Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document And Entity Information | |
Entity Registrant Name | SOL-GEL TECHNOLOGIES LTD. |
Entity Central Index Key | 0001684693 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2019 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Is Entity a Well-known Seasoned Issuer? | No |
Is Entity a Voluntary Filer? | No |
Is Entity's Reporting Status Current? | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Common Stock, Shares Outstanding | 20,402,800 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2019 |
Entity Incorporation State Country Code | IL |
Entity Interactive Data Current | Yes |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 9,412 | $ 5,325 |
Bank deposits | 1,000 | |
Marketable securities | 40,966 | 56,662 |
Receivables from collaborative arrangements | 4,120 | |
Prepaid expenses and other current assets | 1,293 | 2,987 |
TOTAL CURRENT ASSETS | 55,791 | 65,974 |
NON-CURRENT ASSETS: | ||
Restricted long-term deposits | 472 | 462 |
Property and equipment, net | 2,314 | 2,604 |
Operating lease right-of-use assets | 2,040 | |
Funds in respect of employee rights upon retirement | 684 | 642 |
TOTAL NON-CURRENT ASSETS | 5,510 | 3,708 |
TOTAL ASSETS | 61,301 | 69,682 |
CURRENT LIABILITIES: | ||
Accounts payable | 1,710 | 2,924 |
Other accounts payable | 4,123 | 1,971 |
Current maturities of operating leases | 672 | |
TOTAL CURRENT LIABILITIES | 6,505 | 4,895 |
LONG-TERM LIABILITIES: | ||
Operating leases liabilities | 1,373 | |
Liability for employee rights upon retirement | 958 | 878 |
TOTAL LONG-TERM LIABILITIES | 2,331 | 878 |
COMMITMENTS | ||
TOTAL LIABILITIES | 8,836 | 5,773 |
SHAREHOLDERS' EQUITY: | ||
Ordinary shares, NIS 0.1 par value - authorized: 50,000,000 as of December 31, 2018 and 2019, respectively; issued and outstanding: 18,949,968 and 20,402,800 as of December 31, 2018 and December 31, 2019, respectively | 561 | 520 |
Additional paid-in capital | 203,977 | 190,853 |
Accumulated deficit | (152,073) | (127,464) |
TOTAL SHAREHOLDERS' EQUITY | 52,465 | 63,909 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 61,301 | $ 69,682 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) | Dec. 31, 2019$ / sharesshares | Dec. 31, 2018$ / sharesshares |
Statement of Financial Position [Abstract] | ||
Ordinary shares, par value per share | (per share) | $ 0.1 | $ 0.1 |
Ordinary shares, shares authorized | 50,000,000 | 50,000,000 |
Ordinary shares, shares issued | 20,402,800 | 18,949,968 |
Ordinary shares, shares outstanding | 20,402,800 | 18,949,968 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
COLLABORATION REVENUES | $ 22,904,000 | $ 129,000 | $ 174,000 |
OPERATING EXPENSES | |||
Research and Development | 40,578,000 | 28,146,000 | 25,805,000 |
General and Administrative | 8,276,000 | 5,504,000 | 6,002,000 |
TOTAL OPERATING LOSS | 25,950,000 | 33,521,000 | 31,633,000 |
FINANCIAL INCOME, net | (1,374,000) | (1,318,000) | (65,000) |
LOSS BEFORE INCOME TAXES | 24,576,000 | 33,203,000 | 31,568,000 |
INCOME TAXES | 33,000 | ||
LOSS FOR THE YEAR | $ 24,609,000 | $ 32,203,000 | $ 31,568,000 |
BASIC AND DILUTED LOSS PER ORDINARY SHARE | $ 1.26 | $ 1.8 | $ 5.02 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF BASIC AND DILUTED LOSS PER SHARE | 19,534,562 | 17,867,589 | 6,290,244 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (CAPITAL DEFICIENCY) - USD ($) $ in Thousands | Ordinary shares [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total | |||
Balance at Dec. 31, 2016 | $ 82 | $ 32,274 | $ (63,693) | $ (31,337) | |||
Balance, shares at Dec. 31, 2016 | 6,290,242 | ||||||
Loss for the year | (31,568) | (31,568) | |||||
Issuance of shares due to in- process research and development acquired | [1] | 6,232 | 6,232 | ||||
Issuance of shares due to in- process research and development acquired, shares | 2 | ||||||
Share-based compensation | 3,974 | 3,974 | |||||
Balance at Dec. 31, 2017 | $ 82 | 42,480 | (95,261) | $ (52,699) | |||
Balance, shares at Dec. 31, 2017 | 6,290,244 | 6,290,244 | |||||
Loss for the year | (32,203) | $ (32,203) | |||||
Stock split | $ 66 | (66) | |||||
Stock split, shares | [1] | ||||||
Conversion of loans from the Controlling shareholder | $ 160 | 65,178 | 65,338 | ||||
Conversion of loans from the Controlling shareholder, shares | 5,444,825 | ||||||
Issuance of shares through an initial public offering, net of issuance costs | $ 211 | 78,564 | 78,775 | ||||
Issuance of shares through an initial public offering, net of issuance costs, shares | 7,187,500 | ||||||
Exercise of options granted to employee | $ 1 | 43 | 44 | ||||
Exercise of options granted to employee, shares | 27,399 | ||||||
Share-based compensation | 4,654 | 4,654 | |||||
Balance at Dec. 31, 2018 | $ 520 | 190,853 | (127,464) | $ 63,909 | |||
Balance, shares at Dec. 31, 2018 | 18,949,968 | 18,949,968 | |||||
Loss for the year | (24,609) | $ (24,609) | |||||
Vesting of restricted shares | [1] | [1] | |||||
Vesting of restricted shares, shares | 15,332 | ||||||
Issuance of shares through public offering, net of issuance costs | $ 41 | 10,572 | $ 10,613 | ||||
Issuance of shares through public offering, net of issuance costs, shares | 1,437,500 | 454,628 | |||||
Share-based compensation | 2,552 | $ 2,552 | |||||
Balance at Dec. 31, 2019 | $ 561 | $ 203,977 | $ (152,073) | $ 52,465 | |||
Balance, shares at Dec. 31, 2019 | 20,402,800 | 20,402,800 | |||||
[1] | Less than 1,000. |
STATEMENTS OF CASH FLOWS
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Loss | $ (24,609) | $ (32,203) | $ (31,568) |
Adjustments required to reconcile loss to net cash used in operating activities: | |||
Depreciation | 887 | 762 | 471 |
Changes in accrued liability for employee rights upon retirement | 38 | 106 | 30 |
Share-based compensation | 2,552 | 4,654 | 3,974 |
Net changes in operating leases | 5 | ||
Changes in fair value of marketable securities | 65 | 29 | |
In-process research and development acquired | 6,232 | ||
Finance expenses, net | 50 | (34) | (50) |
Changes in operating asset and liabilities: | |||
Accounts receivable | (4,120) | ||
Prepaid expenses and other current assets | 1,694 | (1,463) | (229) |
Accounts payable, accrued expenses and other | 938 | 3,029 | (2,486) |
Long term receivables | 1,653 | (463) | |
Net cash used in operating activities | (22,500) | (23,467) | (24,089) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of property and equipment | (597) | (1,052) | (1,925) |
Bank deposits | 1,000 | 3,000 | (4,000) |
Restricted long-term deposits | (10) | 8 | (13) |
Investments in marketable securities | (38,702) | (71,783) | |
Proceeds from sales and maturity of marketable securities | 54,333 | 15,092 | |
Net cash used in investing activities | 16,024 | (54,735) | (5,938) |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds from exercise of options granted to an employee | 44 | ||
Proceeds from issuance of shares through public offering, net of issuance costs | 10,613 | 78,775 | |
Loans received from the controlling shareholder | 28,000 | ||
Net cash provided by financing activities | 10,613 | 78,819 | 28,000 |
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS | (50) | 34 | 50 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 4,087 | 651 | (1,977) |
CASH AND CASH EQUIVALENTS AND RESRICTED CASH AT BEGINNING OF THE YEAR | 5,675 | 5,024 | 7,001 |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE YEAR | 9,762 | 5,675 | 5,024 |
Cash and Cash equivalents | 9,412 | 5,325 | 5,024 |
Restricted cash | 350 | 350 | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH SHOWN IN STATEMENT OF CASH FLOWS | 9,762 | 5,675 | 5,024 |
SUPPLEMENTARY INFORMATION ON INVESTING AND FINANCING ACTIVITIES NOT INVOLVING CASH FLOWS: | |||
Purchase of property and equipment | 62 | ||
Obtaining a right-of-use asset in exchange for a lease liability | 1,329 | ||
Conversion of loans from the controlling shareholder | 65,338 | ||
Acquisition of in-process research and development product candidate | 6,232 | ||
SUPPLEMENTARY INFORMATION: | |||
Interest received | $ 1,600 | $ 1,477 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | NOTE 1 — NATURE OF OPERATIONS Sol-Gel Technologies Ltd. (collectively with its subsidiary, the Company) is an Israeli Company incorporated in 1997. The Company is a clinical stage specialty pharmaceutical company focused on developing and commercializing topical dermatological drug products. The Company’s lead product candidates are based upon its proprietary microencapsulation delivery system, consisting of microcapsules made of precipitated silica. In addition to these novel product candidates, the Company’s product pipeline includes generic product candidates. On August 4, 2014, 100% of the Company’s shares were acquired by its current controlling shareholder (the “Controlling Shareholder”). In January 2018, the Company completed an Initial Public Offering ("IPO") on the NASDAQ Stock Market, in which it issued 6,250,000 Ordinary shares at a price per share of $12. During February 2018 the underwriters exercised their green shoe option and purchased additional 937,500 ordinary shares at the same price per share. The total proceeds received from the IPO, net of issuance costs, were approximately $78.8 million. Immediately prior to the closing of the IPO, the outstanding promissory note received from the Controlling Shareholder were automatically converted into 5,444,825 Ordinary shares of the Company based on the IPO price of $12 per ordinary share. In August 2019, the Company completed an underwritten follow-on public offering, in which it issued 1,437,500 ordinary shares In 2018, the Company incorporated a wholly owned U.S. subsidiary - Sol-Gel Technologies Inc. (the "Subsidiary"). The Subsidiary commenced operations in 2019 and will support the Company with regard to marketing, regulatory affairs and business development relating to its products and technology in the U.S. The Subsidiary is consolidated as part of the Company’s financial statements commencing January 1, 2019. Since incorporation through December 31, 2019, the Company has an accumulated deficit of approximately $152,073 thousand and its activities have been funded mainly by its shareholders and collaboration revenues. The Company expects to continue to incur significant research and development and other costs related to its ongoing operations and in order to continue its future operations, the Company will need to obtain additional funding until becoming profitable. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 — SIGNIFICANT ACCOUNTING POLICIES a. Basis of presentation The Company’s financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). b. Use of estimates in the preparation of financial statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates. As applicable to these financial statements, the most significant estimates and assumptions relate to the fair value of share-based compensation and the incremental borrowing rate for leases. c. Functional and presentation currency The U.S. dollar (“dollar”) is the currency of the primary economic environment in which the operations of the Company and its subsidiary are conducted. The Company’s financing has been provided in dollars, revenues are primarily in dollars and a significant part of expenses are incurred in dollars. The financial statements are presented in dollars, which is the Company’s functional and presentation currency. Transactions and balances originally denominated in dollars are presented at their original amounts. Balances in non-dollar currencies are translated into dollars using historical and current exchange rates for non-monetary and monetary balances, respectively. For non-dollar transactions and other items in the statements of operations (indicated below), the following exchange rates are used: (I) for transactions — exchange rates at transaction dates or average rates; and (ii) for other items (derived from non-monetary balance sheet items such as depreciation) — historical exchange rates. Currency transaction gains and losses are presented in financial income or expenses, as appropriate. d. Cash and cash equivalents The Company considers as cash equivalents all short-term, highly liquid investments, which include short-term bank deposits with original maturities of three months or less from the date of purchase that are not restricted as to withdrawal or use and are readily convertible to known amounts of cash. e. Bank deposits f. Marketable securities . . g. Derivatives and hedging As of December 31, 2019, the Company has $350 on the Company’s bank account that is restricted in order to secure the hedging transactions. This amount is presented among Restricted long-term deposits. h. Property and equipment: 1) Property and equipment are stated at cost, net of accumulated depreciation and amortization. 