Kamada (KMDA) 6-K 22 Nov 21 Report of Foreign Private Issuer Financial data

Document And Entity Information

Document And Entity Information	9 Months Ended
	Sep. 30, 2021
Document Information Line Items
Entity Registrant Name	KAMADA LTD
Document Type	6-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001567529
Document Period End Date	Sep. 30, 2021
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	Q3
Entity File Number	001-35948

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Current Assets
Cash and cash equivalents	$ 99,840	$ 70,197	$ 52,487
Short-term investments		39,069	47,230
Trade receivables, net	26,548	22,108	28,643
Other accounts receivables	4,392	4,524	3,533
Inventories	48,163	42,016	42,618
Total Current Assets	178,943	177,914	174,511
Non-Current Assets
Property, plant and equipment, net	25,856	25,679	25,323
Right-of-use-assets	3,361	3,440	3,694
Other long term assets	3,380	1,573	1,081
Contract assets	4,987	2,059	1,438
Deferred taxes			298
Total Non-Current Assets	37,584	32,751	31,834
Total Assets	216,527	210,665	206,345
Current Liabilities
Current maturities of bank loans	52	238	322
Current maturities of lease liabilities	1,181	1,072	1,038
Trade payables	19,010	16,110	15,110
Other accounts payables	6,346	7,547	6,236
Deferred revenues			486
Total Current Liabilities	26,589	24,967	23,192
Non-Current Liabilities
Bank loans		36	48
Lease liabilities	3,283	3,593	3,589
Deferred revenues	3,575	2,025	1,525
Employee benefit liabilities, net	1,467	1,406	1,262
Total Non-Current Liabilities	8,325	7,060	6,424
Shareholder’s Equity
Ordinary shares	11,720	11,706	11,703
Additional paid in capital	210,005	209,760	209,650
Capital reserve due to translation to presentation currency	(3,490)	(3,490)	(3,490)
Capital reserve from hedges	35	357	234
Capital reserve from share-based payments	4,817	4,558	4,550
Capital reserve from employee benefits	(320)	(320)	(356)
Accumulated deficit	(41,154)	(43,933)	(45,562)
Total Shareholder’s Equity	181,613	178,638	176,729
Total Liabilities and Shareholder’s Equity	$ 216,527	$ 210,665	$ 206,345

Consolidated Statements of Prof

Consolidated Statements of Profit or Loss and Other Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Consolidated Statements of Profit or Loss and Other Comprehensive Income [Abstract]
Revenues from proprietary products	$ 17,123	$ 29,691	$ 57,316	$ 77,633	$ 100,916
Revenues from distribution	5,911	5,634	14,857	24,071	32,330
Total revenues	23,034	35,325	72,173	101,704	133,246
Cost of revenues from proprietary products	12,078	15,936	35,605	43,817	57,750
Cost of revenues from distribution	5,226	4,568	12,835	20,500	27,944
Total cost of revenues	17,304	20,504	48,440	64,317	85,694
Gross profit	5,730	14,821	23,733	37,387	47,552
Research and development expenses	2,545	3,365	7,909	10,335	13,609
Selling and marketing expenses	1,256	1,179	3,803	3,297	4,518
General and administrative expenses	2,691	2,514	8,803	7,133	10,139
Other expenses	42		612	34	49
Operating income	(804)	7,763	2,606	16,588	19,237
Financial income	68	250	277	865	1,027
Income (expense) in respect of securities measured at fair value, net *				102	102
Income (expenses) in respect of currency exchange differences and derivatives instruments, net	(48)	(761)	74	(696)	(1,535)
Financial expenses	(61)	(69)	(178)	(204)	(266)
Income before tax on income	(845)	7,183	2,779	16,655	18,565
Taxes on income		348		1,144	1,425
Net Income	(845)	6,835	2,779	15,511	17,140
Amounts that will be or that have been reclassified to profit or loss when specific conditions are met
Gain (loss) from securities measured at fair value through other comprehensive income				(188)	(188)
Gain (loss) on cash flow hedges	68	75	25	516	876
Net amounts transferred to the statement of profit or loss for cash flow hedges	(91)	(266)	(347)	(273)	(528)
Items that will not be reclassified to profit or loss in subsequent periods:
Remeasurement gain (loss) from defined benefit plan					64
Tax effect		14		29	19
Total comprehensive income	$ (868)	$ 6,658	$ 2,457	$ 15,595	$ 17,383
Earnings per share attributable to equity holders of the Company:
Basic net earnings per share (in Dollars per share)	$ (0.02)	$ 0.15	$ 0.06	$ 0.35	$ 0.39
Diluted net earnings per share (in Dollars per share)	$ (0.02)	$ 0.15	$ 0.06	$ 0.35	$ 0.38

