Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document And Entity Information [Abstract] | |
Entity Registrant Name | CollPlant Biotechnologies Ltd |
Entity Central Index Key | 0001631487 |
Amendment Flag | false |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2019 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2019 |
Entity Emerging Growth Company | true |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 5,670,829 |
Entity Interactive Data Current | Yes |
Entity Incorporation State Country Code | L3 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Ex Transition Period | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Current assets: | |||
Cash and cash equivalents | $ 3,791 | $ 5,354 | |
Trade receivables | 79 | 516 | |
Other accounts receivable and prepaid expenses | 270 | 334 | |
Restricted deposit | 12 | 154 | |
Inventory | 888 | 814 | |
Total current assets | 5,040 | 7,172 | |
Non-current assets: | |||
Restricted deposit | 168 | 155 | |
Long term receivables | 18 | ||
Operating lease right-of-use assets | 3,215 | ||
Property and equipment, net | 2,329 | 1,407 | |
Total non-current assets | 5,712 | 1,580 | |
Total assets | 10,752 | 8,752 | |
Current liabilities: | |||
Loan | 24 | 22 | |
Accounts payable: | |||
Trade payables | 833 | 622 | |
Accrued liabilities and other | 1,203 | 619 | |
Operating lease liabilities | 455 | ||
Deferred revenues | 942 | 970 | |
Total current liabilities | 3,457 | 2,233 | |
Non-current liabilities: | |||
Derivatives | 68 | 97 | |
Loan | 22 | ||
Operating lease liabilities | 3,139 | ||
Deferred revenues | 980 | ||
Total non-current liabilities | 3,207 | 1,099 | |
Total liabilities | 6,664 | 3,332 | |
Commitments and contingencies | |||
Shareholders' Equity: | |||
Ordinary shares, NIS 1.5 par value - authorized: 30,000,000 and 15,000,000 ordinary shares as of December 31, 2019 and December 31, 2018; issued and outstanding: 5,670,829 and 3,814,713 ordinary shares as of December 31, 2019 and December 31, 2018, respectively | [1] | 2,368 | 1,580 |
Additional paid in capital and warrants | 69,949 | 60,905 | |
Currency translation differences | (969) | (969) | |
Accumulated deficit | (67,260) | (56,096) | |
Total shareholders’ equity | 4,088 | 5,420 | |
Total liabilities and shareholders’ equity | $ 10,752 | $ 8,752 | |
[1] | After reverse split, see Note 1b. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - ₪ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of financial position [abstract] | ||
Ordinary shares, par value | ₪ 1.5 | ₪ 1.5 |
Ordinary shares, shares authorized | 30,000,000 | 15,000,000 |
Ordinary shares, shares issued | 5,670,829 | 3,814,713 |
Ordinary shares, shares outstanding | 5,670,829 | 3,814,713 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit or loss [abstract] | |||
Revenues | $ 2,318 | $ 5,014 | $ 463 |
Cost of revenues | 1,879 | 1,659 | 48 |
Gross Profit | 439 | 3,355 | 415 |
Operating expenses: | |||
Research and development, net | 4,414 | 3,877 | 3,906 |
General, administrative and marketing | 3,656 | 3,723 | 2,466 |
Total operating loss | 7,631 | 4,245 | 5,957 |
Financial expenses | 3,303 | 2,180 | 47 |
Exchange differences | 230 | (176) | 47 |
Financial expenses, net | 3,533 | 2,004 | 94 |
Loss for the period | 11,164 | 6,249 | 6,051 |
Other comprehensive loss: | |||
Currency translation differences | 557 | (205) | |
Total comprehensive loss for the period | $ 11,164 | $ 6,806 | $ 5,846 |
Basic and diluted loss per ordinary share | $ 2.23 | $ 1.43 | $ 2.27 |
Weighted average number of shares outstanding used in computation of basic and diluted | 4,986,381 | 4,384,585 | 2,663,741 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - USD ($) $ in Thousands | Ordinary shares | Additional paid-in capital and warrants | Currency translation differences amounts | Accumulated deficit | Total | |
Beginning Balance at Dec. 31, 2016 | $ 883 | $ 45,021 | $ (617) | $ (43,796) | $ 1,491 | |
Beginning Balance, Shares at Dec. 31, 2016 | [1] | 2,143 | ||||
Statement Line Items [Line Items] | ||||||
Issuance of ordinary shares and warrants, net of issuance costs | $ 405 | 6,695 | 7,100 | |||
Issuance of ordinary shares and warrants, net of issuance costs, Shares | [1] | 971 | ||||
Exercise of warrants | $ 85 | 939 | 1,024 | |||
Exercise of warrants, Shares | [1] | 201 | ||||
Shares issued for services | $ 9 | 862 | 871 | |||
Shares issued for services, Shares | [1] | 22 | ||||
Share-based compensation | 531 | 531 | ||||
Comprehensive loss | 205 | (6,051) | (5,846) | |||
Ending Balance at Dec. 31, 2017 at Dec. 31, 2017 | $ 1,382 | 54,048 | (412) | (49,847) | 5,171 | |
Ending Balance, Shares at Dec. 31, 2017 at Dec. 31, 2017 | [1] | 3,337 | ||||
Statement Line Items [Line Items] | ||||||
Issuance of ordinary shares and warrants, net of issuance costs | $ 129 | 2,648 | 2,777 | |||
Issuance of ordinary shares and warrants, net of issuance costs, Shares | [1] | 309 | ||||
Classification of warrants from liability to equity, see note 8A(2) | ||||||
Conversion of debentures to prepaid warrants | 3,267 | 3,267 | ||||
Conversion of prepaid warrants to ordinary shares | $ 68 | (68) | ||||
Conversion of prepaid warrants to ordinary shares, Shares | [1] | 165 | ||||
Shares issued for services | $ 1 | 7 | 8 | |||
Shares issued for services, Shares | [1] | 4 | ||||
Share-based compensation | 1,003 | 1,003 | ||||
Comprehensive loss | (557) | (6,249) | (6,806) | |||
Ending Balance at Dec. 31, 2017 at Dec. 31, 2018 | $ 1,580 | 60,905 | (969) | (56,096) | 5,420 | |
Ending Balance, Shares at Dec. 31, 2017 at Dec. 31, 2018 | [1] | 3,815 | ||||
Statement Line Items [Line Items] | ||||||
Issuance of ordinary shares and warrants, net of issuance costs | $ 763 | 6,602 | 7,365 | |||
Issuance of ordinary shares and warrants, net of issuance costs, Shares | [1] | 1,800 | ||||
Classification of warrants from equity to liability, see note 2c | (1,804) | (1,804) | ||||
Classification of warrants from liability to equity, see note 8A(2) | 3,139 | 3,139 | ||||
Conversion of prepaid warrants to ordinary shares | $ 22 | (22) | ||||
Conversion of prepaid warrants to ordinary shares, Shares | [1] | 50 | ||||
Exercise of option | $ 3 | 4 | 7 | |||
Exercise of option, Shares | [1] | 6 | ||||
Share-based compensation | 1,125 | 1,125 | ||||
Comprehensive loss | (11,164) | (11,164) | ||||
Ending Balance at Dec. 31, 2017 at Dec. 31, 2019 | $ 2,368 | $ 69,949 | $ (969) | $ (67,260) | $ 4,088 | |
Ending Balance, Shares at Dec. 31, 2017 at Dec. 31, 2019 | [1] | 5,671 | ||||
[1] | After reverse split, see Note 1b. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of changes in equity [abstract] | ||
Ordinary shares and warrants | $ 180 | $ 100 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net cash used in operations (see Appendix A) | $ (5,703) | $ (1,217) | $ (4,966) |
Net cash used in operating activities | (5,703) | (1,217) | (4,966) |
Cash flows from investing activities: | |||
Purchase of property and equipment | (1,491) | (832) | (127) |
Proceeds from sale of property and equipment | 30 | ||
Net cash used in investing activities | (1,461) | (832) | (127) |
Cash flows from financing activities: | |||
Proceeds from issuance of shares, warrants and debentures, less issuance expenses | 5,440 | 2,777 | 8,152 |
Exercise of options and warrants into shares | 7 | 1,024 | |
Loan received | 58 | ||
Loan paid | (20) | (12) | |
Payments made for equipment on financing terms | (17) | (70) | (70) |
Net cash provided by financing activities | 5,410 | 2,753 | 9,106 |
Increase (Decrease) in cash and cash equivalents and restricted deposits | (1,754) | 704 | 4,013 |
Cash and cash equivalents and restricted deposits at the beginning of the year | 5,663 | 5,284 | 1,132 |
Exchange differences on cash and cash equivalents and restricted deposits | 62 | (325) | 139 |
Cash and cash equivalents and restricted deposits at the end of the year | 3,971 | 5,663 | 5,284 |
A. Net cash used in operations: | |||
Loss | (11,164) | (6,249) | (6,051) |
Adjustments for: | |||
Depreciation and amortization | 539 | 342 | 230 |
Share-based compensation to employees and consultants | 1,125 | 1,434 | 956 |
Exchange differences on cash and cash equivalents | (62) | (184) | 28 |
Financial expenses related to financial instruments | 3,230 | 2,293 | 12 |
Net change of operating lease accounts | 382 | ||
Total net cash used in operations | (5,950) | (2,364) | (4,825) |
Changes in operating asset and liability items: | |||
Decrease (increase) in trade receivables | 437 | (439) | (38) |
Increase in inventory | (74) | (653) | (59) |
Decrease in other receivables (including long-term receivables) | 35 | 220 | 474 |
Increase (decrease) in trade payables (including long-term payables) | 228 | (112) | (542) |
Increase in accrued liabilities and other payables | 629 | 99 | 24 |
Increase (decrease) in deferred revenues (including long term deferred revenues) | (1,008) | 2,032 | |
Total changes in operating asset and liability | 247 | 1,147 | (141) |
Net cash used in operations | (5,703) | (1,217) | (4,966) |
B. Supplementary information on investing and financing activities not involving cash flows: | |||
Conversion of debentures to pre-paid warrants | 3,267 | ||
Conversion of pre-paid warrants to ordinary shares | 22 | 68 | |
Obtaining right of use assets in exchange for a lease liability | 97 | ||
Exercise of anti-dilution derivatives | 2,024 | ||
Classification of warrants from liabilities to equity, net | $ 1,335 |
General
General | 12 Months Ended |
Dec. 31, 2019 | |
General [Abstract] | |
GENERAL | NOTE 1 - GENERAL a. CollPlant Biotechnologies Ltd. (formerly known as CollPlant Holdings Ltd.) (the "Company") is a regenerative and aesthetic medicine company focused on 3D bioprinting of tissues and organs and medical aesthetics. The Company's revenues include income from business collaborators and sales of (i) the BioInk product for the development of 3D bioprinting of organs and tissues, (ii) sales of rhCollagen for the medical aesthetics market, and (iii) sales in Europe of the products for tendinopathy and wound healing. The Company operates through CollPlant Ltd., a wholly-owned subsidiary (CollPlant Biotechnologies Ltd. and CollPlant Ltd. will be referred to hereinafter as "the Company" and "CollPlant", respectively). The address of the Company's registered office is 4 Oppenheimer St., Science Park, Rehovot, Israel. Since January 31, 2018, the Company's American Depositary Shares ("ADSs") commenced trading on the Nasdaq Capital Market. On October 29, 2018 the Company delisted its ordinary shares from trading on the Tel Aviv Stock Exchange ("TASE"). The Company has an accumulated deficit of approximately $67,260 as of December 31, 2019, as well as a history of net losses and negative operating cash flows in recent years. The Company expects to continue incurring losses and negative cash flows from operations until it will receive material income from business collaborators under licensing agreements and/or its products (primarily BioInk) reach commercial profitability. As a result of these expected losses and negative cash flows from operations, along with the Company's current cash position, the Company does not have sufficient cash to meet its liquidity requirements for the following twelve months. Consequently, there is substantial doubt about the Company's ability to continue as a going concern. These financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty. Management's plans include the continued commercialization of the Company's products and collaborations with global leading companies, raising capital through the sale of additional equity securities, or capital inflows from strategic partnerships. There are no assurances however, that the Company will be successful in obtaining the level of financing needed for its operations. If the Company is unsuccessful in commercializing its products and raising capital, it may need to reduce activities, curtail or cease operations. b. On June 6, 2019, the Company's shareholders approved a reverse share split of the Company's ordinary shares at a ratio of 1-for-50, such that each fifty (50) ordinary shares, par value NIS 0.03 per share, will be consolidated into one (1) ordinary share, par value NIS 1.50, which decreased the number of ordinary shares issued and outstanding as of June 6 2019, from approximately 191 million shares to approximately 3.8 million. Concurrently with the reverse split, the Company effected a corresponding change in the ratio of ordinary shares to each of the Company's ADSs, such that its ratio of ADSs to ordinary shares changed from one (1) ADS representing fifty (50) ordinary shares to a new ratio of one (1) ADS representing one (1) ordinary share. The first date when the Company's ADSs began trading on the Nasdaq Capital Market after implementation of the reverse split and concurrent ratio change was July 15, 2019. All share, ADS and per share amounts included in the consolidated financial statements and the footnotes have been adjusted retroactively to reflect the effects of the reverse share split unless specified otherwise. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES a. Basis of presentation of the financial statements The Company's financial statements for all periods presented have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). Prior to 2019, the Company prepared its financial statements in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"), as permitted in the United States ("U.S.") based on the Company's status as a foreign private issuer as defined by the U.S. Securities and Exchange Commission (the "SEC"). During 2019, the Company decided to adopt the US GAAP since the Company's business activity is primarily in the U.S. as well as its activity in the U.S. capital markets. b. Use of estimates in the preparation of financial statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. c. Functional currency From the Company's inception through December 31, 2018, the Company and its subsidiary's functional currency was the New Israeli Shekel (NIS). Management conducted a review of the functional currency of the Company and its subsidiary and concluded that the functional currency changed from the NIS to the U.S. dollar, effective January 1, 2019. This change was based on an assessment by Company management that the U.S. dollar became the primary currency of the economic environment in which the Company and its subsidiary operates. Accordingly, the functional and presentation currency of the Company in these financial statements is the U.S. dollar. In determining the appropriate functional currency to be used, the Company reviewed factors relating to sales, costs and expenses, financing activities and cash flows, as well as other potential factors, that should be considered. In this regard, in 2018, the Company incurred a significant increase in revenues denominated in U.S. dollars relating to collaboration with its customers in the U.S., which is reflected primarily in the agreement the Company signed in October 2018, with Lung Biotechnology PBC, a public benefit corporation and wholly-owned subsidiary of United Therapeutics Corporations. The Company expects additional increase in revenues denominated in U.S. dollars related to its activities. The Company incurred an increase and expects to continue to incur a significant part of its expenses in U.S. dollars. These changes, as well as the fact that the majority of the Company's available funds are in U.S. dollars, the Company's principal source of financing is the U.S. capital markets, and all of the Company's budgeting is conducted solely in U.S. dollars, led to the decision that a change occurred in the functional currency as of January 1, 2019, as indicated above. The effect of the change in the functional currency is accounted for prospectively. Assets and liabilities were translated into the new functional currency using the exchange rate at the date of the change. The resulting translated amounts for non-monetary items are treated as their historical cost. In addition, warrants previously included as equity were classified as financial liability measured at fair value, due to their NIS exercise price. Due to the change in its functional currency as above and concurrently with it, the Company decided to change its presentation currency from NIS to the U.S. dollar. The change in presentation currency was applied retrospectively to all comparative figures presented. In effecting the change in presentation currency to U.S. dollars, with respect to comparative figures: (1) all assets and liabilities of the Company were translated using the dollar exchange rate as of each balance sheet presented; (2) equity items were translated using historical exchange rates at the relevant transaction dates; (3) the statement of comprehensive loss items have been translated at the average exchange rates for the relevant reporting periods; and (4) the resulting translation differences have been reported as "currency translation differences" within other comprehensive loss. d. Principles of consolidation The consolidated financial statements include the accounts of the Company and CollPlant. All inter-company transactions and balances have been eliminated in consolidation. e. Cash and cash equivalents The Company considers as cash equivalents all short-term, highly liquid investments, which include short-term bank deposits with original maturities of three months or less from the date of purchase that are not restricted as to withdrawal or use and are readily convertible to known amounts of cash. f. Inventory Inventory is measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in first-out (FIFO) principle. In the case of purchased goods and work in process, costs include raw materials, direct labor, other direct costs and fixed production overheads (based on the normal operating capacity of the production facilities). Net realizable value is the estimated selling price in the ordinary course of business, less variable attributable selling expenses. g. Leases On January 1, 2019, the Company adopted ASU No. 2016-02, Leases (Topic 842). The Company determines if an arrangement is a lease at inception. Balances related to operating leases are included in operating lease right-of-use ("ROU") assets and current and non-current operating lease liabilities in the consolidated balance sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized as of the commencement date based on the present value of lease payments over the lease term. Lease terms will include options to extend or terminate the lease when it is reasonably certain that the Company will either exercise or not exercise the option to renew or terminate the lease. The discount rate for the lease is the rate implicit in the lease unless that rate cannot be readily determined. As the Company's leases do not provide an implicit rate, the Company's uses its estimated incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term (see also Note 2q and Note 6). h. Property and equipment 1) Property and equipment are stated at cost, net of accumulated depreciation and amortization. 