According to the agreements, the Company received from Yissum an exclusive and a non-exclusive license for the commercialization of certain Yissum patents. According to the agreements the Company shall pay Yissum:

Royalties of 1.5% of net sales related to certain patents.

1.5% – 8% of proceeds received by the Company for the sub-license or license of certain patents.

Royalty expenses in immaterial amounts were recorded in 2018, 2019 and 2020 in respect of these agreements

According to the agreements, the Company may continue commercial use of certain Yissum’s patents in connection with the products and subject to the obligation to pay Yissum the royalties and the sub-license fees.

The Company granted rights to a third party for use and commercialization of certain Yissum patents.

Lease Agreements

The Company leases offices and vehicles under operating leases. For leases with terms greater than 12 months, the Company records right of use assets and lease liabilities at the present value of lease payments over the leases term.

Offices

The Company leases office spaces and research and development facilities under several agreements. These agreements are linked to the change in the Israeli consumer price index and expire in December 2023. These agreements are considered as operating leases and presented under operating lease right-of-use assets and operating leases liabilities. A restricted deposit of $143 has been made in order to secure the agreement.

Vehicles

The Company has entered into operating lease agreements for vehicles used by its employees for a period of 3 years. These contracts are considered as operating leases and presented under operating lease right-of-use assets and operating leases liabilities.

Lease Position

The table below presents the lease-related assets and liabilities recorded on the consolidated balance sheet:

	As of December 31,
	2019			2020
Assets
Operating Leases
Operating lease right-of-use assets	$	2,040		$	1,896

Liabilities
Current liabilities
Current maturities of operating leases	$	672		$	673
Long-term liabilities
Non-current operating leases	$	1,373		$	1,299

Weighted Average Remaining Lease Term
Operating leases		1.66			1.29

Weighted Average Discount Rate
Operating leases		7.44	%		6.25	%

Lease Costs

The table below present certain information related to lease costs of operating leases the year ended December 31, 2020:

	Year Ended December 31,
	2019		2020

Operating lease cost:	$	643	$	685

The table below presents supplemental cash flow information related to leases for the year ended December 31, 2020:

	Year Ended December 31,
	2019		2020
Cash paid for amounts included in the measurement of leases liabilities:
Operating cash flows from operating leases	$	807	$	735

Undiscounted Cash Flows

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded on the consolidated balance sheet:

	Operating Leases
For the year ended December 31, 2020
2021	$	778
2022		714
2023		648
Total minimum lease payments		2,140

Less: amount of lease payments representing interest		(168	)
Present value of future minimum lease payments		1,972
Less: Current maturities of operating leases		673
Long-term operating leases liabilities		1,299
	$	1,972

In June 2008, the Company entered into a Master Clinical Trial Services Agreement with a third party, which was later amended in April 2017, to retain its services as a clinical research organization for certain product candidate subject to task work orders to be issued by the Company. During 2018, the Company entered into six additional task orders. As consideration for its services the Company will pay a total amount of approximately $14,425 during the term of the engagement and based on achievement of certain milestones, out of which $14,354 were recognized as an expense until December 31, 2020.

In 2016 through 2020, the Company entered into twelve collaboration agreements with two third parties for the development, manufacturing and commercialization of ten product candidates (including an agreement assumed by the Company in August 2018, following the transfer of an in-process research and development product candidate from a related party). See detailed information in note 7b.

In October 2017, the Company entered into a Clinical Development Master Services Agreement with a third party, to retain it as clinical research organization for certain product candidate, subject to task work orders to be issued by the Company. As consideration for its services the Company will pay a total amount of approximately $13,955 during the term of the engagement and based on achievement of certain milestones, out of which $13,801 were recognized as an expense until December 31, 2020.

In July 2018, the Company signed on a Master Services Agreement to receive certain clinical research services for certain product candidate subject to task work orders to be issued by the Company. As consideration for the services in the first work order the Company will pay a total amount of approximately $2,234 during the term of the engagement and based on achievement of certain milestones, out of which $2,099 were recognized as an expense until December 31, 2020.