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - USD ($) $ in Thousands	Share capital	Additional paid in capital	Capital reserve due to translation to presentation currency	Capital reserve from hedges	Capital reserve from sharebased payments	Capital reserve from employee benefits	Accumulated deficit	Capital reserve from securities measured at fair value through other comprehensive income	Total
Balance at Dec. 31, 2019	$ 10,425	$ 180,819	$ (3,490)	$ 8	$ 8,844	$ (359)	$ (61,073)	$ 145	$ 135,319
Net income							15,511		15,511
Other comprehensive income (loss)				243				(188)	55
Taxes effect				(17)		3		43	29
Total comprehensive income (loss)				226		3	15,511	(145)	15,595
Issuance of ordinary shares	1,217	23,684							24,901
Exercise and forfeiture of share-based payment into shares	61	5,147			(5,147)				61
Cost of share-based payment					853				853
Balance at Sep. 30, 2020	11,703	209,650	(3,490)	234	4,550	(356)	(45,562)		176,729
Balance at Dec. 31, 2019	10,425	180,819	(3,490)	8	8,844	(359)	(61,073)	145	135,319
Net income							17,140		17,140
Other comprehensive income (loss)				348		64		(188)	224
Taxes effect				1		(25)		43	19
Total comprehensive income (loss)				349		39	17,140	(145)	17,383
Issuance of ordinary shares	1,217	23,678							24,895
Exercise and forfeiture of share-based payment into shares	64	5,263			(5,263)				64
Cost of share-based payment					977				977
Balance at Dec. 31, 2020	11,706	209,760	(3,490)	357	4,558	(320)	(43,933)		178,638
Balance at Jun. 30, 2020	11,662	207,731	(3,490)	411	6,204	(356)	(52,397)		169,765
Net income							6,835		6,835
Other comprehensive income (loss)				(191)					(191)
Taxes effect				14					14
Total comprehensive income (loss)				(177)			6,835		6,658
Exercise and forfeiture of share-based payment into shares	41	1,919			(1,919)				41
Cost of share-based payment					265				265
Balance at Sep. 30, 2020	11,703	209,650	(3,490)	234	4,550	(356)	(45,562)		176,729
Balance at Dec. 31, 2020	11,706	209,760	(3,490)	357	4,558	(320)	(43,933)		178,638
Net income							2,779		2,779
Other comprehensive income (loss)				(322)					(322)
Taxes effect
Total comprehensive income (loss)				(322)			2,779		2,457
Exercise and forfeiture of share-based payment into shares	14	245			(245)				14
Cost of share-based payment					504				504
Balance at Sep. 30, 2021	11,720	210,005	(3,490)	35	4,817	(320)	(41,154)		181,613
Balance at Jun. 30, 2021	11,716	209,942	(3,490)	58	4,746	(320)	(40,309)		182,343
Net income							(845)		(845)
Other comprehensive income (loss)				(23)					(23)
Taxes effect
Total comprehensive income (loss)				(23)			(845)		(868)
Exercise and forfeiture of share-based payment into shares	4	63			(63)				4
Cost of share-based payment					134				134
Balance at Sep. 30, 2021	$ 11,720	$ 210,005	$ (3,490)	$ 35	$ 4,817	$ (320)	$ (41,154)		$ 181,613

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Cash Flows from Operating Activities
Net income	$ (845)	$ 6,835	$ 2,779	$ 15,511	$ 17,140
Depreciation and impairment	1,240	1,252	3,612	3,632	4,897
Financial expenses (income), net	41	580	(173)	(67)	672
Cost of share-based payment	134	265	504	853	977
Taxes on income		348		1,144	1,425
Loss (gain) from sale of property and equipment		(1)		(7)	(7)
Change in employee benefit liabilities, net	38	(5)	61	(7)	201
Adjustments to the profit or loss items	1,453	2,439	4,004	5,548	8,165
Changes in asset and liability items:
Decrease (increase) in trade receivables, net	1,200	(8,956)	(4,446)	(5,540)	1,332
Decrease (increase) in other accounts receivables	(73)	231	1,556	972	115
Decrease (Increase) in inventories	(3,562)	5,028	(5,963)	555	1,157
Increase in deferred expenses	(2,397)	(1,553)	(4,759)	(2,464)	(3,085)
Increase (decrease) in trade payables	1,586	(7,769)	2,725	(10,488)	(9,560)
Increase (decrease) in other accounts payables	(683)	740	(1,482)	426	1,736
Decrease in deferred revenues	550	397	1,550	1,190	1,204
Total Changes in asset and liability	(3,379)	(11,882)	(10,819)	(15,349)	(7,101)
Cash received (paid) during the period for:
Interest paid	(32)	(51)	(139)	(158)	(209)
Interest received	140	290	357	891	1,211
Taxes paid	(9)	(13)	(32)	(87)	(101)
Cash received (paid) during the year	99	226	186	646	901
Net cash provided by (used in) operating activities	(2,672)	2,382	(3,850)	6,356	19,105
Cash Flows from Investing Activities
Proceeds of investment in short term investments, net	36,116		39,083	(15,646)	(7,646)
Purchase of property and equipment and intangible assets	(1,523)	(1,471)	(2,986)	(3,372)	(5,488)
Proceeds from sale of property and equipment		1		7	7
Acquisition of subsidiary (LLC), net			(1,404)
Net cash provided by (used in) investing activities	34,593	(1,470)	34,693	(19,011)	(13,127)
Cash Flows from Financing Activities
Proceeds from exercise of share base payments	4	41	14	61	64
Repayment of lease liabilities	(308)	(275)	(903)	(815)	(1,103)
Repayment of long-term loans	(15)	(127)	(221)	(373)	(492)
Proceeds from issuance of ordinary shares, net				24,894	24,895
Net cash provided by (used in) financing activities	(319)	(361)	(1,110)	23,767	23,364
Exchange differences on balances of cash and cash equivalent	(178)	(699)	(90)	(1,287)	(1,807)
Increase (decrease) in cash and cash equivalents	31,424	(4,912)	29,643	9,825	27,535
Cash and cash equivalents at the beginning of the period	68,416	57,399	70,197	42,662	42,662
Cash and cash equivalents at the end of the period	99,840	52,487	99,840	52,487	70,197
Significant non-cash transactions
Right-of-use asset recognized with corresponding lease liability	181	194	769	539	539
Purchase of property and equipment	$ 352	$ 973	$ 352	$ 973	$ 722

Acquisition of a subsidiary tha

Acquisition of a subsidiary that was first consolidated	9 Months Ended
	Sep. 30, 2021
Acquisition Of A Subsidiary That Was First Consolidated [Abstract]
Acquisition of a subsidiary that was first consolidated	Appendix A (1) Nine months Acquisition of a subsidiary that was first consolidated Current Assets (exclusive of cash and cash equivalents) (184 ) Non Current Assets (1,460 ) Current Liabilities 240 (1,404 )

