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The options will vest over 3 years in twelve equal quarterly instalments starting on the vesting commencement date (as described in the agreement). The options vest over 4 years from the date of grant; 25% will vest on the first anniversary of the date of grant and the remaining 75% options shall vest in twelve equal quarterly installments following the first anniversary of the grant date. From the total options, 25% will vest on March 1, 2019 and the remaining 75% options shall vest in twelve equal quarterly installments over the next three years starting January 17, 2019. The options will vest over 3 years in twelve equal quarterly instalments starting in the vesting commencement date (as described in each agreement). The options vest over 4 years from the date of grant. 25% will vest on the first anniversary of the date of grant and the remaining 75% options shall vest in twelve equal quarterly installments following the first anniversary of the grant date. Exercisable over a three-year period from the date of issuance Exercisable over a three-years period from the date of issuance. The options will vest over six months in equal monthly instalments starting in August 2019. The options vest over 4 years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% of the option will vest in twelve equal quarterly installments following the first anniversary of the grant date. The options vest over 4 years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% vest in twelve equal quarterly installments following the first anniversary of the applicable grant date. The options vest over 4 years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% vest in twelve equal quarterly installments following the first anniversary of the applicable grant date. The options vest over 4 years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% vest in twelve equal quarterly installments following the first anniversary of the applicable grant date. The options vest over 4 years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% vest in twelve equal quarterly installments following the first anniversary of the applicable grant date. 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(collectively with its subsidiary, the "Company") was incorporated on September 30, 2009 and commenced operation on June 1, 2010. On January 8, 2018 the Company incorporated Entera Bio Inc., a fully owned subsidiary incorporated in Delaware USA. The Company is a leader in the development and commercialization of orally delivered large molecule therapeutics for use in areas with significant unmet medical need where adoption of injectable therapies is limited due to cost, convenience and compliance challenges for patients. The Company&#8217;s most advanced product candidates, EB613 for the treatment of osteoporosis and EB612 for the treatment of hypoparathyroidism, are based on its proprietary technology platform and are both in Phase 2 clinical development. 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(&#8220;Amgen&#8221;) in inflammatory disease and other serious illnesses. Pursuant to the Amgen Agreement, the Company and Amgen use the Company&#8217;s proprietary drug delivery platform to develop oral formulations for one preclinical large molecule program that Amgen has selected. Amgen also has options to select up to two additional programs to include in the collaboration. Amgen is responsible for the clinical development, regulatory approval, manufacturing and worldwide commercialization of the programs.</div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 90pt">The Company granted Amgen an exclusive, worldwide, sublicensable license under certain of its intellectual property relating to its drug delivery technology to develop, manufacture and commercialize the applicable products. The Company will retain all intellectual property rights to its drug delivery technology, and Amgen will retain all rights to its large molecules and any subsequent improvements, and ownership of certain intellectual property developed through the performance of the collaboration is to be determined by U.S. patent law. See additional information in note 12.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z38f67c6346c648faa124c2542d1aa6ac" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 54pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">b.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify"> <div style="font: 10pt Times New Roman, Times, Serif">Since the Company is engaged in research and development activities, it has not derived significant income from its activities and has incurred accumulated losses in the amount of $72.9 million through December 31, 2020 and negative cash flows from operating activities. 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For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 70.9pt"> <br /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 70.9pt">For the years ended December 31, 2020 and 2019, no impairment has been recognized.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49.65pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">j.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: bold 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman,Times,serif; font-weight: bold">Leases</font><font style="font-family: Times New Roman,Times,serif"><br /> </font></div> </td> </tr> </table> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; text-indent: -18pt; margin-left: 72pt"><font style="font-family: Times New Roman,Times,serif"> </font><br /> At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company reassesses whether a contract is, or contains, a lease only if the terms and conditions of the contract are changed.<br /> <br /> Commencing January 1, 2019, leases are recognized as a right-of-use asset and a corresponding liability at the same amount as of the date in which the leased asset is available for use by the Company. Each payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; text-indent: -18pt; margin-left: 72pt"> <br /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 72pt">Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the future expected lease payments during the lease term.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 72pt">The lease term includes extension options (or periods after termination options) if the lease is reasonably certain to be extended (or not terminated). The lease payments during the term of the lease are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee&#8217;s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 72pt">Payments associated with short-term leases (leases with a lease term of 12 months or less) and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 72pt">Until 2019, leases were classified as either finance or operating leases. Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 70.9pt">See also note 9.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z1b638cf20e5a474bac7d94e3600156a3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49.6pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">k.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman,Times,serif; font-weight: bold">Segment reporting</font><font style="font-family: Times New Roman,Times,serif"><br /> </font><font style="font-family: Times New Roman,Times,serif"><br /> </font>Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments. The Company operates in one operating segment.<br /> </div> </td> </tr> </table> <div style="font: 10pt Times New Roman, Times, Serif"><br /> </div> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49.6pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">l.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"><font style="font-weight: bold">Financial instruments</font><font style="font-family: Times New Roman,Times,serif"><br /> </font><font style="font-family: Times New Roman,Times,serif"><br /> </font> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">Accounts receivables are classified at amortized cost. This category is subject to an impairment test under the expected credit losses model in accordance with IFRS 9. <br /> </div> </div> </td> </tr> </table> </div> </div> <div style="font: 10pt Times New Roman, Times, Serif"><br /> </div> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49.6pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">m.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: bold 10pt Times New Roman, Times, Serif">Warrants</div> <font style="font-family: Times New Roman,Times,serif"></font><font style="font-family: Times New Roman,Times,serif"><br /> </font> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">Receipts in respect of warrants are classified as equity to the extent that they confer the right to purchase a fixed number of shares for a fixed exercise price. In the event that the exercise price is not deemed to be fixed, the warrants are classified as a derivative financial liability. This liability is initially recognized at its fair value on the date the contract is entered into and subsequently accounted for at fair value at each reporting date. Gains or losses arising from changes in the fair value of financial liabilities at fair value through profit or loss are presented in the statement of comprehensive loss under "financial income" or "financial expenses". Transaction costs recorded as an expense when they occur.