0000764195
false
Q2
--12-31
VBI Vaccines Inc/BC
A1
00-0000000
Unlimited
Unlimited
0000764195
2023-01-01
2023-06-30
0000764195
2023-08-14
0000764195
2023-06-30
0000764195
2022-12-31
0000764195
2022-01-01
2022-12-31
0000764195
2023-04-01
2023-06-30
0000764195
2022-04-01
2022-06-30
0000764195
2022-01-01
2022-06-30
0000764195
us-gaap:CommonStockMember
2022-12-31
0000764195
us-gaap:AdditionalPaidInCapitalMember
2022-12-31
0000764195
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-12-31
0000764195
us-gaap:RetainedEarningsMember
2022-12-31
0000764195
us-gaap:CommonStockMember
2023-03-31
0000764195
us-gaap:AdditionalPaidInCapitalMember
2023-03-31
0000764195
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-03-31
0000764195
us-gaap:RetainedEarningsMember
2023-03-31
0000764195
2023-03-31
0000764195
us-gaap:CommonStockMember
2021-12-31
0000764195
us-gaap:AdditionalPaidInCapitalMember
2021-12-31
0000764195
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-12-31
0000764195
us-gaap:RetainedEarningsMember
2021-12-31
0000764195
2021-12-31
0000764195
us-gaap:CommonStockMember
2022-03-31
0000764195
us-gaap:AdditionalPaidInCapitalMember
2022-03-31
0000764195
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-03-31
0000764195
us-gaap:RetainedEarningsMember
2022-03-31
0000764195
2022-03-31
0000764195
us-gaap:CommonStockMember
2023-01-01
2023-03-31
0000764195
us-gaap:AdditionalPaidInCapitalMember
2023-01-01
2023-03-31
0000764195
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-01-01
2023-03-31
0000764195
us-gaap:RetainedEarningsMember
2023-01-01
2023-03-31
0000764195
2023-01-01
2023-03-31
0000764195
us-gaap:CommonStockMember
2023-04-01
2023-06-30
0000764195
us-gaap:AdditionalPaidInCapitalMember
2023-04-01
2023-06-30
0000764195
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-04-01
2023-06-30
0000764195
us-gaap:RetainedEarningsMember
2023-04-01
2023-06-30
0000764195
us-gaap:CommonStockMember
2022-01-01
2022-03-31
0000764195
us-gaap:AdditionalPaidInCapitalMember
2022-01-01
2022-03-31
0000764195
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-01-01
2022-03-31
0000764195
us-gaap:RetainedEarningsMember
2022-01-01
2022-03-31
0000764195
2022-01-01
2022-03-31
0000764195
us-gaap:CommonStockMember
2022-04-01
2022-06-30
0000764195
us-gaap:AdditionalPaidInCapitalMember
2022-04-01
2022-06-30
0000764195
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-04-01
2022-06-30
0000764195
us-gaap:RetainedEarningsMember
2022-04-01
2022-06-30
0000764195
us-gaap:CommonStockMember
2023-06-30
0000764195
us-gaap:AdditionalPaidInCapitalMember
2023-06-30
0000764195
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2023-06-30
0000764195
us-gaap:RetainedEarningsMember
2023-06-30
0000764195
us-gaap:CommonStockMember
2022-06-30
0000764195
us-gaap:AdditionalPaidInCapitalMember
2022-06-30
0000764195
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-06-30
0000764195
us-gaap:RetainedEarningsMember
2022-06-30
0000764195
2022-06-30
0000764195
2023-04-11
2023-04-12
0000764195
srt:MinimumMember
2023-04-03
2023-04-04
0000764195
srt:MaximumMember
2023-04-03
2023-04-04
0000764195
srt:MinimumMember
2023-01-01
2023-06-30
0000764195
srt:MaximumMember
2023-01-01
2023-06-30
0000764195
us-gaap:SubsequentEventMember
2023-07-01
2023-07-31
0000764195
us-gaap:IPOMember
2023-01-01
2023-06-30
0000764195
us-gaap:SubsequentEventMember
2023-07-04
2023-07-05
0000764195
us-gaap:SubsequentEventMember
VBIV:DirectOfferingMember
2023-07-05
0000764195
us-gaap:SubsequentEventMember
2023-07-05
0000764195
us-gaap:SubsequentEventMember
us-gaap:IPOMember
2023-07-01
2023-07-31
0000764195
us-gaap:SubsequentEventMember
us-gaap:IPOMember
2023-07-31
0000764195
us-gaap:SubsequentEventMember
us-gaap:CommonStockMember
2023-07-01
2023-07-31
0000764195
us-gaap:SubsequentEventMember
us-gaap:WarrantMember
2023-07-31
0000764195
us-gaap:SubsequentEventMember
VBIV:DirectOfferingMember
2023-07-01
2023-07-31
0000764195
us-gaap:SubsequentEventMember
VBIV:DirectOfferingMember
2023-07-31
0000764195
us-gaap:SubsequentEventMember
2023-07-31
0000764195
us-gaap:PropertyPlantAndEquipmentMember
2023-04-01
2023-06-30
0000764195
us-gaap:PropertyPlantAndEquipmentMember
2022-04-01
2022-06-30
0000764195
us-gaap:PropertyPlantAndEquipmentMember
2023-01-01
2023-06-30
0000764195
us-gaap:PropertyPlantAndEquipmentMember
2022-01-01
2022-06-30
0000764195
us-gaap:InProcessResearchAndDevelopmentMember
2023-04-01
2023-06-30
0000764195
us-gaap:InProcessResearchAndDevelopmentMember
2022-04-01
2022-06-30
0000764195
us-gaap:InProcessResearchAndDevelopmentMember
2023-01-01
2023-06-30
0000764195
us-gaap:InProcessResearchAndDevelopmentMember
2022-01-01
2022-06-30
0000764195
us-gaap:LicenseMember
2023-06-30
0000764195
us-gaap:LicenseMember
2023-01-01
2023-06-30
0000764195
VBIV:InprocessResearchAndDevelopmentAssetsMember
2023-06-30
0000764195
VBIV:InprocessResearchAndDevelopmentAssetsMember
2023-01-01
2023-06-30
0000764195
us-gaap:LicenseMember
2022-12-31
0000764195
us-gaap:LicenseMember
2022-01-01
2022-12-31
0000764195
VBIV:InprocessResearchAndDevelopmentAssetsMember
2022-12-31
0000764195
VBIV:InprocessResearchAndDevelopmentAssetsMember
2022-01-01
2022-12-31
0000764195
us-gaap:OneTimeTerminationBenefitsMember
2022-12-31
0000764195
us-gaap:OneTimeTerminationBenefitsMember
2023-01-01
2023-06-30
0000764195
us-gaap:OneTimeTerminationBenefitsMember
2023-06-30
0000764195
us-gaap:WarrantMember
2023-01-01
2023-06-30
0000764195
us-gaap:WarrantMember
2022-01-01
2022-06-30
0000764195
VBIV:StockOptionsAndRestrictedStockUnitsMember
2023-01-01
2023-06-30
0000764195
VBIV:StockOptionsAndRestrictedStockUnitsMember
2022-01-01
2022-06-30
0000764195
VBIV:K2HVConversionFeatureMember
2023-01-01
2023-06-30
0000764195
VBIV:K2HVConversionFeatureMember
2022-01-01
2022-06-30
0000764195
us-gaap:LongTermDebtMember
2023-06-30
0000764195
us-gaap:LongTermDebtMember
2022-12-31
0000764195
VBIV:LoanAndGuarantyAgreementMember
VBIV:FirstTrancheMember
VBIV:K2HealthventuresLLCMember
2020-05-22
0000764195
VBIV:LoanAndGuarantyAgreementMember
VBIV:K2HealthventuresLLCMember
2020-05-21
2020-05-22
0000764195
VBIV:LoanAndGuarantyAgreementMember
VBIV:K2HealthventuresLLCMember
2020-05-22
0000764195
VBIV:LoanAgreementMember
VBIV:K2HealthventuresLLCMember
2021-02-02
2021-02-03
0000764195
VBIV:LoanAgreementMember
VBIV:K2HealthventuresLLCMember
2021-02-03
0000764195
VBIV:LoanAndGuarantyAgreementMember
VBIV:FirstAmendmentMember
2021-05-17
0000764195
VBIV:K2HealthventuresLLCMember
VBIV:SecondAmendmentMember
2022-09-14
0000764195
VBIV:LoanAgreementMember
2020-05-22
0000764195
VBIV:LoanAgreementMember
VBIV:FirstTrancheTermLoanMember
VBIV:SecondAmendmentMember
2022-09-15
0000764195
VBIV:LoanAgreementMember
VBIV:ThirdTrancheTermLoanMember
srt:MaximumMember
2022-09-15
0000764195
VBIV:LoanAgreementMember
VBIV:FourthTrancheTermLoanMember
srt:MaximumMember
2022-09-15
0000764195
VBIV:LoanAgreementMember
VBIV:K2HealthventuresLLCMember
VBIV:SecondAmendmentMember
2022-09-14
0000764195
VBIV:LoanAgreementMember
VBIV:K2HealthventuresLLCMember
VBIV:SecondAmendmentMember
VBIV:ConversionPriceOfFourtyThreePoinEightyPerShareMember
2022-09-14
0000764195
VBIV:LoanAgreementMember
VBIV:K2HealthventuresLLCMember
VBIV:SecondAmendmentMember
VBIV:ConversionPriceOfFourtyThreePoinEightyPerShareMember
2022-09-13
2022-09-14
0000764195
VBIV:LoanAgreementMember
VBIV:K2HealthventuresLLCMember
VBIV:SecondAmendmentMember
VBIV:ConversionPriceOfThirtyOnePointThreeZeroTwoPerShareMember
2022-09-14
0000764195
VBIV:LoanAgreementMember
VBIV:K2HealthventuresLLCMember
VBIV:SecondAmendmentMember
VBIV:ConversionPriceOfThirtyOnePointThreeZeroTwoPerShareMember
2022-09-13
2022-09-14
0000764195
VBIV:LoanAndGuarantyAgreementMember
VBIV:K2HealthventuresLLCMember
VBIV:K2WarrantMember
2020-05-22
0000764195
VBIV:LoanAndGuarantyAgreementMember
VBIV:K2HealthventuresLLCMember
VBIV:RestatedK2WarrantMember
2021-05-17
0000764195
VBIV:LoanAndGuarantyAgreementMember
VBIV:K2HealthventuresLLCMember
VBIV:SecondAmendmentWarrantMember
2022-09-14
0000764195
VBIV:LoanAndGuarantyAgreementMember
VBIV:SecondAmendmentMember
2022-09-14
0000764195
VBIV:LoanAndGuarantyAgreementMember
VBIV:K2HealthventuresLLCMember
2021-05-17
0000764195
VBIV:LoanAndGuarantyAgreementMember
VBIV:K2HealthventuresLLCMember
VBIV:FirstAmendmentMember
2021-05-17
0000764195
VBIV:LoanAndGuarantyAgreementMember
VBIV:SecondAmendmentMember
2022-09-13
2022-09-14
0000764195
VBIV:LoanAndGuarantyAgreementMember
VBIV:SecondAmendmentMember
srt:MinimumMember
2023-06-30
0000764195
VBIV:LoanAndGuarantyAgreementMember
VBIV:SecondAmendmentMember
VBIV:PrimeRatePlusMember
2023-06-30
0000764195
VBIV:LoanAndGuarantyAgreementMember
VBIV:SecondAmendmentMember
2023-06-30
0000764195
VBIV:LoanAndGuarantyAgreementMember
2023-01-01
2023-06-30
0000764195
VBIV:LoanAndGuarantyAgreementMember
VBIV:SecondAmendmentMember
2023-01-01
2023-06-30
0000764195
VBIV:LoanAndGuarantyAgreementMember
VBIV:SecondAmendmentMember
2022-09-15
0000764195
VBIV:LoanAndGuarantyAgreementMember
VBIV:SecondAmendmentMember
2022-12-31
0000764195
us-gaap:FairValueInputsLevel3Member
2023-06-30
0000764195
us-gaap:FairValueInputsLevel3Member
2022-12-31
0000764195
VBIV:LoanAgreementMember
2023-06-30
0000764195
VBIV:TwoThousandAndSixPlanMember
2023-06-30
0000764195
VBIV:TwoThousandAndFourteenPlanMember
2023-06-30
0000764195
VBIV:TwoThousandAndSixteenPlanMember
2023-01-01
2023-06-30
0000764195
VBIV:TwoThousandAndSixteenPlanMember
us-gaap:EmployeeStockOptionMember
2023-06-30
0000764195
VBIV:TwoThousandAndSixteenPlanMember
2023-06-30
0000764195
us-gaap:StockOptionMember
2022-12-31
0000764195
us-gaap:StockOptionMember
2023-01-01
2023-06-30
0000764195
us-gaap:StockOptionMember
2023-06-30
0000764195
us-gaap:RestrictedStockUnitsRSUMember
2022-12-31
0000764195
us-gaap:RestrictedStockUnitsRSUMember
2023-01-01
2023-06-30
0000764195
us-gaap:RestrictedStockUnitsRSUMember
2023-06-30
0000764195
us-gaap:ResearchAndDevelopmentExpenseMember
2023-04-01
2023-06-30
0000764195
us-gaap:ResearchAndDevelopmentExpenseMember
2022-04-01
2022-06-30
0000764195
us-gaap:ResearchAndDevelopmentExpenseMember
2023-01-01
2023-06-30
0000764195
us-gaap:ResearchAndDevelopmentExpenseMember
2022-01-01
2022-06-30
0000764195
us-gaap:GeneralAndAdministrativeExpenseMember
2023-04-01
2023-06-30
0000764195
us-gaap:GeneralAndAdministrativeExpenseMember
2022-04-01
2022-06-30
0000764195
us-gaap:GeneralAndAdministrativeExpenseMember
2023-01-01
2023-06-30
0000764195
us-gaap:GeneralAndAdministrativeExpenseMember
2022-01-01
2022-06-30
0000764195
us-gaap:CostOfSalesMember
2023-04-01
2023-06-30
0000764195
us-gaap:CostOfSalesMember
2022-04-01
2022-06-30
0000764195
us-gaap:CostOfSalesMember
2023-01-01
2023-06-30
0000764195
us-gaap:CostOfSalesMember
2022-01-01
2022-06-30
0000764195
us-gaap:ProductMember
2023-04-01
2023-06-30
0000764195
us-gaap:ProductMember
2022-04-01
2022-06-30
0000764195
us-gaap:ProductMember
2023-01-01
2023-06-30
0000764195
us-gaap:ProductMember
2022-01-01
2022-06-30
0000764195
us-gaap:ServiceMember
2023-04-01
2023-06-30
0000764195
us-gaap:ServiceMember
2022-04-01
2022-06-30
0000764195
us-gaap:ServiceMember
2023-01-01
2023-06-30
0000764195
us-gaap:ServiceMember
2022-01-01
2022-06-30
0000764195
us-gaap:ProductMember
2023-06-30
0000764195
us-gaap:ProductMember
VBIV:CurrentPortionToJuneThirtyTwoThousandTwentyFourMember
2023-06-30
0000764195
us-gaap:ProductMember
VBIV:RemainingPortionThereAfterMember
2023-06-30
0000764195
us-gaap:ServiceMember
2023-06-30
0000764195
us-gaap:ServiceMember
VBIV:CurrentPortionToJuneThirtyTwoThousandTwentyFourMember
2023-06-30
0000764195
us-gaap:ServiceMember
VBIV:RemainingPortionThereAfterMember
2023-06-30
0000764195
VBIV:CurrentPortionToJuneThirtyTwoThousandTwentyFourMember
2023-06-30
0000764195
VBIV:RemainingPortionThereAfterMember
2023-06-30
0000764195
VBIV:CollaborationAndLicenseAgreementMember
VBIV:BriiBiosciencesLimitedMember
2018-12-04
0000764195
VBIV:CollaborationAndLicenseAgreementMember
VBIV:BriiBiosciencesLimitedMember
2018-12-03
2018-12-04
0000764195
VBIV:LicenseAgreementMember
VBIV:BriiBiosciencesLimitedMember
2018-12-04
0000764195
us-gaap:ServiceMember
VBIV:CollaborationAndLicenseAgreementMember
VBIV:BriiBiosciencesLimitedMember
2018-12-04
0000764195
VBIV:VBITwoSixZeroOneMember
VBIV:CollaborationAndLicenseAgreementMember
VBIV:BriiBiosciencesLimitedMember
2018-12-04
0000764195
VBIV:CollaborationAndLicenseAgreementMember
VBIV:BriiBiosciencesLimitedMember
us-gaap:SubsequentEventMember
2023-07-05
0000764195
VBIV:CollaborationAndLicenseAgreementMember
VBIV:BriiBiosciencesLimitedMember
us-gaap:SubsequentEventMember
2023-07-05
2023-07-05
0000764195
VBIV:CollaborationAndLicenseAgreementMember
2023-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:GlaxoSmithKlineBiologicalsSAMember
2023-04-01
2023-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:GlaxoSmithKlineBiologicalsSAMember
2022-04-01
2022-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:GlaxoSmithKlineBiologicalsSAMember
2023-01-01
2023-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:GlaxoSmithKlineBiologicalsSAMember
2022-01-01
2022-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:NationalResearchCouncilMember
2023-04-01
2023-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:NationalResearchCouncilMember
2022-04-01
2022-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:NationalResearchCouncilMember
2023-01-01
2023-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:NationalResearchCouncilMember
2022-01-01
2022-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:CoalitionForEpidemicPreparednessInnovationsMember
2023-04-01
2023-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:CoalitionForEpidemicPreparednessInnovationsMember
2022-04-01
2022-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:CoalitionForEpidemicPreparednessInnovationsMember
2023-01-01
2023-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:CoalitionForEpidemicPreparednessInnovationsMember
2022-01-01
2022-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:BriiBiosciencesLimitedMember
2023-04-01
2023-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:BriiBiosciencesLimitedMember
2022-04-01
2022-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:BriiBiosciencesLimitedMember
2023-01-01
2023-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:BriiBiosciencesLimitedMember
2022-01-01
2022-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:AgenusIncMember
2023-04-01
2023-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:AgenusIncMember
2022-04-01
2022-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:AgenusIncMember
2023-01-01
2023-06-30
0000764195
VBIV:CollaborationAgreementMember
VBIV:AgenusIncMember
2022-01-01
2022-06-30
0000764195
VBIV:CollaborationAgreementMember
2023-04-01
2023-06-30
0000764195
VBIV:CollaborationAgreementMember
2022-04-01
2022-06-30
0000764195
VBIV:CollaborationAgreementMember
2023-01-01
2023-06-30
0000764195
VBIV:CollaborationAgreementMember
2022-01-01
2022-06-30
0000764195
VBIV:IndustrialResearchAssistanceProgramMember
2020-07-02
2020-07-03
0000764195
VBIV:IndustrialResearchAssistanceProgramMember
2023-04-01
2023-06-30
0000764195
VBIV:IndustrialResearchAssistanceProgramMember
2023-01-01
2023-06-30
0000764195
VBIV:IndustrialResearchAssistanceProgramMember
2023-06-30
0000764195
VBIV:IndustrialResearchAssistanceProgramMember
2022-04-01
2022-06-30
0000764195
VBIV:IndustrialResearchAssistanceProgramMember
2022-01-01
2022-06-30
0000764195
VBIV:IndustrialResearchAssistanceProgramMember
2022-06-30
0000764195
2020-09-16
2020-09-16
0000764195
VBIV:StrategicInnovationFundMember
2023-04-01
2023-06-30
0000764195
VBIV:StrategicInnovationFundMember
2023-01-01
2023-06-30
0000764195
VBIV:StrategicInnovationFundMember
2023-06-30
0000764195
VBIV:StrategicInnovationFundMember
2022-04-01
2022-06-30
0000764195
VBIV:StrategicInnovationFundMember
2022-01-01
2022-06-30
0000764195
VBIV:StrategicInnovationFundMember
2022-06-30
0000764195
VBIV:SciBVacMember
2018-09-13
0000764195
VBIV:SciBVacMember
2018-09-11
2018-09-13
0000764195
country:IL
VBIV:ManufacturingFacilityLeaseAgreementMember
2023-01-01
2023-06-30
0000764195
country:CA
VBIV:LeaseAgreementMember
2023-01-01
2023-06-30
0000764195
country:US
2023-04-01
2023-06-30
0000764195
country:US
2022-04-01
2022-06-30
0000764195
country:US
2023-01-01
2023-06-30
0000764195
country:US
2022-01-01
2022-06-30
0000764195
country:IL
2023-04-01
2023-06-30
0000764195
country:IL
2022-04-01
2022-06-30
0000764195
country:IL
2023-01-01
2023-06-30
0000764195
country:IL
2022-01-01
2022-06-30
0000764195
VBIV:ChinaHongKongMember
2023-04-01
2023-06-30
0000764195
VBIV:ChinaHongKongMember
2022-04-01
2022-06-30
0000764195
VBIV:ChinaHongKongMember
2023-01-01
2023-06-30
0000764195
VBIV:ChinaHongKongMember
2022-01-01
2022-06-30
0000764195
srt:EuropeMember
2023-04-01
2023-06-30
0000764195
srt:EuropeMember
2022-04-01
2022-06-30
0000764195
srt:EuropeMember
2023-01-01
2023-06-30
0000764195
srt:EuropeMember
2022-01-01
2022-06-30
0000764195
country:CA
2023-01-01
2023-06-30
0000764195
country:CA
2022-01-01
2022-06-30
0000764195
us-gaap:SubsequentEventMember
VBIV:TwoThousandAndSixteenPlanMember
2023-07-26
2023-07-27
iso4217:USD
xbrli:shares
iso4217:USD
xbrli:shares
iso4217:ILS
VBIV:Segment
VBIV:Integer
iso4217:EUR
xbrli:pure
iso4217:CAD
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
D.C. 20549
FORM
10-Q
(Mark
One)
☒ |
QUARTERLY
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the quarterly period ended June 30, 2023
OR
☐ |
TRANSITION
REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For
the transition period from _______ to _______
Commission
file number: 001-37769
VBI
VACCINES INC.
