Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document And Entity Information | |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Registrant Name | BioLineRx Ltd. |
Entity Central Index Key | 0001498403 |
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 | Accelerated Filer |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 171,269,528 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2019 |
Entity Interactive Data Current | Yes |
Entity Incorporation State Country Code | IL |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 5,297 | $ 3,404 |
Short-term bank deposits | 22,192 | 26,747 |
Prepaid expenses | 108 | 488 |
Other receivables | 613 | 1,339 |
Total current assets | 28,210 | 31,978 |
NON-CURRENT ASSETS | ||
Long-term prepaid expenses | 56 | |
Property and equipment, net | 1,816 | 2,227 |
Right-of-use assets, net | 1,650 | |
Intangible assets, net | 21,891 | 21,972 |
Total non-current assets | 25,357 | 24,255 |
Total assets | 53,567 | 56,233 |
CURRENT LIABILITIES | ||
Current maturities of long-term loans | 2,692 | 895 |
Accounts payable and accruals: | ||
Trade | 7,794 | 4,493 |
Other | 1,280 | 1,363 |
Lease liabilities | 202 | |
Total current liabilities | 11,968 | 6,751 |
NON-CURRENT LIABILITIES | ||
Warrants | 658 | 323 |
Long-term loans, net of current maturities | 5,799 | 7,838 |
Lease liabilities | 1,762 | |
Total non-current liabilities | 8,219 | 8,161 |
COMMITMENTS AND CONTINGENT LIABILITIES | ||
Total liabilities | 20,187 | 14,912 |
EQUITY | ||
Ordinary shares | 4,692 | 3,110 |
Share premium | 265,938 | 250,192 |
Capital reserve | 12,132 | 11,955 |
Other comprehensive loss | (1,416) | (1,416) |
Accumulated deficit | (247,966) | (222,520) |
Total equity | 33,380 | 41,321 |
Total liabilities and equity | $ 53,567 | $ 56,233 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit or loss [abstract] | |||
RESEARCH AND DEVELOPMENT EXPENSES | $ (23,438) | $ (19,808) | $ (19,510) |
SALES AND MARKETING EXPENSES | (857) | (1,362) | (1,693) |
GENERAL AND ADMINISTRATIVE EXPENSES | (3,816) | (4,435) | (4,037) |
OPERATING LOSS | (28,111) | (25,605) | (25,240) |
NON-OPERATING INCOME (EXPENSES), NET | 4,165 | 2,397 | (260) |
FINANCIAL INCOME | 777 | 719 | 1,169 |
FINANCIAL EXPENSES | (2,277) | (473) | (21) |
NET LOSS AND COMPREHENSIVE LOSS | $ (25,446) | $ (22,962) | $ (24,352) |
LOSS PER ORDINARY SHARE - BASIC AND DILUTED | $ (0.17) | $ (0.21) | $ (0.27) |
WEIGHTED AVERAGE NUMBER OF SHARES USED IN CALCULATION OF LOSS PER ORDINARY SHARE | 146,407,055 | 108,595,702 | 89,970,713 |
STATEMENTS OF CHANGES IN EQUITY
STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Ordinary shares [Member] | Share premium [Member] | Capital reserves [Member] | Other comprehensive loss [Member] | Accumulated deficit [Member] | Total |
BALANCE at Dec. 31, 2016 | $ 1,513 | $ 199,567 | $ 10,569 | $ (1,416) | $ (175,206) | $ 35,027 |
CHANGES IN | ||||||
Issuance of share capital, net | 1,322 | 39,376 | 40,698 | |||
Employee stock options exercised | 1 | 328 | (329) | |||
Employee stock options forfeited and expired | 1,411 | (1,411) | ||||
Share-based compensation | 1,508 | 1,508 | ||||
Comprehensive loss for the year | (24,352) | (24,352) | ||||
BALANCE at Dec. 31, 2017 | 2,836 | 240,682 | 10,337 | (1,416) | (199,558) | 52,881 |
CHANGES IN | ||||||
Issuance of share capital, net | 263 | 8,567 | 8,830 | |||
Employee stock options exercised | 11 | 415 | (380) | 46 | ||
Employee stock options forfeited and expired | 528 | (528) | ||||
Share-based compensation | 2,526 | 2,526 | ||||
Comprehensive loss for the year | (22,962) | (22,962) | ||||
BALANCE at Dec. 31, 2018 | 3,110 | 250,192 | 11,955 | (1,416) | (222,520) | 41,321 |
CHANGES IN | ||||||
Issuance of share capital, net | 1,580 | 14,165 | 15,745 | |||
Employee stock options exercised | 2 | 83 | (84) | 1 | ||
Employee stock options forfeited and expired | 1,498 | (1,498) | ||||
Share-based compensation | 1,759 | 1,759 | ||||
Comprehensive loss for the year | (25,446) | (25,446) | ||||
BALANCE at Dec. 31, 2019 | $ 4,692 | $ 265,938 | $ 12,132 | $ (1,416) | $ (247,966) | $ 33,380 |
CONSOLIDATED CASH FLOW STATEMEN
CONSOLIDATED CASH FLOW STATEMENTS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
CASH FLOWS - OPERATING ACTIVITIES | |||
Net loss | $ (25,446) | $ (22,962) | $ (24,352) |
Adjustments required to reflect net cash used in operating activities (see appendix below) | 2,780 | (1,230) | 3,805 |
Net cash used in operating activities | (22,666) | (24,192) | (20,547) |
CASH FLOWS - INVESTING ACTIVITIES | |||
Increase in long-term investment | (1,000) | ||
Realization of long-term investment | 1,500 | ||
Investments in short-term deposits | (43,545) | (26,500) | (44,016) |
Maturities of short-term deposits | 48,875 | 44,771 | 33,327 |
Purchase of property and equipment | (67) | (173) | (338) |
Purchase of intangible assets | (6) | (10,043) | (3,900) |
Net cash provided by (used in) investing activities | 5,257 | 9,555 | (15,927) |
CASH FLOWS - FINANCING ACTIVITIES | |||
Issuance of share capital and warrants, net of issuance cost | 20,297 | 3,830 | 38,773 |
Employee stock options exercised | 1 | 46 | |
Proceeds of long-term loan and warrants, net of issuance costs | 9,632 | ||
Repayment of loans | (889) | (411) | (93) |
Repayments of lease liabilities | (215) | ||
Net cash provided by financing activities | 19,194 | 13,097 | 38,680 |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 1,785 | (1,540) | 2,206 |
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR | 3,404 | 5,110 | 2,469 |
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS | 108 | (166) | 435 |
CASH AND CASH EQUIVALENTS - END OF YEAR | 5,297 | 3,404 | 5,110 |
Income and expenses not involving cash flows: | |||
Depreciation and amortization | 940 | 545 | 481 |
Long-term prepaid expenses | 56 | 5 | (9) |
Exchange differences on cash and cash equivalents | (108) | 166 | (435) |
Fair value adjustments of warrants | (4,634) | (1,743) | 127 |
Share-based compensation | 1,759 | 2,526 | 1,508 |
Interest and exchange differences on short-term deposits | (775) | (645) | (530) |
Interest on loans | 647 | 123 | |
Gain on realization of long-term investment | (500) | ||
Warrant issuance costs | 417 | 17 | |
Exchange differences on lease liability | 154 | ||
Total income and expense not involving cash flows | (1,544) | 477 | 1,159 |
Changes in operating asset and liability items: | |||
Decrease (increase) in prepaid expenses and other receivables | 1,106 | (934) | (415) |
Increase (decrease) in accounts payable and accruals | 3,218 | (773) | 3,061 |
Total Change in operating asset and liability | 4,324 | (1,707) | 2,646 |
Total Adjustments required to reflect net cash used in operating activities | 2,780 | (1,230) | 3,805 |
Supplementary information on investing and financing activities not involving cash flows: | |||
Supplemental information on interest received in cash | 868 | 834 | 494 |
Supplemental information on interest paid in cash (see Notes 10 and 15) | 1,198 | 165 | 12 |
Supplemental information on non-cash transactions (see Notes 18, 19 and 10) | $ 147 | $ 5,000 | $ 2,985 |
GENERAL INFORMATION
GENERAL INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of general information [Abstract] | |
GENERAL INFORMATION | NOTE 1 – GENERAL INFORMATION a. General BioLineRx Ltd. (“BioLineRx”), headquartered in Modi’in, Israel, was incorporated and commenced operations in April 2003. BioLineRx and its subsidiaries (collectively, the “Company”) are engaged in the development of therapeutics, primarily in clinical stages, with a focus on the field of oncology. In February 2007, BioLineRx listed its ordinary shares on the Tel Aviv Stock Exchange (“TASE”) and they have been traded on the TASE since that time. Since July 2011, BioLineRx’s American Depositary Shares (“ADSs”) have also been traded on the NASDAQ Capital Market. In March 2017, the Company acquired Agalimmune Ltd. (“Agalimmune”), a privately held company incorporated in the United Kingdom, with a focus on the field of immuno-oncology. See Note 18. Although it has generated revenues from out-licensing transactions in the past, the Company has incurred accumulated losses in the amount of $248 million through December 31, 2019, and cannot determine with reasonable certainty when and if it will have sustainable profits. Management believes that the Company’s current cash and other resources will be sufficient to fund its projected cash requirements into the second quarter of 2021. However, in the event that the Company does not begin to generate sustainable cash flows from its operating activities in the future, the Company will need to carry out significant cost reductions or raise additional funding. Management is in the process of evaluating various financing alternatives, including funding its clinical development activities via out-licensing or collaborations, and fundraising in the public or private equity markets. However, there is no certainty about the Company’s ability to obtain such funding. b. Approval of consolidated financial statements The consolidated financial statements of the Company for the year ended December 31, 2019 were approved by the Board of Directors on March 12, 2020, and signed on its behalf by the Chairman of the Board, the Chief Executive Officer and the Chief Financial Officer. c. Change in ratio of ADSs On July 15, 2019, the Company effected a change in the ratio of its ADSs to ordinary shares, from one ADS representing one ordinary share to a new ratio of one ADS representing 15 ordinary shares. All ADSs and per ADSs amounts in these financial statements have been retroactively adjusted as if the change in ratio had been effected at the earliest date of these financial statements. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of significant accounting policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES a. Basis of presentation The Company’s consolidated financial statements as of December 31, 2019 and 2018, and for each of the three years in the period ended December 31, 2019, have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The significant accounting policies described below have been applied on a consistent basis for all years presented, unless noted otherwise. The consolidated financial statements have been prepared on the basis of historical cost, subject to adjustment of financial assets and liabilities to their fair value through profit or loss. The Company classifies its expenses on the statement of comprehensive loss based on the operating characteristics of such expenses. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. Areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 4. Actual results may differ materially from estimates and assumptions used by the Company’s management. b. Principles of consolidation Consolidated entities are all entities over which BioLineRx has control. BioLineRx controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Consolidated entities are fully consolidated from the date on which control of such entities is transferred to BioLineRx and they are de-consolidated from the date that control ceases. c. Functional and reporting currency The functional and reporting currency in these financial statements is the U.S. dollar (“dollar”, “USD” or “$”), which is the primary currency of the economic environment in which the Company operates. Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are generally recognized in profit or loss. Foreign exchange gains and losses that relate to borrowings are presented in the statement of comprehensive loss, within financial expenses. All other foreign exchange gains and losses are presented in the statement of comprehensive loss on a net basis within non-operating income or expenses. d. Cash equivalents and short-term bank deposits Cash and cash equivalents include cash on hand and short-term bank deposits (up to three months from date of deposit) that are not restricted as to withdrawal or use, and are therefore considered to be cash equivalents. Bank deposits with original maturity dates of more than three months and with a current maturity date of less than one year from the balance sheet date are included in short-term bank deposits. The fair value of cash equivalents and short-term bank deposits approximate their carrying value, since they bear interest at rates close to the prevailing market rates. See also Note 6. e. Property and equipment Property and equipment are stated at historical cost less depreciation. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Assets are depreciated by the straight-line method over the estimated useful lives of the assets, provided that the Company’s management believes the residual values of the assets to be negligible, as follows: % Computers and communications equipment 20-33 Office furniture and equipment 6-15 Laboratory equipment 15-20 The assets’ residual values, methods of depreciation and useful lives are reviewed and adjusted, if appropriate, at each balance sheet date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Leasehold improvements are amortized by the straight-line method over the shorter of the lease term or the estimated useful life of the improvements. f. Intangible assets The Company applies the cost method of accounting for initial and subsequent measurements of intangible assets. Under this method of accounting, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. Intellectual property The Company recognizes in its financial statements intangible assets developed by the Company to the extent that the conditions stipulated in n. below are met. Intellectual property acquired by the Company is initially measured at cost. Intellectual property acquired by the Company for development purposes is not amortized and is tested annually for impairment. See g. below. Computer software Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized over the estimated useful lives of the software (3-5 years). g. Impairment of non-amortize non-financial assets Impairment of intellectual property is required when the Company decides to terminate or suspend the development of a project based on such intellectual property. In addition, the Company performs impairment reviews on an annual basis, or more frequently if events or changes in circumstances indicate a potential impairment. Property and equipment, as well as computer software, are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized equal to the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and the asset’s value in use to the Company. h. Financial assets Effective January 1, 2018, the Company adopted IFRS 9 “Financial Instruments.” 1) Classification Financial assets at amortized cost Financial assets at amortized cost are assets held pursuant to a business model whose objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are included in current assets, except for those with maturities greater than 12 months after the balance sheet date (in which case they are classified as non-current assets). The Company’s financial assets at amortized cost are included in other receivables and bank deposits in the consolidated statements of financial position. h. Financial assets 2) Recognition and measurement Regular purchases and sales of financial assets are recognized on the settlement date, which is the date on which the asset is delivered to the Company or delivered by the Company. Investments are initially recognized at fair value plus transaction costs, except for trade receivables, which are recognized initially at the amount of consideration that is unconditional unless they contain significant financing components. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Financial assets at amortized cost are measured in subsequent periods at amortized cost using the effective interest method. 3) Impairment The Company recognizes a loss allowance for expected credit losses on financial assets at amortized cost. At each reporting date, the Company assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. If the financial instrument is determined to have low credit risk at the reporting date, the Company assumes that the credit risk on a financial instrument has not increased significantly since initial recognition. Prior to the effective date and adoption of IFRS 9, the financial assets of the Company were classified into the following categories: (i) financial assets at fair value through profit or loss, and (ii) loans and receivables. The classification depended on the purpose for which the financial assets were acquired. Also, prior to the adoption of IFRS 9, the Company assessed at December 31, 2017 whether there was any objective evidence that a financial asset or group of financial assets was impaired. i. Warrants Receipts in respect of warrants are classified as equity to the extent that they confer the right to purchase a fixed number of shares for a fixed exercise price. In the event that the exercise price is not deemed to be fixed, the warrants are classified as a non-current derivative financial liability. This liability is initially recognized at its fair value on the date the contract is entered into and subsequently accounted for at fair value at each reporting date. The fair value changes are charged to non-operating income and expense on the statement of comprehensive loss. Issuance costs allocable to warrants are also recorded as non-operating expense on the statement of comprehensive loss. j. Share capital The Company’s ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are shown in equity as a deduction from the issuance proceeds. k. Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. l. Deferred taxes Deferred taxes are recognized using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax assets are recognized only to the extent that it is probable that future taxable income will be available against which the temporary differences can be utilized. As the Company is currently engaged primarily in development activities and is not expected to generate taxable income in the foreseeable future, no deferred tax assets are included in the financial statements. m. Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. n. Revenue from contracts with customers Effective January 1, 2018, the Company adopted IFRS 15, “Revenue from Contracts with Customers.” IFRS 15 introduces a five-step model for recognizing revenue from contracts with customers, as follows: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to the performance obligations in the contract; and • recognize revenue when (or as) the entity satisfies a performance obligation. During the reported years, the Company did not generate revenues, other than immaterial amounts received from an out-licensing agreement signed in 2014 with Perrigo Company plc., which have been included as non-operating income. o. Research and development expenses Research expenses are charged to profit or loss as incurred. An intangible asset arising from development (or from the development phase of an internal project) is recognized if all of the following conditions are fulfilled: • technological feasibility exists for completing development of the intangible asset so that it will be available for use or sale. • it is management’s intention to complete development of the intangible asset for use or sale. • the Company has the ability to use or sell the intangible asset. • it is probable that the intangible asset will generate future economic benefits, including existence of a market for the output of the intangible asset or the intangible asset itself or, if the intangible asset is to be used internally, the usefulness of the intangible asset. • adequate technical, financial and other resources are available to complete development of the intangible asset, as well as the use or sale thereof. • the Company has the ability to reliably measure the expenditure attributable to the intangible asset during its development. Other development costs that do not meet the foregoing conditions are charged to profit or loss as incurred. Development costs previously expensed are not recognized as an asset in subsequent periods. As of December 31, 2019, the Company has not yet capitalized development expenses. p. Employee benefits 1) Pension and severance pay obligations Israeli labor laws and the Company’s employment agreements require the Company to pay retirement benefits to employees terminated or leaving their employment in certain other circumstances. Most of the Company’s employees are covered by a defined contribution plan under Section 14 of the Israel Severance Pay Law. With respect to the remaining employees, the Company records a liability on its balance sheet for defined benefit plans that represents the present value of the defined benefit obligation as of each reporting date, net of the fair value of plan assets. The present value of the defined benefit liability is determined by discounting the anticipated future cash outflows, using interest rates that are denominated in the currency in which the benefits will be payable. The amounts recorded as an employee benefit expense in respect of pension and severance pay obligations for the years 2017, 2018 and 2019 were $563,000, $618,000 and $580,000 respectively. 