Document And Entity Information
Document And Entity Information | 6 Months Ended |
Jun. 30, 2022 | |
Document Information Line Items | |
Entity Registrant Name | BIONDVAX PHARMACEUTICALS LTD. |
Document Type | 6-K/A |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | true |
Amendment Description | This Amendment No. 1 to the Report on Form 6-K, originally filed with the Securities and Exchange Commission on August 25, 2022, is being filed solely for the purposes of furnishing unaudited interim condensed consolidated financial statements as of June 30, 2022 and incorporating certain exhibits into registration statements of the registrant. |
Entity Central Index Key | 0001611747 |
Document Period End Date | Jun. 30, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Balance Sheets
Balance Sheets ₪ in Thousands, $ in Thousands | Jun. 30, 2022 ILS (₪) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 ILS (₪) | Dec. 31, 2021 USD ($) | Jun. 30, 2021 ILS (₪) | |
CURRENT ASSETS: | ||||||
Cash and cash equivalents | ₪ 39,499 | $ 11,285 | ₪ 54,036 | ₪ 39,883 | ||
Other receivables | 626 | 179 | 1,012 | 2,641 | ||
Total current assets | 40,125 | 11,464 | 55,048 | 42,524 | ||
LONG TERM ASSETS: | ||||||
Property, plant and equipment | 39,250 | 11,214 | 38,519 | 38,979 | ||
Right-of-use assets | 5,227 | 1,494 | 5,588 | 6,109 | ||
Restricted cash | 484 | 138 | 444 | 437 | ||
Other long-term assets | 485 | 139 | ||||
Total non-current assets | 45,446 | 12,985 | 44,551 | 45,525 | ||
Total assets | 85,571 | 24,449 | 99,599 | 88,049 | ||
CURRENT LIABILITIES: | ||||||
Trade payables | 2,057 | 588 | $ 3,107 | 2,635 | ||
Operating lease liabilities | 857 | 245 | 773 | 764 | ||
Loan from others | 18,706 | 5,345 | 64,248 | |||
Other payables | 1,898 | 542 | 3,327 | 1,739 | ||
Total current liabilities | 23,518 | 6,720 | 7,207 | 69,386 | ||
LONG TERM LIABILITIES: | ||||||
Operating lease liabilities | 5,536 | 1,582 | 5,712 | 6,047 | ||
Loan from others | 51,954 | 14,843 | 63,252 | |||
Other payables | 1,135 | |||||
Severance pay liability, net | 95 | 27 | 95 | 95 | ||
Total long-term liabilities | 57,585 | 16,452 | 69,059 | 7,277 | ||
SHAREHOLDERS’ EQUITY: | ||||||
Ordinary shares of no par value: Authorized: 1,800,000,000 shares at June 30, 2022, (unaudited) June 30, 2021 (unaudited) and December 31, 2021; Issued and outstanding: 747,153,064 shares at June 30, 2022 (unaudited), 573,285,824 shares at June 30, 2021 (unaudited) and 739,048,544 shares at December 31, 2021 | [1] | |||||
Share premium | 391,507 | 111,859 | 388,104 | 356,358 | ||
Accumulated deficit | (387,039) | (110,582) | (364,771) | (344,972) | ||
Total Equity | 4,468 | 1,277 | ₪ 23,333 | 23,333 | 11,386 | |
Total liabilities and shareholders’ equity | ₪ 85,571 | $ 24,449 | $ 99,599 | ₪ 88,049 | ||
[1]Represents less than NIS\USD 1. |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 |
Statement of financial position [abstract] | |||
Ordinary shares, par value (in Dollars per share) | |||
Ordinary shares, authorized | 1,800,000,000 | 1,800,000,000 | |
Ordinary shares, issued | 573,285,824 | 739,048,544 | |
Ordinary shares, outstanding | 573,285,824 | 739,048,544 |
Statements of Comprehensive Los
Statements of Comprehensive Loss ₪ in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 ILS (₪) ₪ / shares shares | Jun. 30, 2021 ILS (₪) ₪ / shares shares | Jun. 30, 2022 ILS (₪) ₪ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 30, 2021 ILS (₪) ₪ / shares shares | Dec. 31, 2021 ILS (₪) ₪ / shares shares | |
Operating expenses: | ||||||
Research and development, net of participations | ₪ 6,495 | ₪ 1,900 | ₪ 10,148 | $ 2,900 | ₪ 4,653 | ₪ 10,341 |
Marketing, general and administrative | 4,286 | 7,002 | 8,919 | 2,548 | 11,007 | 24,528 |
Other income | (40) | |||||
Total operating expenses | 10,781 | 8,902 | 19,067 | 5,448 | 15,660 | 34,829 |
Operating loss | (10,781) | (8,902) | (19,067) | (5,448) | (15,660) | (34,829) |
Financial income | 1,571 | 2,783 | 796 | 822 | 5,716 | |
