Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document And Entity Information | |
Entity Registrant Name | Vascular Biogenics Ltd. |
Entity Central Index Key | 0001603207 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2018 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Well Known Seasoned Issuer | No |
Entity Voluntary Filer | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 35,881,128 |
Trading symbol | VBLT |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2018 |
Statements of Financial Positio
Statements of Financial Position - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 29,347,000 | $ 6,694,000 |
Short-term bank deposits | 21,135,000 | 48,035,000 |
Trade receivables | 2,000,000 | |
Other current assets | 1,227,000 | 1,729,000 |
TOTAL CURRENT ASSETS | 51,709,000 | 58,458,000 |
NON-CURRENT ASSETS: | ||
Property and equipment, net | 8,921,000 | 7,128,000 |
Long-term prepaid expenses | 48,000 | 103,000 |
TOTAL NON-CURRENT ASSETS | 8,969,000 | 7,231,000 |
TOTAL ASSETS | 60,678,000 | 65,689,000 |
CURRENT LIABILITIES- | ||
Accounts payable: Trade | 1,193,000 | 3,058,000 |
Accounts payable: Other | 2,944,000 | 3,465,000 |
Deferred revenue | 290,000 | 1,046,000 |
Lease liability | 347,000 | |
TOTAL CURRENT LIABILITIES | 4,774,000 | 7,569,000 |
NON-CURRENT LIABILITIES- | ||
Severance pay obligations, net | 99,000 | 128,000 |
Deferred revenue | 2,263,000 | 2,092,000 |
Lease liability | 449,000 | |
TOTAL NON-CURRENT LIABILITIES | 2,811,000 | 2,220,000 |
TOTAL LIABILITIES | 7,585,000 | 9,789,000 |
COMMITMENTS | ||
EQUITY: | ||
Ordinary shares, NIS 0.01 par value; Authorized as of December 31, 2018 and 2017, 70,000,000 shares; issued and outstanding as of December 31, 2018 and 2017, 35,881,128 and 29,879,323 shares, respectively | 73,000 | 57,000 |
Accumulated other comprehensive income | 41,000 | 16,000 |
Additional paid in capital | 233,721,000 | 221,055,000 |
Warrants | 7,904,000 | 2,960,000 |
Accumulated deficit | (188,646,000) | (168,188,000) |
TOTAL EQUITY | 53,093,000 | 55,900,000 |
TOTAL LIABILITIES AND EQUITY | $ 60,678,000 | $ 65,689,000 |
Statements of Financial Posit_2
Statements of Financial Position (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
StatementOfFinancialPositionLineItems [Line Items] | ||||
Ordinary shares, shares authorized | 70,000,000 | 70,000,000 | ||
Ordinary shares, shares issued | [1] | 35,881,128 | 29,879,323 | |
Ordinary shares, shares outstanding | 35,881,128 | 29,879,323 | 26,902,285 | |
NIS [Member] | ||||
StatementOfFinancialPositionLineItems [Line Items] | ||||
Ordinary shares, par value | $ 0.01 | $ 0.01 | ||
[1] | The Ordinary Shares confer upon their holders the following rights: (i) the right to vote in any general meeting of the Company; (ii) the right to receive dividends; and (iii) the right to receive upon liquidation of the Company a sum equal to the nominal value of the share, and if a surplus remains, to receive such surplus. |
Statements of Comprehensive Los
Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Profit or loss [abstract] | |||
REVENUES | $ 585 | $ 13,864 | |
COST OF REVENUES | (235) | (340) | |
GROSS PROFIT | 350 | 13,524 | |
RESEARCH AND DEVELOPMENT EXPENSES, net | 15,940 | 17,770 | 12,447 |
MARKETING EXPENSES | 397 | 562 | |
GENERAL AND ADMINISTRATIVE EXPENSES | 5,220 | 5,847 | 3,828 |
OPERATING LOSS | 21,207 | 10,655 | 16,275 |
FINANCIAL INCOME | (908) | (544) | (285) |
FINANCIAL EXPENSES | 159 | 27 | 12 |
FINANCIAL (INCOME), net | (749) | (517) | (273) |
LOSS FOR THE YEAR | 20,458 | 10,138 | 16,002 |
OTHER COMPREHENSIVE LOSS (INCOME)- | |||
Items that will not be reclassified to profit or loss- Re-measurements of post-employment benefit obligation | (25) | 24 | 5 |
COMPREHENSIVE LOSS | $ 20,433 | $ 10,162 | $ 16,007 |
LOSS PER ORDINARY SHARE | |||
Basic and diluted | $ 0.62 | $ 0.37 | $ 0.64 |
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING- | |||
Basic and diluted | 32,969,094 | 27,398,169 | 24,970,585 |
Statements of Changes in Equity
Statements of Changes in Equity $ in Thousands | Ordinary Shares [Member]USD ($)shares | Accumulated Other Comprehensive Income [Member]USD ($) | Additional Paid in Capital [Member]USD ($) | Warrants [Member]USD ($) | Accumulated Deficit [Member]USD ($) | USD ($)Periodshares | |
Balance, beginning at Dec. 31, 2015 | $ 38 | $ 45 | $ 174,012 | $ 2,960 | $ (142,048) | $ 35,007 | |
Balance, shares beginning at Dec. 31, 2015 | shares | 22,470,321 | ||||||
Statement Line Items [Line Items] | |||||||
Comprehensive income (loss) | (5) | (16,002) | (16,007) | ||||
Employee stock options exercised | [1] | 121 | $ 121 | ||||
Employee stock options exercised, shares | 72,873 | 72,873 | |||||
Issuance of ordinary Shares, net of issuance costs of $2,117 thousand | $ 12 | 21,847 | $ 21,859 | ||||
Issuance of ordinary Shares, net of issuance costs of $2,117 thousand, shares | shares | 4,359,091 | ||||||
Share based payments to employees and non-employees services | 1,420 | 1,420 | |||||
Balance, ending at Dec. 31, 2016 | $ 50 | 40 | 197,400 | 2,960 | (158,050) | $ 42,400 | |
Balance, shares ending at Dec. 31, 2016 | shares | 26,902,285 | 26,902,285 | |||||
Statement Line Items [Line Items] | |||||||
Comprehensive income (loss) | (24) | (10,138) | $ (10,162) | ||||
Employee stock options exercised | [1] | 479 | $ 479 | ||||
Employee stock options exercised, shares | 252,343 | 252,343 | |||||
Issuance of ordinary shares, net of issuance costs in amount of $288 thousand | $ 7 | 19,024 | $ 19,031 | ||||
Issuance of ordinary shares, net of issuance costs in amount of $288 thousand, shares | shares | 2,724,695 | ||||||
Share based payments to employees and non-employees services | 4,152 | 4,152 | |||||
Balance, ending at Dec. 31, 2017 | $ 57 | 16 | 221,055 | 2,960 | (168,188) | $ 55,900 | |
Balance, shares ending at Dec. 31, 2017 | shares | 29,879,323 | 29,879,323 | |||||
Statement Line Items [Line Items] | |||||||
Comprehensive income (loss) | 25 | (20,458) | $ (20,433) | ||||
Employee stock options exercised | [1] | 34 | $ 34 | ||||
Employee stock options exercised, shares | 97,043 | 97,042 | |||||
Share based payments to employees and non-employees services | 3,867 | $ 3,867 | |||||
Issuance of ordinary shares and warrants, net of issuance costs in amount of $1,775 thousand | $ 16 | 8,765 | 4,944 | 13,725 | |||
Issuance of ordinary shares and warrants, net of issuance costs in amount of $1,775 thousand, shares | shares | 5,904,762 | ||||||
Balance, ending at Dec. 31, 2018 | $ 73 | $ 41 | $ 233,721 | $ 7,904 | $ (188,646) | $ 53,093 | |
Balance, shares ending at Dec. 31, 2018 | shares | 35,881,128 | 35,881,128 | |||||
[1] | Amount less than $1 thousand |
Statements of Changes in Equi_2
Statements of Changes in Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Line Items [Line Items] | ||||
Shares and warrants issuance costs | $ 21,859 | |||
Ordinary shares | $ 53,093 | $ 55,900 | 42,400 | $ 35,007 |
Ordinary Shares [Member] | ||||
Statement Line Items [Line Items] | ||||
Shares and warrants issuance costs | 1,775 | 288 | 2,117 | |
Top of Range [Member] | ||||
Statement Line Items [Line Items] | ||||
Ordinary shares | $ 1 | $ 1 | $ 1 |
Statements of Cash Flows
Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Loss for the year | $ (20,458) | $ (10,138) | $ (16,002) |
Adjustments required to reflect net cash used in operating activities (see Appendix A) | 3,951 | 5,993 | 2,340 |
Interest received | 849 | 324 | 250 |
Interest paid | (22) | ||
Net cash used in operating activities | (15,680) | (3,821) | (13,412) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of property and equipment | (2,229) | (6,482) | (491) |
Proceeds from sale of property and equipment | 4 | ||
Investment in short-term bank deposits | (21,000) | (81,332) | (3,600) |
Maturity of short-term bank deposits | 47,958 | 66,974 | |
Net cash generated from (used in) from investing activities | 24,733 | (20,840) | (4,091) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Exercise of employees stock options | 34 | 479 | 121 |
Issuance of ordinary shares and warrants, net | 13,725 | 19,031 | 21,859 |
Principal elements of finance lease payments | (88) | ||
Net cash generated from financing activities | 13,671 | 19,510 | 21,980 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 22,724 | (5,151) | 4,477 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR | 6,694 | 11,585 | 7,090 |
EXCHANGE GAINS (LOSSES) ON CASH AND CASH EQUIVALENTS | (71) | 260 | 18 |
CASH AND CASH EQUIVALENTS AT END OF THE YEAR | $ 29,347 | $ 6,694 | $ 11,585 |
Statements of Cash Flows - Appe
Statements of Cash Flows - Appendix - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Adjustments required to reflect net cash used in operating activities: | |||
Depreciation | $ 1,156 | $ 156 | $ 130 |
Interest income | (908) | (331) | (263) |
Interest paid | 22 | ||
Loss from sale of property and equipment | 47 | ||
Exchange gains on lease liability | (60) | ||
Exchange losses (gains) on cash and cash equivalents | 71 | (260) | (18) |
Net changes in severance pay obligations | (4) | 17 | 8 |
Share based payments | 3,867 | 4,152 | 1,420 |
Other | 4,191 | 3,734 | 1,277 |
Changes in working capital: | |||
Decrease (increase) in other current assets | 502 | (409) | 126 |
Decrease (increase) in trade receivables | 2,000 | (2,000) | |
Decrease (increase) in long term prepaid expenses | 55 | (90) | 307 |
Increase (decrease) in accounts payable: | |||
Trade | (1,691) | 421 | 472 |
Other | (521) | 1,199 | 158 |
Increase (decrease) in deferred revenue | (585) | 3,138 | |
Changes in working capital, total | (240) | 2,259 | 1,063 |
Adjustments required to reflect net cash used in operating activities, total | 3,951 | 5,993 | 2,340 |
APPENDIX B: | |||
Non cash activity- Purchase of property and equipment in payables | $ 796 | $ 115 |
General Information
General Information | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of reserves within equity [abstract] | |
General Information | NOTE 1-GENERAL INFORMATION: a. General Vascular Biogenics Ltd. (the “Company” or VBL) was incorporated on January 27, 2000. The Company is a late-stage clinical biopharmaceutical company focused on the discovery, development and commercialization of first-in-class treatments for cancer. VBL has also developed a proprietary platform of small molecules, Lecinoxoids, for the treatment of chronic immune-related indications, and is also conducting a research program exploring the potential of targeting of MOSPD2 for immuno-oncology and anti-inflammatory applications. VB-111 (ofranergene obadenovec), a Phase 3 drug candidate, is the Company’s lead product candidate in the Company’s cancer program. VB-201, a Phase 2-ready drug candidate, is the Company’s lead Lecinoxoid-based product candidate. The Company’s “VB-600 series” for targeting of MOSPD2 is at pre-clinical stage. In November 2017, the Company entered into an exclusive license agreement with NanoCarrier Co., Ltd. for the development, commercialization, and supply of ofranergene obadenovec (“VB-111”) in Japan for all indications, see notes 2(m) and 8. Since inception, the Company has incurred significant losses, and it expects to continue to incur significant expenses and losses for at least the next several years. As of December 31, 2018, the Company had an accumulated deficit of $188.6 million. The Company’s losses may fluctuate significantly from quarter to quarter and year to year, depending on the timing of its clinical trials, the receipt of payments under any future collaboration agreements it may enter into, and its expenditures on other research and development activities. As of December 31, 2018, the Company had cash, cash equivalents and short-term bank deposits of $50.5 million. The Company may seek to raise more capital to pursue additional activities. The Company may seek these funds through a combination of private and public equity offerings, government grants, strategic collaborations and licensing arrangements. Additional financing may not be available when the Company needs it or may not be available on terms that are favorable to the Company. b. Approval of financial statements These financial statements were approved by the Board of Directors on March 27, 2019. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of initial application of standards or interpretations [abstract] | |
Summary of Significant Accounting Policies | NOTE 2-SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: a. Basis of preparation of the financial statements The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The significant accounting policies described below have been applied consistently in relation to all the periods presented, unless otherwise stated. The financial statements have been prepared under the historical cost convention except of severance pay obligation, net. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3. Actual results could differ from those estimates and assumptions. b. Functional and presentation currency: 1) Functional and presentation currency Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The financial statements are presented in U.S. dollar ($), which is the Company’s functional and presentation currency. 2) Transactions and balances Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. All foreign exchange gains and losses are presented in the statements of comprehensive loss within financial income or expenses. c. Cash and cash equivalents Cash and cash equivalents include cash on hand and short-term bank deposits (with original maturities of three months or less) that are not restricted as to withdrawal or use, and are therefore considered to be cash equivalents. d. Property and equipment: 1) All property and equipment (including leasehold improvements) are stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Repairs and maintenance are charged to the income statement during the period in which they are incurred. 2) The assets are depreciated using the straight-line method to allocate their cost over their estimated useful lives. Annual rates of depreciation are as follows: % Laboratory equipment 9-15 Computers 25-33 Office furniture and equipment 7 Leasehold improvements in buildings under operating leases are depreciated using the straight-line method over the shorter of the term of the lease or the estimated useful life of the improvements. 3) Gains and losses on disposals are determined by comparing proceeds with the associated carrying amount. These are included in the statements of comprehensive loss. e. Impairment of non-financial assets Assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset fair value less costs to dispose and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Through December 31, 2018, no impairment has been recognized. f. Financial assets: As of January 1, 2018, the Company adopted IFRS 9 . 1) Classification From 1 January 2018, the Company classifies its financial assets as measured at amortized cost. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. Financial assets at amortized cost of the Company are included in trade receivables, other current assets and short term bank deposits in the Statements of Financial Position. 2) Recognition and measurement Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in the Statement of Comprehensive Loss under “Financial Expenses (Income), net” together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. 3) Impairment From 1 January 2018, the company assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Prior to the effective date and adoption of IFRS 9, the financial assets of the Company were classified as loans and receivables. The classification depended on the purpose for which the financial assets were acquired, also, prior to the adoption of IFRS 9, the Company assessed at December 31, 2017 whether there is any objective evidence that a financial asset or group of financial assets was impaired. g. Financial liabilities: Accounts payable Accounts payable are initially measured at fair value. In subsequent periods, the other financial liabilities are presented at amortized cost. Any difference between the consideration and the redemption value is accreted to profit or loss over the term of the liability, using the effective interest method. Financial liabilities are classified as current liabilities, unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period, in which case they are classified as noncurrent liabilities. h. Share capital Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are included in equity as a deduction from the proceeds. i. Deferred income tax Deferred taxes are recognized using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax assets are recognized only to the extent that it is probable that future taxable income will be available against which the temporary differences can be utilized. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Due to absence of expectation of taxable income in the future, no deferred tax assets have been recorded in the Company’s financial statements. j. Employee benefits: 1) Post employment benefit obligation Israeli labor laws and the Company’s agreements require the Company to pay retirement benefits to employees terminated or leaving their employment in certain other circumstances. Most of the Company’s employees are covered by a defined contribution plan under Section 14 of the Israel Severance Pay Law from the beginning of their employment with the Company. With respect to the remaining employees, which are not covered by a defined contribution plan under Section 14 of the Israel Severance Pay Law only from January 1, 2010, the Company records a liability in its statement of financial position for defined benefit plans that represents the present value of the defined benefit obligation as of the statement of financial position date, net of the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of highly rated corporate bonds that are denominated in the currency in which the benefits will be paid (NIS) and that have terms to maturity approximating the terms of the related liability. Remeasurement gains and losses arising from adjustments to reflect actual experience and changes in actuarial assumptions are charged or credited to equity in other comprehensive loss (income) in the period in which they arise. 2) Vacation and recreation pay Under Israeli law, each employee is entitled to vacation days and recreation pay, both computed on an annual basis. The entitlement is based on the length of the employment period. The Company recognizes a liability and an expense for vacation and recreation pay based on the entitlement of each employee. k. Share-based payments The Company operates a number of equity-settled, share-based compensation plans to employees (as defined in IFRS 2 “Share-Based Payments”), directors and service providers. As part of the plans, the Company grants employees, directors and service providers, from time to time and at its discretion, options and RSU’s to purchase Company shares. The fair value of the employee and service provider services received in exchange for the grant of the options and RSU’s are recognized as an expense in profit or loss and is recorded to Additional paid in capital within equity. The total amount recognized as an expense over the vesting period of the options (the period during which all vesting conditions are expected to be met) was determined as follows: 1) Share based payments to employees and directors by reference to the fair value of the options and RSU’s granted at date of grant. 