0001178913-23-003016 | 6-K | XBRL Viewer

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
SIGNIFICANT ACCOUNTING POLICIES	Jun. 30, 2023
Disclosure of significant accounting policies [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 3 – SIGNIFICANT ACCOUNTING POLICIES The accounting policies and calculation methods applied in the preparation of these interim financial statements are consistent with those applied in the preparation of the annual financial statements as of December 31, 2022 and for the year then ended.

SHAREHOLDERS' EQUITY (Tables)

6 Months Ended

Jun. 30, 2023

Disclosure of classes of share capital [abstract]

Schedule of Share Capital

	Number of ordinary shares
	December 31,		June 30,
	2022		2023

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

Issued and paid-up share capital		922,958,942		922,958,942

	In USD and NIS
	December 31,		June 30,
	2022		2023

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

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

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

SUBSEQUENT EVENTS	6 Months Ended
SUBSEQUENT EVENTS	Jun. 30, 2023
Disclosure of non-adjusting events after reporting period [abstract]
SUBSEQUENT EVENTS	NOTE 8 – SUBSEQUENT EVENTS On August 27, 2023, the Company entered into a license agreement (the “License Agreement”) with Hong Seng Technology Limited (“HST”) and Guangzhou Gloria Biosciences Co., Ltd. (“Gloria” and together with HST, the “Purchaser Parties” or the “Licensee”), pursuant to which the Company granted HST an exclusive, royalty-bearing, sublicensable license to develop and commercialize motixafortide in Asia (other than Israel and certain other countries) (collectively, the “Territory”) and to engage and authorize Gloria to perform services under the License Agreement in the Territory. In addition, the Company granted the Licensee a first offer right with respect to the grant of certain rights in motixafortide outside of the Territory. Effectiveness of the License Agreement is conditioned, among other things, upon obtaining the consent of the Israeli Innovation Authority (the “IIA”) within four months from the execution of the License Agreement. Pursuant to the terms of the License Agreement, the Licensee is required to deposit a $15 million upfront payment in escrow within seven days after execution of the License Agreement, which will be released from escrow and transferred to the Company on the date that consent of the License Agreement is provided by the IIA, so long as that consent is obtained within four months from the execution of the License Agreement. The Company is also entitled to up to $49 million based on the achievement of certain development and regulatory milestones in China and Japan, and up to $197 million in sales milestones based on defined sales targets of motixafortide in the Territory. In addition, the Company is eligible to receive tiered double-digit royalties (ranging from 10-20%), on a country-by-country basis, on aggregate net sales of motixafortide in the Territory during the initial royalty term of at least 15 years, with a reduction of the royalties payable following the end of the initial royalty term as well as upon the occurrence of certain events. In the event that the Company does not receive FDA approval of motixafortide from the FDA by end of 2023, the development and regulatory milestones will only be partially payable, and all royalty rates will be reduced to single digit royalties. The License Agreement provides that the Company will supply motixafortide to the Licensee during the term on a cost plus basis for commercial supply, while supply for development purposes will be on a cost-plus basis except that in certain limited circumstances the supply will be at a reduced cost, with the Company bearing a portion of the cost to be applied against any future royalties. The Licensee has a right but not an obligation after the effective date of the License Agreement to select to manufacture motixafortide itself or through a designated party. In connection with the entry into the License Agreement, on August 27, 2023, the Company also entered into a share purchase agreement (the “Purchase Agreement”) with the Purchaser Parties, pursuant to which the Company agreed to sell and issue in a private placement an aggregate of 6,829,137 ADSs of the Company, at a purchase price of $2.136 per ADS. Aggregate gross proceeds from the sale are expected to be approximately $14.6 million and are to be deposited into escrow pending closing. The closing is subject to certain closing conditions including, among other things, receipt of the IIA consent and effectiveness of the License Agreement, actual receipt by the Company in its bank account of the purchase price for the ADSs following release from escrow, as well as other customary closing conditions. No warrants were issued in the transaction.

Document and Entity Information	6 Months Ended
Document and Entity Information	Jun. 30, 2023
Document And Entity Information [Abstract]
Entity Registrant Name	BioLineRx Ltd.
Entity Central Index Key	0001498403
Document Type	6-K
Document Period End Date	Jun. 30, 2023
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Entity File Number	001-35223
Entity Address, Address Line One	2 HaMa’ayan Street
Entity Address, Address Line Two	Modi’in
Entity Address, Postal Zip Code	7177871
Entity Address, Country	IL

