Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information Line Items | |
Entity Registrant Name | BiondVax Pharmaceuticals Ltd. |
Trading Symbol | BVXV |
Document Type | 20-F |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 573,285,824 |
Amendment Flag | false |
Entity Central Index Key | 0001611747 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Filer Category | Non-accelerated Filer |
Entity Well-known Seasoned Issuer | No |
Document Period End Date | Dec. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Shell Company | false |
ICFR Auditor Attestation Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity File Number | 001-37353 |
Entity Address, Address Line One | Jerusalem BioPark |
Entity Address, Address Line Two | 2nd floorHadassah Ein Kerem Campus |
Entity Address, City or Town | Jerusalem |
Entity Incorporation, State or Country Code | L3 |
Entity Address, Country | IL |
Title of 12(b) Security | Ordinary Shares, no par value |
Security Exchange Name | NASDAQ |
Entity Interactive Data Current | Yes |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Name | KOST FORER GABBAY & KASIERER |
Auditor Location | Tel-Aviv, Israel |
Auditor Firm ID | 1281 |
Entity Address, Postal Zip Code | 00000 |
Business Contact | |
Document Information Line Items | |
Entity Address, Address Line One | Jerusalem BioPark |
Entity Address, Address Line Two | 2nd floorHadassah Ein Kerem Campus |
Entity Address, City or Town | Jerusalem |
Entity Address, Country | IL |
Contact Personnel Name | Amir Reichman |
City Area Code | (+972) |
Local Phone Number | 8-930-2529 |
Entity Address, Postal Zip Code | 00000 |
Balance Sheets
Balance Sheets ₪ in Thousands, $ in Thousands | Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020ILS (₪) | |
CURRENT ASSETS: | ||||
Cash and cash equivalents | ₪ 54,036 | $ 17,375 | ₪ 9,421 | |
Other receivables | 1,012 | 325 | 1,204 | |
Current assets | 55,048 | 17,700 | 10,625 | |
LONG-TERM ASSETS: | ||||
Property, plant and equipment | 38,519 | 12,386 | 39,607 | |
Right-of-use assets | 5,588 | 1,797 | 6,206 | |
Other long-term assets | 444 | 143 | 473 | |
Long-term assets | 44,551 | 14,326 | 46,286 | |
Non-current assets | 99,599 | 32,026 | 56,911 | |
CURRENT LIABILITIES: | ||||
Trade payables | 3,107 | 999 | 1,868 | |
Current maturities of lease liabilities | 773 | 249 | 654 | |
Loan from others | 60,421 | |||
Other payables | 3,327 | 1,070 | 1,246 | |
Current liabilities | 7,207 | 2,318 | 64,189 | |
LONG-TERM LIABILITIES: | ||||
Lease Liabilities | 5,712 | 1,837 | 6,088 | |
Loan from others | 63,252 | 20,338 | ||
Other payables | 1,135 | |||
Severance pay liability, net | 95 | 31 | 95 | |
Long-Term Liabilities | 69,059 | 22,206 | 7,318 | |
SHAREHOLDERS’ EQUITY: | ||||
Ordinary shares of no par value: Authorized: 1,800,000,000 and 600,000,000 shares at December 31, 2021 and 2020, respectively; Issued and outstanding: 739,048,544 and 461,285,824 shares at December 31, 2021 and 2020, respectively | [1] | |||
Share premium | 388,104 | 124,792 | 310,197 | |
Accumulated deficit | (364,771) | (117,290) | (324,793) | |
Equity | 23,333 | 7,502 | (14,596) | |
Equity and liabilities | ₪ 99,599 | $ 32,026 | ₪ 56,911 | |
[1] | Represents less than NIS\USD 1. |
Balance Sheets (Parentheticals)
Balance Sheets (Parentheticals) - ₪ / shares | Dec. 31, 2021 | Dec. 31, 2020 |
Statement of financial position [abstract] | ||
Ordinary shares, par value (in New Shekels per share and Dollars per share) | ||
Ordinary shares, authorized | 1,800,000,000 | 600,000,000 |
Ordinary shares, issued | 739,048,544 | 461,285,824 |
Ordinary shares, outstanding | 739,048,544 | 461,285,824 |
Statements of Comprehensive Los
Statements of Comprehensive Loss ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021ILS (₪)₪ / sharesshares | Dec. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2020ILS (₪)₪ / sharesshares | Dec. 31, 2019ILS (₪)₪ / sharesshares | |
Operating expenses: | ||||
Research and development, net of participations | ₪ 10,341 | $ 3,325 | ₪ 51,463 | ₪ 68,645 |
Marketing, general and administrative | 24,528 | 7,887 | 16,687 | 9,706 |
Other income | (40) | (13) | (75,484) | |
Total operating expenses (income) | 34,829 | 11,199 | (7,334) | 78,351 |
Operating income (loss) | (34,829) | (11,199) | 7,334 | (78,351) |
Financial income | 5,716 | 1,838 | 3,843 | 4 |
Financial expense | (10,865) | (3,494) | (15,632) | (30,847) |
Net Loss | (39,978) | (12,855) | (4,455) | (109,194) |
Total comprehensive loss | ₪ (39,978) | $ (12,855) | ₪ (4,455) | ₪ (109,194) |
Basic and diluted loss per share (in New Shekels per share and Dollars per share) | (per share) | ₪ (0.07) | $ (0.02) | ₪ (0.01) | ₪ (0.33) |
Weighted average number of shares outstanding used to compute basic and diluted loss per share (in Shares) | 564,575,967 | 564,575,967 | 443,260,878 | 326,651,721 |
Statements of Changes in Shareh
Statements of Changes in Shareholders’ Equity ₪ in Thousands, $ in Thousands | Share capitalILS (₪) | Share capitalUSD ($) | Share premiumILS (₪) | Share premiumUSD ($) | Accumulated deficitILS (₪) | Accumulated deficitUSD ($) | ILS (₪) | |
Balance at Jan. 01, 2019 | [1] | ₪ 179,929 | ₪ (211,144) | ₪ (31,215) | ||||
Total comprehensive loss | (109,194) | (109,194) | ||||||
Issuance of Ordinary shares, net of issuance costs | 70,270 | 70,270 | ||||||
Exercise of options | 1,402 | 1,402 | ||||||
Share-based compensation | 3,684 | 3,684 | ||||||
Balance at Dec. 31, 2019 | 255,285 | (320,338) | (65,053) | |||||
Total comprehensive loss | (4,455) | (4,455) | ||||||
Exercise of warrants | 45,274 | 45,274 | ||||||
Exercise of options | 166 | 166 | ||||||
Share-based compensation | 9,472 | 9,472 | ||||||
Balance at Dec. 31, 2020 | 310,197 | (324,793) | (14,596) | |||||
Total comprehensive loss | (39,978) | (39,978) | ||||||
Issuance of Ordinary shares, net of issuance costs | 69,003 | 69,003 | ||||||
Share-based compensation | 8,904 | 8,904 | ||||||
Balance at Dec. 31, 2021 | ₪ 388,104 | ₪ (364,771) | ₪ 23,333 | |||||
Balance (in Dollars) at Dec. 31, 2021 | $ | $ 124,792 | $ (117,290) | $ 7,502 | |||||
[1] | Represents less than NIS\USD 1. |
Statements of Cash Flows
Statements of Cash Flows ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020ILS (₪) | Dec. 31, 2019ILS (₪) | |
Cash flows from operating activities: | ||||
Net loss | ₪ (39,978) | $ (12,854) | ₪ (4,455) | ₪ (109,194) |
Adjustments to profit and loss items: | ||||
Depreciation of property, plant and equipment and right-of-use assets | 2,415 | 777 | 2,436 | 1,645 |
Net financial expenses (income) | (930) | (299) | 12,940 | 15,902 |
Capital gain | (40) | (13) | (160) | |
Increase (decrease) in liability with respect to loans from others | 2,831 | 910 | (63,359) | 14,083 |
Increase (decrease) in liability with respect to Government grants | (14,812) | 169 | ||
Share-based compensation | 8,904 | 2,863 | 9,472 | 3,684 |
Change in employee benefit liabilities, net | 6 | 7 | ||
Total adjustments to profit and loss | 13,180 | 4,238 | (53,477) | 35,490 |
Changes in asset and liability items: | ||||
Decrease (increase) in other receivables | 162 | 52 | (548) | 309 |
Increase (decrease) in trade payables | 1,239 | 398 | (15,194) | (3,661) |
Increase in short and long-term other payables | 946 | 304 | 1,178 | 127 |
Changes in asset and liability items total | 2,347 | 754 | (14,564) | (3,225) |
Cash paid and received during the year for: | ||||
Interest paid | (33) | (11) | (45) | (131) |
Interest received | 2 | 2 | ||
Total cash paid and received | (33) | (11) | (43) | (129) |
Net cash used in operating activities | (24,484) | (7,873) | (72,539) | (77,058) |
Cash flows from investing activities: | ||||
Purchase of property and equipment | (430) | (138) | (6,132) | (7,429) |
Proceeds from sale of property and equipment | 40 | 13 | 160 | |
Decrease (increase) in other long-term assets | 29 | 9 | 37 | 230 |
Net cash used in investing activities | (361) | (116) | (5,935) | (7,199) |
Cash flows from financing activities: | ||||
Proceeds from loan from others | 15,337 | |||
Proceeds from issuance of shares and options, net of issuance costs | 69,003 | 22,187 | 70,270 | |
Payment of lease liabilities | (1,220) | (392) | (1,240) | (581) |
Proceeds from exercise of options to employees | 166 | |||
Proceeds from exercise of warrants to public | 14,790 | 188 | ||
Net cash provided by financing activities | 67,783 | 21,795 | 13,716 | 85,214 |
Exchange differences on balances of cash and cash equivalents | 1,677 | 540 | 1,712 | (4,373) |
Increase (decrease) in cash and cash equivalents | 44,615 | 14,346 | (63,046) | (3,416) |
Balance of cash and cash equivalents at the beginning of the year | 9,421 | 3,029 | 72,467 | 75,883 |
Balance of cash and cash equivalents at the end of the year | 54,036 | 17,375 | 9,421 | 72,467 |
Non-cash activities: | ||||
Right-of-use asset recognized with corresponding lease liability | 249 | 80 | ||
Exercise of warrants to public | ₪ 30,484 | ₪ 1,214 |
General
General | 12 Months Ended |
Dec. 31, 2021 | |
General [Abstract] | |
GENERAL | NOTE 1: GENERAL a. BiondVax Pharmaceuticals Ltd. (“the Company”) is focused on developing and ultimately commercializing products for prevention and treatment of infectious diseases and Other illnesses. The Company was incorporated on July 21, 2003 in Israel, and started its activity on March 31, 2005. The Company’s principal executive offices and main laboratory are located at Jerusalem BioPark, 2nd floor, Hadassah Ein Kerem Campus, Jerusalem, Israel, next to Hadassah University Hospitals and Hebrew University’s Medical School. b. On May 15, 2015, the Company completed a public offering of securities in the United States. c. 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 (“the 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’s product. 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 To the report date the Company did not meet all the terms and conditions set by the Investment Center of the Ministry of Economy and Industry of the State of Israel. d. On October 23, 2020, the Company announced Phase 3 clinical trial results of the M-001 universal vaccine product. The results did not demonstrate a statistically significant difference between the vaccinated group and the placebo group in reduction of flu illness and severity. Therefore, the study failed to meet both the primary and secondary efficacy endpoints. However, the study’s primary safety endpoint was met. e. On January 26, 2021, the EIB notified the Company among other thing that they will not consider the failure of the Company’s pivotal phase 3 trial for M-001 to meet the primary and secondary efficacy endpoints as a trigger for prepayment of a loan extended under the Finance Contract. However, the EIB cautioned the Company that their letter is not a consent, agreement, amendment or waiver in respect of the terms of the Finance Contract, reserving any other right or remedy the EIB may have now or subsequently. If some or all of the loans under the Finance Contract are accelerated by the EIB, or secured creditor remedies are exercised, the Company expect such events to adversely impact the Company’s ability to continue as a going concern. As of December 31, 2021, the EIB loan balance is $20,338 (approximately NIS 63,252) and presented as long term liability. Refer also to Note 18. f. On October 19, 2021 the Company signed a term sheet that includes binding financial terms of contemplated definitive agreements with the Max Planck Society and the University Medical Center Göttingen in Germany, including an exclusive worldwide licensing of novel COVID-19 VHH antibody candidates. The parties intend to enter into a 5-year strategic research collaboration including an option for BiondVax to license innovative VHH antibodies. Frequently referred to as nanobodies, VHH antibodies have the potential to serve as therapeutics and diagnostics for many diseases. The transaction is subject to execution of definitive agreements. On December 22, 2021, the Company signed definitive agreements with the Max Planck Society (“MPG”), the parent organization of the Max Planck Institute for Biophysical Chemistry, and the University Medical Center Göttingen (“UMG”), both in Germany, to enter into a strategic collaboration for the development and commercialization of innovative Covid-19 NanoAbs, effective from January 1, 2022. The agreements provide for an upfront payment, development and sales milestones and royalties based on sales and sharing of sublicense revenues. On March 23, 2022, the Company executed an additional research collaboration agreement with MPG and UMG covering development and commercialization of NanoAbs for several other disease indications with large market sizes that leverage their unique binding affinity, stability at high temperatures, and potential for more effective and convenient routes of administration. These targets are the basis for validated and currently marketed monoclonal antibodies, including for conditions such as psoriasis, asthma, macular degeneration, and psoriatic arthritis. g. During the year ended December 31, 2021, the Company incurred a loss of NIS 39,978 ($ 12,854) and negative cash flows from operating activities of NIS 24,484 ($ 7,873) and it has an accumulated deficit of NIS 364,771 ($ 117,290) as of that date. To date the Company has not generated any revenues and may need additional funds to finance its operation in the future. Furthermore, the Company’s ability to continue as a going concern and execute on its business plan is dependent upon its ability to raise capital through private or public financings, enter into a commercial agreement or engage in a strategic alternative, among others. The Company currently intend to finance its activities through any of the above. However, there are no assurances that the Company will be successful in raising such capital or, in the event of a capital raising, that such capital will be available on terms acceptable to the Company. The Company’s management and Board of Directors are of 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, 2021 | |