(Exact
name of registrant as specified in its charter)
British
Columbia, Canada |
|
N/A |
(State
or other jurisdiction of |
|
(I.R.S.
Employer |
incorporation
or organization) |
|
Identification
No.) |
160
Second Street, Floor 3 |
|
|
Cambridge,
Massachusetts |
|
02142 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: 617-830-3031
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Shares, no par value per share |
|
VBIV |
|
Nasdaq
Capital Market |
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days.
Yes
☒ No ☐
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files).
Yes
☒ No ☐
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting
company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,”
“smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large
accelerated filer ☐ |
Accelerated
filer ☐ |
|
|
Non-accelerated
filer ☒ |
Smaller
reporting company ☒ |
|
|
|
Emerging
growth company ☐ |
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate
by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Indicate
the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Common
Shares, no par value per share |
|
22,872,175 |
(Class) |
|
Outstanding
at August 14, 2023 |
VBI
VACCINES INC.
FORM
10-Q FOR THE QUARTERLY PERIOD ENDED JUNE 30, 2023
TABLE
OF CONTENTS
SPECIAL
NOTE REGARDING FORWARD-LOOKING STATEMENTS AND OTHER INFORMATION
CONTAINED
IN THIS REPORT
This
quarterly report on Form 10-Q (this “Form 10-Q”) contains forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”),
and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements give
our current expectations or forecasts of future events. You can identify these statements by the fact that they do not relate strictly
to historical or current facts. You can find many (but not all) of these statements by looking for words such as “approximates,”
“believes,” “hopes,” “expects,” “anticipates,” “estimates,” “projects,”
“intends,” “plans,” “would,” “should,” “could,” “will,” “may,”
or other similar expressions in this Form 10-Q. In particular, these include statements relating to future actions; prospective products,
applications, customers, and technologies; future performance or results of anticipated products; anticipated expenses; and projected
financial results. We have based these forward-looking statements largely on our current expectations and projections about future events
and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements
speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of risks, uncertainties, and assumptions
that could cause actual results to differ materially from our historical experience and our present expectations, or projections described
under the sections in this Quarterly Report on Form 10-Q entitled “Risk Factors” and “Management’s Discussion
and Analysis of Financial Condition and Results of Operations” and in the sections entitled “Risk Factors” and “Management’s
Discussion and Analysis of Financial Condition and Results of Operations” in our 2022 annual report on Form 10-K filed with the
Securities and Exchange Commission (the “SEC”) on March 13, 2023. Factors that could cause actual results to differ from
those discussed in the forward-looking statements include, but are not limited to:
● |
the
timing of, and our ability to, obtain and maintain regulatory approvals for our clinical trials, products, and pipeline candidates; |
|
|
● |
our
ability to achieve and sustain commercial success of PreHevbrio in the United States (“U.S.”) and Canada and PreHevbri
in Europe; |
|
|
● |
the
timing and results of our ongoing and planned clinical trials for products and pipeline candidates; |
|
|
● |
the
amount of funds we require for our prophylactic and therapeutic pipeline candidates; |
|
|
● |
the
potential benefits of strategic partnership agreements and our ability to enter into and successfully execute strategic partnership
arrangements; |
|
|
● |
our
ability to manufacture, or to have manufactured, our 3-antigen hepatitis B vaccine and our pipeline candidates, at commercially viable
scales to the standards and requirements of regulatory agencies; |
|
|
● |
the impact and continuing effects of the COVID-19 endemic on our clinical
studies, research programs, manufacturing, business plan, regulatory review including site inspections, and the global economy; |
|
|
● |
our
ability to effectively execute and deliver our plans related to commercialization, marketing, manufacturing capabilities, and strategy; |
|
|
● |
our
ability to retain and maintain a good relationship with our current employees, and our ability to competitively attract new employees
with relevant experience and expertise; |
|
|
● |
the
suitability and adequacy of our office, manufacturing, and research facilities and our ability to secure term extensions or expansions
of leased space; |
|
|
● |
the
ability of our vendors and suppliers to manufacture and deliver materials in a timely manner that meet regulatory agency and our
standards and requirements to meet planned timelines and milestones; |
● |
any
disruption in the operations of our Rehovot, Israel manufacturing facility where we manufacture all of our clinical and commercial
supplies of our 3-antigen hepatitis B vaccine and clinical supplies of our hepatitis B immunotherapeutic, VBI-2601; |
|
|
● |
our
compliance with all laws, rules, and regulations applicable to our business and products; |
|
|
● |
our
ability to continue as a going concern; |
|
|
● |
our
history of losses; |
|
|
● |
our
ability to generate revenues and achieve profitability; |
|
|
● |
emerging
competition and rapidly advancing technology in our industry that may outpace our technology; |
|
|
● |
customer
demand for our 3-antigen hepatitis B vaccine and pipeline candidates; |
|
|
● |
the
impact of competitive or alternative products, technologies, and pricing; |
|
|
● |
general
economic conditions and events and the impact they may have on us and our potential customers; |
|
|
● |
our
ability to obtain adequate financing in the future on reasonable terms, if, as, and when we need it; |
|
|
● |
our
ability to implement network systems and controls that are effective at preventing cyber-attacks, malware intrusions, malicious viruses,
and ransomware threats; |
|
|
● |
our
ability to secure and maintain protection over our intellectual property; |
|
|
● |
our
ability to maintain our existing licenses with licensors of intellectual property, or obtain new licenses for intellectual property; |
|
|
● |
changes
to legal and regulatory processes for biosimilar approval and marketing that could reduce the duration of market exclusivity for
our products; |
|
|
● |
our
ability to maintain compliance with the NASDAQ Capital Market’s (“Nasdaq”) listing standards; |
|
|
● |
our
success at managing the risks involved in the foregoing items; and |
|
|
● |
other
factors discussed in this Form 10-Q. |
Because
forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified and some
of which are beyond our control, you should not rely on these forward-looking statements as predictions of future events. The events
and circumstances reflected in our forward-looking statements may not be achieved or occur and actual results could differ materially
from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties
may emerge from time to time, and it is not possible for us to predict all risk factors and uncertainties. Except as required by applicable
law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information,
future events, changed circumstances or otherwise.
Unless
otherwise stated or the context otherwise requires, the terms “VBI,” “we,” “us,” “our,”
and the “Company” refer to VBI Vaccines Inc. and its subsidiaries.
Unless
indicated otherwise, all references to the U.S. Dollar, Dollar, or $ are to the United States Dollar, the legal currency of the United
States of America and all references to € mean Euros, the legal currency of the European Union. We may also refer to NIS, which
is the New Israeli Shekel, the legal currency of Israel, and the Canadian Dollar or CAD, which is the legal currency of Canada.
Except
for share and per share amounts, or as otherwise specified to be in millions, amounts presented are stated in thousands.
PART
I—FINANCIAL INFORMATION
Item
1. Condensed Consolidated Financial Statements
VBI
Vaccines Inc. and Subsidiaries
Condensed
Consolidated Balance Sheets
(in
thousands, except share amounts)
| |
June 30, 2023 | | |
December 31, 2022 | |
| |
| | |
| |
CURRENT ASSETS | |
| | | |
| | |
Cash | |
$ | 20,840 | | |
$ | 62,629 | |
Accounts receivable, net | |
| 79 | | |
| 94 | |
Inventory, net | |
| 6,861 | | |
| 6,599 | |
Prepaid expenses | |
| 1,667 | | |
| 2,309 | |
Other current assets | |
| 2,444 | | |
| 6,059 | |
Total current assets | |
| 31,891 | | |
| 77,690 | |
| |
| | | |
| | |
NON-CURRENT ASSETS | |
| | | |
| | |
Other long-term assets | |
| 1,110 | | |
| 1,355 | |
Property and equipment, net | |
| 10,104 | | |
| 12,253 | |
Right of use assets | |
| 2,703 | | |
| 3,316 | |
Intangible assets, net | |
| 40,339 | | |
| 58,345 | |
Goodwill | |
| 2,175 | | |
| 2,127 | |
Total non-current assets | |
| 56,431 | | |
| 77,396 | |
| |
| | | |
| | |
TOTAL ASSETS | |
$ | 88,322 | | |
$ | 155,086 | |
| |
| | | |
| | |
CURRENT LIABILITIES | |
| | | |
| | |
Accounts payable | |
$ | 7,353 | | |
$ | 12,973 | |
Other current liabilities | |
| 16,493 | | |
| 22,588 | |
Current portion of deferred revenues | |
| 845 | | |
| 409 | |
Current portion of long-term debt, net of debt discount | |
| 1,990 | | |
| - | |
Current portion of lease liability | |
| 993 | | |
| 972 | |
Total current liabilities | |
| 27,674 | | |
| 36,942 | |
| |
| | | |
| | |
NON-CURRENT LIABILITIES | |
| | | |
| | |
Deferred revenues, net of current portion | |
| 1,793 | | |
| 2,204 | |
Long-term debt, net of debt discount | |
| 47,839 | | |
| 48,888 | |
Lease liability, net of current portion | |
| 1,732 | | |
| 2,365 | |
Liabilities for severance pay | |
| 546 | | |
| 524 | |
Total non-current liabilities | |
| 51,910 | | |
| 53,981 | |
| |
| | | |
| | |
COMMITMENTS AND CONTINGENCIES (NOTE 14) | |
| - | | |
| - | |
| |
| | | |
| | |
STOCKHOLDERS’ EQUITY | |
| | | |
| | |
Common shares (unlimited authorized; no par value) (June 30, 2023 - issued and outstanding 8,608,539; December 31, 2022 - issued and outstanding 8,608,539) | |
| 442,322 | | |
| 442,312 | |
Additional paid-in capital | |
| 93,695 | | |
| 90,020 | |
Accumulated other comprehensive income | |
| 34,709 | | |
| 21,440 | |
Accumulated deficit | |
| (561,988 | ) | |
| (489,609 | ) |
Total stockholders’ equity | |
| 8,738 | | |
| 64,163 | |
| |
| | | |
| | |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | |
$ | 88,322 | | |
$ | 155,086 | |
See
accompanying Notes to Condensed Consolidated Financial Statements
VBI
Vaccines Inc. and Subsidiaries
Condensed
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(in
thousands, except share and per share amounts)
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended June 30 | | |
Six Months Ended June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Revenues, net | |
$ | 720 | | |
$ | 346 | | |
$ | 1,205 | | |
$ | 472 | |
| |
| | | |
| | | |
| | | |
| | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| 3,483 | | |
| 2,522 | | |
| 7,039 | | |
| 5,276 | |
Research and development | |
| 3,292 | | |
| 5,643 | | |
| 6,446 | | |
| 8,005 | |
Sales, general and administrative | |
| 10,917 | | |
| 15,084 | | |
| 24,201 | | |
| 26,014 | |
Impairment charges | |
| 20,000 | | |
| - | | |
| 20,000 | | |
| - | |
Total operating expenses | |
| 37,692 | | |
| 23,249 | | |
| 57,686 | | |
| 39,295 | |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (36,972 | ) | |
| (22,903 | ) | |
| (56,481 | ) | |
| (38,823 | ) |
| |
| | | |
| | | |
| | | |
| | |
Interest expense, net | |
| (1,708 | ) | |
| (901 | ) | |
| (3,137 | ) | |
| (1,841 | ) |
Foreign exchange loss | |
| (5,948 | ) | |
| (21,895 | ) | |
| (12,761 | ) | |
| (26,289 | ) |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| - | | |
| - | | |
| - | | |
| - | |
| |
| | | |
| | | |
| | | |
| | |
NET LOSS | |
$ | (44,628 | ) | |
$ | (45,699 | ) | |
$ | (72,379 | ) | |
$ | (66,953 | ) |
| |
| | | |
| | | |
| | | |
| | |
Other comprehensive income | |
| 6,670 | | |
| 19,236 | | |
| 13,269 | | |
| 24,339 | |
| |
| | | |
| | | |
| | | |
| | |
COMPREHENSIVE LOSS | |
$ | (37,958 | ) | |
$ | (26,463 | ) | |
$ | (59,110 | ) | |
$ | (42,614 | ) |
| |
| | | |
| | | |
| | | |
| | |
Net loss per share of common shares, basic and diluted | |
$ | (5.18 | ) | |
$ | (5.31 | ) | |
$ | (8.41 | ) | |
$ | (7.78 | ) |
| |
| | | |
| | | |
| | | |
| | |
Weighted-average number of common shares outstanding, basic and diluted | |
| 8,608,539 | | |
| 8,608,539 | | |
| 8,608,539 | | |
| 8,608,526 | |
See
accompanying Notes to Condensed Consolidated Financial Statements
VBI
Vaccines Inc. and Subsidiaries
Condensed
Consolidated Statements of Stockholders’ Equity
(Unaudited)
(in
thousands, except share amounts)
| |
| | |
| | |
| | |
Accumulated | | |
| | |
| |
| |
Number of | | |
| | |
Additional | | |
Other | | |
| | |
Total | |
| |
Common | | |
Share | | |
Paid-in | | |
Comprehensive | | |
Accumulated | | |
Stockholders’ | |
| |
Shares | | |
Capital | | |
Capital | | |
Income (Loss) | | |
Deficit | | |
Equity | |
| |
| | |
| | |
| | |
| | |
| | |
| |
BALANCE AS OF DECEMBER 31, 2022 | |
| 8,608,539 | | |
$ | 442,312 | | |
$ | 90,020 | | |
$ | 21,440 | | |
$ | (489,609 | ) | |
$ | 64,163 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| - | | |
| 10 | | |
| 2,001 | | |
| - | | |
| - | | |
| 2,011 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (27,751 | ) | |
| (27,751 | ) |
Currency translation adjustments | |
| - | | |
| - | | |
| - | | |
| 6,599 | | |
| - | | |
| 6,599 | |
BALANCE AS OF MARCH 31, 2023 | |
| 8,608,539 | | |
$ | 442,322 | | |
$ | 92,021 | | |
$ | 28,039 | | |
$ | (517,360 | ) | |
$ | 45,022 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
BALANCE AS OF APRIL 1, 2023 | |
| 8,608,539 | | |
$ | 442,322 | | |
$ | 92,021 | | |
$ | 28,039 | | |
$ | (517,360 | ) | |
$ | 45,022 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| - | | |
| - | | |
| 1,674 | | |
| - | | |
| - | | |
| 1,674 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (44,628 | ) | |
| (44,628 | ) |
Currency translation adjustments | |
| - | | |
| - | | |
| - | | |
| 6,670 | | |
| - | | |
| 6,670 | |
BALANCE AS OF JUNE 30, 2023 | |
| 8,608,539 | | |
$ | 442,322 | | |
$ | 93,695 | | |
$ | 34,709 | | |
$ | (561,988 | ) | |
$ | 8,738 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
BALANCE AS OF DECEMBER 31, 2021 | |
| 8,608,298 | | |
$ | 442,235 | | |
$ | 81,583 | | |
$ | (1,565 | ) | |
$ | (378,371 | ) | |
$ | 143,882 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Adjustments for prior periods from adoption of ASU 2020-06 | |
| - | | |
| - | | |
| (2,746 | ) | |
| - | | |
| 2,065 | | |
| (681 | ) |
Common shares issued upon exercise of options | |
| 241 | | |
| 12 | | |
| - | | |
| - | | |
| - | | |
| 12 | |
Stock-based compensation | |
| - | | |
| 25 | | |
| 2,477 | | |
| - | | |
| - | | |
| 2,502 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (21,254 | ) | |
| (21,254 | ) |
Currency translation adjustments | |
| - | | |
| - | | |
| - | | |
| 5,103 | | |
| - | | |
| 5,103 | |
BALANCE AS OF MARCH 31, 2022 | |
| 8,608,539 | | |
$ | 442,272 | | |
$ | 81,314 | | |
$ | 3,538 | | |
$ | (397,560 | ) | |
$ | 129,564 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
BALANCE AS OF APRIL 1, 2022 | |
| 8,608,539 | | |
$ | 442,272 | | |
$ | 81,314 | | |
$ | 3,538 | | |
$ | (397,560 | ) | |
$ | 129,564 | |
Balance | |
| 8,608,539 | | |
$ | 442,272 | | |
$ | 81,314 | | |
$ | 3,538 | | |
$ | (397,560 | ) | |
$ | 129,564 | |
| |
| | | |
| | | |
| | | |
| | | |
| | | |
| | |
Stock-based compensation | |
| - | | |
| 14 | | |
| 2,443 | | |
| - | | |
| - | | |
| 2,457 | |
Net loss | |
| - | | |
| - | | |
| - | | |
| - | | |
| (45,699 | ) | |
| (45,699 | ) |
Currency translation adjustments | |
| - | | |
| - | | |
| - | | |
| 19,236 | | |
| - | | |
| 19,236 | |
BALANCE AS OF JUNE 30, 2022 | |
| 8,608,539 | | |
$ | 442,286 | | |
$ | 83,757 | | |
$ | 22,774 | | |
$ | (443,259 | ) | |
$ | 105,558 | |
Balance | |
| 8,608,539 | | |
$ | 442,286 | | |
$ | 83,757 | | |
$ | 22,774 | | |
$ | (443,259 | ) | |
$ | 105,558 | |
See
accompanying Notes to Condensed Consolidated Financial Statements
VBI
Vaccines Inc. and Subsidiaries
Condensed
Consolidated Statements of Cash Flows
(Unaudited)
(in
thousands)
| |
2023 | | |
2022 | |
| |
For the Six Months Ended June 30 | |
| |
2023 | | |
2022 | |
| |
| | |
| |
CASH FLOWS FROM OPERATING ACTIVITIES | |
| | | |
| | |
Net loss | |
$ | (72,379 | ) | |
$ | (66,953 | ) |
Adjustments to reconcile net loss to net cash used in operating activities: | |
| | | |
| | |
Depreciation and amortization | |
| 1,018 | | |
| 1,015 | |
Stock-based compensation | |
| 3,685 | | |
| 4,959 | |
Amortization of debt discount | |
| 941 | | |
| 821 | |
Impairment charges | |
| 20,000 | | |
| - | |
Inventory reserve | |
| 1,664 | | |
| 353 | |
Change in operating right of use assets | |
| 658 | | |
| (668 | ) |
Unrealized foreign exchange loss | |
| 13,415 | | |
| 26,337 | |
Net change in operating working capital items: | |
| | | |
| | |
Change in accounts receivable | |
| 13 | | |
| (134 | ) |
Change in inventory | |
| (2,232 | ) | |
| (2,225 | ) |
Change in prepaid expenses | |
| 636 | | |
| 653 | |
Change in other current assets | |
| 3,666 | | |
| (917 | ) |
Change in other long-term assets | |
| 152 | | |
| (215 | ) |
Change in accounts payable | |
| (5,714 | ) | |
| 905 | |
Change in deferred revenues | |
| 15 | | |
| 41 | |
Change in other current liabilities | |
| (5,748 | ) | |
| (2,021 | ) |
Change in operating lease liabilities | |
| (656 | ) | |
| 674 | |
Net cash flows used in operating activities | |
| (40,866 | ) | |
| (37,375 | ) |
| |
| | | |
| | |
CASH FLOWS FROM INVESTING ACTIVITIES | |
| | | |
| | |
Purchase of property and equipment | |
| (584 | ) | |
| (1,592 | ) |
Net cash flows used in investing activities | |
| (584 | ) | |
| (1,592 | ) |
| |
| | | |
| | |
CASH FLOWS FROM FINANCING ACTIVITIES | |
| | | |
| | |
Proceeds from issuance of common shares for cash, upon exercise of options | |
| - | | |
| 12 | |
Net cash flows provided by financing activities | |
| - | | |
| 12 | |
| |
| | | |
| | |
Effect of exchange rates on cash | |
| (339 | ) | |
| (325 | ) |
| |
| | | |
| | |
CHANGE IN CASH FOR THE PERIOD | |
| (41,789 | ) | |
| (39,280 | ) |
| |
| | | |
| | |
CASH, BEGINNING OF PERIOD | |
| 62,629 | | |
| 121,694 | |
| |
| | | |
| | |
CASH, END OF PERIOD | |
| 20,840 | | |
$ | 82,414 | |
| |
| | | |
| | |
Supplementary information: | |
| | | |
| | |
Interest paid | |
$ | 2,973 | | |
$ | 1,248 | |
Non-cash investing and financing activities: | |
| | | |
| | |
Adjustments for prior periods from adoption of ASU 2020-06 | |
| - | | |
| 681 | |
Capital expenditures included in accounts payable and other current liabilities | |
| 51 | | |
| 757 | |
Share issuance costs included in other current liabilities | |
| 67 | | |
| 67 | |
See
accompanying Notes to Condensed Consolidated Financial Statements
VBI
Vaccines Inc. and Subsidiaries
Notes
to Condensed Consolidated Financial Statements
(Unaudited)
June
30, 2023 and 2022
(in
thousands, except share and per share amounts)
1.
