Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document And Entity Information | |
Entity Registrant Name | Entera Bio Ltd. |
Entity Central Index Key | 0001638097 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Entity Interactive Data Current | Yes |
Is Entity's Reporting Status Current? | Yes |
Entity Incorporation, State or Country Code | IL |
Entity File Number | 001-38556 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Transition Period | false |
Entity Common Stock, Shares Outstanding | 18,202,237 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2019 |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 15,185 | $ 7,506 | |
Short-term bank deposits | 4,015 | ||
Accounts receivable | 278 | 725 | |
Other current assets | 173 | 220 | |
TOTAL CURRENT ASSETS | 15,636 | 12,466 | |
NON-CURRENT ASSETS: | |||
Property and equipment | 202 | 224 | |
Right of use assets | 260 | ||
Intangible assets | 605 | 651 | |
TOTAL NON-CURRENT ASSETS | 1,067 | 875 | |
TOTAL ASSETS | 16,703 | 13,341 | |
Accounts payable: | |||
Trade | 334 | 473 | |
Other | 1,370 | 1,090 | |
Current maturities of lease liabilities | 177 | ||
Warrants to purchase ordinary shares | 2,444 | 1,372 | |
Contract liabilities | 267 | 225 | |
TOTAL CURRENT LIABILITIES | 4,592 | 3,160 | |
NON-CURRENT LIABILITIES: | |||
Lease liabilities | 122 | ||
Severance pay obligations, net | 70 | 65 | |
TOTAL NON-CURRENT LIABILITIES | 192 | 65 | |
TOTAL LIABILITIES | 4,784 | 3,225 | |
COMMITMENTS AND CONTINGENCIES | |||
SHAREHOLDERS' EQUITY: | |||
Ordinary Shares, NIS 0.0000769 par value: Authorized - as of December 31, 2019 and December 31, 2018, 140,010,000 shares; issued and outstanding: as of December 31, 2019, and December 31, 2018 -17,864,684 and 11,459,780 shares, respectively | [1] | ||
Accumulated other comprehensive income | 41 | 41 | |
Other reserves | 11,398 | 13,019 | |
Additional paid in capital | 63,392 | 49,173 | |
Accumulated deficit | (62,912) | (52,117) | |
TOTAL SHAREHOLDERS' EQUITY | 11,919 | 10,116 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 16,703 | $ 13,341 | |
[1] | Represents an amount less than one thousand US dollars. |
CONSOLIDATED STATEMENTS OF FI_2
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Parenthetical) | Dec. 31, 2019₪ / sharesshares | Dec. 31, 2018₪ / sharesshares | Dec. 31, 2017shares | Dec. 31, 2016shares | Mar. 17, 2013$ / shares |
Statement of financial position [abstract] | |||||
Ordinary Shares, par value | (per share) | ₪ 0.0000769 | ₪ 0.0000769 | $ 0.0000769 | ||
Ordinary Shares, Authorized | 140,010,000 | 140,010,000 | |||
Ordinary Shares, Issued | 17,864,684 | 11,459,780 | |||
Ordinary Shares, Outstanding | 17,864,684 | 11,459,780 | 4,490,720 | 4,490,720 |
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] | ||||
REVENUE | $ 236 | $ 500 | ||
COST OF REVENUE | 210 | |||
RESEARCH AND DEVELOPMENT EXPENSES, NET | 7,199 | 8,518 | 2,768 | |
GENERAL AND ADMINISTRATIVE EXPENSES | 4,281 | 2,843 | 8,575 | |
OPERATING LOSS | 11,454 | 10,861 | 11,343 | |
FINANCIAL INCOME: | ||||
Income from change in fair value of financial liabilities at fair value through profit or loss, net | (743) | (523) | (251) | |
Other financial expenses (income), net | 84 | (34) | 105 | |
FINANCIAL INCOME, net | (659) | (557) | (146) | |
NET COMPREHENSIVE LOSS | $ 10,795 | $ 10,304 | $ 11,197 | |
LOSS PER ORDINARY SHARE* - | ||||
Basic | [1] | $ 0.89 | $ 1.30 | $ 2.49 |
Diluted | [1] | $ 0.89 | $ 1.31 | $ 2.49 |
WEIGHTED AVERAGE NUMBER OF ORDINARY SHARES* - | ||||
Basic | [1] | 12,146,729 | 7,955,447 | 4,490,720 |
Diluted | [1] | 12,146,729 | 7,983,402 | 4,490,720 |
[1] | Retroactively adjusted due to ordinary shares split, see note 11. |
CONSOLIDATED STATEMENTS OF SHAR
CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (CAPITAL DEFICIENCY) - USD ($) $ in Thousands | Number of ordinary shares [Member] | Accumulated other comprehensive income [Member] | Other reserves [Member] | Additional paid in capital [Member] | Accumulated deficit [Member] | Total | |
BALANCE at Dec. 31, 2016 | [1] | $ 41 | $ 2,844 | $ 2,485 | $ (30,616) | $ (25,246) | |
BALANCE, shares at Dec. 31, 2016 | 4,490,720 | 4,490,720 | |||||
CHANGES DURING THE YEAR ENDED DECEMBER 31 | |||||||
Loss for the year | (11,197) | $ (11,197) | |||||
Share-based compensation | 4,885 | 4,885 | |||||
Reclassification due to share-based compensation expired | (35) | 35 | |||||
Reclassification of capital contribution from controlling shareholder (note 7a) | (333) | 333 | |||||
BALANCE at Dec. 31, 2017 | [1] | 41 | 7,361 | 2,853 | (41,813) | $ (31,558) | |
BALANCE, shares at Dec. 31, 2017 | 4,490,720 | 4,490,720 | |||||
CHANGES DURING THE YEAR ENDED DECEMBER 31 | |||||||
Loss for the year | (10,304) | $ (10,304) | |||||
Share-based compensation | 1,233 | 1,233 | |||||
Issuance of shares and warrants, net | [1] | 427 | 8,011 | 8,438 | |||
Issuance of shares and warrants, net, shares | 1,410,000 | ||||||
Conversion of Preferred shares into Ordinary shares | [1] | 32,621 | 32,621 | ||||
Conversion of Preferred shares into Ordinary shares, shares | 4,905,420 | ||||||
Conversion of convertible loan into Ordinary shares | [1] | 4,138 | 4,138 | ||||
Conversion of convertible loan into Ordinary shares, shares | 622,180 | ||||||
Classification of Warrants to purchase preferred shares and shares into Warrants to purchase ordinary shares | 5,548 | 5,548 | |||||
Reclassification due to share-based compensation expired | (1,195) | 1,195 | |||||
Exercise of options to ordinary shares | [1] | (304) | 304 | ||||
Exercise of options to ordinary shares, shares | 31,460 | ||||||
Reclassification of capital contribution from controlling shareholder (note 7a) | (51) | 51 | |||||
BALANCE at Dec. 31, 2018 | [1] | 41 | 13,019 | 49,173 | (52,117) | $ 10,116 | |
BALANCE, shares at Dec. 31, 2018 | 11,459,780 | 11,459,780 | |||||
CHANGES DURING THE YEAR ENDED DECEMBER 31 | |||||||
Loss for the year | (10,795) | $ (10,795) | |||||
Share-based compensation | 1,483 | 1,483 | |||||
Reclassification due to share-based compensation and warrants expired | (2,624) | 2,624 | |||||
Exercise of options to ordinary shares | [1] | (586) | 724 | $ 138 | |||
Exercise of options to ordinary shares, shares | 662,251 | 661,700 | |||||
Issuance of shares due to exercise of right to purchase ordinary shares | [1] | (99) | 199 | $ 100 | |||
Issuance of shares due to exercise of right to purchase ordinary shares, shares | 32,500 | ||||||
Issuance of shares and warrant due to a private placement, net of issuance costs | 205 | 10,672 | 10,877 | ||||
Issuance of shares and warrant due to a private placement, net of issuance costs, shares | 5,710,153 | ||||||
BALANCE at Dec. 31, 2019 | [1] | $ 41 | $ 11,398 | $ 63,392 | $ 62,912 | $ 11,919 | |
BALANCE, shares at Dec. 31, 2019 | 17,864,684 | 17,864,684 | |||||
[1] | Represents an amount of less than one thousand. |
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 USED INOPERATING ACTIVITIES: | |||
Loss for the year | $ (10,795) | $ (10,304) | $ (11,197) |
Adjustments required to reflect net cash used in operating activities (see appendix A) | 1,876 | 508 | 6,671 |
Net cash used in operating activities | (8,919) | (9,796) | (4,526) |
CASH FLOWS PROVIDED BY (USED IN) INVESTING ACTIVITIES: | |||
Decrease (increase) in restricted deposits | (14) | 1,053 | |
Short-term bank deposits | 4,000 | (4,000) | |
Purchase of property and equipment | (40) | (68) | (51) |
Net cash provided by (used in) investing activities | 3,946 | (4,068) | 1,002 |
CASH FLOWS PROVIDED BY FINANCING ACTIVITIES: | |||
Principle element of lease payments | (114) | ||
Proceeds from Issuance of ordinary shares and warrants, net of issuance costs | 12,528 | 9,624 | |
Proceeds from exercise of warrants | 100 | ||
Proceeds from exercise of options | 138 | ||
Proceeds from issuance of preferred shares and warrants, net of issuance costs | 12,087 | ||
Maturity of Convertible loans | (980) | ||
Net cash generated from financing activities | 12,652 | 9,624 | 11,107 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 7,679 | (4,240) | 7,583 |
CASH AND CASH EQUIVALENTS AT BEGINNING OF THE YEAR | 7,506 | 11,746 | 4,163 |
CASH AND CASH EQUIVALENTS AT END OF THE YEAR | 15,185 | 7,506 | 11,746 |
Adjustments required to reflect net cash used in operating activities: | |||
Depreciation and amortization | 238 | 54 | 43 |
Change in fair value of financial liabilities at fair value through profit or loss | (743) | (523) | (251) |
Issuance costs | 164 | 270 | 1,091 |
Financial expenses, net | 10 | 21 | 48 |
Net changes in severance pay obligation | 5 | (5) | 19 |
Share-based compensation | 1,483 | 1,233 | 4,885 |
Total adjustments | 1,157 | 1,050 | 5,835 |
Changes in working capital: | |||
Decrease (increase) in accounts receivable | 447 | (725) | |
Decrease (increase) in other current assets | 61 | 451 | (454) |
Increase (decrease) in accounts payable: | |||
Trade | (139) | (123) | 543 |
Other | 280 | (334) | 820 |
Increase (decrease) in contract liabilities | 42 | 225 | |
Changes in working capital | 691 | (506) | 909 |
Cash used for operating activities: | |||
Interest received | 83 | ||
Interest paid | (55) | (36) | (73) |
Cash used for operating activities | 1,876 | 508 | $ 6,671 |
Supplementary information on investing and financing activities not involving cash flows: | |||
Conversion of preferred shares into ordinary shares | 32,621 | ||
Conversion of convertible loan into ordinary shares | $ 4,138 | ||
Right of use assets on obtained in exchange for new operating lease liabilities | $ 224 |
GENERAL INFORMATION
GENERAL INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of general information [abstract] | |
GENERAL INFORMATION | NOTE 1 - GENERAL INFORMATION: a. General: 1. Entera Bio Ltd. (collectively with its subsidiary, the "Company") was incorporated on September 30, 2009 and commenced operation on June 1, 2010. On January 8, 2018 the Company incorporated Entera Bio Inc., a fully owned subsidiary incorporated in Delaware USA. The Company is a leader in the development and commercialization of orally delivered macromolecule therapeutics for use in areas with significant unmet medical need where adoption of injectable therapies is limited due to cost, convenience and compliance challenges for patients. The Company’s most advanced product candidates, EB613 for the treatment of osteoporosis and EB612 for the treatment of hypoparathyroidism, are based on its proprietary technology platform and are both in Phase 2 clinical development. The Company also licenses its technology to biopharmaceutical companies for use with their proprietary compounds and, to date, has completed one such collaboration with Amgen Inc. 2. The Company's securities have been listed for trading on the Nasdaq Capital Market since the Company’s initial public offering in July 2018, where a total of 1, 400,000 new ordinary shares were issued in consideration of net proceeds of $9.6 million, after deducting offering expenses (see note 11b). 3. On December 10, 2018, the Company entered into a research collaboration and license agreement (the “Amgen Agreement”) with Amgen Inc. (“Amgen”) in inflammatory disease and other serious illnesses. Pursuant to the Amgen Agreement, the Company and Amgen use the Company’s proprietary drug delivery platform to develop oral formulations for one preclinical large molecule program that Amgen has selected. Amgen also has options to select up to two additional programs to include in the collaboration. Amgen is responsible for the clinical development, regulatory approval, manufacturing and worldwide commercialization of the programs. The Company granted Amgen an exclusive, worldwide, sublicensable license under certain of its intellectual property relating to its drug delivery technology to develop, manufacture and commercialize the applicable products. The Company will retain all intellectual property rights to its drug delivery technology, and Amgen will retain all rights to its large molecules and any subsequent improvements, and ownership of certain intellectual property developed through the performance of the collaboration is to be determined by U.S. patent law. See additional information in note 13. b. Since the Company is engaged in research and development activities, it has not derived significant income from its activities and has incurred accumulated losses in the amount of $62.9 million through December 31, 2019 and negative cash flows from operating activities. The Company's management is of the opinion that its available funds as of December 31, 2019 will allow the Company to operate under its current plans into the second quarter of 2021, due to delays in certain activities as a result of the recent coronavirus (COVID-19) outbreak. These factors raise substantial doubt as to the Company's ability to continue as a going concern. Management is in the process of evaluating various financing alternatives in the public or private equity markets, government grants or through license of the company's technology to additional external parties through partnerships or research collaborations as the Company will need to finance future research and development activities, general and administrative expenses and working capital through fund raising. However, there is no certainty about the Company's ability to obtain such funding. The financial information has been prepared on a going concern basis, which assumes the Company will continue to realize its assets and discharge its liabilities in the normal course of business. If the Company does not raise the requisite funds, it will need to curtail or cease operations. These financial statements do not include any adjustments that may be necessary should the Company be unable to continue as a going concern. C. Approval of financial statements These financial statements were approved by the Company's Board of Directors on March 26, 2020. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of summary of significant accounting policies [abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: a. Basis of preparation of the financial statements: The consolidated statements of financial position of the Company as of December 31, 2019 and 2018, and the related consolidated statements of comprehensive loss, changes in shareholders' equity and consolidated statement of cash flows for each of the three years ended December 31, 2019 The significant accounting policies described below have been applied consistently in relation to all the periods presented, unless otherwise stated. The financial statements have been prepared under the historical cost except for financial liabilities at fair value through profit or loss. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3. Actual results could differ from those estimates and assumptions. b. Functional and presentation currency: 1) Functional and presentation currency Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The U.S. dollar is the currency of the primary economic environment in which the operations of the Company is conducted. The financial statements are presented in U.S. dollars. 2) Transactions and balances Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statements of comprehensive loss within financial income or expenses. Translation differences on non-monetary financial assets and liabilities at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss within financial income or expenses. c. Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiary, Entera Bio Inc. Intercompany transactions and balances have been eliminated upon consolidation. d. Cash and cash equivalents Cash and cash equivalents include cash on hand and short-term bank deposits (with original maturities of three months or less) that are not restricted as to withdrawal or use and are therefore considered to be cash equivalents. e. Short-term bank deposits Bank deposits with maturities of more than three months but less than one year are included in short-term bank deposits. The fair value of short-term bank deposits approximates their carrying value, since they bear interest at rates close to the prevailing market rates. f. Restricted deposits Restricted deposits relate to accounts where withdrawals are restricted under contractual agreements. g. Property and equipment 1) Property and equipment are stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Repairs and maintenance are charged to the statement of comprehensive loss during the period in which they are incurred. 2) The assets are depreciated using the straight-line method to allocate their cost over their estimated useful lives, as follows: Years Computers equipment 3-5 Office furniture 5 Lab equipment 7-10 Leasehold improvements* 3-5 * h. Intangible assets: 1) Research and development expenses Research expenses are charged to profit or loss as incurred. An intangible asset arising from development of the Company's products is recognized if all of the following conditions are met: • It is technically feasible to complete the intangible asset so that it will be available for use; • Management intends to complete the intangible asset and use it or sell it; • There is an ability to use or sell the intangible asset; • It can be demonstrated how the intangible asset will generate probable future economic benefits; • Adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and costs associated with the intangible asset during development can be measured reliably. Other development costs that do not meet the above criteria are recognized as expenses as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. As of December 31, 2019, the Company has not capitalized development costs. 2) In process research and development (IPR&D) IPR&D acquired is presented based on the fair value at the date of the acquisition. Such assets are tested annually for impairment. i. Impairment of non-financial assets Intangible assets not ready to use are not subject to amortization and are tested annually for impairment. Assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to dispose For the years ended December 31, 2019 and 2018, no impairment has been recognized. j. Leases Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the future expected lease payments during the lease term. The lease term includes extension options (or periods after termination options) if the lease is reasonably certain to be extended (or not terminated). The lease payments during the term of the lease are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Payments associated with short-term leases (leases with a lease term of 12 months or less) and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Until 2019, leases were classified as either finance or operating leases. Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease. See also note 10. k. Segment reporting l. financial instruments Commencing January 1, 2018, accounts receivables that are considered as loans and receivables under IAS 39, are now classified at amortized cost. This category is also subject to an impairment test under the expected credit losses model in accordance with IFRS 9. m. Warrants Receipts in respect of warrants are classified as equity to the extent that they confer the right to purchase a fixed number of shares for a fixed exercise price. In the event that the exercise price is not deemed to be fixed, the warrants are classified as a derivative financial liability. This liability is initially recognized at its fair value on the date the contract is entered into and subsequently accounted for at fair value at each reporting date. n. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are included in equity as a deduction from the proceeds. o. Deferred income tax Deferred income taxes are recognized using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax assets are recognized only to the extent that it is probable that future taxable income will be available against which the temporary differences can be utilized. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. In the absence of expectation of taxable income in the future, no deferred tax assets are recorded in the financial statements. p. Share-based payments In 2018 and 2013, the Company has adopted share-based compensation plans for employees, directors and service providers. As part of the plans, the Company grants employees, directors and service providers, from time to time and at its discretion, options to purchase Company's ordinary shares. The fair value of the employees', directors' and service providers' services received in exchange for the grant of the options is recognized as an expense in the statement of comprehensive loss. The total amount recognized as an expense over the vesting period of the options was determined by reference to the fair value of the options granted at the date of grant. Service conditions and performance vesting conditions are included in assumptions about the number of options that are expected to vest. The total expense is recognized over the vesting period when the performance condition is probable. The vesting period is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the Company revises its estimates of the number of options that are expected to vest based on the service conditions and performance conditions. The Company recognizes the impact of the revision to original estimates, if any, in the statement of comprehensive loss, with a corresponding adjustment to "other reserves". When options are exercised, the Company issues new shares, with proceeds less directly attributable transaction costs recognized as share capital (par value) and additional paid in capital. q Revenue recognition: The Company recognized revenue from the Amgen Agreement which was signed in December 2018 according to IFRS 15, "Revenues from Contracts with Customers”. Prior to the signing of the Amgen Agreement in 2018, the Company did not have revenue. In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under each of its agreements, the Company performs the following steps: 1. Identification of the contract, or contracts, with a customer. 2. Identification of the performance obligations in the contract. 3. Determination of the transaction price. 4. Allocation of the transaction price to the performance obligations in the contract. 5. Recognition of revenue. On December 10, 2018, the Company entered into the Amgen Agreement in inflammatory disease and other serious illnesses. As part of the agreement, the Company received non-refundable and non-creditable initial access payment of $725 thousand from Amgen in January 2019. The Company identified two promises in the agreement: License to use the Company's proprietary drug delivery platform and pre-clinical research and development services (“pre-clinical R&D services”). The preclinical R&D services include discovery, research and design preclinical activities relating to the programs selected by Amgen. Each of these promises met the definition of distinct performance obligation. The Company evaluated the standalone selling price of the pre-clinical R&D services at $225 thousand and the right to use the intellectual property at $500 thousand. The Company determined the license to the intellectual property to be a right to use that has significant standalone functionality separately from the pre-clinical R&D services since the Company is not required to continue to support, develop or maintain the intellectual property transferred and will not undertake any activities to change the standalone functionality of the intellectual property. Therefore, the license to the intellectual property is a distinct performance obligation and as such revenue is recognized at the point in time that control of the license is transferred to Amgen on December 10, 2018. Revenues attributed to the preclinical R&Ds services are recognized during the period of the pre-clinical R&D services, over time according to the input model method on a cost-to-cost basis. An entity should recognize revenue for a sales-based or usage-based royalty promised in exchange for a license of intellectual property only when (or as) the later of the following events occurs: a) The subsequent sale or usage occurs; and b) The performance obligation to which some or all of the sales based or usage-based royalty has been allocated has been satisfied (or partially satisfied). As royalties are payable based on future commercial sales, as defined in the agreement, which did not occur as of the financial statements date, the Company did not recognize any revenues from royalties. r. Government grants Government grants, which are received from Israel Innovation Authority (the "IIA") by way of participation in research and development that is conducted by the Company, fall within the scope of "forgivable loans", as set forth in International Accounting Standard Number 20 "The Accounting Treatment of Government Grants and Disclosure in respect of Government Assistance" ("IAS 20"). Since at the time of the receipt of the grants there is no reasonable assurance that the grants that have been received will be repaid, at the time of their receipt they are offset against the related research and development expenses in the statement of comprehensive loss. s . Loss per ordinary share Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares issued and outstanding during the year. In computing diluted loss per share, the basic loss per share is adjusted to take into account the potential dilution that could occur upon the conversion of any dilutive financial instruments by subtracting from net loss the fair value changes of such financial instruments, and by adjusting the weighted average number of outstanding ordinary shares, assuming conversion of all such dilutive potential shares. As of December 31, 2019, the Company’s dilutive potential shares consisted of options and warrants. Prior to the Company’s IPO, the dilutive potential shares consisted of shares issuable upon conversion of convertible loan and preferred shares, warrants and options. Potential shares are only dilutive if their conversion would increase the loss per share. If the loss per share would decrease, the shares are anti-dilutive and are excluded from the diluted loss per share calculation. t. Standards and interpretations to existing standards that are not yet in effect but have been early adopted by the Company Classification of Liabilities as Current or Non-current (Amendment to IAS 1) The IASB issued a narrow-scope amendment to IAS 1 to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Inter alia, the amendment requires the following: • Liabilities are classified as non-current if the entity has a substantive right to defer settlement for at least 12 months at the end of the reporting period. The amendment no longer refers to unconditional rights. The assessment determines whether a right exists, but it does not consider whether the entity will exercise the right. • ‘Settlement’ is defined as the extinguishment of a liability with cash, other economic resources or an entity’s own equity instruments. There is an exception for convertible instruments that might be converted into equity, but only for those instruments where the conversion option is classified as an equity instrument as a separate component of a compound financial instrument. The amendment would be applied retrospectively for annual periods beginning on or after 1 January 2022. Earlier application is permitted. The Company chose to adopt this standard as of December 31, 2019. Accordingly, the Company presented its warrants which were classified as financial liabilities as current liabilities. |
CRITICAL ACCOUNTING ESTIMATES A
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of critical accounting estimates and judgements [abstract] | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | NOTE 3 - CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: Share-based payments With respect to grants to employees, service providers and directors, the value of the labor services received in return is measured on the date of grant, based on the fair value of the equity instruments granted to the employees and directors. In order to measure the fair value of the labor service received, the Company uses the Black-Scholes model to value the equity instrument. See note 11d. Fair value of financial liabilities at fair value through profit or loss To determine the fair value of Company’s financial instruments classified as financial liabilities, the Company uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period or measurement date as well as using management judgment. In addition, these liabilities are based on estimates that are subject to change based on the facts and circumstances at the times the estimates are made. See note 7 and 8. Revenue recognition With respect to the Amgen Agreement the Company used its judgement to identify |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL INSTRUMENTS | NOTE 4 - FINANCIAL INSTRUMENTS: a. Financial risk management: 1) Financial risk factors The Company’s activities expose it to a variety of financial risks. The Company’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company’s financial performance. Risk management is performed by the Chief Financial Officer of the Company, who identifies and evaluates financial risks in close cooperation with the Company's Chief Executive Officer. The Company does not use financial instruments for hedging activity. 2) Credit risk Credit and interest risk arise from cash and cash equivalents and deposits with banks. A portion of the liquid instruments of the Company is invested in short-term deposits in leading Israeli banks. The Company estimates that since the liquid instruments are mainly invested for the short-term and with a highly-rated institution, the credit and interest risk associated with these balances is immaterial. 3) Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash. The Company is in a research stage and has not yet generated 3) Market risk—Foreign exchange risk The Company might be exposed to foreign exchange risk as a result of making payments to employees or service providers and investment of some liquidity in currencies other than the Company's functional currency. The Company manages the foreign exchange risk by aligning the currencies for holding liquidity with the currencies of expected expenses, based on the expected cash flows of the Company. b. Capital risk management The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to provide returns for shareholders and to maintain an optimal capital structure to reduce the cost of capital. It should be noted that the Company is in the research and development stage and has not yet generated significant revenues. c. Fair value of financial instruments The different levels of valuation of financial instruments are defined as follows: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Inputs, other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3 Inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair value of financial instruments traded in active markets is based on quoted market prices at the dates of the statements of financial position. A market is regarded as active if quoted prices are readily and regularly available from an exchange, dealer, broker, industry group, pricing service, or regulatory agency, and those prices represent actual and regularly occurring market transactions on an arm’s length basis. These instruments are included in level 1. The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. As of December 31, 2019, and 2018, the fair value of cash and cash equivalents, short-term deposits, accounts receivable, other receivables and accounts payable approximates their carrying value. d. Classification of financial instruments by groups: Financial liabilities at fair value through profit or loss Total U.S. dollars in thousands As of December 31, Trade and other payable - 1,704 1,704 Warrants to purchase ordinary shares 266 - 266 Warrants to purchase ordinary shares 2,178 - 2,178 2,444 1,704 4,148 As of December 31, Trade and other payable - 1,563 1,563 Warrants to purchase ordinary shares 1,372 - 1,372 1,372 1,563 2,935 (1) Tradable warrants presented above are valuated based on the market price (a Level 1 valuation) as of December 31, 2019. (2) Warrants to purchase ordinary shares issued in December 2019 presented are valuated based on the Monte-Carlo pricing model (a Level 3 valuation) as of December 31, 2019. The main assumptions used are as follows: December 31 2019 Price per share $1.84-$2.07 Volatility 62%-63% Expected term 3 Risk free interest rate 1.63%-1.71% Expected dividend 0% |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2019 | |
Cash and cash equivalents [abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 5 - CASH AND CASH EQUIVALENTS December 31, 2019 2018 U.S. dollars Cash in bank 15,185 5,499 Short-term bank deposits (1) - 2,007 15,185 7,506 (1) The short-term bank deposit as of December 31, 2018 was in U.S. dollar and bear an annual interest rate of 2.17%. |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [abstract] | |
INTANGIBLE ASSETS | NOTE 6 - INTANGIBLE ASSETS: a. On June 1, 2010 D.N.A. Biomedical Solutions Ltd. ("D.N.A.") and Oramed Ltd., ("Oramed") entered into a joint venture agreement, (the "Joint Venture Agreement") for the establishment of Entera Bio Ltd. According to the Joint Venture Agreement each of D.N.A. and Oramed acquired 50% of the Company's ordinary shares. D.N.A invested $600,000 in the Company, and Oramed and the Company entered into a Patent License Agreement pursuant to which Oramed licensed to the Company certain of Oramed's patent (the “IPR&D”). The IPR&D was recorded as an intangible asset based on its fair value. On February 22, 2011, Oramed and the Company entered into a patent transfer agreement, (the "Patent Transfer Agreement"), that superseded the Patent License Agreement, whereby Oramed assigned to the Company all of its rights, title and interest to its patent that Oramed licensed to the Company in 2010, under certain conditions. Under this agreement, the Company is obligated to pay Oramed royalties equal to 3% of its net revenues (as defined in the Patent Transfer Agreement). b. The Company tests intangible assets for impairment at least once a year at December 31 by calculating the recoverable amount of the cash generating unit to which the intangible asset belongs, which is the Company as a whole. The recoverable amount was calculated based on a fair value less cost to sell. For the purpose of calculating fair value of the Company's equity as of December 31, 2019 and December 31, 2018, the Company applied the market approach and calculated its enterprise value based on the quoted price per share. |
CONVERTIBLE LOANS
CONVERTIBLE LOANS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about borrowings [abstract] | |
CONVERTIBLE LOANS | NOTE 7 - CONVERTIBLE LOANS: a. As of December 31, 2019, and 2018, there were no convertible loans outstanding. The convertible loans were eventually converted into ordinary shares of the Company upon the closing of the Company’s initial public offering in July 2018. See note 11. 1. 2012 Convertible Loan In 2012, the Company entered into loan agreements with certain lenders for an aggregate amount of $1.2 million (the “2012 Convertible Loan”). Each of the loans bears interest at a rate of 0.6% per year, which is to be repaid every five years, the loan is due and payable after a term of twenty years. Each of the investors has the right during the term to convert its respective loan amount into ordinary shares at a conversion price of $240.26 per ordinary share (before the IPO shares split) (subject to adjustment), and for a period of the initial five years of the term of the loan agreement to exchange all such ordinary shares received into ordinary shares of D.N.A at the rate of one of the Company's ordinary shares for 5,590 ordinary shares of D.N.A or 2,795 ordinary shares after the stock merge performed by D.N.A in October 2015 (also subject to adjustment) (the “D.N.A option”). In addition, under the terms of the loan agreements the outstanding loan amounts will be automatically converted into the Company's ordinary shares upon the closing of an initial public offering and certain merger and acquisition transactions. The Company has designated the 2012 Convertible Loan on initial recognition as a financial liability at fair value through profit or loss. 2. 2015 Convertible Loan On August 5, 2015, the Company entered into a Convertible Promissory Note and Loan Agreement ("2015 Convertible Loan") with certain lenders. Pursuant to the loan agreement, the lenders loaned the Company an aggregate amount of $2.0 million. The loan would have been automatically converted upon occurrence of certain events. The loan would have converted into the same class of shares issued in such a transaction at a 25% discount to the applicable price per share in the Triggering Event. The loan was due to mature in February 2017 and bore interest at a rate of 5% per year. 3. 2016 Convertible Loan i. The loan has a maturity of 18 months and bears interest at a rate of 5% per year. The loan will be automatically converted upon occurrence of the following events as described in the agreement: IPO of at least $20 million, private placement in an aggregate amount of no less than $10 million or change of control (the "Triggering Event"). Furthermore, in case of private placement in an aggregate amount of $4-$10 million the lenders shall have the right to convert the loan to shares. The loan will convert into the same class of shares issued in such a transaction at the lower of a 25% discount to the applicable price per share in the Triggering Event or the value of equity on a fully diluted basis of $65 million. ii. Warrants to purchase additional shares (“2016 Warrants”) equal to 40% of the shares issued upon conversion in exchange for an exercise price of the fair value of the shares in a Triggering Event. The warrant will be exercisable for 4 years from the grant date. As part of the agreement, the Company gave the right to the lenders of the 2015 Convertible Loan to exchange the 2015 Convertible Loan to the 2016 As described in note 8, as part of the Series B preferred share purchase agreement which occurred in October 2017, the 2016 convertible loan together with the accrued interest was converted into 1,719,770 series B-1 preferred shares at a price per share of $5.24. Also, the 2016 Warrants became warrant to purchase Series B preferred shares at an exercise price of $6.99. b. The Company prepared a valuation of the 2012 Convertible loan and the 2016 convertible loan (a Level 3 valuation). The debt component of the convertible loans was valued based on the discounting of future payments of the debt. The convertible components (conversion option to the Company's ordinary shares) were valued based on a combination of the Probability-Weighted Expected Return Method and Back Solve option pricing method model. The conversion of the 2012 Convertible loans into ordinary shares was performed according to their fair value as of the IPO closing date, July 2, 2018. The following parameters were used: July 2 2018 Price per share* $ 865 Volatility 62 % Probability of entering Phase 2b/3 NA Probability for IPO 100 % * |
