Cover
Cover | 12 Months Ended |
Dec. 31, 2023 shares | |
Entity Addresses [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Document Period End Date | Dec. 31, 2023 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2023 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 001-35165 |
Entity Registrant Name | BrainsWay Ltd. |
Entity Central Index Key | 0001505065 |
Entity Incorporation, State or Country Code | L3 |
Entity Address, Address Line One | 19 Hartum Street |
Entity Address, Address Line Two | Bynet Building |
Entity Address, Address Line Three | 3rd Floor |
Entity Address, Address Line Four | Har HaHotzvim |
Entity Address, City or Town | Jerusalem |
Entity Address, Country | IL |
Entity Address, Postal Zip Code | 9777518 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Elected Not To Use the Extended Transition Period | false |
Document Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 33,242,189 |
ICFR Auditor Attestation Flag | false |
Document Financial Statement Error Correction Flag | false |
Auditor Firm ID | 1281 |
Auditor Name | KOST FORER GABBAY & KASIERER |
Auditor Name | Tel-Aviv, Israel |
American Depositary Shares Each Representing Two Ordinary Shares [Member] | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | American Depositary Shares each representing two Ordinary Shares (1) |
Trading Symbol | BWAY |
Security Exchange Name | NASDAQ |
Ordinary Shares, par value NIS 0.04 per share [Member] | |
Entity Addresses [Line Items] | |
Title of 12(b) Security | Ordinary Shares, par value NIS 0.04 per share |
Trading Symbol | BWAY |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Entity Address, Address Line One | 19 Hartum Street |
Entity Address, Address Line Two | Bynet Building |
Entity Address, Address Line Three | 3rd Floor |
Entity Address, Address Line Four | Har HaHotzvim |
Entity Address, City or Town | Jerusalem |
Entity Address, Country | IL |
Entity Address, Postal Zip Code | 9777518 |
City Area Code | 972 |
Local Phone Number | 2-582-4030 |
Contact Personnel Name | Ido Marom |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 10,520 | $ 47,581 |
Restricted cash | 271 | 271 |
Short-term deposits | 35,465 | |
Trade receivables, net | 3,780 | 4,844 |
Inventory | 3,717 | 3,837 |
Other current assets | 1,712 | 1,556 |
Total current assets | 55,465 | 58,089 |
NON-CURRENT ASSETS: | ||
System components | 1,273 | 1,220 |
Leased systems, net | 3,700 | 3,118 |
Other property and equipment, net | 817 | 1,008 |
Other long-term assets | 1,717 | 1,042 |
Total non-current assets | 7,507 | 6,388 |
Total assets | 62,972 | 64,477 |
CURRENT LIABILITIES: | ||
Trade payables | 758 | 1,116 |
Deferred revenues | 2,504 | 1,477 |
Liability in respect of research and development grants | 1,008 | 1,057 |
Other accounts payable | 5,491 | 4,491 |
Total current liabilities | 9,761 | 8,141 |
NON-CURRENT LIABILITIES: | ||
Deferred revenues and other liabilities | 5,553 | 4,923 |
Liability in respect of research and development grants | 6,077 | 6,016 |
Total non-current liabilities | 11,630 | 10,939 |
EQUITY: | ||
Share capital | 367 | 364 |
Share premium | 140,344 | 138,146 |
Share-based payment reserve | 4,360 | 6,180 |
Currency Translation Adjustments | (2,188) | (2,188) |
Accumulated deficit | (101,302) | (97,105) |
Total equity | 41,581 | 45,397 |
Total equity and liabilities | $ 62,972 | $ 64,477 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Revenues | $ 31,785 | $ 27,177 | $ 29,657 |
Cost of revenues | 8,308 | 7,129 | 6,599 |
Gross profit | 23,477 | 20,048 | 23,058 |
Research and development expenses, net | 6,665 | 7,678 | 6,393 |
Selling and marketing expenses | 16,456 | 18,199 | 15,880 |
General and administrative expenses | 5,315 | 6,854 | 5,784 |
Total operating expenses | 28,436 | 32,731 | 28,057 |
Operating loss | 4,959 | 12,683 | 4,999 |
Finance income | 2,171 | 1,117 | 255 |
Finance expense | 1,158 | 1,468 | 1,675 |
Loss before income taxes | 3,946 | 13,034 | 6,419 |
Income taxes | 251 | 315 | 43 |
Net loss and total comprehensive loss | $ 4,197 | $ 13,349 | $ 6,462 |
CONSOLIDATED STATEMENTS OF CO_2
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Profit or loss [abstract] | |||
Basic net loss per share | $ (0.13) | $ (0.40) | $ (0.21) |
Diluted net loss per share | $ (0.13) | $ (0.40) | $ (0.21) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Issued capital [member] | Share premium [member] | Reserve for share-based payment [member] | Currency translation adjustments [member] | Retained earnings [member] | Total | |
Beginning balance, value at Dec. 31, 2020 | $ 233 | $ 95,135 | $ 3,748 | $ (2,188) | $ (77,294) | $ 19,634 | |
IfrsStatementLineItems [Line Items] | |||||||
Net loss and total comprehensive loss | (6,462) | (6,462) | |||||
Exercise of share options | 1 | 158 | (159) | ||||
Expiration of share options | 142 | (142) | |||||
Issuance of shares, net | [1] | 129 | 42,131 | 42,260 | |||
Cost of share-based payment | 1,893 | 1,893 | |||||
Ending balance, value at Dec. 31, 2021 | 363 | 137,566 | 5,340 | (2,188) | (83,756) | 57,325 | |
IfrsStatementLineItems [Line Items] | |||||||
Net loss and total comprehensive loss | (13,349) | (13,349) | |||||
Exercise of share options | 1 | 436 | (437) | ||||
Expiration of share options | 197 | (197) | |||||
Issuance of shares, net | (53) | (53) | |||||
Cost of share-based payment | 1,474 | 1,474 | |||||
Ending balance, value at Dec. 31, 2022 | 364 | 138,146 | 6,180 | (2,188) | (97,105) | 45,397 | |
IfrsStatementLineItems [Line Items] | |||||||
Net loss and total comprehensive loss | (4,197) | (4,197) | |||||
Exercise of share options | 3 | 798 | (801) | ||||
Expiration of share options | 1,400 | (1,400) | |||||
Cost of share-based payment | 381 | 381 | |||||
Ending balance, value at Dec. 31, 2023 | $ 367 | $ 140,344 | $ 4,360 | $ (2,188) | $ (101,302) | $ 41,581 | |
[1]Net of issuance expenses of $2,940 thousand. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Total comprehensive loss | $ (4,197) | $ (13,349) | $ (6,462) |
Adjustments to profit or loss items: | |||
Depreciation and amortization | 362 | 558 | 560 |
Depreciation of leased systems | 975 | 976 | 1,126 |
Impairment and disposal of inventory and system components | 1,447 | 816 | 1,295 |
Finance expenses (income), net | (1,013) | 351 | 1,420 |
Cost of share-based payment | 381 | 1,474 | 1,893 |
Income taxes | 251 | 315 | 43 |
Total adjustments to reconcile loss | 2,403 | 4,490 | 6,337 |
Changes in asset and liability items: | |||
Increase in inventory | (506) | (3,595) | |
Decrease (increase) in trade receivables | 1,089 | 1,456 | (849) |
Increase in other current assets | (312) | (403) | (1,226) |
Increase (decrease) in trade payables | (327) | 289 | |
Increase in other accounts payable | 62 | 298 | 815 |
Increase in deferred revenues and other liabilities | 1,629 | 790 | 2,039 |
Total changes in asset and liability | 1,635 | (1,454) | 1,068 |
Cash paid and received during the year for: | |||
Interest paid | (253) | (46) | (62) |
Interest received | 1,707 | 1,042 | 17 |
Income taxes paid | (11) | (443) | (14) |
Total cash paid and received during the year | 1,443 | 553 | (59) |
Net cash provided by (used in) operating activities | 1,284 | (9,760) | 884 |
Cash flows from investing activities: | |||
Proceeds from disposal (purchase) of property and equipment and system components, net | (2,387) | 1,936 | (2,238) |
Withdrawal of (investment in) short-term deposits, net | (35,000) | 40,254 | (40,000) |
Investment in long-term deposits, net | (22) | (21) | 22 |
Net cash used in investing activities | (37,409) | 42,169 | (42,216) |
Cash flows from financing activities: | |||
Receipt of government grants | 32 | 15 | 492 |
Repayment of liability in respect of research and development grants | (787) | (977) | (761) |
Repayment of lease liability | (271) | (533) | (475) |
Issuance of share capital, net | (52) | 42,260 | |
Net cash provided by (used in) financing activities | (1,026) | (1,547) | 41,516 |
Exchange rate differences on cash and cash equivalents | 90 | (202) | (224) |
Increase (decrease) in cash and cash equivalents | (37,061) | 30,660 | (40) |
Cash and cash equivalents at the beginning of the year | 47,581 | 16,921 | 16,961 |
Cash and cash equivalents at the end of the year | 10,520 | 47,581 | 16,921 |
(a) Significant non-cash transactions: | |||
Recognition of new lease liability and right-of-use | 308 | 301 | 587 |
Termination of lease liability and right of-use | $ (99) | $ (64) |
GENERAL
GENERAL | 12 Months Ended |
Dec. 31, 2023 | |
General | |
GENERAL | NOTE 1: GENERAL a. A general description of the Company and its activity: BrainsWay is a leader in advanced non-invasive neurostimulation treatments for mental health disorders. The Company is advancing neuroscience with its proprietary Deep Transcranial Magnetic Stimulation (Deep TMS™) platform technology to improve health and transform lives. The Company has obtained from the U.S. Food and Drug Administration (FDA) three cleared indications backed by pivotal studies demonstrating clinically proven efficacy. Current indications include MDD (Major Depressive Disorder), obsessive- compulsive disorder (OCD), and smoking addiction. The Company received its first commercial Deep TMS product received clearance from the FDA in 2013, for the treatment of MDD in adult patients who have failed to achieve satisfactory improvement from anti-depressant medication. In April 2021, the Company received FDA clearance for a shorter innovative MDD treatment and in August 2021, the Company received an additional clearance from the FDA for expansion of the existing MDD clearance to include the non-invasive treatment of anxiety symptoms. The Company received de novo BrainsWay Ltd. (the “Company”) and its wholly owned subsidiaries, BrainsWay, Inc. (“Inc”), Brain R&D Services Ltd. (“Brain R&D”), BrainsWay USA Inc (“USA Inc”), collectively (the “Group”) derive revenues from the sale and lease of its systems. In 2022, the Company extended its FDA clearance for MDD (including anxious depression) to our H7 Coil, also via the 510(k) process. b. The Company has an operating loss of $ 4,197 c. The financial statements of the Company as of December 31, 2023 and 2022 and for each of the three years in the period ended December 31, 2023 were authorized for issuance in accordance with a resolution of the board of directors on March 28, 2024. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
ACCOUNTING POLICIES | NOTE 2: ACCOUNTING POLICIES The following accounting policies have been applied consistently in the financial statements for all periods presented, unless otherwise stated. a. Basis of presentation of the financial statements These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. The Company’s financial statements have been prepared on a cost basis, except for certain financial instruments which are presented at fair value through profit or loss. The Company has elected to present the profit or loss items using the function of expense method. b. Functional currency, presentation currency and foreign currency 1. Functional currency and presentation currency: The functional currency is the currency that best reflects the economic environment in which the Company operates and conducts its transactions, is separately determined for each Group entity and is used to measure its financial position and operating results. The Group determines the functional currency of each Group entity. The Company’s functional and presentation currency is the US Dollar for all reported periods and subsidiaries. 2. Transactions, assets and liabilities in foreign currency: Transactions denominated in foreign currency are recorded upon initial recognition at the exchange rate at the date of the transaction. After initial recognition, monetary assets and liabilities denominated in foreign currency are translated at each reporting date into the functional currency at the exchange rate at that date. Exchange rate differences, other than those capitalized to qualifying assets or accounted for as hedging transactions in equity, are recognized in profit or loss. Non-monetary assets and liabilities denominated in foreign currency and measured at cost are translated at the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currency and measured at fair value are translated into the functional currency using the exchange rate prevailing at the date when the fair value was determined. c. Inventories Inventories are measured at the lower of cost and net realizable value. The cost of inventories comprises costs of purchase and costs incurred in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less estimated costs of completion and estimated costs necessary to make the sale. The Company periodically evaluates the condition and age of inventories and makes provisions for slow moving inventories accordingly. Furthermore, inventory classified as short-term for sale or consumption, while inventory to be converted into fixed assets in the future for internal use or leasing to customers, is classified as system component as a long-term asset. These classifications are determined according to management's estimates for the use of inventory in the foreseen future. Cost of inventories is determined as follows: Raw materials - at cost of purchase using the weighted average cost method Work in progress and finished goods - on the basis of average costs including materials, labor and other direct and indirect manufacturing costs based on normal capacity. Furthermore, inventory classified as short-term for sale or consumption, while inventory to be converted into fixed assets in the future for internal use or leasing to customers, is classified as system component as a long-term asset. These classifications are determined according to management's estimates for the use of inventory in the foreseen future. d. Revenue recognition Revenue from contracts with customers is recognized when the control over the goods or services is transferred to the customer. The transaction price is the amount of the consideration that is expected to be received based on the contract terms, excluding amounts collected on behalf of third parties (such as taxes). In determining the amount of revenue from contracts with customers, the Company evaluates whether it is a principal or an agent in the arrangement. The Company is a principal when the Company controls the promised goods or services before transferring them to the customer. In these circumstances, the Company recognizes revenue for the gross amount of the consideration. When the Company is an agent, it recognizes revenue for the net amount of the consideration, after deducting the amount due to the principal. The Company primarily generates revenue from two major streams: (a) sale of systems and related services and (b) lease of systems. Revenues from sale of systems and related services: Revenue from sale of systems is recognized at the point in time when control of the system is transferred to the customer, generally upon shipment of the system to the customer. Revenue from rendering of extended warranty services is recognized over time, during the period the customer simultaneously receives and consumes the benefits provided by the Company’s performance. The Company charges its customers based on payment terms agreed upon in specific agreements. When payments are made before or after the service is performed, the Company recognizes the resulting contract asset or liability. Revenue from operating leases: A lease in which substantially all the risks and rewards incidental to ownership of the leased asset have not been transferred to the lessee is classified as an operating lease. Lease payments are recognized as income in profit or loss on a straight-line basis over the lease term. Initial direct costs incurred in respect of the lease agreement are added to the carrying amount of the underlying asset and recognized as an expense over the lease term on the same basis as the lease income. Costs of obtaining a contract: In order to obtain certain contracts with customers, the Company incurs incremental costs in obtaining the contract (such as sales commissions which are contingent on making binding sales). Since revenue from sale of goods is recognized in profit or loss at the point in time when the control of the goods is transferred to the customer, the costs of obtaining a contract are recognized as an expense when incurred. Contract liabilities: A contract liability, presented as deferred revenues, is the obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. Deferred revenue will be recognized as revenue in profit and loss when the work is performed. The Company elected to apply the practical expedient in IFRS 15 and does not provide disclosure of the remaining unsatisfied performance obligations with respect to contracts that have a term of up to one year. Allocating the transaction price: For contracts that consist of more than one performance obligation at contract inception, the Company allocates the contract transaction price to each performance obligation identified in the contract on a relative stand-alone selling price basis. The stand-alone selling price is the price at which the Company would sell the promised goods or services separately to a customer. e. Government grants Government grants are recognized when there is reasonable assurance that the grants will be received and the Company will comply with all attached conditions. Government grants received from the Israel Innovation Authority (“IIA”) are recognized upon receipt as a liability if future economic benefits are expected from the research project, that will result in royalty-bearing sales. A liability for the grant is first measured at fair value using a discount rate that reflects a market rate of interest. The difference between the amount of the grant received and the fair value of the liability is accounted for as a government grant and recognized as a reduction of research and development expenses. After initial recognition, the liability is measured at amortized cost using the effective interest method. Royalty payments are treated as a reduction of the liability. If no economic benefits are expected from the research activity, the grant received are recognized as a reduction of the related research and development expenses. In that event, the royalty obligation is treated as a contingent liability in accordance with IAS 37. Amounts paid as royalties are recognized as settlement of the liability. f. Taxes on income Current or deferred taxes are recognized in profit or loss, except to the extent that they relate to items which are recognized in other comprehensive income or equity. 