NATURE OF BUSINESS AND CONTINUATION OF BUSINESS
Corporate
Overview
VBI
Vaccines Inc. (the “Company” or “VBI”) was incorporated under the laws of British Columbia, Canada on April 9,
1965.
The
Company and its wholly owned subsidiaries, VBI Vaccines (Delaware) Inc., a Delaware corporation (“VBI DE”); VBI
DE’s wholly owned subsidiary, Variation Biotechnologies (US), Inc., a Delaware corporation (“VBI US”); Variation
Biotechnologies, Inc. a Canadian company and the wholly owned subsidiary of VBI US (“VBI Cda”); SciVac Ltd. an Israeli
company (“SciVac”); SciVac Hong Kong Limited (“SciVac HK”); and VBI Vaccines B.V, a Netherlands company
(“VBI BV”), are collectively referred to as the “Company”, “we”, “us”,
“our”, or “VBI”.
The
Company’s registered office is located at Suite 1700, Park Place, 666 Burrard Street, Vancouver, BC V6C 2X8 with its principal
office located at 160 Second Street, Floor 3, Cambridge, MA 02142. In addition, the Company has manufacturing facilities located in Rehovot,
Israel and research facilities located in Ottawa, Ontario, Canada.
Reverse
Stock Split
The
Company effected a 1-for-30 reverse stock split (the
“Reverse Stock Split”) of its issued and outstanding common shares effective as of April 12, 2023, pursuant to which every
30 of the Company’s issued and outstanding common shares were automatically converted into one common share without any change
in the par value per share. All share and per share amounts, including common shares underlying
stock options, restricted stock units, and warrants, and applicable exercise prices, have been retroactively adjusted for all periods
presented herein to give effect to the Reverse Stock Split as required in accordance with
United States of America generally accepted accounting principles (“U.S. GAAP”). Per the requirements of the Business
Corporations Act (British Columbia), under which the Company is regulated, if fractional shares held by registered shareholders were
to be converted into whole shares, each fractional share remaining after the completion of the Reverse Stock Split
that was less than half of a share was cancelled and each fractional share that was at least half of a share was rounded up to one whole
share. No shareholders received cash in lieu of fractional shares.
Principal
Operations
VBI is a commercial-stage biopharmaceutical company driven by immunology in the pursuit of prevention and
treatment of disease. Through its innovative approach to virus-like particles (“VLPs”), including a proprietary enveloped
VLP (“eVLP”) platform technology, VBI develops vaccine candidates that mimic the natural presentation of viruses, designed
to elicit the innate power of the human immune system. VBI is committed to targeting and overcoming significant infectious diseases,
including hepatitis B (“HBV”), COVID-19 and coronaviruses, and cytomegalovirus (“CMV”), as well as aggressive
cancers including glioblastoma (“GBM”). VBI is headquartered in Cambridge, Massachusetts, with research operations in Ottawa,
Canada, and a research and manufacturing site in Rehovot, Israel.
Recent
Organizational Changes
As
announced on April 4, 2023, the Company reduced its internal workforce by 30-35%, which began in April and was largely completed by the end of June 2023. As a result of this and other reductions in spend, VBI expects its operating expenses from
normal business to be 30-35% lower in the second half of 2023 as compared with the second half of 2022.
COVID-19
Endemic
In May 2023, the World Health Organization determined that COVID-19 no
longer fit the definition of a public health emergency and the U.S. government announced its plan to let the declaration of a public health
emergency associated with COVID-19 expire on May 11, 2023. COVID-19 is expected to remain a serious endemic threat for an indefinite future
period and may continue to adversely affect the global economy, and we are unable to predict the full extent of potential delays or impacts
on our business, our clinical studies, our research programs, the recoverability of our assets, and our manufacturing. The effects of
the COVID-19 endemic, including but not limited to supply chain issues, global shortages of supplies, material and products, volatile
market conditions and rising global inflation may continue to disrupt or delay our business operations, including with respect to efforts
relating to potential business development transactions, and it could continue to disrupt the marketplace which could have an adverse
effect on our operations.
Liquidity
and Going Concern
The
Company faces a number of risks, including but not limited to, uncertainties regarding the success of the development and commercialization
of its products, demand and market acceptance of the Company’s products, and reliance on major customers. The Company anticipates
that it will continue to incur significant operating costs and losses in connection with the development and commercialization of its
products.
The
Company has an accumulated deficit of $561,988
and cash of $20,840 as of June 30, 2023. As
described further below, in early July 2023, the Company received $15,000 from an upfront payment from Brii Biosciences Limited
(“Brii Bio”) pursuant to the Brii Collaboration Agreements (as defined below) and the concurrent registered direct
offering, and aggregate gross proceeds of $20,500 from an underwritten public offering. Cash outflows from operating activities
were $40,866
for the six months ended June 30, 2023.
The
Company will require significant additional funds to conduct clinical and non-clinical trials, achieve and maintain regulatory approvals,
and commercially launch and sell our approved products. Additional financing may be obtained from the issuance of equity securities,
the issuance of additional debt, government or non-governmental organization grants or subsidies, and/or revenues from potential business
development transactions, if any. There is no assurance the Company will manage to obtain these sources of financing, if required. The
above conditions raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated
financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of
assets or the amounts and classifications of liabilities that may result from this uncertainty.
On
July 5, 2023, the Company announced the expansion of its hepatitis B partnership with Brii Bio. Through (i) a Collaboration and
License Agreement (the “Collaboration Agreement”), dated July 5, 2023, by and between the Company and Brii Bio, and (ii)
the Amended and Restated Collaboration and License Agreement (the “A&R Collaboration Agreement, and together with the
Collaboration Agreement, the “Brii Collaboration Agreements”), dated July 5, 2023, by and between the Company and Brii
Bio, Brii Bio expanded its exclusive license to VBI-2601 to global rights and acquired an exclusive license for PreHevbri in Asia
Pacific (“APAC”), excluding Japan. As part of this collaboration, Brii Bio paid the Company an upfront payment of $15,000,
pursuant to the Brii Collaboration Agreements and the concurrent registered direct offering consisting of a $3,000 equity
investment in a concurrent registered direct offering (discussed below), $5,000 as
an advance payment for the clinical and commercial manufacture and supply of VBI-2601 and PreHevbri and any related manufacturing
expenditures and $7,000 as
a non-refundable upfront payment. In addition, pursuant to the Letter Agreement, dated July 5, 2023, by and among the
Company, SciVac, and Brii Bio, the Company also granted to Brii Bio a security interest, subject to a Subordination Agreement
between Brii Bio and K2HV, in all of its respective right, title, and interest in and to all intellectual property, know-how, and
licenses to the extent related to PreHevbri and VBI-2601, and all proceeds of the foregoing, in order to secure performance of all
of the Company’s obligations under the Brii Collaboration Agreements, the Supply Agreement, and the Loan Agreement (each as defined herein).
The Company is also eligible to receive up to an additional $422,000
in potential regulatory and commercial milestone payments (combined under the Brii Collaboration Agreements), and royalties in the
licensed territories, which is worldwide for VBI-2601 and APAC, excluding Japan, for PreHevbri. Brii Bio will be responsible for all
development, regulatory, and commercial activities and costs for the two programs in their respective licensed
territories. There is no assurance that Brii Bio will achieve any of the milestones
as specified in the Brii Collaboration Agreements and that we will receive any or all of these potential payments pursuant to the Brii
Collaboration Agreements.
In July 2023, the Company closed (i) an
underwritten public offering of 12,445,454
common shares and accompanying common warrants to purchase up to 12,545,454
common shares (which included 1,536,363
common shares and common warrants to purchase up to 1,636,363
common shares issued pursuant to the underwriters’ partial exercise of their option to purchase additional common shares and
common warrants) at a combined public offering price of $1.65 per common share and accompanying common warrant, and (ii) a
concurrent registered direct offering, pursuant to the expanded hepatitis B partnership with Brii Bio, of 1,818,182
common shares and accompanying common warrants to purchase up to 1,818,182
common shares, at a combined purchase price of $1.65
per share and accompanying common warrant. The accompanying common warrants issued and sold in each of the underwritten public
offering and the registered direct offering have an exercise price of $1.65
per share and expire five
years from the date of issuance. The aggregate gross proceeds from the underwritten public offering, including aggregate
gross proceeds from the underwriters’ exercise of their option to purchase additional securities, were $20,500.
The aggregate gross proceeds from the concurrent registered direct offering were $3,000.
Financial
instruments recognized in the condensed consolidated balance sheet consist of cash, accounts receivable, other current assets, accounts
payable, and other current liabilities. The Company believes that the carrying value of its current financial instruments approximates
their fair values due to the short-term nature of these instruments. The Company does not hold any derivative financial instruments.
2.
SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation and Consolidation
The
Company’s fiscal year ends on December 31 of each calendar year. The accompanying unaudited condensed consolidated financial statements
have been prepared in U.S. dollars (“USD”) and pursuant to the rules and regulations of the SEC, for interim reporting. Accordingly,
certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP, have
been condensed or omitted pursuant to such rules and regulations. The December 31, 2022 condensed consolidated balance sheet in this
document was derived from the audited consolidated financial statements. The condensed consolidated financial statements and notes included
in this quarterly report on this Form 10-Q does not include all of the disclosures required by U.S. GAAP and should be read in conjunction
with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022
(the “2022 10-K”), as filed with the SEC on March 13, 2023.
The
condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries: VBI DE, VBI US, VBI
Cda, SciVac, SciVac HK, and VBI BV. Intercompany balances and transactions between the Company and its subsidiaries are eliminated in
the condensed consolidated financial statements. Certain items previously reported in specific financial statement captions have been
reclassified to conform to the current presentation.
In
the opinion of management, these condensed consolidated financial statements include all adjustments and accruals of a normal and recurring
nature necessary to fairly state the results of the periods presented. The results for the periods presented are not necessarily indicative
of results to be expected for the full year or for any future periods.
Significant
Accounting Policies
The
significant accounting policies used in the preparation of these condensed consolidated financial statements are disclosed in the 2022
10-K, and there have been no changes to the Company’s significant accounting policies during the six months ended June 30, 2023,
other than the polices discussed below.
Restructuring
charges
Restructuring
costs include charges associated with exit or disposal activities that meet the definition of restructuring under FASB ASC Topic 420,
Exit or Disposal Cost Obligations (“ASC 420”). The Company’s restructuring plans are typically completed within a one-year
period or less. Restructuring costs incurred under these plans may include (i) one-time termination benefits related to employee separations,
(ii) contract termination costs, and (iii) other related costs associated with exit or disposal activities including, but not limited
to, costs for consolidating or closing facilities.
3.
NEW ACCOUNTING PRONOUNCEMENTS
Recently
Adopted Accounting Pronouncements
In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on
Financial Instruments (“ASU 2016-13”). The amendments in ASU 2016-13, among other things, require the measurement of all
expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable
and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their
credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques
will change to reflect the full amount of expected credit losses. Our adoption of this ASU, effective January 1, 2023, did not have a
material impact on our condensed consolidated financial statements and the related footnote disclosures.
4.
INVENTORY, NET
Inventory
consists of the following:
SCHEDULE OF INVENTORY
| |
June 30, 2023 | | |
December 31, 2022 | |
Finished goods | |
$ | 827 | | |
$ | 893 | |
Work-in-process | |
| 2,550 | | |
| 1,869 | |
Raw materials | |
| 3,484 | | |
| 3,837 | |
Inventory, net | |
$ | 6,861 | | |
$ | 6,599 | |
5.
OTHER CURRENT ASSETS
Other
current assets consisted of the following:
SCHEDULE OF OTHER CURRENT ASSETS
| |
June 30, 2023 | | |
December 31, 2022 | |
Government receivables | |
$ | 1,578 | | |
$ | 4,033 | |
Other current assets | |
| 866 | | |
| 2,026 | |
Total other current assets | |
$ | 2,444 | | |
$ | 6,059 | |
6.
IMPAIRMENT CHARGES
The
drop in market conditions experienced in April 2023 was considered a triggering event for an interim impairment test for property
and equipment and In-Process Research and Development (“IPR&D”) and goodwill. The impairment test compares the
carrying amount of the assets to their respective fair values. If the carrying amount exceeds the fair value of the assets, such
excess is recorded as an impairment charge.
Impairment
charges consist of the following:
SCHEDULE OF IMPAIRMENT CHARGES
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended June 30 | | |
Six months ended June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Property and equipment (Note 7) | |
$ | 1,000 | | |
$ | - | | |
$ | 1,000 | | |
$ | - | |
IPR&D (Note 8) | |
| 19,000 | | |
| - | | |
| 19,000 | | |
| - | |
Impairment charges | |
$ | 20,000 | | |
$ | - | | |
$ | 20,000 | | |
$ | - | |
7.
PROPERTY AND EQUIPMENT
The fair value of the property and equipment’s assets included in
the impairment test was determined using a combination of the market approach and the cost approach and is considered Level 3 in the fair
value hierarchy. Some of the more significant estimates and assumptions inherent in the estimate of the fair value the property and equipment
include: 1) current market prices; 2) cost to replace the assets; and 3) factors to account for obsolescence. The Company recorded
an impairment of property and equipment of $1,000 as a result of its interim impairment test performed as of April 30, 2023.
8.
INTANGIBLE ASSETS, NET, AND GOODWILL
The
Company’s intangible assets determined to have indefinite useful lives IPR&D and goodwill, are tested for impairment
annually, or more frequently if events or circumstances indicate that the assets might be impaired. As discussed above, in April
2023, the Company performed an interim impairment test. The IPR&D assets, consisting of the CMV and GBM programs acquired in a
business combination (the 2016 merger between VBI and SciVac), are capitalized as an intangible asset and are tested for impairment
at least annually until commercialization, after which time the IPR&D will be amortized over its estimated useful life. The fair
value of the IPR&D assets included in the impairment test was determined using the income approach method and is considered
Level 3 in the fair value hierarchy. Some of the more significant estimates and assumptions inherent in the estimate of the fair
value of IPR&D assets include: 1) the amount and timing of costs to develop the IPR&D into viable products; 2) the amount
and timing of future cash inflows; 3) the discount rate; and 4) the probability of technical and regulatory success. The discount
rate used was 15%
and the cumulative probability of technical and regulatory success to achieve approval to market the products ranged from
approximately 10%
to 17%.