PREFERRED SHARES AND WARRANTS T
PREFERRED SHARES AND WARRANTS TO PREFERED SHARES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of preferred shares and warrants to prefered shares [abstract] | |
PREFERRED SHARES AND WARRANTS TO PREFERED SHARES | NOTE 8 - PREFERRED SHARES AND WARRANTS TO PREFERED SHARES: As of December 31, 2019, and 2018, there were no preferred shares outstanding. The preferred shares converted into ordinary shares of the Company upon the closing of the Company’s initial public offering in July 2018. See note 11. a. In the course of 2014, and on January 11, 2015 the Company consummated the closing of the Series A Preferred Share Purchase Agreements (the preferred share purchase agreements) with Centillion and certain shareholders (the “Investors”). Pursuant to the terms of the preferred share purchase agreements the Company issued 5,111 preferred shares for an aggregate purchase price of $2.5 million. The Company also issued warrant to purchase up to 1,277 of its applicable shares upon exercise of the warrant ("applicable shares") at the per share purchase price. According to the preferred share purchase agreements, upon the Company's filing of a registration statement for an initial public offering with the SEC no later than June 29, 2014 (which was extended to November 1, 2014) , or the "first milestone", the Investors were required to purchase from the Company an additional 5,111 preferred shares at the per share purchase price (for additional proceeds of $2.5 million) and the Company was required to issue to the Investors a warrant to purchase an additional 1,277 applicable shares at the per share purchase price. Finally, pursuant to the terms of the preferred share purchase agreements, upon the consummation of an initial public offering of the Company's ordinary shares on or prior to December 29, 2014 (which was extended to May 1, 2015, October 1, 2015, October 1, 2017 and later on to July 20, 2019), pursuant to which the ordinary shares are listed on the Nasdaq or AMEX, or a "Qualified IPO" and such event the "second milestone", the Investors were required to purchase from the Company an additional 2,555 preferred shares at the per share purchase price (for additional proceeds of $1.3 million) and the Company was required to issue to the Investors a warrant to purchase an additional 639 preferred shares at the per share purchase price. Centillion also had the right to acquire the preferred shares and warrant to be issued upon either of the milestones prior to the applicable milestone date. In January and May, 2015, the Company further amended the preferred share purchase agreements (the "second amendment"). Pursuant to the second amendment, the Investors exercised their right to acquire the preferred shares and warrant to be issued upon the first milestone although as of such date the Company had not filed a registration statement for its initial public offering and the investors paid the Company $2.5 million. In consideration therefor, the Company also issued to the Investors an additional warrant, or the "Additional Warrant". The Additional Warrant is exercisable upon (and for a period of one year following) the first to occur of a significant financing round, an M&A event (as defined in the warrant agreement) or the Company's initial public offering, to purchase up to $2.5 million of the type of shares issued in such a transaction at a 25% discount to the applicable price per share. On July 20, 2017, the Company approved the amendment to the preferred share A purchase agreement with the preferred shareholders. Pursuant to the amendment, the Investors shall have the option, at their sole discretion, to invest any or all of the milestone investment amount. In addition, the exercise terms of the additional warrants granted to the Investors in 2015 were changed to a period of two year following the event of the first to occur of a significant financing round, an M&A event (as defined in the warrant agreement) or the Company's initial public offering. Following the completion of the Preferred B Financing as defined in note 8b, the additional warrants that the Company previously issued in connection with the second amendment to the preferred share purchase agreements became warrants to purchase Series B-1 preferred shares at an exercise price of $681.585. On July 2, 2018, following the Closing of the IPO, see note 11b, the Company’s 10,222 preferred A shares were automatically converted into 1,328,860 Ordinary Shares of the Company (after the share split). In addition, the 2,554 warrants to purchase preferred A shares were converted into 332,020 warrants to purchase ordinary shares of the Company (after the share split) and certain additional options and warrants to issue preferred A shares were automatically converted into options and warrants to purchase ordinary shares of the Company (after the share split). In addition, the 3,594 additional warrants and options to purchase Preferred B-1 shares automatically converted into 467,220 warrants to ordinary shares of the Company (after the share split). In July 2019, one of the Company’ shareholders' exercised his right to acquire 32,500 ordinary shares for a total consideration of $100,000 (upon achievement of the second milestone) in accordance with the preferred share A purchase agreement signed in 2014 and the amendments. On July 20, 2019, the 443,950 warrants and certain additional options to purchase 443,950 ordinary shares for a purchase price of $3.69 per share (upon achievement of the second milestone) in accordance with the abovementioned preferred share A purchase agreement and its amendments expired. Following the expiration, the Company classified $1.4 million from Other Reserves to Additional paid in Capital. On October 4, 2019 the 467,220 warrants to purchase ordinary shares at a purchase price of $5.24, in accordance with the “2016 Convertible Loan” expired. Following the expiration, the Company classified $1.2 million from Other Reserves to Additional paid in Capital. b. In October and December 2017, the Company entered into a Series B preferred share purchase agreement (the “Preferred B Financing”), with certain investors, including D.N.A and Centillion (together, the “Investors”). Pursuant to the terms of the Series B preferred share purchase agreement, the Company issued and sold to the Investors 14,283 Series B preferred shares at a price per share of $908.78, for an aggregate purchase price of $13.0 million. The total consideration net of issuance costs which were paid in cash was $12.1 million. The Preferred B Financing constitutes a Triggering Event as defined in the 2016 Convertible Loan and as a result, the entire loan amount under the 2016 Convertible Loan, together with accrued interest in the amount of $9.0 million, was automatically converted into 13,229 Series B-1 preferred shares at a price per share of $681.585. In addition, as a result of the Preferred B Financing, the 2016 Warrants became warrants to purchase Series B preferred shares at an exercise price of $908.78. As part of the automatic conversion of the 2016 Convertible Loans, the Company issued to four of its related parties 1,834 (238,420 after share split) Series B-1 preferred shares, and their 2016 warrants became warrants to purchase 733 (95,290 after share split) Series B preferred shares. The fair value of the preferred shares and warrants was $1.6 million and $264,000, respectively. The rights of the Series B-1 preferred shares are identical in all respects (other than the price per share) to the Series B preferred shares. c. For accounting of purposes, the preferred shares were classified as a financial liability considering, inter alia, the deemed liquidation events mechanism as described under the agreement. In addition, the conversion ratio of Series A preferred shares, Series B preferred shares and Series B-1 preferred shares into ordinary shares was subject to certain adjustments, which do not meet the 'fixed for fixed' requirement of IAS 32. Therefore, the conversion option represents an embedded derivative, which should be bifurcated and accounted for separately at fair value through profit or loss. The warrants to purchase preferred shares issued concurrently with the Series A preferred shares, Series B preferred shares and the Series B-1 preferred shares also meet the definition of a financial liability since they were exercisable into a financial liability. These warrants were measured at fair value through profit or loss at each balance sheet date up to July 2, 2018 and on July 2, 2018. Before the change in condition in July 2017, the liability for future issuances of preferred shares and warrants upon fulfillment of the second milestones as described in (a) above, constituted contingent forward contracts, and therefore accounted for at fair value through profit or loss at each balance sheet date. Following the Closing of the IPO, all the Company’s preferred shares, warrants and options to purchase preferred shares were automatically converted into ordinary shares and warrants and options to purchase ordinary shares. Therefore, the company classified the financial liabilities to equity according to their value as of the IPO closing date. d. As of the closing of the IPO, July 2, 2018, the Company prepared valuations of the fair value of the instruments described above using a combination of the Probability-Weighted Expected Return Method and Back Solve option pricing method model. The following parameters were used: July 2 2018 Price per share* $ 865 Volatility 62 % Probability of entering Phase 2b/3 NA Probability for IPO 100 % * Immediately prior to the IPO, the fair value measurement of the preferred shares and the convertible loan was based upon the fair value of the Company's share (the IPO price) only, which represents a level 1 measurement, while the Fair value of the warrants to ordinary shares represent a level 3 measurement. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of contingent liabilities [abstract] | |
COMMITMENTS | NOTE 9 - COMMITMENTS: a. Pursuant to the Patent Transfer Agreement with Oramed, the Company is committed to pay royalties to Oramed –see note 6. b. The Company is committed to pay royalties to the Government of Israel on proceeds from sales of products in the research and development of which the Government participates by way of grants. At the time the grants were received, successful development of the related project was not assumed. In the case of failure of the project that was partly financed by the Government of Israel, the Company is not obligated to pay any such royalties. Under the terms of the Company’s funding from the Israeli Government, royalties are payable on sales of products developed from projects so funded of 3% during the first three years, from commencement of revenues, 4% during the subsequent three years and 5% commencing the seventh year up to 100% of the amount of the grant received by the Company (dollar linked) with the addition of annual interest based on Libor. The amount that must be repaid may be increased to three times the amount of the grant received, and the rate of royalties may be accelerated, if manufacturing of the products developed with the grant money is transferred outside of the State of Israel. As of December 31, 2019, the total royalty amount that would be payable by the Company, before the additional Libor interest, is approximately $460,000. Following the signing of the Amgen Agreement (see note 1a(4)), the Israeli Innovation Authority (the "IIA") determined that the Company should pay 5.38% of each payment that will be received by the Company from Amgen on the license of IP up to 6 times the grant received. On February 10, 2019 the Company paid $27,000 to the Government of Israel. c. Emisphere Technologies, Inc., or Emisphere, has notified the Company that it believes that it is the exclusive owner of certain U.S. and related foreign patents and patent applications the Company acquired from Oramed Ltd. Emisphere has not initiated a legal proceeding as of the date of the approval of this financial statement. The matter is still in its early stages. If Emisphere were to initiate a legal proceeding, we would vigorously defend against such claim and believe that Emisphere’s notification is without merit. |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2019 | |
Presentation of leases for lessee [abstract] | |
LEASES | NOTE 10 – LEASES: Effective January 1, 2019, the Company early adopted IFRS 16. The Company has not restated prior reporting period, as permitted under the specific transitional provisions in the standard. The reclassifications and the adjustments arising from the new leasing rules are therefore recognized in the opening balance sheet on January 1, 2019. On initial application, the company recognized lease liabilities in relation to leases which had previously been classified as ‘operating leases’ under the principles of IAS 17 Leases. These liabilities were measured at the present value of the remaining lease payments, discounted using the lessee’s incremental borrowing rate as of January 1, 2019. The weighted average lessee’s incremental borrowing rate applied to the lease liabilities on January 1, 2019 was 16%. The Company has elected to record right-of-use assets based on the corresponding lease liability. In applying IFRS 16 for the first time, the Company had used the following practical expedients permitted by the standard: • Use of a single discount rate to a portfolio of leases with reasonably similar characteristics; • Reliance on previous assessments on whether leases are onerous; • Exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application; • Use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease. The Company has also elected not to reassess whether a contract is, or contains, a lease at the date of initial application. Instead, for contracts entered into before the transition date, the Company relied on its assessment made applying IAS 17 and IFRIC 4, “Determining whether an Arrangement contains a Lease. Office lease agreement As of January 1, 2019 As of December 31, 2019 Facility 151 253 Vehicles 15 7 Total right-of-use asset 166 260 The following table summarize the contractual obligations: Payments due by period Total Less than 1 - 3 years (In thousands) Operating leases for facility and vehicles as of December 31, 2018 $ 123 $ 87 $ 36 Operating leases for facility and vehicles as of December 31, 2019 $ 346 $ 177 $ 169 twelve months ended December 31, 2019 Depreciation expense: Facility 121 Vehicles 9 Financial expense 55 Cash paid for amounts included in the measurement of lease liabilities 169 Right of use assets obtained in exchange for new operating lease liabilities 224 |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of classes of share capital [abstract] | |
