Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2022 | |
Cover [Abstract] | |
Entity Central Index Key | 0001684693 |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q2 |
Amendment Flag | false |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2022 |
Entity Registrant Name | SOL-GEL TECHNOLOGIES LTD. |
Entity Address, Address Line One | 7 Golda Meir Street |
Entity Address, City or Town | Ness Ziona |
Entity Address, Postal Zip Code | 7403650 |
Entity Address, Country | IL |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 5,765 | $ 20,085 |
Bank deposits | 21,000 | 21,448 |
Marketable securities | 9,846 | 1,709 |
Receivables from collaborative arrangements | 10,176 | 13,065 |
Prepaid expenses and other current assets | 1,691 | 800 |
TOTAL CURRENT ASSETS | 48,478 | 57,107 |
NON-CURRENT ASSETS: | ||
Long-term receivables from collaborative arrangements | 2,499 | 7,402 |
Restricted long-term deposits and cash | 1,289 | 1,298 |
Property and equipment, net | 826 | 1,051 |
Operating lease right-of-use assets | 1,153 | 1,501 |
Funds in respect of employee rights upon retirement | 738 | 830 |
TOTAL NON-CURRENT ASSETS | 6,505 | 12,082 |
TOTAL ASSETS | 54,983 | 69,189 |
CURRENT LIABILITIES: | ||
Accounts payable | 860 | 766 |
Other accounts payable | 1,664 | 10,145 |
Current maturities of operating leases | 701 | 781 |
TOTAL CURRENT LIABILITIES | 3,225 | 11,692 |
LONG-TERM LIABILITIES | ||
Operating leases liabilities | 369 | 810 |
Liability for employee rights upon retirement | 1,038 | 1,093 |
TOTAL LONG-TERM LIABILITIES | 1,407 | 1,903 |
TOTAL LIABILITIES | 4,632 | 13,595 |
SHAREHOLDERS' EQUITY: | ||
Ordinary Shares, NIS 0.1 par value – authorized: 50,000,000 as of December 31, 2021 and June 30, 2022; issued and outstanding: 23,126,804 and 23,129,469 as of December 31, 2021 and June 30, 2022, respectively. | 638 | 638 |
Additional paid-in capital | 233,586 | 233,098 |
Accumulated deficit | (183,873) | (178,142) |
TOTAL SHAREHOLDERS' EQUITY | 50,351 | 55,594 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 54,983 | $ 69,189 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - ₪ / shares | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Ordinary shares, par value per share | ₪ 0.1 | ₪ 0.1 |
Ordinary shares, shares authorized | 50,000,000 | 50,000,000 |
Ordinary shares, shares issued | 23,129,469 | 23,126,804 |
Ordinary shares, shares outstanding | 23,129,469 | 23,126,804 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
TOTAL REVENUES | $ 3,518 | $ 928 | $ 3,521 | $ 1,629 |
RESEARCH AND DEVELOPMENT EXPENSES | 2,380 | 6,933 | 6,422 | 9,399 |
GENERAL AND ADMINISTRATIVE EXPENSES | 1,601 | 2,037 | 3,512 | 4,496 |
TOTAL OPERATING LOSS | 463 | 8,042 | 6,413 | 12,266 |
FINANCIAL INCOME, net | (329) | (9) | (682) | (170) |
LOSS FOR THE PERIOD | $ 134 | $ 8,033 | $ 5,731 | $ 12,096 |
BASIC LOSS PER ORDINARY SHARE | $ 0.01 | $ 0.35 | $ 0.25 | $ 0.53 |
DILUTED LOSS PER ORDINARY SHARE | $ 0.01 | $ 0.35 | $ 0.25 | $ 0.53 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF BASIC LOSS PER SHARE | 23,128,429 | 23,028,508 | 23,127,958 | 23,016,104 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF DILUTED LOSS PER SHARE | 23,128,429 | 23,028,508 | 23,127,958 | 23,016,104 |
COLLABORATION REVENUES [Member] | ||||
TOTAL REVENUES | $ 0 | $ 928 | $ 0 | $ 1,629 |
LICENSE REVENUES [Member] | ||||
TOTAL REVENUES | $ 3,518 | $ 0 | $ 3,521 | $ 0 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands | Ordinary shares [Member] | Additional Paid-In Capital [Member] | Accumulated Deficit [Member] | Total | ||
Balance at Dec. 31, 2020 | $ 635 | $ 231,577 | $ (181,363) | $ 50,849 | ||
Balance, shares at Dec. 31, 2020 | 23,000,782 | |||||
Loss for the period | (12,096) | (12,096) | ||||
Vesting of restricted shares units | [1] | |||||
Vesting of restricted shares units, shares | 15,333 | |||||
Exercise of options | [1] | 83 | 83 | |||
Exercise of options, shares | 13,836 | |||||
Share-based compensation | 411 | 411 | ||||
Balance at Jun. 30, 2021 | $ 635 | 232,071 | (193,459) | 39,247 | ||
Balance, shares at Jun. 30, 2021 | 23,029,951 | |||||
Balance at Mar. 31, 2021 | $ 635 | 231,849 | (185,426) | 47,058 | ||
Balance, shares at Mar. 31, 2021 | 23,028,264 | |||||
Loss for the period | (8,033) | (8,033) | ||||
Exercise of options | [1] | 9 | 9 | |||
Exercise of options, shares | 1,687 | |||||
Share-based compensation | 213 | 213 | ||||
Balance at Jun. 30, 2021 | $ 635 | 232,071 | (193,459) | 39,247 | ||
Balance, shares at Jun. 30, 2021 | 23,029,951 | |||||
Balance at Dec. 31, 2021 | $ 638 | 233,098 | (178,142) | $ 55,594 | ||
Balance, shares at Dec. 31, 2021 | 23,126,804 | 23,126,804 | ||||
Loss for the period | $ (5,731) | |||||
Exercise of options | [1] | 15 | 15 | |||