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 functional currency and 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’s costs are incurred in NIS. In addition, the Company’s financing activities are incurred normally in NIS. The Company’s management believes, therefore, 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, 2021 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, 2021 (U.S. $ 1.00 The dollar amounts presented in these financial statements should not be construed as representing amounts that are receivable or payable in U.S. Dollars or convertible into U.S. 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 - - 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” (“IAS 37”). 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. Research and development grants received from the 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: 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. 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 have expired; or - The Company has transferred - The Company has retained 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 Company 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: The Company accounts for a contract as a lease when the contract terms convey the right to control the use of an identified asset for a period of time in exchange for consideration. The Company as a lessee: For leases in which the Company is the lessee, the Company recognizes on the commencement date of the lease a right-of-use asset and a lease liability, excluding leases whose term is up to 12 months and leases for which the underlying asset is of low value. For these excluded leases, the Company has elected to recognize the lease payments as an expense in profit or loss on a straight-line basis over the lease term. In measuring the lease liability, the Company has elected to apply the practical expedient in the Standard and does not separate the lease components from the non-lease components (such as management and maintenance services, etc.) included in a single contract. Leases which entitle employees to a company car as part of their employment terms are accounted for as employee benefits in accordance with the provisions of IAS 19 and not as subleases. On the commencement date, the lease liability includes all unpaid lease payments discounted at the interest rate implicit in the lease, if that rate can be readily determined, or otherwise using the Company’s incremental borrowing rate. On the Following are the amortization periods of the right-of-use assets by class of underlying asset: Years Building 10 Motor vehicles 3 The Company tests for impairment of the right-of-use asset whenever there are indications of impairment pursuant to the provisions of IAS 36. n. Employee benefit liabilities: The Company 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. Disclosure of new standards in the period prior to their adoption: 1. Amendment to IAS 1, “Presentation of Financial Statements”: In January 2020, the IASB issued an amendment to IAS 1, “Presentation of Financial Statements” (“the Amendment”) regarding the criteria for determining the classification of liabilities as current or non-current. The Amendment includes the following clarifications: ● What is meant by a right to defer settlement. ● That a right to defer must exist at the end of the reporting period. ● That classification is unaffected by the likelihood that an entity will exercise its deferral right. ● That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. The Amendment is effective for annual periods beginning on or after January 1, 2023 and must be applied retrospectively. The Company is evaluating the possible impact of the Amendment on its current loan agreements. 2. Amendment to IAS 16, “Property, Plant and Equipment”: In May 2020, the IASB issued an amendment to IAS 16, “Property, Plant and Equipment” (“the Amendment”). The Amendment prohibits a company from deducting from the cost of property, plant and equipment (“PP&E”) consideration received from the sales of items produced while the company is preparing the asset for its intended use. Instead, the company should recognize such consideration and related costs in profit or loss. The Amendment is effective for annual reporting periods beginning on or after January 1, 2022, with earlier application permitted. The Amendment is to be applied retrospectively, but only to items of PP&E made available for use on or after the beginning of the earliest period presented in the financial statements in which the company first applies the Amendment. The company should recognize the cumulative effect of initially applying the Amendment as an adjustment to the opening balance of retained earnings at the beginning of the earliest period presented. The Company estimates that the application of the Amendment is not expected to have a material impact on the financial statements. 3. Amendment to IAS 37, “Provisions, Contingent Liabilities and Contingent Assets”: In May 2020, the IASB issued an amendment to IAS 37, regarding which costs a company should include when assessing whether a contract is onerous (“the Amendment”). According to the Amendment, costs of fulfilling a contract include both the incremental costs (for example, raw materials and direct labor) and an allocation of other costs that relate directly to fulfilling a contract (for example, depreciation of an item of property, plant and equipment used in fulfilling the contract). The Amendment is effective for annual periods beginning on or after January 1, 2022 and applies to contracts for which all obligations in respect thereof have not yet been fulfilled as of January 1, 2022. Early application is permitted. The Company estimates that the application of the Amendment is not expected to have a material impact on the financial statements. 4. Amendment to IAS 8, “Accounting Policies, Changes to Accounting Estimates and Errors”: In February 2021, the IASB issued an amendment to IAS 8, “Accounting Policies, Changes to Accounting Estimates and Errors” (“the Amendment”), in which it introduces a new definition of “accounting estimates”. Accounting estimates are defined as “monetary amounts in financial statements that are subject to measurement uncertainty”. The Amendment clarifies the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. The Amendment is to be applied prospectively for annual reporting periods beginning on or after January 1, 2023 and is applicable to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. Early application is permitted. The Company is evaluating the effects of the Amendment on its financial statements. |
Significant Accounting Judgment
Significant Accounting Judgments, Estimates and Assumptions Used in the Preparation of the Financial Statements | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Judgments, Estimates and Assumptions Used in the Preparation of the Financial Statements [Abstract] | |
SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS USED IN THE PREPARATION OF THE FINANCIAL STATEMENTS | NOTE 3:- SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS USED IN THE PREPARATION OF THE FINANCIAL STATEMENTS 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. ● Discount rate for a lease liability: When the Company is unable to readily determine the discount rate implicit in a lease in order to measure the lease liability, the Company uses an incremental borrowing rate. That rate represents the rate of interest that the Company would have to pay to borrow over a similar term and with similar security, the funds necessary to obtain an asset of similar value to the right-of-use asset in a similar economic environment. When there are no financing transactions that can serve as a basis, the Company determines the incremental borrowing rate based on its credit risk, the lease term and other economic variables deriving from the lease contract’s conditions and restrictions. In certain situations, the Company is assisted by an external valuation expert in determining the incremental borrowing rate. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of cash and cash equivalents [text block] [Abstract] | |
CASH AND CASH EQUIVALENTS | NOTE 4:- CASH AND CASH EQUIVALENTS Convenience translation December 31, December 31, 2020 2021 2021 N I S U.S. dollars Cash in NIS 1,150 5,579 1,794 Cash in USD 8,234 48,457 15,581 Cash in EURO 37 - - 9,421 54,036 17,375 |
Other Receivables
Other Receivables | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of trade and other receivables [text block] [Abstract] | |
OTHER RECEIVABLES | NOTE 5:- OTHER RECEIVABLES Convenience Translation December 31, December 31, 2020 2021 2021 N I S U.S. dollars Government authorities 229 306 98 Prepaid expenses and other 975 706 227 1,204 1,012 325 |
Property, Plant and Equipment,
Property, Plant and Equipment, Net | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of property, plant and equipment [text block] [Abstract] | |
PROPERTY, PLANT AND EQUIPMENT, NET | NOTE 6:- PROPERTY, PLANT AND EQUIPMENT, NET December 31, 2021: Laboratory equipment Office furniture Computers Cars Factory leasehold Total Cost: Balance at January 1, 2021 2,922 119 613 - 41,212 44,866 Additions 4 25 24 276 101 430 Deductions (149 ) - - - - (149 ) Balance at December 31, 2021 2,777 144 637 276 41,313 45,147 Accumulated depreciation: Balance at January 1, 2021 2,707 105 486 - 1,961 5,259 Additions 47 7 79 10 1,375 1,518 Deductions (149 ) - - - - (149 ) Balance at December 31, 2021 2,605 112 565 10 3,336 6,628 Depreciated cost at December 31, 2021 172 32 72 266 37,977 38,519 Convenience translation into U.S. dollars Depreciated cost at December 31, 2021 55 10 23 87 12,211 12,386 December 31, 2020: Laboratory equipment Office furniture Computers Factory leasehold Total Cost: Balance at January 1, 2020 3,362 119 568 35,159 39,208 Additions 34 - 45 6,053 6,132 Deductions (474 ) - - (474 ) Balance at December 31, 2020 2,922 119 613 41,212 44,866 Accumulated depreciation: Balance at January 1, 2020 3,135 99 406 587 4,227 Additions 46 6 80 1,374 1,506 Deductions (474 ) - - - (474 ) Balance at December 31, 2020 2,707 105 486 1,961 5,259 Depreciated cost at December 31, 2020 215 14 127 39,251 39,607 |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of leases [text block] [Abstract] | |
LEASES | NOTE 7:- LEASES a. Information on leases: The Company has lease agreements that include leases of buildings and vehicles that are used to maintain the Company’s ongoing operations. The leases of the buildings and vehicles are for a period of 10 and 3 years, respectively. Some of these lease agreements include extension options. Convenience translation December 31, December 31, 2020 2021 2021 N I S U.S. dollars Interest expense on lease liabilities 479 715 230 Total cash outflow for leases 1,240 1,220 392 b. Lease extension options: The Company has leases that include extension options. These options provide flexibility in managing the leased assets and align with the Company’s business needs. The Company exercises significant judgment in deciding whether it is reasonably certain that the extension options will be exercised. In leases that contain noncancelable lease periods of 10 years, the Company does not generally include in the lease term the exercise of extension options since the Company believes it is not reasonably certain that the extension options will be exercised. Convenience translation December 31, December 31, 2020 2021 2021 N I S U.S. dollars More than 5 years Lease payments applicable in extension option periods which as of the end of the reporting period are not reasonably certain to be exercised 5,889 5,889 1,894 c. Disclosures in respect of right-of-use assets: December 31, 2021: Buildings Motor vehicles Total Cost: Balance as of January 1, 2021 7,827 257 8,084 Additions during the year: New leases - 279 279 Balance as of December 31, 2021 7,827 536 8,363 Accumulated depreciation: Balance as of January 1, 2021 1,648 230 1,878 Additions during the year: Depreciation and amortization 824 73 897 Balance as of December 31, 2021 2,472 303 2,775 Depreciated cost at December 31, 2021 5,355 233 5,588 December 31, 2020: Buildings Motor vehicles Total Cost: Balance as of January 1, 2020 and December 31, 2020 7,827 257 8,084 Accumulated depreciation: Balance as of January 1, 2020 824 124 948 Additions during the year: Depreciation and amortization 824 106 930 Balance as of December 31, 2020 1,648 230 1,878 Depreciated cost at December 31, 2020 6,179 27 6,206 d. For an analysis of maturity dates of lease liabilities, see Note 10. |
Other Long-Term Assets
Other Long-Term Assets | 12 Months Ended |
Dec. 31, 2021 | |
Other Long-Term Assets [Abstract] | |
OTHER LONG-TERM ASSETS | NOTE 8:- OTHER LONG-TERM ASSETS Convenience translation December 31, December 31, 2020 2021 2021 N I S U.S. dollars Restricted cash 473 444 143 473 444 143 |
Other Payables
Other Payables | 12 Months Ended |
Dec. 31, 2021 | |
Other Payables [Abstract] | |
OTHER PAYABLES | NOTE 9:- OTHER PAYABLES Convenience translation December 31, December 31, 2020 2021 2021 N I S U.S. dollars Employees and payroll accruals 875 2,204 709 Accrued expenses 371 1,123 361 1,246 3,327 1,070 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
FINANCIAL INSTRUMENTS | NOTE 10:- FINANCIAL INSTRUMENTS a. Financial and lease liabilities: Effective interest Maturity December 31, rate date 2020 2021 % NIS Current liabilities: Lease liabilities 8 % 2021 654 773 Loan from others 17.3 % 2023-2024 60,421 - Total current liabilities 61,075 773 Non-current liabilities: Loan from others 17.3 % 2023-2024 - 63,252 Lease liabilities 8 % 2028 6,088 5,712 Total non-current liabilities 6,088 68,964 Total financial and lease liabilities 67,163 69,737 Carrying amount Fair value December 31, December 31, 2020 2021 2020 2021 NIS Financial liabilities: Loan from others 94,658 84,477 60,421 63,252 Total 94,658 84,477 60,421 63,252 b. Classification of financial liabilities: Convenience translation December 31, December 31, 2020 2021 2021 N I S U.S. dollars Financial liabilities at amortized costs: Trade payables 1,868 3,107 999 Other payables 2,381 3,327 1,070 Lease Liabilities 6,742 6,485 2,085 Loan from others 60,421 63,252 20,338 Total financial liabilities 71,412 76,171 24,492 Total current 64,189 ,207 7 2,317 Total non-current 7,223 68,964 22,175 c. 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: Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate as a result of changes in foreign currency exchange rates. The Company has cash that is exposed to possible fluctuations in the U.S. dollar exchange rates. The currency exposure arising from current accounts managed in Dollars. As of December 31, 2021, the carrying amounts of USD were NIS 48,457. 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. d. Liquidity risk: The Company monitors the risk to a shortage of funds using a liquidity planning tool. The Company assessed the concentration of risk with respect to refinancing its debt and concluded it to be low. Access to sources of funding is sufficiently available and debt maturing within 12 months can be rolled over with existing lenders. The table below summarizes the maturity profile of the Company’s financial liabilities based on contractual undiscounted payments (including interest payments): December 31, 2021: Less than one year 1 to 2 2 to 3 years 3 to 4 4 to 5 > 5 years Total NIS Trade payables 3,107 - - - - - 3,107 Other payables 3,327 - - - - - 3,327 Lease liabilities 552 885 845 904 977 1,901 6,064 Loans from others - 70,398 14,079 - - - 84,477 6,986 71,283 14,924 904 977 1,901 96,975 December 31, 2020: Less than one year 1 to 2 2 to 3 years 3 to 4 4 to 5 > 5 years Total NIS Trade payables 1,868 - - - - - 1,868 Other payables 1,246 1,135 2,381 Lease liabilities 1,128 1,128 1,174 1,174 1,174 2,936 8,714 Loans from others - 78,883 15,775 - - - 94,658 4,242 81,146 16,949 1,174 1,174 2,936 107,621 e. Fair value: The carrying amount of cash and cash equivalents, other receivables, other long-term assets, trade payables and other payables approximates their fair value due to the short-term maturities of such instruments. f. Fair value measurement: As of December 31, 2021, loans from others are classified as Level 2. During 2021 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. g. Changes in liabilities arising from financing activities: Loans from others Lease liabilities Total NIS Balance as of January 1, 2020 123,780 7,503 131,283 Cash flows - (761 ) (761 ) Effect of changes in fair value (63,359 ) - (63,359 ) Balance as of December 31, 2020 60,421 6,742 67,163 New leases - 249 249 Cash flows - (506 ) (506 ) Effect of changes in fair value 2,831 - 2,831 Balance as of December 31, 2021 63,252 6,485 69,737 |
Employee Benefit Liabilities
Employee Benefit Liabilities | 12 Months Ended |
Dec. 31, 2021 | |
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 Company into pension funds and/or policies of insurance companies release the Company from any additional liability to employees for whom said contributions were made. These contributions and contributions for benefits represent defined contribution plans. Convenience Year ended December 31, Year ended 2019 2020 2021 2021 N I S U.S. dollars Expenses - defined contribution plan 332 335 314 101 |
Contingent Liabilities and Comm
Contingent Liabilities and Commitments | 12 Months Ended |
Dec. 31, 2021 | |