1. Current taxes: The current tax liability is measured using the tax rates and tax laws that have been enacted or substantively enacted at the reporting date, as well as adjustments required in connection with the tax liability in respect of previous years. 2. Deferred taxes: Deferred taxes are computed in respect of temporary differences between the carrying amounts in the financial statements and the amounts attributed for tax purposes. Deferred taxes are measured at the tax rate that is expected to apply when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is not probable that they will be utilized. Temporary differences that can be deducted for which deferred tax assets had not been recognized are reviewed at each reporting date and a respective deferred tax asset is recognized to the extent that utilization is probable. Taxes that would apply in the event of the disposal of investments in subsidiaries have not been taken into account in computing deferred taxes, as long as the disposal of the investments in subsidiaries is not probable in the foreseeable future. Also, deferred taxes that would apply in the event of distribution of earnings by subsidiaries as dividends have not been taken into account in computing deferred taxes, since the distribution of dividends does not involve an additional tax liability or since it is the Company’s policy not to initiate distribution of dividends from a subsidiary that would trigger an additional tax liability. Deferred taxes are offset if there is a legally enforceable right to offset a current tax asset against a current tax liability and the deferred taxes relate to the same taxpayer and the same taxation authority. g. Leases 1. The Company as lessee: The Company accounts for a contract as a lease when the contract terms convey the right to control the use of an identified asset for a period of time in exchange for consideration. For leases in which the Company is the lessee, the Company recognizes on the commencement date of the lease a right-of-use asset and a lease liability, excluding leases whose term is up to 12 months and leases for which the underlying asset is of low value. For these excluded leases, the Company has elected to recognize the lease payments as an expense in profit or loss on a straight-line basis over the lease term. In measuring the lease liability, the Company has elected to apply the practical expedient in the Standard and does not separate the lease components from the non-lease components (such as management and maintenance services, etc.) included in a single contract. On the commencement date, the lease liability includes all unpaid lease payments discounted at the interest rate implicit in the lease, if that rate can be readily determined, or otherwise using the Company’s incremental borrowing rate. After the commencement date, the Company measures the lease liability using the effective interest rate method. On the commencement date, the right-of-use asset is recognized in an amount equal to the lease liability plus lease payments already made on or before the commencement date and initial direct costs incurred. The right-of-use asset is measured applying the cost model and depreciated over the shorter of its useful life and the lease term. Following are the amortization periods of the right-of-use assets by class of underlying asset: Schedule of amortization of right-of-use assets Years Lease facilities 2 to 3 Motor vehicles 3 - 4 The Company tests for impairment of the right-of-use asset whenever there are indications of impairment pursuant to the provisions of IAS 36. 2. The Company as lessor: In order to determine whether to classify a lease as a finance lease or an operating lease, the Company evaluates whether the lease transfers substantially all the risks and rewards incidental to ownership of the asset. h. System components, leased systems and other property and equipment, net: Other property and equipment are measured at cost, including directly attributable costs, less accumulated depreciation, accumulated impairment losses and any related investment grants and excluding day-to-day servicing expenses. Cost includes spare parts and auxiliary equipment that are used in connection with plant and equipment. Depreciation is calculated on a straight-line basis over the useful life of the assets at annual rates as follows: Schedule of property and equipment useful life % Leased systems 15 Laboratory equipment 15 Computers 33 Office furniture and equipment 6 - 15 Leasehold improvements 10 - 33 The useful life, depreciation method and residual value of an asset are reviewed at least each year-end and any changes are accounted for prospectively as a change in accounting estimate. Depreciation of an asset ceases at the earlier of the date that the asset is classified as held for sale and the date that the asset is derecognized. System components include raw materials to be converted into fixed assets in the future for internal use or leasing to customers, and depreciated over the useful life once converted to fixed assets. i. Impairment of non-financial assets The Company evaluates the need to record an impairment of non-financial assets whenever events or changes in circumstances indicate that the carrying amount is not recoverable. If the carrying amount of non-financial assets exceeds their recoverable amount, the assets are reduced to their recoverable amount. The recoverable amount is the higher of fair value less costs of sale and value in use. In measuring value in use, the expected cash flows are discounted using a pre-tax discount rate that reflects the risks specific to the asset. The recoverable amount of an asset that does not generate independent cash flows is determined for the cash-generating unit to which the asset belongs. Impairment losses are recognized in profit or loss. An impairment loss of an asset is reversed only if there have been changes in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. Reversal of an impairment loss, as above, shall not be increased above the lower of the carrying amount that would have been determined (net of depreciation or amortization) had no impairment loss been recognized for the asset in prior years and its recoverable amount. The reversal of impairment loss of an asset presented at cost is recognized in profit or loss. j. Impairment of financial assets The Company evaluates at the end of each reporting period the loss allowance for financial debt instruments which are not measured at fair value through profit or loss. The Company distinguishes between two types of loss allowances: a) Debt instruments whose credit risk has not increased significantly since initial recognition, or whose credit risk is low - the loss allowance recognized in respect of this debt instrument is measured at an amount equal to the expected credit losses within 12 months from the reporting date (12-month ECLs); or b) Debt instruments whose credit risk has increased significantly since initial recognition, and whose credit risk is not low - the loss allowance recognized is measured at an amount equal to the expected credit losses over the instrument's remaining term (lifetime ECLs). The Company has short-term financial assets such as trade receivables in respect of which the Company applies the simplified approach in IFRS 9 and measures the loss allowance in an amount equal to the lifetime expected credit losses. k. Provisions A provision in accordance with IAS 37 is recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. 1. Share-based payment transactions The Company’s employees and other service providers are granted remuneration in the form of equity-settled share-based payment (options and restricted shares). The cost of equity-settled transactions with employees is measured at the fair value of the equity instruments granted at grant date. The fair value of an option granted is determined using the Binomial Lattice option-pricing model (“Binomial model”). The Binomial model takes into account variables such as volatility, dividend yield rate, and risk-free interest rate and also allows for the use of dynamic assumptions and considers the contractual term of the option, the probability that the option will be exercised prior to the end of its contractual life, and the probability of termination or retirement of the option holder in computing the value of the option. 1. Share-based payment transactions The Company’s employees and other service providers are granted remuneration in the form of equity-settled share-based payment (options and restricted shares). The cost of equity-settled transactions with employees is measured at the fair value of the equity instruments granted at grant date. The fair value of an option granted is determined using the Binomial Lattice option-pricing model (“Binomial model”). The Binomial model takes into account variables such as volatility, dividend yield rate, and risk-free interest rate and also allows for the use of dynamic assumptions and considers the contractual term of the option, the probability that the option will be exercised prior to the end of its contractual life, and the probability of termination or retirement of the option holder in computing the value of the option. The fair value of the restricted shares granted is determined using the closing price of the Company's share, as quoted in the Tel-Aviv Stock Exchange (TASE) on the day of the grant. The cost of equity-settled transactions is recognized in profit or loss together with a corresponding increase in equity during the period which the performance and/or service conditions are to be satisfied ending on the date on which the relevant employees become entitled to the award (“the vesting period”). The cumulative expense recognized for equity-settled transactions at the end of each reporting date includes the Group’s best estimate of the number of equity instruments that will ultimately vest. No expense is recognized for awards that do not ultimately vest. If the Company modifies the conditions on which equity-instruments were granted, an additional expense is recognized for any modification that increases the total fair value of the share-based payment arrangement or is otherwise beneficial to the employee/other service provider at the modification date. m. Amendment to IAS 8, "Accounting Policies, Changes to Accounting Estimates and Errors" In February 2021, the IASB issued an amendment to IAS 8, "Accounting Policies, Changes to Accounting Estimates and Errors" ("the Amendment"), in which it introduces a new definition of "accounting estimates". Accounting estimates are defined as "monetary amounts in financial statements that are subject to measurement uncertainty". The Amendment clarifies the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. The Amendment is to be applied prospectively for annual reporting periods beginning on or after January 1, 2023 and is applicable to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. Early application is permitted. n. Amendment to IAS 12, "Income Taxes" In May 2021, the IASB issued an amendment to IAS 12, "Income Taxes" ("IAS 12"), which narrows the scope of the initial recognition exception under IAS 12.15 and IAS 12.24 ("the Amendment"). According to the recognition guidelines of deferred tax assets and liabilities, IAS 12 excludes recognition of deferred tax assets and liabilities in respect of certain temporary differences arising from the initial recognition of certain transactions. This exception is referred to as the "initial recognition exception". The Amendment narrows the scope of the initial recognition exception and clarifies that it does not apply to the recognition of deferred tax assets and liabilities arising from transactions that are not a business combination and that give rise to equal taxable and deductible temporary differences, even if they meet the other criteria of the initial recognition exception. The Amendment applies for annual reporting periods beginning on or after January 1, 2023, with earlier application permitted. In relation to leases and decommissioning obligations, the Amendment is to be applied commencing from the earliest reporting period presented in the financial statements in which the Amendment is initially applied. The cumulative effect of the initial application of the Amendment should be recognized as an adjustment to the opening balance of retained earnings (or another component of equity, as appropriate) at that date. The Company estimates that the initial application of the Amendment is not expected to have a material impact on its financial statements. o. Amendment to IAS 1, "Disclosure of Accounting Policies" In February 2021, the IASB issued an amendment to IAS 1, "Presentation of Financial Statements" ("the Amendment"), which replaces the requirement to disclose 'significant' accounting policies with a requirement to disclose 'material' accounting policies. One of the main reasons for the Amendment is the absence of a definition of the term 'significant' in IFRS whereas the term 'material' is defined in several standards and particularly in IAS 1. The Amendment is applicable for annual periods beginning on January 1, 2023. The application of the above Amendment did not have a material impact on the Company's consolidated financial statements. |
SIGNIFICANT ACCOUNTING JUDGMENT
SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS USED IN THE PREPARATION OF THE FINANCIAL STATEMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS USED IN THE PREPARATION OF THE FINANCIAL STATEMENTS | NOTE 3: SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS USED IN THE PREPARATION OF THE FINANCIAL STATEMENTS In the process of applying the significant accounting policies in the financial statements, the Group has made the following judgments, estimates and assumptions, which have the most significant effect on the amounts recognized in the financial statements: a. Judgments: Classification of leases – the Company as a lessor: In order to determine whether to classify a lease as a finance lease or an operating lease, the Company evaluates whether the lease transfers substantially all the risks and rewards incidental to ownership of the asset. Determining the fair value of share-based payment transactions: The fair value of share-based payment transactions is determined upon initial recognition by the Binomial model. The Binomial model is based on share price and exercise price and assumptions regarding expected volatility, term of share option, dividend yield and risk-free interest rate. b. Estimates and assumptions: The preparation of the financial statements requires management to make estimates and assumptions that have an effect on the application of the accounting policies and on the reported amounts of assets, liabilities, revenues and expenses. Changes in accounting estimates are reported in the period of the change in estimate. The key assumptions made in the financial statements concerning uncertainties at the reporting date and the critical estimates computed by the Group that may result in a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below. ● Impairment of inventory: The net realizable value is determined based on management's evaluation including forecasts and estimates as to the amounts expected to be realized from the sale or use of inventory. The possible effects on the financial statements are the recognition of impairment loss or the reversal of impairment loss. ● Grants from the IIA: Government grants received from the IIA are recognized as a liability if future economic benefits are expected from the research and development activity that will result in royalty-bearing sales. There is uncertainty regarding the estimated future cash flows and discount rate used to measure the amount of the liability. • Deferred tax assets Deferred tax assets are recognized for unused carryforward tax losses and deductible temporary differences to the extent that it is probable that taxable profit will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the timing and level of future taxable profits, its source and the tax planning strategy. |
CASH AND CASH EQUIVALENTS AND R
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 12 Months Ended |
Dec. 31, 2023 | |
Cash And Cash Equivalents And Restricted Cash | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | NOTE 4: CASH AND CASH EQUIVALENTS AND RESTRICTED CASH 1. Cash and cash equivalents: Schedule of cash and cash equivalents December 31, 2023 2022 Cash for immediate withdrawal $ 10,520 $ 7,307 Cash equivalents - bank deposits less than three months — 40,274 Total $ 10,520 $ 47,581 2. Restricted cash: Schedule of restricted cash December 31, 2023 2022 Restricted cash - bank deposits $ 271 $ 271 (*) Reclassified |
SHORT-TERM DEPOSITS
SHORT-TERM DEPOSITS | 12 Months Ended |
Dec. 31, 2023 | |
Short-term Deposits | |
SHORT-TERM DEPOSITS | NOTE 5: SHORT-TERM DEPOSITS Schedule of short term deposits December 31, 2023 2022 Bank deposits (*) $ 35,465 $ — (*) (*) Reclassified Short-term deposits at banks are for periods of up to one year. The deposits earn annual interest at the respective term of the deposits of approximately 6 |
TRADE RECEIVABLES, NET
TRADE RECEIVABLES, NET | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