2) Share based payments to service providers by reference to the fair value of the service provided. Service conditions and performance vesting conditions are included in assumptions about the number of options and RSU’s that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the Company revises its estimates of the number of options and RSU’s that are expected to vest based on the vesting conditions. The Company recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to Additional paid in capital. When options are exercised, the Company issues new shares, with proceeds less directly attributable transaction costs recognized as share capital (par value) and additional paid in capital. l. Provisions Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation. Provisions are measured by discounting the future cash outflow at a pretax interest rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The carrying amount of the provision is adjusted in each reporting period in order to reflect the passage of time and the changes in the carrying amounts are carried to the statement of comprehensive loss. As of December 31, 2018, no provisions have been recognized. m. Revenue from contracts with customers General In November 2017, the Company signed an exclusive license agreement with NanoCarrier Co. Ltd (hereinafter - “The License Agreement”), for the development, commercialization, and supply of VB-111 in Japan (see note 8 for further details). As of January 1, 2017, the Company early adopted IFRS 15, with full retrospective application. Since the Company has not generated revenues until 2017, the adoption of IFRS 15 did not have an effect on accumulated deficits as of January 1, 2015 nor on 2015’s and 2016’s comparatives. IFRS 15 introduces a five-step model for recognizing revenue from contracts with customers, as follows: 1. identify the contract with a customer; 2. identify the performance obligations in the contract; 3. determine the transaction price; 4. allocate the transaction price to the performance obligations in the contract; 5. recognize revenue when (or as) the entity satisfies a performance obligation. Revenues from licensing agreement According to IFRS 15, performance obligation is a promise to provide a distinct good or service or a series of distinct goods or services. Goods and services that are not distinct are bundled with other goods or services in the contract until a bundle of goods or services that is distinct is created. A good or service promised to a customer is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer and the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. The Company has identified two performance obligations in The License Agreement: (1) Grant of the license and use of its IP; and (2) Company’s participation and consulting assistance services. In addition, there is a potential performance obligation regarding future manufacturing. IFRS 15 defines the ‘Transaction Price’ as the amount of consideration to which the entity expects to be entitled in exchange for transferring the promised goods or services to a customer. The Company allocates the transaction price to each performance obligation identified based on the standalone selling prices of the goods or services being provided to the customer. The Grant of the license and use of its IP performance obligation considered to be a right to use IP in accordance with IFRS 15. Therefore, revenue is recognized at a point in time, upon transfer of control over the license to the licensee. The Company’s participation and consulting assistance services performance obligation is recognized as revenue over the service period, based on input method, which is costs incurred and labor hours expended. Revenue from achieving additional milestones is recognized only when it is highly probable that a significant reversal of cumulative revenues will not occur, usually upon achievement of the specific milestone. The transaction price contains variable considerations contingent upon the licensee achieving certain milestones, as well as sales-based royalties, in accordance with the relevant agreement. Variable payments, contingent on achieving additional milestones, are included in the transaction price based on most likely amount method. Amounts included in the transaction price are recognized only when it is highly probable that a significant reversal of cumulative revenues will not occur, usually upon achievement of the specific milestone, in accordance with the relevant agreement. Sales-based royalties are not included in the transaction price. Rather, they are recognized as the related sale occurs, due to the specific exception of IFRS 15 for sales-based royalties in licensing of intellectual properties. n. Research and development expenses Research expenses are charged to profit or loss as incurred. An intangible asset arising from development of the Company’s products is recognized if all of the following conditions are met: ● It is technically feasible to complete the intangible asset so that it will be available for use; ● Management intends to complete the intangible asset and use it or sell it; ● There is an ability to use or sell the intangible asset; ● It can be demonstrated how the intangible asset will generate probable future economic benefits; ● Adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; ● Costs associated with the intangible asset during development can be measured reliably. Other development costs that do not meet the above criteria are recognized as expenses as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. As of December 31, 2018, the Company has not yet capitalized any development costs. o. Government grants Government grants, which are received from the Israeli Innovation Authority or IIA (formerly known as the Israeli Office of Chief Scientist, or the “OCS”) by way of participation in research and development that is conducted by the Company, fall within the scope of “forgivable loans,” as set forth in International Accounting Standard 20 “Accounting for Government Grants and Disclosure of Government Assistance” (“IAS 20”). As approved by the IIA, the grants are received in installments as the program progresses. The Company recognizes each forgivable loan on a systematic basis at the same time the Company records, as an expense, the related research and development costs for which the grant is received, provided that there is reasonable assurance that (a) the Company complies with the conditions attached to the grant, and (b) it is probable that the grant will be received (usually upon receipt of approval notice). The amount of the forgivable loan is recognized based on the participation rate approved by the IIA; thus, a forgivable loan is recognized as a receivable when approved research and development costs have been incurred before grant funds are received. Since at the time of grant approval there is reasonable assurance that the Company will comply with the forgivable loan conditions attached to the grant, and it is reasonably assured that the Company will not pay royalties to IIA, grant income is recorded against the related research and development expenses in the statements of comprehensive loss. If forgivable loans are initially carried to income, as described above, and in subsequent periods it is no longer reasonably assured that royalties will not be paid to the IIA, the Company recognizes a liability that is measured based on the Company’s best estimate of the amount required to settle the Company’s obligation at the end of each reporting period. p. Lease Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the statements of comprehensive loss on a straight-line basis over the period of the lease. Leases of property, plant and equipment where the Company, as lessee, has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lease’s inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding rental obligations, net of finance charges, are included in short-term lease liability and long-term lease liability. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases is depreciated over the asset’s useful life or over the shorter of the asset’s useful life and the lease term if there is no reasonable certainty that the Company will obtain ownership at the end of the lease term. q. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments. The Company operates in one operating segment. r. Loss per Ordinary Share Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of Ordinary Shares issued and outstanding during the year. The diluted loss per share is calculated by adjusting the weighted average number of outstanding Ordinary Shares, assuming conversion of all dilutive potential shares. The Company’s dilutive potential shares consist of options and RSU’s granted to employees and service providers and warrants. The dilutive potential shares were not taken into account in computing loss per share in 2018, 2017, and 2016 as their effect would not have been dilutive. s. Trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. If collection of the amounts is expected in one year or less, they are classified as current assets. The Company’s impairment for trade and other receivables are outlined in note 2(f)(3). t. Standards that are not yet in effect and have not been early adopted by the Company: 1. International Financial Reporting Standard No. 16 “Leases” (hereafter - IFRS 16) IFRS 16 was issued in January 2016. It will result in almost all leases being recognized on the balance sheet by lessees, as the distinction between operating and finance leases is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognized. The only exceptions are short-term and low-value leases. The Company has reviewed all of the Company’s arrangements over the last year in light of the new lease accounting rules in IFRS 16. The standard will affect primarily the accounting for the Company’s operating leases. The Company expects to recognize lease liabilities and a right of use assets of approximately $2.7 million on January 1, 2019. The Company will apply the standard from its mandatory adoption date of January 1, 2019. The Company intends to apply the simplified transition approach and will not restate comparative amounts for the year prior to first adoption. The Company expects that net loss will increase by an immaterial amount for 2019 as a result of adopting the new rules. Operating cash flows for 2019 will increase, and financing cash flows will decrease by approximately $0.4 million as repayment of the principal portion of the lease liabilities will be classified as cash flows from financing activities. t. Trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. If collection of the amounts is expected in one year or less, they are classified as current assets. The Company’s impairment for trade and other receivables are outlined in note 2(f)(3). |
Significant Accounting Estimate
Significant Accounting Estimates and Judgements | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of changes in accounting estimates [abstract] | |
Significant Accounting Estimates and Judgements | NOTE 3-SIGNIFICANT ACCOUNTING ESTIMATES AND JUDGEMENTS Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: Revenue In 2017, the Company signed a license and supply agreement as more fully described in note 8. In determining the amounts to be recognized as revenue, the Company used its judgement in the following main issues: Identifying the performance obligations in the agreement and determining whether the license provided is distinct - based on the Company’s analysis, the license is distinct as the licensee is able to benefit from the license on its own at its current stage (inter alia, due to sublicensing rights, rights and responsibility for development in the territory, etc.). Allocation of the transaction price - the Company estimated the standalone selling prices of the services to be provided based on expected cost plus a margin and used the residual approach to estimate the standalone selling price of the license as the Company has not yet established a price for the license, and it has not previously been sold on a standalone basis. Variable consideration consists of potential future milestone payments. The Company determined that all such variable consideration shall be allocated to the license (the satisfied performance obligation). Share-based payments With respect to grants to employees, the value of the labor services received from them in return is measured on the date of grant based on the fair value of the equity instruments granted to the employees. For options granted prior to the Company’s IPO in order to measure the fair value of the labor service received, the Company first measured the share value by using the income approach method, which is an analysis that involves forecasting the appropriate cash flow stream over an appropriate period and then discounting it back to a present value at an appropriate discount rate. This discount rate should consider the time value of money, inflation, and the risk inherent in ownership of the asset or security interest being valued. Once the share value was estimated, the Company used the Black-Scholes model to value the equity instrument. Since the Company was not publicly traded, it looked for comparable companies in the healthcare sector to set the volatility assumption and estimated the equity instrument’s life. For options granted since 2015, the expected volatility was calculated using weighted average and was based on the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies. The Company’s management estimates the fair value of the options granted to consultants based on the value of services receivable over the vesting period of the applicable options. The value of the transactions, measured as aforesaid, is expensed over the period during which the right of the employees and non-employees to exercise or receive the underlying equity instruments vests; commensurate with every periodic recognition of the expense, a corresponding increase is recorded to additional paid in capital, included under the Company’s equity (see also note 10). Clinical trial accruals Clinical trial expenses are charged to research and development expense as incurred. The Company accrues for expenses resulting from obligations under contracts with clinical research organizations (CROs). The financial terms of these contracts are subject to negotiations, which vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided. The Company’s objective is to reflect the appropriate trial expense in the financial statements by matching the appropriate expenses with the period in which services and efforts are expended. As of December 31, 2018, the company had clinical accruals in the amount of approximately $1.2 million. |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of nature and extent of risks arising from financial instruments [abstract] | |
Financial Risk Management | NOTE 4-FINANCIAL RISK MANAGEMENT: a. Financial risk management: 1) Financial risk factors The Company’s activities expose it to a variety of financial risks: market risk (including foreign exchange risk and price risk), credit and interest risks and liquidity risk. The Company’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company’s financial performance. Risk management is performed by the Chief Financial Officer of the Company, who identifies and evaluates financial risks in close cooperation with the Company’s Chief Executive Officer. The Company’s finance department is responsible for carrying out risk management activities in accordance with policies approved by its Board of Directors. The Board of Directors provides guidelines for overall risk management, as well as policies dealing with specific areas such as exchange rate risk, interest rate risk, credit risk, use of financial instruments, and investment of excess cash. In order to minimize exposure to market risk and credit risk, the Company invested the majority of its cash balances in highly-rated banks. 2) Credit and interest risk Credit and interest risk arises from cash and cash equivalents and deposits with banks. A substantial portion of the liquid instruments of the Company are invested in short-term deposits in a leading Israeli bank. The Company estimates that since the liquid instruments are mainly invested for the short-term and with a highly-rated institution, the credit and interest risk associated with these balances is immaterial. 3) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and the availability of funding through an adequate amount of committed credit facilities. Management monitors rolling forecasts of the Company’s liquidity reserve (comprising cash and cash equivalents and deposits). This is generally carried out based on the expected cash flows in accordance with practice and limits set by the management of the Company. The Company is in a research stage. It is therefore exposed to liquidity risk, taking into consideration the forecasts of cash flows required to finance its investments and other activities. 4) Market risk-Foreign exchange risk The Company might be exposed to foreign exchange risk as a result of making payments to employees or service providers and investment of some liquidity in currencies other than the U.S. dollar (the functional currency of the Company). The Company manages the foreign exchange risk by aligning the currencies for holding liquidity with the currencies of expected expenses, based on the expected cash flows of the Company. Had the dollar been stronger by 5% against the New Israeli Shekel (“NIS”), assuming all other variables remained constant, the Company would have recognized an additional expense of $62 thousand, $51 thousand and $13 thousand in profit or loss for the years ended December 31, 2018, 2017 and 2016, respectively. b. Capital risk management The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and to maintain an optimal capital structure to reduce the cost of capital. It should be noted that the Company is in the research and development stage and does not yet generate regular revenue streams. (See also note 1a). c. Fair value of financial instruments The different levels of valuation of financial instruments are defined as follows: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Inputs, other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3 Inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair value of financial instruments traded in active markets is based on quoted market prices at the dates of the statements of financial position. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. These instruments are included in level 1. The fair value of financial instruments that are not traded in 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. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. As of December 31, 2018 and 2017, the fair value of financial instruments (cash and cash equivalents, short term bank deposits, other current assets, trade receivables and accounts payable) are approximate to their carrying value. d. Composition of monetary balances The composition of financial instruments by currency: As of December 31, 2018: Dollars NIS Pound sterling Euro & SEK Total U.S. dollars in thousands Assets: Cash and cash equivalents $ 26,340 $ 2,827 $ 95 $ 85 $ 29,347 Short term bank deposits 21,135 - - - 21,135 Trade receivables - - - - - Other current assets (except for prepaid expenses) - 521 - - 521 47,475 3,348 95 85 51,003 Liabilities- Accounts payable and accrued expenses $ 1,966 $ 2,109 $ - $ 62 $ 4,137 Net assets $ 45,509 $ 1,239 $ 95 $ 23 $ 46,866 As of December 31, 2017: Dollars NIS Pound sterling Euro & SEK Total U.S. dollars in thousands Assets: Cash and cash equivalents $ 4,781 $ 1,546 $ 187 $ 180 $ 6,694 Short term bank deposits 48,035 - - - 48,035 Trade receivables 2,000 - - - 2,000 Other current assets (except for prepaid expenses) - 1,447 - - 1,447 54,816 2,993 187 180 58,176 Liabilities- Accounts payable and accrued expenses $ 4,492 $ 1,973 $ 45 $ 13 $ 6,523 Net assets $ 50,324 $ 1,020 $ 142 $ 167 $ 51,653 |
Short-term Bank Deposits
Short-term Bank Deposits | 12 Months Ended |
Dec. 31, 2018 | |
Short-term Bank Deposits | |
Short-term Bank Deposits | NOTE 5-SHORT-TERM BANK DEPOSITS: The bank deposits in 2018 of $21,135 thousand are for terms of three months to one year and carry interest at annual rates of 2.44%-2.64%. The bank deposits in 2017 of $48,035 thousand are for terms of three months to one year and carry interest at annual rates of 1.56%-1.81%. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2018 | |
Property, plant and equipment [abstract] | |
Property and Equipment | NOTE 6-PROPERTY AND EQUIPMENT Composition of assets, grouped by major classifications, and changes therein is as follows: Cost Accumulated depreciation Balance at beginning of year Additions during the year Disposals during the year Balance at end of year Balance at beginning of year Additions during the year Disposals during the year Balance at end of year Net book value U.S. dollars in thousands Year ended December 31, 2018: Laboratory equipment $ 3,016 $ 1,627 $ (4 ) $ 4,639 $ 1,501 $ 432 $ (4 ) $ 1,929 $ 2,710 Computers 238 37 - 275 154 50 - 204 71 Office furniture and equipment 111 85 - 196 20 15 - 35 161 Leasehold improvements 5,675 1,251 (300 ) 6,626 237 659 (249 ) 647 5,979 $ 9,040 $ 3,000 (304 ) $ 11,736 $ 1,912 $ 1,156 $ (253 ) $ 2,815 $ 8,921 Year ended December 31, 2017: Laboratory equipment $ 2,024 $ 1,186 $ (194 ) $ 3,016 $ 1,605 $ 90 $ (194 ) $ 1,501 $ 1,515 Computers 400 95 (257 ) 238 368 43 (257 ) 154 84 Office furniture and equipment 67 83 (39 ) 111 57 2 (39 ) 20 91 Leasehold improvements 752 5,233 (310 ) 5,675 526 21 (310 ) 237 5,438 $ 3,243 $ 6,597 (800 ) $ 9,040 $ 2,556 $ 156 $ (800 ) $ 1,912 $ 7,1 28 Cost Accumulated depreciation Balance at beginning of year Additions during the year Disposals during the year Balance at end of year Balance at beginning of year Additions during the year Balance at end of year Net book value U.S. dollars in thousands Year ended December 31, 2016: Laboratory equipment $ 1,683 $ 341 - $ 2,024 $ 1,528 $ 77 $ 1,605 $ 419 Computers 374 26 - 400 336 32 368 32 Office furniture and equipment 66 1 - 67 54 3 57 10 Leasehold improvements 629 123 - 752 508 18 526 226 $ 2,752 $ 491 - $ 3,243 $ 2,426 $ 130 $ 2,556 $ 687 |
Severance Pay Obligations, Net
Severance Pay Obligations, Net | 12 Months Ended |
Dec. 31, 2018 | |
Classes of employee benefits expense [abstract] | |
