Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | BiondVax Pharmaceuticals Ltd. |
Entity Central Index Key | 0001611747 |
Trading Symbol | BVXV |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2018 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2018 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Shell Company | false |
Entity Common Stock, Shares Outstanding | 0 |
Balance Sheets
Balance Sheets ₪ in Thousands, $ in Thousands | Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | |
CURRENT ASSETS: | ||||
Cash and cash equivalents | ₪ | ₪ 75,883 | ₪ 71,382 | ||
Other receivables | ₪ | 965 | 3,923 | ||
Current assets | ₪ | 76,848 | 75,305 | ||
LONG-TERM ASSETS: | ||||
Property, plant and equipment | ₪ | 28,249 | 5,510 | ||
Other long term assets | ₪ | 740 | 880 | ||
Non-current assets | ₪ | 28,989 | 6,390 | ||
Total assets | ₪ | 105,837 | 81,695 | ||
CURRENT LIABILITIES: | ||||
Trade payables | ₪ | 20,723 | 6,223 | ||
Other payables | ₪ | 1,076 | 660 | ||
Current liabilities | ₪ | 21,799 | 6,883 | ||
LONG-TERM LIABILITIES: | ||||
Liability in respect of government grants | ₪ | 14,643 | 10,300 | ||
Loan from others | ₪ | 94,360 | |||
Warrants | ₪ | 6,168 | 8,177 | ||
Severance pay liability, net | ₪ | 82 | 83 | ||
Long-term liabilities | ₪ | 115,253 | 18,560 | ||
SHAREHOLDERS' EQUITY:- | ||||
Ordinary shares of NIS 0.0000001 par value: Authorized: 391,000,000 shares as of December 31, 2018 and 2017; Issued and Outstanding: 261,419,599, shares as of December 31, 2018 and 2017 | ₪ | [1] | |||
Share premium | ₪ | 179,929 | 179,669 | ||
Accumulated deficit | ₪ | (211,144) | (123,417) | ||
Equity | ₪ | (31,215) | 56,252 | ||
Equity and liabilities | ₪ | ₪ 105,837 | ₪ 81,695 | ||
USD | ||||
CURRENT ASSETS: | ||||
Cash and cash equivalents | $ | $ 20,246 | |||
Other receivables | $ | 258 | |||
Current assets | $ | 20,504 | |||
LONG-TERM ASSETS: | ||||
Property, plant and equipment | $ | 7,537 | |||
Other long term assets | $ | 197 | |||
Non-current assets | $ | 7,734 | |||
Total assets | $ | 28,238 | |||
CURRENT LIABILITIES: | ||||
Trade payables | $ | 5,529 | |||
Other payables | $ | 287 | |||
Current liabilities | $ | 5,816 | |||
LONG-TERM LIABILITIES: | ||||
Liability in respect of government grants | $ | 3,907 | |||
Loan from others | $ | 25,176 | |||
Warrants | $ | 1,645 | |||
Severance pay liability, net | $ | 22 | |||
Long-term liabilities | $ | 30,750 | |||
SHAREHOLDERS' EQUITY:- | ||||
Ordinary shares of NIS 0.0000001 par value: Authorized: 391,000,000 shares as of December 31, 2018 and 2017; Issued and Outstanding: 261,419,599, shares as of December 31, 2018 and 2017 | $ | [1] | |||
Share premium | $ | 48,007 | |||
Accumulated deficit | $ | (56,335) | |||
Equity | $ | (8,328) | |||
Equity and liabilities | $ | $ 28,238 | |||
[1] | Represents an amount lower than NIS 1. |
Balance Sheets (Parenthetical)
Balance Sheets (Parenthetical) - ₪ / shares | Dec. 31, 2018 | Dec. 31, 2017 |
Statement of financial position [abstract] | ||
Ordinary shares, par value | ₪ 0.00 | ₪ 0.00 |
Ordinary shares, authorized | 391,000,000 | 391,000,000 |
Ordinary shares, issued | 261,419,599 | 261,419,599 |
Ordinary shares, outstanding | 261,419,599 | 261,419,599 |
Statements of Comprehensive Inc
Statements of Comprehensive Income ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018ILS (₪)₪ / sharesshares | Dec. 31, 2018USD ($)$ / sharesshares | Dec. 31, 2017ILS (₪)₪ / sharesshares | Dec. 31, 2016ILS (₪)₪ / sharesshares | |
Operating expenses: | ||||
Research and development, net of participations | ₪ | ₪ 71,913 | ₪ 18,777 | ₪ 7,794 | |
Marketing, general and administrative | ₪ | 5,154 | 4,879 | 4,106 | |
Total operating expenses | ₪ | 77,067 | 23,656 | 11,900 | |
Operating loss | ₪ | (77,067) | (23,656) | (11,900) | |
Financial income | ₪ | 2,936 | 18 | 3,019 | |
Financial expense | ₪ | (13,596) | (10,913) | (303) | |
Loss | ₪ | (87,727) | (34,551) | (9,184) | |
Items to be reclassified to profit or loss in subsequent periods: | ||||
Loss from available-for-sale marketable securities | ₪ | (6) | (6) | ||
Total comprehensive loss | ₪ | ₪ (87,727) | ₪ (34,557) | ₪ (9,190) | |
Basic and diluted loss per share | ₪ / shares | ₪ (0.34) | ₪ (0.17) | ₪ (0.07) | |
Weighted average number of shares outstanding used to compute basic and diluted loss per share | shares | 261,419,599 | 261,419,599 | 201,030,768 | 135,097,367 |
USD | ||||
Operating expenses: | ||||
Research and development, net of participations | $ | $ 19,187 | |||
Marketing, general and administrative | $ | 1,375 | |||
Total operating expenses | $ | 20,562 | |||
Operating loss | $ | (20,562) | |||
Financial income | $ | 783 | |||
Financial expense | $ | (3,628) | |||
Loss | $ | (23,407) | |||
Items to be reclassified to profit or loss in subsequent periods: | ||||
Loss from available-for-sale marketable securities | $ | ||||
Total comprehensive loss | $ | $ (23,407) | |||
Basic and diluted loss per share | $ / shares | $ (0.09) | |||
Weighted average number of shares outstanding used to compute basic and diluted loss per share | shares | 261,419,599 | 261,419,599 |
Statements of Changes in Shareh
Statements of Changes in Shareholders' Equity ₪ in Thousands, $ in Thousands | Share capitalILS (₪) | Share capitalUSDUSD ($) | Share premiumILS (₪) | Share premiumUSDUSD ($) | OptionsILS (₪) | OptionsUSDUSD ($) | Unrealized gain (loss) on available-for-sale financial assetsILS (₪) | Unrealized gain (loss) on available-for-sale financial assetsUSDUSD ($) | Accumulated deficitILS (₪) | Accumulated deficitUSDUSD ($) | ILS (₪) | Total EquityUSDUSD ($) | |
Balance at Dec. 31, 2015 | [1] | ₪ 110,679 | ₪ 2,536 | ₪ 12 | ₪ (79,682) | ₪ 33,545 | |||||||
Loss | (9,184) | (9,184) | |||||||||||
Other comprehensive loss | (6) | (6) | |||||||||||
Total comprehensive loss | (6) | (9,184) | (9,190) | ||||||||||
Expiration of Options series 3 | 1,101 | (1,101) | |||||||||||
Share-based compensation | 1,261 | 1,261 | |||||||||||
Balance at Dec. 31, 2016 | [1] | 113,041 | 1,435 | 6 | (88,866) | 25,616 | |||||||
Loss | (34,551) | (34,551) | |||||||||||
Other comprehensive loss | (6) | (6) | |||||||||||
Total comprehensive loss | (6) | (34,551) | (34,557) | ||||||||||
Issuance of ordinary shares, net of issuance costs | [1] | 55,692 | 55,692 | ||||||||||
Exercise of employees' options | [1] | 18 | 18 | ||||||||||
Exercise of options | [1] | 8,964 | 8,964 | ||||||||||
Expiration of options series 4 | 902 | (902) | |||||||||||
Expiration of options series 5 | 533 | (533) | |||||||||||
Share-based compensation | 519 | 519 | |||||||||||
Balance at Dec. 31, 2017 | [1] | 179,669 | (123,417) | 56,252 | |||||||||
Loss | (87,727) | ||||||||||||
Total comprehensive loss | (87,727) | (87,727) | |||||||||||
Share-based compensation | 260 | 260 | |||||||||||
Balance at Dec. 31, 2018 | [1] | ₪ 179,929 | $ 48,007 | ₪ (211,144) | $ (56,335) | ₪ (31,215) | $ (8,328) | ||||||
[1] | Represents an amount lower than NIS\USD 1. |
Statements of Cash Flows
Statements of Cash Flows ₪ in Thousands, $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | ||
Cash Flows from Operating Activities: | |||||
Net loss | ₪ | ₪ (87,727) | ₪ (34,551) | ₪ (9,184) | ||
Adjustments to profit and loss items: | |||||
Depreciation and amortization | ₪ | 260 | 440 | 621 | ||
Net financial expenses (income) | ₪ | (2,053) | 10,895 | (2,716) | ||
Capital loss | ₪ | 597 | ||||
Increase in liability with respect to loans from others | ₪ | 9,202 | ||||
Increase in liability with respect to government grants | ₪ | 4,343 | 10,300 | |||
Share-based compensation | ₪ | 260 | 519 | 1,261 | ||
Change in employee benefit liabilities, net | ₪ | (1) | 7 | 7 | ||
Total adjustments to profit and loss | ₪ | 12,608 | 22,161 | (827) | ||
Changes in asset and liability items: | |||||
Decrease (increase) in other receivables | ₪ | 2,958 | (3,108) | 640 | ||
Increase (decrease) in trade payables | ₪ | 14,500 | 5,537 | (238) | ||
Increase (decrease) in other payables | ₪ | 416 | (29) | (79) | ||
Total changes in asset and liability | ₪ | 17,874 | 2,400 | 323 | ||
Cash paid and received during the year for: | |||||
Interest paid | ₪ | (46) | (73) | (27) | ||
Interest received | ₪ | 98 | 13 | 62 | ||
Total cash paid and received | ₪ | 52 | (60) | 35 | ||
Net cash used in operating activities | ₪ | (57,193) | (10,050) | (9,653) | ||
Cash Flows from Investing Activities: | |||||
Increase in short-term deposits | ₪ | 7,602 | (7,602) | |||
Purchase of property and equipment | ₪ | (23,731) | (4,508) | (20) | ||
Proceeds from sale of property and equipment | ₪ | 137 | ||||
Proceeds from sale of marketable securities | ₪ | 4,067 | ||||
Decrease (increase) in other long term assets | ₪ | 140 | (402) | (191) | ||
Net cash provided by (used in) investing activities | ₪ | (23,454) | 6,759 | (7,813) | ||
Cash Flows from Financing Activities: | |||||
Proceeds from loan from others | ₪ | 84,321 | ||||
Proceeds from issuance of shares and options, net of issuance costs | ₪ | 55,692 | ||||
Proceeds from exercise of options to employees | ₪ | 18 | ||||
Proceeds from exercise of options to public | ₪ | 6,129 | ||||
Net cash provided by financing activities | ₪ | 84,321 | 61,839 | |||
Exchange differences on balances of cash and cash equivalents | ₪ | 827 | (2,871) | (299) | ||
Increase (decrease) in cash and cash equivalents | ₪ | 4,501 | 55,677 | (17,765) | ||
Balance of cash and cash equivalents at the beginning of the year | ₪ | 71,382 | 15,705 | 33,470 | ||
Balance of cash and cash equivalents at the end of the year | ₪ | 75,883 | 71,382 | 15,705 | ||
Non-cash activities: | |||||
Exercise of options to public | ₪ | ₪ 2,835 | ||||
USD | |||||
Cash Flows from Operating Activities: | |||||
Net loss | $ | $ (23,407) | ||||
Adjustments to profit and loss items: | |||||
Depreciation and amortization | $ | 69 | ||||
Net financial expenses (income) | $ | (548) | ||||
Capital loss | $ | 159 | ||||
Increase in liability with respect to loans from others | $ | 2,455 | ||||
Increase in liability with respect to government grants | $ | 1,159 | ||||
Share-based compensation | $ | 69 | ||||
Change in employee benefit liabilities, net | $ | [1] | ||||
Total adjustments to profit and loss | $ | 3,363 | ||||
Changes in asset and liability items: | |||||
Decrease (increase) in other receivables | $ | 789 | ||||
Increase (decrease) in trade payables | $ | 3,869 | ||||
Increase (decrease) in other payables | $ | 111 | ||||
Total changes in asset and liability | $ | 4,769 | ||||
Cash paid and received during the year for: | |||||
Interest paid | $ | (12) | ||||
Interest received | $ | 26 | ||||
Total cash paid and received | $ | 14 | ||||
Net cash used in operating activities | $ | (15,261) | ||||
Cash Flows from Investing Activities: | |||||
Increase in short-term deposits | $ | |||||
Purchase of property and equipment | $ | (6,332) | ||||
Proceeds from sale of property and equipment | $ | 37 | ||||
Proceeds from sale of marketable securities | $ | |||||
Decrease (increase) in other long term assets | $ | 38 | ||||
Net cash provided by (used in) investing activities | $ | (6,257) | ||||
Cash Flows from Financing Activities: | |||||
Proceeds from loan from others | $ | 22,498 | ||||
Proceeds from issuance of shares and options, net of issuance costs | $ | |||||
Proceeds from exercise of options to employees | $ | |||||
Proceeds from exercise of options to public | $ | |||||
Net cash provided by financing activities | $ | 22,498 | ||||
Exchange differences on balances of cash and cash equivalents | $ | 221 | ||||
Increase (decrease) in cash and cash equivalents | $ | 1,201 | ||||
Balance of cash and cash equivalents at the beginning of the year | $ | 19,045 | ||||
Balance of cash and cash equivalents at the end of the year | $ | 20,246 | ||||
Non-cash activities: | |||||
Exercise of options to public | $ | |||||
[1] | Represents an amount lower than NIS\USD 1. |
General
General | 12 Months Ended |
Dec. 31, 2018 | |
General [Abstract] | |
GENERAL | NOTE 1: GENERAL a. BiondVax Pharmaceuticals Ltd. ("the Company") is focused on developing and ultimately, commercializing immunomodulation therapies for infectious diseases. The Company was incorporated on July 21, 2003 and started its activity on March 31, 2005. b. On June 7, 2007, the Company issued ordinary shares and options on the TASE. c. On May 15, 2015, the Company completed a public offering of securities in the United States. d. On March 28, 2017, the Company received an approval from the Investment Center of the Ministry of Economy and Industry of the State of Israel, for a grant representing 20% of NIS 20,000 budget to be utilized towards the construction of a factory for the production of Phase 3 and commercial batches of the Company is product ("the Grant"). The receipt of the Grant is subject to certain terms and conditions, including those outlined under the Israeli Encouragement of Capital Investment Law,1959. The terms and conditions include, inter alia, the following: (a) at least 24% of the investments in the planned manufacturing facility's fixed assets will be financed by additional share capital; (b) the Company will maintain its intellectual property and manufacturing facility in Israel for a period of at least 10 years. e. On August 30, 2017, the Company announced that its Board of Directors has decided to voluntarily delist from the Tel Aviv Stock Exchange (TASE), while remaining listed on NASDAQ. The Company announced that the delisting process of BiondVax's shares from trading on the TASE will take place by the end of 2017. On October 30, 2017, the Company announced the delisting procedure and timeline. In addition, during the interim period, BiondVax's shares will continue to be traded on the TASE. f. On March 13, 2018, the Company announced the appointment of a contract research organization (CRO) to conduct the first pivotal phase 3 clinical trial of M-001, BiondVax's universal flu vaccine candidate. g. On March 15, 2018, the Company and the CRO executed a master service agreement and work order. According to the master service agreement, the Company undertakes to pay remuneration as well as to reimburse the CRO for costs incurred as a result of the master service agreement and work orders. The master service agreement shall be in effect as of March 8, 2018 for a period of five years or later, if a work order remains in effect, and until such work order's completion. The first work order which governs the conduct of the Company's clinical trial in Europe is scheduled for a total period of 32.5 months. The Company has a right to terminate the master service agreement or the work order by giving a 45 days' notice or in the event of a material breach. h. During year ended December 31, 2018, the Company incurred a loss of NIS 87,727 ($ 23,407) and negative cash flows from operating activities of NIS 57,193 ($ 15,261) and it has an accumulated deficit of NIS 211,144 ($ 56,335) as of that date. To date the Company has not generated any revenues yet and will need additional funds to finance its Phase 3 clinical trials in the future (see also Note 19). Furthermore, the Company intends to continue to finance its operating activities by raising capital. There are no assurances that the Company will be successful in obtaining an adequate level of financing needed for its long-term research and development activities. If the Company will not have the sufficient liquidity resources, the Company may not be able to continue the development of all its products or may be required to implement a cost reduction and may be required to delay part of its development program. The Company's management and Board of Directors are in the opinion that its current financial resources will be sufficient to continue the development of the Company's products for at least the next twelve months. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES The following accounting policies have been applied consistently in the 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 ("IASB"). The Company's financial statements have been prepared on a cost basis, except for financial instruments which are measured at fair value through profit or loss. The Company has elected to present profit or loss items using the "function of expense" method. b. Functional currency, reporting currency and foreign currency: 1. Functional currency and reporting currency: The reporting currency of the financial statements is the NIS. The functional currency is the currency that best reflects the economic environment in which the Company operates and conducts its transactions. Most of the Company costs are incurred in NIS. In addition, the Company financing activities are incurred normally in NIS. The Company's management believes that the functional currency of the Company is the NIS. 