0001178913-23-001091 | 20-F | XBRL Viewer

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Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2022 shares
Document Information [Line Items]
Document Type	20-F
Entity Registrant Name	BioLineRx Ltd.
Entity Central Index Key	0001498403
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Amendment Flag	false
Document Registration Statement	false
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Accounting Standard	International Financial Reporting Standards
Entity's Reporting Status Current	Yes
Entity a Voluntary Filer	No
Entity Incorporation State Country Code	L3
Contact Personnel Fax Number	972 (8) 642-9101
Entity Address, Address Line One	2 HaMa’ayan Street
Entity Address, City or Town	Modi’in
Entity Address, Postal Zip Code	7177871
Entity Address, Country	IL
Entity Interactive Data Current	Yes
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Entity Common Stock, Shares Outstanding	922,958,942
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity File Number	001-35223
Entity a Well-known Seasoned Issuer	No
ICFR Auditor Attestation Flag	true
Auditor Name	Kesselman & Kesselman
Auditor Location	Tel Aviv, Israel
Auditor Firm ID	1309
Business Contact [Member]
Document Information [Line Items]
Contact Personnel Name	Philip A. Serlin
Contact Personnel Email Address	phils@biolinerx.com
Entity Address, Address Line One	2 HaMa’ayan Street
Entity Address, City or Town	Modi’in
Entity Address, Postal Zip Code	7177871
City Area Code	972
Local Phone Number	642-9100
Entity Address, Country	IL

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 10,587	$ 12,990
Short-term bank deposits	40,495	44,145
Prepaid expenses	198	127
Other receivables	721	142
Total current assets	52,001	57,404
NON-CURRENT ASSETS
Property and equipment, net	726	952
Right-of-use assets, net	1,772	1,331
Intangible assets, net	21,885	21,704
Total non-current assets	24,383	23,987
Total assets	76,384	81,391
CURRENT LIABILITIES
Current maturities of long-term loans	1,542	2,757
Accounts payable and accruals:
Trade	6,966	5,567
Other	1,744	1,227
Lease liabilities	427	168
Total current liabilities	10,679	9,719
NON-CURRENT LIABILITIES
Warrants	4,509	1,859
Long-term loans, net of current maturities	8,626	0
Lease liabilities	1,729	1,726
Total non-current liabilities	14,864	3,585
COMMITMENTS AND CONTINGENT LIABILITIES
Total liabilities	25,543	13,304
EQUITY
Ordinary shares	27,100	21,066
Share premium	338,976	339,346
Warrants	1,408	975
Capital reserve	14,765	13,157
Other comprehensive loss	(1,416)	(1,416)
Accumulated deficit	(329,992)	(305,041)
Total equity	50,841	68,087
Total liabilities and equity	$ 76,384	$ 81,391

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Profit or loss [abstract]
RESEARCH AND DEVELOPMENT EXPENSES	$ (17,629)	$ (19,466)	$ (18,173)
SALES AND MARKETING EXPENSES	(6,462)	(1,003)	(840)
GENERAL AND ADMINISTRATIVE EXPENSES	(5,066)	(4,308)	(3,914)
OPERATING LOSS	(29,157)	(24,777)	(22,927)
NON-OPERATING INCOME (EXPENSES), NET	5,670	(1,830)	(5,701)
FINANCIAL INCOME	694	559	236
FINANCIAL EXPENSES	(2,158)	(1,006)	(1,629)
LOSS AND COMPREHENSIVE LOSS	$ (24,951)	$ (27,054)	$ (30,021)
LOSS PER ORDINARY SHARE – BASIC	$ (0.03)	$ (0.04)	$ (0.12)
LOSS PER ORDINARY SHARE – DILUTED	$ (0.03)	$ (0.04)	$ (0.12)
WEIGHTED AVERAGE NUMBER OF SHARES USED IN CALCULATION OF LOSS PER ORDINARY SHARE	773,956,973	662,933,695	252,844,394

CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Ordinary shares [Member]	Share premium [Member]	Warrants [Member]	Capital reserve [Member]	Other comprehensive loss [Member]	Accumulated deficit [Member]	Total
BALANCE at Dec. 31, 2019	$ 4,692	$ 265,938	$ 0	$ 12,132	$ (1,416)	$ (247,966)	$ 33,380
CHANGES IN
Issuance of share capital and warrants, net	4,777	9,395	0	0	0	0	14,172
Warrants exercised	393	2,826	0	0	0	0	3,219
Employee stock options exercised	8	228	0	(228)	0	0	8
Employee stock options forfeited and expired	0	854	0	(854)	0	0	0
Share-based compensation	0	0	0	1,272	0	0	1,272
Comprehensive loss for the year	0	0	0	0	0	(30,021)	(30,021)
BALANCE at Dec. 31, 2020	9,870	279,241	0	12,322	(1,416)	(277,987)	22,030
CHANGES IN
Issuance of share capital and warrants, net	8,956	40,476	975	0	0	0	50,407
Warrants exercised	2,235	18,967	0	0	0	0	21,202
Employee stock options exercised	5	41	0	(39)	0	0	7
Employee stock options forfeited and expired	0	621	0	(621)	0	0	0
Share-based compensation	0	0	0	1,495	0	0	1,495
Comprehensive loss for the year	0	0	0		0	(27,054)	(27,054)
BALANCE at Dec. 31, 2021	21,066	339,346	975	13,157	(1,416)	(305,041)	68,087
CHANGES IN
Issuance of share capital and warrants, net	6,029	1,007	433	0	0	0	5,455
Employee stock options exercised	5	14	0	(14)	0	0	5
Employee stock options forfeited and expired	0	623	0	(623)	0	0	0
Share-based compensation	0	0	0	2,245	0	0	2,245
Comprehensive loss for the year	0	0	0		0	(24,951)	(24,951)
BALANCE at Dec. 31, 2022	$ 27,100	$ 338,976	$ 1,408	$ 14,765	$ (1,416)	$ (329,992)	$ 50,841

- Definition

The amount of residual interest in the assets of the entity after deducting all its liabilities.

+ References + Details

- Definition

The total of income less expenses from continuing and discontinued operations, excluding the components of other comprehensive income. [Refer: Other comprehensive income]

+ References

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+ Details

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS - OPERATING ACTIVITIES
Loss	$ (24,951)	$ (27,054)	$ (30,021)
Adjustments required to reflect net cash used in operating activities (see appendix below)	(1,289)	3,481	6,815
Net cash used in operating activities	(26,240)	(23,573)	(23,206)
CASH FLOWS - INVESTING ACTIVITIES
Investments in short-term deposits	(44,000)	(78,000)	(33,500)
Maturities of short-term deposits	48,322	39,873	50,168
Purchase of property and equipment	(131)	(97)	0
Purchase of intangible assets	(185)	0	0
Net cash provided by (used in) investing activities	4,006	(38,224)	16,668
CASH FLOWS - FINANCING ACTIVITIES
Issuance of share capital and warrants, net of issuance costs	14,359	50,407	19,246
Exercise of warrants	0	10,907	1,969
Employee stock options exercised	5	7	8
Proceeds from long-term loan, net of issuance costs	9,126	0	0
Repayments of loans	(2,832)	(3,376)	(3,133)
Repayments of lease liabilities	(220)	(196)	(224)
Net cash provided by financing activities	20,438	57,749	17,866
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(1,796)	(4,048)	11,328
CASH AND CASH EQUIVALENTS - BEGINNING OF YEAR	12,990	16,831	5,297
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS	(607)	207	206
CASH AND CASH EQUIVALENTS - END OF YEAR	10,587	12,990	16,831
Income and expenses not involving cash flows:
Depreciation and amortization	654	703	934
Exchange differences on cash and cash equivalents	607	(207)	(206)
Fair value adjustments of warrants	(6,425)	1,936	5,142
Share-based compensation	2,245	1,495	1,272
Interest and exchange differences on short-term deposits	(672)	(262)	(232)
Interest accrued	1,117	301	474
Warrant issuance costs	171	0	594
Exchange differences on lease liabilities	(224)	55	125
Total income and expense not involving cash flows	(2,527)	4,021	8,103
Changes in operating asset and liability items:
Decrease (increase) in prepaid expenses and other receivables	(650)	24	428
Increase (decrease) in accounts payable and accruals	1,888	(564)	(1,716)
Total Change in operating asset and liability	1,238	(540)	(1,288)
Total Adjustments required to reflect net cash used in operating activities	(1,289)	3,481	6,815
Supplementary information on investing and financing activities not involving cash flows:
Supplemental information on interest received in cash	342	138	381
Supplemental information on interest paid in cash	593	682	994
Changes in right-of-use asset and lease liabilities	706	183	13
Warrant issuance costs	262	0	0
Purchase of property and equipment	28	0	0
Fair value of exercised warrants (portion related to accumulated fair value adjustments)	$ 0	$ 10,295	$ 1,251

GENERAL INFORMATION

12 Months Ended

Dec. 31, 2022

Disclosure of general information [Abstract]

GENERAL INFORMATION

NOTE 1 – GENERAL INFORMATION

General

BioLineRx Ltd. (“BioLineRx”), headquartered in Modi’in, Israel, was incorporated and commenced operations in April 2003. BioLineRx and its subsidiaries (collectively, the “Company”) are engaged in the development of therapeutics, primarily in pre-commercialization and clinical stages, with a focus on the field of oncology.

The Company’s American Depositary Shares (“ADSs”) are traded on the NASDAQ Capital Market, and its ordinary shares are traded on the Tel Aviv Stock Exchange (“TASE”). Each ADS represents 15 ordinary shares.

In March 2017, the Company acquired Agalimmune Ltd. (“Agalimmune”), a privately held company incorporated in the United Kingdom, with a focus on the field of immuno-oncology.

In April 2022, the Company re-activated BioLineRx USA, Inc., a previously inactive subsidiary incorporated in the US, to engage in pre-commercialization and commercialization activities associated with the potential launch of motixafortide for stem-cell mobilization in the US. In this regard, the US Food and Drug Administration (FDA) has accepted for review and filed the Company’s New Drug Application (NDA) for motixafortide in stem cell mobilization for autologous transplantation for multiple myeloma patients, and has assigned the NDA a Prescription Drug User Fee Act (PDUFA) target action date of September 9, 2023.

Going concern

The Company has incurred accumulated losses in the amount of $330 million through December 31, 2022, and it expects to continue incurring losses and negative cash flows from operations until its product or products reach commercial profitability.

As mentioned in Note 3, Company management monitors rolling forecasts of the Company’s liquidity reserves on the basis of anticipated cash flows and maintains liquidity balances at levels that are sufficient to meet its needs. Management believes that the Company’s current cash and other resources will be sufficient to fund its projected cash requirements into the first half of 2024. The execution of an independent commercialization plan for motixafortide in the US implies an increased level of expenses prior to and following launch of the product. However, as is common with FDA approvals of innovative pharmaceutical products, there is significant uncertainty regarding the receipt of approval, as well as the timing and scope of any potential approval ultimately received in order to launch commercialization of the product. Therefore, the Company’s cash flow projections are subject to various risks and uncertainties concerning their fulfilment, and these factors and the risk inherent in the Company’s operations may cast significant doubt on the Company’s ability to continue as a going concern. These consolidated financial statements have been prepared assuming that the Company will continue as a going concern and do not include any adjustments that might result from the outcome of this uncertainty.

As a US SEC registrant, the Company is required to have its financial statements audited in accordance with Public Company Oversight Board (“PCAOB”) standards. References in these IFRS financial statements to matters that may cast significant doubt about the Company’s ability to continue as a going concern also raise substantial doubt as contemplated by the PCAOB standards.

Management’s plans include the independent commercialization of the Company’s product and, if and when required, raising capital through the issuance of debt or equity securities, or capital inflows from strategic partnerships. There are no assurances, however, that the Company will be successful in obtaining the level of financing needed for its operations. If the Company is unsuccessful in commercializing its products and/or raising capital, it may need to reduce activities, or curtail or cease operations.

Approval of consolidated financial statements

The consolidated financial statements of the Company for the year ended December 31, 2022 were approved by the Board of Directors on March 21, 2023, and signed on its behalf by the Chairman of the Board, the Chief Executive Officer and the Chief Financial Officer.

SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2022

Disclosure of significant accounting policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation

The Company’s consolidated financial statements as of December 31, 2021 and 2022, and for each of the three years in the period ended December 31, 2022, have been prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”). The significant accounting policies described below have been applied on a consistent basis for all years presented, unless noted otherwise.

The consolidated financial statements have been prepared on the basis of historical cost, subject to adjustment of warrant liabilities to their fair value through profit or loss.

The preparation of financial statements in conformity with IFRS requires management to make estimates, judgments and assumptions that may affect the reported amounts of assets, liabilities, equity and expenses, as well as the related disclosures of contingent assets and liabilities, in the process of applying the Company’s accounting policies. Actual results could differ from those estimates.

Areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 4. Actual results may differ materially from estimates and assumptions used by the Company’s management.

Principles of consolidation

Consolidated entities are all entities over which BioLineRx has control. BioLineRx controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Consolidated entities are fully consolidated from the date on which control of such entities is transferred to BioLineRx and they are de-consolidated from the date that control ceases.

Functional and reporting currency

The functional and reporting currency in these financial statements is the U.S. dollar (“dollar”, “USD” or “$”), which is the primary currency of the economic environment in which the Company operates. Foreign currency transactions are translated into the functional currency using the exchange rates at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are generally recognized in profit or loss.

Cash equivalents and short-term bank deposits

Cash and cash equivalents include cash on hand and short-term bank deposits (up to three months from date of deposit) that are not restricted as to withdrawal or use. Bank deposits with original maturity dates of more than three months and with a current maturity date of less than one year from the balance sheet date are included in short-term bank deposits. The fair value of cash equivalents and short-term bank deposits approximates their carrying value, since they bear interest at rates close to the prevailing market rates.

Property and equipment

Property and equipment are stated at historical cost less depreciation. Historical cost includes expenditures that are directly attributable to acquisition of the items. Assets are depreciated by the straight-line method over the estimated useful lives of the assets, provided that Company management believes the residual values of the assets to be negligible, as follows:

	%
Computers and communications equipment	20-33
Office furniture and equipment	6-15
Laboratory equipment	15-20

Asset residual values, methods of depreciation and useful lives are reviewed and adjusted, if appropriate, at each balance sheet date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. See g. below.

Leasehold improvements are amortized by the straight-line method over the shorter of the lease term or the estimated useful life of the improvements.

Intangible assets

The Company applies the cost method of accounting for initial and subsequent measurements of intangible assets. Under this method of accounting, intangible assets are carried at cost less any accumulated amortization and any accumulated impairment losses.

Intellectual property

The Company recognizes in its financial statements intellectual property developed by the Company to the extent that the conditions stipulated in paragraph o. below are met. Intellectual property acquired by the Company is initially measured at cost. Intellectual property used by the Company for development purposes and not yet generating revenues is not amortized and is tested annually for impairment. See g. below.

Computer software

Acquired computer software licenses are capitalized based on the costs incurred to acquire and bring to use the specific software. These costs are amortized over the estimated useful lives of the software (3-5 years).