2) Vacation and recreation pay Labor laws in Israel entitle every employee to vacation and recreation pay, both of which are computed annually. The entitlement with respect to each employee is based on the employee’s length of service at the Company. The Company recognizes a liability and an expense in respect of vacation and recreation pay based on the individual entitlement of each employee. 3) Share-based payments The Company operates an equity-settled, share-based compensation plan, under which it grants equity instruments (options, restricted stock units and performance stock units) of the Company as additional consideration for services from employees. The fair value of the employee services received in exchange for grant of the equity instruments is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the equity instruments granted: • including any market performance conditions (for example, the Company’s share price); and • excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and the employee remaining with the entity over a specified time period). Non-market performance and service conditions are included in assumptions about the number of equity instruments that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. Performance stock unit expenses are recognized only if it is probable that the performance condition will be achieved. When the equity instruments are exercised, the Company issues new shares. The proceeds received, net of any directly attributable transaction costs, are credited to share capital (at par value) and share premium when the equity instruments are exercised. q. Loss per share 1) Basic The basic loss per share is calculated by dividing the loss attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. 2) Diluted The diluted loss per share is calculated by adjusting the weighted average number of outstanding ordinary shares, assuming conversion of all dilutive potential shares. The Company’s dilutive potential shares consist of warrants issued to investors, as well as equity instruments granted to employees and service providers. The dilutive potential shares were not taken into account in computing loss per share in 2017, 2018 and 2019, as their effect would have been anti-dilutive. r. Leases The Company accounts for leases in accordance with International Financial Reporting Standard No. 16 “Leases” (“IFRS 16”). The Company's leases include property and motor vehicle leases. At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company reassesses whether a contract is, or contains, a lease only if the terms and conditions of the contract are changed. At the commencement date, the Company measures the lease liability at the present value of the lease payments that are not paid at that date, including, inter alia, the exercise price of a purchase option if the Company is reasonably certain to exercise that option. Simultaneously, the Company recognizes a right-of-use asset in the amount of the lease liability. Since the interest rate implicit in the lease cannot be readily determined, the Company uses the Company’s incremental borrowing rate. This rate is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The lease term is the non-cancellable period for which the Company has the right to use an underlying asset, together with both, the periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option. After the commencement date, the Company measures the right-of-use asset applying the cost model, less any accumulated depreciation and any accumulated impairment losses and adjusted for any remeasurement of the lease liability. r. Leases Assets are depreciated by the straight-line method over the estimated useful lives of the right of use assets or the lease period, which is shorter: Years Property 11 Motor vehicles 3 Interest on the lease liability is recognized in profit or loss in each period during the lease term, in an amount that produces a constant periodic rate of interest on the remaining balance of the lease liability. For information regarding the initial implementation of IFRS 16, effective January 1, 2019, see Note 10. Prior to the implementation of IFRS 16, leases were accounted for in accordance with IAS 17, pursuant to which a lease was classified as an operating lease if it did not transfer substantially all the risks and rewards incidental to ownership. Lease payments under an operating lease (reduced by any incentives received from the lessor) were recognized as an expense on a straight‑line basis over the lease term. s. Changes in accounting policies International Financial Reporting Standard No. 16 “Leases” (“IFRS 16”) The Company adopted IFRS 16 retrospectively from January 1, 2019 but has not restated comparatives for the 2018 and 2017 reporting periods, as permitted under the specific transitional provisions in the standard. On adoption of IFRS 16, the Company recognized lease liabilities for leases which had previously been classified as “operating leases” under the principles of IAS 17, “Leases.” These liabilities were measured at the present value of the remaining lease payments, discounted using the Company’s incremental borrowing rate as of January 1, 2019. The remeasurements to the lease liabilities were recognized as adjustments to the related right-of-use assets immediately after the date of initial application. The associated right-of-use assets for property leases were measured on a retrospective basis as if the new rules had always been applied. Other right-of use assets were measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the balance sheet as of December 31, 2018. The Company’s weighted average incremental borrowing rate applied to the lease liabilities on January 1, 2019 was 15.1%. As of January 1, 2019, the Company recognized right-of-use asset and lease liabilities in the amount of $1,878,000. The implementation had no effect on the accumulated deficit. s. Changes in accounting policies In applying IFRS 16 for the first time, the Company has used the following practical expedients permitted by the standard: • Use of a single discount rate to a portfolio of leases with reasonably similar characteristics; • Reliance on previous assessments on whether leases are onerous; • Accounting for operating leases with a remaining lease term of less than 12 months as of January 1, 2019, as short-term leases; • Exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application; • Use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease. The Company has also elected not to reassess whether a contract is, or contains, a lease at the date of initial application. Instead, for contracts entered into before the transition date, the Company relied on its assessment made applying IAS 17 and IFRIC 4, “Determining whether an Arrangement contains a Lease.” t. Standards and amendments to existing standards that are not yet in effect: Classification of Liabilities as Current or Non-current (Amendment to IAS 1) The IASB issued a narrow-scope amendment to IAS 1 to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. The amendment could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. Inter alia, the amendment requires the following: • Liabilities are classified as non-current if the entity has a substantive right to defer settlement for at least 12 months at the end of the reporting period. The amendment no longer refers to unconditional rights. The assessment determines whether a right exists, but it does not consider whether the entity will exercise the right. • ‘Settlement’ is defined as the extinguishment of a liability with cash, other economic resources or an entity’s own equity instruments. There is an exception for convertible instruments that might be converted into equity, but only for those instruments where the conversion option is classified as an equity instrument as a separate component of a compound financial instrument. The amendment should be applied retrospectively for annual periods beginning on or after January 1, 2022. Earlier application is permitted. The adoption of the amendment is not expected to have a material impact on the Company's financial statements. |
FINANCIAL INSTRUMENTS AND FINAN
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | NOTE 3 – FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT Based on assessments by Company management, the Company’s exposure to credit risk as of December 31, 2019 is immaterial (see Note 3b). The activities of the Company expose it to market risk, primarily as a result of currency risk. The Company’s Finance Department is responsible for carrying out risk management activities in accordance with policies approved by its Board of Directors. In this regard, the Finance Department identifies, defines and assesses financial risks in close cooperation with other Company departments. The Board of Directors provides written guidelines for overall risk management, as well as written policies dealing with specific areas, such as exchange rate risk, interest rate risk, credit risk, use of financial instruments and investment of excess cash. a. Market risk 1) Concentration of currency risk The Company’s activities are partly denominated in non-dollar currencies (primarily the New Israeli Shekel, or “NIS,” and the Euro), which exposes the Company to risks resulting from changes in exchange rates. The effect of fluctuations in various exchange rates on the Company’s income and equity is as follows: December 31, 2019 Income (loss) Value on Income (loss) Sensitive instrument 10% increase 5% increase balance sheet 5% decrease 10% decrease in USD thousands NIS-linked balances: Cash and cash equivalents (53 ) (28 ) 583 65 31 Other receivables (56 ) (29 ) 613 68 32 Trade payables 227 119 (2,501 ) (278 ) (132 ) Other payables 71 37 (780 ) (87 ) (41 ) Total NIS-linked balances 189 99 (2,085 ) (232 ) (110 ) Euro-linked trade payables (168 ) (88 ) (1,851 ) 206 97 Total 21 11 (3,936 ) (26 ) (13 ) The Company also maintains cash and cash equivalent balances in other currencies in amounts that are not material. December 31, 2018 Income (loss) Value on Income (loss) Sensitive instrument 10% increase 5% increase balance sheet 5% decrease 10% decrease in USD thousands NIS-linked balances: Cash and cash equivalents (64 ) (33 ) 699 37 78 Other receivables (45 ) (23 ) 491 26 55 Trade payables 73 38 (807 ) (42 ) (90 ) Other payables 57 30 (632 ) (33 ) (70 ) Total NIS-linked balances 21 12 (249 ) (12 ) (27 ) Euro-linked trade payables (177 ) (93 ) (453 ) 102 216 Total (156 ) (81 ) (702 ) 90 189 Set forth below is certain data regarding dollar exchange rates: Exchange rate of NIS per $1 Exchange rate of Euro per $1 As of December 31: 2017 3.467 0.835 2018 3.748 0.873 2019 3.456 0.891 Percentage increase (decrease) in USD exchange rate: 2018 8.1 % 4.6 % 2019 (7.8) % 2.1 % Set forth below is information on the linkage of monetary items: December 31, 2018 December 31, 2019 Dollar NIS Other currencies Dollar NIS Other Currencies USD in thousands USD in thousands Assets: Current assets: Cash and cash equivalents 2,274 699 431 4,082 583 632 Short term bank deposits 26,747 - - 22,192 - - Other receivables - 491 848 - 613 - 29,021 1,190 1,279 26,274 1,196 632 Liabilities: Current liabilities: Current maturities of long-term loans 895 - - 2,692 - - Accounts payable and accruals: Trade 2,396 807 1,290 2,772 2,501 2,521 Other 708 632 23 500 780 - Non-current liabilities Long-term loans, net of current maturities 7,838 - - 5,799 - - 11,837 1,439 1,313 11,763 3,281 2,521 Net asset value 17,184 (249 ) (34 ) 14,511 (2,085 ) (1,889 ) 2) Fair value of financial instruments As of December 31, 2019, the financial instruments of the Company consist of non-derivative assets and liabilities (primarily working capital items and deposits), as well as warrants classified as a liability. With regard to non-derivative assets and liabilities, given their nature, the fair value of the financial instruments included in working capital is generally close or identical to their carrying amount. With regard to the warrants classified as a liability, see Notes 12c and 19. With regard to the long-term loan, see Notes 11 and 19. 3) Exposure to market risk and management thereof In the opinion of Company management, the market risk to which the Company is exposed is primarily related to currency risk exposure, as mentioned above. Additionally, Company management does not consider the interest rate risk mentioned in paragraph 4 below to be material. 4) Interest rate risk Company management does not consider interest rate risk to be material, as the Company holds deposits and short-term government bonds whose fair value and/or cash flows are not materially affected by changes in interest rates. b. Credit risk Credit risk is managed at the Company level. These risks relate to cash and cash equivalents, bank deposits and other receivables. The Company’s cash, cash equivalents and short-term bank deposits at December 31, 2018, and 2019 were mainly deposited with highly rated major Israeli and U.S. banks. In the Company’s opinion, the credit risk associated with these balances is remote. The Company considers its maximum exposure to credit risk to be as follows: December 31, 2018 2019 in USD thousands Assets: Cash and cash equivalents 3,404 5,297 Short-term bank deposits 26,747 22,192 Other receivables 1,339 613 Total 31,490 28,102 c. Liquidity risk Company management monitors rolling forecasts of the Company’s liquidity reserves on the basis of anticipated cash flows and maintains the liquidity balances at a level that is sufficient to meet its needs. Although the Company has succeeded in generating significant revenues from a number of out-licensing transactions in the past, it cannot determine with reasonable certainty if and when it will become profitable on a current basis. Management believes that the Company’s current cash and other resources will be sufficient to fund its projected cash requirements into the second quarter of 2021. However, in the event that the Company does not begin to generate sustainable cash flows from its operating activities in the future, the Company will need to carry out significant cost reductions or raise additional funding. Inability to raise additional funding would have a material adverse effect on the financial condition of the Company. d. Fair value of financial instruments The different levels of valuation of financial instruments are defined as follows: Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 Inputs, other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3 Inputs for the asset or liability that are not based on observable market data (unobservable inputs). The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and also considers counterparty credit risk, in its assessment of fair value. The fair value of the financial instruments included in the working capital of the Company is usually identical or close to their carrying value. The fair value of the warrants is based on Level 3 measurements. The fair value of the warrants, calculated based on the Black-Scholes model, was $658,000 as of December 31, 2019. For more information on the parameters used to value the warrants, see Note 12c(2), 12c(4), and 19. e. Changes in financial liabilities with cash flows included in financing activities Long-term loans Warrants Total in USD thousands Balance as of January 1, 2018 250 1,205 1,455 Changes during the year 2018: Cash flows received 8,453 861 9,314 Cash flows paid (93 ) - (93 ) Amounts recognized through profit and loss 123 (1,743 ) (1,620 ) Balance as of December 31, 2018 8,733 323 9,056 Changes during the year 2019: Cash flows received - 4,552 4,552 Cash flows paid (889 ) - (889 ) Amounts recognized through profit and loss 647 (4,217 ) (3,570 ) Balance as of December 31, 2019 8,491 658 9,149 See Note 10 for information on changes in lease liabilities. |
CRITICAL ACCOUNTING ESTIMATES A
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of critical accounting estimates and judgments [Abstract] | |
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS | NOTE 4 – CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS As part of the financial reporting process, Company management is required to make estimates that affect the value of assets, liabilities, income, expenses and certain disclosures included in the Company’s consolidated financial statements. By their very nature, such estimates are subjective and complex and consequently may differ from actual results. The accounting estimates used in the preparation of the financial statements are continually evaluated and adjusted based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. Described below are the critical accounting estimates used in the preparation of the financial statements, the formulation of which required Company management to make assumptions as to circumstances and events that involve significant uncertainty. In using its judgment to determine the accounting estimates, the Company takes into consideration, as appropriate, the relevant facts, past experience, the effect of external factors and reasonable assumptions under the circumstances. Fair value estimations of warrants As described in Notes 3d, 12 and 19, BioLineRx completed financing transactions in which it issued ADSs and warrants to purchase additional ADSs. The fair value of the warrants, which are not traded on an active market, is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates. Impairment of intangible assets The Company performs impairment reviews of intangible assets on an annual basis, or more frequently if events or changes in circumstances indicate a potential impairment. In light of the clinical progress and additional expenses incurred with regard to the clinical development of BL-8040 and AGI-134, the Company has concluded that the value of its intangible assets is higher than their carrying value. |
CASH AND CASH EQUIVALENTS
CASH AND CASH EQUIVALENTS | 12 Months Ended |
Dec. 31, 2019 | |
Cash and cash equivalents [abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 5 – CASH AND CASH EQUIVALENTS December 31, 2018 2019 in USD thousands Cash on hand and in bank 2,329 4,922 Short-term bank deposits 1,075 375 3,404 5,297 The short-term bank deposits included in cash and cash equivalents bear interest at annual rate of between 0.13% and 0.15%. The carrying amount of cash and cash equivalents approximates their fair value, since they bear interest at rates similar to prevailing market interest rates. |
SHORT-TERM BANK DEPOSITS
SHORT-TERM BANK DEPOSITS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of short-term bank deposits [Abstract] | |
SHORT-TERM BANK DEPOSITS | NOTE 6 – SHORT-TERM BANK DEPOSITS The short-term bank deposits are in dollars and bear interest at annual rates of between 1.8% and 3.08%. |
LONG-TERM INVESTMENT
LONG-TERM INVESTMENT | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Long-term investment [Abstract] | |
LONG-TERM INVESTMENT | NOTE 7 – LONG-TERM INVESTMENT In 2016, the Company established a joint venture with I-Bridge Capital, a Chinese venture capital fund focused on developing innovative therapies in China, with each party contributing initial seed capital to the venture of $1.0 million. The joint venture, named iPharma, focused on the development of innovative clinical and pre-clinical therapeutic candidates to serve the Chinese and global healthcare markets. In April 2018, the Company sold its holdings in the joint venture to I-Bridge Capital for cash consideration of $1.5 million. The gain of $0.5 million is included in non-operating income on the statement of comprehensive loss. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
