Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Addresses [Line Items] | |
Entity Registrant Name | MEDIWOUND LTD. |
Entity Central Index Key | 0001593984 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2023 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Common Stock, Shares Outstanding | 9,221,764 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2023 |
Entity Interactive Data Current | Yes |
Entity Incorporation State Country Code | IL |
Entity File Number | 001-36349 |
Entity Address, Address Line One | 42 Hayarkon Street |
Entity Address, City or Town | Yavne |
Entity Address, Postal Zip Code | 8122745 |
Entity Address, Country | IL |
Title of 12(b) Security | Ordinary shares, par value NIS 0.07 per share |
Trading Symbol | MDWD |
Security Exchange Name | NASDAQ |
Document Accounting Standard | International Financial Reporting Standards |
Document Registration Statement | false |
Auditor Firm ID | 1057 |
Auditor Location | Haifa, Israel |
Auditor Name | Somekh Chaikin |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 42 Hayarkon Street |
Entity Address, City or Town | Yavne |
Entity Address, Postal Zip Code | 8122745 |
Entity Address, Country | IL |
Contact Personnel Name | Yaron Meyer |
City Area Code | 972 |
Local Phone Number | 971-4100 |
Contact Personnel Email Address | yaronm@mediwound.com |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 11,866 | $ 33,895 |
Short-term and restricted bank deposits | 29,842 | 0 |
Trade receivables | 3,700 | 9,332 |
Inventories | 2,846 | 1,963 |
Other receivables | 1,441 | 650 |
Total current assets | 49,695 | 45,840 |
LONG-TERM ASSETS: | ||
Other receivables | 233 | 180 |
Long-term restricted bank deposits | 440 | 184 |
Property, plant and equipment, net | 9,228 | 2,366 |
Right-of-use assets, net | 6,698 | 1,215 |
Intangible assets, net | 165 | 231 |
Total non-current assets | 16,764 | 4,176 |
Total assets | 66,459 | 50,016 |
Current liabilities [abstract] | ||
Current maturities of long-term liabilities | 1,410 | 2,242 |
Trade payables and accrued expenses | 5,528 | 5,656 |
Other payables | 3,891 | 4,159 |
Total current liabilities | 10,829 | 12,057 |
Non-current liabilities [abstract] | ||
Warrants, net | 7,296 | 15,606 |
Liabilities in respect of IIA grants | 7,677 | 7,445 |
Liabilities in respect of TEVA | 2,256 | 2,788 |
Non-current lease liabilities | 6,350 | 846 |
Severance pay liability, net | 456 | 360 |
Total non-current liabilities | 24,035 | 27,045 |
Total liabilities | 34,864 | 39,102 |
SHAREHOLDERS' EQUITY: | ||
Ordinary shares of NIS 0.07 par value: Authorized 20,000,000 shares as of December 31, 2023 and 12,857,143 shares as of December 31, 2022; Issued and Outstanding 9,221,764 shares as of December 31, 2023 and 7,240,020 shares as of December 31, 2022 | 184 | 143 |
Share premium | 206,251 | 178,882 |
Foreign currency translation reserve | (18) | (5) |
Accumulated deficit | (174,822) | (168,106) |
Total equity | 31,595 | 10,914 |
Total liabilities and equity | $ 66,459 | $ 50,016 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) | Dec. 31, 2023 ₪ / shares shares | Dec. 31, 2022 ₪ / shares shares |
Statement of financial position [abstract] | ||
Par value per share | (per share) | ₪ 0.07 | ₪ 0.07 |
Number of shares authorised | 20,000,000 | 12,857,143 |
Number of shares issued | 9,221,764 | 7,240,020 |
Ordinary shares, Outstanding | 9,221,764 | 7,240,020 |
Consolidated Statements of Prof
Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Revenues from sale of products | $ 6,261 | $ 5,347 | $ 9,613 |
Revenues from development services | 12,265 | 12,943 | 12,372 |
Revenues from license agreements and royalties | 160 | 8,206 | 1,778 |
Total revenues | 18,686 | 26,496 | 23,763 |
Cost of revenues from sale of products | 4,927 | 3,184 | 4,983 |
Cost of revenues from development services | 10,177 | 9,829 | 9,907 |
Cost of revenues from license agreements | 4 | 318 | 102 |
Total cost of revenues | 15,108 | 13,331 | 14,992 |
Gross profit | 3,578 | 13,165 | 8,771 |
Research and development | 7,467 | 10,181 | 10,256 |
Selling and marketing | 4,844 | 3,725 | 3,388 |
General and administrative | 6,768 | 6,920 | 6,348 |
Other (income) expenses | (211) | 684 | 0 |
Total operating expenses | 18,868 | 21,510 | 19,992 |
Operating loss | (15,290) | (8,345) | (11,221) |
Financial income | 10,651 | 461 | 11 |
Financial expense | (1,892) | (11,637) | (2,314) |
Financing income (expenses), net | 8,759 | (11,176) | (2,303) |
Loss before taxes on income | (6,531) | (19,521) | (13,524) |
Taxes on income | (185) | (78) | (27) |
Net loss | (6,716) | (19,599) | (13,551) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (13) | 14 | 21 |
Total comprehensive loss | $ (6,729) | $ (19,585) | $ (13,530) |
Loss per share data: | |||
Basic net loss per share - USD | $ (0.75) | $ (3.93) | $ (3.48) |
Diluted net loss per share - USD | $ (0.75) | $ (3.93) | $ (3.48) |
Number of shares used in calculating basic loss per share | 9,013,144 | 4,987,069 | 3,892,068 |
Number of shares used in calculating diluted loss per share | 9,013,144 | 4,987,069 | 3,892,068 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity (Deficit) - USD ($) $ in Thousands | Share capital [Member] | Share premium [Member] | Foreign currency translation reserve [Member] | Accumulated deficit [Member] | Total | |||
Balance at Dec. 31, 2020 | $ 75 | $ 142,193 | $ (40) | $ (134,956) | $ 7,272 | |||
Net loss | 0 | 0 | 0 | (13,551) | (13,551) | |||
Other comprehensive Income | 0 | 0 | 21 | 0 | 21 | |||
Total comprehensive loss | 0 | 0 | 21 | (13,551) | (13,530) | |||
Exercise of options | [1] | 3 | 0 | 0 | 3 | |||
Share-based compensation | 0 | 1,673 | 0 | 0 | 1,673 | |||
Balance at Dec. 31, 2021 | 75 | 143,869 | (19) | (148,507) | (4,582) | |||
Net loss | 0 | 0 | 0 | (19,599) | (19,599) | |||
Other comprehensive Income | 0 | 0 | 14 | 0 | 14 | |||
Total comprehensive loss | 0 | 0 | 14 | (19,599) | (19,585) | |||
Exercise of pre-funded warrants | 28 | 15,678 | 0 | 0 | 15,706 | |||
Exercise of options | [1] | [1] | 0 | 0 | [1] | |||
Issuance of ordinary shares, net of issuance expenses | 40 | 17,389 | 0 | 0 | 17,429 | |||
Share-based compensation | 0 | 1,946 | 0 | 0 | 1,946 | |||
Balance at Dec. 31, 2022 | 143 | 178,882 | (5) | (168,106) | 10,914 | |||
Net loss | 0 | 0 | 0 | (6,716) | (6,716) | |||
Other comprehensive Income | 0 | 0 | (13) | 0 | (13) | |||
Total comprehensive loss | 0 | 0 | (13) | (6,716) | (6,729) | |||
Exercise of RSU | 1 | 0 | 0 | 0 | 1 | |||
Issuance of ordinary shares, net of issuance expenses | 40 | 25,429 | 0 | 0 | 25,469 | |||
Share-based compensation | 0 | 1,940 | 0 | 0 | 1,940 | |||
Balance at Dec. 31, 2023 | $ 184 | $ 206,251 | $ (18) | $ (174,822) | $ 31,595 | |||
[1]Represents an amount lower than $1. |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash Flows from Operating Activities: | |||
Net loss | $ (6,716) | $ (19,599) | $ (13,551) |
Adjustments to profit and loss items: | |||
Depreciation and amortization | 1,303 | 1,272 | 1,238 |
Share-based compensation | 1,940 | 1,946 | 1,673 |
Revaluation of warrants accounted at fair value | (8,310) | 8,977 | 0 |
Issuance expenses of warrants through profit and loss | 0 | 1,911 | 0 |
Revaluation of liabilities in respect of IIA grants | 427 | (132) | 919 |
Revaluation of liabilities in respect of TEVA | 468 | 533 | 590 |
Financing income and exchange differences of lease liability | 257 | (109) | 188 |
Increase in severance pay liability, net | 83 | 109 | 13 |
Other income | (211) | 0 | 0 |
Financial income, net | (2,231) | (74) | (11) |
Un-realized foreign currency loss (gain) | 189 | 525 | (137) |
Adjustments to profit and loss items, total | (6,085) | 14,958 | 4,473 |
Changes in asset and liability items: | |||
Decrease (increase) in trade receivables | 5,658 | (7,582) | 929 |
Decrease (increase) in inventories | (906) | (721) | 257 |
Decrease (increase) in other receivables | (894) | 364 | (763) |
Increase (decrease) in trade payables and accrued expenses | (594) | 414 | 1,723 |
Increase (decrease) in other payables | (928) | 281 | (1,984) |
Changes in asset and liability items, total | 2,336 | (7,244) | 162 |
Net cash used in operating activities | (10,465) | (11,885) | (8,916) |
Cash Flows from Investing Activities: | |||
Purchase of property and equipment | (6,464) | (555) | (489) |
Interest received | 1,947 | 74 | 35 |
Proceeds from (investment in) short term bank deposits, net | (29,804) | 0 | 4,002 |
Net cash (used in) provided by investing activities | (34,321) | (481) | 3,548 |
Cash Flows from Financing Activities: | |||
Repayment of leases liabilities | (778) | (701) | (693) |
Proceeds from exercise of options | 0 | 3 | |
Proceeds from exercise of pre-funded warrants | 0 | 10 | 0 |
Proceeds from issuance of shares and warrants, net | 24,909 | 38,380 | 0 |
Repayment of IIA grants, net | (380) | (258) | (360) |
Repayment of liabilities in respect of TEVA | (834) | (1,667) | 0 |
Net cash provided by (used in) financing activities | 22,917 | 35,764 | (1,050) |
Exchange rate differences on cash and cash equivalent balances | (160) | (549) | 88 |
Increase (decrease) in cash and cash equivalents | (22,029) | 22,849 | (6,330) |
Balance of cash and cash equivalents at the beginning of the year | 33,895 | 11,046 | 17,376 |
Balance of cash and cash equivalents at the end of the year | 11,866 | 33,895 | 11,046 |
Supplement disclosure of non-cash transactions: | |||
ROU asset, net recognized with corresponding lease liability | 6,825 | 117 | 155 |
Purchase of property and equipment | $ (1,011) | $ 0 | $ 0 |
General
General | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of General Information [Abstract] | |
General | Note 1: General a. Description of the Company and its operations: MediWound Ltd. Was incorporated in Israel in January 2000. The Company which is located in Yavne, Israel (The "Company" or "MediWound"), is biopharmaceutical company that develops, manufactures and commercializes novel, cost effective, bio-therapeutic, non-surgical solutions for tissue repair and regeneration. The Company’s strategy leverages its breakthrough enzymatic technology platform into diversified portfolio of biotherapeutics across multiple indications to pioneer solutions for unmet medical needs. The Company’s current portfolio is focused on next-generation protein-based therapies for burn care, wound care and tissue repair. The Company's first innovative biopharmaceutical product, Nexobrid, has received in December 2022, an approval from the U.S. Food and Drug Administration (“FDA”) and marketing approval in each of India, Switzerland and Japan. In addition, it has a marketing authorization from the European Medicines Agency (“EMA”) and regulatory agencies in other international markets for removal of dead or damaged tissue, known as eschar, in adults with deep partial and full thickness thermal burns. The Company commercialize Nexobrid globally through multiple sales channels. The Company sells Nexobrid to burn centers in the European Union, United Kingdom and Israel, primarily through its commercial organizations. The Company has established local distribution channels in multiple international markets, focusing on Asia Pacific, EMEA, CEE and LATAM, which local distributors are also responsible for obtaining local marketing authorization within the relevant territories. In the United States, the Company entered into an exclusive license and supply agreements with Vericel Corporation (“Vericel”) to commercialize Nexobrid in North America upon FDA approval. On September 21, 2023, the Company announced the U.S. commercial availability of Nexobrid® for the removal of eschar in adults with deep partial- and/or full-thickness thermal burns. On September 20, 2022, The Company announced that EMA has validated for review the Type II Variation to expand the currently approved indication for Nexobrid (removal of eschar in adults with deep partial-and full-thickness thermal burn wounds) into the pediatric population. The Company’s second investigational next-generation enzymatic therapy product, EscharEx, a topical biological drug being developed for debridement of chronic and other hard-to-heal wounds, On November 21, 2023 the Company announced in relate to EscharEx clinical trial that an updated Phase III protocol will be submitted during first half of 2024 in accordance with recent discussions with the U.S. FDA and EMA. Study initiation is expected to commence in the second half of 2024. b. The Company's securities are listed for trading on NASDAQ since March 2014. On November 28, 2022, the Company’s shareholders general meeting approved a reverse stock split. Following that approval, on December 5, 2022, the Company’s board of directors approved a reverse stock split, in a range of 1-for-7 ratio. The reverse split went effective on December 20, 2022. (see also Note 19b). During March, September and October 2022, the Company completed a series of capital public and private offerings. The gross proceeds before deducting underwriting discounts and commissions and offering expenses, were approximately $41,700. The net proceeds were approximately $37,292 (see also Note 19). On February 7, 2023, the Company completed a registered direct offering. A total of 1,964,286 new ordinary shares were issued in consideration to offering price of $14 per share. The gross proceeds were $27,500, before deducting commissions and other offering expenses. The net proceeds were approximately $25,469. c. The Company has three wholly owned subsidiaries: MediWound Germany GmbH, acting as Europe (“EU”) marketing authorization holder and EU sales and marketing arm, and MediWound UK Limited and MediWound US, Inc. which are currently inactive companies. d. In October 2023, Israel was attacked by a terrorist organization and entered a state of war. As of the date of these consolidated financial statements, the war in Israel is ongoing and continues to evolve. The company’s head quarter, manufacturing and R&D facilities are located in Israel. Currently, such activities in Israel remain largely unaffected. During the year ended December 31, 2023, the impact of this war on the company’s results of operations and financial condition was immaterial. e. The accompanying consolidated financial statements have been prepared on a basis which assumes that the Company will continue as a going concern. From inception to December 31, 2023, the Company has incurred cash outflows from operations, losses from operations, and has an accumulated deficit of $174.8 million. The Company believes that its existing cash and cash equivalents, short-term and restricted bank deposits of $41.7 million as of December 31, 2023, will be sufficient to fund its operations and capital expenditure for at least twelve months from the date of issuance of these consolidated financial statements. |
Basis of Preparation of the Con
Basis of Preparation of the Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Basis Of Preparation Of Consolidated Financial Statements [Abstract] | |
Basis of Preparation of the Consolidated Financial Statements | Note 2: Basis of Preparation of the Consolidated Financial Statements a. Statement of compliance with International Financial Reporting Standards These financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). These consolidated financial statements were approved by the board of directors on March 21, 2024. b. Functional currency, reporting currency and foreign currency: 1. Functional currency and reporting currency: The reporting currency of the financial statements is the U.S. dollar. The Company determines the functional currency based on the currency in which it primarily generates and expends cash. The Company determined that its functional currency is the U.S. dollar since most of the Company's revenues are in U.S. dollars and the economic environment in which the Company operates in and performs its transactions is mostly affected by the U.S dollar. A certain portion of the Company's costs are denominated in NIS mainly due to payroll and related benefit costs incurred in Israel. To further support the Company's determination, the Company has analyzed the currency in which funds from financing activities are generated or held and the currency in which receipts from operating activities are usually retained. In this respect, funds from financing activities were principally derived from significant funds raising in U.S. dollars and U.S governmental funds. The Company operates and plans its activities in U.S. dollars and accordingly its periodic budgets and internal management reports are prepared and monitored using the U.S. dollar as the primary currency and provides the basis for the determination of share-based compensation. The functional currency of the Company's subsidiary in Germany has been determined to be its local currency - the EURO. Assets and liabilities of this subsidiary are translated at year end exchange rates and its statement of operations items are translated using the average exchange rates at the quarter of which those items are recognized. Such translation adjustments are recorded as a separate component of accumulated other comprehensive income (loss) in shareholders' equity (deficit). 2. Transactions, assets and liabilities in foreign currency: Transactions denominated in foreign currency are recorded upon initial recognition at the exchange rate on the date of the transaction. After initial recognition, monetary assets and liabilities denominated in foreign currency are translated at the end of each reporting period into the functional currency at the exchange rate at that date. Exchange differences are recognized in profit or loss. c. Use of estimates and judgments The preparation of financial statements in conformity with IFRSs requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Discussed below are the key assumptions made in the financial statements concerning uncertainties at the end of the reporting period and the critical estimates computed by the Company that may result in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. • Determining the fair value of share-based compensation to employees and directors: The fair value of share-based compensation to employees and directors is determined using the binomial option pricing models. The assumptions used in the models include the expected volatility, early exercise factor, expected dividend and risk-free interest rate. • Liabilities in respect to IIA grants: Government grants received from the IIA are recognized as a liability if future economic benefits are expected from the research and development activity that will result in royalty‑bearing sales. As the contingent liability is calculated based on future royalty-bearing sales, there is uncertainty regarding the estimated future cash flows and the estimated discount rate used to measure the amortized cost of the liability. • Fair value estimations of warrants The Company completed financing transactions in which it issued shares and warrants to purchase additional shares. The fair value of the warrants, which are not traded on an active market, is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. |
Material Accounting Policies
Material Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of significant accounting policies [Abstract] | |