TRADE RECEIVABLES, NET | NOTE 6: TRADE RECEIVABLES, NET a. Trade receivables, net: Schedule of trade receivables net December 31, 2023 2022 Open accounts (1) $ 4,684 $ 5,945 Less-allowance for credit losses (904 ) (1,101 ) Trade receivables, net $ 3,780 $ 4,844 (1) Trade receivables generally have 90-day credit terms. Certain customers payments are made through monthly credit card transactions. b. Movement in allowance credit losses: Schedule of movement in allowance credit losses U.S. dollars in thousands Balance as of January 1, 2022 $ 1,256 Change in provision for the year 282 Derecognition of bad debts (437 ) Balance as of December 31, 2022 1,101 Change in provision for the year (131 ) Derecognition of bad debts (66 ) Balance as of December 31, 2023 $ 904 Following is information about the credit risk exposure of the Company’s trade receivables: December 31, 2023: Schedule of credit risk exposure U.S. dollars in thousands Not past < 30 30 - 60 61 - 90 91 - 120 days >120 Total U.S. dollars in thousands Gross carrying amount $ 2,817 $ 167 $ 271 $ 314 $ 253 $ 862 $ 4,684 Allowance for doubtful accounts $ 7 $ 12 $ 19 $ 44 $ 235 $ 587 $ 904 Trade receivables, net $ 2,810 $ 155 $ 252 $ 270 $ 18 $ 275 $ 3,780 December 31, 2022: U.S. dollars in thousands Not past < 30 30 - 60 61 - 90 91 - 120 days >120 Total U.S. dollars in thousands Gross carrying amount $ 1,570 $ 999 $ 357 $ 330 $ 491 $ 2,198 $ 5,945 Allowance for doubtful accounts $ 4 $ 87 $ 48 $ 60 $ 78 $ 824 $ 1,101 Trade receivables, net $ 1,566 $ 912 $ 309 $ 270 $ 413 $ 1,374 $ 4,844 |
INVENTORY
INVENTORY | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
INVENTORY | NOTE 7: INVENTORY Schedule of inventory December 31, 2023 2022 Raw materials $ 1,791 $ 2,565 Work in progress 1,211 1,651 Finished goods 1,833 1,227 Total 4,835 5,443 Provision for Inventory (1,118 ) (1,606 ) Inventory, net $ 3,717 $ 3,837 |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
OTHER CURRENT ASSETS | NOTE 8: OTHER CURRENT ASSETS Schedule of other current assets December 31, 2023 2022 Government authorities $ 420 $ 606 Prepaid expenses and other 1,292 950 Other current assets $ 1,712 $ 1,556 |
SYSTEM COMPONENTS, LEASED SYSTE
SYSTEM COMPONENTS, LEASED SYSTEMS, OTHER PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Dec. 31, 2023 | |
System Components Leased Systems Other Property And Equipment Net | |
SYSTEM COMPONENTS, LEASED SYSTEMS, OTHER PROPERTY AND EQUIPMENT, NET | NOTE 9: SYSTEM COMPONENTS, LEASED SYSTEMS, OTHER PROPERTY AND EQUIPMENT, NET December 31, 2023: Schedule of property and equipment, net System Components Leased systems Laboratory equipment and Computers Right of use assets Office furniture and equipment Leasehold improvements Total Cost: Balance at January 1, 2023 $ 1,220 $ 7,227 $ 1,276 $ 814 $ 225 $ 81 $ 10,843 Additions 2,336 — 30 308 — 21 2,695 Transfer to Leased systems (1,905 ) 1,994 (89 ) — — — — Reductions (378 ) (727 )(*) — (348 ) — — (1,453 ) Balance at December 31, 2023 1,273 8,494 1,217 774 225 102 12,085 Accumulated depreciation: Balance at January 1, 2023 — 4,109 926 331 76 55 5,497 Additions — 975 80 264 14 4 1,337 Reductions — (290 ) — (249 ) — — (539 ) Balance at December 31, 2023 — 4,794 1,006 346 90 59 6,295 Depreciated cost at December 31, 2023 $ 1,273 $ 3,700 $ 211 $ 428 $ 135 $ 43 $ 5,790 (*) Derived mainly from returned systems as well as sale of leased systems. December 31, 2022: System Components Leased systems Laboratory equipment and Computers Right of use assets Office furniture and equipment Leasehold improvements Total Cost: Balance at January 1, 2022 $ 4,463 $ 7,463 $ 1,170 $ 1,635 $ 135 $ 69 $ 14,935 Additions 5,930 — 106 301 90 30 6,457 Transfer to Leased systems (836 ) 836 — — — — — Reductions (8,337 )(**) (1,072 )(*) — (1,122 ) — (18 ) (10,549 ) Balance at December 31, 2022 1,220 7,227 1,276 814 225 81 10,843 Accumulated depreciation: Balance at January 1, 2022 — 3,650 857 981 63 53 5,604 Additions — 976 69 476 13 2 1,536 Reductions — (517 ) — (1,126 ) — — (1,643 ) Balance at December 31, 2022 — 4,109 926 331 76 55 5,497 Depreciated cost at December 31, 2022 $ 1,220 $ 3,118 $ 350 $ 483 $ 149 $ 26 $ 5,346 (*) Derived mainly from returned systems as well as sale of leased systems. (**) Reduction in systems components for the year ended December 31, 2022, mainly includes (a) reclassification to inventory in the amount of $3,837, (b) impairment provision in the amount of $816 and (c) system components sold in the amount of $3,006. |
OTHER LONG-TERM ASSETS
OTHER LONG-TERM ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
OTHER LONG-TERM ASSETS | NOTE 10: OTHER LONG-TERM ASSETS Schedule of other long term assets December 31, 2023 2022 Prepaid expenses and deposits $ 889 $ 766 Deferred tax assets, net 828 276 Total other long term assets $ 1,717 $ 1,042 |
OTHER ACCOUNTS PAYABLE
OTHER ACCOUNTS PAYABLE | 12 Months Ended |
Dec. 31, 2023 | |
Other Accounts Payable | |
OTHER ACCOUNTS PAYABLE | NOTE 11: OTHER ACCOUNTS PAYABLE Schedule of other accounts payable December 31, 2023 2022 Employee and payroll accruals $ 2,065 $ 1,868 Accrued expenses 2,480 2,309 Institutions 153 — Income tax payable 504 — Liabilities to related parties (1) 57 80 Current maturities of lease liabilities 232 234 Other accounts payable $ 5,491 $ 4,491 (1) current non-interest-bearing accounts. |
DEFERRED REVENUES AND OTHER LIA
DEFERRED REVENUES AND OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Revenues And Other Liabilities | |
DEFERRED REVENUES AND OTHER LIABILITIES | NOTE 12: DEFERRED REVENUES AND OTHER LIABILITIES Schedule of deferred revenues and other liabilities December 31, 2023 2022 Deferred revenues (a) $ 5,314 $ 4,669 Lease liabilities (b) 239 254 Total deferred revenues and other liabilities $ 5,553 $ 4,923 a. Including an amount of $1,479 relating to deferred distribution fees received as of the both years ended December 31, 2023 and 2022, respectively. For more information see note 16c. b. Lease liabilities: Schedule of lease liabilities December 31, 2023: U.S. dollars in Maturity analysis: Less than one year $ 234 One to five years 284 Total lease commitments 518 Impact of discounting remaining lease payments (47 ) Lease liabilities as of December 31, 2023: 471 Current 232 Non-current 239 Total $ 471 December 31, 2022: U.S. dollars in Maturity analysis: Less than one year $ 265 One to five years 269 Total lease commitments 534 Impact of discounting remaining lease payments (46 ) Lease liabilities as of December 31, 2022: 488 Current 234 Non-current 254 Total $ 488 |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
FINANCIAL INSTRUMENTS | NOTE 13: FINANCIAL INSTRUMENTS a. Financial risks factors: The Company is exposed to foreign currency risk, interest risk, credit risk and liquidity risk. The Company’s senior management oversees the management of these risks in accordance with the policies approved by the board of directors. 1. Foreign currency risk: The currency exposure arises from current accounts and deposits that are mainly managed in NIS and from liability in respect of employee payroll accruals that are paid in NIS. 2. Interest rate risk: Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company's exposure to the risk of changes in market interest rates relates primarily to the Company's long-term liabilities in respect of government grants received from IIA. The repayment of grants received by the Company from 2018 have interest rate that reference LIBOR and are expected to be repaid after 2023. 3. Credit risk: Credit risk is the risk that a counterparty will not meet its obligations as a customer or under a financial instrument leading to a loss to the Group. The Group is exposed to credit risk from its operating activity (primarily trade receivables). 4. Liquidity risk: The Group monitors its risk of a shortage of cash using a quarterly budget. 1. The table below presents the maturity profile of the Group’s financial liabilities based on contractual undiscounted payments including interest payments: December 31, 2023: Schedule of maturity profile of financial liabilities based on contractual undiscounted payments Less than 1 to 2 2 to 3 3 to 4 4 to 5 > 5 Total Trade payables $ 758 $ — $ — $ — $ — $ — $ 758 Other accounts payable 5,257 — — — — — 5,257 Liability in respect of research and development grants 1,119 1,575 2,250 2,685 2,850 529 11,008 Lease liability 234 131 100 53 — — 518 Total $ 7,368 $ 1,706 $ 2,350 $ 2,738 $ 2,850 $ 529 $ 17,541 December 31, 2022: Less than one year 1 to 2 2 to 3 3 to 4 4 to 5 > 5 Total Trade payables $ 1,116 $ — $ — $ — $ — $ — $ 1,116 Other accounts payable 4,228 — — — — — 4,228 Liability in respect of research and development grants 1,217 1,715 2,177 2,645 3,079 721 11,554 Lease liability 265 172 71 26 — — 534 Total $ 6,826 $ 1,887 $ 2,248 $ 2,671 $ 3,079 $ 721 $ 17,432 2. The table below presents the maturity profile of the Group’s financial liabilities based on contractual discounted payments: December 31, 2023: Schedule of maturity profile of financial liabilities based on contractual discounted payments Less than 1 to 2 2 to 3 3 to 4 4 to 5 > 5 Total Trade payables $ 758 $ — $ — $ — $ — $ — $ 758 Other accounts payable 5,259 — — — — — 5,259 Liability in respect of research and development grants 1,008 1,176 1,441 1,478 1,353 629 7,085 Lease liability 232 121 79 39 — — 471 Total $ 7,257 $ 1,297 $ 1,520 $ 1,517 $ 1,353 $ 629 $ 13,573 December 31, 2022: Less than 1 to 2 2 to 3 3 to 4 4 to 5 > 5 Total Trade payables $ 1,116 $ — $ — $ — $ — $ — $ 1,116 Other accounts payable 4,257 — — — — — 4,257 Liability in respect of research and development grants 1,057 1,267 1,392 1,442 1,319 596 7,073 Lease liability 234 161 61 32 — — 488 Total $ 6,664 $ 1,428 $ 1,453 $ 1,474 $ 1,319 $ 596 $ 12,934 b. Sensitivity tests relating to changes in foreign currency: Schedule of sensitivity tests relating to changes in foreign currency December 31, 2023 2022 Sensitivity test to changes in the NIS exchange rate: Gain (loss) from the change: Increase of 5% in exchange rate $ 29 $ 8 Decrease of 5% in exchange rate $ (29 ) $ (8 ) As of December 31, 2023, the Company has deficit of financial liabilities over financial assets in NIS in relation to US dollar of $ 576 As of December 31, 2023, the Company has excess of financial assets over financial liabilities in Euro and CAD in relation to US dollar of $1,389 and $859, respectively. An increase or decrease of 5% of the US dollar relative to the Euro would have an effect of $69 and $43, respectively. Sensitivity tests and principal work assumptions: The selected changes in the relevant risk variables were determined based on management’s estimate as to reasonable possible changes in these risk variables. The Company has performed sensitivity tests of principal market risk factors that are liable to affect its reported operating results or financial position. The sensitivity tests present the profit or loss in respect of each financial instrument for the relevant risk variables chosen for that instrument as of each reporting date. The test of risk factors was determined based on the materiality of the exposure of the operating results or financial condition of each risk with reference to the functional currency and assuming that all the other variables are constant. |
EMPLOYEE BENEFITS AND LIABILITI
EMPLOYEE BENEFITS AND LIABILITIES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
EMPLOYEE BENEFITS AND LIABILITIES | NOTE 14: EMPLOYEE BENEFITS AND LIABILITIES Employee benefits consist of short-term and post-employment benefits. Defined contribution plans: Section 14 to the Severance Pay Law, 1963 applies to all of the Company’s employees pursuant to which the fixed contributions paid by the Group into pension funds and/or policies of insurance companies release the Group from any additional liability to employees for whom said contributions were made. These contributions benefits represent defined contribution plans. Expense in respect of defined contribution plans was $ 343 345 329 |
TAXES ON INCOME
TAXES ON INCOME | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
TAXES ON INCOME | NOTE 15: TAXES ON INCOME a. Tax rates applicable to the Company and subsidiaries: 1. Tax rate applicable to the Company and Brain R&D: The Israeli corporate income tax rate was 23 A company is taxable on its real capital gains at the corporate income tax rate in the year of sale. 2. Tax rate applicable to US subsidiaries: The subsidiaries are subject to U.S federal tax at the rate of 21%. On December 22, 2017, the Tax Cuts and Jobs Act (the "Tax Act") was signed into law making significant changes to U.S. income tax law. These changes include, but are not limited to, a corporate tax rate decrease from 35% to 21% effective for tax years 2018 onwards and created new taxes on certain foreign- sourced earnings and certain related-party payments. The Tax Act required the Company to pay U.S. income taxes on accumulated foreign subsidiaries earnings not previously subject to U.S. income tax at a rate of 15.5% to the extent of foreign cash and certain other net current assets and 8% on the remaining earnings. b. Tax assessments: The Company and the Israeli subsidiary received final tax assessments through tax year 2017 as for the statute of limitation. The subsidiary, Inc, received final tax assessments through the 2019 tax year. c. Carryforward losses for tax purposes: Carryforward losses for tax purposes as of December 31, 2023 amount to approximately $ 82 d. Deferred taxes: Deferred taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax liabilities and assets are as follows: 1. Composition: Schedule of deferred tax liabilities Year ended December 31, 2023 2022 Gross deferred tax assets: Employee benefits $ 78 $ 46 Lease liabilities 6 — Other temporary differences 787 288 Gross deferred tax assets 871 334 Gross deferred tax liabilities: Property, plant and equipment (36 ) (58 ) Right-of-use assets (7 ) — Gross deferred tax liabilities (43 ) (58 ) Deferred tax assets, net $ 828 $ 276 2. e. The reconciliation between the tax expense, assuming that all the income, expenses, gains and losses in profit or loss were taxed at the statutory tax rate and the taxes on income recorded in profit or loss is as follows: Schedule of reconciliation between the tax expense profit loss Year ended December 31, 2023 2022 2021 Loss before taxes on income $ (3,946 ) $ (13,034 ) $ (6,419 ) Statutory federal income tax rate 21 % 21 % 21 % Tax (tax benefit) computed at the statutory tax rate $ (829 ) $ (2,737 ) $ (1,348 ) Unrecognized temporary differences (47 ) 140 (295 ) Increase in unrecognized tax losses in the year 1,070 2,889 1,485 Tax adjustment in respect of different tax rates 44 21 21 Taxes in respect of previous years 5 — 137 Non-deductible expenses and other differences 8 2 43 Income tax expense $ 251 $ 315 $ 43 1. f. Schedule of income tax benefits Year ended December 31, 2023 2022 2021 Current taxes $ 798 $ 133 $ 364 Deferred taxes (552 ) 182 (458 ) Taxes in respect of previous years 5 — 137 Total income tax benefits $ 251 $ 315 $ 43 |
CONTINGENT LIABILITIES, COMMITM
CONTINGENT LIABILITIES, COMMITMENTS AND CHARGES | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
CONTINGENT LIABILITIES, COMMITMENTS AND CHARGES | NOTE 16: CONTINGENT LIABILITIES, COMMITMENTS AND CHARGES a. Brain R&D received from the Israeli Government participation grants in research and development and, in return, it is currently obligated to pay royalties amounting to 3% of sales of products from such grants up to 100% of total grants received. The Company's provision for royalties payable to the IIA as of December 31, 2023 and 2022 amounts to $ 7,085 7,073 As of December 31, 2023, the maximum royalties payable by the Company in the future in respect of active projects is $ 11,008 5,134 b. The Company entered into a few distribution agreements with third parties regarding different territories around the world. According to these distribution agreements, the third parties are generally granted the exclusive right to market, distribute, lease and/or sale, use and promote sales of the systems in the relevant territories for a period defined in the agreement, generally ranging from 3 to 10 years. The Company supplies the systems to the distributors, and they promote and provide various services (such as installation, training and maintenance) to local costumers. These distributors are typically contractually committed to meet minimum order quantities, absent which may serve as grounds for termination. c. In September 2013, the Company entered into a distribution agreement in Japan with Century Medical Inc., a member of the Itochu concern, which specializes in the import and distribution of medical systems and equipment in Japan. According to the agreement, the distributor was granted the exclusive right to market the Company’s system for the treatment of major depression in patients in Japan for a ten-year period which begins after the required regulatory approvals for marketing the system in Japan and after either obtaining reimbursement or deployment of a commercial product to a clinical site. If the distributor meets the minimum quantities which it has committed during the contractual term, the agreement will be extended for an additional five year period. The distributor is granted a right of first offer to distribute the Company’s system in Japan without further codification. In consideration for the above, the distributor is obligated to pay the Company distribution fees of 190 million Yen (approximately $1.8 million), whereby 100 million Yen was paid in September 2013 and 90 million Yen was paid in 2019. In each year of the agreement in which the distributor meets the respective annual predetermined revenue target, 10 The agreement sets a minimum payment threshold to the Company that is examined every few years throughout the contractual term. If the distributor does not qualify for the minimum payment threshold at the end of each period, the Company will be entitled to terminate the distribution agreement, unless the parties reach another agreement between them. The agreement further determines that the distributor will act on its account to receive the regulatory approvals that are required to market the Company’s system for the treatment of depression in patients in Japan and to receive reimbursement coverage at the price range established in the agreement. On January 22, 2018, the distributor in Japan applied to the Pharmaceutical and Medical Devices Agency (“PMDA”), which is responsible for all import and export licenses of pharmaceuticals and medical equipment to Japan, for approval of marketing and selling the Company’s systems in Japan. On January 2019, approval of the PMDA was received. The Company is currently working through its distributor in Japan with the relevant bodies in Japan to update the local society guidelines to include Deep TMS in order to obtain reimbursement coverage under the Japanese National Health Insurance Plan. d. In March 2014, the Company entered into an exclusive marketing and distribution agreement of the Company’s system with a third party in Israel for a maximum period of 15 years, subject to meeting minimum sales targets as set in the agreement. In April 2014, the distributor paid the Company a one-time exclusivity fee of NIS 1 600 e. License agreements: 1. In July 2003, Inc signed a license agreement with the agencies of the U.S. Public Health Service within the U.S. Department of Health and Human Services (“PHS”), according to which the Company was granted an exclusive license to develop, manufacture, make use of, market, sell and import products and processes to be developed in the framework of the license agreement with respect to TMS and a right to enter into sublicense agreements, subject to approval of the PHS. In return, Inc is committed to pay PHS earned royalties of 2% (beyond the first $ 10 In addition, if Inc enters into a sub-license agreement, it is committed to pay royalties of 8 The agreement is valid until the expiration of the last to expire of the licensed patent rights under the agreement. PHS is entitled to cancel the agreement if Inc does not comply with the conditions detailed in the agreement. 