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 Development Company Ltd. (“Yeda”) according to which the Company acquired an exclusive worldwide license for the development, manufacturing, use, marketing, sale, distribution and importing of products based, directly or indirectly, on patents and patent applications to be approved or submitted pursuant to the invention titled “Peptide Based Vaccine for Influenza”, developed on the basis of the research conducted by Professor Ruth Arnon and her team at the Weizmann Institute. This agreement was amended in 2005. In exchange for the license grant, 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. All sales of products in connection with the license agreement for any purpose other than for the purpose of clinical trials are required to be made for monetary consideration. 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 the 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 license’s intellectual property, in at least one country, within six months following 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 license’s 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 uncurable 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 voluntarily 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. In light of the Phase 3 clinical trial results, the Company does expect any future revenues from M-001 and thus do not expect to make royalty payments to Yeda. 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% 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, 2021 is approximately $ 5,700 (NIS 17,727), which represents the total gross amount of grants actually received by the Company from the IIA including accrued interest. As of December 31, 2021, the Company had not paid any royalties to the IIA. (For further details see Note 12e) Regulators in many countries are in the process of replacing benchmark Interbank Offered Rates (IBORs), of which one of the most common is the LIBOR, with risk-free interest rate alternatives (RFRs). The replacement of IBORs with RFRs is expected to occur gradually until the end of 2021. The repayment of grants received by the Company have interest rates that reference LIBOR and are expected to be repaid after 2021. Since an alternative interest rate was not determined by the IIA yet, at this stage the Company is unable to determine the effects, if any, that the discontinuance of IBORs will have on its various financial instruments that reference the IBORs. c. In October 2013, the Company signed an agreement for obtaining funding from the European Union which was approved for the UNISEC consortium of which the Company is a member for a period of three years. 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 since the Company met the conditions of the consortium and are, therefore, recorded as a reduction of research and development expenses. 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 $ 23,200) and up to 50% of the Company’s expected cost of developing and marketing the Company’s product candidate, M-001. In addition, as repayment features, EIB was entitled to receive the higher between 3% of any M-001 sales revenues for a period of ten years, or realizing a cash-on-cash multiple of 2.8 times On April 22, 2019, the Committee of the European Investment Bank (“EIB”) agreed to expand the 2017 financing agreement to the Company by an additional € 4,000 to a total of € 24,000 (approximately $ 27,600). An amendment to that effect was signed in June 2019 (the “Amendment”). Those funds were received in October 2019 and will be used in support of the ongoing pivotal, clinical efficacy, Phase 3 trial of BiondVax’s M-001 Universal Flu Vaccine candidate in Europe. According to the Amendment, as repayment features, EIB is entitled to receive the higher between 3% of any M-001 sales revenues for a period of twelve years or realizing a cash-on-cash multiple of 2.8 times During 2018, the Company received the € 20,000 in two tranches of € 6,000 (approximately $ 7,000 $ 9,200 On October 7, 2019, the Company received the remaining € 4,000 (approximately $ 4,400 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 changes 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 the 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 for the EIB financing, the 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, 2019 through an independent appraiser. According to the valuation, which was based on WACC (Weighted Average Cost of capital) of 17.3% and CAPM (Capital Asset Pricing Model), the value of the financial liability was estimated at NIS 123,780 ($ 38,500). As a result of the valuation, the Company incurred a financial expense of NIS 14,083 ($ 4,380) e. On October 23, 2020, the Company announced Phase 3 clinical trial results of the M-001 universal vaccine product. The results did not demonstrate a statistically significant difference between the vaccinated group and the placebo group in reduction of flu illness and severity. Therefore, the study failed to meet both the primary and secondary efficacy endpoints. However, the study’s primary safety endpoint was met. As a result of the Phase 3 clinical trial failure, Company’s management estimates that there will be no future revenues from the M-001 product. Therefore, most likely, there will be no future royalty payments to the IIA and EIB. Under the Finance Contract, the EIB may accelerate all loans extended thereunder if an event of default has occurred, which includes, amongst other things, an event of default arising from the occurrence of a material adverse change, defined as any event or change of condition, which in the opinion of the EIB, has a material adverse effect on: the Company’s ability to perform its obligations under the Finance Documents; the Company’s business, operations, property, condition (financial or otherwise) or prospects; or the rights or remedies of the EIB under the Finance Contract, amongst other things. If the EIB determines that an event of default has occurred, it could accelerate the amounts outstanding under the Finance Contract, making those amounts immediately due and payable. In accordance with the EIB loan agreement, and due to the said above, the Company is required to pay EIB the principal amount of the tranches already loaned by the EIB to the Company, within five years of the date of each tranche of the loan. On December 31, 2020, the Company re-evaluated the loan in the sum of NIS 60,421 ($ 18,793). As a result, the Company recorded an amount of NIS 62,800 ($ 19,533) as revaluation income of the EIB loan and NIS 12,685 ($ 3,954) for the IIA liability and recorded them in 2020 under line item other income in the statement of other comprehensive loss. As of December 31, 2021, the fair value regarding the EIB loan is NIS 63,252 ($20,338). As of December 31, 2021, the outstanding principal amount regarding the EIB loan in nominal terms is NIS 84,477 ($27,163). On January 26, 2021, the EIB notified the Company that they welcome the Company’s efforts to secure future equity financing in an amount not less than USD 2,000 in order to enable the Company to pursue new business opportunities, strengthen the Company balance sheet and invest in growth. Thus, within that context, the EIB wrote in their letter that they will not consider the failure of the Company’s pivotal phase 3 trial for M-001 to meet the primary and secondary efficacy endpoints as a trigger for prepayment of a loan extended under the Finance Contract. However, EIB cautioned the Company that their letter is not a consent, agreement, amendment or waiver in respect of the terms of the Finance Contract, reserving any other right or remedy the EIB may have now or subsequently. In addition, on December 24, 2020, the Company amended the Finance Contract in order to obtain the consent of EIB for the appointment of its new CEO Amir Reichman. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure Of Stockholders Equity Note Explanatory [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. On May 15, 2015, the Company completed a public offering of securities in the United States of American Depositary Shares (ADSs) and warrants. Each ADS represents 40 Ordinary shares of the Company. 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 were exercisable into ADSs for a five year period, until May 15, 2020 at an exercise price of $ 6.25 At the time of the offering, the Company recorded an increase in equity in respect of shares, totaling NIS 26,417, net (after deduction of offering expenses totaling NIS 4,860) and liability related to the warrants in the amount of NIS 7,398 thousand (offering expenses for warrants totaling NIS 1,197 were recorded as financial expenses). On June 24, 2015, the Company issued an additional 110,000 ADSs to the underwriters in consideration of a total gross amount of NIS 2,069 ($ 530). Issuance expenses amounted to NIS 134. The warrants are measured at their fair value based on their quote price at the end of each reporting date. The Company recorded financial expenses in the amount NIS 11,400 and NIS 14,467 in 2019 and 2020, respectively, for revaluation of these warrants. c. On June 13, 2019, the Company issued 334,520 Ordinary shares (equivalent to 8,363 NASDAQ listed ADSs) in consideration of NIS 188 (approximately $ 53). d. On July 16, 2019, the Company closed a public offering and issued 3,057,466 NASDAQ listed ADSs (equivalent to 122,298,640 Ordinary shares) and 18,298,898 Ordinary shares (equivalent to 457,472 NASDAQ listed ADSs) in consideration of $ 20,000 (approximately NIS 71,300) to a number of investors. As part of this public offering, Angels Investments in High Tech Ltd. (“AIHT”) exercised their option to purchase, under the same terms of the public offering, 2,203,640 ADSs and 141,538 Ordinary shares offered in the public offering that were not purchased by other shareholders. In total, the investment through AIHT in this offering was approximately $ 16,670, making AIHT a controlling shareholder (as defined under the Israeli Companies Law) with a holding of about 42% in BiondVax. e. On May 15, 2020 540,639 NASDAQ listed warrants expired. f. On July 8, 2020 6,000 ADS options were exercised into 240,000 Ordinary shares at an exercise price of $7.98 for a total consideration of NIS 166 (approximately $ 48). g. During the year ended December 31, 2020, 676,118 NASDAQ listed warrants were exercised into 27,044,720 Ordinary shares at an exercise price of $6.25 for a total consideration of NIS 14,790 (approximately $ 4,298) and 611,565 NASDAQ listed warrants to purchase ADSs at an exercise price of $6.25 were exercised on a cashless basis into 24,462,600 Ordinary shares. h. On February 2, 2021, the Company closed an underwritten offering in which it sold 2,434,783 ADSs at a public offering price of $4.95 per ADS. On February 10, 2021, Aegis Capital Corp., the sole bookrunning manager for the underwritten offering, fully exercised its over-allotment option to purchase an additional 365,217 ADSs, bringing total gross proceeds to the Company from the offering including exercise of the over-allotment option of approximately $13,800. The Company received a net sum of $12,465 (approximately NIS 41,137) after deduction of issuance expenses of $371 (approximately NIS 1,155). i. An amendment to the Company’s Articles of Association increasing the registered share capital of the Company by an additional 1,100,000,000 Ordinary Shares (the equivalent of 27,500,000 ADSs) such that the total registered share capital of the Company would consist of 1,800,000,000 Ordinary Shares, no par value (the equivalent of 45,000,000 ADSs). j. On December 27, 2021, the Company closed an underwritten offering in which it sold 3,813,560 ADSs at a public offering price of $2.36 per ADS. On December 27, 2021, Aegis Capital Corp., the sole bookrunning manager for the underwritten offering, fully exercised its over-allotment option to purchase an additional 330, 508 ( |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Compensation [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 as equity-settled share-based payment is as follows: Convenience translation Year ended December 31, Year ended December 31, 2019 2020 2021 2021 N I S U.S. dollars Research and development 1,907 2,056 1,045 336 Marketing, general and administrative 1,777 7,416 7,859 2,527 Total share-based compensation 3,684 9,472 8,904 2,863 b. Share-based payment plan for employees and directors: Options granted under the Company’s 2005 Israeli Share Option Plan (“Plan”) were 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 and restricted shares (“RSU”) to employees, directors and service providers. The options are exercisable within 10 years from the date of grant, against payment of the exercise price, in accordance with the terms of the 2018 Plan. The options generally vest over a period of three or four years. Option grants: a. On April 30, 2019, the Company granted options to purchase 108,000 ADSs (4,320,000 options) to board members and officers which vest over a period of three years at an b. exercise price of $ 7.976 per ADS. The fair value of the options as of the date of grant totaled approximately NIS 1,414 ($ 391). c. On April 30, 2019, the Company also granted 215,833 ADSs (8,633,310 RSU) to the CEO of which 60% vested immediately, 20% will be vested on March 2020 and the additional 20% will vest on March 2021. The fair value of the options as of the date of grant totaled approximately NIS 2,826 ($ 782). d. On June 11, 2020, the Company’s Board of Directors ratified the grant of options to 23 employees to purchase an aggregate 141,400 ADS (5,656,000 Ordinary shares) at an exercise price of $7.28 – $8.076 per ADS. The options were originally approved pursuant to a delegation of authority granted by the Board of Directors to Company management in April 2018 to grant a pool of options with an exercise price of $7.98 and other terms approved by the Board of Directors at the time of delegation. The total value of the grant was NIS 4,190 ($ 1,218) e. On the same day, the Company’s Board of Directors approved a grant to an advisor to purchase 72,000 ADS (2,880,000 Ordinary shares) at an exercise price of $18.06 per ADS in three tranches. The first tranche of 32,400 ADS’s was vested on May 31,2020, the second tranche of 25,200 ADS was vested on September 30, 2020 and the third tranche of 14,400 ADS’s will be vested on December 31, 2020. The options will expire four years from the commencement vesting date of each tranche. The total value of the grant was NIS 2,783 ($ 809). f. On September 2, 2020 the Company granted fully vested 5,000 RSU representing 5,000 ADS’s to a board member. The total value of the grant was NIS 660 (approximately $ 196). g. On September 2, 2020, the Company granted options to purchase 82,000 ADSs (3,280,000 options) to board member which vest over a period of three years at an exercise price of $ 48.04 h. On September 2, 2020, the Company granted options to purchase 7,000 ADSs (280,000 options) to officer which vest over a period of three years at an exercise price of $ 41.08 per ADS. The fair value of the options as of the date of grant totaled approximately NIS 571 ($ 170). i. On September 2, 2020 the Company amended an option agreement with a board member dated as of May 28, 2019. The vesting date accelerated to September 2, 2020. The total value of the option acceleration was NIS 30 (approximately $ 9). j. On April 6, 2021, the Company granted options to purchase 160,000 ADS (6,400,000 options) to the chairman of the board which vest in equal monthly installments over a period of three years at an exercise price of $ 6.95 k. On April 6, 2021, the Company granted options to purchase 150,000 ADS (6,000,000 options) to board members which vest in equal monthly installments over a period of three years at an exercise price of $ 6.95 l. On April 6, 2021, the Company granted 30,000 RSUs representing 30,000 ADS’s to board members. which vest in equal monthly installments over a period of three years. The fair value of the said RSUs is approximately $115 (approximately NIS 358). m. On May 25, 2021 the Company granted 600,000 RSUs representing 600,000 ADS’s to the new CEO, which will vest over a period of five years. The fair value of the said RSUs was approximately $1,626 (approximately NIS 5,057). n. On May 25, 2021, the shareholders approved the amendment to the following options held by directors of the Company, as follows: Mr. Mark Germain (130,710 options), Prof. Avner Rotman (20,000 options), Mr. Adi Raviv (18,000 options), Prof. George H. Lowell (20,000 options), Dr. Morris Laster (18,000 options), Dr. Yael Margolin (18,000 options) and Mr. Isaac Devash (18,000 options) as follows: a. accelerated vesting and the ability to immediately exercise such options in the event of change of control; and b. to the extent vested, allow the options to be exercised during the existing ten (10) year terms of the options in the event of the foregoing director’s termination of service to the Company without cause. The fair value of the said changes was approximately $3 (approximately NIS 10). o. On October 17, 2021, the board approve the issuance of 124,600 RSUs representing 600,000 ADS’s to the Company employees in exchange of their options, in a way that for each option exchanged a new RSU will be issued. The fair value of the said issuance was $156 (approximately NIS 505). On the same day the board approve the issuance of 10,000 RSUs representing 10,000 ADS’s to the Company employees. The fair value of the said issuance was $23 (approximately NIS 74). The following table presents the number of share options, the weighted average exercise prices of share options and changes that were made in the option plan to employees and directors: 2019 2020 2021 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 16,647,903 0.75 14,213,400 0.75 24,869,400 0.69 Granted 4,320,000 0.69 12,096,000 1.87 12,400,000 0.54 Exercised - - (240,000 ) 0.68 - - Expired (6,754,503 ) 0.75 (1,200,000 ) 0.68 (9,099,800 ) 1.42 Outstanding at end of year 14,213,400 0.73 24,869,400 0.78 28,169,600 1.57 Exercisable at end of year 5,310,000 0.75 11,587,867 0.69 15,362,360 1.42 The weighted average share price on the date of exercise of the share options was NIS 0.78 in 2020. No share options exercised during 2021. The weighted average remaining contractual life for the share options outstanding as of December 31, 2021 was 16.3 years (as of December 31, 2020: 6.1 years). The range of exercise prices for share options outstanding as of December 31, 2021 was NIS 0.45 - NIS 1.325 (as of December 31, 2020 was NIS 0.45 - NIS 1.325) c. The fair value of the Company’s share options granted to employees, directors and service providers for the years ended December 31, 2019, 2020 and 2021 was estimated using the binominal option pricing model using the following assumptions: Years ended December 31 2019 2020 2021 Dividend yield (%) - - - Expected volatility of the share prices (%) 57 66 110 Risk-free interest rate (%) 2.3 0.7-0.8 1.7 Expected life of share options (years) 7.5 6-7 10 Share price (NIS) 24.07 7.05-18 0.3 ADS $ 6.66 2.2-5.6 3.84 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, 2021 | |
Disclosure of analysis of other comprehensive income by item [text block] [Abstract] | |
SUPPLEMENTARY INFORMATION TO THE STATEMENTS OF COMPREHENSIVE INCOME | NOTE 15:- SUPPLEMENTARY INFORMATION TO THE STATEMENTS OF COMPREHENSIVE INCOME Convenience translation Year ended December 31, Year ended December 31, 2019 2020 2021 2021 N I S U.S. dollars a. Research and development expenses, net of participations: Clinical trial phase 3 52,825 31,519 1,340 431 Materials and subcontractors 5,946 9,193 684 220 Salaries and related expenses 5,384 5,532 4,551 1,462 Share-based payment 1,907 2,056 1,045 336 Patent registration fees 278 314 248 80 Rentals and maintenance of laboratory 970 958 607 195 Depreciation 1,293 1,887 1,866 601 Other 42 2 - - 68,645 51,463 10,341 3,325 b. Marketing, general and administrative expenses: Salaries and related expenses 3,216 2,569 7,376 2,372 Share-based payment 1,777 7,416 7,859 2,527 Professional services 3,582 3,645 5,682 1,827 Rentals, office expenses and maintenance 323 313 314 101 Depreciation 352 551 549 176 Other 456 2,193 2,748 883 9,706 16,687 24,528 7,887 c. Financial income and expense: Financial income: Interest income on deposits 4 2 3 1 Exchange differences, net - 1,714 5,713 1,837 Revaluation of IIA liability - 2,127 - - 4 3,843 5,716 1,838 Convenience translation Year ended December 31, Year ended December 31, 2019 2020 2021 2021 N I S U.S. dollars Financial expenses: Exchange differences, net 4,373 - - - Lease holding finance expense 666 479 715 230 Revaluation of warrants 11,400 14,467 - - Finance expenses in respect of loans from others 14,083 643 10,117 3,253 Finance expenses in respect of Government grants 169 - - Bank commissions and other financial expenses 156 43 33 11 30,847 15,632 10,865 3,494 |
Taxes on Income
Taxes on Income | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of income tax [text block] [Abstract] | |
TAXES ON INCOME | NOTE 16:- TAXES ON INCOME a. Corporate tax rates in Israel: The Israeli corporate tax rate in 2020 and 2021 was 23%. b. Final tax assessments: The Company received final tax assessments through 2016. c. Net operating loss carryforwards for tax purposes and other temporary differences: as of December 31, 2021, the Company had loss carryforwards and other temporary differences amounting to approximately NIS 311,625 ($ 100,201). d. Deferred taxes: The Company did not recognize deferred tax assets for loss carryforwards 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, 2019, 2020 and 2021 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 tax loss carryforwards 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, 2021 | |
Disclosure of transactions between related parties [text block] [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) serving on the Company’s board of directors and three key officers. b. Transactions with related parties: 1. In February 2012, the Company’s Board approved an amendment and extension of the agreement with the Company’s CEO Dr. Ron Babecoff, dated April 2007. Pursuant to the amendment, the monthly salary of the Company’s CEO was increased by 5% in each of the three years of the extension of the engagement to NIS 52.5 a month starting January 2012. 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 to an increase of salary, there was a provision for a payment in the event that 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 CEO’s termination by the Company. Pursuant to this provision, the 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 of the Company’s CEO so that the monthly remuneration will be a total of NIS 80, and granted him options to purchase 2.5% of the Company’s issued and paid up capital on a fully diluted basis. On March 2, 2021, Dr. Ron Babecoff has finished his duty as the Company’s CEO and continued as a Senior Advisor to the Company. 2. In August 2014, the Company signed an employment agreement with the CFO at a 60% employment capacity 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. t, 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. 3. In August 2012, the Company approved the grant of future remuneration to four directors of 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 January 21, 2021, the Company announced the appointment of Amir Reichman as its new CEO. Mr. Reichman and Dr. Ron Babecoff, its founder and former CEO, shared duties during a transition period while Mr. Reichman completed his former work obligations. Effective March 2, 2021, Mr. Reichman assumed the CEO position full time. Mr. Reichman is entitled to an annual gross salary of $ 350. During the transition period between January 20, 2021, the date the agreement was signed, and March 2, 2021, Mr. Reichman was entitled to a pro-rated portion of this amount equal to 20% of his monthly salary. The agreement also provides that Mr. Reichman is entitled to a one-time signing bonus at the gross lump sum amount of $ 50 and is eligible to receive an annual cash bonus of a gross amount equal to three to six monthly salaries to the extent Mr. Reichman meets annual objectives that shall be approved by the board of directors and by the shareholders. It is currently contemplated that the annual bonus would be (i) three monthly salaries for meeting a set of baseline annual objectives, and (ii) four to six monthly salaries for achieving a higher level of annual objectives. Under extraordinary circumstances reflecting performance by Mr. Reichman significantly above all such annual objectives, the board of directors may, in its sole discretion, consider an additional cash bonus of not more than an additional three monthly salaries (up to nine monthly salaries in total). The bonus amounts and annual objectives shall be subject to the terms of the Company’s Compensation Policy from time to time. Furthermore, under the agreement Mr. Reichman is entitled to receive 600,000 RSUs (see also note 14m.) The ADSs underlying the RSUs may not be sold by Mr. Reichman during the term of his employment except that, commencing on the third anniversary of the Commencement Date, sales may be made pursuant to a Rule 10b5-1 plan, with the number of RSUs sold during any one year period not exceeding five percent of the vested RSUs held by Mr. Reichman at the time of such sales (the “Resale Limits”). If Mr. Reichman’s employment agreement is terminated by the Company for no cause prior to the fifth anniversary of the Commencement Date, the Resale Limits shall terminate. If Mr. Reichman’s employment agreement is terminated by Mr. Reichman or terminated by the Company for cause prior to the fifth anniversary of the Commencement Date, the Resale Limits shall continue until the earlier of (i) one year after such termination, or (ii) the fifth anniversary of the Commencement Date. The RSUs would be subject to accelerated vesting in the event of a change of control. c. Balances with related parties: Payables Key management personnel: December 31, 2020 403 December 31, 2021 2,243 December 31, 2021 (convenience translation into U.S. dollars) 721 d. Transactions with related parties: Research and development Marketing, general and administrative Key management personnel: 2019 5,395 3,653 2020 1,800 5,100 2021 1,439 13,052 2021 (convenience translation into U.S. dollars) 463 4,197 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 translation Year ended December 31, Year ended December 31, 2019 2020 2021 2021 N I S U.S. dollars Salaries 1,399 3,790 4,732 1,521 Short-term employee benefits 1,855 824 1,655 532 Other employees’ benefits 110 161 155 50 Share-based compensation 3,684 2,125 7,949 2,556 7,048 6,900 14,491 4,659 Number of key officers and directors 11 13 12 12 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2021 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 18: - SUBSEQUENT EVENTS On March 14, 2022 the Company announced that it had been negotiating with EIB the terms of restructuring of its outstanding €24,000 EIB loan. The parties have reached a commercial agreement, which is still subject to EIB’s formal approval of the new terms, that would entail the following: ● An extension of the maturity dates from 2023 (€20,000) and 2024 (€4,000) until December 2027. ● Although the EIB loan has been outstanding since 2018, interest on the EIB loan will only begin to accrue starting January 1, 2022 at an annual rate of 7%. The interest payments will be deferred until the new maturity date and will be added to the principal balance at the end of each year during the EIB loan period. ● $900 will be paid by the Company as a reduction of principal shortly after the new terms become effective, and going forward 10% of any capital raises by the Company until maturity will be used to further repay the EIB loan principal. Once the Company’s commercial sales exceed €5,000, 3% of the Company’s topline revenues will be paid to EIB as royalties up to a combined maximum of 2.8 times the original €24,000 principal. If the Company chooses to prepay any portion of the EIB loan (other than as required from future capital raises) the amount prepaid will be calculated such that the EIB realizes at least 20% IRR on its investment at the point of prepayment. On March 23, 2022, the Company executed an additional research collaboration agreement with MPG and UMG covering development and commercialization of NanoAbs for several other disease indications with large market sizes that leverage their unique binding affinity, stability at high temperatures, and potential for more effective and convenient routes of administration. These targets are the basis for validated and currently marketed monoclonal antibodies, including for conditions such as psoriasis, asthma, macular degeneration, and psoriatic arthritis. |
Accounting Policies, by Policy
Accounting Policies, by Policy (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 functional currency and 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’s costs are incurred in NIS. In addition, the Company’s financing activities are incurred normally in NIS. The Company’s management believes, therefore, 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, 2021 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, 2021 (U.S. $ 1.00 The dollar amounts presented in these financial statements should not be construed as representing amounts that are receivable or payable in U.S. Dollars or convertible into U.S. 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 - - 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” (“IAS 37”). 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. Research and development grants received from the |
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: 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. 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 have expired; or - The Company has transferred - The Company has retained 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 Company 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: The Company accounts for a contract as a lease when the contract terms convey the right to control the use of an identified asset for a period of time in exchange for consideration. The Company as a lessee: For leases in which the Company is the lessee, the Company recognizes on the commencement date of the lease a right-of-use asset and a lease liability, excluding leases whose term is up to 12 months and leases for which the underlying asset is of low value. For these excluded leases, the Company has elected to recognize the lease payments as an expense in profit or loss on a straight-line basis over the lease term. In measuring the lease liability, the Company has elected to apply the practical expedient in the Standard and does not separate the lease components from the non-lease components (such as management and maintenance services, etc.) included in a single contract. Leases which entitle employees to a company car as part of their employment terms are accounted for as employee benefits in accordance with the provisions of IAS 19 and not as subleases. On the commencement date, the lease liability includes all unpaid lease payments discounted at the interest rate implicit in the lease, if that rate can be readily determined, or otherwise using the Company’s incremental borrowing rate. On the Following are the amortization periods of the right-of-use assets by class of underlying asset: Years Building 10 Motor vehicles 3 The Company tests for impairment of the right-of-use asset whenever there are indications of impairment pursuant to the provisions of IAS 36. |
Employee benefit liabilities | n. Employee benefit liabilities: The Company 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. |