Material Accounting Policies | Note 3: Material Accounting Policies The accounting policies set out below have been consistently applied for all periods presented in these consolidated financial statements: a. Basis of consolidation: Consolidated financial statements include the financial statements of companies that the Company controls (subsidiaries). Control is achieved when the Company is exposed, or has rights, to variable returns from its investment with the investee and has the ability to affect those returns through its power over the investee. The financial statements of the Company and its subsidiaries are prepared as of the same dates and periods. The consolidated financial statements are prepared using uniform accounting policies by all entities in the Group. b. Inventories: Inventories are measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated selling costs. The Company periodically evaluates the condition and age of inventories and makes provisions for slow moving inventories accordingly. Cost of inventories is determined as follows: Raw materials - At cost of purchase using the first-in, first-out method. Finished goods - On the basis of average standard costs (which approximates actual cost on a weighted average basis) including materials, labor and other direct and indirect manufacturing costs based on practical capacity. c. Property, plant and equipment, net: Property, plant and equipment are measured at cost, including directly attributable costs, less accumulated depreciation and accumulated impairment losses. Cost includes spare parts and auxiliary equipment that are used in connection with the plant and equipment. Depreciation is calculated on a straight‑line basis over the useful life of the assets at annual rates as follows: % Office furniture 7-10 Manufacturing machinery and lab equipment 15-33 Computers 33 Leasehold improvements See below Leasehold improvements are depreciated on a straight‑line basis over the shorter of the lease term (including the renewal option held by the Company which is expected to be exercised) and the expected life of the improvement. The useful life, depreciation method and residual value of an asset are reviewed at least each year-end and any changes are accounted for prospectively as a change in accounting estimate. d. Liability in respect of Israeli Innovation Authority ("IIA"): Grants from the IIA in respect of research and development projects are accounted for as forgivable loans according to IAS 20. Grants received from the IIA are recognized as a liability according to their fair value on the date of their receipt, unless on that date it is reasonably certain that the amount received will not be refunded. If future economic benefits are expected from the project that will result in royalty-bearing revenues from sale of products it will be treated as a contingent liability. At the end of each reporting period, the Company evaluates whether there is reasonable assurance that the liability recognized, in whole or in part, will not be repaid based on its best estimate of future sales and any changes in the present value of the cash flows discounted at the original interest rate of the grant are recognized in profit or loss. The difference between the amount received and the fair value on the date of receiving the grant is recognized as a deduction of research and development expenses. e. Leases: The Company accounts for a contract as a lease when the contract terms convey the right to control the use of an identified asset for a period of time in exchange for consideration. For these excluded leases, the Company has elected to recognize the lease payments as an expense in profit or loss on a straight-line basis over the lease term. In measuring the lease liability, the Company has elected to apply the practical expedient in the Standard and does not separate the lease components from the non-lease components (such as management and maintenance services, etc.) included in a single contract. Following are the amortization periods of the ROU assets by class of underlying asset: Years Motor vehicles 3 Buildings 6-15 The Company tests for impairment of the ROU asset whenever there are indications of impairment pursuant to the provisions of IAS 36. • Variable lease payments that depend on an index: On the commencement date, the Company uses the index rate prevailing on the commencement date to calculate the future lease payments. For leases in which the Company is the lessee, the aggregate changes in future lease payments resulting from a change in the index are discounted (without a change in the discount rate applicable to the lease liability) and recorded as an adjustment of the lease liability and the ROU assets, only when there is a change in the cash flows resulting from the change in the index (that is, when the adjustment to the lease payments takes effect). • Lease extension and termination options: A non-cancelable lease term includes both the periods covered by an option to extend the lease when it is reasonably certain that the extension option will be exercised and the periods covered by a lease termination option when it is reasonably certain that the termination option will not be exercised. f. Revenues recognition: The Company recognizes revenue when the customer obtains control over the promised goods or services. The revenue is measured according to the amount of the consideration to which the Company expects to be entitled in exchange for the goods or services promised to the customer, other than amounts collected for third parties. The Company determines transaction price based on the amount of consideration the Company expects to receive for transferring the promised goods or services in the contract. Consideration may be fixed, variable, or a combination of both. At contract inception for arrangements that include variable consideration, the Company estimates the probability and extent of consideration it expects to receive under the contract utilizing either the most likely amount method or expected amount method, whichever best estimates the amount expected to be received. The Company then considers any constraints on the variable consideration and includes in the transaction price variable consideration to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company then allocates the transaction price to each performance obligation based on the relative standalone selling price and recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) control is transferred to the customer and the performance obligation is satisfied. The Company records amounts as accounts receivable when the right to consideration is deemed unconditional. Amounts received, or that are unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract are recognized as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as the current portion of deferred revenue. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. The Company’s revenue-generating arrangements typically include licensing arrangements, which comprise of upfront license fees, milestone payments and/or royalties and products sale arrangements. The promised goods or services in the Company’s licensing arrangements typically consist of a license to the Company’s intellectual property and/or research and development services. If a license is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from nonrefundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For performance obligations which consist of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. For arrangements that include sales-based royalties, including milestone payments based on the level of sales, where the license is deemed to be the predominant item to which the royalties relate, the Company will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). In 2019, the Company entered into exclusive license and supply agreements with Vericel to commercialize Nexobrid in North America (see Note 22). The Company identified three distinct performance obligations: (1) license rights (2) development services for BLA approval and (3) manufacturing and supply of Nexobrid. As of the closing date of the agreement the manufacturing and development services were at market value, therefore the upfront payment was fully attributed to the license performance obligation and as such revenues are recognized at the point in time that control of the license is transferred to the customer. Future milestone payments are considered variable consideration and are subject to the variable consideration constraint, i.e. will be recognized once concluded that it is “probable” that a significant reversal of the cumulative revenues recognized under the contract will not occur in future periods when the uncertainty related to the variable considerations are resolved. (see Note 18b). Revenues from royalties under this agreement will be payable based on future commercial sales, up on an occurrence. Revenues from the sale of products to Vericel will be recognized when all the significant risks and rewards of ownership of the products have passed to the buyer and the seller no longer retains continuing managerial involvement. The delivery date of the products is usually the date of which ownership passes. Revenues from distribution licensing arrangements: The Company accounts for the bundled license provided to the distributers and related high specialized services as a single performance obligation and consequently recognize revenue using the cost-to-cost method, where the extent of progress towards completion is measured based on the ratio of actual costs incurred to the total estimated costs expected to be incurred upon satisfying such single performance obligation. The revenues from such bundled performance obligation are included within “Revenues from license agreements”. Significant finance components related to such arrangements are recognized as finance expense. Revenues from development services: Revenues from development services are recognized over time, during the period the customer receives and consumes the benefits provided by the Company's performance. Revenues from the sale of products: The Company generates revenues from sales of its innovative biopharmaceutical product, Nexobrid, to burn centers and hospital burn units in Europe, U.S Israel and local international markets through its commercial organizations and local distributors. Revenues from sale of goods is recognized in profit or loss at the point in time when the control of the goods is transferred to the customer, generally upon delivery of the goods to the customer. The transaction price is the amount of the consideration that is expected to be received based on the contract terms. g. Research and development expenses: Research and development expenses are recognized in profit or loss when incurred. An intangible asset arising from a development project or from the development phase of an internal project is recognized if the Company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale; the Company's intention to complete the intangible asset and use or sell it; the Company's ability to use or sell the intangible asset; how the intangible asset will generate future economic benefits; the availability of adequate technical, financial and other resources to complete the intangible asset; and the Company's ability to measure reliably the expenditure attributable to the intangible asset during its development. Since the Company's research and development projects are often subject to regulatory approval procedures and other uncertainties, the conditions for the capitalization of costs incurred before receipt of approvals are not normally satisfied and, therefore, research and development expenses are recognized in profit or loss when incurred. h. Financial instruments: The accounting policy for financial instruments in accordance with IFRS 9, "Financial Instruments" ("the Standard") is as follows: 1. Financial liabilities: a) Financial liabilities measured at amortized cost: Financial liabilities are initially recognized at fair value less transaction costs that are directly attributable to the issue of the financial liability. After initial recognition, the Company measures all financial liabilities at amortized cost using the effective interest rate method, except for financial liabilities at fair value through profit or loss such as derivatives; b) Financial liabilities measured at fair value through profit or loss: At initial recognition, the Company measures financial liabilities that are not measured at amortized cost at fair value. Transaction costs are recognized in profit or loss. After initial recognition, changes in fair value are recognized in profit or loss. 2. Fair value: Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement is based on the assumption that the transaction will take place in the asset's or the liability's principal market, or in the absence of a principal market, in the most advantageous market. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. i. Warrants: Receipts in respect of warrants are classified as equity to the extent that they confer the right to purchase a fixed number of shares for a fixed exercise price. In the event that the exercise price or the numbers of shares to be issued are not deemed to be fixed (for example, in case of net share settlement provision), or warrants redemption in cash on the occurrence of Fundamental Transaction the warrants are classified as a non-current derivative financial liability. This liability is initially recognized at its fair value on the date the contract is entered into and subsequently accounted for at fair value at each reporting date. The fair value changes are charged to non-operating income and expense on the statement of comprehensive income or loss. Issuance costs allocable to warrants are also recorded as non-operating expense on the statement of comprehensive income or loss. j. Provisions: A provision in accordance with IAS 37 is recognized when the Company has a present (legal or constructive) obligation as a result of a past event, it is expected to require the use of economic resources to clear the obligation and a reliable estimate has been made. k. Short-term employee benefits and severance pay liability, net: The Company has several employee benefit plans: 1. Short-term employee benefits: Short-term employee benefits include salaries, paid annual leave, recreation and social security contributions are recognized as expenses as the services are rendered. 2. Post-employment benefits: The Company has liabilities for severance pay for its employees in several of jurisdictions and in Israel. The Company recognizes liability for severance pay mainly due to its employees in EU in accordance with local laws. l. Share-based compensation: Certain Company employees and directors are entitled to remuneration in the form of equity-settled share-based compensation. Equity-settled transactions The cost of equity-settled transactions with employees is measured at the fair value of their equity instruments granted at grant date. The fair value is determined using the binomial option pricing model. The cost of equity-settled transactions is recognized in profit or loss, together with a corresponding increase in equity, during the period which the performance or service conditions are to be satisfied, ending on the date on which the relevant employees become fully entitled to the award. m. Profit / Loss per share: The Company presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for treasury shares. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders of the Company and the weighted average number of ordinary shares outstanding, after adjustment for treasury shares, for the effects of all dilutive potential ordinary shares, which comprise of warrants, share options and share options granted to employees. n. New standards, amendments to standards and interpretations not yet adopted: Amendment to IAS 1, Presentation of Financial Statements: "Disclosure of Accounting Policies” As a result of applying the Amendment, the extent of the accounting policy disclosure provided in the financial statements for 2023 was reduced and adjusted according to the Company’s specific circumstances. o. Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current (amendment to IAS 1) As a result of applying the Amendment the warrants presented in these financial statements (see note 19c), will be classified as a current liability pursuant to the conversion option. |
Cash And Cash Equivalents
Cash And Cash Equivalents | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Cash And Cash Equivalents | Note 4: Cash and Cash Equivalents December 31 2023 2022 Balance in USD 4,151 24,475 Balance in other currencies 7,715 9,420 11,866 33,895 |
Short-term and restricted bank
Short-term and restricted bank deposits | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Short Term Bank Deposits [Abstract] | |
Short-term and restricted bank deposits | Note 5: Short-term and restricted bank deposits December 31 2023 2022 Restricted bank deposits (1) 167 - USD Bank deposits (2) 29,675 - 29,842 - (1) Restricted bank deposits which are primarily used as security for the Company’s office leases. (2) The USD deposits bear annual interest of 6.26%-6.55% for the period of 91-365 days for 2023. |
Trade Receivables
Trade Receivables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other current receivables [abstract] | |
Trade Receivables | Note 6: Trade Receivables December 31 2023 2022 Vericel (Note 18b) 236 7,500 BARDA (Note 18a) 1,245 701 MTEC (Note 18c) 617 362 Other trade receivables 1,608 771 Less provision for impairment (6 ) (2 ) 3,700 9,332 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Classes of current inventories [abstract] | |
Inventories | Note 7: Inventories December 31, 2023 2022 Raw materials 995 913 Finished goods *1,851 1,050 2,846 1,963 *Including write-down of $326 |
Other Receivables Short Term
Other Receivables Short Term | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other current receivables [abstract] | |
Other Receivables- Short Term | Note 8: Other Receivables- Short Term December 31, 2023 2022 Government authorities 322 193 Income receivables 397 170 Prepaid expenses and other 722 287 1,441 650 |
Other Receivables- Long Term
Other Receivables- Long Term | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other non-current receivables [abstract] | |
Other Receivables- Long Term | Note 9: Other Receivables- Long Term December 31, 2023 2022 Income receivables 50 180 Prepaid expenses 183 - 233 180 |
Property, Plant And Equipment,
Property, Plant And Equipment, Net | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, Plant And Equipment, Net | Note 10: Property, Plant and Equipment, Net Office furniture Manufacturing machinery and lab equipment Computers Leasehold improvements Total Cost Balance as of January 1, 2023 293 5,091 166 3,279 8,829 Additions 25 7,312 101 37 7,475 Capitalization of depreciation of ROU assets - - - 59 59 Foreign currency translation 1 - - - 1 Balance as of December 31, 2023 319 12,403 267 3,375 16,364 Balance as of January 1, 2022 257 4,764 176 3,137 8,334 Additions 37 327 49 142 555 Disposals - - (59 ) - (59 ) Foreign currency translation (1 ) - - - (1 ) Balance as of December 31, 2022 293 5,091 166 3,279 8,829 Accumulated Depreciation Balance as of January 1, 2023 157 3,818 97 2,391 6,463 Additions 26 448 58 140 672 Foreign currency translation 1 - - - 1 Balance as of December 31, 2023 184 4,266 155 2,531 7,136 Balance as of January 1, 2022 133 3,370 94 2,259 5,856 Additions 25 448 62 132 667 Disposals - - (59 ) - (59 ) Foreign currency translation (1 ) - - - (1 ) Balance as of December 31, 2022 157 3,818 97 2,391 6,463 Carrying amounts of all fixed asset items December 31, 2023 135 8,137 112 844 9,228 December 31, 2022 136 1,273 69 888 2,366 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 11: Leases a. Lease Agreements: The Company's offices and its production facility in Israel are located in a building that the Company leased from its Related party (see Note 24a), in accordance with a sub-lease agreement. The Company subleased approximately 3,000 square meters of laboratory, office and clean rooms space at a monthly rent fee NIS 125 (approximately $ 35 In July 2023, the company signed a termination agreement for the sub-lease agreement and signed on a new lease agreement for the same area of approximately 3,000 square meters in the same building with the owner of the building at a monthly rent fee of NIS 195 (approximately $54). In addition, the Company and its subsidiary have lease agreements for 16 vehicles for the remaining period of 1.75 years on average. b. Amounts recognized in profit or loss and in the statement of cash flows Year ended December 31, 2023 2022 Interest expense on lease liabilities 274 102 Depreciation expenses 565 537 Cash outflow for leases 778 701 The Company determined the appropriate interest rate for discounting leases, with the assistance of a third party. The valuation was based on: credit risk, the weighted average term of the leases and other economic variables. A weighted average interest rate in a range of 1% to 8.47% was used to discount future lease payments in the calculation of the lease liability on the date of initial application of the standard (IFRS 16). c. Disclosures in respect of Right- of- Use assets: Buildings Motor vehicles Total Cost Balance as of January 1, 2023 2,341 550 2,891 New leases 6,460 407 6,867 Adjustments for indexation 78 3 81 Disposals (2,368 ) (308 ) (2,676 ) Balance as of December 31, 2023 6,511 652 7,163 Accumulated depreciation Balance as of January 1, 2023 1,342 334 1,676 Depreciation and amortization 334 231 565 Capitalized to Leasehold improvements 59 - 59 Disposals (1,527 ) (308 ) (1,835 ) Balance as of December 31, 2023 208 257 465 Depreciated cost Balance as of December 31, 2023 6,303 395 6,698 Buildings Motor vehicles Total Cost Balance as of January 1, 2022 2,267 654 2,921 New leases - 125 125 Adjustments for indexation 74 9 83 Disposals - (238 ) (238 ) Balance as of December 31, 2022 2,341 550 2,891 Accumulated depreciation Balance as of January 1, 2022 1,028 345 1,373 Depreciation and amortization 314 225 539 Disposals - (236 ) (236 ) Balance as of December 31, 2022 1,342 334 1,676 Depreciated cost Balance as of December 31, 2022 999 216 1,215 d. Disclosures of the Company's lease liabilities: Buildings Motor vehicles Total Balance as of January 1, 2023 1,199 179 1,378 Repayment of leases liabilities (588 ) (190 ) (778 ) Effect of changes in exchange rates (19 ) 2 (17 ) New finance lease obligation recognized 6,460 365 6,825 Adjustments for indexation 78 3 81 Financial expenses 257 17 274 Disposals-Termination of leases (1,041 ) (11 ) (1,052 ) Balance as of December 31, 2023 6,346 365 6,711 Current maturities of long-term leases (180 ) (181 ) (361 ) Lease liability Balance as of December 31, 2023 6,166 184 6,350 Buildings Motor vehicles Total Balance as of January 1, 2022 1,691 299 1,990 Repayment of leases liabilities (477 ) (224 ) (701 ) Effect of changes in exchange rates (182 ) (28 ) (210 ) New finance lease obligation recognized - 117 117 Adjustments for indexation 74 9 83 Financial expenses 93 8 101 Disposals-Termination of leases - (2 ) (2 ) Balance as of December 31, 2022 1,199 179 1,378 Current maturities of long-term leases (399 ) (133 ) (532 ) Lease liability Balance as of December 31, 2022 800 46 846 |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Intangible Assets, Net | Note 12: Intangible Assets, Net License and Knowhow 2023 2022 Cost Balance as of January 1, 1,538 1,538 Additions - - Balance as of December 31, 1,538 1,538 Accumulated Amortization Balance as of January 1, 1,307 1,241 Additions 66 66 Balance as of December 31, 1,373 1,307 Amortized cost Balance as of December 31, 165 231 Intangible assets include exclusive licenses to use patents, know-how and intellectual property for the development, manufacturing and marketing of products related to burn treatments and other products in the field of wound care. These licenses were purchased from third parties and from one of the Company's shareholders. |
