Document and Entity Information
Document and Entity Information | 9 Months Ended |
Sep. 30, 2019 | |
Cover [Abstract] | |
Entity Registrant Name | Vascular Biogenics Ltd. |
Entity Central Index Key | 0001603207 |
Document Type | 6-K |
Document Period End Date | Sep. 30, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2019 |
Condensed Interim Statements of
Condensed Interim Statements of Financial Position (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 22,319 | $ 29,347 |
Short-term bank deposits | 18,231 | 21,135 |
Other current assets | 1,636 | 1,227 |
TOTAL CURRENT ASSETS | 42,186 | 51,709 |
NON-CURRENT ASSETS: | ||
Restricted bank deposits | 503 | |
Property and equipment, net | 7,197 | 8,921 |
Right-of-use assets | 3,253 | |
Long-term prepaid expenses | 48 | |
TOTAL NON-CURRENT ASSETS | 10,953 | 8,969 |
TOTAL ASSETS | 53,139 | 60,678 |
CURRENT LIABILITIES- | ||
Accounts payable and accruals: Trade | 1,263 | 1,193 |
Accounts payable and accruals: Other | 5,256 | 2,944 |
Deferred revenue | 377 | 290 |
Lease liabilities | 791 | 347 |
TOTAL CURRENT LIABILITIES | 7,687 | 4,774 |
NON-CURRENT LIABILITIES- | ||
Severance pay obligations, net | 106 | 99 |
Deferred revenue | 1,858 | 2,263 |
Lease liabilities | 2,333 | 449 |
TOTAL NON-CURRENT LIABILITIES | 4,297 | 2,811 |
TOTAL LIABILITIES | 11,984 | 7,585 |
EQUITY: | ||
Ordinary shares | 73 | 73 |
Accumulated other comprehensive income | 41 | 41 |
Additional paid in capital | 235,511 | 233,721 |
Warrants | 7,904 | 7,904 |
Accumulated deficit | (202,374) | (188,646) |
TOTAL EQUITY | 41,155 | 53,093 |
TOTAL LIABILITIES AND EQUITY | $ 53,139 | $ 60,678 |
Condensed Interim Statements _2
Condensed Interim Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2018 | |
Profit or loss [abstract] | ||||
REVENUES | $ 79 | $ 101 | $ 436 | $ 444 |
COST OF REVENUES | (30) | (44) | (118) | (188) |
GROSS PROFIT | 49 | 57 | 318 | 256 |
RESEARCH AND DEVELOPMENT EXPENSES, net | 3,795 | 4,137 | 10,832 | 12,792 |
MARKETING EXPENSES | 151 | 575 | ||
GENERAL AND ADMINISTRATIVE EXPENSES | 1,232 | 1,406 | 3,669 | 3,972 |
OPERATING LOSS | 4,978 | 5,637 | 14,183 | 17,083 |
FINANCIAL INCOME | (223) | (387) | (722) | (640) |
FINANCIAL EXPENSES | 101 | 102 | 267 | 142 |
FINANCIAL INCOME, net | (122) | (285) | (455) | (498) |
COMPREHENSIVE LOSS | $ 4,856 | $ 5,352 | $ 13,728 | $ 16,585 |
LOSS PER ORDINARY SHARE | ||||
Basic and diluted | $ 0.14 | $ 0.15 | $ 0.38 | $ 0.52 |
WEIGHTED AVERAGE ORDINARY SHARES OUTSTANDING- | ||||
Basic and diluted | 35,881,128 | 35,865,050 | 35,881,128 | 31,987,750 |
Condensed Interim Statements _3
Condensed Interim Statements of Changes in Equity (Unaudited) $ in Thousands | Ordinary Shares [Member]USD ($)Periodshares | Accumulated Other Comprehensive Income [Member]USD ($) | Additional Paid in Capital [Member]USD ($) | Warrants [Member]USD ($) | Accumulated Deficit [Member]USD ($) | USD ($) |
Balance, beginning at Dec. 31, 2017 | $ 57 | $ 16 | $ 221,055 | $ 2,960 | $ (168,188) | $ 55,900 |
Balance, shares beginning at Dec. 31, 2017 | shares | 29,879,323 | |||||
Statement Line Items [Line Items] | ||||||
Comprehensive loss | (16,585) | (16,585) | ||||
Employee stock options exercised | 34 | 34 | ||||
Employee stock options exercised, shares | Period | 97,043 | |||||
Issuance of ordinary shares and warrants, net of issuance costs in an amount of $1,775 thousand | $ 16 | 8,765 | 4,944 | 13,725 | ||
Issuance of ordinary shares and warrants, net of issuance costs in an amount of $1,775 thousand, shares | shares | 5,904,762 | |||||
Share based payments to employees and non-employees services | 3,555 | 3,555 | ||||
Balance, ending at Sep. 30, 2018 | $ 73 | 16 | 232,409 | 7,904 | (184,773) | 56,629 |
Balance, shares ending at Sep. 30, 2018 | shares | 35,881,128 | |||||
Balance, beginning at Dec. 31, 2018 | $ 73 | 41 | 233,721 | 7,904 | (188,646) | 53,093 |
Balance, shares beginning at Dec. 31, 2018 | shares | 35,881,128 | |||||
Statement Line Items [Line Items] | ||||||
Comprehensive loss | (13,728) | (13,728) | ||||
Share based payments to employees and non-employees services | 1,790 | 1,790 | ||||
Balance, ending at Sep. 30, 2019 | $ 73 | $ 41 | $ 235,511 | $ 7,904 | $ (202,374) | $ 41,155 |
Balance, shares ending at Sep. 30, 2019 | shares | 35,881,128 |
Condensed Interim Statements _4
Condensed Interim Statements of Changes in Equity (Unaudited) (Parenthetical) $ in Thousands | 9 Months Ended |
Sep. 30, 2018USD ($) | |
Ordinary Shares [Member] | |
Statement Line Items [Line Items] | |
Shares and warrants issuance costs | $ 1,775 |
Condensed Interim Cash Flow Sta
Condensed Interim Cash Flow Statements (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Loss for the period | $ (13,728) | $ (16,585) |
Adjustments required to reflect net cash used in operating activities (see Appendix A) | 4,151 | 3,453 |
Interest received | 624 | 464 |
Interest paid | (95) | (15) |
Net cash used in operating activities | (9,048) | (12,683) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (53) | (2,173) |
