RedHill Biopharma (RDHL) 20-F 8 Apr 24 2023 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2023 shares
Document Information [Line Items]
Document Type	20-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
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	12,746,797,800
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Document Accounting Standard	International Financial Reporting Standards
Entity Shell Company	false
Auditor Name	Kesselman & Kesselman
Auditor Location	Tel-Aviv, Israel
Auditor Firm ID	1309
Entity Central Index Key	0001553846
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
ADS
Document Information [Line Items]
Title of 12(b) Security	American Depositary Shares, each representing four hundred (400) Ordinary Shares (1)
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)
Business contact
Document Information [Line Items]
Contact Personnel Name	Razi Ingber
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 Fax Number	972-3-541-3144

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
NET REVENUES	$ 6,530	$ 61,800	$ 85,757
COST OF REVENUES	3,459	33,337	49,406
GROSS PROFIT	3,071	28,463	36,351
RESEARCH AND DEVELOPMENT EXPENSES	3,528	7,279	29,498
SELLING AND MARKETING EXPENSES	14,756	35,442	55,623
GENERAL AND ADMINISTRATIVE EXPENSES	16,219	28,586	32,365
OTHER INCOME	(44,064)
OPERATING INCOME (LOSS)	12,632	(42,844)	(81,135)
FINANCIAL INCOME	20,889	13,562	51
FINANCIAL EXPENSES	9,605	42,387	16,660
FINANCIAL INCOME (EXPENSES), net	11,284	(28,825)	(16,609)
INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) FOR THE PERIOD	$ 23,916	$ (71,669)	$ (97,744)
EARNINGS (LOSS) PER ORDINARY SHARE, basic (U.S. dollars)	$ 0.01	$ (0.12)	$ (0.21)
EARNINGS (LOSS) PER ORDINARY SHARE, diluted (U.S. dollars)	$ 0.01	$ (0.12)	$ (0.21)

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS:
Cash and cash equivalents	$ 5,569	$ 19,968
Bank deposits		15
Restricted cash	790	16,000
Trade receivables	2,591	34,521
Prepaid expenses and other receivables	2,801	4,387
Inventory	4,389	11,009
Total current assets	16,140	85,900
NON-CURRENT ASSETS:
Restricted cash	147	150
Fixed assets	193	502
Right-of-use assets	989	6,692
Intangible assets	5,578	65,626
Total non-current assets	6,907	72,970
TOTAL ASSETS	23,047	158,870
CURRENT LIABILITIES:
Account payable	3,278	4,230
Lease liabilities	718	1,032
Allowance for deductions from revenue	10,654	47,870
Accrued expenses and other current liabilities	4,592	17,949
Borrowing		115,216
Payable in respect of intangible assets purchase		11,157
Total current liabilities	19,242	197,454
NON-CURRENT LIABILITIES:
Lease liabilities	455	6,443
Derivative financial instruments	741	2,623
Royalty obligation	540	750
Total non-current liabilities	1,736	9,816
TOTAL LIABILITIES	20,978	207,270
EQUITY (Capital Deficiency):
Ordinary shares	21,441	2,835
Additional paid-in capital	388,363	382,625
Accumulated deficit	(407,735)	(433,860)
TOTAL EQUITY (Capital Deficiency)	2,069	(48,400)
TOTAL LIABILITIES AND EQUITY (Capital Deficiency)	$ 23,047	$ 158,870

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, 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 and warrants, net of expenses	424	78,113		78,537
Exercise of options into ordinary shares	17	3,989		4,006
Comprehensive income (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 and warrants, net of expenses	1,326	7,393		8,719
Issuance Of Ordinary Shares For Vested RSUs	14	(14)
Comprehensive income (loss)			(71,669)	(71,669)
Balance at end of period at Dec. 31, 2022	2,835	382,625	(433,860)	(48,400)
Share-based compensation to employees and service providers			2,209	2,209
Issuance of ordinary shares and warrants, net of expenses	18,556	5,788		24,344
Issuance Of Ordinary Shares For Vested RSUs	50	(50)
Comprehensive income (loss)			23,916	23,916
Balance at end of period at Dec. 31, 2023	$ 21,441	$ 388,363	$ (407,735)	$ 2,069

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
OPERATING ACTIVITIES:
Comprehensive income (loss)	$ 23,916,000	$ (71,669,000)	$ (97,744,000)
Adjustments in respect of income and expenses not involving cash flow:
Share-based compensation to employees and service providers	1,647,000	5,675,000	10,212,000
Depreciation	1,445,000	2,136,000	1,914,000
Amortization of intangible assets	545,000	6,018,000	16,235,000
Adjustments For Gains From The Transfer Of Rights In Movantik And Extinguishment Of Debt Obligations	(56,082,000)
Adjustments For Gains From Early Termination Of Leases Net	(543,000)
Non-cash expenses related to borrowing and payable in respect of intangible assets purchase		33,151,000	5,366,000
Fair value gains on derivative financial instruments and changes in royalty obligation	5,359,000	(13,422,000)	5,000
Adjustments For Loss From Modification Of Warrants Terms As Part Of A New Issuance.	1,459,000
Adjustment For Issuance Cost In respect Of Warrants	2,034,000	958,000
Exchange differences and revaluation of bank deposits	19,000	(40,000)	118,000
Total adjustments in respect of income and expenses not involving cash flow	(44,117,000)	34,476,000	33,850,000
Changes in assets and liability items:
Decrease (increase) in trade receivables	31,930,000	(2,845,000)	(3,021,000)
Decrease in prepaid expenses and other receivables	1,586,000	274,000	860,000
Decrease (increase) in inventories	2,387,000	3,801,000	(8,285,000)
Increase (decrease) in accounts payable	(952,000)	(7,434,000)	111,000
(Decrease) in accrued expenses and other liabilities	(13,354,000)	(2,947,000)	(3,186,000)
Increase (decrease) in allowance for deductions from revenue	(37,216,000)	17,159,000	12,368,000
Total changes in assets and liability items	(15,619,000)	8,008,000	(1,153,000)
Net cash used in operating activities	(35,820,000)	(29,185,000)	(65,047,000)
INVESTING ACTIVITIES:
Purchase of fixed assets	(11,000)	(198,000)	(115,000)
Change In Investment In Current Bank Deposits Classed As Investing Activities	15,000	8,500,000	(8,500,000)
Proceeds from sale of financial assets at fair value through profit or loss			475,000
Net cash provided by investing activities	4,000	8,302,000	(8,140,000)
FINANCING ACTIVITIES:
Proceeds from issuance of ordinary shares and warrants, net of issuance costs	13,959,000	23,806,000	78,536,000
Proceeds from exercise of options			4,006,000
Repayment of payable in respect of intangible asset purchase	(6,555,000)	(10,878,000)	(7,397,000)
Decrease in restricted cash	15,210,000
Payment of principal with respect to lease liabilities	(1,175,000)	(1,475,000)	(1,683,000)
Net cash provided by provided by financing activities	21,439,000	11,453,000	73,462,000
DECREASE IN CASH AND CASH EQUIVALENTS	(14,377,000)	(9,430,000)	275,000
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS	(22,000)	(76,000)	(96,000)
BALANCE OF CASH AND CASH EQUIVALENTS AT BEGINNING OF PERIOD	19,968,000	29,474,000	29,295,000
BALANCE OF CASH AND CASH EQUIVALENTS AT THE END OF PERIOD	5,569,000	19,968,000	29,474,000
SUPPLEMENTARY INFORMATION ON INTEREST RECEIVED IN CASH	138,000	84,000	47,000
SUPPLEMENTARY INFORMATION ON INTEREST PAID IN CASH	367,000	8,182,000	11,280,000
Acquisition of right-of-use assets by means of lease liabilities	270,000	5,590,000	$ 303,000
Decrease in lease liability (with corresponding decrease in right of use asset in amount of $4,117) resulting from early termination of lease	5,413,000	$ 587,000
Decrease in Intangible asset	(59,503,000)
Decrease in Inventories	(4,233,000)
Decrease in Payable in respect of Intangible asset	4,602,000
Decrease in Borrowing	115,216,000
Gains From The Transfer Of The Rights In Movantik And Extinguishment Of Debt Obligations	$ 56,082,000

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED STATEMENTS OF CASH FLOWS
Decrease in right of use asset	$ 4,697	$ 534

GENERAL

GENERAL	12 Months Ended
	Dec. 31, 2023
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, were listed on the Nasdaq Global Market (“Nasdaq”) from July 20, 2018, and have been again listed on the Nasdaq Capital Market since November 15, 2023. 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. 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. Until February 1, 2023, the Company commercialized Movantik® in the U.S, for the treatment of opioid-induced constipation. See also note 15 (6) regarding the transfer of the Company’s rights in Movantik® to HCR Collateral Management, LLC (“HCRM”) in exchange for all the Company’s debt obligations under the Credit Agreement with HCRM. The Company also continues to advance the development 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. Furthermore, the Company is actively pursuing and in discussions with multiple parties regarding strategic business development transactions, including potential divestment of certain of the Company’s assets and/or its commercial operations, which the Company expects would provide it with additional capital although there is no guarantee that the Company will complete such a transaction on favorable terms . NOTE 1 - GENERAL : ​ The accompanying financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. 4) ​ b. Approval of the financial statements: ​ The date of the approval of these financial statements by the Board of Directors (the "BoD") is April 8, 2024.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2023
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF MATERIAL 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 material accounting policies described below have been applied consistently in relation to all the periods presented, unless otherwise stated. ​ 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 material 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 Consolidated Statements of Comprehensive Income (Loss) under financial income or financial expenses. ​ NOTE 2 - SUMMARY OF MATERIAL ACCOUNTING POLICIES : ​ c. Trade receivables ​ Trade receivables are recognized initially at the amount of consideration that is unconditional. They are subsequently measured at amortized cost, less allowance for expected credit losses. The Company measures the loss allowance for expected credit losses on trade receivables based on lifetime expected credit losses. ​ d. Inventory ​ The Company’s 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 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. ​ f. 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") which were fully derecognized in 2023 as part of the sale of the rights to Movantik® asset (See also note 15(6)). ​ 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 ​ Amounts due for future payments based on contractual agreements are accrued upon reaching the relevant milestones. ​ NOTE 2 - SUMMARY OF MATERIAL ACCOUNTING POLICIES : ​ 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. ​ 2) Research and development ​ Research expenses are recognized as an expense as incurred. ​ Research and development costs for the performance of pre-clinical trials, clinical trials, and manufacturing by subcontractors are recognized as expenses when incurred. ​ g. Financial liabilities ​ Non-derivative financial liabilities are initially recognized at their fair value minus transaction costs 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 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. ​ 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 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). ​ Financial liabilities are derecognized when, and only when, they are extinguished. The difference between the carrying amount of the financial liability extinguished and the consideration paid, including any non-cash assets transferred, is recognized in profit or loss. As for the accounting for the extinguishment of the financial liability to HCR, see note 15(6). ​ h. Share-based payments. ​ The Company operates several equity-settled, share-based compensation plans to employees 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. For employees, the total amount recognized as an expense over the vesting period of the options is determined by reference to the fair value of the options at the grant date. For service providers, the Company measures the awards based on the fair value of the asset or service received. The amounts are recorded against the accumulated deficit within equity. ​ NOTE 2 - SUMMARY OF MATERIAL ACCOUNTING POLICIES : ​ Vesting conditions (other than market conditions) are included in the assumptions about the number of options that are expected to vest. ​ 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 additional paid-in capital. ​ i. Revenue from contracts with customers ​ The Company generated revenue in the years presented in these financial statements mainly from product sales, including in-licensed 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 Company estimates 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. ​ NOTE 2 - SUMMARY OF MATERIAL ACCOUNTING POLICIES : ​ 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 ​ Licenses of intellectual property (“IP”) rights are distinct from other promises in a contract with a customer (such as manufacturing and supply services) if the customer can benefit from the IP either on its own or together with other resources that are readily available to the customer and if the Company’s promise to license the IP is separately identifiable from other promises in the contract. ​ If the promise to grant the license is distinct, the Company determines whether the nature of the promise in granting the license is to provide the customer with either a right to access the Company’s IP as it exists throughout the license period or a right to use the Company’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 Company’s IP is recognized at the point in time when control of the distinct license is transferred to the customer. ​ Sales -based royalties 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. j. Earnings (Loss) per share ​ The computation of basic earnings (loss) per share is based on the Company’s earnings (loss) divided by the weighted average number of ordinary shares and pre-funded warrants outstanding during the period. ​ In calculating the diluted earnings (loss) per share, using the treasury stock method, 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 earnings (loss) per share, assuming all shares that have a potentially dilutive effect have been exercised into shares. ​ k. Deferred taxes ​ 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. l. 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. NOTE 2 - SUMMARY OF MATERIAL ACCOUNTING POLICIES : ​ 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 fixed lease 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, as the interest rate implicit in the lease is not readily determined. ​ 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, the Company has elected not to separate lease and non-lease components and instead accounts for these as a single lease component. ​ m. Recently issued accounting pronouncements: ​ ​ 1) 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, applicable for reporting periods beginning on or after January 1, 2023, was first applied by the Company in these annual financial statements. Should be Applied Retrospectively for Annual Periods Beginning on or After January 1, 2024: NOTE 2 - SUMMARY OF MATERIAL ACCOUNTING POLICIES : ​ 2) The narrow-scope amendments to IAS 1, “Presentation of Financial Statements,” clarify that liabilities are classified as either current or noncurrent, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the entity’s expectations or events after the reporting date (e.g., the receipt of a waiver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the ‘settlement’ of a liability. The amendments could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. They must be applied retrospectively in accordance with the normal requirements in IAS 8, “Accounting Policies, Changes in Accounting Estimates and Errors.” The amendment should be applied retrospectively for annual periods beginning on or after January 1, 2024. Earlier application is permitted. The adoption of the amendment is expected to have an impact on the Company’s financial statements as, effective January 1, 2024, the Company’s warrant liabilities will be classified in current liabilities.