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 the end of each reporting period into the functional currency at the exchange rate at that date. Exchange rate differences are recognized in profit or loss. c. Convenience translation into U.S. dollars: The financial statements as of December 31, 2018 and for the year then ended have been translated into U.S. Dollars using the exchange rate of the U.S. Dollar as of December 31, 2018 (U.S. $1.00 = NIS 3.748). The translation was made solely for convenience purposes. The dollar amounts presented in these financial statements should not be construed as representing amounts that are receivable or payable in Dollars or convertible into Dollars, unless otherwise indicated. d. Cash equivalents: Cash equivalents are considered as highly liquid investments, including unrestricted short-term bank deposits with an original maturity of three months or less from the date of acquisition. e. Restricted cash: Restricted cash are bank deposits with an original maturity of more than one year from the date of investment and which do not meet the definition of cash equivalents. The deposits are presented according to their terms of deposit. f. Property and equipment: Property, plant and equipment are measured at cost, including directly attributable costs, less accumulated depreciation, accumulated impairment losses and excluding day-to-day servicing expenses. Depreciation is calculated on a straight-line basis over the useful life of the assets at annual rates as follows: % Laboratory equipment 15 Office furniture and equipment 6 - 33 Computers 33 Leasehold improvements (*) (*) Leasehold improvements are depreciated on a straight-line basis over the shorter of the lease term (including the extension option held by the Company and intended to be exercised) and the expected life of the improvement. The useful life, depreciation method and residual value of an asset are reviewed at least each year-end and any changes are accounted for prospectively as a change in accounting estimate. An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. g. Research and development expenses, net of participations: Research and development expenses are recognized in profit or loss when incurred. An intangible asset arising from a development project or from the development phase of an internal project is recognized if the Company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale; the Company's intention to complete the intangible asset and use or sell it; the Company's ability to use or sell the intangible asset; how the intangible asset will generate future economic benefits; the availability of adequate technical, financial and other resources to complete the intangible asset; and the Company's ability to measure reliably the expenditure attributable to the intangible asset during its development. Since the Company's research and development projects are often subject to regulatory approval procedures and other uncertainties, the conditions for the capitalization of costs incurred before receipt of approvals are not normally satisfied and, therefore, development expenditures are recognized in profit or loss when incurred. h. Government investment grants: Government grants are recognized when there is reasonable assurance that the grants will be received and the Company will comply with the attendant conditions. Research and development grants received from the Israeli Innovation Authority ("IIA") are recognized upon receipt as a liability only if future economic benefits are expected from the 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 interest rate. 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. Future Royalty payments will be treated as a reduction of the liability. In that event, the royalty obligation is treated as a contingent liability in accordance with IAS 37, " Provisions, Contingent Liabilities and Contingent Assets At the end of each reporting period, the Company evaluates whether there is reasonable assurance that the received grants will not be repaid based on its best estimate of future sales and, if so, no liability is recognized and the grants are recorded against a corresponding reduction in research and development expenses. Since the Company's development projects are at the beginning of Phase 3 clinical trials, future economic benefits from the research and development activity are currently expected. Therefore, a liability was recorded with respect to the IIA grants , Research and development grants received from the European Union are recorded against a corresponding reduction in research and development expenses. Since they are non-refundable and do not depend on the generation of future sales. i. Impairment of non-financial assets: The Company evaluates the need to record an impairment of the carrying amount 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 of an asset that does not generate independent cash flows is determined for the cash-generating unit to which the asset belongs and is calculated based on the projected cash flows that will be generated by the cash generated unit. 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 Company did not recognize any impairment of non-financial assets for any of the periods presented. j. Financial instruments: As described in Note 2q regarding the initial adoption of The accounting policy for financial instruments applied until December 31, 2017, is as follows: 1. Financial assets: Financial assets within the scope of IAS 39, " Financial Instruments: Recognition and Measurement After initial recognition, the accounting treatment of financial assets is based on their classification as follows: Financial assets at fair value through profit or loss This category includes financial assets designated upon initial recognition as at fair value through profit or loss. Loans and receivables The Company has receivables that are financial assets with fixed or determinable payments that are not quoted in an active market. 2. Financial liabilities: Financial liabilities within the scope of IAS 39 are initially measured at fair value. After initial recognition, the accounting treatment of financial liabilities is based on their classification as follows: Financial liabilities measured at amortized cost: Loans and other liabilities are measured at amortized cost using the effective interest method taking into account directly attributable transaction costs. Financial liabilities at fair value through profit or loss: Financial liabilities at fair value through profit or loss include financial liabilities classified as held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. 3. De-recognition of financial instruments: a) Financial assets: A financial asset is derecognized when the contractual rights to the cash flows from the financial asset expire or the Company has transferred its contractual rights to receive cash flows from the financial asset or assumes an obligation to pay the cash flows in full without material delay to a third party and has transferred substantially all the risks and rewards of the asset, or has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. b) Financial liabilities: A financial liability is derecognized when it is extinguished, that is when the obligation is discharged or cancelled or expires. A financial liability is extinguished when the debtor (the Company) discharges the liability by paying in cash, other financial assets, goods or services; or is legally released from the liability. 4. Issue of a unit of securities: The issue of a unit of securities involves the allocation of the proceeds received (before issuance expenses) to the components of the securities issued in the unit based on the following order: financial derivatives and other financial instruments measured at fair value in each period. Then fair value is determined for financial liabilities and compound instruments that are presented at amortized cost. The proceeds allocated to equity instruments are the residual amount. Issue costs are allocated to each component pro rata to the amounts determined for each component in the unit. The accounting policy for financial instruments applied commencing from January 1, 2018, is as follows: 1. Financial assets: Financial assets are measured upon initial recognition at fair value plus transaction costs that are directly attributable to the acquisition of the financial assets, except for financial assets measured at fair value through profit or loss in respect of which transaction costs are recorded in profit or loss. The Company classifies and measures debt instruments in the financial statements based on the following criteria: - The Company's business model for managing financial assets; and - The contractual cash flow terms of the financial asset. a. Debt instruments are measured at fair value through profit or loss when: A financial asset which is a debt instrument does not meet the criteria for measurement at amortized cost or at fair value through other comprehensive income. After initial recognition, the financial asset is measured at fair value and gains or losses from fair value adjustments are recognized in profit or loss. 2. Derecognition of financial assets: A financial asset is derecognized only when: - The contractual rights to the cash flows from the financial asset has expired; or - The Company has transferred substantially all the risks and rewards deriving from the contractual rights to receive cash flows from the financial asset or has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset; or - The Company has retained its contractual rights to receive cash flows from the financial asset but has assumed a contractual obligation to pay the cash flows in full without material delay to a third party. 3. Financial liabilities: a) Financial liabilities measured at amortized cost: Financial liabilities are initially recognized at fair value less transaction costs that are directly attributable to the issue of the financial liability. After initial recognition, the Company measures all financial liabilities at amortized cost using the effective interest rate method, except for: - Financial liabilities at fair value through profit or loss such as warrant liability b) Financial liabilities measured at fair value through profit or loss: At initial recognition, the Company measures financial liabilities that are not measured at amortized cost at fair value. Transaction costs are recognized in profit or loss. After initial recognition, changes in fair value are recognized in profit or loss. 4. Derecognition of financial liabilities: A financial liability is derecognized only when it is extinguished, that is when the obligation specified in the contract is discharged or cancelled or expires. A financial liability is extinguished when the debtor discharges the liability by paying in cash, other financial assets, goods or services; or is legally released from the liability. 5. Issue of a unit of securities: The issue of a unit of securities involves the allocation of the proceeds received (before issue expenses) to the securities issued in the unit based on the following order: financial derivatives and other financial instruments measured at fair value in each period. Then fair value is determined for financial liabilities that are measured at amortized cost. The proceeds allocated to equity instruments are determined to be the residual amount. Issue costs are allocated to each component pro rata to the amounts determined for each component in the unit. k . Fair value measurement: Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement is based on the assumption that the transaction will take place in the asset's or the liability's principal market, or in the absence of a principal market, in the most advantageous market. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities measured at fair value or for which fair value is disclosed are categorized into levels within the fair value hierarchy based on the lowest level input that is significant to the entire fair value measurement: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 - inputs other than quoted prices included within Level 1 that are observable directly or indirectly. Level 3 - inputs that are not based on observable market data (valuation techniques which use inputs that are not based on observable market data). l . Provisions: A provision in accordance with IAS 37 is recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is expected to require the use of economic resources to settle the obligation and a reliable estimate can be made of it. m . Operating leases: Lease agreements are classified as an operating lease if they do not transfer substantially all the risks and benefits incidental to ownership of the leased asset. Operating lease payments are recognized as an expense in profit or loss on a straight-line basis over the lease term. n . Employee benefit liabilities: The Group has several employee benefit plans: 1. Short-term employee benefits: Short-term employee benefits include salaries, paid annual leave, paid sick leave, recreation and social security contributions and are recognized as expenses as the services are rendered. 2. Post-employment benefits: Post-employment benefit plans are normally financed by contributions to insurance companies and classified as defined contribution plans or as defined benefit plans. The Company has defined contribution plans pursuant to Section 14 of the Severance Pay Law into which the Company pays fixed contributions and has no legal or constructive obligation to pay further contributions on account of severance pay if the fund does not hold sufficient amounts to pay all employee benefits relating to employee service in current and prior periods. Contributions to the defined contribution plan in respect of severance or retirement pay are recognized as an expense when contributed concurrently with performance of the employee's services. o . Share-based payment transactions: From time to time, the Company grants to its employees and service providers remuneration in the form of equity-settled share-based instruments, such as options to purchase ordinary shares. Equity-settled transactions: The cost of equity-settled transactions with employees is measured at the fair value of the equity instruments granted at grant date. The fair value is determined using an acceptable option pricing model. With respect to other service providers, the cost of the transactions is measured at the fair value of the goods or services received as consideration for equity instruments. In cases where the fair value of the goods or services received as consideration of equity instruments cannot be measured, they are measured by reference to the fair value of the equity instruments granted. The cost of equity-settled transactions is recognized in profit or loss, together with a corresponding increase in equity, during the period which the performance or service conditions are to be satisfied, ending on the date on which the relevant employees become fully entitled to the award (the "Vesting Period"). No expense is recognized for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vested irrespective of whether the market condition is satisfied, provided that all other vesting conditions are satisfied. p . Loss per share: Loss per share is calculated by dividing the loss attributable to Company shareholders by the weighted number of outstanding ordinary shares during the period. Potential Ordinary shares are only included in the computation of diluted loss per share when their conversion increases loss per share or decreases income per share. Potential Ordinary shares that are converted during the period are included in diluted loss per share only until the conversion date. q . Changes in accounting policies - initial adoption of new financial reporting and accounting standards and amendments to existing financial reporting and accounting standards: Initial adoption of IFRS 9, "Financial Instruments": In July 2014, the IASB issued the final and complete version of IFRS 9, "Financial Instruments" ("the new Standard"), which replaces IAS 39, "Financial Instruments: Recognition and Measurement". The new Standard mainly focuses on the classification and measurement of financial assets and it applies to all assets within the scope of IAS 39. The new Standard has been applied for the first time in these financial statements retrospectively without restatement of comparative data. The adoption of the new Standard did not have a material impact on the Company's financial statements. |
Significant Accounting Judgment
Significant Accounting Judgments, Estimates and Assupmtions Used in the Preparation of the Financial Statements | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Judgments, Estimates and Assupmtions used in the Preparation of the Financial Statements [Abstract] | |
SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUPMTIONS USED IN THE PREPARATION OF THE FINANCIAL STATEMENTS | NOTE 3:- SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUPMTIONS USED IN THE PREPARATION OF THE FINANCIAL STATEMENTS 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 and expenses. Discussed below are the key assumptions made in the financial statements concerning uncertainties at the end of the reporting period and the critical estimates computed by the Company that may result in a material adjustment to the carrying amounts of assets and liabilities within the next financial year. ● Determining the fair value of share based compensation to employees and directors: The fair value of share based compensation to employees and directors is determined using acceptable option pricing models. The assumptions used in the models include the expected volatility, expected life, expected dividend and risk-free interest rate. ● Grants from the Israel Innovation Authority (“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 certainty regarding the estimated future economic benefits, therefore the liability was recorded with respect to the IIA grants. |
Disclosure of New Standards in
Disclosure of New Standards in the Period Prior to Their Adoption | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of New Standards in Period Prior to Their Adoption [Abstract] | |