2) The Company's property and equipment are depreciated by the straight-line method on the basis of their estimated useful life. Annual rates of depreciation are as follows: Years Computer equipment 3 Greenhouse equipment* 4 - 10 Office furniture 7 - 17 Laboratory equipment 4 - 5 Leasehold improvements 5 Vehicles 4-7 * Greenhouse equipment - agricultural equipment used in the tobacco production greenhouse. Leasehold improvements are amortized by the straight-line method over the expected lease term, which is shorter than the estimated useful life of the improvements. i. Impairment in value of long-lived assets The Company tests long-lived assets for impairment whenever events or circumstances present an indication of impairment. If the sum of expected future cash flows (undiscounted and without interest charges) of the assets is less than the carrying amount of such assets, an impairment loss would be recognized. The assets would be written down to their estimated fair values, calculated based on the present value of expected future cash flows (discounted cash flows), or some other fair value measure. For the three years ended December 31, 2019, the Company did not recognize an impairment loss for its long-lived assets. j. Share-based compensation The Company accounts for employees' share-based payment awards classified as equity awards using the grant-date fair value method. The fair value of share-based payment transactions is recognized as an expense over the requisite service period. The Company elected to recognize compensation costs for awards conditioned only on continued service that have a graded vesting schedule using the accelerated method based on the multiple-option award approach. The Company elects to account for forfeitures as they occur. On January 1, 2019, the Company adopted the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718) Improvements to Nonemployee Share-based Payments. This ASU was issued to simplify the accounting for share-based transactions by expanding the scope of Topic 718 from only being applicable to share-based payments to employees to also include share-based payment transactions for acquiring goods and services from nonemployees. As a result, nonemployee share-based transactions are being measured by estimating the fair value of the equity instruments at the grant date. k. Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, share-based compensation expenses, payroll taxes and other employee benefits, lab expenses, consumable equipment and consulting fees. All costs associated with research and developments are expensed as incurred. Grants received from Israel Innovation Authority (hereafter - "IIA"), (formerly known as the Office of the Chief Scientist of the Ministry of Economy and Industry, or the OCS) are recognized when the grant becomes receivable, provided there is reasonable assurance that the Company will comply with the conditions attached to the grant and there is reasonable assurance the grant will be received. Since at the time the grants were received, successful development of the related projects was not assured, the grant was deducted from the research and development expenses as the applicable costs are incurred, and presented in R&D expenses, net. See Note 7(a). Research and development expenses, net for the years ended December 31, 2019, 2018 and 2017, include participation in research and development expenses in the amount of approximately $28, $327 and $584, respectively. l. Revenue recognition On January 1, 2018, the Company adopted the new accounting standard, ASC 606, Revenue from Contracts with Customers ("ASC 606"), and all the related amendments, using the modified retrospective method. The implementation of this Accounting Standards Update (ASU) did not have a material impact on the Company's consolidated financial statement. The Company's revenue recognition accounting policy from January 1, 2018, following the adoption of the new revenue standard A contract with a customer exists only when: the parties to the contract have approved it and are committed to perform their respective obligations, the Company can identify each party's rights regarding the distinct goods or services to be transferred ("performance obligations"), the Company can determine the transaction price for the goods or services to be transferred, the contract has commercial substance and it is probable that the Company will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. Revenues are recorded in the amount of consideration to which the Company expects to be entitled in exchange for performance obligations upon transfer of control to the customer. 1. Revenues from sale of goods The Company recognizes revenues from selling goods at a point in time when control over the product is transferred to customers (upon delivery). The goods are products based on the Company's rhCollagen, and includes the BioInk product for the development of 3D bioprinting of organs and tissues and products for tendinopathy and wound healing. 2. Revenues from rendering services Revenue from rendering of services is recognized over time, during the period the customer simultaneously receives and consumes the benefits provided by the Company's performance. Under the Company's service contracts, the Company has a right to consideration from the customer in an amount that corresponds directly with the value to the customer of the Company's performance completed to date and recognizes revenue in the amount to which the Company has a right to invoice. The Company charges its customers based on payment terms agreed upon in specific agreements. When payments are made before or after the service is performed, the Company recognizes the resulting contract asset or liability. 3. Revenues from licensing agreement On October 19, 2018, the Company signed a License, Development and Commercialization Agreement (the "License Agreement") with Lung Biotechnology PBC ("LB") (see also Note 7(b)). According to ASC 606, a 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. Options granted to the customer that do not provide a material right to the customer that it would not receive without entering into the contract do not give rise to performance obligations. The Company has identified the following performance obligations in the License Agreement: (1) grant of the license and use of its IP ("License"); and (2) a limited quantity of BioInk to be supplied over a specific time frame ("First BioInk"). 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, option services can be obtained from other experts in the field and not necessarily from the Company, etc.). In addition, the Company has identified several options in the License Agreement. However, neither of the options provides a material right to the customer and therefore, neither of the said options give rise to a performance obligation. The transaction price included an up-front paid amount of $5.0 million and reimbursement for part of the costs related to the IIA in an amount of $1.0 million, as well as variable considerations contingent upon LB achieving certain milestones, sales-based royalties and additional reimbursement of costs related to payments made by CollPlant to the IIA ("Variable Consideration"). The Company estimates variable consideration using the most likely method. Amounts included in the transaction price are recognized only when it is probable that a significant reversal of cumulative revenues will not occur. Sales-based royalties are not included in the transaction price. Rather, they are recognized as incurred, due to the specific exception of ASC 606 for sales-based royalties in licensing of intellectual properties 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 stand-alone selling price is the price at which the Company would sell the promised goods or services separately to a customer. When the stand-alone selling price is not directly observable by reference to similar transactions with similar customers, the Company applies suitable methods for estimating the stand-alone selling price. The following are the details of the allocation of the transaction price (which does not include the Variable Consideration) to the various performance obligations in the Agreement: a) The First BioInk was allocated with its stand-alone selling price, which is the observable price of the BioInk when the Company sells it separately. b) The License was allocated with an estimated stand-alone selling price, based on the residual approach, since the Company has not yet established a price for that license and the license has not previously been sold on a stand-alone basis (i.e. the selling price is uncertain), as well as the related IIA royalties reimbursement. The Company's revenue recognition accounting policy prior to January 1, 2018, was materially the same. m. Income taxes 1) Deferred taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is recognized to the extent that it is more likely than not that the deferred taxes will not be realized in the foreseeable future. The Company has provided a full valuation allowance with respect to its deferred tax assets. 2) Uncertainty in income taxes The Company follows a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the available evidence indicates that it is more likely than not that the position will be sustained based on technical merits. If this threshold is met, the second step is to measure the tax position as the largest amount that has more than a 50% likelihood of being realized upon ultimate settlement. n. Loss per share Basic loss per share is computed on the basis of the net loss, adjusted to recognize the effect of a down-round feature when it is triggered, for the period divided by the weighted average number of ordinary shares and prepaid warrants outstanding during the period. Diluted loss per share is based upon the weighted average number of ordinary shares and of ordinary shares equivalents outstanding when dilutive. Ordinary share equivalents include outstanding stock options and warrants, which are included under the treasury stock method when dilutive. The calculation of diluted loss per share does not include options, warrants and convertible bonds exercisable into 3,536,495 shares, 2,299,684 shares and 1,584,071 shares for the years ended December 31, 2019, 2018 and 2017, respectively, because the effect would be anti-dilutive. The computation of basic and diluted net loss per ordinary share was adjusted retroactively for all periods presented to reflect the Company's reverse share split. See also Note 1b. o. Fair value measurement Fair value is based on the price that would be received from the sale of an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described as follows: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value. The carrying amount of the cash and cash equivalents, restricted deposits, trade receivable, trade payables, accrued expenses and other liabilities approximates their fair value. p. Equity-linked financial instruments with down round features In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): Accounting for Certain Financial Instruments with Down Round Features. The amendments of this ASU update the classification analysis of certain equity-linked financial instruments, or embedded features, with down round features, as well as clarify existing disclosure requirements for equity-classified instruments. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity's own stock. ASU 2017-11 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and early adoption is permitted, including adoption in an interim period. ASU 2017-11 provides that upon adoption, an entity may apply this standard retrospectively to outstanding financial instruments with a down round feature by means of a cumulative- effect adjustment to the opening balance of accumulated deficit in the fiscal year and interim period adoption. The Company has early adopted ASU 2017-11 retrospectively for all periods presented. q. Newly issued and recently adopted accounting pronouncements: Recently adopted accounting pronouncements 1) The Company adopted ASU No. 2016-02, Leases (Topic 842), on January 1, 2019 using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with its historical accounting under Topic 840. The Company elected the package of practical expedients permitted under the transition guidance, which allowed to carry forward the Company's historical lease classification, the Company's assessment on whether a contract was or contains a lease, and the Company's initial direct costs for any leases that existed prior to January 1, 2019. The Company also elected to combine lease and non-lease components and to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of income on a straight-line basis over the lease term. Upon adoption, the new standard resulted in an increase of $3,458 in operating lease ROU assets and $3,458 corresponding liabilities on the Company's consolidated balance sheet. The Company does not have finance leases. The adoption did not have a material impact on the Company's consolidated statement of comprehensive loss or consolidated statement of cash flows and did not have an impact on the comparative figures. See Note 6 for further details. 2) On January 1, 2019, the Company adopted ASU 2018-07, "Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting" that expands the scope of ASC Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of ASC Topic 718 to nonemployee awards except for certain exemptions specified in the amendment. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that fiscal year. Early adoption is permitted, but no earlier than an entity's adoption date of Topic 606. The adoption did not have a material impact on the Company's financial statements. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Measurements [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 3 - FAIR VALUE MEASUREMENTS A. Estimates of fair value The following is an analysis of the financial instruments measured at fair value, according to valuation methods. Inputs for the assets and liabilities that are not based on observable market data (unobservable inputs) (Level 3). The Company's financial liability at fair value through profit or loss is the anti-dilution derivatives, classified as liabilities, and amounted to $68 and $97 as of December 31, 2019 and 2018, respectively. The following table presents the assumptions that were used for the models as of December 31, 2018: Alpha Meitav Dash and Ami Sagy* Probability 5 % 5 % Expected volatility 57.33 % 53.31 % Risk free interest rate 0.47 % 0.55 % Expected term (years) 0.82 0.99 The following table presents the assumptions that were used for the models as of December 31, 2019: Ami Sagy* US investors -2019 agreement Probability 3 % 3 % Expected volatility 59.58 % 59.58 % Risk free interest rate 1.62 % 1.62 % Expected term (years) 2.68 2.68 B. Financial instruments in level 3 The following table presents the Level 3 anti-dilution instrument roll-forward: 2017 2018 2019 Opening balance as of beginning of year - (41 ) (97 ) Issuance (38 ) - (100 ) Exercise of anti-dilution derivatives - - 2,024 Loss from changes in fair value of financial instruments (3 ) (56 ) (1,895 ) Closing balance as of end of year (41 ) (97 ) (68 ) The following table presents the Level 3 warrants roll-forward: 2019 Opening balance as of beginning of year - Classification of warrants from equity to liability (1,804 ) Loss from changes in fair value of financial instruments (1,335 ) Classification of warrants from liability to equity 3,139 Closing balance as of end of year - |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 4 - PROPERTY AND EQUIPMENT December 31 2019 2018 Cost: Computer equipment $ 267 $ 228 Office furniture 181 136 Laboratory equipment 1,631 1,527 Greenhouse equipment 713 796 Leasehold improvements 2,271 1,517 Vehicles 84 57 5,147 4,261 Less: Accumulated depreciation and amortization (2,818 ) (2,854 ) Property and Equipment, net $ 2,329 $ 1,407 Depreciation and amortization expense totaled $539, $342 and $230 for the years ended December 31, 2019, December 31, 2018 and December 31, 2017, respectively. During the year ended December 31, 2019, the Company disposed of fixed assets in the net amount of $30. In the years ended December 31, 2018 and 2017 there was no disposal of fixed assets booked to the Company's financial statements. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2019 | |
Inventory [Abstract] | |
INVENTORY | NOTE 5 - INVENTORY a. Inventories at December 31, 2019 and 2018 consisted of the following: December 31, 2019 2018 Work in progress $ 422 $ 264 Finished goods 466 550 Total inventory $ 888 $ 814 b. During the year ended December 31, 2019, the Company recorded approximately $44 thousand for write-down of inventory under cost of goods sold. There was no write down in 2018 and 2017. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2019 | |
Operating Leases | |
OPERATING LEASES | NOTE 6 - OPERATING LEASES 1) On November 15, 2018, the Company signed a new lease agreement for the Company's new offices located in Rehovot which expires in April 2024, for a monthly payment of NIS 89 thousand, (approximately $25 thousand), with an option to extend for five additional years. In addition, as part of the lease agreement the Company did not carry the monthly rent payment during the first five months of the lease agreement and was reimbursed for its building adjustments costs in the amount of $689. As collateral for the lease agreement, a restricted deposit was pledged in favor of the property owner. The balance of the restricted deposit as of December 31, 2019 amounted to $168. The deposit is classified as a non-current asset. On July 28, 2016, the Company signed a lease agreement for additional space designated for its development and production activities. The lease was for three years with an option to extend for four additional years, in return for a monthly payment of NIS 30 thousand (approximately $8.5). On March 24, 2019, the Company exercised its first option to extend the lease period for an additional 16 months commencing July 1, 2019. In July 2017, the Company signed a lease agreement for land in Yessod Hamaala that was previously leased. The new lease agreement is for four years, commencing May 1, 2017, with an option to extend for an additional six years, with a monthly rental amount of NIS 10 thousand (approximately $3). The Company also leased a space for its old offices in Ness Ziona until March 31, 2019, for a monthly rental amount of approximately $15. 2) The Company has entered into operating lease agreements for vehicles used by its employees. The lease periods are generally for three years and the payments are linked to the Israeli CPI. To secure the terms of the lease agreements, the Company has made certain prepayments to the leasing company, representing approximately three months of lease payments. Operating leases cost for rental space and vehicles for the year ended December 31, 2019 totaled $619. Rent expense for the years ended December 31, 2017 and 2018 was approximately $296 thousand and $331 thousand, respectively. The operating lease costs include variable lease payments of $9. Supplemental cash flow information related to leases was as follows: Year ended December 31, 2019 Operating cash flows from operating leases $ 505 Supplemental balance sheet information related to leases was as follows: December 31, 2019 Operating Leases Operating lease right-of-use assets $ 3,215 Current lease liabilities $ 455 Non-current lease liabilities 3,139 Total lease liabilities $ 3,594 Weighted Average Remaining Lease Term Operating leases 8.4 years Weighted Average Discount Rate Operating leases 7.3 % As of December 31, 2019, the maturities of lease liabilities were as follows: Operating leases Year ending December 31, 2020 $ 671 2021 603 2022 579 2023 528 2024 and thereafter 2,294 Total lease payments 4,675 Less - imputed interests (1,081 ) Total 3,594 As of December 31, 2018, the minimum lease payments of the Company were as follows: Year ending December 31, 2019 537 2020 578 2021 524 2022 514 2023 496 |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Commitments [Abstract] | |
