Annual report pursuant to Section 13 and 15(d)

Balances and Transaction with Related Parties

v3.21.1
Balances and Transaction with Related Parties
 12 Months Ended
Dec. 31, 2020
Related Party Transactions [Abstract]  
BALANCES AND TRANSACTION WITH RELATED PARTIES
NOTE 10 - BALANCES AND TRANSACTION WITH RELATED PARTIES

 

  A. Balances with related parties

 

    As of December 31,  
    2020     2019  
             
Additional paid in capital (treasury stock) (See 1 below)     (19 )     (19 )
Related party receivable (See 2 below)     -       50  

 

  B. Transactions with related parties

 

    Year ended
December 31,		  
    2020     2019  
Research and development expenses (See 2 below)     -       (167 )

 

  1. BiomX Israel entered into loan agreements with certain shareholders who were subject to taxation in Israel in connection with the Recapitalization Transaction. The loans are for a period of up to two years from the time of the grant, are non-recourse, and are secured by shares of Common Stock issued to them with a value that equals three times the loan amount at the time of the grant. If any of such shareholders defaults on such loan, the Company will have the right to forfeit or sell such number of shares with a value equal to the amount of the loan not timely repaid (plus interest accrued thereon), based on their market price at the time of such forfeiture or sale. As of December 31, 2020, one loan was granted in the amount of $19, and the aggregate amount of the remaining potential commitment as of December 31, 2020 is $89. All other shareholders waived their right to the loans. The number of shares of Common Stock in respect of which the $19 loan was granted was 5,700. The granting of the loan and the restrictions imposed on the related Common Stock until repayment of the loan were accounted as an acquisition of treasury stock by the Company at an amount equal to the loan.

 

  2. On October 31, 2018, BiomX Israel entered into a research collaboration agreement with Janssen Research & Development, LLC ("Janssen"), an affiliate of shareholder Johnson & Johnson Development Corporation, for a collaboration on biomarker discovery for inflammatory bowel disease ("IBD"). Under the agreement, BiomX Israel is eligible to receive fees totaling $167 in installments of $50 within 60 days of signing of the agreement, $17 upon completion of data processing, and two installments of $50 each, upon delivery of Signature Phase I of the Final Study Report (both terms defined within the agreement). This agreement ended in 2020, 30 days after the parties completed the research program and BiomX Israel provided Janssen with a final study report. As of December 31, 2019, consideration of $117 had been received. The remaining $50 consideration was received in January 2020.