DISCLOSURE OF NEW STANDARDS IN THE PERIOD PRIOR TO THEIR ADOPTION | NOTE 4:- DISCLOSURE OF NEW STANDARDS IN THE PERIOD PRIOR TO THEIR ADOPTION a. IFRS 16, "Leases": In January 2016, the IASB issued IFRS 16, "Leases" ("the new Lease Standard"). According to the new Lease Standard, a lease is a contract, or part of a contract, that conveys the right to use an asset for a period of time in exchange for consideration. The effects of the adoption of the new Lease Standard are as follows: ● According to the new Lease Standard, lessees are required to recognize all leases in the statement of financial position (excluding certain exceptions, see below). Lessees will recognize a liability for lease payments with a corresponding right-of-use asset, similar to the accounting treatment for finance leases under the existing standard, IAS 17, "Leases". Lessees will also recognize interest expense and depreciation expense separately. ● Variable lease payments that are not dependent on changes in the Consumer Price Index ("CPI") or interest rates, but are based on performance or use are recognized as an expense by the lessees as incurred and recognized as income by the lessors as earned. ● In the event of a change in variable lease payments that are CPI-linked, lessees are required to remeasure the lease liability and record the effect of the remeasurement as an adjustment to the carrying amount of the right-of-use asset. ● The accounting treatment by lessors remains substantially unchanged from the existing standard, namely classification of a lease as a finance lease or an operating lease. ● The new Lease Standard includes two exceptions which allow lessees to account for leases based on the existing accounting treatment for operating leases - leases for which the underlying asset is of low financial value and short-term leases (up to one year). The new Lease Standard is effective for annual periods beginning on or after January 1, 2019. The new Standard permits lessees to use one of the following approaches: 1. Full retrospective approach - according to this approach, a right-of-use asset and the corresponding liability will be presented in the statement of financial position as if they had always been measured according to the provisions of the new Standard. Accordingly, the effect of the adoption of the new Standard at the beginning of the earliest period presented will be recorded in equity. Also, the Company will restate the comparative data in its financial statements. Under this approach, the balance of the liability as of the date of initial application of the new Standard will be calculated using the interest rate implicit in the lease, unless this rate cannot be easily determined in which case the lessee's incremental borrowing rate of interest on the commencement date of the lease will be used. 2. Modified retrospective approach - this approach does not require restatement of comparative data. The balance of the liability as of the date of initial application of the new Standard will be calculated using the lessee's incremental borrowing rate of interest on the date of initial application of the new Standard. As for the measurement of the right-of-use asset, the Company may choose, on a lease-by-lease basis, to apply one of the two following alternatives: ● Recognize an asset in an amount equal to the lease liability, with certain adjustments. ● Recognize an asset as if the new Standard had always been applied. Any difference arising on the date of first-time recorded in equity. The Company believes that it will apply the modified retrospective approach upon the initial adoption of the new Lease Standard by measuring the right-of-use asset at an amount equal to the lease liability, as measured on the transition date. The Company has a number of lease contracts, mainly leases of an office building and a production plant (see also Note 12). In assessing the impact of the new Lease Standard on the financial statements, the Company evaluated the following matters: ● Options to extend the lease - according to the new Lease Standard, the non-cancellable period of a lease includes periods that are covered by options to extend the lease if the lessee is reasonably certain to exercise the option. ● Separation of lease components - according to the new Lease Standard, all lease components within a contract should be accounted for separately from non-lease components. A lessee is allowed a practical expedient according to which it can elect, by class of underlying asset, not to separate non-lease components from lease components, and instead account for them as a single lease component. ● Incremental interest rate - the Company estimates the incremental interest rate to be used for measuring the lease liability and right-of-use asset on the date of initial adoption of the new Lease Standard, based on the lease term and nature of the leased asset. The Company estimated that the effect of the initial adoption of the new Lease Standard as of January 1, 2019, is expected to result in an increase in the Company's total assets and liabilities in the amount to NIS 7,282 ($1,943) and no impact on equity. Moreover, the effect of the initial adoption of the new Lease Standard in 2019 is expected to result in a decrease in the Company's lease expenses of NIS 1,113 ($ 297) and an increase in the Company's depreciation and finance expenses of NIS 809 ($403) and NIS 702 ($187) , respectively. The total effect of the initial adoption of the new Lease Standard in 2019 is expected to result in a decrease of NIS 1,113 ($297) in operating loss and an increase of NIS 398 ($106) in loss before income taxes. In addition, as a result of the adoption of the new Standard, in 2019, the Company's cash flows from operating activities are expected to increase by approximately NIS 1,113 ($297) and its cash flows from financing activities are expected to decrease by approximately NIS 1,113 ($297). |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 5:- CASH AND CASH EQUIVALENTS Cash and cash equivalents: Convenience Translation December 31, December 31, 2017 2018 2018 N I S U.S. dollars Cash in NIS 32,665 15,558 4,151 Cash in USD 38,677 13,586 3,625 Cash in EURO 40 46,739 12,470 71,382 75,883 20,246 |
Other Receivables
Other Receivables | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other current receivables [abstract] | |
OTHER RECEIVABLES | NOTE 6:- OTHER RECEIVABLES Convenience Translation December 31, December 31, 2017 2018 2018 N I S U.S. dollars Grants receivable 1,043 - - Government authorities 945 383 102 Debt issuance costs 1,185 - - Prepaid expenses and other 750 582 156 3,923 965 258 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2018 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | NOTE 7:- PROPERTY, PLANT AND EQUIPMENT, NET Balance as of December 31, 2018: Laboratory equipment Office furniture and equipment Computers Leasehold Improvements Factory Leasehold Total Cost Balance as of January 1, 2018 3,428 293 356 2,652 4,453 11,182 Additions 98 8 83 - 23,542 23,731 Deductions (300 ) (182 ) - (2,652 ) - (3,134 ) Balance as of December 31, 2018 3,226 119 439 - 27,995 31,779 Accumulated Depreciation Balance as of January 1, 2018 3,296 177 310 1,889 - 5,672 Additions 57 12 50 141 - 260 Deductions (276 ) (96 ) - (2,030 ) - (2,402 ) Balance as of December 31, 2018 3,077 93 360 - - 3,530 Depreciated cost as of December 31, 2018 149 26 79 - 27,995 28,249 Depreciated cost as of December 31, 2018 (convenience translation into U.S. dollars) (Note 2c) 40 7 21 - 7,469 7,537 Balance as of December 31, 2017: Laboratory equipment Office furniture and equipment Computers Leasehold Improvements Factory Leasehold Total Cost Balance as of January 1, 2017 3,411 293 318 2,652 - 6,674 Additions 17 - 38 - 4,453 4,508 Balance as of December 31, 2017 3,428 293 356 2,652 4,453 11,182 Accumulated Depreciation Balance as of January 1, 2017 3,116 160 287 1,668 - 5,231 Additions 180 17 23 221 - 441 Balance as of December 31, 2017 3,296 177 310 1,889 - 5,672 Depreciated cost as of December 31, 2017 132 116 46 763 4,453 5,510 Depreciated cost as of December 31, 2017 (convenience translation into U.S. dollars) (Note 2c) 35 31 12 204 1,188 1,470 |
Other Long Term Assets
Other Long Term Assets | 12 Months Ended |
Dec. 31, 2018 | |
Other Long Term Assets [Abstract] | |
OTHER LONG TERM ASSETS | NOTE 8:- OTHER LONG TERM ASSETS Convenience Translation December 31, December 31, 2017 2018 2018 N I S U.S. dollars Restricted cash 857 707 189 Leasing deposits 23 33 8 880 740 197 |
Other Payables
Other Payables | 12 Months Ended |
Dec. 31, 2018 | |
Other Payables [Abstract] | |
OTHER PAYABLES | NOTE 9:- OTHER PAYABLES Convenience Translation December 31, December 31, 2017 2018 2018 N I S U.S. dollars Employees and payroll accruals 624 924 247 Accrued expenses 36 152 40 660 1,076 287 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 10:- FINANCIAL INSTRUMENTS a. Classification of financial liabilities: Convenience Translation December 31, December 31, 2017 2018 2018 N I S U.S. dollars Financial liabilities at amortized costs: Liability in respect of government grants 10,300 14,643 3,907 Loan from others - 94,360 25,176 10,300 109,003 29,083 Financial liabilities at fair value through profit and loss: Warrants measured at fair value 8,177 6,168 1,645 Total non current 18,477 115,171 30,728 b. Financial risk factors: The Company's activities expose it to various market risks (foreign currency risk, Israeli CPI risk and interest rate risk) and credit risk. The Company's comprehensive risk management plan focuses on activities that reduce to a minimum any possible adverse effects on the Company's financial performance. Risk management is performed by the Company's Board. The Board identifies, measures and manages financial risks in collaboration with the Company's operating units. The Board establishes documented objectives for the overall risk management activities as well as specific policies with respect to certain exposures to risks such as exchange rate risk, interest rate risk, credit risk, the use of non-derivative financial instruments and the investments of excess liquid positions. Foreign currency risk The Company has cash that is exposed to possible fluctuations in the U.S. dollar and Euro exchange rates. The currency exposure arising from current accounts is partly managed in Dollars and in Euro. As of December 31, 2018, the carrying amounts of USD and EURO were NIS 13,586 and NIS 46,739 respectively. Credit risk The Company has no significant concentrations of credit risk. All deposits are invested in financial institutions that are considered to be financially sound. c. Fair value: Regarding the fair value of liability for warrants (see Note 10 (a) above). The carrying amount of cash and cash equivalents, other receivable, other long term assets, trade payables and other payable approximates their fair value due to the short-term maturities of such instruments. d. Fair value measurement: As of December 31, 2018, warrants liability is measured at fair value and classified as Level 1 while loans from others and government grant are classified as Level 2. During 2018 there were no transfers in respect of fair value measurement of any financial instrument between Level 1 and Level 2, and there were no transfers into or out of Level 3 fair value measurements of any financial instrument. |
Employee Benefit Liabilities
Employee Benefit Liabilities | 12 Months Ended |
Dec. 31, 2018 | |
Employee Benefit Liabilities [Abstract] | |
EMPLOYEE BENEFIT LIABILITIES | NOTE 11:- EMPLOYEE BENEFIT LIABILITIES a. Post-employment benefits: According to the labor laws and Severance Pay Law in Israel, the Company is required to pay compensation to an employee upon dismissal or retirement or to make current contributions in defined contribution plans pursuant to section 14 to the Severance Pay Law, as specified below. The Company's liability is accounted for as a post-employment benefit. The computation of the Company's employee benefit liability The post-employment employee benefits are normally financed by contributions classified as defined benefit plan or as defined contribution plan, as detailed below. b. Defined contribution plans: Section 14 to the Severance Pay Law, 1963 applies to part of the compensation payments, 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 and contributions for benefits represent defined contribution plans. Convenience translation (Note 2c) Year ended December 31, Year ended December 31, 2016 2017 2018 2018 N I S U.S. dollars Expenses-defined contribution plan 204 196 242 65 |
Contingent Liabilities and Comm
Contingent Liabilities and Commitments | 12 Months Ended |
Dec. 31, 2018 | |
Contingent Liabilities and Commitments [Abstract] | |
CONTINGENT LIABILITIES AND COMMITMENTS | NOTE 12:- CONTINGENT LIABILITIES AND COMMITMENTS a. On July 31, 2003, the Company signed a license agreement with Yeda Research and The Company has the option to enter into a sublicense agreement provided that Yeda gives its consent in writing and, in such case, the royalties to be paid by the Company to Yeda from the sublicense or from the option to sublicense will be (a) before the completion of Phase 1 clinical trials - 45% (b) after Phase 1 but before Phase 2 trials - 35% of amounts up to the first $ 20,000 receivable from a sublicense or a sublicense option, or 25% of amounts exceeding such first $ 20,000 receivable from the sublicense or from a sublicense option; (c) after the completion of Phase 2 clinical trials the royalties will be 20% of amounts up to the first $ 20,000 receivable from a sublicense or a sublicense option or 15% of amounts exceeding such first $ 20,000 receivable from a sublicense or a sublicense option. This agreement terminates at the latest of (i) the expiration of the last patent licensed under the license agreement; or (ii) if only one product is developed or is commercialized by utilizing the licensed intellectual property, 15 years after of first commercial sale of such product in either the U.S or Europe, following receipt of New Drug Approval from the FDA or equivalent approval in any European country for such product; or (iii)if more than one product is being developed or is commercialized by utilizing the licensed intellectual property, following the receipt of New Drug Approval from the FDA or equivalent approval in any European country for such product, the expiry of a 20 year period during which no sales are made in the U.S. or Europe. Yeda shall be entitled, at its option and without the Company's consent, to modify the license so that it is non-exclusive or to terminate the license with 30 days prior written notice to the Company, if any of the following occurs: (1) the Company fails to commence the commercial sale of at least one product based on the licenses intellectual property, in at least one country, within six months following receipt of after receipt of an FDA or similar foreign regulatory approval for commercial marketing of such product and taking into account the seasonal nature of the products (except as a result of force majeure or other factors beyond the Company's control); or (2) the Company fails to sell any product based on the licenses intellectual property, during a period of one year after commercial sale of a product has commenced, during which no sales of the product take place (except as a result of force majeure or other factors beyond the Company's control). In addition, Yeda is permitted to terminate the license agreement by written notice: (a) in the event the Company materially breaches any of its obligations under the license agreement, provided that such material breach is un-curable or, if curable, is not cured by the Company within thirty days (or in the case of failure by the Company to make payments due to Yeda in connection with the license agreement, ten days) from receipt of notice of such breach; or (b) in the event of the appointment of a temporary or permanent liquidator to the Company or a resolution is passed to voluntary wind up the Company, or if an order or act is granted for the winding up of the Company, provided that if such order or act was initiated by any third party, such order or act is not cancelled within 120 days; or (c) if the Company contests the validity of one of the patents registered by Yeda. In the event that Yeda terminates the license agreement due to any reason other than termination in accordance with (1), (2) or (a) through (c) in the preceding two paragraphs above, the Company will be entitled to receive royalty payments equal to 25% of net proceeds received by Yeda from the grant to third parties, within the five years following the termination of the license agreement, of a license or other rights, which include the Company's developments, up to the aggregate amount of research funds actually expended by the Company for development. b. The Company obtained grants from the Government of Israel for the participation in research and development and, in return, undertook to pay royalties amounting to 3%-5% on the revenues derived from sales of products or services developed in whole or in part using these grants. The maximum aggregate royalties paid generally cannot exceed 100% c. In October 2013, the Company signed an agreement for obtaining funding in an amount of € 536 ($ 642) out of a total grant of approximately € 6,000 ($ 7,187) from the European Union which was approved for the UNISEC consortium of which the Company is a member for a period of three years. In October 2013, the Company received an advance of € 206 ($ 247) and in October 2015 received € 247 ($ 296). The Company's expenses in respect of this project in 2013-2018 totaled € 1,028 ($ 1,231) which supported by the less than 75% or€ 771 ($ 923). On October 10, 2018 the company received the final part of the grant owed by UNISEC in the total of € 55 ( $62). The grant is non-refundable providing the Company meets the conditions of the consortium and d. On June 19, 2017, the Company entered into a Finance Contract with The European Investment bank (EIB) for a total amount of € 20,000 (approximately $ 23,000) and up to 50% of the Company expected cost of developing and marketing the Company's product candidate, M-001. The EIB financing will be available in three tranches, all subject to receiving evidence that the Company has funding available to it in an amount equal to the amount of the respective tranche. The EIB financing shall be provided interest free and shall be repayable, per each tranche, in a single instalment, five years following the date of payment for each tranche. A failure to pay any amount payable under the Finance Contract shall cause interest to accrue on each unduly paid amount, at an annual rate equal to EURIBOR plus 2%. In addition, and as consideration to the EIB financing, EIB shall be entitled to 3% of any annual M-001 sales revenues. On June 18, 2018, the Company withdrew the first tranche of € 6,000 (approximately $ 7,000). On August 13, 2018 the Company withdrew the second tranche of € 6,000 (approximately $ 7,000). On October 19, 2018 the Company withdrew the third tranche of € 8,000 (approximately $ 9,200). In the event the Company elects to prepay the EIB financing, or in the event the EIB shall demand prepayment following certain events, including a change of control, senior management change or merger events, the Company shall be required to pay EIB the principal amount of the tranches already paid, or the Prepayment Amount, plus the greater of: (i) the amount, as determined by EIB required in order for the EIB to realize an internal rate of return on the relevant amount prepaid of 20%; and (ii) the Prepayment Amount. The Finance Contract also stipulates that in the event EIB demands prepayment of the loan due to any prepayment event to non-EIB lenders, the Company shall be obligated to pay the Prepayment Amount plus an additional reduced amount. In addition, and as consideration to the EIB financing, EIB shall be entitled to 3% of any annual M-001 sales revenues. The Company performed a valuation of the financial liability for December 31, 2018 through an independent appraiser. According to the valuation, which was based on WACC (Weighted Average Cost of capital) of 18% and CAPM (Capital Asset Pricing Model), the value of the financial liability was estimated at NIS 94,360 ($ 25,176). As a result of the valuation, the Company incurred a financial expenses of NIS 9,202 ($ 2,455) for December 31, 2018. On April 22, 2019 the Finance Contract with (EIB) was extended by to a total of (approximately $ 27,600) (see also Note 18a). e. Commitments: Operating leases: 1. The Company entered into operating lease agreements on commercial vehicles which end in May 2021. The leases have an average life of three years with no renewal option included in the contract. Future minimum monthly lease payable under the operating lease contracts as of December 31, 2018 amount to NIS 358 ($ 96). 2. On July 10, 2017, the Company signed a 10 years lease agreement, starting in January 1, 2018, for approximately 1,845 square meters (m2) in the Jerusalem BioPark, located in the Ein Karem Hadassah campus, next to Hadassah University Hospitals and Hebrew University's Medical School, with the intention of establishing a mid-size commercial facility to manufacture M-001. The company have the right to terminate the leasing period at every year end, by providing an advance notice by June 30, of every calendar year. According to the agreement terms, the company have a 10 month grace period regarding the first rent payment. Future minimum lease operating commitment agreements as of December 31, 2018 are as follows: 1 – 3 Years 4 – 5 Years More than 5 Years Total Operating Lease Obligations in NIS 3,369 2,179 5,385 10,932 Operating Lease Obligations in USD 947 612 1,513 3,073 3. On March 2, 2015, the Company unilaterally announced a cancellation of a consultant agreement with one of the Company's consultants (see Note 15c). The parties submitted affidavits and legal expert opinions to the court. An additional pre-trial meeting was held on February 13, 2017 and an additional hearing was scheduled for September 25, 2017. On November 14, 2017, the parties received the court's final decision that the Company shall pay the consultant NIS 1,000 and additional VAT. The Company paid the amount on November 26, 2017. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2018 | |