General

General	9 Months Ended
	Sep. 30, 2021
Disclosure of general [abstract]
GENERAL	Note 1: General Kamada Ltd. (the “Company”) is a global specialty plasma-derived biopharmaceutical company with a diverse portfolio of marketed products, a robust development pipeline and industry-leading manufacturing capabilities. The Company’s strategy is focused on driving profitable growth from its current commercial products, its plasma-derived development pipeline and its manufacturing expertise, while evolving into a vertically integrated plasma-derived company. The Company’s two leading commercial products are GLASSIA® and KEDRRAB®. GLASSIA was the first liquid, ready-to-use, intravenous plasma-derived AAT product approved by the FDA. The Company markets GLASSIA in the U.S. through a strategic partnership with Takeda Pharmaceuticals Company Limited (“Takeda”) and in other countries through local distributors. Pursuant to an agreement with Takeda, the Company, as of September 2021, completed the production and the supply of GLASSIA to Takeda, and Takeda has initiated its own production of GLASSIA for the U.S. market. The Company is entitled for royalty payments from Takeda on sales of GLASSIA produced by Takeda until 2040. KEDRAB is an FDA approved anti-rabies immune globulin (Human) for post-exposure prophylaxis treatment. KEDRAB is being marketed in the U.S. through a strategic partnership with Kedrion S.p.A. The Company has additional four plasma-derived products administered by injection or infusion, that are marketed through distributors in more than 15 countries, including Israel, Russia, Brazil, Argentina, India and other countries in Latin America and Asia. The Company has two leading development programs; an inhaled AAT for the treatment of AAT deficiency for which the Company is currently conducting the InnovAATe clinical trial, a randomized, double-blind, placebo-controlled, pivotal Phase 3 trial and a plasma-derived hyperimmune immunoglobulin (IgG) product as a potential treatment for coronavirus disease (COVID-19). The Company leverages its expertise and presence in the Israeli pharmaceutical market to distribute in Israel more than 20 products that are manufactured by third parties and have recently added nine biosimilar products to its Israeli distribution portfolio, which, subject to EMA and the Israeli MOH approvals, are expected to be launched in Israel between the years 2022 and 2025. Pursuant to the agreement with Takeda (as detailed on Note 17 of the Company’s annual financial statements as of December 31, 2020) the Company, as of September 2021, completed the production and the supply of GLASSIA to Takeda. Takeda obtained FDA approval for Glassia production and will initiate its own production of Glassia for the U.S. market in 2021. Accordingly, the Company terminated the manufacturing and sale of Glassia to Takeda resulting in a significant reduction in revenues. Pursuant to the agreement, upon initiation of sales of Glassia manufactured by Takeda, Takeda will pay royalties to the Company at a rate of 12% on net sales through August 2025, and at a rate of 6% thereafter until 2040, with a minimum of $5 million annually, for each of the years from 2022 to 2040. See note 3c below regarding a recent amendment to the agreement with Takeda. These financial statements have been prepared in a condensed format as of September 30, 2021, and for the nine and three months then ended (“interim consolidated financial statements”). These financial statements should be read in conjunction with the Company’s annual financial statements as of December 31, 2020, and for the year then ended and the accompanying notes (“annual consolidated financial statements”).

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2021
Significant Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	Note 2: Significant Accounting Policies a.. Basis of preparation of the interim consolidated financial statements The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in IAS 34, “Interim Financial Reporting”. b. Implementation of new accounting standards The accounting policy applied in the preparation of the interim consolidated financial statements is consistent with that applied in the preparation of the annual consolidated financial statements, except for the following: i. Amendments to IFRS 9, IFRS 7, IFRS 16, IFRS 4 and IAS 39 regarding the IBOR reform: In August 2020, the IASB issued amendments to IFRS 9, “Financial Instruments”, IFRS 7, “Financial Instruments: Disclosures”, IAS 39, “Financial Instruments: Recognition and Measurement”, IFRS 4, “Insurance Contracts”, and IFRS 16, “Leases” (“IBOR Amendments”). The IBOR Amendments provide practical expedients when accounting for the effects of the replacement of benchmark InterBank Offered Rates (IBORs) by alternative Risk-Free Interest Rates (RFRs). Pursuant to one of the practical expedients, an entity will treat contractual changes or changes to cash flows that are directly required by the reform as changes to a floating interest rate. That is, an entity recognizes the changes in interest rates as an adjustment of the effective interest rate without adjusting the carrying amount of the financial instrument. The use of this practical expedient is subject to the condition that the transition from IBOR to RFR takes place on an economically equivalent basis. In addition, the IBOR Amendments permit changes required by the IBOR reform to be made to hedge designations and hedge documentation without the hedging relationship being discontinued, provided certain conditions are met. The IBOR Amendments also provide temporary relief from having to meet the “separately identifiable” requirement according to which a risk component must also be separately identifiable to be eligible for hedge accounting. The IBOR Amendments include new disclosure requirements in connection with the expected effect of the reform on an entity’s financial statements, such as how the entity is managing the process to transition to the interest rate reform, the risks to which it is exposed due to the reform and quantitative information about IBOR-referenced financial instruments that are expected to change. The IBOR Amendments are effective for annual periods beginning on or after January 1, 2021. The IBOR Amendments are to be applied retrospectively. However, restatement of comparative periods is not required. Early application is permitted. The adoption of the IBOR Amendment does not have an effect on the Company’s financial statements. ii. Amendment to IAS 1, Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current In January 2020, the IASB issued an amendment to IAS 1, “Presentation of Financial Statements” (“IAS 1 Amendment “) regarding the criteria for determining the classification of liabilities as current or non-current. The IAS 1 Amendment replaces certain requirements for classifying liabilities as current or non-current. Thus for example, according to the IAS 1 Amendment, a liability will be classified as non-current when the entity has the right to defer settlement for at least 12 months after the reporting period, and it “has substance” and is in existence at the end of the reporting period, this instead of the requirement that there be an “unconditional” right. According to the IAS1 Amendment, a right is in existence at the reporting date only if the entity complies with conditions for deferring settlement at that date. Furthermore, the IAS 1 Amendment clarifies that the conversion option of a liability will affect its classification as current or non-current, other than when the conversion option is recognized as equity. The IAS 1 Amendment is effective for reporting periods beginning on or after January 1, 2023, with earlier application being permitted. The IAS1 Amendment is applicable retrospectively, including an amendment to comparative data. The Company has not yet commenced examining the effects of applying the IAS 1 Amendment on the financial statements. iii. Amendment to IAS 37, Provisions, Contingent Liabilities and Contingent Assets In May 2020, the IASB issued an amendment to IAS 37, regarding which costs a company should include when assessing whether a contract is onerous (“IAS 37 Amendment”). According to the IAS 37 Amendment, when assessing whether a contract is onerous, the costs of fulfilling a contract that should be taken into consideration are costs that relate directly to the contract, which include as follows: - Incremental costs; and - An allocation of other costs that relate directly to fulfilling a contract (such as depreciation expenses for fixed assets used in fulfilling that contract and other contracts). The IAS 37 Amendment is effective retrospectively for annual periods beginning on or after January 1, 2022, in respect of contracts where the entity has not yet fulfilled all its obligations. Early application is permitted. Upon application of the Amendment, the entity will not restate comparative data, but will adjust the opening balance of retained earnings at the date of initial application, by the amount of the cumulative effect of the Amendment. The Company has not yet commenced examining the effects of the IAS 37 Amendment on the financial statements. iv. Amendment to IAS 16, Property, Plant and Equipment In May 2020, the IASB issued an amendment to IAS 16, “Property, Plant and Equipment” (“IAS 16 Amendment”) The Amendment annuls the requirement by which in the calculation of costs directly attributable to fixed assets, the net proceeds from selling certain items that were produced while the Company tested the functioning of the asset should be deducted (such as samples that were produced when testing the equipment). Instead, such proceeds shall be recognized in profit or loss according to the relevant standards and the cost of the sold items will be measured according to the measurement requirements of IAS 2, Inventories The IAS 16 Amendment is effective for annual periods beginning on or after January 1, 2022. Early application is permitted. The IAS 16 Amendment shall be applied on a retrospective basis, including an amendment of comparative data, only with respect to fixed asset items that have been brought to the location and condition required for them to operate in the manner intended by management subsequent to the earliest reporting period presented at the date of initial application of the IAS 16 Amendment. The cumulative effect of the Amendment will adjust the opening balance of retained earnings for the earliest reporting period presented. The Company has not yet commenced examining the effects of the Amendment on the financial statements.

