53,500 53,500 6.97 - 7.18 210 September 2021 12,000 — 12,000 4.56 31 November 2021 24,500 — 24,500 4.54 63 December 2021 17,000 — 17,000 2.65 26 2,223,440 310,341 2,533,781 10,222 1) The options will vest as follows: for directors, employees and consultants of the Company and the Company's subsidiary who had provided services exceeding one year as of the grant date, options will vest in 16 equal quarterly installments over a four-year period. For directors, employees and consultants of the Company and the Company's subsidiary who had not provided services exceeding one year as of the grant date, the options will vest as follows: 1/4 of the options will vest one year following the grant date and the rest will vest over 12 equal quarterly installments. During the contractual term, the options will be exercisable, either in full or in part, from the vesting date until the end of 10 years from the date of grant . 2) The general meeting of the Company’s shareholders held on July 26, 2021 (the “July 2021 AGM”), subsequent to approval of the Company’s BoD, approved the grant of 310,341 options under the Company’s Award Plan, to directors and to the Company's Chief Executive Officer. 3) The fair value of the options was computed using the binomial model and the underlying data used was mainly the following: price of the Company’s ADSs: $4.28 - $9.19 , expected volatility: 64.05% - 66.65% , risk-free interest rate: 1.26% - 1.73% and the expected term was derived based on the contractual term of the options, the expected exercise behavior and expected post-vesting forfeiture rates. The expected volatility assumption used in based on the historical volatility of the Company’s ordinary share. 4) Exchange of options to purchase the Company’s ADSs: a. On April 26, 2021, the Company made an o ffer ( the “Exchange Offer”) to eligible option holders (as defined in the offer), subject to specified conditions, to exchange some or all of their outstanding options to purchase ADSs ( the “Exchanged Options”) for new options to purchase ADSs ( the “New Options” ). On May 26, 2021, concurrently with the expiration of the Exchange Offer, the Company granted New Options to purchase 2,805,281 ADSs of the Company, pursuant to the terms of the Exchange Offer and the Company’s Amended and Restated Award Plan (2010). The New Options have lower exercise price per ADS than the Exchanged Options and subject to meeting certain performance conditions, specified in the Exchange Offer, may be further lowered. Other than the exercise price, each New Option has the same expiration date, vesting schedule and other terms as the Exchanged Options . b. The incremental compensation expense recognized by the Company has been measured as the excess of the fair value of each New Option granted, as of the date the New Options were granted, over the fair value of the Exchanged Options, measured immediately prior to the exchange. The total incremental value measured by the Company is approximately $3.5 million, of which $3.3 million was recognized as an expense for the year ended December 31, 2021. The remaining incremental value will be recognized over the remaining vesting period of the New Options. c.
Schedule of information on RSUs granted	Fair value of Number of RSUs granted RSUs on date of According to the Award Plan of the Company grant in U.S. dollars Date of BoD Other than to Directors To directors (4) Total in thousands (5) January 2022 (1) 1,920,500 140,000 2,060,500 5,712 March 2022 (1) 96,000 — 96,000 160 April 2022(1) 35,000 — 35,000 87 June 2022 (2) 2,018,500 165,000 2,183,500 1,878 July 2022 (2) 65,000 — 65,000 56 September 2022 (3) 370,279 51,030 421,309 352 November 2022 (3) 603,416 603,416 380 Total 5,108,695 356,030 5,464,725 8,625 1) 2) 3) 4) In addition, In June 2022 September 2022 5) The fair value of the RSUs were determined based on the price of an ADS on the date the RSUs were granted. c. During 2022, approximately 2.7 million options and RSUs were forfeited, resulting in $4.5 million in reversed expenses .
Schedule of number of shares and weighted averages of exercise prices	Year Ended December 31, 2022 2021 Weighted Weighted average of average of Number of exercise Number of exercise options price ($) options price ($) Outstanding at beginning of year 6,821,491 6.50 5,428,803 9.08 Exercised — 7.08 (565,998) 7.08 Expired and forfeited (1,573,138) 6.82 (575,095) 8.02 Granted 11,000 2.02 2,533,781 7.05 Outstanding at end of year 5,259,353 6.39 6,821,491 6.50 Exercisable at end of year 3,950,491 6.23 3,615,662 6.14
Schedule of number of RSU,s	Year Ended December 31, 2022 2021 Number of Number of RSUs RSUs Outstanding at beginning of year — — Exercised (486,504) — Expired and forfeited (1,154,435) — Granted 5,286,695 — Outstanding at end of year 3,645,756 —
Schedule of information about exercise price and remaining useful life of outstanding options	Year Ended December 31, 2022 2021 Number of Number of options Weighted options Weighted outstanding average of outstanding average of at end of Exercise price remaining at end of Exercise price remaining year range useful life year range useful life 5,259,353 $1.67-$15.6 5.2 6,821,491 $2.65-$15.6 6.8
Schedule of expenses recognized in profit or loss	Year Ended December 31, 2022 2021 2020 U.S. dollars in thousands 5,675 10,212 4,202

NET REVENUES (Tables)

NET REVENUES (Tables)	12 Months Ended
NET REVENUES (Tables)	Dec. 31, 2022
NET REVENUES
Schedule of net revenues	Year Ended December 31, 2022 2021 2020 U.S dollars in thousands Licensing revenues (1) 2,000 — — Movantik® revenues 52,098 76,767 59,356 Sales of Other products 7,702 8,990 5,003 61,800 85,757 64,359 1) See also note 15(7) above .

RESEARCH AND DEVELOPMENT EXPE_2

RESEARCH AND DEVELOPMENT EXPENSES (Tables)	12 Months Ended
RESEARCH AND DEVELOPMENT EXPENSES (Tables)	Dec. 31, 2022
RESEARCH AND DEVELOPMENT EXPENSES.
Schedule of research and development expenses	Year Ended December 31, 2022 2021 2020 U.S. dollars in thousands Payroll and related expenses 661 839 636 Professional services 1,210 1,821 1,752 Share-based payments 1,151 1,910 883 Clinical and pre-clinical trials 3,872 23,905 12,569 Intellectual property development 180 349 298 Other 205 674 353 7,279 29,498 16,491

SELLING AND MARKETING EXPENSES

SELLING AND MARKETING EXPENSES (Tables)	12 Months Ended
SELLING AND MARKETING EXPENSES (Tables)	Dec. 31, 2022
SELLING AND MARKETING EXPENSES
Schedule of selling, marketing and business development expenses	Year Ended December 31, 2022 2021 2020 U.S. dollars in thousands Payroll and related expenses 19,235 24,227 20,756 Share-based payments 553 2,570 1,464 Professional services 6,596 17,441 18,957 Samples 836 1,008 438 Travel, Fleet, meals and related expenses 5,136 7,305 5,729 Office-related expenses 1,510 1,285 957 Other 1,576 1,787 984 35,442 55,623 49,285

GENERAL AND ADMINISTRATIVE EX_2

GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	12 Months Ended
GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	Dec. 31, 2022
GENERAL AND ADMINISTRATIVE EXPENSES
Schedule of general and administrative expenses	Year Ended December 31, 2022 2021 2020 U.S. dollars in thousands Payroll and related expenses 10,521 11,974 11,159 Share-based payments 3,971 5,732 1,855 Professional services and supply chain 10,787 11,040 9,132 Medical affairs 1,214 1,600 1,052 Office-related expenses 1,434 1,438 1,168 Other 659 581 1,009 28,586 32,365 25,375