The Company recorded an impairment of IPR&D of $19,000, as a partial impairment to the congenital
CMV asset, as a result of its interim impairment test performed as of April 30, 2023.
SCHEDULE OF INDEFINITE LIVED INTANGIBLE ASSETS INCLUDING CUMULATIVE IMPAIRMENT AND CURRENCY TRANSLATION
| |
| | |
June 30, 2023 | |
| |
Gross | | |
| | |
Cumulative | | |
Cumulative | | |
| |
| |
Carrying | | |
Accumulated | | |
Impairment | | |
Currency | | |
Net Book | |
| |
Amount | | |
Amortization | | |
Charge | | |
Translation | | |
Value | |
License | |
$ | 669 | | |
$ | (669 | ) | |
$ | - | | |
$ | - | | |
$ | - | |
IPR&D assets | |
| 61,500 | | |
| - | | |
| (19,300 | ) | |
| (1,861 | ) | |
| 40,339 | |
| |
$ | 62,169 | | |
$ | (669 | ) | |
$ | (19,300 | ) | |
$ | (1,861 | ) | |
$ | 40,339 | |
| |
| | |
December 31, 2022 | |
| |
Gross | | |
| | |
Cumulative | | |
Cumulative | | |
| |
| |
Carrying | | |
Accumulated | | |
Impairment | | |
Currency | | |
Net Book | |
| |
Amount | | |
Amortization | | |
Charge | | |
Translation | | |
Value | |
License | |
$ | 669 | | |
$ | (669 | ) | |
$ | - | | |
$ | - | | |
$ | - | |
IPR&D assets | |
| 61,500 | | |
| - | | |
| (300 | ) | |
| (2,855 | ) | |
| 58,345 | |
| |
$ | 62,169 | | |
$ | (669 | ) | |
$ | (300 | ) | |
$ | (2,855 | ) | |
$ | 58,345 | |
The
Company amortizes intangible assets with finite lives on a straight-line basis over their estimated useful lives.
The
change in carrying value for IPR&D assets from December 31, 2022, relates to the impairment of $19,000 and currency translation
adjustments which increased by $994
for the six months ended June 30, 2023.
Goodwill
represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a
business combination. When evaluating goodwill for impairment, we may first perform an assessment qualitatively whether it is more likely
than not that a reporting unit’s carrying amount exceeds its fair value, referred to as a “step zero” approach. Subsequently
(if necessary, after step zero), if the carrying value of a reporting unit exceeded its fair value an impairment would be recorded. We
performed our goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. There was no goodwill
impairment determined as a result of the Company’s interim impairment test performed as of April 30, 2023. The Company consists of a single reporting unit and used its market capitalization
to determine the fair value of the reporting unit. In order to determine the market capitalization, the Company used the trailing 20-day
volume weighted average price of its shares as of the testing date.
SCHEDULE OF GOODWILL
| |
| | |
June 30, 2023 | |
| |
Gross | | |
Cumulative | | |
Cumulative | | |
| |
| |
Carrying | | |
Impairment | | |
Currency | | |
Net Book | |
| |
Amount | | |
Charge | | |
Translation | | |
Value | |
Goodwill | |
$ | 8,714 | | |
$ | (6,292 | ) | |
$ | (247 | ) | |
$ | 2,175 | |
| |
| | |
December 31, 2022 | |
| |
Gross | | |
Cumulative | | |
Cumulative | | |
| |
| |
Carrying | | |
Impairment | | |
Currency | | |
Net Book | |
| |
Amount | | |
Charge | | |
Translation | | |
Value | |
Goodwill | |
$ | 8,714 | | |
$ | (6,292 | ) | |
$ | (295 | ) | |
$ | 2,127 | |
The
change in carrying value for goodwill from December 31, 2022, relates to currency translation adjustments which increased by $48 for
the six months ended June 30, 2023.
9.
OTHER CURRENT LIABILITIES
Other
current liabilities consisted of the following:
SCHEDULE OF OTHER CURRENT LIABILITIES
| |
June 30, 2023 | | |
December 31, 2022 | |
Accrued research and development expenses (including clinical trial accrued expenses) | |
$ | 5,564 | | |
$ | 6,561 | |
Accrued professional fees | |
| 2,324 | | |
| 3,250 | |
Payroll and employee-related costs | |
| 2,025 | | |
| 4,036 | |
Deferred funding | |
| 4,892 | | |
| 6,966 | |
Other current liabilities | |
| 1,688 | | |
| 1,775 | |
Total other current liabilities | |
$ | 16,493 | | |
$ | 22,588 | |
Included
in payroll and employee-related costs are one time termination benefits as a result of our recent organizational changes to reduce our
internal workforce by 30-35%, as discussed in Note 1. The Company did not incur contract termination costs or other related costs.
The
following table presents changes in the one-time termination benefits for the three and six months ended June 30, 2023:
SCHEDULE OF CHANGES IN ONE-TIME TERMINATION BENEFITS
| |
| |
Accrued balance at January 1, 2023 | |
| - | |
| |
| | |
Charges | |
| 759 | |
Cash payments | |
| (650 | ) |
| |
| | |
Accrued balance at June 30, 2023 | |
$ | 109 | |
The
restructuring charges are included in cost of revenues, research and development and sales, general and administrative in the condensed
consolidated statements of operations and comprehensive loss.
10.
LOSS PER SHARE OF COMMON SHARES
Basic
loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding
during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such
as warrants, and stock options, which would result in the issuance of incremental shares of common shares unless such effect is anti-dilutive.
In computing the basic and diluted net loss per share applicable to common stockholders, the weighted average number of shares remains
the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation as their
effect would be anti-dilutive. These potentially dilutive securities are more fully described in Note 12, Stockholders’ Equity
and Additional Paid-in Capital.
The
following potentially dilutive securities outstanding at June 30, 2023 and 2022 have been excluded from the computation of diluted weighted
average shares outstanding, as they would be antidilutive:
SCHEDULE OF ANTI-DILUTIVE WEIGHTED AVERAGE SHARES OUTSTANDING
| |
2023 | | |
2022 | |
| |
Six months ended June 30, | |
| |
2023 | | |
2022 | |
Warrants | |
| 103,930 | | |
| 46,136 | |
Stock options and restricted stock units | |
| 784,118 | | |
| 775,809 | |
K2HV conversion feature | |
| 205,396 | | |
| 45,662 | |
Total | |
| 1,093,444 | | |
| 867,607 | |
11.
LONG-TERM DEBT
As
of June 30, 2023, and December 31, 2022, the Company’s long-term debt is as follows:
SCHEDULE OF LONG-TERM DEBT
| |
June 30, 2023 | | |
December 31, 2022 | |
Long-term debt, net of debt discount of $5,870 ($6,811 at December 31, 2022) | |
$ | 49,829 | | |
$ | 48,888 | |
Less: current portion, net of debt discount of $234 ($0 at December 31, 2022) | |
| 1,990 | | |
| - | |
Long-term debt, net of current portion | |
$ | 47,839 | | |
$ | 48,888 | |
On
May 22, 2020, the Company, along with its subsidiary VBI Cda (collectively, the “Borrowers”), entered into the Loan and Guaranty
Agreement (the “Loan Agreement”) with K2 HealthVentures LLC (“K2HV”) and any other lender from time-to-time party
thereto (the “Lenders”). On May 22, 2020, the Lenders advanced the first tranche of term loans of $20,000. Pursuant to the
Loan Agreement, the Lenders originally had the ability to convert, at the Lenders’ option, up to $4,000 of the secured term loan
into common shares of the Company at a conversion price of $43.80 per share until the original maturity date of June 1, 2024. On February
3, 2021, pursuant to the Loan Agreement, the Lenders, converted $2,000 of the secured term loan into 45,662 common shares at a conversion
price of $43.80 per share.
On
May 17, 2021, the Company entered into the First Amendment to the Loan and Guaranty Agreement (“First Amendment”) with the
Lenders and received additional loan advances of $12,000.
On
September 14, 2022, the Company entered into the Second Amendment to the Loan Agreement (the “Second Amendment”) with
the Lenders to: (i) increase the amount of the term loans available under the Loan Agreement to $100,000
from $50,000,
which term loans are available in additional tranches subject to the achievement of milestones and other customary conditions, (ii)
add certain minimum net revenue covenants, (iii) extend the final maturity date for the term loans to
September 14, 2026, which may be extended to September 14, 2027, under certain circumstances, and (iv) to the extent that the
maturity date is extended, the term loans will begin amortizing on a monthly basis on September 14, 2026.
On
September 15, 2022, the Lenders advanced to the Borrowers the Restatement First Tranche Term Loan (as defined in the Second Amendment)
in an aggregate amount of $50,000
which included the refinancing of the $30,000
in term loans that were outstanding under the
Loan Agreement as amended by the First Amendment. The next tranche of term loans of up to $10,000
will be available from April 1, 2024, through
June 30, 2024, so long as certain milestones are achieved, no events of default under the
Loan Agreement have occurred and are continuing, and the Liquidity Requirement is satisfied. The final tranche of term loans of up to
$25,000
shall be available at any time from September
14, 2022, until September 14, 2026, subject to the Lender’s review of the Company’s clinical and financial plans and Lender’s
investment committee approval.
Pursuant
to the Second Amendment, the Lenders have the ability to convert $7,000 into common shares, by which $2,000 of the term loans shall be
convertible into 45,662 common shares at a conversion price of $43.80 per share and $5,000 of the term loans shall be convertible into
159,734 common shares at a conversion price of $31.302 per share (“K2HV conversion feature”).
In
connection with the Loan Agreement, on May 22, 2020, the Company issued the Lenders a warrant to purchase up to 20,833
common shares (the “Original K2HV Warrant”)
at an exercise price of $33.60
per share. On May 17, 2021, in connection with
the First Amendment, the Company amended and restated the Original K2HV Warrant to purchase an additional 10,417
common shares for a total of 31,250
common shares (the “First Amendment Warrant”)
with the same exercise price of $33.60
per share. On September 14, 2022, in connection
with the Second Amendment and the advance of the first tranche of term loans of $50,000
by the Lenders, the Company issued the Lenders
a warrant to purchase an additional 72,680
common shares (the “Second Amendment Warrant”)
with a warrant exercise price of $24.08
per share. If and/or when additional tranches
are advanced pursuant to the Second Amendment, the Company will issue additional warrants to purchase up to 72,680 common shares pursuant
to the Second Amendment Warrant.
The
First Amendment Warrant and the Second Amendment Warrant may be exercised either for cash or on a cashless “net exercise”
basis. The First Amendment Warrant expires on May 22, 2030 and the Second Amendment Warrant expires on September 14, 2032.
The
Company is required to make a final payment equal to 6.95% of the aggregate term loan principal on the maturity date of the term loan,
or upon earlier prepayment of the term loans in accordance with the Second Amendment (the “Second Amendment Final Payment”).
The final payment related to the refinanced $30,000 in term loans that were outstanding under the Loan Agreement as amended by the First
Amendment of $2,224 remains and is due the earlier of June 1, 2024 or the earlier prepayment of the term loans in accordance with the
Second Amendment (the “Original Final Payment”).
Upon
receipt of additional funds, issuable pursuant to the various tranches, under the Second Amendment, additional common shares will be
issuable pursuant to the Second Amendment Warrant as determined by the principal amount of the applicable tranche actually funded
multiplied by 3.5% and divided by the warrant exercise price of $24.08,
and the Second Amendment Final Payment will increase by 6.95%
of the funds advanced.
The
total principal amount of the loan under the Loan Agreement as amended by the Second Amendment, outstanding at June 30, 2023, including
the Original Final Payment of $2,224 and the Second Amendment Final Payment of $3,475 in connection with the Second Amendment, is $55,699.
The principal amount of the loan made under the Loan Agreement as amended by the Second Amendment accrues interest at an annual rate
equal to the greater of (a) 8.00%, or (b) prime rate plus 4.00%. The interest rate as of June 30, 2023 was 12.25%. The Company is required
to pay only interest until September 14, 2026. The effective interest rate on the loan of $50,000, excluding the Original Final Payment
and Second Amendment Final Payment, is 15.88%.
Upon
the occurrence of an Event of Default, and during the continuance of an Event of Default, the applicable rate of interest, described
above, will be increased by 5.00%
per annum. The secured term loan maturity date is September
14, 2026, or if the milestone for the next tranche of the term loans has been
achieved, September 14, 2027, and the Loan Agreement as amended by the Second Amendment includes both financial and non-financial
covenants. The Company was in compliance with these covenants as of June 30, 2023.
The
obligations under the Loan Agreement as amended by the Third Amendment (as defined below) are secured on a senior basis by a lien on
substantially all of the assets of the Company and its subsidiaries. The subsidiaries of the
Company, other than VBI Cda, SciVac HK, and VBI BV, are guarantors of the obligations of the Company and VBI Cda under the Loan
Agreement. The Loan Agreement also contains customary events of default.
On July 5, 2023, the Borrowers and K2HV entered
into (i) an amendment (the “Third Amendment”) to the Loan Agreement, and (ii) an amendment to the Pledge and Security
Agreement, dated May 22, 2020, by and among the Company, VBI DE, VBI Cda, K2HV, and Ankura Trust Company, LLC, as collateral trustee
for the lenders, pursuant to which the parties have agreed to permit the Brii Collaboration Agreements, the Supply Agreement (the
“Supply Agreement”), dated July 5, 2023 by and between the Company and Brii Bio, and the Letter Agreement, dated July 5,
2023, by and among the Company, SciVac and Brii Bio. The Company granted to K2VH a security interest in, all of its respective
right, title, and interest in and to substantially all of the Company’s intellectual property. In addition, among others, any
breach, default or other triggering event by the Company occurring under the Brii Collaboration Agreements resulting in Brii Bio
exercising a right to terminate the Brii Collaboration Agreements, will cross default the Third Amendment.
The
total initial debt discount related to the Second Amendment is $7,359. As of June 30, 2023, and December 31, 2022, the unamortized debt
discount was $5,870 and $6,811 respectively. The debt discount is being charged to interest expense, net in the condensed consolidated
statement of operations and comprehensive loss using the effective interest method over the term of the debt.
At
June 30, 2023 and December 31, 2022, the fair value of our outstanding debt, which is considered level 3 in the fair value hierarchy,
is estimated to be $54,598 and $56,510, respectively.
Interest
expense, net recorded in the three and six months ended June 30, 2023 and 2022 was as follows:
SCHEDULE OF INTEREST EXPENSE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended June 30 | | |
Six months ended June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Interest expense | |
$ | 1,537 | | |
$ | 669 | | |
$ | 2,998 | | |
$ | 1,276 | |
Amortization of debt discount | |
| 471 | | |
| 411 | | |
| 941 | | |
| 821 | |
Interest income | |
| (300 | ) | |
| (179 | ) | |
| (802 | ) | |
| (256 | ) |
Total interest expense,
net of interest income | |
$ | 1,708 | | |
$ | 901 | | |
$ | 3,137 | | |
$ | 1,841 | |
The
following table summarizes the future principal payments due under long-term debt:
SCHEDULE OF FUTURE PRINCIPAL OF LONG-TERM DEBT
| |
Principal | |
| |
payments on | |
| |
Loan Agreement | |
| |
and final payment | |
Remaining 2023 | |
$ | - | |
2024 | |
| 2,224 | |
2025 | |
| - | |
2026 | |
| 53,475 | |
Total | |
$ | 55,699 | |
12.
STOCKHOLDERS’ EQUITY AND ADDITIONAL PAID-IN CAPITAL
Stock
option plans
The
Company’s stock option plans are approved by and administered by the Board and its Compensation Committee. The Board designates,
in connection with recommendations from the Compensation Committee, eligible participants to be included under the plan, and designates
the number of options, exercise price and vesting period of the new options.
2006
VBI US Stock Option Plan
The
2006 VBI US Stock Option Plan (the “2006 Plan”), was approved by and was previously administered by the VBI US board of directors
which designated eligible participants to be included under the 2006 Plan, and designated the number of options, exercise price and vesting
period of the new options. The 2006 Plan was not approved by the stockholders of VBI US. The 2006 Plan was superseded by the 2014 Plan
(as defined below) following the PLCC Merger and no further options will be issued under the 2006 Plan. As of June 30, 2023, there were
28,090 options outstanding under the 2006 Plan.
2014
Equity Incentive Plan
On
May 1, 2014, the VBI DE board of directors adopted the VBI Vaccines Inc. 2014 Equity Incentive Plan (the “2014 Plan”). The
2014 Plan was approved by the VBI DE’s shareholders on July 14, 2014. The 2014 Plan was superseded by the 2016 Plan (as defined
below) and no further options will be issued under the 2014 Plan. As of June 30, 2023, there were 17,368 options outstanding under the
2014 Plan.
2016
VBI Equity Incentive Plan
The
2016 VBI Equity Incentive Plan (the “2016 Plan”) is a rolling incentive plan that sets the number of common shares issuable
under the 2016 Plan, together with any other security-based compensation arrangement of the Company, at a maximum of 10% of the aggregate
common shares issued and outstanding on a non-diluted basis at the time of any grant under the 2016 Plan. The 2016 Plan is an omnibus
equity incentive plan pursuant to which the Company may grant equity and equity-linked awards to eligible participants in order to promote
the success of the Company by providing a means to offer incentives and to attract, motivate, retain and reward persons eligible to participate
in the 2016 Plan. Grants under the 2016 Plan include a grant or right consisting of one or more options, stock appreciation rights (“SARs”),
restricted share units (“RSUs”), performance share units (“PSUs”), shares of restricted stock, or other such
award as may be permitted under the 2016 Plan. As of June 30, 2023, there were 738,660 options outstanding and no RSUs unvested under
the 2016 Plan.
The
aggregate number of common shares remaining available for issuance for awards under the 2016 Plan totalled 27,945 at June 30, 2023.
