VBI Vaccines (VBIVQ) 10-Q 31 Jul 20 2020 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2020	May 05, 2020
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2020
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2020
Current Fiscal Year End Date	--12-31
Entity File Number	001-37769
Entity Registrant Name	VBI Vaccines Inc/BC
Entity Central Index Key	0000764195
Entity Incorporation, State or Country Code	A1
Entity Address, Address Line One	222 Third Street
Entity Address, Address Line Two	Suite 2241
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	617
Local Phone Number	830-3031
Title of 12(b) Security	Common Share, no par value per share
Trading Symbol	VBIV
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Elected Not To Use the Extended Transition Period	true
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		231,198,396

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
CURRENT ASSETS
Cash and cash equivalents	$ 61,034	$ 44,213
Short-term investments	25,038
Accounts receivable, net	22	201
Inventory, net	1,328	1,075
Prepaid expenses	1,031	1,024
Other current assets	482	450
Total current assets	88,935	46,963
NON-CURRENT ASSETS
Other long-term assets	627	620
Property and equipment, net	9,679	10,195
Right of use assets	1,828	1,459
Intangible assets, net	58,009	60,756
Goodwill	2,109	2,208
Total non-current assets	72,252	75,238
TOTAL ASSETS	161,187	122,201
CURRENT LIABILITIES
Accounts payable	2,392	1,127
Other current liabilities	11,214	12,261
Current portion of deferred revenues	742	882
Current portion of lease liability	832	642
Current portion of long-term debt, net of debt discount - related party		14,845
Total current liabilities	15,180	29,757
NON-CURRENT LIABILITIES
Lease liability, net of current portion	997	817
Long-term debt, net of debt discount	15,394
Liabilities for severance pay	477	463
Deferred revenues, net of current portion	2,526	2,909
Total non-current liabilities	19,394	4,189
STOCKHOLDERS’ EQUITY
Common shares (unlimited authorized; no par value) (June 30, 2020 - issued and outstanding 230,648,396; December 31, 2019 - issued and outstanding 178,257,199)	338,628	284,965
Additional paid-in capital	72,680	66,430
Accumulated other comprehensive loss	(4,436)	(752)
Accumulated deficit	(280,259)	(262,388)
Total stockholders’ equity	126,613	88,255
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 161,187	$ 122,201

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, unlimited authorized	Unlimited	Unlimited
Common stock, no par value	$ 0	$ 0
Common stock, shares issued	230,648,396	178,257,199
Common stock, shares outstanding	230,648,396	178,257,199

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Statement [Abstract]
Revenues	$ 184	$ 640	$ 599	$ 1,000
Operating expenses:
Cost of revenues	2,060	2,354	4,637	3,342
Research and development	2,365	7,361	5,558	16,588
General and administrative	3,901	3,194	7,959	7,158
Total operating expenses	8,326	12,909	18,154	27,088
Loss from operations	(8,142)	(12,269)	(17,555)	(26,088)
Interest expense, net of interest income (including related party - see Note 8)	(682)	(566)	(1,264)	(1,046)
Foreign exchange (loss)/gain	(689)	(335)	948	(642)
Loss before income taxes	(9,513)	(13,170)	(17,871)	(27,776)
Income tax expense
NET LOSS	(9,513)	(13,170)	(17,871)	(27,776)
Other comprehensive (loss) income - currency translation adjustments	2,969	1,746	(3,684)	3,473
COMPREHENSIVE LOSS	$ (6,544)	$ (11,424)	$ (21,555)	$ (24,303)
Net loss per share of common shares, basic and diluted	$ (0.04)	$ (0.13)	$ (0.09)	$ (0.28)
Weighted-average number of common shares outstanding, basic and diluted	216,862,183	97,678,645	197,575,964	97,580,679

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Common Stock [Member]	Additional Paid-in Capital [Member]	Accumulated Foreign Currency Adjustment Including Portion Attributable to Noncontrolling Interest [Member]	Retained Earnings [Member]	Total
Beginning balance, value at Dec. 31, 2018	$ 246,417	$ 63,449	$ (4,158)	$ (207,575)	$ 98,133
Balance, shares at Dec. 31, 2018	97,343,777
Common shares issued in financing transaction, net of issuance costs
Common shares issued in financing transaction, net of issuance costs, shares
Warrants issued in connection with financing transactions
Conversion election issued in debt financing transaction
Stock-based compensation	$ 431	831			1,262
Stock-based compensation, shares	318,110
Warrant modification in connection with debt amendment		179			179
Net loss				(14,606)	(14,606)
Currency translation adjustments			1,727		1,727
Ending balance, value at Mar. 31, 2019	$ 246,848	64,459	(2,431)	(222,181)	$ 86,695
Balance, shares at Mar. 31, 2019	97,661,887				97,661,887
Common shares issued in financing transaction, net of issuance costs
Common shares issued in financing transaction, net of issuance costs, shares
Warrants issued in connection with financing transactions
Conversion election issued in debt financing transaction
Stock-based compensation	$ 428	554			$ 982
Stock-based compensation, shares	95,312
Net loss				(13,170)	(13,170)
Currency translation adjustments			1,746		1,746
Ending balance, value at Jun. 30, 2019	$ 247,276	65,013	(685)	(235,351)	76,253
Balance, shares at Jun. 30, 2019	97,757,199
Beginning balance, value at Dec. 31, 2019	$ 284,965	66,430	(752)	(262,388)	88,255
Balance, shares at Dec. 31, 2019	178,257,199
Common shares issued in financing transaction, net of issuance costs
Common shares issued in financing transaction, net of issuance costs, shares
Warrants issued in connection with financing transactions
Warrants issued in connection with financing transactions, shares
Conversion election issued in debt financing transaction
Stock-based compensation	$ 131	1,056			1,187
Stock-based compensation, shares	118,471
Warrant modification in connection with debt amendment
Net loss				(8,358)	(8,358)
Currency translation adjustments			(6,653)		(6,653)
Ending balance, value at Mar. 31, 2020	$ 285,096	67,486	(7,405)	(270,746)	74,431
Balance, shares at Mar. 31, 2020	178,375,670
Common shares issued in financing transaction, net of issuance costs	$ 53,894				53,894
Common shares issued in financing transaction, net of issuance costs, shares	52,272,726
Warrants issued in connection with financing transactions	$ (453)	1,634			1,181
Warrants issued in connection with financing transactions, shares
Conversion election issued in debt financing transaction		2,577			2,577
Stock-based compensation	$ 91	983			1,074
Stock-based compensation, shares
Warrant modification in connection with debt amendment
Net loss				(9,513)	(9,513)
Currency translation adjustments			2,969		2,969
Ending balance, value at Jun. 30, 2020	$ 338,628	$ 72,680	$ (4,436)	$ (280,259)	$ 126,613
Balance, shares at Jun. 30, 2020	230,648,396

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (17,871)	$ (27,776)
Adjustments to reconcile net loss to cash and cash equivalents used in operating activities:
Depreciation and amortization	803	386
Stock-based compensation	2,261	2,244
Amortization of debt discount	634	508
Interest accrued on short-term investments	(38)
Net change in operating working capital items:
Change in accounts receivable	177	5
Change in inventory	(253)	(237)
Change in prepaid expenses	(24)	320
Change in other current assets	(25)	(35)
Change in other long-term assets	(6)	(1)
Change in operating right of use assets	471	504
Change in accounts payable	1,193	(3,432)
Change in deferred revenues	(382)	(817)
Change in other current liabilities	(1,927)	2,531
Payments made on operating lease liabilities	(468)	(504)
Net cash flows used in operating activities	(15,455)	(26,304)
INVESTING ACTIVITIES
Purchase of short-term investments	(25,000)
Purchase of property and equipment	(268)	(2,901)
Net cash flows used in investing activities	(25,268)	(2,901)
FINANCING ACTIVITIES
Proceeds from issuance of common shares for cash	57,500
Share issuance costs	(3,606)
Proceeds from debt financing	20,000
Debt issuance costs	(1,021)
Repayment of long-term debt	(15,300)
Net cash flows provided by financing activities	57,573
Effect of exchange rates on cash and cash equivalents	(29)	10
CHANGE IN CASH AND CASH EQUIVALENTS FOR THE PERIOD	16,821	(29,195)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	44,213	59,270
CASH AND CASH EQUIVALENTS, END OF PERIOD	61,034	30,075
Supplementary information:
Interest paid – related party	724	1,030
Non-cash investing and financing activities:
Warrant modification in connection with debt amendment		179
Warrants issued in connection with financing activities	1,634
K2 conversion feature in connection with financing activities	2,577
Capital expenditures included in accounts payable and other current liabilities	$ 64	$ 492