Investment in restricted bank deposits | (500) | |
Investment in short-term bank deposits | (36,000) | (45,000) |
Maturity of short-term bank deposits | 39,000 | 47,959 |
Net cash generated from investing activities | 2,447 | 786 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Exercise of employees stock options | 34 | |
Issuance of ordinary shares and warrants, net | 13,725 | |
Principal elements of lease payments | (556) | |
Net cash generated from (used in) financing activities | (556) | 13,759 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | (7,157) | 1,862 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR | 29,347 | 6,694 |
EXCHANGE GAINS ON CASH AND CASH EQUIVALENTS | 129 | (90) |
CASH AND CASH EQUIVALENTS AT END OF THE PERIOD | $ 22,319 | $ 8,466 |
Condensed Interim Cash Flow S_2
Condensed Interim Cash Flow Statements (Unaudited) - Appendix - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Adjustments required to reflect net cash used in operating activities: | ||
Depreciation | $ 1,281 | $ 828 |
Interest income | (723) | (640) |
Interest paid | 95 | 15 |
Exchange gains on cash and cash equivalents | (129) | 90 |
Exchange losses on lease liability | 242 | |
Net changes in severance pay obligations | 7 | (6) |
Share based payments | 1,790 | 3,555 |
Adjustments for reconcile profit loss excluding changes in working capital | 2,563 | 3,842 |
Changes in working capital: | ||
(Increase) decrease in other current assets | (475) | 516 |
Decrease in trade receivables | 2,000 | |
Decrease in long-term prepaid expenses | 53 | |
Increase (decrease) in accounts payable and accrued expenses: | ||
Trade | 69 | (1,217) |
Other | 2,312 | (1,301) |
Decrease in deferred revenue | (318) | (440) |
Changes in working capital, total | 1,588 | (389) |
Adjustments required to reflect net cash used in operating activities, total | 4,151 | 3,453 |
APPENDIX B: | ||
Non cash activity- Purchase of property and equipment in payables | $ 911 |
General
General | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of reserves within equity [abstract] | |
General | NOTE 1 - 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 and immune/inflammatory indications. VB-111 (ofranergene obadenovec), a Phase 3 drug candidate, is the 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 for chronic immune-related indications. The Company is also conducting a pre-clinical research program, exploring the potential of targeting of MOSPD2 for immuno-oncology and anti-inflammatory applications. The Company is engaged in an exclusive license agreement with NanoCarrier Co., Ltd. for the development, commercialization, and supply of ofranergene obadenovec (“VB-111”) in Japan for all indications. In March 2019, the company entered into an exclusive option license agreement with an animal health company for the development of VB-201 for veterinary use, see note 7. Since its 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 September 30, 2019, the Company had an accumulated deficit of $202.4 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 September 30, 2019, the Company had cash, cash equivalents, short-term bank deposits and restricted bank deposits of $41.1 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. |
Basis of Preparation
Basis of Preparation | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of associates [abstract] | |
Basis of Preparation | NOTE 2 - BASIS OF PREPARATION The Company’s condensed interim financial statements as of September 30, 2019 and for the nine months then ended (the “condensed interim financial statements”) have been prepared in accordance with International Accounting Standard No. 34, “Interim Financial Reporting” (“IAS 34”). These condensed interim financial statements, which are unaudited, do not include all disclosures necessary for a complete presentation of the Company’s financial position, results of operations, and cash flows, in conformity with generally accepted accounting principles. The condensed interim financial statements should be read in conjunction with the Company’s annual financial statements as of December 31, 2018 and for the year then ended, along with the accompanying notes, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB).” The results of operations for the three and nine months ended September 30, 2019 are not necessarily indicative of the results that may be expected for the entire fiscal year or for any other interim period. |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of initial application of standards or interpretations [abstract] | |