Severance Pay Obligations, Net | NOTE 7-SEVERANCE PAY OBLIGATIONS, : a. The Company has both defined benefit and defined contribution plans. The Company has no obligation relating to the defined contribution plans. The obligation under the defined benefit plans is covered partly by regular deposits with severance pay funds and by the purchase of insurance policies. b. The Company’s obligation to make pension payments is covered by regular deposits with defined contribution plans. The amounts deposited are not reflected in the statements of financial position. c. The amounts recognized in the statements of financial position were as follows: Year ended December 31 2018 2017 U.S. dollars in thousands Severance pay obligations $ 391 $ 469 Fair value of plan assets 292 341 Liability in the statements of financial position $ 99 $ 128 Amounts charged to other comprehensive loss (income) for the years ended December 31, 2018, 2017 and 2016 were $(25) thousand, $24 thousand and $5 thousand, respectively. The principal actuarial assumptions used for December 31, 2018 and 2017 were as follows: 2018 2017 Discount rate 3.41 % 2.8 % Future salary increases 4.0 % 4.5 % d. The amounts recorded as an employee benefit expense in respect of defined contribution plans for the years ended December 31, 2018, 2017 and 2016 were $347 thousand, $318 thousand and $266 thousand, respectively. |
License and Supply Agreement
License and Supply Agreement | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of performance obligations [abstract] | |
License and Supply Agreement | NOTE 8-LICENSE AND SUPPLY AGREEMENT In November 2017, the Company signed an exclusive license agreement with NanoCarrier Co., Ltd. for the development, commercialization, and supply of VB-111 in Japan. VBL retains rights to VB-111 in the rest of the world (“The License Agreement”). Under terms of the agreement, VBL has granted NanoCarrier an exclusive license to develop and commercialize VB-111 in Japan for all indications. VBL will supply NanoCarrier with VB-111, and NanoCarrier will be responsible for all regulatory and other clinical activities necessary for commercialization in Japan. In exchange, the Company received an up-front nonrefundable payment of $15.0 million, and is entitled to receive greater than $100.0 million additional payments only if certain development or commercial milestones are achieved. VBL will also receive tiered royalties on net sales. In addition, in case NanoCarrier will enter into a sublicense agreement, the Company will be entitled to receive royalties from sublicense income received by NanoCarrier. In December 2017, the Company met the first milestone relating to the commencement of the Ovarian Phase 3 trial; and therefore, it recognized $2.0 million in trade receivables, which was received in January 2018. As of December 2017, and in accordance with IFRS 15, the Company concluded that it has satisfied the performance obligation for the grant of the license and use of its IP and recognized revenue in the amount of $11.9 million. In addition, upon the commencement of the Ovarian Phase 3 trial milestone, the Company recognized additional variable revenue in the amount of $2.0 million. The performance obligation relating to the Company’s participation and consulting assistance services during the development period is recognized over the service period. During 2018 the Company recognized revenue in an amount of $0.6 million related to the Company’s participation and consulting assistance services. Out of the consideration received, as of December 31, 2018 the Company has deferred revenue in the amount of $2.6 million ($0.3 million is classified within current liabilities, and $2.3 million within non-current liabilities, which will be recognized until 2021). All revenue recognized in 2017 was related to the license and use of the Company’s IP. All revenues recognized in 2018 were related to the Company’s participation and consulting assistance services. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Commitments | |
Commitments | NOTE 9-COMMITMENTS: a. In April 2011, the Company executed a Commercial License Agreement with Janssen Vaccines & Prevention B.V. (“ Janssen”), for incorporating the adenovirus 5 in VB-111 and other drug candidates for cancer for consideration including the following potential future payments: ● an annual license fee of €100 thousand that is linked to Consumer Price Index (in 2018 the Company paid $144 thousand), continuing until the termination of the agreement, which will occur upon (i) the later of the expiration date of the last related patent or 10 years from the first commercial sale of VB-111 or (ii) the termination of the agreement by the Company, which is permitted, upon three months’ written advance notice to Janssen; ● a milestone payment of €400 thousand ($460 thousand) upon receipt of the first regulatory approval for the marketing of the first indication for each product covered under the agreement; and ● royalties of 0.5%-2.0% on net sales. There are no limits or caps on the amount of potential royalties. Pursuant to the agreement, the Company has the right to terminate the agreement by giving Janssen three months’ written notice. b. In October 2016, the Company entered into a long-term lease contract for approximately $2.2 million over 7 years for a new facility in Modiin, Israel with the option to extend for an additional two periods of three years each. The site houses the Company’s local biological drugs manufacturing facility, headquarters, discovery research and clinical development. The Company relocated to its new site in October 2017. The expected future minimum lease payment $320 thousand on an annual basis for the years ending December 31, 2019 through December 31, 2023, and $133 thousand for the year ending December 31, 2024. The Company entered into operating lease agreements for vehicles it uses. The leases will expire in 2021. The expected lease payments for the years ending December 31, 2019, 2020 and 2021 are approximately $196 thousand, $144 thousand and $27 thousand, respectively. c. In February 2013, the Company entered into an agreement with Tel Hashomer-Medical Research, Infrastructure and Services Ltd. (“Tel Hashomer”). The agreement with Tel Hashomer provides that the Company will pay 1% of any net sales of any product covered by the intellectual property covered under the agreement and 2% of any consideration received by the Company for granting a license or similar rights to such intellectual property. Such amounts will be recorded as part of the Company’s cost of revenues. In addition, upon the occurrence of an exit event such as a merger, sale of all shares or assets or the closing of an initial public offering such as the IPO, the Company is required to pay to Tel Hashomer 1% of the proceeds received by the Company or its shareholders as the case may be. Royalty and all other payment obligations under this agreement will expire once the Company has paid an aggregate sum of NIS 100 million (approximately $29 million) to Tel Hashomer by way of pay out, exit proceeds and licensing consideration. Amounts previously paid as royalties on any net sales will not be taken into account when calculating this aggregate sum. Amounts payable upon occurrence of an exit event is not considered to be probable until actual occurrence. Upon occurrence of such event, as such event does not represent a substantive milestone with regard to the Company’s intellectual property, the amount to be paid is recorded in the Statement of Comprehensive Loss under research and development costs. In November 2014, following the completion of an IPO, the Company paid to Tel Hashomer amount of $0.4 million. In November 2017, following the execution of The License Agreement, the Company paid Tel Hashomer an additional $340 thousand for a 2% consideration that was received for granting a license or similar rights to this intellectual property. d. In January 2015, the Company entered into an agreement with a Contract Research Organization (“CRO”) according to which it will receive project management, clinical development and other related services from the CRO for the execution of the Phase 3 rGBM clinical trial study in consideration for up to $18.7 million. Additional expenses related to changes in the study and in the estimated services involved were agreed upon and are being negotiated with the CRO during the execution of the study. Through December 31, 2018, expenses in the total amount of $21.7 million were incurred. e. The Company is committed to pay royalties to the Government of Israel on proceeds from sales of products in the research and development of which the Government participates by way of grants. At time the grants were received, successful development of the related project was not assumed. In the case of failure of the project that was partly financed by the Government of Israel, the Company is not obligated to pay any such royalties. Under the terms of the Company’s funding from the Israeli Government, royalties of 3%-3.5% are payable on sales of products developed from projects so funded up to 100% of the amount of the grant received by the Company (dollar linked) with the addition of an annual interest based on Libor. As of December 31, 2018, the total additional royalty amount that may be payable by the Company, before the additional Libor interest, is approximately $22.6 million ($27.8 million including interest). In addition, under the Research Law, we are prohibited from transferring, including by way of license, the IIA-financed technologies and related intellectual property rights and know-how outside of the State of Israel, except under limited circumstances and only with the approval of the IIA Research Committee. We may not receive the required approvals for any proposed transfer and, even if received, we may be required to pay the IIA a portion of the consideration that we receive upon any sale of such technology to a non-Israeli entity up to 600% of the grant amounts plus interest. f. In December 2017, the Company entered into an agreement with a Contract Research Organization (“CRO”) according to which it will receive project management, clinical development and other related services from the CRO for the execution of the Phase 3 study in platinum-resistant ovarian cancer in consideration for approximately $19.0 million. Through December 31, 2018, expenses in the total amount of $800 thousand were incurred. |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of classes of share capital [abstract] | |
Share Capital | NOTE 10-SHARE CAPITAL: a. Composed of shares of NIS 0.01 par value, as follows: Number of shares December 31 2018 2017 Authorized: Ordinary Shares 70,000,000 70,000,000 Issued: Ordinary Shares (1) 35,881,128 29,879,323 (1) The Ordinary Shares confer upon their holders the following rights: (i) the right to vote in any general meeting of the Company; (ii) the right to receive dividends; and (iii) the right to receive upon liquidation of the Company a sum equal to the nominal value of the share, and if a surplus remains, to receive such surplus. b. c. On June 7, 2016, the Company entered into a securities purchase agreement related to a registered direct offering for an aggregate of 4,359,091 ordinary shares, NIS 0.01 par value, at a purchase price of $5.50 per share. The net proceeds from this offering, which closed on June 10, 2016 were approximately $21.9 million after subtracting placement agent fees and offering costs. d. On December 1, 2016, the Company entered into a separate Equity Distribution Agreements with JMP Securities LLC and Chardan Capital Markets, LLC (collectively as the “Agents”) to implement an “at the market offering” program under which the Company, from time to time, may offer and sell its ordinary shares, NIS 0.01 par value, having an aggregate offering price of up to $20,000,000 (the “Shares”) through the Agents. The Company has provided the Agents with customary indemnification rights, and the Agents will be entitled to a fixed commission of 3.0% of the aggregate gross proceeds from the Shares sold. The “at the market offering” is effective through October 2018. Until October 2018, the Company sold an aggregate of 224,695 ordinary shares under its at-the-market equity facility. The total consideration amounted to $1,322 thousand, net of issuance costs. The “at the market offering” was ended in October 2018. e. On November 16, 2017, the Company entered into an underwriting agreement with Piper Jaffray & Co. related to the underwritten offering of an aggregate of 2,500,000 ordinary shares, NIS 0.01 par value (the “Ordinary Shares”). The public offering price for each Ordinary Share was $7.50. The purchase price to be paid by the underwriters to the Company for each Ordinary Share was $7.20. The net proceeds from the sale of the Ordinary Shares, which closed on November 21, 2017, was approximately $17.9 million after deducting underwriting discounts and commissions and estimated offering expenses. f. On June 25, 2018, the Company entered into securities purchase agreements related to the registered direct offering of an aggregate of 5,904,762 ordinary shares, NIS 0.01 nominal value, at a purchase price of $2.50 per share and accompanying short-term warrants to purchase up to 2,952,381 ordinary shares and long-term warrants to purchase up to 2,952,381 ordinary shares at an additional purchase price per warrant combination of $0.125. The combined offering price of each ordinary share and accompanying warrants is $2.625 per unit for aggregate gross proceeds of approximately $15.5 million. The ordinary shares and the warrants are immediately separable and were issued separately. The net proceeds from this offering, which closed on June 27, 2018 were $13.7 million after deducting the underwriting discounts and commissions and offering costs payable by the Company. The short-term and long-term warrants are exercisable immediately after issuance and will expire on January 6, 2020 and June 26, 2022, respectively at an exercise price of $2.51 and $3.00 per one ordinary share, respectively. The fair value of the separable warrants on the date of purchase was computed using the Black-Scholes model. The underlying data used for computing the fair value of the short-term and long-term warrants are mainly as follows: ordinary share price based on the share’s price at the stock market on June 25, 2018: $2.40; expected volatility based on Company historical trade: 88.0% and 109%; risk-free interest rate: 2.279% and 2.715% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the warrants); expected dividend: zero; and expected life to exercise of 1.5 years and 4.0 years, respectively. The consideration was allocated between ordinary shares and warrants based on the ratio of the warrants’ fair value and the ordinary share price. g. Share based compensation plans In February 2000, the Company’s board of directors approved an option plan (the “Plan”) as amended through 2008. Under the Plan, the Company reserved up to 1,423,606 Ordinary Shares of NIS 0.01 par value of the Company for allocation to employees and non-employees. Each option is exercisable to acquire one Ordinary Share. In April 2011, the Company’s board of directors approved a new option plan (the “New Plan”). Under the New Plan, the Company reserved up to 766,958 Ordinary Shares (of which 159,458 Ordinary Shares shall be taken from the unallocated pool reserved under the Plan) for allocation to employees and non-employees. In September 2014, the Company’s shareholders approved the adoption of the Employee Share Ownership and Option Plan (2014) (“2014 Plan”) effective as of the closing of the public offering. Under the 2014 Plan, the Company reserved up to 928,000 Ordinary Shares (of which 28,000 Ordinary Shares shall be taken from the unallocated pool reserved under the New Plan). The Ordinary Shares to be issued upon exercise of the options confer the same rights as the other Ordinary Shares of the Company, immediately upon allotment. Any option granted under the Plan that is not exercised within ten years from the date upon which it becomes exercisable, will expire. Any option which was granted under the New Plan, and was not exercised within twenty years from the date when it becomes exercisable, will expire. Option exercise prices and vesting periods shall be as determined by the board of directors of the Company on the date of the grant. The options granted to employees through December 31, 2002 are subject to the terms stipulated by section 102 of the Israeli Income Tax Ordinance (the “Ordinance”). Among other things, the Ordinance provides that the Company will be allowed to claim as an expense for tax purposes the amounts credited to the employees as a benefit upon sale of the shares allotted under the plans at a price exceeding the exercise price, when the related tax is payable by the employee. The options granted to employees after December 31, 2002, are subject to the terms stipulated by section 102(b)(2) of the Ordinance. According to these provisions, the Company will not be allowed to claim as an expense for tax purposes the amounts credited to the employees as a capital gain benefit in respect of the options granted. Options granted to related parties or non-employees of the Company are governed by Section 3(i) of the Ordinance. The Company will be allowed to claim as an expense for tax purposes the amounts equal to the expenses it recorded in the financial statements in the year in which the related parties or non-employees exercised the options into shares. In April 2016, the board of directors approved the increase of 620,824 Ordinary Shares to the number of shares available for issuance under the 2014 Plan, effective January 1, 2016. In March 2017, the Board of Directors approved the increase of 1,027,911 Ordinary Shares to the number of shares available for issuance under the 2014 Plan. In January 2018, the Board of Directors approved the increase of 1,402,385 Ordinary Shares to the number of shares available for issuance under the 2014 Plan Options and Restricted Stock Units (“RSUs”) granted in 2016: Number of options and RSUs granted according to option plan of the Company Exercise price per Ordinary The fair value of options and RSUs Date of grant Other than directors To directors Total Share ($) of grant (in thousands) 1) February 2016 - 20,000 20,000 $ 3.48 $ 51 2) May and June 2016 70,000 - 70,000 $ 3.30 - $3.40 $ 230 3) March 2016 114,129 - 114,129 $ $ 412 4) November 2016 725,000 - 725,000 $ 5.08 $ 3,232 5) November 2016 100,000 - 100,000 $ $ 492 1) 20,000 options were allocated to two external directors of the Company: a. The options will vest over 3 years from the date of grant; 1/12 of the options at the end of each quarter in the course of the 3 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $3.48, fair value of these options was estimated at $51 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 86.0%; risk-free interest rate: 1.64% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. 2) 70,000 options were allocated to two Consultants: a. The options will vest between 3 to 5 years. b. Company management estimates the fair value of the options granted to consultants based on the value of services received over the vesting period of the applicable options. The value of such services is estimated based on the additional cash compensation the Company would need to pay if such options were not granted. The fair value of these options on the date of grant was approximately $230 thousand. 3) 114,129 restricted stock units (“RSUs”) were allocated to officers of the Company: a. The RSUs vesting period is dependent on the achievement of certain clinical performance milestones. b. The fair value of these RSUs on the date of grant was approximately $412 thousand, using the quoted closing market share price of $3.61on the Nasdaq Global Market. 4) 725,000 options were allocated to employees and officers of the Company: a. The options will vest by 4 years with 50% on the second year anniversary; the remaining 50% at 1/8 of the options at the end of each quarter over the course of the last 2 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $5.08, fair value of these options was estimated at $3,232 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 1.78% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. 5) 100,000 RSUs were allocated to officers of the Company: a. The RSUs vesting period is dependent on the achievement of certain clinical performance milestones. b. The fair value of these RSUs on the date of grant was approximately $492 thousand, using the quoted closing market share price of $4.92 on the Nasdaq Global Market. Options and Restricted Stock Units (“RSUs”) granted in 2017: Number of options granted according to option plan of the Company Exercise price per Ordinary The fair value of options on date Date of grant Other than directors To directors Total Share ($) of grant (in thousands) 1) February 2017 - 20,000 20,000 $ 5.22 $ 100 2) March 2017 10,000 - 10,000 $ 5.43 $ 30 3) March 2017 - 65,000 65,000 $ 5.71 $ 337 4) June 2017 100,000 - 100,000 $ 5.39 $ 437 5) June 2017 36,000 - 36,000 $ $ 175 6) October 2017 700,000 - 700,000 $ 5.99 $ 4,113 7) October 2017 140,000 - 140,000 $ $ 903 1) 20,000 options were allocated to two independent directors of the Company: a. The options will vest over 3 years from the date of grant; 1/12 of the options at the end of each quarter in the course of the 3 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $5.22, fair value of these options was estimated at $100 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.41% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. 2) 10,000 options was allocated to a Consultant: a. The options will vest over 3 years. b. Company management estimates the fair value of the options granted to consultants based on the value of services received over the vesting period of the applicable options. The value of such services is estimated based on the additional cash compensation the Company would need to pay if such options were not granted. The fair value of these options on the date of grant was approximately $30 thousand. 