Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Cellect Biotechnology Ltd. |
Entity Central Index Key | 0001671502 |
Trading Symbol | APOP |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Type | 20-F |
Document Fiscal Period Focus | FY |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Year Focus | 2018 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 130,414,799 |
Consolidated Balance Sheets
Consolidated Balance Sheets ₪ in Thousands, $ in Thousands | Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) |
CURRENT ASSETS: | |||
Cash and cash equivalents | ₪ | ₪ 17,809 | ₪ 13,734 | |
Marketable securities | ₪ | 13,999 | ||
Other receivables | ₪ | 816 | 818 | |
Current assets | ₪ | 18,625 | 28,551 | |
LONG-TERM ASSETS: | |||
Restricted cash | ₪ | 337 | 305 | |
Other Long term receivables | ₪ | 132 | 173 | |
Property, plant and equipment, net | ₪ | 1,544 | 1,344 | |
Non-current assets | ₪ | 2,013 | 1,822 | |
Assets | ₪ | 20,638 | 30,373 | |
CURRENT LIABILITIES: | |||
Trade payables | ₪ | 887 | 1,703 | |
Other payables | ₪ | 4,012 | 2,396 | |
Current liabilities | ₪ | 4,899 | 4,099 | |
NON CURRENT LIABILITIES: | |||
Warrants to ADS | ₪ | 1,816 | 7,422 | |
CONTINGENT LIABILITIES AND COMMITMENTS | ₪ | |||
SHAREHOLDERS' EQUITY: | |||
Ordinary shares of no par value: Authorized: 500,000,000 shares at December 31, 2017, and 2018, Issued and outstanding: 120,185,659*) and 130,414,799*) shares as of December 31, 2017 and 2018, respectively. | ₪ | |||
Additional Paid In Capital | ₪ | 95,085 | 82,839 | |
Share-based payments | ₪ | 12,319 | 9,381 | |
Treasury shares | ₪ | (9,425) | (9,425) | |
Accumulated deficit | ₪ | (84,056) | (63,943) | |
Equity | ₪ | 13,923 | 18,852 | |
Equity and liabilities | ₪ | ₪ 20,638 | ₪ 30,373 | |
U.S. dollars | |||
CURRENT ASSETS: | |||
Cash and cash equivalents | $ | $ 4,752 | ||
Marketable securities | $ | |||
Other receivables | $ | 218 | ||
Current assets | $ | 4,970 | ||
LONG-TERM ASSETS: | |||
Restricted cash | $ | 90 | ||
Other Long term receivables | $ | 35 | ||
Property, plant and equipment, net | $ | 412 | ||
Non-current assets | $ | 537 | ||
Assets | $ | 5,507 | ||
CURRENT LIABILITIES: | |||
Trade payables | $ | 237 | ||
Other payables | $ | 1,070 | ||
Current liabilities | $ | 1,307 | ||
NON CURRENT LIABILITIES: | |||
Warrants to ADS | $ | 485 | ||
CONTINGENT LIABILITIES AND COMMITMENTS | $ | |||
SHAREHOLDERS' EQUITY: | |||
Ordinary shares of no par value: Authorized: 500,000,000 shares at December 31, 2017, and 2018, Issued and outstanding: 120,185,659*) and 130,414,799*) shares as of December 31, 2017 and 2018, respectively. | $ | |||
Additional Paid In Capital | $ | 25,370 | ||
Share-based payments | $ | 3,287 | ||
Treasury shares | $ | (2,515) | ||
Accumulated deficit | $ | (22,427) | ||
Equity | $ | 3,715 | ||
Equity and liabilities | $ | $ 5,507 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2018$ / sharesshares | Dec. 31, 2017₪ / sharesshares | |
Statement of financial position [abstract] | |||
Ordinary shares, par value | (per share) | |||
Ordinary shares, authorized | 500,000,000 | 500,000,000 | |
Ordinary shares, issued | [1] | 130,414,799 | 120,185,659 |
Ordinary shares, outstanding | [1] | 130,414,799 | 120,185,659 |
Treasury shares | 2,641,693 | 2,641,693 | |
[1] | Net of 2,641,693 treasury shares of the Company, held by the Company. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018ILS (₪)₪ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017ILS (₪)₪ / sharesshares | Dec. 31, 2016ILS (₪)₪ / sharesshares | |
Statement Line Items [Line Items] | ||||
Research and development expenses, net | ₪ | ₪ 13,513 | ₪ 11,503 | ₪ 8,256 | |
General and administrative expenses | ₪ | 15,734 | 12,930 | 7,968 | |
Other Income | ₪ | (280) | |||
Total operating expenses | ₪ | 29,247 | 24,433 | 15,944 | |
Operating loss | ₪ | 29,247 | 24,433 | 15,944 | |
Financial income | ₪ | (9,154) | (101) | (660) | |
Financial expenses | ₪ | 20 | 3,892 | 33 | |
Total Comprehensive loss | ₪ | ₪ 20,113 | ₪ 28,224 | ₪ 15,317 | |
Loss per share | ||||
Basic and diluted loss per share | ₪ / shares | ₪ 0.155 | ₪ 0.252 | ₪ 0.168 | |
Basic and diluted loss per ADS | ₪ / shares | ₪ 3.11 | ₪ 5.04 | ₪ 3.36 | |
Weighted average number of shares outstanding used to compute basic and diluted loss per share | shares | 129,426,091 | 129,426,091 | 111,968,663 | 91,128,516 |
U.S. dollars | ||||
Statement Line Items [Line Items] | ||||
Research and development expenses, net | $ | $ 3,605 | |||
General and administrative expenses | $ | 4,198 | |||
Other Income | $ | ||||
Total operating expenses | $ | 7,803 | |||
Operating loss | $ | 7,803 | |||
Financial income | $ | (2,442) | |||
Financial expenses | $ | 6 | |||
Total Comprehensive loss | $ | $ 5,367 | |||
Loss per share | ||||
Basic and diluted loss per share | $ / shares | $ 0.041 | |||
Basic and diluted loss per ADS | $ / shares | $ 0.82 | |||
Weighted average number of shares outstanding used to compute basic and diluted loss per share | shares | 129,426,091 | 129,426,091 |
Statements of Changes in Equity
Statements of Changes in Equity ₪ in Thousands, $ in Thousands | Share capitalILS (₪) | Share capitalUSD ($) | Additional paid in capitalILS (₪) | Additional paid in capitalUSD ($) | Treasury sharesILS (₪) | Treasury sharesUSD ($) | Share based paymentsILS (₪) | Share based paymentsUSD ($) | Accumulated deficitILS (₪) | Accumulated deficitUSD ($) | ILS (₪) | USD ($) |
Balance at Dec. 31, 2015 | ₪ 36,725 | ₪ (9,425) | ₪ 3,603 | ₪ (20,402) | ₪ 10,501 | |||||||
Statement Line Items [Line Items] | ||||||||||||
Issuance of share capital net of issue costs | 30,682 | 1,062 | 31,744 | |||||||||
Share-based payment | 1,552 | 1,552 | ||||||||||
Exercise of share options and warrants | 7 | 7 | ||||||||||
Total comprehensive loss | (15,317) | (15,317) | ||||||||||
Balance at Dec. 31, 2016 | 67,414 | (9,425) | 6,217 | (35,719) | 28,487 | |||||||
Statement Line Items [Line Items] | ||||||||||||
Issuance of share capital net of issue costs | 11,693 | 80 | 11,773 | |||||||||
Share-based payment | 642 | 4,742 | 5,384 | |||||||||
Exercise of share options and warrants | 2,470 | (1,038) | 1,432 | |||||||||
Expiration of share options | 620 | (620) | ||||||||||
Total comprehensive loss | (28,224) | (28,224) | ||||||||||
Balance at Dec. 31, 2017 | 82,839 | (9,425) | 9,381 | (63,943) | 18,852 | |||||||
Statement Line Items [Line Items] | ||||||||||||
Issuance of share capital net of issue costs | 10,024 | 223 | 10,247 | |||||||||
Share-based payment | 186 | 4,351 | 4,537 | |||||||||
Exercise of share options and warrants | 753 | (353) | 400 | |||||||||
Expiration of share options | 1,283 | (1,283) | ||||||||||
Total comprehensive loss | (20,113) | (20,113) | ||||||||||
convenience translation in U.S. dollars (see Note 2d) | $ | $ 25,370 | $ (2,515) | $ 3,287 | $ (22,427) | $ 3,715 | |||||||
Balance at Dec. 31, 2018 | ₪ 95,085 | ₪ (9,425) | ₪ 12,319 | ₪ (84,056) | ₪ 13,923 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Cash Flows from Operating Activities: | ||||
Total Comprehensive Loss | ₪ | ₪ (20,113) | ₪ (28,224) | ₪ (15,317) | |
Adjustments to profit and loss items: | ||||
Exchange rate difference | ₪ | (1,297) | 532 | 134 | |
Loss (Gain) from revaluation of financial assets presented at fair value through profit and loss | ₪ | (397) | 139 | (106) | |
Depreciation and capital loss from sale of property, plant and equipment | ₪ | 459 | 372 | 350 | |
Share-based payment | ₪ | 4,537 | 5,384 | 1,552 | |
Changes in fair value of Traded and Non Traded Warrants To ADS | ₪ | (7,719) | 3,003 | (1,235) | |
Adjustments to profit and loss | ₪ | (4,417) | 9,430 | 695 | |
Changes in asset and liability items: | ||||
Decrease (increase) in other receivables | ₪ | 43 | 470 | (1,049) | |
Increase in other payables | ₪ | 798 | 407 | 1,259 | |
Operating activities for changes in asset and liability | ₪ | 841 | 877 | 210 | |
Cash paid and received during the year for: | ||||
Interest received | ₪ | 54 | 147 | ||
Net cash used in operating activities | ₪ | (23,635) | (17,770) | (14,412) | |
Cash Flows from Investing Activities: | ||||
Proceeds received from the sale of fixed assets | ₪ | 95 | |||
Short term deposits, net | ₪ | 387 | 19,530 | (19,530) | |
Restricted deposit | ₪ | (22) | (165) | (120) | |
Marketable securities measured at fair value through profit and loss, net | ₪ | 13,999 | (9,008) | 2,808 | |
Purchase of property, plant and equipment | ₪ | (656) | (266) | (1,265) | |
Net cash provided by (used in) investing activities | ₪ | 13,708 | 10,091 | (18,012) | |
Cash Flows from Financing Activities: | ||||
Exercise of warrants and stock options into shares | ₪ | 399 | 1,432 | 7 | |
Issuance of share capital and warrants, net of issue costs (see note 11) | ₪ | 12,360 | 14,381 | 34,917 | |
Net cash provided by financing activities | ₪ | 12,759 | 15,813 | 34,924 | |
Exchange differences on balances of cash and cash equivalents | ₪ | 1,243 | (679) | (134) | |
Increase in cash and cash equivalents | ₪ | 4,075 | 7,455 | 2,366 | |
Balance of cash and cash equivalents at the beginning of the year | ₪ | 13,734 | 6,279 | 3,913 | |
Balance of cash and cash equivalents at the end of the year | ₪ | 17,809 | 13,734 | 6,279 | |
(a) Non-cash activities: | ||||
Purchase of property, plant and equipment | ₪ | 3 | 77 | 58 | |
Issuance costs | ₪ | ₪ 127 | |||
U.S. dollars | ||||
Cash Flows from Operating Activities: | ||||
Total Comprehensive Loss | $ | $ (5,367) | |||
Adjustments to profit and loss items: | ||||
Exchange rate difference | $ | (345) | |||
Loss (Gain) from revaluation of financial assets presented at fair value through profit and loss | $ | (106) | |||
Depreciation and capital loss from sale of property, plant and equipment | $ | 122 | |||
Share-based payment | $ | 1,210 | |||
Changes in fair value of Traded and Non Traded Warrants To ADS | $ | (2,059) | |||
Adjustments to profit and loss | $ | (1,178) | |||
Changes in asset and liability items: | ||||
Decrease (increase) in other receivables | $ | 12 | |||
Increase in other payables | $ | 213 | |||
Operating activities for changes in asset and liability | $ | 225 | |||
Cash paid and received during the year for: | ||||
Interest received | $ | 14 | |||
Net cash used in operating activities | $ | (6,306) | |||
Cash Flows from Investing Activities: | ||||
Proceeds received from the sale of fixed assets | $ | ||||
Short term deposits, net | $ | 103 | |||
Restricted deposit | $ | (6) | |||
Marketable securities measured at fair value through profit and loss, net | $ | 3,735 | |||
Purchase of property, plant and equipment | $ | (175) | |||
Net cash provided by (used in) investing activities | $ | 3,657 | |||
Cash Flows from Financing Activities: | ||||
Exercise of warrants and stock options into shares | $ | 106 | |||
Issuance of share capital and warrants, net of issue costs (see note 11) | $ | 3,299 | |||
Net cash provided by financing activities | $ | 3,405 | |||
Exchange differences on balances of cash and cash equivalents | $ | 332 | |||
Increase in cash and cash equivalents | $ | 1,088 | |||
Balance of cash and cash equivalents at the beginning of the year | $ | 3,664 | |||
Balance of cash and cash equivalents at the end of the year | $ | 4,752 | |||
(a) Non-cash activities: | ||||
Purchase of property, plant and equipment | $ | 1 | |||
Issuance costs | $ |
General
General | 12 Months Ended |
Dec. 31, 2018 | |
General [Abstract] | |
GENERAL | NOTE 1:- GENERAL a. Cellect Biotechnology Ltd. (formerly Cellect Biomed Ltd.) (the “Company” or “Cellect”) is incorporated in Israel. Cellect and its subsidiary, Cellect Biotherapeutics Ltd. (the “Subsidiary”) are engaged in the development of an innovative, unique technology that enables the biological filtering and commercialization of stem cells. On May 25, 2018 the Company established a US subsidiary, Cellect Biotech Inc. Cellect’s American Depository Shares (“ADSs”) and certain warrants to purchase ADSs are listed for trading on the Nasdaq Capital Market. Each ADS represents 20 ordinary shares. On September 5, 2017, the Company’s ordinary shares were voluntarily delisted from the Tel Aviv Stock Exchange (“TASE”). The ordinary shares of the Company continue to be listed on the Nasdaq Capital Market in the form of ADSs. b. Going Concern The accompanying financial statements have been prepared in conformity with International Financial Reporting Standards (IFRS), assuming that the Company will continue to operate as a going concern. During the year ended December 31, 2018, the Company incurred a net loss of NIS 20,113 ($5,367) and had negative cash flows from operating activities of NIS 23,635 ($6,306). In addition, the Company had an accumulated deficit of NIS 84,056 ($22,427) at December 31, 2018. The Company’s management plans to seek additional equity financing. The Company believes its current capital resources are sufficient to support its operations through the end of the first quarter of 2020. The Company’s activities since inception have consisted of raising capital and performing research and development activities. As of December 31, 2018, principal commercial operations have not commenced. Successful completion of the Company’s development programs and, ultimately, the attainment of profitable operations, if any, are dependent on future events, including, among other things, its ability to obtain marketing approval from regulatory authorities and access potential markets, secure financing, develop a customer base, attract, retain and motivate qualified personnel and develop strategic alliances. Although management believes that the Company will be able to successfully fund its operations, see note 14 for fundraised at February 2019, there can be no assurance that the Company will be able to do so or that the Company will ever operate profitably. The Company expects to continue to incur substantial losses over the next several years during its development phase. To fully execute its business plan, the Company will need, among other things, to complete its research and development efforts and clinical and regulatory activities. These activities may take several years and will require significant operating and capital expenditures in the foreseeable future. There can be no assurance that these activities will be successful. If the Company is not successful in these activities it could delay, limit, reduce or terminate preclinical studies, clinical trials or other research and development activities. To fund its capital needs, the Company plans to raise funds through equity or debt financings or other sources, such as strategic partnerships and alliance and licensing arrangements, and in the long term, from the proceeds from sales. Additional funds may not be available when the Company needs them, on terms that are acceptable to it, or at all. These matters raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements do not include any adjustments to the carrying amounts and classifications of assets and liabilities that would result if the Company was unable to continue as a going concern. c. The Company currently relies on a single source supplier for one of the components used for R&D. If the current supplier suffers a major natural or man-made disaster at its manufacturing facility, or if it were otherwise cease to supply to us, then this could result in further delays in the clinical studies and may delay product testing and potential regulatory approval until a qualified alternative supplier is identified. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been applied consistently in the consolidated financial statements for all periods presented, unless otherwise stated. a. Basis of presentation of the financial statements: These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”).The Company’s financial statements have been prepared on a cost basis, except for marketable securities and liability related to warrants that are measured at fair value through profit or loss. The Company has elected to present profit or loss items using the “function of expense” method. The Company’s operating cycle is one year. b. Consolidated financial statements: The consolidated financial statements include the financial statements of companies that are controlled by the Company (subsidiaries). Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Potential voting rights are considered when assessing whether an entity has control. The consolidation of the financial statements commences on the date on which control is obtained and ends when such control ceases. The financial statements of the Company and its subsidiaries (the “Group”) are prepared as of the same dates and periods. The consolidated financial statements are prepared using uniform accounting policies by all companies in the Group. Significant intercompany balances and transactions and gains or losses resulting from intragroup transactions are eliminated in full in the consolidated financial statements. c. Functional currency, reporting currency and foreign currency: 1. Functional currency and reporting currency: The presentation currency and the group currency of the financial statements is the New Israeli Shekel (“NIS”). The Company determines the functional currency of each company in the Group. The functional currency used to measure the financial condition and results of operations of each company separately . 2. Transactions, assets and liabilities in foreign currency: Transactions denominated in foreign currency are recorded upon initial recognition at the exchange rate at the date of the transaction. After initial recognition, monetary assets and liabilities denominated in foreign currency are translated on each reporting date into the functional currency at the exchange rate at that date. Exchange rate differences are recognized in profit or loss. d. Convenience translation into U.S. dollars: The financial statements as of December 31, 2018 and for the year then ended have been translated into U.S. dollars using the exchange rate of the U.S. dollar as of December 31, 2018 (U.S. $1.00 = NIS 3.748). The translation was made solely for convenience purposes. The dollar amounts presented in these financial statements should not be construed as representing amounts that are receivable or payable in dollars or convertible into dollars, unless otherwise indicated. e. Cash equivalents: Cash equivalents are considered as highly liquid investments, including unrestricted short-term bank deposits with an original maturity of three months or less from the date of investment or with a maturity of more than three months, but which are redeemable on demand without penalty and which form part of the Group’s cash management. f. Restricted cash: Restricted cash is primarily invested to secure credit card payments and is used as security for the Company’s lease commitment. g. Taxes on income: Current or deferred taxes are recognized in profit or loss, except to the extent that they relate to items which are recognized in other comprehensive income or equity. 1. Current taxes The current tax liability is measured using the tax rates and tax laws that have been enacted or substantively enacted by the reporting date as well as adjustments required in connection with the tax liability in respect of previous years. 2. Deferred taxes Deferred taxes are measured at the tax rate that is expected to apply when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is not probable that they will be utilized. Deductible carryforward losses and temporary differences for which deferred tax assets had not been recognized are reviewed at each reporting date and a respective deferred tax asset is recognized to the extent that their utilization is probable. Taxes that would apply in the event of the disposal of investments in investees have not been taken into account in computing deferred taxes, as long as the disposal of the investments in investees is not probable in the foreseeable future. Also, deferred taxes that would apply in the event of distribution of earnings by investees as dividends have not been taken into account in computing deferred taxes, since the distribution of dividends does not involve an additional tax liability or since it is the Company’s policy not to initiate distribution of dividends from a subsidiary that would trigger an additional tax liability. Taxes on income that relate to distributions of an equity instrument and to transaction costs of an equity transaction are accounted for pursuant to IAS 12. Deferred taxes are offset if there is a legally enforceable right to offset a current tax asset against a current tax liability and the deferred taxes relate to the same taxpayer and the same taxation authority. h. Property, plant and equipment: Property, plant and equipment are measured at cost, including directly attributable costs, less accumulated depreciation. Depreciation is calculated on a straight-line basis over the useful life of the assets at annual rates as follows: % Computers and Electronic Equipment 33 Laboratory and clinical experiments equipment 15 Leasehold improvements (* Office furniture and equipment 7 - 15 (* Leasehold improvements are depreciated on a straight-line basis over the earlier of the lease term or the estimated useful life of the improvement. The useful life, depreciation method and residual value of an asset are reviewed at least each year-end and any changes are accounted for prospectively as a change in accounting estimate. Depreciation of an asset ceases at the earlier of the date that the asset is classified as held for sale and the date that the asset is derecognized. i. Research and development expenses, net of participations: Research and development expenses are recognized in profit or loss when incurred. An intangible asset arising from a development project or from the development phase of an internal project is recognized if the Company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale; the Company’s intention to complete the intangible asset and use or sell it; the Company’s ability to use or sell the intangible asset; how the intangible asset will generate future economic benefits; The availability of adequate technical, financial and other resources to complete the intangible asset; and the Company’s ability to measure reliably the expenditure attributable to the intangible asset during its development. j. Government grants: Government grants are recognized when there is reasonable assurance that the grants will be received and the Company will comply with the attached conditions. Government grants received from the Israel-U.S. Binational Industrial Research and Development (“BIRD”) Foundation are recognized upon receipt as a reduction in research and development expenses, as the Company evaluated that there is reasonable assurance that the Company will not be required to pay royalties, based on the best estimate of future sales using the original effective method. k. Impairment of non-financial assets: The Company evaluates the need to record an impairment of non-financial assets whenever events or changes in circumstances indicate that the carrying amount is not recoverable. If the carrying amount of non-financial assets exceeds their recoverable amount, the assets are reduced to their recoverable amount. The recoverable amount is the higher of fair value less costs of sale and value in use. In measuring value in use, the expected future cash flows are discounted using a pre-tax discount rate that reflects the risks specific to the asset. The recoverable amount of an asset that does not generate independent cash flows is determined for the cash-generating unit to which the asset belongs. Impairment losses are recognized in profit or loss. An impairment loss of an asset, other than goodwill, is reversed only if there have been changes in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. Reversal of an impairment loss, as above, shall not be increased above the lower of the carrying amount that would have been determined (net of depreciation or amortization) had no impairment loss been recognized for the asset in prior years and its recoverable amount. The reversal of impairment loss of an asset presented at cost is recognized in profit or loss. l. Financial assets: Financial assets are measured upon initial recognition at fair value plus transaction costs that are directly attributable to the acquisition of the financial assets, except for financial assets measured at fair value through profit or loss in respect of which transaction costs are recorded in profit or loss. The Company classifies and measures debt instruments in the financial statements based on the following criteria: - The Company’s business model for managing - The contractual cash flow terms of the financial asset. a) Debt instruments are measured at amortized cost when: The On the date of initial recognition, the Company may irrevocably designate a debt instrument as measured at fair value through profit or loss if doing so eliminates or significantly reduces a measurement or recognition inconsistency, such as when a related financial liability is also measured at fair value through profit or loss. b) Debt instruments are measured at fair value through other comprehensive income when: The Company’s business model is to hold the financial assets in order to both collect their contractual cash flows and to sell the financial assets, and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, the instruments in this category are measured at fair value. Gains or losses from fair value adjustments, excluding interest and exchange rate differences, are recognized in other comprehensive income. c) Debt instruments are measured at fair value through profit or loss when: A financial asset which is a debt instrument does not meet the criteria for measurement at amortized cost or at fair value through other comprehensive income. After initial recognition, the financial asset is measured at fair value and gains or losses from fair value adjustments are recognized in profit or loss. d) Equity instruments and other financial assets held for trading: Investments in equity instruments do not meet the above criteria and accordingly are measured at fair value through profit or loss. Other financial assets held for trading such as derivatives, including embedded derivatives separated from the host contract, are measured at fair value through profit or loss unless they are designated as effective hedging instruments. In respect of certain equity instruments that are not held for trading, on the date of initial recognition, the Company made an irrevocable election to present subsequent changes in fair value in other comprehensive income which changes would have otherwise been recorded in profit or loss. These changes will not be reclassified to profit or loss in the future, even when the investment is disposed of. Dividends from investments in equity instruments are recognized in profit or loss when the right to receive the dividends is established. Financial liabilities: Financial liabilities measured at amortized cost: Financial liabilities are initially recognized at fair value less transaction costs that are directly attributable to the issue of the financial liability. After initial recognition, - Financial liabilities at fair value through profit or loss such as derivatives; - Financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies; - Financial guarantee contracts; - Commitments to provide a loan at a below-market interest rate; - Contingent consideration recognized by an acquirer in a business combination to which IFRS 3 applies. m. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement is based on the assumption that the transaction will take place in the asset’s or the liability’s principal market, or in the absence of a principal market, in the most advantageous market. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. All assets and liabilities measured at fair value or for which fair value is disclosed are categorized into levels within the fair value hierarchy based on the lowest level input that is significant to the entire fair value measurement: 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 directly or indirectly. Level 3 - inputs that are not based on observable market data (valuation techniques which use inputs that are not based on observable market data). The following table presents the fair value measurement hierarchy for the Group’s liabilities. Quantitative disclosures of the fair value measurement hierarchy of the Group’s liabilities as of December 31, 2018 and December 31, 2017: December 31, 2018 Fair value measurements using input type Level 1 Level 2 Total Financial liabilities related to Warrants to ADS (1,816 ) - (1,816 ) ADSs for consultants (203 ) - (203 ) Share based compensation - (3,421 ) (3,421 ) Total financial net assets (liabilities) (2,019 ) (3,421 ) (5,440 ) December 31, 2017 Fair value measurements using input type Level 1 Level 2 Total Marketable securities 13,999 - 13,999 Financial liabilities related to Warrants to ADS (7,090 ) (332 ) (7,422 ) ADSs for consultants (643 ) - (643 ) Share based compensation - (8,267 ) (8,267 ) Total financial net assets (liabilities) 6,266 (8,599 ) (2,333 ) n. Treasury shares The Company’s shares held by the Company are measured at their acquisition cost and are presented as an offset against the Company’s equity. Any gain or loss deriving from the purchase, sale, issuance or cancellation of treasury shares is recognized directly in equity. o. Employee benefit liabilities: The Group has several employee benefit plans: 1. Short-term employment benefits: Short-term employee benefits are benefits that are expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related services. These benefits include salaries, paid annual leave, paid sick leave, recreation and social security contributions and are recognized as expenses as the services are rendered. A liability in respect of a cash bonus or a profit-sharing plan is recognized when the Group has a legal or constructive obligation to make such payment as a result of past service rendered by an employee and a reliable estimate of the amount can be made. 2. Post-employment benefits: Post- employment benefit plans are normally funded by contributions to insurance companies and are classified as defined contribution plans. The Company has defined contribution plans pursuant to Section 14 of the Israeli Severance Pay Law, into which the Company pays fixed contributions and has no legal or constructive obligation to pay further contributions on account of severance pay, even if the fund does not hold sufficient amounts to pay all employee benefits relating to employee service in current and prior periods. Contributions to the defined contribution plan in respect of severance or retirement pay are recognized as an expense when contributed concurrently with performance of the employee’s services. p. Share-based payment transactions: The Company’s employees/other service providers are entitled to remuneration in the form of equity-settled share-based payment transactions and certain employees/other service providers are entitled to remuneration in the form of cash-settled share-based payment transactions that are measured based on the increase in the Company’s share price. Equity-settled transactions: The cost of equity-settled transactions with employees is measured at the fair value of the equity instruments granted at grant date. The fair value is determined using an acceptable option pricing model. As for other service providers, the cost of the transactions is measured at the fair value of the goods or services received as consideration for equity instruments granted. In case where the fair value of the goods or services received as consideration of equity instruments cannot be measured, they are measured by reference to the fair value of the equity instruments granted. The cost of equity-settled transactions is recognized in profit or loss, together with a corresponding increase in equity, during the period in which the performance or service conditions are satisfied, and ending on the date on which the relevant employees become fully entitled to the award (the “Vesting Period”). No expense is recognized for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vested irrespective of whether the market condition is satisfied, provided that all other vesting conditions (service and/or performance) are satisfied. If the Company modifies the conditions on which equity-instruments were granted, an additional expense is recognized for any modification that increases the total fair value of the share-based payment arrangement or is otherwise beneficial to the employee/other service provider at the modification date. If a grant of an equity instrument is cancelled, it is accounted for as if it had vested on the cancellation date and any expense not yet recognized for the grant is recognized immediately. However, if a new grant replaces the cancelled grant and is identified as a replacement grant on the grant date, the cancelled and new grants are accounted for as a modification of the original grant, as described above. q. Loss per share: Loss per share is calculated by dividing the net loss attributable to Company shareholders by the weighted number of outstanding ordinary shares during the period. Potential ordinary shares are only included in the computation of diluted loss per share when their conversion increases loss per share or decreases income per share. Potential ordinary shares that are converted during the period are included in diluted loss per share only until the conversion date and from that date in basic loss per share. |
Significant Accounting Judgment
Significant Accounting Judgments, Estimates and Assumptions Used in Preparation of the Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Judgments, Estimates and Assumptions used in Preparation of the Financial Statements [Abstract] | |
SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS USED IN PREPARATION OF THE FINANCIAL STATEMENTS | NOTE 3:- SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS USED IN PREPARATION OF THE FINANCIAL STATEMENTS Estimates and assumptions: The preparation of the Group’s financial statements requires management to make estimates and assumptions that have an effect on application of the accounting policies and on the reported amounts of assets, liabilities and expenses. Changes in accounting estimates are reported in the period of the change in estimate. The key assumptions made in the financial statements concerning uncertainties at the reporting date and the critical estimates computed by the Company that may result in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. ● Determining the fair value of share-based transactions The fair value of share based transactions is determined upon initial recognition using acceptable option pricing models. The model is based on per-share price data and the exercise price and assumptions regarding expected volatility, expected life, expected dividend and risk-free interest rate. |
Disclosure of New Standards in
Disclosure of New Standards in the Period Prior to their Adoption | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure Of New Standards In The Period Prior To Their Adoption [Abstract] | |
DISCLOSURE OF NEW STANDARDS IN THE PERIOD PRIOR TO THEIR ADOPTION | NOTE 4:- DISCLOSURE OF NEW STANDARDS IN THE PERIOD PRIOR TO THEIR ADOPTION IFRS 16, “Leases”: In January 2016, the IASB issued IFRS 16, “Leases” (“the new Standard”). According to the new Standard, a lease is a contract, or part of a contract, that conveys the right to use an asset for a period of time in exchange for consideration. The effects of the adoption of the new Standard are as follows: ● According to the new Standard, lessees are required to recognize all leases in the statement of financial position (excluding certain exceptions, see below). Lessees will recognize a liability for lease payments with a corresponding right-of-use asset, similar to the accounting treatment for finance leases under the existing standard, IAS 17, “Leases”. Lessees will also recognize interest expense and depreciation expense separately. ● Variable lease payments that are not dependent on changes in the Consumer Price Index (“CPI”) or interest rates, but are based on performance or use are recognized as an expense by the lessees as incurred and recognized as income by the lessors as earned. ● In the event of change in variable lease payments that are CPI-linked, lessees are required to remeasure the lease liability and record the effect of the remeasurement as an adjustment to the carrying amount of the right-of-use asset. ● The accounting treatment by lessors remains substantially unchanged from the existing standard, namely classification of a lease as a finance lease or an operating lease. ● NOTE 4:- The new Standard includes two exceptions which allow lessees to account for leases based on the existing accounting treatment for operating leases - leases for which the underlying asset is of low financial value and short-term leases (up to one year). The new Standard is effective for annual periods beginning on or after January 1, 2019. The new Standard permits lessees to use one of the following approaches: 1. Full retrospective approach - according to this approach, a right-of-use asset and the corresponding liability will be presented in the statement of financial position as if they had always been measured according to the provisions of the new Standard. Accordingly, the effect of the adoption of the new Standard at the beginning of the earliest period presented will be recorded in equity. Also, the Company will restate the comparative data in its financial statements. Under this approach, the balance of the liability as of the date of initial application of the new Standard will be calculated using the interest rate implicit in the lease, unless this rate cannot be easily determined in which case the lessee’s incremental borrowing rate of interest on the commencement date of the lease will be used. 2. Modified retrospective approach - this approach does not require restatement of comparative data. The balance of the liability as of the date of initial application of the new Standard will be calculated using the lessee’s incremental borrowing rate of interest on the date of initial application of the new Standard. As for the measurement of the right-of-use asset, the Company may choose, on a lease-by-lease basis, to apply one of the two following alternatives: ● Recognize an asset in an amount equal to the lease liability, with certain adjustments. ● Recognize an asset as if the new Standard had always been applied. The Company believes that it will apply the modified retrospective approach upon the initial adoption of the new Standard by measuring the right-of-use asset at an amount equal to the lease liability, as measured on the transition date. The Company believes, based on an assessment of the impact of the adoption of the new Standard, that its application is not expected to have a material effect on the financial statements. The first assumption of the company is that the asset and liability will be in the amount of NIS 868 at the date of recognition. |
Marketable Securities Measured
Marketable Securities Measured at Fair Value through Profit and Loss | 12 Months Ended |
Dec. 31, 2018 | |
Marketable Securities Measured at Fair Value Through Profit and Loss [Abstract] | |
MARKETABLE SECURITIES MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS | NOTE 5:- MARKETABLE SECURITIES MEASURED AT FAIR VALUE THROUGH PROFIT AND LOSS Marketable securities are measured at fair value through profit and loss. During 2018 and as of December 31 2017, the marketable securities are comprised of NIS mutual funds that follow changes in short term Bank of Israel interest. |
Other Receivables
Other Receivables | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other receivables [abstract] | |
OTHER RECEIVABLES | NOTE 6:- OTHER RECEIVABLES Convenience translation December 31, December 31, 2017 2018 2018 N I S U.S. dollars Other receivables 60 30 8 Government authorities 185 186 50 Prepaid expenses 573 600 160 818 816 218 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | NOTE 7:- PROPERTY, PLANT AND EQUIPMENT, NET Balance as of December 31, 2018: Laboratory Leasehold Office furniture Computers Total Cost Balance as of January 1, 2018 1,250 384 171 295 2,100 Additions during the year 527 12 49 64 652 Balance as of December 31, 2018 1,777 396 220 359 2,752 Accumulated Depreciation Balance as of January 1, 2018 302 241 31 182 756 Additions during the year: 234 125 14 79 452 Balance as of December 31, 2018 536 366 45 261 1,208 Depreciated cost as of December 31, 2018 1,241 30 175 98 1,544 Depreciated cost as of December 31, 2018 (convenience translation into U.S. dollars (Note 2d) ) 331 8 46 27 412 Balance as of December 31, 2017: Laboratory Leasehold Office furniture Computers Total Cost Balance as of January 1, 2017 1,006 372 147 232 1,757 Additions during the year 244 12 24 65 345 Deductions during the year - - - (2 ) (2 ) Balance as of December 31, 2017 1,250 384 171 295 2,100 Accumulated Depreciation Balance as of January 1, 2017 140 116 18 110 384 Additions during the year: 162 125 13 72 372 Balance as of December 31, 2017 302 241 31 182 756 Depreciated cost as of December 31, 2017 948 143 140 113 1,344 Depreciated cost as of December 31, 2017 (convenience translation into U.S. dollars (Note 2d) ) 274 41 40 33 388 |
Other Payables
Other Payables | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other payables [abstract] | |
OTHER PAYABLES | NOTE 8:- OTHER PAYABLES Convenience translation December 31, December 31, 2017 2018 2018 N I S U.S. dollars Employees and payroll accruals *) 1,954 2,317 618 Accrued expenses 430 1,499 400 Other 12 196 52 2,396 4,012 1,070 *) Balance includes related parties (The Company’s CEO and the Chairman of the Board of Directors). |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of classes of share capital [abstract] | |