Significant Accounting Policies | NOTE 3 - SIGNIFICANT ACCOUNTING POLICIES The accounting policies and calculation methods applied in the preparation of the interim financial statements are consistent with those applied in the preparation of the annual financial statements as of December 31, 2018 and for the year then ended, except for the adoption of International Financing Reporting Standard No. 16 “Leases” (“IFRS 16”), effective from January 1, 2019, as set forth below. IFRS 16 “Leases” a. The Company has adopted IFRS 16 retrospectively from January 1, 2019, but has not restated comparative figures for the 2018 reporting period, as permitted under the specific transitional provisions in the standard. The reclassifications and the adjustments arising from the new accounting rules are therefore recognized in the statement of financial position at the date of initial application. b. On adoption of IFRS 16, the Company recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 “Leases.” These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 1, 2019. The weighted average of lessee’s incremental annual borrowing rate applied to the lease liabilities on January 1, 2019, was 4.1%. The lease liabilities recognized in the statement of financial position at the date of initial application were approximately $2.6 million, of which approximately $0.4 million were current lease liabilities and $2.2 million non-current lease liabilities. The associated right-of-use assets were measured at the amount equal to the lease liability and as a result, there was no impact on retained earnings on January 1, 2019. The net recognized right-of-use assets as of January 1, 2019 and September 30, 2019 relate to the following types of assets: properties of approximately $3.4 million and approximately $3.0 million, respectively, and vehicles of $0.3 million and $0.2 million, respectively. In applying IFRS 16 for the first time, the Company used the practical expedient permitted by the standard, the accounting for operating leases with a remaining lease term of less than 12 months as of January 1, 2019, as short-term leases. The Company has also elected not to reassess whether a contract is, or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date, the Company relied on its assessment made by applying IAS-17 and IFRIC-4 to determining whether an arrangement contains a lease. c. Through the end of the 2018 financial year, the leases of offices and vehicles by the Company were classified as operating leases and payments made were charged to profit or loss on a straight-line basis over the period of the lease. From January 1, 2019, the leases are recognized as right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Each lease payment is allocated between the relative liability and financial cost. The financial cost is charged to profit or loss under “Financial Expenses (Income), net” over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments (including in-substance fixed payments) and variable lease payments which are based on an index or a rate. Variable lease payments were not significant for the period. The lease payments are discounted using the lessee’s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost, being the amount of the initial measurement of the lease liability. The Company elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, the Company will not recognize right-of-use assets or lease liabilities, and this includes not recognizing right-of-use assets or lease liabilities for existing short-term leases of those assets in transition. Instead, the Company will continue to recognize the lease payments for those leases in profit or loss on a straight-line basis over the lease term. The lease payments, except of interest expenses, are classified in the statements of cash flows as financing activities. Until January 1, 2019, lease payments were classified as operating activities. The following table sets forth a maturity analysis of the Company’s lease liabilities as of September 30, 2019: ( U.S. dollars in thousands) September 30, 2019 2019 (excluding the nine months ended September 30, 2019) $ 236 2020 $ 874 2021 $ 471 After 2022 $ 1,982 Total undiscounted cash flows $ 3,563 Less: imputed interest $ 439 Present value of lease liabilities $ 3,124 |
Financial Risk Management and F
Financial Risk Management and Financial Instruments | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of nature and extent of risks arising from financial instruments [abstract] | |
Financial Risk Management and Financial Instruments | NOTE 4 - FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS The Company’s activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk. The interim financial statements do not include all financial risk management information and disclosures required in the annual financial statements; therefore, they should be read in conjunction with the Company’s annual financial statements as of December 31, 2018. There have been no significant changes in the risk management policies since the year end. |
Cash and Cash Equivalents, Shor
Cash and Cash Equivalents, Short-Term Bank Deposits and Restricted Bank Deposits | 9 Months Ended |
Sep. 30, 2019 | |
Cash and cash equivalents [abstract] | |