2) The Company’s property and equipment are depreciated utilizing the straight-line method on the basis of their estimated useful life. Annual rates of depreciation are as follows: % Laboratory equipment 10 – 33 (mainly 15 – 25) Office equipment and furniture 7 – 15 Computers and related equipment 33 Leasehold improvements are amortized utilizing the straight-line method over the shorter of the expected lease term or the estimated useful life of the improvements. i. Impairment of long-lived assets The Company tests long-lived assets for impairment whenever events or circumstances present an indication of impairment. If the sum of expected future cash flows (undiscounted and without interest charges) of the assets is less than the carrying amount of such assets, an impairment loss would be recognized. The assets would then be written down to their estimated fair values. For the three years ended December 31, 2019, the Company did not recognize an impairment loss for its long-lived assets. j. Share-based compensation The Company accounts for employees’ share-based payment awards classified as equity awards using the grant-date fair value method. The fair value of share-based payment transactions is recognized as an expense over the requisite service period. The Company elected to recognize compensation costs for awards conditioned only on continued service that have a graded vesting schedule using the accelerated method based on the multiple-option award approach. The Company applies ASU 2018-07 (Topic 718) that expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. Under the provision of the amendment, the Company measures share-based compensation to non-employees in the same manner (except for certain exceptions) as share-based compensation to employees. Prior to January 1, 2019, when options were granted as consideration for services provided by consultants and other non-employees, the grant was accounted for based on the fair value of the consideration received or the fair value of the options issued, whichever is more reliably measurable. The fair value of the options granted was measured on a final basis at the end of the related service period and recognized over the related service period using the graded vesting schedule method. The Company has elected to recognize forfeitures as they occur. k. Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, share-based compensation expenses, payroll taxes and other employee benefits, lab expenses, consumable equipment and consulting fees. All costs associated with research and developments are expensed as incurred. Acquisitions of in-process research and development product candidate, which are not part of business combination, are recognized as an expense as research and development expenses as incurred. Grants received from Israel Innovation Authority (hereafter — “IIA”), formerly known as the Office of the Chief Scientist of the Ministry of Economy and Industry, or the OCS are recognized when the grant becomes receivable, provided there is reasonable assurance that the Company will comply with the conditions attached to the grant and there is reasonable assurance the grant will be received. The grant is deducted from the research and development expenses as the applicable costs are incurred. See note 6a(1). Clinical trial costs are a significant component of research and development expenses and include costs associated with third-party contractors. The Company out sources its clinical trial activities utilizing external entities such as clinical research organizations, independent clinical investigators, and other third-party service providers to assist the Company with the execution of its clinical trials. Clinical trial costs are expensed as incurred. l. Revenue recognition On January 1, 2018 the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). According to the standard, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the performance obligation is satisfied. An entity only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer, after considering any price concession expected to be provided to the customer, when applicable. At contract inception, the entity assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The entity then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Collaborative Arrangements The Company entered into collaborative arrangements with partners that fall under the scope of Topic 808, Collaborative Arrangements (“ASC 808”). While these arrangements are in the scope of ASC 808, the Company may analogize to ASC 606 for some aspects of the arrangements. The Company analogizes to ASC 606 for certain activities within the collaborative arrangement for the delivery of a good or service (i.e., a unit of account) that is part of its ongoing major or central operations. Revenue recognized by analogizing to ASC 606 is recorded as “collaboration revenues”. The terms of the Company’s collaborative arrangements typically include one or more of the following: (i) royalties on net sales of licensed products; (ii) reimbursements or cost-sharing of R&D expenses. Each of these payments results in collaboration revenues or an offset against R&D expense. Royalties: For arrangements that include sales-based royalties and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes collaboration revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Under certain collaborative arrangements, the Company has been reimbursed for a portion of its R&D expenses or participates in the cost-sharing of such R&D expenses. Such reimbursements and cost-sharing arrangements have been reflected as a reduction of R&D expense in the Company’s consolidated statements of operations, as the Company does not consider performing research and development services for reimbursement to be a part of its ongoing major or central operations. m. Income taxes: 1) Deferred taxes The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). ASC 740 prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value if it is more likely than not that a portion or all of the deferred tax assets will not be realized, based on the weight of available positive and negative evidence. Deferred tax liabilities and assets are classified as non-current in accordance with ASU 2015‑17. The Company follows a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the available evidence indicates that it is more likely than not that the position will be sustained based on technical merits. If this threshold is met, the second step is to measure the tax position as the largest amount that has more than a 50% likelihood of being realized upon ultimate settlement. n. Leases As of January 1, 2019, the Company adopted ASU No. 2016-02, “Leases (Topic 842)" while prior period amounts have not been adjusted and continue to be reported in accordance with its historical accounting under Topic 840. The Company adopted the standard using the modified retrospective approach with an effective date as of the beginning of the Company's fiscal year, January 1, 2019. The Company elected the package of transition provisions available for expired or existing contracts, which allowed it to carryforward its historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. Right of Use ("ROU") assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company uses the implicit rate when readily determinable. As the Company’s leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elected to not separate lease and non-lease components for the leases. The Company elected the practical expedient of the short-term lease recognition exemption for all leases with a term shorter than 12 months. Additionally, the company applies the portfolio approach to account for operating lease ROU asset and liabilities for certain car leases and incremental borrowing rates. Upon adoption, the new standard resulted in an increase of $1,200 in operating lease ROU assets and corresponding liabilities on the Company’s consolidated balance sheet and did not have a material impact on the Company’s consolidated statements of operations or consolidated statements of cash flows. See also note 6b. o. Loss per share Basic loss per share is computed on the basis of the net loss for the period divided by the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is based upon the weighted average number of ordinary shares and of ordinary shares equivalents outstanding when dilutive. Ordinary share equivalents include outstanding stock options and restricted shares, which are included under the treasury stock method when dilutive. The calculation of diluted loss per share does not include 673,892,1,119,310 and 1,260,984 options and restricted shares for the years ended December 31, 2017, 2018 and 2019, respectively, because their effect would be anti-dilutive. p. Fair value measurement Fair value is based on the price that would be received from the sale of an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described as follows: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value. The carrying amount of the cash and cash equivalents, bank deposits, restricted cash, receivables from collaborative arrangements, restricted long-term deposits, accrued expenses (under other account payable) and other liabilities approximates their fair value. q. Concentration of credit risks Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents, bank deposits and marketable securities and certain receivables. The Company deposits cash and cash equivalents with highly rated financial institutions (Israeli banks). In addition, all marketable securities carry a high rating or are government insured. The Company has not experienced any material credit losses in these accounts and does not believe it is exposed to significant credit risk on these instruments. r. Newly issued and recently adopted accounting pronouncements: 1) Recently adopted accounting pronouncements a. In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting” that expands the scope of ASC Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of ASC Topic 718 to nonemployee awards except for certain exemptions specified in the amendment. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that fiscal year. Under the provisions of the amendment, the Company measures share-based compensation to non-employees in the same manner (except for certain exceptions) as share-based compensation to employees. 2) Newly issued accounting pronouncements but not yet adopted: a. In June 2016, the FASB issued ASU 2016-13 “Financial Instruments Credit Losses Measurement of Credit Losses on Financial Instruments”. This guidance replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance will be effective for the fiscal year beginning on January 1, 2020, including interim periods within that year. The adoption of this guidance will not have a significant impact on the Company's consolidated financial statements. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | NOTE 3 — MARKETABLE SECURITIES The following table sets forth the Company’s marketable securities for the indicated period: December 31, 2018 2019 Level 2 securities: U.S government and agency bonds $ 7,933 $ 2,499 Canada government bonds 1,009 999 Other foreign government bonds 5,259 3,521 Corporate bonds* 42,461 33,947 Total $ 56,662 $ 40,966 * Investments in Corporate bonds rated A or higher . The Company’s debt securities are The table below sets forth a summary of the changes in the fair value of the Company’s marketable securities for the years ended December 31, 2018 and 2019: December 31, 2018 2019 Balance at beginning of the year $ - $ 56,662 Additions 71,783 38,702 Sale or maturity (15,092 ) (54,333 ) Changes in fair value during the year (29 ) (65 ) Balance at end of the year $ 56,662 $ 40,966 As of December 31, 2019, the Company’s debt securities had the following maturity dates: Market value December 31, 2019 Due within one year $ 37,698 1 to 2 years 3,268 Total $ 40,966 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT | NOTE 4 — PROPERTY AND EQUIPMENT December 31 2018 2019 Cost: Laboratory equipment $ 2,829 $ 3,242 Office equipment and furniture 258 265 Computers and software 410 490 Leasehold improvements 1,849 1,946 5,346 5,943 Less: Accumulated depreciation and amortization (2,742 ) (3,629 ) Property and equipment, net $ 2,604 $ 2,314 Depreciation and amortization expense totaled $471, $762 and $887 for the years ended December 31, 2017, 2018 and 2019, respectively. |
EMPLOYEE SEVERANCE BENEFITS
EMPLOYEE SEVERANCE BENEFITS | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
EMPLOYEE SEVERANCE BENEFITS | NOTE 5 — EMPLOYEE SEVERANCE BENEFITS The Company is required to make severance payments upon dismissal of an employee or upon termination of employment in certain circumstances. The severance payment liability to the employees (based upon length of service and the latest monthly salary — one month’s salary for each year employed) is recorded on the Company’s balance sheet under “Liability for employee rights upon retirement.” The liability is recorded as if it was payable at each balance sheet date on an undiscounted basis. In accordance with the current employment terms starting in August 2014 with all of its employees (Section 14 of the Israeli Severance Pay Law, 1963), the Company makes regular deposits with certain insurance companies for accounts controlled by each applicable employee in order to secure the employee’s retirement benefit obligation. The Company is fully relieved from any severance pay liability with respect to each such employee after it makes the payments on behalf of the employee. The liability accrued in respect of these employees and the amounts funded, as of the respective agreement dates, are not reflected in the Company balance sheet, as the amounts funded are not under the control and management of the Company and the pension or severance pay risks have been irrevocably transferred to the applicable insurance companies (the “Contribution Plan”). With regard to the period before August 2014, the liability is funded in part from the purchase of insurance policies or by the establishment of pension funds with dedicated deposits in the funds. The amounts used to fund these liabilities are included in the balance sheets under “Funds in respect of employee rights upon retirement.” These policies are the Company’s assets. The amounts of severance payment expenses were $275, $431 and $402 for the years ended December 31, 2017, 2018 and 2019, respectively, of which $257, $292 and $363 in the years ended December, 2017, 2018 and 2019, respectively, were in respect of the Contribution Plan. The Company expects to contribute approximately $374 in the year ending December 31, 2020 to insurance companies in connection with its expected severance liabilities for that year. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | NOTE 6 — COMMITMENTS: a. Royalty Commitments: 1) The Company is obligated to pay royalties to the IIA on proceeds from the sale of products developed from research and development activities that were funded, partially, by grants from the IIA. Under the specific terms of the funding arrangements with the IIA, royalties of 3.5% to 25% are payable on the sale of products developed with funding received from the IIA, which payments shall not exceed, in the aggregate, 300% of the amount of the grant received (dollar linked), plus interest at annual rate based on LIBOR. 2) The Company has an agreement, that was amended several times (hereafter — the agreements) with Yissum Research Development Company (hereafter — “Yissum”), the technology-licensing arm of the Hebrew University of Jerusalem. According to the agreements, the Company received from Yissum an exclusive and a non-exclusive license for the commercialization of certain Yissum patents. According to the agreements the Company shall pay Yissum: i. Royalties of 1.5% of net sales related to certain patents. ii. 1.5% – 8% of proceeds received by the Company for the sub-license or license of certain patents. According to the agreements, the Company may continue commercial use of certain Yissum’s patents in connection with the products and subject to the obligation to pay Yissum the royalties and the sub-license fees. b. Lease Agreements The Company leases offices and vehicles under operating leases. For leases with terms greater than 12 months, the Company record the related asset and obligation at the present value of lease payments over the term. Offices The Company leases office spaces and research and development facilities under several agreements. These agreements are linked to the change in the Israeli consumer price index and expire in December 2020. In November 2019, the Company signed on additional amendment to the agreements to extend the lease period through December 2023. These agreements are considered as operating leases and presented under operating lease right-of-use assets. Vehicles The Company has entered into operating lease agreements for vehicles used by its employees for a period of 3 years. These contracts are considered as operating leases and presented under operating lease right-of-use assets. Lease Position As of Assets Operating Leases Operating lease right-of-use assets $ 2,040 Liabilities Current liabilities Current maturities of operating leases $ 672 Long-term liabilities Non-current operating leases $ 1,373 Weighted Average Remaining Lease Term Operating leases 1.66 Weighted Average Discount Rate Operating leases 7.44 % Lease Costs Year Ended December 31, 2019 Operating lease cost: $ 643 The table below presents supplemental cash flow information related to leases for the year ended December 31, 2019: Year Ended December 31, 2019 Cash paid for amounts included in the measurement of leases liabilities: Operating cash flows from operating leases $ 807 Undiscounted Cash Flows The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet: Operating Leases For the year ended December 31, 2019 2020 $ 672 2021 564 2022 519 2023 518 Total minimum lease payments 2,273 Less: amount of lease payments representing interest (228 ) Present value of future minimum lease payments 2,045 Less: Current maturities of operating leases 672 Long-term operating leases liabilities 1,373 $ 2,045 Future minimum lease commitments under non-cancelable operating lease agreements as of December 31, 2018 according to ASC 840, are as follows: 2019 $ 662 2020 613 2021 28 Total $ 1,303 c. In June 2008, the Company entered into a Master Clinical Trial Services Agreement with a third party, which was later amended in April 2017, to retain its services as a clinical research organization for certain product candidate subject to task work orders to be issued by the Company. During 2018, the Company entered into six additional task orders. As consideration for its services the Company will pay a total amount of approximately $14,360 during the term of the engagement and based on achievement of certain milestones, out of which $9,561 were recognized as an expense until December 31, 2019. d. In 2016 through 2019, the Company entered into eight collaboration agreements with two third parties for the development, manufacturing and commercialization of six product candidates (including an agreement assumed by the Company in August 2018, following the transfer of an in-process research and development product candidate from a related party). See detailed information in note 7b. e. In October 2017, the Company entered into a Clinical Development Master Services Agreement with a third party, to retain it as clinical research organization for certain product candidate, subject to task work orders to be issued by the Company. As consideration for its services the Company will pay a total amount of approximately $13,779 during the term of the engagement and based on achievement of certain milestones, out of which $7,825 were recognized as an expense until December 31, 2019. f. In July 2018, the Company signed on a Master Services Agreement to receive certain clinical research services for certain product candidate subject to task work orders to be issued by the Company. As consideration for the services in the first work order the Company will pay a total amount of approximately $2,234 during the term of the engagement and based on achievement of certain milestones, $957 of which were recognized as an expense until December 31, 2019. |
COLLABORATION AGREEMENTS
COLLABORATION AGREEMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
COLLABORATION AGREEMENTS | NOTE 7 — COLLABORATION AGREEMENTS a. In 2007, the Company granted rights to a third party for use and commercialization of a product for skin protection. Under this agreement, the Company is entitled to royalties during the years 2016 to 2024. Based on current sales, royalties are not material. b. In 2016 through 2019, the Company entered into several collaboration agreements with two third parties for the development, manufacturing and commercialization of several product candidates. Under the agreements, the third parties are obligated to conduct regulatory, scientific, clinical and technical activities necessary to develop the product and prepare and file ANDA, with the FDA and gain regulatory approval. The Company participates in the development of the product candidates, including participation in joint steering committees and is obligated for sourcing the active pharmaceutical ingredient (API) during the development phase. This Agreement is considered to be within the scope of ASC 808, as the parties are active participants and exposed to the risks and rewards of the collaborative activity. The Company recognizes collaboration revenue when the related sales occur. |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