Activity
related to stock options is as follows:
SCHEDULE OF STOCK OPTIONS ACTIVITY
| |
Number of | | |
Weighted | |
| |
Stock | | |
Average | |
| |
Options | | |
Exercise Price | |
Balance outstanding at December 31, 2022 | |
| 761,243 | | |
$ | 71.26 | |
| |
| | | |
| | |
Granted | |
| 53,643 | | |
| 14.58 | |
Forfeited | |
| (30,768 | ) | |
| 55.47 | |
| |
| | | |
| | |
Balance outstanding at June 30, 2023 | |
| 784,118 | | |
$ | 68.06 | |
| |
| | | |
| | |
Exercisable at June 30, 2023 | |
| 625,860 | | |
$ | 73.19 | |
Information
relating to RSUs is as follow:
SCHEDULE OF RESTRICTED STOCK UNITS
| |
| | |
Weighted | |
| |
| | |
Average | |
| |
Number of | | |
Fair Value | |
| |
Stock Awards | | |
at Grant Date | |
Unvested shares outstanding at December 31, 2022 | |
| 82 | | |
$ | 43.80 | |
| |
| | | |
| | |
Vested | |
| (82 | ) | |
| 43.80 | |
Unvested shares outstanding at June 30, 2023 | |
| - | | |
$ | - | |
In
determining the amount of stock-based compensation the Company used the Black-Scholes option pricing model to establish the fair value
of options granted by applying the following weighted average assumptions:
SCHEDULE OF FAIR VALUE OF OPTIONS GRANTED BY USING BLACK SCHOLES OPTION PRICING ASSUMPTIONS
| |
Six months ended June 30 | |
| |
2023 | | |
2022 | |
Volatility | |
| 96.38 | % | |
| 93.17 | % |
Risk free interest rate | |
| 3.57 | % | |
| 1.71 | % |
Expected term in years | |
| 5.76 | | |
| 5.83 | |
Expected dividend yield | |
| 0.00 | % | |
| 0.00 | % |
Weighted average fair value per option | |
$ | 11.24 | | |
$ | 34.50 | |
The
fair value of the options is recognized as an expense on a straight-line basis over the vesting period and forfeitures are accounted
for when they occur. The total stock-based compensation expense recorded in the three and six months ended June 30, 2023 and 2022 was
as follows:
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE
| |
Three months ended June 30 | | |
Six months ended June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Research and development | |
$ | 227 | | |
$ | 510 | | |
$ | 493 | | |
$ | 1,020 | |
Sales, general, and administrative | |
| 1,432 | | |
| 1,917 | | |
| 3,150 | | |
| 3,883 | |
Cost of revenues | |
| 15 | | |
| 30 | | |
| 42 | | |
| 56 | |
Total stock-based compensation expense | |
$ | 1,674 | | |
$ | 2,457 | | |
$ | 3,685 | | |
$ | 4,959 | |
13.
REVENUES, NET AND DEFERRED REVENUE
Revenues,
net comprises the following:
SCHEDULE OF REVENUE COMPRISED
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended
June 30 | | |
Six months ended
June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Product revenues, net | |
$ | 708 | | |
$ | 331 | | |
$ | 1,186 | | |
$ | 422 | |
R&D service revenues | |
| 12 | | |
| 15 | | |
| 19 | | |
| 50 | |
Revenues | |
$ | 720 | | |
$ | 346 | | |
$ | 1,205 | | |
$ | 472 | |
The
following table presents revenues expected to be recognized in the future related to performance obligations, based on current estimates,
that are unsatisfied at June 30, 2023:
SUMMARY
OF REVENUE EXPECTED TO BE RECOGNIZED IN FUTURE RELATED TO PERFORMANCE OBLIGATIONS
| |
Total | | |
Current portion to June 30, 2024 | | |
Remaining portion thereafter | |
Product revenues, net | |
$ | 469 | | |
$ | - | | |
$ | 469 | |
R&D service revenues | |
| 2,169 | | |
| 845 | | |
| 1,324 | |
| |
$ | 2,638 | | |
$ | 845 | | |
$ | 1,793 | |
The
following table presents changes in the deferred revenue balance for the six months ended June 30, 2023:
SUMMARY OF CHANGES IN DEFERRED REVENUE
Balance at January 1, 2022 | |
$ | 2,803 | |
| |
| - | |
| |
| - | |
| |
| | |
Balance at December 31, 2022 | |
| 2,613 | |
| |
| | |
Recognition of deferred revenue | |
| (19 | ) |
Currency translation | |
| 44 | |
| |
| | |
Balance at June 30, 2023 | |
$ | 2,638 | |
| |
| | |
Short Term | |
$ | 845 | |
Long Term | |
$ | 1,793 | |
Collaboration
and License Agreement – Brii Bio
On
December 4, 2018, the Company entered into a Collaboration and License Agreement (the “Collaboration and License
Agreement”) with Brii Bio, amended on April 8, 2021, whereby:
|
● |
the
Company and Brii Bio agreed to collaborate on the development of a HBV recombinant protein-based immunotherapeutic in the licensed
territory, which consists of China, Hong Kong, Taiwan, and Macau (collectively, the “Licensed Territory”), and to conduct
a Phase II collaboration clinical trial for the purpose of comparing VBI-2601, which is a recombinant protein-based immunotherapeutic
developed by VBI for use in treating chronic HBV, with a novel composition developed jointly with Brii Bio (either being the “Licensed
Product”); |
|
|
|
|
● |
the
Company granted Brii Bio an exclusive royalty-bearing license to perform studies, and regulatory and other activities, as may be
required to obtain and maintain marketing approval of the Licensed Product, for the treatment of HBV in the Licensed Territory and
to commercialize and the Licensed Product for the diagnosis and treatment of chronic HBV in the Licensed Territory; and |
|
|
|
|
● |
Brii
Bio granted the Company an exclusive royalty-free license under Brii Bio’s technology and Brii Bio’s interest in any
joint technology developed during the collaboration to develop and commercialize the Licensed Product for the diagnosis and treatment
of chronic HBV in the countries of the world other than the Licensed Territory. |
On
December 20, 2021, the Company and Brii Bio further amended the Collaboration and License Agreement (the “Second Amendment
Collaboration and License Agreement”) whereby:
|
● |
the
Company and Brii Bio agreed to conduct an additional Phase II combination clinical trial of VBI-2601, both with and without IFN-α,
and BRII-835 (VIR-2218) (“Combo Clinical Trial”); and |
|
|
|
|
● |
Brii
Bio granted the Company a non-exclusive royalty free license under the Brii Bio technology arising from the data generated in the
Combo Clinical Trial solely for use in the development, manufacture, or commercialization of the Licensed Product in combination
with an siRNA in the countries of the world other than the Licensed Territory. |
Pursuant
to the Collaboration and License Agreement, as amended, the Company was responsible for the R&D Services and Brii Bio was
responsible for costs relating to the clinical trials for the Licensed Territory.
The
Company and Brii Bio will jointly own all right, title, and interest in the joint know-how development and the patents claiming joint
inventions made pursuant to the Second Amendment Collaboration and License Agreement.
The
initial consideration of the Collaboration and License Agreement consisted of an $11,000
non-refundable upfront payment. As part of the Collaboration and License Agreement, the Company and Brii Bio entered into a stock
purchase agreement. Under the terms of the stock purchase agreement, the Company issued to Brii Bio 76,502
of its common shares valued at $3,626
(based on the Company’s common share price on December 4, 2018). The remaining $7,374,
deemed to be the initial transaction price, was allocated to two performance obligations: (i) the VBI-2601 license and (ii) R&D
services. The R&D services were allocated $4,737
of the transaction price using an estimated selling price based on an expected cost plus a margin approach and the remaining
transaction price of $2,637
was allocated to the VBI-2601 license using the residual method.
There
was no additional consideration contemplated in the Second Amendment Collaboration and License Agreement.
On
July 5, 2023, the Company and Brii Bio entered into the A&R Collaboration Agreement, to, among other things, and subject to the
terms and conditions set forth in the A&R Collaboration Agreement, expand the Licensed Territory to the entire world (the
“New Licensed Territory”) for Brii Bio’s exclusive rights and licenses to make, have made, use, sell, offer for
sale, and import VBI-2601 (“VBI-2601 Licensed Product”). Pursuant to the A&R Collaboration Agreement, the Company
granted Brii Bio an exclusive royalty-bearing license, with the right to grant sublicenses through multiple tiers, to (i) perform
studies, regulatory and other activities, as may be required to obtain and maintain marketing approval of the VBI-2601 Licensed
Products in the New Licensed Territory; and (ii) research, develop, make, have made, distribute, use, sell, offer for sale, have
sold, import, export or otherwise commercialize the VBI-2601 Licensed Products for the field of the diagnosis and treatment of
hepatitis B in the New Licensed Territory. Except for the rights and licenses expressly granted in the A&R Collaboration
Agreement, the Company and Brii Bio retained all rights under their respective intellectual property. Additionally, the A&R
Collaboration Agreement constitutes the entire agreement between the VBI and Brii Bio relating to VBI-2601 and supersedes all
previous agreements, including the Collaboration and License Agreement and the Second Amendment Collaboration and License
Agreement.
The
initial consideration of the A&R Collaboration Agreement consisted of a $5,000
non-refundable upfront payment. In addition, the Company is also eligible to receive up to
an additional $227,000
in potential regulatory and net sales milestone payments, along with up to double-digit royalties
on commercial sales in the New Licensed Territory. Milestone payments that are not within the control of the Company or the licensee,
such as regulatory approvals, are not considered probable of being achieved until those approvals are received. Therefore, no variable
consideration was included in the initial transaction price and no such amounts were recognized under the A&R Collaboration Agreement
or have been recognized under the A&R Collaboration Agreement.
The
A&R Collaboration Agreement will be in effect on a region-by-region basis until the last-to-expire of the latest of the
following terms in each region of the New Licensed Territory: (i) expiration, invalidation or lapse of the last Company patent
claiming such VBI-2601 Licensed Product, (ii) 10 years from the date of first commercial sale of such VBI-2601 Licensed Product in
the applicable region, or (iii) termination or expiration of the Company’s obligation to pay third party royalties with
respect to sales of such VBI-2601 Licensed Product in such region. Upon expiration (but not an earlier termination) of the A&R
Collaboration Agreement in each region of the New Licensed Territory, the Company will grant Brii Bio a perpetual, non-exclusive,
fully paid-up, royalty free license under the Company’s technology related to the VBI-2601 Licensed
Products in such region to make and sell VBI-2601 Licensed Products for the field of
the diagnosis and treatment of hepatitis B in such region.
The
R&D Services will be satisfied over time as services are rendered using the “cost-to-cost” input method as this method
represents the most accurate depiction of the transfer of services based on the types of costs expected to be incurred. As of June 30,
2023, R&D services related to Brii Bio that remain unsatisfied are $1,969, out of the $2,638 total deferred revenue.
Upon
termination of the A&R Collaboration Agreement prior to the end of the term, there is no obligation for refund and any
amounts in deferred revenue related to unsatisfied performance obligations will be immediately recognized.
14.
COLLABORATION ARRANGEMENTS
The
Company has entered into, and expects to enter into from time to time in the future, license agreements, funding agreements, collaboration
agreements, and similar agreements related to the advancement of its product candidates and research and development efforts. Significant
agreements (collectively, the “Collaboration Agreements”) are described in detail in the Company’s 2022 Form 10-K.
While specific amounts will fluctuate from quarter to quarter based on clinical trials progress, advancement and completion of research
studies and manufacturing projects, and other factors, the Company believes its overall activities regarding Collaboration Agreements
are materially consistent with those described in the 2022 Form 10-K, other than described below.
Set
forth below are the approximate amounts expensed for Collaboration Agreements during the three and six months ended June 30, 2023
and 2022, respectively. These expensed amounts are included under Research and Development expenses in the accompanying condensed
consolidated statements of operations.
SCHEDULE OF RESEARCH AND DEVELOPMENT EXPENSE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended | | |
Six months ended | |
| |
June 30 | | |
June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
GlaxoSmithKline Biologicals S.A | |
$ | 10 | | |
$ | 4 | | |
$ | 113 | | |
$ | 139 | |
National Research Council of Canada (“NRC”) | |
| - | | |
| 304 | | |
| 35 | | |
| 584 | |
Coalition for Epidemic Preparedness Innovations (“CEPI”) | |
| 1,365 | | |
| 713 | | |
| 2,194 | | |
| 2,406 | |
Brii Bio | |
| 51 | | |
| 111 | | |
| 120 | | |
| 135 | |
Agenus Inc. | |
| 308 | | |
| - | | |
| 364 | | |
| - | |
Research and Development
expenses | |
$ | 1,734 | | |
$ | 1,132 | | |
$ | 2,826 | | |
$ | 3,264 | |
NRC
On
February 28, 2023, the Company signed a seventh amendment to the collaboration agreement with the NRC to extend the expiration date of
the collaboration agreement to December 31, 2023.
On
April 17, 2023, the Company signed an eighth amendment to the collaboration agreement with the NRC to further broaden the scope to include
the development of stable cell lines for our multivalent vaccine candidate against coronaviruses.
CEPI
The
Company has $4,892 recorded as deferred funding, recorded in other current liabilities on the condensed consolidated balance sheet.
15.
GOVERNMENT GRANTS
Industrial
Research Assistance Program (“IRAP”)
On
July 3, 2020, the Company and the NRC as represented by its IRAP signed a contribution agreement whereby the NRC agreed to contribute
up to CAD $1,000 for the transfer and scale-up of the technical production process for our prophylactic coronavirus vaccine program.
Costs
associated with the contribution agreement are expensed as incurred in Research and Development expenses. For the three and six
months ended June 30, 2023, Company recognized $0
and $41,
respectively, as a reduction in expenses. As of June 30, 2023, the Company had $0
recorded as deferred government grants, recorded in other current liabilities on the condensed consolidated balance
sheet.
For
the three and six months ended June 30, 2022, Company recognized $0
and $0,
respectively, as a reduction in expenses. As of June 30, 2022, the Company had $43
recorded as deferred government grants, recorded in other current liabilities on the condensed consolidated balance
sheet.
Strategic
Innovation Fund (“SIF”)
On
September 16, 2020, the Company signed the Contribution Agreement (as amended, the “Contribution Agreement”) with Her Majesty
the Queen in Right of Canada, as represented by the Minister of Industry (the “Minister”), whereby the Minister agreed to
contribute an amount not exceeding the lesser of (i) 75% of VBI Cda’s costs incurred in respect of the Project, subject to certain
eligibility limitations as set forth in the Contribution Agreement and (ii) CAD $55,976 from the SIF to support the development of
our coronavirus vaccine program, VBI-2900, though Phase II clinical studies (the “Project”). The Company initially agreed
to complete such project, to be conducted exclusively in Canada except as permitted otherwise under certain circumstances, in or before
the first quarter of 2022 (“Project Completion Date”). On March 28, 2022, the Company and the Minister signed an amendment
to the Contribution Agreement, the main purpose of which was to extend the collaboration and move the Project Completion Date from March
31, 2022 to December 31, 2023. In consideration of such contribution, the Company agreed to guarantee the complete performance and fulfillment
of VBI Cda’s obligations under the Contribution Agreement. In the event VBI Cda fails to perform or otherwise satisfy any of its
obligations related to the Contribution Agreement, the Company will become a primary obligor under the Contribution Agreement.
Costs
associated with the Contribution Agreement are expensed as incurred in Research and Development expenses and overhead charges are
included in Sales, General and Administrative. For the three and six months ended June 30, 2023, the Company recognized $1,168
and $2,875
respectively, as a reduction in expenses. As of June 30, 2023, the Company had $231
recorded as deferred government grants, recorded in other current liabilities on the condensed consolidated balance
sheet.
For
the three and six months ended June 30, 2022, the Company recognized $499 and $1,952, respectively, as a reduction in expenses. As
of June 30, 2022, the Company had $760, respectively, recorded as deferred government grants, recorded in other current liabilities on
the condensed consolidated balance sheet.
16.
COMMITMENTS AND CONTINGENCIES
Legal
Proceedings
From
time to time, the Company may be involved in certain claims and litigation arising out of the ordinary course and conduct of business.
Management assesses such claims and, if it considers that it is probable that an asset had been impaired or a liability had been incurred
and the amount of loss can be reasonably estimated, provisions for loss are made based on management’s assessment of the most likely
outcome.
On
September 13, 2018, two civil claims were brought in the District Court of the central district in Israel naming our subsidiary SciVac
as a defendant. In one claim, two minors, through their parents, allege, among other things: defects in certain batches of Sci-B-Vac
discovered in July 2015; that Sci-B-Vac was approved for use in children and infants in Israel without sufficient evidence establishing
its safety; that SciVac failed to provide accurate information about Sci-B-Vac to consumers; and that each child suffered side effects
from the vaccine. The claim was filed together with a motion seeking approval of a class action on behalf of 428,000 children vaccinated
with Sci-B-Vac in Israel from April 2011 and seeking damages in a total amount of NIS 1,879,500 ($507,973). The second claim is a civil
action brought by two minors and their parents against SciVac and the Ministry of Health of the State of Israel (“IMoH”)
alleging, among other things, that SciVac marketed an experimental, defective, hazardous or harmful vaccine; that Sci-B-Vac was marketed
in Israel without sufficient evidence establishing its safety; and that Sci-B-Vac was produced and marketed in Israel without approval
of a western regulatory body. The claim seeks damages for past and future losses and expenses as well as punitive damages.
The
District Court has accepted SciVac’s motion to suspend reaching a decision on the approval of the class action pending the
determination of liability under the civil action. Preliminary hearings for the trial of the civil action began on January 15, 2020,
with subsequent preliminary hearings held on May 13, 2020, December 3, 2020, September 30, 2021, June 9, 2022, January 12, 2023 and July 13, 2023.
The next preliminary hearing is scheduled to be held on November 16, 2023.
On
December 5, 2022, another tort claim was filed in the District Court of the central district in Israel naming our subsidiary, SciVac,
as a defendant. The claim was filed by a minor and his parents against SciVac, the IMoH, and Prof. Arieh Raziel, requesting compensation
due to bodily injury of the minor, who was diagnosed as suffering from an Autism Spectrum Disorder. The plaintiffs allege that the minor’s
disabilities and the syndrome from which he suffers were caused due to a combination of several factors, including negligent pregnancy
monitoring, negligent labor and delivery procedure, and administration of the alleged defective vaccine (Sci-B-Vac vaccine). Preliminary
hearings will begin on September 10, 2023.
SciVac
believes these matters to be without merit and intends to defend these claims vigorously.
17.
LEASES
The
Company has entered into various non-cancelable lease agreements for its office, lab, and manufacturing facilities, which are classified
as operating leases. The office facility lease agreement in the U.S. expires on October 31, 2024 with no option to extend. Our manufacturing
facility lease agreement in Israel has been extended for 5 years with a term now ending January 31, 2027. A lease for additional office
space in Israel has a term ending November 30, 2025 with an option to extend for two additional years and June 30, 2027 with an option
to extend the term for five additional years. In September 2022, the Company extended the term of our lease for our research facility
in Canada, which comprises office and laboratory space, for three additional years, which now has a term ending on December 31, 2025.
There
are no residual value guarantees, no variable lease payments, and no restrictions or covenants imposed by leases. The discount rate used
in measuring the lease liabilities and right of use assets was determined by reviewing our incremental borrowing rate at the initial
measurement date.
SCHEDULE OF LEASE COST AND OTHER INFORMATION
| |
Three months ended | | |
Six months ended | |
| |
June 30 | | |
June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating lease cost | |
$ | 483 | | |
$ | 451 | | |
$ | 974 | | |
$ | 895 | |
Weighted average discount rate | | |
| 13 | % |
Weighted average remaining lease term | | |
| 2.56 years | |
Operating
lease costs are included G&A expenses in the statement of operations and comprehensive loss.