FINANCIAL EXPENSES, net (Tables

FINANCIAL EXPENSES, net (Tables)	12 Months Ended
FINANCIAL EXPENSES, net (Tables)	Dec. 31, 2022
FINANCIAL EXPENSES, net
Schedule of financial income, net	Year Ended December 31, 2022 2021 2020 U.S dollars in thousands Financial income: Fair value gains on derivative financial instruments 13,422 — — Gains on financial assets at fair value through profit or loss — — 94 Interest from bank deposits 140 51 176 13,562 51 270 Financial expenses: Interest for lease liabilities 430 395 405 Issuance costs with respect of warrants 958 — — Loss from changes in exchange rates 40 28 9 Interest and royalties expenses related to borrowing and payable in respect of intangible assets purchase 40,903 16,172 12,045 Other 56 65 300 42,387 16,660 12,759 Financial expenses (income), 28,825 16,609 12,489

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
SEGMENT INFORMATION (Tables)	Dec. 31, 2022
SEGMENT INFORMATION
Schedule of segment profitability and reconciliation to consolidated net loss and comprehensive loss	Year Ended December 31, 2022 2021 2020 U.S. dollars in thousands Commercial Operations Segment Adjusted EBITDA (16,595) (15,527) (27,236) Research And Development Adjusted EBITDA (12,420) (37,247) (23,501) Financial expenses (income), net 28,825 16,609 12,489 Share-based compensation to employees and service providers 5,675 10,212 4,202 Depreciation 2,136 1,914 1,710 Amortization and impairment of intangible assets 6,018 16,235 7,035 Consolidated Comprehensive loss 71,669 97,744 76,173
Schedule of percentages of total net revenues from major customers	Year Ended December 31, 2022 2021 2020 Customer A 32% 32% 35% Customer B 30% 31% 28% Customer C 33% 32% 35%

LOSS PER ORDINARY SHARE (Tables

LOSS PER ORDINARY SHARE (Tables)	12 Months Ended
LOSS PER ORDINARY SHARE (Tables)	Dec. 31, 2022
LOSS PER ORDINARY SHARE
Schedule of basic loss per share	Year Ended December 31, 2022 2021 2020 Loss (U.S. dollars in thousands) 71,669 97,744 76,173 Weighted average number of ordinary shares outstanding during the period (in thousands) 619,299 465,273 364,276 Basic loss per share (U.S. dollars) 0.12 0.21 0.21

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	12 Months Ended
RELATED PARTIES (Tables)	Dec. 31, 2022
RELATED PARTIES
Schedule of key management compensation:	Year Ended December 31, 2022 2021 2020 U.S. dollars in thousands Key management compensation: Salaries and other short-term employee benefits 1,486 1,668 1,526 Post-employment benefits 64 91 61 Share-based payments 1,041 1,611 661 Other long-term benefits 44 54 33
Schedule of balances with related parties	December 31, 2022 2021 U.S. dollars in thousand Current liabilities - Credit balance in “accrued expenses and other current liabilities” 191 399

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	Dec. 31, 2022
Computer equipment
Accounting Policies [Line Items]
Depreciation rate (as a percent)	33%
Office furniture and equipment \| Minimum
Accounting Policies [Line Items]
Depreciation rate (as a percent)	8%
Office furniture and equipment \| Maximum
Accounting Policies [Line Items]
Depreciation rate (as a percent)	15%

CRITICAL ACCOUNTING ESTIMATES_2

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (Details) $ in Millions		1 Months Ended	12 Months Ended
	Jun. 30, 2022 USD ($)	Apr. 30, 2020	Dec. 31, 2022 USD ($)
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Impairment loss			$ 0
Movantik
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Impairment loss	$ 0
Useful life of assets (in years)		10 years 6 months	12 years 6 months
Weighted average cost of capital
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Significant unobservable input			15.9

FINANCIAL INSTRUMENTS AND FIN_3

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Jun. 30, 2022	Jun. 17, 2022	Dec. 31, 2021	Apr. 01, 2021	Mar. 31, 2021
Financial instruments
Percentage of currency stronger against the NIS	5%
Fair value of borrowing	$ 115			$ 96
Payable in respect of intangible assets purchase balances	$ 11			$ 23
Increase to interest rate (as a percent)		0.50%
Trailing four fiscal quarter periods ending June 30, 2022, and September 30, 2022
Financial instruments
Borrowings covenant, minimum net sales requirement			$ 75
Each fiscal quarter thereafter
Financial instruments
Borrowings covenant, minimum net sales requirement			$ 90
Quarters ending June 30, 2022, and September 30, 2022
Financial instruments
Borrowings, interest rate			7.20%
Increase to interest rate (as a percent)			0.50%
Maximum
Financial instruments
Maturity periods for cash balances in highly-rated bank deposits	1 year
Portfolio invested in a single bond issuer (as a percent)	10%
Movantik \| Each fiscal quarter starting the fiscal quarter ending June 30, 2022
Financial instruments
Borrowings covenant, minimum net sales requirement			$ 14
Fixed rate
Financial instruments
Borrowings, interest rate					6.70%	8.20%
Fixed rate \| Quarters ending June 30, 2022, and September 30, 2022
Financial instruments
Borrowings, interest rate			7.20%
Fixed rate \| Thereafter
Financial instruments
Borrowings, interest rate			6.70%
3-month LIBOR floor rate
Financial instruments
Spread rate	4.80%
Borrowings, interest rate						1.75%
3-month LIBOR floor rate \| Quarters ending June 30, 2022, and September 30, 2022
Financial instruments
Borrowings, interest rate			1.75%

FINANCIAL INSTRUMENTS AND FIN_4

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - By contractual maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial instruments
Financial liabilities	$ 162,216	$ 187,556
Restricted cash	150	16,169
Cost
Financial instruments
Financial liabilities	156,777	141,602
Less than 1 year
Financial instruments
Financial liabilities	150,768	61,428
2-5 years
Financial instruments
Financial liabilities	4,276	115,777
More than five years
Financial instruments
Financial liabilities	7,172	10,351
Accounts payable
Financial instruments
Financial liabilities	4,230	11,664
Accounts payable \| Cost
Financial instruments
Financial liabilities	4,230	11,664
Accounts payable \| Less than 1 year
Financial instruments
Financial liabilities	4,230	11,664
Lease liabilities
Financial instruments
Financial liabilities	11,525	4,662
Lease liabilities \| Cost
Financial instruments
Financial liabilities	7,475	4,192
Lease liabilities \| Less than 1 year
Financial instruments
Financial liabilities	1,723	2,109
Lease liabilities \| 2-5 years
Financial instruments
Financial liabilities	4,079	2,553
Lease liabilities \| More than five years
Financial instruments
Financial liabilities	5,723
Accrued expenses and other current liabilities
Financial instruments
Financial liabilities	17,949	20,896
Accrued expenses and other current liabilities \| Cost
Financial instruments
Financial liabilities	17,949	20,896
Accrued expenses and other current liabilities \| Less than 1 year
Financial instruments
Financial liabilities	17,949	20,896
Borrowing
Financial instruments
Financial liabilities	115,216	125,372
Borrowing \| Cost
Financial instruments
Financial liabilities	115,216	83,620
Borrowing \| Less than 1 year
Financial instruments
Financial liabilities	115,216	9,159
Borrowing \| 2-5 years
Financial instruments
Financial liabilities		107,213
Borrowing \| More than five years
Financial instruments
Financial liabilities		9,000
Payable in respect of intangible assets purchase
Financial instruments
Financial liabilities	11,650	22,600
Payable in respect of intangible assets purchase \| Cost
Financial instruments
Financial liabilities	11,157	20,480
Payable in respect of intangible assets purchase \| Less than 1 year
Financial instruments
Financial liabilities	11,650	17,600
Payable in respect of intangible assets purchase \| 2-5 years
Financial instruments
Financial liabilities		5,000
Royalty obligation
Financial instruments
Financial liabilities	1,646	2,362
Royalty obligation \| Cost
Financial instruments
Financial liabilities	750	750
Royalty obligation \| 2-5 years
Financial instruments
Financial liabilities	197	1,011
Royalty obligation \| More than five years
Financial instruments
Financial liabilities	$ 1,449	$ 1,351