Significant Events in the Repor

Significant Events in the Reportimg Period	9 Months Ended
	Sep. 30, 2021
Disclosure of non-adjusting events after reporting period [text block] [Abstract]
Significant events in the reportimg period	Note Significant events in the reportimg period a. Effects of the COVID-19 Pandemic Outbreak Following the global COVID-19 outbreak, there has been a decrease in economic activity worldwide, including Israel. The spread of the COVID-19 pandemic led, inter alia, to a disruption in the global supply chain, a decrease in global transportation, restrictions on travel and work that were announced by the State of Israel and other countries worldwide as well as a decrease in the value of financial assets and commodities across all markets in Israel and the world. The Company’s business activity and commercial operation were affected by these factors, and the Company has taken several actions to ensure its manufacturing plant remains operational with limited disruption to its business continuity. The Company continues to maintain higher inventory levels of raw materials through its suppliers and service providers to appropriately manage any potential supply disruptions and secure continued manufacturing. In addition, the Company is actively engaging its freight carriers to ensure inbound and outbound international delivery routes remain operational and identify alternative routes, if needed. The Company is complying with the State of Israel mandates and recommendations with respect to its work-force management and has taken several precautionary health and safety measures to safeguard its employees and continues to monitor and assess orders issued by the State of Israel and other applicable governments to ensure compliance with evolving COVID-19 guidelines. While COVID-19 related disruption continues to have various effect on the Company’s business activities, commercial operation, revenues and operational expenses, as a results of the actions taken by the Company to date, its overall results of operations were not materially affected however, a number of factors, including but not limited to, continued effect of the factors mentioned above as well as, continued demand for the Company’s products, including GLASSIA and KEDRAB, in the U.S. market and its distributed products in Israel, financial conditions of the Company’s customer, suppliers and services providers, the Company’s ability to manage operating expenses, additional competition in the markets that the Company competes, regulatory delays, prevailing market conditions and the impact of general economic, industry or political conditions in the U.S., Israel or otherwise, may have an effect on the Company’s future financial position and results of operations. The financial impact of these factors cannot be reasonably estimated at this time due to substantial uncertainty but may materially affect our business, financial condition, and results of operations. The Company assess the impact of the COVID-19 pandemic in a number of possible scenarios and concluded that there are no uncertainties that may cast significant doubt on its ability to continue as a going concern or affect significantly on the Company liquidity. b. Acquisition of an FDA-Licensed Plasma Collection Center On March 31, 2021, the Company acquired the plasma collection center and certain related rights and assets from the privately held B&PR of Beaumont, TX, USA. The plasma collection facility primarily specializes in the collection of hyper-immune plasma used for the Anti-D immunoglobulin, which is manufactured by the Company and distributed in international markets. The acquisition was consummated through Kamada Plasma LLC, a newly formed wholly owned subsidiary of the Company, which will operate the Company’s plasma collection activity in the U.S. In consideration for the assets acquired, the Company committed to a pay a total amount of $1,654 thousands, of which $1,404 thousands were paid at the closing of the acquisition, and the balance in the amount of $250 thousands will be paid on March 31, 2022. The Company incurred acquisition-related costs of $140 thousand related mainly to legal and other consulting fees. These costs were recorded in general and administrative expenses in the statement of profit and loss during 2020 and the first quarter of 2021. Identifiable assets acquired and liabilities assumed: U.S Dollars in thousands Inventories $ 184 Intangible assets (1) 1,378 Property, plant and equipment, net 82 Total acquired assets 1,644 Assumed liabilities (240 ) Net identifiable assets $ 1,404 (1) The fair value of intangible assets (FDA-License for plasma collection and goodwill) has been determined provisionally pending completion of an independent valuation. If new information is obtained within one year from the acquisition date about facts and circumstances that existed at the acquisition date, the Company will retrospectively adjust the relevant amounts that were recognized at the time of the acquisition c. Amendment to GLASSIA License Agreement with Takeda On March 31, 2021, the Company entered into an amendment to the Technology License Agreement with Takeda with respect to GLASSIA. Pursuant to the amendment, upon completion of the transition of GLASSIA manufacturing to Takeda, expected by the end of 2021, the Company will transfer to Takeda the GLASSIA U.S. Biologics License Application (BLA). In consideration for the BLA transfer, the Company will receive a $2,000 thousand payment from Takeda. In addition, the terms of the final sales-based milestone of $5,000 thousand due to the Company under the license agreement were amended. As a result of such amendment the Company recognized the $5,000 thousand milestone as a revenue during the first quarter of 2021. d. Workforce Downsizing As a result of the transition of GLASSIA manufacturing to Takeda, the Company initiated during the second quarter of 2021 a workforce downsizing program which was completed by the beginning of the third quarter of 2021. During the nine months ended September 30, 2021 the Company accounted for $561 thousands of costs associated with termination benefits which were recorded as a one-time expenses in the other operating expenses.