CRITICAL ACCOUNTING ESTIMATES A

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS	12 Months Ended
	Dec. 31, 2023
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 ​ The Company offers various rebate and patient discount programs, which result in discounted prescriptions to qualified patients. These rebates and discounts, provided to wholesalers and patients, are accounted for as variable consideration, and recognized as a reduction in revenue, for which unsettled amounts are accrued. Rebate allowances are calculated based on historical and estimated utilization at revenue recognition. The ​ main estimates used in recognizing and measuring these allowances relate to the amount of products sold to customers not yet prescribed to patients (units “in the channel”) and the projected duration of selling these ​ units. 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 17.8%. ​ NOTE 3 - CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS : ​ 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. ​ In the years presented in these financial statements, there were no impairments recorded for intangible R&D assets. ​

FINANCIAL INSTRUMENTS AND FINAN

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2023
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 faces various financial risks: market risks (including foreign exchange and interest risks), 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 highly rated bank deposits with terms of up to one-year term with exit points. ​ (a) Market risks ​ (i) The Company may face foreign exchange risk due to payments and investments in currencies other than the U.S. dollar, its functional currency. The Company manages the foreign exchange risk by aligning its liquidity currencies with the currencies of expected expenses, based on projected cash flows. A 5% appreciation of the U.S. dollar against the NIS, assuming all other variables remained constant, would have resulted in a negligible change in expenses across all the reported years, indicating immaterial foreign exchange risks. ​ (ii) The Company’s main interest rate risk during the periods in these 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. ​ The Company regularly monitored the LIBOR and its forward curve, however, due to the extinguishment of the Credit Agreement with HCRM, no longer faces material risks of interest rate fluctuation. (See also note 15(6) regarding the transfer of the Company’s rights in Movantik® to HCRM in exchange for all the Company’s debt obligations under the Credit Agreement with HCRM). ​ NOTE 4 - FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT : ​ (b) Credit risk ​ Credit risk arises mainly from cash and cash equivalents, bank deposits, restricted cash, and trade receivables. The Company estimates that since the liquid instruments are mainly invested with highly rated institutions, the credit and interest risks associated with these balances are low. ​ Credit risk from trade receivables involves the potential non-payment by customers. The Company manages this 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 due to revenue concentration among major customers. The Company primarily sells to three major U.S. wholesalers with virtually no historical losses. Considering this and forward-looking customer analyses, no loss allowance for trade receivables was recorded as of December 31, 2023, and December 31, 2022. See also note 24(b). ​ (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, 2023, the Company has generated revenues from commercialization activities. However, as further described in note 1, no sufficient revenue was generated to compensate for operating expenses, leading to liquidity risks and raising significant doubt about its ability to continue as a going concern. ​ 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, 2023 Less than 1 year ​ 2-5 years ​ More than 5 years ​ Total contractual cash flows ​ Carrying amount ​ U.S. Dollars in Thousands Account payable 3,278 ​ — ​ — ​ 3,278 ​ 3,278 Lease liabilities 766 ​ 475 ​ — ​ 1,241 ​ 1,173 Accrued expenses and other current liabilities 4,592 ​ — ​ — ​ 4,592 ​ 4,592 Royalty obligation — ​ 282 ​ 1,553 ​ 1,835 ​ 540 Total 8,636 ​ 757 ​ 1,553 ​ 10,946 ​ 9,583 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 Accounts 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 ​ NOTE 4 - FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT : ​ 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. ​ 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 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, 2023, and December 31, 2022: ​ ​ ​ ​ ​ ​ ​ Derivative financial instruments ​ ​ Year Ended December 31, ​ ​ 2022 2021 ​ U.S. dollars in thousands ​ Balance at beginning of the period 2,623 ​ — ​ Initial recognition of financial liability 10,932 ​ 16,375 ​ Initial recognition of unrecognized day 1 loss — ​ (330) ​ Exercise of financial liability (18,383) ​ ​ ​ Fair value adjustments recognized in profit or loss 5,569 ​ (13,422) ​ Balance at end of the period 741 ​ 2,623 ​ ​ See also notes 17(b)

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	12 Months Ended
	Dec. 31, 2023
CASH AND CASH EQUIVALENTS.
CASH AND CASH EQUIVALENTS	NOTE 5 - CASH AND CASH EQUIVALENTS: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ U.S. dollars in thousands Cash in bank ​ 5,569 ​ 13,323 Short-term bank deposits — 6,645 ​ 5,569 19,968 ​ The carrying amounts of the cash and cash equivalents approximate their fair values.

PREPAID EXPENSES AND OTHER RECE

PREPAID EXPENSES AND OTHER RECEIVABLES	12 Months Ended
	Dec. 31, 2023
PREPAID EXPENSES AND OTHER RECEIVABLES
PREPAID EXPENSES AND OTHER RECEIVABLES	NOTE 6 - PREPAID EXPENSES AND OTHER RECEIVABLES: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ U.S. dollars in thousands Advance to suppliers ​ 1,310 ​ 1,033 Government institutions 694 831 Prepaid expenses and others 797 2,523 ​ 2,801 4,387 ​ The fair value of other receivables which constitute of financial assets

INVENTORY

INVENTORY	12 Months Ended
	Dec. 31, 2023
INVENTORY
INVENTORY	NOTE 7 - INVENTORY: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ U.S. dollars in thousands Raw materials ​ 828 ​ 1,797 Work in progress ​ 233 ​ 2,385 Finished goods 3,328 6,827 ​ 4,389 11,009 ​ During the years ended December 31, 20 2 ​ The amounts recognized include write-downs of inventories to net realizable value amounted to $ 1.3 23 2

FIXED ASSETS

FIXED ASSETS	12 Months Ended
	Dec. 31, 2023
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 ​ 2023 2022 2023 2022 2023 2022 ​ ​ U.S. dollars in thousands Office furniture and equipment (including computers) 1,059 1,199 956 933 103 266 Leasehold improvements 379 379 289 143 90 236 ​ 1,438 1,578 1,245 1,076 193 502 ​

LEASES

LEASES	12 Months Ended
	Dec. 31, 2023
LEASES
LEASES	NOTE 9 - LEASES: ​ Amounts recognized in the consolidated statements of financial position: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 ​ 2022 ​ U.S dollars in thousands Right-of-use assets: ​ ​ ​ Properties 773 5,630 Vehicles 216 1,062 ​ 989 6,692 Lease liabilities: Current 718 ​ 1,032 Non-current 455 6,443 ​ 1,173 7,475 ​ ​ ​ ​ Additions to the right-of-use assets and lease liabilities during the years ended 2023 2022 In June 2023, the company terminated an operating lease agreement in the U.S that was signed in March 2022 resulting in the recognition of $0.7 million as a gain in the Company’s consolidated statement of comprehensive income (loss). The early termination, which took place as part of cost reduction measures, occurred due to a decrease in the number of employees, significantly reducing the Company's need for the office lease. ​ ​ ​ ​ Amounts recognized in the consolidated statements of comprehensive loss: ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 ​ 2022 Depreciation charge of right-of-use assets ​ ​ ​ Properties 798 924 Vehicles 478 ​ 945 ​ 1,276 ​ 1,869 Interest expense 367 ​ 430 Foreign exchange differences 3 ​ (140) ​ ​ ​ ​ Expenses relating to short-term leases and leases of low-value assets are immaterial. ​ ​ ​ ​ The total cash outflow for leases in 2023 and 2022 was $1.5 million and $2 million respectively. ​

INTANGIBLE ASSETS

INTANGIBLE ASSETS	12 Months Ended
	Dec. 31, 2023
INTANGIBLE ASSETS
INTANGIBLE ASSETS	NOTE 10 - INTANGIBLE ASSETS: ​ a. ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 ​ 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 ​ (148) ​ (116) Amortization charges ​ (31) ​ (32) Balance at end of year ​ (179) ​ (148) ​ ​ 5,578 ​ 5,609 Commercialization assets: ​ ​ ​ ​ Cost: ​ ​ ​ ​ Balance at beginning of year ​ 89,373 ​ 89,373 Disposal during the year ​ (77,585) ​ — Balance at end of year ​ 11,788 ​ 89,373 Accumulated impairments and amortization: ​ ​ ​ ​ Balance at beginning of year ​ (29,356) ​ (23,370) Amortization and impairment charges ​ (514) ​ (5,986) Disposal during the year ​ 18,082 ​ — Balance at end of year ​ (11,788) ​ (29,356) ​ ​ — ​ 60,017 ​ ​ 5,578 ​ 65,626 ​ The Company estimated the useful life of the assets related to Talicia® at approximately 15 years from marketing approval date November 2019. The amortization expenses are recognized under Cost of Revenues in the Consolidated Statements of Comprehensive Income (Loss). See also note 15 (6) regarding the transfer of the Company’s rights in Movantik® to HCRM in exchange for all the Company’s debt obligations under the Credit Agreement with HCRM.

LIABILITY FOR EMPLOYEE RIGHTS U

LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT	12 Months Ended
	Dec. 31, 2023
LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT
LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT	NOTE 11 - LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT: ​ ​ The amounts charged as an expense with respect to defined contribution plans in 2023, 2022, and 2021 were $206,000, $261,000, and $285,000, respectively.

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	12 Months Ended
	Dec. 31, 2023
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	NOTE 12- ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ U.S. dollars in thousands Accrued expenses 3,765 16,168 Employees and related liabilities 727 1,667 Government institutions 100 114 ​ 4,592 17,949 ​

ALLOWANCE FOR DEDUCTIONS FROM R

ALLOWANCE FOR DEDUCTIONS FROM REVENUES	12 Months Ended
	Dec. 31, 2023
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, 2023 46,636 1,234 ​ 47,870 Increases ​ 21,225 ​ 859 ​ 22,084 Decreases (utilized) (60,498) ​ (2,969) ​ (63,467) Adjustments ​ 724 ​ 3,443 ​ 4,167 As of December 31, 2023 8,087 2,567 ​ 10,654 ​ ​ (1) ​ (0) — 0 ​ ​ 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 ​

BORROWING

BORROWING	12 Months Ended
	Dec. 31, 2023
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. ​ The Credit Agreement contained certain customary affirmative and negative covenants, including a financial covenant requiring RedHill Inc. to maintain a minimum level of cash, as well as a covenant requiring it to maintain minimum net sales. In 2022, the Company did not maintain certain covenants in the Credit Agreement. Subsequently, on February 2, 2023, RedHill Inc. 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 15(6). ​ ​ NOTE 14 – BORROWING : ​ As described above, the Credit Agreement contained 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 . ​ b. Reconciliation of liabilities arising from financing activities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. dollars in thousands ​ ​ ​ ​ ​ Non-cash changes ​ ​ January 1, 2023 Proceeds from borrowings Principal and interest payments (includes credits) Addition during the year Decreases during the year Interest expense Foreign exchange movement December 31, 2023 Borrowing 115,216 — — — (115,216) — — — Payable in respect of intangible assets purchase 11,157 — (6,555) — (4,602) — — — Lease liabilities 7,475 — (1,529) 270 (5,413) 367 3 1,173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash changes ​ ​ January 1, 2022 Proceeds from borrowings Principal and interest payments Addition during the year Decreases 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 Decreases 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 ​