FINANCIAL INSTRUMENTS AND FIN_5

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - Changes in derivative liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
Initial recognition of financial liability	$ 16,375
Initial recognition of unrecognized day 1 loss	(330)
Fair value adjustments recognized in profit or loss	(13,422)
Balance at end of the period	$ 2,623

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
IFRS Cash And Cash Equivalents [Line Items]
Cash in bank	$ 13,323	$ 28,890
Short-term bank deposits	6,645	584
Cash and cash equivalents	$ 19,968	$ 29,474	$ 29,295	$ 29,023
Minimum
IFRS Cash And Cash Equivalents [Line Items]
Bank deposits, annual interest rate	1.88%
Maximum
IFRS Cash And Cash Equivalents [Line Items]
Bank deposits, term	3 months
Bank deposits, annual interest rate	4.30%

PREPAID EXPENSES AND OTHER RE_3

PREPAID EXPENSES AND OTHER RECEIVABLES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
PREPAID EXPENSES AND OTHER RECEIVABLES
Advance to suppliers	$ 1,033	$ 632
Government institutions	831	847
Prepaid expenses and others	2,523	3,182
Total prepaid expenses and other receivables	$ 4,387	$ 4,661

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
INVENTORY
Raw materials	$ 1,797	$ 3,012
Work in progress	2,385	5,195
Finished goods	6,827	6,603
Total inventory	11,009	14,810
Inventories recognized as part of cost of revenues	9,700	7,700
Inventories, at net realisable value	$ 2,400	$ 300

FIXED ASSETS (Details)

FIXED ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
FIXED ASSETS (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fixed assets
Accumulated depreciation	$ 1,076	$ 809
Fixed assets	502	572
Cost
Fixed assets
Fixed assets	1,578	1,381
Office furniture and equipment (including computers)
Fixed assets
Accumulated depreciation	933	677
Fixed assets	266	347
Office furniture and equipment (including computers) \| Cost
Fixed assets
Fixed assets	1,199	1,024
Leasehold improvements
Fixed assets
Accumulated depreciation	143	132
Fixed assets	236	225
Leasehold improvements \| Cost
Fixed assets
Fixed assets	$ 379	$ 357

LEASES (Details)

LEASES (Details) - USD ($)	12 Months Ended
LEASES (Details) - USD ($)	Dec. 31, 2022	Dec. 31, 2021
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	$ 6,692,000	$ 3,651,000
Lease liabilities:
Current	1,032,000	1,618,000
Non-current	6,443,000	2,574,000
Lease liabilities	7,475,000	4,192,000
Additions to right-of-use assets	5,600,000	400,000
Additions to lease liabilities	5,600,000	400,000
Decrease in lease liabilities	500,000
Decrease in right of use asset	500,000
Depreciation charge of right-of-use assets	1,869,000	1,890,000
Interest expense	430,000	355,000
Foreign exchange differences	(140,000)	32,000
Cash outflow for leases	2,000,000	1,900,000
Projected yearly rental for the first four years	400,000
Projected yearly rental for the next 8 years	$ 900,000
Weighted average lessee's incremental annual borrowing rate applied to lease liabilities	9.90%
Properties
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	$ 5,630,000	1,986,000
Lease liabilities:
Depreciation charge of right-of-use assets	924,000	608,000
Vehicles
Disclosure of quantitative information about right-of-use assets [line items]
Right-of-use assets	1,062,000	1,665,000
Lease liabilities:
Depreciation charge of right-of-use assets	$ 945,000	$ 1,282,000

INTANGIBLE ASSETS - Changes in

INTANGIBLE ASSETS - Changes in Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of changes in intangible assets
Balance at beginning of year	$ 71,644
Amortization and impairment charges	(6,018)	$ (16,235)	$ (7,035)
Balance at end of year	65,626	71,644
R&D assets
Reconciliation of changes in intangible assets
Balance at beginning of year	5,641
Balance at end of year	5,609	5,641
R&D assets \| Cost
Reconciliation of changes in intangible assets
Balance at beginning of year	5,757	5,757
Balance at end of year	5,757	5,757	5,757
R&D assets \| Accumulated amortization
Reconciliation of changes in intangible assets
Balance at beginning of year	(116)	(50)
Amortization charges	(32)	(66)
Balance at end of year	(148)	(116)	(50)
Commercialization assets
Reconciliation of changes in intangible assets
Balance at beginning of year	66,003
Balance at end of year	60,017	66,003
Commercialization assets \| Cost
Reconciliation of changes in intangible assets
Balance at beginning of year	89,373	89,373
Balance at end of year	89,373	89,373	89,373
Commercialization assets \| Accumulated impairments and amortization
Reconciliation of changes in intangible assets
Balance at beginning of year	(23,370)	(7,201)
Amortization and impairment charges	(5,986)	(16,169)
Balance at end of year	$ (29,356)	$ (23,370)	$ (7,201)

INTANGIBLE ASSETS - Narrative (

INTANGIBLE ASSETS - Narrative (Details)		1 Months Ended	12 Months Ended
INTANGIBLE ASSETS - Narrative (Details)	Jun. 30, 2022 USD ($)	Apr. 30, 2020	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Reconciliation of changes in intangible assets
Impairment loss			$ 0
Movantik
Reconciliation of changes in intangible assets
Useful life of assets (in years)		10 years 6 months	12 years 6 months
Impairment loss	$ 0
Weighted average cost of capital ("WACC") used to discount asset's cash flows	17.8
Aemcolo
Reconciliation of changes in intangible assets
Useful life of assets (in years)			11 years
Impairment loss				$ 8,900,000
Talicia
Reconciliation of changes in intangible assets
Useful life of assets (in years)			15 years

LIABILITY FOR EMPLOYEE RIGHTS_2

LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT
Defined contribution plans expense	$ 261,000	$ 285,000	$ 214,000

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued expenses	$ 16,168	$ 17,233
Employees and related liabilities	1,667	3,496
Government institutions	114	167
Accrued expenses and other current liabilities	$ 17,949	$ 20,896

