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REVENUES

9 Months Ended

Sep. 30, 2021

NOTE 4 – REVENUES

The following table summarizes the Company’s disaggregation of revenues:


	Three Months Ended September 30,				Nine Months Ended September 30,
(U.S. dollars in thousands)	2021		2020		2021		2020
Pfizer	$	1,135	$	3,165	$	7,883	$	5,844
Brazil	$	3,200	$	—	$	4,188	$	6,000
Chiesi	$	171	$	131	$	189	$	131
Total revenues from selling goods	$	4,506	$	3,296	$	12,260	$	11,975
Revenues from license and R&D services	$	7,548	$	7,494	$	17,541	$	31,428

During the nine months ended September 30, 2021 and 2020, the Company recognized revenues of approximately $16.5 million and $31.4 million, respectively, from license and R&D services mainly in respect of the Chiesi Agreements, after taking into consideration change in estimate as detailed below. During the three months ended September 30, 2021 and 2020, the Company recognized revenues of approximately $6.5 million and $7.5 million, respectively, from license and R&D services mainly in respect of the Chiesi Agreements.

During the nine months ended September 30, 2021, and following the CRL received from the FDA, the Company changed its estimate for total costs expected to be incurred until satisfying the performance obligation under the Chiesi Agreements. This resulted in a reduction to accumulated revenues recognized in respect of this performance obligation in the amount of $4.1 million.

During the three months ended September 30, 2021, the Company completed its obligations under a feasibility study it entered into with Kirin Holdings Company, Limited (“Kirin”) on March 16, 2020, and the agreement expired, including the

option to provide additional services. Following the expiration of the option, the Company recognized as revenue during the three-month period ended September 30, 2021 the $1.0 million payment received in March 2020.