PROPERTY AND EQUIPMENT | NOTE 8 – PROPERTY AND EQUIPMENT Set forth below are the composition of property and equipment and the related accumulated depreciation, grouped by major classifications, as well as the changes therein for the respective years: Cost Accumulated depreciation Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2016 2017 In USD thousands In USD thousands In USD thousands Composition in 2017 Office furniture and equipment 198 2 - 200 25 35 - 60 173 140 Computers and communications equipment 489 266 - 755 408 30 - 438 81 317 Laboratory equipment 1,298 70 - 1,368 670 159 - 829 628 539 Leasehold improvements 2,028 - - 2,028 305 214 - 519 1,723 1,509 4,013 338 - 4,351 1,408 438 - 1,846 2,605 2,505 Cost Accumulated depreciation Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2017 2018 In USD thousands In USD thousands In USD thousands Composition in 2018 Office furniture and equipment 200 - - 200 60 22 - 82 140 118 Computers and communications equipment 755 9 - 764 438 60 - 498 317 266 Laboratory equipment 1,368 164 - 1,532 829 153 - 982 539 550 Leasehold improvements 2,028 - - 2,028 519 216 - 735 1,509 1,293 4,351 173 - 4,524 1,846 451 - 2,297 2,505 2,227 Cost Accumulated depreciation Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2018 2019 In USD thousands In USD thousands In USD thousands Composition in 2019 Office furniture and equipment 200 7 - 207 82 13 - 95 118 112 Computers and communications equipment 764 31 - 795 498 63 - 561 266 234 Laboratory equipment 1,532 29 - 1,561 982 185 - 1,167 550 394 Leasehold improvements 2,028 - - 2,028 735 217 - 952 1,293 1,076 4,524 67 - 4,591 2,297 478 - 2,775 2,227 1,816 |
INTANGIBLE ASSETS
INTANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [abstract] | |
INTANGIBLE ASSETS | NOTE 9 – INTANGIBLE ASSETS Cost Accumulated depreciation and impairment Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2016 2017 In USD thousands In USD thousands In USD thousands Composition in 2017 Intellectual property 193 6,703 - 6,896 96 - - 96 97 6,800 Computer software 385 182 - 567 301 43 - 344 84 223 578 6,885 - 7,463 397 43 - 440 181 7,023 Cost Accumulated depreciation and impairment Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2017 2018 In USD thousands In USD thousands In USD thousands Composition in 2018 Intellectual property 6,896 15,000 - 21,896 96 - - 96 6,800 21,800 Computer software 567 43 - 610 344 94 - 438 223 172 7,463 15,043 - 22,506 440 94 - 534 7,023 21,972 Cost Accumulated depreciation and impairment Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2018 2019 In USD thousands In USD thousands In USD thousands Composition in 2019 Intellectual property 21,896 - - 21,896 96 - - 96 21,800 21,800 Computer software 610 6 - 616 438 87 - 525 172 91 22,506 6 - 22,512 534 87 - 621 21,972 21,891 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2019 | |
Presentation of leases for lessee [abstract] | |
LEASES | NOTE 10 – LEASES a. Right-of-use assets Cost Accumulated depreciation Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2018 2019 In USD thousands In USD thousands In USD thousands Composition in 2019 Property 1,552 - - 1,552 - 135 - 135 - 1,417 Motor vehicles 326 172 (65 ) 433 - 240 (40 ) 200 - 233 1,878 172 (65 ) 1,985 - 375 (40 ) 335 - 1,650 b. Lease liabilities Balance at Additions Deletions Interest expense Exchange differences Payments Balance at beginning during during during during during end of of year year year year year year year In USD thousands Composition in 2019 Property 1,552 - - 257 127 (272 ) 1,664 Motor vehicles 326 172 (25 ) 73 27 (273 ) 300 1,878 172 (25 ) 330 154 (545 ) 1,964 December 31, 2019 in USD thousands Composition of lease liabilities: Current lease liabilities Property 53 Motor vehicles 149 202 Non-current lease liabilities Property 1,611 Motor vehicles 151 1,762 1,964 c. Additional disclosure 1) The Company leases its premises under an operating lease agreement entered into in August 2014. Payments under the lease commenced in June 2015, and the initial term of the lease will expire in June 2020. The Company has exercised its option to extend the lease through June 30, 2025 and has the option to extend the lease for two additional lease periods totaling up to an additional 5 years, each option at a 5% increase to the preceding lease payment amount. The monthly lease fee is $23,000. In addition, the Company pays building maintenance charges of $7,000 per month. 2) The Company has entered into operating lease agreements in connection with a number of vehicles. The lease periods are generally for three years. The annual lease fees, linked to the CPI, are $241,000. To secure the terms of the lease agreements, the Company has made certain prepayments to the leasing companies, representing two months of lease payments. These amounts have been recorded as prepaid expenses until 2018. 3) As of December 31, 2019, minimum future rental payments (considering the aforementioned extension periods) under the leases were: Year Property Motor vehicles Total in USD thousands 2020 287 199 486 2021 296 104 400 2022 296 72 368 2023 296 - 296 2024 296 - 296 2025-2030 1,627 - 1,627 3,098 375 3,473 Extension and termination options are included in a number of property and motor vehicles leases. These are used to maximize operational flexibility in terms of managing the assets used in the Company’s operations. The majority of extension and termination options held are exercisable only by the Company and not by the respective lessor. |
LONG-TERM LOANS
LONG-TERM LOANS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about borrowings [abstract] | |
LONG-TERM LOANS | NOTE 11 – LONG-TERM LOANS a. Composition December 31, 2018 2019 In USD thousands Bank loan 156 63 Loan from Kreos Capital (see Note 19) 8,577 8,428 8,733 8,491 Less current maturities: Bank loan (93 ) (63 ) Loan from Kreos Capital (802 ) (2,629 ) Total current maturities (895 ) (2,692 ) Total long-term loans 7,838 5,799 The bank loan is denominated in dollars and bears interest at an annual rate of 3.75%. The book value of the loan approximates its fair value. The loan is repayable in 60 monthly installments and is collateralized by certain lab equipment. The loan from Kreos Capital is reflected net of amounts deducted from its carrying value relating to warrants and issuance costs associated with the initial loan transaction. b. Future repayments Future repayments of the long-term loans indicated above (other than current maturities) in the years subsequent to the balance sheet date are as follows: In USD thousands 2021 3,058 2022 2,741 5,799 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of classes of share capital [abstract] | |
EQUITY | NOTE 12 – EQUITY a. Share capital As of December 31, 2018, and 2019 the Company’s share capital is composed of ordinary shares, as follows: Number of Ordinary Shares December 31, 2018 2019 Authorized share capital 250,000,000 500,000,000 Issued and paid-up share capital 114,933,144 171,269,528 In USD and NIS December 31, 2018 2019 Authorized share capital (in NIS) 25,000,000 50,000,000 Issued and paid-up share capital (in NIS) 11,493,314 17,126,953 Issued and paid-up share capital (in USD) 3,109,746 4,691,734 b. Rights related to shares The ordinary shares confer upon their holders voting and dividend rights and the right to receive assets of the Company upon its liquidation. As of December 31, 2018 and 2019, all outstanding share capital consisted of ordinary shares. c. Changes in the Company’s equity 1) In April 2017, the Company completed an underwritten public offering of 2,254,902 of its ADSs at a public offering price of $12.75 per ADS. The offering raised a total of $28.8 million, with net proceeds of $26.2 million, after deducting fees and expenses. 2) In July 2017, the Company completed a direct placement to BVF Partners L.P., its largest shareholder, for aggregate gross proceeds of $9.6 million. The placement consisted of 566,372 ADSs, Series A warrants to purchase an additional 198,230 ADSs and Series B warrants to purchase an additional 198,230 ADSs. The Series A warrants have an exercise price of $30.00 per ADS and are exercisable for a term of four years. The Series B warrants have an exercise price of $60.00 per ADS and are also exercisable for a term of four years. Net proceeds from the transaction were $9.5 million, after deducting fees and expenses. The warrants issued have been classified as a non-current financial liability due to a net settlement provision. This liability was initially recognized at its fair value on the date the contract was entered into and is subsequently accounted for at fair value at each balance sheet date. The fair value changes are charged to non-operating income and expense in the statement of comprehensive loss. The amount of the direct placement consideration initially allocated to the warrants was $1.1 million. Total issuance costs allocable to the warrants were not material. As of the issuance date, the fair value of the warrants is computed using the Black-Scholes option pricing model. The fair value of the warrants upon issuance was computed based on the then-current price of an ADS, a risk-free interest rate of 1.66% and an average standard deviation of 57.8%. The fair value of the warrants as of December 31, 2019 was immaterial (December 31, 2018 – $55,000) and was based on the then-current price of an ADS, a risk-free interest rate of 1.59% (December 31, 2018 – 2.47%), an average standard deviation of 80.5% (December 31, 2018 – 55.3%), and on the remaining contractual life of the warrants. The changes in fair value for the years ended December 31, 2017, 2018 and 2019 of approximately $100,000, $1,200,000 and $52,000 have been recorded as non-operating (expenses) income, on the statement of comprehensive loss. As of December 31, 2019, none of the warrants had been exercised. 3) In October 2018, the Company entered into a loan agreement with Kreos Capital. In connection with the loan, Kreos Capital received warrants to purchase 63,837 ADSs at an exercise price of $14.10 per ADS. For more information see Note 19. 4) In February 2019, the Company completed an underwritten public offering of 1,866,667 of its ADSs and warrants to purchase 1,866,667 ADSs, at a public offering price of $8.25 per ADS and accompanying warrant. The warrants are exercisable immediately, expire five years from the date of issuance and have an exercise price of $11.25 per ADS. The offering raised a total of $15.4 million, with net proceeds of $14.1 million, after deducting fees and expenses. The amount of the offering consideration initially allocated to the warrants was $5.0 million. Total issuance costs initially allocated to the warrants were $0.4 million. The warrants issued have been classified as a non-current financial liability due to a net settlement provision. This liability was initially recognized at its fair value on the date the contract was entered into and is subsequently accounted for at fair value at each balance sheet date. The fair value changes are charged to non-operating income and expense in the statement of comprehensive loss. The fair value of the warrants is computed using the Black-Scholes option pricing model. The fair value of the warrants upon issuance was computed based on the then current price of an ADS, a risk-free interest rate of 2.50% and an average standard deviation of 62.8%. The fair value of the warrants as of December 31, 2019 was $592,000 and was based on the then current price of an ADS, a risk-free interest rate of 1.7%, an average standard deviation of 64.2%, and on the remaining contractual life of the warrants. The change in fair value from the date of issuance through December 31, 2019 amounted to $4.4 million. As of December 31, 2019, none of the warrants had been exercised. d. Share purchase agreements 1) In May 2014, BioLineRx and Lincoln Park Capital Fund, LLC (“LPC”), entered into a $20 million, 36-month purchase agreement, together with a registration rights agreement, whereby LPC agreed to purchase, from time to time, up to $20 million of BioLineRx’s ADSs, subject to certain limitations, during the 36-month term of the purchase agreement. In consideration for entering into the agreement, BioLineRx paid to LPC an initial commitment fee of $300,000, paid via the issuance of 10,000 ADSs, and agreed to pay a further commitment fee of up to $500,000, pro rata, as the facility was used over time, to be paid in ADSs valued based on the prevailing market prices of BioLineRx’s ADSs at such time. In connection with the purchase agreement, BioLineRx paid an initial cash finder’s fee to Oberon Securities of $50,000, plus an additional cash finder’s fee equal to 2.0% of the dollar amount of ADSs sold under the new agreement, up to an aggregate additional finder’s fee of $200,000. The purchase agreement with LPC expired in accordance with its terms in July 2017. On a cumulative basis, from the effective date of the purchase agreement through the date of its expiration, BioLineRx sold a total of 370,040 ADSs to LPC for aggregate gross proceeds of $7,000,000. In connection with these issuances, a total of 9,251 ADSs were issued to LPC as a commitment fee and a total of $140,000 was paid to Oberon Securities as a finder’s fee. 2) In October 2017, the Company entered into an at-the-market (“ATM”) sales agreement with BTIG, LLC (“BTIG”), pursuant to which the Company may, at its sole discretion, offer and sell through BTIG, acting as sales agent, ADSs having an aggregate offering price of up to $30.0 million throughout the period during which the ATM facility remains in effect. The Company will pay BTIG a commission of 3.0% of the gross proceeds from the sale of ADSs under the facility. During the year ended December 31, 2019, BioLineRx issued a total of 1,884,189 ADSs for total net proceeds of $6.2 million. From the effective date of the agreement through December 31, 2019, 2,246,802 ADSs were sold under the program for total gross proceeds of $11.5 million, leaving an available balance under the facility of $18.5 million as of December 31, 2019. e. Share-based payments 1) Share Incentive plan – general In 2003, BioLineRx adopted the 2003 Share Incentive Plan (the “Plan”). The Plan provides for the granting of stock options and ordinary shares to the Company’s employees, directors, consultants and other service providers. Options are issued at the determination of the Board of Directors in accordance with applicable law. The options are generally exercisable for a ten-year period and the grants generally vest over a four-year period. In 2013, the Company’s Board of Directors approved amendments to the Plan to take into account changes in laws and regulations that had occurred since its adoption and to extend the term of the plan until November 2023. In 2016, the Board of Directors approved amendments to the Plan to allow the grant of restricted stock units (“RSUs”) and performance stock units (“PSUs”). PSUs are RSUs that are linked to any one or more performance goals (in addition to, or in lieu of, time-based vesting terms) determined appropriate by the Board of Directors. Once vested, each PSU granted is equivalent to one ordinary share. The specific performance goals, as well as the time period associated with achieving such goals, are approved by the Board and are set forth in the grantee’s grant agreement. To date, each PSU grant has had between three to five performance goals on which vesting is based, each such goal being either a specified Company milestone and or the success of a specific project, with vesting of 20%-33% on the achievement of each goal. The tranche of PSUs associated with a given milestone expires 12 months after the target date established for that milestone. During 2019, no PSUs were vested in accordance with their original terms. As of December 31, 2019, there were 19,878,913 ordinary shares issuable upon the exercise of outstanding equity instruments under the Plan. Ordinary shares resulting from grants under the Plan confer the same rights as all other ordinary shares of BioLineRx. Company employees and directors are granted options under Section 102 of the Israeli Income Tax Ordinance (the “Ordinance”), primarily under the “capital gains” track. Non-employees of the Company (consultants and other service providers), as well as controlling shareholders in BioLineRx (as this term is defined in Section 32(9) of the Ordinance), are granted options under Section 3(i) of the Ordinance. In November 2014, December 2015, December 2017 and March 2019 the Company’s Board of Directors approved increases of 1.6 million, 5.0 million, 5.2 million and 9.0 million shares respectively, to the total pool of authorized ordinary shares reserved for purposes of the Plan and any other present or future share incentive plans of the Company, bringing the pool to an aggregate of 23.8 million shares. As of December 31, 2019, there were 2.6 million remaining authorized but unissued ordinary shares in the pool reserved for future share-based incentive grants. 2) Employee share incentive plan: The following table contains additional information concerning equity instruments granted to employees and directors under the existing share incentive plans. Year ended December 31, 2017 2018 2019 Number Weighted average exercise price (in NIS) Number Weighted average exercise price (in NIS) Number Weighted average exercise price (in NIS) Outstanding at beginning of year 4,557,927 6.5 10,651,097 4.4 11,459,697 4.2 Granted 7,292,560 3.5 2,853,080 2.8 11,057,600 1.3 Forfeited and expired (1,164,961 ) 6.5 (1,649,090 ) 4.0 (3,084,834 ) 3.9 Exercised (34,429 ) 0.2 (395,390 ) 0.4 (73,550 ) 0.1 Outstanding at end of year* 10,651,097 4.4 11,459,697 4.2 19,358,913 2.6 Exercisable at end of year 2,356,948 7.6 4,489,816 5.9 5,353,089 5.1 * As of the December 31, 2017, 2018 and 2019, includes 1,178,128, 1,163,018 and 2,225,704 PSUs at an exercise price of 0.10 NIS (par value of ordinary shares), for which performance obligations have not been met. The total consideration received from the exercise of equity instruments during 2017, 2018 and 2019 was not material. Set forth below is data regarding the range of exercise prices and weighted-average remaining contractual life (in years) for the equity instruments outstanding at the end of each of the years indicated. Year ended December 31, 2017 2018 2019 Range of exercise prices (in NIS) Number Weighted average remaining contractual life (in yrs.) Number Weighted average remaining contractual life (in yrs.) Number Weighted average remaining contractual life (in yrs.) Up to 2.00 1,472,702 3.5 1,416,176 8.8 11,676,900 9.9 2.01-5 7,169,770 9.3 8,215,166 8.1 6,341,033 7.3 5.01-10.00 1,213,225 5.9 1,089,875 4.3 822,300 3.9 10.01-20.00 795,400 4.7 738,480 3.3 518,680 3.2 10,651,097 7.7 11,459,697 7.5 19,358,913 8.6 The fair value of equity instruments granted to employees through December 31, 2019 has been determined using the Black-Scholes option-pricing model. These values are based on the following assumptions as of the applicable grant dates: 2017 2018 2019 Expected dividend yield 0 % 0 % 0 % Expected volatility 63 % 61 % 63 % Risk-free interest rate 2 % 3 % 3 % Expected life of options (in years) 6 6 6 The remaining unrecognized deferred compensation expense as of December 31, 2019 was $3.1 million. This amount will be expensed in full over the remaining vesting period of the equity instruments. 3) Stock options to consultants From inception through December 31, 2016, the Company issued to consultants options for the purchase of 231,523 ordinary shares at a weighted average exercise price of NIS 10.23 per share. In 2017, the Company issued additional options to consultants for the purchase of 105,000 ordinary shares at a weighted average price of NIS 4.06 per share In 2018, the Company issued additional options to consultants for the purchase of 35,000 ordinary shares at a weighted average price of NIS 3.48 per share In 2019, the Company issued additional options to consultants for the purchase of 225,000 ordinary shares at a weighted average price of NIS 0.90 per share The options to consultants generally vest over four years and may be exercised for periods of between five and ten years. As of December 31, 2019, 520,000 options to consultants were outstanding with a weighted average exercise price of NIS 2.83 per share and a weighted average contractual life of 8.08 years. Company management estimates the fair value of the options granted to consultants based on the value of services received over the vesting period of the applicable options. The value of such services (primarily in respect of clinical advisory services) is estimated based on the additional cash compensation the Company would need to pay if such options were not granted. The value of services recorded in each of the years 2017, 2018 and 2019 was not material. |