</div> </div> </td> </tr> </table> </div> </div> <div style="font: 10pt Times New Roman, Times, Serif"><br /> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49.6pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">n.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: bold 10pt Times New Roman, Times, Serif">Share capital</div> <font style="font-family: Times New Roman,Times,serif"><br /> </font> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are included in equity as a deduction from the proceeds.</div> </div> </div> </td> </tr> </table> </div> </div> <div style="font: 10pt Times New Roman, Times, Serif"><br /> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49.6pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">o.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: bold 10pt Times New Roman, Times, Serif"><font style="font-weight: bold">Deferred income tax</font></div> <font style="font-family: Times New Roman,Times,serif"><br /> </font> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">Deferred income taxes are recognized using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax assets are recognized only to the extent that it is probable that future taxable income will be available against which the temporary differences can be utilized. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <br /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify">In the absence of expectation of taxable income in the future, no deferred tax assets are recorded in the financial statements.</div> </div> </div> </div> </div> </td> </tr> </table> </div> </div> <div style="font: 10pt Times New Roman, Times, Serif"><br /> </div> </div> </div></div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"></div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49.6pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">p.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"><font style="font-weight: bold">Share-based payments</font><font style="font-family: Times New Roman,Times,serif"><br /> </font> <div style="font: 10pt Times New Roman, Times, Serif"><br /> </div> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">In 2018 and 2013, the Company adopted share-based compensation plans for employees, directors and service providers. As part of the plans, the Company grants employees, directors and service providers, from time to time and at its discretion, options to purchase Company's ordinary shares. The fair value of the employees', directors' and service providers' services received in exchange for the grant of the options is recognized as an expense in the statement of comprehensive loss. The total amount recognized as an expense over the vesting period of the options was determined by reference to the fair value of the options granted at the date of grant. The option's grants for service providers measured at fair value according the services that will be provide.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">Service conditions and performance vesting conditions are included in assumptions about the number of options that are expected to vest. The total expense is recognized over the vesting period when the performance condition is probable. The vesting period is the period over which all of the specified vesting conditions are to be satisfied.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">At the end of each reporting period, the Company revises its estimates of the number of options that are expected to vest based on the service conditions and performance conditions. The Company recognizes the impact of the revision to original estimates, if any, in the statement of comprehensive loss, with a corresponding adjustment to "other reserves".</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">When options are exercised, the Company issues new shares, with proceeds less directly attributable transaction costs recognized as share capital (par value) and additional paid in capital.</div> </div> </div> </td> </tr> </table> <div style="font: 10pt Times New Roman, Times, Serif"><br /> </div> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49.6pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">q.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"><font style="font-weight: bold">Revenue recognition:</font> <div style="font: 10pt Times New Roman, Times, Serif"><br /> </div> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">The Company recognized revenue from the Amgen Agreement which was signed in December 2018 according to IFRS 15, "Revenues from Contracts with Customers&#8221;. Prior to the signing of the Amgen Agreement in 2018, the Company did not have revenue transactions.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under each of its agreements, the Company performs the following steps:</div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"></div> </div> </div> </td> </tr> </table> <div style="font: 10pt Times New Roman, Times, Serif"><br /> </div> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z923369cae0f74bedba6eb0bc9e62aae9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 70.9pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 14.15pt; vertical-align: top">1.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">Identification of the contract, or contracts, with a customer.</div> </td> </tr> </table> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z5d13715a6bc848ce97f6657f3918495f" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 70.9pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 14.15pt; vertical-align: top">2.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">Identification of the performance obligations in the contract.</div> </td> </tr> </table> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z3f1359b6a5cf4fa496633052978f84f9" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 70.9pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 14.15pt; vertical-align: top">3.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">Determination of the transaction price.</div> </td> </tr> </table> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="ze0da499ec0e545afba62eb026ca4ab46" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 70.9pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 14.15pt; vertical-align: top">4.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">Allocation of the transaction price to the performance obligations in the contract.</div> </td> </tr> </table> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z142b79757d0f41e09e2180dcdf4c5dd5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 70.9pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 14.15pt; vertical-align: top">5.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">Recognition of revenue.</div> </td> </tr> </table> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br /> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49.6pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">On December 10, 2018, the Company entered into the Amgen Agreement in inflammatory disease and other serious illnesses. As part of the agreement, the Company received non-refundable and non-creditable initial access payment of $725 thousand&#160;from Amgen in January 2019. The Company identified two promises in the agreement: a license to use the Company's proprietary drug delivery platform and pre-clinical research and development services (&#8220;pre-clinical R&#38;D services&#8221;). The preclinical R&#38;D services include discovery, research and design preclinical activities relating to the programs selected by Amgen.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">Each of these promises met the definition of distinct performance obligation. The Company evaluated the standalone selling price of the pre-clinical R&#38;D services at $225 thousand and the right to use the intellectual property at $500 thousand.</div> </div> </td> </tr> </table> <div style="font: 10pt Times New Roman, Times, Serif"><br /> </div> </div> </div> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49.6pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top"></td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"> <font style="font-weight: bold"></font> <div style="font: 10pt Times New Roman, Times, Serif"><br /> </div> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">The Company determined the license to the intellectual property to be a right to use that has significant standalone functionality separately from the pre-clinical R&#38;D services since the Company is not required to continue to support, develop or maintain the intellectual property transferred and will not undertake any activities to change the standalone functionality of the intellectual property. Therefore, the license to the intellectual property is a distinct performance obligation and as such revenue is recognized at the point in time that control of the license is transferred to Amgen on December 10, 2018.