Operating Segments

Operating Segments	9 Months Ended
	Sep. 30, 2021
Disclosure of operating segments [abstract]
OPERATING SEGMENTS	Note 4: a. General The company has two operating segments, as follows: Proprietary Products - Development, manufacturing, sales, and distribution of plasma-derived protein therapeutics. Distribution - Distribute imported drug products in Israel, which are manufactured by third parties. b. Reporting on operating segments Nine months period ended Proprietary Products Distribution Total U.S Dollars in thousands Unaudited Revenues $ 57,316 $ 14,857 $ 72,173 Gross profit $ 21,711 $ 2,022 $ 23,733 Unallocated corporate expenses (21,127 ) Finance income, net 173 Income before taxes on income $ 2,779 Nine months period ended Proprietary Products Distribution Total U.S Dollars in thousands Unaudited Revenues $ 77,633 $ 24,071 $ 101,704 Gross profit $ 33,816 $ 3,571 $ 37,387 Unallocated corporate expenses (20,799 ) Finance income, net 67 Income before taxes on income $ 16,655 Three months period ended Proprietary Products Distribution Total U.S Dollars in thousands Unaudited Revenues $ 17,123 $ 5,911 $ 23,034 Gross profit $ 5,045 $ 685 $ 5,730 Unallocated corporate expenses (6,534 ) Finance expenses, net (41 ) Income before taxes on income $ (845 ) Three months period ended Proprietary Products Distribution Total U.S Dollars in thousands Unaudited Revenues $ 29,691 $ 5,634 $ 35,325 Gross profit $ 13,755 $ 1,066 $ 14,821 Unallocated corporate expenses (7,058 ) Finance expenses, net (580 ) Income before taxes on income $ 7,183 Year Ended Proprietary Products Distribution Total U.S Dollars in thousands Audited Revenues $ 100,916 $ 32,330 $ 133,246 Gross profit $ 43,166 $ 4,386 $ 47,552 Unallocated corporate expenses (28,315 ) Finance expenses, net (672 ) Income before taxes on income $ 18,565 c. Reporting on operating segments by geographic region Nine months period ended Proprietary Products Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A and North America $ 39,265 - $ 39,265 Israel 6,437 14,857 21,294 Europe 4,491 - 4,491 Latin America 5,255 - 5,255 Asia 1,753 - 1,753 Others 115 - 115 $ 57,316 $ 14,857 $ 72,173 Nine months period ended Proprietary Products Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A and North America $ 66,339 $ - $ 66,339 Israel 3,132 24,071 27,203 Europe 3,690 - 3,690 Latin America 3,976 - 3,976 Asia 444 - 444 Others 52 - 52 $ 77,633 $ 24,071 $ 101,704 Three months period ended Proprietary Products Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A and North America. $ 12,710 $ 12,710 Israel 849 5,911 6,760 Europe 1,097 1,097 Latin America 1,652 1,652 Asia 734 734 Others 81 82 $ 17,123 $ 5,911 $ 23,034 Three months period ended Proprietary Products Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A and North America $ 25,879 $ - $ 25,879 Israel 1,126 5,634 6,760 Europe 403 - 403 Latin America 2,104 - 2,104 Asia 158 - 158 Others 21 - 21 $ 29,691 $ 5,634 $ 35,325 Year ended Proprietary Products Distribution Total U.S Dollars in thousands Audited Geographical markets U.S.A and North America $ 84,949 $ - $ 84,949 Israel 3,814 32,330 36,144 Europe 4,461 - 4,461 Latin America 6,867 - 6,867 Asia 766 - 766 Others 59 - 59 $ 100,916 $ 32,330 $ 133,246

Financial Instruments

Financial Instruments	9 Months Ended
	Sep. 30, 2021
Disclosure of financial instruments [abstract]
FINANCIAL INSTRUMENTS	Note 5: Financial Instruments a. Classification of financial instruments by fair value hierarchy Financial assets (liabilities) measured at fair value Level 1 Level 2 U.S Dollars in thousands September 30, 2021 Derivatives instruments $ - $ (40 ) September 30, 2020 Derivatives instruments $ - $ 329 December 31, 2020 Derivatives instruments $ - $ 448 During the three months ended on September 30, 2021, there were no transfers due to the fair value measurement of any financial instrument from Level 1 to Level 2, and furthermore, there were no transfers to or from Level 3 due to the fair value measurement of any financial instrument.

Subsequent Events

Subsequent Events	9 Months Ended
	Sep. 30, 2021
Disclosure of events after reporting period [text block] [Abstract]
Subsequent events	Note 6: Subsequent events a. Extension of exercise terms of stock option On October 12, 2021, the Company’s Board of Directors approved an extension of the exercise term of 88,900 outstanding options for one year period from October 27, 2021 till October 2022. The fair value of such term extension estimated based on the Binomial Model, is $47 thousands. b. Acquisition of a portfolio of four FDA-approved plasma-derived hyperimmune commercial products On November 22, 2021, the Company entered into an Assets Purchase Agreement (the “APA”) with Saol Therapeutics (“Saol”) for the acquisition of a portfolio of four FDA-approved plasma-derived hyperimmune commercial products. Pursuant to the APA, the Company will pay Saol a $95 million upfront payment, and up to an additional $50 million in sales milestones during 2022-2034. In addition, the Company will acquire from Saol existing inventory at an estimated value of approximately $15 million, which will be paid over 10 equal quarterly instalments. In addition, the Company entered into a Transition Services Agreement (the “TSA”) with Saol, pursuant to which Saol will provide multiple services to the Company during the term of the TSA in order to ensure adequate transition of all commercial operation associated with the acquired portfolio. To partially fund the acquisition costs, on November 15, 2021, the Company secured a $40 million credit facility from Bank Hapoalim, Israel’s leading commercial bank. The credit facility is comprised of a $20 million 5-year term loan baring an interest at a rate of SOFR (Secured Overnight Financing Rate) +2.18%, and a $20 million short-term revolving credit facility baring an interest at a rate of SOFR +1.75%, or a commitment fee of 0.2% calculated over the unutilized balance of the short-term revolving credit facility.