Impairment of non-financial assets

Impairment of intellectual property is required when the Company decides to terminate or suspend the development of a project based on such intellectual property. In addition, the Company performs impairment reviews on an annual basis, or more frequently if events or changes in circumstances indicate a potential impairment. Property and equipment, as well as computer software, are tested for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized equal to the amount by which the asset’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset’s fair value less costs to sell and the asset’s value in use to the Company.

Financial assets

The Company accounts for financial assets in accordance with IFRS 9 “Financial Instruments.”

Classification

The financial assets of the Company are classified as financial assets at amortized cost. The classification is done on the basis of the Company’s business model for managing the financial assets and the contractual cash flow characteristics of the financial assets.

Financial assets at amortized cost

Financial assets at amortized cost are assets held pursuant to a business model whose objective is to hold assets in order to collect contractual cash flows and the contractual terms of the financial assets give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

Financial assets at amortized cost are included in current assets, except for those with maturities greater than 12 months after the balance sheet date (in which case they are classified as non-current assets).

The Company’s financial assets at amortized cost are included in other receivables and bank deposits in the consolidated statements of financial position.

Recognition and measurement

Regular purchases and sales of financial assets are recognized on the settlement date, which is the date on which the asset is delivered to the Company or delivered by the Company. Investments are initially recognized at fair value plus transaction costs, except for trade receivables, which are recognized initially at the amount of consideration that is unconditional unless they contain significant financing components.

Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. Financial assets at amortized cost are measured in subsequent periods at amortized cost using the effective interest method.

Impairment

The Company recognizes a loss allowance for expected credit losses on financial assets at amortized cost. At each reporting date, the Company assesses whether the credit risk on a financial instrument has increased significantly since initial recognition. If the financial instrument is determined to have low credit risk at the reporting date, the Company assumes that the credit risk on a financial instrument has not increased significantly since initial recognition. The Company had no material credit losses in 2021 and 2022.

Warrants

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 or the numbers of shares to be issued are not deemed to be fixed, the warrants are classified as a non-current 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. The fair value changes are charged to non-operating income and expense on the statement of comprehensive loss. Issuance costs allocable to warrants classified as a liability are also recorded as non-operating expense on the statement of comprehensive loss.

Share capital

The Company’s ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are presented in equity as a deduction from the issuance proceeds.

Trade payables

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognized initially at fair value and subsequently measured at amortized cost using the effective interest method.

Deferred taxes

Deferred 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 consolidated 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.

As the Company is currently engaged primarily in development and regulatory activities, no deferred tax assets are included in the financial statements.

Borrowings

Borrowings are initially recognized at fair value, net of transaction costs incurred. Borrowings are subsequently measured at amortized cost. Any difference between the proceeds (net of transaction costs) and the redemption amount is recognized in profit or loss over the period of the borrowings using the effective interest method.

With respect to long-term loans (see Note 10), a financial liability is recognized for each tranche upon drawdown. Upon initial recognition, the effective interest rate is calculated by estimating the future cash flows, including loan principal repayments, interest and royalties.

The royalty feature does not meet the definition of a derivative, is not classified separately, and is not measured separately, since it is an integral part of the loan terms and conditions and cannot be transferred or settled separately from the loan.

Determining the weighted effective interest rate requires certain judgments and estimations regarding the timing and amount of the Company’s future revenues. The loans are subsequently measured at amortized cost. Furthermore, revisions to the estimated amounts or timing of future cash flows, if necessary, may result in an adjustment of the amortized cost of the loan to reflect the present value of actual and revised estimated contractual cash flows, discounted using the original effective interest rate. This adjustment will be recognized in profit or loss as financial income or expense.

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months subsequent to the reporting period.

Revenue from contracts with customers

The Company accounts for revenue in accordance with IFRS 15, “Revenue from Contracts with Customers.”

IFRS 15 introduces a five-step model for recognizing revenue from contracts with customers, as follows:

•

identify the contract with a customer;

•

identify the performance obligations in the contract;

•

determine the transaction price;

•

allocate the transaction price to the performance obligations in the contract; and

•

recognize revenue when (or as) the entity satisfies a performance obligation.

During the years included in these financial statements, the Company did not generate revenues, other than immaterial amounts received from an out-licensing agreement signed in 2014 with Perrigo Company plc., which have been included in non-operating income.

Research and development expenses

Research expenses are charged to profit or loss as incurred.

An intangible asset arising from development (or from the development phase of an internal project) is recognized if all of the following conditions are fulfilled:

•

technological feasibility exists for completing development of the intangible asset so that it will be available for use or sale.

•

it is management’s intention to complete development of the intangible asset for use or sale.

•

the Company has the ability to use or sell the intangible asset.

•

it is probable that the intangible asset will generate future economic benefits, including existence of a market for the output of the intangible asset or the intangible asset itself or, if the intangible asset is to be used internally, the usefulness of the intangible asset.

•

adequate technical, financial and other resources are available to complete development of the intangible asset, as well as the use or sale thereof.

•

the Company has the ability to reliably measure the expenditure attributable to the intangible asset during its development.

Other development costs that do not meet the foregoing conditions are charged to profit or loss as incurred. Development costs previously expensed are not recognized as an asset in subsequent periods. As of December 31, 2022, the Company has not yet capitalized development expenses.

Employee benefits

Pension and severance pay obligations

Israeli labor laws and the Company’s employment agreements require the Company to pay retirement benefits to employees terminated or leaving their employment in certain other circumstances. Substantially all of the Company’s employees are covered by a defined contribution plan under Section 14 of the Israel Severance Pay Law. In the US, the Company provides defined contribution benefits in the framework of a 401(k) plan, up to certain pre-defined limits, in accordance with industry standards for such benefits.

The amounts recorded as an employee benefit expense in respect of pension and severance pay obligations for the years 2020, 2021 and 2022 were $668,000, $744,000 and $792,000 respectively.

Vacation and recreation pay

Labor laws in Israel entitle every employee to vacation and recreation pay, both of which are computed annually. The entitlement with respect to each employee is based on the employee’s length of service at the Company. The Company recognizes a liability and an expense in respect of vacation and recreation pay based on the individual entitlement of each employee. In the US, the Company allows unlimited paid time off. This policy allows employees to take vacation days as needed, and the Company does not recognize a liability in respect of vacation.

Share-based payments

The Company operates an equity-settled, share-based compensation plan, under which it grants equity instruments (options, restricted stock units and performance stock units) of the Company as additional consideration for services from employees and service providers. The fair value of the employee services received in exchange for grant of the equity instruments is recognized as an expense. The total amount to be expensed is determined by reference to the fair value of the equity instruments granted:

•

including any market performance conditions (for example, the Company’s share price); and

•

excluding the impact of any service and non-market performance vesting conditions (for example, profitability, sales growth targets and the employee remaining with the entity over a specified time period).

Non-market performance and service conditions are included in assumptions about the number of equity instruments that are expected to vest. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. Performance stock unit expenses are recognized only if it is probable that the performance condition will be achieved.

When the equity instruments are exercised, the Company issues new shares. The proceeds received, net of any directly attributable transaction costs, are credited to share capital (at par value) and share premium when the equity instruments are exercised.

Loss per share

Basic

The basic loss per share is calculated by dividing the loss attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year.

Diluted

The diluted loss per share is calculated by adjusting the weighted average number of outstanding ordinary shares, assuming conversion of all dilutive potential shares. The Company’s dilutive potential shares consist of warrants issued to investors, as well as equity instruments granted to employees and service providers. The dilutive potential shares were not taken into account in computing loss per share in 2020, 2021 and 2022, as their effect would have been anti-dilutive.

Leases

The Company’s leases include property and motor vehicle leases. At the 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.

At the commencement date, the Company measures the lease liability at the present value of the lease payments that are not paid at that date. Simultaneously, the Company recognizes a right-of-use asset in the amount of the lease liability.

Since the interest rate implicit in the lease cannot be readily determined, the Company uses the Company’s incremental borrowing rate. This rate is the rate of interest that the Company would have to pay to borrow over a similar term, and with a similar security, the funds necessary to obtain an asset of a similar value to the right-of-use asset in a similar economic environment.

The lease term is the non-cancellable period for which the Company has the right to use an underlying asset, together with both the periods covered by an option to extend the lease, if the Company is reasonably certain to exercise that option, and periods covered by an option to terminate the lease, if the Company is reasonably certain not to exercise that option.

After the commencement date, the Company measures the right-of-use asset applying the cost model, less any accumulated depreciation and any accumulated impairment losses and adjusted for any remeasurement of the lease liability.

Assets are depreciated by the straight-line method over the estimated useful lives of the right of use assets or the lease period, whichever is shorter, as follows:

	Years
Property	11
Motor vehicles	3

Interest on the lease liability is recognized in profit or loss in each period during the lease term, in an amount that produces a constant periodic rate of interest on the remaining balance of the lease liability.

New standards and interpretations not yet adopted

Classification of Liabilities as Current or Non-current (Amendment to IAS 1)

The narrow-scope amendments to IAS 1, "Presentation of Financial Statements," clarify that liabilities are classified as either current or noncurrent, depending on the rights that exist at the end of the reporting period. Classification is unaffected by the entity’s expectations or events after the reporting date (e.g., the receipt of a waiver or a breach of covenant). The amendments also clarify what IAS 1 means when it refers to the ‘settlement’ of a liability. The amendments could affect the classification of liabilities, particularly for entities that previously considered management’s intentions to determine classification and for some liabilities that can be converted into equity. They must be applied retrospectively in accordance with the normal requirements in IAS 8, "Accounting Policies, Changes in Accounting Estimates and Errors." The amendment should be applied retrospectively for annual periods beginning on or after January 1, 2024. Earlier application is permitted. The adoption of the amendment is not expected to have a material impact on the Company’s financial statements.

Significant Accounting Policies (Amendment to IAS 1)

The IASB has amended IAS 1 to require entities to disclose their material, rather than their significant, accounting policies. The amendments provide a definition of “material accounting policy information” and explain how to identify when accounting policy information is material. They further clarify that immaterial accounting policy information does not need to be disclosed and, if disclosed, should not obscure material accounting information. The amendments apply from January 1, 2023, but may be adopted earlier.

Changes in Accounting Estimates and Errors (Amendment to IAS 8)

The amendments to IAS 8 clarify how entities should distinguish changes in accounting policies from changes in accounting estimates. Such distinction is important because changes in accounting estimates are applied prospectively only to future transactions and other future events, but changes in accounting policies are generally also applied retrospectively to past transactions and other past events, and also to present events and present transactions.

The Amendments to IAS 8 will be applied retrospectively for annual periods beginning on or after January 1, 2023. Early adoption is permitted. Initial application of Amendments to IAS 8 is not expected to have material impact on the Company's financial statements.

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about financial instruments [abstract]

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

NOTE 3 – FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT

Based on assessments by Company management, the Company’s exposure to credit risk as of December 31, 2022, is immaterial (see Note 3b). The activities of the Company expose it to market risk, primarily as a result of currency risk.

The Company’s Finance Department is responsible for carrying out risk management activities in accordance with policies approved by its Board of Directors. In this regard, the Finance Department identifies, defines and assesses financial risk in close cooperation with other Company departments. The Board of Directors provides written guidelines for overall risk management, as well as written policies dealing with specific areas, such as exchange rate risk, interest rate risk, credit risk, use of financial instruments and investment of excess cash.

Market risk

Concentration of currency risk

The Company’s activities are partly denominated in non-dollar currencies (primarily the New Israeli Shekel, or “NIS,” and the Euro), which exposes the Company to risks resulting from changes in exchange rates.

The effect of fluctuations in various exchange rates on the Company’s income and equity is as follows:

	December 31, 2022
	Income (loss)						Value on			Income (loss)
Sensitive instrument	10% increase			5% increase			balance sheet			5% decrease			10% decrease
	in USD thousands
NIS-linked balances:
Cash and cash equivalents		(416	)		(218	)		4,573			241			508
Other receivables		(66	)		(34	)		721			38			80
Trade payables		38			20			(416	)		(22	)		(46	)
Other payables		114			60			(1,257	)		(66	)		(140	)
Total NIS-linked balances		(330	)		(172	)		3,621			191			402
Euro-linked trade payables		(144	)		(76	)		(1,590	)		84			177
Total		(474	)		(248	)		2,031			275			579

	December 31, 2021
	Income (loss)						Value on			Income (loss)
Sensitive instrument	10% increase			5% increase			balance sheet			5% decrease			10% decrease
	in USD thousands
NIS-linked balances:
Cash and cash equivalents		(427	)		(224	)		4,699			522			247
Other receivables		(13	)		(7	)		142			16			7
Trade payables		40			21			(442	)		(49	)		(23	)
Other payables		102			53			(1,119	)		(124	)		(59	)
Total NIS-linked balances		(298	)		(157	)		3,280			365			172
Euro-linked trade payables		(158	)		(83	)		(1,230	)		193			92
Total		(456	)		(240	)		2,050			558			264

The Company also maintains cash and cash equivalent balances in other currencies in amounts that are not material.

Set forth below is certain data regarding dollar exchange rates:

	Exchange rate of NIS per $1			Exchange rate of Euro per $1
As of December 31:
2020		3.215			0.815
2021		3.110			0.884
2022		3.519			0.938

Percentage increase (decrease) in the exchange rate:
2021		(3.3	)%		8.5	%
2022		13.2	%		6.1	%

Set forth below is information on the linkage of monetary items:

	December 31, 2021							December 31, 2022
	Dollar		NIS		Other currencies				Dollar		NIS		Other Currencies
	USD in thousands								USD in thousands
Assets:
Current assets:
Cash and cash equivalents		7,223		4,699		1,068				5,685		4,573		329
Short term bank deposits		44,145		-		-				40,495		-		-
Other receivables		-		142		-				-		721		-
		51,368		4,841		1,068				46,180		5,294		329
Liabilities:
Current liabilities:
Current maturities of long-term loans		2,757		-		-				1,542		-		-
Accounts payable and accruals:
Trade		2,700		442		2,425				4,359		416		2,191
Other		108		1,119						487		1,257		-
Non-current liabilities
Long-term loans, net of current maturities		-		-		-				8,626		-		-
		5,565		1,561		2,425				15,014		1,673		2,191
Net balance		45,803		3,280		(1,357	)			31,166		3,621		(1,862	)

Fair value of financial instruments

As of December 31, 2022, the financial instruments of the Company consist of non-derivative assets and liabilities (primarily working capital items, deposits, and current and long-term loans), as well as warrants classified as a liability.

With regard to non-derivative assets and liabilities, given their nature, the fair value of the financial instruments included in working capital is generally close or identical to their carrying amount.

With regard to the warrants classified as a non-current financial liability, see Note 11c. With regard to long-term loans, see Note 10.

Exposure to market risk and management thereof

In the opinion of Company management, the market risk to which the Company is exposed is primarily related to currency risk exposure, as mentioned above. Additionally, Company management does not consider the interest rate risk mentioned in paragraph 4 below to be material.

Interest rate risk

Company management does not consider interest rate risk to be material, as the Company holds deposits whose fair value and/or cash flows are not materially affected by changes in interest rates.

Credit risk

Credit risk is managed at the Company level. These risks relate to cash and cash equivalents, bank deposits and other receivables.