SHARE CAPITAL | NOTE 8— SHARE CAPITAL a. Ordinary shares 1) Rights of the Company’s ordinary shares 2) On October 2, 2017, the Company increased its authorized share capital to 50,000,000 shares, NIS 0.1 par value. 3) On January 19, 2018, the Company executed a 1-for-1.8 share split of the Company’s shares by way of an issuance of bonus shares for each share. Upon the effectiveness of the share split, (i) 0.8 bonus shares were issued for each outstanding share, (ii) the number of ordinary shares into which each outstanding option to purchase ordinary shares is exercisable was proportionally increased, and (iii) the exercise price of each outstanding option to purchase ordinary shares was proportionately decreased. Unless otherwise indicated, and except for authorized capital, all of the share numbers, loss per share amounts, share prices and option exercise prices in these financial statements have been adjusted, on a retroactive basis, to reflect this 1-for-1.8 share split. 4) In January 2018, the Company completed an IPO on the NASDAQ Stock Market, in which it issued 6,250,000 Ordinary shares at a price per share of $12. During February 2018 the underwriters exercised their green shoe option and purchased additional 937,500 ordinary shares at the same price per share. The net proceeds received from the IPO were approximately $78,800, after deducting underwriting discounts, commissions and other offering expenses in a total amount of approximately $7,450. 5) On August 12, 2019, the Company completed an underwritten follow-on public offering, in which it issued 1,437,500 ordinary shares, including the full exercise by the underwriters of their option to purchase 187,500 additional ordinary shares, at a public offering price of $8.00 per ordinary share. 6) See note 12, as to issuance of ordinary shares and warrants, subsequent to December 31, 2019, for a net consideration of approximately $21.5 million. 7) See note 12 as to private placement agreement signed with the Controlling Shareholder, subsequent to December 31, 2019, for a net consideration of approximately $5 million. b. Share-based compensation: 1) Option plan In December, 2014, the Company’s Board of Directors approved a Share Incentive Plan (hereafter — the Plan) and reserved a pool of 629,025 ordinary shares, par value NIS 0.1 each, or such other number as the Board may determine, subject to certain terms and conditions as defined in the Plan. According to the Plan, the Company may issue shares or restricted shares, may grant options or restricted share units and other share-based awards (hereafter — the awards) to the Company employees, consultants, directors and other service providers. The Plan is designed to enable the Company to grant awards to purchase Ordinary Shares under various and different tax regimes including, without limitation: pursuant and subject to Section 102 of the Israeli Tax Ordinance and pursuant and subject to Section 3(i) of the Israeli Tax Ordinance and under Internal revenue Code Section 422. The awards may be exercised after vesting and in accordance with vesting schedules which will be determined by the Board of Directors for each grant. The maximum term of the awards is 10 years. The fair value of each option granted under this Plan is estimated using the Black-Scholes option pricing method. Expected volatility is based on the historical volatility of comparable peer companies. The risk-free interest rate assumption is based on observed interest rates appropriate for the expected term of the options granted in dollar terms. The expected term of the options is estimated based on the simplified method, as its historical experience for options grants as a public company is insufficient. As of December 31, 2019, 958,102 ordinary shares remain available for future grants under the Plan. 2) Options grants a. Option granted to employees and directors i. In March 2018, the board of directors approved and recommended the Company shareholders to approve a grant of 105,471 options to the Company CEO to purchase ordinary shares at an exercise price of $11.21 per share. The Company's shareholders approved the grant in May 2018. ii. In March 2018, the Company granted a total of 20,138 options to two employees to purchase ordinary shares at an exercise price of $11.21 per share. iii. In August 2018, the Company granted a total of 10,069 options to an Executive Officer to purchase ordinary shares at an exercise price of $6.78 per share. iv. In January 2019, the Company granted a total of 80,000 options to an executive officer to purchase ordinary shares at an exercise price of $5.95 per share. v. In May 2019, the Company granted a total of 9,000 options to several employees to purchase ordinary shares at an exercise price of $7.32 per share. vi. In December 2019, the Company granted a total of 6,300 options to several employees to purchase ordinary shares at an exercise price of $8.32 per share. The options vest over a period of 4 years; 25% of the options vest on the first anniversary of the vesting commencement date (as described in each agreement) and the rest vest quarterly over the following three years. The options expire on the tenth anniversary of their grant date. The fair value of options granted to employees and directors in 2017, 2018 and 2019 were $9,841, $878 and $485, respectively. The underlying data used for computing the fair value of the options are as follows: 2017 2018 2019 Value of one ordinary share $20.47-$24.37 $6.24-$10.40 $6.08-$8.59 Dividend yield 0% 0% 0% Expected volatility 72.91%-78.71% 70.43 %-73.35% 74.87%-77.83 % Risk-free interest rate 1.57%-2.23% 2.67%-2.83% 1.82%-2.75% Expected term 5-7 years 5.50-7 years 6.11 years The total unrecognized compensation cost of employee options at December 31, 2019 is $1,260, which is expected to be recognized over a period of 3.96 years. The following table summarizes the number of options granted to employees under the Plan for the years ended December 31, 2017, 2018 and 2019, and related information: Year ended December 31 2017 2018 2019 Number of options Weighted average exercise price Weighted average remaining contractual life Number of options Weighted average exercise price Weighted average remaining contractual life Number of options Weighted average exercise price Weighted average remaining contractual life Options outstanding at the beginning of the year 402,955 $ 1.59 8.55 849,780 $ 3.45 8.63 938,090 $ 4.47 7.89 Granted 468,572 $ 4.99 9.52 135,678 $ 10.88 9.41 95,300 $ 6.24 9.17 Exercised - - - (27,399 ) $ 1.59 - - - - Expired - - - (1,350 ) $ 5.57 - (563 ) $ 5.57 - Forfeited (21,747 ) $ 2.25 7.87 (18,619 ) $ 8.62 - (1,238 ) $ 5.57 - Options outstanding at the end of the year 849,780 $ 3.45 8.63 938,090 $ 4.47 7.89 1,031,591 $ 4.74 7.25 Options exercisable at the end of the year 297,420 $ 1.59 7.49 519,084 $ 2.53 6.74 683,979 $ 3.60 6.56 b. Option granted to non-employees In March 2018, the Company granted a total of 76,895 options to several consultants to purchase ordinary shares at an exercise price of $11.21 per share. The fair value of options granted to non-employees in 2018 was $648. The underlying data used for computing the fair value of the options are as follows: 2018 Value of one ordinary share $ 10.40 Dividend yield 0 % Expected volatility 79.07 % Risk-free interest rate 2.86 % Expected term 10 years The total unrecognized compensation cost of non-employees options at December 31, 2019 is $105, which is expected to be recognized over a period of 2.23 years. The following table summarizes the number of options granted to non-employees under the Plan for the year ended December 31, 2017, 2018 and 2019, and related information: Year ended December 31 2017 2018 2019 Number of options Weighted average exercise price Weighted average remaining contractual life Number of options Weighted average exercise price Weighted average remaining contractual life Number of options Weighted average exercise price Weighted average remaining contractual life Options outstanding at the beginning of the year - - - 121,680 $ 5.12 9.54 198,575 $ 7.48 8.81 Granted 121,680 $ 5.12 9.54 76,895 $ 11.21 9.24 - - - Options outstanding at the end of the year 121,680 $ 5.12 9.54 198,575 $ 7.48 8.81 198,575 $ 7.48 7.84 Options exercisable at the end of the year 7,614 $ 1.59 9.54 44,793 $ 4.59 8.54 96,588 $ 6.97 7.78 c. The aggregate intrinsic value of the total outstanding and of total exercisable options as of December 31, 2019 is approximately $14,832 and $10,250, respectively. d. Restricted Shares granted to Directors e. The following table illustrates the effect of share-based compensation on the statements of operations: Year ended 2017 2018 2019 Research and development expenses $ 1,932 $ 2,708 $ 1,028 General and administrative expenses 2,042 $ 1,946 $ 1,524 $ 3,974 $ 4,654 $ 2,552 |
TAXES ON INCOME
TAXES ON INCOME | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
TAXES ON INCOME | NOTE 9 — TAXES ON INCOME a. Tax rates in Israel In December 2016, a tax legislation was enacted in Israel, reducing the corporate tax rate to 24% for 2017 and to 23% for 2018 and thereafter. There is no impact on the financial statements of the Company as a result of the changes in the Israeli corporate tax rate. Capital gain is subject to capital gain tax according to the corporate tax rate in the year the assets are sold. b. Tax rates for the U.S Subsidiary The subsidiary is taxed according to U.S. tax laws. The Company’s income is taxed in the United States at the rate of 21%. c. Tax benefits under the Law for the Encouragement of Capital Investments, 1959 (the “Investment Law”) Under the Investment Law, including Amendment No. 60 to the Investment Law that was published in April 2005, by virtue of the Benefited Enterprise program for certain of its facilities; the Company may be entitled to various tax benefits. The main benefit arising from such status is the reduction in tax rates on income derived from a Benefited Enterprise. The extent of such benefits depends on the location of the enterprise. Since the Company’s facilities are not located in “national development zone A,” income derived from Benefited Enterprises will be tax exempt for a period of two years and then have a reduced tax rate for a period of up to an additional eight years. The period of tax benefits, as described above, is limited to 12 years from the beginning of the Benefited Enterprise election year (2012). As of December 31, 2019, the period of benefits has not yet commenced. In the event of distribution of cash dividends from income which was tax exempt as above, the amount distributed will be subject to the tax rate it was exempted from. The Company is entitled to claim accelerated depreciation in respect of equipment used by the approved enterprises during five tax years. Entitlement to the above benefits is conditioned upon the Company fulfilling the conditions stipulated by the Investment Law and regulations published thereunder. In the event of failure to comply with these conditions, the benefits may be canceled and the Company may be required to refund the amount of the benefits, in whole or in part, with the addition of linkage differences to the Israeli consumer price index and interest. The Investment Law was amended as part of the Economic Policy Law for the years 2011 – 2012 (the “Amendment”), which became effective on January 1, 2011 and was further amended in August 2013 and January 2017. Under the 2017 Amendment, and provided the conditions stipulated therein are met, income derived by Preferred Companies from ‘Preferred Technological Enterprises’ (“PTE”) (as defined in the 2017 Amendment), would be subject to reduced corporate tax rates of 7.5% in Development Zone “A” and 12% elsewhere, or 6% in case of a ‘Special Preferred Technological Enterprise’ (“SPTE”) as defined in the 2017 Amendment) regardless of the company’s geographical location within Israel. A Preferred Company distributing dividends from income derived from its PTE or SPTE, would subject the recipient to a 20% tax (or lower, if so provided under an applicable tax treaty). The 2017 Amendment further provides that, in certain circumstances, a dividend distributed to a corporate shareholder who is not an Israeli resident for tax purposes would be subject to a 4% tax (inter alia, if the amount of foreign investors in the distributing company exceeds 90%). Such taxes would generally be withheld at source by the distributing