NATURE OF BUSINESS AND CONTINUA

NATURE OF BUSINESS AND CONTINUATION OF BUSINESS	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF BUSINESS AND CONTINUATION OF BUSINESS	1. NATURE OF BUSINESS AND CONTINUATION OF BUSINESS Corporate Overview VBI Vaccines Inc. (the “Company” or “VBI”) was incorporated under the laws of British Columbia, Canada on April 9, 1965. The Company and its wholly-owned subsidiaries, VBI Vaccines (Delaware) Inc., a Delaware corporation (“VBI DE”); VBI DE’s wholly-owned subsidiary, Variation Biotechnologies (US), Inc., a Delaware corporation (“VBI US”); Variation Biotechnologies Inc. a Canadian company and the wholly-owned subsidiary of VBI US (“VBI Cda”); SciVac Ltd. an Israeli company (“SciVac”) and SciVac Hong Kong Limited (“SciVac HK”) are collectively referred to as the “Company,” “we,” “us,” “our,” or “VBI”. The Company’s registered office is located at Suite 1700, Park Place, 666 Burrard Street, Vancouver, BC V6C 2X8 with its principal office located at 222 Third Street, Suite 2241, Cambridge, MA 02142. Principal Operations VBI is a commercial-stage, biopharmaceutical company developing a next generation of vaccines to address unmet needs in infectious disease and immuno-oncology. We are advancing the prevention and treatment of hepatitis B, with: (1) the only tri-antigenic hepatitis B vaccine, Sci-B-Vac, which is approved for use and commercially available in Israel, and recently completed a pivotal Phase III program in the United States, Europe, and Canada; and (2) VBI-2601 (BRII-179), an immunotherapeutic candidate in development in collaboration with Brii Biosciences Limited (“Brii Bio”) for a functional cure for chronic hepatitis B. Our enveloped virus-like particle (“eVLP”) platform technology enables the development of eVLP vaccines that closely mimic the target virus to elicit a potent immune response. Our lead eVLP program candidates include a glioblastoma (“GBM”) vaccine immunotherapeutic candidate, VBI-1901, our prophylactic cytomegalovirus (“CMV”) vaccine candidate, VBI-1501, and a prophylactic pan-coronavirus vaccine candidate, targeting SARS CoV2 (“COVID-19”), severe acute respiratory syndrome (“SARS”), and Middle East respiratory syndrome (“MERS”). We are headquartered in Cambridge, Massachusetts, with research operations in Ottawa, Canada, and manufacturing operations in Rehovot, Israel. The ongoing COVID-19 pandemic has materially negatively affected and continues to affect the global economy, and there is continued severe uncertainty about the duration and intensity of the impacts of the pandemic. As a result, the Company’s business and results of operations have also been adversely affected and could continue to be adversely affected by COVID-19 which has necessitated reducing the number of personnel in the Company’s research laboratories and has slowed recruitment to clinical trials. The extent to which the COVID-19 pandemic will continue to impact our business will depend on future developments, which are highly uncertain and cannot be predicted. We do not yet know the full extent of potential delays or impacts on our business, our clinical studies, our research programs, the recoverability of our assets, and our manufacturing; however, the COVID-19 pandemic may disrupt or delay our business operations, including efforts relating to potential business development transactions and disrupt the marketplace which could have an adverse effect on our operations. Liquidity and Going Concern The Company faces a number of risks, including but not limited to, uncertainties regarding the success of the development and commercialization of its products, demand and market acceptance of the Company’s products, and reliance on major customers. The Company anticipates that it will continue to incur significant operating costs and losses in connection with the development of its products. The Company had an accumulated deficit of $ 280,259 as of June 30, 2020 and cash outflows from operating activities of $ 15,455 for the six months ended June 30, 2020. The Company will require significant additional funds to conduct clinical and non-clinical trials, achieve regulatory approvals, and, subject to such approvals, commercially launch its products. The Company plans to finance near term future operations with existing cash and cash equivalents reserves. Additional financing may be obtained from the issuance of equity securities, the issuance of additional debt, structured asset financings, government grants or other subsidies, and/or revenues from potential business development transactions, if any. There is no assurance the Company will manage to obtain these sources of financing, if required. The above conditions raise substantial doubt about the Company’s ability to continue as a going concern. The consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities that may result should the Company be unable to continue as a going concern. In April 2020, the Company closed an underwritten public offering of 52,272,726 1.10 57,500 3,606 53,894 705,000 1.50 In May 2020, the Company refinanced its existing term loan facility with Perceptive Credit Holdings, LP and entered into a Loan and Guaranty Agreement with K2 Heathventures LLC for net proceeds of $ 4.5 million. The refinanced long-term debt has a maturity date of June 1, 2024 . See Note 8 for more details. Financial instruments recognized in the condensed consolidated balance sheet consist of cash and cash equivalents, short-term investments, accounts receivable, other current assets, accounts payable, and other current liabilities. The Company believes that the carrying value of its current financial instruments approximates their fair values due to the short-term nature of these instruments. The Company does not hold any derivative financial instruments. The carrying amounts of the Company’s long-term assets approximate their respective fair values.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	2. SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Consolidation The Company’s fiscal year ends on December 31 of each calendar year. The accompanying unaudited condensed consolidated financial statements have been prepared in U.S. dollars (“USD”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”), for interim reporting. Accordingly, certain information and footnote disclosures normally included in the financial statements prepared in accordance with United States of America generally accepted accounting principles (“U.S. GAAP”), have been condensed or omitted pursuant to such rules and regulations. The December 31, 2019 consolidated balance sheet in this document was derived from the audited consolidated financial statements. The condensed consolidated financial statements and notes included in this quarterly report on Form 10-Q (this “Form 10-Q”) does not include all of the disclosures required by U.S. GAAP and should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 10-K”), as filed with the SEC on March 5, 2020. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries: SciVac, VBI DE, VBI US, VBI Cda, and SciVac HK. Intercompany balances and transactions between the Company and its subsidiaries are eliminated in the condensed consolidated financial statements. In the opinion of management, these condensed consolidated financial statements include all adjustments and accruals of a normal and recurring nature necessary to fairly state the results of the periods presented. The results for the periods presented are not necessarily indicative of results to be expected for the full year or for any future periods. Significant Accounting Policies The significant accounting policies used in the preparation of these condensed consolidated financial statements are disclosed in the 2019 10-K, and there have been no changes to the Company’s significant accounting policies during the six months ended June 30, 2020, other than the polices discussed below. Cash and cash equivalents Cash and cash equivalents include cash investments in interest-bearing accounts and term deposits which can readily be redeemed for cash or are issued for terms of three months or less from the date of acquisition. Short-term investments Short-term investments consist of redeemable short-term investments held with Schedule 1 Canadian banks for maturity terms greater than 3 months but less than a year from the date of acquisition. Short-term investments are classified as available for sale, are measured at fair value and considered level 2 in the fair value hierarchy. The carrying amount of investments approximates fair market value due to the short-term maturity of these instruments. Accrued interest income is recognized interest expense, net of interest income, in the condensed consolidated statement of operations and comprehensive loss.

NEW ACCOUNTING PRONOUNCEMENTS

NEW ACCOUNTING PRONOUNCEMENTS	6 Months Ended
	Jun. 30, 2020
Accounting Changes and Error Corrections [Abstract]
NEW ACCOUNTING PRONOUNCEMENTS	3. NEW ACCOUNTING PRONOUNCEMENTS Recently Adopted Accounting Pronouncements Intangibles – Goodwill and Other, Internal-Use Software In August 2018, the FASB issued ASU 2018-15: Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customers’ accounting for implementation costs incurred in a cloud computing arrangement that is a service contract. This ASU aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. Accordingly, the amendments require an entity (customer) in a hosting arrangement that is a service contract to follow the guidance in Subtopic 350-40 to determine which implementation costs to capitalize as an asset related to the service contract and which costs to expense. Our adoption of this ASU, effective January 1, 2020, was applied prospectively and did not have a material impact on our condensed consolidated financial statements and the related footnote disclosures. Recently Issued Accounting Standards, not yet Adopted None

INVENTORY, NET

INVENTORY, NET	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
INVENTORY, NET	4. INVENTORY, NET Inventory is stated at the lower of cost or market and consists of the following: SCHEDULE OF INVENTORY June 30, 2020 December 31, 2019 Finished goods $ 7 $ 58 Work-in-process 83 237 Raw materials 1,238 780 Inventory, net $ 1,328 $ 1,075

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS AND GOODWILL	5. INTANGIBLE ASSETS AND GOODWILL SCHEDULE OF INTANGIBLE ASSETS INCLUDING CUMULATIVE IMPAIRMENT AND CUMULATIVE CURRENCY TRANSLATION June 30, 2020 Gross Carrying Accumulated Cumulative Impairment Charge Cumulative Currency Translation Net Book Patents $ 669 $ (553) $ - $ 30 $ 146 IPR&D assets 61,500 - (300) (3,337) 57,863 $ 62,169 $ (553) $ (300) $ (3,307) $ 58,009 December 31, 2019 Gross Accumulated Cumulative Impairment Charge Cumulative Currency Translation Net Book Patents $ 669 $ (521) $ - $ 30 $ 178 IPR&D assets 61,500 - (300) (622) 60,578 $ 62,169 $ (521) $ (300) $ (592) $ 60,756 The Company amortizes intangible assets with finite lives on a straight-line basis over their estimated useful lives. The change in carrying value for IPR&D assets from December 31, 2019 relates to currency translation adjustments which decreased by $ 2,715 SCHEDULE OF GOODWILL June 30, 2020 Gross Carrying Amount Cumulative Impairment Cumulative Translation Net Book Goodwill $ 8,714 $ (6,292) $ (313) $ 2,109 December 31, 2019 Gross Cumulative Impairment Cumulative Translation Net Book Goodwill $ 8,714 $ (6,292) $ (214) $ 2,208 The change in carrying value for goodwill from December 31, 2019 relates to currency translation adjustments which decreased by $ 99

OTHER CURRENT LIABILITIES

OTHER CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2020
Other Liabilities Disclosure [Abstract]
OTHER CURRENT LIABILITIES	6. OTHER CURRENT LIABILITIES Other current liabilities consisted of the following: SCHEDULE OF OTHER CURRENT LIABILITIES June 30, 2020 December 31, 2019 Accrued research and development expenses (including clinical trial accrued expenses) $ 8,293 $ 9,247 Accrued professional fees 905 446 Payroll and employee-related costs 1,459 2,184 Other current liabilities 557 384 Total Other current liabilities $ 11,214 $ 12,261

LOSS PER SHARE OF COMMON SHARES

LOSS PER SHARE OF COMMON SHARES	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
LOSS PER SHARE OF COMMON SHARES	7. LOSS PER SHARE OF COMMON SHARES Basic loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such as warrants, and stock options, which would result in the issuance of incremental shares of common shares unless such effect is anti-dilutive. In computing the basic and diluted net loss per share applicable to common stockholders, the weighted average number of shares remains the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation as their effect would be anti-dilutive. These potentially dilutive securities are more fully described in Note 9, Stockholders’ Equity and Additional Paid-in Capital. The following potentially dilutive securities outstanding at June 30, 2020 and 2019 have been excluded from the computation of diluted weighted average shares outstanding, as they would be antidilutive: SCHEDULE OF ANTIDILUTIVE WEIGHTED AVERAGE SHARES OUTSTANDING June 30, 2020 June 30, 2019 Warrants 3,948,824 2,618,824 Stock options and equity awards 10,859,869 6,986,755 K2 conversion feature 2,739,726 - 17,548,419 9,605,579