EQUITY | NOTE 9:- EQUITY a. Changes in share capital: Number of Shares (issued Balance as of January 1, 2017 *) 107,628,485 Issuance of shares and warrants 10,622,720 Exercise of share options 1,484,154 ADS granted (see Note 12c) 450,300 Balance as of December 31, 2017 *) 120,185,659 Issuance of shares and warrants 9,696,960 Exercise of share options 310,180 ADS granted (see Note 12c) 222,000 Balance as of December 31, 2018 *) 130,414,799 *) Net of 2,641,693 treasury shares of the Company, held by the Company. 1. In February 2016, the Company completed a private placement of shares and warrants for a total of approximately NIS 8,000 and issued 5,783,437 ordinary shares as well as 1,927,801 unlisted warrants exercisable for a period of 12 months, at an exercise price of NIS 2.1 per warrant. Participants in the private placement also included related parties and an officer of the Company. On May 16, 2016, the Company’s shareholders, at a general meeting, approved the participation of the controlling shareholder and Chairman of the Board, Nuriel Kasbian Chirich, in the private placement, and accordingly he was allotted 287,769 shares and 95,923 unlisted warrants of the Company on the same terms as the rest of the offerees. On January 9, 2017, the Company’s shareholders, at general meeting of the Company’s shareholders, approved the extension of the exercise period of the warrants until March 7, 2018. At March 7, 2018 the unlisted warrants expired. 2. On July 28, 2016, the Company completed a US initial public offering (the “IPO”) of 1,292,308 ADSs and listed warrants to purchase 969,231 ADSs (the “Listed Warrants”) at a combined price to the public of $6.50 resulting in Each Listed Warrant is exercisable into one ADS, for a period of five years at an exercise price of US$7.50 per warrant. Since the warrant exercise price is in US dollars, which is not the Company’s functional currency, the Listed Warrants were classified as a financial liability at fair value and are marked to market through profit or loss in accordance with IFRS 9. The Company granted the underwriters a 45-day over-allotment option to purchase up to 193,846 additional ADSs at a price of US$6.038 per ADS and/or additional Listed Warrants to purchase 145,385 ADSs, on the same terms as the warrants issued to the public, at a price of US$0.007 per warrant. The underwriters partially exercised the over-allotment option resulting in the issuance of 65,890 Listed Warrants. The option to the Underwriters was recognized as a share based payment transaction in accordance with IFRS 2, and was netted off the total consideration as issuance cost. Furthermore, the Company issued to the underwriters unlisted warrants to purchase 77,538 ADSs at an exercise price of $8.80 per warrant and exercisable for a period of four years. The underwriters’ unlisted warrants were classified as a share based payment transaction in accordance with IFRS 2 and netted off the total consideration as issuance cost. On April 4, 2017, underwriters’ warrants to purchase 61,487 ADSs were exercised. 3. On May 9, 2017, the Company’s shareholders at a general shareholders’ meeting approved the following changes in the terms of the options (Series 1): (i) extension of the expiration date options (Series 1) to a date that is 80 days from court approval for such of the exercise period of the options (Series 1) (i.e. August 17, 2017, following court approval), and (ii) reduction in the exercise price of the options (Series 1) from NIS 1.85 per option to NIS 1.20 per option, in accordance with Section 350 of the Israeli Companies Law. On May 29, 2017, the court approved the changes to the options (Series 1). On August 17, 2017 the options (Series 1) expired. 4. Between July 1, 2017, and August 16, 2017, an aggregate of 516,574 options (Series 1) were exercised. Each option (Series 1) was exercised into one ordinary share at an exercise price of NIS 1.20 per option. 5. On September 7, 2017, the Company sold to certain accredited investors an aggregate of 531,136 ADSs and 265,568 unregistered warrants to purchase 265,568 ADSs in a registered direct offering at $8.10 per ADS in which it raised gross proceeds of NIS 15,214, (NIS 13,970 net of all issuance costs, including share-based awards granted). An amount of NIS 11,695 out of the consideration related to the ADSs and classified as equity component, while an amount of NIS 2,481 related to the fair value of the warrants, calculate by the Black–Scholes model, to purchase ADSs and was classified as a liability. Issuance costs amounting to NIS 204 associated with the issuance of the warrants, have been recognized as finance expenses. The investor warrants were exercisable for one year from issuance and had an exercise price of $12.07 per ADS, subject to adjustment as set forth therein. The investor warrants were exercisable on a cashless basis if there were no effective registration statement registering the ADSs underlying the warrants. The Company paid approximately $140 in placement agent fees and expenses and issued unregistered placement agent warrants to purchase 7,492 ADSs on the same general terms as the investor warrants except they have an exercise price of $10.125 per ADS. On September 10, 2018 all the investor warrants and the placement agent warrants were expired. Since the warrant exercise price is in US dollars, which is not the Company’s functional currency, the unregistered warrants to purchase ADS were classified as a financial liability at fair value and are marked to market through profit or loss. The placement agent warrants were classified as a share based payment transaction in accordance with IFRS 2 and netted off the total consideration as issuance cost. 6. On January 31, 2018, the Company sold to certain institutional investors an aggregate of 484,848 ADSs and 266,667 unregistered warrants to purchase 266,667 ADSs in a registered direct offering at $8.25 per ADS in which it raised gross proceeds of NIS 13,620 (NIS 11,865 net of all issuance costs in the amount of NIS 1,755, including share-based awards granted). An amount of NIS 10,024 out of the consideration related to the ADSs and classified as equity component, while an amount of NIS 2,113 related to the fair value of the warrants, calculate by the Black–Scholes model, to purchase ADSs and was classified as a liability. Issuance costs amounting to NIS 272 associated with the issuance of the warrants, have been recognized as finance expenses. The investor warrants may be exercised for one year from issuance and have an exercise price of $12.00 per ADS, subject to adjustment as set forth therein. The investor warrants may be exercised on a cashless basis if there is no effective registration statement registering the ADSs underlying the warrants. As part of the issuance costs, the Company paid approximately $323 in placement agent fees and expenses and issued unregistered placement agent warrants to purchase 24,242 ADSs on the same general terms as the investor warrants except they have an exercise price of $10.31 per ADS. Since the warrant exercise price is in US dollars, which is not the Company’s functional currency, the unregistered warrants to purchase ADS were classified as a financial liability at fair value and are marked to market through profit or loss in accordance with IFRS 9. The placement agent warrants were classified as a share based payment transaction in accordance with IFRS 2, and was netted off the total consideration as issuance cost. b. Rights related to ordinary shares All ordinary shares shall have equal rights and each ordinary share shall entitle the holder the following rights: 1. The right to receive notices of any general meeting of shareholders, to participate in meetings and vote on any matter raised in the meeting. Each ordinary share entitles its holder to one vote. 2. The right to participate in any distribution by the Company to its shareholders and receive dividends and / or bonus shares, if distributed in accordance with the Company articles of association. 3. The right to participate at the time of liquidation of the Company, in the distribution of the Company’s assets permitted to be distributed in proportion to the number of shares allocated and the degree of repayment by the shareholders, if not fully paid, and subject to the provisions of the articles of association of the Company and without prejudice to existing rights of shareholders of any kind. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation | |
SHARE-BASED COMPENSATION | NOTE 10:- SHARE-BASED COMPENSATION a. In February 2014, the Company’s board of directors adopted an Employee Shares Incentive Plan (the “2014 Plan”). Under the 2014 Plan, options may be granted to employees, officers, directors, consultants, advisers and service providers of the Company. On May 17, 2018, the board of directors approved an increase to the Company’s option pool of 4,392,029 options. As a result, the Company has a total of 17,100,000 options in the pool. b. On November 23, 2015, the Company’s shareholders, at a general meeting of shareholders approved the former Deputy CEO and CFO terms of service, including a grant of options, which is an exception from the Company’s compensation policy, as further described below. The terms of service included among others, a grant of 2,658,246 options, exercisable for 2,658,246 ordinary shares, no par value, of the Company at an exercise price of NIS 1.286 per share. The total benefit in respect of the grant calculated at the grant date was NIS 3,033. On March 28, 2017, 500,000 options were exercised into 500,000 ordinary shares by the Company’s former Deputy CEO and CFO. During January, 2018, 310,180 options were exercised into 310,180 ordinary shares by the Company’s former Deputy CEO and CFO. The remaining 297,420 options expired on February 28, 2018. c. Details on share-based payment for service providers: 1. On February 28, 2017, the board of directors approved the issuance to a consultant of 15,000 ADSs. The issuance was made in three equal tranches, of 5,000 ADSs each. The first tranche was issued in May 2017, the second tranche was issued in July 2017 and the third tranche was issued in November 2017. 2. On July 23, 2017, the Company issued 7,515 ADSs to a consultant. On June 28, 2017, the board of directors approved the issuance of ADSs. 3. On November 26, 2018 the Company issued 9,000 ADSs to a consultant. On November 12, 2018, the board of directors approved the issuance of ADSs. 4. On December 2, 2018 the Company issued 2,100 ADSs to a consultant. On November 12, 2018, the board of directors approved the issuance of ADSs. In addition the Company issued warrants to purchase 4,500 ADSs exercisable at $4.803 per ADS for one year from the agreement date and are fully vested from the issuance date. d. Expense recognized in the financial statements: The expense that was recognized for services received from employees, directors and service providers is as follows: Convenience translation (Note 2d) Year ended December 31, Year ended December 31, 2016 2017 2018 2018 N I S U.S. dollars Research and development 253 1,940 807 215 General and administrative 1,299 3,444 3,730 996 Total share-based compensation 1,552 5,384 4,537 1,211 e. Activity during the year: The table below includes the number of share options, and the weighted average of their exercise prices: 2017 2018 Number of options Weighted Average Exercise price Number of options Weighted Average Exercise price NIS NIS Outstanding at beginning of year 5,979,973 1.25 10,752,668 1.18 Options exercised for shares (696,980 ) 1.16 (310,180 ) 1.29 Options forfeited (166,667 ) 0.63 (170,375 ) 1.34 Option Expired (726,512 ) 1.69 (693,756 ) 1.39 Granted 6,362,854 1.16 3,435,790 1.21 Outstanding at end of year 10,752,668 1.18 13,014,147 1.18 f. The following table summarize information about the Company’s outstanding and exercisable options granted to employees and consultants as of December 31, 2018: Exercise price (Range) Options outstanding as of December 31, 2018 Weighted average remaining contractual term Options exercisable as of December 31, 2018 Weighted average remaining contractual term (years) (years) 0.001 - 1.35 10,129,937 8.4 3,802,949 8.0 1.35 - 1.8 2,596,210 7.4 1,445,688 6.0 1.8 - 2.1 288,000 6.6 288,000 6.6 13,014,147 8.2 5,536,637 7.4 g. Measuring the fair value of share options settled by equity instruments: The Company measures the fair value of the options under the Black-Scholes model. Fair values were estimated using the following assumptions for the years ended December 31, 2017 and 2018, is as follows: 2017 2018 Dividend yield (%) 0 0 Expected volatility of the share prices (%) 81.56%-85.61 % 59.23%-84.66 % Risk-free interest rate (%) 1.94%-2.52 % 1.86%-3.19 % Expected life of share options (years) 10 1-10 Based on the assumptions above, the fair value of options granted in the years 2017-2018 was NIS 11,688 at the grant date. The determination of the grant date fair value of options using an option pricing model (the Company utilizes the Black-Scholes model) is affected by estimates and assumptions regarding a number of complex and subjective variables. These variables include the expected volatility of the Company’s share price over the expected term of the options, share option exercise and cancellation behaviors, risk-free interest rates and expected dividends, which are estimated as follows: 1. The expected share price volatility is based on the historical volatility in the trading price of the Company’s ordinary shares as well as comparable companies on the TASE and on the Nasdaq and benchmarks of related companies. 2. The expected term of options granted is based upon the contractual life of the options and represents the period of time that options granted are expected to be outstanding. 5. The risk-free interest rate is based on the yield from Israeli government bonds with a term equivalent to the contractual life of the options. 6. The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company uses an expected dividend yield of zero. |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2018 | |
Taxes on Income [Abstract] | |
TAXES ON INCOME | NOTE 11:- TAXES ON INCOME a. Corporate tax rates in Israel: In December 2016, the Israeli Parliament approved the Economic Efficiency Law (Legislative Amendments for Applying the Economic Policy for the 2017 and 2018 Budget Years), 2017 which reduces the corporate income tax rate to 24% (instead of 25%) effective from January 1, 2017 and to 23% effective from January 1, 2018. The Israeli corporate income tax rate was 23% in 2018, 24% in 2017 and 25% in 2016. A company incorporated in the U.S. - weighted tax rate of about 21% (Federal tax, State tax and city tax of the city where the company operates). Cellect Biotech Inc is subject to the U.S. federal tax reform (Tax Cuts and Jobs Act of 2017). b. Final tax assessments: The Company and its subsidiary received final tax assessments through tax years 2012. In 2018, the Company received final tax assessements for the years 2013-2016 following an audit of the income tax of ITA. c. Net operating carry forwards losses for tax purposes and other temporary differences: As of December 31, 2018, the Company had carry forward operating losses amounting to approximately NIS 70,057. The Company did not recognize deferred tax assets for carry forward operating and capital losses and other temporary differences because their utilization in the foreseeable future is not probable. |