company. Under the transitional provisions of the law, a company is allowed to continue to enjoy the tax benefits available under the law prior to its amendment until the end of the period of benefits, as defined in the law. In each year during the period of benefits as a Benefited Enterprise, the Company will be able to opt for application of the amendment, thereby making available the tax rates discussed above. The Company’s election to apply the amendment is irrecoverable. As of December 31, 2019, the Company’s management decided not to adopt the application of the Amendment. There is no assurance that future taxable income of the Company will qualify as Benefited or Preferred income or that the benefits described above will be available to the Company in the future. d. Tax assessments Tax assessments filed by the Company through the year 2014 are considered to be final. e. Losses for tax purposes carried forward to future years As of December 31, 2019, the Company had approximately $112.5 million of net carry forward tax losses which are available to reduce future taxable income with no limited period of use. f. Deferred income taxes: December, 31 2018 2019 In respect of: Net operating loss carry forward $ 19,670 $ 25,879 Research and development expenses 5,094 7,842 Other 1,402 1,226 Less – valuation allowance (26,166 ) (34,947 ) Net deferred tax assets $ — $ — g. Reconciliation of theoretical tax expenses to actual expenses Actual tax expenses are in respect of the U.S. subsidiary. The primary reconciling items between the statutory tax rate of the Company and the effective rate are the full valuation allowance of deferred tax assets and nondeductible expenses in relation to the operations in Israel. h. Roll forward of valuation allowance Balance at January 1, 2017 $ 13,999 Additions 7,983 Balance at December 31, 2017 $ 21,982 Additions 4,184 Balance at December 31, 2018 $ 26,166 Additions 8,781 Balance at December 31, 2019 $ 34,947 i. Provision for uncertain tax positions As of December 31, 2018, and 2019, the Company does not have a provision for uncertain tax positions. |
SUPPLEMENTARY FINANCIAL STATEME
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | NOTE 10 — SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION Other accounts payables and accruals December, 31 2018 2019 Accrued expenses $ 1,031 $ 3,249 Employees payables 897 841 Other 43 33 $ 1,971 $ 4,123 |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES | NOTE 11 — RELATED PARTIES a. Related parties include the Controlling Shareholder and companies under his control, the Board of Directors and the Executive Officers of the Company. b. As to options and restricted shares granted to directors and executive officers, see note 8. c. On August 22, 2017, a related company (wholly owned by the Company’s controlling shareholder) transferred an in-process research and development product candidate (hereafter - the Product) to the Company, together with a collaboration agreement with third party to research, develop and manufacture the Product, in consideration of 2 shares. This was considered a transaction between entities under common control and thus it was recorded on historical cost basis and therefore the Company recognized an amount of $6,232 as a research and development expense in 2017. d. In January 2018, immediately prior to the closing of the IPO, the outstanding promissory notes from the Controlling Shareholder were automatically converted into 5,444,825 Ordinary shares. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12 — SUBSEQUENT EVENTS a. On February 19, 2020, the Company completed an underwritten public offering, in which it issued 2,091,908 ordinary shares and warrants to purchase up to 1,673,525 ordinary shares, at a public offering price of $11.00 per ordinary shares. The warrants are exercisable over a three-years period from the date of issuance at a per share exercise price of $14, subject to certain adjustments as defined in the agreement. The total proceeds received from the offering, net of issuance costs, were approximately $21.5 million. b. In addition and in parallel to the public offering, the Company signed an agreement for a private placement with its Controlling Shareholder for an additional investment of approximately $5 million dollar in consideration of 454,628 ordinary shares and warrants to purchase up to 363,702 ordinary shares, at the same terms of the underwritten public offering mentioned above. The private placement agreement is contingent on certain conditions including disinterested shareholders' approval. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of presentation | a. Basis of presentation The Company’s financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). |
Use of estimates in the preparation of financial statements | b. Use of estimates in the preparation of financial statements The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting periods. Actual results may differ from those estimates. As applicable to these financial statements, the most significant estimates and assumptions relate to the fair value of share-based compensation and the incremental borrowing rate for leases. |
Functional and presentation currency | c. Functional and presentation currency The U.S. dollar (“dollar”) is the currency of the primary economic environment in which the operations of the Company and its subsidiary are conducted. The Company’s financing has been provided in dollars, revenues are primarily in dollars and a significant part of expenses are incurred in dollars. The financial statements are presented in dollars, which is the Company’s functional and presentation currency. Transactions and balances originally denominated in dollars are presented at their original amounts. Balances in non-dollar currencies are translated into dollars using historical and current exchange rates for non-monetary and monetary balances, respectively. For non-dollar transactions and other items in the statements of operations (indicated below), the following exchange rates are used: (I) for transactions — exchange rates at transaction dates or average rates; and (ii) for other items (derived from non-monetary balance sheet items such as depreciation) — historical exchange rates. Currency transaction gains and losses are presented in financial income or expenses, as appropriate. |
Cash and cash equivalents | d. Cash and cash equivalents The Company considers as cash equivalents all short-term, highly liquid investments, which include short-term bank deposits with original maturities of three months or less from the date of purchase that are not restricted as to withdrawal or use and are readily convertible to known amounts of cash. |
Bank deposits | e. Bank deposits |
Marketable securities | f. Marketable securities . . |
Derivatives and hedging | g. Derivatives and hedging As of December 31, 2019, the Company has $350 on the Company’s bank account that is restricted in order to secure the hedging transactions. This amount is presented among Restricted long-term deposits. |
Property and equipment | h. Property and equipment: 1) Property and equipment are stated at cost, net of accumulated depreciation and amortization. 2) The Company’s property and equipment are depreciated utilizing the straight-line method on the basis of their estimated useful life. Annual rates of depreciation are as follows: % Laboratory equipment 10 – 33 (mainly 15 – 25) Office equipment and furniture 7 – 15 Computers and related equipment 33 Leasehold improvements are amortized utilizing the straight-line method over the shorter of the expected lease term or the estimated useful life of the improvements. |
Impairment of long-lived assets | i. Impairment of long-lived assets The Company tests long-lived assets for impairment whenever events or circumstances present an indication of impairment. If the sum of expected future cash flows (undiscounted and without interest charges) of the assets is less than the carrying amount of such assets, an impairment loss would be recognized. The assets would then be written down to their estimated fair values. For the three years ended December 31, 2019, the Company did not recognize an impairment loss for its long-lived assets. |
Share-based compensation | j. Share-based compensation The Company accounts for employees’ share-based payment awards classified as equity awards using the grant-date fair value method. The fair value of share-based payment transactions is recognized as an expense over the requisite service period. The Company elected to recognize compensation costs for awards conditioned only on continued service that have a graded vesting schedule using the accelerated method based on the multiple-option award approach. The Company applies ASU 2018-07 (Topic 718) that expands the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. Under the provision of the amendment, the Company measures share-based compensation to non-employees in the same manner (except for certain exceptions) as share-based compensation to employees. Prior to January 1, 2019, when options were granted as consideration for services provided by consultants and other non-employees, the grant was accounted for based on the fair value of the consideration received or the fair value of the options issued, whichever is more reliably measurable. The fair value of the options granted was measured on a final basis at the end of the related service period and recognized over the related service period using the graded vesting schedule method. The Company has elected to recognize forfeitures as they occur. |
Research and development expenses | k. Research and development expenses Research and development expenses include costs directly attributable to the conduct of research and development programs, including the cost of salaries, share-based compensation expenses, payroll taxes and other employee benefits, lab expenses, consumable equipment and consulting fees. All costs associated with research and developments are expensed as incurred. Acquisitions of in-process research and development product candidate, which are not part of business combination, are recognized as an expense as research and development expenses as incurred. Grants received from Israel Innovation Authority (hereafter — “IIA”), formerly known as the Office of the Chief Scientist of the Ministry of Economy and Industry, or the OCS are recognized when the grant becomes receivable, provided there is reasonable assurance that the Company will comply with the conditions attached to the grant and there is reasonable assurance the grant will be received. The grant is deducted from the research and development expenses as the applicable costs are incurred. See note 6a(1). Clinical trial costs are a significant component of research and development expenses and include costs associated with third-party contractors. The Company out sources its clinical trial activities utilizing external entities such as clinical research organizations, independent clinical investigators, and other third-party service providers to assist the Company with the execution of its clinical trials. Clinical trial costs are expensed as incurred. |