SHARE CAPITAL | NOTE 11 - SHARE CAPITAL: a. The share capital composed of ordinary shares of NIS 0.0000769 par value, as follows: Number of ordinary shares December 31 2019 2018 Authorized 140,010,000 140,010,000 Issued 17,864,684 11,459,780 The ordinary shares confer upon their holders the following rights: (i) the right to vote in any general meeting of the Company, (ii) the right to receive dividends, if and when declared by the Board of Directors and (iii) the right to receive upon liquidation of the Company a sum equal to the nominal value of the share, and if a surplus remains, to receive such surplus, subject to the rights conferred on any class of shares which may be issued in the future. b. Initial Public Offering (“IPO”) On July 02, 2018 the Company completed the IPO and offered 1,400,000 ordinary shares and 1,400,000 warrants (the “tradable warrants”) to purchase up to 700,000 ordinary shares for a gross consideration of $11.2 million before issuance costs ($9.6 million net of issuance costs in cash which included $0.9 million underwriters’ fees and an additional approximately $0.7 million of other issuance costs). The ordinary shares and the tradable warrants sold in units (each a “unit”), with each unit consisting of one ordinary share and one tradable warrant to purchase 0.5 of an ordinary shares. The public offering price was $8.0 per unit. The ordinary shares and warrants were immediately separable and started to trade separately upon completion of the Company’s IPO in July 2018. In Connection with the IPO certain actions were completed, including: 1) A 1-for- 130 split of the Company's ordinary shares. Following the split, the Company retrospectively reflected the change in the share capital of the Company for all periods presented. Unless otherwise indicated, all of the ordinary share numbers, losses per ordinary share, share prices, options and warrants in these financial statements have been adjusted, on a retroactive basis, to reflect this 1-for- 130 split. 2) The Company’s outstanding 2012 Convertible loans were automatically converted into 622,180 Ordinary Shares of the Company. 3) The Company's series A preferred shares, series B preferred shares and series B-1 preferred shares were automatically converted into 1,328,860, 1,856,790 and 1,719,770 , Ordinary Shares of the Company, respectively. 4) The Company's warrants to purchase series A preferred shares, warrants to purchase Series B preferred shares and warrants to purchase Series B-1 preferred shares were automatically converted into 343,200, 756,340 and 467,220 warrants, respectively, to purchase Ordinary Shares of the Company. 5) Existing options to purchase Series A preferred shares and warrants to purchase Series A preferred shares, granted to certain holders of our Series A preferred shares that were exercisable upon the closing of the IPO, were automatically converted into options to purchase 387,530 Ordinary Shares of the Company and into warrants to purchase 85,931 Ordinary Shares of the Company. On July 26, 2018, the C The Company also issued to the underwriters 10,000 ordinary shares following the closing of the IPO, as well as 70,000 underwriter warrants at an exercise price of $8.8 to purchase 70,000 ordinary shares. The underwriter warrants may be exercised on a cashless basis under certain circumstances as described in the warrant agreement. The underwriter warrants will be exercisable 180 days following June 29, 2018 until the fifth anniversary of such effective date. The underwriter warrants are not redeemable by the company and have some registration rights as described in the warrant. The underwriter warrants will provide for adjustment of the exercise price of such warrants (and the ordinary shares underlying such warrants) for dilutive events such as a stock dividend or stock split and for recapitalizations, mergers and other fundamental transactions. The shares and warrants issued to the underwriters were recorded as an issuance cost based on fair value of $66,500 and $255,000 respectively. The Company allocated the total consideration from the issuance of the units between the ordinary shares and the tradable warrants as follows: the tradable warrants were recorded at fair value based on the quoted price on Nasdaq as of July 2,2018 and the residual amount was allocated to the ordinary shares. Tradable warrants As described above, the Company issued 1,400,000 tradable warrants to purchase 700,000 ordinary shares of the Company. The tradable warrants are exercisable immediately at an initial exercise price of $8.4 per ordinary share for a period of five years, unless earlier repurchased by the Company under "Fundamental Transactions” as described in the warrant agreement or early expired as described below and in the warrant agreement. The exercise of the warrants is in cash, unless the warrant holder is utilizing the “cashless” exercise provision of the warrants, prior to the termination date under certain circumstances as described in the warrant agreement. On the termination date, any warrants not previously exercised, repurchased by the Company or subject to early expiration will terminate and expire worthless. The Company may accelerate the expiration date of the warrants upon written notice to the holders at any time if the last reported sale price (as defined in the warrants) exceeds $24.00 per share, which is 300% of the IPO price per unit (subject to adjustments) for a 10 consecutive trading day period. As described in note c, the Company completed financing round in a price per share lower than the $8.0, therefore, the adjusted exercise price is $5.85. For accounting purposes, the tradable warrants issued to the public were classified as a financial liability since their exercise price and number of shares issuable upon exercise of each warrant are subject to certain adjustments as described in the warrant agreement and also due to the cashless exercise option. The fair value of the tradable warrants as of the IPO closing date and as of December 31, 2019 was based on quoted price on Nasdaq (Level 1 valuation) as of the respective date. c. On December 11, 2019 and December 18, 2019 (“the first and second closing”), the Company entered into subscription agreements with a select group of accredited investors, including certain board members or its affiliates for the private placement of 5,710,153 ordinary shares for aggregate subscription proceeds to the Company of $13.5 million at $2.37 price per share. In addition, the Company granted 2,855,095 warrants, exercisable over a three-years period from the date of issuance, to purchase 2,855,095 ordinary shares at a per share exercise price of $2.96 (“Investors Warrants”). In connection therewith, the Company entered into Placement Agency agreement with GP Numenkari Inc., a broker-dealer (“the Broker”). Based on the agreement, the Broker is entitled to the following consideration: 1) A cash fees equal to 10% of the total proceeds paid by subscribers invested through the Broker. 2) Three-years warrants to purchase ordinary shares in the amount equal to 10% of the number of shares issued to subscribers invested through the Broker at a per share exercise price of $2.37 (“Broker Warrants Type 1”). 3) Three-years warrants to purchase ordinary share in the amount equal to 5% of number of shares issued to subscribers invested through the Broker at a per share exercise price of $2.96 (“Broker Warrants Type 2”), together with the Broker Warrants Type 1 (the “Broker Warrants”). Prior to the exercise of the Investor Warrants and the Broker Warrants and for the duration of their term, the number of ordinary shares issuable upon their exercise and the exercise price are subject to customary adjustments, including in the events of reorganizations or reclassifications of the Company’s capital stock, upon payment of dividends or distributions to the Company’s shareholders, and upon subsequent issuance of the Company’s share capital at or below a price of $2.37. In addition, these warrants agreements have cashless exercise option. In addition, The Warrants agreements has cashless exercise option Therefore, for accounting purposes, the Investors Warrants issued were classified as a financial liability. The Company allocated the total consideration from the issuance of the units between the ordinary shares and the warrants as following: the Investors Warrants were recorded at fair value based on its fair value as of the issuance date and the residual amount was allocated to the ordinary shares. Issuance costs were allocated to the ordinary shares and the tradable warrants according to their fair values. Issuance costs which were allocated to the ordinary shares were deducted from shareholders' equity, and issuance costs that were allocated to the Investors warrants were expensed immediately. As part of the subscription agreements, the Company also entered into a Registration Rights Agreement (together with the Warrants and the Subscription Agreement), pursuant to which within seven months of the final closing, the Company shall file a registration statement on Form F-3 with the SEC for the resale of the Shares issued in the first and second closing (including those issued upon exercise of the Warrants). Under the agreement, the Company is required to pay the purchasers liquidated damages in the event that the Company does not meet the foregoing requirement in an amount equal to 1% per month of the aggregate purchase price paid in cash by such purchasers for their investment in the Company. d. Share based compensation: 1) Share based compensation plan On March 17, 2013, the Company's Board of Directors approved a Share Incentive Plan (the “2013 Plan”). Under the 2013 Plan, the Company shall reserve sufficient number of ordinary shares, NIS 0.000769 par value, of the Company for allocation of stock options, restricted share units, restricted share awards and performance-based awards (the "Option"), to employees and non-employees. Each Option is exercisable for one ordinary share. Any option granted under the 2013 Plan that is not exercised within six years from the date upon which it becomes exercisable will expire. On July 2, 2018, the Company's board of directors and shareholders of the Company approved a new Share Incentive Plan (the “2018 Plan”) and reserved 1,371,398 ordinary shares of the Company for allocation of stock options, restricted share units, restricted share awards and performance-based awards (the "Option"), to employees and non-employees for issuance under the 2018 Plan. Each Option is exercisable for one ordinary share NIS 0.0000769 par value. Any option granted under 2018 Plan that is not exercised within 10 years from the date upon which it becomes exercisable will expire. The options granted to employees are subject to the terms stipulated by section 102(b)(2) of the Israeli Income Tax Ordinance (the “Ordinance”). According to these provisions, the Company will not be allowed to claim as an expense for tax purposes the amounts credited to the employees as a capital gain benefit in respect of the options granted. Options granted to related parties or non-employees of the Company are governed by Section 3(i) of the Ordinance or NSO. The Company will be allowed to claim as an expense for tax purposes in the year in which the related parties or non-employees exercised the options into shares. As of December 31, 2019, 204,263 ordinary shares remain available for future grants under the Plan. On January 22 2020 the Company’s Board of Directors approved an increase of 893,234 ordinary shares that may be issued under the Company’s Plan. 2) Options grants to employees and directors: a) On January 10, 2018, the Company appointed Dr. Eric Lang as the Company’s Chief Medical Officer, effective January 15, 2018. In connection with Dr. Lang’s appointment as the Company’s Chief Medical Officer, the Company’s Board of Directors granted Dr. Lang options to purchase 110,500 ordinary shares at an exercise price of $6.31 per share. The options vest over 4 years from the date of grant; 1/4 vest on the date of grant and the remaining vest in twelve equal quarterly installments following the first anniversary of the applicable grant date. The fair value of the options at the date of grant was $420,000. In September 2018, Dr. Eric Lang's employment was terminated and the options were forfeited in December 2018. b) In January 2018, the Company granted options to purchase 32,500 ordinary shares to a certain consultant, with an exercise price of $2.11. The options vested immediately. The fair value of the options at the date of grant was $138,000. c) On January 17, 2019, the Company granted options to purchase 124,000 ordinary shares to certain employees, with an exercise price of $3.97. The options vest over 4 years from the date of grant; 25% will vest on the first anniversary of the date of grant and the remaining 75% options shall vest in twelve equal quarterly installments following the first anniversary of the grant date. The fair value of the options at the date of grant was $341,000. d) On January 17, 2019, the Company's Board of Directors approved to grant options to purchase 25,000 ordinary shares to the CMO, with an exercise price of $3.97. From the total options, 25% will vest on March 1, 2019 and the remaining 75% options shall vest in twelve equal quarterly installments over the next three years starting January 17, 2019. The grant was subject to the approval by the shareholders of the Company and was subsequently approved in May 2019. The fair value of the options at the date of grant was $68,000. e) On January 17, 2019, the Company's Board of Directors approved to grant options to purchase 201,828 ordinary shares to non-executive directors of the Company, with an exercise price of $3.97. The options will vest over 3 years in twelve equal quarterly instalments starting in the vesting commencement date (as described in each agreement). The grant was subject to the approval by the shareholders of the Company and was subsequently approved in May 2019. The fair value of the options at the date of grant was $531,000. f) On August 5, 2019, the Company’s Board of Directors approved to grant options to purchase 696,587 ordinary shares to the new CEO, with an exercise price of $2.75 per share. The options vest over 4 years from the date of grant. 25% will vest on the first anniversary of the date of grant and the remaining 75% options shall vest in twelve equal quarterly installments following the first anniversary of the grant date. The grant was subject to the approval by the shareholders of the Company and was subsequently approved in October 2019. The fair value of the options at the date of grant was $1.1million. g) On November 18, 2019, the Company’s Board of Directors approved the following option grants: 1. Options grant to purchase 30,385 ordinary shares to the new US-based CFO, with an exercise price of $2.53 per share. The options will vest over two years in equal monthly installments following the grant date. The grant was subject to the approval by the shareholders of the Company and was subsequently approved in February 2020.The fair value of the options at December 31, 2019 was $37,000. 2. Options grant to purchase 33,638 ordinary shares t0 non-executive director of the Company, with an exercise price of $2.53. The options will vest over 3 years in twelve equal quarterly instalments starting on the vesting commencement date (as described in the agreement). The grant was subject to the approval by the shareholders of the Company and was subsequently approved in February 2020. The fair value of the options at December 31, 2019 was $43,000. 3) Options granted to service provider: In November 2019, the Board of Directors approved an option grant to a services provider in accordance with business development and advisory services agreement from August 2019. Under the terms of the agreement, the Company agreed to grant options to purchase the Company’s ordinary shares in an amount equal to $90,000 as of the date of grant, or 65,693 ordinary shares at an exercise price of $3.10. The options will vest over six months in equal monthly instalments starting in August 2019. 4) The fair value of each option granted (except options with an exercise price of par value, as described below) is estimated at the date of grant using the Black-Scholes option-pricing model, with the following weighted average assumptions: 2019 2018 2017 Ordinary share price $ 2.94 $ 6.31 $ 5.95 Exercise price $ 3.12 $ 5.35 $ 5.95 Dividend yield - - - Expected volatility 71 % 68 % 73.77 % Risk-free interest rate 1.86 % 2.23 % 1.67 % Expected life – in years 9.37 4.07 7.94 The fair value of each option with a par value exercise price is based on the fair value of ordinary share at the date of grant. The ordinary share price is derived from the value of equity and is based on market value, or prior to the IPO based on the valuation performed. The expected volatility is based on comparable companies. The risk-free interest rate is determined based on rates of return on maturity of unlinked treasury bonds with a time to maturity that equals the average life of the options. 5) Changes in the number of options and weighted average exercise prices are as follows: 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 Outstanding at beginning of year 2,438,410 $ 4.36 3,044,990 $ 4.59 1,136,590 $ 1.43 Expired (91,000 ) 6.31 - - - - Forfeited (14,690 ) 4.44 (718,120 ) 5.73 (36,270 ) 2.27 Exercised (*) (662,251 ) 0.21 (31,460 ) - - - Granted 1,177,131 $ 3.12 143,000 $ 5.35 1,944,670 $ 6.39 Outstanding at end of year 2,847,600 $ 4.74 2,438,410 $ 4.36 3,044,990 $ 4.59 Exercisable at end of year 1,525,618 $ 5.62 1,837,160 $ 1.67 1,430,780 $ 2.92 (*) The total intrinsic value of options exercised during the year ended December 6) The following is information about the exercise price and remaining contractual life of outstanding options at year-end: December 31, 2019 December 31, 2018 Number of options outstanding at end of year Exercise price Weighted average of remaining contractual life Number of options outstanding at end of year Exercise price Weighted average of remaining contractual life 4,680 * 2.79 602,810 * 0.55 11,050 $ 1.85 1.22 27,560 $ 1.85 0.67 - $ 2.43 - 36,010 $ 2.43 1.41 65,000 $ 2.11 0.05 65,000 $ 2.11 1.05 64,023 $ 2.53 9.89 - $ 2.53 - 696,587 $ 2.75 9.60 - $ 2.75 - - $ 1.85 - 11,050 $ 1.85 2.21 65,693 $ 3.10 4.89 - - - 203,970 $ 3.69 2.36 205,920 $ 3.69 3.36 340,828 $ 3.97 9.05 - $ 3.97 - 1,248,479 $ 6.31 5.85 1,342,770 $ 6.31 6.39 147,290 $ 7.54 3.26 147,290 $ 7.54 4.26 * Par value 7) The remaining unrecognized compensation expense as of December 31, 2019 is $1.9 million and will be expensed in full at August 2023. 8) Exercise of options During 2019, current and former executive officers exercised 662,251 options into 662,251 ordinary shares for a total consideration of $138,000. |
TAXES ON INCOME
TAXES ON INCOME | 12 Months Ended |
Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |
TAXES ON INCOME | NOTE 12 - TAXES ON INCOME: a. Entera Bio Ltd. The Company is taxed according to Israeli tax laws: 1) Measurement of results for tax purposes The Company measures its results for tax purposes in nominal terms in NIS based on financial reporting under Israeli accounting principles, while (as detailed in note 2) the functional currency of the Company is the U.S. dollar and the Company’s financial statements are measured in U.S. dollars and in accordance with IFRS. Therefore, there are differences between the Company’s taxable income (loss) and income (loss) reflected in these financial statements. 2) Tax rates The income of the Company is subject to the Israel corporate tax rates. The corporate tax rate is 24% in 2017 and 23% in 2018 and thereafter. b. Entera Bio Inc. c. Losses for tax purposes carried forward to future years Entera Bio Ltd. Under Israeli tax law, tax loss carry forward have no expiration date. Deferred tax assets on losses for tax purposes carried forward to subsequent years are recognized if utilization of the related tax benefit against a future taxable income is expected. The Company has not created deferred tax assets based on its carry forward losses and other temporary assets since their utilization is not expected in the foreseeable future. d. Reconciliation of the theoretical tax expense to actual tax expense e. Tax assessments |