ALLOWANCE FOR DEDUCTIONS FROM_3

ALLOWANCE FOR DEDUCTIONS FROM REVENUES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of other provisions [line items]
Balance at beginning of the period	$ 30,711	$ 18,343	$ 1,267
Increases	126,425	95,491	59,138
Decreases (utilized)	(110,723)	(82,812)	(41,428)
Adjustments	1,457	(311)	(634)
Balance at end of the period	47,870	30,711	18,343
Rebates and patient discount programs
Disclosure of other provisions [line items]
Balance at beginning of the period	29,742	16,380	1,001
Increases	123,878	94,640	56,669
Decreases (utilized)	(108,531)	(80,633)	(40,656)
Adjustments	1,547	(645)	(634)
Balance at end of the period	46,636	29,742	16,380
Product returns
Disclosure of other provisions [line items]
Balance at beginning of the period	969	1,963	266
Increases	2,547	851	2,469
Decreases (utilized)	(2,192)	(2,179)	(772)
Adjustments	(90)	334
Balance at end of the period	$ 1,234	$ 969	$ 1,963

BORROWING (Details)

BORROWING (Details) - USD ($) $ in Millions			12 Months Ended
BORROWING (Details) - USD ($) $ in Millions	Mar. 31, 2020	Mar. 12, 2020	Dec. 31, 2022	Sep. 29, 2022	Jun. 30, 2022	Jun. 17, 2022	Apr. 01, 2021	Mar. 31, 2021
Disclosure of detailed information about borrowings [line items]
Increase to interest rate (as a percent)					0.50%
Trailing four fiscal quarter periods ending June 30, 2022, and September 30, 2022
Disclosure of detailed information about borrowings [line items]
Borrowings covenant, minimum net sales requirement						$ 75
Each fiscal quarter thereafter
Disclosure of detailed information about borrowings [line items]
Borrowings covenant, minimum net sales requirement						$ 90
Quarters ending June 30, 2022, and September 30, 2022
Disclosure of detailed information about borrowings [line items]
Increase to interest rate (as a percent)						0.50%
Interest rate (as a percent)						7.20%
Trailing four fiscal quarters periods ending September 30,2022
Disclosure of detailed information about borrowings [line items]
Borrowings covenant, minimum net sales requirement			$ 75
Trailing four fiscal quarter periods ending December 31, 2022
Disclosure of detailed information about borrowings [line items]
Borrowings covenant, minimum net sales requirement			90
Movantik \| Each fiscal quarter starting the fiscal quarter ending June 30, 2022
Disclosure of detailed information about borrowings [line items]
Borrowings covenant, minimum net sales requirement						$ 14
Movantik \| Trailing four fiscal quarter periods ending December 31, 2022
Disclosure of detailed information about borrowings [line items]
Borrowings covenant, minimum net sales requirement			$ 14
3-month LIBOR floor rate
Disclosure of detailed information about borrowings [line items]
Spread rate			4.80%
Interest rate (as a percent)								1.75%
3-month LIBOR floor rate \| Quarters ending June 30, 2022, and September 30, 2022
Disclosure of detailed information about borrowings [line items]
Interest rate (as a percent)						1.75%
Fixed rate
Disclosure of detailed information about borrowings [line items]
Interest rate (as a percent)							6.70%	8.20%
Fixed rate \| Quarters ending June 30, 2022, and September 30, 2022
Disclosure of detailed information about borrowings [line items]
Interest rate (as a percent)						7.20%
Fixed rate \| Thereafter
Disclosure of detailed information about borrowings [line items]
Interest rate (as a percent)						6.70%
HCRM
Disclosure of detailed information about borrowings [line items]
Maturity term			6 years
Term, no principal payments required			3 years
Percentage of principal amount of term loan being repaid or prepaid			4%
Borrowing adjustment			$ 29.3
Restricted cash transferred to collateral bank account				$ 16
HCRM \| Period from January 1, 2021, to December 31, 2029
Disclosure of detailed information about borrowings [line items]
Percentage of royalty income on net revenues			4%
HCRM \| Period for trailing four quarters ending March 31, 2021
Disclosure of detailed information about borrowings [line items]
Interest rate (as a percent)			6.70%
HCRM \| Fixed rate \| Period from January 1, 2021, to December 31, 2029
Disclosure of detailed information about borrowings [line items]
Interest rate (as a percent)			8.20%
HCRM \| Minimum \| Period from January 1, 2021, to December 31, 2029
Disclosure of detailed information about borrowings [line items]
Spread rate			1.75%
HCRM \| Maximum \| Period from January 1, 2021, to December 31, 2029
Disclosure of detailed information about borrowings [line items]
Royalty income			$ 75
HCRM \| Weighted average
Disclosure of detailed information about borrowings [line items]
Interest rate (as a percent)			16.50%
HCRM \| Credit Agreement
Disclosure of detailed information about borrowings [line items]
Term loan received		$ 30
HCRM \| Credit Agreement, second tranche
Disclosure of detailed information about borrowings [line items]
Term loan received	$ 50

BORROWING - Reconciliation of l

BORROWING - Reconciliation of liabilities arising from financing activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Borrowing
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	$ 83,620	$ 81,386
Proceeds from borrowings			$ 78,061
Principal and interest payments	(7,507)	(9,701)	(6,246)
Interest expense	39,103	11,935	9,571
Ending balance	115,216	83,620	81,386
Payable in respect of intangible assets purchase
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	20,480	24,746
Principal and interest payments	(11,123)	(8,500)
Addition during the year			22,288
Interest expense	1,800	4,234	2,458
Ending balance	11,157	20,480	24,746
Lease liabilities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	4,192	5,517	3,815
Principal and interest payments	(2,010)	(2,107)	(1,802)
Addition during the year	5,003	385	2,930
Interest expense	430	355	406
Foreign exchange movement	(140)	42	168
Ending balance	$ 7,475	$ 4,192	$ 5,517

COMMITMENTS - Agreements to Pur

COMMITMENTS - Agreements to Purchase Intellectual Property (Details)	Jun. 30, 2014 USD ($)	Aug. 11, 2010 USD ($) item	Dec. 31, 2022 USD ($) shares	May 31, 2022 shares	Dec. 31, 2021 USD ($)	Oct. 17, 2019 USD ($) shares	Dec. 31, 2018 USD ($)	Mar. 30, 2015 USD ($)
Commercialization rights
Commitments
Commercialization rights at fair value						$ 11,800,000
Australian Asset Purchase Agreement
Commitments
Number of therapeutic candidates \| item		3
Upfront initial payment per agreement		$ 500,000
Aggregate payments made			$ 1,500,000
Australian Asset Purchase Agreement \| Minimum
Commitments
Percentage of revenues to be paid in the future		7%
Australian Asset Purchase Agreement \| Maximum
Commitments
Percentage of revenues to be paid in the future		20%
German Publicly Traded Company Arrangement
Commitments
Upfront initial payment per agreement	$ 1,000,000
German Publicly Traded Company Arrangement \| Maximum
Commitments
Royalties percentage	30%
U.S. Private Company Arrangement
Commitments
Milestones to be paid								$ 2,000,000
Non-current liability			750,000		$ 750,000		$ 500,000
Aggregate payments made			$ 3,000,000					1,500,000
Cosmo Pharmaceuticals N.V. Strategic Collaboration \| Cosmo Pharmaceuticals N.V.
Commitments
Investment in strategic collaboration						36,300,000
Cosmo Pharmaceuticals N.V. Strategic Collaboration \| Maximum
Commitments
Commitments in relation to joint ventures						$ 100,000,000
Revenue Milestone \| U.S. Private Company Arrangement \| Maximum
Commitments
Milestones to be paid								$ 2,000,000
ADS
Commitments
Number of shares issued \| shares			486,504	10,563,380
Ordinary shares \| Cosmo Pharmaceuticals N.V. Strategic Collaboration \| Cosmo Pharmaceuticals N.V.
Commitments
Number of shares issued \| shares						5,185,715
Ordinary shares \| Cosmo Pharmaceuticals N.V. Strategic Collaboration \| Cosmo Technologies Ltd.
Commitments
Number of shares issued \| shares						1,714,286
Ordinary shares \| ADS
Commitments
Number of shares issued \| shares			32,000,000