2. In June 2005 and March 2010, Inc signed a research and licensing agreement and addendum with Yeda Research and Development Company Ltd. (“Yeda”), according to which Inc was granted an exclusive license to intellectual property that can be used for research, development, marketing and manufacturing of products in the field of TMS treatment and may have the right to grant sublicenses subject to conditions specified in the agreement in consideration of royalty payment as follows: a) 1% of net sales systems based upon certain patents (which include technology licensed from PHS); b) 3% for the first $10,000 of net sales, and 2% for net sales over $10,000, for all other Deep TMS products solely based on certain patents licensed exclusively from Yeda provided however in the event that the products are sold to a sublicensee and are thereafter sold by such sublicensee, the royalties paid to Yeda will be based on the higher of the net sales by the licensee or the net sales of the sale by the sublicensee. c) 4%-8% of the net cash proceeds that the Company receives in respect of granting sublicenses or options for sublicenses dependent on the patents licensed. Royalties are payable at the later of 15 years after the first commercial sale or the patent life (20 years through October 2021). The agreement expires at the later of: the expiration of the last patent, 15 years after Inc starts to sell products integrating the patent and after a period of 20 years during which no sales are made. The license agreement with Yeda may be subject to modifications in the event that the license agreement with PHS is modified (see 1, above) and may be cancelled based on various conditions, including the cancellation of the PHS agreement. On February 22, 2018, Inc and Yeda signed an additional addendum to the agreement (the "fifth addendum"), according to which Inc received the right to examine an additional invention based upon the patent issued in connection with research in the field of rotational electrical fields owned by Yeda. Under the fifth addendum, the Company has the right to include the aforementioned invention and the intellectual property accompanying it under the Yeda license agreement. In January 2020, the Company exercised the right granted to it under the fifth addendum, and accordingly royalties on net sales of products which are based on the use of the invention and know-how subject to the fifth addendum will be paid to Yeda at increased rates of 1.6%-2% in addition to the royalties described above and, in certain cases, at a flat rate of 2%. In respect of products under the fifth addendum that are not based on patents or research results for which the license was granted according to the original agreement (excluding the fifth addendum), royalties on net sales will be at the fixed rate of 5%. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2023 | |
Equity | |
EQUITY | NOTE 17: EQUITY a. Composition of share capital: Schedule of composition of share capital December 31, 2023 December 31, 2022 Authorized Issued and outstanding Authorized Issued and outstanding Number of shares Ordinary shares of NIS 0.04 par value each 120,000,000 33,242,189 120,000,000 33,053,323 b. Movement in share capital: Issued and outstanding capital: Schedule of issued and outstanding capital Number of shares NIS par value Balance as of January 1, 2023 33,053,323 1,322,133 Vesting of restricted shares 188,866 7,554 Balance of December 31,2023 33,242,189 1,329,687 c. Rights attached to shares: Ordinary shares confer their holders’ rights to receive dividends in cash and in Company’s shares, right to nominate the Company’s directors and rights to participate in distribution of dividends upon liquidation in proportion to their holdings. Also, Ordinary shareholders have one vote at the shareholders’ meeting such that each share confers one vote to its holder. d. Capital management in the Company: The Company’s capital management objectives are to preserve the Group’s ability to ensure business continuity thereby creating a return for the shareholders, investors and other interested parties. The Company is not under any minimal equity requirements, nor is it required to attain a certain level of capital return. |
SHARE-BASED PAYMENT
SHARE-BASED PAYMENT | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
SHARE-BASED PAYMENT | NOTE 18: SHARE-BASED PAYMENT a. The expense recognized in the financial statements for services received is shown in the following table: Schedule of expense recognized in the financial statements for services received Year ended December 31, 2023 2022 2021 Equity-settled share-based payment plans to employees, directors and consultants. $ 381 $ 1,475 $ 1,883 b. The share-based payment transactions that the Company granted to its employees, directors and consultants are shown in the following table: Schedule of share-based payment transactions Range of exercise prices Options outstanding as of December 31, 2023 (*) Weighted Average remaining contractual Term Weighted Average exercise price ($) Options exercisable December 31, 2023 0.36 - 4.91 1,982,100 5.74 2.91 1,060,037 3.41 - 3.87 90,000 4.9 3.67 67,500 (*) Options and restricted shares. c. The fair value of the Company’s options granted for the years ended December 31, 2023, 2022 and 2021 was estimated using the Binomial model with the following assumptions: Schedule of fair value of options granted Year ended December 31, 2023 2022 2021 Expected volatility (%) 48.9 71.61 33.00 64.44 50.49 64.44 Risk-free interest rate (%) 3.39 4.58 0.06 2.90 0.06 1.59 Expected exercise factor 2.8 2.8 2.8 d. Movement of options during the year: Schedule of share based payment movement of options Year ended December 31, 2023 2022 Number of options Weighted average exercise price (*) Number of options Weighted average exercise price (*) Outstanding at January 1, 1,549,600 $ 4.6 1,552,383 $ 4.6 Granted 913,000 0.9 50,000 3.9 Expired (90,200 ) 4.3 (16,000 ) 3.3 Forfeited (300,300 ) 3.8 (36,783 ) 4.5 Outstanding at December 31, 2,072,100 $ 2.9 1,549,600 $ 4.6 Exercisable at December 31, 1,127,537 $ 4.6 1,367,033 $ 4.4 (*) The exercise price of all options denominated in NIS and was translated to USD in the table above using the exchange rate as of December 31, 2023 and 2022, respectively. The contractual life of the options is ten years from the grant date. The weighted average remaining contractual life for the options outstanding as of December 31, 2023 and 2022 was approximately three years and five years, respectively. During 2021, the Company completed a repricing of outstanding options via an exchange offer pursuant to which the Company exchanged previously granted options with new options. For those that chose to participate in the exchange, the repricing resulted in an updated exercise price of $4.675 or NIS 15.26 per ordinary share, and is otherwise subject to the same expiration date, vesting schedule and other terms as previously existed prior to the exchange offer. Several employees chose not to participate in the exchange because their options were subject to a lower exercise price than that offered in the repricing. Accordingly, the exercise price range for options outstanding as of December 31, 2022 and 2023 was NIS 10.61 15.26 e. Movement of restricted shares during the year: Schedule of movement of restricted shares 2023 2022 Number of Restricted shares Number of Restricted shares Outstanding at January 1, 769,040 539,530 Granted — 498,400 Vested (193,347 ) (142,189 ) Forfeited (306,055 ) (146,701 ) Outstanding at December 31, 269,638 749,040 |
ADDITIONAL INFORMATION TO THE S
ADDITIONAL INFORMATION TO THE STATEMENTS OF COMPREHENSIVE LOSS | 12 Months Ended |
Dec. 31, 2023 | |
Additional Information To Statements Of Comprehensive Loss | |
ADDITIONAL INFORMATION TO THE STATEMENTS OF COMPREHENSIVE LOSS | NOTE 19: ADDITIONAL INFORMATION TO THE STATEMENTS OF COMPREHENSIVE LOSS a. Additional information on revenues: 1. Schedule of additional information on revenues Year ended December 31, 2023 2022 2021 Revenues from sale $ 20,372 $ 16,182 $ 16,208 Revenues from lease 8,523 9,244 11,608 Revenues from sale related service 2,311 1,276 1,075 Revenues from other service 579 475 766 Total revenue $ 31,785 $ 27,177 $ 29,657 2. Revenues from major customers which each accounts for 10% or more of total revenues reported in the financial statements: Schedule of revenues from major customers Year ended December 31, 2023 2022 2021 Customer A 15% *) *) Customer B *) 16% 15% *) Less than 10 % Geographic information: Revenues reported in the financial statements based on the location of the customers, are as follows: Schedule of geographic information Year ended December 31, 2023 % 2022 % 2021 % U.S. $ 23,979 75 $ 20,300 (*) 75 $ 26,094 (*) 88 Other 7,806 25 6,877 (*) 25 3,563 (*) 12 $ 31,785 100 $ 27,177 100 $ 29,657 100 (*) b. Cost of revenues: Schedule of cost of revenues Year ended December 31, 2023 2022 2021 Cost of revenues from sale $ 5,792 $ 4,917 $ 3,509 Cost of revenues from lease 1,670 1,790 2,667 Cost of revenues from sale related service 678 324 247 Cost of revenues from other service 168 98 176 Total cost of revenues $ 8,308 $ 7,129 $ 6,599 c. Research and development expenses, net: Schedule of research and development expenses, net Year ended December 31, 2023 2022 2021 Salaries and related benefits $ 4,012 $ 4,516 $ 3,580 Subcontractors 1,564 1,318 961 Laboratory materials 333 494 665 Patents 133 200 204 Share-based payment 264 357 411 Travel 48 14 28 Depreciation 108 99 107 Other 235 690 538 Less-Government grants (32 ) (10 ) (101 ) Research and development expenses, net $ 6,665 $ 7,678 $ 6,393 d. Selling and marketing expenses: Schedule of selling and marketing expenses Year ended December 31, 2023 2022 2021 Salaries and related benefits $ 10,273 $ 10,268 $ 8,887 Agent commissions 489 425 392 Marketing, advertising and events 2,729 3,835 3,136 Travel 1,542 1,915 1,121 Share-based payment 126 486 698 Depreciation 137 143 64 Collection costs and other 1,160 1,127 1,582 Selling and marketing expenses $ 16,456 $ 18,199 $ 15,880 e. General and administrative expenses: Schedule of general and administrative expenses Year ended December 31, 2023 2022 2021 Salaries and related benefits $ 2,689 $ 2,324 $ 2,283 Professional fees and office expenses 2,638 3,310 2,031 Depreciation 141 312 407 Travel 16 11 10 Allowance for doubtful accounts (145 ) 281 323 Share- based payment (24 ) 616 730 $ 5,315 $ 6,854 $ 5,784 f. Finance income and expense: Schedule of finance income and expense Year ended December 31, 2023 2022 2021 Finance income: Interest-income revaluation of bank deposits $ 2,171 $ 1,109 $ 225 Revaluation of warrants — 8 30 Finance income 2,171 1,117 255 Finance expense: Liability in respect of research and development grants 799 1,148 1,171 Bank commissions 27 22 81 Exchange rate differences 61 252 363 Interest expense of lease liability 48 46 60 Other 223 — — Finance expense 1,158 1,468 1,675 Finance income (expense), net $ 1,013 $ (351 ) $ (1,420 ) |
NET LOSS PER SHARE
NET LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
NET LOSS PER SHARE | NOTE 20: NET LOSS PER SHARE Number of shares and loss used in the computation of net loss per share: Schedule of net loss per share Year ended December 31, 2023 2022 2021 Weighted number of shares*) Loss attributable to equity holders of the Company Weighted number of shares*) Loss attributable to equity holders of the Company Weighted number of shares*) Loss attributable to equity holders of the Company Used in the computation of basic and diluted net loss 33,155,669 $ 4,197 32,980,997 $ 13,349 31,154,258 $ 6,462 *) Computation of diluted loss per share did not include potential ordinary shares that would result from conversion of outstanding options and warrants, since their conversion has anti-dilutive effect. |
BALANCES AND TRANSACTIONS WITH
BALANCES AND TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended |
Dec. 31, 2023 | |
Balances And Transactions With Related Parties | |
BALANCES AND TRANSACTIONS WITH RELATED PARTIES | NOTE 21: BALANCES AND TRANSACTIONS WITH RELATED PARTIES a. Balances with interested and related parties As of December 31, 2023 Schedule of balances with interested and related parties Key management personnel Other Vendors $ — $ 45 Other accounts payable $ 335 $ 57 As of December 31, 2022 Key Other Other accounts payable $ 14 $ 66 b. Benefits to interested and related parties: Schedule of benefits to interested and related parties Year ended December 31, 2023 2022 2021 Salary to those employed by the Company or on its behalf $ — $ 762 $ 885 Directors’ fees to those not employed by the Company or on its behalf $ 411 $ 280 $ 148 Number of individuals to whom the salary and benefits relate: Related and interested parties employed by the Company or on its behalf — 3 3 Directors not employed by the Company 8 5 5 Total benefits to interested and related parties 8 8 8 c. Share-based payment: Schedule of share-based payment Year ended December 31, 2023 2022 2021 Share-based payment to those employed by the Company or on its behalf $ 207 $ 287 $ 445 Share-based payment to those not employed by the Company or on its behalf $ 102 $ 28 $ 90 d. Transactions with interested and related parties: Year ended December 31, 2023 Schedule of transactions with interested and related parties Key management personnel (*) Other interested and related parties Research and development expenses $ — $ 70 General and administrative expenses 801 298 $ 801 $ 368 Year ended December 31, 2022 Key management personnel (*) Other interested and related parties Research and development expenses $ 107 $ 81 General and administrative expenses 861 308 $ 968 $ 389 Year ended December 31, 2021 Key management personnel (*) Other interested and related parties Research and development expenses $ 112 $ 82 General and administrative expenses 1,137 238 $ 1,249 $ 320 *) Some of the key management personnel are interested parties by virtue of holdings. c. For information regarding the fair value of the options granted to directors, see Note 18b. |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Basis of presentation of the financial statements | a. Basis of presentation of the financial statements These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. The Company’s financial statements have been prepared on a cost basis, except for certain financial instruments which are presented at fair value through profit or loss. The Company has elected to present the profit or loss items using the function of expense method. |
Functional currency, presentation currency and foreign currency | b. Functional currency, presentation currency and foreign currency 1. Functional currency and presentation currency: The functional currency is the currency that best reflects the economic environment in which the Company operates and conducts its transactions, is separately determined for each Group entity and is used to measure its financial position and operating results. The Group determines the functional currency of each Group entity. The Company’s functional and presentation currency is the US Dollar for all reported periods and subsidiaries. 2. Transactions, assets and liabilities in foreign currency: Transactions denominated in foreign currency are recorded upon initial recognition at the exchange rate at the date of the transaction. After initial recognition, monetary assets and liabilities denominated in foreign currency are translated at each reporting date into the functional currency at the exchange rate at that date. Exchange rate differences, other than those capitalized to qualifying assets or accounted for as hedging transactions in equity, are recognized in profit or loss. Non-monetary assets and liabilities denominated in foreign currency and measured at cost are translated at the exchange rate at the date of the transaction. Non-monetary assets and liabilities denominated in foreign currency and measured at fair value are translated into the functional currency using the exchange rate prevailing at the date when the fair value was determined. |
Inventories | c. Inventories Inventories are measured at the lower of cost and net realizable value. The cost of inventories comprises costs of purchase and costs incurred in bringing the inventories to their present location and condition. Net realizable value is the estimated selling price in the ordinary course of business less estimated costs of completion and estimated costs necessary to make the sale. The Company periodically evaluates the condition and age of inventories and makes provisions for slow moving inventories accordingly. Furthermore, inventory classified as short-term for sale or consumption, while inventory to be converted into fixed assets in the future for internal use or leasing to customers, is classified as system component as a long-term asset. These classifications are determined according to management's estimates for the use of inventory in the foreseen future. Cost of inventories is determined as follows: Raw materials - at cost of purchase using the weighted average cost method Work in progress and finished goods - on the basis of average costs including materials, labor and other direct and indirect manufacturing costs based on normal capacity. Furthermore, inventory classified as short-term for sale or consumption, while inventory to be converted into fixed assets in the future for internal use or leasing to customers, is classified as system component as a long-term asset. These classifications are determined according to management's estimates for the use of inventory in the foreseen future. |