Disclosure of new standards in the period prior to their adoption | q. Disclosure of new standards in the period prior to their adoption: 1. Amendment to IAS 1, “Presentation of Financial Statements”: In January 2020, the IASB issued an amendment to IAS 1, “Presentation of Financial Statements” (“the Amendment”) regarding the criteria for determining the classification of liabilities as current or non-current. The Amendment includes the following clarifications: ● What is meant by a right to defer settlement. ● That a right to defer must exist at the end of the reporting period. ● That classification is unaffected by the likelihood that an entity will exercise its deferral right. ● That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. The Amendment is effective for annual periods beginning on or after January 1, 2023 and must be applied retrospectively. The Company is evaluating the possible impact of the Amendment on its current loan agreements. 2. Amendment to IAS 16, “Property, Plant and Equipment”: In May 2020, the IASB issued an amendment to IAS 16, “Property, Plant and Equipment” (“the Amendment”). The Amendment prohibits a company from deducting from the cost of property, plant and equipment (“PP&E”) consideration received from the sales of items produced while the company is preparing the asset for its intended use. Instead, the company should recognize such consideration and related costs in profit or loss. The Amendment is effective for annual reporting periods beginning on or after January 1, 2022, with earlier application permitted. The Amendment is to be applied retrospectively, but only to items of PP&E made available for use on or after the beginning of the earliest period presented in the financial statements in which the company first applies the Amendment. The company should recognize the cumulative effect of initially applying the Amendment as an adjustment to the opening balance of retained earnings at the beginning of the earliest period presented. The Company estimates that the application of the Amendment is not expected to have a material impact on the financial statements. 3. Amendment to IAS 37, “Provisions, Contingent Liabilities and Contingent Assets”: In May 2020, the IASB issued an amendment to IAS 37, regarding which costs a company should include when assessing whether a contract is onerous (“the Amendment”). According to the Amendment, costs of fulfilling a contract include both the incremental costs (for example, raw materials and direct labor) and an allocation of other costs that relate directly to fulfilling a contract (for example, depreciation of an item of property, plant and equipment used in fulfilling the contract). The Amendment is effective for annual periods beginning on or after January 1, 2022 and applies to contracts for which all obligations in respect thereof have not yet been fulfilled as of January 1, 2022. Early application is permitted. The Company estimates that the application of the Amendment is not expected to have a material impact on the financial statements. 4. Amendment to IAS 8, “Accounting Policies, Changes to Accounting Estimates and Errors”: In February 2021, the IASB issued an amendment to IAS 8, “Accounting Policies, Changes to Accounting Estimates and Errors” (“the Amendment”), in which it introduces a new definition of “accounting estimates”. Accounting estimates are defined as “monetary amounts in financial statements that are subject to measurement uncertainty”. The Amendment clarifies the distinction between changes in accounting estimates and changes in accounting policies and the correction of errors. The Amendment is to be applied prospectively for annual reporting periods beginning on or after January 1, 2023 and is applicable to changes in accounting policies and changes in accounting estimates that occur on or after the start of that period. Early application is permitted. The Company is evaluating the effects of the Amendment on its financial statements. |
Significant Accounting Polici_2
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Significant Accounting Policies [Abstract] | |
Schedule of amortization periods of the right-of-use 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. |
Schedule of amortization periods of the right-of-use assets | Years Building 10 Motor vehicles 3 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of cash and cash equivalents [text block] [Abstract] | |
Schedule of cash and cash equivalents | Convenience translation December 31, December 31, 2020 2021 2021 N I S U.S. dollars Cash in NIS 1,150 5,579 1,794 Cash in USD 8,234 48,457 15,581 Cash in EURO 37 - - 9,421 54,036 17,375 |
Other Receivables (Tables)
Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of trade and other receivables [text block] [Abstract] | |
Schedule of other receivables | Convenience Translation December 31, December 31, 2020 2021 2021 N I S U.S. dollars Government authorities 229 306 98 Prepaid expenses and other 975 706 227 1,204 1,012 325 |
Property, Plant and Equipment_2
Property, Plant and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of property, plant and equipment [text block] [Abstract] | |
Schedule of property, plant and equipment, net | Laboratory equipment Office furniture Computers Cars Factory leasehold Total Cost: Balance at January 1, 2021 2,922 119 613 - 41,212 44,866 Additions 4 25 24 276 101 430 Deductions (149 ) - - - - (149 ) Balance at December 31, 2021 2,777 144 637 276 41,313 45,147 Accumulated depreciation: Balance at January 1, 2021 2,707 105 486 - 1,961 5,259 Additions 47 7 79 10 1,375 1,518 Deductions (149 ) - - - - (149 ) Balance at December 31, 2021 2,605 112 565 10 3,336 6,628 Depreciated cost at December 31, 2021 172 32 72 266 37,977 38,519 Convenience translation into U.S. dollars Depreciated cost at December 31, 2021 55 10 23 87 12,211 12,386 Laboratory equipment Office furniture Computers Factory leasehold Total Cost: Balance at January 1, 2020 3,362 119 568 35,159 39,208 Additions 34 - 45 6,053 6,132 Deductions (474 ) - - (474 ) Balance at December 31, 2020 2,922 119 613 41,212 44,866 Accumulated depreciation: Balance at January 1, 2020 3,135 99 406 587 4,227 Additions 46 6 80 1,374 1,506 Deductions (474 ) - - - (474 ) Balance at December 31, 2020 2,707 105 486 1,961 5,259 Depreciated cost at December 31, 2020 215 14 127 39,251 39,607 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of leases [text block] [Abstract] | |
Schedule of information on leases | Convenience translation December 31, December 31, 2020 2021 2021 N I S U.S. dollars Interest expense on lease liabilities 479 715 230 Total cash outflow for leases 1,240 1,220 392 |
Schedule of lease extension options | Convenience translation December 31, December 31, 2020 2021 2021 N I S U.S. dollars More than 5 years Lease payments applicable in extension option periods which as of the end of the reporting period are not reasonably certain to be exercised 5,889 5,889 1,894 |
Schedule of right-of-use assets | Buildings Motor vehicles Total Cost: Balance as of January 1, 2021 7,827 257 8,084 Additions during the year: New leases - 279 279 Balance as of December 31, 2021 7,827 536 8,363 Accumulated depreciation: Balance as of January 1, 2021 1,648 230 1,878 Additions during the year: Depreciation and amortization 824 73 897 Balance as of December 31, 2021 2,472 303 2,775 Depreciated cost at December 31, 2021 5,355 233 5,588 Buildings Motor vehicles Total Cost: Balance as of January 1, 2020 and December 31, 2020 7,827 257 8,084 Accumulated depreciation: Balance as of January 1, 2020 824 124 948 Additions during the year: Depreciation and amortization 824 106 930 Balance as of December 31, 2020 1,648 230 1,878 Depreciated cost at December 31, 2020 6,179 27 6,206 |
Other Long-Term Assets (Tables)
Other Long-Term Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Long-Term Assets [Abstract] | |
Schedule of other long term assets | Convenience translation December 31, December 31, 2020 2021 2021 N I S U.S. dollars Restricted cash 473 444 143 473 444 143 |
Other Payables (Tables)
Other Payables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Other Payables [Abstract] | |
Schedule of other payables | Convenience translation December 31, December 31, 2020 2021 2021 N I S U.S. dollars Employees and payroll accruals 875 2,204 709 Accrued expenses 371 1,123 361 1,246 3,327 1,070 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Financial Instruments [Abstract] | |
Schedule of financial and lease liabilities | Effective interest Maturity December 31, rate date 2020 2021 % NIS Current liabilities: Lease liabilities 8 % 2021 654 773 Loan from others 17.3 % 2023-2024 60,421 - Total current liabilities 61,075 773 Non-current liabilities: Loan from others 17.3 % 2023-2024 - 63,252 Lease liabilities 8 % 2028 6,088 5,712 Total non-current liabilities 6,088 68,964 Total financial and lease liabilities 67,163 69,737 |
Schedule of financial liabilities | Carrying amount Fair value December 31, December 31, 2020 2021 2020 2021 NIS Financial liabilities: Loan from others 94,658 84,477 60,421 63,252 Total 94,658 84,477 60,421 63,252 |
Schedule of financial and lease liabilities | Convenience translation December 31, December 31, 2020 2021 2021 N I S U.S. dollars Financial liabilities at amortized costs: Trade payables 1,868 3,107 999 Other payables 2,381 3,327 1,070 Lease Liabilities 6,742 6,485 2,085 Loan from others 60,421 63,252 20,338 Total financial liabilities 71,412 76,171 24,492 Total current 64,189 ,207 7 2,317 Total non-current 7,223 68,964 22,175 |
Schedule of maturity profile of financial liabilities based on contractual undiscounted payments | Less than one year 1 to 2 2 to 3 years 3 to 4 4 to 5 > 5 years Total NIS Trade payables 3,107 - - - - - 3,107 Other payables 3,327 - - - - - 3,327 Lease liabilities 552 885 845 904 977 1,901 6,064 Loans from others - 70,398 14,079 - - - 84,477 6,986 71,283 14,924 904 977 1,901 96,975 Less than one year 1 to 2 2 to 3 years 3 to 4 4 to 5 > 5 years Total NIS Trade payables 1,868 - - - - - 1,868 Other payables 1,246 1,135 2,381 Lease liabilities 1,128 1,128 1,174 1,174 1,174 2,936 8,714 Loans from others - 78,883 15,775 - - - 94,658 4,242 81,146 16,949 1,174 1,174 2,936 107,621 |
Schedule of changes in liabilities arising from financing activities | Loans from others Lease liabilities Total NIS Balance as of January 1, 2020 123,780 7,503 131,283 Cash flows - (761 ) (761 ) Effect of changes in fair value (63,359 ) - (63,359 ) Balance as of December 31, 2020 60,421 6,742 67,163 New leases - 249 249 Cash flows - (506 ) (506 ) Effect of changes in fair value 2,831 - 2,831 Balance as of December 31, 2021 63,252 6,485 69,737 |
Employee Benefit Liabilities (T
Employee Benefit Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Employee Benefit Liabilities [Abstract] | |
Schedule of defined contribution plans | Convenience Year ended December 31, Year ended 2019 2020 2021 2021 N I S U.S. dollars Expenses - defined contribution plan 332 335 314 101 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-Based Compensation [Abstract] | |
Schedule of services received from employees, directors and service providers as equity-settled share-based payment | Convenience translation Year ended December 31, Year ended December 31, 2019 2020 2021 2021 N I S U.S. dollars Research and development 1,907 2,056 1,045 336 Marketing, general and administrative 1,777 7,416 7,859 2,527 Total share-based compensation 3,684 9,472 8,904 2,863 |
Schedule of option plan to employees and directors | 2019 2020 2021 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 16,647,903 0.75 14,213,400 0.75 24,869,400 0.69 Granted 4,320,000 0.69 12,096,000 1.87 12,400,000 0.54 Exercised - - (240,000 ) 0.68 - - Expired (6,754,503 ) 0.75 (1,200,000 ) 0.68 (9,099,800 ) 1.42 Outstanding at end of year 14,213,400 0.73 24,869,400 0.78 28,169,600 1.57 Exercisable at end of year 5,310,000 0.75 11,587,867 0.69 15,362,360 1.42 |
Schedule of estimated option pricing model using assumptions | Years ended December 31 2019 2020 2021 Dividend yield (%) - - - Expected volatility of the share prices (%) 57 66 110 Risk-free interest rate (%) 2.3 0.7-0.8 1.7 Expected life of share options (years) 7.5 6-7 10 Share price (NIS) 24.07 7.05-18 0.3 ADS $ 6.66 2.2-5.6 3.84 |
Supplementary Information to _2
Supplementary Information to the Statements of Comprehensive Income (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of analysis of other comprehensive income by item [text block] [Abstract] | |
Schedule of expenses and income | Convenience translation Year ended December 31, Year ended December 31, 2019 2020 2021 2021 N I S U.S. dollars a. Research and development expenses, net of participations: Clinical trial phase 3 52,825 31,519 1,340 431 Materials and subcontractors 5,946 9,193 684 220 Salaries and related expenses 5,384 5,532 4,551 1,462 Share-based payment 1,907 2,056 1,045 336 Patent registration fees 278 314 248 80 Rentals and maintenance of laboratory 970 958 607 195 Depreciation 1,293 1,887 1,866 601 Other 42 2 - - 68,645 51,463 10,341 3,325 b. Marketing, general and administrative expenses: Salaries and related expenses 3,216 2,569 7,376 2,372 Share-based payment 1,777 7,416 7,859 2,527 Professional services 3,582 3,645 5,682 1,827 Rentals, office expenses and maintenance 323 313 314 101 Depreciation 352 551 549 176 Other 456 2,193 2,748 883 9,706 16,687 24,528 7,887 c. Financial income and expense: Financial income: Interest income on deposits 4 2 3 1 Exchange differences, net - 1,714 5,713 1,837 Revaluation of IIA liability - 2,127 - - 4 3,843 5,716 1,838 |
Schedule of financial income and expense | Convenience translation Year ended December 31, Year ended December 31, 2019 2020 2021 2021 N I S U.S. dollars Financial expenses: Exchange differences, net 4,373 - - - Lease holding finance expense 666 479 715 230 Revaluation of warrants 11,400 14,467 - - Finance expenses in respect of loans from others 14,083 643 10,117 3,253 Finance expenses in respect of Government grants 169 - - Bank commissions and other financial expenses 156 43 33 11 30,847 15,632 10,865 3,494 |
Balances and Transactions wit_2
Balances and Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of transactions between related parties [text block] [Abstract] | |
Schedule of balances with related parties | Payables Key management personnel: December 31, 2020 403 December 31, 2021 2,243 December 31, 2021 (convenience translation into U.S. dollars) 721 |
Schedule of transactions with related parties | Research and development Marketing, general and administrative Key management personnel: 2019 5,395 3,653 2020 1,800 5,100 2021 1,439 13,052 2021 (convenience translation into U.S. dollars) 463 4,197 |
Schedule of key officers employed | Convenience translation Year ended December 31, Year ended December 31, 2019 2020 2021 2021 N I S U.S. dollars Salaries 1,399 3,790 4,732 1,521 Short-term employee benefits 1,855 824 1,655 532 Other employees’ benefits 110 161 155 50 Share-based compensation 3,684 2,125 7,949 2,556 7,048 6,900 14,491 4,659 Number of key officers and directors 11 13 12 12 |
General (Details)
General (Details) ₪ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Mar. 28, 2017ILS (₪) | Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | |
General [Abstract] | |||
Budget utilized towards the construction of factory | ₪ 20,000 | ||
Percentage of grant | 20.00% | ||
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. | ||
EIB loan | ₪ 63,252 | $ 20,338 | |
Description of financial information | During the year ended December 31, 2021, the Company incurred a loss of NIS 39,978 ($ 12,854) and negative cash flows from operating activities of NIS 24,484 ($ 7,873) and it has an accumulated deficit of NIS 364,771 ($ 117,290) as of that date. |
Significant Accounting Polici_3
Significant Accounting Policies (Details) - Dec. 31, 2021 | ₪ / shares | $ / shares |
Significant Accounting Policies [Abstract] | ||
Translation exchange rate | (per share) | ₪ 3.11 | $ 1 |
Significant Accounting Polici_4
Significant Accounting Policies (Details) - Schedule of Depreciation is calculated on a straight-line basis over the useful life of the assets at annual rates | 12 Months Ended | |
Dec. 31, 2021 | ||
Laboratory equipment [Member] | ||
Significant Accounting Policies (Details) - Schedule of Depreciation is calculated on a straight-line basis over the useful life of the assets at annual rates [Line Items] | ||
% of straight-line basis over the useful life of the assets at annual rates | 15.00% | |
Office furniture and equipment [Member] | Minimum [Member] | ||
Significant Accounting Policies (Details) - Schedule of Depreciation is calculated on a straight-line basis over the useful life of the assets at annual rates [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] | ||
Significant Accounting Policies (Details) - Schedule of Depreciation is calculated on a straight-line basis over the useful life of the assets at annual rates [Line Items] | ||