Accounting Policies, by Policy

Accounting Policies, by Policy (Policies)	9 Months Ended
	Sep. 30, 2021
Accounting Policies [Abstract]
Basis of preparation of the interim consolidated financial statements:	a.. Basis of preparation of the interim consolidated financial statements The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in IAS 34, “Interim Financial Reporting”.
Implementation of new accounting standards:	b. Implementation of new accounting standards The accounting policy applied in the preparation of the interim consolidated financial statements is consistent with that applied in the preparation of the annual consolidated financial statements, except for the following: i. Amendments to IFRS 9, IFRS 7, IFRS 16, IFRS 4 and IAS 39 regarding the IBOR reform: In August 2020, the IASB issued amendments to IFRS 9, “Financial Instruments”, IFRS 7, “Financial Instruments: Disclosures”, IAS 39, “Financial Instruments: Recognition and Measurement”, IFRS 4, “Insurance Contracts”, and IFRS 16, “Leases” (“IBOR Amendments”). The IBOR Amendments provide practical expedients when accounting for the effects of the replacement of benchmark InterBank Offered Rates (IBORs) by alternative Risk-Free Interest Rates (RFRs). Pursuant to one of the practical expedients, an entity will treat contractual changes or changes to cash flows that are directly required by the reform as changes to a floating interest rate. That is, an entity recognizes the changes in interest rates as an adjustment of the effective interest rate without adjusting the carrying amount of the financial instrument. The use of this practical expedient is subject to the condition that the transition from IBOR to RFR takes place on an economically equivalent basis. In addition, the IBOR Amendments permit changes required by the IBOR reform to be made to hedge designations and hedge documentation without the hedging relationship being discontinued, provided certain conditions are met. The IBOR Amendments also provide temporary relief from having to meet the “separately identifiable” requirement according to which a risk component must also be separately identifiable to be eligible for hedge accounting. The IBOR Amendments include new disclosure requirements in connection with the expected effect of the reform on an entity’s financial statements, such as how the entity is managing the process to transition to the interest rate reform, the risks to which it is exposed due to the reform and quantitative information about IBOR-referenced financial instruments that are expected to change. The IBOR Amendments are effective for annual periods beginning on or after January 1, 2021. The IBOR Amendments are to be applied retrospectively. However, restatement of comparative periods is not required. Early application is permitted. The adoption of the IBOR Amendment does not have an effect on the Company’s financial statements. ii. Amendment to IAS 1, Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current In January 2020, the IASB issued an amendment to IAS 1, “Presentation of Financial Statements” (“IAS 1 Amendment “) regarding the criteria for determining the classification of liabilities as current or non-current. The IAS 1 Amendment replaces certain requirements for classifying liabilities as current or non-current. Thus for example, according to the IAS 1 Amendment, a liability will be classified as non-current when the entity has the right to defer settlement for at least 12 months after the reporting period, and it “has substance” and is in existence at the end of the reporting period, this instead of the requirement that there be an “unconditional” right. According to the IAS1 Amendment, a right is in existence at the reporting date only if the entity complies with conditions for deferring settlement at that date. Furthermore, the IAS 1 Amendment clarifies that the conversion option of a liability will affect its classification as current or non-current, other than when the conversion option is recognized as equity. The IAS 1 Amendment is effective for reporting periods beginning on or after January 1, 2023, with earlier application being permitted. The IAS1 Amendment is applicable retrospectively, including an amendment to comparative data. The Company has not yet commenced examining the effects of applying the IAS 1 Amendment on the financial statements. iii. Amendment to IAS 37, Provisions, Contingent Liabilities and Contingent Assets In May 2020, the IASB issued an amendment to IAS 37, regarding which costs a company should include when assessing whether a contract is onerous (“IAS 37 Amendment”). According to the IAS 37 Amendment, when assessing whether a contract is onerous, the costs of fulfilling a contract that should be taken into consideration are costs that relate directly to the contract, which include as follows: - Incremental costs; and - An allocation of other costs that relate directly to fulfilling a contract (such as depreciation expenses for fixed assets used in fulfilling that contract and other contracts). The IAS 37 Amendment is effective retrospectively for annual periods beginning on or after January 1, 2022, in respect of contracts where the entity has not yet fulfilled all its obligations. Early application is permitted. Upon application of the Amendment, the entity will not restate comparative data, but will adjust the opening balance of retained earnings at the date of initial application, by the amount of the cumulative effect of the Amendment. The Company has not yet commenced examining the effects of the IAS 37 Amendment on the financial statements. iv. Amendment to IAS 16, Property, Plant and Equipment In May 2020, the IASB issued an amendment to IAS 16, “Property, Plant and Equipment” (“IAS 16 Amendment”) The Amendment annuls the requirement by which in the calculation of costs directly attributable to fixed assets, the net proceeds from selling certain items that were produced while the Company tested the functioning of the asset should be deducted (such as samples that were produced when testing the equipment). Instead, such proceeds shall be recognized in profit or loss according to the relevant standards and the cost of the sold items will be measured according to the measurement requirements of IAS 2, Inventories The IAS 16 Amendment is effective for annual periods beginning on or after January 1, 2022. Early application is permitted. The IAS 16 Amendment shall be applied on a retrospective basis, including an amendment of comparative data, only with respect to fixed asset items that have been brought to the location and condition required for them to operate in the manner intended by management subsequent to the earliest reporting period presented at the date of initial application of the IAS 16 Amendment. The cumulative effect of the Amendment will adjust the opening balance of retained earnings for the earliest reporting period presented. The Company has not yet commenced examining the effects of the Amendment on the financial statements.