COMMITMENTS - Movantik Acquisit

COMMITMENTS - Movantik Acquisition (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Apr. 01, 2020	Apr. 30, 2020	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2021	Mar. 11, 2021	Jul. 14, 2020
Disclosure of detailed information about intangible assets [line items]
Payment for acquisition of rights				$ 53,368
Agreement amount payable for acquisition of rights			$ 11,000		$ 23,000
Intangible assets			$ 65,626		$ 71,644
Movantik
Disclosure of detailed information about intangible assets [line items]
Percentage of royalty based on sales			20%
Intangible assets			$ 12,500
Present value of total consideration			$ 65,000
Useful life of assets (in years)		10 years 6 months	12 years 6 months
Aemcolo
Disclosure of detailed information about intangible assets [line items]
Useful life of assets (in years)			11 years
AstraZeneca AB \| Movantik
Disclosure of detailed information about intangible assets [line items]
Payment for acquisition of rights	$ 52,500
Agreement amount payable for acquisition of rights						$ 16,000	$ 15,500
Increase in agreement amount payable for acquisition of rights						$ 500

COMMITMENTS - DSI Agreement (De

COMMITMENTS - DSI Agreement (Details) - USD ($) $ in Thousands		1 Months Ended	12 Months Ended
	Jul. 01, 2020	May 31, 2022	Dec. 31, 2022	Dec. 31, 2021	Mar. 11, 2021	Jul. 31, 2020	Jul. 14, 2020
Disclosure of classes of share capital [line items]
Agreement amount payable for acquisition of rights			$ 11,000	$ 23,000
Intangible assets			$ 65,626	$ 71,644
ADS
Disclosure of classes of share capital [line items]
Number of shares issued		10,563,380	486,504
Net proceeds from issuing shares		$ 14,400
ADS \| At-the-market equity offering program
Disclosure of classes of share capital [line items]
Number of shares issued			1,223,292	87,624
Net proceeds from issuing shares			$ 2,000	$ 800
Movantik
Disclosure of classes of share capital [line items]
Intangible assets			12,500
Present value of future milestone payments			10,500
Movantik \| AstraZeneca AB
Disclosure of classes of share capital [line items]
Agreement amount payable for acquisition of rights					$ 16,000		$ 15,500
Movantik \| DSI
Disclosure of classes of share capital [line items]
Royalty-bearing agreement, payments and settlements	$ 15,100
Movantik \| DSI \| ADS
Disclosure of classes of share capital [line items]
Number of shares issued						283,387
Financial component of issuance of stock			$ 2,000
Less than 1 year \| Movantik \| DSI
Disclosure of classes of share capital [line items]
Royalty-bearing agreement, payments and settlements	5,100
July 2022 \| Movantik \| DSI
Disclosure of classes of share capital [line items]
Royalty-bearing agreement, payments and settlements	5,000
February 2023 \| Movantik \| DSI
Disclosure of classes of share capital [line items]
Royalty-bearing agreement, payments and settlements	$ 5,000

COMMITMENTS - License Agreement

COMMITMENTS - License Agreements (Details) - USD ($) $ in Thousands		1 Months Ended		12 Months Ended
	Sep. 02, 2022	Apr. 30, 2022	Mar. 31, 2022	Dec. 31, 2022
Disclosure of detailed information about intangible assets [line items]
Licensing revenue				$ 2,000
Kukbo Co. Ltd. \| Subscription agreement
Disclosure of detailed information about intangible assets [line items]
Default amount	$ 5,000
Kukbo Co. Ltd. \| Exclusive license agreement
Disclosure of detailed information about intangible assets [line items]
Upfront payments received			$ 1,500
Milestones to be paid			$ 5,600
Default amount	$ 1,500
Gaelan \| Talicia
Disclosure of detailed information about intangible assets [line items]
Upfront payments received		$ 2,000
Licensing revenue				$ 2,000

INCOME TAX (Details)

INCOME TAX (Details) - USD ($) $ in Millions	12 Months Ended
INCOME TAX (Details) - USD ($) $ in Millions	Dec. 31, 2022	Dec. 31, 2021
Income Tax [Line Items]
Deductible temporary differences	$ 14	$ 20
Israel
Income Tax [Line Items]
Corporate tax rate	23%
Net operating losses	$ 283
U.S.
Income Tax [Line Items]
Corporate tax rate	21%
Net operating losses	$ 72
U.S. \| Net operating losses expiring in 2037
Income Tax [Line Items]
Net operating losses	10
U.S. \| Net operating losses with no expiration
Income Tax [Line Items]
Net operating losses	$ 62

SHARE CAPITAL (Details)