COMMITMENTS | NOTE 7 - COMMITMENTS a. Commitment to pay royalties to the government of Israel The Company has received grants from the IIA for research and development funding and therefore is subject to the provisions of the Israeli Law for the Encouragement of Research, Development and Technological Innovation in the Industry and the regulations and guidelines thereunder (the "Innovation Law", formerly known as the Law for the Encouragement of Research and Development in Industry). Under the Innovation Law the rate of royalties varies between 3% to 5% computed based on the revenues from the products that their development was also funded by grants from the IIA. Such commitment is up to the amount of grants received (dollar linked), plus interest at annual rate based on LIBOR. Pursuant to the Innovation Law there are restrictions regarding intellectual property and manufacturing outside of Israel, unless approval is received, and additional payments are made to the IIA. In 2019, the Company received from the IIA grants in the total amount of $38 which relates to a 2018 IIA approved project. For the years ended December 31, 2019, 2018 and 2017, the Company recorded royalties expenses of $43, $1,263 and $34, respectively. The royalty expenses which are related to the funded project are recognized in the statements of comprehensive loss as a component of cost of revenue. As of December 31, 2019, the maximum total royalty amount payable by the Company under IIA funding arrangement is approximately $8.6 million (without interest). b. LICENSE DEVELOPMENT AND COMMERCIALIZATION AGREEMENTS On October 19, 2018, CollPlant entered into the License Agreement with LB, a public benefit corporation and wholly-owned subsidiary of United Therapeutics Corporation, pursuant to which LB will be entitled to develop engineered lungs or lung substitutes using CollPlant's rhCollagen and BioInk. Pursuant to the License Agreement, CollPlant granted to LB and its affiliates, an exclusive, perpetual, royalty-bearing and transferable license of CollPlant's technology relating to the production and use of rhCollagen and BioInk for the commercialization of engineered lungs or lung substitutes using 3D bioprinting processes throughout the universe. Further, under the License Agreement, CollPlant granted to LB and its affiliates, a two-year option to extend the license to engineered organs or organ substitutes of up to three additional organs specified in the License Agreement (each an "Option Product" and together with lungs, the "Covered Products"). Further, at the end of the option period, LB and its affiliates shall have a one-year right of first refusal to receive an exclusive license under CollPlant's technology relating to the production and use of rhCollagen and BioInk for the Option Products. Other than under the license Agreement, CollPlant has agreed not to conduct, enable or fund any research, development or commercialization, or grant any license, with respect to the Covered Products during the term of the License Agreement, unless with respect to any Option Product, the option is not exercised and the right of first refusal period expires. The License Agreement provides that LB will purchase CollPlant's BioInk on a non-exclusive basis for use in the development and manufacture of Covered Products and for up to the first two years of the License Agreement, CollPlant will supply LB with a specified limited quantity of BioInk without charge. The License Agreement further provides that following effectiveness, LB will build a facility, or engage a manufacturer to build a facility, in the U.S. for the manufacture of the Company's rhCollagen and BioInk and the parties have agreed that LB has the option to purchase consulting services for the design of the facility. The License Agreement provides for the payment of an upfront cash payment of $5,000 to CollPlant, which was paid to CollPlant in November 2018 following effectiveness of the Agreement. In addition, the License Agreement provides for a one-time non-refundable option payments of $3,000 per Option Product ($9,000 in the aggregate), and up to $30,000 of milestone payments payable as follows: (i) $5,000 upon completion of the U.S. facility design, (ii) $5,000 upon completion of production of a specified amount of BioInk, and (iii) $5,000 for FDA marketing approval for each Covered Product (up to $20,000 in the aggregate). Further, CollPlant shall be entitled to a fixed-fee royalty payment (subject to certain adjustment) for each product commercially sold during the term of the License Agreement, a fee for the supply of certain quantities of BioInk to LB, and reimbursement for certain costs related to the U.S. facility and any payment made by CollPlant to the IIA. Unless earlier terminated, the License Agreement will continue in effect on a Covered Product-by-Covered Product and country-by-country basis until the later of (i) the expiration, invalidation or abandonment of the last CollPlant patent covering a Covered Product in a particular country, and (ii) 12 years from the first commercial sale of such Covered Product in such country. Following expiration (unless earlier terminated), the licenses granted to LB in the License Agreement will continue on a fully paid-up, irrevocable basis. The License Agreement may be terminated early by either party for material breach or bankruptcy. In addition, CollPlant may terminate the License Agreement in the case of a challenge made by LB, its affiliates or sub-licensees with respect to a CollPlant patent covering a Covered Product or if LB and its affiliates and sub-licensees discontinue development and commercialization of all Covered Products for at least one year. LB may terminate the License Agreement at any time upon 30 days' written notice with respect to the entirety of the License Agreement and upon 30 days' written notice with respect to its license and other rights under the License Agreement relating to one or more CollPlant patents, on a patent-by-patent and country-by-country basis. c. Contingent liability On September 6, 2017, the Company received a VAT assessment from the Israel Tax Authority according to which the Company is required to pay tax in the amount of $434 (including linkage differentials and interest) for the years 2012-2016. The Company disputed the position of the Israel Tax Authority resulting in the latter to increase its VAT assessment and require the Company to pay tax in the amount of $521 (including linkage differentials and interest) for the abovementioned period. The Company has appealed the entire assessment to the District Court, in view of its position that it is not liable for the entire tax requirement. On February 11, 2020, the Company reached a settlement agreement with Israel Tax Authority, which received court approval. According to the settlement agreement the Company paid a final amount of $116 to the Israel Tax Authority. As of December 31, 2019 and 2018, the Company has recorded a provision of $145 in relation to the VAT assessment. |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
SHARE CAPITAL | NOTE 8 - SHARE CAPITAL A. Ordinary shares 1) Rights of the Company's ordinary shares Each ordinary share is entitled to one vote. The holder of the ordinary shares is also entitled to receive dividends whenever funds are legally available, when and if declared by the Board of Directors. Since its inception, the Company has not declared any dividends. On January 31, 2018 the Company's ADSs commenced trading on the Nasdaq Capital Market, under the symbol CLGN. Each ADS represents one ordinary share. On October 29, 2018, the Company's delisted its ordinary shares from trading on the TASE. On March 1, 2018, an extraordinary general meeting of the shareholders of the Company. approved the increase of the authorized share capital of the Company by 5,000,000 ordinary shares to 15,000,000 ordinary shares, par value NIS 0.03 per share. On October 27 2019, the Company's shareholders approved an increase in the Company's authorized share capital to 30,000,000 ordinary shares NIS 1.50 par value. On June 6, 2019, at a general meeting of shareholders, the Company's shareholders approved a reverse share split of the Company's ordinary shares at a ratio of 1-for-50, such that each fifty (50) ordinary shares, par value NIS 0.03 per share, consolidated into one (1) ordinary share, par value NIS 1.50. Concurrently with the reverse split, the Company effected a corresponding change in the ratio of ordinary shares to each of the Company's ADSs, such that its ratio of ADSs to ordinary shares changed from one (1) ADS representing fifty (50) ordinary shares to a new ratio of one (1) ADS representing one (1) ordinary share. The first date when the Company's ADSs began trading on the Nasdaq Capital Market after implementation of the reverse split and concurrent ratio change was July 15, 2019. Additionally, according to the share option plan of the Company, every 50 options, or 150 options if granted before the November 2016 reverse split, that were allocated to directors, employees, consultants and officers under the option plan are exercisable into one ordinary share of the Company of NIS 1.50 par value. No change took place in the exercise price of the options; however, for options that were granted between November 2016 to date, the total exercise price for one share of NIS 1.50 par value will be the former exercise price for one share of NIS 0.03 par value multiplied by 50 and, for options that were granted before the November 2016 reverse split, the total exercise price for one share of NIS 1.50 par value will be the former exercise price for one share of NIS 0.01 par value multiplied by 150. Further, according to the terms and conditions of the warrants of the Company, each 50 warrants that the Company issued are exercisable into one ordinary share of the Company of NIS 1.50 par value. There will be no change in the exercise price of those warrants; however, the total exercise price for one share of NIS 1.50 par value will be the former exercise price for one share of NIS 0.03 par value multiplied by 50. Following the reverse split, the Company retrospectively reflected the change in the share capital of the Company for all periods presented. Unless otherwise indicated, all of the share and ADS numbers, losses per share, share prices, options and warrants in these financial statements have been adjusted, on a retroactive basis, to reflect this 1-for-50 reverse share split. 2) Changes in share capital: a) On February 12, 2017, the Company completed a capital raise of $1,812, net of issuance expenses, from institutional investors and from the public. In consideration, the Company issued 423,040 ordinary shares and 211,520 Series L warrants exercisable into 211,520 ordinary shares at an exercise price of NIS 18 (approximately $4.80) per warrant, until June 13, 2017. In addition, under the terms of the broker agreement, the Company issued to the broker 18,828 Series L warrants exercisable into 18,828 ordinary shares at an exercise price of NIS 18 (approximately $4.80) per warrant. b) During the second quarter of 2017, 201,109 Series L warrants were exercised into 201,109 ordinary shares, at an exercise price of NIS 18 (approximately $5.1) for each warrant. The total consideration amounted to $1,024. 29,239 Series L warrants that were not exercised expired on June 14, 2017. c) On September 6, 2017, the Company signed a securities purchase agreement (the "Alpha Purchase Agreement") with Alpha Capital Anstalt ("Alpha") , pursuant to which the Company agreed, upon the terms and subject to the conditions of the Alpha Purchase Agreement, to issue to Alpha, in a private placement, certain securities, in three tranches, as follows: (i) at the first closing, which was completed on October 26, 2017, ordinary shares and a Convertible Debenture ("Debenture"), for a purchase price of $2,000 (ii) at the second closing, which was completed on December 31, 2017 and which was subject, among other things, to approval of the private placement by the Company's shareholders, a Debenture for a purchase price of $2,000, and (iii) at the third closing, which was completed on April 30, 2018, which was subject, among other things, to the listing of the Company's ADSs for trading on the NASDAQ and to the receipt of shareholder and option holder approval to adopt the provisions of Chapter E3 of the Israeli Securities Law of 1968 (which allows the Company to report in Israel in accordance with U.S. reporting requirements) ("Dual Reporting Approval"), ordinary shares and/or a Debenture for a purchase price of $1,000, and a warrant (the "Alpha Warrant") to purchase 992,149 ordinary shares represented by 992,149 ADSs exercisable for a period of five years from the date of issuance at an exercise price of approximately $10.15 per ADS (calculated in accordance with the known representative rate of exchange on the date of the notice of exercise). On October 26, 2017, upon the completion of the first closing, the Company issued to Alpha 145,600 ordinary shares and a Debenture in the principal amount of $1,375, for gross proceeds of $2,000. On December 31, 2017, upon completion of the second closing, the Company issued a Debenture in the principal amount of $2,000 for gross proceeds of $2,000. The Debentures were convertible at any time at the option of the holder into ADSs at a conversion price of $4.29 per ADS. In addition, the Debenture was mandatorily convertible at the then effective conversion price without regard to any beneficial ownership limitation if (i) the ADSs or the Company's ordinary shares are approved for listing on the Nasdaq stock market, and (ii) certain equity conditions are met, and provided that the holder may elect to convert the Debenture in whole or in part to a pre-paid warrant to purchase such number of ADSs otherwise issuable upon mandatory conversion of the Debenture. On January 31, 2018, Debentures in the aggregate principal amount of $3,375 were automatically converted into a pre-paid warrant to purchase 786,455 ordinary shares represented by 786,455 ADSs. On April 30, 2018, the Company completed the third closing of the Alpha Purchase Agreement, which resulted in the issuance to Alpha of a pre-paid warrant to purchase 198,430 ordinary shares represented by 198,430 ADSs and the Alpha Warrant to purchase up to 992,149 ordinary shares represented by 992,149 ADSs, at an exercise price of $10.28 per ADS, for gross proceeds of $1,000. In 2018, Alpha converted a pre-paid warrant to purchase 165,000 ordinary shares into 165,000 ordinary shares and in 2019 Alpha converted a pre-paid warrant to purchase 50,000 ordinary shares into 50,000 ordinary shares. As part of the first and second closings, and included within the ordinary shares and Debentures issued at the first and second closings, the Company issued an aggregate of 21,610 ordinary shares and Debentures convertible into 116,726 ordinary shares in connection with services Alpha provided to the Company. These issuances, having a fair market value of $871, were accounted as share-based compensation. $435 was recognized as an expense within "general, administrative and marketing expenses" in the statements of comprehensive loss in 2017 and 2018, respectively. Under the Alpha Purchase Agreement, Alpha was also granted certain rights, including, among other things, anti-dilution protection until October 26, 2019 in the event of certain subsequent equity issuances at a price that is lower than the then applicable per ordinary share purchase price. The anti-dilution was accounted as derivatives measured in fair value, see Note 3. On October 27, 2019, as a result of a share issuance to certain private investors, the warrant exercise price was reduced into $4.00 per share. In addition, the reduction in exercise price to become denominated in USD, resulted in the instrument being reclassified from a financial liability to equity. d) On November 8, 2017, the Company signed a securities purchase agreement (the "Meitav Dash Purchase Agreement") with Meitav Dash, a company held by Meitav Dash Ltd., one of the Company's shareholders pursuant to which the Company agreed, upon the terms and subject to the conditions of the Meitav Dash Purchase Agreement, to issue to Meitav Dash in a private placement certain securities in three tranches as follows: (i) at the first closing, which was completed on December 26, 2017, 190,000 ordinary shares, for a purchase price of $1,089, (ii) at the second closing, which was completed on the same day, 48,000 ordinary shares for a purchase price of $275 provided that Meitav Dash shall not be obligated to buy or hold, immediately following the second closing, 20% or more of the Company's share capital, and (iii) at the third closing, which was completed on March 7, 2018 and which was subject, among other things, to the listing of the Company's ADSs for trading on the Nasdaq and Dual Reporting Approval, for no additional consideration, warrants exercisable into 238,000 ordinary shares. The Company completed the first and second closings on December 26, 2017 which resulted in the issuance to Meitav Dash of an aggregate of 238,000 ordinary shares for gross proceeds of $1,364 and on March 7, 2018, the Company completed the third closing which resulted in the issuance to Meitav Dash of a warrant to purchase 238,000 ordinary shares. The warrant may be exercised for a period of five years from issuance at an exercise price of the US dollar equivalent of NIS 40 (approximately $11.57) per ADS. Under the Meitav Dash Purchase Agreement, Meitav