TAXES ON INCOME
TAXES ON INCOME | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of taxes on income [Abstract] | |
TAXES ON INCOME | NOTE 13 – TAXES ON INCOME a. Corporate taxation in Israel The income of BioLineRx is taxed at the standard Israeli corporate tax rate, which was 24% for 2017 and 23% for 2018, 2019 and thereafter. As the Company has not created any deferred tax assets or liabilities (see Note 2, paragraph l), these changes have no effect on the Company’s financial statements. b. Approved enterprise benefits In May 2012, the Israeli Tax Authority (“ITA”) approved BioLineRx’s eligibility for tax benefits as a “Benefited Enterprise” under the Law for the Encouragement of Capital Investments, 5719-1959, as amended (the “Investments Law”), with respect to certain development programs (the “Eligible Projects”). Subject to compliance with the applicable requirements, the portion of income eligible for benefits under the Benefited Enterprise regime will be entitled to a tax exemption for a period of two years, followed by five years at the Benefited Enterprise tax rate of 25%, commencing in the first year in which BioLineRx generates taxable income after setting off losses for Israeli tax purposes from prior years (see c. below). The seven-year period may not extend beyond 12 years from the beginning of the Benefited Enterprise’s election year. BioLineRx received Benefited Enterprise status with respect to Eligible Projects in the 2009 and 2012 tax years, so depending on when the Benefited Enterprise programs begin to generate taxable income, the benefits period could continue through 2023. However, any distribution of dividends derived from exempt income sourced in the Benefited Enterprise programs will be subject to a “claw back” of corporate tax at a rate no greater than 25%. In addition, dividends distributed by a publicly traded Israeli company to non-Israeli residents or Israeli individuals are generally subject to withholding tax of 25%. Under an applicable tax treaty, the withholding tax might be lower. BioLineRx has the option to transition to a “Preferred Enterprise” regime under the Investments Law. Upon an irrevocable election made by a company, a uniform corporate tax rate will apply to all qualifying industrial income of such company, as opposed to the previous incentives under the Investments Law, which were limited to income from Benefited Enterprises during the benefits period. Under the Investments Law, when the election is made, the uniform tax rate would be 16% for BioLineRx’s location in Israel. Preferred Enterprise profits are freely distributable as dividends, subject to a 20% withholding tax, or lower under an applicable tax treaty. In addition, the ITA approved BioLineRx’s operations as an “Industrial Enterprise” under the Investments Law in 2012, meaning that BioLineRx is eligible for accelerated depreciation with respect to certain tangible assets belonging to its Benefited Enterprise. Should BioLineRx not meet the requirements for maintaining these benefits, they may be reduced or cancelled and, among other things, income deriving from the Eligible Projects would be subject to Israeli corporate tax at the standard rates. c. Tax loss carryforwards As of December 31, 2019, the tax loss carryforwards of BioLineRx were approximately $245 million. The tax loss carryforwards have no expiration date. The Company has not created deferred tax assets in respect of these tax loss carryforwards. See Note 2, paragraph 1. d. Tax assessments In accordance with Israeli tax regulations, the tax returns filed by BioLineRx through the 2014 tax year are considered final. e. Theoretical taxes As described in Note 2, paragraph 1, the Company has not recognized any deferred tax assets in the financial statements, as it does not expect to generate taxable income in the foreseeable future. The reported tax on the Company’s income before taxes differs from the theoretical amount that would arise using the weighted average tax rate applicable to income of the consolidated entities as follows: Year ended December 31, 2017 2018 2019 USD in USD in USD in thousands thousands thousands Loss before taxes 24.0 % (24,352 ) 23.0 % (22,962 ) 23.0 % (25,446 ) Theoretical tax benefit (5,962 ) (5,281 ) (5,853 ) Disallowed deductions (tax exempt income): Loss (gain) on adjustment of warrants to fair value 30 (401 ) (1,054 ) Share-based compensation 369 581 405 Other 21 10 10 Increase in taxes for tax losses and timing differences incurred in the reporting year for which deferred taxes were not created 5,542 5,091 6,492 Taxes on income for the reported year - - - |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per share [abstract] | |
LOSS PER SHARE | NOTE 14 – LOSS PER SHARE The following table contains the data used in the computation of the basic loss per share: Year ended December 31, 2017 2018 2019 In USD thousands Loss attributed to ordinary shares (24,352 ) (22,962 ) (25,446 ) Number of shares used in basic calculation (in thousands) 89,971 108,596 146,407 in USD Basic and diluted loss per ordinary share (0.27 ) (0.21 ) (0.17 ) All outstanding options and warrants have been excluded from the calculation of the diluted loss per share for the year ended December 31, 2019 since their effect was anti-dilutive. |
COMMITMENTS AND CONTINGENT LIAB
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of commitments and contingent liabilities [Abstract] | |
COMMITMENTS AND CONTINGENT LIABILITIES | NOTE 15 – COMMITMENTS AND CONTINGENT LIABILITIES a. Commitments 1) Obligation to pay royalties to the State of Israel The Company is required to pay royalties to the State of Israel (represented by the Israel Innovation Authority, or IIA), computed on the basis of proceeds from the sale or license of products whose development was supported by grants from the predecessor of the IIA, the Office of the Chief Scientist. This obligation relates solely to financial participation in the development of products by the Company. In accordance with the terms of grants provided by the IIA, the State is entitled to royalties on the sale or license of any product whose development was supported with State participation. These royalties are generally 3% in the first three years from initial repayment, 4% of sales in the three subsequent years and 5% of sales in the seventh year until repayment of 100% of the grants (linked to the dollar) received by the Company, plus annual interest at the LIBOR rate. Under certain circumstances, the royalty rate is calculated according to a formula based on the ratio of participation by the IIA in the project to the total project costs incurred by the Company In connection with the in-licensing of BL-8040 from Biokine Therapeutics Ltd. (“Biokine”), and as a condition to IIA consent to the transaction, the Company agreed to abide by any obligations resulting from funds previously received by Biokine from the IIA. The contingent liability to the IIA assumed by the Company relating to this transaction amounts to $3.2 million as of December 31, 2019. The Company has a full right of offset for amounts payable to the IIA from payments due to Biokine in the future. Therefore, in the opinion of management, the likelihood of any future Company payment obligation to the IIA with regard to this matter is remote. 2) Licensing agreements From time to time, the Company enters into in-licensing agreements with academic institutions, research institutions and companies (the “licensors”) in connection with the development of therapeutic compounds. Pursuant to these licensing agreements, the Company generally obtains the rights for one or more therapeutic compounds in pre-clinical and early-clinical stages of development, in order to continue development of the compounds through more advanced stages of development and, subsequently, to manufacture, distribute and market the drugs or to out-license the development, manufacturing and commercialization rights to third parties. Such development activities are carried out by either the Company and/or by companies or institutions to which the Company has entered into an out-license agreement, subject to certain restrictions stipulated in the various agreements. The licenses that have been granted to the Company are broad and comprehensive, and generally include various provisions and usage rights as follows: (i) territorial scope of the license (global); (ii) term of the license (unrestricted but not shorter than the life of the patent); and (iii) development of the therapeutic compound (allowing the Company to perform all development activities on its own, or by outsourcing under Company supervision, as well as out-licensing development under the license to other companies, subject to the provisions of the licensing agreements). According to the provisions of the licensing agreements, the intellectual property rights in the development of any licensed technology, through the date the applicable license agreement is effective, remain with the licensor, while the rights in products and/or other deliverables developed by the Company after the license is granted belong to the Company. In cases where the licensor has a claim to an invention that was jointly developed with the Company, the licensor also co-owns the related intellectual property. In any event, the scope of the license also covers these intellectual property rights. In addition, the Company generally undertakes in the licensing agreements to protect registered patents resulting from developments under the various licenses, to promote the registration of patents covering new developments in cooperation with the licensor, and to bear responsibility for all related costs. Pursuant to the various agreements, the Company generally works to register the various patents on a broad basis worldwide, and if the Company decides not to initiate or continue a patent registration proceeding in a given country, the Company is required to notify the applicable licensor to this effect and the licensor is entitled to take action for registration of the patent in such country. The consideration paid pursuant to the licensing agreements generally includes several components that may be payable over the license period and that relate, inter alia, to the progress made in research and development activities, as well as commercial success, as follows: (a) one-time, up-front payment and/or periodic payments; (b) payments through the early stages of development (i.e., through the end of phase 2); (c) payments upon the achievement of milestones necessary for advancing to phase 3; (d) payments from the end of a successful phase 3 trial through approval of the therapeutic compound; and e) royalties on sales of the final product resulting from development under the license or including any component thereof, ranging between 3%-5% of the Company’s net sales of the product, although in specific instances the royalty rate has been higher or lower than this range. In instances where the Company has out-licensed the product for further development, the Company pays a percentage of the net consideration received from the licensee (“Sublicense Receipts”) to the upstream licensor that generally range from 20% to 29.5% of such consideration, although in specific instances the percentage paid has been higher or lower than this range. These Sublicense Receipts generally take the place of most or all of the milestone and royalty payments set forth in (b) through (e) above. The license agreements may be cancelled by the licensor only in specific circumstances, generally upon the occurrence of one of the following events: (a) the Company’s failure to meet certain milestones stipulated in the applicable license agreement and appended timetables; (b) default, insolvency, receivership, liquidation, etc. of the Company that is not imposed and/or lifted within the timeframe stipulated in the license agreement; and (c) fundamental breach of the license agreement that is not corrected within the stipulated timeframe. The Company may generally cancel a license agreement with prior notice of 30 to 90 days, due to unsuccessful development or any other cause. The Company has undertaken to indemnify certain licensors, their employees, officers, representatives or anyone acting on their behalf for any damage and/or expense that they may incur in connection with the Company’s use of a license granted to it, all in accordance with the terms stipulated in the applicable license agreements. Some of the license agreements are accompanied by consulting, support and cooperation agreements, pursuant to which the Company is committed to pay the various licensers a fixed monthly amount over the period stipulated in the agreement for their assistance in the continued research and development under the license. 3) Commitments in respect of Agalimmune See Note 18 for information relating to royalties and other commitments in respect of Agalimmune. 4) Purchase orders The Company’s outstanding open purchase order commitments as of December 31, 2019 amounted to $10.6 million. b. Contingent liabilities To secure the Company’s lease obligation on its premises, the Company has provided a bank guarantee in the amount of $100,000 for the benefit of the lessor, which remains outstanding as of December 31, 2019. See also Note 11a regarding equipment pledged as collateral to secure a bank loan. |
TRANSACTIONS AND BALANCES WITH
TRANSACTIONS AND BALANCES WITH RELATED PARTIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | |
TRANSACTIONS AND BALANCES WITH RELATED PARTIES | NOTE 16 – TRANSACTIONS AND BALANCES WITH RELATED PARTIES Transactions with related parties Expenses: Year ended December 31, 2017 2018 2019 In USD thousands Benefits to related parties: Compensation and benefits to senior management, including benefit component of equity instrument grants 2,183 2,680 1,934 Number of individuals to which this benefit related 6 6 4 Compensation and benefits to directors, including benefit component of equity instrument grants 356 307 280 Number of individuals to which this benefit related 7 7 7 Key management compensation Key management includes directors and executive officers. The compensation paid or payable to key management for services during each of the years indicated is presented below. Year ended December 31, 2017 2018 2019 In USD thousands Salaries and other short-term employee benefits 1,808 1,669 1,415 Post-employment benefits 136 137 115 Other long-term benefits 34 35 31 Share-based compensation 561 1,146 653 2,539 2,987 2,214 |
SUPPLEMENTARY FINANCIAL STATEME
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Supplementary Financial Statement Information Schedule Of General And Administrative Expense | |
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | NOTE 17 – SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION a. Other receivables December 31, 2018 2019 In USD thousands Government institutions 1,337 612 Other 2 1 1,339 613 b. Long-term prepaid expenses The prepaid expenses relate to operating lease agreements in respect of the vehicles leased by the Company. c. Accounts payable and accruals December 31, 2018 2019 In USD thousands 1) Trade: Accounts payable: Overseas 3,273 5,178 In Israel 1,220 2,616 4,493 7,794 2) Other: Accrued expenses 792 727 Accrual for vacation and recreation pay 287 253 Payroll and related expenses 270 293 Other 14 7 1,363 1,280 The carrying amounts of accounts payable and accruals approximate their fair value, as the effect of discounting is not material. d. Research and development expenses Year ended December 31, 2017 2018 2019 In USD thousands Research and development services 12,123 11,609 16,029 Payroll and related expenses 5,097 5,704 4,977 Lab, occupancy and telephone 920 993 782 Professional fees 662 688 504 Depreciation and amortization 452 424 862 Other 256 390 284 19,510 19,808 23,438 e. Sales and marketing expenses Year ended December 31, 2017 2018 2019 In USD thousands Payroll and related expenses 817 973 503 Marketing 797 291 296 Overseas travel 79 98 58 1,693 1,362 857 f. General and administrative expenses Year ended December 31, 2017 2018 2019 In USD thousands Payroll and related expenses 2,060 2,510 1,881 Professional fees 1,298 1,142 1,193 Insurance 210 221 298 Depreciation 29 27 78 Other 440 535 366 4,037 4,435 3,816 g. Non-operating income (expenses), net Year ended December 31, 2017 2018 2019 In USD thousands Issuance costs (133 ) (90 ) (417 ) Changes in fair value of warrants (127 ) 1,743 4,634 Gain from realization of long-term investment - 500 - Other - 244 (52 ) (260 ) 2,397 4,165 h. Financial income Year ended December 31, 2017 2018 2019 In USD thousands Interest income and exchange differences 824 719 777 Gain on foreign currency hedging 345 - - 1,169 719 777 i. Financial expenses Year ended December 31, 2017 2018 2019 In USD thousands Interest expense - 290 1,829 Exchange differences - 162 424 Bank commissions 21 21 24 21 473 2,277 |
AGALIMMUNE ACQUISITION
AGALIMMUNE ACQUISITION | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Agalimmune Acquisition [Abstract] | |
AGALIMMUNE ACQUISITION | NOTE 18 – AGALIMMUNE ACQUISITION In March 2017, the Company acquired substantially all the outstanding shares of Agalimmune Ltd. for initial consideration of $6.0 million, of which $3.0 million was in cash and the remainder in the Company’s ADSs. The acquisition expanded the Company’s pipeline to include Agalimmune’s primary asset, AGI-134, a novel immuno-oncology agent for various cancer indications at the near-clinical stage of development. Due in part to the early stage of development of AGI-134 and other elements evaluated by the Company’s management as required by IFRS, the acquisition has been accounted for in the Company’s financial statements as an asset transaction. Total costs associated with bringing the asset into the Company’s pipeline include additional expenses of $0.7 million, resulting in a total increase in intangibles reflected in the Company’s financial statements of $6.7 million as of December 31, 2017. Additional consideration may be due to Agalimmune shareholders based on certain development and commercial milestones, including future sales of Agalimmune products. In addition, the selling shareholders of Agalimmune have certain reversionary rights in the event of a breach of the transaction agreement and certain other limited triggering events. |
AMENDMENT TO BL-8040 LICENSE AN
AMENDMENT TO BL-8040 LICENSE AND LONG-TERM LOAN | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of amendment to license [Abstract] | |
AMENDMENT TO BL-8040 LICENSE AND LONG-TERM LOAN | NOTE 19 – AMENDMENT TO BL-8040 LICENSE AND LONG-TERM LOAN In October 2018, the Company amended its license agreement with Biokine, originally entered into in September 2012, relating to the in-licensing rights to BL-8040. The amendment reduces the payment owed by the Company to Biokine on sublicense receipts (as defined in the license agreement) from 40% to 20% of sublicense receipts in exchange for: (i) a cash payment from the Company to Biokine of $10 million; (ii) the issuance of 332,005 ADSs with a value of $5 million and (iii) the payment of certain future milestone payments, up to an aggregate of $5 million in total, as specified in the amendment. The $10 million payment referred to above was financed in full via the receipt of a $10 million loan from Kreos Capital V (Expert Fund) L.P. (“Kreos Capital”). As security for the loan, Kreos Capital received a first-priority, secured interest in all Company assets, including intellectual property. The loan has a 12-month, interest-only period, followed by a 36-month repayment period. Borrowings under the loan will bear interest at a fixed rate of 9.5% per annum. In connection with providing the loan, Kreos Capital received a warrant to purchase 63,837 ADSs at an exercise price of $14.10 per ADS. The warrant is exercisable for a period of ten years from the date of issuance. The fair value of the warrant at the date of issuance, computed using the Black-Scholes option pricing model, amounted to $861,000. The fair value was computed based on the then current price of an ADS, a risk-free interest rate of 3.05% and an average standard deviation of 69.1%. The fair value of the warrants as of December 31, 2019 was $63,000 (December 31, 2018 – $269,000) and was based on the then current price of an ADS, a risk-free interest rate of 1.87%, an average standard deviation of 71.8%, and on the remaining contractual life of the warrants. The change in fair value for the year ended December 31, 2019 of $206,000 has been recorded as non-operating income (expense). As of December 31, 2019, none of the warrants had been exercised. The warrant issued has been classified as a non-current financial liability due to a net settlement provision. This liability was initially recognized at its fair value on the date the contract was entered into and is subsequently accounted for at fair value at each balance sheet date. The total net proceeds from Kreos Capital were initially allocated to the warrant based on its fair value, with the remainder of the net proceeds allocated to the loan. The loan is treated as a liability at amortized cost. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of significant accounting policies [Abstract] | |