SHARE CAPITAL (Details) $ / shares in Units, $ in Millions	1 Months Ended			12 Months Ended
SHARE CAPITAL (Details) $ / shares in Units, $ in Millions	Dec. 31, 2022 USD ($) $ / shares shares	May 31, 2022 USD ($) $ / shares shares	Oct. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) $ / shares shares	Dec. 31, 2022 ₪ / shares	May 13, 2022 ₪ / shares shares
Disclosure of classes of share capital [line items]
Par value per share \| ₪ / shares							₪ 0.01
Authorized ordinary shares \| shares							1,594,000,000
Share issuance expenses		$ 0.6
Warrant issuance expense	$ 0.6
Pre-funded warrants
Disclosure of classes of share capital [line items]
Exercise price of warrants \| $ / shares		$ 0.001
ADS
Disclosure of classes of share capital [line items]
Number of shares issued \| shares	486,504	10,563,380		486,504
Proceeds from issuance of shares		$ 14.4
At-the-market equity offering program \| ADS
Disclosure of classes of share capital [line items]
Number of shares issued \| shares	1,223,292			1,223,292	87,624
Proceeds from issuance of shares				$ 2	$ 0.8
Average share price \| $ / shares				$ 1.67	$ 9.03
At-the-market equity offering program \| ADS \| Maximum
Disclosure of classes of share capital [line items]
Proceeds from issuance of shares, gross				$ 100
Private Placements \| ADS \| Kukbo Co. Ltd.
Disclosure of classes of share capital [line items]
Authorised proceeds from issuance of shares			$ 10
Tranche One \| ADS \| Kukbo Co. Ltd.
Disclosure of classes of share capital [line items]
Number of shares issued \| shares			827,586
Proceeds from issuance of shares			$ 5
Authorised proceeds from issuance of shares			$ 5
Purchase price (per share) \| $ / shares			$ 6.04
Share premium (as a percent)			20%
Number of days weighted average in determination of share premium				30 days
Tranche Two \| ADS \| Kukbo Co. Ltd.
Disclosure of classes of share capital [line items]
Authorised proceeds from issuance of shares			$ 5
Share premium (as a percent)			20%
Number of days weighted average in determination of share premium				30 days
Consideration receivable	$ 5			$ 5
Ordinary shares.
Disclosure of classes of share capital [line items]
Par value per share \| ₪ / shares						₪ 0.01
Authorized ordinary shares \| shares	1,594,000,000			1,594,000,000	794,000,000
Issued and paid ordinary shares \| shares	931,962,000			931,962,000	524,016,000
Ordinary shares. \| ADS
Disclosure of classes of share capital [line items]
Number of shares issued \| shares	32,000,000			32,000,000
Proceeds from issuance of shares, gross	$ 8
Ordinary shares. \| Stock Options
Disclosure of classes of share capital [line items]
Number of shares issued \| shares					565,998
Proceeds from exercise of options					$ 4
Warrants.
Disclosure of classes of share capital [line items]
Share issuance expenses		0.3
Gross consideration		$ 8.1
Warrants. \| May 2022
Disclosure of classes of share capital [line items]
Risk-free interest rate				4%
Average standard deviation				81.75%
Warrants. \| ADS
Disclosure of classes of share capital [line items]
Number of warrants to purchase shares \| shares	32,000,000			32,000,000
Warrants issued \| shares		13,204,225
Warrants, exercisable term	5 years	6 months
Warrants term		5 years 6 months
Exercise price of warrants \| $ / shares	$ 0.25	$ 1.48		$ 0.25
Risk-free interest rate				3.99%
Average standard deviation				81.71%
Equity component
Disclosure of classes of share capital [line items]
Share issuance expenses		$ 0.3
Gross consideration		$ 6.9
Preferred shares
Disclosure of classes of share capital [line items]
Authorized preferred shares (reserved) \| shares	6,000,000			6,000,000	6,000,000

SHARE-BASED PAYMENTS (Details)

SHARE-BASED PAYMENTS (Details)		1 Months Ended			12 Months Ended
SHARE-BASED PAYMENTS (Details)	Jul. 26, 2021 USD ($)	Sep. 30, 2022 USD ($) shares	Jun. 30, 2022 USD ($) shares	May 31, 2022 USD ($) shares	Dec. 31, 2022 USD ($) Option EquityInstruments installment $ / shares shares	Dec. 31, 2021 USD ($) Option installment $ / shares	Dec. 31, 2020 USD ($)
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted \| Option					11,000	2,533,781
Exercise price for 1 ADS ($) \| $ / shares					$ 2.02	$ 7.05
Number of RSUs granted \| EquityInstruments					5,286,695
Expense recognized					$ 5,675,000	$ 10,212,000	$ 4,202,000
Number of options cancelled \| Option					1,573,138	575,095
Each option exercisable into number of ordinary shares, ratio \| Option					3,950,491	3,615,662
Stock Options \| Exchange Offer
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted					2,805,281
Incremental value measured					$ 3,500,000
Expense recognized					$ 3,300,000
Stock Options \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price for 1 ADS ($) \| $ / shares					$ 4.3
Expected volatility					58.80%
Risk free interest rate					0.01%
Stock Options \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price for 1 ADS ($) \| $ / shares					$ 7
Expected volatility					65.28%
Risk free interest rate					2.31%
Stock Options \| 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted	310,341					2,533,781
Fair value on date of grant						$ 10,222,000
Option term						10 years
Stock Options \| 2021 \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Price of the Company's ordinary shares \| $ / shares						$ 4.28
Expected volatility						64.05%
Risk free interest rate						1.26%
Stock Options \| 2021 \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Price of the Company's ordinary shares \| $ / shares						$ 9.19
Expected volatility						66.65%
Risk free interest rate						1.73%
Stock Options \| 2021 \| Vesting, services exceeding one year
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of equal quarterly vesting installments \| installment						16
Vesting period						4 years
Stock Options \| 2021 \| Vesting, services exceeding one year \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period						1 year
Stock Options \| 2021 \| Vesting, services not exceeding one year \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period						1 year
Stock Options \| 2021 \| Vesting, one year following grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period						1 year
Vesting percentage						0.25%
Stock Options \| 2021 \| Vesting, two years following grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of equal quarterly vesting installments \| installment						12
Stock Options \| March 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						40,500
Exercise price for 1 ADS ($) \| $ / shares						$ 9.44
Fair value on date of grant						$ 151,000
Stock Options \| April 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						2,036,440
Exercise price for 1 ADS ($) \| $ / shares						$ 7.08
Fair value on date of grant						$ 8,274,000
Stock Options \| May 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						22,500
Exercise price for 1 ADS ($) \| $ / shares						$ 7.05
Fair value on date of grant						$ 90,000
Stock Options \| July 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						327,341
Fair value on date of grant						$ 1,377,000
Stock Options \| July 2021 \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price for 1 ADS ($) \| $ / shares						$ 6.9
Stock Options \| July 2021 \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price for 1 ADS ($) \| $ / shares						$ 7.08
Stock Options \| August 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						53,500
Fair value on date of grant						$ 210,000
Stock Options \| August 2021 \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price for 1 ADS ($) \| $ / shares						$ 6.97
Stock Options \| August 2021 \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price for 1 ADS ($) \| $ / shares						$ 7.18
Stock Options \| September 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						12,000
Exercise price for 1 ADS ($) \| $ / shares						$ 4.56
Fair value on date of grant						$ 31,000
Stock Options \| November 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						24,500
Exercise price for 1 ADS ($) \| $ / shares						$ 4.54
Fair value on date of grant						$ 63,000
Stock Options \| December 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						17,000
Exercise price for 1 ADS ($) \| $ / shares						$ 2.65
Fair value on date of grant						$ 26,000
Stock Options \| 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value on date of grant					$ 13,000
Option term					10 years
Stock Options \| 2022 \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Price of the Company's ordinary shares \| $ / shares					$ 1.67
Expected volatility					66.94%
Risk free interest rate					1.73%
Stock Options \| 2022 \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Price of the Company's ordinary shares \| $ / shares					$ 2.45
Expected volatility					67.21%
Risk free interest rate					1.78%
Stock Options \| 2022 \| Vesting, services exceeding one year
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of equal quarterly vesting installments \| installment					16
Vesting period					4 years
Stock Options \| 2022 \| Vesting, services exceeding one year \| Minimum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Service period					1 year
Stock Options \| 2022 \| Vesting, services not exceeding one year \| Maximum
Disclosure of terms and conditions of share-based payment arrangement [line items]
Service period					1 year
Stock Options \| 2022 \| Vesting, one year following grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period					1 year
Vesting percentage					0.25%
Stock Options \| 2022 \| Vesting, two years following grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of equal quarterly vesting installments \| installment					12
Stock Options \| January 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price for 1 ADS ($) \| $ / shares					$ 2.45
Fair value on date of grant					$ 7,000
Stock Options \| March 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise price for 1 ADS ($) \| $ / shares					$ 1.67
Fair value on date of grant					$ 6,000
RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value on date of grant		$ 100,000	$ 100,000
Shares approved for grant \| shares		216,030	216,030
RSUs \| 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					5,464,725
Fair value on date of grant				$ 100,000	$ 8,625,000
Shares approved for grant \| shares				140,000
RSUs \| 2022 \| Vesting, one year following grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period					1 year
Vesting percentage					50%
RSUs \| 2022 \| Vesting, two years following grant
Disclosure of terms and conditions of share-based payment arrangement [line items]
Vesting period					2 years
Vesting percentage					50%
RSUs \| 2022 \| Vesting over three year period
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of equal quarterly vesting installments \| installment					12
Vesting period					3 years
RSUs \| 2022 \| Vesting over two year period
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of equal quarterly vesting installments \| installment					8
Vesting period					2 years
RSUs \| January 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					2,060,500
Fair value on date of grant					$ 5,712,000
RSUs \| March 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					96,000
Fair value on date of grant					$ 160,000
RSUs \| April 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					35,000
Fair value on date of grant					$ 87,000
RSUs \| June 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					2,183,500
Fair value on date of grant					$ 1,878,000
RSUs \| July 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					65,000
Fair value on date of grant					$ 56,000
RSUs \| September 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					421,309
Fair value on date of grant					$ 352,000
RSUs \| November 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					603,416
Fair value on date of grant					$ 380,000
Stock Options and RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Shares forfeited					2,700,000
Shares forfeited, reversed expenses					$ 4,500,000
Shares approved for grant \| shares					243,054,523
According to the Award Plan of the Company \| Stock Options \| 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						2,223,440
According to the Award Plan of the Company \| Stock Options \| March 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						40,500
According to the Award Plan of the Company \| Stock Options \| April 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						2,036,440
According to the Award Plan of the Company \| Stock Options \| May 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						22,500
According to the Award Plan of the Company \| Stock Options \| July 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						17,000
According to the Award Plan of the Company \| Stock Options \| August 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						53,500
According to the Award Plan of the Company \| Stock Options \| September 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						12,000
According to the Award Plan of the Company \| Stock Options \| November 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						24,500
According to the Award Plan of the Company \| Stock Options \| December 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						17,000
According to the Award Plan of the Company \| Stock Options \| 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted					11,000
According to the Award Plan of the Company \| Stock Options \| January 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted					5,000
According to the Award Plan of the Company \| Stock Options \| March 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted					6,000
According to the Award Plan of the Company \| RSUs \| 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					5,108,695
According to the Award Plan of the Company \| RSUs \| January 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					1,920,500
According to the Award Plan of the Company \| RSUs \| March 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					96,000
According to the Award Plan of the Company \| RSUs \| April 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					35,000
According to the Award Plan of the Company \| RSUs \| June 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					2,018,500
According to the Award Plan of the Company \| RSUs \| July 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					65,000
According to the Award Plan of the Company \| RSUs \| September 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					370,279
According to the Award Plan of the Company \| RSUs \| November 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					603,416
To directors \| Stock Options \| 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						310,341
To directors \| Stock Options \| July 2021
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted						310,341
To directors \| RSUs \| 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					356,030
To directors \| RSUs \| January 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					140,000
To directors \| RSUs \| June 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					165,000
To directors \| RSUs \| September 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted					51,030