Revenue recognition | l. Revenue recognition On January 1, 2018 the Company adopted ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606). According to the standard, an entity recognizes revenue when its customer obtains control of promised goods or services, in an amount that reflects the consideration that the entity expects to receive in exchange for those goods or services. To determine revenue recognition for arrangements that an entity determines are within the scope of Topic 606, the entity performs the following five steps: (i) identify the contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenue when (or as) the performance obligation is satisfied. An entity only applies the five-step model to contracts when it is probable that the entity will collect the consideration it is entitled to in exchange for the goods or services it transfers to the customer, after considering any price concession expected to be provided to the customer, when applicable. At contract inception, the entity assesses the goods or services promised within each contract and determines those that are performance obligations, and assesses whether each promised good or service is distinct. The entity then recognizes as revenue the amount of the transaction price that is allocated to the respective performance obligation when (or as) the performance obligation is satisfied. Collaborative Arrangements The Company entered into collaborative arrangements with partners that fall under the scope of Topic 808, Collaborative Arrangements (“ASC 808”). While these arrangements are in the scope of ASC 808, the Company may analogize to ASC 606 for some aspects of the arrangements. The Company analogizes to ASC 606 for certain activities within the collaborative arrangement for the delivery of a good or service (i.e., a unit of account) that is part of its ongoing major or central operations. Revenue recognized by analogizing to ASC 606 is recorded as “collaboration revenues”. The terms of the Company’s collaborative arrangements typically include one or more of the following: (i) royalties on net sales of licensed products; (ii) reimbursements or cost-sharing of R&D expenses. Each of these payments results in collaboration revenues or an offset against R&D expense. Royalties: For arrangements that include sales-based royalties and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes collaboration revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Under certain collaborative arrangements, the Company has been reimbursed for a portion of its R&D expenses or participates in the cost-sharing of such R&D expenses. Such reimbursements and cost-sharing arrangements have been reflected as a reduction of R&D expense in the Company’s consolidated statements of operations, as the Company does not consider performing research and development services for reimbursement to be a part of its ongoing major or central operations. |
Income taxes | m. Income taxes: 1) Deferred taxes The Company accounts for income taxes in accordance with ASC 740, “Income Taxes” (“ASC 740”). ASC 740 prescribes the use of the liability method whereby deferred tax asset and liability account balances are determined based on differences between the financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value if it is more likely than not that a portion or all of the deferred tax assets will not be realized, based on the weight of available positive and negative evidence. Deferred tax liabilities and assets are classified as non-current in accordance with ASU 2015‑17. The Company follows a two-step approach in recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the available evidence indicates that it is more likely than not that the position will be sustained based on technical merits. If this threshold is met, the second step is to measure the tax position as the largest amount that has more than a 50% likelihood of being realized upon ultimate settlement. |
Leases | n. Leases As of January 1, 2019, the Company adopted ASU No. 2016-02, “Leases (Topic 842)" while prior period amounts have not been adjusted and continue to be reported in accordance with its historical accounting under Topic 840. The Company adopted the standard using the modified retrospective approach with an effective date as of the beginning of the Company's fiscal year, January 1, 2019. The Company elected the package of transition provisions available for expired or existing contracts, which allowed it to carryforward its historical assessments of (1) whether contracts are or contain leases, (2) lease classification and (3) initial direct costs. Right of Use ("ROU") assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company uses the implicit rate when readily determinable. As the Company’s leases do not provide an implicit rate, the Company uses its estimated incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The Company elected to not separate lease and non-lease components for the leases. The Company elected the practical expedient of the short-term lease recognition exemption for all leases with a term shorter than 12 months. Additionally, the company applies the portfolio approach to account for operating lease ROU asset and liabilities for certain car leases and incremental borrowing rates. Upon adoption, the new standard resulted in an increase of $1,200 in operating lease ROU assets and corresponding liabilities on the Company’s consolidated balance sheet and did not have a material impact on the Company’s consolidated statements of operations or consolidated statements of cash flows. See also note 6b. |
Loss per share | o. Loss per share Basic loss per share is computed on the basis of the net loss for the period divided by the weighted average number of ordinary shares outstanding during the period. Diluted loss per share is based upon the weighted average number of ordinary shares and of ordinary shares equivalents outstanding when dilutive. Ordinary share equivalents include outstanding stock options and restricted shares, which are included under the treasury stock method when dilutive. The calculation of diluted loss per share does not include 673,892,1,119,310 and 1,260,984 options and restricted shares for the years ended December 31, 2017, 2018 and 2019, respectively, because their effect would be anti-dilutive. |
Fair value measurement | p. Fair value measurement Fair value is based on the price that would be received from the sale of an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described as follows: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2: Observable prices that are based on inputs not quoted on active markets, but corroborated by market data. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value. The carrying amount of the cash and cash equivalents, bank deposits, restricted cash, receivables from collaborative arrangements, restricted long-term deposits, accrued expenses (under other account payable) and other liabilities approximates their fair value. |
Concentration of credit risks | q. Concentration of credit risks Financial instruments that potentially subject the Company to concentration of credit risk consist principally of cash and cash equivalents, bank deposits and marketable securities and certain receivables. The Company deposits cash and cash equivalents with highly rated financial institutions (Israeli banks). In addition, all marketable securities carry a high rating or are government insured. The Company has not experienced any material credit losses in these accounts and does not believe it is exposed to significant credit risk on these instruments. |
Newly issued and recently adopted accounting pronouncements | r. Newly issued and recently adopted accounting pronouncements: 1) Recently adopted accounting pronouncements a. In June 2018, the FASB issued ASU 2018-07, “Compensation – Stock Compensation (Topic 718): Improvements to Nonemployee Share-based Payment Accounting” that expands the scope of ASC Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. An entity should apply the requirements of ASC Topic 718 to nonemployee awards except for certain exemptions specified in the amendment. The guidance is effective for fiscal years beginning after December 15, 2018, including interim reporting periods within that fiscal year. Under the provisions of the amendment, the Company measures share-based compensation to non-employees in the same manner (except for certain exceptions) as share-based compensation to employees. 2) Newly issued accounting pronouncements but not yet adopted: a. In June 2016, the FASB issued ASU 2016-13 “Financial Instruments Credit Losses Measurement of Credit Losses on Financial Instruments”. This guidance replaces the current incurred loss impairment methodology with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance will be effective for the fiscal year beginning on January 1, 2020, including interim periods within that year. The adoption of this guidance will not have a significant impact on the Company's consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Annual Depreciation Rates | Annual rates of depreciation are as follows: % Laboratory equipment 10 – 33 (mainly 15 – 25) Office equipment and furniture 7 – 15 Computers and related equipment 33 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | The following table sets forth the Company’s marketable securities for the indicated period: December 31, 2018 2019 Level 2 securities: U.S government and agency bonds $ 7,933 $ 2,499 Canada government bonds 1,009 999 Other foreign government bonds 5,259 3,521 Corporate bonds* 42,461 33,947 Total $ 56,662 $ 40,966 * Investments in Corporate bonds rated A or higher . |
Summary of Changes in Fair Value of Marketable Securities | The table below sets forth a summary of the changes in the fair value of the Company’s marketable securities for the years ended December 31, 2018 and 2019: December 31, 2018 2019 Balance at beginning of the year $ - $ 56,662 Additions 71,783 38,702 Sale or maturity (15,092 ) (54,333 ) Changes in fair value during the year (29 ) (65 ) Balance at end of the year $ 56,662 $ 40,966 |
Schedule of Debt Securities | As of December 31, 2019, the Company’s debt securities had the following maturity dates: Market value December 31, 2019 Due within one year $ 37,698 1 to 2 years 3,268 Total $ 40,966 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment | December 31 2018 2019 Cost: Laboratory equipment $ 2,829 $ 3,242 Office equipment and furniture 258 265 Computers and software 410 490 Leasehold improvements 1,849 1,946 5,346 5,943 Less: Accumulated depreciation and amortization (2,742 ) (3,629 ) Property and equipment, net $ 2,604 $ 2,314 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Lease-related Assets And Liabilities | As of Assets Operating Leases Operating lease right-of-use assets $ 2,040 Liabilities Current liabilities Current maturities of operating leases $ 672 Long-term liabilities Non-current operating leases $ 1,373 Weighted Average Remaining Lease Term Operating leases 1.66 Weighted Average Discount Rate Operating leases 7.44 % |
Schedule of Lease Costs | Year Ended December 31, 2019 Operating lease cost: $ 643 |
Schedule of Supplemental Cash Flow Information Related to Leases | The table below presents supplemental cash flow information related to leases for the year ended December 31, 2019: Year Ended December 31, 2019 Cash paid for amounts included in the measurement of leases liabilities: Operating cash flows from operating leases $ 807 |
Schedule of Reconciles Undiscounted Cash Flows | The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet: Operating Leases For the year ended December 31, 2019 2020 $ 672 2021 564 2022 519 2023 518 Total minimum lease payments 2,273 Less: amount of lease payments representing interest (228 ) Present value of future minimum lease payments 2,045 Less: Current maturities of operating leases 672 Long-term operating leases liabilities 1,373 $ 2,045 |