COMMITMENTS

COMMITMENTS	12 Months Ended
	Dec. 31, 2023
COMMITMENTS
COMMITMENTS	NOTE 15 - COMMITMENTS: ​ Agreements to purchase intellectual property and commercial products: ​ 1) On August 11, 2010, the Company acquired intellectual property for three gastrointestinal therapeutic candidates through an asset purchase agreement with a publicly-traded Australian company. Pursuant to the asset purchase agreement, as amended, the Company paid the Australian company an initial amount of $500,000 and undertook to pay future payments in the range of 7% - 20% from the Company’s revenues that may be generated from the sale and sublicense of the therapeutic candidates, less certain deductible amounts, as detailed in the agreement. Such potential payments are due until termination or expiration of the last of the patents transferred to the Company pursuant to the agreement (each on a product-by-product basis). ​ Through December 31, 2023, the Company has paid the Australian company in total $1.5 million. NOTE 15 – COMMITMENTS : ​ 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, 2023, 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 ​ ​ Following ​ 4) Movantik ® acquisition: ​ Effective April 1, 2020 (the (“Effective Date”), 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). ​ An initial payment of $52.5 million was made to AstraZeneca on the Effective Date. Following an amendment on March 11, 2021, an additional $16 million was scheduled for gradual payments starting in March 2021 and ending in December 2022. As of December 31, 2022, the Company had an unsettled balance with respect to this payment which was settled early in 2023. ​ RedHill Inc. also assumed responsibility for a 20% sales-based royalty, as well as sales-based potential milestone payments to Nektar Therapeutics, Movantik®’s originator. ​ In addition, AstraZeneca transferred on the Effective Date to RedHill Inc. a co-commercialization agreement with Daiichi Sankyo, Inc. (“DSI”) for Movantik® in the U.S, See also note 15 (5) ​ ​ NOTE 15 – COMMITMENTS ​ The total acquisition consideration, including upfront payment, discounted present value of the deferred payment amounted to approximately $65 million. The intangible asset was amortized on a ​ straight-line basis over its useful life, which was re-estimated at approximately 12.5 ​ The sales-based royalties were expensed as incurred and recognized under Cost of Revenues. ​ See also note 15 (6) regarding the transfer of the Company’s rights in Movantik® to HCRM in exchange for all the Company’s debt obligations under the Credit Agreement with HCRM. ​ 5) As described in note 15(4) above, as part of the Movantik® acquisition, RedHill Inc. assumed an existing co-commercialization agreement with DSI. Effective July 1, 2020, this agreement was replaced with a new agreement, under which RedHill Inc. took on all responsibilities and costs for commercializing Movantik® in the U.S, while decreasing to a mid-teen royalty rate on net sales of Movantik® in the U.S and committing to payments totaling $15.1 million, of which $10.1 million paid during 2022, and the remaining of $5 million were assumed by HCRM under the agreement described in notes 14 and 15(4). Additionally, in July 2020, as part of the new agreement, DSI received 7,085 ADSs of the Company. ​ ​ ​ Movantik Transaction: ​ On February 2, 2023, the Company and RedHill Inc. 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 assumed substantially all post-closing liabilities, and RedHill Inc. retained substantially all pre-closing liabilities relating to Movantik®. As part of the parties' arrangement, and to ensure continuous patient care, RedHill Inc. also provided nine months of paid transition services. HCRM retains security interests in certain of the Company’s assets until substantially all pre-closing liabilities of Movantik® have been paid or other specific conditions are met. Following the agreement, the $16 million held as restricted cash under the Credit Agreement was deposited into an escrow account to pay pre-closing liabilities of Movantik®. ​ Accounting treatment: ​ Prior to the sale of Movantik®, the Company presented the rights to Movantik® as an intangible asset in its consolidated statement of financial position (classified under the non-current assets). In ​ addition, due to the condition described in note 14(a), at the sale date, the carrying amount of the borrowing from HCRM reflected all amounts owing or payable under the Credit Agreement as being immediately due (classified under the current liabilities). ​ ​ NOTE 15 – COMMITMENTS ​ The gains from transferring Movantik® rights and extinguishment of debt obligations include: (1) the gain from the sale of Movantik®, reflecting the difference between the carrying value and fair value of the assets transferred, presented as other income in the amount of $35.5 million and (2) the ​ gain from the debt extinguishment, reflecting the difference between the carrying amount (the amortized cost) of the financial liability to HCRM and the fair value of the assets transferred, presented as financial income in the amount of $20.6 million. ​ To determine the fair value of the rights to Movantik®, the Company based its estimate on the terms outlined in a non-binding term sheet with a third party which ultimately did not materialize, which included a cash payment of $95 million for the rights to Movantik®. ​ The fair value of nonmonetary assets relating to Movantik® transferred to settle debt obligations was used to measure debt extinguishment gain. The service fees relating to the transition services are presented in the Company’s consolidated statement of comprehensive income (loss) as other income. ​ 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 ​ ​ ​ ​ NOTE 15 – COMMITMENTS ​ 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 ​ ​ ​ ​

INCOME TAX

INCOME TAX	12 Months Ended
	Dec. 31, 2023
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%. ​ NOTE 16 - INCOME TAX : ​ 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, 2023, the Company had net operating loss (“NOLs”) carried forward of approximately $340 million. Under Israeli tax laws, carryforward tax losses have no expiration date. ​ As of December 31, 2023, the U.S. subsidiary had a net operating loss carryforward of approximately $55 million, of which approximately $4 million expires in 2038, and approximately $51 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, 2023, and 2022, were $6 million and $14 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 201 7

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2023
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, ​ 2023 2022 ​ ​ In thousands Authorized ordinary shares ​ 19,994,000 ​ 1,594,000 Authorized preferred shares (reserved) ​ 6,000 ​ 6,000 Issued and paid ordinary shares 7,869,853 931,962 ​ 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. All data dominated in ADS were adjusted for this ratio change. ​ On November 29, 2023, the annual general meeting of shareholders approved the increase of the authorized share capital of the Company to NIS 200,000,000 divided into (i) 19,994,000,000 registered Ordinary Shares of NIS 0.01 par value each, and (ii) 6,000,000 preferred shares of NIS 0.01 par value each. ​ b. On April 3, 2023, the Company completed a registered direct offering to an existing shareholder with gross proceeds to the Company of approximately $6 million, before deducting offering expenses of approximately $0.7 million. The offering consisted of 1,500,000 ADSs (or ADS equivalents which consist of pre-funded warrants with an exercise price of $0.001 per pre-funded warrant) as well as granted (i) Series A unregistered private warrants to purchase up to 1,500,000 ADSs, which had an exercise price of $4.75 per ADS (subsequently reduced to $1.35 per ADS as described below), were exercisable immediately after the issuance date and had a term of 5 years and (ii) Series B unregistered private warrants to purchase up to 1,500,000 ADSs, which had an exercise price of $4.00 per ADS (subsequently reduced to $1.80 per ADS as described below), were exercisable immediately after the issuance date and had a term of 9 months. In addition, as part of the offering the Company has agreed to amend certain existing warrants to purchase up to 330,106 ADSs with an exercise price of $59.20 per ADS and a termination date of November 11, 2027. The amended warrants have a reduced exercise price of $4.75 per ADS and a termination date of 5 years following the closing of the offering. The warrants that were issued to the investors may be exercised either for cash or on a cashless basis and were classified as financial liability due to a net settlement provision. Loss from modification of warrants terms as part of the new registered offering with an existing shareholder, in an amount of $0.9 million, was included as a financial expense. See also note 17(c) regarding amendment to the above warrants. The Company has issued to the placement agent warrants to purchase up to 90,000 ADSs with an exercise price of $5.00 per ADS, exercisable for 5 years. These warrants were classified to the Equity . c. On July 25, 2023, the Company completed a registered direct offering to existing shareholders of 1,301,923 ADSs (or ADS equivalent which consist of pre-funded warrants with an exercise price of $0.001 per pre-funded warrant), for gross proceeds of approximately $1.8 million, before deducting offering expenses of approximately $0.4 million. In connection with this offering, the Company also agreed with the investors in this offering on the following: NOTE 17 - SHARE CAPITAL : ​ (i) To reduce the exercise price to $1.80 per ADS to the following existing warrants: (1) warrants originally issued on May 11, 2022 and subsequently amended on April 3, 2023, to purchase up to an aggregate of 330,106 ADSs at an exercise price of $4.75 per ADS, (2) warrants issued on December 6, 2022 to purchase up to an aggregate of 971,817 ADSs at an exercise price of $4.6305 per ADS, and (3) Series B Warrants issued on April 3, 2023 to purchase up to an aggregate of 1,500,000 ADSs at an exercise price of $4.00 per ADS. (ii) Series A Warrants issued on April 3, 2023, to purchase 1,500,000 ADSs, will be exercised at a reduced exercise price of $1.35 per ADS, for gross proceeds of $2 million. New unregistered private warrants to purchase up to 1,500,000 ADSs will be granted to the same investor. The new warrants have an exercise price of $1.80 per ADS, are exercisable 6 months after the issuance date and have a term of 5 years. The warrants that were issued to the investors may be exercised either for cash or on a cashless basis and were classified as financial liability due to a net settlement provision. As part of the offering, the Company has issued to the placement agent warrants (i) to purchase up to 78,115 ADSs with an exercise price of $1.6875 per ADS, exercisable for 5 years (ii) to purchase up to 90,000 ADSs with an exercise price of $1.6875 per ADS, exercisable for 4.7 years. These warrants were classified to the Equity. d. On September 28, 2023, the Company entered into a warrant reprice and reload letter of certain existing warrants to purchase (i) up to 330,106 ADSs with an exercise price of $1.80 per ADS and a termination date of April 3, 2028, (ii) up to 971,817 ADSs with an exercise price of $1.80 per ADS and a termination date of December 6, 2027, (iii) up to 1,500,000 ADSs with an exercise price of $1.80 per ADS and a termination date of January 3, 2024, and (iv) up to 1,500,000 ADSs with an exercise price of $1.80 per ADS and a termination date of April 3, 2028, pursuant to which such investors agreed to exercise their existing warrants in full at a reduced exercise price of $0.47 per ADS for aggregate gross proceeds of approximately $2.0 million, before deducting offering expenses of approximately $0.2 million. In exchange, the exercising holders received new unregistered warrants to purchase up to an aggregate of 8,603,846 ADSs at an exercise price of $0.47 per ADS and with exercise terms ranging from eighteen months to five years . The warrants that were issued to the investors may be exercised either for cash or on a cashless basis and were classified as financial liability due to a net settlement provision. Loss from modification of warrants terms as part of the new registered offering with an existing shareholder, in the amount of $0.6 million, was included as a financial expense. See also note 17(e) regarding the exercise of the above warrants. As part of the offering, the Company has issued to the placement agent warrants to purchase up to 258,115 ADSs with an exercise price of $0.5875 per ADS, exercisable for 5 years. These warrants were classified to the Equity . e. Between November 27, 2023, and November 29, 2023, the warrants issued in September 2023 as described above were exercised for a total of approximately $4 million gross proceeds to the Company. ​ NOTE 17 - SHARE CAPITAL : ​ f. The fair value of the warrants that were issued to the investors was computed using the Black and Scholes option pricing model. The fair value of the outstanding warrants that were issued to the investors as of December 31, 2023, was based on the price of an ADS on December 31, 2023, and based on the following parameters: risk-free interest rate of 3.93% and an average standard deviation of 126.71% . g. During 2023, the Company issued 47,336 ADSs resulting from vested RSUs that had been issued to employees and consultants of the Company. h. During 2022, the Company sold 30,582 ADSs under the “at-the-market” equity offering program (“ATM program”) at an average price of $ 66.8 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. i. In May 2022, the Company entered into a definitive agreement with a single investor, which entailed the issuance of 264,085 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 330,106 ADSs, for a total net consideration of $14.4 million. The warrants had an exercise price of $59.2 per ADS (as later amended as described above), were exercisable six months after the issuance date, and had 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 Consolidated Statements of Comprehensive Income (Loss) and $0.3 million allocated to the equity j. In December 2022, the Company completed an underwritten public offering with gross proceeds to the Company of approximately $8 million . The offering consisted of 800,000 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 800,000 ADSs. Issuance expenses of approximately $0.6 million were recorded directly to the Consolidated Statements of Comprehensive Income (Loss) . ​ NOTE 17 - SHARE CAPITAL : ​ The warrants had an exercise price of $10 per ADS, were exercisable immediately after the issuance date and had 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% . k. During 2022, the Company issued 12,163 ADSs resulting from vested RSUs that had been issued to employees and consultants of the Company .

SHARE-BASED PAYMENTS

SHARE-BASED PAYMENTS	12 Months Ended
	Dec. 31, 2023
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS	NOTE 18 - SHARE-BASED PAYMENTS: ​ On May 30, 2010, a general meeting of shareholders approved the option plan of the Company (the “Option Plan”), after being approved by the BoD. In 2017 the Option Plan was amended and restated as the 2010 Award Plan (the “Award Plan”). As of December 31, 2023, the Award Plan allows the Company to allocate up to 1,400,658,798 options to purchase ordinary shares and RSUs to employees, consultants, and directors and are reserved by the BoD for issuance under the Award Plan. The terms and conditions of the grants were determined by the BoD and are according to the Award Plan. ​ a. O n July 1, 2023, The Board of Directors of the Company granted 187,500 RSUs to the employees and consultants of the Company. The RSUs will vest in 12 equal quarterly installments over a three year -period. The fair value for the RSUs grant on the date of the grant was $ 0.2 million. The fair value of the RSUs was determined based on the price of an ADS on the date the RSUs were granted. reversed expenses . ​ b. The following is information on options granted in 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) $) in thousands (2) January 2022 ​ 125 ​ 56.4 ​ 7 March 2022 ​ 150 ​ 66.8 ​ 6 ​ ​ 275 ​ ​ ​ 13 ​ ​ NOTE 18 - SHARE-BASED PAYMENTS : ​ 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 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: $66.8 - $98 , expected volatility: 66.94% - 67.21% , risk-free interest rate: 1.73% - 1.78% and the expected term was derived based on the contractual term of the options, the expected exercise behavior and expected post-vesting forfeiture rates. ​ c. 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) 48,013 ​ 3,500 ​ 51,513 ​ 5,712 March 2022 (1) 2,400 ​ — ​ 2,400 ​ 160 April 2022(1) 875 ​ — ​ 875 ​ 87 June 2022 (2) 50,463 ​ 4,125 ​ 54,588 ​ 1,878 July 2022 (2) 1,625 ​ — ​ 1,625 ​ 56 September 2022 (3) 9,257 ​ 1,276 ​ 10,533 ​ 352 November 2022 (3) 15,085 ​ — ​ 15,085 ​ 380 Total 127,718 ​ 8,901 ​ 136,619 ​ 8,625 ​ 1) ​ 2) ​ 3) ​ 4) ​ In addition, In June 2022 September 2022 ​ NOTE 18 - SHARE-BASED PAYMENTS : ​ 5) The fair value of the RSUs were determined based on the price of an ADS on the date the RSUs were granted. ​ During 2022, approximately 68.2 thousand options and RSUs were forfeited, resulting in $4.5 million reversed expenses . d. Changes in the number of options in ADSs and weighted averages of exercise prices are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ average of ​ ​ ​ average of ​ ​ Number of ​ exercise ​ Number of ​ exercise ​ options price ($) options price ($) Outstanding at beginning of year ​ 131,484 ​ 255.60 ​ 170,537 ​ 260.00 Exercised — ​ — — ​ 283.20 Expired and forfeited (34,133) 262.43 (39,328) 272.80 Granted — — 275 80.80 Outstanding at end of year 97,351 252.98 131,484 255.60 Exercisable at end of year 86,368 249.14 98,762 249.20 ​ e. Changes in the number of RSUs in ADSs during the period are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ ​ RSUs RSUs Outstanding at beginning of year ​ 91,144 ​ — ​ Exercised (66,460) ​ (12,163) ​ Expired and forfeited (34,160) (28,861) Granted 187,500 132,168 Outstanding at end of year 178,024 91,144 ​ f. The following is information about the exercise price and remaining useful life of outstanding options at year-end: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2023 ​ 2022 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 97,351 ​ $66.8-$436 ​ 5.2 ​ 131,484 ​ $66.8-$624 ​ 5.2 ​ g. Expenses recognized in profit or loss for the options and RSUs are as follows: ​ ​ ​ ​ ​ ​ Year Ended December 31, 2023 2022 2021 U.S. dollars in thousands 1,647 ​ 5,675 ​ 10,212 ​ The remaining compensation expenses as of December 31, 2023, are $0.8 million and will be expensed in full by December 2026.