Basis of presentation | a. Basis of presentation The Company’s consolidated financial statements as of December 31, 2019 and 2018, and for each of the three years in the period ended December 31, 2019, have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The significant accounting policies described below have been applied on a consistent basis for all years presented, unless noted otherwise. The consolidated financial statements have been prepared on the basis of historical cost, subject to adjustment of financial assets and liabilities to their fair value through profit or loss. The Company classifies its expenses on the statement of comprehensive loss based on the operating characteristics of such expenses. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company’s accounting policies. Areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 4. Actual results may differ materially from estimates and assumptions used by the Company’s management. |
Principles of consolidation | b. Principles of consolidation Consolidated entities are all entities over which BioLineRx has control. BioLineRx controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Consolidated entities are fully consolidated from the date on which control of such entities is transferred to BioLineRx and they are de-consolidated from the date that control ceases. |
Functional and reporting currency | c. Functional and reporting currency The functional and reporting currency in these financial statements is the U.S. dollar (“dollar”, “USD” or “$”), which is the primary currency of the economic environment in which the Company operates. Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are generally recognized in profit or loss. Foreign exchange gains and losses that relate to borrowings are presented in the statement of comprehensive loss, within financial expenses. All other foreign exchange gains and losses are presented in the statement of comprehensive loss on a net basis within non-operating income or expenses. |
Cash equivalents and short-term bank deposits | d. Cash equivalents and short-term bank deposits Cash and cash equivalents include cash on hand and short-term bank deposits (up to three months from date of deposit) that are not restricted as to withdrawal or use, and are therefore considered to be cash equivalents. Bank deposits with original maturity dates of more than three months and with a current maturity date of less than one year from the balance sheet date are included in short-term bank deposits. The fair value of cash equivalents and short-term bank deposits approximate their carrying value, since they bear interest at rates close to the prevailing market rates. See also Note 6. |
Property and equipment | e. Property and equipment Property and equipment are stated at historical cost less depreciation. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Assets are depreciated by the straight-line method over the estimated useful lives of the assets, provided that the Company’s management believes the residual values of the assets to be negligible, as follows: % Computers and communications equipment 20-33 Office furniture and equipment 6-15 Laboratory equipment 15-20 The assets’ residual values, methods of depreciation and useful lives are reviewed and adjusted, if appropriate, at each balance sheet date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Leasehold improvements are amortized by the straight-line method over the shorter of the lease term or the estimated useful life of the improvements. |
Intangible assets | f. Intangible assets The Company applies the cost method of accounting for initial and subsequent measurements of intangible assets. Under this method of accounting, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses. Intellectual property The Company recognizes in its financial statements intangible assets developed by the Company to the extent that the conditions stipulated in n. below are met. Intellectual property acquired by the Company is initially measured at cost. Intellectual property acquired by the Company for development purposes is not amortized and is tested annually for impairment. See g. below. Computer software Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortized over the estimated useful lives of the software (3-5 years). |
Impairment of non-amortize non-financial assets | g. Impairment of non-amortize non-financial assets Impairment of intellectual property is required when the Company decides to terminate or suspend the development of a project based on such intellectual property. In addition, the Company performs impairment reviews on an annual basis, or more frequently if events or changes in circumstances indicate a potential impairment. Property and equipment, as well as computer software, are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized equal to the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and the asset’s value in use to the Company. |
Financial assets | h. Financial assets Effective January 1, 2018, the Company adopted IFRS 9 “Financial Instruments.” 1) Classification Financial assets at amortized cost Financial assets at amortized cost are assets held pursuant to a business model whose objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. Financial assets at amortized cost are included in current assets, except for those with maturities greater than 12 months after the balance sheet date (in which case they are classified as non-current assets). The Company’s financial assets at amortized cost are included in other receivables and bank deposits in the consolidated statements of financial position. 2) Recognition and measurement Regular purchases and sales of financial assets are recognized on the settlement date, which is the date on which the asset is delivered to the Company or delivered by the Company. Investments are initially recognized at fair value plus transaction costs, except for trade receivables, which are recognized initially at the amount of consideration that is unconditional unless they contain significant financing components. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Financial assets at amortized cost are measured in subsequent periods at amortized cost using the effective interest method. 3) Impairment The Company recognizes a loss allowance for expected credit losses on financial assets at amortized cost. At each reporting date, the Company assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. If the financial instrument is determined to have low credit risk at the reporting date, the Company assumes that the credit risk on a financial instrument has not increased significantly since initial recognition. Prior to the effective date and adoption of IFRS 9, the financial assets of the Company were classified into the following categories: (i) financial assets at fair value through profit or loss, and (ii) loans and receivables. The classification depended on the purpose for which the financial assets were acquired. Also, prior to the adoption of IFRS 9, the Company assessed at December 31, 2017 whether there was any objective evidence that a financial asset or group of financial assets was impaired. |
Warrants | i. Warrants Receipts in respect of warrants are classified as equity to the extent that they confer the right to purchase a fixed number of shares for a fixed exercise price. In the event that the exercise price is not deemed to be fixed, the warrants are classified as a non-current derivative financial liability. This liability is initially recognized at its fair value on the date the contract is entered into and subsequently accounted for at fair value at each reporting date. The fair value changes are charged to non-operating income and expense on the statement of comprehensive loss. Issuance costs allocable to warrants are also recorded as non-operating expense on the statement of comprehensive loss |
Share capital | j. Share capital The Company’s ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are shown in equity as a deduction from the issuance proceeds. |
Trade payables | k. Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method. |
Deferred taxes | l. Deferred taxes Deferred taxes are recognized using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred income tax assets are recognized only to the extent that it is probable that future taxable income will be available against which the temporary differences can be utilized. As the Company is currently engaged primarily in development activities and is not expected to generate taxable income in the foreseeable future, no deferred tax assets are included in the financial statements. |
Borrowings | m. Borrowings Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months after the reporting period. |
Revenue from contracts with customers | n. Revenue from contracts with customers Effective January 1, 2018, the Company adopted IFRS 15, “Revenue from Contracts with Customers.” IFRS 15 introduces a five-step model for recognizing revenue from contracts with customers, as follows: • identify the contract with a customer; • identify the performance obligations in the contract; • determine the transaction price; • allocate the transaction price to the performance obligations in the contract; and • recognize revenue when (or as) the entity satisfies a performance obligation. During the reported years, the Company did not generate revenues, other than immaterial amounts received from an out-licensing agreement signed in 2014 with Perrigo Company plc., which have been included as non-operating income. |
Research and development expenses | o. Research and development expenses Research expenses are charged to profit or loss as incurred. An intangible asset arising from development (or from the development phase of an internal project) is recognized if all of the following conditions are fulfilled: • technological feasibility exists for completing development of the intangible asset so that it will be available for use or sale. • it is management’s intention to complete development of the intangible asset for use or sale. • the Company has the ability to use or sell the intangible asset. • it is probable that the intangible asset will generate future economic benefits, including existence of a market for the output of the intangible asset or the intangible asset itself or, if the intangible asset is to be used internally, the usefulness of the intangible asset. • adequate technical, financial and other resources are available to complete development of the intangible asset, as well as the use or sale thereof. • the Company has the ability to reliably measure the expenditure attributable to the intangible asset during its development. Other development costs that do not meet the foregoing conditions are charged to profit or loss as incurred. Development costs previously expensed are not recognized as an asset in subsequent periods. As of December 31, 2019, the Company has not yet capitalized development expenses. |
Employee benefits | p. Employee benefits 1) Pension and severance pay obligations Israeli labor laws and the Company’s employment agreements require the Company to pay retirement benefits to employees terminated or leaving their employment in certain other circumstances. Most of the Company’s employees are covered by a defined contribution plan under Section 14 of the Israel Severance Pay Law. With respect to the remaining employees, the Company records a liability on its balance sheet for defined benefit plans that represents the present value of the defined benefit obligation as of each reporting date, net of the fair value of plan assets. The present value of the defined benefit liability is determined by discounting the anticipated future cash outflows, using interest rates that are denominated in the currency in which the benefits will be payable. The amounts recorded as an employee benefit expense in respect of pension and severance pay obligations for the years 2017, 2018 and 2019 were $563,000, $618,000 and $580,000 respectively. 2) Vacation and recreation pay Labor laws in Israel entitle every employee to vacation and recreation pay, both of which are computed annually. The entitlement with respect to each employee is based on the employee’s length of service at the Company. The Company recognizes a liability and an expense in respect of vacation and recreation pay based on the individual entitlement of each employee. 3) Share-based payments The Company operates an equity-settled, share-based compensation plan, under which it grants equity instruments (options, restricted stock units and performance stock units) of the Company as additional consideration for services from employees. The fair value of the employee services received in exchange for grant of the equity instruments is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the equity instruments granted: • including any market performance conditions (for example, the Company’s share price); and • excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and the employee remaining with the entity over a specified time period). Non-market performance and service conditions are included in assumptions about the number of equity instruments that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. Performance stock unit expenses are recognized only if it is probable that the performance condition will be achieved. When the equity instruments are exercised, the Company issues new shares. The proceeds received, net of any directly attributable transaction costs, are credited to share capital (at par value) and share premium when the equity instruments are exercised. |
Loss per share | q. Loss per share 1) Basic The basic loss per share is calculated by dividing the loss attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year. 2) Diluted The diluted loss per share is calculated by adjusting the weighted average number of outstanding ordinary shares, assuming conversion of all dilutive potential shares. The Company’s dilutive potential shares consist of warrants issued to investors, as well as equity instruments granted to employees and service providers. The dilutive potential shares were not taken into account in computing loss per share in 2017, 2018 and 2019, as their effect would have been anti-dilutive. |
Leases | r. Leases The Company accounts for leases in accordance with International Financial Reporting Standard No. 16 “Leases” (“IFRS 16”). The Company's leases include property and motor vehicle leases. At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company reassesses whether a contract is, or contains, a lease only if the terms and conditions of the contract are changed. At the commencement date, the Company measures the lease liability at the present value of the lease payments that are not paid at that date, including, inter alia, the exercise price of a purchase option if the Company is reasonably certain to exercise that option. Simultaneously, the Company recognizes a right-of-use asset in the amount of the lease liability. Since the interest rate implicit in the lease cannot be readily determined, the Company uses the Company’s incremental borrowing rate. This rate is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment. The lease term is the non-cancellable period for which the Company has the right to use an underlying asset, together with both, the periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option and periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option. After the commencement date, the Company measures the right-of-use asset applying the cost model, less any accumulated depreciation and any accumulated impairment losses and adjusted for any remeasurement of the lease liability. r. Leases Assets are depreciated by the straight-line method over the estimated useful lives of the right of use assets or the lease period, which is shorter: Years Property 11 Motor vehicles 3 Interest on the lease liability is recognized in profit or loss in each period during the lease term, in an amount that produces a constant periodic rate of interest on the remaining balance of the lease liability. For information regarding the initial implementation of IFRS 16, effective January 1, 2019, see Note 10. Prior to the implementation of IFRS 16, leases were accounted for in accordance with IAS 17, pursuant to which a lease was classified as an operating lease if it did not transfer substantially all the risks and rewards incidental to ownership. Lease payments under an operating lease (reduced by any incentives received from the lessor) were recognized as an expense on a straight‑line basis over the lease term. |
Changes in accounting policies | s. Changes in accounting policies International Financial Reporting Standard No. 16 “Leases” (“IFRS 16”) The Company adopted IFRS 16 retrospectively from January 1, 2019 but has not restated comparatives for the 2018 and 2017 reporting periods, as permitted under the specific transitional provisions in the standard. On adoption of IFRS 16, the Company recognized lease liabilities for leases which had previously been classified as “operating leases” under the principles of IAS 17, “Leases.” These liabilities were measured at the present value of the remaining lease payments, discounted using the Company’s incremental borrowing rate as of January 1, 2019. The remeasurements to the lease liabilities were recognized as adjustments to the related right-of-use assets immediately after the date of initial application. The associated right-of-use assets for property leases were measured on a retrospective basis as if the new rules had always been applied. Other right-of use assets were measured at the amount equal to the lease liability, adjusted by the amount of any prepaid or accrued lease payments relating to that lease recognized in the balance sheet as of December 31, 2018. The Company’s weighted average incremental borrowing rate applied to the lease liabilities on January 1, 2019 was 15.1%. As of January 1, 2019, the Company recognized right-of-use asset and lease liabilities in the amount of $1,878,000. The implementation had no effect on the accumulated deficit. In applying IFRS 16 for the first time, the Company has used the following practical expedients permitted by the standard: • Use of a single discount rate to a portfolio of leases with reasonably similar characteristics; • Reliance on previous assessments on whether leases are onerous; • Accounting for operating leases with a remaining lease term of less than 12 months as of January 1, 2019, as short-term leases; • Exclusion of initial direct costs for the measurement of the right-of-use asset at the date of initial application; • Use of hindsight in determining the lease term where the contract contains options to extend or terminate the lease. The Company has also elected not to reassess whether a contract is, or contains, a lease at the date of initial application. Instead, for contracts entered into before the transition date, the Company relied on its assessment made applying IAS 17 and IFRIC 4, “Determining whether an Arrangement contains a Lease.” |