Revenue recognition | d. Revenue recognition Revenue from contracts with customers is recognized when the control over the goods or services is transferred to the customer. The transaction price is the amount of the consideration that is expected to be received based on the contract terms, excluding amounts collected on behalf of third parties (such as taxes). In determining the amount of revenue from contracts with customers, the Company evaluates whether it is a principal or an agent in the arrangement. The Company is a principal when the Company controls the promised goods or services before transferring them to the customer. In these circumstances, the Company recognizes revenue for the gross amount of the consideration. When the Company is an agent, it recognizes revenue for the net amount of the consideration, after deducting the amount due to the principal. The Company primarily generates revenue from two major streams: (a) sale of systems and related services and (b) lease of systems. Revenues from sale of systems and related services: Revenue from sale of systems is recognized at the point in time when control of the system is transferred to the customer, generally upon shipment of the system to the customer. Revenue from rendering of extended warranty services is recognized over time, during the period the customer simultaneously receives and consumes the benefits provided by the Company’s performance. The Company charges its customers based on payment terms agreed upon in specific agreements. When payments are made before or after the service is performed, the Company recognizes the resulting contract asset or liability. Revenue from operating leases: A lease in which substantially all the risks and rewards incidental to ownership of the leased asset have not been transferred to the lessee is classified as an operating lease. Lease payments are recognized as income in profit or loss on a straight-line basis over the lease term. Initial direct costs incurred in respect of the lease agreement are added to the carrying amount of the underlying asset and recognized as an expense over the lease term on the same basis as the lease income. Costs of obtaining a contract: In order to obtain certain contracts with customers, the Company incurs incremental costs in obtaining the contract (such as sales commissions which are contingent on making binding sales). Since revenue from sale of goods is recognized in profit or loss at the point in time when the control of the goods is transferred to the customer, the costs of obtaining a contract are recognized as an expense when incurred. Contract liabilities: A contract liability, presented as deferred revenues, is the obligation to transfer goods or services to a customer for which the Company has received consideration (or an amount of consideration is due) from the customer. Deferred revenue will be recognized as revenue in profit and loss when the work is performed. The Company elected to apply the practical expedient in IFRS 15 and does not provide disclosure of the remaining unsatisfied performance obligations with respect to contracts that have a term of up to one year. Allocating the transaction price: For contracts that consist of more than one performance obligation at contract inception, the Company allocates the contract transaction price to each performance obligation identified in the contract on a relative stand-alone selling price basis. The stand-alone selling price is the price at which the Company would sell the promised goods or services separately to a customer. |
Government grants | e. Government grants Government grants are recognized when there is reasonable assurance that the grants will be received and the Company will comply with all attached conditions. Government grants received from the Israel Innovation Authority (“IIA”) are recognized upon receipt as a liability if future economic benefits are expected from the research project, that will result in royalty-bearing sales. A liability for the grant is first measured at fair value using a discount rate that reflects a market rate of interest. The difference between the amount of the grant received and the fair value of the liability is accounted for as a government grant and recognized as a reduction of research and development expenses. After initial recognition, the liability is measured at amortized cost using the effective interest method. Royalty payments are treated as a reduction of the liability. If no economic benefits are expected from the research activity, the grant received are recognized as a reduction of the related research and development expenses. In that event, the royalty obligation is treated as a contingent liability in accordance with IAS 37. Amounts paid as royalties are recognized as settlement of the liability. |
Taxes on income | f. Taxes on income Current or deferred taxes are recognized in profit or loss, except to the extent that they relate to items which are recognized in other comprehensive income or equity. 1. Current taxes: The current tax liability is measured using the tax rates and tax laws that have been enacted or substantively enacted at the reporting date, as well as adjustments required in connection with the tax liability in respect of previous years. 2. Deferred taxes: Deferred taxes are computed in respect of temporary differences between the carrying amounts in the financial statements and the amounts attributed for tax purposes. Deferred taxes are measured at the tax rate that is expected to apply when the asset is realized or the liability is settled, based on tax laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets are reviewed at each reporting date and reduced to the extent that it is not probable that they will be utilized. Temporary differences that can be deducted for which deferred tax assets had not been recognized are reviewed at each reporting date and a respective deferred tax asset is recognized to the extent that utilization is probable. Taxes that would apply in the event of the disposal of investments in subsidiaries have not been taken into account in computing deferred taxes, as long as the disposal of the investments in subsidiaries is not probable in the foreseeable future. Also, deferred taxes that would apply in the event of distribution of earnings by subsidiaries as dividends have not been taken into account in computing deferred taxes, since the distribution of dividends does not involve an additional tax liability or since it is the Company’s policy not to initiate distribution of dividends from a subsidiary that would trigger an additional tax liability. Deferred taxes are offset if there is a legally enforceable right to offset a current tax asset against a current tax liability and the deferred taxes relate to the same taxpayer and the same taxation authority. |
Leases | g. Leases 1. The Company as lessee: The Company accounts for a contract as a lease when the contract terms convey the right to control the use of an identified asset for a period of time in exchange for consideration. For leases in which the Company is the lessee, the Company recognizes on the commencement date of the lease a right-of-use asset and a lease liability, excluding leases whose term is up to 12 months and leases for which the underlying asset is of low value. For these excluded leases, the Company has elected to recognize the lease payments as an expense in profit or loss on a straight-line basis over the lease term. In measuring the lease liability, the Company has elected to apply the practical expedient in the Standard and does not separate the lease components from the non-lease components (such as management and maintenance services, etc.) included in a single contract. On the commencement date, the lease liability includes all unpaid lease payments discounted at the interest rate implicit in the lease, if that rate can be readily determined, or otherwise using the Company’s incremental borrowing rate. After the commencement date, the Company measures the lease liability using the effective interest rate method. On the commencement date, the right-of-use asset is recognized in an amount equal to the lease liability plus lease payments already made on or before the commencement date and initial direct costs incurred. The right-of-use asset is measured applying the cost model and depreciated over the shorter of its useful life and the lease term. Following are the amortization periods of the right-of-use assets by class of underlying asset: Schedule of amortization of right-of-use assets Years Lease facilities 2 to 3 Motor vehicles 3 - 4 The Company tests for impairment of the right-of-use asset whenever there are indications of impairment pursuant to the provisions of IAS 36. 2. The Company as lessor: In order to determine whether to classify a lease as a finance lease or an operating lease, the Company evaluates whether the lease transfers substantially all the risks and rewards incidental to ownership of the asset. |
System components, leased systems and other property and equipment, net: | h. System components, leased systems and other property and equipment, net: Other property and equipment are measured at cost, including directly attributable costs, less accumulated depreciation, accumulated impairment losses and any related investment grants and excluding day-to-day servicing expenses. Cost includes spare parts and auxiliary equipment that are used in connection with plant and equipment. Depreciation is calculated on a straight-line basis over the useful life of the assets at annual rates as follows: Schedule of property and equipment useful life % Leased systems 15 Laboratory equipment 15 Computers 33 Office furniture and equipment 6 - 15 Leasehold improvements 10 - 33 The useful life, depreciation method and residual value of an asset are reviewed at least each year-end and any changes are accounted for prospectively as a change in accounting estimate. Depreciation of an asset ceases at the earlier of the date that the asset is classified as held for sale and the date that the asset is derecognized. System components include raw materials to be converted into fixed assets in the future for internal use or leasing to customers, and depreciated over the useful life once converted to fixed assets. |
Impairment of non-financial assets | i. Impairment of non-financial assets The Company evaluates the need to record an impairment of non-financial assets whenever events or changes in circumstances indicate that the carrying amount is not recoverable. If the carrying amount of non-financial assets exceeds their recoverable amount, the assets are reduced to their recoverable amount. The recoverable amount is the higher of fair value less costs of sale and value in use. In measuring value in use, the expected cash flows are discounted using a pre-tax discount rate that reflects the risks specific to the asset. The recoverable amount of an asset that does not generate independent cash flows is determined for the cash-generating unit to which the asset belongs. Impairment losses are recognized in profit or loss. An impairment loss of an asset is reversed only if there have been changes in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. Reversal of an impairment loss, as above, shall not be increased above the lower of the carrying amount that would have been determined (net of depreciation or amortization) had no impairment loss been recognized for the asset in prior years and its recoverable amount. The reversal of impairment loss of an asset presented at cost is recognized in profit or loss. |
Impairment of financial assets | j. Impairment of financial assets The Company evaluates at the end of each reporting period the loss allowance for financial debt instruments which are not measured at fair value through profit or loss. The Company distinguishes between two types of loss allowances: a) Debt instruments whose credit risk has not increased significantly since initial recognition, or whose credit risk is low - the loss allowance recognized in respect of this debt instrument is measured at an amount equal to the expected credit losses within 12 months from the reporting date (12-month ECLs); or b) Debt instruments whose credit risk has increased significantly since initial recognition, and whose credit risk is not low - the loss allowance recognized is measured at an amount equal to the expected credit losses over the instrument's remaining term (lifetime ECLs). The Company has short-term financial assets such as trade receivables in respect of which the Company applies the simplified approach in IFRS 9 and measures the loss allowance in an amount equal to the lifetime expected credit losses. |
Provisions | k. Provisions A provision in accordance with IAS 37 is recognized when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation. |
Share-based payment transactions | 1. Share-based payment transactions The Company’s employees and other service providers are granted remuneration in the form of equity-settled share-based payment (options and restricted shares). The cost of equity-settled transactions with employees is measured at the fair value of the equity instruments granted at grant date. The fair value of an option granted is determined using the Binomial Lattice option-pricing model (“Binomial model”). The Binomial model takes into account variables such as volatility, dividend yield rate, and risk-free interest rate and also allows for the use of dynamic assumptions and considers the contractual term of the option, the probability that the option will be exercised prior to the end of its contractual life, and the probability of termination or retirement of the option holder in computing the value of the option. 1. Share-based payment transactions The Company’s employees and other service providers are granted remuneration in the form of equity-settled share-based payment (options and restricted shares). The cost of equity-settled transactions with employees is measured at the fair value of the equity instruments granted at grant date. The fair value of an option granted is determined using the Binomial Lattice option-pricing model (“Binomial model”). The Binomial model takes into account variables such as volatility, dividend yield rate, and risk-free interest rate and also allows for the use of dynamic assumptions and considers the contractual term of the option, the probability that the option will be exercised prior to the end of its contractual life, and the probability of termination or retirement of the option holder in computing the value of the option. The fair value of the restricted shares granted is determined using the closing price of the Company's share, as quoted in the Tel-Aviv Stock Exchange (TASE) on the day of the grant. The cost of equity-settled transactions is recognized in profit or loss together with a corresponding increase in equity during the period which the performance and/or service conditions are to be satisfied ending on the date on which the relevant employees become entitled to the award (“the vesting period”). The cumulative expense recognized for equity-settled transactions at the end of each reporting date includes the Group’s best estimate of the number of equity instruments that will ultimately vest. No expense is recognized for awards that do not ultimately vest. If the Company modifies the conditions on which equity-instruments were granted, an additional expense is recognized for any modification that increases the total fair value of the share-based payment arrangement or is otherwise beneficial to the employee/other service provider at the modification date. |
Amendment to IAS 8, "Accounting Policies, Changes to Accounting Estimates and Errors" | m. Amendment to IAS 8, "Accounting Policies, Changes to Accounting Estimates and Errors" In February 2021, the IASB issued an amendment to IAS 8, "Accounting Policies, Changes to Accounting Estimates and Errors" ("the Amendment"), in which it introduces a new definition of "accounting estimates". Accounting estimates are defined as "monetary amounts in financial statements that are subject to measurement uncertainty". The Amendment clarifies the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. The Amendment is to be applied prospectively for annual reporting periods beginning on or after January 1, 2023 and is applicable to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. Early application is permitted. |
Amendment to IAS 12, "Income Taxes" | n. Amendment to IAS 12, "Income Taxes" In May 2021, the IASB issued an amendment to IAS 12, "Income Taxes" ("IAS 12"), which narrows the scope of the initial recognition exception under IAS 12.15 and IAS 12.24 ("the Amendment"). According to the recognition guidelines of deferred tax assets and liabilities, IAS 12 excludes recognition of deferred tax assets and liabilities in respect of certain temporary differences arising from the initial recognition of certain transactions. This exception is referred to as the "initial recognition exception". The Amendment narrows the scope of the initial recognition exception and clarifies that it does not apply to the recognition of deferred tax assets and liabilities arising from transactions that are not a business combination and that give rise to equal taxable and deductible temporary differences, even if they meet the other criteria of the initial recognition exception. The Amendment applies for annual reporting periods beginning on or after January 1, 2023, with earlier application permitted. In relation to leases and decommissioning obligations, the Amendment is to be applied commencing from the earliest reporting period presented in the financial statements in which the Amendment is initially applied. The cumulative effect of the initial application of the Amendment should be recognized as an adjustment to the opening balance of retained earnings (or another component of equity, as appropriate) at that date. The Company estimates that the initial application of the Amendment is not expected to have a material impact on its financial statements. |