NET REVENUES

NET REVENUES	12 Months Ended
	Dec. 31, 2023
NET REVENUES
NET REVENUES	NOTE 19 - NET REVENUES : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 ​ 2022 ​ 2021 ​ ​ U.S dollars in thousands Licensing revenues (1) ​ — ​ 2,000 ​ — Sales of products (2) ​ 6,530 ​ 59,800 ​ 85,757 ​ 6,530 61,800 ​ 85,757 ​ (1) related to the License Agreement with Gaelan for Talicia® in the United Arab Emirates, see note 15(7) above. (2) In 2023, the Company recognized contra-revenues of ( $2.6 ) million for Movantik®, primarily from returns, following its divestiture on February 1, 2023 (see note 15(6) above). In 2022 and 2021, net revenues for Movantik® were $52.1 million and $76.8 million, respectively. Correspondingly, net revenues from sales of other products (mainly Talicia®) in the U.S. were $9.1 million, $7.7 million, and $9 million in 2023, 2022 and 2021, respectively.

RESEARCH AND DEVELOPMENT EXPENS

RESEARCH AND DEVELOPMENT EXPENSES	12 Months Ended
	Dec. 31, 2023
RESEARCH AND DEVELOPMENT EXPENSES.
RESEARCH AND DEVELOPMENT EXPENSES	NOTE 20 - RESEARCH AND DEVELOPMENT EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 ​ ​ U.S. dollars in thousands Payroll and related expenses ​ 390 ​ 661 ​ 839 Professional services 605 1,210 ​ 1,821 Share-based payments 138 1,151 1,910 Clinical and pre-clinical trials 1,891 3,872 23,905 Intellectual property development 222 180 349 Other 282 205 674 ​ 3,528 7,279 29,498 ​

SELLING AND MARKETING EXPENSES

SELLING AND MARKETING EXPENSES	12 Months Ended
	Dec. 31, 2023
SELLING AND MARKETING EXPENSES
SELLING AND MARKETING EXPENSES	NOTE 21 - SELLING AND MARKETING EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 ​ ​ U.S. dollars in thousands Payroll and related expenses ​ 9,656 ​ 19,235 ​ 24,227 Share-based payments (51) 553 2,570 Professional services 3,056 6,596 17,441 Samples ​ 54 ​ 836 ​ 1,008 Travel, Fleet, meals and related expenses ​ 736 ​ 5,136 ​ 7,305 Office-related expenses 566 1,510 1,285 Other 739 1,576 1,787 ​ 14,756 35,442 55,623 ​ ​ ​ ​ ​ ​ ​ ​

GENERAL AND ADMINISTRATIVE EXPE

GENERAL AND ADMINISTRATIVE EXPENSES	12 Months Ended
	Dec. 31, 2023
GENERAL AND ADMINISTRATIVE EXPENSES
GENERAL AND ADMINISTRATIVE EXPENSES	NOTE 22 - GENERAL AND ADMINISTRATIVE EXPENSES: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 ​ ​ U.S. dollars in thousands Payroll and related expenses ​ 7,035 ​ 10,521 ​ 11,974 Share-based payments 1,560 3,971 5,732 Professional services and supply chain 5,391 10,787 11,040 Medical affairs ​ 818 ​ 1,214 ​ 1,600 Office-related expenses 958 1,434 1,438 Other 457 659 581 ​ 16,219 28,586 32,365 ​

FINANCIAL INCOME (EXPENSES), ne

FINANCIAL INCOME (EXPENSES), net	12 Months Ended
	Dec. 31, 2023
FINANCIAL INCOME (EXPENSES), net
FINANCIAL INCOME (EXPENSES), net	NOTE 23 - FINANCIAL INCOME (EXPENSES), net : ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 ​ ​ U.S dollars in thousands Financial income: ​ ​ ​ ​ ​ ​ Fair value gains on derivative financial instruments — 13,422 — Gains on extinguishment of debt obligations by transfer of the rights in Movantik ​ 20,585 ​ — ​ — Other Income 210 — — Interest from bank deposits 94 140 51 ​ 20,889 13,562 51 Financial expenses: Interest for lease liabilities ​ 367 ​ 430 ​ 395 Issuance cost in respect of warrants ​ 2,034 ​ 958 ​ — Loss from changes in exchange rates 115 40 28 Fair value loss on derivative financial instruments ​ 5,569 ​ — ​ — Loss from modification of warrants terms as part of a new issuance, see notes 17(b) and 17(d) ​ 1,459 ​ — ​ — Interest expenses related to borrowing and payable in respect of intangible assets purchase ​ — ​ 40,903 ​ 16,172 Other 61 56 65 ​ 9,605 42,387 16,660 Financial income (expenses), 11,284 (28,825) (16,609) ​

SEGMENT INFORMATION

SEGMENT INFORMATION	12 Months Ended
	Dec. 31, 2023
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: Commercial Operations and Research & Development. ​ Adjusted EBITDA represents net loss before depreciation, amortization, and financial income (expenses), adjusted to exclude share-based compensation, gains from early termination of leases, and other income, which includes income from service provided to HCRM and gain from the sale of Movantik®. ​ The following table presents segment profitability and a reconciliation to the consolidated net income (loss) and comprehensive income (loss) for the periods indicated: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ U.S. dollars in thousands Commercial Operations Segment Adjusted EBITDA ​ (20,173) ​ (16,595) ​ (15,527) Research And Development Adjusted EBITDA ​ (8,165) ​ (12,420) ​ (37,247) Financial income (expenses), net ​ 11,284 ​ (28,825) ​ (16,609) Share-based compensation to employees and service providers ​ (1,647) ​ (5,675) ​ (10,212) Depreciation ​ (1,445) ​ (2,136) ​ (1,914) Amortization and impairment of intangible assets ​ (545) ​ (6,018) ​ (16,235) Gain from early termination of lease, net ​ 543 ​ — ​ — Other income ​ 44,064 ​ — ​ — Consolidated Comprehensive Income (Loss) ​ 23,916 ​ (71,669) ​ (97,744) ​ NOTE 24 - SEGMENT INFORMATION : ​ b. Major customers ​ The following table represent the percentages of total net revenues from the major customers: ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Customer A 30% 32% 32% Customer B 28% 30% 31% Customer C 37% 33% 32% ​ The Company’s revenues were entirely in the U.S. except licensing revenues, and the payment terms for all customers are 31 to 68 days. ​ c. Assets by geographic location ​ The Company’s non-current assets located in Israel as of December 31, 2023, amount to $6.4 million (mainly intangible assets - $5.6 million and right-of-use assets - $0.6 million). The remainder of the consolidated non-current assets as of December 31, 2023, amount to $0.5 million and are located in the U.S (consisting mainly right-of-use assets - $0.4 million).

EARNINGS (LOSS) PER ORDINARY SH

EARNINGS (LOSS) PER ORDINARY SHARE	12 Months Ended
	Dec. 31, 2023
EARNINGS (LOSS) PER ORDINARY SHARE
EARNINGS (LOSS) PER ORDINARY SHARE	NOTE 25 – EARNINGS (LOSS) PER ORDINARY SHARE: ​ a. Basic The following is data taken into account in the computation of basic loss per share: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Earnings (Loss) (U.S. dollars in thousands) ​ 23,916 ​ (71,669) ​ (97,744) Weighted average number of ordinary shares outstanding during the period (in thousands) 2,591,222 616,299 465,273 Basic earnings (loss) per share (U.S. dollars) 0.01 (0.12) (0.21) ​ b. Diluted 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. ​ The calculation of diluted earnings (loss) per share as of December 31, 2023, does not include 508,836,400 of ordinary shares underlying warrants, 38,940,330 of ordinary shares underlying options and 71,209,560 of ordinary shares underlying RSUs, because the effect would be anti-dilutive.

RELATED PARTIES

RELATED PARTIES	12 Months Ended
	Dec. 31, 2023
RELATED PARTIES
RELATED PARTIES	NOTE 26 - RELATED PARTIES: ​ a. Key management in 2023 includes members of the Board of Directors, including the Company’s Chief Commercial Officer and Chief Executive Officer: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 ​ ​ U.S. dollars in thousands Key management compensation: ​ ​ ​ ​ ​ ​ Salaries and other short-term employee benefits 1,189 1,486 1,668 Post-employment benefits 56 64 91 Share-based payments 407 1,041 1,611 Other long-term benefits 35 44 54 ​ b. Balances with related parties: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ U.S. dollars in thousand Current liabilities - ​ ​ Credit balance in “accrued expenses and other current liabilities” 206 191 ​

EVENTS SUBSEQUENT TO DECEMBER 3

EVENTS SUBSEQUENT TO DECEMBER 31, 2023	12 Months Ended
	Dec. 31, 2023
EVENTS SUBSEQUENT TO DECEMBER 31, 2023
EVENTS SUBSEQUENT TO DECEMBER 31, 2023	NOTE 27 - EVENTS SUBSEQUENT TO DECEMBER 31, 2023: ​ 1) On January 26, 2024, the Company issued in a registered direct offering, 10,000,000 ADSs at a purchase price of $0.80 per ADS and in a concurrent private offering, unregistered warrants to purchase 10,000,000 ADSs at an exercise price of $ 1.00 per ADS. The warrants that were issued to the investors may be exercised either in cash or on a cashless basis. The warrants are exercisable immediately and will expire five years from the date of issuance. As part of the offering, the Company issued to the placement agent warrants to purchase 600,000 ADSs at the same price and terms. The gross proceeds to the Company from the offering were $8 million, before deducting placement agent's fees and other offering expenses of approximately $0.9 million. 2) On March 21, 2024, the annual general meeting of shareholders approved the increase of the authorized share capital of the Company to NIS 400,000,000 divided into (i) 39,994,000,000 registered Ordinary Shares of NIS 0.01 par value each, and (ii) 6,000,000 preferred shares of NIS 0.01 par value each. 3) On April 3, 2024, the Company issued in a registered direct offering, 2,144,487 ADSs at a purchase price of $0.58289 per ADS and warrants to purchase 2,144,487 ADSs at an exercise price of $0.75 per ADS. The warrants that were issued to the investors may be exercised either in cash or on a cashless basis. The warrants are exercisable immediately and will expire five years from the date of issuance. The gross proceeds to the Company from the offering were $1.25 million, before deducting offering expenses of approximately $0.1 million. No placement agent was used in connection with the offering. ​

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2023
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 material accounting policies described below have been applied consistently in relation to all the periods presented, unless otherwise stated. ​ 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 material 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 Consolidated Statements of Comprehensive Income (Loss) under financial income or financial expenses.
Trade receivables	NOTE 2 - SUMMARY OF MATERIAL ACCOUNTING POLICIES : ​ c. Trade receivables ​ Trade receivables are recognized initially at the amount of consideration that is unconditional. They are subsequently measured at amortized cost, less allowance for expected credit losses. The Company measures the loss allowance for expected credit losses on trade receivables based on lifetime expected credit losses.
Inventory	d. Inventory ​ The Company’s 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	​ 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	f. 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") which were fully derecognized in 2023 as part of the sale of the rights to Movantik® asset (See also note 15(6)). ​ 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 ​ Amounts due for future payments based on contractual agreements are accrued upon reaching the relevant milestones. ​ NOTE 2 - SUMMARY OF MATERIAL ACCOUNTING POLICIES : ​ 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. ​
Research and development	2) Research and development ​ Research expenses are recognized as an expense as incurred. ​ Research and development costs for the performance of pre-clinical trials, clinical trials, and manufacturing by subcontractors are recognized as expenses when incurred.
Financial liabilities	g. Financial liabilities ​ Non-derivative financial liabilities are initially recognized at their fair value minus transaction costs 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 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. ​ 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 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). ​ Financial liabilities are derecognized when, and only when, they are extinguished. The difference between the carrying amount of the financial liability extinguished and the consideration paid, including any non-cash assets transferred, is recognized in profit or loss. As for the accounting for the extinguishment of the financial liability to HCR, see note 15(6).
Share-based payments	​ The Company operates several equity-settled, share-based compensation plans to employees 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. For employees, the total amount recognized as an expense over the vesting period of the options is determined by reference to the fair value of the options at the grant date. For service providers, the Company measures the awards based on the fair value of the asset or service received. The amounts are recorded against the accumulated deficit within equity. ​ NOTE 2 - SUMMARY OF MATERIAL ACCOUNTING POLICIES : ​ Vesting conditions (other than market conditions) are included in the assumptions about the number of options that are expected to vest. ​ 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 additional paid-in capital.
Revenue from contracts with customers	i. Revenue from contracts with customers ​ The Company generated revenue in the years presented in these financial statements mainly from product sales, including in-licensed 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 Company estimates 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. ​ NOTE 2 - SUMMARY OF MATERIAL ACCOUNTING POLICIES : ​ 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 ​ Licenses of intellectual property (“IP”) rights are distinct from other promises in a contract with a customer (such as manufacturing and supply services) if the customer can benefit from the IP either on its own or together with other resources that are readily available to the customer and if the Company’s promise to license the IP is separately identifiable from other promises in the contract. ​ If the promise to grant the license is distinct, the Company determines whether the nature of the promise in granting the license is to provide the customer with either a right to access the Company’s IP as it exists throughout the license period or a right to use the Company’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 Company’s IP is recognized at the point in time when control of the distinct license is transferred to the customer. ​ Sales -based royalties 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.
Loss per ordinary share	j. Earnings (Loss) per share ​ The computation of basic earnings (loss) per share is based on the Company’s earnings (loss) divided by the weighted average number of ordinary shares and pre-funded warrants outstanding during the period. ​ In calculating the diluted earnings (loss) per share, using the treasury stock method, 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 earnings (loss) per share, assuming all shares that have a potentially dilutive effect have been exercised into shares.
Deferred taxes	k. Deferred taxes ​ 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	l. 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. NOTE 2 - SUMMARY OF MATERIAL ACCOUNTING POLICIES : ​ 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 fixed lease 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, as the interest rate implicit in the lease is not readily determined. ​ 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, the Company has elected not to separate lease and non-lease components and instead accounts for these as a single lease component.
Recently issued accounting pronouncements	m. Recently issued accounting pronouncements: ​ ​ 1) 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, applicable for reporting periods beginning on or after January 1, 2023, was first applied by the Company in these annual financial statements. Should be Applied Retrospectively for Annual Periods Beginning on or After January 1, 2024: NOTE 2 - SUMMARY OF MATERIAL ACCOUNTING POLICIES : ​ 2) The narrow-scope amendments to IAS 1, “Presentation of Financial Statements,” clarify that liabilities are classified as either current or noncurrent, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the entity’s expectations or events after the reporting date (e.g., the receipt of a waiver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the ‘settlement’ of a liability. The amendments could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. They must be applied retrospectively in accordance with the normal requirements in IAS 8, “Accounting Policies, Changes in Accounting Estimates and Errors.” The amendment should be applied retrospectively for annual periods beginning on or after January 1, 2024. Earlier application is permitted. The adoption of the amendment is expected to have an impact on the Company’s financial statements as, effective January 1, 2024, the Company’s warrant liabilities will be classified in current liabilities.