Contingent Liabilities and Comm
Contingent Liabilities and Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Contingent Liabilities and Commitments [Abstract] | |
CONTINGENT LIABILITIES AND COMMITMENTS | NOTE 12:- CONTINGENT LIABILITIES AND COMMITMENTS a. Commitments 1. On September 1, 2015, the Company signed a lease agreement for new offices. The aforementioned lease agreement is for a minimum period of three years from the date of signing the agreement. On October 15, 2018 the lease agreement was extended for two additional years until October 14, 2020. During 2018, the Company signed a new lease agreement for additional offices in the same building. The aforementioned lease agreement, is for a minimum period of 18 months. The future minimum lease fees payable as of December 31, 2018 are NIS 570, NIS 414, for the years 2019, 2020 respectively. The Company has entered into operating lease agreements for vehicles. These leases have an average life of three years with no option to extend the contract. The Company has the right to terminate the agreement before the end of the three years and will be required to pay an early termination penalty of between one to three months of the lease. The future minimum lease fees payable as of December 31, 2018 are NIS 159, NIS 139, NIS 56, for the years 2019, 2020, 2021 respectively. 2. The Company participated in programs sponsored by the Israel-United States Binational Industrial Research and Development Foundation (BIRD) for the support of research and development activities. The Company is obligated to pay royalties to BIRD, amounting to 5% of the gross sales of the products and other related revenues developed from such activities, up to an amount of 150% from the grant received from BIRD by the Company indexed to the U.S. consumer price index. As of December 31, 2018, the Company received an aggregate grant of $120 from the BIRD Foundation in support of the development and commercialization of the Company’s stem cell selection technology in collaboration with Entegris. The Company is no longer pursuing its collaboration with Entegris and does not expect to receive additional grants in the future. b. Liens: The Company provided a NIS 175 restricted bank deposit to secure credit card payments. The Company provided a NIS 162 restricted bank deposit to secure the rent payment. |
Balances and Transactions with
Balances and Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Balances and Transactions with Related Parties [Abstract] | |
BALANCES AND TRANSACTIONS WITH RELATED PARTIES | NOTE 13:- BALANCES AND TRANSACTIONS WITH RELATED PARTIES a. Related party balances Convenience translation (Note 2d) December 31 Year ended December 31, 2017 2018 2018 Key management personnel Other related parties Key management personnel Other related parties Key management personnel Other related parties NIS U.S. Dollars Other payables 425 827 687 848 183 226 425 827 687 848 183 226 b. The directors and senior managers of the Company are entitled, in addition to salary, to non-cash benefits (such as a car, medical insurance, etc.). Benefits for employment of key management personnel (including directors) employed in the Company: Convenience translation (Note 2d) Year ended December 31, Year ended December 31, 2016 2017 2018 2018 No. of people Amount NIS No. of people Amount NIS No. of people Amount NIS Amount U.S. dollars Short-term employee benefits (includes Company’s CEO in 2016, 2017 and 2018) 7 6,040 5 7,816 8 8,790 2,345 c. Benefits for employment of key management personnel (including directors) that are not employed in the Company: Convenience translation (Note 2d) Year ended December 31, Year ended December 31, 2016 2017 2018 2018 No. of people Amount NIS No. of people Amount NIS No. of people Amount NIS Amount U.S. dollars Key management personnel and related parties - - - - - - - Directors’ fees 5 513 8 682 7 1,027 274 5 513 8 682 7 1,027 274 d. Transactions with related parties: Convenience translation (Note 2d) Year ended December 31, Year ended December 31, 2016 2017 2018 2018 Key management personnel Related parties Key management personnel Related parties Key management personnel Related parties Key management personnel Related parties Research and development expenses 1,063 1,544 634 2,661 2,107 913 562 244 General and administrative expenses 2,317 1,116 2,014 2,507 2,254 3,517 601 938 3,380 2,660 2,648 5,168 4,361 4,430 1,163 1,182 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 14:- SUBSEQUENT EVENTS On February 12, 2019, in a follow-on underwritten public offering the Company sold an aggregate of 1,889,000 each consisting of (i) one ADS, and (ii) one warrant to purchase one ADS, at a public offering price of $1.50 per unit, and (b) 2,444,800 pre-funded units, each consisting of (i) one pre-funded to purchase one ADS, and (ii) one warrant, at a public offering price of $1.49 per pre-funded unit, resulting in gross proceeds of approximately NIS 25,508 (NIS 22,122 net of all issuance costs) including exercise by underwriters. In connection with the offering, the Company granted the underwriters a 45-day option to purchase up to an additional 650,070 ADSs and/or 650,070 warrants to purchase up to an additional 650,070 ADSs. The underwriters partially exercised their over-allotment option to purchase an aggregate of 350,000 additional ADS and additional warrants to purchase 650,070 ADSs. Subsequently, of the pre-funded warrants issued, we issued 2,444,650 ADSs upon exercise of pre-funded warrants. The Company paid approximately $933 in offering fees and expenses. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Abstract] | |
Basis of presentation of the financial statements: | a. Basis of presentation of the financial statements: These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”).The Company’s financial statements have been prepared on a cost basis, except for marketable securities and liability related to warrants that are measured at fair value through profit or loss. The Company has elected to present profit or loss items using the “function of expense” method. The Company’s operating cycle is one year. |
Consolidated financial statements: | b. Consolidated financial statements: The consolidated financial statements include the financial statements of companies that are controlled by the Company (subsidiaries). Control is achieved when the Company is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Potential voting rights are considered when assessing whether an entity has control. The consolidation of the financial statements commences on the date on which control is obtained and ends when such control ceases. The financial statements of the Company and its subsidiaries (the “Group”) are prepared as of the same dates and periods. The consolidated financial statements are prepared using uniform accounting policies by all companies in the Group. Significant intercompany balances and transactions and gains or losses resulting from intragroup transactions are eliminated in full in the consolidated financial statements. |
Functional currency, reporting currency and foreign currency: | c. Functional currency, reporting currency and foreign currency: 1. Functional currency and reporting currency: The presentation currency and the group currency of the financial statements is the New Israeli Shekel (“NIS”). The Company determines the functional currency of each company in the Group. The functional currency used to measure the financial condition and results of operations of each company separately . 2. Transactions, assets and liabilities in foreign currency: Transactions denominated in foreign currency are recorded upon initial recognition at the exchange rate at the date of the transaction. After initial recognition, monetary assets and liabilities denominated in foreign currency are translated on each reporting date into the functional currency at the exchange rate at that date. Exchange rate differences are recognized in profit or loss. |
Convenience translation into U.S. dollars: | d. Convenience translation into U.S. dollars: The financial statements as of December 31, 2018 and for the year then ended have been translated into U.S. dollars using the exchange rate of the U.S. dollar as of December 31, 2018 (U.S. $1.00 = NIS 3.748). The translation was made solely for convenience purposes. The dollar amounts presented in these financial statements should not be construed as representing amounts that are receivable or payable in dollars or convertible into dollars, unless otherwise indicated. |
Cash equivalents: | e. Cash equivalents: Cash equivalents are considered as highly liquid investments, including unrestricted short-term bank deposits with an original maturity of three months or less from the date of investment or with a maturity of more than three months, but which are redeemable on demand without penalty and which form part of the Group’s cash management. |
Restricted cash: | f. Restricted cash: Restricted cash is primarily invested to secure credit card payments and is used as security for the Company’s lease commitment. |
Taxes on income: | g. Taxes on income: Current or deferred taxes are recognized in profit or loss, except to the extent that they relate to items which are recognized in other comprehensive income or equity. 1. Current taxes The current tax liability is measured using the tax rates and tax laws that have been enacted or substantively enacted by the reporting date as well as adjustments required in connection with the tax liability in respect of previous years. 2. Deferred taxes Deferred taxes are measured at the tax rate that is expected to apply when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is not probable that they will be utilized. Deductible carryforward losses and temporary differences for which deferred tax assets had not been recognized are reviewed at each reporting date and a respective deferred tax asset is recognized to the extent that their utilization is probable. Taxes that would apply in the event of the disposal of investments in investees have not been taken into account in computing deferred taxes, as long as the disposal of the investments in investees is not probable in the foreseeable future. Also, deferred taxes that would apply in the event of distribution of earnings by investees as dividends have not been taken into account in computing deferred taxes, since the distribution of dividends does not involve an additional tax liability or since it is the Company's policy not to initiate distribution of dividends from a subsidiary that would trigger an additional tax liability. Taxes on income that relate to distributions of an equity instrument and to transaction costs of an equity transaction are accounted for pursuant to IAS 12. Deferred taxes are offset if there is a legally enforceable right to offset a current tax asset against a current tax liability and the deferred taxes relate to the same taxpayer and the same taxation authority. |
Property, plant and equipment: | h. Property, plant and equipment: Property, plant and equipment are measured at cost, including directly attributable costs, less accumulated depreciation. Depreciation is calculated on a straight-line basis over the useful life of the assets at annual rates as follows: % Computers and Electronic Equipment 33 Laboratory and clinical experiments equipment 15 Leasehold improvements (* Office furniture and equipment 7 - 15 (* Leasehold improvements are depreciated on a straight-line basis over the earlier of the lease term or the estimated useful life of the improvement. The useful life, depreciation method and residual value of an asset are reviewed at least each year-end and any changes are accounted for prospectively as a change in accounting estimate. Depreciation of an asset ceases at the earlier of the date that the asset is classified as held for sale and the date that the asset is derecognized. |
Research and development expenses, net of participations: | i. Research and development expenses, net of participations: Research and development expenses are recognized in profit or loss when incurred. An intangible asset arising from a development project or from the development phase of an internal project is recognized if the Company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale; the Company's intention to complete the intangible asset and use or sell it; the Company's ability to use or sell the intangible asset; how the intangible asset will generate future economic benefits; The availability of adequate technical, financial and other resources to complete the intangible asset; and the Company's ability to measure reliably the expenditure attributable to the intangible asset during its development. |
Government grants: | j. Government grants: Government grants are recognized when there is reasonable assurance that the grants will be received and the Company will comply with the attached conditions. Government grants received from the Israel-U.S. Binational Industrial Research and Development ("BIRD") Foundation are recognized upon receipt as a reduction in research and development expenses, as the Company evaluated that there is reasonable assurance that the Company will not be required to pay royalties, based on the best estimate of future sales using the original effective method. |