Amendment to IAS 1, "Disclosure of Accounting Policies" | o. Amendment to IAS 1, "Disclosure of Accounting Policies" In February 2021, the IASB issued an amendment to IAS 1, "Presentation of Financial Statements" ("the Amendment"), which replaces the requirement to disclose 'significant' accounting policies with a requirement to disclose 'material' accounting policies. One of the main reasons for the Amendment is the absence of a definition of the term 'significant' in IFRS whereas the term 'material' is defined in several standards and particularly in IAS 1. The Amendment is applicable for annual periods beginning on January 1, 2023. The application of the above Amendment did not have a material impact on the Company's consolidated financial statements. |
ACCOUNTING POLICIES (Tables)
ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of amortization of right-of-use assets | Schedule of amortization of right-of-use assets Years Lease facilities 2 to 3 Motor vehicles 3 - 4 |
Schedule of property and equipment useful life | Schedule of property and equipment useful life % Leased systems 15 Laboratory equipment 15 Computers 33 Office furniture and equipment 6 - 15 Leasehold improvements 10 - 33 |
CASH AND CASH EQUIVALENTS AND_2
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash And Cash Equivalents And Restricted Cash | |
Schedule of cash and cash equivalents | Schedule of cash and cash equivalents December 31, 2023 2022 Cash for immediate withdrawal $ 10,520 $ 7,307 Cash equivalents - bank deposits less than three months — 40,274 Total $ 10,520 $ 47,581 |
Schedule of restricted cash | Schedule of restricted cash December 31, 2023 2022 Restricted cash - bank deposits $ 271 $ 271 (*) Reclassified |
SHORT-TERM DEPOSITS (Tables)
SHORT-TERM DEPOSITS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Short-term Deposits | |
Schedule of short term deposits | Schedule of short term deposits December 31, 2023 2022 Bank deposits (*) $ 35,465 $ — (*) |
TRADE RECEIVABLES, NET (Tables)
TRADE RECEIVABLES, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of trade receivables net | Schedule of trade receivables net December 31, 2023 2022 Open accounts (1) $ 4,684 $ 5,945 Less-allowance for credit losses (904 ) (1,101 ) Trade receivables, net $ 3,780 $ 4,844 (1) Trade receivables generally have 90-day credit terms. Certain customers payments are made through monthly credit card transactions. |
Schedule of movement in allowance credit losses | Schedule of movement in allowance credit losses U.S. dollars in thousands Balance as of January 1, 2022 $ 1,256 Change in provision for the year 282 Derecognition of bad debts (437 ) Balance as of December 31, 2022 1,101 Change in provision for the year (131 ) Derecognition of bad debts (66 ) Balance as of December 31, 2023 $ 904 |
Schedule of credit risk exposure | Schedule of credit risk exposure U.S. dollars in thousands Not past < 30 30 - 60 61 - 90 91 - 120 days >120 Total U.S. dollars in thousands Gross carrying amount $ 2,817 $ 167 $ 271 $ 314 $ 253 $ 862 $ 4,684 Allowance for doubtful accounts $ 7 $ 12 $ 19 $ 44 $ 235 $ 587 $ 904 Trade receivables, net $ 2,810 $ 155 $ 252 $ 270 $ 18 $ 275 $ 3,780 December 31, 2022: U.S. dollars in thousands Not past < 30 30 - 60 61 - 90 91 - 120 days >120 Total U.S. dollars in thousands Gross carrying amount $ 1,570 $ 999 $ 357 $ 330 $ 491 $ 2,198 $ 5,945 Allowance for doubtful accounts $ 4 $ 87 $ 48 $ 60 $ 78 $ 824 $ 1,101 Trade receivables, net $ 1,566 $ 912 $ 309 $ 270 $ 413 $ 1,374 $ 4,844 |
INVENTORY (Tables)
INVENTORY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of inventory | Schedule of inventory December 31, 2023 2022 Raw materials $ 1,791 $ 2,565 Work in progress 1,211 1,651 Finished goods 1,833 1,227 Total 4,835 5,443 Provision for Inventory (1,118 ) (1,606 ) Inventory, net $ 3,717 $ 3,837 |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of other current assets | Schedule of other current assets December 31, 2023 2022 Government authorities $ 420 $ 606 Prepaid expenses and other 1,292 950 Other current assets $ 1,712 $ 1,556 |
SYSTEM COMPONENTS, LEASED SYS_2
SYSTEM COMPONENTS, LEASED SYSTEMS, OTHER PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
System Components Leased Systems Other Property And Equipment Net | |
Schedule of property and equipment, net | Schedule of property and equipment, net System Components Leased systems Laboratory equipment and Computers Right of use assets Office furniture and equipment Leasehold improvements Total Cost: Balance at January 1, 2023 $ 1,220 $ 7,227 $ 1,276 $ 814 $ 225 $ 81 $ 10,843 Additions 2,336 — 30 308 — 21 2,695 Transfer to Leased systems (1,905 ) 1,994 (89 ) — — — — Reductions (378 ) (727 )(*) — (348 ) — — (1,453 ) Balance at December 31, 2023 1,273 8,494 1,217 774 225 102 12,085 Accumulated depreciation: Balance at January 1, 2023 — 4,109 926 331 76 55 5,497 Additions — 975 80 264 14 4 1,337 Reductions — (290 ) — (249 ) — — (539 ) Balance at December 31, 2023 — 4,794 1,006 346 90 59 6,295 Depreciated cost at December 31, 2023 $ 1,273 $ 3,700 $ 211 $ 428 $ 135 $ 43 $ 5,790 (*) Derived mainly from returned systems as well as sale of leased systems. December 31, 2022: System Components Leased systems Laboratory equipment and Computers Right of use assets Office furniture and equipment Leasehold improvements Total Cost: Balance at January 1, 2022 $ 4,463 $ 7,463 $ 1,170 $ 1,635 $ 135 $ 69 $ 14,935 Additions 5,930 — 106 301 90 30 6,457 Transfer to Leased systems (836 ) 836 — — — — — Reductions (8,337 )(**) (1,072 )(*) — (1,122 ) — (18 ) (10,549 ) Balance at December 31, 2022 1,220 7,227 1,276 814 225 81 10,843 Accumulated depreciation: Balance at January 1, 2022 — 3,650 857 981 63 53 5,604 Additions — 976 69 476 13 2 1,536 Reductions — (517 ) — (1,126 ) — — (1,643 ) Balance at December 31, 2022 — 4,109 926 331 76 55 5,497 Depreciated cost at December 31, 2022 $ 1,220 $ 3,118 $ 350 $ 483 $ 149 $ 26 $ 5,346 (*) Derived mainly from returned systems as well as sale of leased systems. (**) Reduction in systems components for the year ended December 31, 2022, mainly includes (a) reclassification to inventory in the amount of $3,837, (b) impairment provision in the amount of $816 and (c) system components sold in the amount of $3,006. |
OTHER LONG-TERM ASSETS (Tables)
OTHER LONG-TERM ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of other long term assets | Schedule of other long term assets December 31, 2023 2022 Prepaid expenses and deposits $ 889 $ 766 Deferred tax assets, net 828 276 Total other long term assets $ 1,717 $ 1,042 |
OTHER ACCOUNTS PAYABLE (Tables)
OTHER ACCOUNTS PAYABLE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Other Accounts Payable | |
Schedule of other accounts payable | Schedule of other accounts payable December 31, 2023 2022 Employee and payroll accruals $ 2,065 $ 1,868 Accrued expenses 2,480 2,309 Institutions 153 — Income tax payable 504 — Liabilities to related parties (1) 57 80 Current maturities of lease liabilities 232 234 Other accounts payable $ 5,491 $ 4,491 (1) current non-interest-bearing accounts. |
DEFERRED REVENUES AND OTHER L_2
DEFERRED REVENUES AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Deferred Revenues And Other Liabilities | |
Schedule of deferred revenues and other liabilities | Schedule of deferred revenues and other liabilities December 31, 2023 2022 Deferred revenues (a) $ 5,314 $ 4,669 Lease liabilities (b) 239 254 Total deferred revenues and other liabilities $ 5,553 $ 4,923 a. Including an amount of $1,479 relating to deferred distribution fees received as of the both years ended December 31, 2023 and 2022, respectively. For more information see note 16c. |
Schedule of lease liabilities | Schedule of lease liabilities December 31, 2023: U.S. dollars in Maturity analysis: Less than one year $ 234 One to five years 284 Total lease commitments 518 Impact of discounting remaining lease payments (47 ) Lease liabilities as of December 31, 2023: 471 Current 232 Non-current 239 Total $ 471 December 31, 2022: U.S. dollars in Maturity analysis: Less than one year $ 265 One to five years 269 Total lease commitments 534 Impact of discounting remaining lease payments (46 ) Lease liabilities as of December 31, 2022: 488 Current 234 Non-current 254 Total $ 488 |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of maturity profile of financial liabilities based on contractual undiscounted payments | Schedule of maturity profile of financial liabilities based on contractual undiscounted payments Less than 1 to 2 2 to 3 3 to 4 4 to 5 > 5 Total Trade payables $ 758 $ — $ — $ — $ — $ — $ 758 Other accounts payable 5,257 — — — — — 5,257 Liability in respect of research and development grants 1,119 1,575 2,250 2,685 2,850 529 11,008 Lease liability 234 131 100 53 — — 518 Total $ 7,368 $ 1,706 $ 2,350 $ 2,738 $ 2,850 $ 529 $ 17,541 December 31, 2022: Less than one year 1 to 2 2 to 3 3 to 4 4 to 5 > 5 Total Trade payables $ 1,116 $ — $ — $ — $ — $ — $ 1,116 Other accounts payable 4,228 — — — — — 4,228 Liability in respect of research and development grants 1,217 1,715 2,177 2,645 3,079 721 11,554 Lease liability 265 172 71 26 — — 534 Total $ 6,826 $ 1,887 $ 2,248 $ 2,671 $ 3,079 $ 721 $ 17,432 |
Schedule of maturity profile of financial liabilities based on contractual discounted payments | Schedule of maturity profile of financial liabilities based on contractual discounted payments Less than 1 to 2 2 to 3 3 to 4 4 to 5 > 5 Total Trade payables $ 758 $ — $ — $ — $ — $ — $ 758 Other accounts payable 5,259 — — — — — 5,259 Liability in respect of research and development grants 1,008 1,176 1,441 1,478 1,353 629 7,085 Lease liability 232 121 79 39 — — 471 Total $ 7,257 $ 1,297 $ 1,520 $ 1,517 $ 1,353 $ 629 $ 13,573 December 31, 2022: Less than 1 to 2 2 to 3 3 to 4 4 to 5 > 5 Total Trade payables $ 1,116 $ — $ — $ — $ — $ — $ 1,116 Other accounts payable 4,257 — — — — — 4,257 Liability in respect of research and development grants 1,057 1,267 1,392 1,442 1,319 596 7,073 Lease liability 234 161 61 32 — — 488 Total $ 6,664 $ 1,428 $ 1,453 $ 1,474 $ 1,319 $ 596 $ 12,934 |
Schedule of sensitivity tests relating to changes in foreign currency | Schedule of sensitivity tests relating to changes in foreign currency December 31, 2023 2022 Sensitivity test to changes in the NIS exchange rate: Gain (loss) from the change: Increase of 5% in exchange rate $ 29 $ 8 Decrease of 5% in exchange rate $ (29 ) $ (8 ) |
TAXES ON INCOME (Tables)
TAXES ON INCOME (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of deferred tax liabilities | Schedule of deferred tax liabilities Year ended December 31, 2023 2022 Gross deferred tax assets: Employee benefits $ 78 $ 46 Lease liabilities 6 — Other temporary differences 787 288 Gross deferred tax assets 871 334 Gross deferred tax liabilities: Property, plant and equipment (36 ) (58 ) Right-of-use assets (7 ) — Gross deferred tax liabilities (43 ) (58 ) Deferred tax assets, net $ 828 $ 276 |
Schedule of reconciliation between the tax expense profit loss | Schedule of reconciliation between the tax expense profit loss Year ended December 31, 2023 2022 2021 Loss before taxes on income $ (3,946 ) $ (13,034 ) $ (6,419 ) Statutory federal income tax rate 21 % 21 % 21 % Tax (tax benefit) computed at the statutory tax rate $ (829 ) $ (2,737 ) $ (1,348 ) Unrecognized temporary differences (47 ) 140 (295 ) Increase in unrecognized tax losses in the year 1,070 2,889 1,485 Tax adjustment in respect of different tax rates 44 21 21 Taxes in respect of previous years 5 — 137 Non-deductible expenses and other differences 8 2 43 Income tax expense $ 251 $ 315 $ 43 |
Schedule of income tax benefits | Schedule of income tax benefits Year ended December 31, 2023 2022 2021 Current taxes $ 798 $ 133 $ 364 Deferred taxes (552 ) 182 (458 ) Taxes in respect of previous years 5 — 137 Total income tax benefits $ 251 $ 315 $ 43 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity | |
Schedule of composition of share capital | Schedule of composition of share capital December 31, 2023 December 31, 2022 Authorized Issued and outstanding Authorized Issued and outstanding Number of shares Ordinary shares of NIS 0.04 par value each 120,000,000 33,242,189 120,000,000 33,053,323 |
Schedule of issued and outstanding capital | Schedule of issued and outstanding capital Number of shares NIS par value Balance as of January 1, 2023 33,053,323 1,322,133 Vesting of restricted shares 188,866 7,554 Balance of December 31,2023 33,242,189 1,329,687 |
SHARE-BASED PAYMENT (Tables)
SHARE-BASED PAYMENT (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of expense recognized in the financial statements for services received | Schedule of expense recognized in the financial statements for services received Year ended December 31, 2023 2022 2021 Equity-settled share-based payment plans to employees, directors and consultants. $ 381 $ 1,475 $ 1,883 |
Schedule of share-based payment transactions | Schedule of share-based payment transactions Range of exercise prices Options outstanding as of December 31, 2023 (*) Weighted Average remaining contractual Term Weighted Average exercise price ($) Options exercisable December 31, 2023 0.36 - 4.91 1,982,100 5.74 2.91 1,060,037 3.41 - 3.87 90,000 4.9 3.67 67,500 (*) Options and restricted shares. |
Schedule of fair value of options granted | Schedule of fair value of options granted Year ended December 31, 2023 2022 2021 Expected volatility (%) 48.9 71.61 33.00 64.44 50.49 64.44 Risk-free interest rate (%) 3.39 4.58 0.06 2.90 0.06 1.59 Expected exercise factor 2.8 2.8 2.8 |
Schedule of share based payment movement of options | Schedule of share based payment movement of options Year ended December 31, 2023 2022 Number of options Weighted average exercise price (*) Number of options Weighted average exercise price (*) Outstanding at January 1, 1,549,600 $ 4.6 1,552,383 $ 4.6 Granted 913,000 0.9 50,000 3.9 Expired (90,200 ) 4.3 (16,000 ) 3.3 Forfeited (300,300 ) 3.8 (36,783 ) 4.5 Outstanding at December 31, 2,072,100 $ 2.9 1,549,600 $ 4.6 Exercisable at December 31, 1,127,537 $ 4.6 1,367,033 $ 4.4 (*) The exercise price of all options denominated in NIS and was translated to USD in the table above using the exchange rate as of December 31, 2023 and 2022, respectively. |
Schedule of movement of restricted shares | Schedule of movement of restricted shares 2023 2022 Number of Restricted shares Number of Restricted shares Outstanding at January 1, 769,040 539,530 Granted — 498,400 Vested (193,347 ) (142,189 ) Forfeited (306,055 ) (146,701 ) Outstanding at December 31, 269,638 749,040 |
ADDITIONAL INFORMATION TO THE_2
ADDITIONAL INFORMATION TO THE STATEMENTS OF COMPREHENSIVE LOSS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Additional Information To Statements Of Comprehensive Loss | |
Schedule of additional information on revenues | Schedule of additional information on revenues Year ended December 31, 2023 2022 2021 Revenues from sale $ 20,372 $ 16,182 $ 16,208 Revenues from lease 8,523 9,244 11,608 Revenues from sale related service 2,311 1,276 1,075 Revenues from other service 579 475 766 Total revenue $ 31,785 $ 27,177 $ 29,657 |
Schedule of revenues from major customers | Schedule of revenues from major customers Year ended December 31, 2023 2022 2021 Customer A 15% *) *) Customer B *) 16% 15% *) Less than 10 % |
Schedule of geographic information | Schedule of geographic information Year ended December 31, 2023 % 2022 % 2021 % U.S. $ 23,979 75 $ 20,300 (*) 75 $ 26,094 (*) 88 Other 7,806 25 6,877 (*) 25 3,563 (*) 12 $ 31,785 100 $ 27,177 100 $ 29,657 100 |
Schedule of cost of revenues | Schedule of cost of revenues Year ended December 31, 2023 2022 2021 Cost of revenues from sale $ 5,792 $ 4,917 $ 3,509 Cost of revenues from lease 1,670 1,790 2,667 Cost of revenues from sale related service 678 324 247 Cost of revenues from other service 168 98 176 Total cost of revenues $ 8,308 $ 7,129 $ 6,599 |
Schedule of research and development expenses, net | Schedule of research and development expenses, net Year ended December 31, 2023 2022 2021 Salaries and related benefits $ 4,012 $ 4,516 $ 3,580 Subcontractors 1,564 1,318 961 Laboratory materials 333 494 665 Patents 133 200 204 Share-based payment 264 357 411 Travel 48 14 28 Depreciation 108 99 107 Other 235 690 538 Less-Government grants (32 ) (10 ) (101 ) Research and development expenses, net $ 6,665 $ 7,678 $ 6,393 |
Schedule of selling and marketing expenses | Schedule of selling and marketing expenses Year ended December 31, 2023 2022 2021 Salaries and related benefits $ 10,273 $ 10,268 $ 8,887 Agent commissions 489 425 392 Marketing, advertising and events 2,729 3,835 3,136 Travel 1,542 1,915 1,121 Share-based payment 126 486 698 Depreciation 137 143 64 Collection costs and other 1,160 1,127 1,582 Selling and marketing expenses $ 16,456 $ 18,199 $ 15,880 |
Schedule of general and administrative expenses | Schedule of general and administrative expenses Year ended December 31, 2023 2022 2021 Salaries and related benefits $ 2,689 $ 2,324 $ 2,283 Professional fees and office expenses 2,638 3,310 2,031 Depreciation 141 312 407 Travel 16 11 10 Allowance for doubtful accounts (145 ) 281 323 Share- based payment (24 ) 616 730 $ 5,315 $ 6,854 $ 5,784 |
Schedule of finance income and expense | Schedule of finance income and expense Year ended December 31, 2023 2022 2021 Finance income: Interest-income revaluation of bank deposits $ 2,171 $ 1,109 $ 225 Revaluation of warrants — 8 30 Finance income 2,171 1,117 255 Finance expense: Liability in respect of research and development grants 799 1,148 1,171 Bank commissions 27 22 81 Exchange rate differences 61 252 363 Interest expense of lease liability 48 46 60 Other 223 — — Finance expense 1,158 1,468 1,675 Finance income (expense), net $ 1,013 $ (351 ) $ (1,420 ) |