Other Payables
Other Payables | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables [abstract] | |
Other Payables | Note 13: Other Payables December 31 2023 2022 Employees and payroll accruals 2,109 2,471 Liability in respect of TEVA (see Note 17c) 1,250 417 Related parties 83 307 Deferred revenues 24 63 Other 425 901 3,891 4,159 |
Liabilities in Respect of IIA G
Liabilities in Respect of IIA Grants | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of israeli innovation authority grants [Abstract] | |
Liabilities in Respect of IIA Grants | Note 14: Liabilities in Respect of IIA Grants December 31 2023 2022 Balance as of January 1, 7,566 8,105 Royalties (190 ) (407 ) Amounts carried to Profit or Loss 427 (132 ) Balance as of December 31, 7,803 7,566 Current maturities (126 ) (121 ) Long term liabilities in respect of IIA grants 7,677 7,445 The Company is committed to pay royalties to the IIA up to the total grants received plus the applicable accrued interest. The total amount of grants received from IIA including accrued interest, net of royalties as of December 31, 2023 is approximately $13,783, while the amortized cost of this liability as of that date is $ 7,803, using the interest method. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments | Note 15: Financial Instruments a. Risk management: The Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. The Company’s risk management practice was formulated to identify and analyze the risks that the Company faces, to set appropriate limits for the risks and controls, and to monitor the risks and their compliance within the limits. The risk policy and risk management methods are reviewed regularly to reflect changes in market conditions and in the Company’s operations. The Company Audit Committee oversees how management monitors compliance with the Company’s risk management policies and procedures and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The Company Audit Committee is assisted in its oversight role by Internal Audit. Internal Audit undertakes both regular and ad hoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee. The Company's activities expose it to various financial market risks, mainly foreign currency risk, interest rate risk and liquidity risk. 1. Foreign currency risk The Company operates primarily in an international environment and is exposed to foreign exchange risk resulting from the fact that a certain portion of the Company's costs are denominated in NIS and EURO, mainly due to payroll and related benefit costs incurred in Israel and additionally due to marketing expenses incurred in Europe. 2. Sensitivity tests relating to changes in market factors: The Company operates in an international environment and is exposed to foreign exchange risk resulting from the exposure to different currencies, mainly NIS and EURO. Foreign exchange risks arise from recognized assets and liabilities denominated in a foreign currency other than the functional currency. December 31 2023 2022 Gain (loss) from change: 5% increase in NIS and EURO exchange rate $ 176 $ 257 5% decrease in NIS and EURO exchange rate $ (176 ) $ (257 ) The Company has performed sensitivity tests of principal market risk factors that may affect its reported operating results or financial position. The sensitivity tests present the profit or loss for the relevant risk variables chosen as of each reporting date. 3. Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to timely meet its liabilities, under both normal and stressed conditions, without incurring unwanted losses. The Company manages the liquidity risk by holding cash balances, short-term deposits and secured bank credit facilities. December 31, 2023 Carrying 12 months amount or less 1-2 years 2-15 years Non-derivative financial liabilities Current liabilities Current maturities of long-term liabilities 3,249 3,249 - - Trade payables and accrued expenses 5,528 5,528 - - Other payables 3,891 3,891 - - Non-current liabilities Liabilities in respect of IIA grants 15,927 - 359 15,568 Liabilities in respect of TEVA 3,200 - 1,000 2,200 Lease liabilities 10,189 - 813 9,376 December 31, 2022 Carrying 12 months amount or less 1-2 years 2-8 years Non-derivative financial liabilities Current liabilities Current maturities of long-term liabilities 2,814 2,814 - - Trade payables and accrued expenses 5,656 5,656 - - Other payables 4,159 4,159 - - Non-current liabilities Liabilities in respect of IIA grants 15,464 - 312 15,152 Liabilities in respect of TEVA 4,200 - 1,000 3,200 Lease liabilities 902 - 508 394 b. Fair value: (1) Financial instruments measured at fair value for disclosure purposes only. The carrying amounts of certain financial assets and liabilities, including cash, trade receivables, other receivables, deposits, trade and other payables are the same as or approximate to their fair value. (2) Fair value hierarchy of financial instruments measured at fair value. The financial instruments measured at fair value on a temporal basis, use valuation methodology in accordance with the fair value hierarchy levels when determining the fair value of an asset or liability, the Company uses observable market data as much as possible. Details regarding fair value measurement at Level 2 The fair value of the warrants which are classified as non-currents liabilities was measured by using Black and Scholes model. The following inputs were used to determine the fair value: Expected period of warrants– 2.91 years. Expected volatility – 67.1% Risk-free interest rate (3) – 4.03% Expected dividend yield – 0%. The fair value of liabilities in respect to IIA grants with fixed interest is based on a calculation of the present value of the cash flows at the interest rate for a loan with similar terms. The Company used a discount rate of 12% based in part of the Company’s estimation at the time of the Company’s recognition of the IIA grants which approximates the fair value at the respective balance sheet date. The liability in respect of TEVA as presented in balance sheet which is approximate its fair value, based on a calculation of the present value of future payments. The expected cash flows already reflect assumptions about the uncertainty in future defaults, and therefore the Company used a discount rate of 14% that is commensurate with the risk inherent in the expected cash flows (Note 17c). |
Severance Pay Liability, Net
Severance Pay Liability, Net | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of defined benefit plans [abstract] | |
Severance Pay Liability, Net | Note 16: Severance Pay Liability, Net The Company has liabilities for severance pay for its employees in Israel and in several EU jurisdictions. The Company’s liability for employee benefits is based on local laws, valid labor agreements, the employee’s salary and the applicable terms of employment, which together generate a right to severance compensation. Post‑employment employee benefits are partially financed by deposits with defined contribution plans, as detailed below. The Israeli Severance Pay Law, 1963 (“Severance Pay Law”), specifies that Israeli employees are entitled to severance payment, following the termination of their employment. Under the Severance Pay Law, the severance payment is calculated as one month salary for each year of employment, or a portion thereof. Under Section 14 of the Severance Pay Law (“Section 14”), employees are entitled to have monthly deposits, at a rate of 8.33% of their monthly salary, made on their behalf to their insurance funds. Payments in accordance with Section 14 release the Company from the liability for any future severance payments in respect of those employees. The majority of the Company’s liability for severance pay is covered by Section 14. Accordingly, the Company does not recognize any liability for severance pay due to these employees and the deposits under Section 14 are not recorded as an asset in the Company’s balance sheet. These contributions for compensation represent defined contribution plans. The Company recognizes liability for severance pay due to its employees in EU in accordance with local laws and its Israeli employees which are not under Section 14. |
Liabilities and Commitments
Liabilities and Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of contingent liabilities [abstract] | |
Liabilities and Commitments | Note 17: Liabilities and Commitments a. In 2000, the Company signed an exclusive license agreement (as amended in 2007) with a third party with regard to its patents and intellectual property. Pursuant to the agreement, the Company received an exclusive license to use the third party’s patents and intellectual property, for the purpose of developing, manufacturing, marketing, and commercializing products for treatment of burns and other wounds. The Company paid an aggregate amount of $ 950 and undertook to pay royalties of 1.5% to 2.5% from future revenues from sales of products which are based on this patent for a period of 12 years from the first commercial delivery in a major country, and thereafter the Company will have a fully paid-up royalty-free license for these patents. In addition, royalties will be paid at the rate of 10% from sub-licensing of such patents and for lump sum amounts paid to the Company by a third party, the Company will pay 2% of the proceeds up to $1,000 and 4% above this amount. Moreover, the Company agreed to pay a one-time lump-sum amount of $ 1,500 when the aggregate revenues based on these patents reach $ 100,000. The royalty payments for the years 2021, 2022 and 2023 amounted to $149, $363 and $98 respectively. b. Under the Research and Development Law, (the “R&D Law”) the Company undertook to pay royalties of 3% on the revenues derived from sales of products or services developed in whole or in part using IIA grants. The maximum aggregate royalties paid cannot exceed 100% of the grants received by the Company, plus annual interest equal to the 12-month interest applicable to dollar deposits, as published on the first business day of each calendar year. The total royalties amount paid as of December 31, 2023 is $1,942. (Note 14). c. In December 2020, Teva has agreed to revise the Settlement Agreement from March 2019, which was comprised of past agreement for collaboration in the development, manufacturing and commercialization of solutions for the burn and chronic wound care markets, as well as the Company’s repurchase of shares from Teva. Under the new settlement the Company paid $1,000 in cash and became obligated to pay an amount of $2,000 over three years and an addition amount of $7,200 in quarterly fixed payments starting 2021 as long as there are revenues generated from sales of Nexobrid. Total liabilities recorded as of December 31, 2023 and 2022 were approximately $4,428 and $4,794 respectively, and financial expenses of $468 and $533, respectively, were recorded in profit or loss within financial expenses. |
Materials Agreements
Materials Agreements | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Material Agreements [Abstract] | |
Materials Agreements | Note 18: Materials Agreements a. BARDA In September 2015, the Company was awarded BARDA Contract for treatment of thermal burn injuries. This contract was amended multiple times to extend its term until September 2024 (the Company is pursuing an extension of the contract) and its total value, up to a total amount of $165,000 as of the end of 2022. In Nexobrid As of December 31, 2023, the Company has received approximately $88,282 in funding in the aggregate, from BARDA under the first contract, and an additional $16,500 for procurement of Nexobrid In September 2018 the Company was awarded the second BARDA contract, to develop Nexobrid for the treatment of Sulfur Mustard injuries as part of BARDA’s preparedness for mass casualty events. The contract provides up to $12,000 of funding to support research and development activities and contains options to provide additional funding of up to $29,000 for additional development activities, animal pivotal studies, and the BLA submission for licensure of Nexobrid for the treatment of Sulfur Mustard injuries. The second BARDA contract expired in 2023. As of December 31, 2023, the Company has received approximately $4,368 of funding from the second BARDA contract. b . Vericel Agreement: On May 6, 2019, the Company entered into exclusive license and supply agreements with Vericel to commercialize Nexobrid Nexobrid Nexobrid Under the terms of the license agreement, Vericel has made an upfront payment to MediWound of $17,500 which was recorded as revenues from license agreements in 2019 as well as an additional milestone payment of $7,500 recorded as revenues from license agreements in 2022 upon BLA approval received in December 2022. Furthermore, Vericel has also agreed to pay MediWound up to $125,000 in payments contingent upon meeting certain annual sales milestones, tiered royalties on net sales ranging from high single-digit to teen-digit percentages, a split of gross profit on committed BARDA procurement orders and a teen-digits royalty on any additional future BARDA purchases of Nexobrid Nexobrid Total revenue from royalties as of December 31, 2023 was c. DOD and MTEC contracts: On February 17, 2022, the Company was entered into a contract with the U.S. Department of Defense (DoD), through the Medical Technology Enterprise Consortium (MTEC), to develop Nexobrid as a non-surgical solution for field-care burn treatment for the U.S. Army. The contract provides funding up to $2,727. During 2023, the DOD through MTEC awarded the Company additional funding of $9,117 in addition, the company awarded directly through MTEC funding of $1,190, to advance the development of a new temperature stable formulation of Nexobrid. The total additional fund from the DOD and MTEC during 2023 was $10,307. d. Biopharmax Group Ltd. contract: On July 17, 2023 the The new facility, equipped with fully operational clean rooms, will be exclusively designed for Nexobrid constructions |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of classes of share capital [abstract] | |
Equity | Note 19: Equity a. Share capital: December 31 2023 2022 Authorized number of shares 20,000,000 12,857,143 Issued and outstanding number of shares 9,221,764 7,240,020 An ordinary share confers upon its holder(s) a right to vote at the general meeting, a right to participate in distribution of dividends, and a right to participate in the distribution of surplus assets upon liquidation of the Company. b. Movement in share capital: 1. During 2021, 2022 and 2023 the Company issued additional 4,852, 41,395 and 17,458 ordinary shares for each year upon vesting of outstanding RSU’s, respectively. 2. On November 28, 2022, at the Company’s extraordinary general meeting of shareholders, its shareholders approved: (a) An increase of the Company’s authorized share capital from NIS 500,000, consisting of 50,000,000 ordinary shares, per value NIS 0.01 per share to NIS 900,000 consisting of 90,000,000 ordinary shares, per value NIS 0.01 per share. (b) On December 5, 2022, the Company’s board of directors approved a reverse split of 1-for-7 ratio. The reverse split went effective on December 20, 2022. No fractional shares were issued as a result of the reverse share split. Instead, such shares were rounded up to the next whole number of shares. The reverse share split affected all shareholders uniformly and did not alter any person’s percentage interest in our outstanding ordinary shares, except for negligible adjustments that may have resulted from the treatment of fractional shares. In connection with the reverse share split, The Company also amended and reduced the authorized number of ordinary shares from 90,000,000 to 12,857,143, which reflected a reduction at the same 1-for-7 ratio as the reduction to the number of issued and outstanding ordinary shares. Concurrently, the par value of the Company’s ordinary shares was increased proportionately, from NIS 0.01 per share to NIS 0.07 per share, in order to maintain the same overall authorized share capital under our Amended and Restated Articles of Association. On May 31, 2023 the Shareholders of the Company approved an amendment to Article 6 of the Company’s Amended and Restated Articles of Association, which increased the Company’s authorized share capital from 900,000 NIS consisting of 12,857,143 ordinary shares par value NIS 0.07 to NIS 1,400,000, consisting of 20,000,000 ordinary shares, par value NIS 0.07 per share. c. Financial transactions: 1. On March 7, 2022, the Company completed a public offering in total of 744,048 new ordinary shares which were issued in consideration to offering price of $13.44 per share. The net proceeds were $8,653, after deducting commissions and other offering expenses. In addition, on March 22, 2022 the underwriters exercised their options to purchase an additional 89,012 ordinary shares at the same public offering price. The net consideration to the Company, less underwriting discounts and commissions was at additional of $1,021. As part of the above- mentioned public offering, certain entities affiliated with CBI purchased 208,334 of ordinary shares at the public offering price. 2. On September 26, 2022, the Company completed a registered direct (the “RD”) offering in an aggregate amount of $13,257 represent a combine purchase price of $12.25 for issuance of 1,082,223 ordinary shares and 1,082,223 warrants that become exercisable on November 28, 2022, at an exercise price of $13.475 per ordinary share which will expire in four years (see also note 25.3). The warrants issued have been classified as a non-current financial liability due to a net share settlement provision and as they can be settled in cash on the occurrence of Fundamental Transaction as determined in the agreement. This liability was initially recognized at its fair value on the date the contract was entered into and is subsequently accounted for fair value at each balance sheet date and recorded through profit and loss. The fair value of the warrants has been evaluated with the assistance of external independent valuator and was computed based on then current price of the shares, a risk-free interest rate of 4.37% and an average standard deviation of 68%. The net proceeds from this offering in the amount of $11,698 have been received on September 28, 2022. The issuance expenses related to the non-current financial liability were recorded through profit and loss and the issuance expenses related to the issuance of shares recorded as a deduction from the proceeds in equity. 