The Company’s cash, cash equivalents and short-term bank deposits at December 31, 2021, and 2022 were deposited with highly rated major Israeli and U.S. banks. In the Company’s opinion, the credit risk associated with these balances is remote.

The Company considers its maximum exposure to credit risk to be as follows:

	December 31,
	2021		2022
	in USD thousands
Assets:
Cash and cash equivalents		12,990		10,587
Short-term bank deposits		44,145		40,495
Other receivables		142		721
Total		57,277		51,803

Liquidity risk

Company management monitors rolling forecasts of the Company’s liquidity reserves on the basis of anticipated cash flows and maintains the liquidity balances at a level that is sufficient to meet its needs.

Although the Company has succeeded in generating revenues from a number of out-licensing transactions in the past, and is currently gearing up for the potential launch of its lead program, motixafortide, in 2023, it cannot determine with reasonable certainty if and when it will become profitable on a current basis. Management believes that the Company’s current cash and other resources will be sufficient to fund its projected cash requirements into the first half of 2024. However, in the event that the Company does not begin to generate sustainable cash flows from its operating activities in the future, the Company will need to carry out significant cost reductions or raise additional funding. See also Note 1b regarding the significant doubt about the Company's ability to continue as a going concern.

Fair value of financial instruments

The different levels of valuation of financial instruments are defined as follows:

Level 1	Quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2	Inputs, other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices).

Level 3	Inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible, and also considers counterparty credit risk, in its assessment of fair value. The fair value of the financial instruments included in the working capital of the Company, as well as the long-term loan, is usually identical or close to their carrying value. The fair value of the warrants is based on Level 3 measurements.

The fair value of the warrants, calculated based on the Black-Scholes model, was $4,509,000 as of December 31, 2022.

For more information on the parameters used to value the warrants, see Note 11c.

Changes in financial liabilities with cash flows included in financing activities

	Long-term loans			Warrants			Total
	in USD thousands
Balance as of January 1, 2021		5,832			10,218			16,050
Changes during the year 2021:
Principal and interest payments		(3,814	)		-			(3,376	)
Share premium resulting from exercise of warrants					(10,295	)		(10,295	)
Amounts recognized through profit and loss		739			1,936			2,237
Balance as of December 31, 2021		2,757			1,859			4,616
Changes during the year 2022:
Net proceeds of loan		9,126			9,075			18,201
Principal and interest payments		(3,177	)		-			(2,832	)
Amounts recognized through profit and loss		1,462			(6,425	)		(5,308	)
Balance as of December 31, 2022		10,168			4,509			14,677

Fair value measurement of warrants using significant unobservable inputs (level 3)

The following table presents the changes in level 3 instruments for the years ended December 31, 2020, 2021 and 2022:

	Warrants
	in USD thousands
Balance as of January 1, 2020		658
Changes during 2020:
Issuances		5,669
Exercises		(1,251	)
Changes in fair value through profit and loss		5,142
Balance as of December 31, 2020		10,218
Changes during 2021:
Issuances		-
Exercises		(10,295	)
Changes in fair value through profit and loss		1,936
Balance as of December 31, 2021		1,859
Changes during 2022:
Issuances		9,075
Exercises		-
Changes in fair value through profit and loss		(6,425	)
Balance as of December 31, 2022		4,509

CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS	12 Months Ended
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS	Dec. 31, 2022
Disclosure Of Accounting Judgements And Estimates Explanatory Abstract
CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS	NOTE 4 – CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS As part of the financial reporting process, Company management is required to make estimates that affect the value of assets, liabilities, income, expenses and certain disclosures included in the Company’s consolidated financial statements. By their very nature, such accounting estimates are subjective and complex and consequently may differ from actual results. The estimates are continually evaluated and adjusted based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. Below are the critical accounting estimates used in the preparation of the financial statements that required Company management to make assumptions involving significant uncertainty. Impairment of indefinite-lived intangible assets As mentioned in Notes 2f and 2g, the Company performs impairment reviews of intangible assets not subject to amortization on an annual basis, or more frequently if events or changes in circumstances indicate a potential impairment. The recoverable amount is determined using discounted cash flow calculations as detailed in Note 8. The analysis estimates the future cash flows the Company expects to derive from the asset, incorporates expectations about possible variations in the amount or timing of those future cash flows, as well as the uncertainty inherent in the asset, and the risk-adjusted cash flows are then discounted using the Company’s estimated post-tax weighted average cost of capital (“WACC”). The main estimates used in calculating the recoverable amount include the WACC estimation and the amounts and of timing of projected future cash flows. Such amounts and timing are influenced by the expected outcome of development activities, the probability of success and timing in gaining regulatory approval, size of the potential market and the Company’s specific market share, either via direct sales or a potential out-licensing deal. In light of the significant clinical and regulatory progress, the continued investments in the program made by the Company, and following the valuation analysis performed as detailed in Note 8, the Company concluded that the value of intangible assets related to motixafortide and AGI-134 were higher than their carrying value as of December 31, 2021 and 2022. Fair value estimations of warrants As described in Notes 3d and 11, the Company completed financing transactions in which it issued ADSs and warrants to purchase additional ADSs. The fair value of the warrants, which are not traded on an active market, is determined by using valuation techniques. These valuation techniques maximize the use of observable market data where it is available and rely as little as possible on entity specific estimates.

CASH AND CASH EQUIVALENTS

12 Months Ended

Dec. 31, 2022

Cash and cash equivalents [abstract]

CASH AND CASH EQUIVALENTS

NOTE 5 – CASH AND CASH EQUIVALENTS


	December 31,
	2021		2022
	in USD thousands

Cash on hand and in bank		8,461		3,623
Short-term bank deposits		4,529		6,964
		12,990		10,587

The short-term bank deposits included in cash and cash equivalents bear interest at annual rates of between 0.15% and 3.15%.

SHORT-TERM BANK DEPOSITS	12 Months Ended
SHORT-TERM BANK DEPOSITS	Dec. 31, 2022
Disclosure Of Short Term Bank Deposits Abstract
SHORT-TERM BANK DEPOSITS	NOTE 6 – SHORT-TERM BANK DEPOSITS The short-term bank deposits are in dollars and bear interest at annual rates of between 0.53% and 6.00%.

PROPERTY AND EQUIPMENT

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about property, plant and equipment [abstract]

PROPERTY AND EQUIPMENT

NOTE 7 – PROPERTY AND EQUIPMENT

Set forth below are the composition of property and equipment and the related accumulated depreciation, grouped by major classifications:

	Cost								Accumulated depreciation
	Balance at		Additions		Deletions		Balance at		Balance at		Additions		Deletions		Balance at		Net book value
	beginning		during		during		end of		beginning		during		during		end of		December 31,
	of year		year		year		year		of year		year		year		year		2021		2022
	in USD thousands								in USD thousands								in USD thousands
Composition in 2022
Office furniture and equipment		207		37		-		244		124		14		-		138		83		106
Computers and communications equipment		863		98		-		961		678		34		-		712		185		249
Laboratory equipment		1,590		16		-		1,606		1,509		69		-		1,578		81		28
Leasehold improvements		2,028		8		-		2,036		1,425		268		-		1,693		603		343
		4,688		159		-		4,847		3,736		385		-		4,121		952		726

INTANGIBLE ASSETS

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about intangible assets [abstract]

INTANGIBLE ASSETS

NOTE 8 – INTANGIBLE ASSETS

The value in use of intellectual property has been calculated with the assistance of an external appraiser, based on assumptions and estimates of the Company. The value in use of the assets was estimated by using the decision-tree approach to valuing research products. This approach incorporates the option of abandonment at each development stage. The traditional Discounted Cash Flows (DCF) model is implemented at the final node of the decision tree. The DCF analysis estimates the future cash flows the Company expects to derive from the asset, and incorporates expectations about possible variations in the amount or timing of those future cash flows, and the uncertainty inherent in the assets. As of December 31, 2022, the value in use of the intangible assets according to the impairment testing exceeded its book value. Therefore, no impairment was recognized.

Intellectual property includes the following intangible assets acquired by the Company:

$6.7 million recorded as a result of the acquisition of Agalimmune, primarily related to its main drug candidate, AGI-134 (see Note 1a).

$15.0 million recorded as a result of an amendment to the in-licensing agreement with Biokine Therapeutics Ltd. ("Biokine") that reduced, for that consideration, future payments to be made by the Company on sublicense receipts (as defined in the license agreement) from 40% to 20%.

These assets are used for the Company's research and development activities and are not amortized.

Set forth below are the composition of intangible assets and the related accumulated depreciation, grouped by major classifications:

	Cost								Accumulated depreciation and impairment
	Balance at		Additions		Deletions		Balance at		Balance at		Additions		Deletions		Balance at		Net book value
	beginning		during		during		end of		beginning		during		during		end of		December 31,
	of year		year		year		year		of year		year		year		year		2021		2022
	in USD thousands								in USD thousands								in USD thousands
Composition in 2022
Intellectual property		21,792		-		-		21,792		96		-		-		96		21,696		21,696
Computer software		616		185		-		801		608		4		-		612		8		189
		22,408		185		-		22,593		704		4		-		708		21,704		21,885

LEASES

12 Months Ended

Dec. 31, 2022

Presentation of leases for lessee [abstract]

LEASES

NOTE 9 – LEASES

	A.	Right-of-use assets

	Cost								Accumulated depreciation
	Balance at		Additions		Deletions		Balance at		Balance at		Additions		Deletions		Balance at		Net book value
	beginning		during		during		end of		beginning		during		during		end of		December 31,
	of year		year		year		year		of year		year		year		year		2021		2022
	in USD thousands								in USD thousands								in USD thousands
Composition in 2022
Property		1,552		545		-		2,097		405		177		-		582		1,147		1,515
Motor vehicles		579		177		420		336		395		88		404		79		184		257
		2,131		722		420		2,433		800		265		404		661		1,331		1,772

Lease liabilities

	Balance at		Additions		Deletions		Interest expense		Exchange differences			Payments			Balance at
	beginning		during		during		during		during			during			end of
	of year		year		year		year		year			year			year
	in USD thousands
Composition in 2022
Property		1,708		545		-		223		(202	)		(354	)		1,920
Motor vehicles		186		177		16		25		(22	)		(114	)		236
		1,894		722		16		248		(224	)		(468	)		2,156

Additional disclosures

1)	The Company leases two premises – its corporate headquarters and development facilities in Modi’in, Israel, and its US commercial headquarters in Waltham, Massachusetts.

	a.	The Company leases its premises in Israel under a lease agreement entered into in August 2014. Payments under the lease commenced in June 2015, and the initial term of the lease expired in June 2020. The Company exercised its option to extend the lease through June 30, 2025, and has the option to extend the lease for two additional lease periods totaling up to five additional years, each option at a 5% increase to the preceding lease payment amount. The monthly lease payment is approximately $26,000. In addition, the Company pays building maintenance charges of approximately $9,000 per month.

	b.	The Company leases its premises in Boston under a lease agreement entered into and commenced in October 2022. The term of the lease will expire in December 2024. The monthly lease fee is approximately $24,000.

The Company has entered into lease agreements in connection with a number of vehicles. The lease periods are generally for three years. The annual lease fees, linked to the CPI, are approximately $122,000. To secure the terms of the lease agreements, the Company has prepaid two months of lease payments to the leasing companies.

As of December 31, 2022, minimum future rental payments (taking into consideration the aforementioned extension periods) under the leases are as follows:

Year	Property		Motor vehicles		Total
	in USD thousands
2023		569		122		691
2024		584		89		673
2025		301		31		332
2026		301		-		301
2027-2030		1,105		-		1,105
		2,860		242		3,102

Extension and termination options are included in most of the property leases. These are used to maximize operational flexibility in terms of managing the assets used in the Company’s operations. The substantial majority of extension and termination options are exercisable solely by the Company and not by the lessors.

LONG-TERM LOANS	12 Months Ended
LONG-TERM LOANS	Dec. 31, 2022
Disclosure of detailed information about borrowings [abstract]
LONG-TERM LOANS	NOTE 10 – LONG-TERM LOAN In October 2018, the Company entered into a $10 million loan agreement with Kreos Capital. This loan was repaid in full in September 2022. In September 2022, the Company entered into a new $40 million loan agreement with Kreos Capital (via Kreos Capital VII Aggregator SCSp). Pursuant to the new agreement, the first tranche of $10 million was drawn down by the Company upon closing. The remaining $30 million will be made available in two additional tranches subject to the achievement of pre-specified milestones. The tranches are available for drawdown at the Company’s discretion at various time points through October 1, 2024. Each tranche carries a pre-defined interest-only payment period, followed by a loan principal amortization period of up to 36 months subsequent to the interest-only period. The interest-only periods are subject to possible extension based on certain pre-defined milestones. Borrowings under the financing will bear interest at a fixed annual rate of 9.5% (~11.0%, including associated cash fees). As security for the loan, Kreos Capital received a first-priority secured interest in all Company assets, including intellectual property, and the Company undertook to maintain a minimum cash balance. In addition, Kreos Capital will be entitled to mid-to-high single-digit royalties on motixafortide sales, up to a pre-defined cap. The loan's current value includes the accrual of effective interest, including estimated future royalties.

EQUITY

12 Months Ended

Dec. 31, 2022

Disclosure of classes of share capital [abstract]

EQUITY

NOTE 11 – EQUITY

Share capital

The Company’s share capital is composed of ordinary shares, as follows:

	Number of Ordinary Shares
	December 31,
	2021		2022

Authorized share capital		1,500,000,000		2,500,000,000

Issued and paid-up share capital		715,156,008		922,958,942

	In USD and NIS Amounts
	December 31,
	2021		2022

Authorized share capital (in NIS)		150,000,000		250,000,000

Issued and paid-up share capital (in NIS)		71,515,600		92,295,894

Issued and paid-up share capital (in USD)		21,066,368		27,100,201

Rights related to shares

The ordinary shares confer upon their holders voting and dividend rights and the right to receive assets of the Company upon its liquidation. As of December 31, 2021 and 2022, all outstanding share capital consisted of ordinary shares.

Changes in the Company’s equity

In connection with the loan agreement with Kreos Capital signed in October 2018 (see Note 10), Kreos Capital received warrants to purchase 63,837 ADSs at an exercise price of $14.10 per ADS. The warrants issued have been classified as a non-current financial liability due to a net settlement provision. The warrant is exercisable for a period of ten years from the date of issuance.

The fair value of the warrants at the date of issuance, computed using the Black-Scholes option pricing model, amounted to $861,000. The fair value of the warrants as of December 31, 2022 was $6,000 (December 31, 2021 - $42,000) and was based on the then current price of an ADS, a risk-free interest rate of 3.99%, an average standard deviation of 79.68%, and on the remaining contractual life of the warrants.

The change in fair value for the years ended December 31, 2021 and 2022, of $13,000 and $36,000, respectively, has been recorded as non-operating income on the statement of comprehensive loss. As of December 31, 2022, none of these warrants had been exercised.