3) 65,000 options were allocated to four independent directors of the Company: a. The options will vest by 4 years with 50% on the second year anniversary; the remaining 50% at 1/8 of the options at the end of each quarter over the course of the last 2 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $5.71, fair value of these options was estimated at $337 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.44% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. 4) 100,000 options was allocated to an officer of the Company: a. The options will vest by 4 years with 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $5.39, fair value of these options was estimated at $437 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.15% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. 5) 36,000 restricted stock units (“RSUs”) were allocated to an officer of the Company: a. The RSUs vesting period is dependent on the achievement of certain clinical performance milestones. b. The fair value of these RSUs on the date of grant was approximately $175 thousand, using the quoted closing market share price of $4.85 on the Nasdaq Global Market. 6) 700,000 options were allocated to employees and officers of the Company: a. The options will vest by 4 years with 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $5.99, fair value of these options was estimated at $4,113 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.41% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. 7) 140,000 RSUs were allocated to officers of the Company: a. The RSUs vesting period is dependent on the achievement of certain clinical performance milestones. b. The fair value of these RSUs on the date of grant was approximately $903 thousand, using the quoted closing market share price of $6.45 on the Nasdaq Global Market. Options granted in 2018: Number of options granted according to option plan of the Company Exercise price per Ordinary The fair value of options on date Date of grant Other than directors To directors Total Share ($) of grant (in thousands) 1) January 2018 - 128,000 128,000 $ 6.9 $ 838,470 2) June 2018 50,000 - 50,000 $ 2.22 $ 119,264 3) September 2018 - 30,000 30,000 $ 1.78 $ 45,574 4) December 2018 935,000 370,000 1,305,000 $ 1.22 $ 1,299,867 1) 128,000 options were allocated to independent directors of the Company: a. The options will vest by 4 years with 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $6.90, fair value of these options was estimated at $838 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.46% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. 2) 50,000 options were allocated to officer of the Company: a. The options will vest by 4 years with 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $2.22, fair value of these options was estimated at $119 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.93% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. 3) 30,000 options were allocated to independent directors of the Company: a. The options will vest by 4 years with 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $1.78, fair value of these options was estimated at $46 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.85% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. 4) 1,305,000 options were allocated to employees, officers and independent directors of the Company: a. The options will vest by 4 years with 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $1.22, fair value of these options was estimated at $1,300 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 100.0%; risk-free interest rate: 2.86% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. h. Changes in the number of options and RSUs and weighted average exercise prices are as follows: Year ended December 31 2018 2017 2016 Number of options Weighted average exercise price Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding at beginning of year 4,036,095 $ 3.88 3,241,535 $ 3.41 2,304,179 $ 3.17 Granted 1,513,000 1.74 1,071,000 4.91 1,029,129 3.87 Exercised (97,042 ) 0.33 (252,343 ) 1.91 (72,873 ) 1.66 Forfeited (395,140 ) 3.31 (24,097 ) 4.18 (18,900 ) 6.92 Outstanding at end of year 5,056,914 $ 3.36 4,036,095 $ 3.88 3,241,535 $ 3.41 Exercisable at end of year 2,478,796 $ 3.70 1,844,283 $ 2.97 1,718,713 $ 2.16 i. The following is information about exercise price and remaining contractual life of outstanding options and RSUs at year-end: December 31, 2018 December 31, 2017 December 31, 2016 Number of options outstanding at end of year Exercise price Weighted average of remaining contractual life Number of options outstanding at end of year Exercise Price Weighted average of remaining contractual life Number of options outstanding at end of year Exercise price Weighted average of remaining contractual life 521,509 $ 0.002 11.34 758,928 $ 0.002 8.29 620,970 $ 0.002 10.73 72,990 $ 1.21 5.72 98,657 $ 1.21 6.78 117,990 $ 1.21 7.65 1,898,969 $ 1.22-$2.47 15.54 513,969 $ 2.47 10.45 713,282 $ 2.47 1.12 559,871 $ 3.30 - $3.48 13.96 584,871 $ 3.30 - $3.48 14.96 588,023 $ 3.30 - $ 3.48 15.96 60,000 $ 6.03 16.13 60,000 $ 6.03 17.13 60,000 $ 6.03 18.13 116,000 6.9 19.2 372,470 $ 7.52 16.88 409,670 $ 7.52 17.88 416,270 $ 7.52 18.88 1,455,105 $ 5.08 - $ 5.99 18.38 1,610,000 $ 5.08 - $ 5.99 19.38 725,000 $ 5.08 19.87 5,056,914 4,036,095 3,241,535 j . Expenses for share based compensation recognized in statements of comprehensive loss were as follows: Year ended December 31 2018 2017 2016 U.S. dollars in thousands Research and development expenses $ 2,255 $ 2,027 $ 900 Administrative and general expenses 1,541 1,977 520 Marketing expenses 71 148 - $ 3,867 $ 4,152 $ 1,420 The remaining unrecognized compensation expenses as of December 31, 2018 are $3,481 thousand; The unrecognized compensation cost is expected to be recognized over a weighted average period of 1 year. |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | |
Taxes on Income | NOTE 11-TAXES ON INCOME The Company is taxed according to Israeli tax laws: a. Measurement of results for tax purposes The Company as a “foreign-investment company” measures its results for tax purposes in dollar based on Income Tax Regulations (Bookkeeping Principles of Foreign Invested Companies and of Certain Partnerships and the Determination of Their Taxable Income), 1986. b. Tax rates The income of the Company, other than income from Benefitted Enterprises (see c below), is subject to the regular corporate tax rate. In January 2016, the Law for the Amendment of the Income Tax Ordinance (No. 216) was published, enacting a reduction of corporate tax rate beginning in 2016 and thereafter, from 26.5% to 25%. In December 2016, the Economic Efficiency Law (Legislative Amendments for Implementing the Economic Policy for the 2017 and 2018 Budget Year) was published, introducing a gradual reduction in corporate tax rate from 25% to 23%. As a result, the corporate tax rate in 2017 is 24% and in 2018 and thereafter reduced to 23%. The corporate tax rate for 2018, 2017 and 2016 were 23%, 24% and 25%, respectively. c. Tax benefits under the Law for the Encouragement of Capital Investments, 1959 Under the Investment Law, including Amendment No. 60 to the Investment Law that was published in April 2005, by virtue of the Benefited Enterprise program for certain of its production facilities, the Company may be entitled to various tax benefits. The main benefit arising from such status is the reduction in tax rates on income derived from a Benefited Enterprise. The extent of such benefits depends on the location of the enterprise. Since the Company’s facilities are not located in “national development zone A,” income derived from Benefited Enterprises will be tax exempt for a period of two years and then have a reduced tax rate for a period of up to an additional eight years. The period of tax benefits, as described above, is limited to 12 years from the beginning of the Benefited Enterprise election year (2012). As of December 31, 2018, the period of benefits has not yet commenced. In the event of distribution or deemed distribution of dividends from income which was tax exempt as above, the amount distributed will be subject to the tax rate it was exempted from. The Company is entitled to claim accelerated depreciation in respect of equipment used by the approved enterprises during five tax years. Entitlement to the above benefits is conditioned upon the Company fulfilling the conditions stipulated by the Investment Law and regulations published thereunder. In the event of failure to comply with these conditions, the benefits may be canceled and the Company may be required to apply the regular tax depreciation rates and pay tax on the income in question at the regular corporate tax rates with the addition of linkage differences to the Israeli consumer price index and interest. The Investment Law was amended as part of the Economic Policy Law for the years 2011-2012 (the “Amendment”), which became effective on January 1, 2011. The Amendment sets alternative benefit tracks to the ones currently in place under the provisions of the Investment Law, including a reduced corporate tax rate. Tax rate for “Preferred Enterprise” income of companies not located in national development zone A is 16% for fiscal year 2014 and thereafter. The benefits are granted to companies that qualify under criteria set forth in the Investment Law; for the most part, those criteria are similar to the criteria that have existed in the Investment Law prior to its amendment and the benefit period is unlimited in time. However, in accordance with the Amendment, the classification of licensing income as Preferred income may be subject to the issuance of a pre-ruling by the Israel Tax Authority. Under the transitional provisions of the Investment Law, a company is allowed to continue to enjoy the tax benefits available under the Investment Law prior to its amendment until the end of the period of benefits, as defined in the Investment Law. In each year during the period of benefits of its Benefited Enterprise, the Company will be able to opt for application of the Amendment, thereby making available to itself the tax rate described above. The Company’s election to apply the Amendment is irrevocable. As of December 31, 2018, the Company’s management decided not to adopt the application of the Amendment. There is no assurance that future taxable income of the Company will qualify as Benefited or Preferred income or that the benefits described above will be available to the Company in the future. d. Losses for tax purposes carried forward to future years The balance of carry forward losses as of December 31, 2018 and 2017 are $164.9 million and $144.9 million, respectively. Under Israeli tax laws, carryforward tax losses have no expiration date. Deferred tax assets on losses for tax purposes carried forward to subsequent years are recognized if utilization of the related tax benefit against a future taxable income is expected. The Company has not created deferred taxes on its carry forward losses since their utilization is not expected in the foreseeable future. e. Tax assessments The Company has tax assessments that are considered to be final through tax year 2013. |
Supplementary Financial Informa
Supplementary Financial Information | 12 Months Ended |
Dec. 31, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Supplementary Financial Information | NOTE 12-SUPPLEMENTARY FINANCIAL INFORMATION: December 31 2018 2017 U.S. dollars in thousands a. Other current assets: Institutions - VAT $ 287 $ 865 Prepaid expenses 706 282 Government grants receivable 234 482 Other - 100 $ 1,227 $ 1,729 b. Accounts payable-other: Accrued expenses $ 2,434 $ 2,956 Employee-related accrued expenses 281 317 Provision for vacation 229 192 $ 2,944 $ 3,465 Year ended December 31 2018 2017 2016 U.S. dollars in thousands c. Research and development expenses, net: Payroll and related expenses $ 5,182 $ 4,636 $ 2,921 Subcontractors and consultation 7,158 12,450 8,894 Materials 1,681 768 556 Patent expenses 780 797 752 Depreciation 1,086 106 88 Office rent and maintenance 1,364 721 397 Other 704 481 539 17,955 19,959 14,147 Government grants (see note 9e) (2,015 ) (2,189 ) (1,700 ) $ 15,940 $ 17,770 $ 12,447 d. Administrative and general expenses: Payroll and related expenses $ 1,838 $ 2,681 $ 1,499 Management and professional fees 2,131 2,212 1,614 Foreign travel 340 279 259 Depreciation 70 50 42 Other 841 625 414 $ 5,220 $ 5,847 $ 3,828 e. Marketing expenses Payroll and related expenses $ 355 346 - Consultation 42 216 - $ 397 562 - |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2018 | |
LOSS PER ORDINARY SHARE | |
Loss Per Share | NOTE 13-LOSS PER SHARE Basic and diluted loss per share: Basic Basic loss per share is calculated by dividing the result attributable to equity holders of the Company by the weighted average number of Ordinary Shares in issue during the year. Diluted All Ordinary Shares underlying outstanding options, RSU’s and warrants have been excluded from the calculation of the diluted loss per share for the years ended December 31, 2018, 2017 and 2016 since their effect was anti-dilutive. The total number of options, RSU’s and warrants excluded from the calculations of diluted loss per share were – 12,211,676, 5,286,095, and 4,491,535 for the years ended December 31, 2018, 2017 and 2016, respectively. Year ended December 31 2018 2017 2016 U.S. dollars in thousands, except per share data Basic and diluted: Loss attributable to equity holders of the Company $ 20,458 $ 10,138 $ 16,002 Weighted average number of ordinary shares in issue 32,969,094 27,398,169 24,970,585 Loss per ordinary share $ 0.62 $ 0.37 $ 0.64 |
Financial (Income) Expenses, Ne
Financial (Income) Expenses, Net | 12 Months Ended |
Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |
Financial (Income) Expenses, Net | NOTE 14-FINANCIAL (INCOME) EXPENSES, : Year ended December 31 2018 2017 2016 U.S. dollars in thousands Financial income: Interest from deposits $ 908 $ 335 $ 263 Exchange differences - 209 22 908 544 285 Financial expenses: Bank fees 37 27 12 Exchange differences 122 - - 159 27 12 TOTAL FINANCIAL (INCOME) EXPENSES, net $ (749 ) $ (517 ) $ (273 ) |
Related Parties-Transactions an
Related Parties-Transactions and Balances | 12 Months Ended |
Dec. 31, 2018 | |
Related party transactions [abstract] | |
Related Parties-Transactions and Balances | NOTE 15-RELATED PARTIES-TRANSACTIONS AND BALANCES: a. Transactions with related parties Key management personnel include members of the Board of Directors, the Chief Executive Officer and all Vice Presidents of the Company and companies controlled by them. Year ended December 31 2018 2017 2016 U.S. dollars in thousands Key management compensation: Labor cost and related expenses $ 2,267 $ 2,202 $ 1,737 Share-based payments 1,866 2,075 817 Other 427 406 420 $ 4,560 $ 4,683 $ 2,974 b. Balances with related parties: December 31 2018 2017 U.S. dollars in thousands Key management- Payables and accrued expenses - for salary and related expenses $ 484 $ 409 Severance pay obligations $ 76 $ 88 Provision for vacation $ 116 $ 97 |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Event | NOTE 16-SUBSEQUENT EVENT: In March 2019, the Company executed an exclusive option license agreement with an animal health company, for the development of the Company’s proprietary anti-inflammatory molecule, VB-201, for veterinary use. The Company retains VB-201 rights for treatment of humans, worldwide. Under the terms of the agreement, the Company has granted an exclusive option license to explore the potential of VB-201 for animal health indications. In consideration, the Company receiving an undisclosed up-front payment, and is entitled to receive additional development milestone payments. Upon exercising the option to license, the Company will receive additional milestones and royalties on net sales. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of initial application of standards or interpretations [abstract] | |
Basis of Preparation of the Financial Statements | a. Basis of preparation of the financial statements The financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The significant accounting policies described below have been applied consistently in relation to all the periods presented, unless otherwise stated. The financial statements have been prepared under the historical cost convention except of severance pay obligation, net. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3. Actual results could differ from those estimates and assumptions. |
Functional and Presentation Currency | b. Functional and presentation currency: 1) Functional and presentation currency Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates (the “functional currency”). The financial statements are presented in U.S. dollar ($), which is the Company’s functional and presentation currency. 2) Transactions and balances Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. All foreign exchange gains and losses are presented in the statements of comprehensive loss within financial income or expenses. |
Cash and Cash Equivalents | c. Cash and cash equivalents Cash and cash equivalents include cash on hand and short-term bank deposits (with original maturities of three months or less) that are not restricted as to withdrawal or use, and are therefore considered to be cash equivalents. |
Property and Equipment | d. Property and equipment: 1) All property and equipment (including leasehold improvements) are stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Repairs and maintenance are charged to the income statement during the period in which they are incurred. 2) The assets are depreciated using the straight-line method to allocate their cost over their estimated useful lives. Annual rates of depreciation are as follows: % Laboratory equipment 9-15 Computers 25-33 Office furniture and equipment 7 Leasehold improvements in buildings under operating leases are depreciated using the straight-line method over the shorter of the term of the lease or the estimated useful life of the improvements. 3) Gains and losses on disposals are determined by comparing proceeds with the associated carrying amount. These are included in the statements of comprehensive loss. |
Impairment of Non-Financial Assets | e. Impairment of non-financial assets Assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset fair value less costs to dispose and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units). Through December 31, 2018, no impairment has been recognized. |
Financial Assets | f. Financial assets: As of January 1, 2018, the Company adopted IFRS 9 . 1) Classification From 1 January 2018, the Company classifies its financial assets as measured at amortized cost. The classification depends on the entity’s business model for managing the financial assets and the contractual terms of the cash flows. Financial assets at amortized cost of the Company are included in trade receivables, other current assets and short term bank deposits in the Statements of Financial Position. 2) Recognition and measurement Regular way purchases and sales of financial assets are recognised on trade-date, the date on which the group commits to purchase or sell the asset. Financial assets are derecognised when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in the Statement of Comprehensive Loss under “Financial Expenses (Income), net” together with foreign exchange gains and losses. Impairment losses are presented as separate line item in the statement of profit or loss. 3) Impairment From 1 January 2018, the company assesses on a forward looking basis the expected credit losses associated with its debt instruments carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Prior to the effective date and adoption of IFRS 9, the financial assets of the Company were classified as loans and receivables. The classification depended on the purpose for which the financial assets were acquired, also, prior to the adoption of IFRS 9, the Company assessed at December 31, 2017 whether there is any objective evidence that a financial asset or group of financial assets was impaired. |
Financial Liabilities | g. Financial liabilities: Accounts payable Accounts payable are initially measured at fair value. In subsequent periods, the other financial liabilities are presented at amortized cost. Any difference between the consideration and the redemption value is accreted to profit or loss over the term of the liability, using the effective interest method. Financial liabilities are classified as current liabilities, unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the end of the reporting period, in which case they are classified as noncurrent liabilities. |
Share Capital | h. Share capital Ordinary Shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are included in equity as a deduction from the proceeds. |
Deferred Income Tax | i. Deferred income tax Deferred taxes are recognized using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax assets are recognized only to the extent that it is probable that future taxable income will be available against which the temporary differences can be utilized. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Due to absence of expectation of taxable income in the future, no deferred tax assets have been recorded in the Company’s financial statements. |