Financial expense | (3,642) | (3,091) | (5,984) | (1,710) | (5,341) | (10,865) |
Net loss and total comprehensive loss | ₪ (12,852) | ₪ (11,993) | ₪ (22,268) | $ (6,362) | ₪ (20,179) | ₪ (39,978) |
Basic and diluted net loss per share (in New Shekels per share and Dollars per share) | (per share) | ₪ (0.02) | ₪ (0.03) | ₪ (0.03) | $ (0.01) | ₪ (0.04) | ₪ (0.07) |
Weighted average number of shares outstanding used to compute basic and diluted loss per share (in Shares) | 746,898,671 | 573,205,607 | 745,817,220 | 745,817,220 | 552,140,030 | 564,575,967 |
Statements of Comprehensive L_2
Statements of Comprehensive Loss (Parentheticals) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 ₪ / shares shares | Jun. 30, 2021 ₪ / shares shares | Jun. 30, 2022 $ / shares shares | Jun. 30, 2022 ₪ / shares shares | Jun. 30, 2021 ₪ / shares shares | Dec. 31, 2021 ₪ / shares shares | |
Statements Of Comprehensive Loss Abstract | ||||||
Diluted net loss per share (in New Shekels per share and Dollars per share) | (per share) | ₪ (0.02) | ₪ (0.03) | $ (0.01) | ₪ (0.03) | ₪ (0.04) | ₪ (0.07) |
Weighted average number of shares outstanding used to compute diluted loss per share | 746,898,671 | 573,205,607 | 745,817,220 | 745,817,220 | 552,140,030 | 564,575,967 |
Statements of Changes in Shareh
Statements of Changes in Shareholders’ Equity (Deficiency) ₪ in Thousands, $ in Thousands | Share capital ILS (₪) | Share premium ILS (₪) | Accumulated deficit ILS (₪) | ILS (₪) | USD ($) | |
Balance at Dec. 31, 2020 | [1] | ₪ 310,197 | ₪ (324,793) | ₪ (14,596) | ||
Total comprehensive loss | (20,179) | (20,179) | ||||
Issuance of shares, net | [1] | 42,129 | 42,129 | |||
Share-based compensation | 4,032 | 4,032 | ||||
Balance at Jun. 30, 2021 | [1] | 356,358 | (344,972) | 11,386 | ||
Balance at Jun. 30, 2021 | [1] | 101,816 | (98,563) | 3,253 | ||
Balance at Dec. 31, 2020 | [1] | 310,197 | (324,793) | (14,596) | ||
Total comprehensive loss | (39,978) | (39,978) | ||||
Issuance of Ordinary shares, net of issuance costs | 69,003 | 69,003 | ||||
Share-based compensation | 8,904 | 8,904 | ||||
Balance at Dec. 31, 2021 | [1] | 388,104 | (364,771) | 23,333 | $ 23,333 | |
Balance at Dec. 31, 2021 | [1] | 110,886 | (104,220) | 6,666 | ||
Balance at Mar. 31, 2021 | [1] | 353,783 | (332,979) | 20,804 | ||
Total comprehensive loss | (11,993) | (11,993) | ||||
Share-based compensation | 2,575 | 2,575 | ||||
Balance at Jun. 30, 2021 | [1] | 356,358 | (344,972) | 11,386 | ||
Balance at Jun. 30, 2021 | [1] | 101,816 | (98,563) | 3,253 | ||
Balance at Dec. 31, 2021 | [1] | 388,104 | (364,771) | 23,333 | 23,333 | |
Total comprehensive loss | (22,268) | (22,268) | ||||
Issuance of shares, net | [1] | 713 | 555 | |||
Deferred issuance expenses | (148) | |||||
Share-based compensation | 2,848 | 2,848 | ||||
Balance at Jun. 30, 2022 | [1] | 391,507 | (387,039) | 4,468 | 1,277 | |
Balance at Jun. 30, 2022 | [1] | 111,859 | (110,582) | 1,277 | ||
Balance at Mar. 31, 2022 | [1] | 390,356 | (374,187) | 16,169 | ||
Total comprehensive loss | (12,852) | (12,852) | ||||
Deferred issuance expenses | [1] | (148) | (148) | |||
Share-based compensation | 1,299 | 1,299 | ||||
Balance at Jun. 30, 2022 | [1] | 391,507 | (387,039) | 4,468 | $ 1,277 | |
Balance at Jun. 30, 2022 | [1] | ₪ 111,859 | ₪ (110,582) | ₪ 1,277 | ||
[1] (*) Represents less than NIS\USD 1. |
Statements of Cash Flows
Statements of Cash Flows ₪ in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 ILS (₪) | Jun. 30, 2021 ILS (₪) | Jun. 30, 2022 ILS (₪) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 ILS (₪) | Dec. 31, 2021 ILS (₪) | |
Cash flows from operating activities: | ||||||
Net loss | ₪ (12,852) | ₪ (11,993) | ₪ (22,268) | $ (6,362) | ₪ (20,179) | ₪ (39,978) |
Adjustments to profit and loss items: | ||||||
Depreciation of property, plant and equipment and right-of-use assets | 778 | 604 | 1,436 | 410 | 1,209 | 2,415 |