Exercise of options, shares | 2,665 | |||||
Share-based compensation | 473 | 473 | ||||
Balance at Jun. 30, 2022 | $ 638 | 233,586 | (183,873) | $ 50,351 | ||
Balance, shares at Jun. 30, 2022 | 23,129,469 | 23,129,469 | ||||
Balance at Mar. 31, 2022 | $ 638 | 233,224 | (183,739) | $ 50,123 | ||
Balance, shares at Mar. 31, 2022 | 23,127,669 | |||||
Loss for the period | (134) | (134) | ||||
Exercise of options | [1] | 10 | 10 | |||
Exercise of options, shares | 1,800 | |||||
Share-based compensation | 352 | 352 | ||||
Balance at Jun. 30, 2022 | $ 638 | $ 233,586 | $ (183,873) | $ 50,351 | ||
Balance, shares at Jun. 30, 2022 | 23,129,469 | 23,129,469 | ||||
[1]less than $1 thousand. |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||||
Loss for the period | $ (134) | $ (8,033) | $ (5,731) | $ (12,096) | |
Adjustments required to reconcile loss to net cash used in operating activities: | |||||
Depreciation | 327 | 474 | |||
Changes in accrued liability for employee rights upon retirement, net | 37 | 3 | |||
Share-based compensation expenses | 352 | 213 | 473 | 411 | |
Financial expenses (income), net | (126) | 15 | |||
Net changes in operating leases | (173) | (48) | |||
Changes in fair value of marketable securities | 135 | (59) | $ (125) | ||
Changes in operating asset and liabilities: | |||||
Receivables from collaborative arrangements (including long-term) | 7,792 | 1,197 | |||
Prepaid expenses and other current assets | (891) | (482) | |||
Accounts payable, accrued expenses and other | (8,387) | (782) | |||
Net cash used in operating activities | (6,544) | (11,367) | |||
CASH FLOWS FROM INVESTING ACTIVITIES: | |||||
Purchase of property and equipment | (102) | (54) | |||
Investment in marketable securities | (10,006) | (4,065) | (6,716) | ||
Proceeds from sales and maturity of marketable securities | 1,734 | 18,946 | 26,784 | ||
Proceeds from short-term deposits | 448 | 500 | |||
Proceeds from long-term deposits | 9 | 2 | |||
Net cash provided by (used in) investing activities | (7,917) | 15,329 | |||
CASH FLOWS FROM FINANCING ACTIVITIES: | |||||
Proceeds from exercise of options | 15 | 83 | |||
Net cash provided by financing activities | 15 | 83 | |||
EFFECT OF EXCHANGE RATE ON CASH AND CASH EQUIVALENTS | 126 | (15) | |||
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | (14,320) | 4,030 | |||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE PERIOD | 21,235 | 8,272 | 8,272 | ||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIODS | 6,915 | 12,302 | 6,915 | 12,302 | 21,235 |
Cash and Cash equivalents | 5,765 | 11,152 | 5,765 | 11,152 | 20,085 |
Restricted cash | 1,150 | 1,150 | 1,150 | 1,150 | |
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH SHOWN IN STATEMENT OF CASH FLOWS | $ 6,915 | $ 12,302 | 6,915 | 12,302 | $ 21,235 |
SUPPLEMENTARY INFORMATION: | |||||
Interest received | $ 153 | $ 582 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS | NOTE 1 – NATURE OF OPERATIONS Sol-Gel Technologies Ltd. (collectively with its U.S. subsidiary, the Company) is an Israeli Company incorporated in 1997. The Company is a clinical stage specialty pharmaceutical company focused on developing and commercializing topical dermatological drug products. The Company’s lead products candidates are based upon its proprietary microencapsulation delivery system, consisting of microcapsules made of precipitated silica. The Company has two approved drugs: (i) Twyneo®, which was developed for the treatment of acne vulgaris and received marketing authourization by the U.S. Food and Durg Administration (the "FDA") on July 27, 2021 and (ii) Epsolay®, a treatment for subtype II rosacea that received marketing authourization by the FDA on April 25, 2022. In June 2021, the Company entered into two exclusive license agreements with Galderma for the commercialization of Twyneo® and Epsolay®, in the United States, see note 5. On April 14, 2022, the Company announced that Twyneo® is available for purchase by consumers who obtain a prescription from their physician. On June 2, 2022, the Company announced that Epsolay® is available for purchase by consumers who obtain a prescription from their physician. In addition to the novel products, the Company’s products included the approved generic products Acyclovir, Ivermectin and other generic product candidates. In November 2021, the company entered into an agreement with Padagis, to sell its rights in relation to ten generic collaborative agreements between the parties, including the agreements for the two aforementioned approved generic drug products. Under the new agreement, the company has retained collaboration rights to two generic programs related to four generic drug candidates, see note 4b. Risk and Uncertainties Since incorporation