Employee Benefits | j. Employee benefits: 1) Post employment benefit obligation Israeli labor laws and the Company’s agreements require the Company to pay retirement benefits to employees terminated or leaving their employment in certain other circumstances. Most of the Company’s employees are covered by a defined contribution plan under Section 14 of the Israel Severance Pay Law from the beginning of their employment with the Company. With respect to the remaining employees, which are not covered by a defined contribution plan under Section 14 of the Israel Severance Pay Law only from January 1, 2010, the Company records a liability in its statement of financial position for defined benefit plans that represents the present value of the defined benefit obligation as of the statement of financial position date, net of the fair value of plan assets. The defined benefit obligation is calculated annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of highly rated corporate bonds that are denominated in the currency in which the benefits will be paid (NIS) and that have terms to maturity approximating the terms of the related liability. Remeasurement gains and losses arising from adjustments to reflect actual experience and changes in actuarial assumptions are charged or credited to equity in other comprehensive loss (income) in the period in which they arise. 2) Vacation and recreation pay Under Israeli law, each employee is entitled to vacation days and recreation pay, both computed on an annual basis. The entitlement is based on the length of the employment period. The Company recognizes a liability and an expense for vacation and recreation pay based on the entitlement of each employee. |
Share-Based Payments | k. Share-based payments The Company operates a number of equity-settled, share-based compensation plans to employees (as defined in IFRS 2 “Share-Based Payments”), directors and service providers. As part of the plans, the Company grants employees, directors and service providers, from time to time and at its discretion, options and RSU’s to purchase Company shares. The fair value of the employee and service provider services received in exchange for the grant of the options and RSU’s are recognized as an expense in profit or loss and is recorded to Additional paid in capital within equity. The total amount recognized as an expense over the vesting period of the options (the period during which all vesting conditions are expected to be met) was determined as follows: 1) Share based payments to employees and directors by reference to the fair value of the options and RSU’s granted at date of grant. 2) Share based payments to service providers by reference to the fair value of the service provided. Service conditions and performance vesting conditions are included in assumptions about the number of options and RSU’s that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the Company revises its estimates of the number of options and RSU’s that are expected to vest based on the vesting conditions. The Company recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to Additional paid in capital. When options are exercised, the Company issues new shares, with proceeds less directly attributable transaction costs recognized as share capital (par value) and additional paid in capital. |
Provisions | l. Provisions Provisions are recognized when the Company has a present legal or constructive obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation. Provisions are measured by discounting the future cash outflow at a pretax interest rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The carrying amount of the provision is adjusted in each reporting period in order to reflect the passage of time and the changes in the carrying amounts are carried to the statement of comprehensive loss. As of December 31, 2018, no provisions have been recognized. |
Revenue from Contracts with Customer | m. Revenue from contracts with customers General In November 2017, the Company signed an exclusive license agreement with NanoCarrier Co. Ltd (hereinafter - “The License Agreement”), for the development, commercialization, and supply of VB-111 in Japan (see note 8 for further details). As of January 1, 2017, the Company early adopted IFRS 15, with full retrospective application. Since the Company has not generated revenues until 2017, the adoption of IFRS 15 did not have an effect on accumulated deficits as of January 1, 2015 nor on 2015’s and 2016’s comparatives. IFRS 15 introduces a five-step model for recognizing revenue from contracts with customers, as follows: 1. identify the contract with a customer; 2. identify the performance obligations in the contract; 3. determine the transaction price; 4. allocate the transaction price to the performance obligations in the contract; 5. recognize revenue when (or as) the entity satisfies a performance obligation. Revenues from licensing agreement According to IFRS 15, performance obligation is a promise to provide a distinct good or service or a series of distinct goods or services. Goods and services that are not distinct are bundled with other goods or services in the contract until a bundle of goods or services that is distinct is created. A good or service promised to a customer is distinct if the customer can benefit from the good or service either on its own or together with other resources that are readily available to the customer and the entity’s promise to transfer the good or service to the customer is separately identifiable from other promises in the contract. The Company has identified two performance obligations in The License Agreement: (1) Grant of the license and use of its IP; and (2) Company’s participation and consulting assistance services. In addition, there is a potential performance obligation regarding future manufacturing. IFRS 15 defines the ‘Transaction Price’ as the amount of consideration to which the entity expects to be entitled in exchange for transferring the promised goods or services to a customer. The Company allocates the transaction price to each performance obligation identified based on the standalone selling prices of the goods or services being provided to the customer. The Grant of the license and use of its IP performance obligation considered to be a right to use IP in accordance with IFRS 15. Therefore, revenue is recognized at a point in time, upon transfer of control over the license to the licensee. The Company’s participation and consulting assistance services performance obligation is recognized as revenue over the service period, based on input method, which is costs incurred and labor hours expended. Revenue from achieving additional milestones is recognized only when it is highly probable that a significant reversal of cumulative revenues will not occur, usually upon achievement of the specific milestone. The transaction price contains variable considerations contingent upon the licensee achieving certain milestones, as well as sales-based royalties, in accordance with the relevant agreement. Variable payments, contingent on achieving additional milestones, are included in the transaction price based on most likely amount method. Amounts included in the transaction price are recognized only when it is highly probable that a significant reversal of cumulative revenues will not occur, usually upon achievement of the specific milestone, in accordance with the relevant agreement. Sales-based royalties are not included in the transaction price. Rather, they are recognized as the related sale occurs, due to the specific exception of IFRS 15 for sales-based royalties in licensing of intellectual properties. |
Research and Development Expenses | n. Research and development expenses Research expenses are charged to profit or loss as incurred. An intangible asset arising from development of the Company’s products is recognized if all of the following conditions are met: ● It is technically feasible to complete the intangible asset so that it will be available for use; ● Management intends to complete the intangible asset and use it or sell it; ● There is an ability to use or sell the intangible asset; ● It can be demonstrated how the intangible asset will generate probable future economic benefits; ● Adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; ● Costs associated with the intangible asset during development can be measured reliably. Other development costs that do not meet the above criteria are recognized as expenses as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. As of December 31, 2018, the Company has not yet capitalized any development costs. |
Government Grants | o. Government grants Government grants, which are received from the Israeli Innovation Authority or IIA (formerly known as the Israeli Office of Chief Scientist, or the “OCS”) by way of participation in research and development that is conducted by the Company, fall within the scope of “forgivable loans,” as set forth in International Accounting Standard 20 “Accounting for Government Grants and Disclosure of Government Assistance” (“IAS 20”). As approved by the IIA, the grants are received in installments as the program progresses. The Company recognizes each forgivable loan on a systematic basis at the same time the Company records, as an expense, the related research and development costs for which the grant is received, provided that there is reasonable assurance that (a) the Company complies with the conditions attached to the grant, and (b) it is probable that the grant will be received (usually upon receipt of approval notice). The amount of the forgivable loan is recognized based on the participation rate approved by the IIA; thus, a forgivable loan is recognized as a receivable when approved research and development costs have been incurred before grant funds are received. Since at the time of grant approval there is reasonable assurance that the Company will comply with the forgivable loan conditions attached to the grant, and it is reasonably assured that the Company will not pay royalties to IIA, grant income is recorded against the related research and development expenses in the statements of comprehensive loss. If forgivable loans are initially carried to income, as described above, and in subsequent periods it is no longer reasonably assured that royalties will not be paid to the IIA, the Company recognizes a liability that is measured based on the Company’s best estimate of the amount required to settle the Company’s obligation at the end of each reporting period. |
Lease | p. Lease Leases in which a significant portion of the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to the statements of comprehensive loss on a straight-line basis over the period of the lease. Leases of property, plant and equipment where the Company, as lessee, has substantially all the risks and rewards of ownership are classified as finance leases. Finance leases are capitalised at the lease’s inception at the fair value of the leased property or, if lower, the present value of the minimum lease payments. The corresponding rental obligations, net of finance charges, are included in short-term lease liability and long-term lease liability. Each lease payment is allocated between the liability and finance cost. The finance cost is charged to the profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The property, plant and equipment acquired under finance leases is depreciated over the asset’s useful life or over the shorter of the asset’s useful life and the lease term if there is no reasonable certainty that the Company will obtain ownership at the end of the lease term. |
Segment Reporting | q. Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments. The Company operates in one operating segment. |
Loss Per Ordinary Share | r. Loss per Ordinary Share Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of Ordinary Shares issued and outstanding during the year. The diluted loss per share is calculated by adjusting the weighted average number of outstanding Ordinary Shares, assuming conversion of all dilutive potential shares. The Company’s dilutive potential shares consist of options and RSU’s granted to employees and service providers and warrants. The dilutive potential shares were not taken into account in computing loss per share in 2018, 2017, and 2016 as their effect would not have been dilutive. |
Trade Receivables | s. Trade receivables Trade receivables are amounts due from customers for goods sold or services performed in the ordinary course of business. If collection of the amounts is expected in one year or less, they are classified as current assets. The Company’s impairment for trade and other receivables are outlined in note 2(f)(3). |
Standards That are Not Yet in Effect and Have Not Been Early Adopted by the Company | t. Standards that are not yet in effect and have not been early adopted by the Company: 1. International Financial Reporting Standard No. 16 “Leases” (hereafter - IFRS 16) IFRS 16 was issued in January 2016. It will result in almost all leases being recognized on the balance sheet by lessees, as the distinction between operating and finance leases is removed. Under the new standard, an asset (the right to use the leased item) and a financial liability to pay rentals are recognized. The only exceptions are short-term and low-value leases. The Company has reviewed all of the Company’s arrangements over the last year in light of the new lease accounting rules in IFRS 16. The standard will affect primarily the accounting for the Company’s operating leases. The Company expects to recognize lease liabilities and a right of use assets of approximately $2.7 million on January 1, 2019. The Company will apply the standard from its mandatory adoption date of January 1, 2019. The Company intends to apply the simplified transition approach and will not restate comparative amounts for the year prior to first adoption. The Company expects that net loss will increase by an immaterial amount for 2019 as a result of adopting the new rules. Operating cash flows for 2019 will increase, and financing cash flows will decrease by approximately $0.4 million as repayment of the principal portion of the lease liabilities will be classified as cash flows from financing activities. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of initial application of standards or interpretations [abstract] | |
Schedule of Annual Rates of Depreciation | Annual rates of depreciation are as follows: % Laboratory equipment 9-15 Computers 25-33 Office furniture and equipment 7 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of nature and extent of risks arising from financial instruments [abstract] | |
Schedule of Composition of Financial Instruments by Currency | As of December 31, 2018: Dollars NIS Pound sterling Euro & SEK Total U.S. dollars in thousands Assets: Cash and cash equivalents $ 26,340 $ 2,827 $ 95 $ 85 $ 29,347 Short term bank deposits 21,135 - - - 21,135 Trade receivables - - - - - Other current assets (except for prepaid expenses) - 521 - - 521 47,475 3,348 95 85 51,003 Liabilities- Accounts payable and accrued expenses $ 1,966 $ 2,109 $ - $ 62 $ 4,137 Net assets $ 45,509 $ 1,239 $ 95 $ 23 $ 46,866 As of December 31, 2017: Dollars NIS Pound sterling Euro & SEK Total U.S. dollars in thousands Assets: Cash and cash equivalents $ 4,781 $ 1,546 $ 187 $ 180 $ 6,694 Short term bank deposits 48,035 - - - 48,035 Trade receivables 2,000 - - - 2,000 Other current assets (except for prepaid expenses) - 1,447 - - 1,447 54,816 2,993 187 180 58,176 Liabilities- Accounts payable and accrued expenses $ 4,492 $ 1,973 $ 45 $ 13 $ 6,523 Net assets $ 50,324 $ 1,020 $ 142 $ 167 $ 51,653 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, plant and equipment [abstract] | |
Schedule of Composition of Assets Grouped by Major Classifications | Composition of assets, grouped by major classifications, and changes therein is as follows: Cost Accumulated depreciation Balance at beginning of year Additions during the year Disposals during the year Balance at end of year Balance at beginning of year Additions during the year Disposals during the year Balance at end of year Net book value U.S. dollars in thousands Year ended December 31, 2018: Laboratory equipment $ 3,016 $ 1,627 $ (4 ) $ 4,639 $ 1,501 $ 432 $ (4 ) $ 1,929 $ 2,710 Computers 238 37 - 275 154 50 - 204 71 Office furniture and equipment 111 85 - 196 20 15 - 35 161 Leasehold improvements 5,675 1,251 (300 ) 6,626 237 659 (249 ) 647 5,979 $ 9,040 $ 3,000 (304 ) $ 11,736 $ 1,912 $ 1,156 $ (253 ) $ 2,815 $ 8,921 Year ended December 31, 2017: Laboratory equipment $ 2,024 $ 1,186 $ (194 ) $ 3,016 $ 1,605 $ 90 $ (194 ) $ 1,501 $ 1,515 Computers 400 95 (257 ) 238 368 43 (257 ) 154 84 Office furniture and equipment 67 83 (39 ) 111 57 2 (39 ) 20 91 Leasehold improvements 752 5,233 (310 ) 5,675 526 21 (310 ) 237 5,438 $ 3,243 $ 6,597 (800 ) $ 9,040 $ 2,556 $ 156 $ (800 ) $ 1,912 $ 7,1 28 Cost Accumulated depreciation Balance at beginning of year Additions during the year Disposals during the year Balance at end of year Balance at beginning of year Additions during the year Balance at end of year Net book value U.S. dollars in thousands Year ended December 31, 2016: Laboratory equipment $ 1,683 $ 341 - $ 2,024 $ 1,528 $ 77 $ 1,605 $ 419 Computers 374 26 - 400 336 32 368 32 Office furniture and equipment 66 1 - 67 54 3 57 10 Leasehold improvements 629 123 - 752 508 18 526 226 $ 2,752 $ 491 - $ 3,243 $ 2,426 $ 130 $ 2,556 $ 687 |
Severance Pay Obligations, Net
Severance Pay Obligations, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Classes of employee benefits expense [abstract] | |
Schedule of Amounts Recognized in the Statements of Financial Position | Year ended December 31 2018 2017 U.S. dollars in thousands Severance pay obligations $ 391 $ 469 Fair value of plan assets 292 341 Liability in the statements of financial position $ 99 $ 128 |
Schedule of Principal Actuarial Assumptions | The principal actuarial assumptions used for December 31, 2018 and 2017 were as follows: 2018 2017 Discount rate 3.41 % 2.8 % Future salary increases 4.0 % 4.5 % |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Composed of Shares | a. Composed of shares of NIS 0.01 par value, as follows: Number of shares December 31 2018 2017 Authorized: Ordinary Shares 70,000,000 70,000,000 Issued: Ordinary Shares (1) 35,881,128 29,879,323 (1) The Ordinary Shares confer upon their holders the following rights: (i) the right to vote in any general meeting of the Company; (ii) the right to receive dividends; and (iii) the right to receive upon liquidation of the Company a sum equal to the nominal value of the share, and if a surplus remains, to receive such surplus. |