In February 2019, the Company completed an underwritten public offering of 1,866,667 of its ADSs and warrants to purchase 1,866,667 ADSs, at a public offering price of $8.25 per ADS and accompanying warrant. The warrants are exercisable immediately, expire five years from the date of issuance and have an exercise price of $11.25 per ADS. The offering raised a total of $15.4 million, with net proceeds of $14.1 million, after deducting fees and expenses. The amount of the offering consideration initially allocated to the warrants was $5.0 million. Total issuance costs initially allocated to the warrants were $0.4 million.

The warrants have been classified as a non-current financial liability due to a net settlement provision. This liability was initially recognized at its fair value on the date the contract was entered into and is subsequently accounted for at fair value at each balance sheet date. The fair value changes are charged to non-operating income and expense in the statement of comprehensive loss.

The fair value of the warrants as of December 31, 2022 was $1,000 (December 31, 2021 -$564,000), and was based on the then current price of an ADS, a risk-free interest rate of 4.73%, an average standard deviation of 82.14%, and on the remaining contractual life of the warrants.

The changes in fair value for the years ended December 31, 2021 and 2022 of $405,000 and $563,000, respectively, have been recorded as non-operating income on the statement of comprehensive loss. As of December 31, 2022, none of these warrants had been exercised.

In May and June 2020, the Company sold in registered direct offerings an aggregate of 7,653,145 ADSs at a price of $1.75 per ADS. The Company also issued to investors in the offerings unregistered warrants to purchase 7,653,145 ADSs. The warrants were exercisable immediately, were to expire two and half years from the date of issuance and had an exercise price of $2.25 per ADS. In addition, the Company granted to the placement agent’s designees, as part of the placement fees, warrants to purchase 382,657 ADSs. These warrants were exercisable immediately, were set to expire two and half years from the date of issuance and had an exercise price of $2.1875 per ADS. The offerings raised a total of $13.4 million, with net proceeds of $12.0 million, after deducting fees and expenses. The amount of the offering consideration initially allocated to the warrants was $5.7 million. Total issuance costs initially allocated to the warrants were $0.6 million.

The warrants issued were classified as a non-current financial liability due to a net settlement provision. This liability was initially recognized at its fair value on the date the contract was entered into and is subsequently accounted for at fair value at each balance sheet date. The fair value changes were charged to non-operating income and expense in the statement of comprehensive loss.

As of December 31, 2021 and 2022, 5,739,741 of these warrants had been exercised. The fair value of the unexercised warrants as of December 31, 2021 was $1,253,000. In November 2022, the warrants expired.

The changes in fair value for the years ended December 31, 2021 and 2022 of $2,354,000 and $1,253,000 have been recorded as non-operating expenses and non-operating income respectively, on the statement of comprehensive loss.

In January 2021, the Company completed an underwritten public offering of 14,375,000 of its ADSs at a public offering price of $2.40 per ADS. The offering raised total gross proceeds of $34.5 million, with net proceeds of $31.4 million after deducting fees and expenses. In addition, warrants to purchase 718,750 ADSs were granted to the underwriters. These warrants are exercisable immediately, expire five years from the date of issuance and have an exercise price of $3.00 per ADS.

The warrants have been classified as shareholders’ equity, with initial recognition at fair value on the date issued. The total issuance costs initially allocated to the warrants were recorded as an offset to share premium.

The fair value of the warrants on the issuance date was approximately $1.0 million, which was recorded as issuance costs, and computed using the Black and Scholes option pricing model, based upon the then current price of an ADS, a risk-free interest rate of approximately 0.45% and an average standard deviation of approximately 73.8%.

As of December 31, 2022, none of these warrants had been exercised.

In September 2022, the Company completed a registered direct offering of 13,636,365 ADSs at a price of $1.10 per ADS. The Company also issued to investors in the offering unregistered warrants to purchase 13,636,365 ADSs. The warrants are exercisable immediately, expire five years from the date of issuance and have an exercise price of $1.15 per ADS. In addition, the Company granted to the placement agent in the offering, as part of the placement fee, warrants to purchase 681,818 ADSs. These warrants are exercisable immediately, expire five years from the date of issuance and have an exercise price of $1.375 per ADS. Gross proceeds from the offering totaled $15.0 million, with net proceeds of $13.5 million, after deducting fees and expenses. The offering consideration allocated to the placement agent warrants amounted to $0.4 million.

The warrants issued to the investors have been classified as a non-current financial liability due to a net settlement provision. This liability was initially recognized at its fair value on the issuance date and is subsequently accounted for at fair value at each balance sheet date. The fair value changes are charged to non-operating income and expense in the statement of comprehensive loss.

The fair value of the warrants is computed using the Black-Scholes option pricing model. The fair value of the warrants upon issuance was computed based on the then-current price of an ADS, a risk-free interest rate of 3.62%, and an average standard deviation of 82.5%. The gross consideration initially allocated to the investor warrants amounted to $9.1 million, with total issuance costs initially allocated to the warrants amounting to $0.8 million.

The fair value of the warrants amounted to $4,502,000 as of December 31, 2022, and was based on the then current price of an ADS, a risk-free interest rate of 4.1%, an average standard deviation of 85.5%, and on the remaining contractual life of the warrants.

The changes in fair value from the issuance date through December 31, 2022 of $4,573,000 have been recorded as non-operating income in the statement of comprehensive loss.

As of December 31, 2022, none of these warrants had been exercised.

The placement agent warrants have been classified in shareholders’ equity, with initial recognition at fair value on the date issued, using the same assumptions as the investor warrants.

Share purchase agreements

In September 2020, the Company entered into an ATM sales agreement with H.C. Wainwright & Co., LLC (“HCW”), pursuant to which the Company was entitled, at its sole discretion, to offer and sell through HCW, acting as sales agent, ADSs having an aggregate offering price of up to $25.0 million throughout the period during which the ATM facility remained in effect. The Company agreed to pay HCW a commission of 3.0% of the gross proceeds from the sale of ADSs under the facility. Expenses associated with establishment of the ATM facility with HCW, amounting to $0.2 million, were recorded in 2020 as non-operating expenses. In September 2021, the Company terminated the agreement. During 2021, the Company issued a total of 4,745,368 ADSs under the agreement for total gross proceeds of $18.5 million. From the effective date of the agreement through its termination, 7,381,101 ADSs were sold under the program for total gross proceeds of approximately $24.5 million.

In September 2021, the Company entered into a new $25.0 million ATM sales agreement with HCW under substantially identical terms to the previous agreement. Expenses associated with establishment of the ATM facility with HCW, amounting to $0.1 million, were recorded in non-operating expenses during the period. During 2022, the Company issued a total of 206,324 ADSs under the program for total gross proceeds of approximately $0.3 million. From the effective date of the agreement through the issuance date of this report, 608,651 ADSs have been sold under the program for total gross proceeds of approximately $1.4 million.

Share-based payments

Share Incentive plan – general

In 2003, the Company adopted the 2003 Share Incentive Plan (the “Plan”). The Plan provides for the granting of stock options and ordinary shares to the Company’s employees, directors, consultants and other service providers. Options are issued at the determination of the Board of Directors in accordance with applicable law. The options are generally exercisable for a ten-year period and the grants generally vest over a four-year period. In 2013, the Company’s Board of Directors approved amendments to the Plan to take into account changes in laws and regulations that had occurred since its adoption and to extend the term of the plan until November 2023. In 2016, the Board of Directors approved amendments to the Plan to allow for the grant of restricted stock units (“RSUs”) and performance stock units (“PSUs”). In 2022, the Board approved certain amendments to the Plan in order to conform the Plan to U.S. tax regulations for the benefit BioLineRx USA, Inc. employees.

PSUs are RSUs that are linked to any one or more performance goals (in addition to, or in lieu of, time-based vesting terms) determined appropriate by the Board of Directors. The specific performance goals, as well as the time period associated with achieving such goals, are approved by the Board and are set forth in the grantee’s grant agreement. To date, each PSU grant has had between three to five performance goals on which vesting is based, each such goal being either a specified Company milestone and or the success of a specific project, with vesting of 20-40% on the achievement of each goal. The tranche of PSUs associated with a given milestone expires 12 months after the target date established for that milestone. As of December 31, 2022, 2,786,608 PSUs were vested in accordance with their original terms.

As of December 31, 2022, there were 92,601,858 ordinary shares issuable upon the exercise of outstanding equity instruments under the Plan.

Company employees and directors are granted options under Section 102 of the Israeli Income Tax Ordinance (the “Ordinance”), primarily under the “capital gains” track. Non-employees of the Company (consultants and other service providers) are granted options under Section 3(i) of the Ordinance.

As of December 31, 2022, there were 21.3 million remaining authorized but unissued ordinary shares in the pool reserved for future share-based incentive grants.

Employee share incentive plan:

The following table contains additional information concerning equity instruments granted to employees and directors under the existing share incentive plans.

	Year ended December 31,
	2020					2021					2022
	Number of options			Weighted average exercise price (in NIS)		Number of options			Weighted average exercise price (in NIS)		Number of options			Weighted average exercise price (in NIS)
Outstanding at beginning of year		19,358,913			2.6		35,981,579			1.5		40,956,214			0.7
Granted		18,689,300			0.5		6,588,200			0.4		53,696,305			0.3
Forfeited and expired		(1,776,037	)		2.2		(1,438,642	)		3.0		(4,618,062	)		0.8
Exercised		(290,597	)		0.1		(174,923	)		0.1		(162,599	)		0.1
Outstanding at end of year*		35,981,579			1.5		40,956,214			0.7		89,871,858			0.4
Exercisable at end of year		11,535,679			3.2		18,663,353			1.7		26,663,961			0.8

As of December 31, 2020, 2021 and 2022, includes 2,421,799, 4,084,748, and 10,482,277 PSUs at an exercise price of 0.10 NIS (par value of ordinary shares), for which performance obligations have not been met.

The total consideration received from the exercise of equity instruments during 2020, 2021 and 2022 was not material.

Set forth below is data regarding the range of exercise prices and weighted-average remaining contractual life (in years) for the equity instruments outstanding at the end of each of the years indicated.

	As of December 31,
	2021				2022
Range of exercise prices (in NIS)	Number of options outstanding		Weighted average remaining contractual life (in yrs.)		Number of options outstanding		Weighted average remaining contractual life (in yrs.)
Up to 0.99		25,752,128		8.8		75,663,492		9.0
1.00-2.00		14,524,086		6.6		13,668,366		5.5
2.01-10.00		680,000		4.8		540,000		4.2
		40,956,214		8.0		89,871,858		8.4

The fair value of equity instruments granted to employees through December 31, 2022 has been determined using the Black-Scholes option-pricing model. These values are based on the following assumptions as of the applicable grant dates:

	2020			2021			2022
Expected dividend yield		0	%		0	%		0	%
Expected volatility		63	%		67	%		67	%
Risk-free interest rate		1	%		1	%		4	%
Expected life of options (in years)		6			6			6

The remaining unrecognized deferred compensation expense as of December 31, 2022 was $4.8 million. This amount will be expensed over the remaining vesting period of the equity instruments.

Stock options to consultants

From inception through December 31, 2020, the Company issued to consultants options for the purchase of 596,523 ordinary shares at a weighted average exercise price of NIS 5.23 per share.

In 2021, the Company issued additional options to consultants for the purchase of 2,700,000 ordinary shares at a weighted average price of NIS 0.66 per share.

In 2022, the Company did not issue additional options to consultants.

The options to consultants generally vest over four years and may be exercised for periods of between five and ten years. As of December 31, 2022, 2,730,000 options to consultants were outstanding with a weighted average exercise price of NIS 1.02 per share and a weighted average contractual life of 7.9 years.

Company management estimates the fair value of the options granted to consultants based on the value of services received over the vesting period of the applicable options. The value of such services (primarily in respect of clinical advisory services) is estimated based on the additional cash compensation the Company would need to pay if such options were not granted. The value of services recorded in each of the years 2020, 2021 and 2022 was not material.

TAXES ON INCOME

12 Months Ended

Dec. 31, 2022

Disclosure Of Income Taxes [Abstract]

TAXES ON INCOME

NOTE 12 – TAXES ON INCOME

Corporate taxation

The taxable income of BioLineRx, not subject to benefits as detailed below, is taxed at the standard Israeli corporate tax rate, which was 23% for all years included in these financial statements. The taxable income of BioLineRx USA, Inc. is subject to a federal tax rate of 21%.

Tax loss carryforwards

As of December 31, 2022, the tax loss carryforwards of BioLineRx were approximately $326 million. The tax loss carryforwards have no expiration date.

The Company has not created deferred tax assets in respect of these tax loss carryforwards. See Note 2, paragraph l.

Tax assessments

In accordance with Israeli tax regulations, the tax returns filed by BioLineRx through the 2020 tax year are considered final.

Theoretical taxes

As described in Note 2, paragraph 1, the Company has not recognized any deferred tax assets in the financial statements, as it does not expect to generate taxable income in the foreseeable future. The reported tax on the Company’s income before taxes differs from the theoretical amount that would arise using the weighted average tax rate applicable to income of the consolidated entities as follows:

	Year ended December 31,
	2020						2021						2022
				in USD						in USD						in USD
				thousands						thousands						thousands
Loss before taxes		23.0	%		(30,021	)		23.0	%		(27,045	)		23.0	%		(24,951	)

Theoretical tax benefit					(6,905	)					(6,220	)					(5,739	)
Disallowed deductions (tax exempt income):
Loss (gain) on adjustment of warrants to fair value					1,280						480						(1,478	)
Share-based compensation					292						343						516
Other					11						11						11
Increase in taxes for tax losses and timing differences incurred in the reporting year for which deferred taxes were not created					5,322						5,386						6,690
Taxes on income for the reported year					-						-						-

LOSS PER SHARE

12 Months Ended

Dec. 31, 2022

Earnings per share [abstract]

LOSS PER SHARE

NOTE 13 – LOSS PER SHARE

The following table contains the data used in the computation of the basic loss per share:

	Year ended December 31,
	2020			2021			2022
	in USD thousands
Loss attributed to ordinary shares		(30,021	)		(27,054	)		(24,951	)

	in thousands
Number of shares used in basic calculation		252,844			662,934			773,957

	in USD
Basic and diluted loss per ordinary share		(0.12	)		(0.04	)		(0.03	)

All outstanding options and warrants have been excluded from the calculation of the diluted loss per share for all years presented, since their effect was anti-dilutive.

COMMITMENTS AND CONTINGENT LIABILITIES

12 Months Ended

Dec. 31, 2022

Disclosure of commitments and contingent liabilities [Abstract]

COMMITMENTS AND CONTINGENT LIABILITIES

NOTE 14 – COMMITMENTS AND CONTINGENT LIABILITIES

Commitments

Obligation to pay royalties to the State of Israel

The Company is required to pay royalties to the State of Israel (represented by the Israel Innovation Authority, or IIA), computed on the basis of proceeds from the sale or license of products whose development was supported by grants from the predecessor of the IIA, the Office of the Chief Scientist. This obligation relates solely to financial participation in the development of products by the Company.