3. Concurrently, on October 6, 2022, the Company entered into a Private Issuance Purchase Equity agreement (the “PIPE”) with several purchasers, in connection with the offering of 1,407,583 unregistered pre-funded warrants to purchase up to 1,407,583 ordinary shares and 1,407,583 warrants to purchase up to 1,407,583 ordinary shares. Pre-Funded warrants become exercisable on November 28, 2022, at an exercise price of $0.007 per ordinary share and the warrants would be also exercisable upon the Authorized Share Increase Date at an exercise price of $13.475 per ordinary share and expire in four years. The Pre-Funded warrants and warrants issued have been classified as a non-current financial liabilities due to a net share settlement provision and they can be redeemed in cash on the occurrence of Fundamental Transaction as determined in the agreement. The initial fair value of the financial liabilities issued in the transaction was approximately $20,788, which comprised of: 1. The warrants which were valuated by Black and Sholtes model based on the current price of the shares and a risk-free interest rate of 4.26%, and 2. The pre-funded warrants which were valued in an amount which is approximate its share price upon their issuance. The consideration received from this transaction was $17,233. As the fair value on initial recognition of the warrants differs from the transaction price, the difference, represents the First day loss at the amount of $3,555, and has been allocated to the warrants with respect to this transaction and is amortized on a straight line basis over the term of the warrants. The net proceeds from this offering amounted to approximately $15,920. The issuance expenses were recorded through profit and loss. During December 2022, the 1,407,583 pre-funded warrants were exercised into ordinary shares. 4. Upon closing of the RD and PIPE Offerings, the Company also issued the placement agent up to 124,491 warrants to purchase up to 124,491 ordinary Shares. The warrants have substantially the same terms as the RD and PIPE Warrants, except that the placement agent’s warrants have an exercise price equal to $15.312 per share (which represents 125% of the offering price per ordinary Share in the offerings). The Fair value of the placement agent’s options was recorded as an issuance expenses through profit and loss and as a deduction from proceed in equity based on the financial treatment of both RD and PIPE offering and in accordance with their part. 5. On February 7, 2023, the Company completed a registered direct (the “RD”) offering of 1,964,286 new ordinary shares which were issued in consideration to offering price of $14.0 per share. The gross proceeds were $27,500, before deducting commissions and other offering expenses in the amount of $2,031. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Share Based Compensation | Note 20: Share‑Based Compensation a. Expense recognized in the financial statements: The expenses recognized for services received from employees and directors is as follows: Year ended December 31 2023 2022 2021 Cost of revenues 271 184 153 Research and development 485 406 333 Selling and marketing 87 42 - General and administrative 1,097 1,314 1,187 Total share-based compensation 1,940 1,946 1,673 b. Share-based payment plan for employees and directors: The Company has granted options and restricted stock units ("RSUs") for a total of 990,201 ordinary shares. As of December 31, 2023, 861,255 ordinary shares of the Company were still available for a future grant. Any options or RSUs, which are forfeited or not exercised before expiration, become available for future grants. Options granted under the Company's 2003 Israeli Share Option Plan ("The Plan") are exercisable in accordance with the terms of the Plan, within 5-10 years from the date of grant, against payment of an exercise price or cashless exercise. The options generally vest over a period of 3-4 years. In March 2014, the Company adopted and obtained shareholder approval for its 2014 Equity Incentive Plan (the “2014 Plan”). Options and RSU's granted under the Company's 2014 Plan are exercisable in accordance with the terms of the Plan. Options are exercisable within 5-10 years from the date of grant, against payment of an exercise price or cashless exercise and share units are granted immediately upon vesting of the RSU's. The options and the RSU's generally vest over a period of 1-4 years. c. Share options activity: The following table lists the number of share options, the weighted average exercise prices of share options and changes that were made in the option plan to employees and directors 2023 2022 2021 Number of options Weighted Average Exercise price Number of options Weighted Average Exercise price Number of options Weighted Average Exercise price Outstanding Options at beginning of year 764,767 30.44 537,288 44.45 513,973 45.85 Options Granted 346,950 11.87 320,775 14.25 53,970 37.52 Options Exercised - - (807 ) 12.23 (536 ) 20.16 Options Forfeited and/or expired (154,230 ) 57.55 (92,489 ) 55.58 (30,119 ) 56.91 Outstanding options at end of year 957,487 19.34 764,767 30.44 537,288 44.45 Option's Exercisable at end of year 462,045 26.25 373,681 46.18 333,618 58.38 The following table summarizes information about share options outstanding: Options outstanding as of December 31, 2023 Range of exercise prices ($ ) Number of options Weighted Average Remaining contractual life Weighted average exercise price 8.26-9.64 55,950 9.85 8.44 11.89-14.42 711,124 7.89 13.20 26.88-37.52 125,535 5.62 35.99 42.14-67.06 64,878 1.85 63.84 Total 957,487 7.29 19.34 Options outstanding as of December 31, 2022 Range of exercise prices ($ ) Number of options Weighted Average Remaining contractual life Weighted average exercise price 12.25-14.42 470,693 7.84 13.60 26.88-37.52 145,354 6.43 35.95 42.14-67.06 68,662 2.85 63.94 90.23-96.32 80,058 0.91 90.65 Total 764,767 6.40 30.44 RSU's 2023 RSU's 2022 RSU's 2021 Outstanding at beginning of year 42,013 14,581 10,655 Granted 9,100 39,286 8,992 Forfeited (941 ) (27 ) (215 ) Vested (17,458 ) (11,827 ) (4,851 ) Outstanding at the end of the period 32,714 42,013 14,581 The fair value of the options and RSU's granted to employees and directors at the grant date for the years ended December 31, 2023, 2022 and 2021 was $2,320, $2,970 and $1,392 respectively. The options and RSU’s of the Company are managed by a trustee. 1. On March 4, 2021, the Company's Board of Directors approved the grant of: (a) 34,013 options to purchase ordinary shares and 5,669 RSU's under the "2014 Share Incentive Plan" to its CEO, officers and board members of the Company at a fair value of $663 and $196, respectively, and (b) 19,958 options to purchase ordinary shares and 3,324 RSU's under the "2014 Share Incentive Plan" to its employees at a fair value of $417 and $116, respectively. The options are exercisable for an exercise price of $ 37.52 per share. 2. Over the second quarter of 2022, the Company’s Board of Directors approved the grant of 292,203 options to purchase the Company’s ordinary shares, for an exercise price of $ 14.42 per share as well as 39,286 restricted share units (“RSU’s”) to its CEO, officers and employees. The fair value of the options and RSU’s as of the grant date, was estimated at $2,314 and $498 respectively. The above-mentioned grant includes the grant of 151,786 options to purchase the Company’s ordinary shares and 39,286 restricted share units (“RSU’s”) to the directors and the CEO of the Company which are required to be approved by the Company’s General meeting as well. The fair value of the options and RSU’s, as of the approval date, was estimated at approximately $1,171 and $498, respectively. 3. On July 19, 2022, the Company’s Shareholders General meeting approved the abovementioned grants (Note 19) to the directors and the CEO, the compensation terms of Mr. Ofer Gonen as the Company’s new Chief Executive Officer, which terms will be effective as of July 1, 2022 and the termination terms for the previous CEO. 4. On August 18, 2022, the Company’s Shareholders General meeting approved the compensation terms and grant of 28,572 options to the Chairman of the Board of Directors which approved earlier by the board. The fair value of the options as of the grant date was estimated at $284. 5. On February 15, 2023, the Company's Board of Directors approved the grant of 130,600 options to purchase ordinary shares and 9,100 RSU's under the "2014 Share Incentive Plan" to 6. On April 3, 2023, the Company's Board of Directors approved the grant of 160,400 options to purchase ordinary shares under the "2014 Share Incentive Plan", for an exercise price of $11.89 and $11.91 per share to management and board members of the Company. The share options vest over a period of 1-4 years. The fair value of the options granted, as of the grant date, was estimated at approximately $884. 7. On May 31, 2023 the Shareholders of the Company approved the increase by 1,000,000 in the number of ordinary shares available for issuance under the Company’s 2014 Equity Incentive Plan. 8. On May 31, 2023 the Shareholders of the Company approved the extension to the exercise period of options which were granted to certain of the company’s directors on April 23, 2020 for an additional five years, until April 23, 2030. According to this extension, an expense of $146 was recognized. 9. On August 15, 2023, the Company's Board of Directors approved the grant of 7,200 options to purchase ordinary shares under the "2014 Share Incentive Plan", for an exercise price of $ 9.63 per share to a board member of the Company. The share options vest over a 1 year. The fair value of the options granted, as of the grant date, was estimated at approximately $42. 10. On November 20, 2023, the Company's Board of Directors approved the grant of 48,750 options to purchase ordinary shares under the "2014 Share Incentive Plan", for an exercise price of $ 8.78 and $8.13 per share to an officer and a consultant of the Company. The share options vest over a period of 1-4 years. The fair value of the options granted, as of the grant date, was estimated at approximately $265. a. The fair value of the Company's share options granted to employees and directors for the years ended December 31, 2023, 2022 and 2021 was estimated using the binomial option pricing models using the following assumptions: December 31 2023 2022 2021 Dividend yield (%) 0 0 0 Expected volatility of the share prices (%) 61-77 59-77 55-78 Risk‑free interest rate (%) 2.1-5.36 2.1-5.2 0.1-1.5 Early exercise factor (%) 100-150 100-150 100-150 Weighted average share prices (Dollar) 10.71 13.22 36.33 Measurement inputs include the share price on the measurement date, the exercise price of the instrument, expected volatility (based on the weighted average volatility of the Company’s shares, over the expected term of the options), expected term of the options (based on general option holder behavior and expected share price), expected dividends, and the risk-free interest rate (based on government debentures). |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Income Taxes [Abstract] | |
Income Tax | Note 21: Income Tax a. The Company operates in two main tax jurisdictions: Israel and Germany. As such, the Company is subject to the applicable tax rates in the jurisdictions in which it conducts its business. b. Corporate tax rate in Israel: The standard tax rate in the years 2021-2023 is 23%. c. Benefits under the Law for the Encouragement of Capital Investments: Tax benefits under the Israel Law for the Encouragement of Capital Investments, 1959 (the "Investment Law"): Under the Investment Law, the Company has been granted "Beneficiary Enterprise" status which provides certain benefits, including tax exemptions and reduced tax rates. Income not eligible for Beneficiary Enterprise benefits is taxed at a regular rate. During the benefit period, the Company will be tax exempt in the first two years of the benefit period and subject to tax at the reduced rate of 10%- 25% for an additional period of five to eight years (depending on the percentage of foreign investments in the Company) of the benefit period. The benefit entitlement period starts from the first year that the Beneficiary Enterprise first earned taxable income and is limited to 12 years from the year in which the Company requested to have tax benefits apply. In the event of distribution of dividends from the said tax-exempt income, the amount distributed will be subject to corporate tax at the reduced rate ordinarily applicable to the Beneficiary Enterprise's income. Tax exempt income generated under the Company's "Beneficiary Enterprise" program will be subject to taxes upon dividend distribution or complete liquidation. The entitlement to the above benefits is conditional upon the Company's fulfilling the conditions stipulated by the Investment Law and regulations published thereunder. Should the Company fail to meet such requirements in the future, income attributable to its Beneficiary Enterprise programs could be subject to the statutory Israeli corporate tax rate and the Company could be required to refund a portion of the tax benefits already received, with respect to such programs. d. The principal tax rates applicable to the subsidiary whose place of incorporation is outside of Israel is: The statutory corporate tax rate in Germany was 29.79% in 2023, 2022 and 2021. e. Final tax assessments: The Company has finalized its tax assessments through the 2016 tax year. The Company's subsidiary has received the final tax assessment for the year 2021. f. Net operating carryforward losses for tax purposes and other temporary differences: As of December 31, 2023, the Company had carryforward losses and other temporary differences mainly from R&D expenses together amounting to approximately $171,757. g. Deferred taxes: The Company did not recognize deferred tax assets for temporary differences because their utilization in the foreseeable future is not probable. h. Current taxes on income: The Company did not record any current taxes for MediWound Ltd. in Israel for the years ended December 31, 2023, 2022 and 2021 as a result of its carryforward losses. The current tax expenses are in respect of taxes charged outside of Israel. |
Supplementary Information to th
Supplementary Information to the Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of supplementary information to the statements of profit and lost and other comprehensive loss [Abstract] | |
Supplementary Information to the Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss | Note 22: Supplementary Information to the Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss a. Additional information on Revenues: Major customers: BARDA contributed 56%, 51% and 76% of the Company’s total revenues in 2023, 2022 and 2021 No other customer contributed 10% or more of the Company’s revenues in 2023, 2022 and 2021. Geographic information: The revenues reported in the financial statements are based on the location of the customers, as follows: Year ended December 31 2023 2022 2021 USA (see also Note 18a, 18b, 18c) 13,078 21,872 18,102 EU and other international markets 5,608 4,624 5,661 18,686 26,496 23,763 b. Cost of Revenues: 1. Cost of Revenues from sale of products Year ended December 31 2023 2022 2021 Salary and benefits (including share-based compensation) 2,703 1,828 2,047 Subcontractors 230 58 190 Depreciation and amortization 672 426 559 Cost of materials 916 636 1,039 Other manufacturing expenses 1,207 779 906 Decrease (increase) in inventory of finished products (801 ) (543 ) 242 4,927 3,184 4,983 2. Cost of Revenues from development services Year ended December 31 2023 2022 2021 Salary and benefits 1,995 1,691 2,003 Subcontractors 8,182 8,138 7,904 10,177 9,829 9,907 3. Cost of Revenues from license agreements Year ended December 31 2023 2022 2021 Salary and benefits 4 38 102 Royalties payments - 280 - 4 318 102 Total Cost of Revenues 15,108 13,331 14,992 c. Research and development expenses: Year ended December 31 2023 2022 2021 Salary and benefits (including share-based compensation) (1) 3,148 4,494 2,864 Subcontractors 2,833 4,054 6,323 Depreciation and amortization 396 571 396 Cost of materials 785 572 347 Other research and development expenses 305 490 326 Total Research and development 7,467 10,181 10,256 (1) The salary costs for the year ended December 31,2022 includes one-time payment of $205 derived from termination agreement with the CMO of the company. d. Selling and marketing expenses: Year ended December 31 2023 2022 2021 Salary and benefits (including share-based compensation) 1,991 1,637 1,643 Marketing and consulting 1,637 1,152 627 Depreciation and amortization 50 49 44 Shipping and delivery 356 385 490 Registration and marketing license fees 810 502 584 4,844 3,725 3,388 e. General and administrative expenses: Year ended December 31 2023 2022 2021 Salary and benefits (including share‑based compensation) 3,521 3,344 2,905 Professional fees 2,189 2,589 2,480 Depreciation and amortization 185 225 239 Other 873 762 724 6,768 6,920 6,348 f. Other (income) expenses: The other one-time income amounted $211 for the year ended December 31, 2023, is associated with the termination of sub-lease agreement (see note 11a). The other one-time expenses amounted $684 for the year ended December 31, 2022, are associated with the management changes and FDA milestone payment fee (see Note 18b). g. Financial income and expense: Year ended December 31 2023 2022 2021 Financial income: Interest income 2,341 270 11 Revaluation of liabilities in respect of IIA grants - 132 - Revaluation of Warrants 8,310 - - Exchange differences, net - 59 - 10,651 461 11 Financial expense: Revaluation of liabilities in respect of IIA grants 427 - 903 Financing income on net investment in lease 274 102 120 Finance expenses in respect of deferred revenues 8 54 143 Revaluation of liabilities in respect of TEVA 468 533 590 Exchange differences, net 654 - 511 Revaluation of Warrants - 8,977 - Issuance expenses of warrants through profit and loss - 1,911 - Other 61 60 47 1,892 11,637 2,314 Financial income (expenses), net 8,759 (11,176 ) (2,303 ) |
Net Loss Per Share
Net Loss Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Net Loss Per Share | Note 23: Net Loss Per Share a. Details of the number of shares and loss used in the computation of loss per share: Year ended December 31 2023 2022 2021 Weighted average number of shares Loss Weighted average number of shares Loss Weighted average number of shares Loss 9,013,144 (6,716 ) 4,987,069 (19,599 ) 3,892,068 (13,551 ) b. Net loss per share: Year ended December 31 2023 2022 2021 Basic and diluted loss per share: (0.75 ) (3.93 ) (3.48 ) In 2023, 2,614,297 warrants, 957,487 options and 32,714 RSU’s were excluded from the diluted weighted average number of Ordinary Shares calculation as their effect would have been anti-dilutive. In 2022, 2,614,297 warrants, 764,767 options and 42,013 RSU’s were excluded from the diluted weighted average number of Ordinary Shares calculation as their effect would have been anti-dilutive. In addition, the impact of 1,407,583 pre-funded warrants which were exercised in December 2022, have not taken in the diluted weighted average number of Ordinary Shares calculation as their effect would have been anti-dilutive as well. |
Balances and Transactions With
Balances and Transactions With Related Parties and Key Officers | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Balances And Transactions With Related Parties And Key Officers | Note 24: Balances and Transactions with Related Parties and Key Officers a. Related parties consist of: • Clal Biotechnologies Industries Ltd.- Related party (see also note 11) • Directors of the Company. 1. Balances with related parties: Other Payables Related Party As of December 31, 2023 - As of December 31, 2022 177 Directors: As of December 31, 2023 83 As of December 31, 2022 130 2. Transactions with related parties: Rental fee: Year ended December 31 2023 2022 2021 Related party 267 457 469 Professional fee *: Year ended December 31 2023 2022 2021 Directors 502 484 375 Related party 25 63 85 527 547 460 Number of Directors ***9 **10 8 * Not included share- based compensation detailed in Note 20. ** During 2022 two members of the board of directors were replaced. *** During 2023 three members of the board have left and one member of the board was replaced. At the end of 2023, the total board member consisted of five members. b. Key Officers: 1. Balances with Key Officers of the Company Other Payables Key Officers of the Company As of December 31, 2023 518 As of December 31, 2022 754 • Represents the officer’s gross salary, bonuses, and vacation provisions without share based compensation. 2. Compensation of Key Officers of the Company: The following amounts disclosed in the table are recognized as an expense during the reporting period related to officers: Year ended December 31 2023 2022 2021 Short-term employee benefits (*)(**) 2,084 2,880 1,788 Share-based compensation 757 797 518 2,841 3,677 2,306 Number of officers (***) 8 7 5 (*) One-time expenses amounted $309 for the year ended December 31, 2022, are associated with the management changes. (**) In December 2007, the Company's board of directors approved one‑time bonus payments to the Chief Medical Officer in the amounts of $ 120, which was recorded in profit and loss in December 2022 upon achieving marketing approval in the United States. |
Subsiquents events