Equity [Abstract] | |
EQUITY | NOTE 13:- EQUITY a. Rights attached to shares: An ordinary share confers upon its holder(s) a right to vote at the general meeting, a right to participate in distribution of dividends, and a right to participate in the distribution of surplus assets upon liquidation of the Company. b. Options (series 4): In February 2013, the Company issued 5,685,000 ordinary shares and 5,685,000 options (series 4) in consideration of NIS 4,836 ($ 1,239), which were split into the option component in a total of NIS 902 ($ 231) and the share premium component in a total of NIS 3,934 ($ 1,008) based on the fair market value on the TASE following the issuance. The options are exercisable until February 27, 2017 at an exercise price of NIS 1.5 ($ 0.38) per share. On February 28, 2017, the Company's options (series 4) expired. c. Options (series 5): In October 2013, the Company issued 6,302,000 ordinary shares and 6,302,000 options (series 5) in consideration of NIS 4,413 ($ 1,131), which were split into the option component in a total of NIS 625 ($ 160) and the share premium component in a total of NIS 3,788 ($ 971) based on the fair market value on the TASE following the issuance. The options are exercisable at an exercise price of NIS 0.9 ($ 0.23) per share until July 31, 2014 or NIS 1.5 ($ 0.38) per share from August 1, 2014 through October 29, 2017. d. On May 15, 2015, the Company completed a public offering of securities in the United States. The trading of the Company's securities, ADS, and investor's warrants in the NASDAQ Accordingly, on May 12, 2015, the Company allocated 76,400,000 ordinary shares of the Company to the U.S. public. The Company also allocated 2,038,000 tradable warrants in the U.S., which may be exercised into ADS for a five year period, until May 15, 2020, in return for an exercise price of $ 6.25 for each warrant. The immediate gross consideration for the offering amounted to a total of NIS 36,607 ($ 9,382). The offering expenses amounted to a total of NIS 5,576. In addition, in accordance with the underwriting agreement, the Company granted the underwriters 95,500 warrants, under the same terms and conditions for warrants offered to the public. At the time of the offering, the Company recorded an increase in equity in respect of shares, totaling NIS 26,417, net (after deduction On June 24, 2015, the Company issued an additional 110,000 ADS to the underwriters in consideration of a total gross amount of NIS 2,069 ($ 530). Issuance expenses amounted to NIS 134 . e. In February 2017, the Company issued to a private investor ("the Investor") 33,760,832 ordinary shares (equivalent to 844,000 NASDAQ listed ADSs) in consideration of NIS 10,905 (approximately $ 2,830). Following the transaction, the Investor will hold 19.21% of all issued and outstanding share capital of the Company. f. On March 30, 2017, the Company issued 6,666,640 ordinary shares (equivalent to 166,666 NASDAQ listed ADSs) in consideration of NIS 4,482 (approximately $ 1,229). g. During May and June 2017, 104,349 warrants were exercised into shares for a total consideration of NIS 2,296 (approximately $ 653). h. During July 2017, the Company issued 8,000,000 ordinary shares (equivalent to 200,000 NASDAQ listed ADSs) in consideration of NIS 7,065 (approximately $ 2,000). i. During July and August 2017, 170,644 warrants were exercised to 6,825,760 shares for a total consideration of NIS 3,833 (approximately $ 1,067). j. On September 14, 2017, the Company completed public offering in NASDAQ and issued 66,666,680 ordinary shares (equivalent to 1,666,666 NASDAQ listed ADSs) in consideration of NIS 33,621 (approximately $ 9,546). Issuance costs amounted to NIS 250 (approximately $ 72). |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
SHARE-BASED COMPENSATION | NOTE 14:- SHARE-BASED COMPENSATION a. Expense recognized in the financial statements: The expense that was recognized for services received from employees, directors and service providers is as follows: Convenience translation (Note 2c) Year ended December 31, Year ended December 31, 2016 2017 2018 2018 N I S U.S. dollars Research and development 903 388 119 32 Marketing, general and administrative 358 131 141 38 Total share-based compensation 1,261 519 260 70 b. Share-based payment plan for employees and directors: Options granted under the Company's 2005 Israeli Share Option Plan ("Plan") are exercisable in accordance with the terms of the Plan, within 10 years from the date of grant, against payment of an exercise price. The options generally vest over a period of three or four years. In March 2018, the Company's Board of Directors approved the adoption of the Company's 2018 Israeli Share Option Plan ("2018 Plan") for the grant of options to employees, directors and service providers. The options are exercisable in accordance with the terms of 2018 Plan, within 10 years from the date of grant, against payment of an exercise price. The options generally vest over a period of three or four years. Option grants: On May 28, 2015, the Company's Board of Directors approved an update of the terms and conditions of the Company's CEO, so that the monthly remuneration will be a total of NIS 80. In addition, it was decided to grant unregistered options to the CEO, in the scope of 5% of the Company's issued and paid up capital on a fully diluted basis, as of May 28, 2015, with an exercise price of 130% beyond the average rate of the Company's share price in the 30 days of trading that preceded the Company's Board of Directors' resolution regarding the said grant. Notwithstanding the above, following a discussion with the Company's shareholders, it was agreed that the CEO shall be granted options at a rate of 2.5% of the Company's issued and paid up capital on a fully diluted basis. The options are exercisable for ten years and vest over a period of three years from the date of grant. On July 27, 2015, the Shareholders' meeting approved the grant of options as previously mentioned, and on August 4, 2015, the CEO was grant 5,929,503 options. The fair value of each option is approximately NIS 0.28 and the total value of the options granted was NIS 1,671. On February 2016, the Company granted 350,000 options to 4 external advisors that vest over a period of three years at an exercise price of NIS 0.746 ($ 0.19) per share. The fair value of the options as of the date of grant totaled approximately NIS 84 ($ 22). On March 10, 2016, the Company granted 100,000 fully vested options to an external advisor at an exercise price of NIS 0.746 ($ 0.19) per share. The fair value of the options as of the date of grant totaled approximately NIS 22 ($ 6). In addition, the Company's Board of Directors approved the grant of 3,780,000 unregistered options to the Company's officers and employees, which may be exercised into 3,780,000 ordinary shares of NIS 0.0000001 par value each, according to the Company's option plan. The options are exercisable for ten years and vest over a period of three years from the date of grant. The exercise price shall be 130% of the average rate of the Company's share price in the 30 days of trading that preceded the Company's Board of Directors' resolution regarding the grant of options. The fair value of each option is approximately NIS 0.298 and the total value of the options granted was NIS 1,127. On June 25, 2018, the Company granted 130,710 options to a board member which vest over a period of four years at an exercise price of $ 3.45 per ADS. The fair value of the options as of the date of grant totaled approximately NIS 1,627 ($ 450). 2016 2017 2018 Number of Weighted Number of Weighted Number of Weighted Outstanding at beginning of year 11,806,503 0.75 12,156,503 0.75 11,759,503 0.75 Granted 450,000 0.75 - - 130,710 0.05 Exercised - - (37,000 ) 0.49 - - Forfeited (100,000 ) 0.75 (360,000 ) 0.81 (340,000 ) 0.54 Outstanding at end of year 12,156,503 0.75 11,759,503 0.75 11,550,213 0.77 Exercisable at end of year 5,793,501 0.75 8,653,010 0.74 10,979,503 0.78 The weighted average remaining contractual life for the share options outstanding as of December 31, 2018 was 5.86 years (as of December 31, 2017 – 6.86 years(. c. The fair value of the Company's share options granted to employees, directors and service providers for the years ended December 31, 2016, 2017 and 2018 was estimated using the binominal option pricing model using the following assumptions: December 31, 2016 2017 2018 Dividend yield (%) - - - Expected volatility of the share prices (%) 82 53 53 Risk-free interest rate (%) 2.1 1.5 2.9 Expected life of share options (years) 8.8 7.8 7.5 Share price (NIS) 0.32 0.45 23.6 * * ADS – NIS 23.6 ($ 6.3) The expected life of the share options is based on the midpoints between the available exercise dates (the end of the vesting periods) and the last available exercise date (the contracted expiry date), as adequate historical experience is still not available to provide a reasonable estimate. |
Supplementary Information to th
Supplementary Information to the Statements of Comprehensive Income | 12 Months Ended |
Dec. 31, 2018 | |
Supplementary Information to the Statements of Comprehensive Income [Abstract] | |
SUPPLEMENTARY INFORMATION TO THE STATEMENTS OF COMPREHENSIVE INCOME | NOTE 15:- SUPPLEMENTARY INFORMATION TO THE STATEMENTS OF COMPREHENSIVE INCOME a. Research and development expenses, net of participations: Convenience Year ended December 31, Year ended 2016 2017 2018 2018 N I S U.S. dollars Clinical trial phase 3 - - 53,678 14,321 Materials and subcontractors 3,145 3,797 12,287 3,279 Salaries and related expenses 3,808 3,695 4,214 1,124 Share-based payment 903 388 119 32 Patent registration fees 358 322 399 107 Rentals and maintenance of laboratory 610 610 1,028 274 Revaluation of the liability with respect to the IIA grants - 10,300 - - Depreciation 573 311 195 52 Other - - 136 36 9,397 19,423 72,056 19,225 Participation by IIA and UNISEC (1,603 ) (646 ) (143 ) (38 ) - 7,794 18,777 71,913 19,187 b. Marketing, general and administrative expenses: Convenience Year ended December 31, Year ended 2016 2017 2018 2018 N I S U.S. dollars Salaries and related expenses 587 622 1,136 303 Share-based payment 358 131 141 38 Professional services 2,595 3,338 3,275 874 Rentals, office expenses and maintenance 201 203 343 91 Depreciation 48 130 65 17 Other 317 455 194 53 4,106 4,879 5,154 1,376 c. Financial income and expense: Convenience Year ended December 31, Year ended 2016 2017 2018 2018 N I S U.S. dollars Financial income: Interest income on deposits 55 18 100 26 Exchange differences, net - - 827 221 Revaluation of warrants 2,951 - 2,009 536 Revaluation of marketable securities 13 - - - 3,019 18 2,936 783 Financial expenses: Exchange differences, net 276 2,871 - - Revaluation of warrants - 7,969 - - Finance expenses in respect of loan from others - - 9,202 2,455 Finance expenses in respect of government grants - 4,343 1,159 Bank commissions and other financial expenses 27 73 51 14 303 10,913 13,596 3,628 |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2018 | |
Taxes on Income [Abstract] | |
TAXES ON INCOME | NOTE 16:- TAXES ON INCOME a. Corporate tax rates in Israel: The Israeli corporate tax rate in 2016 was 25%, 2017 was 24% and in 2018 was 23%. In December 2016, the Israeli Parliament approved the Economic Efficiency Law (Legislative Amendments for Applying the Economic Policy for the 2017 and 2018 Budget Years), 2016 which further reduces the corporate income tax rate to 24% (instead of 25%) effective from January 1, 2017 and to 23% effective from January 1, 2018. b. Final tax assessments: The Company received final tax assessments through 2012. c. Net operating carryforwards losses for tax purposes and other temporary differences: as of December 31, 2018, the Company had carryforwards losses and other temporary differences amounting to approximately NIS 126,700 ($ 33,800). d. Deferred taxes: The Company did not recognize deferred tax assets for carryforwards losses and other temporary differences because their utilization in the foreseeable future is not probable. e. Current taxes: The Company did not record any current taxes for the years ended December 31, 2016, 2017 and 2018 as it is still incurring losses on an ongoing basis. f. Theoretical tax: The reconciliation between the tax expense, assuming that all the income and expenses, gains and losses in the statement of income were taxed at the statutory tax rate and the taxes on income recorded in profit or loss (0%), relates to the creation of carryforward tax losses and other temporary differences for which deferred tax assets were not recorded. |
Balances and Transactions with
Balances and Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of transactions between related parties [abstract] | |
BALANCES AND TRANSACTIONS WITH RELATED PARTIES | NOTE 17:- BALANCES AND TRANSACTIONS WITH RELATED PARTIES a. Related parties consist of nine directors (including the CEO, who is also a shareholder) serving on the Company's board of directors and two key officers. b. Transactions with related parties: 1. In February 2012, the Company's audit committee and Board approved an amendment and extension of the agreement with the Company's CEO, dated April 2007. Pursuant to the amendment, the monthly salary of the Company's CEO will increase by 5% in each of the three years of the extension of the engagement to NIS 52.5 a month starting January 2012. The agreement was extended by an additional period through April 1, 2015. In April 2012, the Company's shareholders approved the agreement at a shareholders' meeting. On January 18, 2015, the Company's shareholders extended the agreement under the same terms for an additional five years. In addition, if a material agreement is signed between the Company and a third party during the term of the engagement or during a period of three years after the termination on the Company's part of the engagement between the Company's CEO and the Company, the Company's CEO will be entitled to receive a bonus amounting to 1.75% of the monetary compensation payable to the Company under the material agreement. On May 28, 2015, the Company's Board of Directors approved an update of the terms and conditions in office of the Company's CEO, so that the monthly remuneration will be a total of NIS 80, and to grant options at a rate of 2.5% of the Company's issued and paid up capital on a fully diluted basis (see Note 14b). 2. In August 2014, the Company signed an employment agreement with the CFO for a period of 5 years, according to which the CFO shall be entitled to a monthly salary of NIS 10, and accordingly updated the management agreement to fees at the amount of NIS 2.5 for a period of five years. In addition, the CFO is entitled to receive a one-time cash payment of NIS 192.5 for the services provided in connection with the preparation and submission of the prospectus in the US, and, in the event that the Company should complete a successful capital raise in the U.S. market, the CFO shall be entitled to receive a one-time payment of NIS 87.5. Furthermore, from the consummation of the offering, the monthly compensation under the services agreement will be increased to NIS 15,000. In addition, pursuant to a separate employment agreement entered into between the Company and the CFO on August 31, 2014, as of such date, the CFO is also employed by the Company in a 60% employment capacity, for which he is entitled to a monthly salary of NIS 10,000. 3. In August 2012, the Company approved the grant of future remuneration to four directors in the Company. The remuneration will be granted provided that a material agreement is signed between the Company and a third party during the director's term with the Company that will entitle each of the four directors to receive a bonus of 0.5% of the monetary compensation that will be paid to the Company in the context of such material agreement. The bonus is not limited in amount and is not restricted to one material agreement. 4. On April 10, 2016, the Audit Committee and the Board of Directors unanimously resolved to approve the payment of NIS 200, to be increased by an additional amount of up to NIS 200 as needed, for the benefit of the Company's CEO, for the purpose of placing the bond required in connection with an investigation conducted by the Israeli Securities Authority ("ISA"), regarding certain shareholders of the Company (not including among them the Company's CEO) alleged use of inside information. c. Balances with related parties: Payables Key management personnel: December 31, 2017 302 December 31, 2018 328 December 31,2018 (convenience translation to U.S. dollars) (Note 2c) 88 d. Transactions with related parties: Research and Marketing, Key management personnel: 2016 1,072 1,898 2017 1,575 1,098 2018 1,468 1,252 2018 (convenience translation to U.S. dollars) (Note 2c) $ 392 334 e. Compensation of key officers: The following amounts disclosed in the table are recognized as an expense during the reporting period related to key officers. Key officers employed by the Company: Convenience Year ended December 31, Year ended 2016 2017 2018 2018 N I S U.S. dollars Salaries 190 209 485 71 Short-term employee benefits 1,740 1,972 1,901 533 Other employees benefits 106 94 95 25 Share-based compensation 934 398 239 64 2,970 2,673 2,720 693 Number of key officers 11 8 9 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2018 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 18: SUBSEQUENT EVENTS a. On April 22, 2019 the European Investment bank (EIB) announced a € 4,000 extension to its 2017 financing agreement with the Company in support of the ongoing pivotal Phase 3 clinical trial of the Company M-001 Universal Influenza Vaccine candidate. The extension will allow an increase of up to 8,000 participants, bringing the planned total size of the trial to approximately 12,000 participants. b. On March 25, 2019, the Company published a public offering in NASDAQ to issue NASDAQ listed ADSs in consideration of maximum aggregate sum of NIS 72,960 ($ 20,000). |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Abstract] | |