Impairment of non-financial assets: | k. Impairment of non-financial assets: The Company evaluates the need to record an impairment of non-financial assets whenever events or changes in circumstances indicate that the carrying amount is not recoverable. If the carrying amount of non-financial assets exceeds their recoverable amount, the assets are reduced to their recoverable amount. The recoverable amount is the higher of fair value less costs of sale and value in use. In measuring value in use, the expected future cash flows are discounted using a pre-tax discount rate that reflects the risks specific to the asset. The recoverable amount of an asset that does not generate independent cash flows is determined for the cash-generating unit to which the asset belongs. Impairment losses are recognized in profit or loss. An impairment loss of an asset, other than goodwill, is reversed only if there have been changes in the estimates used to determine the asset's recoverable amount since the last impairment loss was recognized. Reversal of an impairment loss, as above, shall not be increased above the lower of the carrying amount that would have been determined (net of depreciation or amortization) had no impairment loss been recognized for the asset in prior years and its recoverable amount. The reversal of impairment loss of an asset presented at cost is recognized in profit or loss. |
Financial assets: | l. Financial assets: Financial assets are measured upon initial recognition at fair value plus transaction costs that are directly attributable to the acquisition of the financial assets, except for financial assets measured at fair value through profit or loss in respect of which transaction costs are recorded in profit or loss. The Company classifies and measures debt instruments in the financial statements based on the following criteria: - The Company’s business model for managing - The contractual cash flow terms of the financial asset. a) Debt instruments are measured at amortized cost when: The On the date of initial recognition, the Company may irrevocably designate a debt instrument as measured at fair value through profit or loss if doing so eliminates or significantly reduces a measurement or recognition inconsistency, such as when a related financial liability is also measured at fair value through profit or loss. b) Debt instruments are measured at fair value through other comprehensive income when: The Company's business model is to hold the financial assets in order to both collect their contractual cash flows and to sell the financial assets, and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, the instruments in this category are measured at fair value. Gains or losses from fair value adjustments, excluding interest and exchange rate differences, are recognized in other comprehensive income. c) Debt instruments are measured at fair value through profit or loss when: A financial asset which is a debt instrument does not meet the criteria for measurement at amortized cost or at fair value through other comprehensive income. After initial recognition, the financial asset is measured at fair value and gains or losses from fair value adjustments are recognized in profit or loss. d) Equity instruments and other financial assets held for trading: Investments in equity instruments do not meet the above criteria and accordingly are measured at fair value through profit or loss. Other financial assets held for trading such as derivatives, including embedded derivatives separated from the host contract, are measured at fair value through profit or loss unless they are designated as effective hedging instruments. In respect of certain equity instruments that are not held for trading, on the date of initial recognition, the Company made an irrevocable election to present subsequent changes in fair value in other comprehensive income which changes would have otherwise been recorded in profit or loss. These changes will not be reclassified to profit or loss in the future, even when the investment is disposed of. Dividends from investments in equity instruments are recognized in profit or loss when the right to receive the dividends is established. Financial liabilities: Financial liabilities measured at amortized cost: Financial liabilities are initially recognized at fair value less transaction costs that are directly attributable to the issue of the financial liability. After initial recognition, - Financial liabilities at fair value through profit or loss such as derivatives; - Financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition or when the continuing involvement approach applies; - Financial guarantee contracts; - Commitments to provide a loan at a below-market interest rate; - Contingent consideration recognized by an acquirer in a business combination to which IFRS 3 applies. |
Fair value measurement | m. Fair value measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement is based on the assumption that the transaction will take place in the asset’s or the liability’s principal market, or in the absence of a principal market, in the most advantageous market. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. All assets and liabilities measured at fair value or for which fair value is disclosed are categorized into levels within the fair value hierarchy based on the lowest level input that is significant to the entire fair value measurement: 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 directly or indirectly. Level 3 - inputs that are not based on observable market data (valuation techniques which use inputs that are not based on observable market data). The following table presents the fair value measurement hierarchy for the Group’s liabilities. Quantitative disclosures of the fair value measurement hierarchy of the Group’s liabilities as of December 31, 2018 and December 31, 2017: December 31, 2018 Fair value measurements using input type Level 1 Level 2 Total Financial liabilities related to Warrants to ADS (1,816 ) - (1,816 ) ADSs for consultants (203 ) - (203 ) Share based compensation - (3,421 ) (3,421 ) Total financial net assets (liabilities) (2,019 ) (3,421 ) (5,440 ) December 31, 2017 Fair value measurements using input type Level 1 Level 2 Total Marketable securities 13,999 - 13,999 Financial liabilities related to Warrants to ADS (7,090 ) (332 ) (7,422 ) ADSs for consultants (643 ) - (643 ) Share based compensation - (8,267 ) (8,267 ) Total financial net assets (liabilities) 6,266 (8,599 ) (2,333 ) |
Treasury shares | n. Treasury shares The Company's shares held by the Company are measured at their acquisition cost and are presented as an offset against the Company's equity. Any gain or loss deriving from the purchase, sale, issuance or cancellation of treasury shares is recognized directly in equity. |
Employee benefit liabilities: | o. Employee benefit liabilities: The Group has several employee benefit plans: 1. Short-term employment benefits: Short-term employee benefits are benefits that are expected to be settled wholly before twelve months after the end of the annual reporting period in which the employees render the related services. These benefits include salaries, paid annual leave, paid sick leave, recreation and social security contributions and are recognized as expenses as the services are rendered. A liability in respect of a cash bonus or a profit-sharing plan is recognized when the Group has a legal or constructive obligation to make such payment as a result of past service rendered by an employee and a reliable estimate of the amount can be made. 2. Post-employment benefits: Post- employment benefit plans are normally funded by contributions to insurance companies and are classified as defined contribution plans. The Company has defined contribution plans pursuant to Section 14 of the Israeli Severance Pay Law, into which the Company pays fixed contributions and has no legal or constructive obligation to pay further contributions on account of severance pay, even if the fund does not hold sufficient amounts to pay all employee benefits relating to employee service in current and prior periods. Contributions to the defined contribution plan in respect of severance or retirement pay are recognized as an expense when contributed concurrently with performance of the employee's services. |
Share-based payment transactions: | p. Share-based payment transactions: The Company’s employees/other service providers are entitled to remuneration in the form of equity-settled share-based payment transactions and certain employees/other service providers are entitled to remuneration in the form of cash-settled share-based payment transactions that are measured based on the increase in the Company’s share price. Equity-settled transactions: The cost of equity-settled transactions with employees is measured at the fair value of the equity instruments granted at grant date. The fair value is determined using an acceptable option pricing model. As for other service providers, the cost of the transactions is measured at the fair value of the goods or services received as consideration for equity instruments granted. In case where the fair value of the goods or services received as consideration of equity instruments cannot be measured, they are measured by reference to the fair value of the equity instruments granted. The cost of equity-settled transactions is recognized in profit or loss, together with a corresponding increase in equity, during the period in which the performance or service conditions are satisfied, and ending on the date on which the relevant employees become fully entitled to the award (the “Vesting Period”). No expense is recognized for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vested irrespective of whether the market condition is satisfied, provided that all other vesting conditions (service and/or performance) are satisfied. If the Company modifies the conditions on which equity-instruments were granted, an additional expense is recognized for any modification that increases the total fair value of the share-based payment arrangement or is otherwise beneficial to the employee/other service provider at the modification date. If a grant of an equity instrument is cancelled, it is accounted for as if it had vested on the cancellation date and any expense not yet recognized for the grant is recognized immediately. However, if a new grant replaces the cancelled grant and is identified as a replacement grant on the grant date, the cancelled and new grants are accounted for as a modification of the original grant, as described above. |
Loss per share: | q. Loss per share: Loss per share is calculated by dividing the net loss attributable to Company shareholders by the weighted number of outstanding ordinary shares during the period. Potential ordinary shares are only included in the computation of diluted loss per share when their conversion increases loss per share or decreases income per share. Potential ordinary shares that are converted during the period are included in diluted loss per share only until the conversion date and from that date in basic loss per share. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Abstract] | |
Summary of straight-line basis over the useful life of the assets at annual rates | % Computers and Electronic Equipment 33 Laboratory and clinical experiments equipment 15 Leasehold improvements (* Office furniture and equipment 7 - 15 (* Leasehold improvements are depreciated on a straight-line basis over the earlier of the lease term or the estimated useful life of the improvement. |
Summary of fair value measurement hierarchy | December 31, 2018 Fair value measurements using input type Level 1 Level 2 Total Financial liabilities related to Warrants to ADS (1,816 ) - (1,816 ) ADSs for consultants (203 ) - (203 ) Share based compensation - (3,421 ) (3,421 ) Total financial net assets (liabilities) (2,019 ) (3,421 ) (5,440 ) December 31, 2017 Fair value measurements using input type Level 1 Level 2 Total Marketable securities 13,999 - 13,999 Financial liabilities related to Warrants to ADS (7,090 ) (332 ) (7,422 ) ADSs for consultants (643 ) - (643 ) Share based compensation - (8,267 ) (8,267 ) Total financial net assets (liabilities) 6,266 (8,599 ) (2,333 ) |
Other Receivables (Tables)
Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other receivables [abstract] | |
Schedule of other receivables | Convenience translation December 31, December 31, 2017 2018 2018 N I S U.S. dollars Other receivables 60 30 8 Government authorities 185 186 50 Prepaid expenses 573 600 160 818 816 218 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, plant and equipment [abstract] | |
Schedule of property, plant and equipment, net | Balance as of December 31, 2018: Laboratory Leasehold Office furniture Computers Total Cost Balance as of January 1, 2018 1,250 384 171 295 2,100 Additions during the year 527 12 49 64 652 Balance as of December 31, 2018 1,777 396 220 359 2,752 Accumulated Depreciation Balance as of January 1, 2018 302 241 31 182 756 Additions during the year: 234 125 14 79 452 Balance as of December 31, 2018 536 366 45 261 1,208 Depreciated cost as of December 31, 2018 1,241 30 175 98 1,544 Depreciated cost as of December 31, 2018 (convenience translation into U.S. dollars (Note 2d) ) 331 8 46 27 412 Balance as of December 31, 2017: Laboratory Leasehold Office furniture Computers Total Cost Balance as of January 1, 2017 1,006 372 147 232 1,757 Additions during the year 244 12 24 65 345 Deductions during the year - - - (2 ) (2 ) Balance as of December 31, 2017 1,250 384 171 295 2,100 Accumulated Depreciation Balance as of January 1, 2017 140 116 18 110 384 Additions during the year: 162 125 13 72 372 Balance as of December 31, 2017 302 241 31 182 756 Depreciated cost as of December 31, 2017 948 143 140 113 1,344 Depreciated cost as of December 31, 2017 (convenience translation into U.S. dollars (Note 2d) ) 274 41 40 33 388 |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other payables [abstract] | |
Schedule of other payables | Convenience translation December 31, December 31, 2017 2018 2018 N I S U.S. dollars Employees and payroll accruals *) 1,954 1,524 407 Accrued expenses 430 2,292 611 Other 12 196 52 2,396 4,012 1,070 *) Balance includes related parties (The Company’s CEO and the Chairman of the Board of Directors). |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of classes of share capital [abstract] | |
Schedule of changes in share capital | Number of Shares (issued Balance as of January 1, 2017 *) 107,628,485 Issuance of shares and warrants 10,622,720 Exercise of share options 1,484,154 ADS granted (see Note 12c) 450,300 Balance as of December 31, 2017 *) 120,185,659 Issuance of shares and warrants 9,696,960 Exercise of share options 310,180 ADS granted (see Note 12c) 222,000 Balance as of December 31, 2018 *) 130,414,799 *) Net of 2,641,693 treasury shares of the Company, held by the Company. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Share-based Compensation | |