FINANCIAL INSTRUMENTS AND FIN_2

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Tables)	12 Months Ended
	Dec. 31, 2023
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
Schedule of company's financial liabilities and estimated maturities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Contractual maturities of financial liabilities As of December 31, 2023 Less than 1 year ​ 2-5 years ​ More than 5 years ​ Total contractual cash flows ​ Carrying amount ​ U.S. Dollars in Thousands Account payable 3,278 ​ — ​ — ​ 3,278 ​ 3,278 Lease liabilities 766 ​ 475 ​ — ​ 1,241 ​ 1,173 Accrued expenses and other current liabilities 4,592 ​ — ​ — ​ 4,592 ​ 4,592 Royalty obligation — ​ 282 ​ 1,553 ​ 1,835 ​ 540 Total 8,636 ​ 757 ​ 1,553 ​ 10,946 ​ 9,583 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 Accounts 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
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 2,623 ​ — ​ Initial recognition of financial liability 10,932 ​ 16,375 ​ Initial recognition of unrecognized day 1 loss — ​ (330) ​ Exercise of financial liability (18,383) ​ ​ ​ Fair value adjustments recognized in profit or loss 5,569 ​ (13,422) ​ Balance at end of the period 741 ​ 2,623 ​

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	12 Months Ended
	Dec. 31, 2023
CASH AND CASH EQUIVALENTS.
Schedule of cash and cash equivalents	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ U.S. dollars in thousands Cash in bank ​ 5,569 ​ 13,323 Short-term bank deposits — 6,645 ​ 5,569 19,968

PREPAID EXPENSES AND OTHER RE_2

PREPAID EXPENSES AND OTHER RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2023
PREPAID EXPENSES AND OTHER RECEIVABLES
Schedule of prepaid expenses and other receivables	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ U.S. dollars in thousands Advance to suppliers ​ 1,310 ​ 1,033 Government institutions 694 831 Prepaid expenses and others 797 2,523 ​ 2,801 4,387

INVENTORY (Tables)

INVENTORY (Tables)	12 Months Ended
	Dec. 31, 2023
INVENTORY
Schedule of Inventory	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ U.S. dollars in thousands Raw materials ​ 828 ​ 1,797 Work in progress ​ 233 ​ 2,385 Finished goods 3,328 6,827 ​ 4,389 11,009

FIXED ASSETS (Tables)

FIXED ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
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 ​ 2023 2022 2023 2022 2023 2022 ​ ​ U.S. dollars in thousands Office furniture and equipment (including computers) 1,059 1,199 956 933 103 266 Leasehold improvements 379 379 289 143 90 236 ​ 1,438 1,578 1,245 1,076 193 502 ​

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2023
GENERAL
Schedule of amounts recognized for leases	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 ​ 2022 ​ U.S dollars in thousands Right-of-use assets: ​ ​ ​ Properties 773 5,630 Vehicles 216 1,062 ​ 989 6,692 Lease liabilities: Current 718 ​ 1,032 Non-current 455 6,443 ​ 1,173 7,475 ​ ​ ​ ​ Additions to the right-of-use assets and lease liabilities during the years ended 2023 2022 In June 2023, the company terminated an operating lease agreement in the U.S that was signed in March 2022 resulting in the recognition of $0.7 million as a gain in the Company’s consolidated statement of comprehensive income (loss). The early termination, which took place as part of cost reduction measures, occurred due to a decrease in the number of employees, significantly reducing the Company's need for the office lease. ​ ​ ​ ​ Amounts recognized in the consolidated statements of comprehensive loss: ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 ​ 2022 Depreciation charge of right-of-use assets ​ ​ ​ Properties 798 924 Vehicles 478 ​ 945 ​ 1,276 ​ 1,869 Interest expense 367 ​ 430 Foreign exchange differences 3 ​ (140) ​ ​ ​ ​ Expenses relating to short-term leases and leases of low-value assets are immaterial. ​ ​ ​ ​ The total cash outflow for leases in 2023 and 2022 was $1.5 million and $2 million respectively. ​

INTANGIBLE ASSETS (Tables)

INTANGIBLE ASSETS (Tables)	12 Months Ended
	Dec. 31, 2023
INTANGIBLE ASSETS
Schedule of intangible assets changes	​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 ​ 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 ​ (148) ​ (116) Amortization charges ​ (31) ​ (32) Balance at end of year ​ (179) ​ (148) ​ ​ 5,578 ​ 5,609 Commercialization assets: ​ ​ ​ ​ Cost: ​ ​ ​ ​ Balance at beginning of year ​ 89,373 ​ 89,373 Disposal during the year ​ (77,585) ​ — Balance at end of year ​ 11,788 ​ 89,373 Accumulated impairments and amortization: ​ ​ ​ ​ Balance at beginning of year ​ (29,356) ​ (23,370) Amortization and impairment charges ​ (514) ​ (5,986) Disposal during the year ​ 18,082 ​ — Balance at end of year ​ (11,788) ​ (29,356) ​ ​ — ​ 60,017 ​ ​ 5,578 ​ 65,626

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2023
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Schedule of accrued expenses and other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ U.S. dollars in thousands Accrued expenses 3,765 16,168 Employees and related liabilities 727 1,667 Government institutions 100 114 ​ 4,592 17,949 ​

ALLOWANCE FOR DEDUCTIONS FROM_2

ALLOWANCE FOR DEDUCTIONS FROM REVENUES (Tables)	12 Months Ended
	Dec. 31, 2023
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, 2023 46,636 1,234 ​ 47,870 Increases ​ 21,225 ​ 859 ​ 22,084 Decreases (utilized) (60,498) ​ (2,969) ​ (63,467) Adjustments ​ 724 ​ 3,443 ​ 4,167 As of December 31, 2023 8,087 2,567 ​ 10,654 ​ ​ (1) ​ (0) — 0 ​ ​ 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 ​

BORROWING (Tables)

BORROWING (Tables)	12 Months Ended
	Dec. 31, 2023
BORROWING.
Schedule of reconciliation of liabilities arising from financing activities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ U.S. dollars in thousands ​ ​ ​ ​ ​ Non-cash changes ​ ​ January 1, 2023 Proceeds from borrowings Principal and interest payments (includes credits) Addition during the year Decreases during the year Interest expense Foreign exchange movement December 31, 2023 Borrowing 115,216 — — — (115,216) — — — Payable in respect of intangible assets purchase 11,157 — (6,555) — (4,602) — — — Lease liabilities 7,475 — (1,529) 270 (5,413) 367 3 1,173 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Non-cash changes ​ ​ January 1, 2022 Proceeds from borrowings Principal and interest payments Addition during the year Decreases 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 Decreases 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 ​

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2023
SHARE CAPITAL
Schedule of composition of share capital	​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ December 31, ​ 2023 2022 ​ ​ In thousands Authorized ordinary shares ​ 19,994,000 ​ 1,594,000 Authorized preferred shares (reserved) ​ 6,000 ​ 6,000 Issued and paid ordinary shares 7,869,853 931,962

SHARE-BASED PAYMENTS (Tables)

SHARE-BASED PAYMENTS (Tables)	12 Months Ended
	Dec. 31, 2023
SHARE-BASED PAYMENTS
Schedule of information on options granted	b. The following is information on options granted in 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 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) $) in thousands (2) January 2022 ​ 125 ​ 56.4 ​ 7 March 2022 ​ 150 ​ 66.8 ​ 6 ​ ​ 275 ​ ​ ​ 13 ​ ​ NOTE 18 - SHARE-BASED PAYMENTS : ​ 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 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: $66.8 - $98 , expected volatility: 66.94% - 67.21% , risk-free interest rate: 1.73% - 1.78% and the expected term was derived based on the contractual term of the options, the expected exercise behavior and expected post-vesting forfeiture rates. ​ c. 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) 48,013 ​ 3,500 ​ 51,513 ​ 5,712 March 2022 (1) 2,400 ​ — ​ 2,400 ​ 160 April 2022(1) 875 ​ — ​ 875 ​ 87 June 2022 (2) 50,463 ​ 4,125 ​ 54,588 ​ 1,878 July 2022 (2) 1,625 ​ — ​ 1,625 ​ 56 September 2022 (3) 9,257 ​ 1,276 ​ 10,533 ​ 352 November 2022 (3) 15,085 ​ — ​ 15,085 ​ 380 Total 127,718 ​ 8,901 ​ 136,619 ​ 8,625 ​ 1) ​ 2) ​ 3) ​ 4) ​ In addition, In June 2022 September 2022 ​ NOTE 18 - SHARE-BASED PAYMENTS : ​ 5) The fair value of the RSUs were determined based on the price of an ADS on the date the RSUs were granted. ​ During 2022, approximately 68.2 thousand options and RSUs were forfeited, resulting in $4.5 million reversed expenses .
Schedule of number of shares and weighted averages of exercise prices	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 ​ 2022 ​ ​ ​ ​ Weighted ​ ​ ​ Weighted ​ ​ ​ ​ average of ​ ​ ​ average of ​ ​ Number of ​ exercise ​ Number of ​ exercise ​ options price ($) options price ($) Outstanding at beginning of year ​ 131,484 ​ 255.60 ​ 170,537 ​ 260.00 Exercised — ​ — — ​ 283.20 Expired and forfeited (34,133) 262.43 (39,328) 272.80 Granted — — 275 80.80 Outstanding at end of year 97,351 252.98 131,484 255.60 Exercisable at end of year 86,368 249.14 98,762 249.20
Schedule of number of RSU,s	​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 2022 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Number of ​ ​ RSUs RSUs Outstanding at beginning of year ​ 91,144 ​ — ​ Exercised (66,460) ​ (12,163) ​ Expired and forfeited (34,160) (28,861) Granted 187,500 132,168 Outstanding at end of year 178,024 91,144
Schedule of information about exercise price and remaining useful life of outstanding options	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, 2023 ​ 2022 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 97,351 ​ $66.8-$436 ​ 5.2 ​ 131,484 ​ $66.8-$624 ​ 5.2
Schedule of expenses recognized in profit or loss	​ ​ ​ ​ ​ ​ Year Ended December 31, 2023 2022 2021 U.S. dollars in thousands 1,647 ​ 5,675 ​ 10,212

NET REVENUES (Tables)

NET REVENUES (Tables)	12 Months Ended
	Dec. 31, 2023
NET REVENUES
Schedule of net revenues	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 ​ 2022 ​ 2021 ​ ​ U.S dollars in thousands Licensing revenues (1) ​ — ​ 2,000 ​ — Sales of products (2) ​ 6,530 ​ 59,800 ​ 85,757 ​ 6,530 61,800 ​ 85,757

RESEARCH AND DEVELOPMENT EXPE_2

RESEARCH AND DEVELOPMENT EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2023
RESEARCH AND DEVELOPMENT EXPENSES.
Schedule of research and development expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 ​ ​ U.S. dollars in thousands Payroll and related expenses ​ 390 ​ 661 ​ 839 Professional services 605 1,210 ​ 1,821 Share-based payments 138 1,151 1,910 Clinical and pre-clinical trials 1,891 3,872 23,905 Intellectual property development 222 180 349 Other 282 205 674 ​ 3,528 7,279 29,498 ​

SELLING AND MARKETING EXPENSES

SELLING AND MARKETING EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2023
SELLING AND MARKETING EXPENSES
Schedule of selling, marketing and business development expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 ​ ​ U.S. dollars in thousands Payroll and related expenses ​ 9,656 ​ 19,235 ​ 24,227 Share-based payments (51) 553 2,570 Professional services 3,056 6,596 17,441 Samples ​ 54 ​ 836 ​ 1,008 Travel, Fleet, meals and related expenses ​ 736 ​ 5,136 ​ 7,305 Office-related expenses 566 1,510 1,285 Other 739 1,576 1,787 ​ 14,756 35,442 55,623 ​ ​ ​ ​ ​ ​ ​ ​