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">Revenues attributed to the preclinical R&#38;Ds services are recognized during the period of the pre-clinical R&#38;D services, over time according to the input model method on a cost-to-cost basis.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br /> Under IFRS 15, the consideration that the Company would be entitled to upon the achievement of contractual milestones, which are contingent upon the occurrence of future events of development and commercial progress, are a form of variable consideration. When assessing the portion, if any, of such milestone-related consideration to be included in the transaction price, the Company first assesses the most likely outcome for each milestone and excludes the consideration related to milestones of which the occurrence is not considered the most likely outcome. The Company then evaluates if any of the variable consideration determined in the first step is constrained. Variable consideration is included in the transaction price if, in the Company&#8217;s judgment, it is highly probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company&#8217;s anticipated performance and all information (historical, current and forecasted) that is reasonably available. The Company did not recognize any revenues from any potential milestone payments.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">An entity should recognize revenue for a sales-based or usage-based royalty promised in exchange for a license of intellectual property only when (or as) the later of the following events occurs:</div> </div> </div> </div> </div> </td> </tr> </table> <div style="font: 10pt Times New Roman, Times, Serif"><br /> </div> </div> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 70.9pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 14.15pt; vertical-align: top">a)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt Times New Roman, Times, Serif">The subsequent sale or usage occurs; and</div> </div> </td> </tr> </table> <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 70.9pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 14.15pt; vertical-align: top">b)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt Times New Roman, Times, Serif">The performance obligation to which some or all of the sales based or usage-based royalty has been allocated has been satisfied (or partially satisfied).</div> </div> </td> </tr> </table> <br /> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49.6pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">As royalties are payable based on future commercial sales, as defined in the agreement, which did not occur as of the date of the financial statements, the Company did not recognize any revenues from royalties.<font style="font-weight: bold">&#160;</font>See additional information in note 12.</div> </div> </div> </td> </tr> </table> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt Times New Roman, Times, Serif"><br /> </div> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49.6pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">r.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"><font style="font-weight: bold">Government grants</font> <div style="font: 10pt Times New Roman, Times, Serif"><br /> </div> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">Government grants, which are received from Israel Innovation Authority (the "IIA") by way of participation in research and development that is conducted by the Company, fall within the scope of "forgivable loans", as set forth in IAS 20 "The Accounting Treatment of Government Grants and Disclosure in respect of Government Assistance". Since at the time of the receipt of the grants there is no reasonable assurance that the grants that have been received will be repaid, at the time of their receipt they are offset against the related research and development expenses in the statement of comprehensive loss.&#160; To the extent that it is considered "more likely than not" that the grants will be repaid in the future, the Company would record a financial liability. Other government grants which are not subject to royalties are offset against related research and development expenses in the statements of comprehensive loss.</div> </div> </div> </div> </td> </tr> </table> <div style="font: 10pt Times New Roman, Times, Serif"><br /> </div> </div> </div> </div></div> </div> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49.6pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">s.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: bold 10pt Times New Roman, Times, Serif">Loss per ordinary share</div> <div style="font: 10pt Times New Roman, Times, Serif"><br /> </div> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average number of ordinary shares issued and outstanding during the year. In computing diluted loss per share, the basic loss per share is adjusted to take into account the potential dilution that could occur upon the conversion of any dilutive financial instruments by subtracting from net loss the fair value changes of such financial instruments, and by adjusting the weighted average number of outstanding ordinary shares, assuming conversion of all such dilutive potential shares. As of December 31, 2020, and 2019, the Company&#8217;s dilutive potential shares consisted of options and warrants. Prior to the Company&#8217;s IPO, the dilutive potential shares consisted of shares issuable upon conversion of convertible loan and preferred shares, warrants and options. Potential shares are only dilutive if their conversion would increase the loss per share. If the loss per share would decrease, the shares are anti-dilutive and are excluded from the diluted loss per share calculation.</div> </div> </div> </div> </div> </td> </tr> </table> <div style="font: 10pt Times New Roman, Times, Serif"><br /> </div> </div> </div> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49.6pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">t.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: bold 10pt Times New Roman, Times, Serif">Recently Issued Accounting Pronouncements</div> <div style="font: 10pt Times New Roman, Times, Serif"><br /> </div> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><font style="font-family: Times New Roman, Times, serif"> </font>In September 2019, the IASB has issued amendments to IFRS 9 Financial Instruments, IAS 39 Financial Instruments: Recognition and Measurement and IFRS 7 Financial Instruments: Disclosures that provide certain reliefs in connection with interest rate benchmark reform. The reliefs relate to hedge accounting and have the effect that InterBank Offered Rate (IBOR) reform should not generally cause hedge accounting to terminate. However, any hedge ineffectiveness should continue to be recorded in the income statement. Given the pervasive nature of hedges involving IBOR-based contracts, the reliefs will affect companies in all industries.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <br /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">These amendments should be applied for annual periods beginning on or after January 1, 2020. Since the Company does not have financial instruments designated under hedge accounting, the amendments will not have an impact on its consolidated financial statements.</div></div></div></div></div></div></td></tr></table></div></div></div></div></div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-right: 7.05pt">NOTE 3 - CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-right: 7.05pt; margin-left: 92.15pt"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 49.65pt">Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 49.65pt">The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below:</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 49.6pt">Fair value of financial liabilities at fair value through profit or loss</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 49.65pt">To determine the fair value of Company&#8217;s financial instruments classified as financial liabilities, the Company uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period or measurement date as well as using management judgment. In addition, these liabilities are based on estimates that are subject to change based on the facts and circumstances at the times the estimates are made. See note 4.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 49.6pt">Revenue recognition</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 49.65pt"><font style="font-family: Times New Roman,Times,serif">With respect to the Amgen Agreement the Company used its judgement to identify </font>the Company's promises in the agreement and whether the promises are distinct performance obligation. In addition, the Company used its judgement to determine the allocation of the transaction price between its identified distinct performance obligations. The Company also used its significant judgment in order to determine the R&#38;D services period. See note 12.</div></div></div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: left">NOTE 4 - FINANCIAL INSTRUMENTS:</div> <div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <br /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zcf46ec33b8e8436cb0821618d5093fa1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49.65pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.75pt; vertical-align: top">a.