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2020
Long-term Debt
LONG-TERM DEBT	8. LONG-TERM DEBT As of June 30, 2020, and December 31, 2019, the long-term debt is as follows: SCHEDULE OF LONG-TERM DEBT June 30, 2020 December 31, 2019* Long-term debt, net of debt discount $ 15,394 $ 14,845 Less: current portion, net of debt discount - 14,845 Long-term debt $ 15,394 $ - * 2019 long term debt was due to Perceptive Credit Holdings LP, a related party. On May 22, 2020, the Company (along with its subsidiary VBI Cda) entered into a Loan and Guaranty Agreement (“Loan Agreement”) with K2 Healthventures LLC and any other lender from time to time party thereto (the “Lenders”) pursuant to which we received the first tranche secured term loan of $ 20 million (the “First Tranche Term Loan”). The Lenders agreed to make available the following additional tranches subject to the following conditions and upon the submission of a loan request by the Company: (1) up to $10 million available between January 1, 2021 and April 30, 2021 upon achievement of certain milestones (the “Second Tranche Term Loan”), (2) $10 million available between the closing date and December 31, 2021, subject to achievement of a certain U.S. Food and Drug Administration approval (the “Third Tranche Term Loan”), and (3) a final tranche of up to $ 10 million that can be made available any time prior to June 30, 2022, subject to the advance of the Third Tranche Term Loan, satisfactory review by the administrative agent of our financial and operating plan, and approval by the Lenders’ investment committee (the “Fourth Tranche Term Loan”). Pursuant to the Loan Agreement, the Lenders have the ability to convert, at the Lenders’ option, up to $ 4 million of the secured term loan into common shares of the Company at a conversion price of $ 1.46 per share (“K2 conversion feature”). In connection with the Loan Agreement, on May 22, 2020, the Company issued the Lenders a warrant to purchase up to 625,000 common shares (the “K2 Warrant”) at an exercise price of $ 1.12 (the “Warrant Price”). The number of common shares issuable pursuant to the K2 Warrant, at any given time, are determined by the aggregate principal amount of the loans advanced at that time pursuant to the Loan Agreement multiplied by 3.5% and divided by the Warrant Price. If the full $50 million available in all K2 tranches is advanced pursuant to the Loan Agreement, up to 1,562,500 common shares will be issuable pursuant to the K2 warrant. The K2 Warrant may be exercised either for cash or on a cashless “net exercise” basis and expires on May 22, 2030 . The total proceeds attributed to the K2 Warrant was $ 1,181 based on the relative fair value of the K2 Warrant as compared to the sum of the fair values of the K2 Warrant, K2 conversion feature and debt. The effective conversion price of the K2 conversion feature of $1.52 was determined to be less than the fair value of the underlying common stock at the date of commitment, resulting in a beneficial conversion feature (“BCF”) at that date. The intrinsic value of the BCF was $2,577 and recorded to additional paid-in capital. The K2 warrant and the K2 conversion feature resulted in the debt being issued at a discount. The Company also incurred $ 1,021 of debt issuance costs and is required to make a final payment equal to 6.95 % of the aggregate secured term loan principal outstanding on the maturity date of the term loan, or upon earlier prepayment of the term loans in accordance with the Loan Agreement, resulting in an additional discount of $ 1,390 . The total debt discount is $ 6,169 . See Note 9 for more detail on assumptions used in the valuation of the K2 warrant. Upon receipt of additional funds under the Loan Agreement, additional common shares will be issuable pursuant to the K2 Warrant as determined by the aggregate principal amount of the funds advanced multiplied by 3.5% and divided by the Warrant Price, and the final payment will increase by 6.95% of the funds advanced. The total principal amount of the loan under the Loan Agreement outstanding at June 30, 2020, including the $ 1,390 final payment discussed above, is $ 21,390 . The principal amount of the loan made under the Loan Agreement accrues interest at an annual rate equal to the greater of (a) 8.25 % or (b) prime rate plus 5.00 %. The interest rate as of June 30, 2020 was 8.25% 10 million is made upon the achievement of a certain milestone then the interest only period is extended to January 1, 2023 . Upon the occurrence of an Event of Default (as defined in the Loan Agreement), and during the continuance of an Event of Default, the applicable rate of interest, described above, will be increased by 5.00 June 1, 2024 The obligations under the Loan Agreement are secured on a senior basis by a lien on substantially all of the assets of the Company and its subsidiaries other than intellectual property. The subsidiaries of the Company, other than VBI Cda and SciVac HK, are guarantors of the obligations of the Company and VBI Cda under the Loan Agreement. The Loan Agreement also contains customary events of default. Approximately $ 14.5 84 On May 6, 2016, the Company through VBI US assumed a term loan facility with Perceptive Credit Holdings, LP, a related party, (“Perceptive”) in the amount of $ 6,000 (the “Facility”). On December 6, 2016, the Company amended the Facility (the “Amended Credit Facility”) and raised Perceptive commitment amount to $ 13,200 , which was combined with the remaining balance from the Facility of $ 1,800 . In connection with the Amended Credit Facility, on December 6, 2016, the Company issued to Perceptive two warrants; the first warrant to purchase 363,771 shares of the Company’s common shares at an exercise price of $ 4.13 , and the second warrant to purchase 1,341,282 shares of the Company’s common shares at an exercise price of $ 3.355 . The total proceeds attributed to the warrants was $ 2,793 based on the relative fair value of the warrants as compared to the sum of the fair values of the warrants and debt. This resulted in the debt being issued at a discount. The Company incurred $ 360 of debt issuance costs and is required to pay an exit fee of $ 300 upon full repayment of the debt resulting in additional debt discount. Following the Amended Credit Facility and the warrant issuance, the total debt discount was $ 3,453 . On July 17, 2018, the Company amended the Amended Credit Facility (the “Second Amendment”) to extend the period the Company is required to pay only the interest on the loan from May 31, 2018 to December 31, 2018 and to extend the expiration date of certain warrants to purchase 363,771 common shares issued to Perceptive with an original expiration date of July 25, 2019 to December 6, 2021 . The Company accounted for this as a debt modification, and as a result of the extension of the warrant expiration date in connection with the Second Amendment, the debt discount was increased by $ 386 . This amount represents the incremental fair value of the modified warrants. On January 31, 2019, the Company further amended the Amended Credit Facility (the “Third Amendment”) to i) extend the period the Company is required to pay only the interest on the loan from December 31, 2018 to January 31, 2020, ii) extend the maturity of the term loan to June 30, 2020, and iii) reduce the exercise price on certain warrants to purchase common shares issued to Perceptive to $ 2.75 from $ 4.13 for 363,771 warrants issued on July 25, 2014, and for 363,771 warrants issued on December 6, 2016, and from $ 3.355 for 1,341,282 warrants issued on December 6, 2016. The Company has accounted for this as a debt modification, and as a result of the amendment to the exercise price in connection with the Third Amendment, the debt discount was increased by $ 179 . This amount represents the incremental fair value of the modified warrants. The total debt discount related to Lenders of $ 6,169 is being charged to interest expense using the effective interest method over the term of the debt. At June 30, 2020 and December 31, 2019, the fair value of our outstanding debt, which is considered level 3 in the fair value hierarchy, is estimated to be approximately $ 17,460 15,272 Interest expense, net of interest income recorded in the three and six months ended June 30, 2020 and 2019 was as follows: SCHEDULE OF INTEREST EXPENSE Three months ended June 30 Six months ended June 30 2020 2019 2020 2019 Interest expense $ 433 $ 512 $ 908 $ 1,030 Amortization of debt discount 395 253 634 508 Interest income (146) (199) (278) (492) Total interest expense, net of interest income $ 682 $ 566 $ 1,264 $ 1,046 Interest expense and amortization of debt discount for the three months ended June 30, 2020 includes $ 248 222 Interest expense and amortization of debt discount for the six months ended June 30, 2020 includes $ 723 461 Interest expense and amortization of debt discount for the three and six months ended June 2019 was fully incurred to a related party. The following table summarizes the future principal payments due under long-term debt: SCHEDULE OF FUTURE PRINCIPAL OF LONG-TERM DEBT Principal Remaining 2020 $ - 2021 - 2022 4,683 2023 9,978 2024 6,729 Total $ 21,390