SHARE-BASED PAYMENTS - Number o

SHARE-BASED PAYMENTS - Number of Options and Weighted Averages of Exercise Prices (Details)	12 Months Ended
	Dec. 31, 2022 Option $ / shares	Dec. 31, 2021 Option $ / shares
SHARE-BASED PAYMENTS
Number of options, outstanding at beginning of year \| Option	6,821,491	5,428,803
Number of options, exercised \| Option		(565,998)
Number of options, expired and forfeited \| Option	(1,573,138)	(575,095)
Number of options, granted \| Option	11,000	2,533,781
Number of options, outstanding at end of year \| Option	5,259,353	6,821,491
Number of options, exercisable at end of year \| Option	3,950,491	3,615,662
Weighted average of exercise price, outstanding at beginning of year \| $ / shares	$ 6.50	$ 9.08
Weighted average of exercise price, exercised \| $ / shares	7.08	7.08
Weighted average of exercise price, expired and forfeited \| $ / shares	6.82	8.02
Weighted average of exercise price, granted \| $ / shares	2.02	7.05
Weighted average of exercise price, outstanding at end of year \| $ / shares	6.39	6.50
Weighted average of exercise price, exercisable at end of year \| $ / shares	$ 6.23	$ 6.14

SHARE-BASED PAYMENTS - Number_2

SHARE-BASED PAYMENTS - Number of RSUs (Details)	12 Months Ended
SHARE-BASED PAYMENTS - Number of RSUs (Details)	Dec. 31, 2022 EquityInstruments
SHARE-BASED PAYMENTS
Number of RSUs, Exercised	(486,504)
Number of RSUs, Expired and forfeited	(1,154,435)
Number of RSUs, Granted	5,286,695
Number of RSUs, Outstanding at end of year	3,645,756

SHARE-BASED PAYMENTS - Informat

SHARE-BASED PAYMENTS - Information About Exercise Price and Remaining Useful Life of Outstanding Options (Details)	12 Months Ended
	Dec. 31, 2022 Option $ / shares	Dec. 31, 2021 Option $ / shares	Dec. 31, 2020 Option
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options outstanding at end of Year \| Option	5,259,353	6,821,491	5,428,803
Weighted average of remaining useful life	5 years 2 months 12 days	6 years 9 months 18 days
Minimum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price range	$ 1.67	$ 2.65
Maximum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price range	$ 15.6	$ 15.6

SHARE-BASED PAYMENTS - Expenses

SHARE-BASED PAYMENTS - Expenses Recognized in Profit or Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
SHARE-BASED PAYMENTS
Expenses recognized in profit or loss	$ 5,675	$ 10,212	$ 4,202
Unrecognized compensation expenses	$ 4,000

NET REVENUES (Details)

NET REVENUES (Details) - USD ($) $ in Thousands	12 Months Ended
NET REVENUES (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Revenues
Licensing revenues	$ 2,000
Sales of Other products	7,702	$ 8,990	$ 5,003
Revenue	61,800	85,757	64,359
Movantik
Revenues
Revenues	$ 52,098	$ 76,767	$ 59,356

RESEARCH AND DEVELOPMENT EXPE_3

RESEARCH AND DEVELOPMENT EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Research And Development Expenses Net [Line Items]
Research and development expenses	$ 7,279	$ 29,498	$ 16,491
Payroll and related expenses
Research And Development Expenses Net [Line Items]
Research and development expenses, gross	661	839	636
Professional services
Research And Development Expenses Net [Line Items]
Research and development expenses, gross	1,210	1,821	1,752
Share-based payments
Research And Development Expenses Net [Line Items]
Research and development expenses, gross	1,151	1,910	883
Clinical and pre-clinical trials
Research And Development Expenses Net [Line Items]
Research and development expenses, gross	3,872	23,905	12,569
Intellectual property development
Research And Development Expenses Net [Line Items]
Research and development expenses, gross	180	349	298
Other
Research And Development Expenses Net [Line Items]
Research and development expenses, gross	$ 205	$ 674	$ 353