through June 30, 2022, the Company has an accumulated deficit of $183,873 and its activities have been funded mainly by its shareholders, collaboration revenues and license agreements, see also Notes 4 and 5. The Company expects to continue to incur significant research and development and other costs related to its ongoing operations. In addition, management is continuing to analyze cash resources and considering raising additional funding from different sources, such as corporate collaborations, public or private equity offerings and/or debt financings, and/or selling shares under the Company's Open Market Sale Agreement with Jefferies LLC. Management expects that the Company's cash and cash equivalents, deposits and marketable securities as of June 30, 2022 will allow the Company to fund its operating plan through at least the next 12 months from the condensed financial statement issuance date. The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic. To date, the impact of COVID-19 pandemic has been limited and resulted in delays with respect to pre-approval inspections. The full extent to which the COVID-19 pandemic will directly or indirectly impact the Company's business, results of operations and financial condition, including revenues from collaboration arrangements, expenses, reserves and allowances, manufacturing, supply, regulatory approvals, clinical trials, commercial launch of branded and generic product candidates, research and development costs and employee-related amounts, will depend on future developments that are highly uncertain and cannot be predicted. The Company continues to monitor and assess new information related to the COVID-19 pandemic, the actions taken to contain or treat COVID-19, as well as the economic impact on various markets. Furthermore, the estimation process required to prepare the Company’s consolidated financial statements requires assumptions to be made about future events and conditions and the impact of COVID-19 on its financial results, and while management believes such assumptions are reasonable, they are inherently subjective and uncertain. The Company’s actual results could differ materially from those estimates. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES: | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES: | NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES: a. Basis of Presentation The consolidated results for the six month period ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2021. The comparative balance sheet at December 31, 2021 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP. b. Loss per share The calculation of diluted loss per share does not include 3,713,296 and 4,085,416 options, restricted shares and warrants for the six and three months ended June 30, 2022 and 3,437,843 and 3,463,710 options and restricted shares for the six and the three months ended June 30, 2021, respectively, because the effect would be anti-dilutive. |
MARKETABLE SECURITIES_
MARKETABLE SECURITIES: | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | NOTE 3 – MARKETABLE SECURITIES: The following table sets forth the Company’s marketable securities for the indicated periods: December 31, June 30, 2021 2022 Level 2 securities: U.S government and agency bonds 275 1,174 Other foreign government bonds - 1,507 Corporate bonds* 1,434 7,165 Total 1,709 9,846 * Investments in Corporate bonds rated A or higher. The Company’s debt securities are classified within Level 2 because it uses quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. The table below sets forth a summary of the changes in the fair value of the Company’s marketable securities for the indicated periods: Marketable securities For the year ended For the Six Months December 31, 2021 ended June 30, 2022 Balance at beginning of the period $ 21,652 $ 1,709 Additions 6,716 10,006 Sale or maturity (26,784 ) (1,734 ) Changes in fair value during the period 125 (135 ) Balance at end of the period $ 1,709 $ 9,846 As of June 30, 2022, the Company’s debt securities had the following maturity dates: Market value June 30, 2022 Due within one year 9,041 Between 1-2 years 805 The carrying amount of the cash and cash equivalents, bank deposits, restricted cash, restricted long term deposits, receivables from collaborative arrangements, accrued expenses and other liabilities approximates their fair value. |
COLLABORATION AGREEMENTS_
COLLABORATION AGREEMENTS: | 6 Months Ended |
Jun. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