Acquisition of a subsidiary t_2

Acquisition of a subsidiary that was first consolidated (Tables)	9 Months Ended
	Sep. 30, 2021
Acquisition Of A Subsidiary That Was First Consolidated [Abstract]
Schedule of acquisition of a subsidiary	Appendix A (1) Nine months Acquisition of a subsidiary that was first consolidated Current Assets (exclusive of cash and cash equivalents) (184 ) Non Current Assets (1,460 ) Current Liabilities 240 (1,404 )

Significant Events in the Rep_2

Significant Events in the Reportimg Period (Tables)	9 Months Ended
	Sep. 30, 2021
Disclosure of non-adjusting events after reporting period [text block] [Abstract]
Schedule of assets acquired and liabilities	U.S Dollars in thousands Inventories $ 184 Intangible assets (1) 1,378 Property, plant and equipment, net 82 Total acquired assets 1,644 Assumed liabilities (240 ) Net identifiable assets $ 1,404

Operating Segments (Tables)

Operating Segments (Tables)	9 Months Ended
	Sep. 30, 2021
Disclosure of entity's operating segments [text block] [Abstract]
Schedule of reporting on operating segments geographic region	Nine months period ended Proprietary Products Distribution Total U.S Dollars in thousands Unaudited Revenues $ 57,316 $ 14,857 $ 72,173 Gross profit $ 21,711 $ 2,022 $ 23,733 Unallocated corporate expenses (21,127 ) Finance income, net 173 Income before taxes on income $ 2,779 Nine months period ended Proprietary Products Distribution Total U.S Dollars in thousands Unaudited Revenues $ 77,633 $ 24,071 $ 101,704 Gross profit $ 33,816 $ 3,571 $ 37,387 Unallocated corporate expenses (20,799 ) Finance income, net 67 Income before taxes on income $ 16,655 Three months period ended Proprietary Products Distribution Total U.S Dollars in thousands Unaudited Revenues $ 17,123 $ 5,911 $ 23,034 Gross profit $ 5,045 $ 685 $ 5,730 Unallocated corporate expenses (6,534 ) Finance expenses, net (41 ) Income before taxes on income $ (845 ) Three months period ended Proprietary Products Distribution Total U.S Dollars in thousands Unaudited Revenues $ 29,691 $ 5,634 $ 35,325 Gross profit $ 13,755 $ 1,066 $ 14,821 Unallocated corporate expenses (7,058 ) Finance expenses, net (580 ) Income before taxes on income $ 7,183 Year Ended Proprietary Products Distribution Total U.S Dollars in thousands Audited Revenues $ 100,916 $ 32,330 $ 133,246 Gross profit $ 43,166 $ 4,386 $ 47,552 Unallocated corporate expenses (28,315 ) Finance expenses, net (672 ) Income before taxes on income $ 18,565
Schedule of reporting on operating segments geographic region	Nine months period ended Proprietary Products Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A and North America $ 39,265 - $ 39,265 Israel 6,437 14,857 21,294 Europe 4,491 - 4,491 Latin America 5,255 - 5,255 Asia 1,753 - 1,753 Others 115 - 115 $ 57,316 $ 14,857 $ 72,173 Nine months period ended Proprietary Products Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A and North America $ 66,339 $ - $ 66,339 Israel 3,132 24,071 27,203 Europe 3,690 - 3,690 Latin America 3,976 - 3,976 Asia 444 - 444 Others 52 - 52 $ 77,633 $ 24,071 $ 101,704 Three months period ended Proprietary Products Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A and North America. $ 12,710 $ 12,710 Israel 849 5,911 6,760 Europe 1,097 1,097 Latin America 1,652 1,652 Asia 734 734 Others 81 82 $ 17,123 $ 5,911 $ 23,034 Three months period ended Proprietary Products Distribution Total U.S Dollars in thousands Unaudited Geographical markets U.S.A and North America $ 25,879 $ - $ 25,879 Israel 1,126 5,634 6,760 Europe 403 - 403 Latin America 2,104 - 2,104 Asia 158 - 158 Others 21 - 21 $ 29,691 $ 5,634 $ 35,325 Year ended Proprietary Products Distribution Total U.S Dollars in thousands Audited Geographical markets U.S.A and North America $ 84,949 $ - $ 84,949 Israel 3,814 32,330 36,144 Europe 4,461 - 4,461 Latin America 6,867 - 6,867 Asia 766 - 766 Others 59 - 59 $ 100,916 $ 32,330 $ 133,246

Financial Instruments (Tables)

Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2021
Disclosure of financial instruments [text block] [Abstract]
Schedule of Financial Assets Measured at Fair Value	Level 1 Level 2 U.S Dollars in thousands September 30, 2021 Derivatives instruments $ - $ (40 ) September 30, 2020 Derivatives instruments $ - $ 329 December 31, 2020 Derivatives instruments $ - $ 448

Acquisition of a subsidiary t_3

Acquisition of a subsidiary that was first consolidated (Details) - Schedule of acquisition of a subsidiary $ in Thousands	9 Months Ended
	Sep. 30, 2021USD ($)
Schedule of acquisition of a subsidiary [Abstract]
Current Assets (exclusive of cash and cash equivalents)	$ (184)
Non Current Assets	(1,460)
Current Liabilities	240
Total	$ (1,404)

General (Details)

General (Details)	9 Months Ended
	Sep. 30, 2021
Disclosure of general information about financial statements [text block] [Abstract]
Agreement on initiation of sales, description	Pursuant to the agreement, upon initiation of sales of Glassia manufactured by Takeda, Takeda will pay royalties to the Company at a rate of 12% on net sales through August 2025, and at a rate of 6% thereafter until 2040, with a minimum of $5 million annually, for each of the years from 2022 to 2040.