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: bold 10pt Times New Roman, Times, Serif">Financial risk management:</div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z1fd4c7b546e94ffeb05b0c5deecd924d" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 70.9pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">1)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">Financial risk factors</div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 92.15pt">The Company&#8217;s activities expose it to a variety of financial risks.&#160; The Company&#8217;s overall risk management program focuses on the unpredictability of financial markets and seeks to minimize potential adverse effects on the Company&#8217;s financial performance.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 92.15pt">Risk management is performed by the Chief Financial Officer of the Company, who identifies and evaluates financial risks in close cooperation with the Company's Chief Executive Officer.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 92.15pt">The Company does not use financial instruments for hedging activity.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z368083641b3f4c2c9720640be6c78915" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 70.9pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">2)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">Credit risk</div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; text-indent: 0pt; margin-right: 1.7pt; margin-left: 92.15pt">Credit and interest risk arise from cash and cash equivalents and deposits with banks. The Company estimates that since the liquid instruments are mainly invested for the short-term and with a highly-rated institution, the credit and interest risk associated with these balances is immaterial.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 70.9pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">3)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">Liquidity risk</div> <div style="font: 10pt Times New Roman, Times, Serif"> <br /> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">Prudent liquidity risk management implies maintaining sufficient cash.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">The Company is in a research stage and has not yet generated&#160;significant revenues from its activity. It is therefore exposed to liquidity risk, taking into consideration the forecasts of cash flows required to finance its operations and other activities.</div> </div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 70.9pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">4)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman,Times,serif">Market risk-Foreign exchange risk</font></div> <div style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman,Times,serif"> <br /> </font></div> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">The Company might be exposed to foreign exchange risk as a result of making payments to employees or service providers and investment of some liquidity in currencies other than the Company's functional currency. The Company manages the foreign exchange risk by aligning the currencies for holding liquidity with the currencies of expected expenses, based on the expected cash flows of the Company.</div> <font style="font-family: Times New Roman,Times,serif"> </font></div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <font style="font: 10pt Times New Roman,Times,serif"> <font style="font-family: Times New Roman, Times, serif"> </font></font></div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z8a388ac04a584b8f9c1461f0f8c2b7a7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 49.65pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">b.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: bold 10pt Times New Roman, Times, Serif">Capital risk management</div> <div style="font: bold 10pt Times New Roman, Times, Serif"> <br /> </div> <div style="font: bold 10pt Times New Roman, Times, Serif"> <div style="font: normal 10pt/1.25 Times New Roman, Times, Serif">The Company&#8217;s objectives when managing capital are to safeguard the Company&#8217;s ability to continue as a going concern in order to provide returns for shareholders and to maintain an optimal capital structure to reduce the cost of capital. 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In addition, the 2,554 (before stock split) warrants to purchase preferred A shares were converted into 332,020 warrants to purchase ordinary shares of the Company. In addition, existing options to purchase Series A preferred shares and warrants to purchase Series A preferred shares, granted to certain holders of our Series A preferred shares that were exercisable upon the closing of the IPO, were automatically converted into options to purchase 387,530 ordinary shares of the Company and into warrants to purchase 85,931 ordinary shares of the Company.</div> </div> </div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> </div> </div> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">&#160;</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 70.9pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">2.<br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt Times New Roman, Times, Serif">In 2017, the Company entered into a Series B preferred share purchase agreement (the &#8220;Preferred B Financing&#8221;), with certain investors, including D.N.A and Centillion (together, the &#8220;Investors&#8221;). Pursuant to the terms of the agreement, the Company issued 14,283 Series B preferred shares for an aggregate purchase price of $12.1 million, net of issuance costs. The Company also issued to a broker dealer, a warrant to purchase 526 Series B preferred shares, at a price of $908.78 per share and recorded additional issuance costs of $198 thousand.</div> <div style="font: 10pt Times New Roman, Times, Serif"> <br /> </div> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">The Preferred B Financing constitutes a Triggering Event as defined in the 2016 Convertible Loan and as a result, the entire loan amount under the 2016 Convertible Loan, together with accrued interest in the amount of $9.0 million, was automatically converted into 13,229 Series B-1 preferred shares at a price per share of $681.585 and the warrants issued became warrants to purchase Series&#160;B preferred shares at an exercise price of&#160;$908.78. 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Following the split, the Company retrospectively reflected the change in the share capital of the Company for all periods presented. 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The fair value of the warrants on the issuance date was $172,000. The Company recorded the fair value as issuance costs.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 106.35pt">The Company also issued to the underwriters 10,000 ordinary shares following the closing of the IPO, as well as 70,000 underwriter warrants at an exercise price of $8.80 to purchase 70,000 ordinary shares. The underwriter warrants may be exercised on a cashless basis under certain circumstances as described in the warrant agreement. The underwriter warrants will be exercisable 180 days following June 29, 2018 until the fifth anniversary of such effective date. The underwriter warrants are not redeemable by the company and have some registration rights as described in the warrant. The underwriter warrants will provide for adjustment of the exercise price of such warrants (and the ordinary shares underlying such warrants) for dilutive events such as a stock dividend or stock split and for recapitalizations, mergers and other fundamental transactions.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 106.35pt">The shares and warrants issued to the underwriters were recorded as an issuance cost based on fair value of $66,500 and $255,000 respectively.<br /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 72pt">The Company allocated the total consideration from the issuance of the units between the ordinary shares and the tradable warrants as follows: the IPO warrants were recorded at fair value based on the quoted price on Nasdaq as of July 2,2018 and the residual amount was allocated to the ordinary shares.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 72pt"><font style="font-family: Times New Roman, Times, serif"><br /> </font>Issuance costs were allocated to the ordinary shares and the IPO warrants according to their fair values. Issuance costs which were allocated to the ordinary shares were deducted from shareholders' equity, and issuance costs that were allocated to the IPO warrants were expensed immediately.