GENERAL AND ADMINISTRATIVE EX_2

GENERAL AND ADMINISTRATIVE EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2023
GENERAL AND ADMINISTRATIVE EXPENSES
Schedule of general and administrative expenses	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 ​ ​ U.S. dollars in thousands Payroll and related expenses ​ 7,035 ​ 10,521 ​ 11,974 Share-based payments 1,560 3,971 5,732 Professional services and supply chain 5,391 10,787 11,040 Medical affairs ​ 818 ​ 1,214 ​ 1,600 Office-related expenses 958 1,434 1,438 Other 457 659 581 ​ 16,219 28,586 32,365 ​

FINANCIAL INCOME (EXPENSES), _2

FINANCIAL INCOME (EXPENSES), net (Tables)	12 Months Ended
	Dec. 31, 2023
FINANCIAL INCOME (EXPENSES), net
Schedule of financial income (expenses), net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 ​ ​ U.S dollars in thousands Financial income: ​ ​ ​ ​ ​ ​ Fair value gains on derivative financial instruments — 13,422 — Gains on extinguishment of debt obligations by transfer of the rights in Movantik ​ 20,585 ​ — ​ — Other Income 210 — — Interest from bank deposits 94 140 51 ​ 20,889 13,562 51 Financial expenses: Interest for lease liabilities ​ 367 ​ 430 ​ 395 Issuance cost in respect of warrants ​ 2,034 ​ 958 ​ — Loss from changes in exchange rates 115 40 28 Fair value loss on derivative financial instruments ​ 5,569 ​ — ​ — Loss from modification of warrants terms as part of a new issuance, see notes 17(b) and 17(d) ​ 1,459 ​ — ​ — Interest expenses related to borrowing and payable in respect of intangible assets purchase ​ — ​ 40,903 ​ 16,172 Other 61 56 65 ​ 9,605 42,387 16,660 Financial income (expenses), 11,284 (28,825) (16,609)

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2023
SEGMENT INFORMATION
Schedule of segment profitability and reconciliation to consolidated net income (loss) and comprehensive income (loss)	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ ​ 2023 ​ 2022 ​ 2021 ​ U.S. dollars in thousands Commercial Operations Segment Adjusted EBITDA ​ (20,173) ​ (16,595) ​ (15,527) Research And Development Adjusted EBITDA ​ (8,165) ​ (12,420) ​ (37,247) Financial income (expenses), net ​ 11,284 ​ (28,825) ​ (16,609) Share-based compensation to employees and service providers ​ (1,647) ​ (5,675) ​ (10,212) Depreciation ​ (1,445) ​ (2,136) ​ (1,914) Amortization and impairment of intangible assets ​ (545) ​ (6,018) ​ (16,235) Gain from early termination of lease, net ​ 543 ​ — ​ — Other income ​ 44,064 ​ — ​ — Consolidated Comprehensive Income (Loss) ​ 23,916 ​ (71,669) ​ (97,744)
Schedule of percentages of total net revenues from major customers	​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Customer A 30% 32% 32% Customer B 28% 30% 31% Customer C 37% 33% 32%

EARNINGS (LOSS) PER ORDINARY _2

EARNINGS (LOSS) PER ORDINARY SHARE (Tables)	12 Months Ended
	Dec. 31, 2023
EARNINGS (LOSS) PER ORDINARY SHARE
Schedule of earnings (loss) per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 Earnings (Loss) (U.S. dollars in thousands) ​ 23,916 ​ (71,669) ​ (97,744) Weighted average number of ordinary shares outstanding during the period (in thousands) 2,591,222 616,299 465,273 Basic earnings (loss) per share (U.S. dollars) 0.01 (0.12) (0.21)

RELATED PARTIES (Tables)

RELATED PARTIES (Tables)	12 Months Ended
	Dec. 31, 2023
RELATED PARTIES
Schedule of key management compensation:	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Year Ended December 31, ​ 2023 2022 2021 ​ ​ U.S. dollars in thousands Key management compensation: ​ ​ ​ ​ ​ ​ Salaries and other short-term employee benefits 1,189 1,486 1,668 Post-employment benefits 56 64 91 Share-based payments 407 1,041 1,611 Other long-term benefits 35 44 54
Schedule of balances with related parties	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 ​ ​ U.S. dollars in thousand Current liabilities - ​ ​ Credit balance in “accrued expenses and other current liabilities” 206 191 ​

GENERAL (Details)

GENERAL (Details) - shares	Mar. 23, 2023	Mar. 22, 2023
General [Line Items]
Number of Ordinary Shares Issued in Exchange of American Depository Receipts	10
ADS
General [Line Items]
Number of Ordinary Shares Issued in Exchange of American Depository Receipts	400	10
New ADS Ratio [Member]
General [Line Items]
Number of Ordinary Shares Issued in Exchange of American Depository Receipts	400

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2023
Computer equipment
Accounting Policies [Line Items]
Depreciation rate, property, plant and equipment	33%
Office furniture and equipment | Minimum
Accounting Policies [Line Items]
Depreciation rate, property, plant and equipment	8%
Office furniture and equipment | Maximum
Accounting Policies [Line Items]
Depreciation rate, property, plant and equipment	15%

CRITICAL ACCOUNTING ESTIMATES_2

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (Details)	12 Months Ended
	Dec. 31, 2023 USD ($)
Movantik
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items]
Impairment loss	$ 0
Useful life of assets (in years)	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	17.8

FINANCIAL INSTRUMENTS AND FIN_3

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Details) - shares		12 Months Ended
	Mar. 23, 2023	Dec. 31, 2023	Apr. 01, 2021	Mar. 31, 2021
Financial instruments
Number of ordinary shares issued in exchange of ADS	10
Maximum
Financial instruments
Maturity periods for cash balances in highly-rated bank deposits		1 year
Fixed rate
Financial instruments
Borrowings, interest rate			6.70%	8.20%
3-month LIBOR floor rate
Financial instruments
Borrowings, interest rate				1.75%
Market risk [member]
Financial instruments
Percentage of currency stronger against the NIS		5%

FINANCIAL INSTRUMENTS AND FIN_4

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - By contractual maturities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Financial instruments
Financial liabilities	$ 10,946	$ 162,216
Restricted cash	147	150
Cost
Financial instruments
Financial liabilities	9,583	156,777
Less than 1 year
Financial instruments
Financial liabilities	8,636	150,768
2-5 years
Financial instruments
Financial liabilities	757	4,276
More than five years
Financial instruments
Financial liabilities	1,553	7,172
Accounts payable
Financial instruments
Financial liabilities	3,278	4,230
Accounts payable | Cost
Financial instruments
Financial liabilities	3,278	4,230
Accounts payable | Less than 1 year
Financial instruments
Financial liabilities	3,278	4,230
Lease liabilities
Financial instruments
Financial liabilities	1,241	11,525
Lease liabilities | Cost
Financial instruments
Financial liabilities	1,173	7,475
Lease liabilities | Less than 1 year
Financial instruments
Financial liabilities	766	1,723
Lease liabilities | 2-5 years
Financial instruments
Financial liabilities	475	4,079
Lease liabilities | More than five years
Financial instruments
Financial liabilities		5,723
Accrued expenses and other current liabilities
Financial instruments
Financial liabilities	4,592	17,949
Accrued expenses and other current liabilities | Cost
Financial instruments
Financial liabilities	4,592	17,949
Accrued expenses and other current liabilities | Less than 1 year
Financial instruments
Financial liabilities	4,592	17,949
Borrowing
Financial instruments
Financial liabilities		115,216
Borrowing | Cost
Financial instruments
Financial liabilities		115,216
Borrowing | Less than 1 year
Financial instruments
Financial liabilities		115,216
Payable in respect of intangible assets purchase
Financial instruments
Financial liabilities		11,650
Payable in respect of intangible assets purchase | Cost
Financial instruments
Financial liabilities		11,157
Payable in respect of intangible assets purchase | Less than 1 year
Financial instruments
Financial liabilities		11,650
Royalty obligation
Financial instruments
Financial liabilities	1,835	1,646
Royalty obligation | Cost
Financial instruments
Financial liabilities	540	750
Royalty obligation | 2-5 years
Financial instruments
Financial liabilities	282	197
Royalty obligation | More than five years
Financial instruments
Financial liabilities	$ 1,553	$ 1,449

FINANCIAL INSTRUMENTS AND FIN_5

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT - Changes in derivative liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
Balance at beginning of the period	$ 2,623
Initial recognition of financial liability	10,932	$ 16,375
Initial recognition of unrecognized day 1 loss		(330)
Exercise of derivative into shares	(18,383)
Fair value adjustments recognized in profit or loss	5,569	(13,422)
Balance at end of the period	$ 741	$ 2,623

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH AND CASH EQUIVALENTS.
Cash in bank	$ 5,569	$ 13,323
Short-term bank deposits		6,645
Cash and cash equivalents	$ 5,569	$ 19,968	$ 29,474	$ 29,295

PREPAID EXPENSES AND OTHER RE_3

PREPAID EXPENSES AND OTHER RECEIVABLES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
PREPAID EXPENSES AND OTHER RECEIVABLES
Advance to suppliers	$ 1,310	$ 1,033
Government institutions	694	831
Prepaid expenses and others	797	2,523
Total prepaid expenses and other receivables	$ 2,801	$ 4,387

INVENTORY (Details)

INVENTORY (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
INVENTORY
Raw materials	$ 828,000	$ 1,797,000
Work in progress	233,000	2,385,000
Finished goods	3,328,000	6,827,000
Total inventory	4,389,000	11,009,000
Inventories recognized as part of cost of revenues	4,400,000	9,700,000	$ 7,700,000
Inventories, at net realisable value	$ 1,300,000	$ 2,400,000	$ 300,000

FIXED ASSETS (Details)

FIXED ASSETS (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Fixed assets
Accumulated depreciation	$ 1,245	$ 1,076
Fixed assets	193	502
Cost
Fixed assets
Fixed assets	1,438	1,578
Office furniture and equipment (including computers)
Fixed assets
Accumulated depreciation	956	933
Fixed assets	103	266
Office furniture and equipment (including computers) | Cost
Fixed assets
Fixed assets	1,059	1,199
Leasehold improvements
Fixed assets
Accumulated depreciation	289	143
Fixed assets	90	236
Leasehold improvements | Cost
Fixed assets
Fixed assets	$ 379	$ 379

LEASES (Details)

LEASES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Right-of-use assets:
Right-of-use assets	$ 989,000	$ 6,692,000
Lease liabilities:
Current	718,000	1,032,000
Non-current	455,000	6,443,000
Lease liabilities	1,173,000	7,475,000
Additions to right-of-use assets	300,000	5,600,000
Additions to lease liabilities	300,000	5,600,000
Decrease in lease liabilities	5,400,000	600,000
Decrease in right of use asset	4,700,000	500,000
Depreciation charge of right-of-use assets	1,276,000	1,869,000
Interest expense	367,000	430,000
Foreign exchange differences	3,000	(140,000)
Cash outflow for leases	1,500,000	2,000,000
Gain On Termination Of Operating Lease Agreement	700,000
Properties
Right-of-use assets:
Right-of-use assets	773,000	5,630,000
Lease liabilities:
Depreciation charge of right-of-use assets	798,000	924,000
Vehicles
Right-of-use assets:
Right-of-use assets	216,000	1,062,000
Lease liabilities:
Depreciation charge of right-of-use assets	$ 478,000	$ 945,000

INTANGIBLE ASSETS - Changes in

INTANGIBLE ASSETS - Changes in Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of changes in intangible assets
Balance at beginning of year	$ 65,626
Amortization and impairment charges	(545)	$ (6,018)	$ (16,235)
Write-Off due to the transfer of rights in Movantik	18,082
Balance at end of year	5,578	65,626
R&D assets
Reconciliation of changes in intangible assets
Balance at beginning of year	5,609
Balance at end of year	5,578	5,609
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	(148)	(116)
Amortization charges	(31)	(32)
Balance at end of year	(179)	(148)	(116)
Commercialization assets
Reconciliation of changes in intangible assets
Balance at beginning of year	60,017
Balance at end of year		60,017
Commercialization assets | Cost
Reconciliation of changes in intangible assets
Balance at beginning of year	89,373	89,373
Write off during the year	77,585
Balance at end of year	11,788	89,373	89,373
Commercialization assets | Accumulated impairments and amortization
Reconciliation of changes in intangible assets
Balance at beginning of year	(29,356)	(23,370)
Amortization and impairment charges	(514)	(5,986)
Balance at end of year	$ (11,788)	$ (29,356)	$ (23,370)

INTANGIBLE ASSETS - Narrative (

INTANGIBLE ASSETS - Narrative (Details)	12 Months Ended
	Dec. 31, 2023
Movantik
Reconciliation of changes in intangible assets
Useful life of assets (in years)	12 years 6 months

LIABILITY FOR EMPLOYEE RIGHTS_2

LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
LIABILITY FOR EMPLOYEE RIGHTS UPON RETIREMENT
Defined contribution plans expense	$ 206,000	$ 261,000	$ 285,000

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued expenses	$ 3,765	$ 16,168
Employees and related liabilities	727	1,667
Government institutions	100	114
Accrued expenses and other current liabilities	$ 4,592	$ 17,949