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Income Statement Abstract
RESEARCH AND DEVELOPMENT EXPENSES	$ (3,006)	$ (5,395)	$ (6,690)	$ (9,830)
SALES AND MARKETING EXPENSES	(5,604)	(1,158)	(9,478)	(1,795)
GENERAL AND ADMINISTRATIVE EXPENSES	(1,305)	(1,049)	(2,603)	(2,056)
OPERATING LOSS	(9,915)	(7,602)	(18,771)	(13,681)
NON-OPERATING INCOME (EXPENSES), NET	(7,733)	458	(10,649)	1,726
FINANCIAL INCOME	440	80	977	147
FINANCIAL EXPENSES	(1,337)	(379)	(2,264)	(565)
NET LOSS AND COMPREHENSIVE LOSS	$ (18,545)	$ (7,443)	$ (30,707)	$ (12,373)
LOSS PER ORDINARY SHARE - BASIC	$ (0.02)	$ (0.01)	$ (0.03)	$ (0.02)
LOSS PER ORDINARY SHARE - DILUTED	$ (0.02)	$ (0.01)	$ (0.03)	$ (0.02)
WEIGHTED AVERAGE NUMBER OF SHARES USED IN CALCULATION OF LOSS PER ORDINARY SHARE	922,958,942	715,365,554	922,958,942	715,260,781

GENERAL INFORMATION

6 Months Ended

Jun. 30, 2023

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 $361 million through June 30, 2023, and it expects to continue incurring losses and negative cash flows from operations until its product or products reach commercial profitability. 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.

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 financial statements

The condensed consolidated interim financial statements of the Company as of June 30, 2023, and for the three and six months then ended, were approved by the Board of Directors on August 22, 2023, and signed on its behalf by the Chairman of the Board, the Chief Executive Officer, and the Chief Financial Officer.

AT-THE-MARKET ("ATM") SALES AGREEMENT WITH HCW (Narrative) (Details) - HCW [Member] - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2022
Disclosure of terms and conditions of share-based payment arrangement [line items]
Aggregate Offering Price		$ 25.0
Percentage of commission on sales agreement		3.00%
Gross proceeds from issuing shares	$ 1.4
Number of American depositary shares sold	608,651

SUBSEQUENT EVENTS (Narrative) (Details) $ / shares in Units, $ in Millions	1 Months Ended
	Aug. 27, 2023 USD ($) $ / shares shares
Purchaser Parties [Member] \| Share Purchase Agreement [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Number of shares issue under private placement \| shares	6,829,137
Exercise price of shares issued \| $ / shares	$ 2.136
Gross proceeds from issuing shares	$ 14.6
Hong Seng Technology Limited (“HST”) and Guangzhou Gloria Biosciences Co., Ltd. (“Gloria”) [Member] \| License Agreement [Member]
Disclosure of terms and conditions of share-based payment arrangement [line items]
Amount of Escrow deposit	15.0
Achievement of sales milestones of certain development and regulatory milestones	49.0
Amount of sales milestones achievement motixafortide territory	$ 197.0
Tearm description of initial royalty received	Company is eligible to receive tiered double-digit royalties (ranging from 10-20%), on a country-by-country basis, on aggregate net sales of motixafortide in the Territory during the initial royalty term of at least 15 years

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

LONG-TERM LOAN	6 Months Ended
LONG-TERM LOAN	Jun. 30, 2023
Borrowings [abstract]
LONG-TERM LOAN	NOTE 5 – LONG-TERM LOAN In September 2022, the Company entered into a $40 million loan agreement with Kreos Capital VII Aggregator SCSp (“Kreos Capital”). Pursuant to the agreement, the first tranche of $10 million was drawn down by the Company following execution of the definitive agreement, after completion of certain customary conditions to 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.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 10,104	$ 10,587
Short-term bank deposits	22,711	40,495
Prepaid expenses	1,749	198
Other receivables	128	721
Total current assets	34,692	52,001
NON-CURRENT ASSETS
Property and equipment, net	648	726
Right-of-use assets, net	1,583	1,772
Intangible assets, net	22,013	21,885
Total non-current assets	24,244	24,383
Total assets	58,936	76,384
CURRENT LIABILITIES
Current maturities of long-term loan	3,078	1,542
Accounts payable and accruals:
Trade	6,733	6,966
Other	2,260	1,744
Current maturities of lease liabilities	375	427
Total current liabilities	12,446	10,679
NON-CURRENT LIABILITIES
Warrants	15,352	4,509
Long-term loan, net of current maturities	8,495	8,626
Lease liabilities	1,589	1,729
Total non-current liabilities	25,436	14,864
Total liabilities	37,882	25,543
EQUITY
Ordinary shares	27,100	27,100
Share premium	339,045	338,976
Warrants	1,408	1,408
Capital reserve	15,616	14,765
Other comprehensive loss	(1,416)	(1,416)
Accumulated deficit	(360,699)	(329,992)
Total equity	21,054	50,841
Total liabilities and equity	$ 58,936	$ 76,384