REVENUE FROM COLLABORATION AND
REVENUE FROM COLLABORATION AND LICENSE AGREEMENT | 12 Months Ended |
Dec. 31, 2019 | |
Receivables from contracts with customers [abstract] | |
REVENUE FROM CONTRACTS WITH CUSTOMERS | 13 – REVENUE FROM COLLABORATION AND LICENSE AGREEMENT On December 10, 2018, the Company entered into a research collaboration and license agreement (the “Amgen Agreement”) with Amgen Inc. (“Amgen”) in inflammatory disease and other serious illnesses. Pursuant to the Amgen Agreement, the Company and Amgen will use the Company’s proprietary drug delivery platform to develop oral formulations for one preclinical large molecule program that Amgen has selected. Amgen also has options to select up to two additional programs to include in the collaboration. Amgen is responsible for the clinical development, regulatory approval, manufacturing and worldwide commercialization of the programs. The Company granted Amgen an exclusive, worldwide, sublicensable license under certain of its intellectual property relating to its drug delivery technology to develop, manufacture and commercialize the applicable products. The Company will retain all intellectual property rights to its drug delivery technology, and Amgen will retain all rights to its large molecules and any subsequent improvements, and ownership of certain intellectual property developed through the performance of the collaboration is to be determined by U.S. patent law. Pursuant to the terms of the Amgen Agreement, Amgen is required to make aggregate payments of up to $270 million upon achievement of various clinical and commercial milestones or its exercise of options to select additional two programs to include in the collaboration, as well as tiered royalty payments ranging from the low to mid-single digits based on the level of Amgen’s net sales of the applicable products. Amgen is required to pay for the initial program $450,000 for the second year of preclinical R&D services to be provided by the Company and must reimburse the Company for further expenses as shall be agreed between the parties. Preclinical R&D services includes time spent by the Company's employees performing the Company's activities under the work plan of collaboration program Amgen’s obligation to pay royalties with respect to a product in a particular country commences upon the first commercial sale of such product in such country and expires on a country-by-country and product-by-product basis on the later of (a) the date on which the sale of the product is no longer covered by a valid claim of a patent licensed to Amgen under the Amgen Agreement, and (b) the tenth anniversary of the first commercial sale of such product in such country. The term of the Amgen Agreement commenced on December 10, 2018, and unless earlier terminated, shall continue in full force and effect, on a product-by-product basis, until expiration of the last-to-expire royalty term with respect to such product. |
SUPPLEMENTARY FINANCIAL INFORMA
SUPPLEMENTARY FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Supplementary Financial Information Schedule Of Accounts Payable Other | |
SUPPLEMENTARY FINANCIAL INFORMATION | NOTE 14 - SUPPLEMENTARY FINANCIAL INFORMATION: December 31, 2019 2018 U.S. dollars in thousands a. Other current assets: Prepaid expenses 39 109 Restricted deposits 37 21 Other 97 90 173 220 December 31, 2019 2018 U.S. dollars in thousands b. Accounts payable - other: Employees and employees related 345 120 Provision for vacation 231 215 Accrued expenses and other 794 755 1,370 1,090 |
BASIC AND DILUTED LOSS PER SHAR
BASIC AND DILUTED LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
Basic and diluted earnings per share [abstract] | |
BASIC AND DILUTED LOSS PER SHARE | NOTE 15 – BASIC AND DILUTED LOSS PER SHARE: Basic Basic loss per share is calculated by dividing the result attributable to equity holders of the Company by the weighted average number of ordinary shares in issue during the year. Diluted The 2012 Convertible Loan 2012 Convertible Loan All outstanding options, the 2012 Convertible Loan, 2016 Convertible loan, preferred shares and warrants to issue preferred shares have been excluded from the calculation of the diluted loss per share for the year ended December 31, 2017 since their effect was anti-dilutive. The total number of ordinary shares related to the 2012 Convertible Loan, 2016 Convertible Loan, preferred shares and warrants to issue preferred shares and excluded from the calculation of diluted loss per share was 7,687,030 for the year ended December 31, 2017. The 2015 Convertible Loan, warrants and liability to issue preferred shares were not taken into account in the diluted loss per share calculation for the year ended December 31, 2017, as the conversion terms depend on future events. Year ended December 31 2019 2018 2017 U.S. (except for share numbers) Loss attributable to equity holders of the Company 10,795 10,304 11,197 Income from change in fair value of financial liabilities at fair value - 135 - Loss used for the computation of diluted loss per share 10,795 10,439 11,197 Weighted average number of ordinary shares used in the computation of basic loss per share 12,146,729 7,955,447 4,490,720 Add: Weighted average number of additional shares issuable upon the assumed conversion/exercise of preferred shares and warrants to issue preferred shares and shares - 27,955 - Weighted average number of ordinary shares used in the computation of diluted loss per share 12,146,729 7,983,402 4,490,720 Basic loss per ordinary share 0.89 1.30 2.49 Diluted loss per ordinary share 0.89 1.31 2.49 |
RELATED PARTIES - TRANSACTIONS
RELATED PARTIES - TRANSACTIONS AND BALANCES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTIES - TRANSACTIONS AND BALANCES | NOTE 16 - RELATED PARTIES - TRANSACTIONS AND BALANCES: a. Transactions with related parties: 1) Key management personnel include members of the Board of Directors, the Chief Executive Officer, Chief Operating Officer, Chief Medical Officer and Chief Financial Officer. 2) The Company granted stock options to certain key management personnel and directors, see note 11d. 3) Key management compensation: Year ended December 31, 2019 2018 2017 U.S. dollars in thousands Labor cost and related expenses 1,537 1,180 1,048 Share-based compensation 1,146 868 4,694 Directors fee and services 415 429 577 Others 23 30 109 3,121 2,507 6,428 b. Balances with related parties: December 31, 2019 2018 U.S. dollars in thousands Key management: Payables and accrued expenses 244 9 Severance pay obligations 70 65 Provision for vacation 194 186 Directors fee and services 106 74 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS | NOTE 17 - SUBSEQUENT EVENTS a. During January 2020, a consultant exercised 32,500 options into 32,500 ordinary shares for a total consideration of $69,000. b. As described in note 11c, on February 18, 2020, the Company’s shareholders approved the $800,000 D.N.A. private placement. c. On March 16, 2020, the Company’s Board of Directors approved options grants as follows: i. An options grant to purchase 201,600 ordinary shares to certain employees and 7,500 options granted to a service provider, with an exercise p rice of $2.14 p ii. An options grant to purchase 250,000 ordinary shares to certain executive officers of the Company, with an exercise price of $2.14. The options vest over 4 years from the date of grant; 25%vest on the first anniversary of the date of grant and the remaining 75% vest in twelve equal quarterly installments following the first anniversary of the applicable grant date. The grant is subject to the approval by the shareholders of the Company. |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of summary of significant accounting policies [abstract] | |
Basis of preparation of the financial statements | a. Basis of preparation of the financial statements: The consolidated statements of financial position of the Company as of December 31, 2019 and 2018, and the related consolidated statements of comprehensive loss, changes in shareholders' equity and consolidated statement of cash flows for each of the three years ended December 31, 2019 The significant accounting policies described below have been applied consistently in relation to all the periods presented, unless otherwise stated. The financial statements have been prepared under the historical cost except for financial liabilities at fair value through profit or loss. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in note 3. Actual results could differ from those estimates and assumptions. |
Functional and presentation currency | b. Functional and presentation currency: 1) Functional and presentation currency Items included in the financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The U.S. dollar is the currency of the primary economic environment in which the operations of the Company is conducted. The financial statements are presented in U.S. dollars. 2) Transactions and balances Foreign currency transactions are translated into the functional currency using exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the statements of comprehensive loss within financial income or expenses. Translation differences on non-monetary financial assets and liabilities at fair value through profit or loss are recognized in profit or loss as part of the fair value gain or loss within financial income or expenses. |
Basis of consolidation | c. Basis of consolidation The consolidated financial statements include the accounts of the Company and its subsidiary, Entera Bio Inc. Intercompany transactions and balances have been eliminated upon consolidation. |
Cash and cash equivalents | d. Cash and cash equivalents Cash and cash equivalents include cash on hand and short-term bank deposits (with original maturities of three months or less) that are not restricted as to withdrawal or use and are therefore considered to be cash equivalents. |
Short-term bank deposits | e. Short-term bank deposits Bank deposits with maturities of more than three months but less than one year are included in short-term bank deposits. The fair value of short-term bank deposits approximates their carrying value, since they bear interest at rates close to the prevailing market rates. |
Restricted deposits | f. Restricted deposits Restricted deposits relate to accounts where withdrawals are restricted under contractual agreements. |
Property and equipment | g. Property and equipment 1) Property and equipment are stated at historical cost less accumulated depreciation and impairment. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Repairs and maintenance are charged to the statement of comprehensive loss during the period in which they are incurred. 2) The assets are depreciated using the straight-line method to allocate their cost over their estimated useful lives, as follows: Years Computers equipment 3-5 Office furniture 5 Lab equipment 7-10 Leasehold improvements* 3-5 * |
Intangible assets | h. Intangible assets: 1) Research and development expenses Research expenses are charged to profit or loss as incurred. An intangible asset arising from development of the Company's products is recognized if all of the following conditions are met: • It is technically feasible to complete the intangible asset so that it will be available for use; • Management intends to complete the intangible asset and use it or sell it; • There is an ability to use or sell the intangible asset; • It can be demonstrated how the intangible asset will generate probable future economic benefits; • Adequate technical, financial and other resources to complete the development and to use or sell the intangible asset are available; and costs associated with the intangible asset during development can be measured reliably. Other development costs that do not meet the above criteria are recognized as expenses as incurred. Development costs previously recognized as an expense are not recognized as an asset in a subsequent period. As of December 31, 2019, the Company has not capitalized development costs. 2) In process research and development (IPR&D) IPR&D acquired is presented based on the fair value at the date of the acquisition. Such assets are tested annually for impairment. |
Impairment of non-financial assets | i. Impairment of non-financial assets Intangible assets not ready to use are not subject to amortization and are tested annually for impairment. Assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to dispose For the years ended December 31, 2019 and 2018, no impairment has been recognized. |
Leases | j. Leases Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the future expected lease payments during the lease term. The lease term includes extension options (or periods after termination options) if the lease is reasonably certain to be extended (or not terminated). The lease payments during the term of the lease are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee’s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. Payments associated with short-term leases (leases with a lease term of 12 months or less) and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss. Until 2019, leases were classified as either finance or operating leases. Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease. See also note 10. |
Segment reporting | k. Segment reporting |
Financial instruments | l. financial instruments Commencing January 1, 2018, accounts receivables that are considered as loans and receivables under IAS 39, are now classified at amortized cost. This category is also subject to an impairment test under the expected credit losses model in accordance with IFRS 9. |
Warrants | m. Warrants Receipts in respect of warrants are classified as equity to the extent that they confer the right to purchase a fixed number of shares for a fixed exercise price. In the event that the exercise price is not deemed to be fixed, the warrants are classified as a derivative financial liability. This liability is initially recognized at its fair value on the date the contract is entered into and subsequently accounted for at fair value at each reporting date. |
Share capital | n. Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are included in equity as a deduction from the proceeds. |
Deferred income tax | o. Deferred income tax Deferred income taxes are recognized using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax assets are recognized only to the extent that it is probable that future taxable income will be available against which the temporary differences can be utilized. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. In the absence of expectation of taxable income in the future, no deferred tax assets are recorded in the financial statements. |
Share-based payments | p. Share-based payments In 2018 and 2013, the Company has adopted share-based compensation plans for employees, directors and service providers. As part of the plans, the Company grants employees, directors and service providers, from time to time and at its discretion, options to purchase Company's ordinary shares. The fair value of the employees', directors' and service providers' services received in exchange for the grant of the options is recognized as an expense in the statement of comprehensive loss. The total amount recognized as an expense over the vesting period of the options was determined by reference to the fair value of the options granted at the date of grant. Service conditions and performance vesting conditions are included in assumptions about the number of options that are expected to vest. The total expense is recognized over the vesting period when the performance condition is probable. The vesting period is the period over which all of the specified vesting conditions are to be satisfied. At the end of each reporting period, the Company revises its estimates of the number of options that are expected to vest based on the service conditions and performance conditions. The Company recognizes the impact of the revision to original estimates, if any, in the statement of comprehensive loss, with a corresponding adjustment to "other reserves". When options are exercised, the Company issues new shares, with proceeds less directly attributable transaction costs recognized as share capital (par value) and additional paid in capital. |
Revenue recognition | q Revenue recognition: The Company recognized revenue from the Amgen Agreement which was signed in December 2018 according to IFRS 15, "Revenues from Contracts with Customers”. Prior to the signing of the Amgen Agreement in 2018, the Company did not have revenue. In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under each of its agreements, the Company performs the following steps: 1. Identification of the contract, or contracts, with a customer. 2. Identification of the performance obligations in the contract. 3. Determination of the transaction price. 4. Allocation of the transaction price to the performance obligations in the contract. 5. Recognition of revenue. On December 10, 2018, the Company entered into the Amgen Agreement in inflammatory disease and other serious illnesses. As part of the agreement, the Company received non-refundable and non-creditable initial access payment of $725 thousand from Amgen in January 2019. The Company identified two promises in the agreement: License to use the Company's proprietary drug delivery platform and pre-clinical research and development services (“pre-clinical R&D services”). The preclinical R&D services include discovery, research and design preclinical activities relating to the programs selected by Amgen. Each of these promises met the definition of distinct performance obligation. The Company evaluated the standalone selling price of the pre-clinical R&D services at $225 thousand and the right to use the intellectual property at $500 thousand. The Company determined the license to the intellectual property to be a right to use that has significant standalone functionality separately from the pre-clinical R&D services since the Company is not required to continue to support, develop or maintain the intellectual property transferred and will not undertake any activities to change the standalone functionality of the intellectual property. Therefore, the license to the intellectual property is a distinct performance obligation and as such revenue is recognized at the point in time that control of the license is transferred to Amgen on December 10, 2018. Revenues attributed to the preclinical R&Ds services are recognized during the period of the pre-clinical R&D services, over time according to the input model method on a cost-to-cost basis. An entity should recognize revenue for a sales-based or usage-based royalty promised in exchange for a license of intellectual property only when (or as) the later of the following events occurs: a) The subsequent sale or usage occurs; and b) The performance obligation to which some or all of the sales based or usage-based royalty has been allocated has been satisfied (or partially satisfied). As royalties are payable based on future commercial sales, as defined in the agreement, which did not occur as of the financial statements date, the Company did not recognize any revenues from royalties. |