Net financial expenses (income) | (1,334) | 520 | (2,108) | (602) | (471) | (930) |
Capital gain | (40) | |||||
Increase in liability with respect to loans from others | 5,473 | 1,902 | 7,408 | 2,116 | 3,827 | 2,831 |
Share-based compensation | 1,299 | 2,575 | 2,848 | 814 | 4,032 | 8,904 |
Adjustments to profit and loss items | 6,216 | 5,601 | 9,584 | 2,738 | 8,597 | 13,180 |
Changes in asset and liability items: | ||||||
Increase (decrease) in other receivables | (17) | (2,191) | 376 | 107 | (1,467) | 162 |
Increase (decrease) in trade payables | (2,045) | 550 | (1,050) | (300) | 767 | 1,239 |
Increase (decrease) in short- and long-term other payables | (1,700) | 99 | (1,429) | (408) | 493 | 946 |
Total changes in asset and liability | (3,762) | (1,542) | (2,103) | (601) | (207) | 2,347 |
Cash paid and received during the year for: | ||||||
Interest paid | (8) | 24 | (14) | (4) | 15 | (33) |
Total cash paid and received | (8) | 24 | (14) | (4) | 15 | (33) |
Net cash flows used in operating activities | (10,406) | (7,910) | (14,801) | (4,229) | (11,774) | (24,484) |
Cash Flows from Investing Activities: | ||||||
Purchase of property and equipment | (44) | (106) | (1,700) | (486) | (128) | (430) |
Proceeds from sale of property and equipment | 40 | |||||
Increase (decrease) in other long term assets | (40) | (1) | (40) | (11) | 36 | 29 |
Net cash used in investing activities | (84) | (107) | (1,740) | (497) | (92) | (361) |
Cash Flows from Financing Activities: | ||||||
Repayment of operating lease liabilities | (320) | (317) | (633) | (181) | (623) | (1,220) |
Deferred issuance expenses | (148) | (148) | (42) | |||
Proceeds from exercise of warrants to public | 42,129 | |||||
Proceeds from issuance of shares, net of issuance costs | 69,003 | |||||
Net cash provided by (used in) financing activities | (468) | (317) | (781) | (223) | 41,506 | 67,783 |
Exchange differences on balances of cash and cash equivalents | 1,571 | (360) | 2,785 | 796 | 822 | 1,677 |
Increase (decrease) in cash and cash equivalents | (9,347) | (8,694) | (14,537) | (4,142) | 30,462 | 44,615 |
Balance of cash and cash equivalents at the beginning of the period | 48,886 | 48,577 | 54,036 | 15,439 | 9,421 | 9,421 |
Balance of cash and cash equivalents at the end of the period | 39,499 | 39,883 | 39,499 | 11,297 | 39,883 | 54,036 |
Non cash financing activities | ||||||
Right-of-use asset recognized with corresponding lease liability | 107 | 107 | 31 | ₪ 249 | ||
Intangible asset | ₪ 485 | $ 139 |
General
General | 6 Months Ended |
Jun. 30, 2022 | |
General [Abstract] | |
GENERAL | NOTE 1: GENERAL a. BiondVax Pharmaceuticals Ltd. ("the Company") is focused on developing and ultimately commercializing products for prevention and treatment of infectious diseases and related illnesses. The Company was incorporated on July 21, 2003 in Israel, and started its activity on March 31, 2005. The Company's principal executive offices and main laboratory are located at Jerusalem BioPark, 2nd floor, Hadassah Ein Kerem Campus, Jerusalem, Israel, next to Hadassah University Hospitals and Hebrew University’s Medical School. b. On May 15, 2015, the Company completed a public offering of securities in the United States. c. On March 28, 2017, the Company received an approval from the Investment Center of the Ministry of Economy and Industry of the State of Israel, for a grant (the “Grant") representing 20% of a NIS 20,000 budget to be utilized towards the construction of a factory for the production of Phase 3 and commercial batches of M-001, the Company's former influenza vaccine candidate. The receipt of the Grant was subject to certain terms and conditions, including those outlined under the Israeli Encouragement of Capital Investment Law, 1959. The terms and conditions included, inter alia, the following: (a) at least 24% of the investments in the planned manufacturing facility's fixed assets would be financed by additional share capital; (b) the Company would maintain its