COLLABORATION AGREEMENTS: | NOTE 4 – COLLABORATION AGREEMENTS: a. In 2007, the Company granted rights to a third party for use and commercialization of a product for skin protection. Under this agreement, the Company is entitled to royalties during the years 2016 to 2024. Based on current sales, royalties are not material. b. In 2016 through 2020, the Company entered into several collaboration agreements mainly with one Partner for the development, manufacturing and commercialization of several generic product candidates. Under the agreements, the Partner is obligated to conduct regulatory, scientific, clinical and technical activities necessary to develop the product and prepare and file ANDA, with the FDA and gain regulatory approval. The Company participates in the development of the product candidates, including participation in joint steering committees and is obligated for sourcing the active pharmaceutical ingredient (API) during the development phase. Upon FDA approval, the Partner has exclusive rights and is required to use diligent efforts to commercialize these products in territories defined under the agreements, including all required sales, marketing and distributing activities associated with the agreements. The Company is entitled to a share of the Partner's gross profits related to the sale of the products, as such term is defined in each of the agreements. These Agreement are considered to be within the scope of ASC 808, as the parties are active participants and exposed to the risks and rewards of the collaborative activity. The Company recognizes collaboration revenue when the related sales occur. In November 2021, the Company entered into a new agreement (the "New Agreement") with the Partner, to sell its rights in relation to ten generic collaborative agreements between the parties, including the agreements for two approved generic drug products. Under the New Agreement, the Company has retained collaboration rights to two generic programs related to four generic drug candidates. Following the signing of the New Agreement, the Company is no longer entitled to receive its share in profit as detailed above. Under the terms of the New Agreement, effective as of November 1, 2021, the Company will unconditionally receive $21,500 over 24 months, in lieu of its share in future gross profits for the two approved generic drug products and its potential gross profits for eight unapproved generic programs. The Company received $1,250 as an upfront payment and $20,250 in eight equal quarterly instalments. The New Agreement also provides that effective as of November 1, 2021, the Company will cease paying any outstanding and future operational costs related to these collaborative agreements. |
LICENSE AGREEMENTS_
LICENSE AGREEMENTS: | 6 Months Ended |
Jun. 30, 2022 | |
License Agreements [Abstract] | |
LICENSE AGREEMENTS: | NOTE 5 – LICENSE AGREEMENTS : In June 2021, the Company entered into two exclusive license agreements with Galderma for the commercialization of Twyneo® and Epsolay®, in the United States. According to the agreement, the Company has an option to regain commercialization rights five years following first commercialization. In the third quarter of 2021, the Company received $7.5 million for Twyneo® and $4 million for Epsolay® of upfront payments, which are refundable if FDA approval for each respective product is not received by December 31, 2021. On July 27, 2021, the Company announced that the FDA approved the Company’s first proprietary drug product, Twyneo® . On April 14, 2022, the Company announced that Twyneo® is available for purchase by consumers who obtain a prescription from their physician, See note 1. In March 2022, the Company has refunded the $4 million upfront payment to Galderma, since FDA approval for Epsolay® had not been received as of December 31, 2021. On April 25, 2022, the Company announced that the FDA approved the drug product, Epsolay®, which entitled the Company to $3.5 million milestone payment, according to the license agreement. |
SHARE CAPITAL_
SHARE CAPITAL: | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
SHARE CAPITAL: | NOTE 6 – SHARE CAPITAL: Options grants During the six months ended June 30, 2022, the Company granted 722,488 options to employees and executive officers: i. In March 2022, the Company granted a total of 148,907 options to several employees to purchase ordinary shares at an exercise price of $7.38 per share. The options vest over a period of 4 years; one quarter of the options vest on the first anniversary of the vesting commencement date (as described in each agreement) and the rest vest quarterly over the following three years. The options expire on the tenth anniversary of their grant date. ii. In March 2022, the Company granted a total of 271,517 options to several Executive Officers to purchase ordinary shares at an exercise price of $10 per share. The options vest over a period of 4 years; one quarter of the options