Basis of presentation of the financial statements | a. Basis of presentation of the financial statements: These financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). The Company's financial statements have been prepared on a cost basis, except for financial instruments which are measured at fair value through profit or loss. The Company has elected to present profit or loss items using the "function of expense" method. |
Functional currency, reporting currency and foreign currency | b. Functional currency, reporting currency and foreign currency: 1. Functional currency and reporting currency: The reporting currency of the financial statements is the NIS. The functional currency is the currency that best reflects the economic environment in which the Company operates and conducts its transactions. Most of the Company costs are incurred in NIS. In addition, the Company financing activities are incurred normally in NIS. The Company's management believes that the functional currency of the Company is the NIS. 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 the end of each reporting period into the functional currency at the exchange rate at that date. Exchange rate differences are recognized in profit or loss. |
Convenience translation into U.S. dollars | c. Convenience translation into U.S. dollars: The financial statements as of December 31, 2018 and for the year then ended have been translated into U.S. Dollars using the exchange rate of the U.S. Dollar as of December 31, 2018 (U.S. $1.00 = NIS 3.748). The translation was made solely for convenience purposes. The dollar amounts presented in these financial statements should not be construed as representing amounts that are receivable or payable in Dollars or convertible into Dollars, unless otherwise indicated. |
Cash equivalents | d. Cash equivalents: Cash equivalents are considered as highly liquid investments, including unrestricted short-term bank deposits with an original maturity of three months or less from the date of acquisition. |
Restricted cash | e. Restricted cash: Restricted cash are bank deposits with an original maturity of more than one year from the date of investment and which do not meet the definition of cash equivalents. The deposits are presented according to their terms of deposit. |
Property and equipment | f. Property and equipment: Property, plant and equipment are measured at cost, including directly attributable costs, less accumulated depreciation, accumulated impairment losses and excluding day-to-day servicing expenses. Depreciation is calculated on a straight-line basis over the useful life of the assets at annual rates as follows: % Laboratory equipment 15 Office furniture and equipment 6 - 33 Computers 33 Leasehold improvements (*) (*) Leasehold improvements are depreciated on a straight-line basis over the shorter of the lease term (including the extension option held by the Company and intended to be exercised) and the expected life of the improvement. The useful life, depreciation method and residual value of an asset are reviewed at least each year-end and any changes are accounted for prospectively as a change in accounting estimate. An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected from its use or disposal. |
Research and development expenses, net of participations | g. Research and development expenses, net of participations: Research and development expenses are recognized in profit or loss when incurred. An intangible asset arising from a development project or from the development phase of an internal project is recognized if the Company can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale; the Company’s intention to complete the intangible asset and use or sell it; the Company’s ability to use or sell the intangible asset; how the intangible asset will generate future economic benefits; the availability of adequate technical, financial and other resources to complete the intangible asset; and the Company’s ability to measure reliably the expenditure attributable to the intangible asset during its development. Since the Company’s research and development projects are often subject to regulatory approval procedures and other uncertainties, the conditions for the capitalization of costs incurred before receipt of approvals are not normally satisfied and, therefore, development expenditures are recognized in profit or loss when incurred. |
Government investment grants | h. Government investment grants: Government grants are recognized when there is reasonable assurance that the grants will be received and the Company will comply with the attendant conditions. Research and development grants received from the Israeli Innovation Authority ("IIA") are recognized upon receipt as a liability only if future economic benefits are expected from the 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 interest rate. 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. Future Royalty payments will be treated as a reduction of the liability. In that event, the royalty obligation is treated as a contingent liability in accordance with IAS 37, " Provisions, Contingent Liabilities and Contingent Assets At the end of each reporting period, the Company evaluates whether there is reasonable assurance that the received grants will not be repaid based on its best estimate of future sales and, if so, no liability is recognized and the grants are recorded against a corresponding reduction in research and development expenses. Since the Company's development projects are at the beginning of Phase 3 clinical trials, future economic benefits from the research and development activity are currently expected. Therefore, a liability was recorded with respect to the IIA grants , Research and development grants received from the European Union are recorded against a corresponding reduction in research and development expenses. Since they are non-refundable and do not depend on the generation of future sales. |
Impairment of non-financial assets | i. Impairment of non-financial assets: The Company evaluates the need to record an impairment of the carrying amount 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 of an asset that does not generate independent cash flows is determined for the cash-generating unit to which the asset belongs and is calculated based on the projected cash flows that will be generated by the cash generated unit. 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 Company did not recognize any impairment of non-financial assets for any of the periods presented. |
Financial instruments | j. Financial instruments: As described in Note 2q regarding the initial adoption of IFRS 9, "Financial Instruments" ("the Standard"), the Company elected to adopt the provisions of the Standard retrospectively without restatement of comparative data. The accounting policy for financial instruments applied until December 31, 2017, is as follows: 1. Financial assets: Financial assets within the scope of IAS 39, " Financial Instruments: Recognition and Measurement After initial recognition, the accounting treatment of financial assets is based on their classification as follows: Financial assets at fair value through profit or loss This category includes financial assets designated upon initial recognition as at fair value through profit or loss. Loans and receivables The Company has receivables that are financial assets with fixed or determinable payments that are not quoted in an active market. 2. Financial liabilities: Financial liabilities within the scope of IAS 39 are initially measured at fair value. After initial recognition, the accounting treatment of financial liabilities is based on their classification as follows: Financial liabilities measured at amortized cost: Loans and other liabilities are measured at amortized cost using the effective interest method taking into account directly attributable transaction costs. Financial liabilities at fair value through profit or loss: Financial liabilities at fair value through profit or loss include financial liabilities classified as held for trading and financial liabilities designated upon initial recognition as at fair value through profit or loss. 3. De-recognition of financial instruments: a) Financial assets: A financial asset is derecognized when the contractual rights to the cash flows from the financial asset expire or the Company has transferred its contractual rights to receive cash flows from the financial asset or assumes an obligation to pay the cash flows in full without material delay to a third party and has transferred substantially all the risks and rewards of the asset, or has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset. b) Financial liabilities: A financial liability is derecognized when it is extinguished, that is when the obligation is discharged or cancelled or expires. A financial liability is extinguished when the debtor (the Company) discharges the liability by paying in cash, other financial assets, goods or services; or is legally released from the liability. 4. Issue of a unit of securities: The issue of a unit of securities involves the allocation of the proceeds received (before issuance expenses) to the components of the securities issued in the unit based on the following order: financial derivatives and other financial instruments measured at fair value in each period. Then fair value is determined for financial liabilities and compound instruments that are presented at amortized cost. The proceeds allocated to equity instruments are the residual amount. Issue costs are allocated to each component pro rata to the amounts determined for each component in the unit. The accounting policy for financial instruments applied commencing from January 1, 2018, is as follows: 1. Financial assets: Financial assets are measured upon initial recognition at fair value plus transaction costs that are directly attributable to the acquisition of the financial assets, except for financial assets measured at fair value through profit or loss in respect of which transaction costs are recorded in profit or loss. The Company classifies and measures debt instruments in the financial statements based on the following criteria: - The Company's business model for managing financial assets; and - The contractual cash flow terms of the financial asset. a. Debt instruments are measured at fair value through profit or loss when: A financial asset which is a debt instrument does not meet the criteria for measurement at amortized cost or at fair value through other comprehensive income. After initial recognition, the financial asset is measured at fair value and gains or losses from fair value adjustments are recognized in profit or loss. 2. Derecognition of financial assets: A financial asset is derecognized only when: - The contractual rights to the cash flows from the financial asset has expired; or - The Company has transferred substantially all the risks and rewards deriving from the contractual rights to receive cash flows from the financial asset or has neither transferred nor retained substantially all the risks and rewards of the asset, but has transferred control of the asset; or - The Company has retained its contractual rights to receive cash flows from the financial asset but has assumed a contractual obligation to pay the cash flows in full without material delay to a third party. 3. Financial liabilities: a) Financial liabilities measured at amortized cost: Financial liabilities are initially recognized at fair value less transaction costs that are directly attributable to the issue of the financial liability. After initial recognition, the Company measures all financial liabilities at amortized cost using the effective interest rate method, except for: - Financial liabilities at fair value through profit or loss such as warrant liability b) Financial liabilities measured at fair value through profit or loss: At initial recognition, the Company measures financial liabilities that are not measured at amortized cost at fair value. Transaction costs are recognized in profit or loss. After initial recognition, changes in fair value are recognized in profit or loss. 4. Derecognition of financial liabilities: A financial liability is derecognized only when it is extinguished, that is when the obligation specified in the contract is discharged or cancelled or expires. A financial liability is extinguished when the debtor discharges the liability by paying in cash, other financial assets, goods or services; or is legally released from the liability. 5. Issue of a unit of securities: The issue of a unit of securities involves the allocation of the proceeds received (before issue expenses) to the securities issued in the unit based on the following order: financial derivatives and other financial instruments measured at fair value in each period. Then fair value is determined for financial liabilities that are measured at amortized cost. The proceeds allocated to equity instruments are determined to be the residual amount. Issue costs are allocated to each component pro rata to the amounts determined for each component in the unit. |
Fair value measurement | k. Fair value measurement: Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value measurement is based on the assumption that the transaction will take place in the asset's or the liability's principal market, or in the absence of a principal market, in the most advantageous market. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. Fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities measured at fair value or for which fair value is disclosed are categorized into levels within the fair value hierarchy based on the lowest level input that is significant to the entire fair value measurement: Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 - inputs other than quoted prices included within Level 1 that are observable directly or indirectly. Level 3 - inputs that are not based on observable market data (valuation techniques which use inputs that are not based on observable market data). |
Provisions | l. Provisions: A provision in accordance with IAS 37 is recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is expected to require the use of economic resources to settle the obligation and a reliable estimate can be made of it. |
Operating leases | m. Operating leases: Lease agreements are classified as an operating lease if they do not transfer substantially all the risks and benefits incidental to ownership of the leased asset. Operating lease payments are recognized as an expense in profit or loss on a straight-line basis over the lease term. |
Employee benefit liabilities | n. Employee benefit liabilities: The Group has several employee benefit plans: 1. Short-term employee benefits: Short-term employee benefits include salaries, paid annual leave, paid sick leave, recreation and social security contributions and are recognized as expenses as the services are rendered. 2. Post-employment benefits: Post-employment benefit plans are normally financed by contributions to insurance companies and classified as defined contribution plans or as defined benefit plans. The Company has defined contribution plans pursuant to Section 14 of the Severance Pay Law into which the Company pays fixed contributions and has no legal or constructive obligation to pay further contributions on account of severance pay if the fund does not hold sufficient amounts to pay all employee benefits relating to employee service in current and prior periods. Contributions to the defined contribution plan in respect of severance or retirement pay are recognized as an expense when contributed concurrently with performance of the employee's services. |
Share-based payment transactions | o. Share-based payment transactions: From time to time, the Company grants to its employees and service providers remuneration in the form of equity-settled share-based instruments, such as options to purchase ordinary shares. Equity-settled transactions: The cost of equity-settled transactions with employees is measured at the fair value of the equity instruments granted at grant date. The fair value is determined using an acceptable option pricing model. With respect to other service providers, the cost of the transactions is measured at the fair value of the goods or services received as consideration for equity instruments. In cases where the fair value of the goods or services received as consideration of equity instruments cannot be measured, they are measured by reference to the fair value of the equity instruments granted. The cost of equity-settled transactions is recognized in profit or loss, together with a corresponding increase in equity, during the period which the performance or service conditions are to be satisfied, ending on the date on which the relevant employees become fully entitled to the award (the "Vesting Period"). No expense is recognized for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition, which are treated as vested irrespective of whether the market condition is satisfied, provided that all other vesting conditions are satisfied. |