Dash was also granted certain rights, including, among others, anti-dilution protection in the event of certain subsequent equity issuances at a price that is lower than the then applicable per ordinary share purchase price. On October 27, 2019, as a result of a share issuance to certain private investors, the warrant exercise price was reduced into $4.00 per share. In addition, the reduction in exercise price to become denominated in USD, resulted in the instrument being reclassified from a financial liability to equity. e) On November 9, 2017, the Company signed a securities purchase agreement (the "Sagy Purchase Agreement") with Ami Sagy, one of the Company's shareholders, pursuant to which the Company agreed, upon the terms and subject to the conditions of the Sagy Purchase Agreement, to issue to Ami Sagy in a private placement certain securities in two tranches as follows: (i) at the first closing, which closed on December 26, 2017, 186,000 ordinary shares, for gross proceeds of $1,066, and (ii) at the second closing, which closed on March 7, 2018 and which was subject, among other things, to the listing of the Company's ADSs for trading on the Nasdaq and to Dual Reporting Approval, for no additional consideration, the Company will issue warrants exercisable into 186,000 of its ordinary shares. The Company completed the first closing on December 26, 2017 which resulted in the issuance to Ami Sagy of an aggregate of 186,000 ordinary shares for gross proceeds of $1,066 and on March 7, 2018, the Company completed the second closing which resulted in the issuance to Ami Sagy of a warrant to purchase 186,000 ordinary shares. The warrant may be exercised for a period of five years from issuance at an exercise price of the NIS 40 (approximately $11.57) per ADS. Under the Sagy Purchase Agreement, Ami Sagy was also granted certain rights, including, among other things, anti-dilution protection in the event of certain subsequent equity issuances at a price that is lower than the then applicable per ordinary share purchase price. On October 27, 2019, as a result of a share issuance to certain private investors, the warrants exercise price was reduced into $4.00 per share. In addition, the reduction in exercise price to become denominated in USD, resulted in the instrument being reclassified from a financial liability to equity. f) On January 18, 2018, the Company signed Security Purchase Agreements for the purchase and sale, in a private placement, of an aggregate of 86,887 ordinary shares for total gross consideration of $634 to the following three investors: (i) Alpha for the purchase of 25,506 ordinary shares for $186; (ii) Ami Sagy for the purchase of 40,920 ordinary shares for $299; and (iii) Docor International BV for the purchase of 20,460 ordinary shares for $149. Closing occurred on January 25, 2018. g) On March 20, 2018, the board of directors resolved to delist all of Company's securities from trading on the TASE. In accordance with the Israeli Securities Law and the rules of the TASE, as the Company had four different series of warrants traded on the TASE, and in order to effectuate the resolution, the Company was required to enter into an arrangement between the Company, shareholders and the holders of warrants, pursuant to Section 350 of the Israeli Companies Law. On April 16, 2018, the Company petitioned the District Court of Lod, Israel (the "Court"), to approve the convening of a shareholders' meeting and meetings of holders of Series I Warrants and Series K Warrants, in order to approve an arrangement for the delisting of all of Company securities from TASE and the reduction of the exercise price of Series I and Series K Warrants to NIS 20 (approximately $5.7) each (the "Arrangement"). The holders of Series G Warrants and Series H Warrants were not part to the Arrangement as such warrants expired before the expected date of the delisting of the Company's securities from the TASE. On July 29 2018, the Court approved the Arrangement, following its approval by the different meetings of shareholders and holders of Series I and Series K Warrants. The last date of trading of the ordinary shares, Series I Warrants and Series K Warrants on the TASE was on October 29, 2018. h) On July 11, 2018, following the Company's board of directors and shareholders' approval, the Company issued to Alpha a pre-paid warrant to purchase 21,200 ordinary shares represented by 21,200 ADSs, in connection with services Alpha provided to the Company. The issuance at a fair market value of $137 was accounted as share-based compensation and recognized as an expense within "general, administrative and marketing expenses" in the statements of operations. i) On July 26, 2018, the Company entered into a Securities Purchase Agreement with Ami Sagy, pursuant to which the Company issued on July 31, 2018, in a private placement, 222,500 ordinary shares for an aggregate purchase price of $1,245. j) On September 10, 2018, the Company signed a one year service agreement with a service provider according to which in return to its services the Company will pay a monthly retainer and issue a total of 12,000 restricted ADSs (12,000 ordinary shares) in 3 tranches of 4,000 ADSs (4,000 ordinary shares) each: (i) following the execution of the agreement, (ii) February 1, 2019, and (iii) June 1, 2019. If the agreement was cancelled prior to the issuance date the share balance would not be owed. The first tranche was completed on December 19, 2018. The second and third tranches were completed on January 10, 2020. k) On August 30, 2019, the Company entered into an agreement with Ami Sagy and certain U.S. investors for the issuance of shares and warrants in a form of a convertible loan agreements in the total amount of $6,500, as follows: (i) a convertible loan agreement with Ami Sagy, its largest shareholder (the "Sagy Loan Agreement"), pursuant to which Mr. Sagy provided a loan to the Company in an amount of $3,000 in two tranches, and (ii) a convertible loan agreement with certain U.S. investors (the "U.S. Loan Agreement", and, together with the Sagy Loan Agreement, the "Convertible Loan Agreements"), pursuant to which such U.S. investors (the "U.S. Investors") provided a loan to the Company in an amount of $3,500 in one tranche. The Sagy Loan Agreement provided that the transactions contemplated by the Sagy Loan Agreement shall occur in three separate closings. On the first closing date, which occurred on September 3, 2019, Ami Sagy transferred to the Company the principal amount of $2,000. This amount was invested on account of the issuance in a form of convertible loan and was automatically converted into 500,000 ADSs at a conversion price of $4.00 per ADS on October 27, 2019. On the second closing date, which will occur three business days after the Company shall have executed a license and/or a co-development agreement with its certain strategic business partner with respect to the Company's intellectual property (if such were to occur), the following shall occur: (i) Ami Sagy will transfer to the Company an amount of $1,000 by way of an equity investment, and (ii) the Company will issue to Ami Sagy a warrant to purchase up to 250,000 ADSs representing 250,000 ordinary shares. On the third closing date, which was subject to shareholder approval and occurred on October 27, 2019, the Company issued to Ami Sagy a warrant to purchase up to 500,000 ADSs representing 500,000 ordinary shares. The consideration of the third closing is included in the principal amount received in the first closing. The U.S. Loan Agreement provided that the transactions contemplated by the U.S. Loan Agreement shall occur in two separate closings. On the first closing date, which occurred on September 6, 2019, the U.S. Investors transferred to the Company the principal amount of $3,500. On the second closing date, which occurred on October 27, 2019, the following occurred: (i) the principal amount invested on account of the issuance in a form of convertible loan, was automatically converted into 875,000 ADSs at a conversion price equal to $4.00 per ADS, and (ii) the Company issued to the U.S. Investors warrants to purchase up to 875,000 ADSs representing 875,000 ordinary shares. In addition, the Company agreed to enter into Price Protection Agreements pursuant to which, until the three-year anniversary of the first closing date, the Company shall issue additional ADSs in the event of certain subsequent equity issuances at a price that is lower than $4.00 (subject to certain adjustments) on a "full-ratchet" basis with respect to their holdings in the Company. The "full-ratchet" instruments are classified as financial liability on the balance sheets and measures at fair value through profit or loss. The warrants issuable under the Convertible Loan Agreements are exercisable at $4.00 per ADS and have a term of three years from the issuance date. The warrants are subject to adjustments upon certain events, including share splits, share dividends, subsequent rights offerings, and fundamental transactions. In addition, until the three-year anniversary of the first closing date, in the event of certain subsequent equity issuances at a price that is lower than the then applicable exercise price, the exercise price shall adjust to such lower price Concurrently with the execution of the Convertible Loan Agreements, the Company entered into Registration Rights Agreements with each of Ami Sagy and the U.S. Investors, pursuant to which the Company granted certain demand and piggyback registration rights with respect to the ordinary shares represented by the ADSs underlying the convertible loans and warrants. On October 27, 2019, an extraordinary general meeting was held and the Company received the "shareholders' approval" and subsequently issued the ADSs and warrants as mentioned above. The Company also issued an aggregate of 175,039 ADSs to Mr. Sagy, and Meitav Dash and 250,000 ADSs and 20,000 prepaid warrant to purchase up to 20,000 ADSs to Alpha in satisfaction of the price protection undertakings under the Alpha Purchase Agreement, the Meitav Dash Purchase Agreement and the Sagy Purchase Agreement. A. Share-based compensation: 1) Option plan In accordance with an option plan for employees and consultants (the "Option Plan"), as amended from time to time, employees and consultants of the Company will be granted options, each exercisable into one ordinary share of the Company of NIS 1.50 (see Note 1b). The ordinary shares that will be issued in accordance with the Option Plan will have the same rights as the other ordinary shares of the Company, immediately subsequent to their issue. An option that is not exercised within 10 years from the allotment date will expire, unless the board of directors extends its validity. Grants to employees are made in accordance with the Option Plan, and are carried out within the provisions of Section 102 of the Israel Income Tax Ordinance. In accordance with the track selected by the Company and these provisions, the Company is not entitled to claim a tax deduction for the employee benefits. For those who are not employees of the Company, and for the Company's controlling shareholders (as defined in the Income Tax Ordinance) options are granted in accordance with section 3(I) of the Income Tax Ordinance. 2) Options grants a. Option granted to employees and directors In the years ended December 31, 2019, 2018 and 2017, the Company granted options as follows (amounts presented reflect the number of shares issued if the options will be exercised): Year ended December 31, 2019 Award amount Exercise price range Vesting period Expiration Employees 230,000 $ 5.07 4 years 7 years Directors 301,390 $ 4.02- $5.07 4 years 7 years Year ended December 31, 2018 Award amount Exercise price range* Vesting period Expiration Employees 93,000 $ 5.87 4 years 7 years Directors 63,000 $ 7.74 4 years 7 years Year ended December 31, 2017 Award amount Exercise price range* Vesting period Expiration Employees 182,000 $ 8.34 4 years 7 years Directors 9,720 $ 0- $4.75 0-4 years 7 years * Exercise price range before reduction of exercise price as of October 27, 2019 2019 2018 2017 Value of one ordinary share $ 5.7-$5.93 $ 5.34-$7.83 $ 4.89-$7.44 Dividend yield 0 % 0 % 0 % Expected volatility 61.31%-62.56 % 62.63 % 57.78 %-62.55 % Risk-free interest rate 2 % 2 % 2 % Expected term 4-5.5 years 4 years 4 years The fair value of options granted during 2019, 2018 and 2017 was $1,602, $621 and $636, respectively. The total unrecognized compensation cost of employee options at December 31, 2019 is $679, which is expected to be recognized over a weighted average period of 0.94 year. Modification of share-based compensation On October 27, 2019, the Company's board of directors approved the reduction of the exercise price of 305,342 outstanding options previously granted to employees to a price of $4.02 per share. On December 31, 2019 an extraordinary general meeting of the shareholders of the Company, approved a reduction of the exercise price of 171,287 options held by the Company's directors and the Chief Executive Officer to a price of $4.02 per share. The reduction of exercise price of the options was considered a Type I modification for share-based compensation, and, as a result, during the year ended December 31, 2019, the Company recorded additional compensation expense in the amount of $365. The total incremental fair value of these options amounted to $478 and was determined based on the Black-Scholes pricing options model using the following assumptions: risk free interest rate of 1.6%, expected volatility of 49% - 74%, expected term of 0.4-5.9 years and dividend yield of 0%. The incremental fair value of the fully vested options as of October 27, 2019 in the amount of $341 was recognized immediately. The remaining incremental fair value will be recognized over the remaining vesting period and until March 2022. The following table summarizes the number of options granted to employees under the Option Plan for the years ended December 31, 2019, 2018 and 2017, and related information: Year ended December 31, 2019 2018 2017 Number of options Weighted average exercise price Number of options Weighted average exercise price* Number of options Weighted average exercise price* Options outstanding at the beginning of the year 512,615 $ 15.09 385,115 $ 17.68 205,592 $ 27.10 Granted 531,390 5.09 156,000 7.55 191,720 8.07 Exercised (6,076 ) 1.30 - - - - Expired (11,891 ) 23.83 (2,500 ) 24.01 (7,102 ) 24.89 Forfeited (304,677 ) 5.84 (26,000 ) 7.42 (5,095 ) 25.96 Options outstanding at the end of the year 721,361 $ 4.38 * 512,615 $ 15.09 385,115 $ 17.68 Options exercisable at the end of the year 310,093 $ 4.02 * 211,906 $ 20.28 131,265 $ 22.29 * After repricing- see Note 8(B)(2)(a). b. Option granted to non-employees The fair value of options granted to non-employees in 2019 and 2018 were $16 and $13, respectively. The underlying data used for computing the fair value of the options are as follows: 2019 2018 2017 Value of one ordinary share $ 5.93 $ 5.36 - Dividend yield 0 % 0 % - Expected volatility 62 % 58 % - Risk-free interest rate 2 % 2 % - Expected term 4 years 4 years - The following table summarizes the number of options granted to non-employees under the Option Plan for the year ended December 31, 2019, 2018 and 2017, and related information, amounts presented reflects the number of shares issued if the options will be exercised: Year ended December 31 2019 2018 2017 Number of Weighted average exercise Number of Weighted average exercise Number of Weighted average exercise Options outstanding at the beginning of the year 18,664 $ 33.44 13,664 $ 43.52 13,664 $ 43.52 Granted 5,000 5.07 5,000 5.87 - - Options outstanding at the end of the year 23,664 $ 27.44 18,664 $ 33.44 13,664 $ 43.52 Options exercisable at the end of the year 10,202 $ 46.03 8,165 $ 51.21 7,831 $ 52.57 The following tables summarize information concerning outstanding and exercisable options as of December 31, 2019: December 31, 2019 Options outstanding Options exercisable Number of Weighted Number of Weighted options average options average outstanding remaining exercisable remaining Exercise at end of contractual at end of contractual prices * year Life year life 60.5 6,998 0.85 6,998 0.85 26.04 6,666 5.38 1,329 5.38 6.37 5,000 5.34 1,875 5.34 5.07 248,000 6.09 - - 4.02 478,361 5.03 310,093 4.94 * In U.S. dollars per Ordinary Share. c. The aggregate intrinsic value of the total exercisable options as of December 31, 2019 is approximately $521. The aggregate intrinsic value of the options exercised in 2019 is approximately $25. d. The following table illustrates the effect of share-based compensation on the statements of operations: Year ended December 31 2019 2018 2017 Research and development expenses $ 549 $ 457 $ 333 General, administrative and marketing expenses 576 977 623 $ 1,125 $ 1,434 $ 956 |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |
INCOME TAX | NOTE 9 - INCOME TAX The Company and its subsidiary are taxed under Israel tax laws: A. Tax rates The corporate tax rates applicable to 2019, 2018 and 2017 are 23%, 23% and 24%, respectively. B. Tax assessments The Company and its subsidiary have tax assessments that are considered to be final through tax year 2014. C. Losses for tax purposes carried forward to future years As of December 31, 2019, CollPlant Biotechnologies Ltd. and CollPlant Ltd had approximately $4,506, and $50,309, respectively, of net carry forward tax losses which are available to reduce future taxable income with no limited period of use. D. Deferred income taxes As of December 31, 2019 2018 In respect of: Net operating loss carry forward $ 12,607 $ 10,170 Research and development expenses 801 753 Less – valuation allowance (13,408 ) (10,923 ) Net deferred tax assets $ - $ - Realization of deferred tax assets is contingent upon sufficient future taxable income during the period that deductible temporary differences and carry forward losses are expected to be available to reduce taxable income. As the achievement of required future taxable income is not likely, the Company recorded a full valuation allowance. E. Reconciliation of theoretical tax expenses to actual expenses The primary difference between the statutory tax rate of the Company and the effective rate results virtually from the changes in valuation allowance in respect of carry forward tax losses and research and development expenses due to the uncertainty of the realization of such tax benefits. F. Uncertain tax positions As of December 31, 2019 and 2018, the Company does not have a provision for uncertain tax positions. G. Roll forward of valuation allowance: Balance at January 1, 2017 $ 9,051 Additions 2,104 Balance at December 31, 2017 $ 11,155 Additions (232 ) Balance at December 31, 2018 $ 10,923 Additions 2,485 Balance at December 31, 2019 $ 13,408 |
Supplementary Financial Stateme
Supplementary Financial Statement Information | 12 Months Ended |
Dec. 31, 2019 | |