SELLING AND MARKETING EXPENSE_2

SELLING AND MARKETING EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Selling Marketing And Business Development Expenses [Line Items]
Selling, and marketing expenses	$ 35,442	$ 55,623	$ 49,285
Payroll and related expenses
Selling Marketing And Business Development Expenses [Line Items]
Selling, and marketing expenses	19,235	24,227	20,756
Share-based payments
Selling Marketing And Business Development Expenses [Line Items]
Selling, and marketing expenses	553	2,570	1,464
Professional services and supply chain
Selling Marketing And Business Development Expenses [Line Items]
Selling, and marketing expenses	6,596	17,441	18,957
Samples
Selling Marketing And Business Development Expenses [Line Items]
Selling, and marketing expenses	836	1,008	438
Travel, fleet, meals and related expenses
Selling Marketing And Business Development Expenses [Line Items]
Selling, and marketing expenses	5,136	7,305	5,729
Office-related expenses
Selling Marketing And Business Development Expenses [Line Items]
Selling, and marketing expenses	1,510	1,285	957
Other
Selling Marketing And Business Development Expenses [Line Items]
Selling, and marketing expenses	$ 1,576	$ 1,787	$ 984

GENERAL AND ADMINISTRATIVE EX_3

GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
General And Administrative Expense [Line Items]
General and administrative expenses	$ 28,586	$ 32,365	$ 25,375
Payroll and related expenses
General And Administrative Expense [Line Items]
General and administrative expenses	10,521	11,974	11,159
Share-based payments
General And Administrative Expense [Line Items]
General and administrative expenses	3,971	5,732	1,855
Professional services and supply chain
General And Administrative Expense [Line Items]
General and administrative expenses	10,787	11,040	9,132
Medical affairs
General And Administrative Expense [Line Items]
General and administrative expenses	1,214	1,600	1,052
Office-related expenses
General And Administrative Expense [Line Items]
General and administrative expenses	1,434	1,438	1,168
Other
General And Administrative Expense [Line Items]
General and administrative expenses	$ 659	$ 581	$ 1,009

FINANCIAL EXPENSES, net (Detail

FINANCIAL EXPENSES, net (Details) - USD ($) $ in Thousands	12 Months Ended
FINANCIAL EXPENSES, net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
FINANCIAL EXPENSES, net
Fair value gain on derivative financial instruments	$ 13,422
Gains on financial assets at fair value through profit or loss			$ 94
Interest from bank deposits	140	$ 51	176
Financial income	13,562	51	270
Interest for lease liabilities	430	395	405
Issuance cost with respect of warrants	958
Loss from changes in exchange rates	40	28	9
Interest and royalties expenses related to borrowing and payable in respect of intangible assets purchase	40,903	16,172	12,045
Other	56	65	300
Financial expenses	42,387	16,660	12,759
Financial expenses (income), net	$ 28,825	$ 16,609	$ 12,489

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of operating segments [line items]
Financial expenses (income), net	$ 28,825	$ 16,609	$ 12,489
Share-based compensation to employees and service providers	5,675	10,212	4,202
Depreciation	2,136	1,914	1,710
Amortization and impairment of intangible assets	6,018	16,235	7,035
Consolidated Comprehensive loss	71,669	97,744	76,173
Licensing revenues	2,000
Commercial Operations
Disclosure of operating segments [line items]
Adjusted EBITDA	(16,595)	(15,527)	(27,236)
Research and Development
Disclosure of operating segments [line items]
Adjusted EBITDA	(12,420)	$ (37,247)	$ (23,501)
Licensing revenues	$ 2,000

SEGMENT INFORMATION - Major Cus

SEGMENT INFORMATION - Major Customers and Segment Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of major customers [line items]
Non-current assets	$ 72,970	$ 92,036
Intangible assets	65,626	71,644
Restricted cash	150	16,169
Right-of-use assets	6,692	$ 3,651
Israel
Disclosure of major customers [line items]
Non-current assets	6,800
Intangible assets	5,600
Right-of-use assets	900
U.S.
Disclosure of major customers [line items]
Non-current assets	66,300
Intangible assets	60,000
Right-of-use assets	$ 5,800
Minimum
Disclosure of major customers [line items]
Payment terms for customers	30 days
Maximum
Disclosure of major customers [line items]
Payment terms for customers	66 days
Customer A
Disclosure of major customers [line items]
Percentage of revenue	32%	32%	35%
Customer B
Disclosure of major customers [line items]
Percentage of revenue	30%	31%	28%
Customer C
Disclosure of major customers [line items]
Percentage of revenue	33%	32%	35%

LOSS PER ORDINARY SHARE - Basic

LOSS PER ORDINARY SHARE - Basic (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Basic
Loss (U.S. dollars in thousands)	$ 71,669	$ 97,744	$ 76,173
Weighted average number of ordinary shares outstanding during the period (in thousands)	619,299	465,273	364,276
Basic loss per share (U.S. dollars)	$ 0.12	$ 0.21	$ 0.21

RELATED PARTIES - Key Managemen

RELATED PARTIES - Key Management Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
RELATED PARTIES
Salaries and other short-term employee benefits	$ 1,486	$ 1,668	$ 1,526
Post-employment benefits	64	91	61
Share-based payments	1,041	1,611	661
Other long-term benefits	$ 44	$ 54	$ 33

RELATED PARTIES - Balances with

RELATED PARTIES - Balances with Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current liabilities
Credit balance in "accrued expenses and other current liabilities"	$ 191	$ 399

EVENTS SUBSEQUENT TO DECEMBER_2

EVENTS SUBSEQUENT TO DECEMBER 31, 2022 (Details) - USD ($) $ / shares in Units, $ in Thousands					12 Months Ended
	Apr. 03, 2023	Mar. 23, 2023	Mar. 22, 2023	Feb. 02, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Sep. 29, 2022
Disclosure of non-adjusting events after reporting period [line items]
Proceeds from issuance of ordinary shares and warrants, net of expenses					$ 23,806	$ 78,536	$ 23,867
HCRM
Disclosure of non-adjusting events after reporting period [line items]
Restricted cash transferred to collateral bank account								$ 16,000
Entry into arrangement \| HCRM
Disclosure of non-adjusting events after reporting period [line items]
Paid transaction services arrangement term				12 months
Restricted cash transferred to collateral bank account				$ 16,000
Major ordinary share transactions
Disclosure of non-adjusting events after reporting period [line items]
Exercise price of warrants	$ 5	$ 59.20	$ 1.48
Number of ordinary shares issued in exchange of ADS		400	10
Class of warrant or right, number of securities called by warrants or rights	90,000	330,106
Warrants, exercisable term	5 years
Major ordinary share transactions \| Registered Direct Offering
Disclosure of non-adjusting events after reporting period [line items]
Warrants term	9 months
Exercise price of warrants	$ 4
Proceeds from issuance of ordinary shares and warrants, net of expenses	$ 6,000
Offering expenses	$ 600
Number of shares issued	1,500,000
Major ordinary share transactions \| Unregistered Private Warrants \| Registered Direct Offering
Disclosure of non-adjusting events after reporting period [line items]
Warrants term	5 years
Exercise price of warrants	$ 4.75
Class of warrant or right, number of securities called by warrants or rights	1,500,000
Warrants amendment
Disclosure of non-adjusting events after reporting period [line items]
Warrants term	5 years
Exercise price of warrants	$ 4.75