ALLOWANCE FOR DEDUCTIONS FROM_3

ALLOWANCE FOR DEDUCTIONS FROM REVENUES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of other provisions [line items]
Balance at beginning of the period	$ 47,870	$ 30,711	$ 18,343
Increases	22,084	126,425	95,491
Decreases (utilized)	(63,467)	(110,723)	(82,812)
Adjustments	4,167	1,457	(311)
Balance at end of the period	10,654	47,870	30,711
Rebates and patient discount programs
Disclosure of other provisions [line items]
Balance at beginning of the period	46,636	29,742	16,380
Increases	21,225	123,878	94,640
Decreases (utilized)	(60,498)	(108,531)	(80,633)
Adjustments	724	1,547	(645)
Balance at end of the period	8,087	46,636	29,742
Product returns
Disclosure of other provisions [line items]
Balance at beginning of the period	1,234	969	1,963
Increases	859	2,547	851
Decreases (utilized)	(2,969)	(2,192)	(2,179)
Adjustments	3,443	(90)	334
Balance at end of the period	$ 2,567	$ 1,234	$ 969

BORROWING (Details)

BORROWING (Details) - USD ($)	Dec. 31, 2023	Feb. 28, 2023	Apr. 01, 2021	Mar. 31, 2021
Movantik
Disclosure of detailed information about borrowings [line items]
Restricted cash transferred to collateral bank account	$ 800,000	$ 16,000,000
3-month LIBOR floor rate
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%

BORROWING - Reconciliation of l

BORROWING - Reconciliation of liabilities arising from financing activities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Borrowing
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	$ 115,216	$ 83,620	$ 81,386
Principal and interest payments (includes credits)		(7,507)	(9,701)
Decreases during the year	(115,216)
Interest expense		39,103	11,935
Ending balance		115,216	83,620
Payable in respect of intangible assets purchase
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	11,157	20,480	24,746
Principal and interest payments (includes credits)	(6,555)	(11,123)	(8,500)
Decreases during the year	(4,602)
Interest expense		1,800	4,234
Ending balance		11,157	20,480
Lease liabilities
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Beginning balance	7,475	4,192	5,517
Principal and interest payments (includes credits)	(1,529)	(2,010)	(2,107)
Addition during the year	270	5,003	385
Decreases during the year	(5,413)
Interest expense	367	430	355
Foreign exchange movement	3	(140)	42
Ending balance	$ 1,173	$ 7,475	$ 4,192

COMMITMENTS - Agreements to Pur

COMMITMENTS - Agreements to Purchase Intellectual Property (Details)	Jun. 30, 2014 USD ($)	Aug. 11, 2010 USD ($) item	Dec. 31, 2023 USD ($)	Jul. 25, 2023 shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2018 USD ($)	Mar. 30, 2015 USD ($)
Commitments
Number of shares issued | shares				1,301,923	12,163
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			540,000		$ 750,000	$ 500,000
Aggregate payments made			$ 3,000,000				1,500,000
Revenue Milestone | U.S. Private Company Arrangement | Maximum
Commitments
Milestones to be paid							$ 2,000,000

COMMITMENTS - Movantik Acquisit

COMMITMENTS - Movantik Acquisition (Details) - USD ($)		3 Months Ended	12 Months Ended
	Apr. 01, 2020	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2022
Disclosure of detailed information about intangible assets [line items]
Intangible assets			$ 5,578,000	$ 65,626,000
Movantik
Disclosure of detailed information about intangible assets [line items]
Percentage of royalty based on sales			20%
Intangible assets			$ 12,500,000
Present value of total consideration			$ 65,000,000
Useful life of assets (in years)			12 years 6 months
AstraZeneca AB | Movantik
Disclosure of detailed information about intangible assets [line items]
Payment for acquisition of rights	$ 52,500,000	$ 16,000,000

COMMITMENTS - DSI Agreement (De

COMMITMENTS - DSI Agreement (Details) - USD ($)		1 Months Ended	12 Months Ended
	Jul. 01, 2020	May 31, 2022	Dec. 31, 2023	Jul. 25, 2023	Feb. 28, 2023	Dec. 31, 2022	Jul. 31, 2020
Disclosure of classes of share capital [line items]
Number of shares issued				1,301,923		12,163
Intangible assets			$ 5,578,000			$ 65,626,000
ADS.
Disclosure of classes of share capital [line items]
Number of shares issued		264,085	47,336
Net proceeds from issuing shares		$ 14,400,000
Movantik
Disclosure of classes of share capital [line items]
Intangible assets			$ 12,500,000
Present value of future milestone payments			10,500,000
Restricted cash transferred to collateral bank account			800,000		$ 16,000,000
Fair value estimate			95,000,000
Gains On Disposals Of Movantik			35,500,000
Gains From The Debt Extinguishment.			20,600,000
Movantik | DSI
Disclosure of classes of share capital [line items]
Royalty-bearing agreement, payments and settlements	$ 15,100,000
Movantik | DSI | ADS.
Disclosure of classes of share capital [line items]
Number of shares issued							7,085
Financial component of issuance of stock			$ 2,000,000
July 2022 | Movantik | DSI
Disclosure of classes of share capital [line items]
Royalty-bearing agreement, payments and settlements	10,100,000
February 2023 | Movantik | DSI
Disclosure of classes of share capital [line items]
Royalty-bearing agreement, payments and settlements	$ 5,000,000

COMMITMENTS - License Agreement

COMMITMENTS - License Agreements (Details) - USD ($)		1 Months Ended		12 Months Ended
	Feb. 09, 2022	Apr. 30, 2022	Mar. 31, 2022	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of detailed information about intangible assets [line items]
Licensing revenue					$ 2,000,000
Net revenues				$ 6,530,000	61,800,000	$ 85,757,000
Cost of revenues				$ 3,459,000	33,337,000	$ 49,406,000
Kukbo Co. Ltd. | Subscription agreement
Disclosure of detailed information about intangible assets [line items]
Default amount	$ 5,000,000
Kukbo Co. Ltd. | Exclusive license agreement
Disclosure of detailed information about intangible assets [line items]
Upfront payments received			$ 1,500,000
Milestones to be paid			$ 5,600,000
Default amount	$ 1,500,000
Gaelan | Talicia
Disclosure of detailed information about intangible assets [line items]
Upfront payments received		$ 2,000,000
Licensing revenue					$ 2,000,000

INCOME TAX (Details)

INCOME TAX (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax [Line Items]
Deductible temporary differences	$ 6,000,000	$ 14,000,000
Israel
Income Tax [Line Items]
Corporate tax rate	23%
Net operating losses	$ 340,000,000
U.S.
Income Tax [Line Items]
Corporate tax rate	21%
Net operating losses	$ 55,000,000
U.S. | Net operating losses expiring in 2037
Income Tax [Line Items]
Net operating losses	4,000,000
U.S. | Net operating losses with no expiration
Income Tax [Line Items]
Net operating losses	$ 51,000,000

SHARE CAPITAL (Details)

SHARE CAPITAL (Details)							1 Months Ended		5 Months Ended	12 Months Ended
	Apr. 03, 2024 USD ($)	Sep. 28, 2023 USD ($) $ / shares shares	Jul. 25, 2023 USD ($) $ / shares shares	Apr. 03, 2023 USD ($) $ / shares shares	Mar. 23, 2023 shares	Mar. 22, 2023 shares	Dec. 31, 2022 USD ($) $ / shares shares	May 31, 2022 USD ($) $ / shares shares	Nov. 29, 2023 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2021 USD ($)	Mar. 21, 2024 $ / shares shares	Jan. 26, 2024 shares	Dec. 31, 2023 ₪ / shares shares
Disclosure of classes of share capital [line items]
Proceeds from issuance | $	$ 1,250,000									$ 13,959,000	$ 23,806,000	$ 78,536,000
Offering expenses | $	$ 100,000
Authorized ordinary shares									200,000,000				400,000,000
Number of Ordinary Shares Issued in Exchange of American Depository Receipts					10
Number of shares issued			1,301,923				12,163				12,163
Financial expense | $										9,605,000	$ 42,387,000	16,660,000
Exercise price of warrants | $ / shares			$ 59.20
Proceeds from exercise of options | $												$ 4,006,000
Share issuance expenses | $								$ 600,000
Warrant issuance expense | $							$ 600,000
Major ordinary share transactions
Disclosure of classes of share capital [line items]
Class of warrant or right, number of securities called by warrants or rights														600,000
Pre-funded warrants
Disclosure of classes of share capital [line items]
Exercise price of warrants | $ / shares							$ 0.001	$ 0.001			$ 0.001
Series A unregistered private warrants
Disclosure of classes of share capital [line items]
Class of warrant or right, number of securities called by warrants or rights				1,500,000
Exercise price of warrants | $ / shares				$ 1.80
Placement agent warrants
Disclosure of classes of share capital [line items]
Class of warrant or right, number of securities called by warrants or rights				90,000
Warrants, exercisable term				5 years
Exercise price of warrants | $ / shares				$ 5
ADS
Disclosure of classes of share capital [line items]
Number of shares issued								264,085							47,336
Proceeds from issuance of shares | $								$ 14,400,000
ADS
Disclosure of classes of share capital [line items]
Number of Ordinary Shares Issued in Exchange of American Depository Receipts					400	10
ADS | Series A unregistered private warrants
Disclosure of classes of share capital [line items]
Class of warrant or right, number of securities called by warrants or rights				1,500,000
Exercise price of warrants | $ / shares				$ 1.35
Proceeds from issuance of shares | $				$ 2,000,000
At-the-market equity offering program | ADS
Disclosure of classes of share capital [line items]
Number of shares issued							30,582				30,582
Proceeds from issuance of shares | $											$ 2,000,000
Average share price | $ / shares											$ 66.8
At-the-market equity offering program | ADS | Maximum
Disclosure of classes of share capital [line items]
Proceeds from issuance of shares, gross | $											$ 100,000,000
Underwritten public offering
Disclosure of classes of share capital [line items]
Class of warrant or right, number of securities called by warrants or rights		971,817	971,817
Exercise price of warrants | $ / shares		$ 1.80	$ 4.6305
Registered Direct Offering
Disclosure of classes of share capital [line items]
Proceeds from issuance | $		$ 2,000,000	$ 1,800,000	6,000,000
Offering expenses | $		$ 200,000	$ 400,000	$ 700,000
Class of warrant or right, number of securities called by warrants or rights			330,106
Exercise price of warrants | $ / shares		$ 0.47	$ 1.80
Registered Direct Offering | Pre-funded warrants
Disclosure of classes of share capital [line items]
Exercise price of warrants | $ / shares			$ 0.001	$ 0.001
Registered Direct Offering | Unregistered Private Warrants
Disclosure of classes of share capital [line items]
Class of warrant or right, number of securities called by warrants or rights		330,106	330,106
Warrants term			5 years
Exercise price of warrants | $ / shares		$ 1.80	$ 4.75
Registered Direct Offering | Series A unregistered private warrants
Disclosure of classes of share capital [line items]
Class of warrant or right, number of securities called by warrants or rights		1,500,000		1,500,000
Warrants term				5 years
Exercise price of warrants | $ / shares		$ 1.80	1.35	$ 4.75
Registered Direct Offering | Series B unregistered private warrants
Disclosure of classes of share capital [line items]
Class of warrant or right, number of securities called by warrants or rights		1,500,000		1,500,000
Exercise price of warrants | $ / shares		$ 1.80	$ 1.80	$ 4
Registered Direct Offering | New Unregistered Warrants
Disclosure of classes of share capital [line items]
Class of warrant or right, number of securities called by warrants or rights		8,603,846
Warrants, exercisable term		18 months
Warrants term		5 years
Exercise price of warrants | $ / shares		$ 0.47
Registered Direct Offering | First portion of placement agent warrants
Disclosure of classes of share capital [line items]
Class of warrant or right, number of securities called by warrants or rights			78,115
Warrants, exercisable term			5 years
Registered Direct Offering | Second portion of placement agent warrants
Disclosure of classes of share capital [line items]
Number of warrants to purchase shares			90,000
Warrants term			4 years 8 months 12 days
Exercise price of warrants | $ / shares			$ 1.6875
Registered Direct Offering | Placement agent warrants
Disclosure of classes of share capital [line items]
Class of warrant or right, number of securities called by warrants or rights		258,115
Warrants term		5 years
Exercise price of warrants | $ / shares		$ 0.5875
Proceeds from warrant exercises | $									$ 4,000,000
Registered Direct Offering | ADS | First portion of placement agent warrants
Disclosure of classes of share capital [line items]
Exercise price of warrants | $ / shares			$ 1.6875
Registered Direct Offering | ADS
Disclosure of classes of share capital [line items]
Number of shares issued				1,500,000
Ordinary shares.
Disclosure of classes of share capital [line items]
Par value per share | (per share)									$ 0.01				$ 0.01		₪ 0.01
Authorized ordinary shares							1,594,000,000		19,994,000,000		1,594,000,000		39,994,000,000		19,994,000,000
Issued and paid ordinary shares							931,962,000				931,962,000				7,869,853,000
Ordinary shares. | ADS
Disclosure of classes of share capital [line items]
Number of shares issued							800,000				800,000
Proceeds from issuance of shares, gross | $							$ 8,000,000
Equity component
Disclosure of classes of share capital [line items]
Share issuance expenses | $								300,000
Gross consideration | $								6,900,000
Preferred shares
Disclosure of classes of share capital [line items]
Par value per share | $ / shares									$ 0.01				$ 0.01
Authorized ordinary shares									6,000,000				6,000,000
Authorized preferred shares (reserved)							6,000,000				6,000,000				6,000,000
Warrants
Disclosure of classes of share capital [line items]
Financial expense | $		$ 600,000								$ 900,000
Share issuance expenses | $								300,000
Gross consideration | $								$ 8,100,000
Warrants | ADS
Disclosure of classes of share capital [line items]
Number of warrants to purchase shares							800,000				800,000
Class of warrant or right, number of securities called by warrants or rights							10	59.2			10
Warrants issued								330,106
Warrants, exercisable term							5 years	6 months
Warrants term								5 years 6 months
Risk-free interest rate										3.93%	3.99%
Average standard deviation										126.71%	81.71%