STOCKHOLDERS_ EQUITY AND ADDITI

STOCKHOLDERS’ EQUITY AND ADDITIONAL PAID-IN CAPITAL	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
STOCKHOLDERS’ EQUITY AND ADDITIONAL PAID-IN CAPITAL	9. STOCKHOLDERS’ EQUITY AND ADDITIONAL PAID-IN CAPITAL Stock option plans The Company’s stock option plans are approved by and administered by the Company’s Board and its Compensation Committee. The Board designates, in connection with recommendations from the Compensation Committee, eligible participants to be included under the plan, and designates the number of options, exercise price, and vesting period of the new options. 2006 VBI US Stock Option Plan No further options will be issued under the 2006 VBI US Stock Option Plan (the “2006 Plan”). As of June 30, 2020, there were 993,666 options outstanding under the 2006 Plan. 2013 Equity Incentive Plan No further options will be issued under the 2013 Equity Incentive Plan (the “2013 Plan”). As of June 30, 2020, there were no options outstanding under the 2013 Plan. 2014 Equity Incentive Plan No further options will be issued under the 2014 Equity Incentive Plan (the “2014 Plan”). As of June 30, 2020, there were 521,242 options outstanding under the 2014 Plan. 2016 VBI Incentive Plan The 2016 VBI Equity Incentive Plan (the “2016 Plan”) is a rolling incentive plan that sets the number of common shares issuable under the 2016 Plan, together with any other security-based compensation arrangement of the Company, at a maximum of 10 % of the aggregate common shares issued and outstanding on a non-diluted basis at the time of any grant under the 2016 Plan. The 10 % maximum is inclusive of options granted under all equity incentive plans. The 2016 Plan is an omnibus equity incentive plan pursuant to which the Company may grant equity and equity-linked awards to eligible participants in order to promote the success of the Company by providing a means to offer incentives and to attract, motivate, retain, and reward persons eligible to participate in the 2016 Plan. Grants under the 2016 Plan include a grant or right consisting of one or more options, stock appreciation rights (“SARs”), restricted share units (“RSUs”), performance share units (“PSUs”), shares of restricted stock or other such award as may be permitted under the 2016 Plan. As of June 30, 2020, there were 9,135,750 options and 209,211 stock awards outstanding under the 2016 Plan. The aggregate number of common shares remaining available for issuance for awards under the 2016 Plan total 10,936,674 Activity related to stock options is as follows: SCHEDULE OF STOCK OPTIONS ACTIVITY Number of Weighted Balance outstanding at December 31, 2019 6,471,708 $ 2.79 Granted 4,185,000 $ 1.46 Forfeited (6,050) $ 2.20 Balance outstanding at June 30, 2020 10,650,658 $ 2.26 Exercisable at June 30, 2020 4,827,994 $ 3.00 Information relating to RSUs is as follow: SCHEDULE OF RESTRICTED STOCK UNITS Number of Weighted Unvested shares outstanding at December 31, 2019 157,997 $ 2.77 Granted 125,000 $ 1.46 Vested (73,786) $ 2.96 Unvested shares outstanding at June 30, 2020 209,211 $ 1.92 In determining the amount of stock-based compensation the Company used the Black-Scholes option pricing model to establish the fair value of options granted by applying the following weighted average assumptions: SCHEDULE OF FAIR VALUE OF OPTIONS GRANTED BY USING BLACK-SCHOLES OPTION PRICING ASSUMPTIONS 2020 2019 Volatility 90.12% 118.12% Risk free interest rate 1.54% 2.46% Expected term in years 5.77 5.77 Expected dividend yield 0.00% 0.00% Weighted average fair value per option $ 1.04 $ 1.43 The fair value of the options is recognized as an expense on a straight-line basis over the vesting period and forfeitures are accounted for when they occur. The total stock-based compensation expense recorded in the three and six months ended June 30, 2020 and 2019 was as follows: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE Three months ended June 30 Six months ended June 30 2020 2019 2020 2019 Research and development $ 218 $ 215 $ 461 $ 444 General and administrative 845 748 1,778 1,764 Cost of revenues 11 19 22 36 Total stock-based compensation expense $ 1,074 $ 982 $ 2,261 $ 2,244 Warrants In April 2020, the Company engaged National to provide financial advisory services in connection with the offering. As consideration for such services, the Company issued to National or its designees warrants to purchase up to an aggregate of 705,000 common shares, subject to the terms and conditions set forth in the form of warrant agreement. The National Warrants are exercisable immediately upon issuance and terminate three years following issuance and have an exercise price of $ 1.50 per share. On May 22, 2020, in connection with the Loan Agreement, as described in Note 8, the Company issued a warrant to purchase up to an aggregate of 625,000 common shares, subject to terms and conditions set forth in the form of warrant agreement. The K2 Warrant expires on May 22, 2030 and has an exercise price of $ 1.12 per share. The value attributed to the National Warrants and the K2 Warrant were based on the Black-Scholes option pricing model by applying the following assumptions: SCHEDULE OF FAIR VALUE OF WARRANTS GRANTED BY USING BLACK-SCHOLES OPTION PRICING ASSUMPTIONS National Warrants K2 Warrant Volatility 103.13% 95.00% Risk free interest rate 0.26% 0.66% Expected term in years 3 10 Expected dividend yield 0.00% 0.00% Fair value per warrant $ 0.64 $ 2.25 Activity related to the warrants is as follows: SCHEDULE OF WARRANT ACTIVITY Number of Weighted Balance outstanding at December 31, 2019 2,618,824 $ 2.87 Issued 1,330,000 $ 1.32 Balance outstanding at June 30, 2020 3,948,824 $ 2.35

REVENUES AND DEFERRED REVENUE

REVENUES AND DEFERRED REVENUE	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
REVENUES AND DEFERRED REVENUE	10. REVENUES AND DEFERRED REVENUE Revenue is comprised of the following: SCHEDULE OF REVENUE COMPRISED Three months ended June 30 Six months ended June 30 2020 2019 2020 2019 Product revenues $ 18 $ 104 $ 198 $ 197 R&D service revenues 166 536 401 803 Total revenue $ 184 $ 640 $ 599 $ 1,000 The following table presents revenues expected to be recognized in the future related to performance obligations, based on current estimates, that are unsatisfied at June 30, 2020: SUMMARY OF REVENUE EXPECTED TO BE RECOGNIZED IN FUTURE RELATED TO PERFORMANCE OBLIGATIONS Total Current portion to June 30, 2021 Remaining portion thereafter Product revenues $ 469 $ - $ 469 R&D service revenues 2,799 742 2,057 Total $ 3,268 $ 742 $ 2,526 The following table presents changes in the deferred revenue balance for the six months ended June 30, 2020: SUMMARY OF CHANGES IN DEFERRED REVENUE Balance at December 31, 2019 $ 3,791 Amounts invoiced and revenue deferred 11 Recognition of deferred revenue (396) Currency translation (138) Balance at June 30, 2020 $ 3,268 Short Term $ 742 Long Term $ 2,526 Collaboration and License Agreement – Brii Bio On December 4, 2018, we entered into a Collaboration and License Agreement with Brii Bio (the “Collaboration and License Agreement”), whereby: ● The Company and Brii Bio agreed to collaborate on the development of a hepatitis B recombinant protein-based immunotherapeutic in the licensed territory, which consists of China, Hong Kong, Taiwan, and Macau (collectively, the “Licensed Territory”), and to conduct a Phase Ib/IIa collaboration clinical trial for the purpose of comparing VBI-2601 (BRII-179), which is a recombinant protein-based immunotherapeutic developed by VBI for use in treating chronic hepatitis B, with a novel composition developed jointly with Brii Bio (either being the “Licensed Product”); and, ● The Company granted Brii Bio an exclusive royalty-bearing license to perform studies, regulatory, and other activities, as may be required to obtain and maintain marketing approval of the Licensed Product, for the treatment of hepatitis B in the Licensed Territory and to commercialize the Licensed Product for the diagnosis and treatment of chronic hepatitis B in the Licensed Territory. Pursuant to the Collaboration and License Agreement, the Company is responsible for the R&D services and Brii Bio is responsible for costs relating to the clinical trials for the Licensed Territory. The initial consideration of the Collaboration and License Agreement consisted of a $ 11 million 2,295,082 3.6 million 7.4 million 4.8 million 2.6 million In addition, the Company is also eligible to receive an additional $ 117.5 million On December 4, 2018, the Company recognized the VBI-2601 (BRII-179) license when it was granted and Brii Bio is able to use and benefit from the license, as it was determined to be distinct. The R&D Services will be satisfied over time as services are rendered using the “cost-to-cost” input method as this method represents the most accurate depiction of the transfer of services based on the types of costs expected to be incurred. As of June 30, 2020, R&D services related to Brii Bio that remain unsatisfied are $ 2.6 million , out of the $ 3.3 million total deferred revenue. Upon termination of the Collaboration and License Agreement prior to the end of the term, there is no obligation for refund and any amounts in deferred revenue related to unsatisfied performance obligations will be immediately recognized.

COLLABORATON ARRANGEMENTS

COLLABORATON ARRANGEMENTS	6 Months Ended
	Jun. 30, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
COLLABORATON ARRANGEMENTS	11. COLLABORATON ARRANGEMENTS GlaxoSmithKline Biologicals S.A. (“GSK”) On September 10, 2019, we entered into a Clinical Collaboration Agreement (“Collaboration Agreement”) pursuant to which we will investigate the use of GSK’s proprietary AS01 B B This relationship is considered a collaborative relationship and not a customer relationship, and is therefore accounted for outside the scope of ASC Topic 606. Costs associated with the second study arm will be expensed as incurred in Research and Development expenses; year to date costs have been $ 336 National Research Council of Canada (“NRC”) On March 31, 2020, we announced a collaboration with the NRC, Canada’s largest federal research and development organization, to develop a pan-coronavirus vaccine candidate, targeting COVID-19, SARS, and MERS. The NRC and the Company will collaborate to evaluate and identify promising vaccine candidates. The collaboration will combine the Company’s viral vaccine expertise, eVLP technology platform, and modified coronavirus antigens with the NRC’s proprietary SARS-CoV-2 antigens and assay development capabilities to identify the most immunogenic vaccine candidate for further development. This relationship is considered a collaborative relationship and not a customer relationship, and is therefore accounted for outside the scope of ASC Topic 606. Costs associated with the collaboration will be expensed as incurred in Research and Development expenses; year to date costs have been $ 264 Brii Biosciences Limited On December 4, 2018, we entered into the Collaboration and License Agreement with Brii Bio, as described in Note 10.

INCOME TAXES

INCOME TAXES	6 Months Ended
	Jun. 30, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	12. INCOME TAXES The Company operates in U.S., Israel, and Canadian tax jurisdictions. Its income is subject to varying rates of tax, and losses incurred in one jurisdiction cannot be used to offset income taxes payable in another. The Company determines its annual effective tax rate at the end of each interim period based on the year to date period results. Since the Company is incorporated in Canada, it is required to use Canada’s statutory tax rate of 26.50% The Company’s effective tax rate on loss before tax for the three and six months ended June 30, 2020 of 0.0% 0.0% The Company maintains a valuation allowance on all of its deferred tax assets. A valuation allowance is required when, based upon an assessment of various factors, including recent operating loss history, anticipated future earnings, and prudent and reasonable tax planning strategies, it is more likely than not that some portion of the deferred tax assets will not be realized.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	13. COMMITMENTS AND CONTINGENCIES Legal Proceedings From time to time, the Company may be involved in certain claims and litigation arising out of the ordinary course and conduct of business. Management assesses such claims and, if it considers that it is probable that an asset had been impaired or a liability had been incurred and the amount of loss can be reasonably estimated, provisions for loss are made based on management’s assessment of the most likely outcome. On September 13, 2018, two actions were brought in the District Court of the central district in Israel naming our subsidiary SciVac as a defendant. In one claim, two minors, through their parents, allege among other things, defects in certain batches of Sci-B-Vac discovered in July 2015; that Sci-B-Vac was approved for use in children and infants in Israel without sufficient evidence establishing its safety; that SciVac failed to provide accurate information about Sci-B-Vac to consumers and that each child suffered side effects from the vaccine. The claim was filed together with a motion seeking approval of a class action on behalf of 428,000 1,879,500,000 542,268 SciVac believes these matters to be without merit and intends to defend these claims vigorously. The District Court has accepted SciVac’s motion to suspend reaching a decision on the approval of the class action pending the determination of liability under the civil action. Preliminary hearings for the trial of the civil action began on January 15, 2020, with a second preliminary hearing held on May 13, 2020 to discuss document disclosure. The next preliminary hearing is scheduled to be held on December 3, 2020. Operating leases The Company has entered into various non-cancelable lease agreements for its office, lab, and manufacturing facilities, which are classified as operating leases. The office facility lease agreement in the United States expires on April 30, 2023 Our manufacturing facility lease agreement expires on January 31, 2022 The lease agreement for our research facility in Canada, which comprises of office and laboratory space, had an initial term ending on December 31, 2019 the term of the lease was extended until December 31, 2022 Effective April 30 Company entered into the seventh amendment to the lease agreement for the office facilities in Cambridge, Massachusetts, which extends the lease for a term of three years expiring on April 30, 2023 with no option to extend, and for a base rent of $ 25 per month, subject to a 3% annual increase. The Company recognized a right of use asset of $ 769 . Options to extend are not recognized as part of the lease liabilities or recognized as right to use assets. There are no residual value guarantees, no variable lease payments, and no restrictions or covenants imposed by leases. The discount rate used in measuring the lease liabilities and right of use assets was determined by reviewing our incremental borrowing rate at the initial measurement date. SCHEDULE OF LEASE COST AND OTHER INFORMATION Lease cost: Operating lease costs: Three months ended June 30, 2020 $ 294 Six months ended June 30, 2020 581 Other information: Weighted average remaining lease term 2.18 Weighted average discount rate 12% Operating lease costs are included in general and administrative (“G&A”) expenses in the statement of operation and comprehensive loss. The following table summarizes future undiscounted cash payments reconciled to the lease liabilities: SUMMARY OF FUTURE UNDISCOUNTED CASH PAYMENTS RECONCILED TO LEASE LIABILITIES Year ending December 31 Remaining 2020 493 2021 994 2022 470 2023 104 Total $ 2,061 Effect of discounting (232) Total lease liability $ 1,829 Less: current portion (832) Long term lease liability $ 997