Schedule of Stock Option Activity | Options and Restricted Stock Units (“RSUs”) granted in 2016: Number of options and RSUs granted according to option plan of the Company Exercise price per Ordinary The fair value of options and RSUs Date of grant Other than directors To directors Total Share ($) of grant (in thousands) 1) February 2016 - 20,000 20,000 $ 3.48 $ 51 2) May and June 2016 70,000 - 70,000 $ 3.30 - $3.40 $ 230 3) March 2016 114,129 - 114,129 $ $ 412 4) November 2016 725,000 - 725,000 $ 5.08 $ 3,232 5) November 2016 100,000 - 100,000 $ $ 492 1) 20,000 options were allocated to two external directors of the Company: a. The options will vest over 3 years from the date of grant; 1/12 of the options at the end of each quarter in the course of the 3 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $3.48, fair value of these options was estimated at $51 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 86.0%; risk-free interest rate: 1.64% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. 2) 70,000 options were allocated to two Consultants: a. The options will vest between 3 to 5 years. b. Company management estimates the fair value of the options granted to consultants based on the value of services received over the vesting period of the applicable options. The value of such services is estimated based on the additional cash compensation the Company would need to pay if such options were not granted. The fair value of these options on the date of grant was approximately $230 thousand. 3) 114,129 restricted stock units (“RSUs”) were allocated to officers of the Company: a. The RSUs vesting period is dependent on the achievement of certain clinical performance milestones. b. The fair value of these RSUs on the date of grant was approximately $412 thousand, using the quoted closing market share price of $3.61on the Nasdaq Global Market. 4) 725,000 options were allocated to employees and officers of the Company: a. The options will vest by 4 years with 50% on the second year anniversary; the remaining 50% at 1/8 of the options at the end of each quarter over the course of the last 2 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $5.08, fair value of these options was estimated at $3,232 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 1.78% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. 5) 100,000 RSUs were allocated to officers of the Company: a. The RSUs vesting period is dependent on the achievement of certain clinical performance milestones. b. The fair value of these RSUs on the date of grant was approximately $492 thousand, using the quoted closing market share price of $4.92 on the Nasdaq Global Market. Options and Restricted Stock Units (“RSUs”) granted in 2017: Number of options granted according to option plan of the Company Exercise price per Ordinary The fair value of options on date Date of grant Other than directors To directors Total Share ($) of grant (in thousands) 1) February 2017 - 20,000 20,000 $ 5.22 $ 100 2) March 2017 10,000 - 10,000 $ 5.43 $ 30 3) March 2017 - 65,000 65,000 $ 5.71 $ 337 4) June 2017 100,000 - 100,000 $ 5.39 $ 437 5) June 2017 36,000 - 36,000 $ $ 175 6) October 2017 700,000 - 700,000 $ 5.99 $ 4,113 7) October 2017 140,000 - 140,000 $ $ 903 1) 20,000 options were allocated to two independent directors of the Company: a. The options will vest over 3 years from the date of grant; 1/12 of the options at the end of each quarter in the course of the 3 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $5.22, fair value of these options was estimated at $100 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.41% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. 2) 10,000 options was allocated to a Consultant: a. The options will vest over 3 years. b. Company management estimates the fair value of the options granted to consultants based on the value of services received over the vesting period of the applicable options. The value of such services is estimated based on the additional cash compensation the Company would need to pay if such options were not granted. The fair value of these options on the date of grant was approximately $30 thousand. 3) 65,000 options were allocated to four independent directors of the Company: a. The options will vest by 4 years with 50% on the second year anniversary; the remaining 50% at 1/8 of the options at the end of each quarter over the course of the last 2 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $5.71, fair value of these options was estimated at $337 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.44% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. 4) 100,000 options was allocated to an officer of the Company: a. The options will vest by 4 years with 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $5.39, fair value of these options was estimated at $437 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.15% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. 5) 36,000 restricted stock units (“RSUs”) were allocated to an officer of the Company: a. The RSUs vesting period is dependent on the achievement of certain clinical performance milestones. b. The fair value of these RSUs on the date of grant was approximately $175 thousand, using the quoted closing market share price of $4.85 on the Nasdaq Global Market. 6) 700,000 options were allocated to employees and officers of the Company: a. The options will vest by 4 years with 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $5.99, fair value of these options was estimated at $4,113 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.41% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. 7) 140,000 RSUs were allocated to officers of the Company: a. The RSUs vesting period is dependent on the achievement of certain clinical performance milestones. b. The fair value of these RSUs on the date of grant was approximately $903 thousand, using the quoted closing market share price of $6.45 on the Nasdaq Global Market. Options granted in 2018: Number of options granted according to option plan of the Company Exercise price per Ordinary The fair value of options on date Date of grant Other than directors To directors Total Share ($) of grant (in thousands) 1) January 2018 - 128,000 128,000 $ 6.9 $ 838,470 2) June 2018 50,000 - 50,000 $ 2.22 $ 119,264 3) September 2018 - 30,000 30,000 $ 1.78 $ 45,574 4) December 2018 935,000 370,000 1,305,000 $ 1.22 $ 1,299,867 1) 128,000 options were allocated to independent directors of the Company: a. The options will vest by 4 years with 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $6.90, fair value of these options was estimated at $838 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.46% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. 2) 50,000 options were allocated to officer of the Company: a. The options will vest by 4 years with 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $2.22, fair value of these options was estimated at $119 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.93% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. 3) 30,000 options were allocated to independent directors of the Company: a. The options will vest by 4 years with 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $1.78, fair value of these options was estimated at $46 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.85% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. 4) 1,305,000 options were allocated to employees, officers and independent directors of the Company: a. The options will vest by 4 years with 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $1.22, fair value of these options was estimated at $1,300 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 100.0%; risk-free interest rate: 2.86% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. |
Schedule of Changes in the Number of Options and RSUs and Weighted Average Exercise Prices | h. Changes in the number of options and RSUs and weighted average exercise prices are as follows: Year ended December 31 2018 2017 2016 Number of options Weighted average exercise price Number of options Weighted average exercise price Number of options Weighted average exercise price Outstanding at beginning of year 4,036,095 $ 3.88 3,241,535 $ 3.41 2,304,179 $ 3.17 Granted 1,513,000 1.74 1,071,000 4.91 1,029,129 3.87 Exercised (97,042 ) 0.33 (252,343 ) 1.91 (72,873 ) 1.66 Forfeited (395,140 ) 3.31 (24,097 ) 4.18 (18,900 ) 6.92 Outstanding at end of year 5,056,914 $ 3.36 4,036,095 $ 3.88 3,241,535 $ 3.41 Exercisable at end of year 2,478,796 $ 3.70 1,844,283 $ 2.97 1,718,713 $ 2.16 |
Schedule of Options Exercise Price and Contractual Life | i. The following is information about exercise price and remaining contractual life of outstanding options and RSUs at year-end: December 31, 2018 December 31, 2017 December 31, 2016 Number of options outstanding at end of year Exercise price Weighted average of remaining contractual life Number of options outstanding at end of year Exercise Price Weighted average of remaining contractual life Number of options outstanding at end of year Exercise price Weighted average of remaining contractual life 521,509 $ 0.002 11.34 758,928 $ 0.002 8.29 620,970 $ 0.002 10.73 72,990 $ 1.21 5.72 98,657 $ 1.21 6.78 117,990 $ 1.21 7.65 1,898,969 $ 1.22-$2.47 15.54 513,969 $ 2.47 10.45 713,282 $ 2.47 1.12 559,871 $ 3.30 - $3.48 13.96 584,871 $ 3.30 - $3.48 14.96 588,023 $ 3.30 - $ 3.48 15.96 60,000 $ 6.03 16.13 60,000 $ 6.03 17.13 60,000 $ 6.03 18.13 116,000 6.9 19.2 372,470 $ 7.52 16.88 409,670 $ 7.52 17.88 416,270 $ 7.52 18.88 1,455,105 $ 5.08 - $ 5.99 18.38 1,610,000 $ 5.08 - $ 5.99 19.38 725,000 $ 5.08 19.87 5,056,914 4,036,095 3,241,535 |
Schedule of Share Based Compensation | j . Expenses for share based compensation recognized in statements of comprehensive loss were as follows: Year ended December 31 2018 2017 2016 U.S. dollars in thousands Research and development expenses $ 2,255 $ 2,027 $ 900 Administrative and general expenses 1,541 1,977 520 Marketing expenses 71 148 - $ 3,867 $ 4,152 $ 1,420 |
Supplementary Financial Infor_2
Supplementary Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of Supplementary Financial Information | December 31 2018 2017 U.S. dollars in thousands a. Other current assets: Institutions - VAT $ 287 $ 865 Prepaid expenses 706 282 Government grants receivable 234 482 Other - 100 $ 1,227 $ 1,729 b. Accounts payable-other: Accrued expenses $ 2,434 $ 2,956 Employee-related accrued expenses 281 317 Provision for vacation 229 192 $ 2,944 $ 3,465 Year ended December 31 2018 2017 2016 U.S. dollars in thousands c. Research and development expenses, net: Payroll and related expenses $ 5,182 $ 4,636 $ 2,921 Subcontractors and consultation 7,158 12,450 8,894 Materials 1,681 768 556 Patent expenses 780 797 752 Depreciation 1,086 106 88 Office rent and maintenance 1,364 721 397 Other 704 481 539 17,955 19,959 14,147 Government grants (see note 9e) (2,015 ) (2,189 ) (1,700 ) $ 15,940 $ 17,770 $ 12,447 d. Administrative and general expenses: Payroll and related expenses $ 1,838 $ 2,681 $ 1,499 Management and professional fees 2,131 2,212 1,614 Foreign travel 340 279 259 Depreciation 70 50 42 Other 841 625 414 $ 5,220 $ 5,847 $ 3,828 e. Marketing expenses Payroll and related expenses $ 355 346 - Consultation 42 216 - $ 397 562 - |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
LOSS PER ORDINARY SHARE | |
Schedule of Basic and Diluted Loss Per Share | Year ended December 31 2018 2017 2016 U.S. dollars in thousands, except per share data Basic and diluted: Loss attributable to equity holders of the Company $ 20,458 $ 10,138 $ 16,002 Weighted average number of ordinary shares in issue 32,969,094 27,398,169 24,970,585 Loss per ordinary share $ 0.62 $ 0.37 $ 0.64 |
Financial (Income) Expenses, _2
Financial (Income) Expenses, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Analysis of income and expense [abstract] | |
Schedule of Financial Income Expenses | Year ended December 31 2018 2017 2016 U.S. dollars in thousands Financial income: Interest from deposits $ 908 $ 335 $ 263 Exchange differences - 209 22 908 544 285 Financial expenses: Bank fees 37 27 12 Exchange differences 122 - - 159 27 12 TOTAL FINANCIAL (INCOME) EXPENSES, net $ (749 ) $ (517 ) $ (273 ) |
Related Parties-Transactions _2
Related Parties-Transactions and Balances (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Related party transactions [abstract] | |
Schedule of Transactions with Related Parties | Year ended December 31 2018 2017 2016 U.S. dollars in thousands Key management compensation: Labor cost and related expenses $ 2,267 $ 2,202 $ 1,737 Share-based payments 1,866 2,075 817 Other 427 406 420 $ 4,560 $ 4,683 $ 2,974 |
Schedule of Balances with Related Parties | December 31 2018 2017 U.S. dollars in thousands Key management- Payables and accrued expenses - for salary and related expenses $ 484 $ 409 Severance pay obligations $ 76 $ 88 Provision for vacation $ 116 $ 97 |
General Information (Details Na
General Information (Details Narrative) - USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2017 |
Disclosure of reserves within equity [abstract] | |||
Accumulated deficit | $ (188,646,000) | $ (168,188,000) | |
Cash and cash equivalents and short-term bank deposits | $ 50,500,000 | $ 15,000,000 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Disclosure of initial application of standards or interpretations [line items] | |
Impairment | |
Number of operating segment | 1 |
Increase through financing cash flow | $ 400 |
January 1, 2019 [Member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Lease liabilities | $ 2,700 |
Leasehold Improvements [Member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Assets depreciation method | straight-line method over the shorter of the term of the lease |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Annual Rates of Depreciation (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Laboratory Equipment [Member] | Bottom of Range [Member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Annual rates of depreciation | 9% |
Laboratory Equipment [Member] | Top of Range [Member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Annual rates of depreciation | 15% |
Computers [Member] | Bottom of Range [Member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Annual rates of depreciation | 25% |
Computers [Member] | Top of Range [Member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Annual rates of depreciation | 33% |
Office Furniture and Equipment [Member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Annual rates of depreciation | 7% |
Significant Accounting Estima_2
Significant Accounting Estimates and Judgements (Details Narrative) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of changes in accounting estimates [line items] | ||
Clinical accruals | $ 2,434 | $ 2,956 |
Clinical Accruals [Member] | ||
Disclosure of changes in accounting estimates [line items] | ||
Clinical accruals | $ 1,200 |
Financial Risk Management (Deta
Financial Risk Management (Details Narrative) | 12 Months Ended | ||
Dec. 31, 2018USD ($)Period | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Foreign currency exchange profit or loss | $ | $ 62,000 | $ 51,000 | $ 13,000 |
NIS [Member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Foreign exchange risk rate | Period | 0.05 |
Financial Risk Management - Sch
Financial Risk Management - Schedule of Composition of Financial Instruments by Currency (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Cash and cash equivalents | $ 29,347 | $ 6,694 | $ 11,585 | $ 7,090 |
Short term bank deposits | 21,135 | 48,035 | ||
Trade receivables | 2,000 | |||
Other current assets (except for prepaid expenses) | 51,709 | 58,458 | ||
Assets | 60,678 | 65,689 | ||
Composition of Monetary Balances [Member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Cash and cash equivalents | 29,347 | 6,694 | ||
Short term bank deposits | 21,135 | 48,035 | ||
Trade receivables | 2,000 | |||
Other current assets (except for prepaid expenses) | 521 | 1,447 | ||
Assets | 51,003 | 58,176 | ||
Accounts payable and accrued expenses | 4,137 | 6,523 | ||
Net assets | 46,866 | 51,653 | ||
Composition of Monetary Balances [Member] | Dollars [Member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Cash and cash equivalents | 26,340 | 4,781 | ||
Short term bank deposits | 21,135 | 48,035 | ||
Trade receivables | 2,000 | |||
Other current assets (except for prepaid expenses) | ||||
Assets | 47,475 | 54,816 | ||
Accounts payable and accrued expenses | 1,966 | 4,492 | ||
Net assets | 45,509 | 50,324 | ||
Composition of Monetary Balances [Member] | NIS [Member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Cash and cash equivalents | 2,827 | 1,546 | ||
Short term bank deposits | ||||
Trade receivables | ||||
Other current assets (except for prepaid expenses) | 521 | 1,447 | ||
Assets | 3,348 | 2,993 | ||
Accounts payable and accrued expenses | 2,109 | 1,973 | ||
Net assets | 1,239 | 1,020 | ||
Composition of Monetary Balances [Member] | Pound Sterling [Member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Cash and cash equivalents | 95 | 187 | ||
Short term bank deposits | ||||
Trade receivables | ||||
Other current assets (except for prepaid expenses) | ||||
Assets | 95 | 187 | ||
Accounts payable and accrued expenses | 45 | |||
Net assets | 95 | 142 | ||
Composition of Monetary Balances [Member] | Euro & SEK [Member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Cash and cash equivalents | 85 | 180 | ||
Short term bank deposits | ||||
Trade receivables | ||||
Other current assets (except for prepaid expenses) | ||||
Assets | 85 | 180 | ||
Accounts payable and accrued expenses | 62 | 13 | ||
Net assets | $ 23 | $ 167 |
Short-term Bank Deposits (Detai
Short-term Bank Deposits (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
ShorttermBankDepositsLineItems [Line Items] | ||
Short-term bank deposits | $ 21,135 | $ 48,035 |
Bottom of Range [Member] | ||
ShorttermBankDepositsLineItems [Line Items] | ||
Bank deposits terms | 3 months | 3 months |
Short term bank deposits annual interest rates | 2.44% | 1.56% |
Top of Range [Member] | ||
ShorttermBankDepositsLineItems [Line Items] | ||
Bank deposits terms | 1 year | 1 year |
Short term bank deposits annual interest rates | 2.64% | 1.81% |
Property and Equipment - Schedu
Property and Equipment - Schedule of Composition of Assets Grouped by Major Classifications (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
PropertyPlantAndEquipmentsLineItems [Line Items] | |||
Cost of balance at beginning of year | $ 7,128 | ||
Cost of balance at end of year | 8,921 | $ 7,128 | |
Property and equipment, net | 7,128 | 7,128 | |
Gross carrying amount [member] | |||
PropertyPlantAndEquipmentsLineItems [Line Items] | |||
Cost of balance at beginning of year | 9,040 | 3,243 | $ 2,752 |
Cost of additions during the year | 3,000 | 6,597 | 491 |
Disposals during the year | (304) | (800) | |
Cost of balance at end of year | 11,736 | 9,040 | 3,243 |
Accumulated depreciation of Disposals during the year | (253) | (800) | |
Property and equipment, net | 11,736 | 9,040 | 3,243 |
Accumulated Depreciation and Artisation [member] | |||
PropertyPlantAndEquipmentsLineItems [Line Items] | |||
Cost of balance at beginning of year | 7,128 | 687 | |
Cost of additions during the year | 1,156 | 156 | 130 |
Cost of balance at end of year | 8,921 | 7,128 | 687 |
Property and equipment, net | 8,921 | 7,128 | 687 |
Accumulated Depreciation [member] | |||
PropertyPlantAndEquipmentsLineItems [Line Items] | |||
Cost of balance at beginning of year | 1,912 | 2,556 | 2,426 |
Cost of balance at end of year | 2,815 | 1,912 | 2,556 |
Property and equipment, net | 1,912 | 1,912 | 2,556 |
Laboratory Equipment [Member] | |||
PropertyPlantAndEquipmentsLineItems [Line Items] | |||
Cost of balance at beginning of year | 3,016 | 2,024 | 1,638 |
Cost of additions during the year | 1,627 | 1,186 | 341 |
Disposals during the year | (4) | (194) | |
Cost of balance at end of year | 4,639 | 3,016 | 2,024 |
Accumulated depreciation of Disposals during the year | (4) | (194) | |
Property and equipment, net | 3,016 | 3,016 | 2,024 |
Laboratory Equipment [Member] | Accumulated Depreciation and Artisation [member] | |||
PropertyPlantAndEquipmentsLineItems [Line Items] | |||
Cost of balance at beginning of year | 1,515 | 419 | |
Cost of additions during the year | 432 | 90 | 77 |
Cost of balance at end of year | 2,710 | 1,515 | 419 |
Property and equipment, net | 2,710 | 1,515 | 419 |
Laboratory Equipment [Member] | Accumulated Depreciation [member] | |||
PropertyPlantAndEquipmentsLineItems [Line Items] | |||
Cost of balance at beginning of year | 1,501 | 1,605 | 1,528 |
Cost of balance at end of year | 1,929 | 1,501 | 1,605 |
Property and equipment, net | 1,929 | 1,501 | 1,605 |
Computers [Member] | |||
PropertyPlantAndEquipmentsLineItems [Line Items] | |||
Cost of balance at beginning of year | 238 | 400 | 347 |
Cost of additions during the year | 37 | 95 | 26 |
Disposals during the year | (257) | ||
Cost of balance at end of year | 275 | 238 | 400 |
Accumulated depreciation of Disposals during the year | (257) | ||
Property and equipment, net | 238 | 400 | 400 |
Computers [Member] | Accumulated Depreciation and Artisation [member] | |||
PropertyPlantAndEquipmentsLineItems [Line Items] | |||
Cost of balance at beginning of year | 84 | 32 | |
Cost of additions during the year | 50 | 43 | 32 |
Cost of balance at end of year | 71 | 84 | 32 |
Property and equipment, net | 71 | 84 | 32 |
Computers [Member] | Accumulated Depreciation [member] | |||
PropertyPlantAndEquipmentsLineItems [Line Items] | |||
Cost of balance at beginning of year | 154 | 368 | 336 |
Cost of balance at end of year | 204 | 154 | 368 |
Property and equipment, net | 204 | 154 | 368 |
Office Furniture and Equipment [Member] | |||
PropertyPlantAndEquipmentsLineItems [Line Items] | |||
Cost of balance at beginning of year | 111 | 67 | 66 |
Cost of additions during the year | 85 | 83 | 1 |
Disposals during the year | (39) | ||
Cost of balance at end of year | 196 | 111 | 67 |
Accumulated depreciation of Disposals during the year | (39) | ||
Property and equipment, net | 111 | 111 | 67 |
Office Furniture and Equipment [Member] | Accumulated Depreciation and Artisation [member] | |||
PropertyPlantAndEquipmentsLineItems [Line Items] | |||
Cost of balance at beginning of year | 91 | 10 | |
Cost of additions during the year | 15 | 2 | 3 |
Cost of balance at end of year | 161 | 91 | 10 |
Property and equipment, net | 161 | 91 | 10 |
Office Furniture and Equipment [Member] | Accumulated Depreciation [member] | |||
PropertyPlantAndEquipmentsLineItems [Line Items] | |||
Cost of balance at beginning of year | 20 | 57 | 54 |
Cost of balance at end of year | 35 | 20 | 57 |
Property and equipment, net | 20 | 20 | 57 |
Leasehold Improvements [Member] | |||
PropertyPlantAndEquipmentsLineItems [Line Items] | |||
Cost of balance at beginning of year | 5,675 | 752 | 629 |
Cost of additions during the year | 1,251 | 5,233 | 123 |
Disposals during the year | (300) | (310) | |
Cost of balance at end of year | 6,626 | 5,675 | 752 |
Accumulated depreciation of Disposals during the year | (249) | (310) | |
Property and equipment, net | 5,675 | 752 | 752 |
Leasehold Improvements [Member] | Accumulated Depreciation and Artisation [member] | |||
PropertyPlantAndEquipmentsLineItems [Line Items] | |||
Cost of balance at beginning of year | 5,438 | 226 | |
Cost of additions during the year | 659 | 21 | 18 |
Cost of balance at end of year | 5,979 | 5,438 | 226 |
Property and equipment, net | 5,979 | 5,438 | 226 |
Leasehold Improvements [Member] | Accumulated Depreciation [member] | |||