In accordance with the terms of grants provided by the IIA, the State is entitled to royalties on the sale or license of any product whose development was supported with State participation. These royalties are generally 3% in the first three years from initial repayment, 4% of sales in the three subsequent years and 5% of sales in the seventh year until repayment of 100% of the grants (linked to the dollar) received by the Company, plus annual interest at the LIBOR rate. Under certain circumstances, the royalty rate is calculated according to a formula based on the ratio of participation by the IIA in the project to the total project costs incurred by the Company.

In connection with the in-licensing of motixafortide from Biokine Therapeutics Ltd. (“Biokine”), and as a condition to IIA consent to the transaction, the Company agreed to abide by any obligations resulting from funds previously received by Biokine from the IIA. The contingent liability to the IIA assumed by the Company relating to this transaction amounts to $3.7 million as of December 31, 2022. The Company has a full right of offset for amounts payable to the IIA from payments due to Biokine in the future.

Licensing agreements

From time to time, the Company enters into in-licensing agreements with academic institutions, research institutions and companies (the “licensors”) in connection with the development of therapeutic compounds. Pursuant to these licensing agreements, the Company generally obtains the rights for one or more therapeutic compounds in pre-clinical and early clinical stages of development, in order to continue development of the compounds through more advanced stages of development and, subsequently, to manufacture, distribute and market the drugs or to out-license the development, manufacturing and commercialization rights to third parties. Such development activities are carried out by either the Company and/or by companies or institutions to which the Company has entered into an out-license agreement, subject to certain restrictions stipulated in the various agreements.

The licenses that have been granted to the Company are broad and comprehensive, and generally include various provisions and usage rights as follows: (i) territorial scope of the license (global); (ii) term of the license (unrestricted but not shorter than the life of the patent); and (iii) development of the therapeutic compound (allowing the Company to perform all development activities on its own, or by outsourcing under Company supervision, as well as out-licensing development under the license to other companies, subject to the provisions of the licensing agreements).

According to the provisions of the licensing agreements, the intellectual property rights in the development of any licensed technology, through the date the applicable license agreement is effective, remain with the licensor, while the rights in products and/or other deliverables developed by the Company after the license is granted belong to the Company. In cases where the licensor has a claim to an invention that was jointly developed with the Company, the licensor also co-owns the related intellectual property. In any event, the scope of the license also covers these intellectual property rights.

In addition, the Company generally undertakes in the licensing agreements to protect registered patents resulting from developments under the various licenses, to promote the registration of patents covering new developments in cooperation with the licensor, and to bear responsibility for all related costs. Pursuant to the various agreements, the Company generally works to register the various patents on a broad basis worldwide, and if the Company decides not to initiate or continue a patent registration proceeding in a given country, the Company is required to notify the applicable licensor to this effect and the licensor is entitled to take action for registration of the patent in such country.

The consideration paid pursuant to the licensing agreements generally includes several components that may be payable over the license period and that relate, inter alia, to the progress made in research and development activities, as well as commercial success, as follows: (a) one-time, up-front payment and/or periodic payments; (b) payments through the early stages of development (i.e., through the end of phase 2); (c) payments upon the achievement of milestones necessary for advancing to phase 3; (d) payments from the end of a successful phase 3 trial through approval of the therapeutic compound; and e) royalties on sales of the final product resulting from development under the license or including any component thereof, generally less than 5% of the Company’s net sales of the product, although in specific instances (for example, with regard to Motixafortide, where the royalty rate on net sales directly commercialized by the Company payable to Biokine is 10%) the royalty rate has been higher or lower than this range. In instances where the Company has out-licensed the product for further development, the Company pays a percentage of the net consideration received from the licensee (“Sublicense Receipts”) to the upstream licensor that generally range from 20% to 29.5% of such consideration, although in specific instances the percentage paid has been higher or lower than this range. These Sublicense Receipts generally take the place of most or all of the milestone and royalty payments set forth in (b) through (e) above.

The license agreements may be cancelled by the licensor only in specific circumstances, generally upon the occurrence of one of the following events: (a) the Company’s failure to meet certain milestones stipulated in the applicable license agreement and appended timetables; (b) default, insolvency, receivership, liquidation, etc. of the Company that is not imposed and/or lifted within the timeframe stipulated in the license agreement; and (c) fundamental breach of the license agreement that is not corrected within the stipulated timeframe. The Company may generally cancel a license agreement with prior notice of 30 to 90 days, due to unsuccessful development or any other cause.

The Company has undertaken to indemnify certain licensors, their employees, officers, representatives or anyone acting on their behalf for any damage and/or expense that they may incur in connection with the Company’s use of a license granted to it, all in accordance with the terms stipulated in the applicable license agreements.

Some of the license agreements are accompanied by consulting, support and cooperation agreements, pursuant to which the Company is committed to pay the various licensers a fixed monthly amount over the period stipulated in the agreement for their assistance in the continued research and development under the license.

Commitments in respect of Agalimmune and Biokine

The consideration due to Agalimmune shareholders is based on certain development and commercial milestones, including future sales of Agalimmune products. In addition, the selling shareholders of Agalimmune have certain reversionary rights in the event of a breach of the transaction agreement and certain other limited triggering events.

In accordance with the license agreement of motixafortide with Biokine (as amended), the Company is required to pay Biokine a payment of 20% of amounts received as consideration in connection with any sublicensing or sale of the licensed technology. Biokine is also eligible to receive up to a total of $5 million in future milestone payments. Subject to certain limitations, if the Company independently sell products related to Motixafortide, the Company will pay Biokine a royalty payment of 10% of net sales.

Purchase orders

The Company’s outstanding open purchase order commitments as of December 31, 2022 amounted to $5.9 million.

Guarantees

To secure the Company’s lease obligation on its Israeli premises, the Company has provided a bank guarantee in the amount of $100,000 for the benefit of the lessor, which remains outstanding as of December 31, 2022.

Contingent liabilities

On January 5, 2023, a putative securities class action complaint was filed in the U.S. against the Company and its Chief Executive Officer. The complaint claims that the Company made false and materially misleading statements and failed to disclose material adverse facts pertaining to its financial position with regard to the development of motixafortide and that the Company would require a loan and a securities offering to commercialize motixafortide. The Company also received, on February 5, 2023, a substantially similar lawsuit and motion to approve the lawsuit as a class action in the Tel Aviv District Court. The total amount claimed in Tel Aviv, if the lawsuit is certified as a class action, is approximately NIS 113.5 million (approximately $32 million).

The outcome of both legal proceedings is uncertain at this point. Based on an initial evaluation, management of the Company believes that they are without merit and intends to vigorously defend the Company and its Chief Executive Officer against such actions.

TRANSACTIONS AND BALANCES WITH RELATED PARTIES

12 Months Ended

Dec. 31, 2022

Disclosure of transactions between related parties [abstract]

TRANSACTIONS AND BALANCES WITH RELATED PARTIES

NOTE 15 – TRANSACTIONS AND BALANCES WITH RELATED PARTIES

Transactions with related parties

Expenses:

	Year ended December 31,
	2020		2021		2022
	in USD thousands
Benefits to related parties:
Compensation and benefits to senior management, including benefit component of equity instrument grants		2,391		2,302		2,968
Compensation and benefits to directors, including benefit component of equity instrument grants		373		300		507

Key management compensation

Key management includes directors and executive officers. The compensation paid or payable to key management for services during each of the years indicated is presented below.

	Year ended December 31,
	2020		2021		2022
	in USD thousands
Salaries and other short-term employee benefits		1,656		1,883		2,298
Post-employment benefits		126		136		131
Other long-term benefits		33		35		35
Share-based compensation		949		548		1,011
		2,764		2,602		3,475

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION

12 Months Ended

Dec. 31, 2022

Disclosure of supplementary financial statement information [Abstract]

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION

NOTE 16 – SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION

Other receivables

	December 31,
	2021		2022
	in USD thousands
Government institutions		140		687
Other		2		34
		142		721

Accounts payable and accruals

	December 31,
	2021		2022
	in USD thousands
1) Trade:
Accounts payable:
Overseas		4,504		6,061
In Israel		1,063		905
		5,567		6,966
2) Other:
Accrued expenses		521		976
Accrual for vacation and recreation pay		397		377
Payroll and related expenses		307		307
Other		2		84
		1,227		1,744

The carrying amounts of accounts payable and accruals approximate their fair value, as the effect of discounting is not material.

Research and development expenses

	Year ended December 31,
	2020		2021		2022
	in USD thousands
Research and development services		11,696		12,088		9,296
Payroll and related expenses		3,501		4,074		4,495
Share based compensation		623		971		1,198
Lab, occupancy and telephone		771		882		902
Professional fees		643		595		954
Depreciation and amortization		864		660		615
Other		75		196		169
		18,173		19,466		17,629

Sales and marketing expenses

	Year ended December 31,
	2020		2021		2022
	in USD thousands
Marketing		585		729		5,365
Payroll and related expenses		234		249		1,059
Overseas travel		21		25		38
		840		1,003		6,462

General and administrative expenses

	Year ended December 31,
	2020		2021		2022
	in USD thousands
Payroll and related expenses		1,369		1,408		1,706
Share based compensation		729		583		895
Professional fees		1,044		1,103		1,248
Insurance		603		1,064		1,046
Depreciation		70		42		39
Other		99		108		132
		3,914		4,308		5,066

Non-operating income (expenses), net

	Year ended December 31,
	2020			2021			2022
	in USD thousands
Issuance costs		(784	)		-			(762	)
Changes in fair value of warrants		(5,142	)		(1,936	)		6,425
Other		225			106			7
		(5,701	)		(1,830	)		5,670

Financial income

	Year ended December 31,
	2020		2021		2022
	in USD thousands
Interest income		236		277		694
Exchange differences, net		-		282		-
		236		559		694

Financial expenses

	Year ended December 31,
	2020		2021		2022
	in USD thousands
Interest expense		1,470		984		1,786
Exchange differences, net		137		-		346
Bank commissions		22		22		26
		1,629		1,006		2,158

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2022

Disclosure of significant accounting policies [Abstract]

Basis of presentation

The consolidated financial statements have been prepared on the basis of historical cost, subject to adjustment of warrant liabilities to their fair value through profit or loss.

Principles of consolidation

Functional and reporting currency

Cash equivalents and short-term bank deposits

Property and equipment

	%
Computers and communications equipment	20-33
Office furniture and equipment	6-15
Laboratory equipment	15-20

Leasehold improvements are amortized by the straight-line method over the shorter of the lease term or the estimated useful life of the improvements.

Intangible assets

Intellectual property

Computer software

Impairment of non-financial assets

Impairment of non-financial assets

Financial assets

The Company accounts for financial assets in accordance with IFRS 9 “Financial Instruments.”

Classification

Financial assets at amortized cost

The Company’s financial assets at amortized cost are included in other receivables and bank deposits in the consolidated statements of financial position.

Recognition and measurement

Impairment

Warrants

Share capital

The Company’s ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new shares are presented in equity as a deduction from the issuance proceeds.

Trade payables

Deferred taxes

As the Company is currently engaged primarily in development and regulatory activities, no deferred tax assets are included in the financial statements.

Borrowings

Borrowings are classified as current liabilities unless the Company has an unconditional right to defer settlement of the liability for at least 12 months subsequent to the reporting period.

Revenue from contracts with customers

The Company accounts for revenue in accordance with IFRS 15, “Revenue from Contracts with Customers.”

IFRS 15 introduces a five-step model for recognizing revenue from contracts with customers, as follows:

•

identify the contract with a customer;

•

identify the performance obligations in the contract;

•

determine the transaction price;

•

allocate the transaction price to the performance obligations in the contract; and

•

recognize revenue when (or as) the entity satisfies a performance obligation.

Research and development expenses

Research expenses are charged to profit or loss as incurred.

An intangible asset arising from development (or from the development phase of an internal project) is recognized if all of the following conditions are fulfilled:

•

technological feasibility exists for completing development of the intangible asset so that it will be available for use or sale.

•

it is management’s intention to complete development of the intangible asset for use or sale.

•

the Company has the ability to use or sell the intangible asset.

•

adequate technical, financial and other resources are available to complete development of the intangible asset, as well as the use or sale thereof.

•

the Company has the ability to reliably measure the expenditure attributable to the intangible asset during its development.

Employee benefits

Pension and severance pay obligations

The amounts recorded as an employee benefit expense in respect of pension and severance pay obligations for the years 2020, 2021 and 2022 were $668,000, $744,000 and $792,000 respectively.

Vacation and recreation pay

Share-based payments

•

including any market performance conditions (for example, the Company’s share price); and

•

Loss per share

Basic

The basic loss per share is calculated by dividing the loss attributable to the holders of ordinary shares by the weighted average number of ordinary shares outstanding during the year.

Diluted

Leases

Leases

Assets are depreciated by the straight-line method over the estimated useful lives of the right of use assets or the lease period, whichever is shorter, as follows:

	Years
Property	11
Motor vehicles	3

New standards and interpretations not yet adopted

Classification of Liabilities as Current or Non-current (Amendment to IAS 1)

Significant Accounting Policies (Amendment to IAS 1)

Changes in Accounting Estimates and Errors (Amendment to IAS 8)

SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of significant accounting policies [Abstract]

Schedule of Depreciation Rates

	%
Computers and communications equipment	20-33
Office furniture and equipment	6-15
Laboratory equipment	15-20

Schedule of Useful Life of Right of Use Assets

	Years
Property	11
Motor vehicles	3

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about financial instruments [abstract]

Schedule of Sensitivity Analysis

	December 31, 2022
	Income (loss)						Value on			Income (loss)
Sensitive instrument	10% increase			5% increase			balance sheet			5% decrease			10% decrease
	in USD thousands
NIS-linked balances:
Cash and cash equivalents		(416	)		(218	)		4,573			241			508
Other receivables		(66	)		(34	)		721			38			80
Trade payables		38			20			(416	)		(22	)		(46	)
Other payables		114			60			(1,257	)		(66	)		(140	)
Total NIS-linked balances		(330	)		(172	)		3,621			191			402
Euro-linked trade payables		(144	)		(76	)		(1,590	)		84			177
Total		(474	)		(248	)		2,031			275			579

	December 31, 2021
	Income (loss)						Value on			Income (loss)
Sensitive instrument	10% increase			5% increase			balance sheet			5% decrease			10% decrease
	in USD thousands
NIS-linked balances:
Cash and cash equivalents		(427	)		(224	)		4,699			522			247
Other receivables		(13	)		(7	)		142			16			7
Trade payables		40			21			(442	)		(49	)		(23	)
Other payables		102			53			(1,119	)		(124	)		(59	)
Total NIS-linked balances		(298	)		(157	)		3,280			365			172
Euro-linked trade payables		(158	)		(83	)		(1,230	)		193			92
Total		(456	)		(240	)		2,050			558			264

Schedule of Concentration of Currency Risk

	Exchange rate of NIS per $1			Exchange rate of Euro per $1
As of December 31:
2020		3.215			0.815
2021		3.110			0.884
2022		3.519			0.938

Percentage increase (decrease) in the exchange rate:
2021		(3.3	)%		8.5	%
2022		13.2	%		6.1	%