Subsiquents events | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | Note 25: Subsequent events: 1. On January 1, 2024, the company entered into a new lease agreement for 380.21 square meters of office, in Yavne, Israel, close to the main office, the agreement is for two years with options for additional three years. The additional leased area is needed to support the company in extending its activity. The annual fee for this agreement is ILS 437 (approximately $120). 2. O 3. On March 6, 2024, 37,106 warrants were exercised to the Company shares for exercise price of $13.475 per ordinary share, in accordance with the terms of the warrants (See also note 19 C.2). |
Material Accounting Policies (P
Material Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of significant accounting policies [Abstract] | |
Basis of consolidation | a. Basis of consolidation: Consolidated financial statements include the financial statements of companies that the Company controls (subsidiaries). Control is achieved when the Company is exposed, or has rights, to variable returns from its investment with the investee and has the ability to affect those returns through its power over the investee. The financial statements of the Company and its subsidiaries are prepared as of the same dates and periods. The consolidated financial statements are prepared using uniform accounting policies by all entities in the Group. |
Inventories | b. Inventories: Inventories are measured at the lower of cost and net realizable value. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated selling costs. The Company periodically evaluates the condition and age of inventories and makes provisions for slow moving inventories accordingly. Cost of inventories is determined as follows: Raw materials - At cost of purchase using the first-in, first-out method. Finished goods - On the basis of average standard costs (which approximates actual cost on a weighted average basis) including materials, labor and other direct and indirect manufacturing costs based on practical capacity. |
Property, plant and equipment, net | c. Property, plant and equipment, net: Property, plant and equipment are measured at cost, including directly attributable costs, less accumulated depreciation and accumulated impairment losses. Cost includes spare parts and auxiliary equipment that are used in connection with the plant and equipment. Depreciation is calculated on a straight‑line basis over the useful life of the assets at annual rates as follows: % Office furniture 7-10 Manufacturing machinery and lab equipment 15-33 Computers 33 Leasehold improvements See below Leasehold improvements are depreciated on a straight‑line basis over the shorter of the lease term (including the renewal option held by the Company which is expected to be exercised) and the expected life of the improvement. The useful life, depreciation method and residual value of an asset are reviewed at least each year-end and any changes are accounted for prospectively as a change in accounting estimate. |
Liability in respect of Israeli Innovation Authority ("IIA") | d. Liability in respect of Israeli Innovation Authority ("IIA"): Grants from the IIA in respect of research and development projects are accounted for as forgivable loans according to IAS 20. Grants received from the IIA are recognized as a liability according to their fair value on the date of their receipt, unless on that date it is reasonably certain that the amount received will not be refunded. If future economic benefits are expected from the project that will result in royalty-bearing revenues from sale of products it will be treated as a contingent liability. At the end of each reporting period, the Company evaluates whether there is reasonable assurance that the liability recognized, in whole or in part, will not be repaid based on its best estimate of future sales and any changes in the present value of the cash flows discounted at the original interest rate of the grant are recognized in profit or loss. The difference between the amount received and the fair value on the date of receiving the grant is recognized as a deduction of research and development expenses. |
Leases | e. Leases: The Company accounts for a contract as a lease when the contract terms convey the right to control the use of an identified asset for a period of time in exchange for consideration. For these excluded leases, the Company has elected to recognize the lease payments as an expense in profit or loss on a straight-line basis over the lease term. In measuring the lease liability, the Company has elected to apply the practical expedient in the Standard and does not separate the lease components from the non-lease components (such as management and maintenance services, etc.) included in a single contract. Following are the amortization periods of the ROU assets by class of underlying asset: Years Motor vehicles 3 Buildings 6-15 The Company tests for impairment of the ROU asset whenever there are indications of impairment pursuant to the provisions of IAS 36. • Variable lease payments that depend on an index: On the commencement date, the Company uses the index rate prevailing on the commencement date to calculate the future lease payments. For leases in which the Company is the lessee, the aggregate changes in future lease payments resulting from a change in the index are discounted (without a change in the discount rate applicable to the lease liability) and recorded as an adjustment of the lease liability and the ROU assets, only when there is a change in the cash flows resulting from the change in the index (that is, when the adjustment to the lease payments takes effect). • Lease extension and termination options: A non-cancelable lease term includes both the periods covered by an option to extend the lease when it is reasonably certain that the extension option will be exercised and the periods covered by a lease termination option when it is reasonably certain that the termination option will not be exercised. |
Revenues recognition | f. Revenues recognition: The Company recognizes revenue when the customer obtains control over the promised goods or services. The revenue is measured according to the amount of the consideration to which the Company expects to be entitled in exchange for the goods or services promised to the customer, other than amounts collected for third parties. The Company determines transaction price based on the amount of consideration the Company expects to receive for transferring the promised goods or services in the contract. Consideration may be fixed, variable, or a combination of both. At contract inception for arrangements that include variable consideration, the Company estimates the probability and extent of consideration it expects to receive under the contract utilizing either the most likely amount method or expected amount method, whichever best estimates the amount expected to be received. The Company then considers any constraints on the variable consideration and includes in the transaction price variable consideration to the extent it is probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. The Company then allocates the transaction price to each performance obligation based on the relative standalone selling price and recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) control is transferred to the customer and the performance obligation is satisfied. The Company records amounts as accounts receivable when the right to consideration is deemed unconditional. Amounts received, or that are unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract are recognized as deferred revenue. Amounts expected to be recognized as revenue within the 12 months following the balance sheet date are classified as the current portion of deferred revenue. Amounts not expected to be recognized as revenue within the 12 months following the balance sheet date are classified as deferred revenue, net of current portion. The Company’s revenue-generating arrangements typically include licensing arrangements, which comprise of upfront license fees, milestone payments and/or royalties and products sale arrangements. The promised goods or services in the Company’s licensing arrangements typically consist of a license to the Company’s intellectual property and/or research and development services. If a license is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenue from nonrefundable, up-front fees allocated to the license when the license is transferred to the licensee and the licensee is able to use and benefit from the license. For performance obligations which consist of licenses and other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. For arrangements that include sales-based royalties, including milestone payments based on the level of sales, where the license is deemed to be the predominant item to which the royalties relate, the Company will recognize revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). In 2019, the Company entered into exclusive license and supply agreements with Vericel to commercialize Nexobrid in North America (see Note 22). The Company identified three distinct performance obligations: (1) license rights (2) development services for BLA approval and (3) manufacturing and supply of Nexobrid. As of the closing date of the agreement the manufacturing and development services were at market value, therefore the upfront payment was fully attributed to the license performance obligation and as such revenues are recognized at the point in time that control of the license is transferred to the customer. Future milestone payments are considered variable consideration and are subject to the variable consideration constraint, i.e. will be recognized once concluded that it is “probable” that a significant reversal of the cumulative revenues recognized under the contract will not occur in future periods when the uncertainty related to the variable considerations are resolved. (see Note 18b). Revenues from royalties under this agreement will be payable based on future commercial sales, up on an occurrence. Revenues from the sale of products to Vericel will be recognized when all the significant risks and rewards of ownership of the products have passed to the buyer and the seller no longer retains continuing managerial involvement. The delivery date of the products is usually the date of which ownership passes. Revenues from distribution licensing arrangements: The Company accounts for the bundled license provided to the distributers and related high specialized services as a single performance obligation and consequently recognize revenue using the cost-to-cost method, where the extent of progress towards completion is measured based on the ratio of actual costs incurred to the total estimated costs expected to be incurred upon satisfying such single performance obligation. The revenues from such bundled performance obligation are included within “Revenues from license agreements”. Significant finance components related to such arrangements are recognized as finance expense. Revenues from development services: Revenues from development services are recognized over time, during the period the customer receives and consumes the benefits provided by the Company's performance. Revenues from the sale of products: The Company generates revenues from sales of its innovative biopharmaceutical product, Nexobrid, to burn centers and hospital burn units in Europe, U.S Israel and local international markets through its commercial organizations and local distributors. Revenues from sale of goods is recognized in profit or loss at the point in time when the control of the goods is transferred to the customer, generally upon delivery of the goods to the customer. The transaction price is the amount of the consideration that is expected to be received based on the contract terms. |
Research and development expenses | g. Research and development expenses: Research and development expenses are recognized in profit or loss when incurred. An intangible asset arising from a development project or from the development phase of an internal project is recognized if the Company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale; the Company's intention to complete the intangible asset and use or sell it; the Company's ability to use or sell the intangible asset; how the intangible asset will generate future economic benefits; the availability of adequate technical, financial and other resources to complete the intangible asset; and the Company's ability to measure reliably the expenditure attributable to the intangible asset during its development. Since the Company's research and development projects are often subject to regulatory approval procedures and other uncertainties, the conditions for the capitalization of costs incurred before receipt of approvals are not normally satisfied and, therefore, research and development expenses are recognized in profit or loss when incurred. |
Financial instruments | h. Financial instruments: The accounting policy for financial instruments in accordance with IFRS 9, "Financial Instruments" ("the Standard") is as follows: 1. Financial liabilities: a) Financial liabilities measured at amortized cost: Financial liabilities are initially recognized at fair value less transaction costs that are directly attributable to the issue of the financial liability. After initial recognition, the Company measures all financial liabilities at amortized cost using the effective interest rate method, except for financial liabilities at fair value through profit or loss such as derivatives; b) Financial liabilities measured at fair value through profit or loss: At initial recognition, the Company measures financial liabilities that are not measured at amortized cost at fair value. Transaction costs are recognized in profit or loss. After initial recognition, changes in fair value are recognized in profit or loss. 2. Fair value: Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement is based on the assumption that the transaction will take place in the asset's or the liability's principal market, or in the absence of a principal market, in the most advantageous market. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. |
Warrants | i. Warrants: Receipts in respect of warrants are classified as equity to the extent that they confer the right to purchase a fixed number of shares for a fixed exercise price. In the event that the exercise price or the numbers of shares to be issued are not deemed to be fixed (for example, in case of net share settlement provision), or warrants redemption in cash on the occurrence of Fundamental Transaction the warrants are classified as a non-current derivative financial liability. This liability is initially recognized at its fair value on the date the contract is entered into and subsequently accounted for at fair value at each reporting date. The fair value changes are charged to non-operating income and expense on the statement of comprehensive income or loss. Issuance costs allocable to warrants are also recorded as non-operating expense on the statement of comprehensive income or loss. |
Provisions | j. Provisions: A provision in accordance with IAS 37 is recognized when the Company has a present (legal or constructive) obligation as a result of a past event, it is expected to require the use of economic resources to clear the obligation and a reliable estimate has been made. |
Short-term employee benefits and severance pay liability, net | k. Short-term employee benefits and severance pay liability, net: The Company has several employee benefit plans: 1. Short-term employee benefits: Short-term employee benefits include salaries, paid annual leave, recreation and social security contributions are recognized as expenses as the services are rendered. 2. Post-employment benefits: The Company has liabilities for severance pay for its employees in several of jurisdictions and in Israel. The Company recognizes liability for severance pay mainly due to its employees in EU in accordance with local laws. |
Share-based compensation | l. Share-based compensation: Certain Company employees and directors are entitled to remuneration in the form of equity-settled share-based compensation. Equity-settled transactions The cost of equity-settled transactions with employees is measured at the fair value of their equity instruments granted at grant date. The fair value is determined using the binomial option pricing model. The cost of equity-settled transactions is recognized in profit or loss, together with a corresponding increase in equity, during the period which the performance or service conditions are to be satisfied, ending on the date on which the relevant employees become fully entitled to the award. |
Profit / Loss per share | m. Profit / Loss per share: The Company presents basic and diluted earnings per share (EPS) data for its ordinary shares. Basic EPS is calculated by dividing the profit or loss attributable to ordinary shareholders of the Company by the weighted average number of ordinary shares outstanding during the year, adjusted for treasury shares. Diluted EPS is determined by adjusting the profit or loss attributable to ordinary shareholders of the Company and the weighted average number of ordinary shares outstanding, after adjustment for treasury shares, for the effects of all dilutive potential ordinary shares, which comprise of warrants, share options and share options granted to employees. |
New standards, amendments to standards and interpretations not yet adopted | n. New standards, amendments to standards and interpretations not yet adopted: Amendment to IAS 1, Presentation of Financial Statements: "Disclosure of Accounting Policies” As a result of applying the Amendment, the extent of the accounting policy disclosure provided in the financial statements for 2023 was reduced and adjusted according to the Company’s specific circumstances. |
Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current (amendment to IAS 1) | o. Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current (amendment to IAS 1) As a result of applying the Amendment the warrants presented in these financial statements (see note 19c), will be classified as a current liability pursuant to the conversion option. |
Material Accounting Policies (T
Material Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of significant accounting policies [Abstract] | |
Schedule of depreciation on straight-line basis over useful life of assets | % Office furniture 7-10 Manufacturing machinery and lab equipment 15-33 Computers 33 Leasehold improvements See below |
Schedule of amortization periods of right-of-use assets | Years Motor vehicles 3 Buildings 6-15 |
Cash And Cash Equivalents (Tabl
Cash And Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash and cash equivalents [abstract] | |
Schedule of cash and cash equivalents | December 31 2023 2022 Balance in USD 4,151 24,475 Balance in other currencies 7,715 9,420 11,866 33,895 |
Short-term and restricted ban_2
Short-term and restricted bank deposits (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Short Term Bank Deposits [Abstract] | |
Schedule of short-term bank deposits | December 31 2023 2022 Restricted bank deposits (1) 167 - USD Bank deposits (2) 29,675 - 29,842 - (1) Restricted bank deposits which are primarily used as security for the Company’s office leases. (2) The USD deposits bear annual interest of 6.26%-6.55% for the period of 91-365 days for 2023. |
Trade Receivables (Tables)
Trade Receivables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other current receivables [abstract] | |
Schedule of trade receivables | December 31 2023 2022 Vericel (Note 18b) 236 7,500 BARDA (Note 18a) 1,245 701 MTEC (Note 18c) 617 362 Other trade receivables 1,608 771 Less provision for impairment (6 ) (2 ) 3,700 9,332 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Classes of current inventories [abstract] | |
Schedule of inventories | December 31, 2023 2022 Raw materials 995 913 Finished goods *1,851 1,050 2,846 1,963 *Including write-down of $326 |
Other Receivables Short Term (T
Other Receivables Short Term (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other current receivables [abstract] | |
Schedule of other short term receivables | December 31, 2023 2022 Government authorities 322 193 Income receivables 397 170 Prepaid expenses and other 722 287 1,441 650 |
Other Receivables- Long Term (T
Other Receivables- Long Term (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other non-current receivables [abstract] | |
Schedule of other long term receivables | December 31, 2023 2022 Income receivables 50 180 Prepaid expenses 183 - 233 180 |
Property, Plant And Equipment_2