Government grants | r. Government grants Government grants, which are received from Israel Innovation Authority (the "IIA") by way of participation in research and development that is conducted by the Company, fall within the scope of "forgivable loans", as set forth in International Accounting Standard Number 20 "The Accounting Treatment of Government Grants and Disclosure in respect of Government Assistance" ("IAS 20"). Since at the time of the receipt of the grants there is no reasonable assurance that the grants that have been received will be repaid, at the time of their receipt they are offset against the related research and development expenses in the statement of comprehensive loss. |
Loss per ordinary share | s . Loss per ordinary share Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares issued and outstanding during the year. In computing diluted loss per share, the basic loss per share is adjusted to take into account the potential dilution that could occur upon the conversion of any dilutive financial instruments by subtracting from net loss the fair value changes of such financial instruments, and by adjusting the weighted average number of outstanding ordinary shares, assuming conversion of all such dilutive potential shares. As of December 31, 2019, the Company’s dilutive potential shares consisted of options and warrants. Prior to the Company’s IPO, the dilutive potential shares consisted of shares issuable upon conversion of convertible loan and preferred shares, warrants and options. Potential shares are only dilutive if their conversion would increase the loss per share. If the loss per share would decrease, the shares are anti-dilutive and are excluded from the diluted loss per share calculation. |
Standards and interpretations to existing standards that are not yet in effect but have been early adopted by the Company | t. Standards and interpretations to existing standards that are not yet in effect but have been early adopted by the Company Classification of Liabilities as Current or Non-current (Amendment to IAS 1) The IASB issued a narrow-scope amendment to IAS 1 to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. Inter alia, the amendment requires the following: • Liabilities are classified as non-current if the entity has a substantive right to defer settlement for at least 12 months at the end of the reporting period. The amendment no longer refers to unconditional rights. The assessment determines whether a right exists, but it does not consider whether the entity will exercise the right. • ‘Settlement’ is defined as the extinguishment of a liability with cash, other economic resources or an entity’s own equity instruments. There is an exception for convertible instruments that might be converted into equity, but only for those instruments where the conversion option is classified as an equity instrument as a separate component of a compound financial instrument. The amendment would be applied retrospectively for annual periods beginning on or after 1 January 2022. Earlier application is permitted. The Company chose to adopt this standard as of December 31, 2019. Accordingly, the Company presented its warrants which were classified as financial liabilities as current liabilities. |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of summary of significant accounting policies [abstract] | |
Schedule of Estimated Useful Lives of Assets | The assets are depreciated using the straight-line method to allocate their cost over their estimated useful lives, as follows: Years Computers equipment 3-5 Office furniture 5 Lab equipment 7-10 Leasehold improvements* 3-5 * |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Classification of Financial Instruments by Groups | d. Classification of financial instruments by groups: Financial liabilities at fair value through profit or loss Total U.S. dollars in thousands As of December 31, Trade and other payable - 1,704 1,704 Warrants to purchase ordinary shares 266 - 266 Warrants to purchase ordinary shares 2,178 - 2,178 2,444 1,704 4,148 As of December 31, Trade and other payable - 1,563 1,563 Warrants to purchase ordinary shares 1,372 - 1,372 1,372 1,563 2,935 (1) Tradable warrants presented above are valuated based on the market price (a Level 1 valuation) as of December 31, 2019. (2) Warrants to purchase ordinary shares issued in December 2019 presented are valuated based on the Monte-Carlo pricing model (a Level 3 valuation) as of December 31, 2019. |
Schedule of Assumptions | The main assumptions used are as follows: December 31 2019 Price per share $1.84-$2.07 Volatility 62%-63% Expected term 3 Risk free interest rate 1.63%-1.71% Expected dividend 0% |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash and Cash Equivalents | December 31, 2019 2018 U.S. dollars Cash in bank 15,185 5,499 Short-term bank deposits (1) - 2,007 15,185 7,506 (1) The short-term bank deposit as of December 31, 2018 was in U.S. dollar and bear an annual interest rate of 2.17%. |
CONVERTIBLE LOANS (Tables)
CONVERTIBLE LOANS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about borrowings [abstract] | |
Schedule of Convertible Components | The conversion of the 2012 Convertible loans into ordinary shares was performed according to their fair value as of the IPO closing date, July 2, 2018. The following parameters were used: July 2 2018 Price per share* $ 865 Volatility 62 % Probability of entering Phase 2b/3 NA Probability for IPO 100 % * |
PREFERRED SHARES AND WARRANTS_2
PREFERRED SHARES AND WARRANTS TO PREFERED SHARES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of preferred shares and warrants to prefered shares [abstract] | |
Schedule of Valuations of Fair Value of Instruments | As of the closing of the IPO, July 2, 2018, the Company prepared valuations of the fair value of the instruments described above using a combination of the Probability-Weighted Expected Return Method and Back Solve option pricing method model. The following parameters were used: July 2 2018 Price per share* $ 865 Volatility 62 % Probability of entering Phase 2b/3 NA Probability for IPO 100 % * Immediately prior to the IPO, the fair value measurement of the preferred shares and the convertible loan was based upon the fair value of the Company's share (the IPO price) only, which represents a level 1 measurement, while the Fair value of the warrants to ordinary shares represent a level 3 measurement. |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Presentation of leases for lessee [abstract] | |
Schedule of Composition of Right-of-Use Assets | The Following table is the composition of right-of-use assets by type: As of January 1, 2019 As of December 31, 2019 Facility 151 253 Vehicles 15 7 Total right-of-use asset 166 260 |
Schedule of Summarize Contractual Obligations | The following table summarize the contractual obligations: Payments due by period Total Less than 1 - 3 years (In thousands) Operating leases for facility and vehicles as of December 31, 2018 $ 123 $ 87 $ 36 Operating leases for facility and vehicles as of December 31, 2019 $ 346 $ 177 $ 169 |
Schedule of Leases | twelve months ended December 31, 2019 Depreciation expense: Facility 121 Vehicles 9 Financial expense 55 Cash paid for amounts included in the measurement of lease liabilities 169 Right of use assets obtained in exchange for new operating lease liabilities 224 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Composition of Ordinary Shares | The share capital composed of ordinary shares of NIS 0.0000769 par value, as follows: Number of ordinary shares December 31 2019 2018 Authorized 140,010,000 140,010,000 Issued 17,864,684 11,459,780 |
Schedule of Weighted Average Assumptions | The fair value of each option granted (except options with an exercise price of par value, as described below) is estimated at the date of grant using the Black-Scholes option-pricing model, with the following weighted average assumptions: 2019 2018 2017 Ordinary share price $ 2.94 $ 6.31 $ 5.95 Exercise price $ 3.12 $ 5.35 $ 5.95 Dividend yield - - - Expected volatility 71 % 68 % 73.77 % Risk-free interest rate 1.86 % 2.23 % 1.67 % Expected life – in years 9.37 4.07 7.94 |
Schedule of Changes in Number of Options and Weighted Average Exercise Prices | Changes in the number of options and weighted average exercise prices are as follows: 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 Outstanding at beginning of year 2,438,410 $ 4.36 3,044,990 $ 4.59 1,136,590 $ 1.43 Expired (91,000 ) 6.31 - - - - Forfeited (14,690 ) 4.44 (718,120 ) 5.73 (36,270 ) 2.27 Exercised (*) (662,251 ) 0.21 (31,460 ) - - - Granted 1,177,131 $ 3.12 143,000 $ 5.35 1,944,670 $ 6.39 Outstanding at end of year 2,847,600 $ 4.74 2,438,410 $ 4.36 3,044,990 $ 4.59 Exercisable at end of year 1,525,618 $ 5.62 1,837,160 $ 1.67 1,430,780 $ 2.92 (*) The total intrinsic value of options exercised during the year ended December |
Schedule of Information about Exercise Price and Remaining Contractual Life of Outstanding Options | The following is information about the exercise price and remaining contractual life of outstanding options at year-end: December 31, 2019 December 31, 2018 Number of options outstanding at end of year Exercise price Weighted average of remaining contractual life Number of options outstanding at end of year Exercise price Weighted average of remaining contractual life 4,680 * 2.79 602,810 * 0.55 11,050 $ 1.85 1.22 27,560 $ 1.85 0.67 - $ 2.43 - 36,010 $ 2.43 1.41 65,000 $ 2.11 0.05 65,000 $ 2.11 1.05 64,023 $ 2.53 9.89 - $ 2.53 - 696,587 $ 2.75 9.60 - $ 2.75 - - $ 1.85 - 11,050 $ 1.85 2.21 65,693 $ 3.10 4.89 - - - 203,970 $ 3.69 2.36 205,920 $ 3.69 3.36 340,828 $ 3.97 9.05 - $ 3.97 - 1,248,479 $ 6.31 5.85 1,342,770 $ 6.31 6.39 147,290 $ 7.54 3.26 147,290 $ 7.54 4.26 * Par value |
SUPPLEMENTARY FINANCIAL INFOR_2
SUPPLEMENTARY FINANCIAL INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplementary Financial Information Schedule Of Accounts Payable Other | |
Schedule of Other Current Assets | December 31, 2019 2018 U.S. dollars in thousands a. Other current assets: Prepaid expenses 39 109 Restricted deposits 37 21 Other 97 90 173 220 |
Schedule of Accounts Payable Other | December 31, 2019 2018 U.S. dollars in thousands b. Accounts payable - other: Employees and employees related 345 120 Provision for vacation 231 215 Accrued expenses and other 794 755 1,370 1,090 |
BASIC AND DILUTED LOSS PER SH_2
BASIC AND DILUTED LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Basic and diluted earnings per share [abstract] | |
Schedule of Basic and Diluted Loss Per Share | The total number of ordinary shares related to the 2012 Convertible Loan, 2016 Convertible Loan, preferred shares and warrants to issue preferred shares and excluded from the calculation of diluted loss per share was 7,687,030 for the year ended December 31, 2017. The 2015 Convertible Loan, warrants and liability to issue preferred shares were not taken into account in the diluted loss per share calculation for the year ended December 31, 2017, as the conversion terms depend on future events. Year ended December 31 2019 2018 2017 U.S. (except for share numbers) Loss attributable to equity holders of the Company 10,795 10,304 11,197 Income from change in fair value of financial liabilities at fair value - 135 - Loss used for the computation of diluted loss per share 10,795 10,439 11,197 Weighted average number of ordinary shares used in the computation of basic loss per share 12,146,729 7,955,447 4,490,720 Add: Weighted average number of additional shares issuable upon the assumed conversion/exercise of preferred shares and warrants to issue preferred shares and shares - 27,955 - Weighted average number of ordinary shares used in the computation of diluted loss per share 12,146,729 7,983,402 4,490,720 Basic loss per ordinary share 0.89 1.30 2.49 Diluted loss per ordinary share 0.89 1.31 2.49 |
RELATED PARTIES - TRANSACTION_2
RELATED PARTIES - TRANSACTIONS AND BALANCES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of Transactions with Related Parties | Key management compensation: Year ended December 31, 2019 2018 2017 U.S. dollars in thousands Labor cost and related expenses 1,537 1,180 1,048 Share-based compensation 1,146 868 4,694 Directors fee and services 415 429 577 Others 23 30 109 3,121 2,507 6,428 |
Schedule of Balances with Related Parties | Balances with related parties: December 31, 2019 2018 U.S. dollars in thousands Key management: Payables and accrued expenses 244 9 Severance pay obligations 70 65 Provision for vacation 194 186 Directors fee and services 106 74 |
GENERAL INFORMATION (Details)
GENERAL INFORMATION (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | ||||
Accumulated losses | $ 62,912 | $ 52,117 | ||
Number of shares issued | 17,864,684 | 11,459,780 | ||
Proceeds from issuing shares | $ 12,087 | |||
IPO [Member] | ||||
Statement Line Items [Line Items] | ||||
Number of shares issued | 1,400,000 | |||
Proceeds from issuing shares | $ 9,600 |
SUMMARY OF SIGNIFICANT ACCOUN_4
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | ||||
Revenue from contract with customer | $ 236 | $ 500 | ||
Amgen Inc [Member] | ||||
Statement Line Items [Line Items] | ||||
Additional amount paid for services to be recognized upon commencement of the pre-clinical Research and Development services | 225 | |||
Revenue from contract with customer | $ 500 | |||
Non-refundable and non-creditable initial technology access fee payment, including payment for the first year of preclinical services | $ 725 |
SUMMARY OF SIGNIFICANT ACCOUN_5
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Schedule of Estimated Useful Lives of Assets) (Details) | 12 Months Ended | |
Dec. 31, 2019 | ||
Computers equipment [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 3 years | |
Computers equipment [Member] | Top of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 5 years | |
Office furniture [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 5 years | |
Lab equipment [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 7 years | |
Lab equipment [Member] | Top of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 10 years | |
Leasehold improvements [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 3 years | [1] |
Leasehold improvements [Member] | Top of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Estimated useful lives | 5 years | [1] |
[1] | Leasehold improvements are depreciated over the lease period or the expected useful life of the improvements, whichever is shorter. |
FINANCIAL INSTRUMENTS (Schedule
FINANCIAL INSTRUMENTS (Schedule of Classification of Financial Instruments by Groups - Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | |||
Trade and other payable | $ 1,704 | $ 1,563 | |
Warrants to purchase ordinary shares (Level 1) | [1] | 266 | 1,372 |
Warrants to purchase ordinary shares (Level 3) | [2] | 2,178 | |
Financial liabilities | 4,148 | 2,935 | |
Financial liabilities at fair value through profit or loss [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade and other payable | |||
Warrants to purchase ordinary shares (Level 1) | [1] | 266 | 1,372 |
Warrants to purchase ordinary shares (Level 3) | [2] | 2,178 | |
Financial liabilities | 2,444 | 1,372 | |
Financial liabilities at amortized cost [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Trade and other payable | 1,704 | 1,563 | |
Financial liabilities | $ 1,704 | $ 1,563 | |
[1] | Tradable warrants presented above are valuated based on the market price (a Level 1 valuation) as of December 31, 2019. | ||
[2] | Warrants to purchase ordinary shares issued in December 2019 presented are valuated based on the Monte-Carlo pricing model (a Level 3 valuation) as of December 31, 2019. |
FINANCIAL INSTRUMENTS (Schedu_2
FINANCIAL INSTRUMENTS (Schedule of Assumptions) (Details) - Financial Instruments [Member] | 12 Months Ended |
Dec. 31, 2019$ / shares | |
Disclosure of detailed information about financial instruments [line items] | |
Expected term | 3 years |
Expected dividend | 0.00% |
Bottom of range [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Price per share | $ 1.84 |
Volatility | 62.00% |
Risk free interest rate | 1.63% |
Top of range [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Price per share | $ 2.07 |
Volatility | 63.00% |
Risk free interest rate | 1.71% |
CASH AND CASH EQUIVALENTS (Sche
CASH AND CASH EQUIVALENTS (Schedule of Cash and Cash Equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash and cash equivalents [abstract] | |||||
Cash in bank | $ 15,185 | $ 5,499 | |||
Short-term bank deposits | [1] | 2,007 | |||
Cash and cash equivalents | $ 15,185 | $ 7,506 | $ 11,746 | $ 4,163 | |
Interest rate on deposits | 2.17% | ||||
[1] | The short-term bank deposit as of December 31, 2018 was in U.S. dollar and bear an annual interest rate of 2.17%. |
INTANGIBLE ASSETS (Details)
INTANGIBLE ASSETS (Details) - USD ($) | Jun. 01, 2010 | Feb. 22, 2011 |
D.N.A. and Oramed [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Percentage of ordinary shares | 50.00% | |
D.N.A. Biomedical Solutions Ltd. [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Amount invested in joint venture | $ 600,000 | |
Oramed [Member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Percentage of royalties to be paid | 3.00% |
CONVERTIBLE LOANS (Narrative) (
CONVERTIBLE LOANS (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | Aug. 05, 2015 | Oct. 31, 2017 | Jun. 30, 2016 | Oct. 31, 2015 | Dec. 31, 2018 | Dec. 31, 2012 | Dec. 31, 2019 | Jun. 14, 2016 |
Disclosure of detailed information about borrowings [line items] | ||||||||
Interest rate | 16.00% | |||||||
Conversion of convertible loan into Ordinary shares | $ 4,138 | |||||||
2012 Convertible Loan [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings | $ 1,200 | |||||||
Interest rate | 0.60% | |||||||