Cash and Cash Equivalents, Short-Term Bank Deposits and Restricted Bank Deposits | NOTE 5 - CASH AND CASH EQUIVALENTS, SHORT-TERM BANK DEPOSITS AND RESTRICTED BANK DEPOSITS Cash and cash equivalents, short-term bank deposits and restricted bank deposits as of September 30, 2019 were $22.3 million, $18.2 million and $0.5 million. The short-term bank deposits as of September 30, 2019 were for terms of nine to twelve months and carried interest at annual rates of 2.15%-2.63%. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of classes of share capital [abstract] | |
Shareholders' Equity | NOTE 6 - SHAREHOLDERS’ EQUITY In March 2019, the Board of Directors approved the increase of the free pool available for the issuance under the 2014 ESOP plan to 1,930,305 Ordinary Shares. |
Revenue
Revenue | 9 Months Ended |
Sep. 30, 2019 | |
Revenue [abstract] | |
Revenue | NOTE 7 - REVENUE In March 2019, the Company entered into exclusive option license agreement (hereafter- Agreement) with an animal health company for the development of VB-201 for veterinary use. Under the Agreement, the Company granted a right to use intellectual property and transfer materials. In addition, the Company granted an option to obtain an exclusive worldwide, royalty-bearing, transferable license under the Company’s intellectual property and materials to research, develop and sell the product worldwide. As part of the Agreement, the Company received an immaterial non-refundable and non-creditable upfront payment recognized as revenues during the period. In addition, the Company is entitled to receive an immaterial amount upon the achievement of a milestone event. The revenues recognized for the period comprise revenues from the exclusive license agreement for the development, commercialization, and supply of VB-111 in Japan for all indications and from the option to license agreement for the development of VB-201 for animal healthcare worldwide. The contract consideration comprises upfront and milestone revenues and are recognized according to IFRS 15 “Revenue from contract with customers.” Under IFRS 15, the consideration that the Company would be entitled to upon the achievement of contractual milestones, which are contingent upon the occurrence of future events of development progress, are a form of variable consideration. The Company did not recognize any revenues from milestone payment during the nine months ended September 30, 2019. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of initial application of standards or interpretations [abstract] | |
IFRS 16 "Leases" | IFRS 16 “Leases” a. The Company has adopted IFRS 16 retrospectively from January 1, 2019, but has not restated comparative figures for the 2018 reporting period, as permitted under the specific transitional provisions in the standard. The reclassifications and the adjustments arising from the new accounting rules are therefore recognized in the statement of financial position at the date of initial application. b. On adoption of IFRS 16, the Company recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 “Leases.” These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 1, 2019. The weighted average of lessee’s incremental annual borrowing rate applied to the lease liabilities on January 1, 2019, was 4.1%. The lease liabilities recognized in the statement of financial position at the date of initial application were approximately $2.6 million, of which approximately $0.4 million were current lease liabilities and $2.2 million non-current lease liabilities. The associated right-of-use assets were measured at the amount equal to the lease liability and as a result, there was no impact on retained earnings on January 1, 2019. The net recognized right-of-use assets as of January 1, 2019 and September 30, 2019 relate to the following types of assets: properties of approximately $3.4 million and approximately $3.0 million, respectively, and vehicles of $0.3 million and $0.2 million, respectively. In applying IFRS 16 for the first time, the Company used the practical expedient permitted by the standard, the accounting for operating leases with a remaining lease term of less than 12 months as of January 1, 2019, as short-term leases. The Company has also elected not to reassess whether a contract is, or contains a lease at the date of initial application. Instead, for contracts entered into before the transition date, the Company relied on its assessment made by applying IAS-17 and IFRIC-4 to determining whether an arrangement contains a lease. c. Through the end of the 2018 financial year, the leases of offices and vehicles by the Company were classified as operating leases and payments made were charged to profit or loss on a straight-line basis over the period of the lease. From January 1, 2019, the leases are recognized as right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Each lease payment is allocated between the relative liability and financial cost. The financial cost is charged to profit or loss under “Financial Expenses (Income), net” over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the