Supplementary Financial Statement Information [Abstract] | |
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | NOTE 10 - SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION: Balance sheets: December 31 2019 2018 a. Accounts receivable and prepaid expenses Institutions $ 124 $ 125 Prepaid expenses 84 105 Other 62 104 $ 270 $ 334 b. Trade payable USD $ 35 $ 180 NIS 798 442 $ 833 $ 622 c. Accounts payable and accruals - Employees and institutions for employees $ 799 $ 385 Provisions for vacation and others 245 196 Other 159 38 $ 1,203 $ 619 Statements of operations: d. Revenues 1) Disaggregated revenues Year ended December 31 2019 2018 2017 Revenues from the sales of goods $ 1,949 $ 739 $ 463 Revenues from the rendering of services 369 190 - Revenues from licensing agreement (see Note 2(l)) - 4,085 - Total revenues $ 2,318 $ 5,014 $ 463 2) Revenues by geographical area (based on the location of customers): Year ended December 31 2019 2018 2017 United states and Canada $ 2,078 $ 4,868 $ 223 Europe 240 146 240 Total revenues $ 2,318 $ 5,014 $ 463 3) Major customers Set forth below is a breakdown of the Company's revenue by major customers (major customer –revenues from these customers constitute at least 10% of total revenues in a certain year): 2019 2018 2017 Customer A 1,374 4,274 191 Customer B - - 145 Customer C - - 82 Customer D 419 505 - Customer E 242 - - 4) The changes in deferred revenues relating to goods that were not yet delivered are as follows: 2019 2018 Balance at beginning of year $ (1,950 ) $ - Contract liability recognized due to LB agreement - (1,959 ) Revenue recognized during the period 1,008 9 Balance at end of year (1) (942 ) (1,950 ) Contract liability presented in current liabilities (942 ) (970 ) Contract liability presented in non-current liabilities - (980 ) (1) Represents the unfulfilled performance obligation related to First BioInk. e. Long-lived assets All of the Company's long-lived assets are located in Israel. f. Research and development Year ended December 31 2019 2018 2017 Payroll and related expenses $ 1,954 $ 1,968 $ 2,136 Share-based payments 549 457 333 Subcontractors and consultants 77 296 551 Consumables and materials 304 309 194 Depreciation and amortization 354 220 227 Rent and maintenance 980 780 750 Other 224 174 299 4,442 4,204 4,490 Less: Participation in R&D expenses - - (159 ) IIA participation in R&D expenses, see Note 7(a) (28 ) (327 ) (425 ) (28 ) (327 ) (584 ) $ 4,414 $ 3,877 $ 3,906 g. General, administrative and marketing Year ended December 31 2019 2018 2017 Payroll and related expenses $ 1,293 $ 1,152 $ 813 Share-based payments (1) 576 977 623 Directors' salary and insurance 415 168 114 Rent and office maintenance 84 89 89 Professional services 1,012 1,111 667 Depreciation 33 23 13 Other 243 203 147 $ 3,656 $ 3,723 $ 2,466 (1) Share-based payments expenses for the year ended December 31, 2018 and 2017, include amount of $583 and $425, respectively, due to services received from Alpha, and none for the year ended December 31, 2019. h. Financial expenses Year ended December 31 2019 2018 2017 Financial expenses: Bank and other fees $ 63 $ 17 $ 9 Remeasurement of financial instruments 3,230 2,154 17 Other financing expenses 10 9 21 Total financial expenses $ 3,303 $ 2,180 $ 47 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Event [Abstract] | |
SUBSEQUENT EVENTS | NOTE 11 - SUBSEQUENT EVENTS a. O n February 7, 2020, the Company appointed a new chairman of the board of directors, who will be entitled to b. On February 14, 2020, the Company entered into a Securities Purchase Agreement with a few accredited U.S. investors, pursuant to which the Company issued on March 6, 2020, in a private placement, 445,000 ordinary shares for an aggregate purchase price of $4,450. c. Public health epidemics or outbreaks could adversely impact our business. In late 2019, a novel strain of COVID-19, also known as coronavirus, was reported in Wuhan, China. While initially the outbreak was largely concentrated in China, it has now spread to several other countries and infections have been reported globally. The extent to which the coronavirus impacts the Company's operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration and severity of the outbreak, and the actions that may be required to contain the coronavirus or treat its impact. In particular, the continued spread of the coronavirus globally, could adversely impact the Company's operations and workforce and its ability to raise capital which in turn could have an adverse impact on the Company's business and financial results. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Basis of presentation of the financial statements | a. Basis of presentation of the financial statements The Company's financial statements for all periods presented have been prepared in accordance with generally accepted accounting principles in the United States of America ("U.S. GAAP"). Prior to 2019, the Company prepared its financial statements in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"), as permitted in the United States ("U.S.") based on the Company's status as a foreign private issuer as defined by the U.S. Securities and Exchange Commission (the "SEC"). During 2019, the Company decided to adopt the US GAAP since the Company's business activity is primarily in the U.S. as well as its activity in the U.S. capital markets. |
Use of estimates in the preparation of financial statements | b. Use of estimates in the preparation of financial statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. |
Functional currency | c. Functional currency From the Company's inception through December 31, 2018, the Company and its subsidiary's functional currency was the New Israeli Shekel (NIS). Management conducted a review of the functional currency of the Company and its subsidiary and concluded that the functional currency changed from the NIS to the U.S. dollar, effective January 1, 2019. This change was based on an assessment by Company management that the U.S. dollar became the primary currency of the economic environment in which the Company and its subsidiary operates. Accordingly, the functional and presentation currency of the Company in these financial statements is the U.S. dollar. In determining the appropriate functional currency to be used, the Company reviewed factors relating to sales, costs and expenses, financing activities and cash flows, as well as other potential factors, that should be considered. In this regard, in 2018, the Company incurred a significant increase in revenues denominated in U.S. dollars relating to collaboration with its customers in the U.S., which is reflected primarily in the agreement the Company signed in October 2018, with Lung Biotechnology PBC, a public benefit corporation and wholly-owned subsidiary of United Therapeutics Corporations. The Company expects additional increase in revenues denominated in U.S. dollars related to its activities. The Company incurred an increase and expects to continue to incur a significant part of its expenses in U.S. dollars. These changes, as well as the fact that the majority of the Company's available funds are in U.S. dollars, the Company's principal source of financing is the U.S. capital markets, and all of the Company's budgeting is conducted solely in U.S. dollars, led to the decision that a change occurred in the functional currency as of January 1, 2019, as indicated above. The effect of the change in the functional currency is accounted for prospectively. Assets and liabilities were translated into the new functional currency using the exchange rate at the date of the change. The resulting translated amounts for non-monetary items are treated as their historical cost. In addition, warrants previously included as equity were classified as financial liability measured at fair value, due to their NIS exercise price. Due to the change in its functional currency as above and concurrently with it, the Company decided to change its presentation currency from NIS to the U.S. dollar. The change in presentation currency was applied retrospectively to all comparative figures presented. In effecting the change in presentation currency to U.S. dollars, with respect to comparative figures: (1) all assets and liabilities of the Company were translated using the dollar exchange rate as of each balance sheet presented; (2) equity items were translated using historical exchange rates at the relevant transaction dates; (3) the statement of comprehensive loss items have been translated at the average exchange rates for the relevant reporting periods; and (4) the resulting translation differences have been reported as "currency translation differences" within other comprehensive loss. |
Principles of consolidation | d. Principles of consolidation The consolidated financial statements include the accounts of the Company and CollPlant. All inter-company transactions and balances have been eliminated in consolidation. |
Cash and cash equivalents | e. Cash and cash equivalents The Company considers as cash equivalents all short-term, highly liquid investments, which include short-term bank deposits with original maturities of three months or less from the date of purchase that are not restricted as to withdrawal or use and are readily convertible to known amounts of cash. |
Inventory | f. Inventory Inventory is measured at the lower of cost and net realizable value. The cost of inventories is based on the first-in first-out (FIFO) principle. In the case of purchased goods and work in process, costs include raw materials, direct labor, other direct costs and fixed production overheads (based on the normal operating capacity of the production facilities). Net realizable value is the estimated selling price in the ordinary course of business, less variable attributable selling expenses. |
Leases | g. Leases On January 1, 2019, the Company adopted ASU No. 2016-02, Leases (Topic 842). The Company determines if an arrangement is a lease at inception. Balances related to operating leases are included in operating lease right-of-use ("ROU") assets and current and non-current operating lease liabilities in the consolidated balance sheets. ROU assets represent the Company's right to use an underlying asset for the lease term and lease liabilities represent the Company's obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized as of the commencement date based on the present value of lease payments over the lease term. Lease terms will include options to extend or terminate the lease when it is reasonably certain that the Company will either exercise or not exercise the option to renew or terminate the lease. The discount rate for the lease is the rate implicit in the lease unless that rate cannot be readily determined. As the Company's leases do not provide an implicit rate, the Company's uses its estimated incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term (see also Note 2q and Note 6). |
Property and equipment | h. Property and equipment 1) Property and equipment are stated at cost, net of accumulated depreciation and amortization. 2) The Company's property and equipment are depreciated by the straight-line method on the basis of their estimated useful life. Annual rates of depreciation are as follows: Years Computer equipment 3 Greenhouse equipment* 4 - 10 Office furniture 7 - 17 Laboratory equipment 4 - 5 Leasehold improvements 5 Vehicles 4-7 * Greenhouse equipment - agricultural equipment used in the tobacco production greenhouse. Leasehold improvements are amortized by the straight-line method over the expected lease term, which is shorter than the estimated useful life of the improvements. |
Impairment in value of long-lived assets | i. Impairment in value of long-lived assets The Company tests long-lived assets for impairment whenever events or circumstances present an indication of impairment. If the sum of expected future cash flows (undiscounted and without interest charges) of the assets is less than the carrying amount of such assets, an impairment loss would be recognized. The assets would be written down to their estimated fair values, calculated based on the present value of expected future cash flows (discounted cash flows), or some other fair value measure. For the three years ended December 31, 2019, the Company did not recognize an impairment loss for its long-lived assets. |
Share-based compensation | j. Share-based compensation The Company accounts for employees' share-based payment awards classified as equity awards using the grant-date fair value method. The fair value of share-based payment transactions is recognized as an expense over the requisite service period. The Company elected to recognize compensation costs for awards conditioned only on continued service that have a graded vesting schedule using the accelerated method based on the multiple-option award approach. The Company elects to account for forfeitures as they occur. On January 1, 2019, the Company adopted the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718) Improvements to Nonemployee Share-based Payments. This ASU was issued to simplify the accounting for share-based transactions by expanding the scope of Topic 718 from only being applicable to share-based payments to employees to also include share-based payment transactions for acquiring goods and services from nonemployees. As a result, nonemployee share-based transactions are being measured by estimating the fair value of the equity instruments at the grant date. |
Research and development expenses | k. Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, share-based compensation expenses, payroll taxes and other employee benefits, lab expenses, consumable equipment and consulting fees. All costs associated with research and developments are expensed as incurred. Grants received from Israel Innovation Authority (hereafter - "IIA"), (formerly known as the Office of the Chief Scientist of the Ministry of Economy and Industry, or the OCS) are recognized when the grant becomes receivable, provided there is reasonable assurance that the Company will comply with the conditions attached to the grant and there is reasonable assurance the grant will be received. Since at the time the grants were received, successful development of the related projects was not assured, the grant was deducted from the research and development expenses as the applicable costs are incurred, and presented in R&D expenses, net. See Note 7(a). Research and development expenses, net for the years ended December 31, 2019, 2018 and 2017, include participation in research and development expenses in the amount of approximately $28, $327 and $584, respectively. |
Revenue recognition | l. Revenue recognition On January 1, 2018, the Company adopted the new accounting standard, ASC 606, Revenue from Contracts with Customers ("ASC 606"), and all the related amendments, using the modified retrospective method. The implementation of this Accounting Standards Update (ASU) did not have a material impact on the Company's consolidated financial statement. The Company's revenue recognition accounting policy from January 1, 2018, following the adoption of the new revenue standard A contract with a customer exists only when: the parties to the contract have approved it and are committed to perform their respective obligations, the Company can identify each party's rights regarding the distinct goods or services to be transferred ("performance obligations"), the Company can determine the transaction price for the goods or services to be transferred, the contract has commercial substance and it is probable that the Company will collect the consideration to which it will be entitled in exchange for the goods or services that will be transferred to the customer. Revenues are recorded in the amount of consideration to which the Company expects to be entitled in exchange for performance obligations upon transfer of control to the customer. 1. Revenues from sale of goods The Company recognizes revenues from selling goods at a point in time when control over the product is transferred to customers (upon delivery). The goods are products based on the Company's rhCollagen, and includes the BioInk product for the development of 3D bioprinting of organs and tissues and products for tendinopathy and wound healing. 2. Revenues from rendering services Revenue from rendering of services is recognized over time, during the period the customer simultaneously receives and consumes the benefits provided by the Company's performance. Under the Company's service contracts, the Company has a right to consideration from the customer in an amount that corresponds directly with the value to the customer of the Company's performance completed to date and recognizes revenue in the amount to which the Company has a right to invoice. The Company charges its customers based on payment terms agreed upon in specific agreements. When payments are made before or after the service is performed, the Company recognizes the resulting contract asset or liability. 3. Revenues from licensing agreement On October 19, 2018, the Company signed a License, Development and Commercialization Agreement (the "License Agreement") with Lung Biotechnology PBC ("LB") (see also Note 7(b)). According to ASC 606, a 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. Options granted to the customer that do not provide a material right to the customer that it would not receive without entering into the contract do not give rise to performance obligations. The Company has identified the following performance obligations in the License Agreement: (1) grant of the license and use of its IP ("License"); and (2) a limited quantity of BioInk to be supplied over a specific time frame ("First BioInk"). 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, option services can be obtained from other experts in the field and not necessarily from the Company, etc.). In addition, the Company has identified several options in the License Agreement. However, neither of the options provides a material right to the customer and therefore, neither of the said options give rise to a performance obligation. The transaction price included an up-front paid amount of $5.0 million and reimbursement for part of the costs related to the IIA in an amount of $1.0 million, as well as variable considerations contingent upon LB achieving certain milestones, sales-based royalties and additional reimbursement of costs related to payments made by CollPlant to the IIA ("Variable Consideration"). The Company estimates variable consideration using the most likely method. Amounts included in the transaction price are recognized only when it is probable that a significant reversal of cumulative revenues will not occur. Sales-based royalties are not included in the transaction price. Rather, they are recognized as incurred, due to the specific exception of ASC 606 for sales-based royalties in licensing of intellectual properties 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 stand-alone selling price is the price at which the Company would sell the promised goods or services separately to a customer. When the stand-alone selling price is not directly observable by reference to similar transactions with similar customers, the Company applies suitable methods for estimating the stand-alone selling price. a) The First BioInk was allocated with its stand-alone selling price, which is the observable price of the BioInk when the Company sells it separately. b) The License was allocated with an estimated stand-alone selling price, based on the residual approach, since the Company has not yet established a price for that license and the license has not previously been sold on a stand-alone basis (i.e. the selling price is uncertain), as well as the related IIA royalties reimbursement. The Company's revenue recognition accounting policy prior to January 1, 2018, was materially the same. |