intellectual property and manufacturing facility in Israel for a period of at least 10 years . Following d. On October 23, 2020, the Company announced Phase 3 clinical trial results of its M-001 universal vaccine product. The results did not demonstrate a statistically significant difference between the vaccinated group and the placebo group in reduction of flu illness and severity. Therefore, the study failed to meet both the primary and secondary efficacy endpoints. However, the study’s primary safety endpoint was met. e . On December 22, 2021, the Company signed definitive agreements with the Max Planck Society (“MPG”), the parent organization of the Max Planck Institute for Biophysical Chemistry, and the University Medical Center Göttingen (“UMG”), both in Germany, to enter into a strategic collaboration for the development and commercialization of innovative Covid-19 NanoAbs, effective from January 1, 2022. The agreements provide for an upfront payment, development and sales milestones and royalties based on sales and sharing of sublicense revenues. In accordance with the agreements, the Company issued 150,000 ADSs at no cost to MPG as an upfront payment for the license. The ADS are restricted for a period of three years. The company evaluated the fair value of the license at $153. The fair value was calculated by an independent valuation, at a discount rate of 31% under the following principles: Stock price 1.48 Variance 150 % Risk free interest 1 % On March 23, 2022, the Company executed an additional research collaboration agreement with MPG and UMG covering development and commercialization of NanoAbs for several other disease indications with large market sizes that leverage their unique binding affinity, stability at high temperatures, and potential for more effective and convenient routes of administration. These targets are the basis for validated and currently marketed monoclonal antibodies, including for conditions such as psoriasis, asthma, macular degeneration, and psoriatic arthritis. f. On March 23, 2022, the Company granted 170,132 RSUs to officers and employees. The fair value of the grants was NIS 753,084 ($233,081) and the RSUs vest in three years. g. On May 31, 2022, the Company granted 15,500 RSUs to employees. The fair value of the grants was NIS 69,330 ($20,770) and h. In the six months ended June 30, 2022, the Company incurred a loss of NIS 22,268 (6,362) and negative cash flows from operating activities of NIS 14,802 ($4,229), and it had an accumulated deficit of NIS 387,039 ($110,583) as of that date. In the future, the Company may raise additional capital from external sources in order to continue the longer-term efforts contemplated under its business plan. The Company expects to continue incurring losses for the foreseeable future and may need to raise additional capital to pursue its product development initiatives, to penetrate markets for the sale of our Company product candidates and continue operations as presently maintained. The Company cannot provide any assurance that it will raise additional capital. Management believes that the Company has access to capital resources through possible public or private equity offerings, debt financings, corporate collaborations or other means; however, the Company has not secured any commitment for new financing at this time, nor can the Company provide any assurance that new financing will be available on commercially acceptable terms, if at all. If the Company is unable to secure additional capital, it may be required to curtail its research and development initiatives and take additional measures to reduce costs in order to conserve cash in amounts sufficient to sustain operations and meet its obligations. These measures could cause significant delays in the Company’s efforts to commercialize its products, which is critical to the realization of the Company’s business plan and its future operations. The Company’s management and Board of Directors are of the opinion that its current financial resources will be sufficient to continue the development of the Company’s products for at least the next twelve months. |