% of straight-line basis over the useful life of the assets at annual rates | 33.00% | |
Computers [Member] | ||
Significant Accounting Policies (Details) - Schedule of Depreciation is calculated on a straight-line basis over the useful life of the assets at annual rates [Line Items] | ||
% of straight-line basis over the useful life of the assets at annual rates | 33.00% | |
Leasehold improvements [Member] | ||
Significant Accounting Policies (Details) - Schedule of Depreciation is calculated on a straight-line basis over the useful life of the assets at annual rates [Line Items] | ||
% of straight-line basis over the useful life of the assets at annual rates | [1] | |
[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) - Schedule of amortization periods of the right-of-use assets | Dec. 31, 2021 |
Buildings [member] | |
Significant Accounting Policies (Details) - Schedule of amortization periods of the right-of-use assets [Line Items] | |
Amortization periods | 10 years |
Motor vehicles [member] | |
Significant Accounting Policies (Details) - Schedule of amortization periods of the right-of-use assets [Line Items] | |
Amortization periods | 3 years |
Cash and Cash Equivalents (Deta
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents ₪ in Thousands, $ in Thousands | Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020ILS (₪) |
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents [Line Items] | |||
Cash and cash equivalents | ₪ 54,036 | $ 17,375 | ₪ 9,421 |
Cash in NIS [Member] | |||
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents [Line Items] | |||
Cash and cash equivalents | 5,579 | 1,794 | 1,150 |
Cash in USD [Member] | |||
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents [Line Items] | |||
Cash and cash equivalents | 48,457 | 15,581 | 8,234 |
Cash in EURO [Member] | |||
Cash and Cash Equivalents (Details) - Schedule of cash and cash equivalents [Line Items] | |||
Cash and cash equivalents | ₪ 37 |
Other Receivables (Details) - S
Other Receivables (Details) - Schedule of other receivables ₪ in Thousands, $ in Thousands | Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020ILS (₪) |
Schedule of other receivables [Abstract] | |||
Government authorities | ₪ 306 | $ 98 | ₪ 229 |
Prepaid expenses and other | 706 | 227 | 975 |
Total | ₪ 1,012 | $ 325 | ₪ 1,204 |
Property, Plant and Equipment_3
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net ₪ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020ILS (₪) | |
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net [Line Items] | |||
Depreciated cost at December 31 | ₪ 38,519 | ₪ 39,607 | |
Depreciated cost at December 31 (in Dollars) | $ | $ 12,386 | ||
Cost [Member] | |||
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net [Line Items] | |||
Balance at Beginning | 44,866 | 39,208 | |
Additions | 430 | 6,132 | |
Deductions | (149) | (474) | |
Balance at Ending | 45,147 | 44,866 | |
Accumulated Depreciation [Member] | |||
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net [Line Items] | |||
Balance at Beginning | 5,259 | 4,227 | |
Additions | 1,518 | 1,506 | |
Deductions | (149) | (474) | |
Balance at Ending | 6,628 | 5,259 | |
Laboratory equipment [Member] | |||
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net [Line Items] | |||
Depreciated cost at December 31 | 172 | 215 | |
Depreciated cost at December 31 (in Dollars) | $ | 55 | ||
Laboratory equipment [Member] | Cost [Member] | |||
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net [Line Items] | |||
Balance at Beginning | 2,922 | 3,362 | |
Additions | 4 | 34 | |
Deductions | (149) | (474) | |
Balance at Ending | 2,777 | 2,922 | |
Laboratory equipment [Member] | Accumulated Depreciation [Member] | |||
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net [Line Items] | |||
Balance at Beginning | 2,707 | 3,135 | |
Additions | 47 | 46 | |
Deductions | (149) | (474) | |
Balance at Ending | 2,605 | 2,707 | |
Office furniture and equipment [Member] | |||
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net [Line Items] | |||
Depreciated cost at December 31 | 32 | 14 | |
Depreciated cost at December 31 (in Dollars) | $ | 10 | ||
Office furniture and equipment [Member] | Cost [Member] | |||
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net [Line Items] | |||
Balance at Beginning | 119 | 119 | |
Additions | 25 | ||
Deductions | |||
Balance at Ending | 144 | 119 | |
Office furniture and equipment [Member] | Accumulated Depreciation [Member] | |||
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net [Line Items] | |||
Balance at Beginning | 105 | 99 | |
Additions | 7 | 6 | |
Deductions | |||
Balance at Ending | 112 | 105 | |
Computers [Member] | |||
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net [Line Items] | |||
Depreciated cost at December 31 | 72 | 127 | |
Depreciated cost at December 31 (in Dollars) | $ | 23 | ||
Computers [Member] | Cost [Member] | |||
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net [Line Items] | |||
Balance at Beginning | 613 | 568 | |
Additions | 24 | 45 | |
Deductions | |||
Balance at Ending | 637 | 613 | |
Computers [Member] | Accumulated Depreciation [Member] | |||
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net [Line Items] | |||
Balance at Beginning | 486 | 406 | |
Additions | 79 | 80 | |
Deductions | |||
Balance at Ending | 565 | 486 | |
Cars [Member] | |||
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net [Line Items] | |||
Depreciated cost at December 31 | 266 | ||
Depreciated cost at December 31 (in Dollars) | $ | 87 | ||
Cars [Member] | Cost [Member] | |||
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net [Line Items] | |||
Balance at Beginning | |||
Additions | 276 | ||
Deductions | |||
Balance at Ending | 276 | ||
Cars [Member] | Accumulated Depreciation [Member] | |||
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net [Line Items] | |||
Balance at Beginning | |||
Additions | 10 | ||
Deductions | |||
Balance at Ending | 10 | ||
Factory leasehold [Member] | |||
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net [Line Items] | |||
Depreciated cost at December 31 | 37,977 | 39,251 | |
Depreciated cost at December 31 (in Dollars) | $ | $ 12,211 | ||
Factory leasehold [Member] | Cost [Member] | |||
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net [Line Items] | |||
Balance at Beginning | 41,212 | 35,159 | |
Additions | 101 | 6,053 | |
Deductions | |||
Balance at Ending | 41,313 | 41,212 | |
Factory leasehold [Member] | Accumulated Depreciation [Member] | |||
Property, Plant and Equipment, Net (Details) - Schedule of property, plant and equipment, net [Line Items] | |||
Balance at Beginning | 1,961 | 587 | |
Additions | 1,375 | 1,374 | |
Deductions | |||
Balance at Ending | ₪ 3,336 | ₪ 1,961 |
Leases (Details)
Leases (Details) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of leases [text block] [Abstract] | |
Leases, terms | The leases of the buildings and vehicles are for a period of 10 and 3 years, respectively. |
Noncancelable lease periods | 10 years |
Leases (Details) - Schedule of
Leases (Details) - Schedule of information on leases ₪ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020ILS (₪) | |
Schedule of information on leases [Abstract] | |||
Interest expense on lease liabilities | ₪ 715 | $ 230 | ₪ 479 |
Total cash outflow for leases | ₪ 1,220 | $ 392 | ₪ 1,240 |
Leases (Details) - Schedule o_2
Leases (Details) - Schedule of lease extension options ₪ in Thousands, $ in Thousands | Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020ILS (₪) |
Schedule of lease extension options [Abstract] | |||
Lease payments applicable in extension option periods which as of the end of the reporting period are not reasonably certain to be exercised | ₪ 5,889 | $ 1,894 | ₪ 5,889 |
Leases (Details) - Schedule o_3
Leases (Details) - Schedule of right-of-use assets - ILS (₪) ₪ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Buildings [Member] | ||
Cost: | ||
Balance at beginning | ₪ 7,827 | |
Additions during the year: | ||
New leases | ||
Balance at ending | 7,827 | ₪ 7,827 |
Accumulated depreciation: | ||
Balance at beginning | 1,648 | 824 |
Additions during the year: | ||
Depreciation and amortization | 824 | 824 |
Balance at ending | 2,472 | 1,648 |
Depreciated cost | 5,355 | 6,179 |
Cost: | ||
Balance at beginning and ending | 7,827 | |
Motor vehicles [Member] | ||
Cost: | ||
Balance at beginning | 257 | |
Additions during the year: | ||
New leases | 279 | |
Balance at ending | 536 | 257 |
Accumulated depreciation: | ||
Balance at beginning | 230 | 124 |
Additions during the year: | ||
Depreciation and amortization | 73 | 106 |
Balance at ending | 303 | 230 |
Depreciated cost | 233 | 27 |
Cost: | ||
Balance at beginning and ending | 257 | |
Total [Member] | ||
Cost: | ||
Balance at beginning | 8,084 | |
Additions during the year: | ||
New leases | 279 | |
Balance at ending | 8,363 | 8,084 |
Accumulated depreciation: | ||
Balance at beginning | 1,878 | 948 |
Additions during the year: | ||
Depreciation and amortization | 897 | 930 |
Balance at ending | 2,775 | 1,878 |
Depreciated cost | ₪ 5,588 | 6,206 |
Cost: | ||
Balance at beginning and ending | ₪ 8,084 |
Other Long-Term Assets (Details
Other Long-Term Assets (Details) - Schedule of other long term assets ₪ in Thousands, $ in Thousands | Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020ILS (₪) |
Schedule of other long term assets [Abstract] | |||
Restricted cash | ₪ 444 | $ 143 | ₪ 473 |
Other long-term assets, total | ₪ 444 | $ 143 | ₪ 473 |
Other Payables (Details) - Sche
Other Payables (Details) - Schedule of other payables ₪ in Thousands, $ in Thousands | Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020ILS (₪) |
Schedule of other payables [Abstract] | |||
Employees and payroll accruals | ₪ 2,204 | $ 709 | ₪ 875 |
Accrued expenses | 1,123 | 361 | 371 |
Other payables, total | ₪ 3,327 | $ 1,070 | ₪ 1,246 |
Financial Instruments (Details)
Financial Instruments (Details) - Schedule of financial and lease liabilities - Lease liabilities [member] - ILS (₪) ₪ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financial Instruments (Details) - Schedule of financial and lease liabilities [Line Items] | ||
Effective interest rate, Lease liabilities | 8.00% | |
Maturity date, Lease liabilities | 2021 | |
Lease liabilities | ₪ 773 | ₪ 654 |
Effective interest rate, Loan from others | 17.30% | |
Loan from others | 60,421 | |
Total current liabilities | ₪ 773 | 61,075 |
Effective interest rate, Loan from others | 17.30% | |
Loan from others | ₪ 63,252 | |
Effective interest rate, Lease liabilities | 8.00% | |
Maturity date, Lease liabilities | 2028 | |
Lease liabilities | ₪ 5,712 | 6,088 |
Total non-current liabilities | 68,964 | 6,088 |
Total financial and lease liabilities | ₪ 69,737 | ₪ 67,163 |
Bottom of range [member] | ||
Financial Instruments (Details) - Schedule of financial and lease liabilities [Line Items] | ||
Maturity date, Loan from others | 2023 | |
Maturity date, Loan from others | 2023 | |
Top of range [member] | ||
Financial Instruments (Details) - Schedule of financial and lease liabilities [Line Items] | ||
Maturity date, Loan from others | 2024 | |
Maturity date, Loan from others | 2024 |
Financial Instruments (Detail_2
Financial Instruments (Details) - Schedule of financial liabilities - ILS (₪) ₪ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Schedule of financial liabilities [Abstract] | ||
Loan from others, Carrying amount | ₪ 84,477 | ₪ 94,658 |
Loan from others, Fair value | 63,252 | 60,421 |
Total, Carrying amount | 84,477 | 94,658 |
Total, Fair value | ₪ 63,252 | ₪ 60,421 |
Financial Instruments (Detail_3
Financial Instruments (Details) - Schedule of financial assets and liabilities ₪ in Thousands, $ in Thousands | Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020ILS (₪) |
Financial liabilities at amortized costs: | |||
Trade payables | ₪ 3,107 | $ 999 | ₪ 1,868 |
Other payables | 3,327 | 1,070 | 2,381 |
Lease Liabilities | 6,485 | 2,085 | 6,742 |
Loan from others | 63,252 | 20,338 | 60,421 |
Total financial liabilities | 76,171 | 24,492 | 71,412 |
Total current | 2,077 | 2,317 | 64,189 |
Total non-current | ₪ 68,964 | $ 22,175 | ₪ 7,223 |
Financial Instruments (Detail_4
Financial Instruments (Details) - Schedule of maturity profile of financial liabilities based on contractual undiscounted payments - ILS (₪) ₪ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Financial Instruments (Details) - Schedule of maturity profile of financial liabilities based on contractual undiscounted payments [Line Items] | ||
Trade payables | ₪ 3,107 | ₪ 1,868 |
Other payables | 3,327 | 2,381 |
Lease liabilities | 6,064 | 8,714 |
Loans from others | 84,477 | 94,658 |
Total | 96,975 | 107,621 |
Less than one year [Member] | ||
Financial Instruments (Details) - Schedule of maturity profile of financial liabilities based on contractual undiscounted payments [Line Items] | ||
Trade payables | 3,107 | 1,868 |
Other payables | 3,327 | 1,246 |
Lease liabilities | 552 | 1,128 |
Loans from others | ||
Total | 6,986 | 4,242 |
1 to 2 years [Member] | ||
Financial Instruments (Details) - Schedule of maturity profile of financial liabilities based on contractual undiscounted payments [Line Items] | ||
Trade payables | ||
Other payables | 1,135 | |
Lease liabilities | 885 | 1,128 |
Loans from others | 70,398 | 78,883 |
Total | 71,283 | 81,146 |
2 to 3 years [Member] | ||
Financial Instruments (Details) - Schedule of maturity profile of financial liabilities based on contractual undiscounted payments [Line Items] | ||
Trade payables | ||
Other payables | ||
Lease liabilities | 845 | 1,174 |
Loans from others | 14,079 | 15,775 |
Total | 14,924 | 16,949 |
3 to 4 years [Member] | ||
Financial Instruments (Details) - Schedule of maturity profile of financial liabilities based on contractual undiscounted payments [Line Items] | ||
Trade payables | ||
Other payables | ||
Lease liabilities | 904 | 1,174 |
Loans from others | ||
Total | 904 | 1,174 |
4 to 5 years [Member] | ||
Financial Instruments (Details) - Schedule of maturity profile of financial liabilities based on contractual undiscounted payments [Line Items] | ||
Trade payables | ||
Other payables | ||
Lease liabilities | 977 | 1,174 |
Loans from others | ||
Total | 977 | 1,174 |
> 5 years [Member] | ||
Financial Instruments (Details) - Schedule of maturity profile of financial liabilities based on contractual undiscounted payments [Line Items] | ||
Trade payables | ||
Other payables | ||
Lease liabilities | 1,901 | 2,936 |
Loans from others | ||
Total | ₪ 1,901 | ₪ 2,936 |
Financial Instruments (Detail_5
Financial Instruments (Details) - Schedule of changes in liabilities arising from financing activities - ILS (₪) ₪ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Financial Instruments (Details) - Schedule of changes in liabilities arising from financing activities [Line Items] | ||
Beginning Balance | ₪ 67,163 | ₪ 131,283 |
Cash flows | (506) | (761) |
Effect of changes in fair value | 2,831 | (63,359) |
Ending Balance | 69,737 | 67,163 |
New leases | 249 | |
Loans from others [Member] | ||
Financial Instruments (Details) - Schedule of changes in liabilities arising from financing activities [Line Items] | ||
Beginning Balance | 60,421 | 123,780 |
Cash flows | ||
Effect of changes in fair value | 2,831 | (63,359) |
Ending Balance | 63,252 | 60,421 |
New leases | ||
Lease liabilities [Member] | ||
Financial Instruments (Details) - Schedule of changes in liabilities arising from financing activities [Line Items] | ||
Beginning Balance | 6,742 | 7,503 |
Cash flows | (506) | (761) |
Effect of changes in fair value | ||
Ending Balance | 6,485 | ₪ 6,742 |
New leases | ₪ 249 |
Employee Benefit Liabilities (D
Employee Benefit Liabilities (Details) - Schedule of defined contribution plans ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020ILS (₪) | Dec. 31, 2019ILS (₪) | |
Schedule of defined contribution plans [Abstract] | ||||
Expenses - defined contribution plan | ₪ 314 | $ 101 | ₪ 335 | ₪ 332 |
Contingent Liabilities and Co_2