Loss per share | p. Loss per share: Loss per share is calculated by dividing the loss attributable to Company shareholders by the weighted number of outstanding ordinary shares during the period. Potential Ordinary shares are only included in the computation of diluted loss per share when their conversion increases loss per share or decreases income per share. Potential Ordinary shares that are converted during the period are included in diluted loss per share only until the conversion date. |
Changes in accounting policies - initial adoption of new financial reporting and accounting standards and amendments to existing financial reporting and accounting standards | q. Changes in accounting policies - initial adoption of new financial reporting and accounting standards and amendments to existing financial reporting and accounting standards: Initial adoption of IFRS 9, "Financial Instruments": In July 2014, the IASB issued the final and complete version of IFRS 9, "Financial Instruments" ("the new Standard"), which replaces IAS 39, "Financial Instruments: Recognition and Measurement". The new Standard mainly focuses on the classification and measurement of financial assets and it applies to all assets within the scope of IAS 39. The new Standard has been applied for the first time in these financial statements retrospectively without restatement of comparative data. The adoption of the new Standard did not have a material impact on the Company's financial statements. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Significant Accounting Policies [Abstract] | |
Schedule of depreciation on straight line basis over useful life of assets | % Laboratory equipment 15 Office furniture and equipment 6 - 33 Computers 33 Leasehold improvements (*) (*) Leasehold improvements are depreciated on a straight-line basis over the shorter of the lease term (including the extension option held by the Company and intended to be exercised) and the expected life of the improvement. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Cash and Cash Equivalents [Abstract] | |
Schedule of cash and cash equivalents | Convenience Translation December 31, December 31, 2017 2018 2018 N I S U.S. dollars Cash in NIS 32,665 15,558 4,151 Cash in USD 38,677 13,586 3,625 Cash in EURO 40 46,739 12,470 71,382 75,883 20,246 |
Other Receivables (Tables)
Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Trade and other current receivables [abstract] | |
Schedule of other receivables | Convenience Translation December 31, December 31, 2017 2018 2018 N I S U.S. dollars Grants receivable 1,043 - - Government authorities 945 383 102 Debt issuance costs 1,185 - - Prepaid expenses and other 750 582 156 3,923 965 258 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Property, plant and equipment [abstract] | |
Schedule of property, plant and equipment, net | Laboratory equipment Office furniture and equipment Computers Leasehold Improvements Factory Leasehold Total Cost Balance as of January 1, 2018 3,428 293 356 2,652 4,453 11,182 Additions 98 8 83 - 23,542 23,731 Deductions (300 ) (182 ) - (2,652 ) - (3,134 ) Balance as of December 31, 2018 3,226 119 439 - 27,995 31,779 Accumulated Depreciation Balance as of January 1, 2018 3,296 177 310 1,889 - 5,672 Additions 57 12 50 141 - 260 Deductions (276 ) (96 ) - (2,030 ) - (2,402 ) Balance as of December 31, 2018 3,077 93 360 - - 3,530 Depreciated cost as of December 31, 2018 149 26 79 - 27,995 28,249 Depreciated cost as of December 31, 2018 (convenience translation into U.S. dollars) (Note 2c) 40 7 21 - 7,469 7,537 Laboratory equipment Office furniture and equipment Computers Leasehold Improvements Factory Leasehold Total Cost Balance as of January 1, 2017 3,411 293 318 2,652 - 6,674 Additions 17 - 38 - 4,453 4,508 Balance as of December 31, 2017 3,428 293 356 2,652 4,453 11,182 Accumulated Depreciation Balance as of January 1, 2017 3,116 160 287 1,668 - 5,231 Additions 180 17 23 221 - 441 Balance as of December 31, 2017 3,296 177 310 1,889 - 5,672 Depreciated cost as of December 31, 2017 132 116 46 763 4,453 5,510 Depreciated cost as of December 31, 2017 (convenience translation into U.S. dollars) (Note 2c) 35 31 12 204 1,188 1,470 |
Other Long Term Assets (Tables)
Other Long Term Assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Long Term Assets [Abstract] | |
Schedule of other long term assets | Convenience Translation December 31, December 31, 2017 2018 2018 N I S U.S. dollars Restricted cash 857 707 189 Leasing deposits 23 33 8 880 740 197 |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Other Payables [Abstract] | |
Schedule of other payables | Convenience Translation December 31, December 31, 2017 2018 2018 N I S U.S. dollars Employees and payroll accruals 624 924 247 Accrued expenses 36 152 40 660 1,076 287 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Financial Instruments [Abstract] | |
Schedule of financial assets and liabilities | Convenience Translation December 31, December 31, 2017 2018 2018 N I S U.S. dollars Financial liabilities Liability in respect of government grants 10,300 14,643 3,907 Loan from others - 94,360 25,176 Warrants measured at fair value 8,177 6,168 1,645 Total non current 18,477 115,171 30,728 |
Employee Benefit Liabilities (T
Employee Benefit Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Employee Benefit Liabilities [Abstract] | |
Schedule of defined contribution plans | Convenience translation (Note 2c) Year ended December 31, Year ended December 31, 2016 2017 2018 2018 N I S U.S. dollars Expenses-defined contribution plan 204 196 242 65 |
Contingent Liabilities and Co_2
Contingent Liabilities and Commitments (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Contingent Liabilities and Commitments [Abstract] | |
Schedule of future minimum lease operating agreements | 1 – 3 Years 4– 5 Years More than Total Operating Lease Obligations in NIS 3,369 2,179 5,385 10,932 Operating Lease Obligations in 947 612 1,513 3,073 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |
Schedule of expense recognized in financial statements | Convenience translation (Note 2c) Year ended December 31, Year ended December 31, 2016 2017 2018 2018 N I S U.S. dollars Research and development 903 388 119 32 Marketing, general and administrative 358 131 141 38 Total share-based compensation 1,261 519 260 70 |
Schedule of option plan to employees and directors | 2016 2017 2018 Number of options Weighted Average Exercise price Number of options Weighted Average Exercise price Number of options Weighted Average Exercise price Outstanding at beginning of year 11,806,503 0.75 12,156,503 0.75 11,759,503 0.75 Granted 450,000 0.75 - - 130,710 0.05 Exercised - - (37,000 ) 0.49 - - Forfeited (100,000 ) 0.75 (360,000 ) 0.81 (340,000 ) 0.54 Outstanding at end of year 12,156,503 0.75 11,759,503 0.75 11,550,213 0.77 Exercisable at end of year 5,793,501 0.75 8,653,010 0.74 10,979,503 0.78 |
Schedule of estimated option pricing model using assumptions | December 31, 2016 2017 2018 Dividend yield (%) - - - Expected volatility of the share prices (%) 82 53 53 Risk-free interest rate (%) 2.1 1.5 2.9 Expected life of share options (years) 8.8 7.8 7.5 Share price (NIS) 0.32 0.45 23.6 * * ADS – NIS 23.6 ( $6.3) |
Supplementary Information to _2
Supplementary Information to the Statements of Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Supplementary Information to the Statements of Comprehensive Income [Abstract] | |
Schedule of research and development expenses, net of participations | Convenience translation (Note 2c) Year ended December 31, Year ended December 31, 2016 2017 2018 2018 N I S U.S. dollars Clinical trial phase 3 - - 53,678 14,321 Materials and subcontractors 3,145 3,797 12,287 3,279 Salaries and related expenses 3,808 3,695 4,214 1,124 Share-based payment 903 388 119 32 Patent registration fees 358 322 399 107 Rentals and maintenance of laboratory 610 610 1,028 274 Revaluation of the liability with respect to the IIA grants - 10,300 - - Depreciation 573 311 195 52 Other - - 136 36 9,397 19,423 72,056 19,225 Participation by IIA and UNISEC (1,603 ) (646 ) (143 ) (38 ) - 7,794 18,777 71,913 19,187 |
Schedule of marketing, general and administrative expenses | Convenience translation (Note 2c) Year ended December 31, Year ended December 31, 2016 2017 2018 2018 N I S U.S. dollars Salaries and related expenses 587 622 1,136 303 Share-based payment 358 131 141 38 Professional services 2,595 3,338 3,275 874 Rentals, office expenses and maintenance 201 203 343 91 Depreciation 48 130 65 17 Other 317 455 194 53 4,106 4,879 5,154 1,376 |
Schedule of financial income and expense | Convenience Year ended December 31, Year ended 2016 2017 2018 2018 N I S U.S. dollars Financial income: Interest income on deposits 55 18 100 26 Exchange differences, net - - 827 221 Revaluation of warrants 2,951 - 2,009 536 Revaluation of marketable securities 13 - - - 3,019 18 2,936 783 Financial expenses: Exchange differences, net 276 2,871 - - Revaluation of warrants - 7,969 - - Finance expenses in respect of loan from others - - 9,202 2,455 Finance expenses in respect of government grants - 4,343 1,159 Bank commissions and other financial expenses 27 73 51 14 303 10,913 13,596 3,628 |
Balances and Transactions wit_2
Balances and Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of balances with related parties | Payables Key management personnel: December 31, 2017 302 December 31, 2018 328 December 31, 2018 (convenience translation to U.S. dollars) (Note 2c) $ 88 |
Schedule of transactions with related parties | Research and Marketing, Key management personnel: 2016 1,072 1,898 2017 1,575 1,098 2018 1,468 1,252 2018 (convenience translation to U.S. dollars) (Note 2c) $ 392 334 |
Schedule of key officers employed | Convenience Year ended December 31, Year ended 2016 2017 2018 2018 N I S U.S. dollars Salaries 190 209 485 71 Short-term employee benefits 1,740 1,972 1,901 533 Other employees benefits 106 94 95 25 Share-based compensation 934 398 239 64 2,970 2,673 2,720 693 Number of key officers 11 8 9 |
General (Details)
General (Details) ₪ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Mar. 28, 2017ILS (₪) | Mar. 31, 2005 | Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Dec. 31, 2018USD ($) | |
General (Textual) | |||||||
Date of incorporation | Jul. 21, 2003 | ||||||
Loss | ₪ (87,727) | ₪ (34,551) | ₪ (9,184) | ||||
Negative cash flows from operating activities | (57,193) | (10,050) | ₪ (9,653) | ||||
Accumulated deficit | ₪ (211,144) | ₪ (123,417) | |||||
Percentage of grant | 20.00% | ||||||
Budget to be utilized towards the construction | ₪ 20,000 | ||||||
Terms and conditions for receipt of the grant, description | The receipt of the Grant is subject to certain terms and conditions, including those outlined under the Israeli Encouragement of Capital Investment Law,1959. The terms and conditions include, inter alia, the following: (a) at least 24% of the investments in the planned manufacturing facility's fixed assets will be financed by additional share capital; (b) the Company will maintain its intellectual property and manufacturing facility in Israel for a period of at least 10 years. | ||||||
USD [Member] | |||||||
General (Textual) | |||||||
Loss | $ | $ (23,407) | ||||||
Negative cash flows from operating activities | $ | $ (15,261) | ||||||
Accumulated deficit | $ | $ (56,335) |
Significant Accounting Polici_4
Significant Accounting Policies (Details) | 12 Months Ended | |
Dec. 31, 2018 | ||
Computers [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
% of straight-line basis over the useful life of the assets at annual rates | 33.00% | |
Leasehold improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
% of straight-line basis over the useful life of the assets at annual rates | [1] | |
Office furniture and equipment [Member] | Minimum [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
% of straight-line basis over the useful life of the assets at annual rates | 6.00% | |
Office furniture and equipment [Member] | Maximum [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
% of straight-line basis over the useful life of the assets at annual rates | 33.00% | |
Laboratory equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
% of straight-line basis over the useful life of the assets at annual rates | 15.00% | |
[1] | Leasehold improvements are depreciated on a straight-line basis over the shorter of the lease term (including the extension option held by the Company and intended to be exercised) and the expected life of the improvement. |
Significant Accounting Polici_5
Significant Accounting Policies (Details Textual) - Dec. 31, 2018 | ₪ / shares | $ / shares |
Significant Accounting Policies (Textual) | ||
Translation exchange rate | ₪ / shares | ₪ 3.748 | |
USD [Member] | ||
Significant Accounting Policies (Textual) | ||
Translation exchange rate | $ / shares | $ 1 |
Disclosure of New Standards i_2
Disclosure of New Standards in the Period Prior to Their Adoption (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Disclosure of New Standards in the Period Prior to Their Adoption (Textual) | |
Description of estimated effect of the initial adoption | The Company estimated that the effect of the initial adoption of the new Lease Standard as of January 1, 2019, is expected to result in an increase in the Company’s total assets and liabilities in the amount to NIS 7,282 ( $1,943) and no impact on equity. Moreover, the effect of the initial adoption of the new Lease Standard in 2019 is expected to result in a decrease in the Company’s lease expenses of NIS 1,113 ( $297) and an increase in the Company’s depreciation and finance expenses of NIS 809 ( $403) and NIS 702 ($187) , respectively. The total effect of the initial adoption of the new Lease Standard in 2019 is expected to result in a decrease of NIS1,113 ( $297) in operating loss and an increase of of 398 ( $106) in loss before income taxes. In addition, as a result of the adoption of the new Standard, in 2019, the Company’s cash flows from operating activities are expected to increase by approximately NIS 1,113 ($297) and its cash flows from financing activities are expected to decrease by approximately NIS 1,113 ($297). |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2017USD ($) | Dec. 31, 2016ILS (₪) | Dec. 31, 2015ILS (₪) |
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | ₪ | ₪ 75,883 | ₪ 71,382 | ₪ 15,705 | ₪ 33,470 | ||
USD [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | $ | $ 20,246 | $ 19,045 | ||||
Cash in NIS [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | ₪ | 15,558 | 32,665 | ||||
Cash in NIS [Member] | USD [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | $ | 4,151 | |||||
Cash in USD [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | ₪ | 13,586 | 38,677 | ||||
Cash in USD [Member] | USD [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | $ | 3,625 | |||||
Cash in EURO [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | ₪ | ₪ 46,739 | ₪ 40 | ||||
Cash in EURO [Member] | USD [Member] | ||||||
Cash and Cash Equivalents [Line Items] | ||||||
Cash and cash equivalents | $ | $ 12,470 |
Other Receivables (Details)
Other Receivables (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) |
Statement Line Items [Line Items] | |||
Grants receivable | ₪ | ₪ 1,043 | ||
Government authorities | ₪ | 383 | 945 | |
Debt issuance costs | ₪ | 1,185 | ||
Prepaid expenses and other | ₪ | 582 | 750 | |
Total | ₪ | ₪ 965 | ₪ 3,923 | |
USD [Member] | |||
Statement Line Items [Line Items] | |||
Grants receivable | $ | |||
Government authorities | $ | 102 | ||
Debt issuance costs | $ | |||
Prepaid expenses and other | $ | 156 | ||
Total | $ | $ 258 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2017USD ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciated cost | ₪ 28,249 | ₪ 5,510 | ||
USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciated cost | $ | $ 7,537 | $ 1,470 | ||
Laboratory equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciated cost | 149 | 132 | ||
Laboratory equipment [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciated cost | $ | 40 | 35 | ||
Office furniture and equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciated cost | 26 | 116 | ||
Office furniture and equipment [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciated cost | $ | 7 | 31 | ||
Computers [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciated cost | 79 | 46 | ||
Computers [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciated cost | $ | 21 | 12 | ||
Leasehold Improvements [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciated cost | 763 | |||
Leasehold Improvements [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciated cost | $ | 204 | |||
Factory Leasehold [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciated cost | 27,995 | 4,453 | ||
Factory Leasehold [Member] | USD [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Depreciated cost | $ | $ 7,469 | $ 1,188 | ||
Cost [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 11,182 | 6,674 | ||
Additions | 23,731 | 4,508 | ||
Deductions | (3,134) | |||
Ending balance | 31,779 | 11,182 | ||
Cost [Member] | Laboratory equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 3,428 | 3,411 | ||
Additions | 98 | 17 | ||
Deductions | (300) | |||
Ending balance | 3,226 | 3,428 | ||
Cost [Member] | Office furniture and equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 293 | 293 | ||
Additions | 8 | |||
Deductions | (182) | |||
Ending balance | 119 | 293 | ||
Cost [Member] | Computers [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 356 | 318 | ||
Additions | 83 | 38 | ||
Deductions | ||||
Ending balance | 439 | 356 | ||
Cost [Member] | Leasehold Improvements [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 2,652 | 2,652 | ||
Additions | ||||
Deductions | (2,652) | |||
Ending balance | 2,652 | |||
Cost [Member] | Factory Leasehold [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 4,453 | |||
Additions | 23,542 | 4,453 | ||
Deductions | ||||
Ending balance | 27,995 | 4,453 | ||