Convenience Translation Into U.
Convenience Translation Into U.S. Dollars | 6 Months Ended |
Jun. 30, 2022 | |
Convenience Translation Into U.S. Dollars [Abstract] | |
CONVENIENCE TRANSLATION INTO U.S. DOLLARS | NOTE 2: CONVENIENCE TRANSLATION INTO U.S. DOLLARS The financial statements as of June 30, 2022 and for the six months then ended have been translated into dollars using the representative exchange rate as of that date ($ 1 = NIS 3.5). The translation was made solely for the convenience of the reader. The amounts presented in these financial statements should not be construed to represent amounts receivable or payable in dollars or convertible into dollars, unless otherwise indicated in these statements. |
Significant Accounting Policies
Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of significant accounting policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 3: SIGNIFICANT ACCOUNTING POLICIES These financial statements have been prepared in a condensed format as of June 30, 2022, and for the three and six months then ended ("interim financial statements"). These financial statements should be read in conjunction with the Company's annual financial statements as of December 31, 2021, and for the year then ended and accompanying notes ("annual financial statements"). Basis of preparation of the interim financial statements The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in IAS 34, "Interim Financial Reporting", and in accordance with the disclosure requirements of Chapter D of the Securities Regulations (Periodic and Immediate Reports), 1970. The significant accounting policies and methods of computation adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Company's annual financial statements. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 4: SUBSEQUENT EVENTS On August 10, 2022, the company received approval by the European Investment Bank for the new terms of its outstanding €24 million loan to the Company. The new terms include: ● An extension of the maturity dates from 2023 (€20 million) and 2024 (€4 million) until December 2027. ● Interest on the Loan will begin to accrue starting January 1, 2022, at an annual rate of 7%. The interest payments will be deferred until the new maturity date and will be added to the principal balance at the end of each year during the loan period. ● $900 thousand (NIS 3,500 thousand) will be paid by BiondVax shortly after the execution of the relevant amendment letter with the EIB. This amount will be applied to reduce the outstanding Loan. Going forward 10% of any capital raises until maturity will be used to further repay the Loan principal including any outstanding accrued interest. ● When the company sales exceed €5 million, 3% of the topline revenues will be paid to the EIB as royalties until the EIB receives (from the Loan repayment, inter alia the interest and the royalties) the higher of (i) a total of 2.8 times the original €24 million principal (as provided in the original Loan agreement) and (ii) 20% IRR on the principal. ● In case the company decides to discharge all liabilities under the finance contract inter alia payments of the variable remuneration, the company would need to repay to the EIB an indemnity amount in addition to the Loan principle and the accrued interest. The indemnity will be calculated such that the EIB receives an additional payment equal to the greater of (i) the prepayment amount (i.e. twice the prepayment amount in the aggregate) and (ii) the amount required to realize 20% IRR on the prepayment amount at the time of prepayment. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of preparation of the interim financial statements | Basis of preparation of the interim financial statements The interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles for the preparation of financial statements for interim periods, as prescribed in IAS 34, "Interim Financial Reporting", and in accordance with the disclosure requirements of Chapter D of the Securities Regulations (Periodic and Immediate Reports), 1970. The significant accounting policies and methods of computation adopted in the preparation of the interim financial statements are consistent with those followed in the preparation of the Company's annual financial statements. |