Standards and amendments to existing standards that are not yet in effect | t. Standards and amendments to existing standards that are not yet in effect: Classification of Liabilities as Current or Non-current (Amendment to IAS 1) The IASB issued a narrow-scope amendment to IAS 1 to clarify that liabilities are classified as either current or non-current, depending on the rights that exist at the end of the reporting period. The amendment could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. Inter alia, the amendment requires the following: • Liabilities are classified as non-current if the entity has a substantive right to defer settlement for at least 12 months at the end of the reporting period. The amendment no longer refers to unconditional rights. The assessment determines whether a right exists, but it does not consider whether the entity will exercise the right. • ‘Settlement’ is defined as the extinguishment of a liability with cash, other economic resources or an entity’s own equity instruments. There is an exception for convertible instruments that might be converted into equity, but only for those instruments where the conversion option is classified as an equity instrument as a separate component of a compound financial instrument. The amendment should be applied retrospectively for annual periods beginning on or after January 1, 2022. Earlier application is permitted. The adoption of the amendment is not expected to have a material impact on the Company's financial statements. |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of significant accounting policies [Abstract] | |
Schedule of Depreciation Rates | Property and equipment are stated at historical cost less depreciation. Historical cost includes expenditures that are directly attributable to the acquisition of the items. Assets are depreciated by the straight-line method over the estimated useful lives of the assets, provided that the Company’s management believes the residual values of the assets to be negligible, as follows: % Computers and communications equipment 20-33 Office furniture and equipment 6-15 Laboratory equipment 15-20 |
Schedule of Useful Life of Right of Use Assets | Assets are depreciated by the straight-line method over the estimated useful lives of the right of use assets or the lease period, which is shorter: Years Property 11 Motor vehicles 3 |
FINANCIAL INSTRUMENTS AND FIN_2
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [abstract] | |
Schedule of Sensitivity Analysis | The effect of fluctuations in various exchange rates on the Company’s income and equity is as follows: December 31, 2019 Income (loss) Value on Income (loss) Sensitive instrument 10% increase 5% increase balance sheet 5% decrease 10% decrease in USD thousands NIS-linked balances: Cash and cash equivalents (53 ) (28 ) 583 65 31 Other receivables (56 ) (29 ) 613 68 32 Trade payables 227 119 (2,501 ) (278 ) (132 ) Other payables 71 37 (780 ) (87 ) (41 ) Total NIS-linked balances 189 99 (2,085 ) (232 ) (110 ) Euro-linked trade payables (168 ) (88 ) (1,851 ) 206 97 Total 21 11 (3,936 ) (26 ) (13 ) The Company also maintains cash and cash equivalent balances in other currencies in amounts that are not material. December 31, 2018 Income (loss) Value on Income (loss) Sensitive instrument 10% increase 5% increase balance sheet 5% decrease 10% decrease in USD thousands NIS-linked balances: Cash and cash equivalents (64 ) (33 ) 699 37 78 Other receivables (45 ) (23 ) 491 26 55 Trade payables 73 38 (807 ) (42 ) (90 ) Other payables 57 30 (632 ) (33 ) (70 ) Total NIS-linked balances 21 12 (249 ) (12 ) (27 ) Euro-linked trade payables (177 ) (93 ) (453 ) 102 216 Total (156 ) (81 ) (702 ) 90 189 |
Schedule of Concentration of Currency Risk | Set forth below is certain data regarding dollar exchange rates: Exchange rate of NIS per $1 Exchange rate of Euro per $1 As of December 31: 2017 3.467 0.835 2018 3.748 0.873 2019 3.456 0.891 Percentage increase (decrease) in USD exchange rate: 2018 8.1 % 4.6 % 2019 (7.8) % 2.1 % |
Schedule of Linkage of Monetary Items | Set forth below is information on the linkage of monetary items: December 31, 2018 December 31, 2019 Dollar NIS Other currencies Dollar NIS Other Currencies USD in thousands USD in thousands Assets: Current assets: Cash and cash equivalents 2,274 699 431 4,082 583 632 Short term bank deposits 26,747 - - 22,192 - - Other receivables - 491 848 - 613 - 29,021 1,190 1,279 26,274 1,196 632 Liabilities: Current liabilities: Current maturities of long-term loans 895 - - 2,692 - - Accounts payable and accruals: Trade 2,396 807 1,290 2,772 2,501 2,521 Other 708 632 23 500 780 - Non-current liabilities Long-term loans, net of current maturities 7,838 - - 5,799 - - 11,837 1,439 1,313 11,763 3,281 2,521 Net asset value 17,184 (249 ) (34 ) 14,511 (2,085 ) (1,889 ) |
Schedule of Credit Risk | The Company considers its maximum exposure to credit risk to be as follows: December 31, 2018 2019 in USD thousands Assets: Cash and cash equivalents 3,404 5,297 Short-term bank deposits 26,747 22,192 Other receivables 1,339 613 Total 31,490 28,102 |
Schedule of Changes in Financial Liabilities With Cash Flows Included in Financing Activities | Changes in financial liabilities with cash flows included in financing activities Long-term loans Warrants Total in USD thousands Balance as of January 1, 2018 250 1,205 1,455 Changes during the year 2018: Cash flows received 8,453 861 9,314 Cash flows paid (93 ) - (93 ) Amounts recognized through profit and loss 123 (1,743 ) (1,620 ) Balance as of December 31, 2018 8,733 323 9,056 Changes during the year 2019: Cash flows received - 4,552 4,552 Cash flows paid (889 ) - (889 ) Amounts recognized through profit and loss 647 (4,217 ) (3,570 ) Balance as of December 31, 2019 8,491 658 9,149 |
CASH AND CASH EQUIVALENTS (Tabl
CASH AND CASH EQUIVALENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Cash and cash equivalents [abstract] | |
Schedule of Cash And Cash Equivalents | December 31, 2018 2019 in USD thousands Cash on hand and in bank 2,329 4,922 Short-term bank deposits 1,075 375 3,404 5,297 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of Composition of Property and Equipment and Related Accumulated Depreciation | Set forth below are the composition of property and equipment and the related accumulated depreciation, grouped by major classifications, as well as the changes therein for the respective years: Cost Accumulated depreciation Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2016 2017 In USD thousands In USD thousands In USD thousands Composition in 2017 Office furniture and equipment 198 2 - 200 25 35 - 60 173 140 Computers and communications equipment 489 266 - 755 408 30 - 438 81 317 Laboratory equipment 1,298 70 - 1,368 670 159 - 829 628 539 Leasehold improvements 2,028 - - 2,028 305 214 - 519 1,723 1,509 4,013 338 - 4,351 1,408 438 - 1,846 2,605 2,505 Cost Accumulated depreciation Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2017 2018 In USD thousands In USD thousands In USD thousands Composition in 2018 Office furniture and equipment 200 - - 200 60 22 - 82 140 118 Computers and communications equipment 755 9 - 764 438 60 - 498 317 266 Laboratory equipment 1,368 164 - 1,532 829 153 - 982 539 550 Leasehold improvements 2,028 - - 2,028 519 216 - 735 1,509 1,293 4,351 173 - 4,524 1,846 451 - 2,297 2,505 2,227 Cost Accumulated depreciation Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2018 2019 In USD thousands In USD thousands In USD thousands Composition in 2019 Office furniture and equipment 200 7 - 207 82 13 - 95 118 112 Computers and communications equipment 764 31 - 795 498 63 - 561 266 234 Laboratory equipment 1,532 29 - 1,561 982 185 - 1,167 550 394 Leasehold improvements 2,028 - - 2,028 735 217 - 952 1,293 1,076 4,524 67 - 4,591 2,297 478 - 2,775 2,227 1,816 |
INTANGIBLE ASSETS (Tables)
INTANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [abstract] | |
Schedule of Intangible Assets | Cost Accumulated depreciation and impairment Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2016 2017 In USD thousands In USD thousands In USD thousands Composition in 2017 Intellectual property 193 6,703 - 6,896 96 - - 96 97 6,800 Computer software 385 182 - 567 301 43 - 344 84 223 578 6,885 - 7,463 397 43 - 440 181 7,023 Cost Accumulated depreciation and impairment Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2017 2018 In USD thousands In USD thousands In USD thousands Composition in 2018 Intellectual property 6,896 15,000 - 21,896 96 - - 96 6,800 21,800 Computer software 567 43 - 610 344 94 - 438 223 172 7,463 15,043 - 22,506 440 94 - 534 7,023 21,972 Cost Accumulated depreciation and impairment Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2018 2019 In USD thousands In USD thousands In USD thousands Composition in 2019 Intellectual property 21,896 - - 21,896 96 - - 96 21,800 21,800 Computer software 610 6 - 616 438 87 - 525 172 91 22,506 6 - 22,512 534 87 - 621 21,972 21,891 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Presentation of leases for lessee [abstract] | |
Schedule of Right-of-use assets | Right-of-use assets Cost Accumulated depreciation Balance at Additions Deletions Balance at Balance at Additions Deletions Balance at Net book value beginning during during end of beginning during during end of December 31, of year year year year of year year year year 2018 2019 In USD thousands In USD thousands In USD thousands Composition in 2019 Property 1,552 - - 1,552 - 135 - 135 - 1,417 Motor vehicles 326 172 (65 ) 433 - 240 (40 ) 200 - 233 1,878 172 (65 ) 1,985 - 375 (40 ) 335 - 1,650 |
Schedule of Lease Liabilities | Lease liabilities Balance at Additions Deletions Interest expense Exchange differences Payments Balance at beginning during during during during during end of of year year year year year year year In USD thousands Composition in 2019 Property 1,552 - - 257 127 (272 ) 1,664 Motor vehicles 326 172 (25 ) 73 27 (273 ) 300 1,878 172 (25 ) 330 154 (545 ) 1,964 |
Schedule of Composition of Lease Liabilities | December 31, 2019 in USD thousands Composition of lease liabilities: Current lease liabilities Property 53 Motor vehicles 149 202 Non-current lease liabilities Property 1,611 Motor vehicles 151 1,762 1,964 |
Schedule of Minimum Future Rental Payments | As of December 31, 2019, minimum future rental payments (considering the aforementioned extension periods) under the leases were: Year Property Motor vehicles Total in USD thousands 2020 287 199 486 2021 296 104 400 2022 296 72 368 2023 296 - 296 2024 296 - 296 2025-2030 1,627 - 1,627 3,098 375 3,473 |
LONG-TERM LOANS (Tables)
LONG-TERM LOANS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about borrowings [abstract] | |
Schedule of Composition of Long-Term Bank Loan | December 31, 2018 2019 In USD thousands Bank loan 156 63 Loan from Kreos Capital (see Note 19) 8,577 8,428 8,733 8,491 Less current maturities: Bank loan (93 ) (63 ) Loan from Kreos Capital (802 ) (2,629 ) Total current maturities (895 ) (2,692 ) Total long-term loans 7,838 5,799 |
Schedule of Future Repayments of Long-Term Bank Loan | Future repayments of the long-term loans indicated above (other than current maturities) in the years subsequent to the balance sheet date are as follows: In USD thousands 2021 3,058 2022 2,741 5,799 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of classes of share capital [abstract] | |
Schedule of Share Capital | As of December 31, 2018, and 2019 the Company’s share capital is composed of ordinary shares, as follows: Number of Ordinary Shares December 31, 2018 2019 Authorized share capital 250,000,000 500,000,000 Issued and paid-up share capital 114,933,144 171,269,528 In USD and NIS December 31, 2018 2019 Authorized share capital (in NIS) 25,000,000 50,000,000 Issued and paid-up share capital (in NIS) 11,493,314 17,126,953 Issued and paid-up share capital (in USD) 3,109,746 4,691,734 |
Schedule of Amounts Outstanding Under Employee Share Incentive Plan | The following table contains additional information concerning equity instruments granted to employees and directors under the existing share incentive plans. Year ended December 31, 2017 2018 2019 Number Weighted average exercise price (in NIS) Number Weighted average exercise price (in NIS) Number Weighted average exercise price (in NIS) Outstanding at beginning of year 4,557,927 6.5 10,651,097 4.4 11,459,697 4.2 Granted 7,292,560 3.5 2,853,080 2.8 11,057,600 1.3 Forfeited and expired (1,164,961 ) 6.5 (1,649,090 ) 4.0 (3,084,834 ) 3.9 Exercised (34,429 ) 0.2 (395,390 ) 0.4 (73,550 ) 0.1 Outstanding at end of year* 10,651,097 4.4 11,459,697 4.2 19,358,913 2.6 Exercisable at end of year 2,356,948 7.6 4,489,816 5.9 5,353,089 5.1 * As of the December 31, 2017, 2018 and 2019, includes 1,178,128, 1,163,018 and 2,225,704 PSUs at an exercise price of 0.10 NIS (par value of ordinary shares), for which performance obligations have not been met. |
Schedule of Options Outstanding by Exercise Price Range | Set forth below is data regarding the range of exercise prices and weighted-average remaining contractual life (in years) for the equity instruments outstanding at the end of each of the years indicated. Year ended December 31, 2017 2018 2019 Range of exercise prices (in NIS) Number Weighted average remaining contractual life (in yrs.) Number Weighted average remaining contractual life (in yrs.) Number Weighted average remaining contractual life (in yrs.) Up to 2.00 1,472,702 3.5 1,416,176 8.8 11,676,900 9.9 2.01-5 7,169,770 9.3 8,215,166 8.1 6,341,033 7.3 5.01-10.00 1,213,225 5.9 1,089,875 4.3 822,300 3.9 10.01-20.00 795,400 4.7 738,480 3.3 518,680 3.2 10,651,097 7.7 11,459,697 7.5 19,358,913 8.6 |
Schedule of Assumptions Used to Value Options | The fair value of equity instruments granted to employees through December 31, 2019 has been determined using the Black-Scholes option-pricing model. These values are based on the following assumptions as of the applicable grant dates: 2017 2018 2019 Expected dividend yield 0 % 0 % 0 % Expected volatility 63 % 61 % 63 % Risk-free interest rate 2 % 3 % 3 % Expected life of options (in years) 6 6 6 |
TAXES ON INCOME (Tables)
TAXES ON INCOME (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of taxes on income [Abstract] | |
Schedule of Reconciliation of Weighted Average Tax Rate Applicable to Income | As described in Note 2, paragraph 1, the Company has not recognized any deferred tax assets in the financial statements, as it does not expect to generate taxable income in the foreseeable future. The reported tax on the Company’s income before taxes differs from the theoretical amount that would arise using the weighted average tax rate applicable to income of the consolidated entities as follows: Year ended December 31, 2017 2018 2019 USD in USD in USD in thousands thousands thousands Loss before taxes 24.0 % (24,352 ) 23.0 % (22,962 ) 23.0 % (25,446 ) Theoretical tax benefit (5,962 ) (5,281 ) (5,853 ) Disallowed deductions (tax exempt income): Loss (gain) on adjustment of warrants to fair value 30 (401 ) (1,054 ) Share-based compensation 369 581 405 Other 21 10 10 Increase in taxes for tax losses and timing differences incurred in the reporting year for which deferred taxes were not created 5,542 5,091 6,492 Taxes on income for the reported year - - - |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings per share [abstract] | |
Schedule of Basic Loss Per Share | The following table contains the data used in the computation of the basic loss per share: Year ended December 31, 2017 2018 2019 In USD thousands Loss attributed to ordinary shares (24,352 ) (22,962 ) (25,446 ) Number of shares used in basic calculation (in thousands) 89,971 108,596 146,407 in USD Basic and diluted loss per ordinary share (0.27 ) (0.21 ) (0.17 |
TRANSACTIONS AND BALANCES WIT_2
TRANSACTIONS AND BALANCES WITH RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of Transactions With Related Parties | Expenses: Year ended December 31, 2017 2018 2019 In USD thousands Benefits to related parties: Compensation and benefits to senior management, including benefit component of equity instrument grants 2,183 2,680 1,934 Number of individuals to which this benefit related 6 6 4 Compensation and benefits to directors, including benefit component of equity instrument grants 356 307 280 Number of individuals to which this benefit related 7 7 7 |
Schedule of Key Management Compensation | Key management includes directors and executive officers. The compensation paid or payable to key management for services during each of the years indicated is presented below. Year ended December 31, 2017 2018 2019 In USD thousands Salaries and other short-term employee benefits 1,808 1,669 1,415 Post-employment benefits 136 137 115 Other long-term benefits 34 35 31 Share-based compensation 561 1,146 653 2,539 2,987 2,214 |
SUPPLEMENTARY FINANCIAL STATE_2
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Supplementary Financial Statement Information Schedule Of General And Administrative Expense | |
Schedule of Other Receivables | December 31, 2018 2019 In USD thousands Government institutions 1,337 612 Other 2 1 1,339 613 |
Schedule of Accounts Payable and Accruals | December 31, 2018 2019 In USD thousands 1) Trade: Accounts payable: Overseas 3,273 5,178 In Israel 1,220 2,616 4,493 7,794 2) Other: Accrued expenses 792 727 Accrual for vacation and recreation pay 287 253 Payroll and related expenses 270 293 Other 14 7 1,363 1,280 |
Schedule of Income and Expenses | Year ended December 31, 2017 2018 2019 In USD thousands Research and development services 12,123 11,609 16,029 Payroll and related expenses 5,097 5,704 4,977 Lab, occupancy and telephone 920 993 782 Professional fees 662 688 504 Depreciation and amortization 452 424 862 Other 256 390 284 19,510 19,808 23,438 e. Sales and marketing expenses Year ended December 31, 2017 2018 2019 In USD thousands Payroll and related expenses 817 973 503 Marketing 797 291 296 Overseas travel 79 98 58 1,693 1,362 857 f. General and administrative expenses Year ended December 31, 2017 2018 2019 In USD thousands Payroll and related expenses 2,060 2,510 1,881 Professional fees 1,298 1,142 1,193 Insurance 210 221 298 Depreciation 29 27 78 Other 440 535 366 4,037 4,435 3,816 g. Non-operating income (expenses), net Year ended December 31, 2017 2018 2019 In USD thousands Issuance costs (133 ) (90 ) (417 ) Changes in fair value of warrants (127 ) 1,743 4,634 Gain from realization of long-term investment - 500 - Other - 244 (52 ) (260 ) 2,397 4,165 h. Financial income Year ended December 31, 2017 2018 2019 In USD thousands Interest income and exchange differences 824 719 777 Gain on foreign currency hedging 345 - - 1,169 719 777 i. Financial expenses Year ended December 31, 2017 2018 2019 In USD thousands Interest expense - 290 1,829 Exchange differences - 162 424 Bank commissions 21 21 24 21 473 2,277 |
GENERAL INFORMATION (Details)
GENERAL INFORMATION (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of general information [Abstract] | ||
Accumulated deficit | $ 247,966 | $ 222,520 |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | ||||
Employee benefit expense | $ 580,000 | $ 618,000 | $ 563,000 | |
Right-of-use assets | 1,650,000 | |||
Lease liabilities | $ 1,964,000 | $ 1,878,000 | ||
IFRS 16 [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Right-of-use assets | $ 1,878,000 | |||
Lease liabilities | $ 1,878,000 | |||
Weighted average incremental borrowing rate on lease liabilities | 15.10% | |||
Computer software [Member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Estimated useful lives of intangible assets (In years) | 3-5 years |
SIGNIFICANT ACCOUNTING POLICI_5
SIGNIFICANT ACCOUNTING POLICIES (Schedule of Depreciation Rates) (Details) - Net book value [Member] | 12 Months Ended |
Dec. 31, 2019 | |
Computers and communications equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates (in %) | 20%-33% |
Office furniture and equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates (in %) | 6%-15% |
Laboratory equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Depreciation rates (in %) | 15%-20% |
SIGNIFICANT ACCOUNTING POLICI_6
SIGNIFICANT ACCOUNTING POLICIES (Schedule of Useful Life of Right of Use Assets) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Property [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Estimated useful lives or lease period of right of use assets | 11 |
Motor vehicles [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Estimated useful lives or lease period of right of use assets | 3 |
FINANCIAL INSTRUMENTS AND FIN_3
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Narrative) (Details) | Dec. 31, 2019USD ($) |
Warrant [Member] | |
Disclosure of financial liabilities [line items] | |
Fair value of the warrants | $ 658,000 |
FINANCIAL INSTRUMENTS AND FIN_4
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Schedule of Sensitivity Analysis) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