Income taxes | m. Income taxes 1) Deferred taxes Income taxes are computed using the asset and liability method. Under the asset and liability method, deferred income tax assets and liabilities are determined based on the differences between the financial reporting and tax bases of assets and liabilities and are measured using the currently enacted tax rates and laws. A valuation allowance is recognized to the extent that it is more likely than not that the deferred taxes will not be realized in the foreseeable future. The Company has provided a full valuation allowance with respect to its deferred tax assets. 2) Uncertainty in income taxes The Company follows a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the available evidence indicates that it is more likely than not that the position will be sustained based on technical merits. If this threshold is met, the second step is to measure the tax position as the largest amount that has more than a 50% likelihood of being realized upon ultimate settlement. |
Loss per share | n. Loss per share Basic loss per share is computed on the basis of the net loss, adjusted to recognize the effect of a down-round feature when it is triggered, for the period divided by the weighted average number of ordinary shares and prepaid warrants outstanding during the period. Diluted loss per share is based upon the weighted average number of ordinary shares and of ordinary shares equivalents outstanding when dilutive. Ordinary share equivalents include outstanding stock options and warrants, which are included under the treasury stock method when dilutive. The calculation of diluted loss per share does not include options, warrants and convertible bonds exercisable into 3,536,495 shares, 2,299,684 shares and 1,584,071 shares for the years ended December 31, 2019, 2018 and 2017, respectively, because the effect would be anti-dilutive. The computation of basic and diluted net loss per ordinary share was adjusted retroactively for all periods presented to reflect the Company's reverse share split. See also Note 1b. |
Fair value measurement | o. Fair value measurement Fair value is based on the price that would be received from the sale of an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described as follows: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value. The carrying amount of the cash and cash equivalents, restricted deposits, trade receivable, trade payables, accrued expenses and other liabilities approximates their fair value. |
Equity-linked financial instruments with down round features | p. Equity-linked financial instruments with down round features In July 2017, the FASB issued ASU 2017-11, Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): Accounting for Certain Financial Instruments with Down Round Features. The amendments of this ASU update the classification analysis of certain equity-linked financial instruments, or embedded features, with down round features, as well as clarify existing disclosure requirements for equity-classified instruments. When determining whether certain financial instruments should be classified as liabilities or equity instruments, a down round feature no longer precludes equity classification when assessing whether the instrument is indexed to an entity's own stock. ASU 2017-11 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018, and early adoption is permitted, including adoption in an interim period. ASU 2017-11 provides that upon adoption, an entity may apply this standard retrospectively to outstanding financial instruments with a down round feature by means of a cumulative- effect adjustment to the opening balance of accumulated deficit in the fiscal year and interim period adoption. The Company has early adopted ASU 2017-11 retrospectively for all periods presented. |
Newly issued and recently adopted accounting pronouncements: | q. Newly issued and recently adopted accounting pronouncements: Recently adopted accounting pronouncements 1) The Company adopted ASU No. 2016-02, Leases (Topic 842), on January 1, 2019 using the modified retrospective transition approach by applying the new standard to all leases existing at the date of initial application. Results and disclosure requirements for reporting periods beginning after January 1, 2019 are presented under Topic 842, while prior period amounts have not been adjusted and continue to be reported in accordance with its historical accounting under Topic 840. The Company elected the package of practical expedients permitted under the transition guidance, which allowed to carry forward the Company's historical lease classification, the Company's assessment on whether a contract was or contains a lease, and the Company's initial direct costs for any leases that existed prior to January 1, 2019. The Company also elected to combine lease and non-lease components and to keep leases with an initial term of 12 months or less off the balance sheet and recognize the associated lease payments in the consolidated statements of income on a straight-line basis over the lease term. Upon adoption, the new standard resulted in an increase of $3,458 in operating lease ROU assets and $3,458 corresponding liabilities on the Company's consolidated balance sheet. The Company does not have finance leases. The adoption did not have a material impact on the Company's consolidated statement of comprehensive loss or consolidated statement of cash flows and did not have an impact on the comparative figures. See Note 6 for further details. 2) On January 1, 2019, the Company adopted ASU 2018-07, "Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting" that expands the scope of ASC Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of ASC Topic 718 to nonemployee awards except for certain exemptions specified in the amendment. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that fiscal year. Early adoption is permitted, but no earlier than an entity's adoption date of Topic 606. The adoption did not have a material impact on the Company's financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Significant Accounting Policies [Abstract] | |
Schedule of estimated useful lives property and equipment | Years Computer equipment 3 Greenhouse equipment* 4 - 10 Office furniture 7 - 17 Laboratory equipment 4 - 5 Leasehold improvements 5 Vehicles 4-7 * Greenhouse equipment - agricultural equipment used in the tobacco production greenhouse. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Measurements [Abstract] | |
Schedule of assumptions used for the models | Alpha Meitav Dash and Ami Sagy* Probability 5 % 5 % Expected volatility 57.33 % 53.31 % Risk free interest rate 0.47 % 0.55 % Expected term (years) 0.82 0.99 Ami Sagy* US investors -2019 agreement Probability 3 % 3 % Expected volatility 59.58 % 59.58 % Risk free interest rate 1.62 % 1.62 % Expected term (years) 2.68 2.68 |
Schedule of financial instruments in level 3 | 2019 Opening balance as of beginning of year - Classification of warrants from equity to liability (1,804 ) Loss from changes in fair value of financial instruments (1,335 ) Classification of warrants from liability to equity 3,139 Closing balance as of end of year - |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property and Equipment [Abstract] | |
Schedule of property and equipment | December 31 2019 2018 Cost: Computer equipment $ 267 $ 228 Office furniture 181 136 Laboratory equipment 1,631 1,527 Greenhouse equipment 713 796 Leasehold improvements 2,271 1,517 Vehicles 84 57 5,147 4,261 Less: Accumulated depreciation and amortization (2,818 ) (2,854 ) Property and Equipment, net $ 2,329 $ 1,407 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory [Abstract] | |
Schedule of inventories | December 31, 2019 2018 Work in progress $ 422 $ 264 Finished goods 466 550 Total inventory $ 888 $ 814 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Operating Leases | |
Schedule of supplemental cash flow information related to leases | Year ended December 31, 2019 Operating cash flows from operating leases $ 505 |
Schedule of supplemental balance sheet information related to leases | December 31, 2019 Operating Leases Operating lease right-of-use assets $ 3,215 Current lease liabilities $ 455 Non-current lease liabilities 3,139 Total lease liabilities $ 3,594 Weighted Average Remaining Lease Term Operating leases 8.4 years Weighted Average Discount Rate Operating leases 7.3 % |
Schedule of maturities of lease liabilities | Operating leases Year ending December 31, 2020 $ 671 2021 603 2022 579 2023 528 2024 and thereafter 2,294 Total lease payments 4,675 Less - imputed interests (1,081 ) Total 3,594 |
Schedule of minimum lease payments | Year ending December 31, 2019 537 2020 578 2021 524 2022 514 2023 496 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement Line Items [Line Items] | |
Schedule of outstanding and exercisable options | December 31, 2019 Options outstanding Options exercisable Number of Weighted Number of Weighted options average options average outstanding remaining exercisable remaining Exercise at end of contractual at end of contractual prices * year Life year life 60.5 6,998 0.85 6,998 0.85 26.04 6,666 5.38 1,329 5.38 6.37 5,000 5.34 1,875 5.34 5.07 248,000 6.09 - - 4.02 478,361 5.03 310,093 4.94 * In U.S. dollars per Ordinary Share. |
Schedule of share-based compensation | Year ended December 31 2019 2018 2017 Research and development expenses $ 549 $ 457 $ 333 General, administrative and marketing expenses 576 977 623 $ 1,125 $ 1,434 $ 956 |
Option Granted to Employees [Member] | |
Statement Line Items [Line Items] | |
Schedule of number of shares issued granted options | Year ended December 31, 2019 Award amount Exercise price range Vesting period Expiration Employees 230,000 $ 5.07 4 years 7 years Directors 301,390 $ 4.02- $5.07 4 years 7 years Year ended December 31, 2018 Award amount Exercise price range* Vesting period Expiration Employees 93,000 $ 5.87 4 years 7 years Directors 63,000 $ 7.74 4 years 7 years Year ended December 31, 2017 Award amount Exercise price range* Vesting period Expiration Employees 182,000 $ 8.34 4 years 7 years Directors 9,720 $ 0- $4.75 0-4 years 7 years * Exercise price range before reduction of exercise price as of October 27, 2019 |
Schedule of fair value options granted | 2019 2018 2017 Value of one ordinary share $ 5.7-$5.93 $ 5.34-$7.83 $ 4.89-$7.44 Dividend yield 0 % 0 % 0 % Expected volatility 61.31%-62.56 % 62.63 % 57.78 %-62.55 % Risk-free interest rate 2 % 2 % 2 % Expected term 4-5.5 years 4 years 4 years |
Schedule of changes in number of options granted | Year ended December 31, 2019 2018 2017 Number of options Weighted average exercise price Number of options Weighted average exercise price* Number of options Weighted average exercise price* Options outstanding at the beginning of the year 512,615 $ 15.09 385,115 $ 17.68 205,592 $ 27.10 Granted 531,390 5.09 156,000 7.55 191,720 8.07 Exercised (6,076 ) 1.30 - - - - Expired (11,891 ) 23.83 (2,500 ) 24.01 (7,102 ) 24.89 Forfeited (304,677 ) 5.84 (26,000 ) 7.42 (5,095 ) 25.96 Options outstanding at the end of the year 721,361 $ 4.38 * 512,615 $ 15.09 385,115 $ 17.68 Options exercisable at the end of the year 310,093 $ 4.02 * 211,906 $ 20.28 131,265 $ 22.29 * After repricing- see Note 8(B)(2)(a). |
Option Granted to Non-Employees [Member] | |
Statement Line Items [Line Items] | |
Schedule of fair value options granted | 2019 2018 2017 Value of one ordinary share $ 5.93 $ 5.36 - Dividend yield 0 % 0 % - Expected volatility 62 % 58 % - Risk-free interest rate 2 % 2 % - Expected term 4 years 4 years - |
Schedule of changes in number of options granted | Year ended December 31 2019 2018 2017 Number of Weighted average exercise Number of Weighted average exercise Number of Weighted average exercise Options outstanding at the beginning of the year 18,664 $ 33.44 13,664 $ 43.52 13,664 $ 43.52 Granted 5,000 5.07 5,000 5.87 - - Options outstanding at the end of the year 23,664 $ 27.44 18,664 $ 33.44 13,664 $ 43.52 Options exercisable at the end of the year 10,202 $ 46.03 8,165 $ 51.21 7,831 $ 52.57 |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |
Schedule of deferred income taxes | As of December 31, 2019 2018 In respect of: Net operating loss carry forward $ 12,607 $ 10,170 Research and development expenses 801 753 Less – valuation allowance (13,408 ) (10,923 ) Net deferred tax assets $ - $ - |
Schedule of valuation allowance | Balance at January 1, 2017 $ 9,051 Additions 2,104 Balance at December 31, 2017 $ 11,155 Additions (232 ) Balance at December 31, 2018 $ 10,923 Additions 2,485 Balance at December 31, 2019 $ 13,408 |
Supplementary Financial State_2
Supplementary Financial Statement Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplementary Financial Statement Information [Abstract] | |
Schedule of supplementary financial statement information | Balance sheets: December 31 2019 2018 a. Accounts receivable and prepaid expenses Institutions $ 124 $ 125 Prepaid expenses 84 105 Other 62 104 $ 270 $ 334 b. Trade payable USD $ 35 $ 180 NIS 798 442 $ 833 $ 622 c. Accounts payable and accruals - Employees and institutions for employees $ 799 $ 385 Provisions for vacation and others 245 196 Other 159 38 $ 1,203 $ 619 Statements of operations: d. Revenues 1) Disaggregated revenues Year ended December 31 2019 2018 2017 Revenues from the sales of goods $ 1,949 $ 739 $ 463 Revenues from the rendering of services 369 190 - Revenues from licensing agreement (see Note 2(l)) - 4,085 - Total revenues $ 2,318 $ 5,014 $ 463 2) Revenues by geographical area (based on the location of customers): Year ended December 31 2019 2018 2017 United states and Canada $ 2,078 $ 4,868 $ 223 Europe 240 146 240 Total revenues $ 2,318 $ 5,014 $ 463 3) Major customers Set forth below is a breakdown of the Company's revenue by major customers (major customer –revenues from these customers constitute at least 10% of total revenues in a certain year): 2019 2018 2017 Customer A 1,374 4,274 191 Customer B - - 145 Customer C - - 82 Customer D 419 505 - Customer E 242 - - 4) The changes in deferred revenues relating to goods that were not yet delivered are as follows: 2019 2018 Balance at beginning of year $ (1,950 ) $ - Contract liability recognized due to LB agreement - (1,959 ) Revenue recognized during the period 1,008 9 Balance at end of year (1) (942 ) (1,950 ) Contract liability presented in current liabilities (942 ) (970 ) Contract liability presented in non-current liabilities - (980 ) (1) Represents the unfulfilled performance obligation related to First BioInk. e. Long-lived assets All of the Company's long-lived assets are located in Israel. f. Research and development Year ended December 31 2019 2018 2017 Payroll and related expenses $ 1,954 $ 1,968 $ 2,136 Share-based payments 549 457 333 Subcontractors and consultants 77 296 551 Consumables and materials 304 309 194 Depreciation and amortization 354 220 227 Rent and maintenance 980 780 750 Other 224 174 299 4,442 4,204 4,490 Less: Participation in R&D expenses - - (159 ) IIA participation in R&D expenses, see Note 7(a) (28 ) (327 ) (425 ) (28 ) (327 ) (584 ) $ 4,414 $ 3,877 $ 3,906 g. General, administrative and marketing Year ended December 31 2019 2018 2017 Payroll and related expenses $ 1,293 $ 1,152 $ 813 Share-based payments (1) 576 977 623 Directors' salary and insurance 415 168 114 Rent and office maintenance 84 89 89 Professional services 1,012 1,111 667 Depreciation 33 23 13 Other 243 203 147 $ 3,656 $ 3,723 $ 2,466 (1) Share-based payments expenses for the year ended December 31, 2018 and 2017, include amount of $583 and $425, respectively, due to services received from Alpha, and none for the year ended December 31, 2019. h. Financial expenses Year ended December 31 2019 2018 2017 Financial expenses: Bank and other fees $ 63 $ 17 $ 9 Remeasurement of financial instruments 3,230 2,154 17 Other financing expenses 10 9 21 Total financial expenses $ 3,303 $ 2,180 $ 47 |
General (Details)
General (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Jun. 06, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | |
General (Textual) | |||
Accumulated deficit | $ (67,260) | $ (56,096) | |
Common stock, description | The Company's shareholders approved a reverse share split of the Company's ordinary shares at a ratio of 1-for-50, such that each fifty (50) ordinary shares, par value NIS 0.03 per share, will be consolidated into one (1) ordinary share, par value NIS 1.50. | ||
Ordinary share, description | The Company's ADSs, such that its ratio of ADSs to ordinary shares changed from one (1) ADS representing fifty (50) ordinary shares to a new ratio of one (1) ADS representing one (1) ordinary share. The first date when the Company's ADSs began trading on the Nasdaq Capital Market after implementation of the reverse split and concurrent ratio change was July 15, 2019. | ||
Maximum [Member] | |||
General (Textual) | |||
Common shares issued | 191,000 | ||
Common shares outstanding | 191,000 | ||
Minimum [Member] | |||
General (Textual) | |||
Common shares issued | 3,800 | ||
Common shares outstanding | 3,800 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) | 12 Months Ended | |
Dec. 31, 2019 | ||
Computer Equipment [Member] | ||
Statement Line Items [Line Items] | ||
Useful life measured property and equipment | 3 years | |
Greenhouse Equipment [Member] | Minimum [Member] | ||
Statement Line Items [Line Items] | ||
Useful life measured property and equipment | 4 years | [1] |
Greenhouse Equipment [Member] | Maximum [Member] | ||
Statement Line Items [Line Items] | ||
Useful life measured property and equipment | 10 years | [1] |
Office Equipment [Member] | Minimum [Member] | ||
Statement Line Items [Line Items] | ||
Useful life measured property and equipment | 7 years | |
Office Equipment [Member] | Maximum [Member] | ||
Statement Line Items [Line Items] | ||
Useful life measured property and equipment | 17 years | |
Laboratory Equipment [Member] | Minimum [Member] | ||