NET LOSS PER SHARE (Tables)
NET LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes and other explanatory information [abstract] | |
Schedule of net loss per share | Schedule of net loss per share Year ended December 31, 2023 2022 2021 Weighted number of shares*) Loss attributable to equity holders of the Company Weighted number of shares*) Loss attributable to equity holders of the Company Weighted number of shares*) Loss attributable to equity holders of the Company Used in the computation of basic and diluted net loss 33,155,669 $ 4,197 32,980,997 $ 13,349 31,154,258 $ 6,462 *) Computation of diluted loss per share did not include potential ordinary shares that would result from conversion of outstanding options and warrants, since their conversion has anti-dilutive effect. |
BALANCES AND TRANSACTIONS WIT_2
BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Balances And Transactions With Related Parties | |
Schedule of balances with interested and related parties | Schedule of balances with interested and related parties Key management personnel Other Vendors $ — $ 45 Other accounts payable $ 335 $ 57 As of December 31, 2022 Key Other Other accounts payable $ 14 $ 66 |
Schedule of benefits to interested and related parties | Schedule of benefits to interested and related parties Year ended December 31, 2023 2022 2021 Salary to those employed by the Company or on its behalf $ — $ 762 $ 885 Directors’ fees to those not employed by the Company or on its behalf $ 411 $ 280 $ 148 Number of individuals to whom the salary and benefits relate: Related and interested parties employed by the Company or on its behalf — 3 3 Directors not employed by the Company 8 5 5 Total benefits to interested and related parties 8 8 8 |
Schedule of share-based payment | Schedule of share-based payment Year ended December 31, 2023 2022 2021 Share-based payment to those employed by the Company or on its behalf $ 207 $ 287 $ 445 Share-based payment to those not employed by the Company or on its behalf $ 102 $ 28 $ 90 |
Schedule of transactions with interested and related parties | Schedule of transactions with interested and related parties Key management personnel (*) Other interested and related parties Research and development expenses $ — $ 70 General and administrative expenses 801 298 $ 801 $ 368 Year ended December 31, 2022 Key management personnel (*) Other interested and related parties Research and development expenses $ 107 $ 81 General and administrative expenses 861 308 $ 968 $ 389 Year ended December 31, 2021 Key management personnel (*) Other interested and related parties Research and development expenses $ 112 $ 82 General and administrative expenses 1,137 238 $ 1,249 $ 320 *) Some of the key management personnel are interested parties by virtue of holdings. |
GENERAL (Details Narrative)
GENERAL (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
General | |
Operating loss | $ 4,197 |
ACCOUNTING POLICIES (Details)
ACCOUNTING POLICIES (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Motor vehicles [member] | Bottom of range [member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Amortization period right-of-use assets | 3 years |
Motor vehicles [member] | Top of range [member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Amortization period right-of-use assets | 4 years |
Bottom of range [member] | Lease facilities [Member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Amortization period right-of-use assets | 2 years |
Top of range [member] | Lease facilities [Member] | |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |
Amortization period right-of-use assets | 3 years |
ACCOUNTING POLICIES (Details 1)
ACCOUNTING POLICIES (Details 1) | 12 Months Ended |
Dec. 31, 2023 | |
Leased systems [Member] | |
IfrsStatementLineItems [Line Items] | |
Annual depreciation rates | 15% |
Laboratory equipment [Member] | |
IfrsStatementLineItems [Line Items] | |
Annual depreciation rates | 15% |
Computers [Member] | |
IfrsStatementLineItems [Line Items] | |
Annual depreciation rates | 33% |
Office equipment [member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Annual depreciation rates | 6% |
Office equipment [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Annual depreciation rates | 15% |
Leasehold improvements [member] | Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Annual depreciation rates | 10% |
Leasehold improvements [member] | Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Annual depreciation rates | 33% |
CASH AND CASH EQUIVALENTS AND_3
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash And Cash Equivalents And Restricted Cash | ||
Cash for immediate withdrawal | $ 10,520 | $ 7,307 |
Cash equivalents - bank deposits less than three months | 40,274 | |
Total | $ 10,520 | $ 47,581 |
CASH AND CASH EQUIVALENTS AND_4
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH (Details 1) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Cash And Cash Equivalents And Restricted Cash | ||
Restricted cash - bank deposits | $ 271 | $ 271 |
SHORT-TERM DEPOSITS (Details)
SHORT-TERM DEPOSITS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Short-term Deposits | ||
Bank deposits (*) | $ 35,465 |
SHORT-TERM DEPOSITS (Details Na
SHORT-TERM DEPOSITS (Details Narrative) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Short-term Deposits | ||
Annual interest | 6% | 6% |
TRADE RECEIVABLES, NET (Details
TRADE RECEIVABLES, NET (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Notes and other explanatory information [abstract] | |||
Open accounts | [1] | $ 4,684 | $ 5,945 |
Less-allowance for credit losses | (904) | (1,101) | |
Trade receivables, net | $ 3,780 | $ 4,844 | |
[1]Trade receivables generally have 90-day credit terms. Certain customers payments are made through monthly credit card transactions. |
TRADE RECEIVABLES, NET (Detai_2
TRADE RECEIVABLES, NET (Details1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Notes and other explanatory information [abstract] | ||
Beginning balance | $ 1,101 | $ 1,256 |
Change in provision for the year | (131) | 282 |
Derecognition of bad debts | (66) | (437) |
Ending balance | $ 904 | $ 1,101 |
TRADE RECEIVABLES, NET (Detai_3
TRADE RECEIVABLES, NET (Details 2) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
IfrsStatementLineItems [Line Items] | |||
Gross carrying amount | $ 4,684 | $ 5,945 | |
Allowance for doubtful accounts | 904 | 1,101 | $ 1,256 |
Trade receivables, net | 3,780 | 4,844 | |
Current [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross carrying amount | 167 | 999 | |
Allowance for doubtful accounts | 12 | 87 | |
Trade receivables, net | 155 | 912 | |
Later than one month and not later than two months [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross carrying amount | 271 | 357 | |
Allowance for doubtful accounts | 19 | 48 | |
Trade receivables, net | 252 | 309 | |
Later than two months and not later than three months [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross carrying amount | 314 | 330 | |
Allowance for doubtful accounts | 44 | 60 | |
Trade receivables, net | 270 | 270 | |
Later than three months [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross carrying amount | 253 | 491 | |
Allowance for doubtful accounts | 235 | 78 | |
Trade receivables, net | 18 | 413 | |
Later than four months [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross carrying amount | 862 | 2,198 | |
Allowance for doubtful accounts | 587 | 824 | |
Trade receivables, net | 275 | 1,374 | |
Financial assets past due but not impaired [member] | |||
IfrsStatementLineItems [Line Items] | |||
Gross carrying amount | 2,817 | 1,570 | |
Allowance for doubtful accounts | 7 | 4 | |
Trade receivables, net | $ 2,810 | $ 1,566 |
INVENTORY (Details)
INVENTORY (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Notes and other explanatory information [abstract] | ||
Raw materials | $ 1,791 | $ 2,565 |
Work in progress | 1,211 | 1,651 |
Finished goods | 1,833 | 1,227 |
Total | 4,835 | 5,443 |
Provision for Inventory | (1,118) | (1,606) |
Inventory, net | $ 3,717 | $ 3,837 |
OTHER CURRENT ASSETS (Details)
OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Notes and other explanatory information [abstract] | ||
Government authorities | $ 420 | $ 606 |
Prepaid expenses and other | 1,292 | 950 |
Other current assets | $ 1,712 | $ 1,556 |
SYSTEM COMPONENTS, LEASED SYS_3
SYSTEM COMPONENTS, LEASED SYSTEMS, OTHER PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | |||
IfrsStatementLineItems [Line Items] | ||||
Depreciated cost at ending balance | $ 5,790 | $ 5,346 | ||
System Components [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Depreciated cost at ending balance | 1,273 | 1,220 | ||
Leased systems [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Depreciated cost at ending balance | 3,700 | 3,118 | ||
Laboratory equipment [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Depreciated cost at ending balance | 211 | 350 | ||
Right-of-use assets [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Depreciated cost at ending balance | 428 | 483 | ||
Office equipment [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Depreciated cost at ending balance | 135 | 149 | ||
Leasehold improvements [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Depreciated cost at ending balance | 43 | 26 | ||
Gross carrying amount [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Beginning balance | 10,843 | 14,935 | ||
Additions | 2,695 | 6,457 | ||
Transfer to Leased systems | ||||
Reductions | (1,453) | (10,549) | ||
Ending balance | 12,085 | 10,843 | ||
Gross carrying amount [member] | System Components [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Beginning balance | 1,220 | 4,463 | ||
Additions | 2,336 | 5,930 | ||
Transfer to Leased systems | (1,905) | (836) | ||
Reductions | (378) | (8,337) | [1] | |
Ending balance | 1,273 | 1,220 | ||
Gross carrying amount [member] | Leased systems [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Beginning balance | 7,227 | 7,463 | ||
Additions | ||||
Transfer to Leased systems | 1,994 | 836 | ||
Reductions | (727) | [2] | (1,072) | [3] |
Ending balance | 8,494 | 7,227 | ||
Gross carrying amount [member] | Laboratory equipment [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Beginning balance | 1,276 | 1,170 | ||
Additions | 30 | 106 | ||
Transfer to Leased systems | (89) | |||
Reductions | ||||
Ending balance | 1,217 | 1,276 | ||
Gross carrying amount [member] | Right-of-use assets [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Beginning balance | 814 | 1,635 | ||
Additions | 308 | 301 | ||
Transfer to Leased systems | ||||
Reductions | (348) | (1,122) | ||
Ending balance | 774 | 814 | ||
Gross carrying amount [member] | Office equipment [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Beginning balance | 225 | 135 | ||
Additions | 90 | |||
Transfer to Leased systems | ||||
Reductions | ||||
Ending balance | 225 | 225 | ||
Gross carrying amount [member] | Leasehold improvements [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Beginning balance | 81 | 69 | ||
Additions | 21 | 30 | ||
Transfer to Leased systems | ||||
Reductions | (18) | |||
Ending balance | 102 | 81 | ||
Accumulated depreciation [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Beginning balance | 5,497 | 5,604 | ||
Additions | 1,337 | 1,536 | ||
Reductions | (539) | (1,643) | ||
Ending balance | 6,295 | 5,497 | ||
Accumulated depreciation [Member] | System Components [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Beginning balance | ||||
Additions | ||||
Reductions | ||||
Ending balance | ||||
Accumulated depreciation [Member] | Leased systems [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Beginning balance | 4,109 | 3,650 | ||
Additions | 975 | 976 | ||
Reductions | (290) | (517) | ||
Ending balance | 4,794 | 4,109 | ||
Accumulated depreciation [Member] | Laboratory equipment [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Beginning balance | 926 | 857 | ||
Additions | 80 | 69 | ||
Reductions | ||||
Ending balance | 1,006 | 926 | ||
Accumulated depreciation [Member] | Right-of-use assets [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Beginning balance | 331 | 981 | ||
Additions | 264 | 476 | ||
Reductions | (249) | (1,126) | ||
Ending balance | 346 | 331 | ||
Accumulated depreciation [Member] | Office equipment [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Beginning balance | 76 | 63 | ||
Additions | 14 | 13 | ||
Reductions | ||||
Ending balance | 90 | 76 | ||
Accumulated depreciation [Member] | Leasehold improvements [member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Beginning balance | 55 | 53 | ||
Additions | 4 | 2 | ||
Reductions | ||||
Ending balance | $ 59 | $ 55 | ||
[1]Reduction in systems components for the year ended December 31, 2022, mainly includes (a) reclassification to inventory in the amount of $3,837, (b) impairment provision in the amount of $816 and (c) system components sold in the amount of $3,006.[2]Derived mainly from returned systems as well as sale of leased systems.[3]Derived mainly from returned systems as well as sale of leased systems. |
OTHER LONG-TERM ASSETS (Details
OTHER LONG-TERM ASSETS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Notes and other explanatory information [abstract] | ||
Prepaid expenses and deposits | $ 889 | $ 766 |
Deferred tax assets, net | 828 | 276 |
Total other long term assets | $ 1,717 | $ 1,042 |
OTHER ACCOUNTS PAYABLE (Details
OTHER ACCOUNTS PAYABLE (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Other Accounts Payable | |||
Employee and payroll accruals | $ 2,065 | $ 1,868 | |
Accrued expenses | 2,480 | 2,309 | |
Institutions | 153 | ||
Income tax payable | 504 | ||
Liabilities to related parties | [1] | 57 | 80 |
Current maturities of lease liabilities | 232 | 234 | |
Other accounts payable | $ 5,491 | $ 4,491 | |
[1]current non-interest-bearing accounts. |
DEFERRED REVENUES AND OTHER L_3
DEFERRED REVENUES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | |
Deferred Revenues And Other Liabilities | |||
Deferred revenues | [1] | $ 5,314 | $ 4,669 |
Lease liabilities | 239 | 254 | |
Total deferred revenues and other liabilities | $ 5,553 | $ 4,923 | |
[1]Including an amount of $1,479 relating to deferred distribution fees received as of the both years ended December 31, 2023 and 2022, respectively. For more information see note 16c. |
DEFERRED REVENUES AND OTHER L_4
DEFERRED REVENUES AND OTHER LIABILITIES (Details 1) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Maturity analysis: | ||
Less than one year | $ 234 | $ 265 |
One to five years | 284 | 269 |
Total lease commitments | 518 | 534 |
Impact of discounting remaining lease payments | (47) | (46) |
Lease liabilities as of December 31, 2022: | 471 | 488 |
Current | 232 | 234 |
Non-current | 239 | 254 |
Total | $ 471 | $ 488 |
FINANCIAL INSTRUMENTS (Details)
FINANCIAL INSTRUMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Trade payables | $ 758 | $ 1,116 |
Lease liability | 471 | 488 |
Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | 758 | 1,116 |
Other accounts payable | 5,257 | 4,228 |
Liability in respect of research and development grants | 1,119 | 1,217 |
Lease liability | 234 | 265 |
Total | 7,368 | 6,826 |
Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | ||
Other accounts payable | ||
Liability in respect of research and development grants | 1,575 | 1,715 |
Lease liability | 131 | 172 |
Total | 1,706 | 1,887 |
Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | ||
Other accounts payable | ||
Liability in respect of research and development grants | 2,250 | 2,177 |
Lease liability | 100 | 71 |
Total | 2,350 | 2,248 |
Later than three years and not later than four years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | ||
Other accounts payable | ||
Liability in respect of research and development grants | 2,685 | 2,645 |
Lease liability | 53 | 26 |
Total | 2,738 | 2,671 |
Later than four years and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | ||
Other accounts payable | ||
Liability in respect of research and development grants | 2,850 | 3,079 |
Lease liability | ||
Total | 2,850 | 3,079 |
Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | ||
Other accounts payable | ||
Liability in respect of research and development grants | 529 | 721 |
Lease liability | ||
Total | 529 | 721 |
Total Years [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | 758 | 1,116 |
Other accounts payable | 5,257 | 4,228 |
Liability in respect of research and development grants | 11,008 | 11,554 |
Lease liability | 518 | 534 |
Total | $ 17,541 | $ 17,432 |
FINANCIAL INSTRUMENTS (Details
FINANCIAL INSTRUMENTS (Details 1) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
IfrsStatementLineItems [Line Items] | ||
Trade payables | $ 758 | $ 1,116 |
Lease liability | 471 | 488 |
Not later than one year [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | 758 | 1,116 |
Other accounts payable | 5,257 | 4,228 |
Liability in respect of research and development grants | 1,119 | 1,217 |
Lease liability | 234 | 265 |
Total | 7,368 | 6,826 |
Not later than one year [member] | Financial Liabilities Contractual Discounted [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | 758 | 1,116 |
Other accounts payable | 5,259 | 4,257 |
Liability in respect of research and development grants | 1,008 | 1,057 |
Lease liability | 232 | 234 |
Total | 7,257 | 6,664 |
Later than one year and not later than two years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | ||
Other accounts payable | ||
Liability in respect of research and development grants | 1,575 | 1,715 |
Lease liability | 131 | 172 |
Total | 1,706 | 1,887 |
Later than one year and not later than two years [member] | Financial Liabilities Contractual Discounted [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | ||
Other accounts payable | ||
Liability in respect of research and development grants | 1,176 | 1,267 |
Lease liability | 121 | 161 |
Total | 1,297 | 1,428 |
Later than two years and not later than three years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | ||