SHARE-BASED PAYMENTS (Details)

SHARE-BASED PAYMENTS (Details)		1 Months Ended			12 Months Ended
	Jul. 01, 2023	Sep. 30, 2022 USD ($) shares	Jun. 30, 2022 USD ($) shares	May 31, 2022 USD ($) shares	Dec. 31, 2023 USD ($) EquityInstruments shares Option installment	Dec. 31, 2022 USD ($) Option EquityInstruments installment $ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of options granted | Option						275
Exercise price for 1 ADS ($) | $ / shares						$ 80.80
Number of RSUs granted | EquityInstruments					187,500	132,168
Number of options cancelled | Option					34,133	39,328
Each option exercisable into number of ordinary shares, ratio | Option					86,368	98,762
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						$ 66.8
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						$ 98
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						$ 56.4
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						$ 66.8
Fair value on date of grant						$ 6,000
RSUs
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted | shares					187,500
Fair value on date of grant		$ 100,000	$ 100,000		$ 200,000
Number of equal quarterly vesting installments | installment					12
Vesting period	3 years
Shares forfeited					68,000
Shares forfeited, reversed expenses					$ 1,600,000
Shares approved for grant | shares		5,401	5,401
RSUs | 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted						136,619
Fair value on date of grant				$ 100,000		$ 8,625,000
Shares approved for grant | shares				3,500
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						51,513
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						2,400
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						875
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						54,588
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						1,625
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						10,533
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						15,085
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						68,200
Shares forfeited, reversed expenses						$ 4,500,000
Shares approved for grant | shares					1,400,658,798
According to the Award Plan of the Company | 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted						127,718
According to the Award Plan of the Company | January 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted						48,013
According to the Award Plan of the Company | March 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted						2,400
According to the Award Plan of the Company | April 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted						875
According to the Award Plan of the Company | June 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted						50,463
According to the Award Plan of the Company | July 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted						1,625
According to the Award Plan of the Company | September 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted						9,257
According to the Award Plan of the Company | November 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted						15,085
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						275
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						125
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						150
To directors | 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted						8,901
To directors | January 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted						3,500
To directors | June 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted						4,125
To directors | September 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of RSUs granted						1,276

SHARE-BASED PAYMENTS - Number o

SHARE-BASED PAYMENTS - Number of Options and Weighted Averages of Exercise Prices (Details)	12 Months Ended
	Dec. 31, 2023 Option $ / shares	Dec. 31, 2022 Option $ / shares
SHARE-BASED PAYMENTS
Number of options, outstanding at beginning of year | Option	131,484	170,537
Number of options, expired and forfeited | Option	(34,133)	(39,328)
Number of options, granted | Option		275
Number of options, outstanding at end of year | Option	97,351	131,484
Number of options, exercisable at end of year | Option	86,368	98,762
Weighted average of exercise price, outstanding at beginning of year	$ 255.60	$ 260
Weighted average of exercise price, exercised		283.20
Weighted average of exercise price, expired and forfeited	262.43	272.80
Weighted average of exercise price, granted		80.80
Weighted average of exercise price, outstanding at end of year	252.98	255.60
Weighted average of exercise price, exercisable at end of year	$ 249.14	$ 249.20

SHARE-BASED PAYMENTS - Number_2

SHARE-BASED PAYMENTS - Number of RSUs (Details) - EquityInstruments	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
SHARE-BASED PAYMENTS
Number of RSUs, Outstanding at beginning of year	91,144
Number of RSUs, Exercised	(66,460)	(12,163)
Number of RSUs, Expired and forfeited	(34,160)	(28,861)
Number of RSUs, Granted	187,500	132,168
Number of RSUs, Outstanding at end of year	178,024	91,144

SHARE-BASED PAYMENTS - Informat

SHARE-BASED PAYMENTS - Information About Exercise Price and Remaining Useful Life of Outstanding Options (Details)	12 Months Ended
	Dec. 31, 2023 Option $ / shares	Dec. 31, 2022 Option $ / shares	Dec. 31, 2021 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	97,351	131,484	170,537
Weighted average of remaining useful life	5 years 2 months 12 days	5 years 2 months 12 days
Minimum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price range	$ 66.8	$ 66.8
Maximum
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Exercise price range	$ 436	$ 624

SHARE-BASED PAYMENTS - Expenses

SHARE-BASED PAYMENTS - Expenses Recognized in Profit or Loss (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
SHARE-BASED PAYMENTS
Expenses recognized in profit or loss	$ 1,647	$ 5,675	$ 10,212
Unrecognized compensation expenses	$ 800

NET REVENUES (Details)

NET REVENUES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenues
Licensing revenues		$ 2,000,000
Movantik revenues		52,100,000	$ 76,800,000
Sales of products	$ 6,530,000	59,800,000	85,757,000
Total Net Revenues	6,530,000	61,800,000	85,757,000
Contra Revenue For Movantik	2,600,000
Net Revenues From Other Products	$ 9,100,000	$ 7,700,000	$ 9,000,000

RESEARCH AND DEVELOPMENT EXPE_3

RESEARCH AND DEVELOPMENT EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Research And Development Expenses Net [Line Items]
Research and development expenses	$ 3,528	$ 7,279	$ 29,498
Payroll and related expenses
Research And Development Expenses Net [Line Items]
Research and development expenses, gross	390	661	839
Professional services
Research And Development Expenses Net [Line Items]
Research and development expenses, gross	605	1,210	1,821
Share-based payments
Research And Development Expenses Net [Line Items]
Research and development expenses, gross	138	1,151	1,910
Clinical and pre-clinical trials
Research And Development Expenses Net [Line Items]
Research and development expenses, gross	1,891	3,872	23,905
Intellectual property development
Research And Development Expenses Net [Line Items]
Research and development expenses, gross	222	180	349
Other
Research And Development Expenses Net [Line Items]
Research and development expenses, gross	$ 282	$ 205	$ 674

SELLING AND MARKETING EXPENSE_2

SELLING AND MARKETING EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Selling Marketing And Business Development Expenses [Line Items]
Selling, and marketing expenses	$ 14,756	$ 35,442	$ 55,623
Payroll and related expenses
Selling Marketing And Business Development Expenses [Line Items]
Selling, and marketing expenses	9,656	19,235	24,227
Share-based payments
Selling Marketing And Business Development Expenses [Line Items]
Selling And Marketing Expenses Share Based Payments	(51)	553	2,570
Professional services
Selling Marketing And Business Development Expenses [Line Items]
Selling, and marketing expenses	3,056	6,596	17,441
Samples
Selling Marketing And Business Development Expenses [Line Items]
Selling, and marketing expenses	54	836	1,008
Travel, Fleet, meals and related expenses
Selling Marketing And Business Development Expenses [Line Items]
Selling, and marketing expenses	736	5,136	7,305
Office-related expenses
Selling Marketing And Business Development Expenses [Line Items]
Selling, and marketing expenses	566	1,510	1,285
Other
Selling Marketing And Business Development Expenses [Line Items]
Selling, and marketing expenses	$ 739	$ 1,576	$ 1,787

GENERAL AND ADMINISTRATIVE EX_3

GENERAL AND ADMINISTRATIVE EXPENSES (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
General And Administrative Expense [Line Items]
General and administrative expenses	$ 16,219	$ 28,586	$ 32,365
Payroll and related expenses
General And Administrative Expense [Line Items]
General and administrative expenses	7,035	10,521	11,974
Share-based payments
General And Administrative Expense [Line Items]
General and administrative expenses	1,560	3,971	5,732
Professional services and supply chain
General And Administrative Expense [Line Items]
General and administrative expenses	5,391	10,787	11,040
Medical affairs
General And Administrative Expense [Line Items]
General and administrative expenses	818	1,214	1,600
Office-related expenses
General And Administrative Expense [Line Items]
General and administrative expenses	958	1,434	1,438
Other
General And Administrative Expense [Line Items]
General and administrative expenses	$ 457	$ 659	$ 581

FINANCIAL INCOME (EXPENSES), _3

FINANCIAL INCOME (EXPENSES), net (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
FINANCIAL INCOME (EXPENSES), net
Fair value gains on derivative financial instruments		$ 13,422
Gains from the transfer of the rights in Movantik and extinguishment of debt obligations	$ 20,585
Other income	210
Interest from bank deposits	94	140	$ 51
Financial income	20,889	13,562	51
Interest for lease liabilities	367	430	395
Issuance cost with respect of issuance of ADSs and warrants	2,034	958
Loss from changes in exchange rates	115	40	28
Fair value loss on derivative financial instruments	5,569
Day one loss on derivative financial instruments	1,459
Interest expenses related to borrowing and payable in respect of intangible assets purchase		(40,903)	(16,172)
Other	61	56	65
Financial expenses	9,605	42,387	16,660
Financial income (expenses), net	$ 11,284	$ (28,825)	$ (16,609)

SEGMENT INFORMATION (Details)

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of operating segments
Financial income (expenses), net	$ 11,284	$ (28,825)	$ (16,609)
Share-based compensation to employees and service providers	1,647	5,675	10,212
Depreciation	(1,445)	(2,136)	(1,914)
Amortization and impairment of intangible assets	545	6,018	16,235
Gain from early termination of lease, net	543
Other income	44,064
Consolidated Comprehensive Income (Loss)	23,916	(71,669)	(97,744)
Commercial Operations
Disclosure of operating segments
Adjusted EBITDA	(20,173)	(16,595)	(15,527)
Research and Development
Disclosure of operating segments
Adjusted EBITDA	$ (8,165)	$ (12,420)	$ (37,247)

SEGMENT INFORMATION - Major Cus

SEGMENT INFORMATION - Major Customers and Segment Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disclosure of major customers
Non-current assets	$ 6,907	$ 72,970
Intangible assets	5,578	65,626
Right-of-use assets	989	$ 6,692
Israel
Disclosure of major customers
Non-current assets	6,400
Intangible assets	5,600
Right-of-use assets	600
U.S.
Disclosure of major customers
Non-current assets	500
Right-of-use assets	$ 400
Minimum
Disclosure of major customers
Payment terms for customers	31 days
Maximum
Disclosure of major customers
Payment terms for customers	68 days
Customer A
Disclosure of major customers
Percentage of revenue	30%	32%	32%
Customer B
Disclosure of major customers
Percentage of revenue	28%	30%	31%
Customer C
Disclosure of major customers
Percentage of revenue	37%	33%	32%

EARNINGS (LOSS) PER ORDINARY _3

EARNINGS (LOSS) PER ORDINARY SHARE - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Basic
Earnings (Loss) (U.S. dollars in thousands)	$ 23,916	$ (71,669)	$ (97,744)
Weighted average number of ordinary shares outstanding during the period (in thousands)	2,591,222,000	616,299,000	465,273,000
Basic earnings (loss) per share (U.S. dollars)	$ 0.01	$ (0.12)	$ (0.21)
Ordinary shares underlying warrants excluded from diluted earnings (loss) per share	508,836,400
Ordinary shares underlying options excluded from diluted earnings (loss) per share	38,940,330
Ordinary shares underlying RSUs excluded from diluted earnings (loss) per share	71,209,560

RELATED PARTIES - Key Managemen

RELATED PARTIES - Key Management Compensation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
RELATED PARTIES
Salaries and other short-term employee benefits	$ 1,189	$ 1,486	$ 1,668
Post-employment benefits	56	64	91
Share-based payments	407	1,041	1,611
Other long-term benefits	$ 35	$ 44	$ 54

RELATED PARTIES - Balances with

RELATED PARTIES - Balances with Related Parties (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current liabilities
Credit balance in "accrued expenses and other current liabilities"	$ 206	$ 191

EVENTS SUBSEQUENT TO DECEMBER_2

EVENTS SUBSEQUENT TO DECEMBER 31, 2023 (Details)			12 Months Ended
	Apr. 03, 2024 USD ($) $ / shares shares	Jan. 26, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Mar. 21, 2024 $ / shares shares	Dec. 31, 2023 ₪ / shares shares	Nov. 29, 2023 $ / shares shares	Jul. 25, 2023 $ / shares shares
Disclosure of non-adjusting events after reporting period
Number of shares issued				12,163					1,301,923
Exercise price of warrants | $ / shares									$ 59.20
Proceeds from issuance | $	$ 1,250,000		$ 13,959,000	$ 23,806,000	$ 78,536,000
Offering expenses | $	$ 100,000
Number of shares authorised						400,000,000		200,000,000
Ordinary shares.
Disclosure of non-adjusting events after reporting period
Number of shares authorised				1,594,000,000		39,994,000,000	19,994,000,000	19,994,000,000
Par value per share | (per share)						$ 0.01	₪ 0.01	$ 0.01
Preferred shares
Disclosure of non-adjusting events after reporting period
Number of shares authorised						6,000,000		6,000,000
Par value per share | $ / shares						$ 0.01		$ 0.01
ADS
Disclosure of non-adjusting events after reporting period
Number of shares issued		10,000,000
Exercise price of warrants | $ / shares		$ 1
Warrants term		5 years
Proceeds from issuance | $		$ 8,000,000
Offering expenses | $		$ 900,000
Registered Direct Offering | Warrants.
Disclosure of non-adjusting events after reporting period
Exercise price of warrants | $ / shares	$ 0.75
Warrants term	5 years
Class of warrant or right, number of securities called by warrants or rights	2,144,487
Registered Direct Offering | ADS
Disclosure of non-adjusting events after reporting period
Number of shares issued	2,144,487	10,000,000
Share price | $ / shares	$ 0.58289	$ 0.80
Major ordinary share transactions
Disclosure of non-adjusting events after reporting period
Class of warrant or right, number of securities called by warrants or rights		600,000