The
following table summarizes future undiscounted cash payments reconciled to the lease liabilities:
SUMMARY OF FUTURE UNDISCOUNTED CASH PAYMENTS RECONCILED TO LEASE LIABILITIES
| | |
| | |
Remaining 2023 | | |
$ | 635 | |
2024 | | |
| 1,170 | |
2025 | | |
| 675 | |
2026 | | |
| 582 | |
2027 | | |
| 160 | |
Total | | |
$ | 3,222 | |
Effect of discounting | | |
| (497 | ) |
Total lease liability | | |
$ | 2,725 | |
Less: current portion | | |
| (993 | ) |
Lease liability, net of current portion | | |
$ | 1,732 | |
18.
SEGMENT INFORMATION
The
Company’s Chief Executive Officer (“CEO”) has been identified as the chief operating decision maker. The CEO evaluates
the performance of the Company and allocates resources based on the information provided by the Company’s internal management system
at a consolidated level. The Company has determined that it has only one operating segment.
Revenues,
net from external customers are attributed to geographic areas based on location of the contracting customers:
SCHEDULE OF REVENUES FROM EXTERNAL CUSTOMERS
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30 | | |
June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
United States | |
$ | 508 | | |
$ | 207 | | |
$ | 830 | | |
$ | 207 | |
Israel | |
| 57 | | |
| 126 | | |
| 57 | | |
| 221 | |
China / Hong Kong | |
| 11 | | |
| 13 | | |
| 18 | | |
| 38 | |
Europe | |
| 144 | | |
| - | | |
| 300 | | |
| 6 | |
Revenues | |
$ | 720 | | |
$ | 346 | | |
$ | 1,205 | | |
$ | 472 | |
There
was no revenue attributed to our country of domicile, Canada, for the three and six months ended June 30, 2023 and 2022.
19.
SUBSEQUENT EVENTS
On
July 5, 2023, as discussed in Note 1 and Note 13, the Company announced the expansion of its hepatitis B partnership with Brii Bio.
On July 5, 2023 as discussed in Note 11, the
Company entered into the Third Amendment with K2HV.
During July 2023, as discussed in Note 1, the underwritten
public offering and concurrent registered direct offering, in each case, for the issuance and sale of common shares and accompanying common
warrants to purchase common shares, closed.
On
July 27, 2023, the Company approved the grant of stock options to purchase up to an aggregate of 960,000 common shares to
existing employees and directors pursuant to the 2016 Plan. Options granted to directors vest monthly over 12 months. Options
granted to employees vest 25% on the one-year anniversary of the grant date, with the remaining 75% vesting on a monthly
basis over 24 months. All options granted automatically expire on July
27, 2033.
Item
2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
The
following discussion and analysis summarize the significant factors affecting our operating results, financial condition, liquidity,
and cash flows as of and for the periods presented below. The following discussion and analysis of our financial condition and results
of operations should be read in conjunction with the condensed consolidated financial statements and related notes included elsewhere
in this Form 10-Q. In addition to historical information, this discussion and analysis here and throughout this Form 10-Q contains forward-looking
statements that involve risks, uncertainties, and assumptions. Our actual results may differ materially from those anticipated in these
forward-looking statements.
Overview
We
are a commercial-stage biopharmaceutical company driven by immunology in the pursuit of prevention and treatment of disease. Through
our innovative approach to virus-like particles (“VLPs”), including a proprietary enveloped VLP (“eVLP”) platform
technology, we develop vaccine candidates that mimic the natural presentation of viruses, designed to elicit the innate power of the
human immune system. We are committed to targeting and overcoming significant infectious diseases, including hepatitis B (“HBV”),
COVID-19 and coronaviruses, and cytomegalovirus (“CMV”), as well as aggressive cancers including glioblastoma (“GBM”).
We are headquartered in Cambridge, Massachusetts, with research operations in Ottawa, Canada, and a research and manufacturing site in
Rehovot, Israel.
Product
Pipeline
Our
pipeline is comprised of vaccine and immunotherapeutic programs developed by virus-like particle technologies to target two distinct,
but often related, disease areas – infectious disease and oncology. We prioritize the development of programs for disease targets that
are challenging, underserved, and where the human immune system, when powered and stimulated appropriately, can be a formidable opponent.
VLP
vaccines are a type of sub-unit vaccine, in which only the portions of viruses critical for eliciting an immune response are presented
to the body. Because of their structural similarity to viruses presented in nature, including their particulate nature and repetitive
structure, VLPs can stimulate potent immune responses. VLPs can be customized to present any protein antigen, including multiple antibody
and T cell targets, making them, we believe, ideal technologies for the development of both prophylactic and therapeutic vaccines. However,
only a few antigenic proteins self-assemble into VLPs, which limit the number of potential targets. Notably, HBV antigens are among those
that are able to spontaneously form orderly VLP structures. Our eVLP platform technology expands the list of potentially viable target
indications for VLPs by providing a stable core (Gag Protein) and lipid bilayer (the “envelope”). It is a flexible platform
that enables the synthetic manufacture of an “enveloped” VLP, or “eVLP”, which looks structurally and morphologically
similar to the virus, with no infectious material.
Our
product pipeline includes an approved vaccine and multiple late- and early-stage investigational programs. The investigational
programs are in various stages of clinical development and the scientific information included about these therapeutics is
preliminary and investigative. The investigational programs have not been approved by the United States Food and Drug Administration
(“FDA”), European Medicines Agency, United Kingdom Medicines and Healthcare products Regulatory Agency, Health Canada,
or any other health authority and no conclusion can or should be drawn regarding the safety or efficacy of these investigational
programs.
In
addition to our existing pipeline programs, we may also seek to in-license clinical-stage vaccines or vaccine-related technologies that
we believe complement our pipeline, as well as technologies that may supplement our efforts in both immuno-oncology and infectious disease.
Key
Targeted Disease Areas
Hepatitis
B Virus (“HBV”)
HBV
infection can cause liver inflammation, fibrosis, and liver injury, resulting in potentially life-threatening conditions through acute
illness and chronic disease, including liver failure, cirrhosis, and cancer. HBV remains a significant public health burden with as many
as 2.2 million chronically infected people in the United States (“U.S.”) alone. Worldwide, this number is estimated to be
as high as 350 million, with approximately 800,000 deaths resulting from the consequences of HBV infection each year.
Despite
the highly infectious nature of HBV, due to its often-asymptomatic nature, it is estimated that as many as 67% of chronically infected
adults in the U.S. are unaware of their infection status. There is no cure available for HBV infection and while public health initiatives
highlight immunization as the most effective strategy for the prevention of HBV infections, the U.S. adult HBV vaccination rates remain
persistently low at only about 30% of all adults aged 19 years and older.
In
April 2022, the Centers for Disease Control and Prevention (“CDC”) Advisory Committee on Immunization Practices (“ACIP”)
implemented a change to the adult HBV vaccine recommendations. As incorporated in the CDC’s 2022 Adult Immunization Schedule and
as published in the April 1, 2022, CDC Morbidity and Mortality Weekly Report, adults aged 19 to 59 years are now universally recommended
to be vaccinated against HBV infection. Additionally, while adults aged 60 years and older with risk factors for HBV infection are still
recommended to receive HBV vaccinations, adults aged 60 years and older without known risk factors for HBV may now also receive HBV vaccinations.
In
addition to our approved vaccine, PreHevbrio [Hepatitis B Vaccine (Recombinant)], there are four other vaccines approved in the U.S.
for the prevention of HBV infection in adults: Engerix-B® and Twinrix®, manufactured by GlaxoSmithKline
Biologicals S.A. (“GSK”), Recombivax HB®, manufactured by Merck &. Co. (“Merck”), and Heplisav-B®,
manufactured by Dynavax Technologies Corporation (“Dynavax”).
COVID-19
and Other Coronaviruses
Coronaviruses
are a large family of enveloped viruses that cause respiratory illness of varying severities. Only seven coronaviruses are known to cause
disease in humans, four of which most frequently cause symptoms typically associated with the common cold. Three of the seven coronaviruses,
however, have more serious outcomes in people. These more pathogenic coronaviruses are (1) SARS-CoV-2, a novel coronavirus identified
as the cause of COVID-19; (2) MERS-CoV, identified in 2012 as the cause of Middle East Respiratory Syndrome (“MERS”); and
(3) SARS-CoV, identified in 2002 as the cause of Severe Acute Respiratory Syndrome (“SARS”).
The
virus that causes COVID-19 continues to evolve and several SARS-CoV-2 variants have emerged and certain of these variants have been identified
as having a significant public health impact. To date, notable Variants of Concern (“VOC”) have included:
|
● |
Alpha
(B.1.1.7) – First identified as in the United Kingdom (“UK”), VOC in December 2020 |
|
● |
Beta
(B.1.351) – First identified in South Africa, VOC in December 2020 |
|
● |
Gamma
(P.1) – First identified in Brazil, VOC in January 2021 |
|
● |
Delta
(B.1.617.2) – First identified in India, VOC in May 2021 |
|
● |
Omicron
and subvariants – First identified in South Africa, VOC in November 2021 |
Glioblastoma
(“GBM”)
GBM
is among the most common and aggressive malignant primary brain tumors in humans. In the U.S. alone, about 12,000 new GBM cases are diagnosed
each year. The current standard of care for GBM is surgical resection, followed by radiation and chemotherapy. Even with intensive treatment,
GBM progresses rapidly and has a high mortality rate, with median overall survival for primary GBM of about 14 months. Median overall
survival for recurrent GBM is even lower, at about 8 months.
Cytomegalovirus
(“CMV”)
CMV
is a common virus that is a member of the herpes family. It infects one in every two people in many developed countries. Most CMV infections
are “silent”, meaning the majority of people who are infected exhibit no signs or symptoms. Despite its typically asymptomatic
nature in older children and adults, CMV may cause severe infections in newborn children (congenital CMV) and may also cause serious
infections in people with weakened immune systems, such as solid organ or bone marrow transplant recipients. Congenital CMV infection
can be treated – but not cured – and there are currently no approved vaccines available for the prevention of infection in
either the congenital or the transplant setting.
Pipeline
Programs
The
table below is an overview of our commercial vaccine and our lead investigational programs as of August 14, 2023:
Indication |
|
Program |
|
Technology |
|
Current
Status |
Approved
Vaccine |
|
PreHevbrio1,2,3 |
|
VLP |
|
Registration/Commercial |
●
Hepatitis B |
|
Hepatitis
B Vaccine |
|
|
|
|
|
|
(Recombinant) |
|
|
|
|
Prophylactic
Candidates |
|
|
|
|
|
|
●
Coronaviruses (Multivalent) |
|
VBI-2901 |
|
eVLP |
|
Ongoing
Phase I |
●
COVID-19 (Beta variant) |
|
VBI-2905 |
|
eVLP |
|
Phase
Ib Completed |
●
COVID-19 (Ancestral) |
|
VBI-2902 |
|
eVLP |
|
Phase
Ia Completed |
●
Cytomegalovirus |
|
VBI-1501 |
|
eVLP |
|
Phase
I Completed |
●
Coronaviruses (Multivalent) |
|
Undisclosed |
|
eVLP |
|
Pre-Clinical |
|
|
|
|
|
|
|
Therapeutic
Candidates |
|
|
|
|
|
|
●
Hepatitis B |
|
VBI-2601 |
|
VLP |
|
Ongoing
Phase II |
●
Glioblastoma |
|
VBI-1901 |
|
eVLP |
|
Ongoing
Phase I/IIa |
1Approved
for use in the U.S. and Canada, under the brand name PreHevbrio, for the prevention of infection caused by all known subtypes of HBV
in adults 18 years of age and older.
2
Approved for use in the European Union (“EU”) / European Economic Area (“EEA”) and the UK, under the brand
name PreHevbri, for active immunization against infection caused by all known subtypes of the HBV in adults. It can be expected that
hepatitis D will also be prevented by immunization with PreHevbri as hepatitis D (caused by the delta agent) does not occur in the absence
of HBV infection.
3Approved
for use in Israel, under the brand name Sci-B-Vac, for active immunization against hepatitis B virus (HBV infection).
A
summary of our marketed product, lead pipeline programs, and recent developments follows.
Marketed
Product
PreHevbrio
[Hepatitis B Vaccine (Recombinant)]
PreHevbrio
[Hepatitis B Vaccine (Recombinant)] was approved by the FDA on November 30, 2021, for the prevention of infection caused by all known
subtypes of HBV in adults aged 18 years and older. PreHevbrio contains the S, pre-S2, and pre-S1 HBV surface antigens, and is the only
approved 3-antigen HBV vaccine for adults in the U.S. On February 23, 2022, following discussion at the CDC’s ACIP meeting, PreHevbrio
joined the list of recommended products for prophylactic adult vaccination against HBV infection. The inclusion of PreHevbrio in the
ACIP recommendation was reflected in a CDC publication on April 1, 2022 and was a notable milestone as many insurance plans and institutions
require an ACIP recommendation before a vaccine can be reimbursed or is made available to patients. Additionally, PreHevbrio was included
in the 2023 annual update of the CDC Adult Immunization Schedule, as detailed in the CDC publication on February 10, 2023. VBI launched
PreHevbrio in the U.S. at the end of the first quarter of 2022, and revenue generation began in the second quarter of 2022. In June 2023,
PreHevbrio was also awarded part of the CDC 2023 Adult Vaccine contract, for up to $25,350. The CDC vaccine contracts are established
for the purchase of vaccines by immunization programs that receive CDC immunization cooperative agreement funds (i.e., state health departments,
certain large city immunization projects, and certain current and former U.S. territories).
Commercial
and regulatory activity for VBI’s 3-antigen HBV vaccine outside of the U.S. include:
●
EU: On May 2, 2022, we announced that the European Commission (the “EC”) granted Marketing Authorization for PreHevbri
[Hepatitis B Vaccine (Recombinant, Adsorbed)]. The European Commission’s centralized marketing authorization is valid in all
EU Member States as well as in the EEA countries (Iceland, Liechtenstein, and Norway). On September 8, 2022, we announced a
partnership with Valneva SE (“Valneva”) for the marketing and distribution of PreHevbri in select European markets,
initially including the UK, Sweden, Norway, Denmark, Finland, Belgium, and the Netherlands. On July 19, 2023, we announced that
PreHevbri is now available in the Netherlands and Belgium for active immunization against infection caused by all known subtypes of
HBV in adults. VBI expects PreHevbri will be made available in certain additional European Union countries throughout
2023.
●
UK: On June 1, 2022, we announced that the UK Medicines and Healthcare Products Regulatory Agency granted marketing authorization for
PreHevbri [Hepatitis B Vaccine (Recombinant, Adsorbed)]. This follows the EC centralized marketing authorization received in May 2022
and was conducted as part of the EC Decision Reliance Procedures. The UK is included in the Valneva marketing and distribution agreement
for PreHevbri. On June 15, 2023, VBI announced the launch and availability of PreHevbri in the UK as part of the Valneva partnership.
●
Canada: On December 8, 2022, we announced that Health Canada approved PreHevbrio [3-antigen Hepatitis B Vaccine (Recombinant)] for the
prevention of infection caused by all known subtypes of HBV in adults aged 18 years and older. VBI expects to make PreHevbrio available
in Canada in the first half of 2024.
●
Israel: Approved and commercially available under the brand name Sci-B-Vac® since 2000.
●
APAC: On July 5, 2023, we announced a license and collaboration agreement with Brii Biosciences (“Brii Bio”) for the development
and commercialization of PreHevbri in the Asia Pacific region (“APAC”), excluding Japan.
Prophylactic
Investigational Candidates
VBI-2900:
Coronavirus Vaccine Program (VBI-2901, VBI-2902, VBI-2905)
In
response to the SARS-CoV-2 (COVID-19) endemic, VBI initiated development of a prophylactic coronavirus vaccine program. Coronaviruses
are enveloped viruses by nature which make them a prime target for VBI’s flexible eVLP platform technology.
On
August 26, 2020, we announced data from three pre-clinical studies conducted to enable selection of optimized clinical candidates for
our coronavirus vaccine program. As a result of these studies, VBI selected two vaccine candidates with the goal of bringing forward
candidates that add meaningful clinical and medical benefit to those already approved: (1) VBI-2901, a multivalent coronavirus vaccine
candidate expressing the SARS-CoV-2, SARS, and MERS spike proteins; and (2) VBI-2902, a monovalent vaccine candidate expressing an optimized
“prefusion” form of the SARS-CoV-2 spike protein.
In
March 2021, a Phase I study of VBI-2902 was initiated and on June 29, 2021, we announced initial positive data from the Phase Ia portion
of this study that evaluated one- and two-dose regimens of 5µg of VBI-2902 in 61 healthy adults aged 18-54 years. After two doses,
VBI-2902 induced neutralization titers in 100% of participants, with 4.3x higher geometric mean titer (“GMT”) than that of
the convalescent serum panel (n=25), and peak antibody binding GMT of 1:4,047. VBI-2902 was also well tolerated with no safety signals
observed.
In
response to the increased circulation of SARS-CoV-2 variants, the Phase Ib portion of the Phase I study was initiated in September
2021 to assess VBI-2905, our eVLP vaccine candidate directed against the SARS-CoV-2 Beta variant. On April 5, 2022, we announced new
data from the Phase Ib study (n=53). A single-dose booster of VBI-2905 increased the GMT of neutralizing antibodies directed against
the Beta variant 3.8-fold, at day 28, in participants who had previously received two-doses of an mRNA vaccine (ancestral strain)
– approximately 2-fold increases were also seen at day 28 in antibody GMTs against both the ancestral and delta variant. New
preclinical data announced at the same time showed that against a panel of coronavirus variants in mice, reactivity was seen with
VBI-2902 against all variants including the ancestral strain, Delta, Beta, Omicron, Lambda, and RaTG13 (a bat coronavirus that is
distant to circulating human strains). In this same panel, VBI-2901 was able to elicit an even stronger response against all
variants tested – as the strains became more divergent from the ancestral strain, VBI-2901 elicited a greater difference in
GMT from VBI-2902, ranging from 2.5-fold higher against the ancestral strain to 9.0-fold higher against the bat coronavirus.
Additionally, a validated pseudoparticle neutralization assay benchmarked against the WHO reference standard demonstrated that
VBI-2902 elicited neutralizing antibody responses of 176 IU50/mL in its Phase Ia study – this international standard measure
would predict a greater than 90% efficacy, with two internationally approved vaccines estimated to have 90% efficacy at 83 and 140
IU50/mL (Gilbert, PB, 2021). The clinical and preclinical data for all three candidates continue to support the potential of
the eVLP platform against coronaviruses. On September 29, 2022, we announced that we initiated the first clinical study of
VBI’s multivalent coronavirus candidate, VBI-2901, designed to increase breadth of protection against COVID-19 and related
coronaviruses. Interim data from this study are expected to be announced in the third quarter of 2023.