vest on the first anniversary of the vesting commencement date (as described in each agreement) and the rest vest quarterly over the following three years. The options expire on the tenth anniversary of their grant date. iii. In March 2022, the board of directors approved and recommended the Company shareholders to approve a grant of 302,064 options to the Company's CEO to purchase ordinary shares at an exercise price of $10 per share. The Company's shareholders approved the grant in June 2022. The options vest over a period of 4 years; one quarter of the options vest on the first anniversary of the vesting commencement date (as described in each agreement) and the rest vest quarterly over the following three years. The options expire on the tenth anniversary of their grant date. The fair value of options granted in 2022 was $3,278. The underlying data used for computing the fair value of the options are as follows: 2022 Value of one ordinary share $ 7.72 Dividend yield 0 % Expected volatility 62.6 % Risk-free interest rate 2.5 % Expected term 7 years Ordinary shares In July 2021, the Company entered into an ATM sales agreement with Jefferies LLC ("Jefferies"), pursuant to which the Company is entitled, at its sole discretion, to offer and sell through Jefferies, acting as sales agent, Shares having an aggregate offering price of up to $25.0 million throughout the period during which the ATM facility remains in effect. The Company agreed to pay Jefferies a commission of 3.0% of the gross proceeds from the sale of shares under the facility. From the effective date of the agreement through its expiration, 41,154 shares were sold under the program for total gross proceeds of approximately $ 0.5 million. In April 2022, the Company signed a new ATM agreement with Jefferies for total amount of $23 million. As of the issuance date of this report, no shares were sold under the new ATM agreement. |
RELATED PARTIES_
RELATED PARTIES: | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
RELATED PARTIES: | NOTE 7 – RELATED PARTIES: a. Related parties include the controlling shareholder and companies under his control, the board of directors and the executive officers of the Company. b. As to options granted to executive officers, see note 6. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES: (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | a. Basis of Presentation The consolidated results for the six month period ended June 30, 2022 are not necessarily indicative of the results to be expected for the year ending December 31, 2022. These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2021. The comparative balance sheet at December 31, 2021 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP. |
Loss per share | b. Loss per share The calculation of diluted loss per share does not include 3,713,296 and 4,085,416 options, restricted shares and warrants for the six and three months ended June 30, 2022 and 3,437,843 and 3,463,710 options and restricted shares for the six and the three months ended June 30, 2021, respectively, because the effect would be anti-dilutive. |
MARKETABLE SECURITIES_ (Tables)
MARKETABLE SECURITIES: (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | The following table sets forth the Company’s marketable securities for the indicated periods: December 31, June 30, 2021 2022 Level 2 securities: U.S government and agency bonds 275 1,174 Other foreign government bonds - 1,507 Corporate bonds* 1,434 7,165 Total 1,709 9,846 * Investments in Corporate bonds rated A or higher. |
Summary of Changes in Fair Value of Marketable Securities | The table below sets forth a summary of the changes in the fair value of the Company’s marketable securities for the indicated periods: Marketable securities For the year ended For the Six Months December 31, 2021 ended June 30, 2022 Balance at beginning of the period $ 21,652 $ 1,709 Additions 6,716 10,006 Sale or maturity (26,784 ) (1,734 ) Changes in fair value during the period 125 (135 ) Balance at end of the period $ 1,709 $ 9,846 |
Schedule of Debt Securities | As of June 30, 2022, the Company’s debt securities had the following maturity dates: Market value June 30, 2022 Due within one year 9,041 Between 1-2 years 805 |
SHARE CAPITAL_ (Tables)
SHARE CAPITAL: (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Assumptions Used to Estimate Fair Value | The fair value of options granted in 2022 was $3,278. The underlying data used for computing the fair value of the options are as follows: 2022 Value of one ordinary share $ 7.72 Dividend yield 0 % Expected volatility 62.6 % Risk-free interest rate 2.5 % Expected term 7 years |
NATURE OF OPERATIONS (Narrative