SEGMENT INFORMATION

SEGMENT INFORMATION	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
SEGMENT INFORMATION	14. SEGMENT INFORMATION The Company’s Chief Executive Officer (“CEO”) has been identified as the chief operating decision maker. The CEO evaluates the performance of the Company and allocates resources based on the information provided by the Company’s internal management system at a consolidated level. The Company has determined that it has only one operating segment. Revenues from external customers are attributed to geographic areas based on location of the contracting customers: SCHEDULE OF REVENUES FROM EXTERNAL CUSTOMERS Three Months Ended June 30 Six Months Ended June 30 2020 2019 2020 2019 Israel $ 19 $ 54 $ 150 $ 153 China / Hong Kong 165 517 396 778 Europe - 69 53 69 Total $ 184 $ 640 $ 599 $ 1,000 There was no

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	6 Months Ended
	Jun. 30, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	15. SUBSEQUENT EVENTS In July 2020, the Company’s Compensation Committee of the Board of Directors approved to grant 1,647,200 stock options to existing executives pursuant to the 2016 Plan. Twenty-five percent of the granted options vest and become exercisable on the one-year anniversary of grant date , with the remaining 75% vesting and becoming exercisable on a monthly basis over 24 months. The granted options expire on July 1, 2030 . On July 21, 2020, the Company issued 550,000 3.34 1,837

SIGNIFICANT ACCOUNTING POLICI_2

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2020
Accounting Policies [Abstract]
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The Company’s fiscal year ends on December 31 of each calendar year. The accompanying unaudited condensed consolidated financial statements have been prepared in U.S. dollars (“USD”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”), for interim reporting. Accordingly, certain information and footnote disclosures normally included in the financial statements prepared in accordance with United States of America generally accepted accounting principles (“U.S. GAAP”), have been condensed or omitted pursuant to such rules and regulations. The December 31, 2019 consolidated balance sheet in this document was derived from the audited consolidated financial statements. The condensed consolidated financial statements and notes included in this quarterly report on Form 10-Q (this “Form 10-Q”) does not include all of the disclosures required by U.S. GAAP and should be read in conjunction with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 10-K”), as filed with the SEC on March 5, 2020. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries: SciVac, VBI DE, VBI US, VBI Cda, and SciVac HK. Intercompany balances and transactions between the Company and its subsidiaries are eliminated in the condensed consolidated financial statements. In the opinion of management, these condensed consolidated financial statements include all adjustments and accruals of a normal and recurring nature necessary to fairly state the results of the periods presented. The results for the periods presented are not necessarily indicative of results to be expected for the full year or for any future periods.
Significant Accounting Policies	Significant Accounting Policies The significant accounting policies used in the preparation of these condensed consolidated financial statements are disclosed in the 2019 10-K, and there have been no changes to the Company’s significant accounting policies during the six months ended June 30, 2020, other than the polices discussed below.
Cash and cash equivalents	Cash and cash equivalents Cash and cash equivalents include cash investments in interest-bearing accounts and term deposits which can readily be redeemed for cash or are issued for terms of three months or less from the date of acquisition.
Short-term investments	Short-term investments Short-term investments consist of redeemable short-term investments held with Schedule 1 Canadian banks for maturity terms greater than 3 months but less than a year from the date of acquisition. Short-term investments are classified as available for sale, are measured at fair value and considered level 2 in the fair value hierarchy. The carrying amount of investments approximates fair market value due to the short-term maturity of these instruments. Accrued interest income is recognized interest expense, net of interest income, in the condensed consolidated statement of operations and comprehensive loss.

INVENTORY, NET (Tables)

INVENTORY, NET (Tables)	6 Months Ended
	Jun. 30, 2020
Inventory Disclosure [Abstract]
SCHEDULE OF INVENTORY	Inventory is stated at the lower of cost or market and consists of the following: SCHEDULE OF INVENTORY June 30, 2020 December 31, 2019 Finished goods $ 7 $ 58 Work-in-process 83 237 Raw materials 1,238 780 Inventory, net $ 1,328 $ 1,075

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL (Tables)	6 Months Ended
	Jun. 30, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
SCHEDULE OF INTANGIBLE ASSETS INCLUDING CUMULATIVE IMPAIRMENT AND CUMULATIVE CURRENCY TRANSLATION	SCHEDULE OF INTANGIBLE ASSETS INCLUDING CUMULATIVE IMPAIRMENT AND CUMULATIVE CURRENCY TRANSLATION June 30, 2020 Gross Carrying Accumulated Cumulative Impairment Charge Cumulative Currency Translation Net Book Patents $ 669 $ (553) $ - $ 30 $ 146 IPR&D assets 61,500 - (300) (3,337) 57,863 $ 62,169 $ (553) $ (300) $ (3,307) $ 58,009 December 31, 2019 Gross Accumulated Cumulative Impairment Charge Cumulative Currency Translation Net Book Patents $ 669 $ (521) $ - $ 30 $ 178 IPR&D assets 61,500 - (300) (622) 60,578 $ 62,169 $ (521) $ (300) $ (592) $ 60,756
SCHEDULE OF GOODWILL	SCHEDULE OF GOODWILL June 30, 2020 Gross Carrying Amount Cumulative Impairment Cumulative Translation Net Book Goodwill $ 8,714 $ (6,292) $ (313) $ 2,109 December 31, 2019 Gross Cumulative Impairment Cumulative Translation Net Book Goodwill $ 8,714 $ (6,292) $ (214) $ 2,208

OTHER CURRENT LIABILITIES (Tabl

OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2020
Other Liabilities Disclosure [Abstract]
SCHEDULE OF OTHER CURRENT LIABILITIES	Other current liabilities consisted of the following: SCHEDULE OF OTHER CURRENT LIABILITIES June 30, 2020 December 31, 2019 Accrued research and development expenses (including clinical trial accrued expenses) $ 8,293 $ 9,247 Accrued professional fees 905 446 Payroll and employee-related costs 1,459 2,184 Other current liabilities 557 384 Total Other current liabilities $ 11,214 $ 12,261

LOSS PER SHARE OF COMMON SHAR_2

LOSS PER SHARE OF COMMON SHARES (Tables)	6 Months Ended
	Jun. 30, 2020
Earnings Per Share [Abstract]
SCHEDULE OF ANTIDILUTIVE WEIGHTED AVERAGE SHARES OUTSTANDING	The following potentially dilutive securities outstanding at June 30, 2020 and 2019 have been excluded from the computation of diluted weighted average shares outstanding, as they would be antidilutive: SCHEDULE OF ANTIDILUTIVE WEIGHTED AVERAGE SHARES OUTSTANDING June 30, 2020 June 30, 2019 Warrants 3,948,824 2,618,824 Stock options and equity awards 10,859,869 6,986,755 K2 conversion feature 2,739,726 - 17,548,419 9,605,579

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2020
Long-term Debt
SCHEDULE OF LONG-TERM DEBT	As of June 30, 2020, and December 31, 2019, the long-term debt is as follows: SCHEDULE OF LONG-TERM DEBT June 30, 2020 December 31, 2019* Long-term debt, net of debt discount $ 15,394 $ 14,845 Less: current portion, net of debt discount - 14,845 Long-term debt $ 15,394 $ - * 2019 long term debt was due to Perceptive Credit Holdings LP, a related party.
SCHEDULE OF INTEREST EXPENSE	Interest expense, net of interest income recorded in the three and six months ended June 30, 2020 and 2019 was as follows: SCHEDULE OF INTEREST EXPENSE Three months ended June 30 Six months ended June 30 2020 2019 2020 2019 Interest expense $ 433 $ 512 $ 908 $ 1,030 Amortization of debt discount 395 253 634 508 Interest income (146) (199) (278) (492) Total interest expense, net of interest income $ 682 $ 566 $ 1,264 $ 1,046
SCHEDULE OF FUTURE PRINCIPAL OF LONG-TERM DEBT	The following table summarizes the future principal payments due under long-term debt: SCHEDULE OF FUTURE PRINCIPAL OF LONG-TERM DEBT Principal Remaining 2020 $ - 2021 - 2022 4,683 2023 9,978 2024 6,729 Total $ 21,390