Contingent Liabilities and Commitments (Details) € in Thousands, ₪ in Thousands, $ in Thousands | Oct. 07, 2019USD ($) | Oct. 07, 2019EUR (€) | Oct. 10, 2018USD ($) | Oct. 10, 2018EUR (€) | Jan. 26, 2021USD ($) | Apr. 22, 2019USD ($) | Apr. 22, 2019EUR (€) | Jun. 19, 2017USD ($) | Oct. 31, 2013 | Jul. 31, 2003 | Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020ILS (₪) | Dec. 31, 2020USD ($) | Dec. 31, 2019ILS (₪) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2021USD ($) | Jun. 19, 2017EUR (€) |
Contingent Liabilities and Commitments (Details) [Line Items] | ||||||||||||||||||||
License agreement, description | In exchange for the license grant, 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. | |||||||||||||||||||
Payment of royalties, description | 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. | The Company performed a valuation of the financial liability for December 31, 2019 through an independent appraiser. According to the valuation, which was based on WACC (Weighted Average Cost of capital) of 17.3% and CAPM (Capital Asset Pricing Model), the value of the financial liability was estimated at NIS 123,780 ($ 38,500). | The Company performed a valuation of the financial liability for December 31, 2019 through an independent appraiser. According to the valuation, which was based on WACC (Weighted Average Cost of capital) of 17.3% and CAPM (Capital Asset Pricing Model), the value of the financial liability was estimated at NIS 123,780 ($ 38,500). | |||||||||||||||||
Description of expiration of agreement | (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 the 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. | |||||||||||||||||||
Percentage of royalties | 25.00% | |||||||||||||||||||
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, 2021 is approximately $ 5,700 (NIS 17,727), which represents the total gross amount of grants actually received by the Company from the IIA including accrued interest. As of December 31, 2021, the Company had not paid any royalties to the IIA. | |||||||||||||||||||
Loan agreement amount | ₪ 84,477 | $ (27,163) | ||||||||||||||||||
Cost of developing percentage | 50.00% | |||||||||||||||||||
EIB financing, description | In addition, as repayment features, EIB was entitled to receive the higher between 3% of any M-001 sales revenues for a period of ten years, or realizing a cash-on-cash multiple of 2.8 times | |||||||||||||||||||
Internal rate | 20.00% | 20.00% | ||||||||||||||||||
Percentage of sales revenue | 3.00% | 3.00% | ||||||||||||||||||
Financial expense | ₪ 14,083 | $ (4,380) | ||||||||||||||||||
Re-evaluated the loan | ₪ 60,421 | $ (18,793) | ||||||||||||||||||
Revaluation income | ₪ 62,800 | $ (19,533) | ||||||||||||||||||
Amount of liability | ₪ 12,685 | $ (3,954) | ||||||||||||||||||
Fair value | ₪ 63,252 | $ (20,338) | ||||||||||||||||||
Second Tranche [Member] | ||||||||||||||||||||
Contingent Liabilities and Commitments (Details) [Line Items] | ||||||||||||||||||||
Total finance contract existent | $ | $ 7,000 | |||||||||||||||||||
Third Tranche [Member] | ||||||||||||||||||||
Contingent Liabilities and Commitments (Details) [Line Items] | ||||||||||||||||||||
Total finance contract existent | $ | $ 9,200 | |||||||||||||||||||
Euro [Member] | ||||||||||||||||||||
Contingent Liabilities and Commitments (Details) [Line Items] | ||||||||||||||||||||
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). | |||||||||||||||||||
Outstanding amount grants receivables | € 55 | |||||||||||||||||||
Loan agreement amount | € 20,000 | |||||||||||||||||||
Total finance contract existent | € 4,000 | |||||||||||||||||||
Euro [Member] | First Tranche [Member] | ||||||||||||||||||||
Contingent Liabilities and Commitments (Details) [Line Items] | ||||||||||||||||||||
Total finance contract existent | € 20,000 | |||||||||||||||||||
Euro [Member] | Second Tranche [Member] | ||||||||||||||||||||
Contingent Liabilities and Commitments (Details) [Line Items] | ||||||||||||||||||||
Total finance contract existent | 6,000 | |||||||||||||||||||
Euro [Member] | Third Tranche [Member] | ||||||||||||||||||||
Contingent Liabilities and Commitments (Details) [Line Items] | ||||||||||||||||||||
Total finance contract existent | € 8,000 | |||||||||||||||||||
USD [Member] | ||||||||||||||||||||
Contingent Liabilities and Commitments (Details) [Line Items] | ||||||||||||||||||||
Outstanding amount grants receivables | $ | $ (62) | |||||||||||||||||||
Loan agreement amount | $ | $ 23,200 | |||||||||||||||||||
EIB financing, description | According to the Amendment, as repayment features, EIB is entitled to receive the higher between 3% of any M-001 sales revenues for a period of twelve years or realizing a cash-on-cash multiple of 2.8 times | According to the Amendment, as repayment features, EIB is entitled to receive the higher between 3% of any M-001 sales revenues for a period of twelve years or realizing a cash-on-cash multiple of 2.8 times | ||||||||||||||||||
Total finance contract existent | $ | $ 4,400 | |||||||||||||||||||
EIB Financing [Member] | Euro [Member] | ||||||||||||||||||||
Contingent Liabilities and Commitments (Details) [Line Items] | ||||||||||||||||||||
Finance contract existent (in Euro) | € 4,000 | |||||||||||||||||||
Total finance contract existent | € 24,000 | |||||||||||||||||||
EIB Financing [Member] | USD [Member] | ||||||||||||||||||||
Contingent Liabilities and Commitments (Details) [Line Items] | ||||||||||||||||||||
Total finance contract existent | $ | $ 27,600 | |||||||||||||||||||
Major ordinary share transactions [Member] | ||||||||||||||||||||
Contingent Liabilities and Commitments (Details) [Line Items] | ||||||||||||||||||||
Equity financing value | $ | $ 2,000 |
Equity (Details)
Equity (Details) $ / shares in Units, $ in Thousands | Feb. 10, 2021ILS (₪)shares | Feb. 10, 2021USD ($)shares | Jul. 08, 2020$ / sharesshares | Jul. 08, 2020ILS (₪) | Jul. 08, 2020USD ($)$ / shares | May 15, 2020shares | Jul. 16, 2019 | Jun. 13, 2019ILS (₪)shares | Jun. 13, 2019USD ($)shares | Jun. 24, 2015ILS (₪)shares | Jun. 24, 2015USD ($)shares | May 12, 2015ILS (₪)shares | May 12, 2015USD ($)$ / sharesshares | May 12, 2015ILS (₪) | Dec. 27, 2021ILS (₪)shares | Dec. 27, 2021USD ($)$ / sharesshares | Feb. 02, 2021$ / sharesshares | Dec. 31, 2021shares | Dec. 31, 2020ILS (₪)shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019ILS (₪) | Jun. 11, 2020$ / shares | Apr. 30, 2018$ / shares |
Equity (Details) [Line Items] | |||||||||||||||||||||||
Ordinary shares | 40 | 40 | |||||||||||||||||||||
Number of shares issued | 334,520 | 334,520 | 76,400,000 | ||||||||||||||||||||
Warrants exercised | 2,038,000 | 2,038,000 | 1,100,000,000 | 27,044,720 | 27,044,720 | ||||||||||||||||||
Warrants exercisable term | 5 years | 5 years | |||||||||||||||||||||
Exercise price per share (in Dollars per share) | $ / shares | $ 6.25 | ||||||||||||||||||||||
Total consideration | ₪ 188,000 | $ 53 | ₪ 36,607,000 | $ (9,382) | ₪ 14,790,000 | ||||||||||||||||||
Offering expenses (in New Shekels) | ₪ | ₪ 5,576,000 | ||||||||||||||||||||||
Underwriters warrants granted | 95,500 | 95,500 | |||||||||||||||||||||
Increase in equity shares (in New Shekels) | ₪ | ₪ 26,417,000 | ||||||||||||||||||||||
Offering expenses totaling (in New Shekels) | ₪ | 4,860,000 | ||||||||||||||||||||||
Warrants amount (in New Shekels) | ₪ | 7,398,000 | ||||||||||||||||||||||
Financial expense (in New Shekels) | ₪ | ₪ 1,197,000 | ||||||||||||||||||||||
Issuance expenses (in New Shekels) | ₪ | ₪ 1,155 | ₪ 134,000 | |||||||||||||||||||||
Revaluation of warrants (in New Shekels) | ₪ | ₪ 14,467,000 | ₪ 11,400,000 | |||||||||||||||||||||
Public offering, description | the Company closed a public offering and issued 3,057,466 NASDAQ listed ADSs (equivalent to 122,298,640 Ordinary shares) and 18,298,898 Ordinary shares (equivalent to 457,472 NASDAQ listed ADSs) in consideration of $ 20,000 (approximately NIS 71,300) to a number of investors. | ||||||||||||||||||||||
Warrants expired shares | 540,639,000 | ||||||||||||||||||||||
Exercise price per share (in Dollars per share) | $ / shares | $ 6.25 | $ 7.28 | $ 7.98 | ||||||||||||||||||||
Warrant shares | 676,118 | 676,118 | |||||||||||||||||||||
Number of shares | 3,813,560 | 3,813,560 | |||||||||||||||||||||
Price per share (in Dollars per share) | $ / shares | $ 2.36 | ||||||||||||||||||||||
Purchase of additional shares | 330,508 | 330,508 | |||||||||||||||||||||
Total gross proceeds (in Dollars) | $ | $ 9,780 | ||||||||||||||||||||||
Received amount | ₪ 41,137,000 | $ 12,465 | ₪ 27,866,000 | 8,817 | |||||||||||||||||||
Issuance expenses | $ 371 | ₪ 3,039,000 | $ 1,593 | ||||||||||||||||||||
Ordinary shares equivalent | 27,500,000 | ||||||||||||||||||||||
Registered share capital | 1,800,000,000 | ||||||||||||||||||||||
Share capital equivalent | 45,000,000 | ||||||||||||||||||||||
Angels Investments in High Tech Ltd. [Member] | |||||||||||||||||||||||
Equity (Details) [Line Items] | |||||||||||||||||||||||
Public offering, description | As part of this public offering, Angels Investments in High Tech Ltd. (“AIHT”) exercised their option to purchase, under the same terms of the public offering, 2,203,640 ADSs and 141,538 Ordinary shares offered in the public offering that were not purchased by other shareholders. In total, the investment through AIHT in this offering was approximately $ 16,670, making AIHT a controlling shareholder (as defined under the Israeli Companies Law) with a holding of about 42% in BiondVax. | ||||||||||||||||||||||
American Depository Shares [Member] | |||||||||||||||||||||||
Equity (Details) [Line Items] | |||||||||||||||||||||||
Number of shares issued | 8,363 | 8,363 | |||||||||||||||||||||
Warrants exercised | 240,000 | 24,462,600 | 24,462,600 | ||||||||||||||||||||
Total consideration | ₪ 166,000 | $ 48 | $ 4,298 | ||||||||||||||||||||
Additional shares issued | 110,000 | 110,000 | |||||||||||||||||||||
Gross consideration offering amount | ₪ 2,069,000 | $ (530) | |||||||||||||||||||||
Number of options issued | 6,000 | ||||||||||||||||||||||
Exercise price per share (in Dollars per share) | $ / shares | $ 7.98 | $ 7.98 | $ 6.25 | $ 8.076 | |||||||||||||||||||
Warrant shares | 611,565 | 611,565 | |||||||||||||||||||||
Public offering [Member] | |||||||||||||||||||||||
Equity (Details) [Line Items] | |||||||||||||||||||||||
Number of shares | 2,434,783 | ||||||||||||||||||||||
Price per share (in Dollars per share) | $ / shares | $ 4.95 | ||||||||||||||||||||||
Purchase of additional shares | 365,217 | 365,217 | |||||||||||||||||||||
Total gross proceeds (in Dollars) | $ | $ 13,800 |
Share-Based Compensation (Detai
Share-Based Compensation (Details) ₪ / shares in Units, $ / shares in Units, ₪ in Thousands, $ in Thousands | Oct. 17, 2021 | May 25, 2021ILS (₪)shares | May 25, 2021USD ($)shares | Apr. 06, 2021ILS (₪)shares | Apr. 06, 2021USD ($)$ / sharesshares | Sep. 02, 2020ILS (₪)shares | Sep. 02, 2020USD ($)$ / sharesshares | Jun. 11, 2020ILS (₪)shares | Jun. 11, 2020USD ($)$ / sharesshares | Apr. 30, 2019ILS (₪)shares | Apr. 30, 2019USD ($)$ / sharesshares | Mar. 31, 2018 | Dec. 31, 2021₪ / shares | Dec. 31, 2020₪ / shares | Dec. 31, 2020$ / shares | Jul. 08, 2020$ / shares | Apr. 30, 2018$ / shares |
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Description of share-based payment arrangement | the Company’s Board of Directors approved a grant to an advisor to purchase 72,000 ADS (2,880,000 Ordinary shares) at an exercise price of $18.06 per ADS in three tranches. The first tranche of 32,400 ADS’s was vested on May 31,2020, the second tranche of 25,200 ADS was vested on September 30, 2020 and the third tranche of 14,400 ADS’s will be vested on December 31, 2020. The options will expire four years from the commencement vesting date of each tranche. The total value of the grant was NIS 2,783 ($ 809). | the Company’s Board of Directors approved a grant to an advisor to purchase 72,000 ADS (2,880,000 Ordinary shares) at an exercise price of $18.06 per ADS in three tranches. The first tranche of 32,400 ADS’s was vested on May 31,2020, the second tranche of 25,200 ADS was vested on September 30, 2020 and the third tranche of 14,400 ADS’s will be vested on December 31, 2020. The options will expire four years from the commencement vesting date of each tranche. The total value of the grant was NIS 2,783 ($ 809). | |||||||||||||||
Number of share options granted in share based payment arrangement | 600,000 | 600,000 | 141,400 | 141,400 | |||||||||||||
Exercise price per share | $ / shares | $ 7.28 | $ 6.25 | $ 7.98 | ||||||||||||||
Fair value of options granted | ₪ 5,057 | $ 1,626 | ₪ 358 | ₪ 30 | $ 9 | ₪ 4,190 | $ (1,218) | ||||||||||
Shareholders approved amendment description | On May 25, 2021, the shareholders approved the amendment to the following options held by directors of the Company, as follows: Mr. Mark Germain (130,710 options), Prof. Avner Rotman (20,000 options), Mr. Adi Raviv (18,000 options), Prof. George H. Lowell (20,000 options), Dr. Morris Laster (18,000 options), Dr. Yael Margolin (18,000 options) and Mr. Isaac Devash (18,000 options) as follows: a. accelerated vesting and the ability to immediately exercise such options in the event of change of control; and b. to the extent vested, allow the options to be exercised during the existing ten (10) year terms of the options in the event of the foregoing director’s termination of service to the Company without cause. The fair value of the said changes was approximately $3 (approximately NIS 10). | On May 25, 2021, the shareholders approved the amendment to the following options held by directors of the Company, as follows: Mr. Mark Germain (130,710 options), Prof. Avner Rotman (20,000 options), Mr. Adi Raviv (18,000 options), Prof. George H. Lowell (20,000 options), Dr. Morris Laster (18,000 options), Dr. Yael Margolin (18,000 options) and Mr. Isaac Devash (18,000 options) as follows: a. accelerated vesting and the ability to immediately exercise such options in the event of change of control; and b. to the extent vested, allow the options to be exercised during the existing ten (10) year terms of the options in the event of the foregoing director’s termination of service to the Company without cause. The fair value of the said changes was approximately $3 (approximately NIS 10). | |||||||||||||||
Board approve issuance description | On October 17, 2021, the board approve the issuance of 124,600 RSUs representing 600,000 ADS’s to the Company employees in exchange of their options, in a way that for each option exchanged a new RSU will be issued. The fair value of the said issuance was $156 (approximately NIS 505).On the same day the board approve the issuance of 10,000 RSUs representing 10,000 ADS’s to the Company employees. The fair value of the said issuance was $23 (approximately NIS 74). | ||||||||||||||||
Share option (in New Shekels per share) | ₪ / shares | ₪ 0.78 | ||||||||||||||||
Share options outstanding weighted average remaining contractual life | 16 years 3 months 18 days | 6 years 1 month 6 days | |||||||||||||||
Bottom of range [member] | |||||||||||||||||
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Exercise price per share | ₪ / shares | ₪ 0.45 | ₪ 0.45 | |||||||||||||||
Top of range [member] | |||||||||||||||||
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Exercise price per share | ₪ / shares | ₪ 1.325 | ₪ 1.325 | |||||||||||||||
Plan [Member] | |||||||||||||||||
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Share-based payment of option vested period | 10 years | 10 years | |||||||||||||||
Description of share-based payment arrangement | The options generally vest over a period of three or four years. | The options generally vest over a period of three or four years. | |||||||||||||||
Board Member [Member] | |||||||||||||||||
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Number of share options granted in share based payment arrangement | 5,000 | 5,000 | 108,000 | 108,000 | |||||||||||||
Exercise price per share | $ / shares | $ 7.976 | ||||||||||||||||