Schedule of Linkage of Monetary Items

	December 31, 2021							December 31, 2022
	Dollar		NIS		Other currencies				Dollar		NIS		Other Currencies
	USD in thousands								USD in thousands
Assets:
Current assets:
Cash and cash equivalents		7,223		4,699		1,068				5,685		4,573		329
Short term bank deposits		44,145		-		-				40,495		-		-
Other receivables		-		142		-				-		721		-
		51,368		4,841		1,068				46,180		5,294		329
Liabilities:
Current liabilities:
Current maturities of long-term loans		2,757		-		-				1,542		-		-
Accounts payable and accruals:
Trade		2,700		442		2,425				4,359		416		2,191
Other		108		1,119						487		1,257		-
Non-current liabilities
Long-term loans, net of current maturities		-		-		-				8,626		-		-
		5,565		1,561		2,425				15,014		1,673		2,191
Net balance		45,803		3,280		(1,357	)			31,166		3,621		(1,862	)

Schedule of Credit Risk

	December 31,
	2021		2022
	in USD thousands
Assets:
Cash and cash equivalents		12,990		10,587
Short-term bank deposits		44,145		40,495
Other receivables		142		721
Total		57,277		51,803

Schedule of Changes in Financial Liabilities With Cash Flows Included in Financing Activities

	Long-term loans			Warrants			Total
	in USD thousands
Balance as of January 1, 2021		5,832			10,218			16,050
Changes during the year 2021:
Principal and interest payments		(3,814	)		-			(3,376	)
Share premium resulting from exercise of warrants					(10,295	)		(10,295	)
Amounts recognized through profit and loss		739			1,936			2,237
Balance as of December 31, 2021		2,757			1,859			4,616
Changes during the year 2022:
Net proceeds of loan		9,126			9,075			18,201
Principal and interest payments		(3,177	)		-			(2,832	)
Amounts recognized through profit and loss		1,462			(6,425	)		(5,308	)
Balance as of December 31, 2022		10,168			4,509			14,677

Schedule of Fair Value Measurement of Warrants

	Warrants
	in USD thousands
Balance as of January 1, 2020		658
Changes during 2020:
Issuances		5,669
Exercises		(1,251	)
Changes in fair value through profit and loss		5,142
Balance as of December 31, 2020		10,218
Changes during 2021:
Issuances		-
Exercises		(10,295	)
Changes in fair value through profit and loss		1,936
Balance as of December 31, 2021		1,859
Changes during 2022:
Issuances		9,075
Exercises		-
Changes in fair value through profit and loss		(6,425	)
Balance as of December 31, 2022		4,509

CASH AND CASH EQUIVALENTS (Tables)

12 Months Ended

Dec. 31, 2022

Cash and cash equivalents [abstract]

Schedule of Cash And Cash Equivalents


	December 31,
	2021		2022
	in USD thousands

Cash on hand and in bank		8,461		3,623
Short-term bank deposits		4,529		6,964
		12,990		10,587

PROPERTY AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about property, plant and equipment [abstract]

Schedule of Composition of Property and Equipment and Related Accumulated Depreciation

	Cost								Accumulated depreciation
	Balance at		Additions		Deletions		Balance at		Balance at		Additions		Deletions		Balance at		Net book value
	beginning		during		during		end of		beginning		during		during		end of		December 31,
	of year		year		year		year		of year		year		year		year		2021		2022
	in USD thousands								in USD thousands								in USD thousands
Composition in 2022
Office furniture and equipment		207		37		-		244		124		14		-		138		83		106
Computers and communications equipment		863		98		-		961		678		34		-		712		185		249
Laboratory equipment		1,590		16		-		1,606		1,509		69		-		1,578		81		28
Leasehold improvements		2,028		8		-		2,036		1,425		268		-		1,693		603		343
		4,688		159		-		4,847		3,736		385		-		4,121		952		726

INTANGIBLE ASSETS (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of detailed information about intangible assets [abstract]

Schedule of Intangible Assets

	Cost								Accumulated depreciation and impairment
	Balance at		Additions		Deletions		Balance at		Balance at		Additions		Deletions		Balance at		Net book value
	beginning		during		during		end of		beginning		during		during		end of		December 31,
	of year		year		year		year		of year		year		year		year		2021		2022
	in USD thousands								in USD thousands								in USD thousands
Composition in 2022
Intellectual property		21,792		-		-		21,792		96		-		-		96		21,696		21,696
Computer software		616		185		-		801		608		4		-		612		8		189
		22,408		185		-		22,593		704		4		-		708		21,704		21,885

LEASES (Tables)

12 Months Ended

Dec. 31, 2022

Presentation of leases for lessee [abstract]

Schedule of Right-of-use assets

	Cost								Accumulated depreciation
	Balance at		Additions		Deletions		Balance at		Balance at		Additions		Deletions		Balance at		Net book value
	beginning		during		during		end of		beginning		during		during		end of		December 31,
	of year		year		year		year		of year		year		year		year		2021		2022
	in USD thousands								in USD thousands								in USD thousands
Composition in 2022
Property		1,552		545		-		2,097		405		177		-		582		1,147		1,515
Motor vehicles		579		177		420		336		395		88		404		79		184		257
		2,131		722		420		2,433		800		265		404		661		1,331		1,772

Schedule of Lease Liabilities

	Balance at		Additions		Deletions		Interest expense		Exchange differences			Payments			Balance at
	beginning		during		during		during		during			during			end of
	of year		year		year		year		year			year			year
	in USD thousands
Composition in 2022
Property		1,708		545		-		223		(202	)		(354	)		1,920
Motor vehicles		186		177		16		25		(22	)		(114	)		236
		1,894		722		16		248		(224	)		(468	)		2,156

Schedule of Minimum Future Rental Payments

Year	Property		Motor vehicles		Total
	in USD thousands
2023		569		122		691
2024		584		89		673
2025		301		31		332
2026		301		-		301
2027-2030		1,105		-		1,105
		2,860		242		3,102

EQUITY (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of classes of share capital [abstract]

Schedule of Share Capital

	Number of Ordinary Shares
	December 31,
	2021		2022

Authorized share capital		1,500,000,000		2,500,000,000

Issued and paid-up share capital		715,156,008		922,958,942

	In USD and NIS Amounts
	December 31,
	2021		2022

Authorized share capital (in NIS)		150,000,000		250,000,000

Issued and paid-up share capital (in NIS)		71,515,600		92,295,894

Issued and paid-up share capital (in USD)		21,066,368		27,100,201

Schedule of Amounts Outstanding Under Employee Share Incentive Plan

	Year ended December 31,
	2020					2021					2022
	Number of options			Weighted average exercise price (in NIS)		Number of options			Weighted average exercise price (in NIS)		Number of options			Weighted average exercise price (in NIS)
Outstanding at beginning of year		19,358,913			2.6		35,981,579			1.5		40,956,214			0.7
Granted		18,689,300			0.5		6,588,200			0.4		53,696,305			0.3
Forfeited and expired		(1,776,037	)		2.2		(1,438,642	)		3.0		(4,618,062	)		0.8
Exercised		(290,597	)		0.1		(174,923	)		0.1		(162,599	)		0.1
Outstanding at end of year*		35,981,579			1.5		40,956,214			0.7		89,871,858			0.4
Exercisable at end of year		11,535,679			3.2		18,663,353			1.7		26,663,961			0.8

Schedule of Options Outstanding by Exercise Price Range

	As of December 31,
	2021				2022
Range of exercise prices (in NIS)	Number of options outstanding		Weighted average remaining contractual life (in yrs.)		Number of options outstanding		Weighted average remaining contractual life (in yrs.)
Up to 0.99		25,752,128		8.8		75,663,492		9.0
1.00-2.00		14,524,086		6.6		13,668,366		5.5
2.01-10.00		680,000		4.8		540,000		4.2
		40,956,214		8.0		89,871,858		8.4

Schedule of Assumptions Used to Value Options

	2020			2021			2022
Expected dividend yield		0	%		0	%		0	%
Expected volatility		63	%		67	%		67	%
Risk-free interest rate		1	%		1	%		4	%
Expected life of options (in years)		6			6			6

TAXES ON INCOME (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure Of Income Taxes [Abstract]

Schedule of Reconciliation of Weighted Average Tax Rate Applicable to Income

	Year ended December 31,
	2020						2021						2022
				in USD						in USD						in USD
				thousands						thousands						thousands
Loss before taxes		23.0	%		(30,021	)		23.0	%		(27,045	)		23.0	%		(24,951	)

Theoretical tax benefit					(6,905	)					(6,220	)					(5,739	)
Disallowed deductions (tax exempt income):
Loss (gain) on adjustment of warrants to fair value					1,280						480						(1,478	)
Share-based compensation					292						343						516
Other					11						11						11
Increase in taxes for tax losses and timing differences incurred in the reporting year for which deferred taxes were not created					5,322						5,386						6,690
Taxes on income for the reported year					-						-						-

LOSS PER SHARE (Tables)

12 Months Ended

Dec. 31, 2022

Earnings per share [abstract]

Schedule of Basic Loss Per Share

	Year ended December 31,
	2020			2021			2022
	in USD thousands
Loss attributed to ordinary shares		(30,021	)		(27,054	)		(24,951	)

	in thousands
Number of shares used in basic calculation		252,844			662,934			773,957

	in USD
Basic and diluted loss per ordinary share		(0.12	)		(0.04	)		(0.03	)

TRANSACTIONS AND BALANCES WITH RELATED PARTIES (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of transactions between related parties [abstract]

Schedule of Transactions With Related Parties

	Year ended December 31,
	2020		2021		2022
	in USD thousands
Benefits to related parties:
Compensation and benefits to senior management, including benefit component of equity instrument grants		2,391		2,302		2,968
Compensation and benefits to directors, including benefit component of equity instrument grants		373		300		507

Schedule of Key Management Compensation

	Year ended December 31,
	2020		2021		2022
	in USD thousands
Salaries and other short-term employee benefits		1,656		1,883		2,298
Post-employment benefits		126		136		131
Other long-term benefits		33		35		35
Share-based compensation		949		548		1,011
		2,764		2,602		3,475

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of supplementary financial statement information [Abstract]

Schedule of Other Receivables

	December 31,
	2021		2022
	in USD thousands
Government institutions		140		687
Other		2		34
		142		721

Schedule of Accounts Payable and Accruals

	December 31,
	2021		2022
	in USD thousands
1) Trade:
Accounts payable:
Overseas		4,504		6,061
In Israel		1,063		905
		5,567		6,966
2) Other:
Accrued expenses		521		976
Accrual for vacation and recreation pay		397		377
Payroll and related expenses		307		307
Other		2		84
		1,227		1,744

Schedule of Income and Expenses

Research and development expenses

	Year ended December 31,
	2020		2021		2022
	in USD thousands
Research and development services		11,696		12,088		9,296
Payroll and related expenses		3,501		4,074		4,495
Share based compensation		623		971		1,198
Lab, occupancy and telephone		771		882		902
Professional fees		643		595		954
Depreciation and amortization		864		660		615
Other		75		196		169
		18,173		19,466		17,629

Sales and marketing expenses

	Year ended December 31,
	2020		2021		2022
	in USD thousands
Marketing		585		729		5,365
Payroll and related expenses		234		249		1,059
Overseas travel		21		25		38
		840		1,003		6,462

General and administrative expenses

	Year ended December 31,
	2020		2021		2022
	in USD thousands
Payroll and related expenses		1,369		1,408		1,706
Share based compensation		729		583		895
Professional fees		1,044		1,103		1,248
Insurance		603		1,064		1,046
Depreciation		70		42		39
Other		99		108		132
		3,914		4,308		5,066

Non-operating income (expenses), net

	Year ended December 31,
	2020			2021			2022
	in USD thousands
Issuance costs		(784	)		-			(762	)
Changes in fair value of warrants		(5,142	)		(1,936	)		6,425
Other		225			106			7
		(5,701	)		(1,830	)		5,670

Financial income

	Year ended December 31,
	2020		2021		2022
	in USD thousands
Interest income		236		277		694
Exchange differences, net		-		282		-
		236		559		694

Financial expenses

	Year ended December 31,
	2020		2021		2022
	in USD thousands
Interest expense		1,470		984		1,786
Exchange differences, net		137		-		346
Bank commissions		22		22		26
		1,629		1,006		2,158

GENERAL INFORMATION (Narrative) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of general information [Abstract]
Accumulated deficit	$ (329,992)	$ (305,041)

SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of detailed information about intangible assets [line items]
Employee benefit expense	$ 792,000	$ 744,000	$ 668,000
Computer software [Member]
Disclosure of detailed information about intangible assets [line items]
Estimated useful lives of intangible assets (In years)	3-5 years

SIGNIFICANT ACCOUNTING POLICIES (Schedule of Depreciation Rates) (Details) - Net Book Value [Member]	12 Months Ended
	Dec. 31, 2022
Computers and communications equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation rates (in %)	20-33
Office furniture and equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation rates (in %)	6-15
Laboratory equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation rates (in %)	15-20

SIGNIFICANT ACCOUNTING POLICIES (Schedule of Useful Life of Right of Use Assets) (Details)	12 Months Ended
	Dec. 31, 2022
Property [member]
Disclosure of quantitative information about right-of-use assets [line items]
Estimated useful lives or lease period of right of use assets	11
Motor vehicles [member]
Disclosure of quantitative information about right-of-use assets [line items]
Estimated useful lives or lease period of right of use assets	3

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Narrative) (Details)	Dec. 31, 2022 USD ($)
Warrants [Member]
Disclosure of financial liabilities [line items]
Fair value of the warrants	$ 4,509,000

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Schedule of Sensitivity Analysis) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Cash and cash equivalents [Member]
Disclosure of detailed information about financial instruments [line items]
10% increase effect on net income (loss) and equity	$ (416)	$ (427)
5% increase effect on net income (loss) and equity	(218)	(224)
Value on balance sheet	4,573	4,699
5% decrease effect on net income (loss) and equity	241	522
10% decrease effect on net income (loss) and equity	508	247
Other receivables [Member]
Disclosure of detailed information about financial instruments [line items]
10% increase effect on net income (loss) and equity	(66)	(13)
5% increase effect on net income (loss) and equity	(34)	(7)
Value on balance sheet	721	142
5% decrease effect on net income (loss) and equity	38	16
10% decrease effect on net income (loss) and equity	80	7
Trade payables [Member]
Disclosure of detailed information about financial instruments [line items]
10% increase effect on net income (loss) and equity	38	40
5% increase effect on net income (loss) and equity	20	21
Value on balance sheet	(416)	(442)
5% decrease effect on net income (loss) and equity	(22)	(49)
10% decrease effect on net income (loss) and equity	(46)	(23)
Other payables [Member]
Disclosure of detailed information about financial instruments [line items]
10% increase effect on net income (loss) and equity	114	102
5% increase effect on net income (loss) and equity	60	53
Value on balance sheet	(1,257)	(1,119)
5% decrease effect on net income (loss) and equity	(66)	(124)
10% decrease effect on net income (loss) and equity	(140)	(59)
NIS-linked balances [Member]
Disclosure of detailed information about financial instruments [line items]
10% increase effect on net income (loss) and equity	(330)	(298)
5% increase effect on net income (loss) and equity	(172)	(157)
Value on balance sheet	3,621	3,280
5% decrease effect on net income (loss) and equity	191	365
10% decrease effect on net income (loss) and equity	402	172
Euro-linked trade payables [Member]
Disclosure of detailed information about financial instruments [line items]
10% increase effect on net income (loss) and equity	(144)	(158)
5% increase effect on net income (loss) and equity	(76)	(83)
Value on balance sheet	(1,590)	(1,230)
5% decrease effect on net income (loss) and equity	84	193
10% decrease effect on net income (loss) and equity	177	92
Total [Member]
Disclosure of detailed information about financial instruments [line items]
10% increase effect on net income (loss) and equity	(474)	(456)
5% increase effect on net income (loss) and equity	(248)	(240)
Value on balance sheet	2,031	2,050
5% decrease effect on net income (loss) and equity	275	558
10% decrease effect on net income (loss) and equity	$ 579	$ 264