STOCKHOLDERS_ EQUITY AND ADDI_2

STOCKHOLDERS’ EQUITY AND ADDITIONAL PAID-IN CAPITAL (Tables)	6 Months Ended
	Jun. 30, 2020
Equity [Abstract]
SCHEDULE OF STOCK OPTIONS ACTIVITY	Activity related to stock options is as follows: SCHEDULE OF STOCK OPTIONS ACTIVITY Number of Weighted Balance outstanding at December 31, 2019 6,471,708 $ 2.79 Granted 4,185,000 $ 1.46 Forfeited (6,050) $ 2.20 Balance outstanding at June 30, 2020 10,650,658 $ 2.26 Exercisable at June 30, 2020 4,827,994 $ 3.00
SCHEDULE OF RESTRICTED STOCK UNITS	Information relating to RSUs is as follow: SCHEDULE OF RESTRICTED STOCK UNITS Number of Weighted Unvested shares outstanding at December 31, 2019 157,997 $ 2.77 Granted 125,000 $ 1.46 Vested (73,786) $ 2.96 Unvested shares outstanding at June 30, 2020 209,211 $ 1.92
SCHEDULE OF FAIR VALUE OF OPTIONS GRANTED BY USING BLACK-SCHOLES OPTION PRICING ASSUMPTIONS	In determining the amount of stock-based compensation the Company used the Black-Scholes option pricing model to establish the fair value of options granted by applying the following weighted average assumptions: SCHEDULE OF FAIR VALUE OF OPTIONS GRANTED BY USING BLACK-SCHOLES OPTION PRICING ASSUMPTIONS 2020 2019 Volatility 90.12% 118.12% Risk free interest rate 1.54% 2.46% Expected term in years 5.77 5.77 Expected dividend yield 0.00% 0.00% Weighted average fair value per option $ 1.04 $ 1.43
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE	The fair value of the options is recognized as an expense on a straight-line basis over the vesting period and forfeitures are accounted for when they occur. The total stock-based compensation expense recorded in the three and six months ended June 30, 2020 and 2019 was as follows: SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE Three months ended June 30 Six months ended June 30 2020 2019 2020 2019 Research and development $ 218 $ 215 $ 461 $ 444 General and administrative 845 748 1,778 1,764 Cost of revenues 11 19 22 36 Total stock-based compensation expense $ 1,074 $ 982 $ 2,261 $ 2,244
SCHEDULE OF FAIR VALUE OF WARRANTS GRANTED BY USING BLACK-SCHOLES OPTION PRICING ASSUMPTIONS	The value attributed to the National Warrants and the K2 Warrant were based on the Black-Scholes option pricing model by applying the following assumptions: SCHEDULE OF FAIR VALUE OF WARRANTS GRANTED BY USING BLACK-SCHOLES OPTION PRICING ASSUMPTIONS National Warrants K2 Warrant Volatility 103.13% 95.00% Risk free interest rate 0.26% 0.66% Expected term in years 3 10 Expected dividend yield 0.00% 0.00% Fair value per warrant $ 0.64 $ 2.25
SCHEDULE OF WARRANT ACTIVITY	Activity related to the warrants is as follows: SCHEDULE OF WARRANT ACTIVITY Number of Weighted Balance outstanding at December 31, 2019 2,618,824 $ 2.87 Issued 1,330,000 $ 1.32 Balance outstanding at June 30, 2020 3,948,824 $ 2.35

REVENUES AND DEFERRED REVENUE (

REVENUES AND DEFERRED REVENUE (Tables)	6 Months Ended
	Jun. 30, 2020
Revenue from Contract with Customer [Abstract]
SCHEDULE OF REVENUE COMPRISED	Revenue is comprised of the following: SCHEDULE OF REVENUE COMPRISED Three months ended June 30 Six months ended June 30 2020 2019 2020 2019 Product revenues $ 18 $ 104 $ 198 $ 197 R&D service revenues 166 536 401 803 Total revenue $ 184 $ 640 $ 599 $ 1,000
SUMMARY OF REVENUE EXPECTED TO BE RECOGNIZED IN FUTURE RELATED TO PERFORMANCE OBLIGATIONS	The following table presents revenues expected to be recognized in the future related to performance obligations, based on current estimates, that are unsatisfied at June 30, 2020: SUMMARY OF REVENUE EXPECTED TO BE RECOGNIZED IN FUTURE RELATED TO PERFORMANCE OBLIGATIONS Total Current portion to June 30, 2021 Remaining portion thereafter Product revenues $ 469 $ - $ 469 R&D service revenues 2,799 742 2,057 Total $ 3,268 $ 742 $ 2,526
SUMMARY OF CHANGES IN DEFERRED REVENUE	The following table presents changes in the deferred revenue balance for the six months ended June 30, 2020: SUMMARY OF CHANGES IN DEFERRED REVENUE Balance at December 31, 2019 $ 3,791 Amounts invoiced and revenue deferred 11 Recognition of deferred revenue (396) Currency translation (138) Balance at June 30, 2020 $ 3,268 Short Term $ 742 Long Term $ 2,526

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	6 Months Ended
	Jun. 30, 2020
Commitments and Contingencies Disclosure [Abstract]
SCHEDULE OF LEASE COST AND OTHER INFORMATION	Options to extend are not recognized as part of the lease liabilities or recognized as right to use assets. There are no residual value guarantees, no variable lease payments, and no restrictions or covenants imposed by leases. The discount rate used in measuring the lease liabilities and right of use assets was determined by reviewing our incremental borrowing rate at the initial measurement date. SCHEDULE OF LEASE COST AND OTHER INFORMATION Lease cost: Operating lease costs: Three months ended June 30, 2020 $ 294 Six months ended June 30, 2020 581 Other information: Weighted average remaining lease term 2.18 Weighted average discount rate 12%
SUMMARY OF FUTURE UNDISCOUNTED CASH PAYMENTS RECONCILED TO LEASE LIABILITIES	The following table summarizes future undiscounted cash payments reconciled to the lease liabilities: SUMMARY OF FUTURE UNDISCOUNTED CASH PAYMENTS RECONCILED TO LEASE LIABILITIES Year ending December 31 Remaining 2020 493 2021 994 2022 470 2023 104 Total $ 2,061 Effect of discounting (232) Total lease liability $ 1,829 Less: current portion (832) Long term lease liability $ 997

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	6 Months Ended
	Jun. 30, 2020
Segment Reporting [Abstract]
SCHEDULE OF REVENUES FROM EXTERNAL CUSTOMERS	Revenues from external customers are attributed to geographic areas based on location of the contracting customers: SCHEDULE OF REVENUES FROM EXTERNAL CUSTOMERS Three Months Ended June 30 Six Months Ended June 30 2020 2019 2020 2019 Israel $ 19 $ 54 $ 150 $ 153 China / Hong Kong 165 517 396 778 Europe - 69 53 69 Total $ 184 $ 640 $ 599 $ 1,000

NATURE OF BUSINESS AND CONTIN_2

NATURE OF BUSINESS AND CONTINUATION OF BUSINESS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended		6 Months Ended
	May 31, 2020	Apr. 30, 2020	Jun. 30, 2020	Jun. 30, 2019	Dec. 31, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Retained Earnings (Accumulated Deficit)			$ 280,259		$ 262,388
Net Cash Provided by (Used in) Operating Activities			15,455	$ 26,304
Common shares issued in public offering		52,272,726
Share issuance costs related to offering			$ 3,606
Loan And Guaranty Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Debt Instrument, Maturity Date			Jun. 1, 2024
National Securities Inc [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Warrant to purchase common stock		705,000
Warrant exercise price		$ 1.50
K2 Heathventures LLC [Member] | Loan And Guaranty Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from Issuance of Long-term Debt	$ 4,500
Debt Instrument, Maturity Date			Jun. 1, 2024
Public Offering [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Shares issued price per share		$ 1.10
Gross proceeds from public offering		$ 57,500
Share issuance costs related to offering		3,606
Net cash proceeds from public offering		$ 53,894

SCHEDULE OF INVENTORY (Details)

SCHEDULE OF INVENTORY (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 7	$ 58
Work-in-process	83	237
Raw materials	1,238	780
Inventory, net	$ 1,328	$ 1,075

SCHEDULE OF INTANGIBLE ASSETS I

SCHEDULE OF INTANGIBLE ASSETS INCLUDING CUMULATIVE IMPAIRMENT AND CUMULATIVE CURRENCY TRANSLATION (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	$ 62,169	$ 62,169
Accumulated Amortization	(553)	(521)
Cumulative Impairment Charge	(300)	(300)
Cumulative Currency Translation	(3,307)	(592)
Intangible assets, Net	58,009	60,756
Patents [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	669	669
Accumulated Amortization	(553)	(521)
Cumulative Impairment Charge
Cumulative Currency Translation	30	30
Intangible assets, Net	146	178
IPR And D Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Intangible Assets, Gross	61,500	61,500
Accumulated Amortization
Cumulative Impairment Charge	(300)	(300)
Cumulative Currency Translation	(3,337)	(622)
Intangible assets, Net	$ 57,863	$ 60,578

SCHEDULE OF GOODWILL (Details)

SCHEDULE OF GOODWILL (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill, Gross Carrying Amount	$ 8,714	$ 8,714
Goodwill, Cumulative Impairment Charge	(6,292)	(6,292)
Goodwill, Cumulative Currency Translation	(313)	(214)
Goodwill, Net Book Value	$ 2,109	$ 2,208

INTANGIBLE ASSETS AND GOODWIL_2

INTANGIBLE ASSETS AND GOODWILL (Details Narrative)	6 Months Ended
	Jun. 30, 2020USD ($)
Goodwill [Member]
Finite-Lived Intangible Assets [Line Items]
Decrease in Foreign currency translation adjustment	$ 99
IPR And D Assets [Member]
Finite-Lived Intangible Assets [Line Items]
Decrease in Foreign currency translation adjustment	$ 2,715,000

SCHEDULE OF OTHER CURRENT LIABI

SCHEDULE OF OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Other Liabilities Disclosure [Abstract]
Accrued research and development expenses (including clinical trial accrued expenses)	$ 8,293	$ 9,247
Accrued professional fees	905	446
Payroll and employee-related costs	1,459	2,184
Other current liabilities	557	384
Total Other current liabilities	$ 11,214	$ 12,261

SCHEDULE OF ANTIDILUTIVE WEIGHT

SCHEDULE OF ANTIDILUTIVE WEIGHTED AVERAGE SHARES OUTSTANDING (Details) - shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive weighted average shares outstanding	17,548,419	9,605,579
Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive weighted average shares outstanding	3,948,824	2,618,824
Stock Options and Equity Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive weighted average shares outstanding	10,859,869	6,986,755
K 2 Conversion Feature [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive weighted average shares outstanding	2,739,726	0

SCHEDULE OF LONG-TERM DEBT (Det

SCHEDULE OF LONG-TERM DEBT (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Long-term Debt
Long-term debt, net of debt discount	$ 15,394	$ 14,845
Less: current portion, net of debt discount		14,845
Long-term debt	$ 15,394