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 74.7pt"><font style="font: 10pt Times New Roman,Times,serif"><font style="font-family: Times New Roman, Times, serif"><u>IPO warrants</u></font><font style="font-family: Times New Roman, Times, serif"><br /> </font></font><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 72pt"><font style="font: 10pt Times New Roman,Times,serif">As described above, the Company issued 1,400,000 IPO warrants to purchase 700,000 ordinary shares of the Company. The IPO warrants are exercisable immediately at an initial exercise price of $8.4 per ordinary share for a period of five years, unless earlier repurchased by the Company under "Fundamental Transactions&#8221; as described in the warrant agreement or early expired as described below and in the warrant agreement.<font style="font-family: Times New Roman, Times, serif"><br /> </font></font><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 72pt"><font style="font: 10pt Times New Roman,Times,serif">The exercise of the warrants is in cash, unless the warrant holder is utilizing the &#8220;cashless&#8221; exercise provision of the warrants, prior to the termination date under certain circumstances as described in the warrant agreement. 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The exercise price is subject to reduction if, within two years of the date of original issuance of the warrants, the Company sells or grants any warrant or option (except in certain circumstances as described in the warrant) at an effective price per share less than $8.0&#160;per share (as adjusted in proportion with any adjustments made from time to time), which reduction will be based on a weighted average, as described in the warrant.<font style="font-family: Times New Roman, Times, serif"><br /> </font></font><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 72pt">The Company may accelerate the expiration date of the warrants upon written notice to the holders at any time if the last reported sale price (as defined in the warrants) exceeds $24.00&#160;per share, which is 300% of the IPO price per unit (subject to adjustments) for a 10 consecutive trading day period. As described in note c, the Company completed financing round in a price per share lower than the $8.0, therefore, the adjusted exercise price is $5.85.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 72pt">For accounting purposes, the IPO warrants issued to the public were classified as a financial liability since their exercise price and number of shares issuable upon exercise of each warrant are subject to certain adjustments as described in the warrant agreement and also due to the cashless exercise option. The fair value of the IPO warrants as of the IPO closing date and as of December 31, 2020 was based on quoted price on Nasdaq (Level 1 valuation) as of the respective date.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="ze422afbae28a44e39f7d8fb28c618fa2" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">c.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">In July 2019, one of the Company&#8217; shareholders' exercised his option to acquire 32,500 ordinary shares and additional 8,190 warrants for a total consideration of $100,000 (upon achievement of the second milestone) in accordance with the preferred share A purchase agreement signed in 2014 and its amendments.<br /> </div> </td> </tr> </table> <br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z643c9b21f66f4d659270f2c98ab15e18" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">d.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">On July 20, 2019, the 443,950 warrants and certain additional options to purchase 443,950 ordinary shares for a purchase price of $3.69 per share (upon achievement of the second milestone) in accordance with the abovementioned preferred share A purchase agreement and its amendments expired. 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Following the expiration, the Company classified $1.2 million from Other Reserves to Additional paid in Capital.<br /> </div> </td> </tr> </table> <br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zbd1396af758948a49bfdaadae14046ec" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.25pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">f.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">On December 11, 2019 and December 18, 2019 (&#8220;the first and second closing&#8221;), the Company entered into subscription agreements with a selected group of accredited investors, including certain board members and their affiliates for the private placement of 5,710,153 ordinary shares for aggregate subscription proceeds to the Company of $13.5 million at $2.37 price per share. In addition, the Company granted 2,855,095 warrants, exercisable over a three-years period from the date of issuance, to purchase 2,855,095 ordinary shares at a per share exercise price of $2.96.</div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 74.7pt"><font style="font-family: Times New Roman, Times, serif"><br /> </font>In addition, on December 13, 2019, D.N.A Biomedical Solutions Ltd. (&#8220;DNA&#8221;), an existing shareholder of the Company, subscribed to the Private Placement (the &#8220;DNA Private Placement&#8221;) to purchase 337,553 ordinary shares for aggregate consideration of $800,000. In connection with the transaction, the Company granted DNA warrants, exercisable over a three-year period from the date of issuance, to purchase 168,776 ordinary shares at a per share exercise price of $2.96. <font style="font-family: Times New Roman, Times, serif">&#160;</font>This investment was approved by the shareholders of the Company on February 18, 2020.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 78pt">The 168,776 warrants issued in connection with the DNA Private Placement together with the 2,855,095 warrants issued in connection with the Private Placement are the &#8220;Investors Warrants&#8221;</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 74.7pt"><font style="font: 10pt Times New Roman,Times,serif">In connection therewith, the Company entered into Placement Agency agreement with GP Numenkari Inc., a broker-dealer (&#8220;the Broker&#8221;). Based on the agreement, the Broker was entitled to the following consideration:<font style="font-family: Times New Roman, Times, serif"><br /> </font></font><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z5dfd0a562aee4eccb10200ab671737b1" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 126pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">1.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">A cash fees equal to 10% of the total proceeds paid by subscribers invested through the&#160;Broker.<br /> </div> </td> </tr> </table> <br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z6276963ee5fc41e5b4bb24c7af9b8ed5" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 126pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">2.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">Three-years warrants to purchase ordinary shares in the amount equal to 10% of the number of shares issued to subscribers invested through the Broker at a per share exercise price of $2.37 (&#8220;Broker Warrants Type 1&#8221;).<br /> </div> </td> </tr> </table> <br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z4ea3eae20d064a1889a15287477d80f3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 126pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">3.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">Three-years warrants to purchase ordinary share in the amount equal to 5% of number of shares issued to subscribers invested through the Broker at a per share exercise price of $2.96 (&#8220;Broker Warrants Type 2&#8221;), together with the Broker Warrants Type 1 (the &#8220;Broker Warrants&#8221;).</div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 74.7pt"><font style="font-family: Times New Roman, Times, serif"><br /> </font>Following the first and second closing of the offering, the Company issued 184,515 Broker Warrants type 1 and 92,257 Broker Warrants type 2.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 74.7pt">Prior to the exercise of the Investor Warrants and the Broker Warrants and for one year from the date of the first closing, the number of ordinary shares issuable upon their exercise and the exercise price are subject to customary adjustments, including in the events of reorganizations or reclassifications of the Company&#8217;s capital stock, upon payment of dividends or distributions to the Company&#8217;s shareholders, and upon subsequent issuance of the Company&#8217;s share capital at or below a price of $2.37. In addition, these warrants agreements have cashless exercise option. Therefore, for accounting purposes, the Investors Warrants issued were classified as a financial liability. As described in note 10i, the Company issued Ordinary Shares through the Company&#8217;s ATM Program at an average price per share lower than $2.37, and the adjusted exercise price was reset to $1.05.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 74.7pt">The Company had transaction costs of approximately $1.2 million, out of which $205 thousand are stock-based compensation expenses due to issuance of Broker Warrants type 1 and Broker Warrants type 2.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 74.7pt">The Company allocated the total consideration from the issuance of the units between the ordinary shares and the warrants as following: the Investors Warrants were recorded at fair value based on its fair value as of the issuance date and the residual amount was allocated to the ordinary shares.