General (Tables)
General (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about business combination [abstract] | |
Schedule of discount rate | Stock price 1.48 Variance 150 % Risk free interest 1 % |
General (Details)
General (Details) - ILS (₪) ₪ in Thousands | 1 Months Ended | 6 Months Ended | ||
Mar. 28, 2017 | Jun. 30, 2022 | Mar. 31, 2022 | Mar. 23, 2022 | |
Disclosure of detailed information about business combination [abstract] | ||||
Percentage of grant | 20% | |||
Budget utilized towards the construction of factory | ₪ 20,000 | |||
Terms and conditions for receipt of the grant, description | The receipt of the Grant was subject to certain terms and conditions, including those outlined under the Israeli Encouragement of Capital Investment Law, 1959. The terms and conditions included, inter alia, the following: (a) at least 24% of the investments in the planned manufacturing facility's fixed assets would be financed by additional share capital; (b) the Company would maintain its intellectual property and manufacturing facility in Israel for a period of at least 10 years. | |||
Agreement description | The ADS are restricted for a period of three years. The company evaluated the fair value of the license at $153. The fair value was calculated by an independent valuation, at a discount rate of 31% under the following principles: | |||
Fair value of grants description | On May 31, 2022, the Company granted 15,500 RSUs to employees. The fair value of the grants was NIS 69,330 ($20,770) and the RSUs vest in three years. | On March 23, 2022, the Company granted 170,132 RSUs to officers and employees. The fair value of the grants was NIS 753,084 ($233,081) and the RSUs vest in three years. | ||
Description of financial information | In the six months ended June 30, 2022, the Company incurred a loss of NIS 22,268 (6,362) and negative cash flows from operating activities of NIS 14,802 ($4,229), and it had an accumulated deficit of NIS 387,039 ($110,583) as of that date. |
General (Details) - Schedule of
General (Details) - Schedule of discount rate | 6 Months Ended |
Jun. 30, 2022 | |
Schedule Of Discount Rate Abstract | |
Stock price | 1.48% |
Variance | 150% |
Risk free interest | 1% |
Convenience Translation Into _2
Convenience Translation Into U.S. Dollars (Details) | 6 Months Ended |
Jun. 30, 2022 ₪ / shares | |
Convenience Translation Into U.S. Dollars [Abstract] | |
Translation of exchange rate | ₪ 3.5 |
Subsequent Events (Details)
Subsequent Events (Details) ₪ in Thousands, $ in Thousands, € in Millions | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2022 ILS (₪) | Jun. 30, 2021 USD ($) | Dec. 31, 2024 EUR (€) | Dec. 31, 2023 EUR (€) | Aug. 10, 2022 EUR (€) | Oct. 19, 2021 | |
Subsequent Events (Details) [Line Items] | ||||||
EIB loan | € 24 | |||||
Reduction of principal | ₪ 3,500 | $ 900 | ||||
Capital raises percentage | 10% | |||||
Description of royalties | ●When the company sales exceed €5 million, 3% of the topline revenues will be paid to the EIB as royalties until the EIB receives (from the Loan repayment, inter alia the interest and the royalties) the higher of (i) a total of 2.8 times the original €24 million principal (as provided in the original Loan agreement) and (ii) 20% IRR on the principal. | |||||
Non-adjusting events after reporting period [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Loan maturity | € 4 | € 20 | ||||
Annual rate | 7% |