Significant Events in the Rep_3

Significant Events in the Reportimg Period (Details) - USD ($) $ in Thousands	3 Months Ended	6 Months Ended	9 Months Ended
	Mar. 31, 2021	Jun. 30, 2021	Sep. 30, 2021
Disclosure of non-adjusting events after reporting period [text block] [Abstract]
Assets acquired, description			In consideration for the assets acquired, the Company committed to a pay a total amount of $1,654 thousands, of which $1,404 thousands were paid at the closing of the acquisition, and the balance in the amount of $250 thousands will be paid on March 31, 2022.
Acquisition-related costs			$ 140
Payment received			2,000
Sales-based milestone			$ 5,000
Revenue milestone	$ 5,000
Costs associated with termination benefits		$ 561

Significant Events in the Rep_4

Significant Events in the Reportimg Period (Details) - Schedule of assets acquired and liabilities $ in Thousands	Sep. 30, 2021USD ($)
Schedule of assets acquired and liabilities [Abstract]
Inventories	$ 184
Intangible assets	1,378	[1]
Property, plant and equipment, net	82
Total acquired assets	1,644
Assumed liabilities	(240)
Net identifiable assets	$ 1,404
[1]	The fair value of intangible assets (FDA-License for plasma collection and goodwill) has been determined provisionally pending completion of an independent valuation. If new information is obtained within one year from the acquisition date about facts and circumstances that existed at the acquisition date, the Company will retrospectively adjust the relevant amounts that were recognized at the time of the acquisition.

Operating Segments (Details) -

Operating Segments (Details) - Schedule of reporting on operating segments - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Operating Segments (Details) - Schedule of reporting on operating segments [Line Items]
Revenues	$ 23,034	$ 35,325	$ 72,173	$ 101,704	$ 133,246
Gross profit	5,730	14,821	23,733	37,387	47,552
Unallocated corporate expenses	(6,534)	(7,058)	(21,127)	(20,799)	(28,315)
Finance income (expenses), net	(41)	(580)	173	67	(672)
Income before taxes on income	(845)	7,183	2,779	16,655	18,565
Proprietary Products [Member]
Operating Segments (Details) - Schedule of reporting on operating segments [Line Items]
Revenues	17,123	29,691	57,316	77,633	100,916
Gross profit	5,045	13,755	21,711	33,816	43,166
Distribution [Member]
Operating Segments (Details) - Schedule of reporting on operating segments [Line Items]
Revenues	5,911	5,634	14,857	24,071	32,330
Gross profit	$ 685	$ 1,066	$ 2,022	$ 3,571	$ 4,386

Operating Segments (Details) _2

Operating Segments (Details) - Schedule of reporting on operating segments geographic region - USD ($) $ in Thousands	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2021	Sep. 30, 2020	Sep. 30, 2021	Sep. 30, 2020	Dec. 31, 2020
Geographical markets
Total	$ 23,034	$ 35,325	$ 72,173	$ 101,704	$ 133,246
U.S.A and North America [Member]
Geographical markets
Total	12,710	25,879	39,265	66,339	84,949
Israel [Member]
Geographical markets
Total	6,760	6,760	21,294	27,203	36,144
Europe [Member]
Geographical markets
Total	1,097	403	4,491	3,690	4,461
Latin America [Member]
Geographical markets
Total	1,652	2,104	5,255	3,976	6,867
Asia [Member]
Geographical markets
Total	734	158	1,753	444	766
Others [Member]
Geographical markets
Total	82	21	115	52	59
Proprietary Products [Member]
Geographical markets
Proprietary Products	17,123	29,691	57,316	77,633	100,916
Proprietary Products [Member] | U.S.A and North America [Member]
Geographical markets
Proprietary Products	12,710	25,879	39,265	66,339	84,949
Proprietary Products [Member] | Israel [Member]
Geographical markets
Proprietary Products	849	1,126	6,437	3,132	3,814
Proprietary Products [Member] | Europe [Member]
Geographical markets
Proprietary Products	1,097	403	4,491	3,690	4,461
Proprietary Products [Member] | Latin America [Member]
Geographical markets
Proprietary Products	1,652	2,104	5,255	3,976	6,867
Proprietary Products [Member] | Asia [Member]
Geographical markets
Proprietary Products	734	158	1,753	444	766
Proprietary Products [Member] | Others [Member]
Geographical markets
Proprietary Products	81	21	115	52	59
Distribution [Member]
Geographical markets
Distribution	5,911	5,634	14,857	24,071	32,330
Distribution [Member] | U.S.A and North America [Member]
Geographical markets
Distribution
Distribution [Member] | Israel [Member]
Geographical markets
Distribution	$ 5,911	$ 5,634	$ 14,857	$ 24,071	$ 32,330

Financial Instruments (Details)

Financial Instruments (Details) - Schedule of financial assets measured at fair value - USD ($) $ in Thousands	Sep. 30, 2021	Dec. 31, 2020	Sep. 30, 2020
Level 1 [Member]
Financial Instruments (Details) - Schedule of financial assets measured at fair value [Line Items]
Derivatives instruments
Level 2 [Member]
Financial Instruments (Details) - Schedule of financial assets measured at fair value [Line Items]
Derivatives instruments	$ (40)	$ 448	$ 329

Subsequent Events (Details)

Subsequent Events (Details) - USD ($) $ in Thousands	Nov. 22, 2021	Nov. 15, 2021	Oct. 12, 2021	Sep. 30, 2021
Subsequent Events (Details) [Line Items]
Fair value of extension options				$ 47
Subsequent [Member]
Subsequent Events (Details) [Line Items]
Outstanding options, description			On October 12, 2021, the Company’s Board of Directors approved an extension of the exercise term of 88,900 outstanding options for one year period from October 27, 2021 till October 2022.
Outstanding options			88,900
Payment terms	the Company will pay Saol a $95 million upfront payment, and up to an additional $50 million in sales milestones during 2022-2034. In addition, the Company will acquire from Saol existing inventory at an estimated value of approximately $15 million, which will be paid over 10 equal quarterly instalments.
Credit facility description		the Company secured a $40 million credit facility from Bank Hapoalim, Israel’s leading commercial bank. The credit facility is comprised of a $20 million 5-year term loan baring an interest at a rate of SOFR (Secured Overnight Financing Rate) +2.18%, and a $20 million short-term revolving credit facility baring an interest at a rate of SOFR +1.75%, or a commitment fee of 0.2% calculated over the unutilized balance of the short-term revolving credit facility.