<font style="font-family: Times New Roman, Times, serif"><br /> </font><font style="font-family: Times New Roman, Times, serif"><br /> </font>Issuance costs were allocated to the ordinary shares and the tradable warrants according to their fair values. Issuance costs which were allocated to the ordinary shares were deducted from shareholders' equity, and issuance costs that were allocated to the Investors warrants were expensed immediately.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 74.7pt"><font style="font: 10pt Times New Roman,Times,serif">As part of the subscription agreements, the Company also entered into a Registration Rights Agreement (together with the Warrants and the Subscription Agreement), pursuant to which within seven months of the final closing, the Company shall file a registration statement on Form F-3 with the SEC for the resale of the Shares issued in the first and second closing (including those issued upon exercise of the Warrants). Under the agreement, the Company is required to pay the purchasers liquidated damages in the event that the Company does not meet the foregoing requirement in an amount equal to 1% per month of the aggregate purchase price paid in cash by such purchasers for their investment in the Company. In June 2020, the Company filed the selling registration statement on Form F-3 with the SEC.<font style="font-family: Times New Roman, Times, serif"><br /> </font></font><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z97935863fe1a42b584455c214c9dc2fb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">g.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">On June 13, 2020, 687,960 warrants to purchase 687,960 ordinary shares for a purchase price of $6.99 per share in accordance with the Series B preferred share purchase agreement signed in 2016 and its following amendments expired. Following the expiration, the Company classified $1.5 million from Other Reserves to Additional paid in Capital.<br /> </div> </td> </tr> </table> <br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z81cd8d6182fe427c85e0ef3b6cd5a4ea" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">h.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">In July 2020, 340,210 warrants to purchase 340,210 ordinary shares for a purchase price of $3.69 per share in accordance with the Series A preferred share purchase agreement expired.&#160;Following the expiration, the Company classified $1.2 million from Other Reserves to Additional paid in Capital.<br /> </div> </td> </tr> </table> <br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z97d623d510304a6392c92ccb7b789148" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">i.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">On July 4, 2020, the Company established a primary registration statement under form F-3 and at-the-market equity program (the "ATM Program") that allows the Company to issue up to $13.9 million of ordinary shares, at the Company's discretion. Distributions of the ordinary shares through the ATM Program were made pursuant to the terms of an equity distribution agreement dated July 13, 2020 among the Company and Canaccord Genuity LLC (the "Agent").<br /> <br /> As of December 31, 2020, the Company issued 2,802,731 ordinary shares for gross proceeds of $3.5 million at a weighted average price of $1.27 per ordinary share through the Company&#8217;s ATM Program. The net consideration from ATM Program was $3.2 million.&#160; These transactions triggered adjustment to the exercise price of the warrant issued as part of the Private Placement held in December 2019 and February 2020. See note 10f.</div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="za4ec0eb1d38d467aba038847e3ae7ae7" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 56.7pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">j.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: bold 10pt Times New Roman, Times, Serif">Share based compensation:</div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zcff0cd26a56949778e5f3126bb9710cb" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 85.05pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 28.35pt; vertical-align: top">1)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">Share based compensation plan</div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 113.4pt">On March 17, 2013, the Company's Board of Directors approved a Share Incentive Plan (the &#8220;2013 Plan&#8221;).&#160; Under the 2013 Plan, the Company shall reserve sufficient number of ordinary shares, NIS&#160;0.000769 par value, of the Company for allocation of stock options, restricted share units, restricted share awards and performance-based awards (the "Option"), to employees and non-employees. Each Option is exercisable for one ordinary share.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 113.4pt">Any option granted under the 2013 Plan that is not exercised within six years from the date upon which it becomes exercisable will expire.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 113.4pt"><font style="font: 10pt Times New Roman,Times,serif">On July 2, 2018, the Company's board of directors and shareholders of the Company approved a new Share Incentive Plan (the &#8220;2018 Plan&#8221;) and reserved 1,371,398 ordinary shares of the Company for allocation of stock options, restricted share units, restricted share awards and performance-based awards (the "Option"), to employees and non-employees for issuance under the 2018 Plan. Each Option is exercisable for one ordinary share NIS&#160;0.0000769 par value.<font style="font-family: Times New Roman, Times, serif"><br /> </font></font><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 113.4pt"><font style="font: 10pt Times New Roman,Times,serif">Any option granted under 2018 Plan that is not exercised within 10 years from the date upon which it becomes exercisable will expire.<font style="font-family: Times New Roman, Times, serif"><br /> </font></font><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 113.4pt">The options granted to employees are subject to the terms stipulated by section 102(b)(2) of the Israeli Income Tax Ordinance (the &#8220;Ordinance&#8221;). According to these provisions, the Company will not be allowed to claim as an expense for tax purposes the amounts credited to the employees as a capital gain benefit in respect of the options granted.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 113.4pt">Options granted to related parties or non-employees of the Company are governed by Section&#160;3(i) of the Ordinance or NSO. The Company will be allowed to claim as an expense for tax purposes in the year in which the related parties or non-employees exercised the options into shares.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 113.4pt">As of December 31, 2020, 1,263,454 ordinary shares remain available for future grants under the Plan.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 113.4pt">On January 4, 2021 the Company&#8217;s Board of Directors approved an increase of 1,052,896 ordinary shares that may be issued under the Company&#8217;s Plan.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 113.4pt">&#160;</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z275fddb1cda14a888d77a767ab047778" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 74.15pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">2)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: bold 10pt Times New Roman, Times, Serif">share-based compensation grants to employees and directors:<br /> </div> </td> </tr> </table> <br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z50d90b18c80e4a0a80a10d23de79bc9d" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 92.15pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">a)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">On January 17, 2019, the Company granted options to purchase 124,000 ordinary shares to certain employees, with an exercise price of $3.97. The options vest over 4 years from the date of grant; 25% will vest on the first anniversary of the date of grant and the remaining 75% options shall vest in twelve equal quarterly installments following the first anniversary of the grant date.&#160; The fair value of the options at the date of grant was $341,000.</div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zc9c4441354304704bff5f71dfb546431" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 92.15pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">b)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">On January 17, 2019, the Company's Board of Directors approved to grant options to purchase 25,000 ordinary shares to the CMO, with an exercise price of $3.97. From the total options, 25% will vest on March 1, 2019 and the remaining 75% options shall vest in twelve equal quarterly installments over the next three years starting January 17, 2019. The grant was subject to the approval by the shareholders of the Company and was subsequently approved in May 2019. The fair value of the options at the date of grant was $68,000.