Schedule of services received from employees, directors and service providers | Convenience translation (Note 2d) Year ended December 31, Year ended December 31, 2016 2017 2018 2018 N I S U.S. dollars Research and development 253 1,940 807 215 General and administrative 1,299 3,444 3,730 996 Total share-based compensation 1,552 5,384 4,537 1,211 |
Schedule of number of share options and weighted average exercise prices | 2017 2018 Number of options Weighted Average Exercise price Number of options Weighted Average Exercise price NIS NIS Outstanding at beginning of year 5,979,973 1.25 10,752,668 1.18 Options exercised for shares (696,980 ) 1.16 (310,180 ) 1.29 Options forfeited (166,667 ) 0.63 (170,375 ) 1.34 Option Expired (726,512 ) 1.69 (693,756 ) 1.39 Granted 6,362,854 1.16 3,435,790 1.21 Outstanding at end of year 10,752,668 1.18 13,014,147 1.18 |
Schedule of outstanding and exercisable options granted to employees and consultants | Exercise price (Range) Options outstanding as of December 31, 2018 Weighted average remaining contractual term Options exercisable as of December 31, 2018 Weighted average remaining contractual term (years) (years) 0.001 - 1.35 10,129,937 8.4 3,802,949 8.0 1.35 - 1.8 2,596,210 7.4 1,445,688 6.0 1.8 - 2.1 288,000 6.6 288,000 6.6 13,014,147 8.2 5,536,637 7.4 |
Schedule of fair value of options under black-scholes | 2017 2018 Dividend yield (%) 0 0 Expected volatility of the share prices (%) 81.56%-85.61 % 59.23%-84.66 % Risk-free interest rate (%) 1.94%-2.52 % 1.86%-3.19 % Expected life of share options (years) 10 1-10 |
Balances and Transactions wit_2
Balances and Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Balances and Transactions with Related Parties [Abstract] | |
Schedule of related party balances | Convenience translation (Note 2d) December 31 Year ended December 31, 2017 2018 2018 Key management personnel Other related parties Key management personnel Other related parties Key management personnel Other related parties NIS U.S. Dollars Other payables 425 827 687 848 183 226 425 827 687 848 183 226 |
Schedule of benefits for employment of key management personnel (including directors) employed | Convenience translation (Note 2d) Year ended December 31, Year ended December 31, 2016 2017 2018 2018 No. of people Amount NIS No. of people Amount NIS No. of people Amount NIS Amount U.S. dollars Short-term employee benefits (includes Company’s CEO in 2016, 2017 and 2018) 7 6,040 5 7,816 8 8,790 2,345 |
Schedule of benefits for employment of key management personnel (including directors) not employed | Convenience translation (Note 2d) Year ended December 31, Year ended December 31, 2016 2017 2018 2018 No. of people Amount NIS No. of people Amount NIS No. of people Amount NIS Amount U.S. dollars Key management personnel and related parties - - - - - - - Directors’ fees 5 513 8 682 7 1,027 274 5 513 8 682 7 1,027 274 |
Schedule of transactions with related parties | Convenience translation (Note 2d) Year ended December 31, Year ended December 31, 2016 2017 2018 2018 Key management personnel Related parties Key management personnel Related parties Key management personnel Related parties Key management personnel Related parties Research and development expenses 1,063 1,544 634 2,661 2,107 913 562 244 General and administrative expenses 2,317 1,116 2,014 2,507 2,254 3,517 601 938 3,380 2,660 2,648 5,168 4,361 4,430 1,163 1,182 |
General (Details)
General (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Dec. 31, 2018USD ($) | |
General (Textual) | |||||
Net loss | ₪ | ₪ (20,113) | ₪ (28,224) | ₪ (15,317) | ||
Negative cash flows from operating activities | ₪ | (23,635) | (17,770) | ₪ (14,412) | ||
Accumulated deficit | ₪ | ₪ (84,056) | ₪ (63,943) | |||
USD [Member] | |||||
General (Textual) | |||||
Net loss | $ | $ (5,367) | ||||
Negative cash flows from operating activities | $ | $ (6,306) | ||||
Accumulated deficit | $ | $ (22,427) |
Significant Accounting Polici_4
Significant Accounting Policies (Details) | 12 Months Ended | |
Dec. 31, 2018 | ||
Computers and Electronic Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, depreciation annual rates | 33 | |
Laboratory and clinical experiments equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, depreciation annual rates | 15 | |
Leasehold improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, depreciation annual rates | - | [1] |
Office furniture and equipment [Member] | Top of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, depreciation annual rates | 15 | |
Office furniture and equipment [Member] | Bottom of range [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment, depreciation annual rates | 7 | |
[1] | Leasehold improvements are depreciated on a straight-line basis over the earlier of the lease term or the estimated useful life of the improvement. |
Significant Accounting Polici_5
Significant Accounting Policies (Details 1) - ILS (₪) ₪ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Statement Line Items [Line Items] | ||
Marketable securities | ₪ 13,999 | |
Financial liabilities related to Warrants to ADS | (1,816) | (7,422) |
ADSs for consultants | (203) | (643) |
Share based compensation | (3,421) | (8,267) |
Total financial net assets (liabilities) | (5,440) | (2,333) |
Level 1 [Member] | ||
Statement Line Items [Line Items] | ||
Marketable securities | 13,999 | |
Financial liabilities related to Warrants to ADS | (1,816) | (7,090) |
ADSs for consultants | (203) | (643) |
Total financial net assets (liabilities) | (2,019) | 6,266 |
Level 2 [Member] | ||
Statement Line Items [Line Items] | ||
Marketable securities | ||
Financial liabilities related to Warrants to ADS | (332) | |
Share based compensation | (3,421) | (8,267) |
Total financial net assets (liabilities) | ₪ (3,421) | ₪ (8,599) |
Significant Accounting Polici_6
Significant Accounting Policies (Details Textual) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies (Textual) | |
Description of translated exchange rate | The financial statements as of December 31, 2018 and for the year then ended have been translated into U.S. dollars using the exchange rate of the U.S. dollar as of December 31, 2018 (U.S. $1.00 = NIS 3.748). The translation was made solely for convenience purposes. |
Disclosure of New Standards i_2
Disclosure of New Standards in the Period Prior to their Adoption (Details) ₪ in Thousands | 12 Months Ended |
Dec. 31, 2018ILS (₪) | |
Disclosure Of New Standards In The Period Prior To Their Adoption [Abstract] | |
Asset and liability date of recognition | ₪ 868 |
Other Receivables (Details)
Other Receivables (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) |
Statement Line Items [Line Items] | |||
Other receivables | ₪ | ₪ 30 | ₪ 60 | |
Government authorities | ₪ | 186 | 185 | |
Prepaid expenses | ₪ | 600 | 573 | |
Total other receivables | ₪ | ₪ 816 | ₪ 818 | |
USD [Member] | |||
Statement Line Items [Line Items] | |||
Other receivables | $ | $ 8 | ||
Government authorities | $ | 50 | ||
Prepaid expenses | $ | 160 | ||
Total other receivables | $ | $ 218 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2017USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Cost, Beginning Balance | ₪ 2,100 | ₪ 1,757 | ||
Cost, Additions during the year | 652 | 345 | ||
Cost, Deductions during the year | (2) | |||
Cost, Ending Balance | 2,752 | 2,100 | ||
Accumulated Depreciation, Beginning Balance | 756 | 384 | ||
Accumulated Depreciation, Additions during the year: | 452 | 372 | ||
Accumulated Depreciation, Ending Balance | 1,208 | 756 | ||
Depreciated cost | 1,544 | 1,344 | ||
Depreciated cost (convenience translation into U.S. dollars (Note 2d)) | $ | $ 412 | $ 388 | ||
Laboratory equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Cost, Beginning Balance | 1,250 | 1,006 | ||
Cost, Additions during the year | 527 | 244 | ||
Cost, Deductions during the year | ||||
Cost, Ending Balance | 1,777 | 1,250 | ||
Accumulated Depreciation, Beginning Balance | 302 | 140 | ||
Accumulated Depreciation, Additions during the year: | 234 | 162 | ||
Accumulated Depreciation, Ending Balance | 536 | 302 | ||
Depreciated cost | 1,241 | 948 | ||
Depreciated cost (convenience translation into U.S. dollars (Note 2d)) | $ | 331 | 274 | ||
Leasehold improvements [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Cost, Beginning Balance | 384 | 372 | ||
Cost, Additions during the year | 12 | 12 | ||
Cost, Deductions during the year | ||||
Cost, Ending Balance | 396 | 384 | ||
Accumulated Depreciation, Beginning Balance | 241 | 116 | ||
Accumulated Depreciation, Additions during the year: | 125 | 125 | ||
Accumulated Depreciation, Ending Balance | 366 | 241 | ||
Depreciated cost | 30 | 143 | ||
Depreciated cost (convenience translation into U.S. dollars (Note 2d)) | $ | 8 | 41 | ||
Office furniture and equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Cost, Beginning Balance | 171 | 147 | ||
Cost, Additions during the year | 49 | 24 | ||
Cost, Deductions during the year | ||||
Cost, Ending Balance | 220 | 171 | ||
Accumulated Depreciation, Beginning Balance | 31 | 18 | ||
Accumulated Depreciation, Additions during the year: | 14 | 13 | ||
Accumulated Depreciation, Ending Balance | 45 | 31 | ||
Depreciated cost | 175 | 140 | ||
Depreciated cost (convenience translation into U.S. dollars (Note 2d)) | $ | 46 | 40 | ||
Computers [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Cost, Beginning Balance | 295 | 232 | ||
Cost, Additions during the year | 64 | 65 | ||
Cost, Deductions during the year | (2) | |||
Cost, Ending Balance | 359 | 295 | ||
Accumulated Depreciation, Beginning Balance | 182 | 110 | ||
Accumulated Depreciation, Additions during the year: | 79 | 72 | ||
Accumulated Depreciation, Ending Balance | 261 | 182 | ||
Depreciated cost | ₪ 98 | ₪ 113 | ||
Depreciated cost (convenience translation into U.S. dollars (Note 2d)) | $ | $ 27 | $ 33 |
Other Payables (Details)
Other Payables (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | |
Statement Line Items [Line Items] | ||||
Employees and payroll accruals | ₪ | [1] | ₪ 2,317 | ₪ 1,954 | |
Accrued expenses | ₪ | 1,499 | 430 | ||
Other | ₪ | 196 | 12 | ||
Other payables | ₪ | ₪ 4,012 | ₪ 2,396 | ||
USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Employees and payroll accruals | $ | [1] | $ 618 | ||
Accrued expenses | $ | 400 | |||
Other | $ | 52 | |||
Other payables | $ | $ 1,070 | |||
[1] | Balance includes related parties (The Company's CEO and the Chairman of the Board of Directors). |
Equity (Details)
Equity (Details) - shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | ||
Number of Shares (issued and outstanding) | |||
Balance | [1] | 120,185,659 | 107,628,485 |
Issuance of shares and warrants | 9,696,960 | 10,622,720 | |
Exercise of share options | 310,180 | 1,484,154 | |
ADS granted (see Note 12c) | 222,000 | 450,300 | |
Balance | [1] | 130,414,799 | 120,185,659 |
[1] | Net of 2,641,693 treasury shares of the Company, held by the Company. |
Equity (Details Textual)
Equity (Details Textual) ₪ / shares in Units, $ / shares in Units, ₪ in Thousands, $ in Thousands | Sep. 07, 2017ILS (₪)shares | Sep. 07, 2017ILS (₪)$ / shares | May 09, 2017 | Apr. 04, 2017shares | Jul. 28, 2016ILS (₪)Shareshares | May 16, 2016shares | Feb. 28, 2016ILS (₪)shares | Feb. 28, 2016$ / shares | Jan. 31, 2018ILS (₪)shares | Jan. 31, 2018ILS (₪)$ / shares | Nov. 23, 2015ILS (₪)₪ / shares | Aug. 16, 2017shares | Dec. 31, 2018ILS (₪)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017ILS (₪)shares | Dec. 31, 2016ILS (₪) |
Equity (Textual) | ||||||||||||||||
Proceeds net of issuance costs | ₪ | ₪ 11,695 | ₪ 10,024 | ||||||||||||||
Number of ordinary shares | 1 | |||||||||||||||
Issuance of share | 516,574 | |||||||||||||||
Exercise of share options and warrants | ₪ | ₪ 400 | ₪ 1,432 | ₪ 7 | |||||||||||||
Private placement of shares and warrants | ₪ | ₪ 8,000 | |||||||||||||||
Unlisted warrants exercisable | 1,927,801 | |||||||||||||||
Warrants exercisable term | 12 months | |||||||||||||||
Private placement allotted shares | 287,769 | |||||||||||||||
Gross proceeds | ₪ | 15,214 | ₪ 32,107 | 13,620 | |||||||||||||
Unlisted warrants | 95,923 | |||||||||||||||
Issuance costs | ₪ | 13,970 | 25,820 | 11,865 | |||||||||||||
Fair value of the trade warrants | ₪ | ₪ 2,481 | ₪ 2,481 | 3,173 | ₪ 2,113 | ₪ 2,113 | |||||||||||
Consideration | ₪ | ₪ 23,269 | |||||||||||||||
Financial expenses | ₪ | ₪ (20) | ₪ (3,892) | ₪ (33) | |||||||||||||
Issued ordinary shares | 5,783,437 | |||||||||||||||
Non-tradable warrants, share | 265,568 | 266,667 | ||||||||||||||
Description of options term | The terms of the options (Series 1): (i) extension of the expiration date options (Series 1) to a date that is 80 days from court approval for such of the exercise period of the options (Series 1) (i.e. August 17, 2017, following court approval), and (ii) reduction in the exercise price of the options (Series 1) from NIS 1.85 per option to NIS 1.20 per option, in accordance with Section 350 of the Israeli Companies Law. On May 29, 2017, the court approved the changes to the options (Series 1). On August 17, 2017 the options (Series 1) expired. | |||||||||||||||
Investors, share | 531,136 | 484,848 | ||||||||||||||
Purchase of non-tradable warrants | 266,667 | |||||||||||||||
Direct offering | $ / shares | ₪ 8.10 | ₪ 8.25 | ||||||||||||||
Warrants to purchase | 969,231 | |||||||||||||||
Inintial public offiering of ADS shares | 1,292,308 | |||||||||||||||
Warrants exercisable, description | Each Listed Warrants is exercisable into one ADS, for a period of five years at an exercise price of US$ 7.50 per warrant. | |||||||||||||||
Warrant exercise price | $ / shares | $ 2.1 | |||||||||||||||
Treasury shares | 2,641,693 | 2,641,693 | 2,641,693 | |||||||||||||
Share-based awards granted | ₪ | ₪ 1,755 | |||||||||||||||
Chief Executive Officer And Chief Financial Officer [Member] | ||||||||||||||||
Equity (Textual) | ||||||||||||||||
Total benefit received from grant | ₪ | ₪ 3,033 | |||||||||||||||