SCHEDULE OF INTEREST EXPENSE (D

SCHEDULE OF INTEREST EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Long-term Debt
Interest expense	$ 433	$ 512	$ 908	$ 1,030
Amortization of debt discount	395	253	634	508
Interest income	(146)	(199)	(278)	(492)
Total interest expense, net of interest income	$ 682	$ 566	$ 1,264	$ 1,046

SCHEDULE OF FUTURE PRINCIPAL OF

SCHEDULE OF FUTURE PRINCIPAL OF LONG-TERM DEBT (Details) $ in Thousands	Jun. 30, 2020USD ($)
Long-term Debt
Remaining 2020
2021
2022	4,683
2023	9,978
2024	6,729
Total	$ 21,390

LONG-TERM DEBT (Details Narrati

LONG-TERM DEBT (Details Narrative) - USD ($)	May 22, 2020	Jan. 31, 2019	Jul. 17, 2018	Dec. 06, 2016	Jun. 30, 2020	Jun. 30, 2020	Dec. 31, 2019	May 06, 2016	Jul. 25, 2014
Entity Listings [Line Items]
Interest expense					$ 248	$ 723
Amortization of debt discount					222	461
Fair Value, Inputs, Level 3 [Member]
Entity Listings [Line Items]
Fair value of outstanding debt					17,460,000	17,460,000	$ 15,272,000
Second Amended Credit Facility [Member]
Entity Listings [Line Items]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights			363,771
[custom:WarrantsToPurchaseCommonSharesOriginalIssueDateDescription]			July 25, 2019 to December 6, 2021
[custom:IncreaseInDebtDiscount]			$ 386,000
Second Amended Credit Facility [Member] | Extended Maturity [Member]
Entity Listings [Line Items]
Debt Instrument, Maturity Date, Description			May 31, 2018 to December 31, 2018
Third Amended Credit Facility [Member]
Entity Listings [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 2.75
[custom:IncreaseInDebtDiscount]		$ 179,000
Third Amended Credit Facility [Member] | Exercise Price Four Point One Three [Member]
Entity Listings [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 4.13
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				363,771					363,771
Third Amended Credit Facility [Member] | Exercise Price Three Point Three Five Five [Member]
Entity Listings [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 3.355
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				1,341,282
Third Amended Credit Facility [Member] | Extended Maturity [Member]
Entity Listings [Line Items]
Debt Instrument, Maturity Date, Description		the Amended Credit Facility (the “Third Amendment”) to i) extend the period the Company is required to pay only the interest on the loan from December 31, 2018 to January 31, 2020, ii) extend the maturity of the term loan to June 30, 2020,
Credit Holdings L P [Member]
Entity Listings [Line Items]
Proceeds from repayment of related party debt						14,500,000
Loss on extinguishment of debt						84
Perceptive Credit Holdings L P [Member] | Amended Credit Facility [Member]
Entity Listings [Line Items]
Debt Instrument, Unamortized Discount				$ 3,453,000
Line of Credit Facility, Maximum Borrowing Capacity								$ 6,000,000
Proceeds from Lines of Credit				13,200,000
Line of Credit Facility, Remaining Borrowing Capacity				1,800,000
Debt Issuance Costs, Gross				360,000
Line of Credit Facility, Commitment Fee Amount				300,000
Perceptive Credit Holdings L P [Member] | Warrant [Member] | Amended Credit Facility [Member]
Entity Listings [Line Items]
Proceeds from Issuance of Warrants				$ 2,793,000
Perceptive Credit Holdings L P [Member] | Tranche One [Member] | Amended Credit Facility [Member]
Entity Listings [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 4.13
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				363,771
Perceptive Credit Holdings L P [Member] | Tranche Two [Member] | Amended Credit Facility [Member]
Entity Listings [Line Items]
Class of Warrant or Right, Exercise Price of Warrants or Rights				$ 3.355
Class of Warrant or Right, Number of Securities Called by Warrants or Rights				1,341,282
Loan And Guaranty Agreement [Member]
Entity Listings [Line Items]
Debt Instrument, Periodic Payment						1,390
Debt Instrument, Face Amount					$ 21,390	$ 21,390
Debt annual interest rate					8.25%	8.25%
Debt maturity date						Jun. 1, 2024
Debt increased percentage						5.00%
Loan And Guaranty Agreement [Member] | Prime Rate [Member]
Entity Listings [Line Items]
Debt annual interest rate					5.00%	5.00%
Loan And Guaranty Agreement [Member] | K2 Warrant [Member]
Entity Listings [Line Items]
Warrant or Right, Reason for Issuance, Description						additional common shares will be issuable pursuant to the K2 Warrant as determined by the aggregate principal amount of the funds advanced multiplied by 3.5% and divided by the Warrant Price, and the final payment will increase by 6.95% of the funds advanced.
Loan And Guaranty Agreement [Member] | Third Tranche [Member]
Entity Listings [Line Items]
Secured Debt					$ 10,000,000	$ 10,000,000
Debt annual interest rate					8.25%	8.25%
Debt maturity date						Jan. 1, 2023
Loan And Guaranty Agreement [Member] | K 2 Healthventures L L C [Member]
Entity Listings [Line Items]
Debt Conversion, Description	The Lenders agreed to make available the following additional tranches subject to the following conditions and upon the submission of a loan request by the Company: (1) up to $10 million available between January 1, 2021 and April 30, 2021 upon achievement of certain milestones (the “Second Tranche Term Loan”), (2) $10 million available between the closing date and December 31, 2021, subject to achievement of a certain U.S. Food and Drug Administration approval (the “Third Tranche Term Loan”), and (3) a final tranche of up to $
Debt Conversion, Converted Instrument, Amount	$ 4,000,000
Debt Instrument, Convertible, Conversion Price	$ 1.46
Debt Issuance Costs, Net	$ 1,021
Secured term loan final payment percentage	6.95%
Additional discount	$ 1,390
Debt Instrument, Unamortized Discount	$ 6,169
Loan And Guaranty Agreement [Member] | K 2 Healthventures L L C [Member] | K2 Warrant [Member]
Entity Listings [Line Items]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	625,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.12
Warrant or Right, Reason for Issuance, Description	The number of common shares issuable pursuant to the K2 Warrant, at any given time, are determined by the aggregate principal amount of the loans advanced at that time pursuant to the Loan Agreement multiplied by 3.5% and divided by the Warrant Price. If the full $50 million available in all K2 tranches is advanced pursuant to the Loan Agreement, up to 1,562,500 common shares will be issuable pursuant to the K2 warrant.
Class of Warrant or Right, Date from which Warrants or Rights Exercisable	May 22, 2030
Proceeds from Warrant Exercises	$ 1,181
Loan And Guaranty Agreement [Member] | K 2 Healthventures L L C [Member] | First Tranche [Member]
Entity Listings [Line Items]
Secured Debt	20,000,000
Loan And Guaranty Agreement [Member] | K 2 Healthventures L L C [Member] | Final Tranche [Member]
Entity Listings [Line Items]
Secured Debt	$ 10

SCHEDULE OF STOCK OPTIONS ACTIV

SCHEDULE OF STOCK OPTIONS ACTIVITY (Details) - Equity Option [Member]	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Summary of Investment Holdings [Line Items]
Number of Stock Options Outstanding, Beginning Balance | shares	6,471,708
Weighted Average Exercise Price, Beginning Balance | $ / shares	$ 2.79
Number of Stock Options, Granted | shares	4,185,000
Weighted Average Exercise Price, Granted | $ / shares	$ 1.46
Number of Stock Options, Forfeited | shares	(6,050)
Weighted Average Exercise Price, Forfeited | $ / shares	$ 2.20
Number of Stock Options Outstanding, Ending Balance | shares	10,650,658
Weighted Average Exercise Price, Ending Balance | $ / shares	$ 2.26
Number of Stock Options, Exercisable | shares	4,827,994
Weighted Average Exercise Price, Exercisable | $ / shares	$ 3

SCHEDULE OF RESTRICTED STOCK UN

SCHEDULE OF RESTRICTED STOCK UNITS (Details) - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Class of Stock [Line Items]
Weighted Average Fair Value at Grant Date, Granted	$ 1.04	$ 1.43
Restricted Stock Units (RSUs) [Member]
Class of Stock [Line Items]
Number of Stock Awards, Unvested shares outstanding beginning balance	157,997
Weighted Average Fair Value at Grant Date, Unvested shares outstanding beginning balance	$ 2.77
Number of Stock Awards, Granted	125,000
Weighted Average Fair Value at Grant Date, Granted	$ 1.46
Number of Stock Awards, Vested	(73,786)
Weighted Average Fair Value at Grant Date, Vested	$ 2.96
Number of Stock Awards, Unvested shares outstanding ending balance	209,211
Weighted Average Fair Value at Grant Date, Unvested shares outstanding	$ 1.92

SCHEDULE OF FAIR VALUE OF OPTIO

SCHEDULE OF FAIR VALUE OF OPTIONS GRANTED BY USING BLACK-SCHOLES OPTION PRICING ASSUMPTIONS (Details) - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Equity [Abstract]
Volatility	90.12%	118.12%
Risk free interest rate	1.54%	2.46%
Expected term in years	5.77	5.77
Expected dividend yield	0.00%	0.00%
Weighted average fair value per option	$ 1.04	$ 1.43

SCHEDULE OF STOCK-BASED COMPENS

SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Total stock-based compensation expense	$ 1,074	$ 982	$ 2,261	$ 2,244
Research And Development [Member]
Total stock-based compensation expense	218	215	461	444
General And Administrative [Member]
Total stock-based compensation expense	845	748	1,778	1,764
Cost Of Revenues [Member]
Total stock-based compensation expense	$ 11	$ 19	$ 22	$ 36

SCHEDULE OF FAIR VALUE OF WARRA

SCHEDULE OF FAIR VALUE OF WARRANTS GRANTED BY USING BLACK-SCHOLES OPTION PRICING ASSUMPTIONS (Details) - $ / shares	6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019
Accumulated Other Comprehensive Income (Loss) [Line Items]
Volatility	90.12%	118.12%
Risk free interest rate	1.54%	2.46%
Expected dividend yield	0.00%	0.00%
National Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Volatility	103.13%
Risk free interest rate	0.26%
Expected term in years	3
Expected dividend yield	0.00%
Fair value per warrant	$ 0.64
K2 Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Volatility	95.00%
Risk free interest rate	0.66%
Expected term in years	10
Expected dividend yield	0.00%
Fair value per warrant	$ 2.25