Property, Plant And Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of property, plant and equipment, net | Office furniture Manufacturing machinery and lab equipment Computers Leasehold improvements Total Cost Balance as of January 1, 2023 293 5,091 166 3,279 8,829 Additions 25 7,312 101 37 7,475 Capitalization of depreciation of ROU assets - - - 59 59 Foreign currency translation 1 - - - 1 Balance as of December 31, 2023 319 12,403 267 3,375 16,364 Balance as of January 1, 2022 257 4,764 176 3,137 8,334 Additions 37 327 49 142 555 Disposals - - (59 ) - (59 ) Foreign currency translation (1 ) - - - (1 ) Balance as of December 31, 2022 293 5,091 166 3,279 8,829 Accumulated Depreciation Balance as of January 1, 2023 157 3,818 97 2,391 6,463 Additions 26 448 58 140 672 Foreign currency translation 1 - - - 1 Balance as of December 31, 2023 184 4,266 155 2,531 7,136 Balance as of January 1, 2022 133 3,370 94 2,259 5,856 Additions 25 448 62 132 667 Disposals - - (59 ) - (59 ) Foreign currency translation (1 ) - - - (1 ) Balance as of December 31, 2022 157 3,818 97 2,391 6,463 Carrying amounts of all fixed asset items December 31, 2023 135 8,137 112 844 9,228 December 31, 2022 136 1,273 69 888 2,366 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of amounts recognized in profit or loss and in the statement of cash flows | Year ended December 31, 2023 2022 Interest expense on lease liabilities 274 102 Depreciation expenses 565 537 Cash outflow for leases 778 701 |
Schedule of carrying amounts of right-of-use assets and movement | Buildings Motor vehicles Total Cost Balance as of January 1, 2023 2,341 550 2,891 New leases 6,460 407 6,867 Adjustments for indexation 78 3 81 Disposals (2,368 ) (308 ) (2,676 ) Balance as of December 31, 2023 6,511 652 7,163 Accumulated depreciation Balance as of January 1, 2023 1,342 334 1,676 Depreciation and amortization 334 231 565 Capitalized to Leasehold improvements 59 - 59 Disposals (1,527 ) (308 ) (1,835 ) Balance as of December 31, 2023 208 257 465 Depreciated cost Balance as of December 31, 2023 6,303 395 6,698 Buildings Motor vehicles Total Cost Balance as of January 1, 2022 2,267 654 2,921 New leases - 125 125 Adjustments for indexation 74 9 83 Disposals - (238 ) (238 ) Balance as of December 31, 2022 2,341 550 2,891 Accumulated depreciation Balance as of January 1, 2022 1,028 345 1,373 Depreciation and amortization 314 225 539 Disposals - (236 ) (236 ) Balance as of December 31, 2022 1,342 334 1,676 Depreciated cost Balance as of December 31, 2022 999 216 1,215 |
Schedule of maturity analysis of the Group's lease liabilities | Buildings Motor vehicles Total Balance as of January 1, 2023 1,199 179 1,378 Repayment of leases liabilities (588 ) (190 ) (778 ) Effect of changes in exchange rates (19 ) 2 (17 ) New finance lease obligation recognized 6,460 365 6,825 Adjustments for indexation 78 3 81 Financial expenses 257 17 274 Disposals-Termination of leases (1,041 ) (11 ) (1,052 ) Balance as of December 31, 2023 6,346 365 6,711 Current maturities of long-term leases (180 ) (181 ) (361 ) Lease liability Balance as of December 31, 2023 6,166 184 6,350 Buildings Motor vehicles Total Balance as of January 1, 2022 1,691 299 1,990 Repayment of leases liabilities (477 ) (224 ) (701 ) Effect of changes in exchange rates (182 ) (28 ) (210 ) New finance lease obligation recognized - 117 117 Adjustments for indexation 74 9 83 Financial expenses 93 8 101 Disposals-Termination of leases - (2 ) (2 ) Balance as of December 31, 2022 1,199 179 1,378 Current maturities of long-term leases (399 ) (133 ) (532 ) Lease liability Balance as of December 31, 2022 800 46 846 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of intangible assets | License and Knowhow 2023 2022 Cost Balance as of January 1, 1,538 1,538 Additions - - Balance as of December 31, 1,538 1,538 Accumulated Amortization Balance as of January 1, 1,307 1,241 Additions 66 66 Balance as of December 31, 1,373 1,307 Amortized cost Balance as of December 31, 165 231 |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Trade and other payables [abstract] | |
Schedule of other payables | December 31 2023 2022 Employees and payroll accruals 2,109 2,471 Liability in respect of TEVA (see Note 17c) 1,250 417 Related parties 83 307 Deferred revenues 24 63 Other 425 901 3,891 4,159 |
Liabilities in Respect of IIA_2
Liabilities in Respect of IIA Grants (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of israeli innovation authority grants [Abstract] | |
Schedule of Israeli innovation authority grants | December 31 2023 2022 Balance as of January 1, 7,566 8,105 Royalties (190 ) (407 ) Amounts carried to Profit or Loss 427 (132 ) Balance as of December 31, 7,803 7,566 Current maturities (126 ) (121 ) Long term liabilities in respect of IIA grants 7,677 7,445 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of sensitivity tests relating to changes in market factors | December 31 2023 2022 Gain (loss) from change: 5% increase in NIS and EURO exchange rate $ 176 $ 257 5% decrease in NIS and EURO exchange rate $ (176 ) $ (257 ) |
Schedule of liquidity risk by holding cash balances, short-term deposits and secured bank credit facilities | December 31, 2023 Carrying 12 months amount or less 1-2 years 2-15 years Non-derivative financial liabilities Current liabilities Current maturities of long-term liabilities 3,249 3,249 - - Trade payables and accrued expenses 5,528 5,528 - - Other payables 3,891 3,891 - - Non-current liabilities Liabilities in respect of IIA grants 15,927 - 359 15,568 Liabilities in respect of TEVA 3,200 - 1,000 2,200 Lease liabilities 10,189 - 813 9,376 December 31, 2022 Carrying 12 months amount or less 1-2 years 2-8 years Non-derivative financial liabilities Current liabilities Current maturities of long-term liabilities 2,814 2,814 - - Trade payables and accrued expenses 5,656 5,656 - - Other payables 4,159 4,159 - - Non-current liabilities Liabilities in respect of IIA grants 15,464 - 312 15,152 Liabilities in respect of TEVA 4,200 - 1,000 3,200 Lease liabilities 902 - 508 394 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Tables [Abstract] | |
Schedule of share capital | a. Share capital: December 31 2023 2022 Authorized number of shares 20,000,000 12,857,143 Issued and outstanding number of shares 9,221,764 7,240,020 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of expense recognized | Year ended December 31 2023 2022 2021 Cost of revenues 271 184 153 Research and development 485 406 333 Selling and marketing 87 42 - General and administrative 1,097 1,314 1,187 Total share-based compensation 1,940 1,946 1,673 |
Schedule of share options activity | 2023 2022 2021 Number of options Weighted Average Exercise price Number of options Weighted Average Exercise price Number of options Weighted Average Exercise price Outstanding Options at beginning of year 764,767 30.44 537,288 44.45 513,973 45.85 Options Granted 346,950 11.87 320,775 14.25 53,970 37.52 Options Exercised - - (807 ) 12.23 (536 ) 20.16 Options Forfeited and/or expired (154,230 ) 57.55 (92,489 ) 55.58 (30,119 ) 56.91 Outstanding options at end of year 957,487 19.34 764,767 30.44 537,288 44.45 Option's Exercisable at end of year 462,045 26.25 373,681 46.18 333,618 58.38 |
Schedule of information about share options outstanding | Options outstanding as of December 31, 2023 Range of exercise prices ($ ) Number of options Weighted Average Remaining contractual life Weighted average exercise price 8.26-9.64 55,950 9.85 8.44 11.89-14.42 711,124 7.89 13.20 26.88-37.52 125,535 5.62 35.99 42.14-67.06 64,878 1.85 63.84 Total 957,487 7.29 19.34 Options outstanding as of December 31, 2022 Range of exercise prices ($ ) Number of options Weighted Average Remaining contractual life Weighted average exercise price 12.25-14.42 470,693 7.84 13.60 26.88-37.52 145,354 6.43 35.95 42.14-67.06 68,662 2.85 63.94 90.23-96.32 80,058 0.91 90.65 Total 764,767 6.40 30.44 |
Schedule of fair value assumptions | December 31 2023 2022 2021 Dividend yield (%) 0 0 0 Expected volatility of the share prices (%) 61-77 59-77 55-78 Risk‑free interest rate (%) 2.1-5.36 2.1-5.2 0.1-1.5 Early exercise factor (%) 100-150 100-150 100-150 Weighted average share prices (Dollar) 10.71 13.22 36.33 |
Restricted Shares Unit [Member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Schedule of share options activity | RSU's 2023 RSU's 2022 RSU's 2021 Outstanding at beginning of year 42,013 14,581 10,655 Granted 9,100 39,286 8,992 Forfeited (941 ) (27 ) (215 ) Vested (17,458 ) (11,827 ) (4,851 ) Outstanding at the end of the period 32,714 42,013 14,581 |
Supplementary Information to _2
Supplementary Information to the Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of supplementary information to the statements of profit and lost and other comprehensive loss [Abstract] | |
Schedule of geographical information | Year ended December 31 2023 2022 2021 USA (see also Note 18a, 18b, 18c) 13,078 21,872 18,102 EU and other international markets 5,608 4,624 5,661 18,686 26,496 23,763 |
Schedule of cost of revenues products | Year ended December 31 2023 2022 2021 Salary and benefits (including share-based compensation) 2,703 1,828 2,047 Subcontractors 230 58 190 Depreciation and amortization 672 426 559 Cost of materials 916 636 1,039 Other manufacturing expenses 1,207 779 906 Decrease (increase) in inventory of finished products (801 ) (543 ) 242 4,927 3,184 4,983 |
Schedule of cost of revenues services | Year ended December 31 2023 2022 2021 Salary and benefits 1,995 1,691 2,003 Subcontractors 8,182 8,138 7,904 10,177 9,829 9,907 |
Schedule of cost of revenues license | Year ended December 31 2023 2022 2021 Salary and benefits 4 38 102 Royalties payments - 280 - 4 318 102 Total Cost of Revenues 15,108 13,331 14,992 |
Schedule of research expenses | Year ended December 31 2023 2022 2021 Salary and benefits (including share-based compensation) (1) 3,148 4,494 2,864 Subcontractors 2,833 4,054 6,323 Depreciation and amortization 396 571 396 Cost of materials 785 572 347 Other research and development expenses 305 490 326 Total Research and development 7,467 10,181 10,256 |
Schedule of selling expenses | Year ended December 31 2023 2022 2021 Salary and benefits (including share-based compensation) 1,991 1,637 1,643 Marketing and consulting 1,637 1,152 627 Depreciation and amortization 50 49 44 Shipping and delivery 356 385 490 Registration and marketing license fees 810 502 584 4,844 3,725 3,388 |
Schedule of general expenses | Year ended December 31 2023 2022 2021 Salary and benefits (including share‑based compensation) 3,521 3,344 2,905 Professional fees 2,189 2,589 2,480 Depreciation and amortization 185 225 239 Other 873 762 724 6,768 6,920 6,348 |
Schedule of financial expense | Year ended December 31 2023 2022 2021 Financial income: Interest income 2,341 270 11 Revaluation of liabilities in respect of IIA grants - 132 - Revaluation of Warrants 8,310 - - Exchange differences, net - 59 - 10,651 461 11 Financial expense: Revaluation of liabilities in respect of IIA grants 427 - 903 Financing income on net investment in lease 274 102 120 Finance expenses in respect of deferred revenues 8 54 143 Revaluation of liabilities in respect of TEVA 468 533 590 Exchange differences, net 654 - 511 Revaluation of Warrants - 8,977 - Issuance expenses of warrants through profit and loss - 1,911 - Other 61 60 47 1,892 11,637 2,314 Financial income (expenses), net 8,759 (11,176 ) (2,303 ) |
Net Loss Per Share (Tables)
Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
Schedule of details of number of shares and loss used in computation | Year ended December 31 2023 2022 2021 Weighted average number of shares Loss Weighted average number of shares Loss Weighted average number of shares Loss 9,013,144 (6,716 ) 4,987,069 (19,599 ) 3,892,068 (13,551 ) |
Schedule of net profit (loss) per share from continuing and discontinued operations | Year ended December 31 2023 2022 2021 Basic and diluted loss per share: (0.75 ) (3.93 ) (3.48 ) |
Balances and Transactions Wit_2
Balances and Transactions With Related Parties and Key Officers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of balances of related parties | Other Payables Related Party As of December 31, 2023 - As of December 31, 2022 177 Directors: As of December 31, 2023 83 As of December 31, 2022 130 |
Schedule of transactions with related parties | 2. Transactions with related parties: Rental fee: Year ended December 31 2023 2022 2021 Related party 267 457 469 Professional fee *: Year ended December 31 2023 2022 2021 Directors 502 484 375 Related party 25 63 85 527 547 460 Number of Directors ***9 **10 8 * Not included share- based compensation detailed in Note 20. ** During 2022 two members of the board of directors were replaced. *** During 2023 three members of the board have left and one member of the board was replaced. At the end of 2023, the total board member consisted of five members. |
Schedule of balances of key officers | Other Payables Key Officers of the Company As of December 31, 2023 518 As of December 31, 2022 754 |
Schedule of compensation of officers of company | Year ended December 31 2023 2022 2021 Short-term employee benefits (*)(**) 2,084 2,880 1,788 Share-based compensation 757 797 518 2,841 3,677 2,306 Number of officers (***) 8 7 5 (*) One-time expenses amounted $309 for the year ended December 31, 2022, are associated with the management changes. (**) In December 2007, the Company's board of directors approved one‑time bonus payments to the Chief Medical Officer in the amounts of $ 120, which was recorded in profit and loss in December 2022 upon achieving marketing approval in the United States. |
General (Narrative) (Details)
General (Narrative) (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 8 Months Ended | 12 Months Ended | ||||||
Feb. 07, 2023 USD ($) $ / shares shares | Nov. 28, 2022 ₪ / shares | Oct. 31, 2022 USD ($) | Dec. 31, 2023 ₪ / shares | Dec. 31, 2023 USD ($) shares | May 31, 2023 ₪ / shares | Dec. 31, 2022 ₪ / shares | Dec. 31, 2022 USD ($) shares | Dec. 05, 2022 ₪ / shares | |
Disclosure of associates [line items] | |||||||||
Number of shares issued | shares | 1,964,286 | 9,221,764 | 7,240,020 | ||||||
Par value per share | (per share) | $ 14 | ₪ 0.01 | ₪ 0.07 | ₪ 0.07 | ₪ 0.07 | ₪ 0.01 | |||
Retained earnings | $ (174,822) | $ (168,106) | |||||||
Reverse stock split ratio | 1-for-7 ratio | 1-for-7 ratio | |||||||
Gross proceeds | $ 27,500 | $ 41,700 | |||||||
Proceeds from issue of ordinary shares | $ 25,469 | $ 37,292 | |||||||
Cash and cash equivalents, short-term and restricted bank deposits | $ 41,700 |
Material Accounting Policies (S
Material Accounting Policies (Schedule of depreciation on straight line basis over useful life of assets) (Details) | 12 Months Ended | |
Dec. 31, 2023 | ||
Office furniture [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life of assets at annual rates (in %) | 7-10 | |
Manufacturing machinery and lab equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life of assets at annual rates (in %) | 15-33 | |
Computers [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life of assets at annual rates (in %) | 33 | |
Leasehold improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Useful life of assets at annual rates (in %) | See below | [1] |
[1]Leasehold improvements are depreciated on a straight‑line basis over the shorter of the lease term (including the renewal option held by the Company which is expected to be exercised) and the expected life of the improvement. |
Material Accounting Policies _2
Material Accounting Policies (Schedule of amortization periods of right of use assets) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Motor vehicles [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Amortization periods of the ROU assets (in years) | 3 |
Building and equipment [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Amortization periods of the ROU assets (in years) | 6-15 |
Cash And Cash Equivalents (Sche
Cash And Cash Equivalents (Schedule of cash and cash equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents [abstract] | ||||
Balance in USD | $ 4,151 | $ 24,475 | ||
Balance in other currencies | 7,715 | 9,420 | ||
Cash and cash equivalents | $ 11,866 | $ 33,895 | $ 11,046 | $ 17,376 |
Short-term and restricted ban_3
Short-term and restricted bank deposits (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of financial instruments by type of interest rate [line items] | |
Period of bank deposits | 91-365 |
Fixed interest rate [Member] | USD [Member] | Minimum [Member] | |
Disclosure of financial instruments by type of interest rate [line items] | |
Deposit interest rate | 6.26% |
Fixed interest rate [Member] | USD [Member] | Maximum [Member] | |
Disclosure of financial instruments by type of interest rate [line items] | |
Deposit interest rate | 6.55% |
Short-term and restricted ban_4
Short-term and restricted bank deposits (Schedule of short-term bank deposits) (Detail) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |||
Disclosure Of Short Term Bank Deposits [Abstract] | |||||
Restricted bank deposits | $ 167 | [1] | $ 0 | [2] | |
USD bank deposits | [3] | 29,675 | 0 | ||
Short-term and restricted bank deposits | $ 29,842 | $ 0 | |||
[1]Restricted bank deposits which are primarily used as security for the Company’s office leases.[2]Restricted bank deposits which are primarily used as security for the Company’s office leases.[3]The USD deposits bear annual interest of 6.26%-6.55% for the period of 91-365 days for 2023. |
Trade Receivables (Schedule of
Trade Receivables (Schedule of trade receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade and other current receivables [abstract] | ||
Vericel (Note 18b) | $ 236 | $ 7,500 |
BARDA (Note 18a) | 1,245 | 701 |
MTEC (Note 18c) | 617 | 362 |
Other trade receivables | 1,608 | 771 |
Less provision for impairment | (6) | (2) |
Trade Receivables | $ 3,700 | $ 9,332 |
Inventories (Schedule of invent
Inventories (Schedule of inventories) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Classes of current inventories [abstract] | |||
Raw materials | $ 995 | $ 913 | |
Finished goods | 1,851 | [1] | 1,050 |
Inventories | 2,846 | $ 1,963 | |
Inventory write-down | $ 326 | ||
[1]Including write-down of $326 |
Other Receivables Short Term (S
Other Receivables Short Term (Schedule of other receivables short term) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade and other current receivables [abstract] | ||
Government authorities | $ 322 | $ 193 |
Income receivables | 397 | 170 |
Prepaid expenses and other | 722 | 287 |
Other Receivables- Short Term | $ 1,441 | $ 650 |
Other Receivables- Long Term (S
Other Receivables- Long Term (Schedule of other receivables long term) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade and other non-current receivables [abstract] | ||
Income receivables | $ 50 | $ 180 |
Prepaid expenses | 183 | 0 |
Other Receivables- Long Term | $ 233 | $ 180 |
Property, Plant And Equipment_3
Property, Plant And Equipment, Net (Schedule of property, plant and equipment, net) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | $ 2,366 | |
Balance | 9,228 | $ 2,366 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 8,829 | 8,334 |
Additions | 7,475 | 555 |
Disposals | (59) | |
Capitalization of depreciation of ROU assets | 59 | |
Foreign currency translation | 1 | (1) |
Balance | 16,364 | 8,829 |
Cost [Member] | Office furniture [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 293 | 257 |
Additions | 25 | 37 |
Disposals | 0 | |
Capitalization of depreciation of ROU assets | 0 | |
Foreign currency translation | 1 | (1) |
Balance | 319 | 293 |
Cost [Member] | Manufacturing machinery and lab equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 5,091 | 4,764 |
Additions | 7,312 | 327 |
Disposals | 0 | |
Capitalization of depreciation of ROU assets | 0 | |
Foreign currency translation | 0 | 0 |
Balance | 12,403 | 5,091 |
Cost [Member] | Computers [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 166 | 176 |
Additions | 101 | 49 |
Disposals | (59) | |
Capitalization of depreciation of ROU assets | 0 | |
Foreign currency translation | 0 | 0 |
Balance | 267 | 166 |
Cost [Member] | Leasehold improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 3,279 | 3,137 |
Additions | 37 | 142 |
Disposals | 0 | |
Capitalization of depreciation of ROU assets | 59 | |
Foreign currency translation | 0 | 0 |
Balance | 3,375 | 3,279 |
Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | (6,463) | (5,856) |
Additions | 672 | 667 |
Disposals | 59 | |
Foreign currency translation | 1 | (1) |
Balance | (7,136) | (6,463) |
Accumulated Depreciation [Member] | Office furniture [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | (157) | (133) |
Additions | 26 | 25 |
Disposals | 0 | |
Foreign currency translation | 1 | (1) |
Balance | (184) | (157) |
Accumulated Depreciation [Member] | Manufacturing machinery and lab equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | (3,818) | (3,370) |
Additions | 448 | 448 |
Disposals | 0 | |
Foreign currency translation | 0 | 0 |
Balance | (4,266) | (3,818) |
Accumulated Depreciation [Member] | Computers [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | (97) | (94) |
Additions | 58 | 62 |
Disposals | 59 | |
Foreign currency translation | 0 | 0 |
Balance | (155) | (97) |