Maturity | Each of the loans bears interest at a rate of 0.6% per year, which is to be repaid every five years, the loan is due and payable after a term of twenty years. | |||||||
Conversion price per share | $ 240.26 | |||||||
Convertible loan converted into ordinary shares | 622,180 | 622,180 | ||||||
Conversion of convertible loan into Ordinary shares | $ 4,100 | |||||||
2012 Convertible Loan [Member] | D.N.A [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Number of ordinary shares exchanged | 5,590 | |||||||
Number of stock merged | 2,795 | |||||||
2015 Convertible Loan [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings | $ 1,100 | |||||||
Interest rate | 5.00% | |||||||
Maturity | February 2017 | |||||||
Discount to the applicable price per share in the triggering event | 25.00% | |||||||
Percentage of warrants to purchase additional shares on conversion | 40.00% | |||||||
Finance expenses | $ 64 | |||||||
Converted to 2016 Loans [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings | $ 2,000 | $ 1,100 | ||||||
Deposit amount at trustee | $ 1,100 | |||||||
2016 Convertible Loan [Member] | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Borrowings | $ 7,400 | $ 1,000 | ||||||
Interest rate | 5.00% | |||||||
Maturity | 18 months | |||||||
Conversion price per share | $ 5.24 | |||||||
Description of automatically converted loan to shares | The loan will be automatically converted upon occurrence of the following events as described in the agreement: IPO of at least $20 million, private placement in an aggregate amount of no less than $10 million or change of control (the "Triggering Event"). Furthermore, in case of private placement in an aggregate amount of $4-$10 million the lenders shall have the right to convert the loan to shares. The loan will convert into the same class of shares issued in such a transaction at the lower of a 25% discount to the applicable price per share in the Triggering Event or the value of equity on a fully diluted basis of $65 million. | |||||||
Exercisable period of warrants | 4 years | |||||||
Convertible loan and accrued interest converted into series B-1 preferred shares | 1,719,770 | |||||||
Exercise price of warrants | $ 6.99 | |||||||
Percentage of warrants to purchase additional shares on conversion | 40.00% |
CONVERTIBLE LOANS (Schedule of
CONVERTIBLE LOANS (Schedule of Convertible Components) (Details) - Convertible loans [Member] | Jul. 02, 2018$ / shares | |
Disclosure of detailed information about borrowings [line items] | ||
Price per share | $ 865 | [1] |
Volatility | 62.00% | |
Probability of entering Phase 2b/3 | ||
Probability for IPO | 100.00% | |
[1] | The price per share as of July 2, 2018 was based on quoted price on Nasdaq before the shares split. |
PREFERRED SHARES AND WARRANTS_3
PREFERRED SHARES AND WARRANTS TO PREFERED SHARES (Narrative) (Details) $ / shares in Units, $ in Thousands | Oct. 04, 2019USD ($)shares$ / shares | Jul. 02, 2018$ / sharesshares | Jan. 11, 2015USD ($)shares | Jul. 31, 2019USD ($)shares | Jul. 20, 2019USD ($)shares$ / shares | Oct. 31, 2017$ / shares | Jan. 29, 2015USD ($) | Dec. 29, 2014USD ($)shares | Dec. 31, 2017USD ($)$ / sharesshares | Dec. 31, 2019shares | Dec. 31, 2018shares | Dec. 31, 2017shares | |
Disclosure of classes of share capital [line items] | |||||||||||||
Options granted to purchase ordinary shares | 1,177,131 | 143,000 | 1,944,670 | ||||||||||
Effective price per share | $ / shares | $ 3.69 | ||||||||||||
Reclassification from other reserves to additional paid in capital | $ | $ 1,400 | ||||||||||||
Options exercised | [1] | 662,251 | 31,460 | ||||||||||
2016 Convertible Loan [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Exercise price of warrants | $ / shares | $ 6.99 | ||||||||||||
Additional Centillion preferred share purchase agreement [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of preferred shares purchased | 5,111 | 2,555 | |||||||||||
Proceeds from issue of preferred shares | $ | $ 2,500 | $ 1,300 | |||||||||||
Warrants issued to purchase preferred shares | 1,277 | 639 | |||||||||||
Second amendment to Centillion preferred share purchase agreement [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Proceeds from issue of preferred shares | $ | $ 2,500 | ||||||||||||
Percentage of discount applicable to price per share | 25.00% | ||||||||||||
Preferred Shares Series B- 1 [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Warrants issued to purchase preferred shares | 467,220 | ||||||||||||
Number of warrants converted into additional warrants to purchase ordinary shares | 3,594 | ||||||||||||
Exercise price of warrants | $ / shares | $ 681.585 | ||||||||||||
Preferred Shares Series B- 1 [Member] | 2016 Convertible Loan [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Shares issued in conversion of debt | 13,229 | ||||||||||||
Shares issued in conversion of debt, value | $ | $ 9,000 | ||||||||||||
Shares issued in conversion of debt, price per share | $ / shares | $ 681.585 | ||||||||||||
Preferred Shares Series B- 1 [Member] | 2016 Convertible Loan [Member] | Related parties [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of preferred shares purchased | 1,834 | ||||||||||||
Number of preferred shares purchased after share split | 238,420 | ||||||||||||
Warrants issued to purchase preferred shares | 733 | ||||||||||||
Warrants issued to purchase shares after share split | 95,290 | ||||||||||||
Fair value of preferred shares | $ | $ 1,600 | ||||||||||||
Fair value of warrants | $ | $ 264 | ||||||||||||
Series A preferred shares [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Warrants issued to purchase preferred shares | 332,020 | ||||||||||||
Number of warrants converted into additional warrants to purchase ordinary shares | 2,554 | ||||||||||||
Number of preferred shares converted to ordinary shares following closing of IPO | 10,222 | ||||||||||||
Conversion into ordinary shares | 1,328,860 | 1,328,860 | |||||||||||
Series A preferred shares [Member] | Investors [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Conversion into ordinary shares | 387,530 | ||||||||||||
Series B preferred shares [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of preferred shares purchased | 7,089 | ||||||||||||
Proceeds from issue of preferred shares | $ | $ 6,400 | ||||||||||||
Exercise price of warrants | $ / shares | $ 908.78 | ||||||||||||
Conversion into ordinary shares | 1,856,790 | ||||||||||||
Series B preferred shares [Member] | Investors [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Proceeds from issue of preferred shares | $ | $ 13,000 | ||||||||||||
Preferred shares, price per share | $ / shares | $ 908.78 | ||||||||||||
Warrants issued to purchase preferred shares | 14,283 | ||||||||||||
Total consideration net of issuance costs | $ | $ 12,100 | ||||||||||||
Series B preferred shares [Member] | Broker dealer [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Preferred shares, price per share | $ / shares | $ 908.78 | ||||||||||||
Warrants issued to purchase preferred shares | 526 | ||||||||||||
Additional issuance costs | $ | $ 198 | ||||||||||||
Shareholders exercised his right to acquire ordinary shares [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Options exercised | 32,500 | ||||||||||||
Value of options exercised | $ | $ 100 | ||||||||||||
Warrants [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Exercise price of warrants | $ / shares | $ 8.4 | ||||||||||||
Options granted to purchase ordinary shares | 443,950 | ||||||||||||
Warrant term | five years | ||||||||||||
Exceeds sales price per share | $ / shares | $ 24 | ||||||||||||
Percentage of per unit price | 300.00% | ||||||||||||
Warrants [Member] | 2016 Convertible Loan [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Options granted to purchase ordinary shares | 467,220 | ||||||||||||
Effective price per share | $ / shares | $ 5.24 | ||||||||||||
Reclassification from other reserves to additional paid in capital | $ | $ 1,200 | ||||||||||||
Centillion preferred share purchase agreement [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of preferred shares purchased | 5,111 | ||||||||||||
Proceeds from issue of preferred shares | $ | $ 2,500 | ||||||||||||
Warrants issued to purchase preferred shares | 1,277 | ||||||||||||
[1] | The total intrinsic value of options exercised during the year ended December 31, 2019, was approximately $2,391 thousand. |
PREFERRED SHARES AND WARRANTS_4
PREFERRED SHARES AND WARRANTS TO PREFERED SHARE (Schedule of Valuations of Fair Value of Instruments) (Details) - Level 3 [Member] | Jul. 02, 2018$ / shares | |
Disclosure of fair value measurement of assets [line items] | ||
Price per share | $ 865 | [1] |
Volatility | 62.00% | |
Probability of entering Phase 2b/3 | ||
Probability for IPO | 100.00% | |
[1] | The price per share as of July 2, 2018 was based on quoted price on Nasdaq before shares split. |
COMMITMENTS (Details)
COMMITMENTS (Details) - USD ($) $ in Thousands | Feb. 10, 2019 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||
Percentage of royalty payable on sales of products developed during first three years | 3.00% | |
Percentage of royalty payable on sales of products developed during subsequent three years | 4.00% | |
Percentage of royalty payable on sales of products developed during commencing of seventh year | 5.00% | |
Percentage of royalty payable on grants received by company | 100.00% | |
Royalty amount payable | $ 460 | |
Percentage to be paid for each payment received | 5.38% | |
Amgen Inc [Member] | ||
Statement Line Items [Line Items] | ||
Amount paid to government of israel | $ 27 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Bank guarantees | $ 30,000 |
Borrowings rate | 16.00% |
Buildings [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Annual lease consideration total amount | $ 164,000 |
Lease expiration date | Jun. 30, 2023 |
LEASES (Schedule of Composition
LEASES (Schedule of Composition of Right-of-Use Assets) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Disclosure of quantitative information about right-of-use assets [line items] | |
Total right-of-use asset | $ 260 |
Initial Application of IFRS 16 [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Total right-of-use asset | 166 |
Facility [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Total right-of-use asset | 253 |
Facility [Member] | Initial Application of IFRS 16 [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Total right-of-use asset | 151 |
Vehicles [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Total right-of-use asset | 7 |
Vehicles [Member] | Initial Application of IFRS 16 [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Total right-of-use asset | $ 15 |
LEASES (Schedule of Summarize C
LEASES (Schedule of Summarize Contractual Obligations) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Operating leases for facility and vehicles | $ 346 | $ 123 |
Less than 1 year [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Operating leases for facility and vehicles | 177 | 87 |
1-3 years [Member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Operating leases for facility and vehicles | $ 169 | $ 36 |
LEASES (Schedule of Leases) (De
LEASES (Schedule of Leases) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Financial expense | $ 55 |
Cash paid for amounts included in the measurement of lease liabilities | 169 |
Right of use assets obtained in exchange for new operating lease liabilities | 224 |
Facility [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Depreciation expense: | 121 |
Vehicles [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Depreciation expense: | $ 9 |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) | Dec. 13, 2019USD ($)$ / sharesshares | Aug. 05, 2019USD ($)shares$ / shares | Jul. 02, 2018USD ($)$ / sharesshares | Jan. 10, 2018USD ($)shares$ / shares | Feb. 18, 2020USD ($) | Dec. 31, 2019USD ($)shares$ / shares | Nov. 30, 2019USD ($)shares$ / shares | Nov. 18, 2019USD ($)shares$ / shares | Jul. 20, 2019shares | Jan. 17, 2019USD ($)shares$ / shares | Jul. 26, 2018USD ($)shares | Jan. 30, 2018USD ($)shares$ / shares | Dec. 31, 2017$ / shares | Dec. 31, 2019USD ($)shares$ / shares | Dec. 31, 2018USD ($)shares$ / shares | Dec. 31, 2017USD ($)shares$ / shares | Dec. 31, 2012shares | Jan. 22, 2020shares | Dec. 31, 2019₪ / sharesshares | Dec. 31, 2018₪ / sharesshares | Mar. 17, 2013$ / shares | |
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Stock split | 1-for- 130 | |||||||||||||||||||||
Number of shares issued | 17,864,684 | 17,864,684 | 17,864,684 | 11,459,780 | ||||||||||||||||||
Proceeds from issuance of ordinary shares, net | $ | $ 12,528,000 | |||||||||||||||||||||
Ordinary shares remain available for future grants | 204,263 | |||||||||||||||||||||
Proceeds from private placement | $ | $ 12,087,000 | |||||||||||||||||||||
Percentage of aggregate purchase price paid in cash by purchasers equal to per month | 1.00% | |||||||||||||||||||||
Par value per share | (per share) | ₪ 0.0000769 | ₪ 0.0000769 | $ 0.0000769 | |||||||||||||||||||
Options granted to purchase ordinary shares | 1,177,131 | 143,000 | 1,944,670 | |||||||||||||||||||
Exercise price | $ / shares | $ 3.12 | $ 5.35 | $ 6.39 | |||||||||||||||||||
Remaining unrecognized compensation expense | $ | $ 1,900,000 | |||||||||||||||||||||
Transaction costs | $ | $ 1,200,000 | |||||||||||||||||||||
Capital stock price per share | $ / shares | $ 2.37 | |||||||||||||||||||||
Reserved ordinary shares | 1,371,398 | |||||||||||||||||||||
Options exercised | [1] | 662,251 | 31,460 | |||||||||||||||||||
Under Company Plan [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Increase of ordinary shares remain available for future grants | 893,234 | |||||||||||||||||||||
D.N.A. Placement [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of shares issued | 337,553 | |||||||||||||||||||||
Proceeds from private placement | $ | $ 800,000 | $ 800,000 | ||||||||||||||||||||
Warrants granted to purchase ordinary shares | 168,776 | |||||||||||||||||||||
Exercise price | $ / shares | $ 2.96 | |||||||||||||||||||||
Options vesting description | Exercisable over a three-year period from the date of issuance | |||||||||||||||||||||
Dr. Eric Lang [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Options granted to purchase ordinary shares | 110,500 | |||||||||||||||||||||
Exercise price | $ / shares | $ 6.31 | |||||||||||||||||||||
Options vesting description | The options vest over 4 years from the date of grant; 1/4 vest on the date of grant and the remaining vest in twelve equal quarterly installments following the first anniversary of the applicable grant date. | |||||||||||||||||||||
Fair value of options | $ | $ 420,000 | |||||||||||||||||||||
2012 Convertible Loan [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Convertible loan converted into ordinary shares | 622,180 | 622,180 | ||||||||||||||||||||
IPO [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of shares issued | 1,400,000 | |||||||||||||||||||||
IPO [Member] | Underwriters [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of shares issued | 10,000 | |||||||||||||||||||||
Warrants issued to purchase shares | 70,000 | |||||||||||||||||||||
Stock issuance costs | $ | $ 255,000 | |||||||||||||||||||||
Exercise price of warrants | $ / shares | $ 8.8 | |||||||||||||||||||||
Fair value of warrants | $ | $ 66,500 | |||||||||||||||||||||
Warrants [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of shares issued | 1,400,000 | |||||||||||||||||||||
Exercise price of warrants | $ / shares | $ 8.4 | |||||||||||||||||||||
Warrant term | five years | |||||||||||||||||||||
Adjusted exercise price of warrants | $ / shares | $ 5.85 | |||||||||||||||||||||
Exceeds sales price per share | $ / shares | $ 24 | |||||||||||||||||||||
Percentage of per unit price | 300.00% | |||||||||||||||||||||
Options granted to purchase ordinary shares | 443,950 | |||||||||||||||||||||
Warrants [Member] | Underwriters [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Warrants converted into ordinary shares | 105,000 | |||||||||||||||||||||
Proceeds from issuance of ordinary shares, net | $ | $ 2,100 | |||||||||||||||||||||
Warrants granted to purchase ordinary shares | 210,000 | |||||||||||||||||||||
Fair value of warrants | $ | $ 172,000 | |||||||||||||||||||||
Ordinary shares [member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Warrants issued to purchase shares | 700,000 | |||||||||||||||||||||
Proceeds from issuance of ordinary shares, net | $ | $ 9,600,000 | |||||||||||||||||||||
Proceeds from issuance of ordinary shares, gross | $ | 11,200,000 | |||||||||||||||||||||
Underwriters fee | $ | 900,000 | |||||||||||||||||||||
Other issuance costs | $ | $ 700,000 | |||||||||||||||||||||
Public offering price per unit | $ / shares | $ 8 | |||||||||||||||||||||
Number of ordinary shares that can be purchased through each tradeable warrant | 0.5 | |||||||||||||||||||||
Series A preferred shares [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Conversion into ordinary shares | 1,328,860 | 1,328,860 | ||||||||||||||||||||
Series A preferred shares [Member] | Investors [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Conversion into ordinary shares | 387,530 | |||||||||||||||||||||
Series B preferred shares [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Exercise price of warrants | $ / shares | $ 908.78 | |||||||||||||||||||||
Conversion into ordinary shares | 1,856,790 | |||||||||||||||||||||
Series B-1 preferred shares [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Conversion into ordinary shares | 1,719,770 | |||||||||||||||||||||
Warrants to series A preferred shares [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Conversion into ordinary shares | 343,200 | |||||||||||||||||||||
Warrants to series A preferred shares [Member] | Investors [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Conversion into ordinary shares | 85,931 | |||||||||||||||||||||
Warrants to series B preferred shares [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Conversion into ordinary shares | 756,340 | |||||||||||||||||||||
Warrants to series B-1 preferred shares [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Conversion into ordinary shares | 467,220 | |||||||||||||||||||||
Broker Warrants type 1 [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of shares issued | 184,515 | 184,515 | 184,515 | |||||||||||||||||||
Broker Warrants type 2 [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of shares issued | 92,257 | 92,257 | 92,257 | |||||||||||||||||||