Other accounts payable | ||
Liability in respect of research and development grants | 2,250 | 2,177 |
Lease liability | 100 | 71 |
Total | 2,350 | 2,248 |
Later than two years and not later than three years [member] | Financial Liabilities Contractual Discounted [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | ||
Other accounts payable | ||
Liability in respect of research and development grants | 1,441 | 1,392 |
Lease liability | 79 | 61 |
Total | 1,520 | 1,453 |
Later than three years and not later than four years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | ||
Other accounts payable | ||
Liability in respect of research and development grants | 2,685 | 2,645 |
Lease liability | 53 | 26 |
Total | 2,738 | 2,671 |
Later than three years and not later than four years [member] | Financial Liabilities Contractual Discounted [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | ||
Other accounts payable | ||
Liability in respect of research and development grants | 1,478 | 1,442 |
Lease liability | 39 | 32 |
Total | 1,517 | 1,474 |
Later than four years and not later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | ||
Other accounts payable | ||
Liability in respect of research and development grants | 2,850 | 3,079 |
Lease liability | ||
Total | 2,850 | 3,079 |
Later than four years and not later than five years [member] | Financial Liabilities Contractual Discounted [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | ||
Other accounts payable | ||
Liability in respect of research and development grants | 1,353 | 1,319 |
Lease liability | ||
Total | 1,353 | 1,319 |
Later than five years [member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | ||
Other accounts payable | ||
Liability in respect of research and development grants | 529 | 721 |
Lease liability | ||
Total | 529 | 721 |
Later than five years [member] | Financial Liabilities Contractual Discounted [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | ||
Other accounts payable | ||
Liability in respect of research and development grants | 629 | 596 |
Lease liability | ||
Total | 629 | 596 |
Total Years [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | 758 | 1,116 |
Other accounts payable | 5,257 | 4,228 |
Liability in respect of research and development grants | 11,008 | 11,554 |
Lease liability | 518 | 534 |
Total | 17,541 | 17,432 |
Total Years [Member] | Financial Liabilities Contractual Discounted [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Trade payables | 758 | 1,116 |
Other accounts payable | 5,259 | 4,257 |
Liability in respect of research and development grants | 7,085 | 7,073 |
Lease liability | 471 | 488 |
Total | $ 13,573 | $ 12,934 |
FINANCIAL INSTRUMENTS (Detail_2
FINANCIAL INSTRUMENTS (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Gain (loss) from the change: | ||
Increase of 5% in exchange rate | $ 29 | $ 8 |
Decrease of 5% in exchange rate | $ (29) | $ (8) |
FINANCIAL INSTRUMENTS (Detail_3
FINANCIAL INSTRUMENTS (Details Narrative) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Notes and other explanatory information [abstract] | |
Deficit of financial liabilities over financial liabilities | $ 576 |
Financial instruments, description | Company has excess of financial assets over financial liabilities in Euro and CAD in relation to US dollar of $1,389 and $859, respectively. An increase or decrease of 5% of the US dollar relative to the Euro would have an effect of $69 and $43, respectively. |
EMPLOYEE BENEFITS AND LIABILI_2
EMPLOYEE BENEFITS AND LIABILITIES (Details Narrative) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Expense in defined contribution plans | $ 343 | $ 345 | $ 329 |
TAXES ON INCOME (Details)
TAXES ON INCOME (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Gross deferred tax assets: | ||
Employee benefits | $ 78 | $ 46 |
Lease liabilities | 6 | |
Other temporary differences | 787 | 288 |
Gross deferred tax assets | 871 | 334 |
Gross deferred tax liabilities: | ||
Property, plant and equipment | (36) | (58) |
Right-of-use assets | (7) | |
Gross deferred tax liabilities | (43) | (58) |
Deferred tax assets, net | $ 828 | $ 276 |
TAXES ON INCOME (Details 1)
TAXES ON INCOME (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Loss before taxes on income | $ (3,946) | $ (13,034) | $ (6,419) |
Statutory federal income tax rate | 21% | 21% | 21% |
Tax (tax benefit) computed at the statutory tax rate | $ (829) | $ (2,737) | $ (1,348) |
Unrecognized temporary differences | (47) | 140 | (295) |
Increase in unrecognized tax losses in the year | 1,070 | 2,889 | 1,485 |
Tax adjustment in respect of different tax rates | 44 | 21 | 21 |
Taxes in respect of previous years | 5 | 137 | |
Non-deductible expenses and other differences | 8 | 2 | 43 |
Income tax expense | $ 251 | $ 315 | $ 43 |
TAXES ON INCOME (Details 2)
TAXES ON INCOME (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Current taxes | $ 798 | $ 133 | $ 364 |
Deferred taxes | (552) | 182 | (458) |
Taxes in respect of previous years | 5 | 137 | |
Total income tax benefits | $ 251 | $ 315 | $ 43 |
TAXES ON INCOME (Details Narrat
TAXES ON INCOME (Details Narrative) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reserve Quantities [Line Items] | |||
Carryforward losses for tax purposes | $ 82 | ||
Country Of Israel [Member] | |||
Reserve Quantities [Line Items] | |||
Corporate federal income tax rate | 23% | 23% | 23% |
CONTINGENT LIABILITIES, COMMI_2
CONTINGENT LIABILITIES, COMMITMENTS AND CHARGES (Details Narrative) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 31, 2019 | Apr. 30, 2014 | Dec. 31, 2023 | Dec. 31, 2022 | |
Reserve Quantities [Line Items] | ||||
Current provision for royalties | $ 7,085 | $ 7,073 | ||
Maximum royalties payable | 11,008 | |||
Royalties paid | $ 5,134 | |||
Description of distribution fees payment | In consideration for the above, the distributor is obligated to pay the Company distribution fees of 190 million Yen (approximately $1.8 million), whereby 100 million Yen was paid in September 2013 and 90 million Yen was paid in 2019. | |||
Revenue target | 10% | |||
Cumulative sales | $ 10,000 | |||
Royalties rates | 8% | |||
Country Of Israel [Member] | ||||
Reserve Quantities [Line Items] | ||||
Exclusivity fee | $ 1,000 | |||
Refundable fees | $ 600 |
EQUITY (Details)
EQUITY (Details) - shares | Dec. 31, 2023 | Dec. 31, 2022 |
Equity | ||
Number of shares, Authorized | 120,000,000 | 120,000,000 |
Number of shares, Issued and outstanding | 33,242,189 | 33,053,323 |
EQUITY (Details 1)
EQUITY (Details 1) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 USD ($) shares | |
Equity | |
Number of shares, Beginning balance | shares | 33,053,323 |
NIS par value, Beginning balance | $ | $ 1,322,133 |
Number of shares, Vesting of restricted shares | shares | 188,866 |
NIS par value, Vesting of restricted shares | $ | $ 7,554 |
Number of shares, Beginning balance | shares | 33,242,189 |
NIS par value, Beginning balance | $ | $ 1,329,687 |
SHARE-BASED PAYMENT (Details)
SHARE-BASED PAYMENT (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Notes and other explanatory information [abstract] | |||
Equity-settled share-based payment plans to employees, directors and consultants. | $ 381 | $ 1,475 | $ 1,883 |
SHARE-BASED PAYMENT (Details 1)
SHARE-BASED PAYMENT (Details 1) - Share-based payment arrangements [member] | 12 Months Ended | |
Dec. 31, 2023 $ / shares shares | ||
0.36 - 4.91 [member] | ||
IfrsStatementLineItems [Line Items] | ||
Options outstanding | 1,982,100 | [1] |
Weighted Average remaining contractual Term | 5 years 8 months 26 days | |
Weighted Average exercise price | $ / shares | $ 2.91 | |
Options exercisable | 1,060,037 | |
3.41 - 3.87 [member] | ||
IfrsStatementLineItems [Line Items] | ||
Options outstanding | 90,000 | [1] |
Weighted Average remaining contractual Term | 4 years 10 months 24 days | |
Weighted Average exercise price | $ / shares | $ 3.67 | |
Options exercisable | 67,500 | |
[1]Options and restricted shares. |
SHARE-BASED PAYMENT (Details 2)
SHARE-BASED PAYMENT (Details 2) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
Expected exercise factor | $ 2.8 | $ 2.8 | $ 2.8 |
Bottom of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Expected volatility | 48.90% | 33% | 50.49% |
Risk-free interest rate | 3.39% | 0.06% | 0.06% |
Top of range [member] | |||
IfrsStatementLineItems [Line Items] | |||
Expected volatility | 71.61% | 64.44% | 64.44% |
Risk-free interest rate | 4.58% | 2.90% | 1.59% |
SHARE-BASED PAYMENT (Details 3)
SHARE-BASED PAYMENT (Details 3) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | ||
Notes and other explanatory information [abstract] | |||
Number of options, Outstanding at beginning balance | 1,549,600 | 1,552,383 | |
Weighted average of exercise price, Outstanding at beginning balance | [1] | $ 4.6 | $ 4.6 |
Number of options, Granted | 913,000 | 50,000 | |
Weighted average of exercise price, Granted | [1] | $ 0.9 | $ 3.9 |
Number of options, Expired | (90,200) | (16,000) | |
Weighted average of exercise price, Expired | [1] | $ 4.3 | $ 3.3 |
Number of options, Forfeited | (300,300) | (36,783) | |
Weighted average of exercise price, Forfeited | [1] | $ 3.8 | $ 4.5 |
Number of options, Outstanding at ending balance | 2,072,100 | 1,549,600 | |
Weighted average of exercise price, Outstanding at ending balance | [1] | $ 2.9 | $ 4.6 |
Number of options, Exercisable | 1,127,537 | 1,367,033 | |
Weighted average of exercise price, Exercisable | [1] | $ 4.6 | $ 4.4 |
[1]The exercise price of all options denominated in NIS and was translated to USD in the table above using the exchange rate as of December 31, 2023 and 2022, respectively. |
SHARE-BASED PAYMENT (Details 4)
SHARE-BASED PAYMENT (Details 4) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Notes and other explanatory information [abstract] | ||
Number of Restricted shares, Outstanding at beginning balance | 749,040 | 539,530 |
Number of Restricted shares, Granted | 498,400 | |
Number of Restricted shares, Vested | (193,347) | (142,189) |
Number of Restricted shares, Forfeited | (306,055) | (146,701) |
Number of Restricted shares, Outstanding at ending balance | 269,638 | 749,040 |
SHARE-BASED PAYMENT (Details Na
SHARE-BASED PAYMENT (Details Narrative) - Country Of Israel [Member] | Dec. 31, 2023 $ / shares |
Bottom of range [member] | |
IfrsStatementLineItems [Line Items] | |
Exercise Price | $ 10.61 |
Top of range [member] | |
IfrsStatementLineItems [Line Items] | |
Exercise Price | $ 15.26 |
ADDITIONAL INFORMATION TO THE_3
ADDITIONAL INFORMATION TO THE STATEMENTS OF COMPREHENSIVE LOSS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Information To Statements Of Comprehensive Loss | |||
Revenues from sale | $ 20,372 | $ 16,182 | $ 16,208 |
Revenues from lease | 8,523 | 9,244 | 11,608 |
Revenues from sale related service | 2,311 | 1,276 | 1,075 |
Revenues from other service | 579 | 475 | 766 |
Total revenue | $ 31,785 | $ 27,177 | $ 29,657 |
ADDITIONAL INFORMATION TO THE_4
ADDITIONAL INFORMATION TO THE STATEMENTS OF COMPREHENSIVE LOSS (Details 1) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Customer A [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues, percent | 15% | ||
Other [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Revenues, percent | 16% | 15% |
ADDITIONAL INFORMATION TO THE_5
ADDITIONAL INFORMATION TO THE STATEMENTS OF COMPREHENSIVE LOSS (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Reserve Quantities [Line Items] | |||
Revenues | $ 31,785 | $ 27,177 | $ 29,657 |
Percentage of revenues | 100% | 100% | 100% |
Country Of U S A [Member] | |||
Reserve Quantities [Line Items] | |||
Revenues | $ 23,979 | $ 20,300 | $ 26,094 |
Percentage of revenues | 75% | 75% | 88% |
Other [Member] | |||
Reserve Quantities [Line Items] | |||
Revenues | $ 7,806 | $ 6,877 | $ 3,563 |
Percentage of revenues | 25% | 25% | 12% |
ADDITIONAL INFORMATION TO THE_6
ADDITIONAL INFORMATION TO THE STATEMENTS OF COMPREHENSIVE LOSS (Details 3) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Information To Statements Of Comprehensive Loss | |||
Cost of revenues from sale | $ 5,792 | $ 4,917 | $ 3,509 |
Cost of revenues from lease | 1,670 | 1,790 | 2,667 |
Cost of revenues from sale related service | 678 | 324 | 247 |
Cost of revenues from other service | 168 | 98 | 176 |
Total cost of revenues | $ 8,308 | $ 7,129 | $ 6,599 |
ADDITIONAL INFORMATION TO THE_7
ADDITIONAL INFORMATION TO THE STATEMENTS OF COMPREHENSIVE LOSS (Details 4) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Information To Statements Of Comprehensive Loss | |||
Salaries and related benefits | $ 4,012 | $ 4,516 | $ 3,580 |
Subcontractors | 1,564 | 1,318 | 961 |
Laboratory materials | 333 | 494 | 665 |
Patents | 133 | 200 | 204 |
Share-based payment | 264 | 357 | 411 |
Travel | 48 | 14 | 28 |
Depreciation | 108 | 99 | 107 |
Other | 235 | 690 | 538 |
Less-Government grants | (32) | (10) | (101) |
Research and development expenses, net | $ 6,665 | $ 7,678 | $ 6,393 |
ADDITIONAL INFORMATION TO THE_8
ADDITIONAL INFORMATION TO THE STATEMENTS OF COMPREHENSIVE LOSS (Details 5) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Additional Information To Statements Of Comprehensive Loss | |||
Salaries and related benefits | $ 10,273 | $ 10,268 | $ 8,887 |
Agent commissions | 489 | 425 | 392 |
Marketing, advertising and events | 2,729 | 3,835 | 3,136 |
Travel | 1,542 | 1,915 | 1,121 |
Share-based payment | 126 | 486 | 698 |
Depreciation | 137 | 143 | 64 |
Collection costs and other | 1,160 | 1,127 | 1,582 |
Selling and marketing expenses | $ 16,456 | $ 18,199 | $ 15,880 |
ADDITIONAL INFORMATION TO THE_9
ADDITIONAL INFORMATION TO THE STATEMENTS OF COMPREHENSIVE LOSS (Details 6) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
IfrsStatementLineItems [Line Items] | |||
General and administrative expenses | $ 5,315 | $ 6,854 | $ 5,784 |
Salaries And Related Benefits [Member] | |||
IfrsStatementLineItems [Line Items] | |||
General and administrative expenses | 2,689 | 2,324 | 2,283 |
Professional Fees And Office Expenses [Member] | |||
IfrsStatementLineItems [Line Items] | |||
General and administrative expenses | 2,638 | 3,310 | 2,031 |
Depreciation [Member] | |||
IfrsStatementLineItems [Line Items] | |||
General and administrative expenses | 141 | 312 | 407 |
Travel [Member] | |||
IfrsStatementLineItems [Line Items] | |||
General and administrative expenses | 16 | 11 | 10 |
Allowance For Doubtful Account [Member] | |||
IfrsStatementLineItems [Line Items] | |||
General and administrative expenses | (145) | 281 | 323 |
Share Based Payment [Member] | |||
IfrsStatementLineItems [Line Items] | |||
General and administrative expenses | $ (24) | $ 616 | $ 730 |
ADDITIONAL INFORMATION TO TH_10
ADDITIONAL INFORMATION TO THE STATEMENTS OF COMPREHENSIVE LOSS (Details 7) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finance income: | |||
Interest-income revaluation of bank deposits | $ 2,171 | $ 1,109 | $ 225 |
Revaluation of warrants | 8 | 30 | |
Finance income | 2,171 | 1,117 | 255 |
Finance expense: | |||
Liability in respect of research and development grants | 799 | 1,148 | 1,171 |
Bank commissions | 27 | 22 | 81 |
Exchange rate differences | 61 | 252 | 363 |
Interest expense of lease liability | 48 | 46 | 60 |
Other | 223 | ||
Finance expense | 1,158 | 1,468 | 1,675 |
Finance income (expense), net | $ 1,013 | $ (351) | $ (1,420) |
NET LOSS PER SHARE (Details)
NET LOSS PER SHARE (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Notes and other explanatory information [abstract] | ||||
Weighted number of shares | [1] | 33,155,669 | 32,980,997 | 31,154,258 |
Loss attributable to equity holders of the Company | $ 4,197 | $ 13,349 | $ 6,462 | |
[1]Computation of diluted loss per share did not include potential ordinary shares that would result from conversion of outstanding options and warrants, since their conversion has anti-dilutive effect. |
BALANCES AND TRANSACTIONS WIT_3
BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Key Management Personnel [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Vendors | ||
Other accounts payable | 335 | $ 14 |
Other Interested And Related Parties [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Vendors | 45 | |
Other accounts payable | $ 57 | $ 66 |
BALANCES AND TRANSACTIONS WIT_4
BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Details 1) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Integer | Dec. 31, 2022 USD ($) Integer | Dec. 31, 2021 USD ($) Integer | |
Balances And Transactions With Related Parties | |||
Salary to those employed by the Company or on its behalf | $ | $ 762 | $ 885 | |
Directors’ fees to those not employed by the Company or on its behalf | $ | $ 411 | $ 280 | $ 148 |
Number of individuals to whom the salary and benefits relate: | |||
Related and interested parties employed by the Company or on its behalf | 3 | 3 | |
Directors not employed by the Company | 8 | 5 | 5 |
Total benefits to interested and related parties | 8 | 8 | 8 |
BALANCES AND TRANSACTIONS WIT_5
BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Details 2) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2020 |
Balances And Transactions With Related Parties | |||
Share-based payment to those employed by the Company or on its behalf | $ 207 | $ 287 | $ 445 |
Share-based payment to those not employed by the Company or on its behalf | $ 102 | $ 28 | $ 90 |
BALANCES AND TRANSACTIONS WIT_6
BALANCES AND TRANSACTIONS WITH RELATED PARTIES (Details 3) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
IfrsStatementLineItems [Line Items] | ||||
Research and development expenses | $ 6,665 | $ 7,678 | $ 6,393 | |
General and administrative expenses | 5,315 | 6,854 | 5,784 | |
Key Management Personnel [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Research and development expenses | [1] | 107 | 112 | |
General and administrative expenses | [1] | 801 | 861 | 1,137 |
Interested and related parties | [1] | 801 | 968 | 1,249 |
Other Interested And Related Parties [Member] | ||||
IfrsStatementLineItems [Line Items] | ||||
Research and development expenses | 70 | 81 | 82 | |
General and administrative expenses | 298 | 308 | 238 | |
Interested and related parties | $ 368 | $ 389 | $ 320 | |
[1]Some of the key management personnel are interested parties by virtue of holdings. |