PropertyPlantAndEquipmentsLineItems [Line Items] | |||
Cost of balance at beginning of year | 237 | 526 | 508 |
Cost of balance at end of year | 647 | 237 | 526 |
Property and equipment, net | $ 647 | $ 237 | $ 526 |
Severance Pay Obligations, Ne_2
Severance Pay Obligations, Net (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Classes of employee benefits expense [abstract] | |||
Other comprehensive loss (income) | $ (25) | $ 24 | $ 5 |
Employee benefit expense | $ 347 | $ 318 | $ 266 |
Severance Pay Obligations, Ne_3
Severance Pay Obligations, Net - Schedule of Amounts Recognized in the Statements of Financial Position (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Classes of employee benefits expense [abstract] | ||
Severance pay obligations | $ 391 | $ 469 |
Fair value of plan assets | 292 | 341 |
Liability in the statements of financial position | $ 99 | $ 128 |
Severance Pay Obligations, Ne_4
Severance Pay Obligations, Net - Schedule of Principal Actuarial Assumptions (Details) | Dec. 31, 2018 | Dec. 31, 2017 |
Classes of employee benefits expense [abstract] | ||
Discount rate | 3.41% | 2.80% |
Future salary increases | 4.00% | 4.50% |
License and Supply Agreement (D
License and Supply Agreement (Details Narrative) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2011 | Dec. 31, 2018 | Dec. 31, 2017 | Nov. 30, 2017 | |
DisclosureOfLicenseAndSupplyAgreementLineItems [Line Items] | ||||
Upfront non-refundable amount, received | $ 50,500,000 | $ 15,000,000 | ||
Trade receivables | $ 2,000,000 | |||
License fee income | $ 144,000 | 600,000 | 11,900,000 | |
Deferred revenue, current | 290,000 | 1,046,000 | ||
Deferred revenue, non current | 2,263,000 | 2,092,000 | ||
NanoCarrior Co., Ltd [Member] | ||||
DisclosureOfLicenseAndSupplyAgreementLineItems [Line Items] | ||||
Deferred revenue | 2,600,000 | |||
Deferred revenue, current | 300,000 | |||
Deferred revenue, non current | $ 2,300,000 | |||
Ovarian Phase 3 [Member] | ||||
DisclosureOfLicenseAndSupplyAgreementLineItems [Line Items] | ||||
License fee income | 2,000,000 | |||
Ovarian Phase 3 [Member] | NanoCarrior Co., Ltd [Member] | ||||
DisclosureOfLicenseAndSupplyAgreementLineItems [Line Items] | ||||
Trade receivables | $ 2,000,000 | |||
Top of Range [Member] | ||||
DisclosureOfLicenseAndSupplyAgreementLineItems [Line Items] | ||||
Development or commercial milestone payment to be achieved | $ 100,000,000 |
Commitments (Details Narrative)
Commitments (Details Narrative) $ in Thousands | Jan. 31, 2015USD ($) | Nov. 30, 2014USD ($) | Feb. 28, 2013USD ($) | Nov. 30, 2017USD ($) | Oct. 31, 2016USD ($)Period | Apr. 30, 2011USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) |
CommitmentsDisclosureLineItems [Line Items] | |||||||||
License fee | $ 144 | $ 600 | $ 11,900 | ||||||
Expiration term, from the first commercial sale | 10 years | ||||||||
Termination of the agreement | 3 months | ||||||||
Milestone payment to be received upon first regulatory approval | $ 460 | ||||||||
Long-term lease | 449 | ||||||||
Royalty payable before the additional libor interest | 19,000 | ||||||||
Aggregate consideration of CRO | (15,940) | (17,770) | $ (12,447) | ||||||
Tel Hashomer [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Percentage of net sales | 1.00% | ||||||||
Percentage of granting a license or similar rights | 2.00% | 2.00% | |||||||
Percentage of initial public offering received | 1.00% | ||||||||
Royalty and all other payment obligations amount | $ 29,000 | ||||||||
Paid to related party | $ 400 | $ 340 | |||||||
Long Term Lease Contract [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Long-term lease | $ 2,200 | ||||||||
Lease term | In October 2016, the Company entered into a long-term lease contract for approximately $2.2 million over 7 years for a new facility in Modiin, Israel with the option to extend for an additional two periods of three years each. | ||||||||
Lease extended term | 3 years | ||||||||
Number of lease option extended period | Period | 2 | ||||||||
Contract Research Organization [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Payment for project management, clinical development and other related services | $ 18,700 | ||||||||
Royalty expense | 21,700 | ||||||||
Aggregate consideration of CRO | $ 800 | ||||||||
Government [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Percentage of grant amounts plus interest | 100.00% | ||||||||
Royalty payable before the additional libor interest | 22,600 | ||||||||
Royalty payable including interest | $ 27,800 | ||||||||
Non Israeli [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Percentage of grant amounts plus interest | 600.00% | ||||||||
Building [Member] | December 31, 2019 [Member] | Long Term Lease Contract [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Future minimum operating lease payments | $ 320 | ||||||||
Building [Member] | December 31, 2020 [Member] | Long Term Lease Contract [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Future minimum operating lease payments | 320 | ||||||||
Building [Member] | December 31, 2021 [Member] | Long Term Lease Contract [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Future minimum operating lease payments | 320 | ||||||||
Building [Member] | December 31, 2022 [Member] | Long Term Lease Contract [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Future minimum operating lease payments | 320 | ||||||||
Building [Member] | December 31, 2023 [Member] | Long Term Lease Contract [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Future minimum operating lease payments | 320 | ||||||||
Building [Member] | December 31, 2024 [Member] | Long Term Lease Contract [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Future minimum operating lease payments | 133 | ||||||||
Operating Lease Agreements [Member] | Vehicles [Member] | December 31, 2019 [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Future minimum operating lease payments | 196 | ||||||||
Operating Lease Agreements [Member] | Vehicles [Member] | December 31, 2020 [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Future minimum operating lease payments | 144 | ||||||||
Operating Lease Agreements [Member] | Vehicles [Member] | December 31, 2021 [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Future minimum operating lease payments | $ 27 | ||||||||
Bottom of Range [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Percentage of net sales | 0.50% | ||||||||
Bottom of Range [Member] | Government [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Royalty Percentage | 3.00% | ||||||||
Top of Range [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Percentage of net sales | 2.00% | ||||||||
Top of Range [Member] | Government [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Royalty Percentage | 3.50% | ||||||||
EURO [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
License fee | $ 100 | ||||||||
Milestone payment to be received upon first regulatory approval | $ 400 | ||||||||
NIS [Member] | Tel Hashomer [Member] | |||||||||
CommitmentsDisclosureLineItems [Line Items] | |||||||||
Royalty and all other payment obligations amount | $ 100,000 |
Share Capital (Details Narrativ
Share Capital (Details Narrative) $ / shares in Units, $ in Thousands | Jun. 27, 2018USD ($) | Jun. 25, 2018USD ($)Period$ / sharesshares | Nov. 21, 2017USD ($) | Nov. 16, 2017$ / sharesshares | Dec. 01, 2016USD ($)$ / shares | Jun. 10, 2016USD ($) | Jan. 31, 2018shares | Mar. 31, 2017shares | Apr. 30, 2016shares | Sep. 30, 2014shares | Apr. 30, 2011shares | Oct. 31, 2018USD ($)shares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2016USD ($) | Jun. 07, 2016$ / sharesshares | Feb. 28, 2000$ / sharesshares | |
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Ordinary shares issued | shares | [1] | 35,881,128 | 29,879,323 | |||||||||||||||
Ordinary shares issued, value | $ | $ 13,725 | $ 19,031 | $ 21,859 | |||||||||||||||
Unrecognized compensation expenses | $ | $ 3,481 | |||||||||||||||||
Unrecognized compensation cost expected to be recognized over weighted average period | 1 year | |||||||||||||||||
New Option Plan [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of ordinary shares reserved for issuance | shares | 159,458 | |||||||||||||||||
Ordinary shares reserved description | Under the New Plan, the Company reserved up to 766,958 Ordinary Shares (of which 159,458 Ordinary Shares shall be taken from the unallocated pool reserved under the Plan) for allocation to employees and non-employees. | |||||||||||||||||
Employee Share Ownership and Option Plan 2014 [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of ordinary shares reserved for issuance | shares | 28,000 | |||||||||||||||||
Ordinary shares reserved description | Under the 2014 Plan, the Company reserved up to 928,000 Ordinary Shares (of which 28,000 Ordinary Shares shall be taken from the unallocated pool reserved under the New Plan). | |||||||||||||||||
2014 Plan [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Increase ordinary shares available for issuance | shares | 1,402,385 | 1,027,911 | 620,824 | |||||||||||||||
Top of Range [Member] | Option Plan [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of ordinary shares reserved for issuance | shares | 1,423,606 | |||||||||||||||||
Top of Range [Member] | New Option Plan [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of ordinary shares reserved for issuance | shares | 766,958 | |||||||||||||||||
Top of Range [Member] | Employee Share Ownership and Option Plan 2014 [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Number of ordinary shares reserved for issuance | shares | 928,000 | |||||||||||||||||
NIS [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Ordinary shares, par value | $ 0.01 | $ 0.01 | ||||||||||||||||
NIS [Member] | Employees and Non-employees [Member] | Option Plan [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Ordinary shares, par value | $ 0.01 | |||||||||||||||||
Securities Purchase Agreement [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Ordinary shares issued | shares | 5,904,762 | 4,359,091 | ||||||||||||||||
Ordinary shares, par value | $ 5.50 | |||||||||||||||||
Proceeds from offering, net of placement agent fees and offering costs | $ | $ 21,900 | |||||||||||||||||
Public offering price for each ordinary share | $ 2.50 | |||||||||||||||||
Additional purchase price of warrants | 0.125 | |||||||||||||||||
Warrants price per share | $ 2.625 | |||||||||||||||||
Gross proceeds from warrants | $ | $ 15,500 | |||||||||||||||||
Gross proceeds from offering | $ | $ 13,700 | |||||||||||||||||
Securities Purchase Agreement [Member] | NIS [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Ordinary shares, par value | $ 0.01 | $ 0.01 | ||||||||||||||||
Equity Distribution Agreements [Member] | JMP Securities LLC and Chardan Capital Markets, LLC [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Ordinary shares issued | shares | 224,695 | |||||||||||||||||
Ordinary shares issued, value | $ | $ 1,322 | |||||||||||||||||
Equity Distribution Agreements [Member] | JMP Securities LLC and Chardan Capital Markets, LLC [Member] | Top of Range [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Aggregate offering price | $ | $ 20,000 | |||||||||||||||||
Equity Distribution Agreements [Member] | NIS [Member] | JMP Securities LLC and Chardan Capital Markets, LLC [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Ordinary shares, par value | $ 0.01 | |||||||||||||||||
Percentage of commission fixed on gross proceeds from shares sold | 3.00% | |||||||||||||||||
Underwriting Agreement [Member] | Piper Jaffray & Co [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Ordinary shares issued | shares | 2,500,000 | |||||||||||||||||
Ordinary shares issued, value | $ | $ 17,900 | |||||||||||||||||
Public offering price for each ordinary share | $ 7.50 | |||||||||||||||||
Underwriting Agreement [Member] | Piper Jaffray & Co [Member] | Underwriters [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Ordinary share price | 7.20 | |||||||||||||||||
Underwriting Agreement [Member] | NIS [Member] | Piper Jaffray & Co [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Ordinary shares, par value | $ 0.01 | |||||||||||||||||
Short-term Warrant [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Ordinary shares issued | shares | 2,952,381 | |||||||||||||||||
Ordinary share price | $ 2.40 | |||||||||||||||||
Warrants price per share | $ 2.51 | |||||||||||||||||
Warrants expiration date | Jan. 6, 2020 | |||||||||||||||||
Expected volatility | 88.00% | |||||||||||||||||
Risk-free interest rate | 2.279% | |||||||||||||||||
Expected dividend | 0.00% | |||||||||||||||||
Expected life | Period | 1.5 | |||||||||||||||||
Long-term Warrant [Member] | Securities Purchase Agreement [Member] | ||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Ordinary shares issued | shares | 2,952,381 | |||||||||||||||||
Ordinary share price | $ 2.40 | |||||||||||||||||
Warrants price per share | $ 3 | |||||||||||||||||
Warrants expiration date | Jun. 26, 2022 | |||||||||||||||||
Expected volatility | 109.00% | |||||||||||||||||
Risk-free interest rate | 2.715% | |||||||||||||||||
Expected dividend | 0.00% | |||||||||||||||||
Expected life | Period | 4 | |||||||||||||||||
[1] | The Ordinary Shares confer upon their holders the following rights: (i) the right to vote in any general meeting of the Company; (ii) the right to receive dividends; and (iii) the right to receive upon liquidation of the Company a sum equal to the nominal value of the share, and if a surplus remains, to receive such surplus. |
Share Capital - Schedule of Com
Share Capital - Schedule of Composed of Shares (Details) - shares | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of classes of share capital [abstract] | |||
Ordinary Shares Authorized | 70,000,000 | 70,000,000 | |
Ordinary Shares Issued | [1] | 35,881,128 | 29,879,323 |
[1] | The Ordinary Shares confer upon their holders the following rights: (i) the right to vote in any general meeting of the Company; (ii) the right to receive dividends; and (iii) the right to receive upon liquidation of the Company a sum equal to the nominal value of the share, and if a surplus remains, to receive such surplus. |
Share Capital - Schedule of C_2
Share Capital - Schedule of Composed of Shares (Details) (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
NIS [Member] | ||
Disclosure of classes of share capital [line items] | ||
Ordinary shares, par value | $ 0.01 | $ 0.01 |
Share Capital - Schedule of Sto
Share Capital - Schedule of Stock Option Activity (Details) $ / shares in Units, $ in Thousands | Dec. 31, 2018USD ($)Period$ / sharesshares | [1] | Sep. 30, 2018USD ($)Period$ / sharesshares | [2] | Jun. 30, 2018USD ($)Period$ / sharesshares | [3] | Jan. 31, 2018USD ($)Period$ / sharesshares | [4] | Oct. 31, 2017USD ($)Period$ / sharesshares | Jun. 30, 2017USD ($)Period$ / sharesshares | Mar. 31, 2017USD ($)Period$ / sharesshares | Feb. 28, 2017USD ($)shares$ / shares | [5] | Nov. 30, 2016USD ($)Period$ / sharesshares | Feb. 29, 2016USD ($)shares$ / shares | [6] | Mar. 31, 2016USD ($)Period$ / sharesshares | [7] | Jun. 30, 2016USD ($)Period$ / sharesshares | ||||||
Options and Restricted Stock Units [Member] | |||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||
Number of options granted to other than directors | 935,000 | 50,000 | 114,129 | 70,000 | [8] | ||||||||||||||||||||
Number of options granted to directors | 370,000 | 30,000 | 128,000 | 20,000 | 20,000 | [8] | |||||||||||||||||||
Number of stock options granted, Total | 1,305,000 | 30,000 | 50,000 | 128,000 | 20,000 | 20,000 | 114,129 | 70,000 | [8] | ||||||||||||||||
Exercise price per ordinary share | $ / shares | $ 1.22 | $ 1.78 | $ 2.22 | $ 6.9 | $ 5.22 | $ 3.48 | |||||||||||||||||||
The fair value of options on date of grant | $ | $ 1,299,867 | $ 45,574 | $ 119,264 | $ 838,470 | $ 100 | $ 51 | $ 412 | $ 230 | [8] | ||||||||||||||||
Options and Restricted Stock Units [Member] | Bottom of Range [Member] | |||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||
Exercise price per ordinary share | $ / shares | [8] | $ 3.30 | |||||||||||||||||||||||
Options and Restricted Stock Units [Member] | Top of Range [Member] | |||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||
Exercise price per ordinary share | $ / shares | [8] | $ 3.40 | |||||||||||||||||||||||
Options and Restricted Stock Units One [Member] | |||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||
Number of options granted to other than directors | 700,000 | [9] | 100,000 | [10] | 10,000 | [11] | 725,000 | [12] | |||||||||||||||||
Number of options granted to directors | [9] | [10] | [11] | [12] | |||||||||||||||||||||
Number of stock options granted, Total | Period | 700,000 | [9] | 100,000 | [10] | 10,000 | [11] | 725,000 | [12] | |||||||||||||||||
Exercise price per ordinary share | $ / shares | $ 5.99 | [8] | $ 5.39 | [10] | $ 5.43 | [11] | $ 5.08 | [12] | |||||||||||||||||
The fair value of options on date of grant | $ | $ 4,113 | [8] | $ 437 | [10] | $ 30 | [11] | $ 3,232 | [12] | |||||||||||||||||
Options and Restricted Stock Units Two [Member] | |||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||
Number of options granted to other than directors | 140,000 | [13] | 36,000 | [14] | [15] | 100,000 | [16] | ||||||||||||||||||
Number of options granted to directors | [13] | [14] | 65,000 | [15] | [16] | ||||||||||||||||||||
Number of stock options granted, Total | Period | 140,000 | [13] | 36,000 | [14] | 65,000 | [15] | 100,000 | [16] | |||||||||||||||||
Exercise price per ordinary share | $ / shares | $ 0.002 | [13] | $ 0.002 | [14] | $ 5.71 | [15] | [16] | ||||||||||||||||||
The fair value of options on date of grant | $ | $ 903 | [13] | $ 175 | [14] | $ 337 | [15] | $ 492 | [16] | |||||||||||||||||
[1] | 1,305,000 options were allocated to employees, officers and independent directors of the Company: The options will vest by 4 years with 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $1.22, fair value of these options was estimated at $1,300 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 100.0%; risk-free interest rate: 2.86% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. | ||||||||||||||||||||||||
[2] | 30,000 options were allocated to independent directors of the Company: The options will vest by 4 years with 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $1.78, fair value of these options was estimated at $46 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.85% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. | ||||||||||||||||||||||||
[3] | 50,000 options were allocated to officer of the Company: The options will vest by 4 years with 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $2.22, fair value of these options was estimated at $119 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.93% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. | ||||||||||||||||||||||||
[4] | 128,000 options were allocated to independent directors of the Company: The options will vest by 4 years with 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $6.90, fair value of these options was estimated at $838 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.46% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. | ||||||||||||||||||||||||
[5] | 20,000 options were allocated to two independent directors of the Company: The options will vest over 3 years from the date of grant; 1/12 of the options at the end of each quarter in the course of the 3 years. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $5.22, fair value of these options was estimated at $100 thousand with expected volatility based on comparable companies in the healthcare sector: 97.0%; risk-free interest rate: 2.41% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. | ||||||||||||||||||||||||
[6] | 20,000 options were allocated to two external directors of the Company: a.The options will vest over 3 years from the date of grant; 1/12 of the options at the end of each quarter in the course of the 3 years. b.The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $3.48, fair value of these options was estimated at $51 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 86.0%; risk-free interest rate: 1.64% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. | ||||||||||||||||||||||||
[7] | 114,129 restricted stock units ("RSUs") were allocated to officers of the Company: a.The RSUs vesting period is dependent on the achievement of certain clinical performance milestones. b.The fair value of these RSUs on the date of grant was approximately $412 thousand, using the quoted closing market share price of $3.61on the Nasdaq Global Market. | ||||||||||||||||||||||||
[8] | 70,000 options were allocated to two Consultants: a.The options will vest between 3 to 5 years. b.Company management estimates the fair value of the options granted to consultants based on the value of services received over the vesting period of the applicable options. The value of such services is estimated based on the additional cash compensation the Company would need to pay if such options were not granted. The fair value of these options on the date of grant was approximately $230 thousand. | ||||||||||||||||||||||||