Accumulated Depreciation [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 5,672 | 5,231 | ||
Additions | 260 | 441 | ||
Deductions | (2,402) | |||
Ending balance | 3,530 | 5,672 | ||
Accumulated Depreciation [Member] | Laboratory equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 3,296 | 3,116 | ||
Additions | 57 | 180 | ||
Deductions | (276) | |||
Ending balance | 3,077 | 3,296 | ||
Accumulated Depreciation [Member] | Office furniture and equipment [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 177 | 160 | ||
Additions | 12 | 17 | ||
Deductions | (96) | |||
Ending balance | 93 | 177 | ||
Accumulated Depreciation [Member] | Computers [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 310 | 287 | ||
Additions | 50 | 23 | ||
Deductions | ||||
Ending balance | 360 | 310 | ||
Accumulated Depreciation [Member] | Leasehold Improvements [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 1,889 | 1,668 | ||
Additions | 141 | 221 | ||
Deductions | (2,030) | |||
Ending balance | 1,889 | |||
Accumulated Depreciation [Member] | Factory Leasehold [Member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | ||||
Additions | ||||
Deductions | ||||
Ending balance |
Other Long Term Assets (Details
Other Long Term Assets (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) |
Statement Line Items [Line Items] | |||
Restricted cash | ₪ | ₪ 707 | ₪ 857 | |
Leasing deposits | ₪ | 33 | 23 | |
Other long term assets, total | ₪ | ₪ 740 | ₪ 880 | |
USD [Member] | |||
Statement Line Items [Line Items] | |||
Restricted cash | $ | $ 189 | ||
Leasing deposits | $ | 8 | ||
Other long term assets, total | $ | $ 197 |
Other Payables (Details)
Other Payables (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) |
Statement Line Items [Line Items] | |||
Employees and payroll accruals | ₪ | ₪ 924 | ₪ 624 | |
Accrued expenses | ₪ | 152 | 36 | |
Other payables, total | ₪ | ₪ 1,076 | ₪ 660 | |
USD [Member] | |||
Statement Line Items [Line Items] | |||
Employees and payroll accruals | $ | $ 247 | ||
Accrued expenses | $ | 40 | ||
Other payables, total | $ | $ 287 |
Financial Instruments (Details)
Financial Instruments (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | Oct. 31, 2013USD ($) |
Financial liabilities | ||||
Liability in respect of government grants | ₪ | ₪ 14,643 | ₪ 10,300 | ||
Loan from others | ₪ | 94,360 | |||
Warrants measured at fair value | ₪ | 6,168 | 8,177 | ||
Total non current | ₪ | ₪ 115,171 | ₪ 18,477 | ||
USD [Member] | ||||
Financial liabilities | ||||
Liability in respect of government grants | $ | $ 3,907 | $ 7,187 | ||
Loan from others | $ | 25,176 | |||
Warrants measured at fair value | $ | 1,645 | |||
Total non current | $ | $ 30,728 |
Financial Instruments (Details
Financial Instruments (Details Textual) ₪ in Thousands | Dec. 31, 2018ILS (₪) |
EURO [Member] | |
Financial Instruments (Textual) | |
Carrying amounts of these investments | ₪ 46,739 |
USD [Member] | |
Financial Instruments (Textual) | |
Carrying amounts of these investments | ₪ 13,586 |
Employee Benefit Liabilities (D
Employee Benefit Liabilities (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Statement Line Items [Line Items] | ||||
Expenses-defined contribution plan | ₪ | ₪ 242 | ₪ 196 | ₪ 204 | |
USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Expenses-defined contribution plan | $ | $ 65 |
Contingent Liabilities and Co_3
Contingent Liabilities and Commitments (Details) - Dec. 31, 2018 ₪ in Thousands, $ in Thousands | ILS (₪) | USD ($) |
Disclosure of finance lease and operating lease by lessee [line items] | ||
Operating Lease Obligations | ₪ | ₪ 10,932 | |
USD [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Operating Lease Obligations | $ | $ 3,073 | |
1- 3 Years [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Operating Lease Obligations | ₪ | 3,369 | |
1- 3 Years [Member] | USD [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Operating Lease Obligations | $ | 947 | |
4- 5 Years [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Operating Lease Obligations | ₪ | 2,179 | |
4- 5 Years [Member] | USD [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Operating Lease Obligations | $ | 612 | |
More than 5 Years [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Operating Lease Obligations | ₪ | ₪ 5,385 | |
More than 5 Years [Member] | USD [Member] | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Operating Lease Obligations | $ | $ 1,513 |
Contingent Liabilities and Co_4
Contingent Liabilities and Commitments (Details Textual) € in Thousands, ₪ in Thousands, $ in Thousands | Aug. 13, 2018USD ($) | Aug. 13, 2018EUR (€) | Nov. 14, 2017ILS (₪) | Jul. 10, 2017squaremeters | Jun. 19, 2017USD ($) | Sep. 09, 2015ILS (₪) | Sep. 09, 2015USD ($) | Oct. 31, 2013USD ($) | Oct. 31, 2013EUR (€) | Apr. 22, 2019USD ($) | Apr. 22, 2019EUR (€) | Oct. 19, 2018USD ($) | Oct. 19, 2018EUR (€) | Jun. 18, 2018USD ($) | Jun. 18, 2018EUR (€) | Jul. 31, 2003 | Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | Jun. 19, 2017EUR (€) | Oct. 31, 2015USD ($) | Oct. 31, 2015EUR (€) | Oct. 31, 2013EUR (€) |
Contingent Liabilities and Commitments (Textual) | ||||||||||||||||||||||||
Percentage of royalties | 25.00% | |||||||||||||||||||||||
Payment of royalties, description | (a) before the completion of Phase 1 clinical trials - 45% (b) after Phase 1 but before Phase 2 trials - 35% of amounts up to the first $ 20,000 receivable from a sublicense or a sublicense option, or 25% of amounts exceeding such first $ 20,000 receivable from the sublicense or from a sublicense option; (c) after the completion of Phase 2 clinical trials the royalties will be 20% of amounts up to the first $ 20,000 receivable from a sublicense or a sublicense option or 15% of amounts exceeding such first $ 20,000 receivable from a sublicense or a sublicense option. | The Company performed a valuation of the financial liability for December 31, 2018 through an independent appraiser. According to the valuation, which was based on WACC (Weighted Average Cost of capital) of 18% and CAPM (Capital Asset Pricing Model), the value of the financial liability was estimated at NIS 94,360 ($ 25,176). | The Company performed a valuation of the financial liability for December 31, 2018 through an independent appraiser. According to the valuation, which was based on WACC (Weighted Average Cost of capital) of 18% and CAPM (Capital Asset Pricing Model), the value of the financial liability was estimated at NIS 94,360 ($ 25,176). | |||||||||||||||||||||
License agreement, description | The Company or its future sublicensees will be obligated to pay royalties equaling 3% of the total amount invoiced by the Company or by a sublicensee in connection with the sale of products based on Yeda's patents, or 2% of such amounts if they originated from a country which did not grant a patent in connection with such products. | EIB financing, EIB shall be entitled to 3% of any annual M-001 sales revenues. | EIB financing, EIB shall be entitled to 3% of any annual M-001 sales revenues. | |||||||||||||||||||||
Expiration of agreement, description | (i) the expiration of the last patent licensed under the license agreement; or (ii) if only one product is developed or is commercialized by utilizing the licensed intellectual property, 15 years after of first commercial sale of such product in either the U.S or Europe, following receipt of New Drug Approval from the FDA or equivalent approval in any European country for such product; or (iii)if more than one product is being developed or is commercialized by utilizing the licensed intellectual property, following the receipt of New Drug Approval from the FDA or equivalent approval in any European country for such product, the expiry of a 20 year period during which no sales are made in the U.S. or Europe. | |||||||||||||||||||||||
Expenses respect of project, description | The Company's expenses in respect of this project in 2013-2018 totaled €1,028 ($ 1,231) which supported by the less than 75% or €771 ($923). | The Company's expenses in respect of this project in 2013-2018 totaled €1,028 ($ 1,231) which supported by the less than 75% or €771 ($923). | ||||||||||||||||||||||
Description of grants received | The Company obtained grants from the Government of Israel for the participation in research and development and, in return, undertook to pay royalties amounting to 3%-5% on the revenues derived from sales of products or services developed in whole or in part using these grants. The maximum aggregate royalties paid generally cannot exceed 100% of the grants received by the Company, plus annual interest generally equal to the 12-month LIBOR applicable to dollar deposits, as published on the first business day of each calendar year. The maximum royalty amount payable by the Company as of December 31, 2018 is approximately $5,490 (NIS 20,576), which represents the total gross amount of grants actually received by the Company from the IIA including accrued interest. As of December 31, 2018, the Company had not paid any royalties to the IIA. | The EIB financing shall be provided interest free and shall be repayable, per each tranche, in a single instalment, five years following the date of payment for each tranche. A failure to pay any amount payable under the Finance Contract shall cause interest to accrue on each unduly paid amount, at an annual rate equal to EURIBOR plus 2%. | The EIB financing shall be provided interest free and shall be repayable, per each tranche, in a single instalment, five years following the date of payment for each tranche. A failure to pay any amount payable under the Finance Contract shall cause interest to accrue on each unduly paid amount, at an annual rate equal to EURIBOR plus 2%. | |||||||||||||||||||||
Royalty amount payable | ₪ | ₪ 20,576 | |||||||||||||||||||||||
Total grant | ₪ | 14,643 | ₪ 10,300 | ||||||||||||||||||||||
Compensation | ₪ | ₪ 1,500 | |||||||||||||||||||||||
Square meters | squaremeters | 1,845 | |||||||||||||||||||||||
EIB financing, description | In addition, and as consideration to the EIB financing, EIB shall be entitled to 3% of any annual M-001 sales revenues. | |||||||||||||||||||||||
Future minimum monthly lease payable under the operating lease | ₪ | ₪ 358 | |||||||||||||||||||||||
Operating leases, term | 10 years | 3 years | 3 years | |||||||||||||||||||||
Consulting pay | ₪ | ₪ 1,000 | |||||||||||||||||||||||
Financial liability | ₪ | ₪ 9,202 | |||||||||||||||||||||||
EIB Financing [Member] | ||||||||||||||||||||||||
Contingent Liabilities and Commitments (Textual) | ||||||||||||||||||||||||
Realize an internal rate of return on the relevant amount prepaid | 20.00% | 20.00% | ||||||||||||||||||||||
USD [Member] | ||||||||||||||||||||||||
Contingent Liabilities and Commitments (Textual) | ||||||||||||||||||||||||
Royalty amount payable | $ 5,490 | |||||||||||||||||||||||
Funding amount | $ 642 | |||||||||||||||||||||||
Total grant | 7,187 | $ 3,907 | ||||||||||||||||||||||
Advance received | 247 | $ 296 | ||||||||||||||||||||||
Project expenses | 1,231 | |||||||||||||||||||||||
Outstanding amount grants receivables | $ 62 | |||||||||||||||||||||||
Compensation | $ 380 | |||||||||||||||||||||||
Loan agreement amount | $ 23,000 | |||||||||||||||||||||||
Future minimum monthly lease payable under the operating lease | 96 | |||||||||||||||||||||||
Financial liability | $ 2,455 | |||||||||||||||||||||||
USD [Member] | EIB Financing [Member] | ||||||||||||||||||||||||
Contingent Liabilities and Commitments (Textual) | ||||||||||||||||||||||||
Total finance contract existent | $ 27,600 | |||||||||||||||||||||||
USD [Member] | Second Tranche [Member] | ||||||||||||||||||||||||
Contingent Liabilities and Commitments (Textual) | ||||||||||||||||||||||||
Total finance contract existent | $ 7,000 | |||||||||||||||||||||||
USD [Member] | Third Tranche [Member] | ||||||||||||||||||||||||
Contingent Liabilities and Commitments (Textual) | ||||||||||||||||||||||||
Total finance contract existent | $ 9,200 | |||||||||||||||||||||||
USD [Member] | First Tranche [Member] | ||||||||||||||||||||||||
Contingent Liabilities and Commitments (Textual) | ||||||||||||||||||||||||
Total finance contract existent | $ 7,000 | |||||||||||||||||||||||
Euro [Member] | ||||||||||||||||||||||||
Contingent Liabilities and Commitments (Textual) | ||||||||||||||||||||||||
Funding amount | € | € 536 | |||||||||||||||||||||||
Total grant | € | € 6,000 | |||||||||||||||||||||||
Advance received | € | € 247 | € 206 | ||||||||||||||||||||||
Project expenses | € | 1,028 | |||||||||||||||||||||||
Outstanding amount grants receivables | € | € 55 | |||||||||||||||||||||||
Loan agreement amount | € | € 20,000 | |||||||||||||||||||||||
Euro [Member] | EIB Financing [Member] | ||||||||||||||||||||||||
Contingent Liabilities and Commitments (Textual) | ||||||||||||||||||||||||
Finance contract existent | € | € 4,000 | |||||||||||||||||||||||
Total finance contract existent | € | € 24,000 | |||||||||||||||||||||||
Euro [Member] | Second Tranche [Member] | ||||||||||||||||||||||||
Contingent Liabilities and Commitments (Textual) | ||||||||||||||||||||||||
Total finance contract existent | € | € 6,000 | |||||||||||||||||||||||
Euro [Member] | Third Tranche [Member] | ||||||||||||||||||||||||
Contingent Liabilities and Commitments (Textual) | ||||||||||||||||||||||||
Total finance contract existent | € | € 8,000 | |||||||||||||||||||||||
Euro [Member] | First Tranche [Member] | ||||||||||||||||||||||||
Contingent Liabilities and Commitments (Textual) | ||||||||||||||||||||||||
Total finance contract existent | € | € 6,000 |
Equity (Details)
Equity (Details) ₪ / shares in Units, $ / shares in Units, ₪ in Thousands, $ in Thousands | Sep. 14, 2017ILS (₪)shares | Sep. 14, 2017USD ($)shares | May 12, 2015ILS (₪)₪ / sharesshares | May 12, 2015USD ($)shares | Oct. 31, 2013ILS (₪)shares | Oct. 31, 2013USD ($)shares | Feb. 28, 2013ILS (₪)shares | Feb. 28, 2013USD ($)$ / sharesshares | Aug. 31, 2017ILS (₪)shares | Aug. 31, 2017USD ($)shares | Jul. 31, 2017ILS (₪)shares | Jul. 31, 2017USD ($)shares | Jun. 30, 2017ILS (₪)shares | Jun. 30, 2017USD ($)shares | May 31, 2017ILS (₪)shares | May 31, 2017USD ($)shares | Mar. 30, 2017ILS (₪)shares | Mar. 30, 2017USD ($)shares | Feb. 28, 2017ILS (₪)shares | Feb. 28, 2017USD ($)shares | Jun. 24, 2015ILS (₪)shares | May 28, 2015 | Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | Oct. 29, 2017₪ / shares | Feb. 27, 2017₪ / shares | May 15, 2015shares | May 12, 2015$ / sharesshares | Jul. 31, 2014₪ / shares | Jul. 31, 2014$ / shares |
Equity (Textual) | ||||||||||||||||||||||||||||||||
Number of options issued, shares | shares | 5,685,000 | 5,685,000 | ||||||||||||||||||||||||||||||
Consideration of options issued | ₪ 33,621 | ₪ 4,836 | ₪ 3,833 | ₪ 2,296 | ₪ 2,296 | ₪ 4,482 | ₪ 10,905 | |||||||||||||||||||||||||
Exercise price per share | ₪ / shares | ₪ 1.5 | ₪ 1.5 | ₪ 1.5 | ₪ 0.9 | ||||||||||||||||||||||||||||
Number of shares issued | shares | 66,666,680 | 66,666,680 | 5,685,000 | 6,825,760 | 6,825,760 | 8,000,000 | 8,000,000 | 6,666,640 | 6,666,640 | |||||||||||||||||||||||
Share options expired date | Feb. 28, 2017 | Feb. 28, 2017 | ||||||||||||||||||||||||||||||
Tradable warrants exercised | shares | 170,644 | 170,644 | 104,349 | 104,349 | 104,349 | 104,349 | ||||||||||||||||||||||||||
Gross consideration offering amount | ₪ 36,607 | ₪ 2,069 | ||||||||||||||||||||||||||||||
Offering expenses | ₪ 5,576 | |||||||||||||||||||||||||||||||
Underwriters warrants granted | shares | 95,500 | 95,500 | ||||||||||||||||||||||||||||||
Increase in equity shares | ₪ 250 | |||||||||||||||||||||||||||||||
Issuance expenses | 134 | |||||||||||||||||||||||||||||||
Revaluation of warrants | ₪ 2,009 | ₪ 2,951 | ₪ 7,969 | |||||||||||||||||||||||||||||
Percentage of shares | 2.50% | |||||||||||||||||||||||||||||||
USD [Member] | ||||||||||||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||||||||||||
Consideration of options issued | $ | $ 9,546 | $ 1,239 | $ 1,067 | $ 653 | $ 653 | $ 1,229 | $ 2,830 | |||||||||||||||||||||||||
Exercise price per share | (per share) | $ 1.5 | ₪ 0.38 | $ 0.38 | $ 0.23 | ||||||||||||||||||||||||||||
Gross consideration offering amount | $ 9,382 | ₪ 530 | ||||||||||||||||||||||||||||||
Increase in equity shares | ₪ 72 | |||||||||||||||||||||||||||||||
Revaluation of warrants | $ | $ 536 | |||||||||||||||||||||||||||||||
Share Premium Component [Member] | ||||||||||||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||||||||||||
Consideration of options issued | ₪ 3,788 | 3,934 | ||||||||||||||||||||||||||||||
Share Premium Component [Member] | USD [Member] | ||||||||||||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||||||||||||
Consideration of options issued | $ | $ 971 | $ 1,008 | ||||||||||||||||||||||||||||||
Option Component [Member] | ||||||||||||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||||||||||||
Consideration of options issued | ₪ 625 | ₪ 902 | ||||||||||||||||||||||||||||||
Option Component [Member] | USD [Member] | ||||||||||||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||||||||||||
Consideration of options issued | $ | $ 160 | $ 231 | ||||||||||||||||||||||||||||||
American Depository Shares [Member] | ||||||||||||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||||||||||||
Number of options issued, shares | shares | 844,000 | 844,000 | ||||||||||||||||||||||||||||||
Consideration of options issued | ₪ 7,065 | |||||||||||||||||||||||||||||||
Number of shares issued | shares | 1,666,666 | 1,666,666 | 76,400,000 | 200,000 | 200,000 | 166,666 | 166,666 | 40 | 76,400,000 | |||||||||||||||||||||||
Tradable warrants exercised | shares | 2,038,000 | 2,038,000 | ||||||||||||||||||||||||||||||
Additional shares issued | shares | 110,000 | |||||||||||||||||||||||||||||||
American Depository Shares [Member] | USD [Member] | ||||||||||||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||||||||||||
Consideration of options issued | $ | $ 2,000 | |||||||||||||||||||||||||||||||
Warrant exercise price | $ / shares | $ 6.25 | |||||||||||||||||||||||||||||||
Public Warrants [Member] | ||||||||||||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||||||||||||
Offering expenses | ₪ 1,197 | |||||||||||||||||||||||||||||||
Increase in equity shares | 7,398 | |||||||||||||||||||||||||||||||
Warrants [Member] | ||||||||||||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||||||||||||
Offering expenses | 4,860 | |||||||||||||||||||||||||||||||
Increase in equity shares | ₪ 26,417 | |||||||||||||||||||||||||||||||