The
VBI-2900 program is supported by a partnership with the Coalition for Epidemic Preparedness Innovations (“CEPI” and the partnership,
the “CEPI Funding Agreement”), with contributions of up to $33,018; a partnership with the Strategic Innovation Fund,
established by the Government of Canada, with an award of up to CAD $55,976; contribution of up to CAD $1,000 from the Industrial
Research Assistance Program (“IRAP”) of the National Research Council of Canada (“NRC”); and a collaboration
with the NRC. On December 6, 2022, we and CEPI announced that we expanded the scope of the CEPI Funding Agreement to advance the development
of multivalent coronavirus vaccines that could be deployed against COVID-19 as well as a future “Coronavirus X”.
VBI-1501:
Prophylactic CMV Vaccine Candidate
Our
prophylactic CMV vaccine candidate uses the eVLP platform to express a modified form of the CMV glycoprotein B antigen and is adjuvanted
with alum, an adjuvant used in FDA-approved products.
Following
the successful completion of the Phase I study in May 2018, and positive discussions with Health Canada, we announced plans for a Phase
II clinical study evaluating VBI-1501 on December 20, 2018. We received similarly positive guidance from the FDA in July 2019. The Phase
II study is expected to assess the safety and immunogenicity of dosages of VBI-1501 up to 20µg with alum. We are currently evaluating
the timing of the Phase II study.
Therapeutic
Investigational Candidates
VBI-2601:
HBV Immunotherapeutic Candidate
VBI-2601
is our novel, recombinant, protein-based immunotherapeutic candidate in development for the treatment of chronic HBV infection. VBI-2601
is formulated to induce broad immunity against HBV, including T-cell immunity which plays an important role in controlling HBV infection.
On
April 12, 2021, and June 23, 2021, we announced data from the completed Phase Ib/IIa clinical study in patients with chronic HBV infection,
which was conducted by our partner Brii Bio. The study was a randomized, controlled study designed to assess the safety, tolerability,
antiviral and immunologic activity of VBI-2601. The study was a two-part, dose-escalation study assessing different dose levels of VBI-2601
with and without an immunomodulatory adjuvant, conducted at multiple study sites in New Zealand, Australia, Thailand, South Korea, Hong
Kong Special Administrative Region of China, and China.
The
data from the Phase Ib/IIa for 33 evaluable patients across all study arms suggested: (1) VBI-2601 was well tolerated at all dose levels
with and without the adjuvant with no significant adverse events identified; (2) VBI-2601 induced both B cell (antibody) and T cell responses
in chronically-infected HBV patients, (3) VBI-2601 induced restimulation of T cell responses to HBV surface antigens, including S, Pre-S1,
and Pre-S2, in greater than 50% of the evaluable patients compared to no detectable response in the control arm; (4) the T cell responses
and antibody responses were comparable across the 20µg and 40µg unadjuvanted study arms; and (5) T cell response rates between
the adjuvanted and unadjuvanted cohorts were also comparable. Based on the acceptable safety profile and vaccine-induced adaptive immune
responses seen in this study, VBI-2601 advanced to Phase II studies.
On
April 21, 2021, we announced that the first patient had been dosed in a Phase II clinical study evaluating VBI-2601 in combination with
BRII-835 (VIR-2218), an investigational small interfering ribonucleic acid targeting HBV, for the treatment of chronic HBV infection.
The multi-center, randomized, open-label study is designed to evaluate the safety and efficacy of this combination with and without interferon-alpha
as a co-adjuvant. The study is being conducted at clinical sites in Australia, Taiwan, Hong Kong Special Administrative Region of China,
South Korea, New Zealand, Singapore, and Thailand. Our partner, Brii Bio, is the study sponsor. A total of 50 adult, non-cirrhotic patients
who received NRTI therapy for at least 12 months were randomized and dosed across three cohorts:
|
● |
Cohort
A: BRII-835 Alone Regimen – Nine subcutaneous 100mg doses of BRII-835, dosed every four (4) weeks through Week 32 |
|
● |
Cohort
B: BRII-835 Alone Regimen + nine 40µg intramuscular doses of VBI-2601 admixed with interferon-alpha (IFN-α) as co-adjuvant
every four weeks from Week 8 through Week 40 |
|
● |
Cohort
C: BRII-835 Alone Regimen + nine 40µg intramuscular doses of VBI-2601 without IFN-α every four weeks from Week 8 through
Week 40 |
On
February 15, 2023, we announced interim data from the Phase II combination study. The data, which was featured in an oral presentation
at the 32nd Conference of the Asian Pacific Association for the Study of the Liver on February 18, 2023, demonstrated that
the combination therapy was generally well-tolerated, restored strong anti-HBsAg antibody responses, and led to improved HBsAg-specific
T-cell responses, when compared to BRII-835 alone. Notably:
|
● |
Mean
changes in HBsAg reduction relative to baseline at week 40 were -1.68 log10 IU/mL in Cohort A, -1.75 log10 IU/mL in Cohort B, and
-1.77 log10 IU/mL in Cohort C |
|
● |
Potent
HBV surface antibody levels (> 100 IU/L) were observed in more than 40% of participants in Cohorts B and C at week 40 –
by comparison, no antibody responses were detected in Cohort A |
|
● |
Out
of 25 evaluable patients, a higher proportion of Cohort B and C patients demonstrated potent HBsAg-specific T-cell responses (70%;
14/20) relative to those in Cohort A (20%; 1/5) through week 44 |
|
● |
To
date, two participants receiving combination regimens achieved either HBsAg below LLOQ (0.05 mIU/mL), to an undetectable level, or
at LLOQ with maximum reductions of ≥ 4 log10 HBsAg – both participants mounted potent anti-HBs antibody and HBV-specific
T-cell responses |
Additional
data from the study are expected to be announced by our partner Brii Bio in the second half of 2023.
On
January 5, 2022, we announced that the first patient was dosed in a second Phase IIa/IIb clinical study evaluating VBI-2601. This Phase
II study assesses VBI-2601 as an add-on therapy to the standard-of-care in China nucleos(t)ide reverse transcriptase inhibitor (“NRTI”)
and pegylated interferon therapy (PEG-IFN-α,). Interim topline clinical data from part one of this Phase IIa/IIb clinical study
are expected to be announced by our partner Brii Bio in the second half of 2023.
On
July 5, 2023, we announced the A&R Collaboration Agreement (as defined below) with Brii Bio, expanding Brii Bio’s rights
to the development and commercialization of VBI-2601 from Greater China rights to global rights.
VBI-1901:
Glioblastoma (GBM)
Our
cancer vaccine immunotherapeutic program, VBI-1901, targets CMV proteins present in tumor cells. CMV is associated with a number of solid
tumors including GBM, breast cancer, and pediatric medulloblastoma.
In
January 2018, we initiated dosing in a two-part, multi-center, open-label Phase I/IIa clinical study of VBI-1901 in 38 patients with
recurrent GBM. Phase I (Part A) of the study was a dose-escalation phase that defined the safety, tolerability, and optimal dose
level of VBI-1901 adjuvanted with granulocyte-macrophage colony-stimulating factor (GM-CSF) in recurrent GBM patients with any
number of prior recurrences. In December 2018, this phase completed enrollment of 18 patients across three dose cohorts, the highest
of which (10 µg) was selected as the optimal dose level to test in the Phase IIa portion (Part B) of the study. Phase IIa of
the study, which initiated enrollment in July 2019, was a two-arm study that enrolled 20 first-recurrent GBM patients who received 10
µg of VBI-1901 in combination with either GM-CSF or GSK proprietary adjuvant system, AS01, as immunomodulatory adjuvants. AS01
was provided pursuant to a Clinical Collaboration and Support Study Agreement with GSK, which we entered into on September 10, 2019.
Enrollment of the 10 patients in the VBI-1901 with GM-CSF arm was completed in March 2020 and enrollment of the 10 patients in the
VBI-1901 with AS01 arm was completed in October 2020.
Data
from the Phase IIa portion of the study was announced throughout 2020, 2021, and 2022, with the latest data presented in November 2022
at the 2022 Society for Neuro-Oncology (SNO) Annual Meeting. The data from the Phase IIa portion of this study demonstrate: (1) improvement
in 6-month, 12-month, and 18-month overall survival (“OS”) data compared to historical controls; (2) 12-month OS of 60% (n=6/10)
in the VBI-1901 + GM-CSF study arm and 70% (n=7/10) in the VBI-1901 + AS01 study arm, compared to historical controls of ~30%; (3) 18-month
OS of 30% (3/10) in the VBI-1901 + GM-CSF study arm and 40% (n=4/10) in the VBI-1901 + AS01 study arm; (4) 2 patients with partial tumor
responses, one of whom remained on protocol for over two years and had achieved a 93% tumor reduction relative to baseline at initiation
of treatment at the start of the study, and 10 stable disease observations across all study arms; and (5) VBI-1901 continues to be safe
and well tolerated at all doses tested, with no safety signals observed.
On
June 8, 2021, we announced that the FDA granted Fast-Track Designation for VBI-1901 formulated with GM-CSF for the treatment of recurrent
GBM patients with first tumor recurrence. The designation was granted based on data from the Phase I/IIa study.
On
June 22, 2022, we announced that the FDA granted Orphan Drug Designation for VBI-1901 for the treatment of GBM.
In the
third quarter of 2023, we expect to dose the first patients in a Phase IIb study of VBI-1901 in recurrent GBM patients with first
tumor recurrence. This study expands the existing study to include a Part C, which is a multi-center, randomized, controlled,
open-label study.
On October 12, 2022, we announced a collaboration with Agenus Inc. to evaluate
VBI-1901 in combination with anti-PD-1 balstilimab in a second Phase II study as part of the INSIGhT adaptive platform trial in patients
with primary GBM. Subject to approval from regulatory bodies, we expect to initiate enrollment in the VBI-1901 study arm in INSIGhT in
the fourth quarter of 2023.
Third
Party License and Assignment Agreements
We
currently are dependent on licenses from third parties for certain of our key technologies, including the license granted pursuant to
an agreement between Savient Pharmaceuticals Inc. and SciGen Ltd dated June 2004, as subsequently amended (the “original Ferring
License Agreement”) and a license from L’Universite Pierre et Marie Curie, now Sorbonne Université (“UPMC”),
Institut National de la Santé et de la Recherche Médicale (“INSERM”) and L’école Normale Supérieure
de Lyon.
On
October 18, 2022, the Company amended and restated the original Ferring License Agreement (the “Amended and Restated Ferring License
Agreement”), which amends and restates certain of the terms relating to the manufacture and marketing of HBsAg products, which
includes, among others, updates to the definition of net sales, and a reduction in the fixed royalty rate on net sales of HBsAg products
(“Product”) from seven percent (7%) to three and a half percent (3.5%) in consideration for the grant of the license to utilize
genetically engineered CHO cells encoding the hepatitis B antigen and certain information related to the manufacture of hepatitis B vaccines.
In connection with the Amended and Restated Ferring License Agreement, the Company has also agreed to act as the guarantor for SciVac’s
obligations under the Amended and Restated Ferring License Agreement, or if the Amended and Restated Ferring License Agreement is assigned
to a third party, guarantor for SciVac’s obligations that have accrued up until the date of such assignment. Under an Assignment
Agreement between FDS Pharm LLP and SciGen Ltd., dated February 14, 2012 (the “SciGen Assignment Agreement”), we are required
to pay royalties to SciGen Ltd. equal to 5% of net sales (as defined in the original Ferring License Agreement) of Product. Under the
original Ferring License Agreement and the SciGen Assignment Agreement, we originally were to pay royalties on a country-by-country basis
until the date 10 years after the date of commencement of the first royalty year in respect of such country. In April 2019, we exercised
our option to extend the original Ferring License Agreement in respect of all the countries that still make up the territory for an additional
7 years by making a one-time payment to Ferring of $100. Royalties under the Amended and Restated Ferring License Agreement and
SciGen Assignment Agreement will continue to be payable for the duration of the extended license periods.
Under
a license agreement with UPMC and other licensors relating to eVLP technology, we have an exclusive license to a family of patents that
will expire in the U.S. in 2023 and expired in other countries in 2021. UPMC is also a co-owner of the patent family covering our VBI-1501
CMV vaccine. During the three and six months ended June 30, 2023, we did not make any milestone
payments.
Recent
Developments
Launch
of PreHevbri in the UK, Netherlands, and Belgium
In June and July 2023,
we announced that PreHevbri [Hepatitis B Vaccine (Recombinant, Adsorbed)] is now available in the UK, Netherlands, and Belgium
for active immunization against infection caused by all known subtypes of HBV in adults. As part of the
marketing and distribution partnership announced in September 2022, PreHevbri will be available in the UK, Netherlands, and
Belgium through Valneva’s existing commercial infrastructure and distribution networks.
CDC
Adult Vaccine Contract Award
On
June 30, 2023, the CDC released its 2023 Adult Vaccine contract, which included PreHevbrio and an award of part of the contract for up
to $25,350. The CDC vaccine contract is established for the purchase of vaccines by immunization programs that receive CDC immunization
cooperative agreement funds (i.e., state health departments, certain large city immunization projects, and certain current and former
U.S. territories).
Expanded
Hepatitis B Partnership with Brii Bio
On July 5, 2023, the Company announced the
expansion of its hepatitis B partnership with Brii Bio. Through (i) a Collaboration and License Agreement (the “Collaboration
Agreement”), dated July 5, 2023, by and between the Company and Brii Bio, and (ii) the Amended and Restated Collaboration and
License Agreement (the “A&R Collaboration Agreement, and together with the Collaboration Agreement, the “Brii
Collaboration Agreements”), dated July 5, 2023, by and between the Company and Brii Bio, Brii Bio expanded its exclusive
license to VBI-2601 to global rights and acquired an exclusive license for PreHevbri in APAC, excluding Japan. As part of this
collaboration, Brii Bio paid the Company an upfront payment of $15,000 pursuant to the Brii Collaboration Agreements and the
concurrent registered direct offering, consisting of a $3,000 equity investment in a concurrent registered direct offering
(discussed below), $5,000 as an advance payment for the clinical and commercial manufacture and supply of the VBI-2601 licensed
product and PreHevbri and any related manufacturing expenditures and $7,000 as a non-refundable upfront payment. In addition,
pursuant to the Letter Agreement, dated July 5, 2023, by and among the Company, SciVac and Brii Bio, the Company also granted to
Brii Bio a security interest, subject to a Subordination Agreement between Brii Bio and K2HV, in all of its respective right, title
and interest in and to all intellectual property, know-how, and licenses to the extent related to PreHevbri and VBI-2601, and all
proceeds of the foregoing, in order to secure performance of all of the Company’s obligations under the Brii Collaboration
Agreements, the Supply Agreement, and the Loan Agreement (each as defined herein).
The Company is also eligible to receive up to an additional $422,000 in potential regulatory and commercial
milestone payments (combined under the Brii Collaboration Agreements), and potential double-digit royalties in the licensed
territories, which is worldwide for VBI-2601, and APAC, excluding Japan, for PreHevbri. Brii Bio will be responsible for all
development, regulatory, and commercial activities and costs for the two programs in their respective licensed territories. There is no assurance that Brii Bio will achieve any of the milestones as specified in the Brii Collaboration Agreements
and that we will receive any or all of these potential payments pursuant to the Brii Collaboration Agreements.
Underwritten
Public Offering and Registered Direct Offering
In
July 2023, the Company closed (i) an underwritten public offering of 12,445,454 common shares and accompanying common warrants to
purchase up to 12,545,454 common shares (which included 1,536,363 common shares and common warrants to purchase up to 1,636,363
common shares issued pursuant to the underwriters’ partial exercise of their option to purchase additional common shares and
common warrants) at a combined public offering price of $1.65 per common share and accompanying common warrant, and (ii) a
concurrent registered direct offering, pursuant to the expanded hepatitis B partnership with Brii Bio, of 1,818,182 common shares and accompanying common warrants to purchase up to 1,818,182 common
shares, at a combined purchase price of $1.65 per share and accompanying common warrant. The accompanying common warrants issued and
sold in each of the underwritten public offering and the registered direct offering have an exercise price of $1.65 per share and
expire five years from the date of issuance. The aggregate gross proceeds from the underwritten public offering, including aggregate
gross proceeds from the underwriters’ exercise of their option to purchase additional securities, were $20,500. The aggregate
gross proceeds from the concurrent registered direct offering were $3,000.
Financial
Operations Overview
At
present, our operations are focused on:
● |
continuing
the commercialization of PreHevbrio in the U.S. and commercialization of PreHevbri in Europe; |
|
|
● |
manufacturing
our 3-antigen HBV vaccine at commercial scale to meet demand in the U.S., Europe, Canada and Israel, where it is approved, and to
prepare for supply in markets where we or our partner Brii Bio may obtain marketing authorization; |
|
|
● |
manufacturing
VBI-2601, our protein-based immunotherapeutic candidate for treatment of chronic HBV, in collaboration with Brii Bio; |
|
|
● |
preparing for the Phase IIb clinical study of our GBM vaccine immunotherapeutic candidate, VBI-1901, in the recurrent GBM setting; |
|
|
● |
preparing
for a clinical study of VBI-1901 in the primary GBM setting; |
|
|
● |
conducting
the Phase I clinical study of our multivalent coronavirus candidate, VBI-2901; |
|
|
● |
preparing for commercialization of PreHevbrio in Canada; |
|
|
● |
completing
the Phase I clinical study of our monovalent prophylactic COVID-19 vaccine candidates, VBI-2902 (ancestral strain) and VBI-2905
(Beta variant); |
|
|
● |
continuing
our development and scaling-up production processes for our prophylactic coronavirus vaccine candidates using a Contract Development
and Manufacturing Organization (“CDMO”) located in Canada; |
|
|
● |
preparation
for further development of VBI-1501, our preventative CMV vaccine candidate; |
|
|
● |
continuing
the research and development (“R&D”) of our other pipeline candidates, including the exploration and development
of new pipeline candidates; |
|
|
● |
implementing
operational, compliance, financial, and management information systems, including through third party partners, to support our commercialization
activities; |
|
|
● |
maintaining,
expanding, and protecting our intellectual property portfolio; and |
|
|
● |
developing
our internal systems and processes for regulatory affairs, legal, and compliance. |
VBI’s
revenue generating activities have been the sale of our 3-antigen HBV vaccine, under the brand name PreHevbrio in the U.S.,
PreHevbri in the UK and certain countries in the EU, and in Israel under the name Sci-B-Vac. We have also generated revenue from various business development transactions and R&D
services generating fees. To date, we have financed our operations primarily with proceeds from sales of our securities, our
long-term debt agreements, and contribution agreements and partnerships with CEPI and the Government of Canada.