Fair value of options granted | ₪ 660 | $ 196 | ₪ 1,414 | $ (391) | |||||||||||||
Board Member 1 [Member] | |||||||||||||||||
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Number of share options granted in share based payment arrangement | 82,000 | 82,000 | |||||||||||||||
Exercise price per share | $ / shares | $ 48.04 | ||||||||||||||||
Fair value of options granted | ₪ 6,662 | $ (1,979) | |||||||||||||||
Officer [Member] | |||||||||||||||||
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Number of share options granted in share based payment arrangement | 7,000 | 7,000 | |||||||||||||||
Exercise price per share | $ / shares | $ 41.08 | ||||||||||||||||
Fair value of options granted | ₪ 571 | $ (170) | |||||||||||||||
Granted Options [Member] | |||||||||||||||||
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Number of share options granted in share based payment arrangement | 160,000 | 160,000 | |||||||||||||||
Exercise price per share | $ / shares | $ 6.95 | ||||||||||||||||
Fair value of options granted | ₪ 1,909 | $ 614 | |||||||||||||||
Board Members 2 [Member] | |||||||||||||||||
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Number of share options granted in share based payment arrangement | 150,000 | 150,000 | |||||||||||||||
Exercise price per share | $ / shares | $ 6.95 | ||||||||||||||||
Fair value of options granted | ₪ 1,309 | $ 421 | |||||||||||||||
RSUs [Member] | |||||||||||||||||
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Number of share options granted in share based payment arrangement | 30,000 | 30,000 | |||||||||||||||
Fair value of options granted | $ | $ 115 | ||||||||||||||||
American Depository Shares [Member] | |||||||||||||||||
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Number of share options granted in share based payment arrangement | 600,000 | 600,000 | 5,656,000 | 5,656,000 | |||||||||||||
Exercise price per share | $ / shares | $ 8.076 | $ 6.25 | $ 7.98 | ||||||||||||||
American Depository Shares [Member] | Board Member [Member] | |||||||||||||||||
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Number of share options granted in share based payment arrangement | 5,000 | 5,000 | |||||||||||||||
American Depository Shares [Member] | CEO [Member] | |||||||||||||||||
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Number of share options granted in share based payment arrangement | 4,320,000 | 4,320,000 | |||||||||||||||
American Depository Shares [Member] | Board Member 1 [Member] | |||||||||||||||||
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Number of share options granted in share based payment arrangement | 3,280,000 | 3,280,000 | |||||||||||||||
American Depository Shares [Member] | Officer [Member] | |||||||||||||||||
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Number of share options granted in share based payment arrangement | 280,000 | 280,000 | |||||||||||||||
American Depository Shares [Member] | Granted Options [Member] | |||||||||||||||||
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Number of share options granted in share based payment arrangement | 6,400,000 | 6,400,000 | |||||||||||||||
American Depository Shares [Member] | Board Members 2 [Member] | |||||||||||||||||
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Number of share options granted in share based payment arrangement | 6,000,000 | 6,000,000 | |||||||||||||||
American Depository Shares [Member] | RSUs [Member] | |||||||||||||||||
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Number of share options granted in share based payment arrangement | 30,000 | 30,000 | |||||||||||||||
CEO [Member] | |||||||||||||||||
Share-Based Compensation (Details) [Line Items] | |||||||||||||||||
Description of share-based payment arrangement | the Company also granted 215,833 ADSs (8,633,310 RSU) to the CEO of which 60% vested immediately, 20% will be vested on March 2020 and the additional 20% will vest on March 2021. The fair value of the options as of the date of grant totaled approximately NIS 2,826 ($ 782). | the Company also granted 215,833 ADSs (8,633,310 RSU) to the CEO of which 60% vested immediately, 20% will be vested on March 2020 and the additional 20% will vest on March 2021. The fair value of the options as of the date of grant totaled approximately NIS 2,826 ($ 782). |
Share-Based Compensation (Det_2
Share-Based Compensation (Details) - Schedule of services received from employees, directors and service providers as equity-settled share-based payment - Directors And Service Providers [Member] ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020ILS (₪) | Dec. 31, 2019ILS (₪) | |
Share-Based Compensation (Details) - Schedule of services received from employees, directors and service providers as equity-settled share-based payment [Line Items] | ||||
Research and development | ₪ 1,045 | $ 336 | ₪ 2,056 | ₪ 1,907 |
Marketing, general and administrative | 7,859 | 2,527 | 7,416 | 1,777 |
Total share-based compensation | ₪ 8,904 | $ 2,863 | ₪ 9,472 | ₪ 3,684 |
Share-Based Compensation (Det_3
Share-Based Compensation (Details) - Schedule of option plan to employees and directors | 12 Months Ended | ||
Dec. 31, 2021$ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019$ / shares | |
Schedule of option plan to employees and directors [Abstract] | |||
Number of options, Outstanding at beginning of year | 24,869,400 | 14,213,400 | 16,647,903 |
Weighted average exercise price, Outstanding at beginning of year | $ 0.69 | $ 0.75 | $ 0.75 |
Number of options, Granted | 12,400,000 | 12,096,000 | 4,320,000 |
Weighted average exercise price, Granted | $ 0.54 | $ 1.87 | $ 0.69 |
Number of options, Exercised | (240,000) | ||
Weighted average exercise price, Exercised | $ 0.68 | ||
Number of options, Expired | (9,099,800) | (1,200,000) | (6,754,503) |
Weighted average exercise price, Expired | $ 1.42 | $ 0.68 | $ 0.75 |
Number of options, Outstanding at end of year | 28,169,600 | 24,869,400 | 14,213,400 |
Weighted average exercise price, Outstanding at end of year | $ 1.57 | $ 0.78 | $ 0.73 |
Number of options, Exercisable at end of year | 15,362,360 | 11,587,867 | 5,310,000 |
Weighted average exercise price, Exercisable at end of year | $ 1.42 | $ 0.69 | $ 0.75 |
Share-Based Compensation (Det_4
Share-Based Compensation (Details) - Schedule of estimated option pricing model using assumptions | 12 Months Ended | |||||
Dec. 31, 2021₪ / shares | Dec. 31, 2021$ / shares | Dec. 31, 2020₪ / shares | Dec. 31, 2020$ / shares | Dec. 31, 2019₪ / shares | Dec. 31, 2019$ / shares | |
Share-Based Compensation (Details) - Schedule of estimated option pricing model using assumptions [Line Items] | ||||||
Dividend yield (%) | ||||||
Expected volatility of the share prices (%) | 110.00% | 110.00% | 66.00% | 66.00% | 57.00% | 57.00% |
Risk-free interest rate (%) | 1.70% | 1.70% | 2.30% | 2.30% | ||
Expected life of share options (years) | 10 years | 10 years | 7 years 6 months | 7 years 6 months | ||
Share price (NIS) (in New Shekels per share) | ₪ / shares | ₪ 0.3 | ₪ 24.07 | ||||
ADS $ (in Dollars per share) | $ / shares | $ 3.84 | $ 6.66 | ||||
Bottom of range [member] | ||||||
Share-Based Compensation (Details) - Schedule of estimated option pricing model using assumptions [Line Items] | ||||||
Risk-free interest rate (%) | 0.70% | 0.70% | ||||
Expected life of share options (years) | 6 years | 6 years | ||||
Share price (NIS) (in New Shekels per share) | ₪ / shares | ₪ 7.05 | |||||
ADS $ (in Dollars per share) | $ / shares | $ 2.2 | |||||
Top of range [member] | ||||||
Share-Based Compensation (Details) - Schedule of estimated option pricing model using assumptions [Line Items] | ||||||
Risk-free interest rate (%) | 0.80% | 0.80% | ||||
Expected life of share options (years) | 7 years | 7 years | ||||
Share price (NIS) (in New Shekels per share) | ₪ / shares | ₪ 18 | |||||
ADS $ (in Dollars per share) | $ / shares | $ 5.6 |
Supplementary Information to _3
Supplementary Information to the Statements of Comprehensive Income (Details) - Schedule of expenses and income ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020ILS (₪) | Dec. 31, 2019ILS (₪) | |
Research and Development Expenses, Net of Participations [Member] | ||||
Supplementary Information to the Statements of Comprehensive Income (Details) - Schedule of expenses and income [Line Items] | ||||
Clinical trial phase 3 | ₪ 1,340 | $ 431 | ₪ 31,519 | ₪ 52,825 |
Materials and subcontractors | 684 | 220 | 9,193 | 5,946 |
Salaries and related expenses | 4,551 | 1,462 | 5,532 | 5,384 |
Share-based payment | 1,045 | 336 | 2,056 | 1,907 |
Patent registration fees | 248 | 80 | 314 | 278 |
Rentals and maintenance of laboratory | 607 | 195 | 958 | 970 |
Depreciation | 1,866 | 601 | 1,887 | 1,293 |
Other | 2 | 42 | ||
Financial income: | ||||
Total gross | 10,341 | 3,325 | 51,463 | 68,645 |
Marketing, General and Administrative Expenses [Member] | ||||
Supplementary Information to the Statements of Comprehensive Income (Details) - Schedule of expenses and income [Line Items] | ||||
Salaries and related expenses | 7,376 | 2,372 | 2,569 | 3,216 |
Share-based payment | 7,859 | 2,527 | 7,416 | 1,777 |
Professional services | 5,682 | 1,827 | 3,645 | 3,582 |
Rentals, office expenses and maintenance | 314 | 101 | 313 | 323 |
Depreciation | 549 | 176 | 551 | 352 |
Other | 2,748 | 883 | 2,193 | 456 |
Marketing, general and administrative | 24,528 | 7,887 | 16,687 | 9,706 |
Financial Income and Expense [Member] | ||||
Financial income: | ||||
Interest income on deposits | 3 | 1 | 2 | 4 |
Exchange differences, net | 5,713 | 1,837 | 1,714 | |
Revaluation of IIA liability | 2,127 | |||
Finance income | ₪ 5,716 | $ 1,838 | ₪ 3,843 | ₪ 4 |
Supplementary Information to _4
Supplementary Information to the Statements of Comprehensive Income (Details) - Schedule of financial income and expense - Financial income and expense [Member] ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020ILS (₪) | Dec. 31, 2019ILS (₪) | |
Financial expenses: | ||||
Exchange differences, net | ₪ 4,373 | |||
Lease holding finance expense | 715 | 230 | 479 | 666 |
Revaluation of warrants | 14,467 | 11,400 | ||
Finance expenses in respect of loans from others | 10,117 | 3,253 | 643 | 14,083 |
Finance expenses in respect of Government grants | 169 | |||
Bank commissions and other financial expenses | 33 | 11 | 43 | 156 |
Financial expense | ₪ 10,865 | $ 3,494 | ₪ 15,632 | ₪ 30,847 |
Taxes on Income (Details)
Taxes on Income (Details) | 12 Months Ended | ||
Dec. 31, 2021ILS (₪) | Dec. 31, 2020 | Dec. 31, 2021USD ($) | |
Taxes on Income (Details) [Line Items] | |||
Carryforwards losses and other temporary differences amount | ₪ 311,625 | $ (100,201) | |
Statutory tax rate and the taxes on income | 0.00% | ||
Israeli [Member] | |||
Taxes on Income (Details) [Line Items] | |||
Corporate tax rate | 23.00% | 23.00% |
Balances and Transactions wit_3
Balances and Transactions with Related Parties (Details) | Aug. 31, 2014ILS (₪) | Mar. 02, 2021 | May 28, 2015ILS (₪) | Jan. 18, 2015 | Aug. 31, 2014ILS (₪) | Aug. 31, 2012 | Dec. 31, 2021USD ($)shares |
Balances and Transactions with Related Parties (Details) [Line Items] | |||||||
Number of directors | 4 | ||||||
Description of transactions with related party | Pursuant to the amendment, the monthly salary of the Company’s CEO was increased by 5% in each of the three years of the extension of the engagement to NIS 52.5 a month starting January 2012. | ||||||
Shareholders agreement term | 5 years | ||||||
Remuneration total (in New Shekels) | ₪ 80 | ||||||
Option granted, percentage | 2.50% | ||||||
One-time cash payment (in New Shekels) | ₪ 87.5 | ||||||
Compensation under the services agreement (in New Shekels) | ₪ 15,000 | ||||||
Percentage of compensation paid | 0.50% | ||||||
Annual gross salary (in Dollars) | $ | $ 350 | ||||||
Percentage of monthly salary | 20.00% | ||||||
Gross lump sum amount (in Dollars) | $ | $ 50 | ||||||
Entitled to receive RSUs (in Shares) | shares | 600,000 | ||||||
Number of RSUs sold period | 1 year | ||||||
Percentage of vested RSUs | 5.00% | ||||||
CEO [Member] | |||||||
Balances and Transactions with Related Parties (Details) [Line Items] | |||||||
Number of directors | 9 | ||||||
Termination period | 3 years | ||||||
Compensation payable | 1.75% | ||||||
Board of Directors [Member] | |||||||
Balances and Transactions with Related Parties (Details) [Line Items] | |||||||
Number of key officers | 3 | ||||||
CFO [Member] | |||||||
Balances and Transactions with Related Parties (Details) [Line Items] | |||||||
Employment agreement, description | In August 2014, the Company signed an employment agreement with the CFO at a 60% employment capacity 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. | ||||||
One-time cash payment (in New Shekels) | ₪ 192.5 | ||||||
Third Party [Member] | |||||||
Balances and Transactions with Related Parties (Details) [Line Items] | |||||||
Number of directors | 4 | ||||||
Mr. Reichman [Member] | |||||||
Balances and Transactions with Related Parties (Details) [Line Items] | |||||||
Termination period | 1 year |
Balances and Transactions wit_4
Balances and Transactions with Related Parties (Details) - Schedule of balances with related parties - Dec. 31, 2021 ₪ in Thousands, $ in Thousands | ILS (₪) | USD ($) |
2020 [Member] | ||
Key management personnel: | ||
Payables | ₪ 403 | |
Payables (in Dollars) | 403 | |
2021 [Member] | ||
Key management personnel: | ||
Payables | 2,243 | |
Payables (in Dollars) | ₪ 2,243 | |
2021 [Member] | USD [Member] | ||
Key management personnel: | ||
Payables | $ | $ 721 | |
Payables (in Dollars) | $ | $ 721 |
Balances and Transactions wit_5
Balances and Transactions with Related Parties (Details) - Schedule of transactions with related parties - 12 months ended Dec. 31, 2021 ₪ in Thousands, $ in Thousands | ILS (₪) | USD ($) |
2019 [Member] | ||
Key management personnel: | ||
Research and development | ₪ 5,395 | |
Marketing, general and administrative | 3,653 | |
2020 [Member] | ||
Key management personnel: | ||
Research and development | 1,800 | |
Marketing, general and administrative | 5,100 | |
2021 [Member] | ||
Key management personnel: | ||
Research and development | 1,439 | |
Marketing, general and administrative | 13,052 | |
2021 [Member] | USD [Member] | ||
Key management personnel: | ||
Research and development | $ | $ 463 | |
Marketing, general and administrative | ₪ 4,197 |
Balances and Transactions wit_6
Balances and Transactions with Related Parties (Details) - Schedule of key officers employed ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021ILS (₪) | Dec. 31, 2021USD ($) | Dec. 31, 2020ILS (₪) | Dec. 31, 2019ILS (₪) | |
Schedule of key officers employed [Abstract] | ||||
Salaries | ₪ 4,732 | $ 1,521 | ₪ 3,790 | ₪ 1,399 |
Short-term employee benefits | 1,655 | 532 | 824 | 1,855 |
Other employees’ benefits | 155 | 50 | 161 | 110 |
Share-based compensation | 7,949 | 2,556 | 2,125 | 3,684 |
Total | ₪ 14,491 | $ 4,659 | ₪ 6,900 | ₪ 7,048 |
Number of key officers and directors | 12 | 12 | 13 | 11 |
Subsequent Events (Details)
Subsequent Events (Details) | 12 Months Ended | |||||
Dec. 31, 2024EUR (€) | Dec. 31, 2023EUR (€) | Dec. 31, 2021EUR (€) | Mar. 14, 2022EUR (€) | Jan. 01, 2022 | Dec. 31, 2021USD ($) | |
Subsequent Events (Details) [Line Items] | ||||||
EIB loan | € 24,000 | |||||
Reduction of principal (in Dollars) | $ | $ 900 | |||||
Capital raises percentage | 10.00% | |||||
Sales exceed | € 5,000 | |||||
Sales exceed, percentage | 3.00% | |||||
Description of royalties | the Company’s topline revenues will be paid to EIB as royalties up to a combined maximum of 2.8 times | |||||
Principal | € 24,000 | |||||
Subsequent events, description | the Company chooses to prepay any portion of the EIB loan (other than as required from future capital raises) the amount prepaid will be calculated such that the EIB realizes at least 20% IRR on its investment at the point of prepayment. | |||||
Non-adjusting events after reporting period [Member] | ||||||
Subsequent Events (Details) [Line Items] | ||||||
Loan maturity | € 4,000 | € 20,000 | ||||
Annual rate | 7.00% |