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FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT | 12 Months Ended
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Dec. 31, 2025
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, 2025, 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.
| a. | Market risk
| 1) | 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, 2025 |
|  | 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 |  |  | (179 | ) |  |  | (94 | ) |  |  | 1,974 |  |  |  | 104 |  |  |  | 219 |
Short term deposit |  |  | (86 | ) |  |  | (45 | ) |  |  | 943 |  |  |  | 50 |  |  |  | 105 |
Other receivables |  |  | (7 | ) |  |  | (3 | ) |  |  | 72 |  |  |  | 4 |  |  |  | 8 |
Trade payables |  |  | 19 |  |  |  | 10 |  |  |  | (206 | ) |  |  | (11 | ) |  |  | (23 | )
Other payables |  |  | 87 |  |  |  | 46 |  |  |  | (962 | ) |  |  | (51 | ) |  |  | (107 | )
Total NIS-linked balances |  |  | (166 | ) |  |  | (86 | ) |  |  | 1,821 |  |  |  | 96 |  |  |  | 202 |
Euro-linked trade payables |  |  | (107 | ) |  |  | (56 | ) |  |  | (1,177 | ) |  |  | 62 |  |  |  | 131 |
Total |  |  | (273 | ) |  |  | (142 | ) |  |  | 644 |  |  |  | 158 |  |  |  | 333 |
|  | December 31, 2024 |
|  | 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 |  |  | (87 | ) |  |  | (45 | ) |  |  | 955 |  |  |  | 50 |  |  |  | 106 |
Other receivables |  |  | (52 | ) |  |  | (27 | ) |  |  | 568 |  |  |  | 30 |  |  |  | 63 |
Trade payables |  |  | 115 |  |  |  | 60 |  |  |  | (933 | ) |  |  | (67 | ) |  |  | (141 | )
Other payables |  |  | 154 |  |  |  | 81 |  |  |  | (1,495 | ) |  |  | (89 | ) |  |  | (188 | )
Total NIS-linked balances |  |  | 130 |  |  |  | 69 |  |  |  | (905 | ) |  |  | (76 | ) |  |  | (160 | )
Euro-linked trade payables |  |  | (83 | ) |  |  | (44 | ) |  |  | (919 | ) |  |  | 48 |  |  |  | 102 |
Total |  |  | 47 |  |  |  | 25 |  |  |  | (1,824 | ) |  |  | (28 | ) |  |  | (58 | )
The Company also maintains cash and cash equivalent balances in other currencies in amounts that are not material. Set forth below is information on the linkage of monetary items:
|  | December 31, 2024 |  |  | December 31, 2025 |
|  | Dollar |  |  | NIS |  |  | Other currencies |  |  | Dollar |  |  | NIS |  |  | Other Currencies |
|  | USD in thousands |  |  | USD in thousands |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  | 9,428 |  |  |  | 955 |  |  |  | 53 |  |  |  | 973 |  |  |  | 1,974 |  |  |  | 303 |
Short-term bank deposits |  |  | 9,126 |  |  |  | - |  |  |  | - |  |  |  | 16,683 |  |  |  | 943 |  |  |  | - |
Other receivables |  |  | 819 |  |  |  | 568 |  |  |  | 91 |  |  |  | 338 |  |  |  | 72 |  |  |  | - |
|  |  | 19,373 |  |  |  | 1,523 |  |  |  | 144 |  |  |  | 17,994 |  |  |  | 2,989 |  |  |  | 303 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Current maturities of long-term loan |  |  | 4,479 |  |  |  | - |  |  |  | - |  |  |  | 4,479 |  |  |  | - |  |  |  | - |
Accounts payable and accruals: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trade |  |  | 3,549 |  |  |  | 933 |  |  |  | 1,101 |  |  |  | 1,993 |  |  |  | 206 |  |  |  | 1,294 |
Other |  |  | 1,636 |  |  |  | 1,495 |  |  |  | - |  |  |  | 781 |  |  |  | 962 |  |  |  | - |
Non-current liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term loan, net of current maturities |  |  | 8,958 |  |  |  | - |  |  |  | - |  |  |  | 4,460 |  |  |  | - |  |  |  | - |
|  |  | 18,622 |  |  |  | 2,428 |  |  |  | 1,101 |  |  |  | 11,713 |  |  |  | 1,168 |  |  |  | 1,294 |
Net balance |  |  | 751 |  |  |  | (905 | ) |  |  | (957 | ) |  |  | 6,281 |  |  |  | 1,821 |  |  |  | (991 | )
| 2) | Fair value of financial instruments
As of December 31, 2025, 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, as the effect of discounting is immaterial. With regard to the warrants classified as a current financial liability, see Note 11c. With regard to long-term loans, see Note 10.