Options (series 5) [Member] | ||||||||||||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||||||||||||
Number of options issued, shares | shares | 6,302,000 | 6,302,000 | ||||||||||||||||||||||||||||||
Consideration of options issued | ₪ 4,413 | |||||||||||||||||||||||||||||||
Exercise price per share | ₪ / shares | 0.9 | |||||||||||||||||||||||||||||||
Number of shares issued | shares | 6,302,000 | 6,302,000 | ||||||||||||||||||||||||||||||
Options (series 5) [Member] | USD [Member] | ||||||||||||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||||||||||||
Consideration of options issued | $ | $ 1,131 | |||||||||||||||||||||||||||||||
Exercise price per share | ₪ / shares | ₪ 0.23 | |||||||||||||||||||||||||||||||
Investors [Member] | ||||||||||||||||||||||||||||||||
Equity (Textual) | ||||||||||||||||||||||||||||||||
Number of options issued, shares | shares | 33,760,832 | 33,760,832 | ||||||||||||||||||||||||||||||
Percentage of shares | 19.21% | 19.21% |
Share-Based Compensation (Detai
Share-Based Compensation (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Research and development | ₪ 71,913 | ₪ 18,777 | ₪ 7,794 | |
Marketing, general and administrative | 5,154 | 4,879 | 4,106 | |
USD [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Research and development | $ | $ 19,187 | |||
Marketing, general and administrative | $ | $ 1,375 | |||
Directors and service providers [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Research and development | 119 | 388 | 903 | |
Marketing, general and administrative | 141 | 131 | 358 | |
Total share-based compensation | 260 | ₪ 519 | ₪ 1,261 | |
Directors and service providers [Member] | USD [Member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Research and development | 32 | |||
Marketing, general and administrative | 38 | |||
Total share-based compensation | ₪ 70 |
Share-Based Compensation (Det_2
Share-Based Compensation (Details 1) | 12 Months Ended | ||
Dec. 31, 2018shares$ / shares | Dec. 31, 2017shares$ / shares | Dec. 31, 2016shares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | |||
Number of options, Outstanding, Beginning | shares | 11,759,503 | 12,156,503 | 11,806,503 |
Number of options, Granted | shares | 130,710 | 450,000 | |
Number of options, Exercised | shares | (37,000) | ||
Number of options, Forfeited | shares | (340,000) | (360,000) | (100,000) |
Number of options, Outstanding, Ending | shares | 11,550,213 | 11,759,503 | 12,156,503 |
Number of options, Exercisable | shares | 10,979,503 | 8,653,010 | 5,793,501 |
Weighted Average Exercise price, Outstanding, Beginning | $ / shares | $ 0.75 | $ 0.75 | $ 0.75 |
Weighted Average Exercise price, Granted | $ / shares | 0.05 | 0.75 | |
Weighted Average Exercise price, Exercised | $ / shares | 0.49 | ||
Weighted Average Exercise price, Forfeited | $ / shares | 0.54 | 0.81 | 0.75 |
Weighted Average Exercise price, Outstanding, Ending | $ / shares | 0.77 | 0.75 | 0.75 |
Weighted Average Exercise price, Exercisable | $ / shares | $ 0.78 | $ 0.74 | $ 0.75 |
Share-Based Compensation (Det_3
Share-Based Compensation (Details 2) - ₪ / shares | 1 Months Ended | 12 Months Ended | ||
May 28, 2015 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||||
Dividend yield (%) | 2.50% | |||
Expected volatility of the share prices (%) | 53.00% | 53.00% | 82.00% | |
Risk-free interest rate (%) | 2.90% | 1.50% | 2.10% | |
Expected life of share options (years) | 7 years 6 months | 7 years 9 months 18 days | 8 years 9 months 18 days | |
Share price (NIS) | ₪ 23.6 | ₪ 0.45 | ₪ 0.32 |
Share-Based Compensation (Det_4
Share-Based Compensation (Details Textual) ₪ / shares in Units, $ / shares in Units, ₪ in Thousands, $ in Thousands | Mar. 10, 2016ILS (₪)₪ / sharesshares | Mar. 10, 2016USD ($)shares | Aug. 04, 2015shares | Jun. 25, 2018ILS (₪)shares | Jun. 25, 2018USD ($)$ / sharesshares | Feb. 29, 2016ILS (₪)Individuals₪ / sharesshares | Feb. 29, 2016USD ($)Individualsshares | May 28, 2015ILS (₪)₪ / shares | Dec. 31, 2018₪ / shares | Dec. 31, 2017 | Oct. 29, 2017₪ / shares | Feb. 27, 2017₪ / shares | Mar. 10, 2016$ / shares | Feb. 29, 2016$ / shares | May 12, 2015₪ / shares | May 12, 2015$ / shares | Jul. 31, 2014₪ / shares | Jul. 31, 2014$ / shares | Feb. 28, 2013$ / shares |
Share-Based Compensation (Textual) | |||||||||||||||||||
Directors' remuneration expense | ₪ | ₪ 80 | ||||||||||||||||||
Par value per share | ₪ / shares | ₪ 0.00 | ||||||||||||||||||
Exercise price per share | ₪ / shares | ₪ 1.5 | ₪ 1.5 | ₪ 1.5 | ₪ 0.9 | |||||||||||||||
Share options outstanding weighted average remaining contractual life | 5 years 10 months 10 days | 6 years 10 months 10 days | |||||||||||||||||
USD [Member] | |||||||||||||||||||
Share-Based Compensation (Textual) | |||||||||||||||||||
Exercise price per share | (per share) | ₪ 0.38 | $ 0.38 | $ 0.23 | $ 1.5 | |||||||||||||||
Board Member [Member] | |||||||||||||||||||
Share-Based Compensation (Textual) | |||||||||||||||||||
Number of share options granted in share based payment arrangement | shares | 130,710 | 130,710 | |||||||||||||||||
Fair value of options granted | ₪ | ₪ 1,627 | ||||||||||||||||||
Description of share-based payment arrangement | Four years | Four years | |||||||||||||||||
Board Member [Member] | USD [Member] | |||||||||||||||||||
Share-Based Compensation (Textual) | |||||||||||||||||||
Fair value of options granted | $ | $ 450 | ||||||||||||||||||
Exercise price per share | $ / shares | $ 3.45 | ||||||||||||||||||
Dr. Babecoff [Member] | |||||||||||||||||||
Share-Based Compensation (Textual) | |||||||||||||||||||
Number of share options granted in share based payment arrangement | shares | 5,929,503 | ||||||||||||||||||
Issued and paid up capital, percentage | 2.50% | ||||||||||||||||||
Officers and employees [Member] | |||||||||||||||||||
Share-Based Compensation (Textual) | |||||||||||||||||||
Number of share options granted in share based payment arrangement | shares | 3,780,000 | 3,780,000 | |||||||||||||||||
Fair value of options granted | ₪ | ₪ 1,127 | ||||||||||||||||||
Description of share-based payment arrangement | The options are exercisable for ten years and vest over a period of three years from the date of grant. | The options are exercisable for ten years and vest over a period of three years from the date of grant. | |||||||||||||||||
Percentage of option exercise price | 130.00% | 130.00% | |||||||||||||||||
Fair value of options granted price per share | ₪ / shares | ₪ 0.298 | ||||||||||||||||||
Number of share options exercisable | shares | 3,780,000 | 3,780,000 | |||||||||||||||||
Exercise price per share | ₪ / shares | ₪ 0.298 | ||||||||||||||||||
External advisor [Member] | |||||||||||||||||||
Share-Based Compensation (Textual) | |||||||||||||||||||
Number of share options granted in share based payment arrangement | shares | 100,000 | 100,000 | |||||||||||||||||
Fair value of options granted | ₪ | ₪ 22 | ||||||||||||||||||
Exercise price per share | $ / shares | $ 0.746 | ||||||||||||||||||
External advisor [Member] | USD [Member] | |||||||||||||||||||
Share-Based Compensation (Textual) | |||||||||||||||||||
Fair value of options granted | $ | $ 6 | ||||||||||||||||||
Exercise price per share | $ / shares | $ 0.19 | ||||||||||||||||||
CEO [Member] | |||||||||||||||||||
Share-Based Compensation (Textual) | |||||||||||||||||||
Fair value of options granted | ₪ | ₪ 1,671 | ||||||||||||||||||
Issued and paid up capital, percentage | 5.00% | ||||||||||||||||||
Percentage of option exercise price | 130.00% | ||||||||||||||||||
Fair value of options granted price per share | ₪ / shares | ₪ 0.28 | ||||||||||||||||||
Four external advisors [Member] | |||||||||||||||||||
Share-Based Compensation (Textual) | |||||||||||||||||||
Number of share options granted in share based payment arrangement | shares | 350,000 | 350,000 | |||||||||||||||||
Fair value of options granted | ₪ | ₪ 84 | ||||||||||||||||||
Description of share-based payment arrangement | The options are exercisable for ten years and vest over a period of three years from the date of grant. | The options are exercisable for ten years and vest over a period of three years from the date of grant. | |||||||||||||||||
Number of individuals | Individuals | 4 | 4 | |||||||||||||||||
Exercise price per share | ₪ / shares | ₪ 0.746 | ||||||||||||||||||
Four external advisors [Member] | USD [Member] | |||||||||||||||||||
Share-Based Compensation (Textual) | |||||||||||||||||||
Fair value of options granted | $ | $ 22 | ||||||||||||||||||
Exercise price per share | $ / shares | $ 0.19 | ||||||||||||||||||
Plan [Member] | |||||||||||||||||||
Share-Based Compensation (Textual) | |||||||||||||||||||
Share-based payment of option vested period | 10 years | ||||||||||||||||||
Description of share-based payment arrangement | The options generally vest over a period of three or four years. |
Supplementary Information to _3
Supplementary Information to the Statements of Comprehensive Income (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Statement Line Items [Line Items] | ||||
Share-based payment | ₪ | ₪ 260 | ₪ 519 | ₪ 1,261 | |
Research and development expense | ₪ | 71,913 | 18,777 | 7,794 | |
USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Share-based payment | $ | $ 69 | |||
Research and development expense | $ | 19,187 | |||
Research and development expenses [Member] | ||||
Statement Line Items [Line Items] | ||||
Clinical trial phase 3 | ₪ | 53,678 | |||
Materials and subcontractors | ₪ | 12,287 | 3,797 | 3,145 | |
Salaries and related expenses | ₪ | 4,214 | 3,695 | 3,808 | |
Share-based payment | ₪ | 119 | 388 | 903 | |
Patent registration fees | ₪ | 399 | 322 | 358 | |
Rentals and maintenance of laboratory | ₪ | 1,028 | 610 | 610 | |
Revaluation of the liability with respect to the IIA grants | ₪ | 10,300 | |||
Depreciation | ₪ | 195 | 311 | 573 | |
Other | ₪ | 136 | |||
Total gross | ₪ | 72,056 | 19,423 | 9,397 | |
Participation by IIA and UNISEC | ₪ | (143) | (646) | (1,603) | |
Research and development expense | ₪ | ₪ 71,913 | ₪ 18,777 | ₪ 7,794 | |
Research and development expenses [Member] | USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Clinical trial phase 3 | $ | 14,321 | |||
Materials and subcontractors | $ | 3,279 | |||
Salaries and related expenses | $ | 1,124 | |||
Share-based payment | $ | 32 | |||
Patent registration fees | $ | 107 | |||
Rentals and maintenance of laboratory | $ | 274 | |||
Revaluation of the liability with respect to the IIA grants | $ | ||||
Depreciation | $ | 52 | |||
Other | $ | 36 | |||
Total gross | $ | 19,225 | |||
Participation by IIA and UNISEC | $ | (38) | |||
Research and development expense | $ | $ 19,187 |
Supplementary Information to _4
Supplementary Information to the Statements of Comprehensive Income (Details 1) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Comprehensive Income [Line Items] | ||||
Share-based payment | ₪ | ₪ 260 | ₪ 519 | ₪ 1,261 | |
Marketing, general and administrative | ₪ | 5,154 | 4,879 | 4,106 | |
USD [Member] | ||||
Comprehensive Income [Line Items] | ||||
Share-based payment | $ | $ 69 | |||
Marketing, general and administrative | $ | 1,375 | |||
Marketing ,general and administrative expenses [Member] | ||||
Comprehensive Income [Line Items] | ||||
Salaries and related expenses | ₪ | 1,136 | 622 | 587 | |
Share-based payment | ₪ | 141 | 131 | 358 | |
Professional services | ₪ | 3,275 | 3,338 | 2,595 | |
Rentals, office expenses and maintenance | ₪ | 343 | 203 | 201 | |
Depreciation | ₪ | 65 | 130 | 48 | |
Other | ₪ | 194 | 455 | 317 | |
Marketing, general and administrative | ₪ | ₪ 5,154 | ₪ 4,879 | ₪ 4,106 | |
Marketing ,general and administrative expenses [Member] | USD [Member] | ||||
Comprehensive Income [Line Items] | ||||
Salaries and related expenses | $ | 303 | |||
Share-based payment | $ | 38 | |||
Professional services | $ | 874 | |||
Rentals, office expenses and maintenance | $ | 91 | |||
Depreciation | $ | 17 | |||
Other | $ | 53 | |||
Marketing, general and administrative | $ | $ 1,376 |
Supplementary Information to _5
Supplementary Information to the Statements of Comprehensive Income (Details 2) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Financial income: | ||||
Interest income on deposits | ₪ | ₪ 100 | ₪ 18 | ₪ 55 | |
Exchange differences, net | ₪ | 827 | |||
Revaluation of warrants | ₪ | 2,009 | 2,951 | 7,969 | |
Revaluation of marketable securities | ₪ | 13 | |||
Finance income | ₪ | 2,936 | 18 | 3,019 | |
Financial expenses: | ||||
Exchange differences, net | ₪ | 2,871 | 276 | ||
Revaluation of warrants | ₪ | 7,969 | |||
Finance expenses in respect of loan from others | ₪ | 9,202 | |||
Finance expenses in respect of government grants | ₪ | 4,343 | |||
Bank commissions and other financial expenses | ₪ | 51 | 73 | 27 | |
Financial expense | ₪ | ₪ 13,596 | ₪ 10,913 | ₪ 303 | |
USD [Member] | ||||
Financial income: | ||||
Interest income on deposits | $ | $ 26 | |||
Exchange differences, net | $ | 221 | |||
Revaluation of warrants | $ | 536 | |||
Revaluation of marketable securities | $ | ||||
Finance income | $ | 783 | |||
Financial expenses: | ||||
Exchange differences, net | $ | ||||
Revaluation of warrants | $ | ||||
Finance expenses in respect of loan from others | $ | 2,455 | |||
Finance expenses in respect of government grants | $ | 1,159 | |||
Bank commissions and other financial expenses | $ | 14 | |||
Financial expense | $ | $ 3,628 |
Taxes on Income (Details)
Taxes on Income (Details) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018ILS (₪) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018USD ($) | |
Taxes on Income (Textual) | ||||
Corporate tax rate | 0.00% | |||
Carryforwards losses and other temporary differences amount | ₪ | ₪ 126,700 | |||
Description of corporate income tax rate | The corporate income tax rate to 24% (instead of 25%) effective from January 1, 2017 and to 23% effective from January 1, 2018. | |||
USD [Member] | ||||
Taxes on Income (Textual) | ||||
Carryforwards losses and other temporary differences amount | $ | $ 33,800 | |||
Israeli [Member] | ||||
Taxes on Income (Textual) | ||||
Corporate tax rate | 23.00% | 24.00% | 25.00% |
Balances and Transactions wit_3
Balances and Transactions with Related Parties (Details) ₪ in Thousands, $ in Thousands | Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) |
Disclosure of transactions between related parties [line items] | |||
Payables | ₪ | ₪ 328 | ₪ 302 | |
USD [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Payables | $ | $ 88 |
Balances and Transactions wit_4
Balances and Transactions with Related Parties (Details 1) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018ILS (₪) | Dec. 31, 2018USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016ILS (₪) | |
Research and development | ₪ 71,913 | ₪ 18,777 | ₪ 7,794 | |
Marketing, general and administrative | 5,154 | ₪ 4,879 | ₪ 4,106 | |
USD [Member] | ||||
Research and development | $ | $ 19,187 | |||
Marketing, general and administrative | $ | 1,375 | |||
2016 [Member] | ||||
Research and development | 1,072 | |||
Marketing, general and administrative | 1,898 | |||
2017 [Member] | ||||
Research and development | 1,575 | |||
Marketing, general and administrative | 1,098 | |||
2018 [Member] | ||||
Research and development | 1,468 | |||
Marketing, general and administrative | ₪ 1,252 | |||
2018 [Member] | USD [Member] | ||||
Research and development | $ | 392 | |||
Marketing, general and administrative | $ | $ 334 |
Balances and Transactions wit_5
Balances and Transactions with Related Parties (Details 2) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2018ILS (₪)Individuals | Dec. 31, 2018USD ($)Individuals | Dec. 31, 2017ILS (₪)Individuals | Dec. 31, 2016ILS (₪)Individuals | |
Statement Line Items [Line Items] | ||||
Salaries | ₪ | ₪ 485 | ₪ 209 | ₪ 190 | |
Short-term employee benefits | ₪ | 1,901 | 1,972 | 1,740 | |
Other employees benefits | ₪ | 95 | 94 | 106 | |
Share-based compensation | ₪ | 239 | 398 | 934 | |
Compensation of key officers | ₪ | ₪ 2,720 | ₪ 2,673 | ₪ 2,970 | |
Number of key officers | Individuals | 9 | 9 | 8 | 11 |
USD [Member] | ||||
Statement Line Items [Line Items] | ||||
Salaries | $ | $ 71 | |||
Short-term employee benefits | $ | 533 | |||
Other employees benefits | $ | 25 | |||
Share-based compensation | $ | 64 | |||
Compensation of key officers | $ | $ 693 |
Balances and Transactions wit_6
Balances and Transactions with Related Parties (Details Textual) - ILS (₪) ₪ in Thousands | Apr. 10, 2016 | May 28, 2015 | Jan. 18, 2015 | Aug. 31, 2014 | Aug. 31, 2012 | Feb. 29, 2012 |
Balances and Transactions with Related Parties (Textual) | ||||||
Salary increased | 5.00% | |||||
Compensation payable | 1.75% | |||||
Remuneration | ₪ 80 | |||||
Option granted, percentage | 2.50% | |||||
Employee agreement term | 5 years | |||||
Percentage of entity revenue | 0.50% | |||||
Description of transactions with related party | The Audit Committee and the Board of Directors unanimously resolved to approve the payment of NIS 200, to be increased by an additional amount of up to NIS 200 as needed, for the benefit of the Company's CEO. | Pursuant to the amendment, the monthly salary of the Company's CEO will increase by 5% in each of the three years of the extension of the engagement to NIS 52.5 a month starting January 2012. | ||||
CFO [Member] | ||||||
Balances and Transactions with Related Parties (Textual) | ||||||
Salaries | ₪ 10,000 | |||||
CFO [Member] | Employment Agreement [Member] | ||||||
Balances and Transactions with Related Parties (Textual) | ||||||
Salaries | 10 | |||||
Management agreement fees | ₪ 25 | |||||
Employment capacity | 60.00% | |||||
Employee agreement term | 5 years |
Subsequent Events (Details)
Subsequent Events (Details) | 12 Months Ended |
Dec. 31, 2018 | |
April 22, 2019 [Member] | |
Subsequent Events (Textual) | |
Subsequent events, description | On April 22, 2019 the European Investment bank (EIB) announced a 4,000 extension to its 2017 financing agreement with the Company in support of the ongoing pivotal Phase 3 clinical trial of the Company M-001 Universal Influenza Vaccine candidate. The extension will allow an increase of up to 8,000 participants, bringing the planned total size of the trial to approximately 12,000 participants. |
March 25, 2019 [Member] | |
Subsequent Events (Textual) | |
Public offering, description | On March 25, 2019, the Company published a public offering in NASDAQ to issue NASDAQ listed ADSs in consideration of maximum aggregate sum of NIS 72,960 ($ 20,000). |