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Schedule of Concentration of Currency Risk) (Details) - $ / rate	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
NIS per $1
Disclosure of risk management strategy related to hedge accounting [line items]
Exchange rate per dollar	3.519	3.11	3.215
Percentage increase (decrease) in USD exchange rate	13.20%	(3.30%)
Euro per $1
Disclosure of risk management strategy related to hedge accounting [line items]
Exchange rate per dollar	0.938	0.884	0.815
Percentage increase (decrease) in USD exchange rate	6.10%	8.50%

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Schedule of Linkage of Monetary Items) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 10,587	$ 12,990	$ 16,831	$ 5,297
Total assets	76,384	81,391
Current liabilities:
Current maturities of long-term loans	1,542	2,757
Accounts payable and accruals:
Trade	6,966	5,567
Other	84	2
Non-current liabilities
Long-term loans, net of current maturities	8,626	0
Total liabilities	25,543	13,304
Dollar [Member]
Current assets:
Cash and cash equivalents	5,685	7,223
Short term bank deposits	40,495	44,145
Other receivables	0	0
Total assets	46,180	51,368
Current liabilities:
Current maturities of long-term loans	1,542	2,757
Accounts payable and accruals:
Trade	4,359	2,700
Other	487	108
Non-current liabilities
Long-term loans, net of current maturities	8,626	0
Total liabilities	15,014	5,565
Net asset value	31,166	45,803
NIS [Member]
Current assets:
Cash and cash equivalents	4,573	4,699
Short term bank deposits	0	0
Other receivables	721	142
Total assets	5,294	4,841
Current liabilities:
Current maturities of long-term loans	0	0
Accounts payable and accruals:
Trade	416	442
Other	1,257	1,119
Non-current liabilities
Long-term loans, net of current maturities	0	0
Total liabilities	1,673	1,561
Net asset value	3,621	3,280
GBP and other [Member]
Current assets:
Cash and cash equivalents	329	1,068
Short term bank deposits	0	0
Other receivables	0	0
Total assets	329	1,068
Current liabilities:
Current maturities of long-term loans	0	0
Accounts payable and accruals:
Trade	2,191	2,425
Other	0
Non-current liabilities
Long-term loans, net of current maturities	0	0
Total liabilities	2,191	2,425
Net asset value	$ (1,862)	$ (1,357)

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Schedule of Credit Risk) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Assets:
Cash and cash equivalents	$ 10,587	$ 12,990	$ 16,831	$ 5,297
Total assets	76,384	81,391
Credit risk [member]
Assets:
Cash and cash equivalents	10,587	12,990
Short-term bank deposits	40,495	44,145
Other receivables	721	142
Total assets	$ 51,803	$ 57,277

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Schedule of Changes in Financial Liabilities With Cash Flows) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Balance as of January 1	$ 4,616	$ 16,050
Changes during the year:
Net proceeds of loan	18,201
Principal and interest payments	(2,832)	(3,376)	$ (3,133)
Share premium resulting from exercise of warrants		(10,295)
Amounts recognized through profit and loss	(5,308)	2,237
Balance as of December 31	14,677	4,616	16,050
Long-term loans [member]
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Balance as of January 1	2,757	5,832
Changes during the year:
Net proceeds of loan	9,126
Principal and interest payments	(3,177)	(3,814)
Amounts recognized through profit and loss	1,462	739
Balance as of December 31	10,168	2,757	5,832
Warrants [Member]
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Balance as of January 1	1,859	10,218
Changes during the year:
Net proceeds of loan	9,075
Principal and interest payments	0	0
Share premium resulting from exercise of warrants		(10,295)
Amounts recognized through profit and loss	(6,425)	1,936
Balance as of December 31	$ 4,509	$ 1,859	$ 10,218

FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Schedule of Fair Value Measurement of Warrants) (Details) - Level 3 of fair value hierarchy [member] - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of reconciliation of liabilities arising from financing activities [line items]
Balance as of January 1	$ 1,859	$ 10,218	$ 658
Issuances	9,075	0	5,669
Exercises	0	(10,295)	(1,251)
Changes in fair value through profit and loss	6,425	1,936	5,142
Balance as of December 31	$ 4,509	$ 1,859	$ 10,218

CASH AND CASH EQUIVALENTS (Narrative) (Details)	12 Months Ended
CASH AND CASH EQUIVALENTS (Narrative) (Details)	Dec. 31, 2022
Bottom of range [member]
Disclosure of detailed information about financial instruments [line items]
Interest rate on short-term deposits	0.15%
Top of range [member]
Disclosure of detailed information about financial instruments [line items]
Interest rate on short-term deposits	3.15%

CASH AND CASH EQUIVALENTS (Schedule of Cash And Cash Equivalents) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Cash and cash equivalents [abstract]
Cash on hand and in bank	$ 3,623	$ 8,461
Short-term bank deposits	6,964	4,529
Cash and cash equivalents	$ 10,587	$ 12,990	$ 16,831	$ 5,297

SHORT-TERM BANK DEPOSITS (Narrative) (Details)	12 Months Ended
SHORT-TERM BANK DEPOSITS (Narrative) (Details)	Dec. 31, 2022
Bottom of range [member]
Disclosure of detailed information about financial instruments [line items]
Interest rate on short-term deposits	0.53%
Top of range [member]
Disclosure of detailed information about financial instruments [line items]
Interest rate on short-term deposits	6.00%

PROPERTY AND EQUIPMENT (Schedule of Composition of Property and Equipment and Related Accumulated Depreciation) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	$ 952
Balance at end of year	726
Cost [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	4,688
Additions during year	159
Deletions during year	0
Balance at end of year	4,847
Cost [Member] \| Office furniture and equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	207
Additions during year	37
Deletions during year	0
Balance at end of year	244
Cost [Member] \| Computers and communications equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	863
Additions during year	98
Deletions during year	0
Balance at end of year	961
Cost [Member] \| Laboratory equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	1,590
Additions during year	16
Deletions during year	0
Balance at end of year	1,606
Cost [Member] \| Leasehold improvements [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	2,028
Additions during year	8
Deletions during year	0
Balance at end of year	2,036
Accumulated depreciation [member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	(3,736)
Additions during year	385
Deletions during year	0
Balance at end of year	(4,121)
Accumulated depreciation [member] \| Office furniture and equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	(124)
Additions during year	14
Deletions during year	0
Balance at end of year	(138)
Accumulated depreciation [member] \| Computers and communications equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	(678)
Additions during year	34
Deletions during year	0
Balance at end of year	(712)
Accumulated depreciation [member] \| Laboratory equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	(1,509)
Additions during year	69
Deletions during year	0
Balance at end of year	(1,578)
Accumulated depreciation [member] \| Leasehold improvements [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	(1,425)
Additions during year	268
Deletions during year	0
Balance at end of year	(1,693)
Net Book Value [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	952
Balance at end of year	726
Net Book Value [Member] \| Office furniture and equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	83
Balance at end of year	106
Net Book Value [Member] \| Computers and communications equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	185
Balance at end of year	249
Net Book Value [Member] \| Laboratory equipment [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	81
Balance at end of year	28
Net Book Value [Member] \| Leasehold improvements [Member]
Disclosure of detailed information about property, plant and equipment [line items]
Balance at beginning of year	603
Balance at end of year	$ 343

INTANGIBLE ASSETS (Narrative) (Details) - Intellectual property [Member] $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($)
Agalimmune Ltd. [Member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets acquired	$ 6.7
Biokine Therapeutics Ltd [Member]
Disclosure of detailed information about intangible assets [line items]
Intangible assets acquired	$ 15.0
Percentage of payment to be made	40% to 20%

INTANGIBLE ASSETS (Schedule of Intangible Assets) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Disclosure of detailed information about intangible assets [line items]
Balance at beginning of year	$ 21,704
Balance at end of year	21,885
Net Book Value [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning of year	21,704
Balance at end of year	21,885
Net Book Value [Member] \| Intellectual property [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning of year	21,696
Balance at end of year	21,696
Net Book Value [Member] \| Computer software [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning of year	8
Balance at end of year	189
Cost [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning of year	22,408
Additions during year	185
Deletions during year	0
Balance at end of year	22,593
Cost [Member] \| Intellectual property [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning of year	21,792
Additions during year	0
Deletions during year	0
Balance at end of year	21,792
Cost [Member] \| Computer software [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning of year	616
Additions during year	185
Deletions during year	0
Balance at end of year	801
Accumulated depreciation and impairment [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning of year	(704)
Additions during year	4
Deletions during year	0
Balance at end of year	(708)
Accumulated depreciation and impairment [Member] \| Intellectual property [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning of year	(96)
Additions during year	0
Deletions during year	0
Balance at end of year	(96)
Accumulated depreciation and impairment [Member] \| Computer software [Member]
Disclosure of detailed information about intangible assets [line items]
Balance at beginning of year	(608)
Additions during year	4
Deletions during year	0
Balance at end of year	$ (612)

LEASES (Narrative) (Details) $ in Thousands	12 Months Ended
LEASES (Narrative) (Details) $ in Thousands	Dec. 31, 2022 USD ($) Premises
Disclosure Of Leases [Line Items]
Number of premises \| Premises	2
Lease Period	3 years
Annual Lease fee	$ 122,000
Israel [Member]
Disclosure Of Leases [Line Items]
Lease agreement monthly fee	$ 26,000
Additional extension period	five
Percentage Increase preceding lease payment amount	5.00%
Building maintenance charges	$ 9,000
Boston [Member]
Disclosure Of Leases [Line Items]
Lease agreement monthly fee	$ 24,000

LEASES (Schedule of Right-of-use assets) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of year	$ 1,331
Balance at end of year	1,772
Net book value [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of year	1,331
Balance at end of year	1,772
Net book value [Member] \| Property [member]
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of year	1,147
Balance at end of year	1,515
Net book value [Member] \| Motor vehicles [member]
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of year	184
Balance at end of year	257
Cost [Member]
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of year	2,131
Additions during year	722
Deletions during year	420
Balance at end of year	2,433
Cost [Member] \| Property [member]
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of year	1,552
Additions during year	545
Deletions during year	0
Balance at end of year	2,097
Cost [Member] \| Motor vehicles [member]
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of year	579
Additions during year	177
Deletions during year	420
Balance at end of year	336
Accumulated depreciation [member]
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of year	800
Additions during year	265
Deletions during year	404
Balance at end of year	(661)
Accumulated depreciation [member] \| Property [member]
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of year	405
Additions during year	177
Deletions during year	0
Balance at end of year	(582)
Accumulated depreciation [member] \| Motor vehicles [member]
Disclosure of quantitative information about right-of-use assets [line items]
Balance at beginning of year	395
Additions during year	88
Deletions during year	404
Balance at end of year	$ (79)

LEASES (Schedule of Lease Liabilities) (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($)
Disclosure Of Quantitative Information About Lease Liabilities [Line Items]
Balance at beginning of year	$ 1,894
Additions during year	722
Deletions during year	16
Interest expense during year	248
Exchange differences during year	(224)
Payments during year	(468)
Balance at end of year	2,156
Property [member]
Disclosure Of Quantitative Information About Lease Liabilities [Line Items]
Balance at beginning of year	1,708
Additions during year	545
Deletions during year	0
Interest expense during year	223
Exchange differences during year	(202)
Payments during year	(354)
Balance at end of year	1,920
Motor vehicles [member]
Disclosure Of Quantitative Information About Lease Liabilities [Line Items]
Balance at beginning of year	186
Additions during year	177
Deletions during year	16
Interest expense during year	25
Exchange differences during year	(22)
Payments during year	(114)
Balance at end of year	$ 236

LONG-TERM LOANS (Narrative) (Details) - USD ($) $ in Millions	1 Months Ended	13 Months Ended
	Oct. 31, 2018	Sep. 30, 2022
Disclosure of detailed information about borrowings [line items]
Loan taken from Kreos Capital for the payment	$ 10
Loan Agreement With Kreos Capital [Member]
Disclosure of detailed information about borrowings [line items]
Amount of loan agreement		$ 40
Loan Agreement With Kreos Capital [Member] \| Bottom of range [member]
Disclosure of detailed information about borrowings [line items]
Percentage of annual interest of cash fees		9.50%
Loan Agreement With Kreos Capital [Member] \| Top of range [member]
Disclosure of detailed information about borrowings [line items]
Percentage of annual interest of cash fees		11.00%
Loan Agreement With Kreos Capital [Member] \| First tranche [Member]
Disclosure of detailed information about borrowings [line items]
Amount of loan agreement		$ 10
Loan Agreement With Kreos Capital [Member] \| Second tranche [Member]
Disclosure of detailed information about borrowings [line items]
Amount of loan agreement		$ 30