10% increase effect on net income (loss) and equity | $ (53) | $ (64) |
5% increase effect on net income (loss) and equity | (28) | (33) |
Value on balance sheet | 583 | 699 |
5% decrease effect on net income (loss) and equity | 65 | 37 |
10% decrease effect on net income (loss) and equity | 31 | 78 |
Other receivables [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
10% increase effect on net income (loss) and equity | (56) | (45) |
5% increase effect on net income (loss) and equity | (29) | (23) |
Value on balance sheet | 613 | 491 |
5% decrease effect on net income (loss) and equity | 68 | 26 |
10% decrease effect on net income (loss) and equity | 32 | 55 |
Trade payables [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
10% increase effect on net income (loss) and equity | 227 | 73 |
5% increase effect on net income (loss) and equity | 119 | 38 |
Value on balance sheet | (2,501) | (807) |
5% decrease effect on net income (loss) and equity | (278) | (42) |
10% decrease effect on net income (loss) and equity | (132) | (90) |
Other payables [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
10% increase effect on net income (loss) and equity | 71 | 57 |
5% increase effect on net income (loss) and equity | 37 | 30 |
Value on balance sheet | (780) | (632) |
5% decrease effect on net income (loss) and equity | (87) | (33) |
10% decrease effect on net income (loss) and equity | (41) | (70) |
NIS-linked balances [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
10% increase effect on net income (loss) and equity | 189 | 21 |
5% increase effect on net income (loss) and equity | 99 | 12 |
Value on balance sheet | (2,085) | (249) |
5% decrease effect on net income (loss) and equity | (232) | (12) |
10% decrease effect on net income (loss) and equity | (110) | (27) |
Euro-linked trade payables [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
10% increase effect on net income (loss) and equity | (168) | (177) |
5% increase effect on net income (loss) and equity | (88) | (93) |
Value on balance sheet | (1,851) | (453) |
5% decrease effect on net income (loss) and equity | 206 | 102 |
10% decrease effect on net income (loss) and equity | 97 | 216 |
Total [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
10% increase effect on net income (loss) and equity | 21 | (156) |
5% increase effect on net income (loss) and equity | 11 | (81) |
Value on balance sheet | (3,936) | (702) |
5% decrease effect on net income (loss) and equity | (26) | 90 |
10% decrease effect on net income (loss) and equity | $ (13) | $ 189 |
FINANCIAL INSTRUMENTS AND FIN_5
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Schedule of Concentration of Currency Risk) (Details) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
NIS per $1 | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Exchange rate per dollar | 3.456 | 3.748 | 3.467 |
Percentage increase (decrease) in USD exchange rate | (7.80%) | 8.10% | |
Euro per $1 | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Exchange rate per dollar | 0.891 | 0.873 | 0.835 |
Percentage increase (decrease) in USD exchange rate | 2.10% | 4.60% |
FINANCIAL INSTRUMENTS AND FIN_6
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Schedule of Linkage of Monetary Items) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||||
Cash and cash equivalents | $ 5,297 | $ 3,404 | $ 5,110 | $ 2,469 |
Total assets | 53,567 | 56,233 | ||
Current liabilities: | ||||
Current maturities of long-term loans | 2,692 | 895 | ||
Accounts payable and accruals: | ||||
Trade | 7,794 | 4,493 | ||
Other | 7 | 14 | ||
Non-current liabilities | ||||
Long-term loans, net of current maturities | 5,799 | 7,838 | ||
Total liabilities | 20,187 | 14,912 | ||
Dollar [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 4,082 | 2,274 | ||
Short term bank deposits | 22,192 | 26,747 | ||
Other receivables | ||||
Total assets | 26,274 | 29,021 | ||
Current liabilities: | ||||
Current maturities of long-term loans | 2,692 | 895 | ||
Accounts payable and accruals: | ||||
Trade | 2,772 | 2,396 | ||
Other | 500 | 708 | ||
Non-current liabilities | ||||
Long-term loans, net of current maturities | 5,799 | 7,838 | ||
Total liabilities | 11,763 | 11,837 | ||
Net asset value | 14,511 | 17,184 | ||
NIS [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 583 | 699 | ||
Short term bank deposits | ||||
Other receivables | 613 | 491 | ||
Total assets | 1,196 | 1,190 | ||
Current liabilities: | ||||
Current maturities of long-term loans | ||||
Accounts payable and accruals: | ||||
Trade | 2,501 | 807 | ||
Other | 780 | 632 | ||
Non-current liabilities | ||||
Long-term loans, net of current maturities | ||||
Total liabilities | 3,281 | 1,439 | ||
Net asset value | (2,085) | (249) | ||
GBP and other [Member] | ||||
Current assets: | ||||
Cash and cash equivalents | 632 | 431 | ||
Short term bank deposits | ||||
Other receivables | 848 | |||
Total assets | 632 | 1,279 | ||
Current liabilities: | ||||
Current maturities of long-term loans | ||||
Accounts payable and accruals: | ||||
Trade | 2,521 | 1,290 | ||
Other | 23 | |||
Non-current liabilities | ||||
Long-term loans, net of current maturities | ||||
Total liabilities | 2,521 | 1,313 | ||
Net asset value | $ (1,889) | $ (34) |
FINANCIAL INSTRUMENTS AND FIN_7
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Schedule of Credit Risk) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Assets: | ||||
Cash and cash equivalents | $ 5,297 | $ 3,404 | $ 5,110 | $ 2,469 |
Total assets | 53,567 | 56,233 | ||
Credit risk [member] | ||||
Assets: | ||||
Cash and cash equivalents | 5,297 | 3,404 | ||
Short-term bank deposits | 22,192 | 26,747 | ||
Other receivables | 613 | 1,339 | ||
Total assets | $ 28,102 | $ 31,490 |
FINANCIAL INSTRUMENTS AND FIN_8
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Schedule of Changes in Financial Liabilities With Cash Flows) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Balance as of January 1 | $ 9,056 | $ 1,455 |
Changes during the year: | ||
Cash flows received | 4,552 | 9,314 |
Cash flows paid | (889) | (93) |
Amounts recognized through profit and loss | (3,570) | (1,620) |
Balance as of December 31 | 9,149 | 9,056 |
Long-term loans [member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Balance as of January 1 | 8,733 | 250 |
Changes during the year: | ||
Cash flows received | 8,453 | |
Cash flows paid | (889) | (93) |
Amounts recognized through profit and loss | 647 | 123 |
Balance as of December 31 | 8,491 | 8,733 |
Warrant [Member] | ||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Balance as of January 1 | 323 | 1,205 |
Changes during the year: | ||
Cash flows received | 4,552 | 861 |
Cash flows paid | ||
Amounts recognized through profit and loss | (4,217) | (1,743) |
Balance as of December 31 | $ 658 | $ 323 |
CASH AND CASH EQUIVALENTS (Narr
CASH AND CASH EQUIVALENTS (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Bottom of range [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Interest rate on short-term deposits | 0.13% |
Top of range [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Interest rate on short-term deposits | 0.15% |
CASH AND CASH EQUIVALENTS (Sche
CASH AND CASH EQUIVALENTS (Schedule of Cash And Cash Equivalents) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents [abstract] | ||||
Cash on hand and in bank | $ 4,922 | $ 2,329 | ||
Short-term bank deposits | 375 | 1,075 | ||
Cash and cash equivalents | $ 5,297 | $ 3,404 | $ 5,110 | $ 2,469 |
SHORT-TERM BANK DEPOSITS (Narra
SHORT-TERM BANK DEPOSITS (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Bottom of range [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Interest rate on short-term deposits | 1.80% |
Top of range [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Interest rate on short-term deposits | 3.08% |
LONG-TERM INVESTMENT (Details)
LONG-TERM INVESTMENT (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of joint ventures [line items] | |||||
Net gain | $ 1,500 | ||||
I-Bridge Capital [Member] | |||||
Disclosure of joint ventures [line items] | |||||
Initial seed capital to joint venture | $ 1,000 | ||||
Cash consideration to joint venture | $ 1,500 | ||||
Net gain | $ 500 |
PROPERTY AND EQUIPMENT (Schedul
PROPERTY AND EQUIPMENT (Schedule of Composition of Property and Equipment and Related Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | $ 2,227 | ||
Balance at end of year | 1,816 | $ 2,227 | |
Cost [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 4,524 | 4,351 | $ 4,013 |
Additions during year | 67 | 173 | 338 |
Deletions during year | |||
Balance at end of year | 4,591 | 4,524 | 4,351 |
Cost [Member] | Office furniture and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 200 | 200 | 198 |
Additions during year | 7 | 2 | |
Deletions during year | |||
Balance at end of year | 207 | 200 | 200 |
Cost [Member] | Computers and communications equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 764 | 755 | 489 |
Additions during year | 31 | 9 | 266 |
Deletions during year | |||
Balance at end of year | 795 | 764 | 755 |
Cost [Member] | Laboratory equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 1,532 | 1,368 | 1,298 |
Additions during year | 29 | 164 | 70 |
Deletions during year | |||
Balance at end of year | 1,561 | 1,532 | 1,368 |
Cost [Member] | Leasehold improvements [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 2,028 | 2,028 | 2,028 |
Additions during year | |||
Deletions during year | |||
Balance at end of year | 2,028 | 2,028 | 2,028 |
Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 2,297 | 1,846 | 1,408 |
Additions during year | 478 | 451 | 438 |
Deletions during year | |||
Balance at end of year | 2,775 | 2,297 | 1,846 |
Accumulated depreciation [member] | Office furniture and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 82 | 60 | 25 |
Additions during year | 13 | 22 | 35 |
Deletions during year | |||
Balance at end of year | 95 | 82 | 60 |
Accumulated depreciation [member] | Computers and communications equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 498 | 438 | 408 |
Additions during year | 63 | 60 | 30 |
Deletions during year | |||
Balance at end of year | 561 | 498 | 438 |
Accumulated depreciation [member] | Laboratory equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 982 | 829 | 670 |
Additions during year | 185 | 153 | 159 |
Deletions during year | |||
Balance at end of year | 1,167 | 982 | 829 |
Accumulated depreciation [member] | Leasehold improvements [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 735 | 519 | 305 |
Additions during year | 217 | 216 | 214 |
Deletions during year | |||
Balance at end of year | 952 | 735 | 519 |
Net book value [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 2,227 | 2,505 | 2,605 |
Balance at end of year | 1,816 | 2,227 | 2,505 |
Net book value [Member] | Office furniture and equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 118 | 140 | 173 |
Balance at end of year | 112 | 118 | 140 |
Net book value [Member] | Computers and communications equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 266 | 317 | 81 |
Balance at end of year | 234 | 266 | 317 |
Net book value [Member] | Laboratory equipment [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 550 | 539 | 628 |
Balance at end of year | 394 | 550 | 539 |
Net book value [Member] | Leasehold improvements [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Balance at beginning year | 1,293 | 1,509 | 1,723 |
Balance at end of year | $ 1,076 | $ 1,293 | $ 1,509 |
INTANGIBLE ASSETS (Schedule of
INTANGIBLE ASSETS (Schedule of Intangible Assets) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | $ 21,972 | ||
Balance at end of year | 21,891 | $ 21,972 | |
Net book value [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 21,972 | 7,023 | $ 181 |
Balance at end of year | 21,891 | 21,972 | 7,023 |
Net book value [Member] | Intellectual property [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 21,800 | 6,800 | 97 |
Balance at end of year | 21,800 | 21,800 | 6,800 |
Net book value [Member] | Computer software [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 172 | 223 | 84 |
Balance at end of year | 91 | 172 | 223 |
Cost [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 22,506 | 7,463 | 578 |
Additions during year | 6 | 15,043 | 6,885 |
Deletions during year | |||
Balance at end of year | 22,512 | 22,506 | 7,463 |
Cost [Member] | Intellectual property [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 21,896 | 6,896 | 193 |
Additions during year | 15,000 | 6,703 | |
Deletions during year | |||
Balance at end of year | 21,896 | 21,896 | 6,896 |
Cost [Member] | Computer software [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 610 | 567 | 385 |
Additions during year | 6 | 43 | 182 |
Deletions during year | |||
Balance at end of year | 616 | 610 | 567 |
Accumulated depreciation and impairmentt [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 534 | 440 | 397 |
Additions during year | 87 | 94 | 43 |
Deletions during year | |||
Balance at end of year | 621 | 534 | 440 |
Accumulated depreciation and impairmentt [Member] | Intellectual property [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 96 | 96 | 96 |
Additions during year | |||
Deletions during year | |||
Balance at end of year | 96 | 96 | 96 |
Accumulated depreciation and impairmentt [Member] | Computer software [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Balance at beginning year | 438 | 344 | 301 |
Additions during year | 87 | 94 | 43 |
Deletions during year | |||
Balance at end of year | $ 525 | $ 438 | $ 344 |
LEASES (Narrative) (Details)
LEASES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Presentation of leases for lessee [abstract] | |
Lease agreement monthly fee | $ 23,000 |
Additional extension period | 5 years |
Percentage Increase preceding lease payment amount | 5.00% |
Lease Period | 3 years |
Annual Lease fee | $ 241,000 |
Building maintenance charges | $ 7,000 |
LEASES (Schedule of Right-of-us
LEASES (Schedule of Right-of-use assets) (Details) | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning year | |
Balance at end of year | 1,650,000 |
Net book value [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning year | |
Balance at end of year | 1,650 |
Net book value [Member] | Property [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning year | |
Balance at end of year | 1,417 |
Net book value [Member] | Motor vehicles [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning year | |
Balance at end of year | 233 |
Cost [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning year | 1,878 |
Additions during year | 172 |
Deletions during year | (65) |
Balance at end of year | 1,985 |
Cost [Member] | Property [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning year | 1,552 |
Additions during year | |
Deletions during year | |
Balance at end of year | 1,552 |
Cost [Member] | Motor vehicles [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning year | 326 |
Additions during year | 172 |
Deletions during year | (65) |
Balance at end of year | 433 |
Accumulated depreciation [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning year | |
Additions during year | 375 |
Deletions during year | (40) |
Balance at end of year | 335 |
Accumulated depreciation [member] | Property [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning year | |
Additions during year | 135 |
Deletions during year | |
Balance at end of year | 135 |
Accumulated depreciation [member] | Motor vehicles [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balance at beginning year | |
Additions during year | 240 |
Deletions during year | (40) |
Balance at end of year | $ 200 |
LEASES (Schedule of Lease Liabi
LEASES (Schedule of Lease Liabilities) (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
DisclosureOfQuantitativeInformationAboutLeaseLiabilitiesLineItems [Line Items] | |
Balance at beginning year | $ 1,878 |
Additions during year | 172 |
Deletions during year | (25) |
Interest expense during year | 330 |
Exchange differences during year | 154 |
Payments during year | (545) |
Balance at end of year | 1,964 |
Property [member] | |
DisclosureOfQuantitativeInformationAboutLeaseLiabilitiesLineItems [Line Items] | |
Balance at beginning year | 1,552 |
Additions during year | |
Deletions during year | |
Interest expense during year | 257 |
Exchange differences during year | 127 |
Payments during year | (272) |
Balance at end of year | 1,664 |
Motor vehicles [member] | |
DisclosureOfQuantitativeInformationAboutLeaseLiabilitiesLineItems [Line Items] | |
Balance at beginning year | 326 |
Additions during year | 172 |
Deletions during year | (25) |
Interest expense during year | 73 |
Exchange differences during year | 27 |
Payments during year | (273) |
Balance at end of year | $ 300 |
LEASES (Schedule of Composition
LEASES (Schedule of Composition of Lease Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Composition of lease liabilities: | ||
Current lease liabilities | $ 202 | |
Non-current lease liabilities | 1,762 | |
Total lease liabilities | 1,964 | 1,878 |
Property [member] | ||
Composition of lease liabilities: | ||
Current lease liabilities | 53 | |
Non-current lease liabilities | 1,611 | |
Total lease liabilities | 1,664 | 1,552 |
Motor vehicles [member] | ||
Composition of lease liabilities: | ||
Current lease liabilities | 149 | |
Non-current lease liabilities | 151 | |
Total lease liabilities | $ 300 | $ 326 |
LEASES (Schedule of Minimum Fut
LEASES (Schedule of Minimum Future Rental Payments) (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Statement Line Items [Line Items] | |
Minimum future rental payments | $ 3,473 |
Property [member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | 3,098 |
Motor vehicles [member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | 375 |
2020 [Member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | 486 |
2020 [Member] | Property [member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | 287 |
2020 [Member] | Motor vehicles [member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | 199 |
2021 [Member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | 400 |
2021 [Member] | Property [member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | 296 |
2021 [Member] | Motor vehicles [member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | 104 |
2022 [Member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | 368 |
2022 [Member] | Property [member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | 296 |
2022 [Member] | Motor vehicles [member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | 72 |
2023 [Member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | 296 |
2023 [Member] | Property [member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | 296 |
2023 [Member] | Motor vehicles [member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | |
2024 [Member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | 296 |
2024 [Member] | Property [member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | 296 |
2024 [Member] | Motor vehicles [member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | |
2025-2030 [Member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | 1,627 |
2025-2030 [Member] | Property [member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments | 1,627 |
2025-2030 [Member] | Motor vehicles [member] | |
Statement Line Items [Line Items] | |
Minimum future rental payments |
LONG-TERM LOANS (Narrative) (De
LONG-TERM LOANS (Narrative) (Details) | Dec. 31, 2019 |
Disclosure of detailed information about borrowings [abstract] | |
Interest rate on long term bank loan | 3.75% |
LONG-TERM LOANS (Schedule of Co
LONG-TERM LOANS (Schedule of Composition of Long-Term Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [line items] | ||
Loan | $ 8,491 | $ 8,733 |
Less current maturities | (2,692) | (895) |
Long-term bank loan, net of current maturities | 5,799 | 7,838 |
Bank Loan [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan | 63 | 156 |
Less current maturities | (63) | (93) |
Loan from Kreos Capital [Member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Loan | 8,428 | 8,577 |
Less current maturities | $ (2,629) | $ (802) |
LONG-TERM LOANS (Schedule of Fu
LONG-TERM LOANS (Schedule of Future Repayments of Long-Term Loans) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about borrowings [abstract] | ||
2021 | $ 3,058 | |
2022 | 2,741 | |
Future repayments of long-term loan | $ 5,799 | $ 7,838 |
EQUITY (Narrative) (Details)