Schedule of Future Minimum Payments Under Operating Leases | Future minimum lease commitments under non-cancelable operating lease agreements as of December 31, 2018 according to ASC 840, are as follows: 2019 $ 662 2020 613 2021 28 Total $ 1,303 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Effect of Share-based Compensation Statements of Operations | The following table illustrates the effect of share-based compensation on the statements of operations: Year ended 2017 2018 2019 Research and development expenses $ 1,932 $ 2,708 $ 1,028 General and administrative expenses 2,042 $ 1,946 $ 1,524 $ 3,974 $ 4,654 $ 2,552 |
Employees [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Assumptions Used to Estimate Fair Value | The fair value of options granted to employees and directors in 2017, 2018 and 2019 were $9,841, $878 and $485, respectively. The underlying data used for computing the fair value of the options are as follows: 2017 2018 2019 Value of one ordinary share $20.47-$24.37 $6.24-$10.40 $6.08-$8.59 Dividend yield 0% 0% 0% Expected volatility 72.91%-78.71% 70.43 %-73.35% 74.87%-77.83 % Risk-free interest rate 1.57%-2.23% 2.67%-2.83% 1.82%-2.75% Expected term 5-7 years 5.50-7 years 6.11 years |
Schedule of Stock Option Activity | The following table summarizes the number of options granted to employees under the Plan for the years ended December 31, 2017, 2018 and 2019, and related information: Year ended December 31 2017 2018 2019 Number of options Weighted average exercise price Weighted average remaining contractual life Number of options Weighted average exercise price Weighted average remaining contractual life Number of options Weighted average exercise price Weighted average remaining contractual life Options outstanding at the beginning of the year 402,955 $ 1.59 8.55 849,780 $ 3.45 8.63 938,090 $ 4.47 7.89 Granted 468,572 $ 4.99 9.52 135,678 $ 10.88 9.41 95,300 $ 6.24 9.17 Exercised - - - (27,399 ) $ 1.59 - - - - Expired - - - (1,350 ) $ 5.57 - (563 ) $ 5.57 - Forfeited (21,747 ) $ 2.25 7.87 (18,619 ) $ 8.62 - (1,238 ) $ 5.57 - Options outstanding at the end of the year 849,780 $ 3.45 8.63 938,090 $ 4.47 7.89 1,031,591 $ 4.74 7.25 Options exercisable at the end of the year 297,420 $ 1.59 7.49 519,084 $ 2.53 6.74 683,979 $ 3.60 6.56 |
Non Employees Member [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Assumptions Used to Estimate Fair Value | The fair value of options granted to non-employees in 2018 was $648. The underlying data used for computing the fair value of the options are as follows: 2018 Value of one ordinary share $ 10.40 Dividend yield 0 % Expected volatility 79.07 % Risk-free interest rate 2.86 % Expected term 10 years |
Schedule of Stock Option Activity | The following table summarizes the number of options granted to non-employees under the Plan for the year ended December 31, 2017, 2018 and 2019, and related information: Year ended December 31 2017 2018 2019 Number of options Weighted average exercise price Weighted average remaining contractual life Number of options Weighted average exercise price Weighted average remaining contractual life Number of options Weighted average exercise price Weighted average remaining contractual life Options outstanding at the beginning of the year - - - 121,680 $ 5.12 9.54 198,575 $ 7.48 8.81 Granted 121,680 $ 5.12 9.54 76,895 $ 11.21 9.24 - - - Options outstanding at the end of the year 121,680 $ 5.12 9.54 198,575 $ 7.48 8.81 198,575 $ 7.48 7.84 Options exercisable at the end of the year 7,614 $ 1.59 9.54 44,793 $ 4.59 8.54 96,588 $ 6.97 7.78 |
TAXES ON INCOME (Tables)
TAXES ON INCOME (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Income Taxes | December, 31 2018 2019 In respect of: Net operating loss carry forward $ 19,670 $ 25,879 Research and development expenses 5,094 7,842 Other 1,402 1,226 Less – valuation allowance (26,166 ) (34,947 ) Net deferred tax assets $ — $ — |
Roll Forward of Valuation Allowance | Balance at January 1, 2017 $ 13,999 Additions 7,983 Balance at December 31, 2017 $ 21,982 Additions 4,184 Balance at December 31, 2018 $ 26,166 Additions 8,781 Balance at December 31, 2019 $ 34,947 |
SUPPLEMENTARY FINANCIAL STATE_2
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of Other Accounts Payables and Accruals | December, 31 2018 2019 Accrued expenses $ 1,031 $ 3,249 Employees payables 897 841 Other 43 33 $ 1,971 $ 4,123 |
NATURE OF OPERATIONS (Details)
NATURE OF OPERATIONS (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Feb. 19, 2020 | Jan. 31, 2020 | Aug. 31, 2019 | Jan. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Aug. 04, 2014 | |
Subsidiary, Sale of Stock [Line Items] | ||||||||
Per share price | $ 12 | |||||||
Additional ordinary shares purchased | 937,500 | |||||||
Procceds from Initial public offering, net of issuance costs | $ 10,613 | $ 78,775 | ||||||
Outstanding promissory note converted into ordinary shares | 5,444,825 | 5,444,825 | ||||||
Accumulated deficit | $ (152,073) | $ (127,464) | ||||||
Subsequent Event [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Ordinary shares issued | 2,091,908 | |||||||
Per share price | $ 11 | |||||||
Net proceeds from issuance of ordinary shares and warrants | $ 21,500 | $ 21,500 | ||||||
IPO [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Ordinary shares issued | 6,250,000 | |||||||
Per share price | $ 12 | |||||||
Procceds from Initial public offering, net of issuance costs | $ 78,800 | |||||||
FPO [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Ordinary shares issued | 1,437,500 | |||||||
Per share price | $ 8 | |||||||
Additional ordinary shares purchased | 187,500 | |||||||
Net proceeds from issuance of ordinary shares and warrants | $ 10,600 | |||||||
Private Placement [Member] | Subsequent Event [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Ordinary shares issued | 454,628 | |||||||
Net proceeds from issuance of ordinary shares and warrants | $ 5,000 | $ 5,000 | ||||||
Controlling Shareholder [Member] | ||||||||
Subsidiary, Sale of Stock [Line Items] | ||||||||
Percentage of acquired shares | 100.00% |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Anti-dilutive shares | 1,260,984 | 1,119,310 | 673,892 |
Restricted bank deposit | $ 350 | ||
Increase in Operating lease ROU assets and liabilities | $ 1,200 |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES (Schedule of Property and Equipment Annual Depreciation Rates) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Laboratory equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 10.00% |
Laboratory equipment [Member] | Minimum [Member] | Mainly [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 15.00% |
Laboratory equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 33.00% |
Laboratory equipment [Member] | Maximum [Member] | Mainly [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 25.00% |
Office equipment and furniture [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 7.00% |
Office equipment and furniture [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 15.00% |
Computers and software [Member] | |
Property, Plant and Equipment [Line Items] | |
Annual rate of depreciation | 33.00% |
MARKETABLE SECURITIES (Schedule
MARKETABLE SECURITIES (Schedule of Company's Marketable Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Level 2 securities: | ||||
Marketable securities | $ 40,966 | $ 56,662 | ||
U.S government and agency bonds [Member] | ||||
Level 2 securities: | ||||
Marketable securities | 2,499 | 7,933 | ||
Canada government bonds [Member] | ||||
Level 2 securities: | ||||
Marketable securities | 999 | 1,009 | ||
Other foreign government bonds [Member] | ||||
Level 2 securities: | ||||
Marketable securities | 3,521 | 5,259 | ||
Corporate bonds [Member] | ||||
Level 2 securities: | ||||
Marketable securities | [1] | $ 33,947 | $ 42,461 | |
[1] | Investments in Corporate bonds rated A or higher. |
MARKETABLE SECURITIES (Summary
MARKETABLE SECURITIES (Summary of Changes in Fair Value of Company's Marketable Securities) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Balance at beginning of the year | $ 56,662 | ||
Additions | 38,702 | 71,783 | |
Sale or maturity | (54,333) | (15,092) | |
Changes in fair value during the year | (65) | (29) | |
Balance at end of the period | $ 40,966 | $ 56,662 |
MARKETABLE SECURITIES (Schedu_2
MARKETABLE SECURITIES (Schedule of Company's debt marketable securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Investments, Debt and Equity Securities [Abstract] | |||
Due within one year | $ 37,689 | ||
1 to 2 years | 3,268 | ||
Total | $ 40,966 | $ 56,662 |
PROPERTY AND EQUIPMENT (Narrati
PROPERTY AND EQUIPMENT (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 887 | $ 762 | $ 471 |
PROPERTY AND EQUIPMENT (Schedul
PROPERTY AND EQUIPMENT (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 5,943 | $ 5,346 |
Accumulated depreciation and amortization | (3,629) | (2,742) |
Property and equipment, net | 2,314 | 2,604 |
Laboratory equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 3,242 | 2,829 |
Office equipment and furniture [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 265 | 258 |
Computers and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 490 | 410 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,946 | $ 1,849 |
EMPLOYEE SEVERANCE BENEFITS (De
EMPLOYEE SEVERANCE BENEFITS (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan Disclosure [Line Items] | ||||
Amount of severance payment expenses | $ 402 | $ 431 | $ 275 | |
Contribution Plan | $ 363 | $ 292 | $ 257 | |
Subsequent Event [Member] | ||||
Defined Contribution Plan Disclosure [Line Items] | ||||
Contribution Plan | $ 374 |
COMMITMENTS (Narrative) (Detail
COMMITMENTS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Loss Contingencies [Line Items] | |||
Lease expire | Dec. 31, 2020 | ||
Expense recognized | $ 32 | $ 32 | $ 44 |
Vehicles [Member] | |||
Loss Contingencies [Line Items] | |||
Operating lease agreements period | 3 years | ||
Master Clinical Trial Services Agreement [Member] | |||
Loss Contingencies [Line Items] | |||
Consideration for services payment | $ 14,360 | ||
Expense recognized | 9,561 | ||
Clinical Development Master Services Agreement [Member] | Agreement One [Member] | |||
Loss Contingencies [Line Items] | |||
Consideration for services payment | 13,779 | ||
Expense recognized | 7,825 | ||
Clinical Development Master Services Agreement [Member] | Agreement Two [Member] | |||
Loss Contingencies [Line Items] | |||
Consideration for services payment | 2,234 | ||
Expense recognized | $ 957 | ||
IIA [Member] | |||
Loss Contingencies [Line Items] | |||
Percentage of royalties payments shall not exceed aggregate rant received | 300.00% | ||
Grant received | $ 1,431 | ||
Accumulated royalty expense | $ 2,061 | ||
Yissum [Member] | |||
Loss Contingencies [Line Items] | |||
Royalties pay for net sales related to patents | 1.50% | ||
Minimum [Member] | IIA [Member] | |||
Loss Contingencies [Line Items] | |||
Royalties payable on the sale of products developed | 3.50% | ||
Minimum [Member] | Yissum [Member] | |||
Loss Contingencies [Line Items] | |||
Percentage of proceeds received for sub licence | 1.50% | ||
Maximum [Member] | IIA [Member] | |||
Loss Contingencies [Line Items] | |||
Royalties payable on the sale of products developed | 25.00% | ||
Maximum [Member] | Yissum [Member] | |||
Loss Contingencies [Line Items] | |||
Percentage of proceeds received for sub licence | 8.00% |
COMMITMENTS (Schedule of Lease-
COMMITMENTS (Schedule of Lease-related Assets And Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Operating Leases | ||
Operating lease right-of-use assets | $ 2,040 | |
Current liabilities | ||
Current maturities of operating leases | 672 | |
Long-term liabilities | ||
Non-current operating leases | $ 1,373 | |
Weighted Average Remaining Lease Term Operating leases | 1 year 7 months 28 days | |
Weighted Average Discount Rate Operating leases | 7.44% |
COMMITMENTS (Schedule of Lease
COMMITMENTS (Schedule of Lease Costs) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating lease cost | $ 643 |