[9] | 700,000 options were allocated to employees and officers of the Company: a. The options will vest by 4 years with 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $5.99, fair value of these options was estimated at $4,113 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.41% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. | ||||||||||||||||||||||||
[10] | 100,000 options was allocated to an officer of the Company: a. The options will vest by 4 years with 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $5.39, fair value of these options was estimated at $437 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.15% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years | ||||||||||||||||||||||||
[11] | 10,000 options was allocated to a Consultant: a.The options will vest over 3 years. b. Company management estimates the fair value of the options granted to consultants based on the value of services received over the vesting period of the applicable options. The value of such services is estimated based on the additional cash compensation the Company would need to pay if such options were not granted. The fair value of these options on the date of grant was approximately $30 thousand. | ||||||||||||||||||||||||
[12] | 725,000 options were allocated to employees and officers of the Company:a.The options will vest by 4 years with 50% on the second year anniversary; the remaining 50% at 1/8 of the options at the end of each quarter over the course of the last 2 years. b.The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $5.08, fair value of these options was estimated at $3,232 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 1.78% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. | ||||||||||||||||||||||||
[13] | 140,000 RSUs were allocated to officers of the Company: a. The RSUs vesting period is dependent on the achievement of certain clinical performance milestones. b. The fair value of these RSUs on the date of grant was approximately $903 thousand, using the quoted closing market share price of $6.45 on the Nasdaq Global Market. | ||||||||||||||||||||||||
[14] | 36,000 restricted stock units ("RSUs") were allocated to an officer of the Company: a.The RSUs vesting period is dependent on the achievement of certain clinical performance milestones. b.The fair value of these RSUs on the date of grant was approximately $175 thousand, using the quoted closing market share price of $4.85 on the Nasdaq Global Market. | ||||||||||||||||||||||||
[15] | 65,000 options were allocated to four independent directors of the Company: a.The options will vest by 4 years with 50% on the second year anniversary; the remaining 50% at 1/8 of the options at the end of each quarter over the course of the last 2 years. b. The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $5.71, fair value of these options was estimated at $337 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.44% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. | ||||||||||||||||||||||||
[16] | 100,000 RSUs were allocated to officers of the Company: a.The RSUs vesting period is dependent on the achievement of certain clinical performance milestones. b.The fair value of the options on the date of grant was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are mainly as follows: an exercise price equal to $5.22, fair value of these options was estimated at $100 thousand with expected combined volatility based on weighted average of the stock price volatility of the Company since October 1st, 2014 (IPO date) and the remaining years on the stock price volatility of similar companies in the healthcare sector: 97.0%; risk-free interest rate: 2.41% (the risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with time to maturity that equals the average life of the options); expected dividend: zero; and the expected term; 11 years. |
Share Capital - Schedule of S_2
Share Capital - Schedule of Stock Option Activity (Details) (Parenthetical) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018USD ($)Period$ / shares | Dec. 31, 2017USD ($)sharesLifePeriod$ / shares | Dec. 31, 2016USD ($)sharesLifePeriod$ / shares | |
Options [Member] | First Year Anniversary [Member] | |||
Disclosure of classes of share capital [line items] | |||
Options vested percentage | 25.00% | ||
Options [Member] | Two External Directors [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options granted | shares | 20,000 | ||
Options vested period | The options will vest over 3 years from the date of grant | ||
Options term description | 1/12 of the options at the end of each quarter in the course of the 3 years | ||
Options exercise price per share | $ / shares | $ 3.48 | ||
The fair value of options on date of grant | $ | $ 51 | ||
Expected volatility | 86.00% | ||
Risk-free interest rate | 1.64% | ||
Expected dividend | 0.00% | ||
Expected life | Life | 11 | ||
Options [Member] | Two Consultants [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options granted | 70,000 | ||
Options vested period | The options will vest between 3 to 5 years. | ||
The fair value of options on date of grant | $ | $ 230 | ||
Options [Member] | Officers [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options granted | 100,000 | ||
Options vested period | The options will vest by 4 years with 25% on the first year anniversary | ||
Options term description | The remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. | ||
Options exercise price per share | $ / shares | $ 5.39 | ||
The fair value of options on date of grant | $ | $ 437 | ||
Expected volatility | 97.00% | ||
Risk-free interest rate | 2.15% | ||
Expected dividend | 0.00% | ||
Expected life | 11 | ||
Options vested percentage | 75.00% | ||
Options [Member] | Employees and Officers [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options granted | 700,000 | 725,000 | |
Options vested period | The options will vest by 4 years with 25% on the first year anniversary | The options will vest by 4 years with 50% on the second year anniversary | |
Options term description | The remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. | The remaining 50% at 1/8 of the options at the end of each quarter over the course of the last 2 years. | |
Options exercise price per share | $ / shares | $ 5.99 | $ 5.08 | |
The fair value of options on date of grant | $ | $ 4,113 | $ 3,232 | |
Expected volatility | 97.00% | 97.00% | |
Risk-free interest rate | 2.41% | 1.78% | |
Expected dividend | 0.00% | 0.00% | |
Expected life | Life | 11 | 11 | |
Options vested percentage | 75.00% | 50.00% | |
Options [Member] | Employees and Officers [Member] | Second Year Anniversary [Member] | |||
Disclosure of classes of share capital [line items] | |||
Options vested percentage | 25.00% | 50.00% | |
Options [Member] | Two Independent Directors [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options granted | 20,000 | ||
Options vested period | The options will vest over 3 years from the date of grant | ||
Options term description | 1/12 of the options at the end of each quarter in the course of the 3 years. | ||
Options exercise price per share | $ / shares | $ 5.22 | ||
The fair value of options on date of grant | $ | $ 100 | ||
Expected volatility | 97.00% | ||
Risk-free interest rate | 2.41% | ||
Expected dividend | 0.00% | ||
Expected life | 11 | ||
Options [Member] | Consultant [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options granted | shares | 10,000 | ||
Options vested period | The options will vest over 3 years. | ||
The fair value of options on date of grant | $ | $ 30 | ||
Options [Member] | Four Independent Directors [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options granted | 65,000 | ||
Options vested period | The options will vest by 4 years with 50% on the second year anniversary | ||
Options term description | The remaining 50% at 1/8 of the options at the end of each quarter over the course of the last 2 years. | ||
Options exercise price per share | $ / shares | $ 5.71 | ||
The fair value of options on date of grant | $ | $ 337 | ||
Expected volatility | 97.00% | ||
Risk-free interest rate | 2.44% | ||
Expected dividend | 0.00% | ||
Expected life | 11 | ||
Options vested percentage | 50.00% | ||
Options [Member] | Four Independent Directors [Member] | Second Year Anniversary [Member] | |||
Disclosure of classes of share capital [line items] | |||
Options vested percentage | 50.00% | ||
Options [Member] | Board of Directors [Member] | January 2018 [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options granted | 128,000 | ||
Options vested period | The options will vest by 4 years | ||
Options term description | 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. | ||
Options exercise price per share | $ / shares | $ 6.90 | ||
The fair value of options on date of grant | $ | $ 838 | ||
Expected volatility | 97.00% | ||
Risk-free interest rate | 2.46% | ||
Expected dividend | 0.00% | ||
Expected life | 11 | ||
Options [Member] | Board of Directors [Member] | September 2018 [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options granted | 30,000 | ||
Options vested period | The options will vest by 4 years | ||
Options term description | 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. | ||
Options exercise price per share | $ / shares | $ 1.78 | ||
The fair value of options on date of grant | $ | $ 46 | ||
Expected volatility | 97.00% | ||
Risk-free interest rate | 2.85% | ||
Expected dividend | 0.00% | ||
Expected life | 11 | ||
Options [Member] | Officers [Member] | June 2018 [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options granted | 50,000 | ||
Options vested period | The options will vest by 4 years | ||
Options term description | 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. | ||
Options exercise price per share | $ / shares | $ 2.22 | ||
The fair value of options on date of grant | $ | $ 119 | ||
Expected volatility | 97.00% | ||
Risk-free interest rate | 2.93% | ||
Expected dividend | 0.00% | ||
Expected life | 11 | ||
Options [Member] | Employees, Officers and Independent Directors [Member] | December 2018 [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options granted | 1,305,000 | ||
Options vested period | The options will vest by 4 years | ||
Options term description | 25% on the first year anniversary; the remaining 75% at 1/12 of the options at the end of each quarter over the course of the last 3 years. | ||
Options exercise price per share | $ / shares | $ 1.22 | ||
The fair value of options on date of grant | $ | $ 1,300 | ||
Expected volatility | 100.00% | ||
Risk-free interest rate | 2.86% | ||
Expected dividend | 0.00% | ||
Expected life | 11 | ||
Restricted Stock Units [Member] | Officers [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options granted | 36,000 | 114,129 | |
Options vested period | The RSUs vesting period is dependent on the achievement of certain clinical performance milestones. | ||
The fair value of options on date of grant | $ | $ 175 | $ 412 | |
Market share price | $ / shares | $ 4.85 | $ 3.61 | |
Restricted Stock Units [Member] | Officers [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of stock options granted | 140,000 | 100,000 | |
Options vested period | The RSUs vesting period is dependent on the achievement of certain clinical performance milestones. | The RSUs vesting period is dependent on the achievement of certain clinical performance milestones. | |
Options exercise price per share | $ / shares | $ 4.92 | ||
The fair value of options on date of grant | $ | $ 903 | $ 492 | |
Market share price | $ / shares | $ 6.45 |
Share Capital - Schedule of Cha
Share Capital - Schedule of Changes in the Number of Options and RSUs and Weighted Average Exercise Prices (Details) | 12 Months Ended | ||
Dec. 31, 2018sharesPeriod$ / shares | Dec. 31, 2017sharesPeriod$ / shares | Dec. 31, 2016sharesPeriod$ / shares | |
Disclosure of classes of share capital [line items] | |||
Number of options warrants and RSU's Outstanding at beginning of year | shares | 4,036,095 | 3,241,535 | |
Number of options warrants and RSU's Exercised | (97,042) | (252,343) | (72,873) |
Number of options warrants and RSU's Outstanding at end of year | shares | 5,056,914 | 4,036,095 | 3,241,535 |
Restricted Stock Units [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of options warrants and RSU's Outstanding at beginning of year | 4,036,095 | 3,241,535 | 2,304,179 |
Number of options warrants and RSU's Granted | 1,513,000 | 1,071,000 | 1,029,129 |
Number of options warrants and RSU's Exercised | (97,042) | (252,343) | (72,873) |
Number of options warrants and RSU's Forfeited | (395,140) | (24,097) | (18,900) |
Number of options warrants and RSU's Outstanding at end of year | 5,056,914 | 4,036,095 | 3,241,535 |
Number of options warrants and RSU's Exercisable at end of year | 2,478,796 | 1,844,283 | 1,718,713 |
Weighted average exercise price Outstanding at beginning of year | $ / shares | $ 3.88 | $ 3.41 | $ 3.17 |
Weighted average exercise price Granted | $ / shares | 1.74 | 4.91 | 3.87 |
Weighted average exercise price Exercised | $ / shares | 0.33 | 1.91 | 1.66 |
Weighted average exercise price Forfeited | $ / shares | 3.31 | 4.18 | 6.92 |
Weighted average exercise price Outstanding at end of year | $ / shares | 3.36 | 3.88 | 3.41 |
Weighted average exercise price Exercisable at end of year | $ / shares | $ 3.70 | $ 2.97 | $ 2.16 |
Share Capital - Schedule of Opt
Share Capital - Schedule of Options Exercise Price and Contractual Life (Details) | 12 Months Ended | ||
Dec. 31, 2018sharesLifePeriod$ / shares | Dec. 31, 2017sharesLifePeriod$ / shares | Dec. 31, 2016sharesLifePeriod$ / shares | |
Disclosure of classes of share capital [line items] | |||
Number of options warrants and RSU's outstanding at end of year | shares | 5,056,914 | 4,036,095 | 3,241,535 |
Exercise Price Range One [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of options warrants and RSU's outstanding at end of year | shares | 521,509 | 758,928 | 620,970 |
Exercise price | $ 0.002 | $ 0.002 | $ 0.002 |
Weighted average of remaining contractual life | Life | 11.34 | 8.29 | 10.73 |
Exercise Price Range Two [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of options warrants and RSU's outstanding at end of year | shares | 72,990 | 98,657 | 117,990 |
Exercise price | $ 1.21 | $ 1.21 | $ 1.21 |
Weighted average of remaining contractual life | Life | 5.72 | 6.78 | 7.65 |
Exercise Price Range Three [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of options warrants and RSU's outstanding at end of year | shares | 1,898,969 | 513,969 | 713,282 |
Exercise price | $ 1.22 | $ 2.47 | $ 2.47 |
Exercise price upper range | $ 2.47 | ||
Weighted average of remaining contractual life | Life | 15.54 | 10.45 | 1.12 |
Exercise Price Range Four [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of options warrants and RSU's outstanding at end of year | shares | 559,871 | 584,871 | 588,023 |
Exercise price | $ 3.30 | $ 3.30 | $ 3.30 |
Exercise price upper range | $ 3.48 | $ 3.48 | $ 3.48 |
Weighted average of remaining contractual life | Life | 13.96 | 14.96 | 15.96 |
Exercise Price Range Five [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of options warrants and RSU's outstanding at end of year | shares | 60,000 | 60,000 | 60,000 |
Exercise price | $ 6.03 | $ 6.03 | $ 6.03 |
Weighted average of remaining contractual life | Life | 16.13 | 17.13 | 18.13 |
Exercise Price Range Six [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of options warrants and RSU's outstanding at end of year | 116,000 | ||
Exercise price | $ 6.9 | ||
Weighted average of remaining contractual life | 19.2 | ||
Exercise Price Range Seven [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of options warrants and RSU's outstanding at end of year | 372,470 | 409,670 | 416,270 |
Exercise price | $ 7.52 | $ 7.52 | $ 7.52 |
Weighted average of remaining contractual life | 16.88 | 17.88 | 18.88 |
Exercise Price Range Eight [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of options warrants and RSU's outstanding at end of year | Period | 1,455,105 | 1,610,000 | 725,000 |
Exercise price | $ 5.08 | $ 5.08 | $ 5.08 |
Exercise price upper range | $ 5.99 | $ 5.99 | |
Weighted average of remaining contractual life | Period | 18.38 | 19.38 | 19.87 |
Share Capital - Schedule of Sha
Share Capital - Schedule of Share Based Compensation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of classes of share capital [line items] | |||
Share based compensation | $ 3,867 | $ 4,152 | $ 1,420 |
Research and Development Expenses [Member] | |||
Disclosure of classes of share capital [line items] | |||
Share based compensation | 2,255 | 2,027 | 900 |
Administrative and General Expenses [Member] | |||
Disclosure of classes of share capital [line items] | |||
Share based compensation | 1,541 | 1,977 | 520 |
Marketing Expenses [Member] | |||
Disclosure of classes of share capital [line items] | |||
Share based compensation | $ 71 | $ 148 |
Taxes on Income (Details Narrat
Taxes on Income (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2016 | Jan. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
MajorComponentsOfTaxExpenseIncomeLineItems [Line Items] | |||||
Corporate tax rate | 23.00% | 24.00% | 25.00% | ||
Carry forward losses | $ 164,900 | $ 144,900 | |||
2017 [Member] | |||||
MajorComponentsOfTaxExpenseIncomeLineItems [Line Items] | |||||
Corporate tax rate | 24.00% | ||||
2018 and Thereafter [Member] | |||||
MajorComponentsOfTaxExpenseIncomeLineItems [Line Items] | |||||
Corporate tax rate | 23.00% | ||||
2014 and Thereafter [Member] | |||||
MajorComponentsOfTaxExpenseIncomeLineItems [Line Items] | |||||
Corporate tax rate | 16.00% | ||||
Top of Range [Member] | |||||
MajorComponentsOfTaxExpenseIncomeLineItems [Line Items] | |||||
Corporate tax rate | 25.00% | 26.50% | |||
Bottom of Range [Member] | |||||
MajorComponentsOfTaxExpenseIncomeLineItems [Line Items] | |||||
Corporate tax rate | 23.00% | 25.00% |
Supplementary Financial Infroma
Supplementary Financial Infromation - Schedule of Supplementary Financial Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Institutions - VAT | $ 287 | $ 865 | |
Prepaid Expenses | 706 | 282 | |
Government Grants Receivable | 234 | 482 | |
Other | 100 | ||
Total current assets | 1,227 | 1,729 | |
Accrued Expenses | 2,434 | 2,956 | |
Employee-related accrued expenses | 281 | 317 | |
Provision for vacation | 229 | 192 | |
Accounts payable-other | 2,944 | 3,465 | |
Payroll and related expenses | 5,182 | 4,636 | $ 2,921 |
Subcontractors and consultation | 7,158 | 12,450 | 8,894 |
Materials | 1,681 | 768 | 556 |
Patent expenses | 780 | 797 | 752 |
Depreciation | 1,086 | 106 | 88 |
Office rent and maintenance | 1,364 | 721 | 397 |
Other | 704 | 481 | 539 |
Research and Development Expenses Gross | 17,955 | 19,959 | 14,147 |
Government grants | (2,015) | (2,189) | (1,700) |
Research and development expenses, net | 15,940 | 17,770 | 12,447 |
Payroll and related expenses | 1,838 | 2,681 | 1,499 |
Management and professional fees | 2,131 | 2,212 | 1,614 |
Foreign travel | 340 | 279 | 259 |
Depreciation | 70 | 50 | 42 |
Other | 841 | 625 | 414 |
Administrative and general expenses | 5,220 | 5,847 | 3,828 |
Payroll and related expenses | 355 | 346 | |
Consultation | 42 | 216 | |
Marketing expenses | $ 397 | $ 562 |
Loss Per Share (Details Narrati
Loss Per Share (Details Narrative) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Options [Member] | |||
Earnings per share [line items] | |||
Diluted loss per share | 12,211,676 | 12,211,676 | 12,211,676 |
Restricted Stock Units [Member] | |||
Earnings per share [line items] | |||
Diluted loss per share | 5,286,095 | 5,286,095 | 5,286,095 |
Warrants [Member] | |||
Earnings per share [line items] | |||
Diluted loss per share | 4,491,535 | 4,491,535 | 4,491,535 |
Loss Per Share - Schedule of Ba
Loss Per Share - Schedule of Basic and Diluted Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
LOSS PER ORDINARY SHARE | |||
Loss attributable to equity holders of the Company | $ 20,458 | $ 10,138 | $ 16,002 |
Weighted average number of ordinary shares in issue | 32,969,094 | 27,398,169 | 24,970,585 |
Loss per ordinary share | $ 0.62 | $ 0.37 | $ 0.64 |
Financial (Income) Expenses, _3
Financial (Income) Expenses, Net - Schedule of Financial Income Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Analysis of income and expense [abstract] | |||
Interest from deposits | $ 908 | $ 335 | $ 263 |
Exchange differences | 209 | 22 | |
Financial income | 908 | 544 | 285 |
Bank fees | 37 | 27 | 12 |
Exchange differences | 122 | ||
Financial expenses | 159 | 27 | 12 |
TOTAL FINANCIAL (INCOME) EXPENSES, net | $ (749) | $ (517) | $ (273) |
Related Parties-Transactions _3
Related Parties-Transactions and Balances - Schedule of Transactions with Related Parties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Related party transactions [abstract] | |||
Labor cost and related expenses | $ 2,267 | $ 2,202 | $ 1,737 |
Share-based payments | 1,866 | 2,075 | 817 |
Other | 427 | 406 | 420 |
Key management compensation | $ 4,560 | $ 4,683 | $ 2,974 |
Related Parties-Transactions _4
Related Parties-Transactions and Balances - Schedule of Balances with Related Parties (Details) - USD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Related party transactions [abstract] | ||
Payables and accrued expenses - for salary and related expenses | $ 484 | $ 409 |
Severance pay obligations | 76 | 88 |
Provision for vacation | $ 116 | $ 97 |