Warrant exercise price | ₪ / shares | ₪ 1.286 | |||||||||||||||
USD [Member] | ||||||||||||||||
Equity (Textual) | ||||||||||||||||
Financial expenses | $ | $ (6) | |||||||||||||||
Agent fees | ₪ | ₪ 140 | ₪ 323 | ||||||||||||||
Over Allotment [Member] | ||||||||||||||||
Equity (Textual) | ||||||||||||||||
Warrants to purchase | 145,385 | |||||||||||||||
Inintial public offiering of ADS shares | 193,846 | |||||||||||||||
Warrants exercisable, description | ADSs at a price of US$ 6.038 per ADS and/or an additional Listed Warrants to purchase 145,385 ADSs, on the same terms as the warrants issued to the public, at a price of US$ 0.007 per warrant. | |||||||||||||||
Listed shares | 65,890 | |||||||||||||||
Underwritters Arrangements [Member] | Non Tradeable Warrant [Member] | ||||||||||||||||
Equity (Textual) | ||||||||||||||||
Warrants exercisable term | 1 year | 1 year | ||||||||||||||
Issuance costs | ₪ | ₪ 204 | ₪ 272 | ||||||||||||||
Number of warrants exercisable | Share | 77,538 | |||||||||||||||
Non-tradable warrants, description | The Company issued to the underwriters unlisted warrants to purchase 77,538 ADSs at an exercise price of $8.80 per warrant and exercisable for a period of four years. | |||||||||||||||
Purchase of non-tradable warrants | 7,492 | 61,487 | 24,242 | |||||||||||||
Warrants exercisable, description | The investor warrants except they have an exercise price of $10.125 per ADS. | The investor warrants except they have an exercise price of $10.31 per ADS. | ||||||||||||||
Underwritters Arrangements [Member] | Non Tradeable Warrant [Member] | USD [Member] | ||||||||||||||||
Equity (Textual) | ||||||||||||||||
Warrant exercise price | $ / shares | ₪ 12.07 | ₪ 12 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Statement Line Items [Line Items] | ||||
Research and development | ₪ | ₪ 807 | ₪ 1,940 | ₪ 253 | |
General and administrative | ₪ | 3,730 | 3,444 | 1,299 | |
Total share-based compensation | ₪ | ₪ 4,537 | ₪ 5,384 | ₪ 1,552 | |
USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Research and development | $ | $ 215 | |||
General and administrative | $ | 996 | |||
Total share-based compensation | $ | $ 1,211 |
Share-Based Compensation (Det_2
Share-Based Compensation (Details 1) - ₪ / shares | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation | ||
Number of options, Outstanding at beginning of year | 10,752,668 | 5,979,973 |
Number of options, Options exercised for shares | (310,180) | (696,980) |
Number of options, Options forfeited | (170,375) | (166,667) |
Number of options, Option Expired | (693,756) | (726,512) |
Number of options, Granted | 3,435,790 | 6,362,854 |
Number of options, Outstanding at end of year | 13,014,147 | 10,752,668 |
Weighted Average Exercise price, Outstanding at beginning of year | ₪ 1.18 | ₪ 1.25 |
Weighted Average Exercise price, Options exercised for shares | 1.29 | 1.16 |
Weighted Average Exercise price, Options forfeited | 1.34 | 0.63 |
Weighted Average Exercise price, Option Expired | 1.39 | 1.69 |
Weighted Average Exercise price, Granted | 1.21 | 1.16 |
Weighted Average Exercise price, Outstanding at end of year | ₪ 1.18 | ₪ 1.18 |
Share-Based Compensation (Det_3
Share-Based Compensation (Details 2) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Share Based Compensation [Line Items] | |
Options outstanding | 13,014,147 |
Weighted average remaining contractual term (years) | 8 years 2 months 12 days |
Options exercisable | 5,536,637 |
Weighted average remaining contractual term (years) | 7 years 4 months 24 days |
Exercise Price One [Member] | |
Share Based Compensation [Line Items] | |
Exercise price (Range), Minimum | $ / shares | $ 0.001 |
Exercise price (Range), Maximum | $ / shares | $ 1.35 |
Options outstanding | 10,129,937 |
Weighted average remaining contractual term (years) | 8 years 4 months 24 days |
Options exercisable | 3,802,949 |
Weighted average remaining contractual term (years) | 8 years |
Exercise Price Two [Member] | |
Share Based Compensation [Line Items] | |
Exercise price (Range), Minimum | $ / shares | $ 1.35 |
Exercise price (Range), Maximum | $ / shares | $ 1.8 |
Options outstanding | 2,596,210 |
Weighted average remaining contractual term (years) | 7 years 4 months 24 days |
Options exercisable | 1,445,688 |
Weighted average remaining contractual term (years) | 6 years |
Exercise Price Three [Member] | |
Share Based Compensation [Line Items] | |
Exercise price (Range), Minimum | $ / shares | $ 1.8 |
Exercise price (Range), Maximum | $ / shares | $ 2.1 |
Options outstanding | 288,000 |
Weighted average remaining contractual term (years) | 6 years 7 months 6 days |
Options exercisable | 288,000 |
Weighted average remaining contractual term (years) | 6 years 7 months 6 days |
Share-Based Compensation (Det_4
Share-Based Compensation (Details 3) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Share Based Compensation [Line Items] | ||
Dividend yield (%) | 0.00% | 0.00% |
Expected life of share options (years) | 10 years | |
Top of range [member] | ||
Share Based Compensation [Line Items] | ||
Expected volatility of the share prices (%) | 85.61% | 84.66% |
Risk-free interest rate (%) | 2.52% | 3.19% |
Expected life of share options (years) | 10 years | |
Bottom of range [member] | ||
Share Based Compensation [Line Items] | ||
Expected volatility of the share prices (%) | 81.56% | 59.23% |
Risk-free interest rate (%) | 1.94% | 1.86% |
Expected life of share options (years) | 1 year |
Share-Based Compensation (Det_5
Share-Based Compensation (Details Textual) ₪ / shares in Units, ₪ in Thousands | Jul. 23, 2017shares | Feb. 28, 2016$ / shares | Dec. 02, 2018$ / sharesshares | Nov. 26, 2018shares | May 17, 2018shares | Mar. 28, 2017shares | Feb. 28, 2017shares | Nov. 23, 2015ILS (₪)₪ / sharesshares | Dec. 31, 2018ILS (₪) | Dec. 31, 2017ILS (₪)shares |
Share-Based Compensation (Textual) | ||||||||||
Options pooled | 17,100,000 | |||||||||
Fair value of the options, grants | ₪ | ₪ 11,688 | ₪ 11,688 | ||||||||
Warrant exercise price | $ / shares | $ 2.1 | |||||||||
Chief Executive Officer And Chief Financial Officer [Member] | ||||||||||
Share-Based Compensation (Textual) | ||||||||||
Options exercisable | 500,000 | 2,658,246 | ||||||||
Exercisable ordinary shares | 500,000 | |||||||||
Number of options granted | 2,658,246 | |||||||||
Total benefit received from grant | ₪ | ₪ 3,033 | |||||||||
Warrant exercise price | ₪ / shares | ₪ 1.286 | |||||||||
Chief Executive Officer And Chief Financial Officer [Member] | January Two Thousand Eighteen [Member] | ||||||||||
Share-Based Compensation (Textual) | ||||||||||
Options exercisable | 310,180 | |||||||||
Remaining options expired | 297,420 | |||||||||
Option expiration date | Feb. 28, 2018 | |||||||||
Exercisable ordinary shares | 310,180 | |||||||||
Board Of Directors [Member] | ||||||||||
Share-Based Compensation (Textual) | ||||||||||
Options pooled | 4,392,029 | |||||||||
Consultant [Member] | ||||||||||
Share-Based Compensation (Textual) | ||||||||||
Shares issued | 7,515 | 2,100 | 9,000 | 15,000 | ||||||
Number of warrants issued | 4,500 | |||||||||
Warrant exercise price | $ / shares | $ 4.803 | |||||||||
Consultant [Member] | Tranche Two [Member] | ||||||||||
Share-Based Compensation (Textual) | ||||||||||
Shares issued | 5,000 | |||||||||
Consultant [Member] | Tranche One [Member] | ||||||||||
Share-Based Compensation (Textual) | ||||||||||
Shares issued | 5,000 | |||||||||
Consultant [Member] | Tranche Three [Member] | ||||||||||
Share-Based Compensation (Textual) | ||||||||||
Shares issued | 5,000 |
Taxes on Income (Details)
Taxes on Income (Details) - ILS (₪) ₪ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Taxes on Income (Textual) | |||
Israeli corporate income tax rate | 23.00% | 24.00% | 25.00% |
Change in tax rate, description | The Israeli Parliament approved the Economic Efficiency Law (Legislative Amendments for Applying the Economic Policy for the 2017 and 2018 Budget Years), 2017 which reduces the corporate income tax rate to 24% (instead of 25%) effective from January 1, 2017 and to 23% effective from January 1, 2018. | ||
Carryforward operating losses | ₪ 70,057 | ||
U.S. - weighted tax rate | 21.00% |
Contingent Liabilities and Co_2
Contingent Liabilities and Commitments (Details) ₪ in Thousands, $ in Thousands | Oct. 15, 2018 | Sep. 01, 2015 | Dec. 31, 2018USD ($) | Dec. 31, 2018ILS (₪) |
Contingent Liabilities and Commitments (Textual) | ||||
Restricted bank deposit to secure the rent payment | ₪ 162 | |||
Minimum lease agreement term | 3 years | 18 months | ||
Lease agreement term, description | The lease agreement was extended for two additional years until October 14, 2020. | |||
Commitments agreement, description | Israel-United States Binational Industrial Research and Development Foundation (BIRD) for the support of research and development activities. The Company is obligated to pay royalties to BIRD, amounting to 5% of the gross sales of the products and other related revenues developed from such activities, up to an amount of 150% from the grant received from BIRD by the Company indexed to the U.S. consumer price index. | |||
Restricted bank deposit to secure credit card payments | 175 | |||
New offices [member] | ||||
Contingent Liabilities and Commitments (Textual) | ||||
Future minimum lease fees payable 2019 | 570 | |||
Future minimum lease fees payable 2020 | 414 | |||
Vehicles [member] | ||||
Contingent Liabilities and Commitments (Textual) | ||||
Future minimum lease fees payable 2019 | 159 | |||
Future minimum lease fees payable 2020 | 139 | |||
Future minimum lease fees payable 2021 | ₪ 56 | |||
USD [Member] | ||||
Contingent Liabilities and Commitments (Textual) | ||||
Aggregate grant value received | $ | $ 120 |
Balances and Transactions wit_3
Balances and Transactions with Related Parties (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) |
Key management personnel of entity or parent [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Other payables | ₪ | ₪ 687 | ₪ 425 | |
Total | ₪ | 687 | 425 | |
Key management personnel of entity or parent [Member] | USD [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Other payables | $ | $ 183 | ||
Total | $ | 183 | ||
Other related parties [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Other payables | ₪ | 848 | 827 | |
Total | ₪ | ₪ 848 | ₪ 827 | |
Other related parties [Member] | USD [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Other payables | $ | 226 | ||
Total | $ | $ 226 |
Balances and Transactions wit_4
Balances and Transactions with Related Parties (Details 1) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018ILS (₪)People | Dec. 31, 2018USD ($)People | Dec. 31, 2017ILS (₪)People | Dec. 31, 2016ILS (₪)People | |
Statement Line Items [Line Items] | ||||
Number of people | People | 8 | 8 | 5 | 7 |
Short-term employee benefits (includes Company's CEO in 2015, 2016 and 2017), Amount | ₪ | ₪ 8,790 | ₪ 7,816 | ₪ 6,040 | |
USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Short-term employee benefits (includes Company's CEO in 2015, 2016 and 2017), Amount | $ | $ 2,345 |
Balances and Transactions wit_5
Balances and Transactions with Related Parties (Details 2) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018ILS (₪)People | Dec. 31, 2018USD ($)People | Dec. 31, 2017ILS (₪)People | Dec. 31, 2016ILS (₪)People | |
Disclosure of transactions between related parties [line items] | ||||
No. of people | People | 7 | 7 | 8 | 5 |
Amount | ₪ 1,027 | ₪ 682 | ₪ 513 | |
USD [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Amount | $ | $ 274 | |||
Key management personnel of entity or parent [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Amount | ||||
Key management personnel of entity or parent [Member] | USD [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Amount | ||||
Directors Fees [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
No. of people | People | 7 | 7 | 8 | 5 |
Amount | ₪ 1,027 | ₪ 682 | ₪ 513 | |
Directors Fees [Member] | USD [Member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Amount | $ | $ 274 |
Balances and Transactions wit_6
Balances and Transactions with Related Parties (Details 3) - ILS (₪) ₪ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Key management personnel of entity or parent [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Research and development expenses | ₪ 2,107 | ₪ 634 | ₪ 1,063 |
General and administrative expenses | 2,254 | 2,014 | 2,317 |
Total | 4,361 | 2,648 | 3,380 |
Key management personnel of entity or parent [Member] | USD [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Research and development expenses | 562 | ||
General and administrative expenses | 601 | ||
Total | 1,163 | ||
Related Party [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Research and development expenses | 913 | 2,661 | 1,544 |
General and administrative expenses | 3,517 | 2,507 | 1,116 |
Total | 4,430 | ₪ 5,168 | ₪ 2,660 |
Related Party [Member] | USD [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Research and development expenses | 244 | ||
General and administrative expenses | 938 | ||
Total | ₪ 1,182 |
Subsequent Events (Details)
Subsequent Events (Details) | Feb. 12, 2019 |
Follow-on underwritten public offering [Member] | |
Subsequent Events (Textual) | |
Follow-on underwritten public offering, description | The Company sold an aggregate of 1,889,000 each consisting of (i) one ADS, and (ii) one warrant to purchase one ADS, at a public offering price of $1.50 per unit, and (b) 2,444,800 pre-funded units, each consisting of (i) one pre-funded to purchase one ADS, and (ii) one warrant, at a public offering price of $1.49 per pre-funded unit, resulting in gross proceeds of approximately NIS 25,508 (NIS 22,122 net of all issuance costs) including exercise by underwriters. In connection with the offering, the Company granted the underwriters a 45-day option to purchase up to an additional 650,070 ADSs and/or 650,070 warrants to purchase up to an additional 650,070 ADSs. The underwriters partially exercised their over-allotment option to purchase an aggregate of 350,000 additional ADS and additional warrants to purchase 650,070 ADSs. Subsequently, of the pre-funded warrants issued, we issued 2,444,650 ADSs upon exercise of pre-funded warrants. The Company paid approximately $933 in offering fees and expenses. |