SCHEDULE OF WARRANT ACTIVITY (D

SCHEDULE OF WARRANT ACTIVITY (Details) - Warrants [Member]	6 Months Ended
	Jun. 30, 2020$ / sharesshares
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of Warrants, Balance Outstanding Beginning | shares	2,618,824
Weighted Average Exercise Price, Balance Outstanding Beginning | $ / shares	$ 2.87
Number of Warrants, Issued | shares	1,330,000
Weighted Average Exercise Price, Issued | $ / shares	$ 1.32
Number of Warrants, Balance Outstanding Ending | shares	3,948,824
Weighted Average Exercise Price, Balance Outstanding Ending | $ / shares	$ 2.35

STOCKHOLDERS_ EQUITY AND ADDI_3

STOCKHOLDERS’ EQUITY AND ADDITIONAL PAID-IN CAPITAL (Details Narrative) - $ / shares	6 Months Ended
	Jun. 30, 2020	May 22, 2020	Apr. 30, 2020
Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right			705,000
Warrant exercise price			$ 1.50
K2 Warrant [Member] | Loan And Guaranty Agreement [Member] | K 2 Healthventures L L C [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right		625,000
Warrant exercise price		$ 1.12
Warrant expiration date		May 22, 2030
Two Thousand And Six Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	993,666
Two Thousand And Fourteen Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	521,242
Two Thousand And Sixteen Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number	9,135,750
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum	10.00%
[custom:MaximumPercentageOfOptionsGranted]	10.00%
Number of common shares available for issuance	10,936,674
Two Thousand And Sixteen V B I Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number	209,211

SCHEDULE OF REVENUE COMPRISED (

SCHEDULE OF REVENUE COMPRISED (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Disaggregation of Revenue [Line Items]
Revenues	$ 184	$ 640	$ 599	$ 1,000
Product [Member]
Disaggregation of Revenue [Line Items]
Revenues	18	104	198	197
Service [Member]
Disaggregation of Revenue [Line Items]
Revenues	$ 166	$ 536	$ 401	$ 803

SUMMARY OF REVENUE EXPECTED TO

SUMMARY OF REVENUE EXPECTED TO BE RECOGNIZED IN FUTURE RELATED TO PERFORMANCE OBLIGATIONS (Details) $ in Thousands	Jun. 30, 2020USD ($)
Disaggregation of Revenue [Line Items]
Revenue remaining performance obligations	$ 3,268
Current Portion ToJune Thirty Two Thousand Twenty One [Member]
Disaggregation of Revenue [Line Items]
Revenue remaining performance obligations	742
Remaining Portion There After [Member]
Disaggregation of Revenue [Line Items]
Revenue remaining performance obligations	2,526
Product [Member]
Disaggregation of Revenue [Line Items]
Revenue remaining performance obligations	469
Product [Member] | Current Portion ToJune Thirty Two Thousand Twenty One [Member]
Disaggregation of Revenue [Line Items]
Revenue remaining performance obligations
Product [Member] | Remaining Portion There After [Member]
Disaggregation of Revenue [Line Items]
Revenue remaining performance obligations	469
Service [Member]
Disaggregation of Revenue [Line Items]
Revenue remaining performance obligations	2,799
Service [Member] | Current Portion ToJune Thirty Two Thousand Twenty One [Member]
Disaggregation of Revenue [Line Items]
Revenue remaining performance obligations	742
Service [Member] | Remaining Portion There After [Member]
Disaggregation of Revenue [Line Items]
Revenue remaining performance obligations	$ 2,057

SUMMARY OF CHANGES IN DEFERRED

SUMMARY OF CHANGES IN DEFERRED REVENUE (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2020	Dec. 31, 2019
Revenue from Contract with Customer [Abstract]
Balance at December 31, 2019	$ 3,791
Amounts invoiced and revenue deferred	11
Recognition of deferred revenue	(396)
Currency translation	(138)
Balance at March 31, 2020	3,268
Short Term	742	$ 882
Long Term	$ 2,526	$ 2,909

REVENUES AND DEFERRED REVENUE_2

REVENUES AND DEFERRED REVENUE (Details Narrative) - USD ($) $ in Thousands	Dec. 04, 2018	Jun. 30, 2020	Dec. 31, 2019
Disaggregation of Revenue [Line Items]
Remaining performance obligation, deemed to be initial transaction price		$ 3,268
Additional potential regulatory and sales milestone payments	$ 117,500
Contract with Customer, Liability		3,268	$ 3,791
License Agreement [Member] | Brii Bio [Member]
Disaggregation of Revenue [Line Items]
Non-refundable upfront payment	$ 11,000
Stock issued for the agreement, shares	2,295,082
Stock issued for the agreement	$ 3,600
Remaining performance obligation, deemed to be initial transaction price	7,400
License Agreement [Member] | Brii Bio [Member] | R&D Services [Member]
Disaggregation of Revenue [Line Items]
Remaining performance obligation, deemed to be initial transaction price	4,800
License Agreement [Member] | Brii Bio [Member] | VBI-2601 [Member]
Disaggregation of Revenue [Line Items]
Remaining performance obligation, deemed to be initial transaction price	$ 2,600
Collaboration and License Agreement [Member]
Disaggregation of Revenue [Line Items]
Unsatisfied amount of research and development services		2,600
Contract with Customer, Liability		$ 3,300

COLLABORATON ARRANGEMENTS (Deta

COLLABORATON ARRANGEMENTS (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expenses	$ 2,365	$ 7,361	$ 5,558	$ 16,588
Collaboration Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expenses			264
Collaboration Agreement [Member] | Glaxo Smith Kline Biologicals S A [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Research and development expenses			$ 336

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative)	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Statutory income tax rate			26.50%
Federal income tax rate	0.00%	0.00%	0.00%	0.00%

SCHEDULE OF LEASE COST AND OTHE

SCHEDULE OF LEASE COST AND OTHER INFORMATION (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Jun. 30, 2020USD ($)	Jun. 30, 2020USD ($)
Commitments and Contingencies Disclosure [Abstract]
Operating lease costs	$ 294	$ 581
Operating Lease, Weighted Average Remaining Lease Term	2 years 2 months 4 days	2 years 2 months 4 days
Weighted average discount rate	12.00%	12.00%

SUMMARY OF FUTURE UNDISCOUNTED

SUMMARY OF FUTURE UNDISCOUNTED CASH PAYMENTS RECONCILED TO LEASE LIABILITIES (Details) - USD ($) $ in Thousands	Jun. 30, 2020	Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]
Remaining 2020	$ 493
2021	994
2022	470
2023	104
Total	2,061
Effect of discounting	(232)
Total lease liability	1,829
Less: current portion	(832)	$ (642)
Long term lease liability	$ 997	$ 817

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES (Details Narrative) $ in Thousands	Apr. 30, 2020USD ($)	Sep. 05, 2019	Sep. 13, 2018USD ($)integer	Sep. 13, 2018ILS (₪)integer	Jun. 30, 2020USD ($)	Dec. 31, 2019USD ($)
Product Liability Contingency [Line Items]
Lease expires date		Dec. 31, 2022
Operating lease option to extend		the term of the lease was extended until December 31, 2022, with an option to extend the lease for one additional period of three years.
Operating Lease, Expense	$ 25
Operating Lease, Right-of-Use Asset					$ 1,828	$ 1,459
Office Facility Lease Agreement [Member] | UNITED STATES
Product Liability Contingency [Line Items]
Lease expires date					Apr. 30, 2023
Office Facility Lease Agreement [Member] | Massachusetts [Member]
Product Liability Contingency [Line Items]
Lease expires date	Apr. 30, 2023
Operating lease option to extend	Company entered into the seventh amendment to the lease agreement for the office facilities in Cambridge, Massachusetts, which extends the lease for a term of three years
Percentage of annual increase for base rent	3.00%
Operating Lease, Right-of-Use Asset	$ 769
Manufacturing Facility Lease Agreement [Member] | UNITED STATES
Product Liability Contingency [Line Items]
Lease expires date					Jan. 31, 2022
Operating lease option to extend					Our manufacturing facility lease agreement expires on January 31, 2022, which includes one five-year option to extend until January 31, 2027.
Lease Agreement [Member]
Product Liability Contingency [Line Items]
Lease expires date					Dec. 31, 2019
Operating lease option to extend					The lease agreement for our research facility in Canada, which comprises of office and laboratory space, had an initial term ending on December 31, 2019 with the option to extend the term for two periods of three years.
Sci B Vac [Member]
Product Liability Contingency [Line Items]
Number of children vaccinated | integer			428,000	428,000
Seeking damages			$ 542,268
Sci B Vac [Member] | N I S Curreny [Member]
Product Liability Contingency [Line Items]
Seeking damages | ₪				₪ 1,879,500,000

SCHEDULE OF REVENUES FROM EXTER

SCHEDULE OF REVENUES FROM EXTERNAL CUSTOMERS (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 184	$ 640	$ 599	$ 1,000
ISRAEL
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	19	54	150	153
CHINA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	165	517	396	778
Europe [Member]
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue		$ 69	$ 53	$ 69

SEGMENT INFORMATION (Details Na

SEGMENT INFORMATION (Details Narrative) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2020	Jun. 30, 2019	Jun. 30, 2020	Jun. 30, 2019
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 184	$ 640	$ 599	$ 1,000
CANADA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 0	$ 0	$ 0	$ 0

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands	Jul. 21, 2020	Jul. 31, 2020
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date		Jul. 1, 2030
Subsequent Event [Member]
Subsequent Event [Line Items]
Stock issued upon exercise of warrants, shares	550,000
Warrant exercise price	$ 3.34
Stock issued upon exercise of warrants	$ 1,837
Subsequent Event [Member] | Executives [Member] | Two Thousand Sixteen Plan [Member]
Subsequent Event [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross		1,647,200
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights		Twenty-five percent of the granted options vest and become exercisable on the one-year anniversary of grant date
Stock options and awards, remaining vesting percentage		75.00%
Sharebased compensation arrangement by sharebased payment award options exercisable monthly contractual term		24 years