Share-based Compensation Expense [member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Transaction costs | $ | $ 205,000 | |||||||||||||||||||||
Certain Consultant [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Options granted to purchase ordinary shares | 32,500 | |||||||||||||||||||||
Exercise price | $ / shares | $ 2.11 | |||||||||||||||||||||
Options vesting description | The options vested immediately. | |||||||||||||||||||||
Fair value of options | $ | $ 138,000 | |||||||||||||||||||||
Options granted to services providers [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Options granted to purchase ordinary shares | 65,693 | |||||||||||||||||||||
Exercise price | $ / shares | $ 3.10 | |||||||||||||||||||||
Options vesting description | The options will vest over six months in in six equal monthly instalments starting in August 2019. | |||||||||||||||||||||
Fair value of options | $ | $ 90,000 | |||||||||||||||||||||
New US-based CFO [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Options granted to purchase ordinary shares | 30,385 | |||||||||||||||||||||
Exercise price | $ / shares | $ 2.53 | |||||||||||||||||||||
Options vesting description | The options will vest over two years in equal monthly installments following the grant date. | |||||||||||||||||||||
Fair value of options | $ | $ 37,000 | |||||||||||||||||||||
Non-executive director [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Options granted to purchase ordinary shares | 33,638 | 201,828 | ||||||||||||||||||||
Exercise price | $ / shares | $ 2.53 | $ 3.97 | ||||||||||||||||||||
Options vesting description | The options will vest over 3 years in twelve equal quarterly instalments starting on the vesting commencement date (as described in the agreement). | The options will vest over 3 years in twelve equal quarterly instalments starting in the vesting commencement date (as described in each agreement). | ||||||||||||||||||||
Fair value of options | $ | $ 43,000 | $ 531,000 | ||||||||||||||||||||
Certain employees [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Options granted to purchase ordinary shares | 124,000 | |||||||||||||||||||||
Exercise price | $ / shares | $ 3.97 | |||||||||||||||||||||
Options vesting description | The options vest over 4 years from the date of grant; 25% will vest on the first anniversary of the date of grant and the remaining 75% options shall vest in twelve equal quarterly installments following the first anniversary of the grant date. | |||||||||||||||||||||
Fair value of options | $ | $ 341,000 | |||||||||||||||||||||
CMO [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Options granted to purchase ordinary shares | 25,000 | |||||||||||||||||||||
Exercise price | $ / shares | $ 3.97 | |||||||||||||||||||||
Options vesting description | From the total options, 25% will vest on March 1, 2019 and the remaining 75% options shall vest in twelve equal quarterly installments over the next three years starting January 17,2019. | |||||||||||||||||||||
Fair value of options | $ | $ 68,000 | |||||||||||||||||||||
New CEO [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Options granted to purchase ordinary shares | 696,587 | |||||||||||||||||||||
Exercise price | $ / shares | $ 2.75 | |||||||||||||||||||||
Options vesting description | The options vest over 4 years from the date of grant. 25% will vest on the first anniversary of the date of grant and the remaining 75% options shall vest in twelve equal quarterly installments following the first anniversary of the grant date. | |||||||||||||||||||||
Fair value of options | $ | $ 1,100,000 | |||||||||||||||||||||
Placement Agency agreement with GP Numenkari Inc [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Percentage of cash fees of total proceeds | 10.00% | |||||||||||||||||||||
Percentage of number of shares issued to subscribers | 10.00% | |||||||||||||||||||||
Placement Agency agreement with GP Numenkari Inc [Member] | Broker Warrants type 1 [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Percentage of number of shares issued to subscribers | 10.00% | |||||||||||||||||||||
Exercise price | $ / shares | $ 2.37 | |||||||||||||||||||||
Placement Agency agreement with GP Numenkari Inc [Member] | Broker Warrants type 2 [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Percentage of number of shares issued to subscribers | 5.00% | |||||||||||||||||||||
Exercise price | $ / shares | $ 2.96 | |||||||||||||||||||||
Executive officers and former Executive officer [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Options exercised | 662,251 | |||||||||||||||||||||
Number of options exrercised to ordinary shares | 662,251 | |||||||||||||||||||||
Value of options exercised | $ | $ 138,000 | |||||||||||||||||||||
Subscription agreements with select group of accredited investors for private placement [Member] | ||||||||||||||||||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||||||
Number of shares issued | 5,710,153 | 5,710,153 | 5,710,153 | |||||||||||||||||||
Proceeds from private placement | $ | $ 13,500,000 | |||||||||||||||||||||
Share issue price per share | $ / shares | $ 2.37 | $ 2.37 | ||||||||||||||||||||
Options granted to purchase ordinary shares | 2,855,095 | |||||||||||||||||||||
Warrants granted to purchase ordinary shares | 2,855,095 | |||||||||||||||||||||
Exercise price | $ / shares | $ 2.96 | |||||||||||||||||||||
Options vesting description | Exercisable over a three-years period from the date of issuance. | |||||||||||||||||||||
[1] | The total intrinsic value of options exercised during the year ended December 31, 2019, was approximately $2,391 thousand. |
SHARE CAPITAL (Schedule of Comp
SHARE CAPITAL (Schedule of Composed of Ordinary Shares) (Details) | Dec. 31, 2019₪ / sharesshares | Dec. 31, 2018₪ / sharesshares | Mar. 17, 2013$ / shares |
Disclosure of classes of share capital [abstract] | |||
Authorized | 140,010,000 | 140,010,000 | |
Issued | 17,864,684 | 11,459,780 | |
Par value per share | (per share) | ₪ 0.0000769 | ₪ 0.0000769 | $ 0.0000769 |
SHARE CAPITAL (Schedule of Weig
SHARE CAPITAL (Schedule of Weighted Average Assumptions) (Details) | 12 Months Ended | ||
Dec. 31, 2019Years$ / shares | Dec. 31, 2018Years$ / shares | Dec. 31, 2017Years$ / shares | |
Disclosure of classes of share capital [abstract] | |||
Ordinary share price | $ 2.94 | $ 6.31 | $ 5.95 |
Exercise price | $ 3.12 | $ 5.35 | $ 5.95 |
Dividend yield | |||
Expected volatility | 71.00% | 68.00% | 73.77% |
Risk-free interest rate | 1.86% | 2.23% | 1.67% |
Expected life - in years | Years | 9.37 | 4.07 | 7.94 |
SHARE CAPITAL (Schedule of Chan
SHARE CAPITAL (Schedule of Changes in Number of Options and Weighted Average Exercise Prices) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019USD ($)shares$ / shares | Dec. 31, 2018shares$ / shares | Dec. 31, 2017shares$ / shares | ||
Number of options | ||||
Outstanding at beginning of year | shares | 2,438,410 | 3,044,990 | 1,136,590 | |
Expired | shares | (91,000) | |||
Forfeited | shares | (14,690) | (718,120) | (36,270) | |
Exercised | shares | [1] | (662,251) | (31,460) | |
Granted | shares | 1,177,131 | 143,000 | 1,944,670 | |
Outstanding at end of year | shares | 2,847,600 | 2,438,410 | 3,044,990 | |
Exercisable at end of year | shares | 1,525,618 | 1,837,160 | 1,430,780 | |
Weighted average exercise price | ||||
Outstanding at beginning of year | $ / shares | $ 4.36 | $ 4.59 | $ 1.43 | |
Expired | $ / shares | 6.31 | |||
Forfeited | $ / shares | 4.44 | 5.73 | 2.27 | |
Exercised | $ / shares | [1] | 0.21 | ||
Granted | $ / shares | 3.12 | 5.35 | 6.39 | |
Outstanding at end of year | $ / shares | 4.74 | 4.36 | 4.59 | |
Exercisable at end of year | $ / shares | $ 5.62 | $ 1.67 | $ 2.92 | |
Intrinsic value | $ | $ 2,391 | |||
[1] | The total intrinsic value of options exercised during the year ended December 31, 2019, was approximately $2,391 thousand. |
SHARE CAPITAL (Schedule of Info
SHARE CAPITAL (Schedule of Information about Exercise Price and Remaining Contractual Life of Outstanding Options) (Details) | 12 Months Ended | ||||
Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | Dec. 31, 2017shares | Dec. 31, 2016shares | ||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Number of options outstanding at end of year | 2,847,600 | 2,438,410 | 3,044,990 | 1,136,590 | |
Exercise Price One [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Number of options outstanding at end of year | 4,680 | 602,810 | |||
Exercise price | $ / shares | [1] | ||||
Weighted average of remaining contractual life | 2 years 9 months 14 days | 6 months 18 days | |||
Exercise Price Two [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Number of options outstanding at end of year | 11,050 | 27,560 | |||
Exercise price | $ / shares | $ 1.85 | $ 1.85 | |||
Weighted average of remaining contractual life | 1 year 2 months 19 days | 8 months 2 days | |||
Exercise Price Three [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Number of options outstanding at end of year | 36,010 | ||||
Exercise price | $ / shares | $ 2.43 | $ 2.43 | |||
Weighted average of remaining contractual life | 0 years | 1 year 4 months 28 days | |||
Exercise Price Four [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Number of options outstanding at end of year | 65,000 | 65,000 | |||
Exercise price | $ / shares | $ 2.11 | $ 2.11 | |||
Weighted average of remaining contractual life | 18 days | 1 year 18 days | |||
Exercise Price Five [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Number of options outstanding at end of year | 64,023 | ||||
Exercise price | $ / shares | $ 2.53 | $ 2.53 | |||
Weighted average of remaining contractual life | 9 years 10 months 21 days | 0 years | |||
Exercise Price Six [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Number of options outstanding at end of year | 696,587 | ||||
Exercise price | $ / shares | $ 2.75 | $ 2.75 | |||
Weighted average of remaining contractual life | 9 years 7 months 6 days | 0 years | |||
Exercise Price Seven [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Number of options outstanding at end of year | 11,050 | ||||
Exercise price | $ / shares | $ 1.85 | $ 1.85 | |||
Weighted average of remaining contractual life | 0 years | 2 years 2 months 16 days | |||
Exercise Price Eight [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Number of options outstanding at end of year | 65,693 | ||||
Exercise price | $ / shares | $ 3.10 | ||||
Weighted average of remaining contractual life | 4 years 10 months 21 days | 0 years | |||
Exercise Price Nine [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Number of options outstanding at end of year | 203,970 | 205,920 | |||
Exercise price | $ / shares | $ 3.69 | $ 3.69 | |||
Weighted average of remaining contractual life | 2 years 4 months 9 days | 3 years 4 months 9 days | |||
Exercise Price Ten [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Number of options outstanding at end of year | 340,828 | ||||
Exercise price | $ / shares | $ 3.97 | $ 3.97 | |||
Weighted average of remaining contractual life | 9 years 18 days | 0 years | |||
Exercise Price Eleven [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Number of options outstanding at end of year | 1,248,479 | 1,342,770 | |||
Exercise price | $ / shares | $ 6.31 | $ 6.31 | |||
Weighted average of remaining contractual life | 5 years 10 months 6 days | 6 years 4 months 20 days | |||
Exercise Price Twelve [Member] | |||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||||
Number of options outstanding at end of year | 147,290 | 147,290 | |||
Exercise price | $ / shares | $ 7.54 | $ 7.54 | |||
Weighted average of remaining contractual life | 3 years 3 months 4 days | 4 years 3 months 4 days | |||
[1] | Par value |
TAXES ON INCOME (Details)
TAXES ON INCOME (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | |||
Israel corporate tax rates | 23.00% | 23.00% | 24.00% |
Carryforward losses | $ 31 | $ 21 | |
Income tax rate in United states | 21.00% |
REVENUE FROM COLLABORATION AN_2
REVENUE FROM COLLABORATION AND LICENSE AGREEMENT (Narrative) (Details) - USD ($) $ in Thousands | Dec. 10, 2018 | Jan. 31, 2020 | Jan. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenue from contract with customer | $ 236 | $ 500 | ||||
Amgen Inc [Member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Amount to be paid for preclinical services | $ 225 | |||||
Amgen Inc [Member] | ||||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||||
Revenues generated from research collaboration and license agreement | $ 270,000 | |||||
Non-refundable and non-creditable initial technology access fee payment | $ 725 | |||||
Amount to be paid for preclinical services | $ 450 | |||||
Contract Liabilities | 267 | $ 225 | ||||
Additional amount paid for services to be recognized upon commencement of the pre-clinical Research and Development services | 225 | |||||
Revenue from contract with customer | 500 | |||||
Amount of performance obligations | $ 500 |
SUPPLEMENTARY FINANCIAL INFOR_3
SUPPLEMENTARY FINANCIAL INFORMATION (Schedule of Other Current Assets) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other current assets: | ||
Prepaid expenses | $ 39 | $ 109 |
Restricted deposits | 37 | 21 |
Other | 97 | 90 |
Other current assets | $ 173 | $ 220 |
SUPPLEMENTARY FINANCIAL INFOR_4
SUPPLEMENTARY FINANCIAL INFORMATION (Schedule of Accounts Payable Other) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts payable - other: | ||
Employees and employees related | $ 345 | $ 120 |
Provision for vacation | 231 | 215 |
Accrued expenses and other | 794 | 755 |
Accounts payable - other | $ 1,370 | $ 1,090 |
BASIC AND DILUTED LOSS PER SH_3
BASIC AND DILUTED LOSS PER SHARE (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Warrants [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of ordinary shares related to the outstanding options excluded from the calculation of diluted loss per share | 4,849,855 | ||
2012 Convertible Loan, 2016 Convertible Loan, preferred shares and warrants [Member] | |||
Disclosure of classes of share capital [line items] | |||
Number of ordinary shares related to the outstanding options excluded from the calculation of diluted loss per share | 10,596,130 | 7,687,030 |
BASIC AND DILUTED LOSS PER SH_4
BASIC AND DILUTED LOSS PER SHARE (Schedule of Basic and Diluted Loss Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Basic and diluted earnings per share [abstract] | ||||
Loss attributable to equity holders of the Company | $ 10,795 | $ 10,304 | $ 11,197 | |
Income from change in fair value of financial liabilities at fair value | 135 | |||
Loss used for the computation of diluted loss per share | $ 10,795 | $ 10,439 | $ 11,197 | |
Weighted average number of ordinary shares used in the computation of basic loss per share | [1] | 12,146,729 | 7,955,447 | 4,490,720 |
Add: Weighted average number of additional shares issuable upon the assumed conversion/exercise of preferred shares and warrants to issue preferred shares and shares | 27,955 | |||
Weighted average number of ordinary shares used in the computation of diluted loss per share | [1] | 12,146,729 | 7,983,402 | 4,490,720 |
Basic loss per ordinary share | [1] | $ 0.89 | $ 1.30 | $ 2.49 |
Diluted loss per ordinary share | [1] | $ 0.89 | $ 1.31 | $ 2.49 |
[1] | Retroactively adjusted due to ordinary shares split, see note 11. |
RELATED PARTIES - TRANSACTION_3
RELATED PARTIES - TRANSACTIONS AND BALANCES (Schedule of Transactions with Related Parties) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Key management compensation: | |||
Labor cost and related expenses | $ 1,537 | $ 1,180 | $ 1,048 |
Share-based compensation | 1,146 | 868 | 4,694 |
Directors fee and services | 415 | 429 | 577 |
Others | 23 | 30 | 109 |
Key management compensation | $ 3,121 | $ 2,507 | $ 6,428 |
RELATED PARTIES - TRANSACTION_4
RELATED PARTIES - TRANSACTIONS AND BALANCES (Schedule of Balances with Related Parties) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Key management: | ||
Payables and accrued expenses | $ 244 | $ 9 |
Severance pay obligations | 70 | 65 |
Provision for vacation | 194 | 186 |
Directors fee and services | $ 106 | $ 74 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) | Dec. 13, 2019USD ($)$ / shares | Mar. 16, 2020shares$ / shares | Feb. 18, 2020USD ($) | Jan. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares$ / shares | Dec. 31, 2018USD ($)shares$ / shares | Dec. 31, 2017USD ($)shares$ / shares | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Options exercised | [1] | 662,251 | 31,460 | |||||
Proceeds from private placement | $ | $ 12,087,000 | |||||||
Options granted to purchase ordinary shares | 1,177,131 | 143,000 | 1,944,670 | |||||
Exercise price | $ / shares | $ 3.12 | $ 5.35 | $ 6.39 | |||||
Consultant [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Options exercised | 32,500 | |||||||
Number of options exercised to ordinary shares | 32,500 | |||||||
Value of options exercised | $ | $ 69,000 | |||||||
D.N.A. Placement [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Proceeds from private placement | $ | $ 800,000 | $ 800,000 | ||||||
Exercise price | $ / shares | $ 2.96 | |||||||
Options vesting description | Exercisable over a three-year period from the date of issuance | |||||||
Certain Employees [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Options granted to purchase ordinary shares | 201,600 | |||||||
Exercise price | $ / shares | $ 2.14 | |||||||
Options vesting description | The options vest over 4 years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% vest in twelve equal quarterly installments following the first anniversary of the applicable grant date. | |||||||
Certain Service Providers [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Options granted to purchase ordinary shares | 7,500 | |||||||
Exercise price | $ / shares | $ 2.14 | |||||||
Options vesting description | The options vest over 4 years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% vest in twelve equal quarterly installments following the first anniversary of the applicable grant date. | |||||||
Certain Executive Officers [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Options granted to purchase ordinary shares | 250,000 | |||||||
Exercise price | $ / shares | $ 2.14 | |||||||
Options vesting description | The options vest over 4 years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% vest in twelve equal quarterly installments following the first anniversary of the applicable grant date. | |||||||
[1] | The total intrinsic value of options exercised during the year ended December 31, 2019, was approximately $2,391 thousand. |