Accumulated Depreciation [Member] | Leasehold improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | (2,391) | (2,259) |
Additions | 140 | 132 |
Disposals | 0 | |
Foreign currency translation | 0 | 0 |
Balance | (2,531) | (2,391) |
Depreciated cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 2,366 | |
Balance | 9,228 | 2,366 |
Depreciated cost [Member] | Office furniture [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 136 | |
Balance | 135 | 136 |
Depreciated cost [Member] | Manufacturing machinery and lab equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 1,273 | |
Balance | 8,137 | 1,273 |
Depreciated cost [Member] | Computers [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 69 | |
Balance | 112 | 69 |
Depreciated cost [Member] | Leasehold improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance | 888 | |
Balance | $ 844 | $ 888 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2023 ILS (₪) ft² Vehicles | Jul. 31, 2023 USD ($) ft² Vehicles | Dec. 31, 2023 ILS (₪) ft² | Dec. 31, 2023 USD ($) ft² | |
Disclosure Of Finance Lease And Operating Lease By Lessee [Line Items] | ||||
Subsidiaries lease, area | ft² | 3,000 | 3,000 | 3,000 | 3,000 |
Subsidiaries lease, monthly rent | $ 35,000 | |||
Subsidiaries lease, expiration period | 12 years | 12 years | ||
Subsidiaries lease, extention period | 3 years | 3 years | ||
Subsidiaries lease, extented useful life | 3 years | 3 years | ||
Number of vehicles in operating lease arrangements | Vehicles | 16 | 16 | ||
Period of vehicles operating lease arrangements | 1.75 years | 1.75 years | ||
Re-classified to leasehold improvements | $ 59,000 | |||
Minimum [Member] | ||||
Disclosure Of Finance Lease And Operating Lease By Lessee [Line Items] | ||||
Weighted average incremental borrowing | 1% | 1% | ||
Maximum [Member] | ||||
Disclosure Of Finance Lease And Operating Lease By Lessee [Line Items] | ||||
Weighted average incremental borrowing | 8.47% | 8.47% | ||
NIS [Member] | ||||
Disclosure Of Finance Lease And Operating Lease By Lessee [Line Items] | ||||
Subsidiaries lease, monthly rent | ₪ 195 | $ 54 | ₪ 125 |
Leases (Schedule of information
Leases (Schedule of information on leases) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Leases [Abstract] | ||
Interest expense on lease liabilities | $ 274 | $ 102 |
Depreciation expenses | 565 | 537 |
Cash outflow for leases | $ 778 | $ 701 |
Leases (Schedule of Disclosures
Leases (Schedule of Disclosures of Right-of-Use Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cost | ||
Balance as of January 1, | $ 2,891 | $ 2,921 |
New leases | 6,867 | 125 |
Adjustments for indexation | 81 | 83 |
Disposals | (2,676) | (238) |
Balance as of December 31, | 7,163 | 2,891 |
Accumulated depreciation | ||
Balance as of January 1, | 1,676 | 1,373 |
Depreciation and amortization | 565 | 539 |
Capitalized to Leasehold improvements | 59 | |
Disposals | (1,835) | (236) |
Balance as of December 31, | 465 | 1,676 |
Depreciated cost | ||
December 31, | 6,698 | 1,215 |
Buildings [Member] | ||
Cost | ||
Balance as of January 1, | 2,341 | 2,267 |
New leases | 6,460 | 0 |
Adjustments for indexation | 78 | 74 |
Disposals | (2,368) | 0 |
Balance as of December 31, | 6,511 | 2,341 |
Accumulated depreciation | ||
Balance as of January 1, | 1,342 | 1,028 |
Depreciation and amortization | 334 | 314 |
Capitalized to Leasehold improvements | 59 | |
Disposals | (1,527) | 0 |
Balance as of December 31, | 208 | 1,342 |
Depreciated cost | ||
December 31, | 6,303 | 999 |
Motor vehicles [Member] | ||
Cost | ||
Balance as of January 1, | 550 | 654 |
New leases | 407 | 125 |
Adjustments for indexation | 3 | 9 |
Disposals | (308) | (238) |
Balance as of December 31, | 652 | 550 |
Accumulated depreciation | ||
Balance as of January 1, | 334 | 345 |
Depreciation and amortization | 231 | 225 |
Capitalized to Leasehold improvements | 0 | |
Disposals | (308) | (236) |
Balance as of December 31, | 257 | 334 |
Depreciated cost | ||
December 31, | $ 395 | $ 216 |
Leases (Schedule of disclosur_2
Leases (Schedule of disclosures of lease liabilities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of maturity analysis of operating lease payments [line items] | |||
Repayment of leases liabilities | $ (778) | $ (701) | $ (693) |
Financial expenses | 274 | 102 | |
Lease liability Balance as of December 31, | 6,350 | 846 | |
Lease liabilities [Member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Balance as of December 31, | 1,378 | 1,990 | |
Repayment of leases liabilities | (778) | (701) | |
Effect of changes in exchange rates | (17) | (210) | |
New finance lease obligation recognized | 6,825 | 117 | |
Adjustments for indexation | 81 | 83 | |
Financial expenses | 274 | 101 | |
Disposals-Termination of leases | (1,052) | (2) | |
Balance as of December 31, | 6,711 | 1,378 | 1,990 |
Current maturities of long-term leases | (361) | (532) | |
Lease liability Balance as of December 31, | 6,350 | 846 | |
Lease liabilities [Member] | Buildings [Member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Balance as of December 31, | 1,199 | 1,691 | |
Repayment of leases liabilities | (588) | (477) | |
Effect of changes in exchange rates | (19) | (182) | |
New finance lease obligation recognized | 6,460 | 0 | |
Adjustments for indexation | 78 | (74) | |
Financial expenses | 257 | 93 | |
Disposals-Termination of leases | (1,041) | 0 | |
Balance as of December 31, | 6,346 | 1,199 | 1,691 |
Current maturities of long-term leases | (180) | (399) | |
Lease liability Balance as of December 31, | 6,166 | 800 | |
Lease liabilities [Member] | Motor vehicles [Member] | |||
Disclosure of maturity analysis of operating lease payments [line items] | |||
Balance as of December 31, | 179 | 299 | |
Repayment of leases liabilities | (190) | (224) | |
Effect of changes in exchange rates | 2 | (28) | |
New finance lease obligation recognized | 365 | 117 | |
Adjustments for indexation | 3 | (9) | |
Financial expenses | 17 | 8 | |
Disposals-Termination of leases | (11) | (2) | |
Balance as of December 31, | 365 | 179 | $ 299 |
Current maturities of long-term leases | (181) | (133) | |
Lease liability Balance as of December 31, | $ 184 | $ 46 |
Intangible Assets, Net (Schedul
Intangible Assets, Net (Schedule of intangible assets, net) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about intangible assets [line items] | ||
Balance, opening | $ 231 | |
Balance, ending | 165 | $ 231 |
Cost [Member] | License and Knowhow [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance, opening | 1,538 | 1,538 |
Additions | 0 | 0 |
Balance, ending | 1,538 | 1,538 |
Accumulated Amortization [Member] | License and Knowhow [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance, opening | (1,307) | (1,241) |
Additions | 66 | 66 |
Balance, ending | (1,373) | (1,307) |
Amortized cost [Member] | License and Knowhow [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Balance, opening | 231 | |
Balance, ending | $ 165 | $ 231 |
Other Payables (Schedule of oth
Other Payables (Schedule of other payables) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Trade and other payables [abstract] | ||
Employees and payroll accruals | $ 2,109 | $ 2,471 |
Liability in respect of TEVA | 1,250 | 417 |
Related parties | 83 | 307 |
Deferred revenues | 24 | 63 |
Other | 425 | 901 |
Other payables | $ 3,891 | $ 4,159 |
Liabilities in Respect of IIA_3
Liabilities in Respect of IIA Grants (Narrative) (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Disclosure of israeli innovation authority grants [Abstract] | |
Grants received net of royalties | $ 13,783 |
Amortized cost of grants received | $ 7,803 |
Liabilities in Respect of IIA_4
Liabilities in Respect of IIA Grants (Schedule of israeli innovation authority grants) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of israeli innovation authority grants [Abstract] | ||
Balance as of January 1 | $ 7,566 | $ 8,105 |
Royalties | (190) | (407) |
Amounts carried to Profit or Loss | 427 | (132) |
Balance as of December 31 | 7,803 | 7,566 |
Current maturities | (126) | (121) |
Long term liabilities in respect of IIA grants | $ 7,677 | $ 7,445 |
Financial Instruments (Narrati
Financial Instruments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Fair value measurement at Level 3 [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Expected period of warrants | 2 years 10 months 28 days |
Expected volatility, warrants | 67.10% |
Expected dividend yield, warrants | 0% |
Fair value measurement at Level 3 [Member] | Bottom of range [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Risk-free interest rate, warrants | 4.03% |
Interest rate for a loan [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Discount rate | 12% |
Uncertainty in future defaults [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Discount rate | 14% |
Financial Instruments (Schedul
Financial Instruments (Schedule of sensitivity tests relating to changes in market factors) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Sensitivity Test To Changes In Nis And Euro Exchange Rates [Abstract] | |||
Gain (loss) from change in exchange rate | $ (189) | $ (525) | $ 137 |
5% increase in NIS and EURO exchange rate [Member] | |||
Sensitivity Test To Changes In Nis And Euro Exchange Rates [Abstract] | |||
Gain (loss) from change in exchange rate | 176 | 257 | |
5% decrease in NIS and EURO exchange rate [Member] | |||
Sensitivity Test To Changes In Nis And Euro Exchange Rates [Abstract] | |||
Gain (loss) from change in exchange rate | $ (176) | $ (257) |
Financial Instruments (Schedule
Financial Instruments (Schedule of liquidity risk by holding cash balances, short-term deposits and secured bank credit facilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Non-current liabilities | ||
Lease liabilities | $ 6,350 | $ 846 |
Carrying amount [Member] | ||
Current liabilities | ||
Current maturities of long-term liabilities | 3,249 | 2,814 |
Trade payables and accrued expenses | 5,528 | 5,656 |
Other payables | 3,891 | 4,159 |
Non-current liabilities | ||
Liabilities in respect of IIA grants | 15,927 | 15,464 |
Liabilities in respect of TEVA | 3,200 | 4,200 |
Lease liabilities | 10,189 | 902 |
12 months or less [Member] | ||
Current liabilities | ||
Current maturities of long-term liabilities | 3,249 | 2,814 |
Trade payables and accrued expenses | 5,528 | 5,656 |
Other payables | 3,891 | 4,159 |
Non-current liabilities | ||
Liabilities in respect of IIA grants | 0 | 0 |
Liabilities in respect of TEVA | 0 | 0 |
Lease liabilities | 0 | 0 |
1-2 years [Member] | ||
Current liabilities | ||
Current maturities of long-term liabilities | 0 | 0 |
Trade payables and accrued expenses | 0 | 0 |
Other payables | 0 | 0 |
Non-current liabilities | ||
Liabilities in respect of IIA grants | 359 | 312 |
Liabilities in respect of TEVA | 1,000 | 1,000 |
Lease liabilities | 813 | 508 |
2-15 years [Member] | ||
Current liabilities | ||
Current maturities of long-term liabilities | 0 | 0 |
Trade payables and accrued expenses | 0 | 0 |
Other payables | 0 | 0 |
Non-current liabilities | ||
Liabilities in respect of IIA grants | 15,568 | 15,152 |
Liabilities in respect of TEVA | 2,200 | 3,200 |
Lease liabilities | $ 9,376 | $ 394 |
Severance Pay Liability, Net (D
Severance Pay Liability, Net (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of defined benefit plans [abstract] | |
Percentage of monthly deposit by employee | 8.33% |
Liabilities and Commitments (Na
Liabilities and Commitments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of contingent liabilities [line items] | |||
Liabilities | $ 34,864 | $ 39,102 | |
Royalty expense | 190 | 407 | |
Third party [Member] | Patents and intellectual property [Member] | |||
Disclosure of contingent liabilities [line items] | |||
License costs | $ 950 | ||
Percentage of royalties to pay for future revenues from sales of products | 1.5% to 2.5 | ||
Period of royalties to pay for future revenues from sales of products | 12 years | ||
One-time lump-sum amount | $ 1,500 | ||
Aggregate revenues | 100,000 | ||
Royalty expense | $ 98 | 363 | $ 149 |
Third party [Member] | Patents and intellectual property [Member] | Sub-licensing of patents [Member] | |||
Disclosure of contingent liabilities [line items] | |||
Percentage of royalties to pay for future revenues from sales of products | 10% | ||
Third party [Member] | Patents and intellectual property [Member] | Sub-licensing of patents [Member] | Bottom of range [Member] | |||
Disclosure of contingent liabilities [line items] | |||
Percentage of one-time lump sum payment amount | 2% | ||
One-time lump-sum amount | $ 1,000 | ||
Third party [Member] | Patents and intellectual property [Member] | Sub-licensing of patents [Member] | Top of range [Member] | |||
Disclosure of contingent liabilities [line items] | |||
Percentage of one-time lump sum payment amount | 4% | ||
Teva [Member] | |||
Disclosure of contingent liabilities [line items] | |||
Revised cash consideration paid | 1,000 | ||
Obligation for contingent consideration | 2,000 | ||
Modified contingent consideration | 7,200 | ||
Liabilities | $ 4,428 | 4,794 | |
Financial expenses (income) | $ 468 | 533 | |
R&D Law [Member] | |||
Disclosure of contingent liabilities [line items] | |||
Percentage of royalties to pay for future revenues from sales of products | 3 | ||
Maximum aggregate royalties paid in percentage | 100% | ||
Interest rate | 12-month interest | ||
Royalty expense | $ 1,942 |
Materials Agreements (Narrative
Materials Agreements (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
May 09, 2023 | May 06, 2019 | Jul. 17, 2023 | Feb. 17, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of contingent liabilities [line items] | |||||||
Research and development | $ 7,467 | $ 10,181 | $ 10,256 | ||||
Revenues net | 18,686 | 26,496 | $ 23,763 | ||||
Biomedical Advanced Research And Development Authority [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
License costs | $ 165,000 | ||||||
Additional funding amount | $ 10,000 | ||||||
Accumulated funding | 88,282 | ||||||
Research and development | 110,000 | ||||||
NexoBrid [Member] | Biomedical Advanced Research And Development Authority [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Proceeds From Procurement | 16,500 | ||||||
Additional funding amount | 29,000 | ||||||
Amount of second contract was expired | 4,368 | ||||||
Revenues net | 10,500 | ||||||
NexoBrid [Member] | Biomedical Advanced Research And Development Authority [Member] | Maximum [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Proceeds From Funding | 12,000 | ||||||
Proceeds From Procurement | $ 65,000 | ||||||
License Agreement with Vericel [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Upfront payment | $ 17,500 | ||||||
Additional upfront payment | 7,500 | ||||||
Revenues net | 82 | ||||||
License Agreement with Vericel [Member] | Maximum [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Additional upfront payment | $ 125,000 | ||||||
Biopharmax Group Ltd. contract [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Amount of invested in the project | $ 12,700 | ||||||
DOD and MTEC contracts [Member] | |||||||
Disclosure of contingent liabilities [line items] | |||||||
Proceeds From Funding | $ 2,727 | ||||||
Additional funding amount | 9,117 | ||||||
Proceeds From Additional Procurement | 1,190 | ||||||
Accumulated funding | $ 10,307 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||||||||||||||
Feb. 07, 2023 ₪ / shares $ / shares | Feb. 07, 2023 USD ($) $ / shares shares | Oct. 06, 2022 ₪ / shares shares | Sep. 26, 2022 USD ($) shares | Mar. 07, 2022 ₪ / shares | Mar. 07, 2022 USD ($) shares | Nov. 28, 2022 ₪ / shares | Sep. 28, 2022 USD ($) | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 USD ($) shares | Dec. 31, 2023 ₪ / shares | Dec. 31, 2023 USD ($) shares | May 31, 2023 ₪ / shares shares | Dec. 31, 2022 ₪ / shares shares | Dec. 05, 2022 ₪ / shares shares | Nov. 28, 2022 USD ($) shares | Nov. 27, 2022 USD ($) shares | Sep. 26, 2022 ₪ / shares | |
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Additional ordinary shares issued upon vesting of outstanding RSU's | 17,458 | 41,395 | 4,852 | ||||||||||||||||
Authorized share capital | $ | $ 900,000 | $ 500,000 | |||||||||||||||||
Number of shares authorised | 20,000,000 | 1,400,000 | 12,857,143 | 90,000,000 | 50,000,000 | ||||||||||||||
Par value per share | (per share) | $ 14 | $ 14 | ₪ 0.01 | ₪ 0.07 | ₪ 0.07 | ₪ 0.07 | ₪ 0.01 | ||||||||||||
Reverse stock split ratio | 1-for-7 ratio | 1-for-7 ratio | |||||||||||||||||
Number of common shares issued | 1,964,286 | 1,082,223 | 744,048 | ||||||||||||||||
Price per common shares issued | ₪ / shares | $ 0.0014 | ₪ 13.44 | |||||||||||||||||
Proceeds from shares issued | $ | $ 27,500,000 | $ 8,653,000 | |||||||||||||||||
Amount of underwriting discounts and commissions | $ | $ 1,021,000 | ||||||||||||||||||
Exercised options to purchase additional ordinary shares | 89,012 | ||||||||||||||||||
Aggregate amount of registered direct offering | $ | $ 13,257,000 | ||||||||||||||||||
Purchase price of registered direct offering | ₪ / shares | ₪ 12.25 | ||||||||||||||||||
Number of warrants issued | 1,082,223 | 124,491 | |||||||||||||||||
Exercise price of warrants | ₪ / shares | ₪ 0.0015312 | ₪ 13.475 | |||||||||||||||||
Warrants expiration period | 4 years | ||||||||||||||||||
Net proceeds from offering amount | $ | $ 11,698,000 | ||||||||||||||||||
Risk free interest rate of warrants | 4.37% | ||||||||||||||||||
Average standard deviation of warrants | 68% | ||||||||||||||||||
Unregistered pre funded warrants issued | 1,407,583 | ||||||||||||||||||
Proceeds from warrants | $ | $ 0 | $ 10,000 | $ 0 | ||||||||||||||||
Warrants to purchase ordinary Shares | 124,491 | ||||||||||||||||||
Commissions and other offering expenses | $ | $ 2,031,000 | ||||||||||||||||||
Increase In Authorized Share Capital | 900,000 | ||||||||||||||||||
Increase In Shares Issued | 90,000,000 | ||||||||||||||||||
Private Issuance Purchase Equity Agreement [Member] | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Proceeds from shares issued | $ | $ 15,920,000 | ||||||||||||||||||
Number of warrants issued | 1,407,583 | ||||||||||||||||||
Exercise price of warrants | ₪ / shares | ₪ 0.0013475 | ||||||||||||||||||
Risk free interest rate of warrants | 4.26% | ||||||||||||||||||
Unregistered pre funded warrants issued | 1,407,583 | ||||||||||||||||||
Unregistered pre funded warrants to purchase common Stock | 1,407,583 | ||||||||||||||||||
Increase in pre funded warrants exercise price | ₪ / shares | ₪ 0.007 | ||||||||||||||||||
Financial liabilities, at fair value | $ | $ 20,788,000 | ||||||||||||||||||
Proceeds from warrants | $ | $ 17,233,000 | ||||||||||||||||||
Loss from warrants transactions | $ | $ 3,555,000 | ||||||||||||||||||
Warrants to purchase ordinary Shares | 1,407,583 | ||||||||||||||||||
Certain entities affiliated with CBI [Member] | |||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||
Number of common shares issued | 208,334 |
Equity (Schedule of Share Capit
Equity (Schedule of Share Capital) (Details) - shares | Dec. 31, 2023 | May 31, 2023 | Feb. 07, 2023 | Dec. 31, 2022 | Dec. 05, 2022 | Nov. 27, 2022 |
Disclosure of classes of share capital [abstract] | ||||||
Authorized number of shares | 20,000,000 | 1,400,000 | 12,857,143 | 90,000,000 | 50,000,000 | |
Issued and outstanding number of shares | 9,221,764 | 1,964,286 | 7,240,020 |
Share-Based Compensation (Narra
Share-Based Compensation (Narrative) (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||||||
Aug. 15, 2023 USD ($) shares | Apr. 03, 2023 USD ($) shares $ / shares | Mar. 04, 2021 USD ($) shares $ / shares | Nov. 20, 2023 USD ($) shares $ / shares | May 31, 2023 USD ($) shares | Feb. 15, 2023 USD ($) shares $ / shares | Aug. 18, 2022 USD ($) shares | Mar. 31, 2014 | Jun. 30, 2022 USD ($) shares | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | Jun. 30, 2022 ₪ / shares | Jun. 30, 2022 $ / shares | Dec. 31, 2021 USD ($) | |
2014 Share Incentive Plan [Member] | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Number of other equity instruments granted in share-based payment arrangement | shares | 1,000,000 | |||||||||||||
Employees and directors [Member] | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Shares available for future grant | shares | 861,255 | |||||||||||||
Fair value of options granted | $ 1,392 | $ 2,970 | $ 2,320 | |||||||||||
Employees and directors [Member] | 2003 Israeli Share Option Plan ("Plan") [Member] | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Exercisable period | 5-10 years | |||||||||||||
Description of vesting requirements for share-based payment arrangement | 3-4 years | |||||||||||||
Employees and directors [Member] | Restricted Shares Unit [Member] | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Shares available for future grant | shares | 990,201 | |||||||||||||
Employees and directors [Member] | Restricted Shares Unit [Member] | 2014 Equity Incentive Plan (the "2014 Plan") [Member] | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Exercisable period | 5-10 years | |||||||||||||