COMMITMENTS (Schedule of Supple
COMMITMENTS (Schedule of Supplemental Cash Flow Information Related to Leases) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Cash paid for amounts included in the measurement of leases liabilities: | |
Operating cash flows from operating leases | $ 807 |
COMMITMENTS ( Schedule of Recon
COMMITMENTS ( Schedule of Reconciles Undiscounted Cash Flows) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
For the year ended December 31, 2019 | ||
2020 | $ 672 | |
2021 | 564 | |
2022 | 519 | |
2023 | 518 | |
Total minimum lease payments | 2,273 | |
Less: amount of lease payments representing interest | (228) | |
Present value of future minimum lease payments | 2,045 | |
Less: Current leases obligations | 672 | |
Long-term leases obligations | 1,373 | |
Total | $ 2,045 |
COMMITMENTS (Schedule of Future
COMMITMENTS (Schedule of Future Minimum Payments Under Operating Leases) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 662 |
2020 | 613 |
2021 | 28 |
Operating Lease Commitments | $ 1,303 |
COLLABORATION AGREEMENTS (Detai
COLLABORATION AGREEMENTS (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2007 | |
Percentage of gross profits related to sale products | 50.00% | |
Revenues recognized | $ 22,800 | |
Minimum [Member] | ||
Royalties Maturity | 2016 | |
Maximum [Member] | ||
Royalties Maturity | 2024 |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||||||||
Feb. 19, 2020USD ($)$ / sharesshares | Jan. 31, 2020USD ($) | Aug. 31, 2019USD ($)$ / sharesshares | May 31, 2019$ / sharesshares | Jan. 31, 2019$ / sharesshares | Sep. 30, 2018USD ($)shares | Aug. 31, 2018$ / sharesshares | Mar. 31, 2018$ / sharesshares | Feb. 28, 2018USD ($)shares | Jan. 19, 2018shares | Jul. 31, 2017shares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2014₪ / sharesshares | Oct. 02, 2017₪ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Ordinary shares, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | |||||||||||||
Ordinary shares, par value per share | (per share) | $ 0.1 | $ 0.1 | ₪ 0.1 | |||||||||||||
Share Split | 1-for-1.8 | |||||||||||||||
Bonus share issued for each outstanding share | 0.8 | |||||||||||||||
Fair value of options granted | $ | $ 485 | $ 878 | $ 9,841 | |||||||||||||
Per share price | $ / shares | $ 12 | |||||||||||||||
Additional ordinary shares purchased | 937,500 | |||||||||||||||
Procceds from Initial public offering, net of issuance costs | $ | $ 10,613 | $ 78,775 | ||||||||||||||
Subsequent Event [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Ordinary shares issued | 2,091,908 | |||||||||||||||
Per share price | $ / shares | $ 11 | |||||||||||||||
Net proceeds | $ | $ 21,500 | $ 21,500 | ||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Option grants | 11,500 | 46,000 | ||||||||||||||
Option vested | 15,332 | |||||||||||||||
Fair value of options granted | $ | $ 105 | $ 495 | ||||||||||||||
Employees [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Maximum term of awards | 10 years | |||||||||||||||
Shares available for future grant | 958,102 | |||||||||||||||
Option grants | 9,000 | 20,138 | 6,300 | |||||||||||||
Exercise price | $ / shares | $ 7.32 | $ 11.21 | $ 8.32 | |||||||||||||
Option vesting period | 4 years | |||||||||||||||
Percentage of option vesting | 25.00% | |||||||||||||||
Unrecognized compensation cost | $ | $ 1,260 | |||||||||||||||
Compensation costs weighted average period to be recognized | 3 years 11 months 15 days | |||||||||||||||
Board of Directors [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Ordinary shares, par value per share | ₪ / shares | ₪ 0.1 | |||||||||||||||
Odinary share issued under share incentive plan | 720,975 | 912,230 | 629,025 | |||||||||||||
CEO [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Option grants | 105,471 | |||||||||||||||
Exercise price | $ / shares | $ 11.21 | |||||||||||||||
Executive Officer [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Option grants | 80,000 | 10,069 | ||||||||||||||
Exercise price | $ / shares | $ 5.95 | $ 6.78 | ||||||||||||||
Consultant Member [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Option grants | 76,895 | |||||||||||||||
Exercise price | $ / shares | $ 11.21 | |||||||||||||||
Non Employees Member [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Option vesting period | 4 years | |||||||||||||||
Percentage of option vesting | 25.00% | |||||||||||||||
Fair value of options granted | $ | $ 648 | |||||||||||||||
Unrecognized compensation cost | $ | $ 105 | |||||||||||||||
Compensation costs weighted average period to be recognized | 2 years 2 months 23 days | |||||||||||||||
Intrinsic value outstanding option | $ | $ 14,832 | |||||||||||||||
Intrinsic value exercisable option | $ | $ 10,250 | |||||||||||||||
IPO [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Ordinary shares issued | 6,250,000 | |||||||||||||||
Per share price | $ / shares | $ 12 | |||||||||||||||
Procceds from Initial public offering, net of issuance costs | $ | $ 78,800 | |||||||||||||||
Amount of offering expense | $ | $ 7,450 | |||||||||||||||
Private Placement [Member] | Subsequent Event [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Ordinary shares issued | 454,628 | |||||||||||||||
Net proceeds | $ | $ 5,000 | $ 5,000 | ||||||||||||||
FPO [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||
Ordinary shares issued | 1,437,500 | |||||||||||||||
Per share price | $ / shares | $ 8 | |||||||||||||||
Additional ordinary shares purchased | 187,500 | |||||||||||||||
Net proceeds | $ | $ 10,600 |
SHARE CAPITAL (Schedule of Assu
SHARE CAPITAL (Schedule of Assumptions Used to Estimate Fair Value) (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Dividend yield | 0.00% | 0.00% | 0.00% |
Expected term | 6 years 1 month 9 days | ||
Employees [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Value of one ordinary share | $ 6.08 | $ 6.24 | $ 20.47 |
Expected volatility | 74.87% | 70.43% | 72.91% |
Risk-free interest rate | 1.82% | 2.67% | 1.57% |
Expected term | 5 years 6 months | 5 years | |
Employees [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Value of one ordinary share | $ 8.59 | $ 10.40 | $ 24.37 |
Expected volatility | 77.83% | 73.35% | 78.71% |
Risk-free interest rate | 2.75% | 2.83% | 2.23% |
Expected term | 7 years | 7 years | |
Non Employees Member [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Value of one ordinary share | $ 10.40 | ||
Dividend yield | 0.00% | ||
Expected volatility | 79.07% | ||
Risk-free interest rate | 2.86% | ||
Expected term | 10 years |
SHARE CAPITAL (Schedule of Stoc
SHARE CAPITAL (Schedule of Stock Option Activity) (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Employees [Member] | ||||
Number of options | ||||
Options outstanding at beginning of year | 938,090 | 849,780 | 402,955 | |
Granted | 95,300 | 135,678 | 468,572 | |
Exercised | (27,399) | |||
Expired | (563) | (1,350) | ||
Forfeited | (1,238) | (18,619) | (21,747) | |
Options outstanding at end of year | 1,031,591 | 938,090 | 849,780 | 402,955 |
Options exercisable at the end of the year | 683,979 | 519,084 | 297,420 | |
Weighted-average exercise price | ||||
Options outstanding at beginning of year | $ 4.47 | $ 3.45 | $ 1.59 | |
Granted | 6.24 | 10.88 | 4.99 | |
Exercised | 1.59 | |||
Expired | 5.57 | 5.57 | ||
Forfeited | 5.57 | 8.62 | 2.25 | |
Options Outstanding at end of year | 4.74 | 4.47 | 3.45 | $ 1.59 |
Options exercisable at the end of the year | $ 3.60 | $ 2.53 | $ 1.59 | |
Weighted-average remaining contractual term | ||||
Options outstanding | 7 years 2 months 30 days | 7 years 10 months 21 days | 8 years 7 months 17 days | 8 years 6 months 18 days |
Granted | 9 years 2 months 1 day | 9 years 4 months 28 days | 9 years 6 months 7 days | |
Forfeited | 7 years 10 months 14 days | |||
Options exercisable at the end of the year | 6 years 6 months 21 days | 6 years 8 months 26 days | 7 years 5 months 27 days | |
Non Employees Member [Member] | ||||
Number of options | ||||
Options outstanding at beginning of year | 198,575 | 121,680 | ||
Granted | 76,895 | 121,680 | ||
Options outstanding at end of year | 198,575 | 198,575 | 121,680 | |
Options exercisable at the end of the year | 96,588 | 44,793 | 7,614 | |
Weighted-average exercise price | ||||
Options outstanding at beginning of year | $ 7.48 | $ 5.12 | ||
Granted | 11.21 | 5.12 | ||
Options Outstanding at end of year | 7.48 | 7.48 | 5.12 | |
Options exercisable at the end of the year | $ 6.97 | $ 4.59 | $ 1.59 | |
Weighted-average remaining contractual term | ||||
Options outstanding | 7 years 10 months 3 days | 8 years 9 months 22 days | 9 years 6 months 14 days | |
Granted | 9 years 2 months 27 days | 9 years 6 months 14 days | ||
Options exercisable at the end of the year | 7 years 9 months 11 days | 8 years 6 months 14 days | 9 years 6 months 14 days |
SHARE CAPITAL (Schedule of Effe
SHARE CAPITAL (Schedule of Effect of Share-based Compensation Statements of Operations) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based compensation | $ 2,552 | $ 4,654 | $ 3,974 |
Research and Development Expense [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based compensation | 1,028 | 2,708 | 1,932 |
General and Administrative Expense [Member] | |||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | |||
Share-based compensation | $ 1,524 | $ 1,946 | $ 2,042 |
TAXES ON INCOME (Narrative) (De
TAXES ON INCOME (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tax Credit Carryforward [Line Items] | |||
Corporate tax rates | 23.00% | 23.00% | 24.00% |
Tax benefit period | 12 years | ||
Net carry forward tax losses | $ 112,500 | ||
Subsidiaries [Member] | |||
Tax Credit Carryforward [Line Items] | |||
Corporate tax rates | 21.00% |
TAXES ON INCOME (Schedule of De
TAXES ON INCOME (Schedule of Deferred Income Taxes) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
In respect of: | ||||
Net operating loss carry forward | $ 25,879 | $ 19,670 | ||
Research and development expenses | 7,842 | 5,094 | ||
Other | 1,226 | 1,402 | ||
Less - valuation allowance | (34,947) | (26,166) | $ (21,982) | $ (13,999) |
Net deferred tax assets |
TAXES ON INCOME (Roll Forward o
TAXES ON INCOME (Roll Forward of Valuation Allowance) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Taxes On Income Roll Forward Of Valuation Allowance | ||||
Balance | $ 34,947 | $ 26,166 | $ 21,982 | $ 13,999 |
Additions | $ 8,781 | $ 4,184 | $ 7,983 |
SUPPLEMENTARY FINANCIAL STATE_3
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Other Accounts Payables and Accruals) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Accrued expenses | $ 3,249 | $ 1,031 |
Employees payables | 841 | 897 |
Other | 33 | 43 |
Other accounts payables and accruals | $ 4,123 | $ 1,971 |
RELATED PARTIES (Details)
RELATED PARTIES (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2018 | Aug. 22, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |||||
Outstanding promissory note converted into ordinary shares | 5,444,825 | 5,444,825 | |||
Number of shares consideration in process research and development product | 2 | ||||
Research and development | $ 6,232 | $ 40,578,000 | $ 28,146,000 | $ 25,805,000 |
SUBSEQUENT EVENT (Details)
SUBSEQUENT EVENT (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | ||
Feb. 19, 2020 | Jan. 31, 2020 | Dec. 31, 2019 | |
Per share price | $ 12 | ||
Subsequent Event [Member] | |||
Ordinary shares issued | 2,091,908 | ||
Per share price | $ 11 | ||
Number of additional ordinary shares option | 1,673,525 | ||
Exercise price | $ 14 | ||
Net proceeds | $ 21,500 | $ 21,500 | |
Subsequent Event [Member] | Private Placement [Member] | |||
Ordinary shares issued | 454,628 | ||
Number of additional ordinary shares option | 363,702 | ||
Net proceeds | $ 5,000 | $ 5,000 |