EQUITY (Narrative) (Details) | 1 Months Ended | 12 Months Ended | 63 Months Ended | 165 Months Ended | |||||||||||||
Feb. 28, 2019USD ($)$ / sharesshares | Oct. 31, 2018$ / sharesshares | Jul. 31, 2017USD ($)$ / sharesshares | Apr. 30, 2017USD ($)$ / sharesshares | May 30, 2014USD ($) | Dec. 31, 2019USD ($)shares$ / shares | Dec. 31, 2019USD ($)shares₪ / shares | Dec. 31, 2018USD ($)shares$ / shares | Dec. 31, 2018USD ($)shares₪ / shares | Dec. 31, 2017USD ($)shares$ / shares | Dec. 31, 2017shares₪ / shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016$ / sharesshares | Mar. 31, 2019shares | Oct. 31, 2017USD ($) | Dec. 31, 2015shares | Nov. 30, 2014shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Underwritten public offering | shares | 1,866,667 | 2,254,902 | |||||||||||||||
Public offering price | $ / shares | $ 8.25 | $ 12.75 | |||||||||||||||
Proceeds from public offering, gross | $ 15,400,000 | $ 28,800,000 | |||||||||||||||
Proceeds from public offering, net | $ 14,100,000 | $ 26,200,000 | |||||||||||||||
Issuance expense | $ 417,000 | $ 90,000 | $ 133,000 | ||||||||||||||
Gross proceeds | $ 20,297,000 | $ 3,830,000 | $ 38,773,000 | ||||||||||||||
Remaining authorized unissued ordinary shares | shares | 2,600,000 | 2,600,000 | 23,800,000 | ||||||||||||||
Option outstanding | shares | 19,358,913 | 19,358,913 | 11,459,697 | 11,459,697 | 10,651,097 | 10,651,097 | 10,651,097 | ||||||||||
Weighted average contractual life | 8 years 7 months 6 days | 7 years 6 months | 7 years 8 months 12 days | ||||||||||||||
Risk-free interest rate (%) | 3.00% | 3.00% | 2.00% | ||||||||||||||
Average standard deviation | 63.00% | 61.00% | 63.00% | ||||||||||||||
Remaining unrecognized deferred compensation expense | $ 3,100,000 | ||||||||||||||||
BTIG, LLC [Member] | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Share purchase agreement, shares | shares | 1,884,189 | 1,884,189 | |||||||||||||||
Gross proceeds | $ 11,500,000 | ||||||||||||||||
Net proceeds from transaction | 6,200,000 | ||||||||||||||||
Available balance under the facility | $ 18,500,000 | ||||||||||||||||
Sale of stock | shares | 2,246,802 | ||||||||||||||||
Aggregate offering price | $ 30,000,000 | ||||||||||||||||
Percentage of commission on sales agreement | 3.00% | ||||||||||||||||
2003 Plan [Member] | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Ordinary shares, issued | shares | 19,878,913 | 19,878,913 | |||||||||||||||
Remaining authorized unissued ordinary shares | shares | 5,200,000 | 5,200,000 | 5,200,000 | 9,000,000 | 5,000,000 | 1,600,000 | |||||||||||
Performance Shares Unit [Member] | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Option outstanding | shares | 2,225,704 | 2,225,704 | 1,163,018 | 1,163,018 | 1,178,128 | 1,178,128 | 1,178,128 | ||||||||||
Weighted average exercise price | ₪ / shares | ₪ 0.10 | ₪ 0.10 | ₪ 0.10 | ||||||||||||||
Warrant [Member] | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Change in fair value | $ 52,000 | $ 1,200,000 | $ 100,000 | ||||||||||||||
Risk-free interest rate (%) | 1.66% | 1.59% | 2.47% | ||||||||||||||
Average standard deviation | 57.80% | 80.50% | 55.30% | ||||||||||||||
Warrant [Member] | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Exercise price of shares issued | $ / shares | $ 11.25 | ||||||||||||||||
Change in fair value | $ 5,000,000 | ||||||||||||||||
Exercisable term of warrant | 5 Years | ||||||||||||||||
Issuance expense | $ 400,000 | ||||||||||||||||
Fair value of the warrants | $ 658,000 | ₪ 658,000 | |||||||||||||||
BVF Partners L.P. [Member] | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Shares issued to purchase warrant | shares | 566,372 | ||||||||||||||||
Gross proceeds | $ 9,600,000 | ||||||||||||||||
Net proceeds from transaction | $ 9,500,000 | ||||||||||||||||
BVF Partners L.P. [Member] | Series A [Member] | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Shares issued to purchase warrant | shares | 198,230 | ||||||||||||||||
Exercise price of shares issued | $ / shares | $ 30 | ||||||||||||||||
Exercisable term of warrant | 4 Years | ||||||||||||||||
BVF Partners L.P. [Member] | Series B [Member] | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Shares issued to purchase warrant | shares | 198,230 | ||||||||||||||||
Exercise price of shares issued | $ / shares | $ 60 | ||||||||||||||||
Exercisable term of warrant | 4 Years | ||||||||||||||||
BVF Partners L.P. [Member] | Warrant [Member] | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Fair value of the warrants | $ 55,000 | ₪ 55,000 | |||||||||||||||
Direct Placement [Member] | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Change in fair value | $ 1,100,000 | ||||||||||||||||
Lincoln Park Capital Fund [Member] | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Share purchase agreement | $ 20,000,000 | ||||||||||||||||
Purchase agreement period | 36 months | ||||||||||||||||
Share issued as additional commitment fee | shares | 10,000 | 9,251 | |||||||||||||||
Commitment fee | $ 300,000 | $ 140,000 | |||||||||||||||
Additional commitment fee | $ 500,000 | ||||||||||||||||
Gross proceeds | $ 7,000,000 | ||||||||||||||||
Sale of stock | shares | 370,040 | ||||||||||||||||
Consultants [Member] | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Ordinary shares, issued | shares | 225,000 | 225,000 | 35,000 | 35,000 | 105,000 | 105,000 | 105,000 | 231,523 | |||||||||
Weighted average exercise price | $ / shares | $ 0.90 | $ 3.48 | $ 4.06 | $ 10.23 | |||||||||||||
Option vested and exercised | The options to consultants generally vest over four years and may be exercised for periods of between five and ten years. | ||||||||||||||||
Option outstanding | shares | 520,000 | 520,000 | |||||||||||||||
Weighted average exercise price | $ / shares | $ 2.83 | ||||||||||||||||
Weighted average contractual life | 8 years 29 days | ||||||||||||||||
BioLineRx [Member] | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Commitment fee | $ 50,000 | ||||||||||||||||
Additional commitment fee | $ 200,000 | ||||||||||||||||
Percentage of commission on sales agreement | 2.00% | 2.00% | |||||||||||||||
Loan Agreement With Kreos Capital [Member] | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Shares issued to purchase warrant | shares | 63,837 | ||||||||||||||||
Exercise price of shares issued | $ / shares | $ 14.10 | ||||||||||||||||
Loan Agreement With Kreos Capital [Member] | Warrant [Member] | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Change in fair value | $ 4,400,000 | ||||||||||||||||
Loan Agreement With Kreos Capital [Member] | Warrant [Member] | |||||||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||||||||
Fair value of the warrants | $ 592,000 | ₪ 592,000 | |||||||||||||||
Risk-free interest rate (%) | 2.50% | 1.70% | |||||||||||||||
Average standard deviation | 62.80% | 64.20% |
EQUITY (Schedule of Share Capit
EQUITY (Schedule of Share Capital) (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2019USD ($)shares | Dec. 31, 2019ILS (₪)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2018ILS (₪)shares |
Number of Ordinary Shares | ||||
Authorized share capital | shares | 500,000,000 | 500,000,000 | 250,000,000 | 250,000,000 |
Issued and paid-up share capital | shares | 171,269,528 | 171,269,528 | 114,933,144 | 114,933,144 |
Issued and paid-up share capital | $ | $ 4,691,734 | $ 3,109,746 | ||
NIS [Member] | ||||
Number of Ordinary Shares | ||||
Authorized share capital | ₪ | ₪ 50,000,000 | ₪ 25,000,000 | ||
Issued and paid-up share capital | ₪ | ₪ 17,126,953 | ₪ 11,493,314 |
EQUITY (Schedule of Amounts Out
EQUITY (Schedule of Amounts Outstanding Under Employee Share Incentive Plan) (Details) | 12 Months Ended | |||||
Dec. 31, 2019shares₪ / shares | Dec. 31, 2018shares₪ / shares | Dec. 31, 2017shares₪ / shares | ||||
Number of options | ||||||
Outstanding at beginning of year | 11,459,697 | 10,651,097 | ||||
Outstanding at end of year | 19,358,913 | 11,459,697 | 10,651,097 | |||
Employees and Directors [Member] | ||||||
Number of options | ||||||
Outstanding at beginning of year | 11,459,697 | [1] | 10,651,097 | [1] | 4,557,927 | |
Granted | 11,057,600 | 2,853,080 | 7,292,560 | |||
Forfeited and expired | (3,084,834) | (1,649,090) | (1,164,961) | |||
Exercised | (73,550) | (395,390) | (34,429) | |||
Outstanding at end of year | [1] | 19,358,913 | 11,459,697 | 10,651,097 | ||
Exercisable at end of year | 5,353,089 | 4,489,816 | 2,356,948 | |||
Weighted average exercise price (in NIS) | ||||||
Outstanding at beginning of year | ₪ / shares | ₪ 4.2 | [1] | ₪ 4.4 | [1] | ₪ 6.5 | |
Granted | ₪ / shares | 1.3 | 2.8 | 3.5 | |||
Forfeited and expired | ₪ / shares | 3.9 | 4 | 6.5 | |||
Exercised | ₪ / shares | 0.1 | 0.4 | 0.2 | |||
Outstanding at end of year | ₪ / shares | [1] | 2.6 | 4.2 | 4.4 | ||
Exercisable at end of year | ₪ / shares | ₪ 5.1 | ₪ 5.9 | ₪ 7.6 | |||
[1] | As of the December 31, 2017, 2018 and 2019, includes 1,178,128, 1,163,018 and 2,225,704 PSUs at an exercise price of 0.10 NIS (par value of ordinary shares), for which performance obligations have not been met. |
EQUITY (Schedule of Options Out
EQUITY (Schedule of Options Outstanding by Exercise Price Range) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options outstanding | 19,358,913 | 11,459,697 | 10,651,097 |
Weighted average remaining contractual (in Yrs.) | 8 years 7 months 6 days | 7 years 6 months | 7 years 8 months 12 days |
Up to 2.00 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options outstanding | 11,676,900 | 1,416,176 | 1,472,702 |
Weighted average remaining contractual (in Yrs.) | 9 years 10 months 25 days | 8 years 9 months 18 days | 3 years 6 months |
2.01-5.00 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options outstanding | 6,341,033 | 8,215,166 | 7,169,770 |
Weighted average remaining contractual (in Yrs.) | 7 years 3 months 19 days | 8 years 1 month 6 days | 9 years 3 months 19 days |
5.01-10.00 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options outstanding | 822,300 | 1,089,875 | 1,213,225 |
Weighted average remaining contractual (in Yrs.) | 3 years 10 months 25 days | 4 years 3 months 19 days | 5 years 10 months 25 days |
10.01-20.00 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of options outstanding | 518,680 | 738,480 | 795,400 |
Weighted average remaining contractual (in Yrs.) | 3 years 2 months 12 days | 3 years 3 months 19 days | 4 years 8 months 12 days |
EQUITY (Schedule of Assumptions
EQUITY (Schedule of Assumptions Used to Value Options) (Details) - yr | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of classes of share capital [abstract] | |||
Expected dividend yield (%) | 0.00% | 0.00% | 0.00% |
Expected volatility (%) | 63.00% | 61.00% | 63.00% |
Risk-free interest rate (%) | 3.00% | 3.00% | 2.00% |
Expected life of options (in years) | 6 | 6 | 6 |
TAXES ON INCOME (Narrative) (De
TAXES ON INCOME (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of non-adjusting events after reporting period [line items] | |||
Corporate tax rate | 23.00% | 23.00% | 24.00% |
Withholding income tax rate | 20.00% | ||
Tax loss carryforwards | $ 245 | ||
Changes in tax rates or tax laws enacted or announced [Member] | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Uniform tax rate | 16.00% |
TAXES ON INCOME (Schedule of Re
TAXES ON INCOME (Schedule of Reconciliation of Weighted Average Tax Rate Applicable to Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of taxes on income [Abstract] | |||
Loss before taxes (Percentage) | 23.00% | 23.00% | 24.00% |
Loss before taxes | $ (25,446) | $ (22,962) | $ (24,352) |
Theoretical tax benefit | (5,853) | (5,281) | (5,962) |
Disallowed deductions (tax exempt income): | |||
Loss (gain) on adjustment of warrants to fair value | (1,054) | (401) | 30 |
Share-based compensation | 405 | 581 | 369 |
Other | 10 | 10 | 21 |
Increase in taxes for tax losses and timing differences incurred in the reporting year for which deferred taxes were not created | 6,492 | 5,091 | 5,542 |
Taxes on income for the reported year |
LOSS PER SHARE (Schedule of Bas
LOSS PER SHARE (Schedule of Basic Loss Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share [abstract] | |||
Loss attributed to ordinary shares | $ (25,446) | $ (22,962) | $ (24,352) |
Number of shares used in basic calculation | 146,407,055 | 108,595,702 | 89,970,713 |
Basic and diluted loss per ordinary share | $ (0.17) | $ (0.21) | $ (0.27) |
COMMITMENTS AND CONTINGENT LI_2
COMMITMENTS AND CONTINGENT LIABILITIES (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |
Royalties received percentage | 100.00% |
Contingent liability | $ 3,200 |
Bank guarantee amount for benefit of lessor | 100 |
Company's outstanding open purchase order commitments | $ 10,600 |
Bottom of range [Member] | |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |
Royalties on sale | 3.00% |
Percentage of net consideration received from the licensee | 20.00% |
Top of range [Member] | |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |
Royalties on sale | 5.00% |
Percentage of net consideration received from the licensee | 29.50% |
First three years [Member] | |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |
Royalties received percentage | 3.00% |
Three subsequent years [Member] | |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |
Royalties received percentage | 4.00% |
Seventh year [Member] | |
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items] | |
Royalties received percentage | 5.00% |
TRANSACTIONS AND BALANCES WIT_3
TRANSACTIONS AND BALANCES WITH RELATED PARTIES (Schedule of Transactions With Related Parties) (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Senior Management [Member] | |||
Benefits to related parties: | |||
Compensation and benefits to management, including benefit component of equity instrument grants | $ 1,934 | $ 2,680 | $ 2,183 |
Number of individuals to which this benefit related | 4 | 6 | 6 |
Director [Member] | |||
Benefits to related parties: | |||
Compensation and benefits to management, including benefit component of equity instrument grants | $ 280 | $ 307 | $ 356 |
Number of individuals to which this benefit related | 7 | 7 | 7 |
TRANSACTIONS AND BALANCES WIT_4
TRANSACTIONS AND BALANCES WITH RELATED PARTIES (Schedule of Key Management Compensation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [abstract] | |||
Salaries and other short-term employee benefits | $ 1,415 | $ 1,669 | $ 1,808 |
Post-employment benefits | 115 | 137 | 136 |
Other long-term benefits | 31 | 35 | 34 |
Share-based compensation | 653 | 1,146 | 561 |
Benefits to key executive personnel | $ 2,214 | $ 2,987 | $ 2,539 |
SUPPLEMENTARY FINANCIAL STATE_3
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Other Receivables) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Supplementary Financial Statement Information Schedule Of General And Administrative Expense | ||
Government institutions | $ 612 | $ 1,337 |
Other | 1 | 2 |
Other receivables | $ 613 | $ 1,339 |
SUPPLEMENTARY FINANCIAL STATE_4
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Accounts Payable and Accruals) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts payable: | ||
Overseas | $ 5,178 | $ 3,273 |
In Israel | 2,616 | 1,220 |
Trade | 7,794 | 4,493 |
Other: | ||
Accrued expenses | 727 | 792 |
Accrual for vacation and recreation pay | 253 | 287 |
Payroll and related expenses | 293 | 270 |
Other | 7 | 14 |
Other | $ 1,280 | $ 1,363 |
SUPPLEMENTARY FINANCIAL STATE_5
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Research and Development Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplementary Financial Statement Information Schedule Of General And Administrative Expense | |||
Research and development services | $ 16,029 | $ 11,609 | $ 12,123 |
Payroll and related expenses | 4,977 | 5,704 | 5,097 |
Lab, occupancy and telephone | 782 | 993 | 920 |
Professional fees | 504 | 688 | 662 |
Depreciation and amortization | 862 | 424 | 452 |
Other | 284 | 390 | 256 |
Research and development expenses | $ 23,438 | $ 19,808 | $ 19,510 |
SUPPLEMENTARY FINANCIAL STATE_6
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Sales and Marketing Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplementary Financial Statement Information Schedule Of General And Administrative Expense | |||
Payroll and related expenses | $ 503 | $ 973 | $ 817 |
Marketing | 296 | 291 | 797 |
Overseas travel | 58 | 98 | 79 |
Sales and marketing expenses | $ 857 | $ 1,362 | $ 1,693 |
SUPPLEMENTARY FINANCIAL STATE_7
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of General and Administrative Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplementary Financial Statement Information Schedule Of General And Administrative Expense | |||
Payroll and related expenses | $ 1,881 | $ 2,510 | $ 2,060 |
Professional fees | 1,193 | 1,142 | 1,298 |
Insurance | 298 | 221 | 210 |
Depreciation | 78 | 27 | 29 |
Other | 366 | 535 | 440 |
General and administrative expenses | $ 3,816 | $ 4,435 | $ 4,037 |
SUPPLEMENTARY FINANCIAL STATE_8
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Non-Operating Income (Expenses), Net) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplementary Financial Statement Information Schedule Of General And Administrative Expense | |||
Issuance costs | $ (417) | $ (90) | $ (133) |
Changes in fair value of warrants | 4,634 | 1,743 | (127) |
Gain from realization of long-term investment | 500 | ||
Other | (52) | 244 | |
Non-operating income, net | $ 4,165 | $ 2,397 | $ (260) |
SUPPLEMENTARY FINANCIAL STATE_9
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Financial Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplementary Financial Statement Information Schedule Of General And Administrative Expense | |||
Interest income and exchange differences | $ 777 | $ 719 | $ 824 |
Gain on foreign currency hedging | 345 | ||
Financial income | $ 777 | $ 719 | $ 1,169 |
SUPPLEMENTARY FINANCIAL STAT_10
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Financial Expenses) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Supplementary Financial Statement Information Schedule Of General And Administrative Expense | |||
Interest expense | $ 1,829 | $ 290 | |
Exchange differences | 424 | 162 | |
Bank commissions | 24 | 21 | 21 |
Financial expenses | $ 2,277 | $ 473 | $ 21 |
AGALIMMUNE ACQUISITION (Details
AGALIMMUNE ACQUISITION (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Mar. 31, 2017 |
Disclosure of detailed information about business combination [line items] | ||
Total costs associated with bringing assets | $ 0.7 | |
Total increase in intangibles | $ 6.7 | |
Agalimmune Ltd. [Member] | ||
Disclosure of detailed information about business combination [line items] | ||
Initial consideration | $ 6 | |
Cash consideration | $ 3 |
AMENDMENT TO BL-8040 LICENSE _2
AMENDMENT TO BL-8040 LICENSE AND LONG-TERM LOAN (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Oct. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about business combination [line items] | ||||
Borrowings | $ 8,491 | $ 8,733 | ||
Risk-free interest rate | 3.00% | 3.00% | 2.00% | |
Average standard deviation | 63.00% | 61.00% | 63.00% | |
Warrant [Member] | ||||
Disclosure of detailed information about business combination [line items] | ||||
Fair value of warrant | $ 63 | $ 269 | ||
Loan from Kreos Capital [Member] | ||||
Disclosure of detailed information about business combination [line items] | ||||
Borrowings | $ 8,428 | $ 8,577 | ||
Biokine Therapeutics Ltd [Member] | ||||
Disclosure of detailed information about business combination [line items] | ||||
Cash payment | $ 10,000 | |||
Issuance of ADS, value | 5,000 | |||
Amount of payment in futrue milestone | 5,000 | |||
Number of warrant purchase | 63,837 | |||
Exercise of price per ADS | $ 14.10 | |||
Fair value of warrant | $ 861 | |||
Risk-free interest rate | 3.05% | 1.87% | ||
Average standard deviation | 69.10% | 71.80% | ||
Non-operating income | $ 206 | |||
Issuance of stock | 332,005 | |||
Biokine Therapeutics Ltd [Member] | Loan from Kreos Capital [Member] | ||||
Disclosure of detailed information about business combination [line items] | ||||
Borrowings | $ 10,000 | |||
Interest rate | 9.50% | |||
Biokine Therapeutics Ltd [Member] | Bottom of range [Member] | ||||
Disclosure of detailed information about business combination [line items] | ||||
Percentage of Reduce payment owed on sublicense receipts | 20.00% | |||
Biokine Therapeutics Ltd [Member] | Top of range [Member] | ||||
Disclosure of detailed information about business combination [line items] | ||||
Percentage of Reduce payment owed on sublicense receipts | 40.00% |