</div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zed2b12ac3520441397e732c07c11a40a" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 92.15pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">c)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">On January 17, 2019, the Company's Board of Directors approved to grant options to purchase 201,828 ordinary shares to non-executive directors of the Company, with an exercise price of $3.97. The options will vest over 3 years in twelve equal quarterly instalments starting in the vesting commencement date (as described in each agreement). The grant was subject to the approval by the shareholders of the Company and was subsequently approved in May 2019. The fair value of the options at the date of grant was $531,000.<br /> </div> </td> </tr> </table> <br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z957aecd0f5a846e78de3113407e75d0b" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 92.15pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">d)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">On August&#160;5, 2019, the Company&#8217;s Board of Directors approved to grant options to purchase 696,587 ordinary shares to the former CEO, with an exercise price of&#8201;$2.75 per share. The options vest over 4 years from the date of grant.&#160; 25% will vest on the first anniversary of the date of grant and the remaining 75% options shall vest in twelve equal quarterly installments following the first anniversary of the grant date. The grant was subject to the approval by the shareholders of the Company and was subsequently approved in October 2019. The fair value of the options at the date of grant was $1.1 million. Effective September 7, 2020, upon the termination of the former CEO employment agreement, 522,440 of these options which have yet to fully vest are forfeited and were recognized as a reverse of expense under the General and Administrative line item in the amount of $314 thousand. In December 2020, the remaining of options were expired.<br /> </div> </td> </tr> </table> <br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z5835585103bc4a04a5904830230254ef" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 92.15pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">e)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">On November 18, 2019, the Company&#8217;s Board of Directors approved the following option grants:<br /> </div> </td> </tr> </table> <br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z542aa0fedcb34f58bb8351a97fa525d0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 144pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">i.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">Options grant to purchase 30,385 ordinary shares to the new US-based CFO, with an exercise price of&#8201;$2.53 per share. The options will vest over two years in equal monthly installments following the grant date. The grant was subject to the approval by the shareholders of the Company and was subsequently approved in February 2020. The fair value of the options at the shareholders&#8217; approval date was $59,797.</div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z7649da31a11a403c922598f3125cc110" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 144pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">ii.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">Options grant to purchase 33,638 ordinary shares t0 non-executive director of the Company, with an exercise price of $2.53. The options will vest over 3 years in twelve equal quarterly instalments starting on the vesting commencement date (as described in the agreement). The grant was subject to the approval by the shareholders of the Company and was subsequently approved in February 2020. The fair value of the options at the shareholders&#8217; approval date was $68,856.</div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z95fb2780a48c4f4e8ecb7a7bfac4f84a" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 92.15pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">f)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">On March 16, 2020, options to purchase 201,600 ordinary shares to certain employees and 7,500 options granted to a service provider, with an exercise price of&#8201;$2.14 per share. The options vest over 4 years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% vest in twelve equal quarterly installments following the first anniversary of the applicable grant date. The fair value of the options at the date of grant was $274,000.</div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z06f2bf19445e4b239cf8936bfa683294" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 92.15pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">g)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">On March 16, 2020, options to purchase 250,000 ordinary shares granted to certain executive officers of the Company, with an exercise price of $2.14. The options vest over 4 years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% vest in twelve equal quarterly installments following the first anniversary of the applicable grant date. The fair value of the options at the date of grant was $316,000.</div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z2d1109f84f854bc4b56861b3032fdfb6" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 92.15pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">h)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">On April&#160;20, 2020 options to purchase 31,502 ordinary shares granted to the&#160;former CEO with an exercise price of&#8201;$1.98 per share. The options vest over 4 years from the date of grant; 25% vest on the first anniversary of the date of grant and the remaining 75% vest in twelve equal quarterly installments following the first anniversary of the applicable grant date. The fair value of the options at the date of grant was $37,000. Effective September 7, 2020, due to termination of the employment agreement with the former CEO, these options are forfeited and recognized as a reverse of expense under the General and Administrative line item in the amount of $4,000.</div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zd53625d22093409685374e46cfbb1e33" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 76.5pt"><br /> </td> <td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">3)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">Share-based compensation to service provider:<br /> </div> </td> </tr> </table> <br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zac4f73bf91854e83b75c33ca2197b907" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 92.15pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 15.85pt; vertical-align: top">a)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"> In November 2019, the Board of Directors approved an option grant to a services provider in accordance with business development and advisory services agreement from August 2019. Under the terms of the agreement, the Company agreed to grant options to purchase the Company&#8217;s ordinary shares in an amount equal to $90,000 as of the date of grant, or 65,693 ordinary shares at an exercise price of $3.10. The options will vest over six months in equal monthly instalments starting in August 2019. See also Note 16d.<br /> </div> </td> </tr> </table> <br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zc2cc2b42c58d4d489b17adea00786b99" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 92.15pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 15.85pt; vertical-align: top">b)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">In April 2020, the Company entered into an investor relations services agreement.&#160; Under the terms of the agreement, the Company agreed to pay a monthly fee of $5,000 and to issue the consultant 28,000 Restricted Share Units (&#8220;RSU&#8221;), of which the first 7,000 shares vested on the signing date and the remaining 21,000 shares will vest in three equal installments until January 8, 2021. As of December 31, 2020, 21,000 shares were fully vested. The fair value of the RSU was $53,200 using the fair value of the shares at the grant date, of which $52,766 were recognized as an expense during the year ended December 31, 2020.<br /> </div> </td> </tr> </table> <br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z29d1bf2b3082478ea3cc3f15cc440550" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 92.15pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 15.85pt; vertical-align: top">c)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"> In November 2020, the Company entered into an amendment to business development services agreement with the business development consultant. Under the terms of the agreement, the Company agreed to pay a monthly fee of $5,000 and to issue the consultant 79,760 options with an exercise price of&#8201;$1.06 per share. The options vests over 6 months in six equal installments from October 1, 2020. 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Development costs previously recognized as an expense are not recognized as an asset in a subsequent period.