Statement Line Items [Line Items] | ||
Useful life measured property and equipment | 4 years | |
Laboratory Equipment [Member] | Maximum [Member] | ||
Statement Line Items [Line Items] | ||
Useful life measured property and equipment | 5 years | |
Leasehold Improvements [Member] | ||
Statement Line Items [Line Items] | ||
Useful life measured property and equipment | 5 years | |
Vehicles [Member] | Minimum [Member] | ||
Statement Line Items [Line Items] | ||
Useful life measured property and equipment | 4 years | |
Vehicles [Member] | Maximum [Member] | ||
Statement Line Items [Line Items] | ||
Useful life measured property and equipment | 7 years | |
[1] | Greenhouse equipment - agricultural equipment used in the tobacco production greenhouse. |
Significant Accounting Polici_5
Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Significant Accounting Policies (Textual) | |||
Cash payment for operating lease liabilities | $ 3,458 | ||
Research and development expenses | $ 28 | $ 327 | $ 584 |
Warrants exercisable | 3,536,495 | 2,299,684 | 1,584,071 |
Transaction price | $ 5,000 | ||
Reimbursement cost | 1,000 | ||
ROU Assets [Member] | |||
Significant Accounting Policies (Textual) | |||
Cash payment for operating lease liabilities | $ 3,458 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Alpha [Member] | ||
Statement Line Items [Line Items] | ||
Probability | 5.00% | |
Expected volatility | 57.33% | |
Risk free interest rate | 0.47% | |
Expected term (years) | 9 months 25 days | |
Meitav Dash and Ami Sagy [Member] | ||
Statement Line Items [Line Items] | ||
Probability | 5.00% | |
Expected volatility | 53.31% | |
Risk free interest rate | 0.55% | |
Expected term (years) | 11 months 26 days | |
Ami Sagy [Member] | ||
Statement Line Items [Line Items] | ||
Probability | 3.00% | |
Expected volatility | 59.58% | |
Risk free interest rate | 1.62% | |
Expected term (years) | 2 years 8 months 5 days | |
US investors -2019 agreement [Member] | ||
Statement Line Items [Line Items] | ||
Probability | 3.00% | |
Expected volatility | 59.58% | |
Risk free interest rate | 1.62% | |
Expected term (years) | 2 years 8 months 5 days |
Fair Value Measurements (Deta_2
Fair Value Measurements (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Opening balance as of beginning of year | $ (97) | $ (41) | |
Issuance | (100) | (38) | |
Classification of warrants from equity to liability | (3,267) | ||
Exercise of anti-dilution derivatives | 2,024 | ||
Loss from changes in fair value of financial instruments | (3,230) | (56) | (3) |
Classification of warrants from liability to equity | |||
Closing balance as of end of year | (68) | (97) | $ (41) |
Warrants [Member] | |||
Statement Line Items [Line Items] | |||
Opening balance as of beginning of year | |||
Classification of warrants from equity to liability | (1,804) | ||
Loss from changes in fair value of financial instruments | (1,335) | ||
Classification of warrants from liability to equity | 3,139 | ||
Closing balance as of end of year |
Fair Value Measurements (Deta_3
Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value Measurements (Textual) | ||
Derivatives liabilities | $ 68 | $ 97 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Cost: | ||
Computer equipment | $ 267 | $ 228 |
Office furniture | 181 | 136 |
Laboratory equipment | 1,631 | 1,527 |
Greenhouse equipment | 713 | 796 |
Leasehold improvements | 2,271 | 1,517 |
Vehicles | 84 | 57 |
Property and Equipment, gross | 5,147 | 4,261 |
Less: Accumulated depreciation and amortization | (2,818) | (2,854) |
Property and Equipment, net | $ 2,329 | $ 1,407 |
Property and Equipment (Detai_2
Property and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property and Equipment (Textual) | |||
Depreciation and amortization | $ 539 | $ 342 | $ 230 |
Disposed of fixed assets | $ 30 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory [Abstract] | ||
Work in progress | $ 422 | $ 264 |
Finished goods | 466 | 550 |
Total inventory | $ 888 | $ 814 |
Inventory (Details Textual)
Inventory (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory (Textual) | |||
Write-down of inventory | $ 44 |
Operating Leases (Details)
Operating Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Operating Leases | |
Operating cash flows from operating leases | $ 505 |
Operating Leases (Details 1)
Operating Leases (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Leases | ||
Operating lease right-of-use assets | $ 3,215 | |
Current lease liabilities | 455 | |
Non-current lease liabilities | 3,139 | |
Total lease liabilities | $ 3,594 | |
Weighted Average Remaining Lease Term | ||
Operating leases | 8 years 4 months 24 days | |
Weighted Average Discount Rate | ||
Operating leases | 7.30% |
Operating Leases (Details 2)
Operating Leases (Details 2) $ in Thousands | Dec. 31, 2019USD ($) |
Year ending December 31, | |
Total lease payments | $ 4,675 |
Less - imputed interests | (1,081) |
Total | 3,594 |
2020 [Member] | |
Year ending December 31, | |
Total lease payments | 671 |
2021 [Member] | |
Year ending December 31, | |
Total lease payments | 603 |
2022 [Member] | |
Year ending December 31, | |
Total lease payments | 579 |
2023 [Member] | |
Year ending December 31, | |
Total lease payments | 528 |
2024 and thereafter [Member] | |
Year ending December 31, | |
Total lease payments | $ 2,294 |
Operating Leases (Details 3)
Operating Leases (Details 3) $ in Thousands | Dec. 31, 2018USD ($) |
Year ending December 31, | |
2019 | $ 537 |
2020 | 578 |
2021 | 524 |
2022 | 514 |
2023 | $ 496 |
Operating Leases (Details Textu
Operating Leases (Details Textual) ₪ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Mar. 31, 2019USD ($) | Mar. 24, 2019USD ($) | Nov. 15, 2018USD ($) | Nov. 15, 2018ILS (₪) | Jul. 31, 2017USD ($) | Jul. 31, 2017ILS (₪) | Jul. 28, 2016ILS (₪) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Operating Leases (Textual) | |||||||||
Expired date | April 2024 | April 2024 | |||||||
Monthly payments | $ 15,000 | $ 8,500 | $ 25,000 | $ 3,000 | |||||
Reimbursed building adjustments costs | $ 689,000 | ||||||||
Restricted deposit | $ 12,000 | $ 154,000 | |||||||
Operating leases cost | 619,000 | ||||||||
Lease agreement, description | The Company signed a lease agreement for land in Yessod Hamaala that was previously leased. The new lease agreement is for four years, commencing May 1, 2017, with an option to extend for an additional six years, with a monthly rental amount of NIS 10 thousand (approximately $3). | The Company signed a lease agreement for land in Yessod Hamaala that was previously leased. The new lease agreement is for four years, commencing May 1, 2017, with an option to extend for an additional six years, with a monthly rental amount of NIS 10 thousand (approximately $3). | |||||||
Rent expense | 296,000 | $ 331,000 | |||||||
Variable lease payments | $ 9,000 | ||||||||
NIS [Member] | |||||||||
Operating Leases (Textual) | |||||||||
Monthly payments | ₪ | ₪ 89 | ₪ 10 | ₪ 30 |
Commitments (Details)
Commitments (Details) - USD ($) $ in Thousands | Feb. 11, 2020 | Sep. 06, 2017 | Oct. 19, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Commitments (Textual) | ||||||
Description on royalty | Under the Innovation Law the rate of royalties varies between 3% to 5% computed based on the revenues from the products that their development was also funded by grants from the IIA. Such commitment is up to the amount of grants received (dollar linked), plus interest at annual rate based on LIBOR. | |||||
Grants total | $ 38 | |||||
Royalty expense | 43 | $ 1,263 | $ 34 | |||
Operating lease agreements description | The License Agreement provides for the payment of an upfront cash payment of $5,000 to CollPlant, which was paid to CollPlant in November 2018 following effectiveness of the Agreement. In addition, the License Agreement provides for a one-time non-refundable option payments of $3,000 per Option Product ($9,000 in the aggregate), and up to $30,000 of milestone payments payable as follows: (i) $5,000 upon completion of the U.S. facility design, (ii) $5,000 upon completion of production of a specified amount of BioInk, and (iii) $5,000 for FDA marketing approval for each Covered Product (up to $20,000 in the aggregate). | |||||
VAT payables | 145 | $ 145 | ||||
Maximum total royalty amount | $ 8,600 | |||||
Israel [Member] | ||||||
Commitments (Textual) | ||||||
VAT payables | $ 521 | |||||
Israel [Member] | Subsequent Event [Member] | ||||||
Commitments (Textual) | ||||||
Tax pay | $ 116 | |||||
Tax Contingent Liability [Member] | Israel [Member] | ||||||
Commitments (Textual) | ||||||
Tax pay | $ 434 |
Share Capital (Details)
Share Capital (Details) | 12 Months Ended | |||||
Dec. 31, 2019$ / sharesshares | Dec. 31, 2018₪ / sharesshares | Dec. 31, 2017$ / sharesshares | ||||
Employees [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Award amount | shares | 230,000 | 93,000 | 182,000 | |||
Exercise price range | (per share) | $ 5.07 | ₪ 5.87 | [1] | $ 8.34 | [1] | |
Vesting period | 4 years | 4 years | 4 years | |||
Expiration | 7 years | 7 years | 7 years | |||
Directors [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Award amount | shares | 301,390 | 63,000 | 9,720 | |||
Exercise price range | ₪ / shares | [1] | ₪ 7.74 | ||||
Vesting period | 4 years | 4 years | ||||
Expiration | 7 years | 7 years | 7 years | |||
Directors [Member] | Minimum [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Exercise price range | $ / shares | $ 4.02 | $ 0 | [1] | |||
Vesting period | 0 years | |||||
Directors [Member] | Maximum [Member] | ||||||
Statement Line Items [Line Items] | ||||||
Exercise price range | $ / shares | $ 5.07 | $ 4.75 | [1] | |||
Vesting period | 4 years | |||||
[1] | Exercise price range before reduction of exercise price as of October 27, 2019 |
Share Capital (Details 1)
Share Capital (Details 1) | 12 Months Ended | |||
Dec. 31, 2019$ / shares | Dec. 31, 2019₪ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2017$ / shares | |
Employees and directors [Member] | ||||
Statement Line Items [Line Items] | ||||
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Expected volatility | 62.63% | |||
Risk-free interest rate | 2.00% | 2.00% | 2.00% | 2.00% |
Expected term | 4 years | 4 years | ||
Employees and directors [Member] | Minimum [Member] | ||||
Statement Line Items [Line Items] | ||||
Value of one ordinary share | (per share) | ₪ 5.7 | $ 5.34 | $ 4.89 | |
Expected volatility | 61.31% | 61.31% | 57.78% | |
Expected term | 4 years | 4 years | ||
Employees and directors [Member] | Maximum [Member] | ||||
Statement Line Items [Line Items] | ||||
Value of one ordinary share | $ 5.93 | 7.83 | $ 7.44 | |
Expected volatility | 62.56% | 62.56% | 62.55% | |
Expected term | 5 years 6 months | 5 years 6 months | ||
Non-Employees [Member] | ||||
Statement Line Items [Line Items] | ||||
Value of one ordinary share | (per share) | ₪ 5.93 | $ 5.36 | ||
Dividend yield | 0.00% | 0.00% | 0.00% | |
Expected volatility | 62.00% | 62.00% | 58.00% | |
Risk-free interest rate | 2.00% | 2.00% | 2.00% | |
Expected term | 4 years | 4 years | 4 years |
Share Capital (Details 2)
Share Capital (Details 2) - shares | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
Employees and Directors [Member] | |||||||
Number of options | |||||||
Options outstanding at the beginning of the year | 512,615 | 385,115 | 205,592 | ||||
Granted | 531,390 | 156,000 | 191,720 | ||||
Exercised | (6,076) | ||||||
Expired | (11,891) | (2,500) | (7,102) | ||||
Forfeited | (304,677) | (26,000) | (5,096) | ||||
Options outstanding at the end of the year | 721,361 | 512,615 | 385,115 | ||||
Options exercisable at the end of the year | 310,093 | 211,906 | 131,265 | ||||
Weighted average exercise price | |||||||
Options outstanding at the beginning of the year | [1] | 15.09 | 17.68 | 27.1 | |||
Granted | 5.09 | 7.55 | [1] | 8.07 | [1] | ||
Exercised | 1.3 | [1] | [1] | ||||
Expired | 23.83 | 24.01 | [1] | 24.89 | [1] | ||
Forfeited | 5.84 | 7.42 | [1] | 25.96 | [1] | ||
Options outstanding at the end of the year | [1] | 4.38 | 15.09 | 17.68 | |||
Options exercisable at the end of the year | 4.02 | [1] | 20.28 | 22.29 | |||
Non-Employees [Member] | |||||||
Number of options | |||||||
Options outstanding at the beginning of the year | 18,664 | 13,664 | 13,664 | ||||
Granted | 5,000 | 5,000 | |||||
Options outstanding at the end of the year | 23,664 | 18,664 | 13,664 | ||||
Options exercisable at the end of the year | 10,202 | 8,165 | 7,831 | ||||
Weighted average exercise price | |||||||
Options outstanding at the beginning of the year | [1] | 33.44 | 43.52 | 43.52 | |||
Granted | 5.07 | 5.87 | [1] | [1] | |||
Options outstanding at the end of the year | 27.44 | 33.44 | [1] | 43.52 | [1] | ||
Options exercisable at the end of the year | 46.03 | 51.21 | 52.57 | ||||
[1] | After repricing- see Note 8(B)(2)(a). |
Share Capital (Details 3)
Share Capital (Details 3) | 12 Months Ended |
Dec. 31, 2019shares | |
Exercise prices 26.04 [Member] | |
Statement Line Items [Line Items] | |
Options outstanding, Number of options outstanding at end of year | 6,666 |
Options outstanding, Weighted average remaining contractual Life | 5 years 4 months 17 days |
Options exercisable, Number of options exercisable at end of year | 1,329 |
Options exercisable, Weighted average remaining contractual life | 5 years 4 months 17 days |
Exercise prices 6.37 [Member] | |
Statement Line Items [Line Items] | |
Options outstanding, Number of options outstanding at end of year | 5,000 |
Options outstanding, Weighted average remaining contractual Life | 5 years 4 months 2 days |
Options exercisable, Number of options exercisable at end of year | 1,875 |
Options exercisable, Weighted average remaining contractual life | 5 years 4 months 2 days |
Exercise prices 5.07 [Member] | |
Statement Line Items [Line Items] | |
Options outstanding, Number of options outstanding at end of year | 248,000 |
Options outstanding, Weighted average remaining contractual Life | 6 years 1 month 2 days |
Options exercisable, Number of options exercisable at end of year | |
Exercise prices 4.02 [Member] | |
Statement Line Items [Line Items] | |
Options outstanding, Number of options outstanding at end of year | 478,361 |
Options outstanding, Weighted average remaining contractual Life | 5 years 11 days |
Options exercisable, Number of options exercisable at end of year | 310,093 |
Options exercisable, Weighted average remaining contractual life | 4 years 11 months 8 days |
Exercise prices 60.5 [Member] | |
Statement Line Items [Line Items] | |
Options outstanding, Number of options outstanding at end of year | 6,998 |
Options outstanding, Weighted average remaining contractual Life | 10 months 6 days |
Options exercisable, Number of options exercisable at end of year | 6,998 |
Options exercisable, Weighted average remaining contractual life | 10 months 6 days |
Share Capital (Details 4)
Share Capital (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||
Share-based compensation | $ 1,125 | $ 1,434 | $ 956 |
Research and development expenses [Member] | |||
Statement Line Items [Line Items] | |||
Share-based compensation | 549 | 457 | 333 |
General, administrative and marketing expenses [Member] | |||
Statement Line Items [Line Items] | |||
Share-based compensation | $ 576 | $ 977 | $ 623 |
Share Capital (Details Textual)
Share Capital (Details Textual) $ / shares in Units, $ in Thousands | Sep. 06, 2019USD ($) | Jun. 06, 2019 | Sep. 10, 2018 | Jun. 11, 2018 | Nov. 09, 2017 | Nov. 08, 2017 | Sep. 06, 2017 | Oct. 27, 2019$ / sharesshares | Aug. 31, 2019 | Aug. 30, 2019 | Apr. 30, 2018 | Jan. 31, 2018USD ($)shares | Jan. 18, 2018USD ($)shares | Dec. 31, 2017USD ($) | Dec. 26, 2017USD ($)shares | Oct. 26, 2017USD ($)shares | Feb. 12, 2017USD ($)$ / sharesshares | Jun. 30, 2017 | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019₪ / sharesshares | Oct. 27, 2019₪ / sharesshares | Mar. 01, 2019₪ / shares | Dec. 31, 2018₪ / sharesshares | Jul. 26, 2018USD ($)shares | Apr. 16, 2018$ / shares | Apr. 16, 2018₪ / shares | Mar. 07, 2018$ / sharesshares | Mar. 07, 2018₪ / sharesshares | Mar. 01, 2018shares | Feb. 12, 2017₪ / shares |
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Ordinary shares, par value | ₪ / shares | ₪ 1.5 | ₪ 1.5 | ||||||||||||||||||||||||||||||
Ordinary shares, shares authorized | shares | 30,000,000 | 30,000,000 | 30,000,000 | 15,000,000 | ||||||||||||||||||||||||||||
Shareholders reverse share split, description | The Company's shareholders approved a reverse share split of the Company's ordinary shares at a ratio of 1-for-50, such that each fifty (50) ordinary shares, par value NIS 0.03 per share, consolidated into one (1) ordinary share, par value NIS 1.50. Concurrently with the reverse split, the Company effected a corresponding change in the ratio of ordinary shares to each of the Company's ADSs, such that its ratio of ADSs to ordinary shares changed from one (1) ADS representing fifty (50) ordinary shares to a new ratio of one (1) ADS representing one (1) ordinary share. The first date when the Company's ADSs began trading on the Nasdaq Capital Market after implementation of the reverse split and concurrent ratio change was July 15, 2019. | 1-for-50 reverse share split. | ||||||||||||||||||||||||||||||
Stock plan, description | Every 50 options, or 150 options if granted before the November 2016 reverse split, that were allocated to directors, employees, consultants and officers under the option plan are exercisable into one ordinary share of the Company of NIS 1.50 par value. No change took place in the exercise price of the options; however, for options that were granted between November 2016 to date, the total exercise price for one share of NIS 1.50 par value will be the former exercise price for one share of NIS 0.03 par value multiplied by 50 and, for options that were granted before the November 2016 reverse split, the total exercise price for one share of NIS 1.50 par value will be the former exercise price for one share of NIS 0.01 par value multiplied by 150. | |||||||||||||||||||||||||||||||
Terms and conditions of the warrants, description | Each 50 warrants that the Company issued are exercisable into one ordinary share of the Company of NIS 1.50 par value. There will be no change in the exercise price of those warrants; however, the total exercise price for one share of NIS 1.50 par value will be the former exercise price for one share of NIS 0.03 par value multiplied by 50. | |||||||||||||||||||||||||||||||