SHAREHOLDERS' EQUITY

6 Months Ended

Jun. 30, 2023

Disclosure of classes of share capital [abstract]

SHAREHOLDERS' EQUITY

NOTE 7 – SHAREHOLDERS’ EQUITY

As of December 31, 2022 and June 30, 2023, share capital is composed of ordinary shares, as follows:

	Number of ordinary shares
	December 31,		June 30,
	2022		2023

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

Issued and paid-up share capital		922,958,942		922,958,942

	In USD and NIS
	December 31,		June 30,
	2022		2023

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

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

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

WARRANTS FROM SEPTEMBER 2022 OFFERING (Narrative) (Details) - USD ($)	1 Months Ended	6 Months Ended	12 Months Ended
	Sep. 30, 2022	Jun. 30, 2023	Dec. 31, 2022
Warrant Provision [Line Items]
Change in fair value		$ 10,843,000
Warrants [Member]
Warrant Provision [Line Items]
Exercise price of shares issued	$ 1.1
Amount allocated to warrant	$ 800,000
Warrants term	5 years
Change in fair value	$ 9,100,000	$ 15,345,000	$ 4,502,000
Risk-free interest rate (%)	3.62%	4.30%	4.10%
Average standard deviation	82.50%	84.10%	85.50%
Registered direct offerings sales	13,636,365
Warrants [Member] \| Placement Agents Designees [Member]
Warrant Provision [Line Items]
Amount allocated to warrant	$ 400,000
Warrants term	5 years
Aggregate offering price	$ 15,000,000
Warrants expiration period	681,818
Exercise price of warrants	$ 1.375
Proceeds from warrant issue	$ 13,500,000
Warrants [Member] \| Investors [Member]
Warrant Provision [Line Items]
Registered direct offerings sales	13,636,365
Exercise price of warrants	$ 1.15

GENERAL INFORMATION (Narrative) (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Disclosure of general information [Abstract]
Accumulatewd losses	$ (360,699)	$ (329,992)

SHAREHOLDERS' EQUITY (Schedule of Share Capital) (Details)	Jun. 30, 2023 ILS (₪) shares	Jun. 30, 2023 USD ($) shares	Dec. 31, 2022 ILS (₪) shares	Dec. 31, 2022 USD ($) shares
Number of Ordinary Shares
Authorized share capital	2,500,000,000	2,500,000,000	2,500,000,000	2,500,000,000
Issued and paid-up share capital	922,958,942	922,958,942	922,958,942	922,958,942
Authorized share capital \| ₪	₪ 250,000,000		₪ 250,000,000
Issued and paid-up share capital	₪ 92,295,894	$ 27,100,201	₪ 92,295,894	$ 27,100,201

CONDENSED CONSOLIDATED INTERIM CASH FLOW STATEMENTS (UNAUDITED) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
CASH FLOWS - OPERATING ACTIVITIES
NET LOSS AND COMPREHENSIVE LOSS	$ (30,707)	$ (12,373)
Adjustments required to reflect net cash used in operating activities (see appendix below)	13,009	498
Net cash used in operating activities	(17,698)	(11,875)
CASH FLOWS - INVESTING ACTIVITIES
Investments in short-term deposits	(6,006)	(9,000)
Maturities of short-term deposits	24,000	24,141
Purchase of property and equipment	(99)	(62)
Purchase of intangible assets	(153)	0
Net cash provided by investing activities	17,742	15,079
CASH FLOWS - FINANCING ACTIVITIES
Issuance of share capital and warrants, net of issuance costs	0	266
Employee stock options exercised	0	2
Repayments of loan	0	(1,812)
Repayments of lease liabilities	(183)	(88)
Net cash used in financing activities	(183)	(1,632)
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	(139)	1,572
CASH AND CASH EQUIVALENTS - BEGINNING OF PERIOD	10,587	12,990
EXCHANGE DIFFERENCES ON CASH AND CASH EQUIVALENTS	(344)	(562)
CASH AND CASH EQUIVALENTS - END OF PERIOD	10,104	14,000
Income and expenses not involving cash flows:
Depreciation and amortization	457	314
Exchange differences on cash and cash equivalents	344	562
Fair value adjustments of warrants	10,843	(1,673)
Share-based compensation	920	586
Interest and exchange differences on short-term deposits	(210)	(142)
Interest on loan	1,405	68
Exchange differences on lease liability	(75)	(205)
Total income and expense not involving cash flows	13,684	(490)
Changes in operating asset and liability items:
Increase in prepaid expenses and other receivables	(958)	(688)
Increase in accounts payable and accruals	283	1,676
Total Change in operating asset and liability	(675)	988
Total Adjustments required to reflect net cash used in operating acivities	13,009	498
Supplemental information on interest received in cash	761	146
Supplemental information on interest paid in cash	640	217
Supplemental information on non-cash transactions:
Acquisition of right-of-use asset	$ 66	$ 0