NATURE OF OPERATIONS (Narrative) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 183,873 | $ 178,142 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES: (Narrative) (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Accounting Policies [Abstract] | ||||
Anti-dilutive shares | 4,085,416 | 3,463,710 | 3,713,296 | 3,437,843 |
MARKETABLE SECURITIES_ (Schedul
MARKETABLE SECURITIES: (Schedule of Company's Marketable Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Level 2 securities: | ||||
Marketable securities | $ 9,846 | $ 1,709 | $ 21,652 | |
U.S government and agency bonds [Member] | ||||
Level 2 securities: | ||||
Marketable securities | 1,174 | 275 | ||
Other foreign government bonds [Member] | ||||
Level 2 securities: | ||||
Marketable securities | 1,507 | 0 | ||
Corporate bonds [Member] | ||||
Level 2 securities: | ||||
Marketable securities | [1] | $ 7,165 | $ 1,434 | |
[1]Investments in Corporate bonds rated A or higher. |
MARKETABLE SECURITIES_ (Sched_2
MARKETABLE SECURITIES: (Schedule of Changes in Fair Value of Company's Marketable Securities) (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |||
Balance at beginning of the period | $ 1,709 | $ 21,652 | $ 21,652 |
Additions | 10,006 | 4,065 | 6,716 |
Sale or maturity | (1,734) | (18,946) | (26,784) |
Change in fair value during the period | (135) | $ 59 | 125 |
Balance at end of the period | $ 9,846 | $ 1,709 |
MARKETABLE SECURITIES_ (Sched_3
MARKETABLE SECURITIES: (Schedule of Company's debt marketable securities) (Details) $ in Thousands | Jun. 30, 2022 USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due within one year | $ 9,041 |
Between 1-2 years | $ 805 |
COLLABORATION AGREEMENTS_ (Narr
COLLABORATION AGREEMENTS: (Narrative) (Details) $ in Thousands | 12 Months Ended | |
Nov. 01, 2021 USD ($) Agreement Candidate Instalment Program | Dec. 31, 2007 | |
Number of generic collaborative agreements to sell rights | Agreement | 10 | |
Number of generic programs retained for collaboration rights | Program | 2 | |
Number of generic drug candidates | Candidate | 4 | |
Expected revenue receivable over twenty four months | $ | $ 21,500 | |
Number of approved generic drug products | Program | 2 | |
Number of unapproved generic programs | Program | 8 | |
Upfront payment received | $ | $ 1,250 | |
Payment receivable in instalments | $ | $ 20,250 | |
Number of equal quarterly instalments | Instalment | 8 | |
Minimum [Member] | ||
Royalties maturity | 2016 | |
Maximum [Member] | ||
Royalties maturity | 2024 |
LICENSE AGREEMENTS_ (Narrative)
LICENSE AGREEMENTS: (Narrative) (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Apr. 25, 2022 | Mar. 31, 2022 | May 31, 2022 | Sep. 30, 2021 | |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Refunded Upfront Payment To Galderma | $ 4 | |||
License Agreements With Galderma [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Refundable upfront payment | $ 3.5 | |||
Twyneo [Member] | License Agreements With Galderma [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Refundable upfront payment | $ 7.5 | |||
Epsolay [Member] | License Agreements With Galderma [Member] | ||||
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] | ||||
Refundable upfront payment | $ 4 | |||
Sales milestone payments | $ 3.5 |
SHARE CAPITAL_ (Narrative) (Det
SHARE CAPITAL: (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 6 Months Ended | ||
Apr. 30, 2022 | Mar. 31, 2022 | Jul. 31, 2021 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Fair value of options granted | $ 3,278 | |||
Expected term | 7 years | |||
Employees And Executive Officers [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option grants | 722,488 | |||
Employees [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option grants | 148,907 | |||
Exercise price | $ 7.38 | |||
Option vesting period | 4 years | |||
Executive Officers [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option grants | 271,517 | |||
Exercise price | $ 10 | |||
Option vesting period | 4 years | |||
Chief Executive Officer [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Option grants | 302,064 | |||
Exercise price | $ 10 | |||
Option vesting period | 4 years | |||
Jefferies Llc [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Aggregate offering price | $ 25,000 | |||
Percentage of gross proceeds from sale of shares | 3% | |||
Issuance of share | 41,154 | |||
Net proceeds | $ 500 | |||
Available balance | $ 23,000 |
SHARE CAPITAL_ (Schedule of Ass
SHARE CAPITAL: (Schedule of Assumptions Used to Estimate Fair Value) (Details) | 6 Months Ended |
Jun. 30, 2022 $ / shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Value of one ordinary share | $ 7.72 |
Dividend yield | 0% |
Expected volatility | 62.60% |
Risk-free interest rate | 2.50% |
Expected term | 7 years |