| 3) | 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.
| 4) | 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.
| b. | Credit risk
Credit risk is managed at the Company level. These risks relate to cash and cash equivalents, bank deposits, trade receivables, and other receivables. The Company’s cash, cash equivalents and short-term bank deposits at December 31, 2024, and 2025 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, |
|  | 2024 |  |  | 2025 |
|  | in USD thousands |
Assets: |  |  |  |  |  |
Cash and cash equivalents |  |  | 10,436 |  |  |  | 3,250 |
Short-term bank deposits |  |  | 9,126 |  |  |  | 17,626 |
Trade receivables |  |  | 2,476 |  |  |  | 46 |
Other receivables |  |  | 1,478 |  |  |  | 410 |
Total |  |  | 23,516 |  |  |  | 21,332 |
| c. | Liquidity risk
Company management monitors rolling forecasts of the Company’s liquidity reserves on the basis of anticipated cash flows and seeks to maintain 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, as well as the commercialization of its lead program, motixafortide, during 2024, 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 2027. 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 and/or raise additional funding. See also Note 1c regarding the material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern.
| d. | 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, as the effect of discounting is immaterial. 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 $2,174,000 as of December 31, 2025. For more information on the parameters used to value the warrants, see Note 11c.
| e. | Changes in financial liabilities with cash flows included in financing activities
|  | Long-term loan |  |  | Warrants |  |  | Total |
|  | in USD thousands |
Balance as of January 1, 2023 |  |  | 10,168 |  |  |  | 4,509 |  |  |  | 14,677 |
Changes during the year 2023: |  |  |  |  |  |  |  |  |  |  |  |
Principal and interest payments |  |  | (1,543 | ) |  |  | - |  |  |  | (1,543 | )
Amounts recognized through profit and loss |  |  | 1,148 |  |  |  | 11,054 |  |  |  | 12,202 |
Share premium resulting from exercise of warrants |  |  | - |  |  |  | (3,631 | ) |  |  | (3,631 | )
Balance as of December 31, 2023 |  |  | 9,773 |  |  |  | 11,932 |  |  |  | 21,705 |
Changes during the year 2024: |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds |  |  | 19,223 |  |  |  | 8,724 |  |  |  | 27,947 |
Principal and interest payments |  |  | (22,795 | ) |  |  | - |  |  |  | (22,795 | )
Amounts recognized through profit and loss |  |  | 7,236 |  |  |  | (18,965 | ) |  |  | (11,729 | )
Balance as of December 31, 2024 |  |  | 13,437 |  |  |  | 1,691 |  |  |  | 15,128 |
Changes during the year 2025: |  |  |  |  |  |  |  |  |  |  |  |
Net proceeds |  |  | - |  |  |  | 9,082 |  |  |  | 9,082 |
Principal and interest payments |  |  | (5,568 | ) |  |  | - |  |  |  | (5,568 | )
Amounts recognized through profit and loss |  |  | 1,070 |  |  |  | (8,599 | ) |  |  | (7,529 | )
Balance as of December 31, 2025 |  |  | 8,939 |  |  |  | 2,174 |  |  |  | 11,113 |
| f. | 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, 2023, 2024 and 2025:
|  | Warrants |
|  | in USD thousands |
Balance as of January 1, 2023 |  |  | 4,509 |
Changes during 2023: |  |  |  |
Exercises |  |  | (3,631 | )
Changes in fair value through profit and loss |  |  | 11,054 |
Balance as of December 31, 2023 |  |  | 11,932 |
Changes during 2024: |  |  |  |
Issuances |  |  | 8,724 |
Changes in fair value through profit and loss |  |  | (18,965 | )
Balance as of December 31, 2024 |  |  | 1,691 |
Changes during 2025: |  |  |  |
Issuances |  |  | 9,082 |
Changes in fair value through profit and loss |  |  | (8,599 | )
Balance as of December 31, 2025 |  |  | 2,174 |

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