Description of vesting requirements for share-based payment arrangement | 1-4 years | |||||||||||||
Employees and directors [Member] | 2014 Share Incentive Plan [Member] | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Options granted, exercise price | $ / shares | $ 37.52 | |||||||||||||
Directors [Member] | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Exercisable period | five years | |||||||||||||
Description of vesting requirements for share-based payment arrangement | 1 year | 1-4 years | 1-4 years | |||||||||||
Number of other equity instruments granted in share-based payment arrangement | shares | 292,203 | |||||||||||||
Options granted, exercise price | $ / shares | $ 11.91 | $ 8.13 | ||||||||||||
Fair value of options | $ 2,314 | |||||||||||||
Expense from share-based payment transitions | $ 146 | |||||||||||||
Directors [Member] | Restricted Shares Unit [Member] | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Number of other equity instruments granted in share-based payment arrangement | shares | 39,286 | |||||||||||||
Options granted, exercise price | $ / shares | $ 14.42 | |||||||||||||
Fair value of options | $ 498 | |||||||||||||
Directors [Member] | 2014 Share Incentive Plan [Member] | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Number of other equity instruments granted in share-based payment arrangement | shares | 7,200 | 160,400 | 34,013 | 48,750 | 130,600 | |||||||||
Options granted, exercise price | (per share) | $ 11.89 | $ 8.78 | ₪ 9.63 | |||||||||||
Fair value of options | $ 42 | $ 884 | $ 663 | $ 265 | ||||||||||
Directors [Member] | 2014 Share Incentive Plan [Member] | Restricted Shares Unit [Member] | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Number of other equity instruments granted in share-based payment arrangement | shares | 5,669 | 9,100 | ||||||||||||
Fair value of options | $ 196 | |||||||||||||
Employees [Member] | 2014 Share Incentive Plan [Member] | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Number of other equity instruments granted in share-based payment arrangement | shares | 19,958 | |||||||||||||
Fair value of options | $ 417 | |||||||||||||
Employees [Member] | 2014 Share Incentive Plan [Member] | Restricted Shares Unit [Member] | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Number of other equity instruments granted in share-based payment arrangement | shares | 3,324 | |||||||||||||
Fair value of options | $ 116 | |||||||||||||
Chairman [Member] | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Number of other equity instruments granted in share-based payment arrangement | shares | 28,572 | |||||||||||||
Fair value of options | $ 284 | |||||||||||||
Directors and CEO [Member] | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Number of other equity instruments granted in share-based payment arrangement | shares | 151,786 | |||||||||||||
Fair value of options | $ 1,171 | |||||||||||||
Directors and CEO [Member] | Restricted Shares Unit [Member] | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Number of other equity instruments granted in share-based payment arrangement | shares | 39,286 | |||||||||||||
Fair value of options | $ 498 | |||||||||||||
Employees, Officers, Board Members CEO and Consultants [Member] | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Description of vesting requirements for share-based payment arrangement | 1-4 years | |||||||||||||
Employees, Officers, Board Members CEO and Consultants [Member] | 2014 Share Incentive Plan [Member] | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Options granted, exercise price | $ / shares | $ 13.32 | |||||||||||||
Fair value of options | $ 1,012 | |||||||||||||
Employees, Officers, Board Members CEO and Consultants [Member] | 2014 Share Incentive Plan [Member] | Restricted Shares Unit [Member] | ||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||||
Fair value of options | $ 117 |
Share-Based Compensation (Sched
Share-Based Compensation (Schedule of Expense Recognized) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation | $ 1,940 | $ 1,946 | $ 1,673 |
Cost of revenues [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation | 271 | 184 | 153 |
Research and development [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation | 485 | 406 | 333 |
Selling and marketing [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation | 87 | 42 | 0 |
General and administrative [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based compensation | $ 1,097 | $ 1,314 | $ 1,187 |
Share-Based Compensation (Sch_2
Share-Based Compensation (Schedule of Share Options Activity) (Details) | 12 Months Ended | ||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Number [Abstract] | |||
Outstanding Options at beginning of year | 764,767 | 537,288 | 513,973 |
Number of share options granted in share-based payment arrangement | 346,950 | 320,775 | 53,970 |
Option's Exercised | 0 | (807) | (536) |
Option's Forfeited and/or expired | (154,230) | (92,489) | (30,119) |
Outstanding options and at end of year | 957,487 | 764,767 | 537,288 |
Option's Exercisable at end of year | 462,045 | 373,681 | 333,618 |
Weighted Average Exercise Price [Abstract] | |||
Outstanding Options at beginning of year | $ / shares | $ 30.44 | $ 44.45 | $ 45.85 |
Option's Granted | $ / shares | 11.87 | 14.25 | 37.52 |
Option's Exercised | $ / shares | 0 | 12.23 | 20.16 |
Option's Forfeited and/or expired | $ / shares | 57.55 | 55.58 | 56.91 |
Outstanding options and at end of year | $ / shares | 19.34 | 30.44 | 44.45 |
Option's Exercisable at end of year | $ / shares | $ 26.25 | $ 46.18 | $ 58.38 |
Restricted Shares Units [Member] | |||
Number [Abstract] | |||
Outstanding Options at beginning of year | 42,013 | 14,581 | 10,655 |
Number of share options granted in share-based payment arrangement | 9,100 | 39,286 | 8,992 |
Option's Forfeited and/or expired | (941) | (27) | (215) |
Option's Vested | (17,458) | (11,827) | (4,851) |
Outstanding options and at end of year | 32,714 | 42,013 | 14,581 |
Share-Based Compensation (Sch_3
Share-Based Compensation (Schedule of Information About Share Options Outstanding) (Details) | 12 Months Ended | |||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares $ / shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of options | shares | 957,487 | 764,767 | 537,288 | 513,973 |
Weighted Average Remaining contractual life | 7 years 3 months 14 days | 6 years 4 months 24 days | ||
Weighted average exercise price | $ / shares | $ 19.34 | $ 30.44 | $ 44.45 | $ 45.85 |
8.26-9.64 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of options | shares | 55,950 | |||
Weighted Average Remaining contractual life | 9 years 10 months 6 days | |||
Weighted average exercise price | $ / shares | $ 8.44 | |||
11.89-14.42 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of options | shares | 711,124 | |||
Weighted Average Remaining contractual life | 7 years 10 months 20 days | |||
Weighted average exercise price | $ / shares | $ 13.2 | |||
26.88-37.52 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of options | shares | 125,535 | |||
Weighted Average Remaining contractual life | 5 years 7 months 13 days | |||
Weighted average exercise price | $ / shares | $ 35.99 | |||
42.14-67.06 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of options | shares | 64,878 | |||
Weighted Average Remaining contractual life | 1 year 10 months 6 days | |||
Weighted average exercise price | $ / shares | $ 63.84 | |||
12.25-14.42 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of options | shares | 470,693 | |||
Weighted Average Remaining contractual life | 7 years 10 months 2 days | |||
Weighted average exercise price | $ / shares | $ 13.6 | |||
26.88-37.52 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of options | shares | 145,354 | |||
Weighted Average Remaining contractual life | 6 years 5 months 4 days | |||
Weighted average exercise price | $ / shares | $ 35.95 | |||
42.14-67.06 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of options | shares | 68,662 | |||
Weighted Average Remaining contractual life | 2 years 10 months 6 days | |||
Weighted average exercise price | $ / shares | $ 63.94 | |||
90.23-96.32 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of options | shares | 80,058 | |||
Weighted Average Remaining contractual life | 10 months 28 days | |||
Weighted average exercise price | $ / shares | $ 90.65 |
Share-Based Compensation (Sch_4
Share-Based Compensation (Schedule of Estimated Using Acceptable Option Pricing Models) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Dividend yield (%) | 0% | 0% | 0% |
Weighted average share prices (Dollar) | $ 10.71 | $ 13.22 | $ 36.33 |
Bottom of range [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility of the share prices (%) | 61% | 59% | 55% |
Risk-free interest rate (%) | 2.10% | 2.10% | 0.10% |
Early exercise factor (%) | 100% | 100% | 100% |
Top of range [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected volatility of the share prices (%) | 77% | 77% | 78% |
Risk-free interest rate (%) | 5.36% | 5.20% | 1.50% |
Early exercise factor (%) | 150% | 150% | 150% |
Income Tax (Narrative) (Details
Income Tax (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Change in tax rate | 10%- 25% | ||
Description Of Tax Benefit Period | five to eight years | ||
Limit of benefit entitlement period | 12 years | ||
Other Temporary Differences Mainly From R And D Expenses | $ 171,757 | ||
Israel [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Income tax rate | 23% | 23% | 23% |
Germany [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Income tax rate | 29.79% | 29.79% | 29.79% |
Supplementary Information to _3
Supplementary Information to the Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
One-time expenses | $ 684 | ||
One-time income | $ 211 | $ 0 | $ 0 |
BARDA [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Concentration Risk Percentage | 56% | 51% | 76% |
Vericel [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Concentration Risk Percentage | 4% | 28% | |
MTEC [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Concentration Risk Percentage | 10% | 2.80% | |
Other Customer Contributed [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
One-time expenses | $ 205 |
Supplementary Information to _4
Supplementary Information to the Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | $ 18,686 | $ 26,496 | $ 23,763 |
USA [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | 13,078 | 21,872 | 18,102 |
EU and other international markets [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues | $ 5,608 | $ 4,624 | $ 5,661 |
Supplementary Information to _5
Supplementary Information to the Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss (Schedule of Cost of Revenues Products) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |||
Salary and benefits (including share-based compensation) | $ 2,703 | $ 1,828 | $ 2,047 |
Subcontractors | 230 | 58 | 190 |
Depreciation and amortization | 672 | 426 | 559 |
Cost of materials | 916 | 636 | 1,039 |
Other manufacturing expenses | 1,207 | 779 | 906 |
Decrease (increase) in inventory of finished products | (801) | (543) | 242 |
Cost of revenues from sale of products | $ 4,927 | $ 3,184 | $ 4,983 |
Supplementary Information to _6
Supplementary Information to the Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss ( Schedule of Cost of Revenues) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of comprehensive income [abstract] | |||
Salary and benefits | $ 1,995 | $ 1,691 | $ 2,003 |
Subcontractors | 8,182 | 8,138 | 7,904 |
Cost of revenues from development services | $ 10,177 | $ 9,829 | $ 9,907 |
Supplementary Information to _7
Supplementary Information to the Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss (Schedule of Cost of Revenue License) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of comprehensive income [abstract] | |||
Salary and benefits | $ 4 | $ 38 | $ 102 |
Royalties payments | 0 | 280 | 0 |
Total Royalties payments | 4 | 318 | 102 |
Total Cost of Revenues | $ 15,108 | $ 13,331 | $ 14,992 |
Supplementary Information to _8
Supplementary Information to the Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss (Schedule of Research Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of transactions between related parties [abstract] | ||||
Salary and benefits (including share-based compensation) | [1] | $ 3,148 | $ 4,494 | $ 2,864 |
Subcontractors | 2,833 | 4,054 | 6,323 | |
Depreciation and amortization | 396 | 571 | 396 | |
Cost of materials | 785 | 572 | 347 | |
Other research and development expenses | 305 | 490 | 326 | |
Total Research and development | $ 7,467 | $ 10,181 | $ 10,256 | |
[1]The salary costs for the year ended December 31,2022 includes one time payment of $205 derived from termination agreement with the CMO of the company. |
Supplementary Information to _9
Supplementary Information to the Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss (Schedule of Selling Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |||
Salary and benefits (including share-based compensation) | $ 1,991 | $ 1,637 | $ 1,643 |
Marketing and consulting | 1,637 | 1,152 | 627 |
Depreciation and amortization | 50 | 49 | 44 |
Shipping and delivery | 356 | 385 | 490 |
Registration and marketing license fees | 810 | 502 | 584 |
Selling and marketing | $ 4,844 | $ 3,725 | $ 3,388 |
Supplementary Information to_10
Supplementary Information to the Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss (Schedule of General Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [abstract] | |||
Salary and benefits (including share-based compensation) | $ 3,521 | $ 3,344 | $ 2,905 |
Professional fees | 2,189 | 2,589 | 2,480 |
Depreciation and amortization | 185 | 225 | 239 |
Other | 873 | 762 | 724 |
General and administrative expenses | $ 6,768 | $ 6,920 | $ 6,348 |
Supplementary Information to_11
Supplementary Information to the Consolidated Statements of Profit or Loss and Other Comprehensive Income or Loss (Schedule of Financial Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial income: | |||
Interest income | $ 2,341 | $ 270 | $ 11 |
Revaluation of liabilities in respect of IIA grants | 0 | 132 | 0 |
Revaluation of Warrants | 8,310 | 0 | 0 |
Exchange differences, net | 0 | 59 | 0 |
Financial income | 10,651 | 461 | 11 |
Financial expense: | |||
Revaluation of liabilities in respect of IIA grants | 427 | 0 | 903 |
Financing income on net investment in lease | 274 | 102 | 120 |
Finance expenses in respect of deferred Revenues | 8 | 54 | 143 |
Revaluation of liabilities in respect of TEVA | 468 | 533 | 590 |
Exchange differences, net | 654 | 0 | 511 |
Revaluation of Warrants | 0 | 8,977 | 0 |
Issuance expenses of warrants through profit and loss | 0 | 1,911 | 0 |
Other | 61 | 60 | 47 |
Financial expense | 1,892 | 11,637 | 2,314 |
Financial income (expenses), net | $ 8,759 | $ (11,176) | $ (2,303) |
Net Loss Per Share (Narrative)
Net Loss Per Share (Narrative) (Details) | 12 Months Ended | |||
Sep. 26, 2022 shares | Dec. 31, 2023 shares shares | Dec. 31, 2022 shares shares | Dec. 31, 2021 shares | |
Earnings per share [line items] | ||||
Number of warrants issued | 1,082,223 | 124,491 | ||
Number of share options granted | 346,950 | 320,775 | 53,970 | |
Unregistered pre funded warrants issued | 1,407,583 | |||
Diluted Weighted Average Number [Member] | ||||
Earnings per share [line items] | ||||
Number of warrants issued | 2,614,297 | 2,614,297 | ||
Number of share options granted | 957,487 | 764,767 | ||
Number of restricted share unit issued | 32,714 | 42,013 | ||
Unregistered pre funded warrants issued | 1,407,583 |
Net Loss Per Share (Schedule of
Net Loss Per Share (Schedule of Details of Number of Shares and Loss Used in Computation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | |||
Weighted average number of shares | 9,013,144 | 4,987,069 | 3,892,068 |
Loss | $ (6,716) | $ (19,599) | $ (13,551) |
Net Loss Per Share (Schedule _2
Net Loss Per Share (Schedule of Net Loss Per Share from Continuing and Discontinued Operations) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | |||
Basic and diluted loss per share: | $ (0.75) | $ (3.93) | $ (3.48) |
Balances and Transactions Wit_3
Balances and Transactions With Related Parties and Key Officers (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Dec. 31, 2007 | Dec. 31, 2022 | |
Chief Executive Officer and Chief Medical Officer [Member] | ||
Disclosure of transactions between related parties [line items] | ||
One-time payments | $ 120 | $ 309 |
Balances and Transactions Wit_4
Balances and Transactions With Related Parties and Key Officers (Schedule of Balances of Related Parties) (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Related Party [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Payables | $ 0 | $ 177 |
Directors [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Payables | $ 83 | $ 130 |
Balances and Transactions Wit_5
Balances and Transactions With Related Parties and Key Officers (Schedule of Transactions with Related Parties) (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2023 USD ($) Directors | Dec. 31, 2022 USD ($) Directors | Dec. 31, 2021 USD ($) Directors | |||
Disclosure of transactions between related parties [line items] | |||||
Professional Fee | $ 527 | $ 547 | $ 460 | ||
Number of Directors | Directors | 9 | [1] | 10 | [2] | 8 |
Directors [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Professional Fee | $ 502 | $ 484 | $ 375 | ||
Related Party [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Professional Fee | 25 | 63 | 85 | ||
Related Parties Renta Lexpense And Other | $ 267 | $ 457 | $ 469 | ||
[1]During 2023 three members of the board have left and one member of the board was replaced. At the end of 2023, the total board member consisted of five members.[2]During 2022 two members of the board of directors were replaced. |
Balances and Transactions Wit_6
Balances and Transactions With Related Parties and Key Officers (Schedule of Balances of Key Officers of the Company) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of transactions between related parties [line items] | |||
Professional fee | $ 2,189 | $ 2,589 | $ 2,480 |
Key Officer [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Professional fee | $ 518 | $ 754 |
Balances and Transactions Wit_7
Balances and Transactions With Related Parties and Key Officers (Schedule of Compensation of Officers of Company) (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) Officers | Dec. 31, 2022 USD ($) Officers | Dec. 31, 2021 USD ($) Officers | ||
Disclosure of transactions between related parties [abstract] | ||||
Short-term employee benefits | [1],[2] | $ 2,084 | $ 2,880 | $ 1,788 |
Share-based compensation | 757 | 797 | 518 | |
Compensation of officers | $ 2,841 | $ 3,677 | $ 2,306 | |
Number of officers | Officers | [3] | 8 | 7 | 5 |
[1]In December 2007, the Company's board of directors approved one‑time bonus payments to the Chief Medical Officer in the amounts of $ 120, which was recorded in profit and loss in December 2022 upon achieving marketing approval in the United States.[2]One-time expenses amounted $309 for the year ended December 31, 2022, are associated with the management changes.[3]During 2023 two key officers were replaced. At the end of 2023 the total key officers consist of six officers. |
Subsequent events (Narrative) (
Subsequent events (Narrative) (Details) ₪ / shares in Units, $ / shares in Units, $ in Thousands | 1 Months Ended | |||||||||
Mar. 06, 2024 $ / shares shares | Feb. 07, 2023 shares | Sep. 26, 2022 ₪ / shares shares | Mar. 07, 2022 shares | Feb. 26, 2024 $ / shares | Jan. 31, 2024 ILS (₪) | Jan. 31, 2024 USD ($) | Feb. 15, 2023 | Jan. 01, 2024 m² | Dec. 31, 2023 ₪ / shares | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Number of common shares issued | 1,964,286 | 1,082,223 | 744,048 | |||||||
Exercise price of warrants | ₪ / shares | ₪ 13.475 | ₪ 0.0015312 | ||||||||
Employees, Officers, Board Members CEO and Consultants [Member] | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Vesting period | 1-4 years | |||||||||
Subsequent Events [Member] | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Area of office | m² | 380.21 | |||||||||
Number of common shares issued | 311,022 | |||||||||
Number of restricted stock units issued | 30,482 | |||||||||
Term of lease | 2 years | 2 years | ||||||||
Additional term of lease | 3 years | 3 years | ||||||||
Number of pre funded warrants exercised | 37,106 | |||||||||
Exercise price of warrants | $ / shares | $ 13.475 | |||||||||
Subsequent Events [Member] | Employees, Officers, Board Members CEO and Consultants [Member] | ||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||
Annual fee of lease agreement | ₪ 437 | $ 120 | ||||||||
Exercise price per share | $ / shares | $ 12.73 | |||||||||
Vesting period | 1-4 years |