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 88.9pt"><font style="font-family: Times New Roman, Times, serif"><br /> </font>As of December 31, 2020, the Company has not capitalized development costs.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z183128f082424d068232f4b3d4001651" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"> <tr style="font: 10pt Times New Roman, Times, Serif"> <td style="font: 10pt Times New Roman, Times, Serif; width: 70.6pt"><br /> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">2)</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif">In process research and development (IPR&#38;D)</div> <div style="font: 10pt Times New Roman, Times, Serif"> <br /> </div> <div style="font: 10pt Times New Roman, Times, Serif">IPR&#38;D acquired is presented based on the fair value at the date of the acquisition and tested annually for impairment. </div></td></tr></table> <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="za987ff479fbf4963adb3045e3b77fffc" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"><tr style="font: 10pt Times New Roman, Times, Serif"><td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">i.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: bold 10pt Times New Roman, Times, Serif">Impairment of non-financial assets</div> </td> </tr> </table> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 70.9pt">Intangible assets that are not subject to amortization are tested annually for impairment. Assets that are subject to depreciation are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable.&#160; An impairment loss is recognized for the amount by which the asset carrying amount exceeds its recoverable amount.&#160; The recoverable amount is the higher of an asset's fair value less costs to <font style="font-family: Times New Roman, Times, serif">dispose </font>and its value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (cash-generating units).</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 70.9pt"> <br /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 70.9pt">For the years ended December 31, 2020 and 2019, no impairment has been recognized.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"><tr style="font: 10pt Times New Roman, Times, Serif"><td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">j.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: bold 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman,Times,serif; font-weight: bold">Leases</font><font style="font-family: Times New Roman,Times,serif"><br /> </font></div> </td> </tr> </table> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; text-indent: -18pt; margin-left: 72pt"><font style="font-family: Times New Roman,Times,serif"> </font><br /> At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company reassesses whether a contract is, or contains, a lease only if the terms and conditions of the contract are changed.<br /> <br /> Commencing January 1, 2019, leases are recognized as a right-of-use asset and a corresponding liability at the same amount as of the date in which the leased asset is available for use by the Company. Each payment is allocated between the liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; text-indent: -18pt; margin-left: 72pt"> <br /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 72pt">Assets and liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of the future expected lease payments during the lease term.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 72pt">The lease term includes extension options (or periods after termination options) if the lease is reasonably certain to be extended (or not terminated). The lease payments during the term of the lease are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the lessee&#8217;s incremental borrowing rate is used, being the rate that the lessee would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 72pt">Payments associated with short-term leases (leases with a lease term of 12 months or less) and leases of low-value assets are recognized on a straight-line basis as an expense in profit or loss.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" /> </div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 72pt">Until 2019, leases were classified as either finance or operating leases. Payments made under operating leases (net of any incentives received from the lessor) were charged to profit or loss on a straight-line basis over the period of the lease.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left; margin-left: 70.9pt">See also note 9.</div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"><table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z1b638cf20e5a474bac7d94e3600156a3" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"><tr style="font: 10pt Times New Roman, Times, Serif"><td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">k.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"><font style="font-family: Times New Roman,Times,serif; font-weight: bold">Segment reporting</font><font style="font-family: Times New Roman,Times,serif"><br /> </font><font style="font-family: Times New Roman,Times,serif"><br /> </font>Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments. The Company operates in one operating segment.</div></td></tr></table></div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"><div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif"><table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"><tr style="font: 10pt Times New Roman, Times, Serif"><td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">l.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"><font style="font-weight: bold">Financial instruments</font><font style="font-family: Times New Roman,Times,serif"><br /> </font><font style="font-family: Times New Roman,Times,serif"><br /> </font> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">Accounts receivables are classified at amortized cost. This category is subject to an impairment test under the expected credit losses model in accordance with IFRS 9. </div></div></td></tr></table></div></div></div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"><div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif"><table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"><tr style="font: 10pt Times New Roman, Times, Serif"><td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">m.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: bold 10pt Times New Roman, Times, Serif">Warrants</div> <font style="font-family: Times New Roman,Times,serif"></font><font style="font-family: Times New Roman,Times,serif"><br /> </font> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">Receipts in respect of warrants are classified as equity to the extent that they confer the right to purchase a fixed number of shares for a fixed exercise price. In the event that the exercise price is not deemed to be fixed, the warrants are classified as a derivative financial liability. This liability is initially recognized at its fair value on the date the contract is entered into and subsequently accounted for at fair value at each reporting date. Gains or losses arising from changes in the fair value of financial liabilities at fair value through profit or loss are presented in the statement of comprehensive loss under "financial income" or "financial expenses". Transaction costs recorded as an expense when they occur.</div> </div> </td> </tr> </table> </div></div></div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"><div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif"><table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"><tr style="font: 10pt Times New Roman, Times, Serif"><td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">n.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: bold 10pt Times New Roman, Times, Serif">Share capital</div> <font style="font-family: Times New Roman,Times,serif"><br /> </font> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares are included in equity as a deduction from the proceeds.</div></div></div></td></tr></table></div></div></div></div> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: left"><div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif"><table cellspacing="0" cellpadding="0" class="DSPFListTable" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000"><tr style="font: 10pt Times New Roman, Times, Serif"><td style="font: bold 10pt Times New Roman, Times, Serif; width: 21.25pt; vertical-align: top">o.</td> <td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top"> <div style="font: 10pt Times New Roman, Times, Serif"> <div style="font: bold 10pt Times New Roman, Times, Serif"><font style="font-weight: bold">Deferred income tax</font></div> <font style="font-family: Times New Roman,Times,serif"><br /> </font> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif"> <div style="font: 10pt/1.25 Times New Roman, Times, Serif">Deferred income taxes are recognized using the liability method on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax assets are recognized only to the extent that it is probable that future taxable income will be available against which the temporary differences can be utilized. 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