EQUITY (Narrative) (Details)	1 Months Ended							4 Months Ended	12 Months Ended				189 Months Ended
EQUITY (Narrative) (Details)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Jan. 31, 2021 USD ($) $ / shares shares	Sep. 30, 2020 USD ($) shares	Jun. 30, 2020 USD ($) $ / shares shares	Feb. 28, 2019 USD ($) $ / shares shares	Oct. 31, 2018 USD ($) $ / shares shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2022 ₪ / shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 USD ($)	Dec. 31, 2018 ₪ / shares	Dec. 31, 2022 USD ($) Share shares	Dec. 31, 2021 ₪ / shares	Dec. 31, 2021 USD ($) Share	Dec. 31, 2020 Share ₪ / shares	Dec. 31, 2019 shares
Disclosure of terms and conditions of share-based payment arrangement [line items]
Change in fair value										$ 4,573,000
Underwritten public offering \| shares			14,375,000			1,866,667
Public offering price \| $ / shares			$ 2.4			$ 8.25
Proceeds from public offering, gross						$ 15,400,000
Proceeds from public offering, net						$ 14,100,000
Issuance expense										762,000	$ 0	$ 784,000
Gross proceeds										$ 14,359,000	$ 50,407,000	$ 19,246,000
Remaining authorized unissued ordinary shares \| shares														21,300,000
Option outstanding \| Share														89,871,858		40,956,214
Weighted average contractual life										8 years 4 months 24 days	8 years
Risk-free interest rate (%)										4.00%	1.00%	1.00%
Average standard deviation										67.00%	67.00%	63.00%
Remaining unrecognized deferred compensation expense										$ 4,800,000
Compensation cost										$ 3,475,000	$ 2,602,000	$ 2,764,000
H C Wainwright And Co Llc [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Non operating expense		$ 100,000		$ 200,000
Gross proceeds	$ 300,000			$ 24,500,000				$ 1,400,000			$ 18,500,000
Sale of stock \| shares				7,381,101				608,651		206,324	4,745,368
Aggregate offering price		$ 25,000,000		$ 25,000,000
Percentage of commission on sales agreement				3.00%
2003 Plan [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Ordinary shares, issued \| shares														92,601,858
Option vested										2,786,608
Performance Shares Unit [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Option outstanding \| Share														10,482,277		4,084,748	2,421,799
Weighted average exercise price outstanding \| ₪ / shares									₪ 0.1						₪ 0.1		₪ 0.1
Warrant [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise Price Of Share Issued \| $ / shares					$ 1.75	$ 11.25
Change in fair value					$ 5,700,000	$ 5,000,000				$ 1,253,000	$ 2,354,000
Exercisable term of warrant						five years
Issuance expense						$ 400,000
Options exercised										5,739,741	5,739,741
Fair value of the warrants														$ 1,253,000
Registered direct offerings sales \| shares					7,653,145
Warrants expiration period					two and half years
Exercise price of warrants \| $ / shares					$ 2.25
Warrant [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Fair value of the warrants														$ 1,000,000
Risk-free interest rate (%)										0.45%
Average standard deviation										73.80%
Aggregate offering price			$ 34,500,000
Warrants issued to purchase shares \| shares			718,750
Warrants expiration period			five years
Exercise price of warrants \| $ / shares			$ 3
Proceeds from warrant issue, net			$ 31,400,000
Warrant [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Exercise Price Of Share Issued \| $ / shares	$ 1.1
Amount allocated to warrant	$ 800,000
Change in fair value	$ 9,100,000									$ 4,502,000,000,000
Risk-free interest rate (%)	3.62%									4.10%
Average standard deviation	82.50%									85.50%
Registered direct offerings sales \| shares	13,636,365
Warrants expiration period	five years
Exercise price of warrants \| $ / shares	$ 1.15
Consultants [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Ordinary shares, issued \| shares														2,700,000				596,523
Weighted average exercise price \| ₪ / shares									0.66				₪ 5.23
Option vested and exercised										The options to consultants generally vest over four years and may be exercised for periods of between five and ten years.
Option outstanding \| Share														2,730,000
Weighted average contractual life										7 years 10 months 24 days
Weighted average exercise price outstanding \| ₪ / shares									₪ 1.02
Loan Agreement With Kreos Capital [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Shares issued to purchase warrant \| shares							63,837
Exercise Price Of Share Issued \| $ / shares							$ 14.1
Loan Agreement With Kreos Capital [Member] \| Warrant [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Change in fair value										$ 36,000	$ 13,000
Fair value of the warrants							$ 861,000							$ 6,000		$ 42,000
Risk-free interest rate (%)							3.99%
Average standard deviation							79.68%
Loan Agreement With Kreos Capital [Member] \| Warrant [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Change in fair value										$ 563,000	$ 405,000
Fair value of the warrants														$ 1,000		$ 564,000
Risk-free interest rate (%)										4.73%	82.14%
Investors [Member] \| Warrant [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants issued to purchase shares \| shares					7,653,145
Investors [Member] \| Warrant [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Warrants issued to purchase shares \| shares	13,636,365
Placement Agent's Designees [Member] \| Warrant [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Amount allocated to warrant					$ 600,000
Aggregate offering price					$ 13,400,000
Warrants issued to purchase shares \| shares					382,657
Warrants expiration period					two and half years
Exercise price of warrants \| $ / shares					$ 2.1875
Proceeds from warrant issue, net					$ 12,000,000
Placement Agent's Designees [Member] \| Warrant [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Amount allocated to warrant	$ 400,000
Aggregate offering price	$ 15,000,000
Warrants issued to purchase shares \| shares	681,818
Warrants expiration period	five years
Exercise price of warrants \| $ / shares	$ 1.375
Proceeds from warrant issue, net	$ 13,500,000

EQUITY (Schedule of Share Capital) (Details)	Dec. 31, 2022 ILS (₪) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 ILS (₪) shares	Dec. 31, 2021 USD ($) shares
Number of Ordinary Shares
Authorized share capital	2,500,000,000	2,500,000,000	1,500,000,000	1,500,000,000
Issued and paid-up share capital	922,958,942	922,958,942	715,156,008	715,156,008
Authorized share capital \| ₪	₪ 250,000,000		₪ 150,000,000
Issued and paid-up share capital	₪ 92,295,894	$ 27,100,201	₪ 71,515,600	$ 21,066,368

EQUITY (Schedule of Amounts Outstanding Under Employee Share Incentive Plan) (Details)	12 Months Ended
	Dec. 31, 2022 Share ₪ / shares	Dec. 31, 2021 Share ₪ / shares	Dec. 31, 2020 Share ₪ / shares
Number of options
Outstanding at beginning of year	40,956,214
Outstanding at end of year	89,871,858	40,956,214
Employees and Directors [Member]
Number of options
Outstanding at beginning of year	40,956,214	35,981,579	19,358,913
Granted	53,696,305	6,588,200	18,689,300
Forfeited and expired	(4,618,062)	(1,438,642)	(1,776,037)
Exercised	(162,599)	(174,923)	(290,597)
Outstanding at end of year	89,871,858	40,956,214	35,981,579
Exercisable at end of year	26,663,961	18,663,353	11,535,679
Weighted average exercise price (in NIS)
Outstanding at beginning of year \| ₪ / shares	₪ 0.7	₪ 1.5	₪ 2.6
Granted \| ₪ / shares	0.3	0.4	0.5
Forfeited and expired \| ₪ / shares	0.8	3	2.2
Exercised \| ₪ / shares	0.1	0.1	0.1
Outstanding at end of year \| ₪ / shares	0.4	0.7	1.5
Exercisable at end of year \| ₪ / shares	₪ 0.8	₪ 1.7	₪ 3.2

EQUITY (Schedule of Options Outstanding by Exercise Price Range) (Details) - Share	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options outstanding	89,871,858	40,956,214
Weighted average remaining contractual (in yrs.)	8 years 4 months 24 days	8 years
Up to 0.99 [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options outstanding	75,663,492	25,752,128
Weighted average remaining contractual (in yrs.)	9 years	8 years 9 months 18 days
1.00-2.00 [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options outstanding	13,668,366	14,524,086
Weighted average remaining contractual (in yrs.)	5 years 6 months	6 years 7 months 6 days
2.01-10.00 [Member]
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Number of options outstanding	540,000	680,000
Weighted average remaining contractual (in yrs.)	4 years 2 months 12 days	4 years 9 months 18 days

EQUITY (Schedule of Assumptions Used to Value Options) (Details) - Year	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of classes of share capital [abstract]
Expected dividend yield (%)	0.00%	0.00%	0.00%
Expected volatility (%)	67.00%	67.00%	63.00%
Risk-free interest rate (%)	4.00%	1.00%	1.00%
Expected life of options (in years)	6	6	6

TAXES ON INCOME (Narrative) (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of non-adjusting events after reporting period [line items]
Corporate tax rate	23.00%	23.00%	23.00%
Withholding income tax rate	21.00%
Tax loss carryforwards	$ 326

TAXES ON INCOME (Schedule of Reconciliation of Weighted Average Tax Rate Applicable to Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure Of Income Taxes [Abstract]
Loss before taxes (Percentage)	23.00%	23.00%	23.00%
Loss before taxes	$ (24,951)	$ (27,045)	$ (30,021)
Theoretical tax benefit	(5,739)	(6,220)	(6,905)
Disallowed deductions (tax exempt income):
Loss (gain) on adjustment of warrants to fair value	(1,478)	480	1,280
Share-based compensation	516	343	292
Other	11	11	11
Increase in taxes for tax losses and timing differences incurred in the reporting year for which deferred taxes were not created	6,690	5,386	5,322
Taxes on income for the reported year	$ 0	$ 0	$ 0

LOSS PER SHARE (Schedule of Basic Loss Per Share) (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Earnings per share [abstract]
Loss attributed to ordinary shares	$ (24,951)	$ (27,054)	$ (30,021)
Number of shares used in basic calculation	773,956,973	662,933,695	252,844,394
Basic and diluted loss per ordinary share	$ (0.03)	$ (0.04)	$ (0.12)
Diluted earnings (loss) per share	$ (0.03)	$ (0.04)	$ (0.12)

COMMITMENTS AND CONTINGENT LIABILITIES (Details) ₪ in Millions				12 Months Ended
	Jan. 05, 2023 ILS (₪)	Jan. 05, 2023 USD ($)	Dec. 31, 2020	Dec. 31, 2022 USD ($)
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Royalties received percentage				100.00%
Royalties on sale			5.00%
Bank guarantee amount for benefit of lessor				$ 100,000
Company's outstanding open purchase order commitments				$ 5,900,000
Lawsuit claim amount	₪ 113.5	$ 32,000,000
Biokine [Member]
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Royalties payment percentage				20.00%
Maximum future milestone payments				$ 5,000,000
Value of contingent liability				$ 3,700,000
Royalties payment percentage if the company independently sell products				10.00%
Bottom of range [member]
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Percentage of net consideration received from the licensee			20.00%
Top of range [member]
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Percentage of net consideration received from the licensee			29.50%
First three years [Member]
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Royalties received percentage				3.00%
Three subsequent years [Member]
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Royalties received percentage				4.00%
Seventh year [Member]
Disclosure of amounts to be recovered or settled after twelve months for classes of assets and liabilities that contain amounts to be recovered or settled both no more and more than twelve months after reporting date [line items]
Royalties received percentage				5.00%

TRANSACTIONS AND BALANCES WITH RELATED PARTIES (Schedule of Transactions With Related Parties) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Senior Management [Member]
Benefits to related parties:
Compensation and benefits to management, including benefit component of equity instrument grants	$ 2,968	$ 2,302	$ 2,391
Director [Member]
Benefits to related parties:
Compensation and benefits to management, including benefit component of equity instrument grants	$ 507	$ 300	$ 373

TRANSACTIONS AND BALANCES WITH RELATED PARTIES (Schedule of Key Management Compensation) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of transactions between related parties [abstract]
Salaries and other short-term employee benefits	$ 2,298	$ 1,883	$ 1,656
Post-employment benefits	131	136	126
Other long-term benefits	35	35	33
Share-based compensation	1,011	548	949
Benefits to key executive personnel	$ 3,475	$ 2,602	$ 2,764

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Other Receivables) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Disclosure of supplementary financial statement information [Abstract]
Government institutions	$ 687	$ 140
Other	34	2
Other receivables	$ 721	$ 142

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Accounts Payable and Accruals) (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts payable:
Overseas	$ 6,061	$ 4,504
In Israel	905	1,063
Trade	6,966	5,567
Other:
Accrued expenses	976	521
Accrual for vacation and recreation pay	377	397
Payroll and related expenses	307	307
Other	84	2
Other	$ 1,744	$ 1,227

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Research and Development Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of supplementary financial statement information [Abstract]
Research and development services	$ 9,296	$ 12,088	$ 11,696
Payroll and related expenses	4,495	4,074	3,501
Share based compensation	1,198	971	623
Lab, occupancy and telephone	902	882	771
Professional fees	954	595	643
Depreciation and amortization	615	660	864
Other	169	196	75
Research and development expenses	$ 17,629	$ 19,466	$ 18,173

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Sales and Marketing Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of supplementary financial statement information [Abstract]
Marketing	$ 5,365	$ 729	$ 585
Payroll and related expenses	1,059	249	234
Overseas travel	38	25	21
Sales and marketing expenses	$ 6,462	$ 1,003	$ 840

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of General and Administrative Expense) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of supplementary financial statement information [Abstract]
Payroll and related expenses	$ 1,706	$ 1,408	$ 1,369
Share based compensation	895	583	729
Professional fees	1,248	1,103	1,044
Insurance	1,046	1,064	603
Depreciation	39	42	70
Other	132	108	99
General and administrative expenses	$ 5,066	$ 4,308	$ 3,914

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Non-Operating Income (Expenses), Net) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of supplementary financial statement information [Abstract]
Issuance costs	$ (762)	$ 0	$ (784)
Changes in fair value of warrants	6,425	(1,936)	(5,142)
Other	7	106	225
Non-operating income, net	$ 5,670	$ (1,830)	$ (5,701)

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Financial Income) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of supplementary financial statement information [Abstract]
Interest income	$ 694	$ 277	$ 236
Exchange differences, net	0	282	0
Financial income	$ 694	$ 559	$ 236

SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Schedule of Financial Expenses) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Disclosure of supplementary financial statement information [Abstract]
Interest expense	$ 1,786	$ 984	$ 1,470
Exchange differences, net	346	0	137
Bank commissions	26	22	22
Financial expenses	$ 2,158	$ 1,006	$ 1,629

LEASES (Schedule of Minimum Future Rental Payments) (Details) $ in Thousands	Dec. 31, 2022 USD ($)
Disclosure of maturity analysis of operating lease payments [line items]
Minimum future rental payments	$ 3,102
Property [member]
Disclosure of maturity analysis of operating lease payments [line items]
Minimum future rental payments	2,860
Motor vehicles [member]
Disclosure of maturity analysis of operating lease payments [line items]
Minimum future rental payments	242
2023 [Member]
Disclosure of maturity analysis of operating lease payments [line items]
Minimum future rental payments	691
2023 [Member] \| Property [member]
Disclosure of maturity analysis of operating lease payments [line items]
Minimum future rental payments	569
2023 [Member] \| Motor vehicles [member]
Disclosure of maturity analysis of operating lease payments [line items]
Minimum future rental payments	122
2024 [Member]
Disclosure of maturity analysis of operating lease payments [line items]
Minimum future rental payments	673
2024 [Member] \| Property [member]
Disclosure of maturity analysis of operating lease payments [line items]
Minimum future rental payments	584
2024 [Member] \| Motor vehicles [member]
Disclosure of maturity analysis of operating lease payments [line items]
Minimum future rental payments	89
2025 [Member]
Disclosure of maturity analysis of operating lease payments [line items]
Minimum future rental payments	332
2025 [Member] \| Property [member]
Disclosure of maturity analysis of operating lease payments [line items]
Minimum future rental payments	301
2025 [Member] \| Motor vehicles [member]
Disclosure of maturity analysis of operating lease payments [line items]
Minimum future rental payments	31
2026 [Member]
Disclosure of maturity analysis of operating lease payments [line items]
Minimum future rental payments	301
2026 [Member] \| Property [member]
Disclosure of maturity analysis of operating lease payments [line items]
Minimum future rental payments	301
2026 [Member] \| Motor vehicles [member]
Disclosure of maturity analysis of operating lease payments [line items]
Minimum future rental payments	0
2027-2030 [Member]
Disclosure of maturity analysis of operating lease payments [line items]
Minimum future rental payments	1,105
2027-2030 [Member] \| Property [member]
Disclosure of maturity analysis of operating lease payments [line items]
Minimum future rental payments	1,105
2027-2030 [Member] \| Motor vehicles [member]
Disclosure of maturity analysis of operating lease payments [line items]
Minimum future rental payments	$ 0