Stock option, description | The Company issued to Alpha a pre-paid warrant to purchase 21,200 ordinary shares represented by 21,200 ADSs, in connection with services Alpha provided to the Company. The issuance at a fair market value of $137 was accounted as share-based compensation and recognized as an expense within "general, administrative and marketing expenses" in the statements of operations. | The Company also issued an aggregate of 175,039 ADSs to Mr. Sagy, and Meitav Dash and 250,000 ADSs and 20,000 prepaid warrant to purchase up to 20,000 ADSs to Alpha in satisfaction of the price protection undertakings under the Alpha Purchase Agreement, the Meitav Dash Purchase Agreement and the Sagy Purchase Agreement. | The Company entered into an agreement with Ami Sagy and certain U.S. investors for the issuance of shares and warrants in a form of a convertible loan agreements in the total amount of $6,500, as follows: (i) a convertible loan agreement with Ami Sagy, its largest shareholder (the "Sagy Loan Agreement"), pursuant to which Mr. Sagy provided a loan to the Company in an amount of $3,000 in two tranches, and (ii) a convertible loan agreement with certain U.S. investors (the "U.S. Loan Agreement", and, together with the Sagy Loan Agreement, the "Convertible Loan Agreements"), pursuant to which such U.S. investors (the "U.S. Investors") provided a loan to the Company in an amount of $3,500 in one tranche. | Series L warrants were exercised into 201,109 ordinary shares, at an exercise price of NIS 18 (approximately $5.1) for each warrant. The total consideration amounted to $1,024. 29,239 Series L warrants that were not exercised expired on June 14, 2017. | ||||||||||||||||||||||||||||
Options to purchase of ordinary shares | shares | 423,040 | |||||||||||||||||||||||||||||||
Capital raise amount | $ 1,812 | |||||||||||||||||||||||||||||||
Options exercisable | shares | 211,520 | |||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 4.80 | |||||||||||||||||||||||||||||||
Description of vesting period | Expected to be recognized over a weighted average period of 0.94 year. | |||||||||||||||||||||||||||||||
Employees [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Stock option, description | The incremental fair value of the fully vested options as of October 27, 2019 in the amount of $341 was recognized immediately. | |||||||||||||||||||||||||||||||
Option exercise price | $ / shares | $ 4.02 | |||||||||||||||||||||||||||||||
Description of vesting period | The remaining incremental fair value will be recognized over the remaining vesting period and until March 2022. | |||||||||||||||||||||||||||||||
Expected dividend rate | 0.00% | |||||||||||||||||||||||||||||||
Risk-free interest rate | 1.60% | |||||||||||||||||||||||||||||||
Fair value of options granted | $ 2,074 | $ 621 | $ 636 | |||||||||||||||||||||||||||||
Reprice value of share | $ 635 | |||||||||||||||||||||||||||||||
Options granted | shares | 305,342 | 365 | ||||||||||||||||||||||||||||||
Unrecognized compensation cost | $ 679 | |||||||||||||||||||||||||||||||
Incremental fair value of options | $ 478 | |||||||||||||||||||||||||||||||
Directors and Chief Executive Officer [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Option exercise price | $ / shares | $ 4.02 | |||||||||||||||||||||||||||||||
Options granted | shares | 171,287 | |||||||||||||||||||||||||||||||
Non-Employees [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Expected dividend rate | 0.00% | 0.00% | ||||||||||||||||||||||||||||||
Expected volatility rate | 62.00% | 58.00% | ||||||||||||||||||||||||||||||
Risk-free interest rate | 2.00% | 2.00% | ||||||||||||||||||||||||||||||
Fair value of options granted | $ 16 | $ 13 | ||||||||||||||||||||||||||||||
Intrinsic value of outstanding options | 521 | |||||||||||||||||||||||||||||||
Intrinsic value of options exercisable | $ 25 | |||||||||||||||||||||||||||||||
Alpha Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Stock option, description | (i) at the first closing, which was completed on October 26, 2017, ordinary shares and a Convertible Debenture ("Debenture"), for a purchase price of $2,000 (ii) at the second closing, which was completed on December 31, 2017 and which was subject, among other things, to approval of the private placement by the Company's shareholders, a Debenture for a purchase price of $2,000, and (iii) at the third closing, which was completed on April 30, 2018, which was subject, among other things, to the listing of the Company's ADSs for trading on the NASDAQ and to the receipt of shareholder and option holder approval to adopt the provisions of Chapter E3 of the Israeli Securities Law of 1968 (which allows the Company to report in Israel in accordance with U.S. reporting requirements) ("Dual Reporting Approval"), ordinary shares and/or a Debenture for a purchase price of $1,000, and a warrant (the "Alpha Warrant") to purchase 992,149 ordinary shares represented by 992,149 ADSs exercisable for a period of five years from the date of issuance at an exercise price of approximately $10.15 per ADS (calculated in accordance with the known representative rate of exchange on the date of the notice of exercise). | The Company completed the third closing of the Alpha Purchase Agreement, which resulted in the issuance to Alpha of a pre-paid warrant to purchase 198,430 ordinary shares represented by 198,430 ADSs and the Alpha Warrant to purchase up to 992,149 ordinary shares represented by 992,149 ADSs, at an exercise price of $10.28 per ADS, for gross proceeds of $1,000. In 2018, Alpha converted a pre-paid warrant to purchase 165,000 ordinary shares into 165,000 ordinary shares and in 2019 Alpha converted a pre-paid warrant to purchase 50,000 ordinary shares into 50,000 ordinary shares. | The Debentures were convertible at any time at the option of the holder into ADSs at a conversion price of $4.29 per ADS. | As part of the first and second closings, and included within the ordinary shares and Debentures issued at the first and second closings, the Company issued an aggregate of 21,610 ordinary shares and Debentures convertible into 116,726 ordinary shares in connection with services Alpha provided to the Company. These issuances, having a fair market value of $871, were accounted as share-based compensation. $435 was recognized as an expense within "general, administrative and marketing expenses" in the statements of comprehensive loss in 2017 and 2018, respectively. | ||||||||||||||||||||||||||||
Options to purchase of ordinary shares | shares | 786,455 | |||||||||||||||||||||||||||||||
Common shares issued | shares | 145,600 | |||||||||||||||||||||||||||||||
Principle amount | $ 3,375 | $ 2,000 | $ 1,375 | |||||||||||||||||||||||||||||
Gross proceeds | $ 2,000 | $ 2,000 | ||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 4 | |||||||||||||||||||||||||||||||
Alpha Purchase Agreement [Member] | ADS [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Options to purchase of ordinary shares | shares | 786,455 | |||||||||||||||||||||||||||||||
Meitav Dash Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Stock option, description | (i) at the first closing, which was completed on December 26, 2017, 190,000 ordinary shares, for a purchase price of $1,083, (ii) at the second closing, which was completed on the same day, 48,000 ordinary shares for a purchase price of $273 provided that Meitav Dash shall not be obligated to buy or hold, immediately following the second closing, 20% or more of the Company's share capital, and (iii) at the third closing, which was completed on March 7, 2018 and which was subject, among other things, to the listing of the Company's ADSs for trading on the Nasdaq and Dual Reporting Approval, for no additional consideration, warrants exercisable into 238,000 ordinary shares. | |||||||||||||||||||||||||||||||
Common shares issued | shares | 238,000 | 238,000 | 238,000 | |||||||||||||||||||||||||||||
Gross proceeds | $ 1,364 | |||||||||||||||||||||||||||||||
Warrant exercise price | (per share) | 4 | ₪ 11.57 | ||||||||||||||||||||||||||||||
Sagy Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Stock option, description | (i) at the first closing, which closed on December 26, 2017, 186,000 ordinary shares, for gross proceeds of $1,066, and (ii) at the second closing, which closed on March 7, 2018 and which was subject, among other things, to the listing of the Company's ADSs for trading on the Nasdaq and to Dual Reporting Approval, for no additional consideration, the Company will issue warrants exercisable into 186,000 of its ordinary shares. | |||||||||||||||||||||||||||||||
Common shares issued | shares | 186,000 | 186,000 | 186,000 | |||||||||||||||||||||||||||||
Principle amount | $ 1,066 | |||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 4 | $ 10.67 | ||||||||||||||||||||||||||||||
Security Purchase Agreements [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Stock option, description | (i) Alpha for the purchase of 25,506 ordinary shares for $186; (ii) Ami Sagy for the purchase of 40,920 ordinary shares for $299; and (iii) Docor International BV for the purchase of 20,460 ordinary shares for $149. Closing occurred on January 25, 2018. | |||||||||||||||||||||||||||||||
Ordinary shares purchase price | $ 1,245 | |||||||||||||||||||||||||||||||
Common shares issued | shares | 86,887 | 222,500 | ||||||||||||||||||||||||||||||
Total gross consideration | $ 634 | |||||||||||||||||||||||||||||||
One Year Service Agreement [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Stock option, description | The Company will pay a monthly retainer and issue a total of 12,000 restricted ADSs (12,000 ordinary shares) in 3 tranches of 4,000 ADSs (4,000 ordinary shares) each: (i) following the execution of the agreement, (ii) February 1, 2019, and (iii) June 1, 2019. If the agreement was cancelled prior to the issuance date the share balance would not be owed. The first tranche was completed on December 19, 2018. The second and third tranches were completed on January 10, 2020. | |||||||||||||||||||||||||||||||
Sagy Loan Agreement [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Stock option, description | On the first closing date, which occurred on September 3, 2019, Ami Sagy transferred to the Company the principal amount of $2,000. This amount was invested on account of the issuance in a form of convertible loan and was automatically converted into 500,000 ADSs at a conversion price of $4.00 per ADS on October 27, 2019. On the second closing date, which will occur three business days after the Company shall have executed a license and/or a co-development agreement with its certain strategic business partner with respect to the Company's intellectual property (if such were to occur), the following shall occur: (i) Ami Sagy will transfer to the Company an amount of $1,000 by way of an equity investment, and (ii) the Company will issue to Ami Sagy a warrant to purchase up to 250,000 ADSs representing 250,000 ordinary shares. On the third closing date, which was subject to shareholder approval and occurred on October 27, 2019, the Company issued to Ami Sagy a warrant to purchase up to 500,000 ADSs representing 500,000 ordinary shares. The consideration of the third closing is included in the principal amount received in the first closing. | |||||||||||||||||||||||||||||||
U.S. Loan Agreement [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Stock option, description | (i) the principal amount invested on account of the issuance in a form of convertible loan, was automatically converted into 875,000 ADSs at a conversion price equal to $4.00 per ADS, and (ii) the Company issued to the U.S. Investors warrants to purchase up to 875,000 ADSs representing 875,000 ordinary shares. | |||||||||||||||||||||||||||||||
Principle amount | $ 3,500 | |||||||||||||||||||||||||||||||
Convertible Loan Agreement [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Terms and conditions of the warrants, description | The warrants issuable under the Convertible Loan Agreements are exercisable at $4 per ADS and have a term of three years from the issuance date. | |||||||||||||||||||||||||||||||
Series L warrants [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Stock option, description | In addition, under the terms of the broker agreement, the Company issued to the broker 18,828 Series L warrants exercisable into 18,828 ordinary shares at an exercise price of NIS 18 (approximately $4.80) per warrant. | |||||||||||||||||||||||||||||||
Options to purchase of ordinary shares | shares | 211,520 | |||||||||||||||||||||||||||||||
Series I and Series K Warrants [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 5.7 | |||||||||||||||||||||||||||||||
NIS [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Ordinary shares, par value | ₪ / shares | ₪ 1.50 | ₪ 0.03 | ||||||||||||||||||||||||||||||
Warrant exercise price | ₪ / shares | ₪ 18 | |||||||||||||||||||||||||||||||
NIS [Member] | Meitav Dash Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Warrant exercise price | ₪ / shares | ₪ 40 | |||||||||||||||||||||||||||||||
NIS [Member] | Sagy Purchase Agreement [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Warrant exercise price | ₪ / shares | ₪ 40 | |||||||||||||||||||||||||||||||
NIS [Member] | Series I and Series K Warrants [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Warrant exercise price | ₪ / shares | ₪ 20 | |||||||||||||||||||||||||||||||
Maximum [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Ordinary shares, shares authorized | shares | 1,500,000 | |||||||||||||||||||||||||||||||
Maximum [Member] | Employees [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Expected volatility rate | 74.00% | |||||||||||||||||||||||||||||||
Expected term | 5 years 10 months 25 days | |||||||||||||||||||||||||||||||
Minimum [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Ordinary shares, shares authorized | shares | 500,000 | |||||||||||||||||||||||||||||||
Minimum [Member] | Employees [Member] | ||||||||||||||||||||||||||||||||
Statement Line Items [Line Items] | ||||||||||||||||||||||||||||||||
Expected volatility rate | 49.00% | |||||||||||||||||||||||||||||||
Expected term | 4 months 24 days |
Income Tax (Details)
Income Tax (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Major components of tax expense (income) [abstract] | ||
Net operating loss carry forward | $ 12,607 | $ 10,170 |
Research and development expenses | 801 | 753 |
Less – valuation allowance | (13,408) | (10,923) |
Net deferred tax assets |
Income Tax (Details 1)
Income Tax (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | |||
Beginning balance | $ 10,923 | $ 11,155 | $ 9,051 |
Additions | 2,485 | (232) | 2,104 |
Ending Balance | $ 13,408 | $ 10,923 | $ 11,155 |
Income Tax (Details Textual)
Income Tax (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax (Textual) | |||
Corporate tax rates | 23.00% | 23.00% | 24.00% |
CollPlant Biotechnologies Ltd [Member] | |||
Income Tax (Textual) | |||
Net carry forward tax losses | $ 4,506 | ||
CollPlant Ltd [Member] | |||
Income Tax (Textual) | |||
Net carry forward tax losses | $ 50,309 |
Supplementary Financial State_3
Supplementary Financial Statement Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
a. Accounts receivable and prepaid expenses | ||||
Institutions | $ 124 | $ 125 | ||
Prepaid expenses | 84 | 105 | ||
Other | 62 | 104 | ||
Total | 270 | 334 | ||
b. Trade payable, breakdown by currency: | ||||
USD | 35 | 180 | ||
NIS | 798 | 442 | ||
Total | 833 | 622 | ||
c. Accounts payable and accruals - other: | ||||
Employees and institutions for employees | 799 | 385 | ||
Provisions for vacation and others | 245 | 196 | ||
Other | 159 | 38 | ||
Total | 1,203 | 619 | ||
Disaggregated revenues | ||||
Revenues from the sales of goods | 1,949 | 739 | $ 463 | |
Revenues from the rendering of services | 369 | 190 | ||
Revenues from licensing agreement (see Note 2(l)) | 4,085 | |||
Total revenues | 2,318 | 5,014 | 463 | |
Revenues by geographical area (based on the location of customers): | ||||
United states and Canada | 2,078 | 4,868 | 223 | |
Europe | 240 | 146 | 240 | |
Total revenues | 2,318 | 5,014 | 463 | |
Major customers | ||||
Customer A | 1,374 | 4,274 | 191 | |
Customer B | 145 | |||
Customer C | 82 | |||
Customer D | 419 | 505 | ||
Customer E | 242 | |||
The changes in deferred revenues relating to goods that were not yet delivered are as follows: | ||||
Balance at beginning of year | (1,950) | |||
Contract liability recognized due to LB agreement | (1,959) | |||
Revenue recognized during the period | 1,008 | 9 | ||
Balance at end of year | [1] | (942) | (1,950) | |
Contract liability presented in current liabilities | (942) | (970) | ||
Contract liability presented in non-current liabilities | (980) | |||
Research and development | ||||
Payroll and related expenses | 1,954 | 1,968 | 2,136 | |
Share-based payments | 549 | 457 | 333 | |
Subcontractors and consultants | 77 | 296 | 551 | |
Consumables and materials | 304 | 309 | 194 | |
Depreciation and amortization | 354 | 220 | 227 | |
Rent and maintenance | 980 | 780 | 750 | |
Other | 224 | 174 | 299 | |
Research and development, gross | 4,442 | 4,204 | 4,490 | |
Less: | ||||
Participation in R&D expenses | (159) | |||
IIA participation in R&D expenses, see Note 7(a) | (28) | (327) | (425) | |
Total | (28) | (327) | (584) | |
Research and Development | 4,414 | 3,877 | 3,906 | |
General, administrative and marketing | ||||
Payroll and related expenses | 1,293 | 1,152 | 813 | |
Share-based payments | [2] | 576 | 977 | 623 |
Directors' salary and insurance | 415 | 168 | 114 | |
Rent and office maintenance | 84 | 89 | 89 | |
Professional services | 1,012 | 1,111 | 667 | |
Depreciation | 33 | 23 | 13 | |
Other | 243 | 203 | 147 | |
Total | 3,656 | 3,723 | 2,466 | |
Financial expenses: | ||||
Bank and other fees | 63 | 17 | 9 | |
Remeasurement of financial instruments | 3,230 | 2,154 | 17 | |
Other financing expenses | 10 | 9 | 21 | |
Total financial expenses | $ 3,303 | $ 2,180 | $ 47 | |
[1] | Represents the unfulfilled performance obligation related to First BioInk. | |||
[2] | Share-based payments expenses for the year ended December 31, 2018 and 2017, include amount of $583 and $425, respectively, due to services received from Alpha, and none for the year ended December 31, 2019. |
Supplementary Financial State_4
Supplementary Financial Statement Information (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Supplementary Financial Statement Information [Abstract] | ||
Fair value estimate of services received | $ 583 | $ 425 |
Subsequent Events (Details)
Subsequent Events (Details) - Subsequent Event [Member] | Feb. 07, 2020 | Feb. 14, 2020 |
Subsequent Event (Textual) | ||
Subsequent event, description | The Company appointed a new chairman of the board of directors, who will be entitled to an annual fee of approximately $175 and options to purchase 162,713 ordinary shares (represented by 162,713 ADSs) exercisable at $11.06 per ADS. The options will vest over four years, in accordance with the Company's compensation policy. | |
Securities Purchase Agreement [Member] | ||
Subsequent Event (Textual) | ||
Subsequent event, description | The Company entered into a Securities Purchase Agreement with a few accredited U.S. investors, pursuant to which the Company issued on March 6, 2020, in a private placement, 445,000 ordinary shares for an aggregate purchase price of $4,450. |