BASIS OF PREPARATION	6 Months Ended
BASIS OF PREPARATION	Jun. 30, 2023
Disclosure of basis of preparation [Abstract]
BASIS OF PREPARATION	NOTE 2 – BASIS OF PREPARATION The Company’s condensed consolidated interim financial statements as of June 30, 2023 and for the three and six months then ended (the “interim financial statements”) have been prepared in accordance with International Accounting Standard No. 34, “Interim Financial Reporting” (“IAS 34”). These interim financial statements, which are unaudited, do not include all disclosures necessary for a fair presentation of financial position, results of operations, and cash flows in conformity with International Financial Reporting Standards (“IFRS”). The condensed consolidated interim financial statements should be read in conjunction with the Company’s annual financial statements as of December 31, 2022 and for the year then ended and their accompanying notes, which have been prepared in accordance with IFRS. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results that may be expected for the entire fiscal year or for any other interim period. 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. These inputs also consider, among other things, the implications of pandemics and wars across the globe on the Company’s activities, and the resultant effects on critical and significant accounting estimates, most significantly in relation to the value of intangible assets. In this regard, U.S. and global markets are currently experiencing volatility and disruption following the escalation of geopolitical tensions and the ongoing military conflict between Russia and Ukraine. Although the length and impact of the ongoing military conflict are highly unpredictable, the conflict in Ukraine could lead to market disruptions, including significant volatility in commodity prices, credit and the capital markets. As of the date of release of these financial statements, the Company estimates there are no material effects of this conflict on its financial position and results of operations.

CONDENSED INTERIM STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) - 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, 2021	$ 21,066	$ 339,346	$ 975	$ 13,157	$ (1,416)	$ (305,041)	$ 68,087
CHANGES FOR
Issuance of share capital, net	89	177	0	0	0	0	266
Employee stock options exercised	2	12	0	(12)	0	0	2
Employee stock options expired	0	135	0	(135)	0	0	0
Share-based compensation	0	0	0	586	0	0	586
Comprehensive loss for the period	0	0	0	0	0	(12,373)	(12,373)
BALANCE at Jun. 30, 2022	21,157	339,670	975	13,596	(1,416)	(317,414)	56,568
BALANCE at Dec. 31, 2022	27,100	338,976	1,408	14,765	(1,416)	(329,992)	50,841
CHANGES FOR
Employee stock options expired	0	69	0	(69)	0	0	0
Share-based compensation	0	0	0	920	0	0	920
Comprehensive loss for the period	0	0	0	0	0	(30,707)	(30,707)
BALANCE at Jun. 30, 2023	$ 27,100	$ 339,045	$ 1,408	$ 15,616	$ (1,416)	$ (360,699)	$ 21,054

- 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

WARRANTS FROM SEPTEMBER 2022 OFFERING	6 Months Ended
WARRANTS FROM SEPTEMBER 2022 OFFERING	Jun. 30, 2023
Warranty provision [abstract]
WARRANTS FROM SEPTEMBER 2022 OFFERING	NOTE 6 – WARRANTS FROM SEPTEMBER 2022 OFFERING In September 2022, the Company completed a registered direct offering of 13,636,365 ADSs at a price of $1.10 per ADS. In concurrent private placements, the Company 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 and is determined by using a level 3 valuation technique. 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 $15,345,000 as of June 30, 2023, ($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 4.3%, (4.1% as of December 31, 2022), an average standard deviation of 84.1%, (85.5% as of December 31, 2022), and on the remaining contractual life of the warrants. The changes in fair value from December 31, 2022 through June 30, 2023 of $10,843,000 have been recorded as non-operating expenses in the statement of comprehensive loss. As of June 30, 2023, 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.

AT-THE-MARKET ("ATM") SALES AGREEMENT WITH HCW	6 Months Ended
AT-THE-MARKET ("ATM") SALES AGREEMENT WITH HCW	Jun. 30, 2023
Disclosure Of Issuances Of Share Capital [Abstract]
AT-THE-MARKET (“ATM”) SALES AGREEMENT WITH HCW	NOTE 4 – AT-THE-MARKET (“ATM”) SALES AGREEMENT WITH HCW The Company maintains an ATM facility with H.C. Wainwright & Co., LLC (“HCW”) pursuant to an ATM sales agreement entered into in September 2021. In accordance with the agreement, the Company is entitled, at its sole discretion, to offer and sell through HCW, acting as a sales agent, ADSs having an aggregate offering price of up to $25.0 million throughout the period during which the ATM facility remains in effect. The Company has agreed to pay HCW a commission of 3.0% of the gross proceeds from the sale of ADSs under the facility. During the six months ended June 30, 2023, no ADSs were issued by the Company. 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.