following lease payments (including in-substance fixed payments) and variable lease payments which are based on an index or a rate. Variable lease payments were not significant for the period. The lease payments are discounted using the lessee’s incremental borrowing rate, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Right-of-use assets are measured at cost, being the amount of the initial measurement of the lease liability. The Company elected the short-term lease recognition exemption for all leases that qualify. This means, for those leases that qualify, the Company will not recognize right-of-use assets or lease liabilities, and this includes not recognizing right-of-use assets or lease liabilities for existing short-term leases of those assets in transition. Instead, the Company will continue to recognize the lease payments for those leases in profit or loss on a straight-line basis over the lease term. The lease payments, except of interest expenses, are classified in the statements of cash flows as financing activities. Until January 1, 2019, lease payments were classified as operating activities. The following table sets forth a maturity analysis of the Company’s lease liabilities as of September 30, 2019: ( U.S. dollars in thousands) September 30, 2019 2019 (excluding the nine months ended September 30, 2019) $ 236 2020 $ 874 2021 $ 471 After 2022 $ 1,982 Total undiscounted cash flows $ 3,563 Less: imputed interest $ 439 Present value of lease liabilities $ 3,124 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2019 | |
Disclosure of initial application of standards or interpretations [abstract] | |
Schedule of Maturity Analysis of Operating Lease Payments | The following table sets forth a maturity analysis of the Company’s lease liabilities as of September 30, 2019: ( U.S. dollars in thousands) September 30, 2019 2019 (excluding the nine months ended September 30, 2019) $ 236 2020 $ 874 2021 $ 471 After 2022 $ 1,982 Total undiscounted cash flows $ 3,563 Less: imputed interest $ 439 Present value of lease liabilities $ 3,124 |
General (Details Narrative)
General (Details Narrative) - USD ($) $ in Thousands | Sep. 30, 2019 | Dec. 31, 2018 |
Disclosure of reserves within equity [abstract] | ||
Accumulated deficit | $ (202,374) | $ (188,646) |
Cash and cash equivalents, short-term bank deposits and restricted bank deposits | $ 41,100 |
Significant Accounting Polici_4
Significant Accounting Policies (Details Narrative) - USD ($) $ in Thousands | Sep. 30, 2019 | Jan. 02, 2019 | Dec. 31, 2018 |
Disclosure of initial application of standards or interpretations [line items] | |||
Weighted average incremental annual borrowing rate of lease | 4.10% | ||
Lease liabilities | $ 2,600 | ||
Lease liabilities, current | $ 791 | 400 | $ 347 |
Lease liabilities, noncurrent | 2,333 | 2,200 | 449 |
Right of use assets | 3,253 | ||
Properties [Member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Right of use assets | 3,000 | 3,400 | |
Vehicles [Member] | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Right of use assets | $ 200 | $ 300 |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Maturity Analysis of Operating Lease Payments (Details) $ in Thousands | Sep. 30, 2019USD ($) |
Disclosure of initial application of standards or interpretations [line items] | |
Total undiscounted cash flows | $ 3,563 |
Less: imputed interest | 439 |
Present value of lease liabilities | 3,124 |
2019 (Excluding the Nine Months Ended September 30, 2019) [Member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Total undiscounted cash flows | 236 |
2020 [Member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Total undiscounted cash flows | 874 |
2021 [Member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Total undiscounted cash flows | 471 |
After 2022 [Member] | |
Disclosure of initial application of standards or interpretations [line items] | |
Total undiscounted cash flows | $ 1,982 |
Cash and Cash Equivalents, Sh_2
Cash and Cash Equivalents, Short-Term Bank Deposits and Restricted Bank Deposits (Details Narrative) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Dec. 31, 2017 | |
ShorttermBankDepositsLineItems [Line Items] | ||||
Cash and cash equivalents | $ 22,319 | $ 29,347 | $ 8,466 | $ 6,694 |
Short-term bank deposits | 18,231 | 21,135 | ||
Restricted bank deposits | $ 503 | |||
Bottom of Range [Member] | ||||
ShorttermBankDepositsLineItems [Line Items] | ||||
Bank deposits terms | 9 months | |||
Short term bank deposits annual interest rates | 2.15% | |||
Top of Range [Member] | ||||
ShorttermBankDepositsLineItems [Line Items] | ||||
Bank deposits terms | 12 months | |||
Short term bank deposits annual interest rates | 2.63% |
Shareholders' Equity (Details N
Shareholders' Equity (Details Narrative) | 1 Months Ended |
Mar. 31, 2019shares | |
2014 ESOP Plan [Member] | |
Disclosure of classes of share capital [line items] | |
Increase in ordinary shares available for issuance | 1,930,305 |