VBI
has incurred significant net losses and negative operating cash flows since inception and expects to continue incurring losses and
negative cash flows from operations as we carry out planned clinical, regulatory, R&D, commercial, and manufacturing activities
with respect to the advancement of our 3-antigen HBV vaccine and new pipeline candidates. As of June 30, 2023, VBI had an
accumulated deficit of approximately $561,988, stockholders’ equity of approximately $8,738 and cash of $20,840. In early July
2023, we received $15,000 from an upfront payment from Brii Bio pursuant to the Brii Collaboration Agreements and the
concurrent registered direct offering and aggregate gross proceeds of $20,500 from an underwritten public offering. Cash outflows
from operating activities were $40,866 for the six months ended June 30, 2023. Our ability to maintain our status as an operating
company and to realize our investment in our In Process Research & Development (“IPR&D”) assets, which consist
of our CMV and GBM programs, is dependent upon obtaining adequate cash to finance our clinical development, manufacturing, our
administrative overhead and our research and development activities, and ultimately to profitably monetize our IPR&D. We expect
that we will need to secure additional financing to finance our business plans, which may be a combination of proceeds from the
issuance of equity securities, the issuance of additional debt, government or non-governmental organization grants or subsidies, and
revenues from potential business development transactions, if any. There is no assurance we will manage to obtain these sources of
financing, if required. These factors raise substantial doubt about our ability to continue as a going concern. The accompanying
financial statements have been prepared assuming that we will continue as a going concern. The financial statements do not include
any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and
classifications of liabilities that may result from this uncertainty.
We
have incurred operating losses since inception, have not generated significant product sales revenue, and have not achieved
profitable operations. We incurred net losses of $72,379 for the six months ended June 30,
2023, which includes a $20,000 non-cash impairment realized in the three months ended June 30, 2023, and we expect to
continue to incur substantial losses in future periods. We anticipate that we will continue to incur substantial operating expenses
as we continue our research and development and clinical studies, and as we continue the commercialization of PreHevbrio in the U.S.
and Canada, and PreHevbri in Europe. These include expenses related to the focus of our operations highlighted above.
In
addition, we have incurred and will continue to incur significant expenses as a public company, which subject us to the reporting requirements
of the Exchange Act, the Sarbanes-Oxley Act, the rules and regulations of Nasdaq, and the Canadian securities regulators. We have also
incurred and will continue to incur regulatory compliance costs and general and administrative costs related to our clinical regulatory
operations and commercialization of our marketed product and product candidates.
Overall
Performance
The Company had net losses of $44,628 and $45,699
for the three months ended June 30, 2023 and 2022, respectively, and $72,379 and $66,953 for the six months ended June 30, 2023
and 2022, respectively, which includes a $20,000 non-cash impairment realized in the three months ended June 30, 2023. We had an accumulated
deficit of $561,988 at June 30, 2023. We had $20,840 of cash and net working capital of $4,217 as of June 30, 2023. As described elsewhere,
in early July 2023, the Company received $15,000 from an upfront payment from Brii
Bio pursuant to the Brii Collaboration Agreements and the concurrent registered direct offering and aggregate gross proceeds of $20,500
from an underwritten public offering.
Revenues,
net
Revenues,
net consist of product sales of PreHevbrio in the U.S., PreHevbri in the UK and certain countries in the EU as part of our
partnership with Valneva, and sales of Sci-B-Vac in Israel, as well as R&D services revenue recognized as part of the License
Agreement with Brii Bio and other R&D services.
In
the U.S., beginning in the second quarter of 2022, PreHevbrio was sold to a limited number of wholesalers and specialty
distributors; and beginning in 2023, PreHevbri was sold to our partner Valneva in the UK and certain countries in the EU
(collectively, our “Customers”). We expect to continue to expand our market share in 2023. Revenues from product sales
are recognized when we have satisfied our performance obligations, which is the transfer of control of our product upon delivery to
the Customer. Our standard credit terms are short-term, and we expect to receive payment in less than one year, there is no
significant financing component on the related receivables. Taxes collected from Customers relating to product sales and remitted to
governmental authorities are excluded from revenues.
In
Israel, Sci-B-Vac is sold through procurement requests from four health funds (“HMOs”) (collectively, the “Sci-B-Vac
Customers”).
Overall,
product revenue, net, reflects our best estimates of the amount of consideration to which we are entitled based on the terms of the contract.
The amount of variable consideration is included in the net sales price only to the extent that it is probable that a significant reversal
in the amount of the cumulative revenue recognized will not occur in a future period. If our estimates differ significantly from actuals,
we will record adjustments that would affect product revenue, net in the period of adjustment.
In
addition, pursuant to an agreement with the Israel Innovation Authority (formerly the Office of the Chief Scientist of Israel), we are
required to make services available for the biotechnology industry in Israel. These services include relevant activities for development
and manufacturing of therapeutic proteins according to international standards and cGMP quality level suitable for toxicological studies
in animals. Service activities include analytics/bio analytics methods for development and process development of therapeutic proteins
starting with a candidate clone through manufacturing. These R&D services are primarily marketed to the Israeli research community
in academia and Israeli biotechnology companies in the life sciences industry lacking the infrastructure or experience in the development
and production of therapeutic proteins to the standards and quality required for clinical trials for human use.
Cost
of Revenues
Cost
of revenues consist primarily of costs incurred for manufacturing our 3-antigen HBV vaccine which includes cost of materials, consumables,
supplies, contractors, and manufacturing salaries.
Research
and Development Expenses
R&D
expenses, net of government grants and funding arrangements, consist primarily of costs incurred for the advancement of our lead
programs, including: our 3-antigen HBV vaccine; VBI-1901, our GBM vaccine immunotherapeutic candidate; VBI-2601, our hepatitis B
immunotherapeutic candidate; VBI-2900, our coronavirus vaccine program; and VBI-1501, our CMV vaccine candidate. These costs
include:
|
● |
the
cost of acquiring, developing, and manufacturing clinical study materials, and other consumables and lab supplies used in our pre-clinical
studies; |
|
|
|
|
● |
expenses
incurred under agreements with contractors or CDMOs or Contract Research Organizations to advance the vaccine candidates into and
through completion of clinical studies; and |
|
|
|
|
● |
employee-related
expenses, including salaries, benefits, travel, and stock-based compensation expense. |
We
expense R&D costs when we incur them.
Sales,
General, and Administrative (“SG&A”) Expenses
SG&A
expenses consist principally of commercialization costs, salaries, and related costs for executive and other administrative personnel
and consultants, including stock-based compensation, and travel expenses. Other sales, general, and administrative expenses include professional
fees for legal, patent protection, consulting and accounting services, travel and conference fees, board of directors meeting costs,
scientific and commercial advisory board meeting costs, rent, maintenance of facilities, depreciation, office supplies, information technology
costs and expenses, insurance, and other general expenses. SG&A expenses are expensed when incurred.
Impairment
charges
Impairment
charges consist of impairment on property and equipment, IPR&D, and goodwill.
Interest
Expense, Net
Interest
expense is associated with our long-term debt as discussed in Note 11 of the notes to the condensed consolidated financial statements.
In
line with our announcement on April 4, 2023, as a result of headcount and other cost reductions, we expect our operating expenses from
normal business will decrease beginning in the third quarter of 2023.
Results
of Operations
Three
and Six Months Ended June 30, 2023 Compared to the Three and Six Months Ended June 30, 2022
All
dollar amounts stated below are in thousands, unless otherwise indicated.
| |
Three months ended | | |
| | |
| |
| |
June 30 | | |
| | |
| |
| |
2023 | | |
2022 | | |
Change $ | | |
Change % | |
Revenues, net | |
$ | 720 | | |
$ | 346 | | |
$ | 374 | | |
| 108 | % |
| |
| | | |
| | | |
| | | |
| | |
Expenses: | |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| 3,483 | | |
| 2,522 | | |
| 961 | | |
| 38 | % |
Research and development | |
| 3,292 | | |
| 5,643 | | |
| (2,351 | ) | |
| (42 | )% |
Sales, general and administrative | |
| 10,917 | | |
| 15,084 | | |
| (4,167 | ) | |
| (28 | )% |
Impairment charges | |
| 20,000 | | |
| - | | |
| 20,000 | | |
| 100 | % |
Total operating expenses | |
| 37,692 | | |
| 23,249 | | |
| 14,443 | | |
| 62 | % |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (36,972 | ) | |
| (22,903 | ) | |
| (14,069 | ) | |
| 61 | % |
| |
| | | |
| | | |
| | | |
| | |
Interest expense, net | |
| (1,708 | ) | |
| (901 | ) | |
| (807 | ) | |
| 90 | % |
Foreign exchange loss | |
| (5,948 | ) | |
| (21,895 | ) | |
| 15,947 | | |
| (73 | )% |
Loss before income taxes | |
| (44,628 | ) | |
| (45,699 | ) | |
| 1,071 | | |
| (2 | )% |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| - | | |
| - | | |
| - | | |
| 0 | % |
| |
| | | |
| | | |
| | | |
| | |
NET LOSS | |
$ | (44,628 | ) | |
$ | (45,699 | ) | |
$ | 1,071 | | |
| (2 | )% |
| |
Six months ended | | |
| | |
| |
| |
June 30 | | |
| | |
| |
| |
2023 | | |
2022 | | |
Change $ | | |
Change % | |
Revenues, net | |
$ | 1,205 | | |
$ | 472 | | |
$ | 733 | | |
| 155 | % |
| |
| | | |
| | | |
| | | |
| | |
Expenses: | |
| | | |
| | | |
| | | |
| | |
Cost of revenues | |
| 7,039 | | |
| 5,276 | | |
| 1,763 | | |
| 33 | % |
Research and development | |
| 6,446 | | |
| 8,005 | | |
| (1,559 | ) | |
| (19 | )% |
Sales, general and administrative | |
| 24,201 | | |
| 26,014 | | |
| (1,813 | ) | |
| (7 | )% |
Impairment charges | |
| 20,000 | | |
| - | | |
| 20,000 | | |
| 100 | % |
Total operating expenses | |
| 57,686 | | |
| 39,295 | | |
| 18,391 | | |
| 47 | % |
| |
| | | |
| | | |
| | | |
| | |
Loss from operations | |
| (56,481 | ) | |
| (38,823 | ) | |
| (17,658 | ) | |
| 45 | % |
| |
| | | |
| | | |
| | | |
| | |
Interest expense, net | |
| (3,137 | ) | |
| (1,841 | ) | |
| (1,296 | ) | |
| 70 | % |
Foreign exchange loss | |
| (12,761 | ) | |
| (26,289 | ) | |
| 13,528 | | |
| (51 | )% |
Loss before income taxes | |
| (72,379 | ) | |
| (66,953 | ) | |
| (5,426 | ) | |
| 8 | % |
| |
| | | |
| | | |
| | | |
| | |
Income tax expense | |
| - | | |
| - | | |
| - | | |
| 0 | % |
| |
| | | |
| | | |
| | | |
| | |
NET LOSS | |
$ | (72,379 | ) | |
$ | (66,953 | ) | |
$ | (5,426 | ) | |
| 8 | % |
Revenues,
net
Revenues,
net for the three months ended June 30, 2023, were $720 as compared to $346 for the three months ended June 30, 2022. Revenues for
the three months ended June 30, 2023 increased by $374 or 108% due to an increase in product revenue, which had only begun to be
generated during the three months ended June 30, 2022, following the launch of PreHevbrio in the U.S. at the end of the first
quarter of 2022, and increased revenue growth during the remainder of 2022 and year to date in 2023, and sale of PreHevbri to our
European partner Valneva during the three months ended June 30, 2023, offset by slightly lower sales in the Israeli
market.
Revenues,
net for the six months ended June 30, 2023, were $1,205 as compared to $472 for the six months ended June 30, 2022. Revenues for the
six months ended June 30, 2023 increased by $733 or 155% due to the items discussed above.
Revenues,
net Composition
| |
Three months ended | | |
Six months ended | |
| |
June 30 | | |
June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
Product revenue, net | |
$ | 708 | | |
$ | 331 | | |
$ | 1,186 | | |
$ | 422 | |
R&D service revenue | |
| 12 | | |
| 15 | | |
| 19 | | |
| 50 | |
Total revenues, net | |
$ | 720 | | |
$ | 346 | | |
$ | 1,205 | | |
$ | 472 | |
Revenues,
net by Geographic Region
| |
Three months ended | | |
| | |
| |
| |
June 30 | | |
| | |
| |
| |
2023 | | |
2022 | | |
$ Change | | |
% Change | |
Revenue, net in United States | |
$ | 508 | | |
$ | 207 | | |
$ | 301 | | |
| 145 | % |
Revenue, net in Israel | |
| 57 | | |
| 126 | | |
| (69 | ) | |
| (55 | )% |
Revenue, net in China / Hong Kong | |
| 11 | | |
| 13 | | |
| (2 | ) | |
| (15 | )% |
Revenue, net in Europe | |
| 144 | | |
| - | | |
| 144 | | |
| 100 | % |
| |
$ | 720 | | |
$ | 346 | | |
$ | 374 | | |
| 108 | % |
| |
Six months ended | | |
| | |
| |
| |
June 30 | | |
| | |
| |
| |
2023 | | |
2022 | | |
$ Change | | |
% Change | |
Revenue, net in United States | |
$ | 830 | | |
$ | 207 | | |
$ | 623 | | |
| 301 | % |
Revenue, net in Israel | |
| 57 | | |
| 221 | | |
| (164 | ) | |
| (74 | )% |
Revenue, net in China / Hong Kong | |
| 18 | | |
| 38 | | |
| (20 | ) | |
| (53 | )% |
Revenue, net in Europe | |
| 300 | | |
| 6 | | |
| 294 | | |
| 4900 | % |
| |
$ | 1,205 | | |
$ | 472 | | |
$ | 733 | | |
| 155 | % |
Cost
of Revenues
Cost
of revenues for the three months ended June 30, 2023 was $3,483 as compared to $2,522 for the three months ended June 30, 2022. The increase
in the cost of revenues of $961 or 38% is due to increased product sales, direct labor costs, and inventory related costs incurred in
the three months ended June 30, 2023 compared to the three months ended June 30, 2022.
Cost
of revenues for the six months ended June 30, 2023 was $7,039 as compared to $5,276 for the six months ended June 30, 2022. The increase
in the cost of revenues of $1,763 or 33% is due to the items discussed above.
Research
and Development Expenses
R&D
expenses for the three months ended June 30, 2023 were $3,292 as compared to $5,643 for the three months ended June 30, 2022.
R&D expenses were offset by $2,338 for the three months ended June 30, 2023 and $1,018 for the three months ended June 30, 2022
due to government grants and funding arrangements. The decrease in R&D expenses of $2,351 or 42%, is mainly a result of the
increase in government grants and funding arrangements and a decrease in R&D expenses related to the development of our vaccine
candidates VBI-2901 and VBI-1901. During the three months ended June 30, 2022, preparations were underway to begin clinical trials
for both programs; however, during the three months ended June 30, 2023 only VBI-2901 was in a clinical trial.
R&D
expenses for the six months ended June 30, 2023 were $6,446 as compared to $8,005 for the six months ended June 30, 2022. R&D expenses
were offset by $4,736 for the six months ended June 30, 2023 and $3,856 for the six months ended June 30, 2022 due to government grants
and funding arrangements. The decrease in R&D expenses of $1,559 or 19% is due to the items discussed above.
Sales,
General, and Administrative Expenses
SG&A
expenses, net of government grants and funding arrangements, for the three months ended June 30, 2023 were $10,917 as compared to
$15,084 for the three months ended June 30, 2022. SG&A expenses were offset by $205 for the three months ended June 30, 2023 and
$111 for the three months ended June 30, 2022 due to government grants and funding arrangements. The SG&A expense decrease of
$4,167 or 28%, is mainly a result of the recent organizational changes which reduced our internal headcount, commercial field teams,
and our activity-based commercial expenses related to PreHevbrio.
SG&A
expenses, net of government grants and funding arrangements, for the six months ended June 30, 2023 were $24,201 as compared to $26,014
for the six months ended June 30, 2022. SG&A expenses were offset by $389 for the three months ended June 30, 2023 and $419 for the
six months ended June 30, 2022 due to government grants and funding arrangements. The SG&A expense decrease of $1,813 or 7%, is due
to the items discussed above.
Impairment
charges
Non-cash
impairment charges for the three and six months ended June 30, 2023 were $20,000 compared to $0 for the three and six months ended
June 30, 2022. The impairment charges were related to IPR&D and property and equipment. See Note 6 in the condensed consolidated
financial statements.
Loss
from Operations
The
net loss from operations for the three months ended June 30, 2023 was $36,972 as compared to $22,903 for the three months ended June
30, 2022. The $14,069 increase in the net loss from operations resulted from the
$20,000 non-cash impairment charges, which was partially offset by a reduction in other expenses and other items discussed above. As a
result of the headcount reductions and other reductions in spend as announced on April 4, 2023, we expect our operating expenses
from normal business to be 30-35% lower in the second half of 2023 as compared to the second half of 2022.
The
net loss from operations for the six months ended June 30, 2023 was $56,481 as compared to $38,823 for the six months ended June 30,
2022. The $17,658 increase in the net loss from operations resulted from the $20,000 non-cash impairment charge which was partially offset by a reduction in other expenses discussed above. As a result of the headcount reductions and other reductions in
spend as announced on April 4, 2023, we expect our operating expenses from normal business to be 30-35% lower in the second half of
2023 as compared to the second half of 2022.
Interest
Expense, Net
Interest
expense, net for the three months ended June 30, 2023 was $1,708 as compared to $901 for
the three months ended June 30, 2022. The increase in interest expense, net of $807 or 90%
is due to an increase in long-term debt of $20,000 beginning mid-September 2022 and increased interest payments on our long-term debt
due to higher interest rates applied during the three months ended June 30, 2023.
Interest
expense, net for the six months ended June 30, 2023 was $3,137 as compared to $1,841 for
the six months ended June 30, 2022. The increase in interest expense, net of $1,296 or 70%
is due to an increase in long-term debt of $20,000 beginning mid-September 2022 and increased interest payments on our long-term debt
due to higher interest rates applied during the six months ended June 30, 2023.
Foreign
Exchange Loss
The
foreign exchange loss for the three months ended June 30, 2023 was $5,948 compared to $21,895 for
the three months ended June 30, 2022. The change is a result of the changes in the foreign currency exchange rates (NIS and CAD) in which
the foreign currency transactions were denominated for each of those periods, including the foreign exchange impact of intercompany loans
that are translated at period end.
The
foreign exchange loss for the six months ended June 30, 2023 was $12,761 compared to $26,289 for
the six months ended June 30, 2022. The change is a result of the changes in the foreign currency exchange rates (NIS and CAD) in which
the foreign currency transactions were denominated for each of those periods, including the foreign exchange impact of intercompany loans
that are translated at period end.
Net
Loss
Net
loss for the three months ended June 30, 2023 was $44,628 compared to $45,699 for the three
months ended June 30, 2022 and was a result of the items discussed above.
Net
loss for the six months ended June 30, 2023 was $72,379 compared to $66,953 for the six
months ended June 30, 2022 and was a result of the items discussed above.
Liquidity
and Capital Resources
| |
June 30, 2023 | | |
December 31, 2022 | | |
$ Change | | |
% Change | |
| |
| | |
| | |
| | |
| |
Cash | |
$ | 20,840 | | |
$ | 62,629 | | |
$ | (41,789 | ) | |
| (67 | )% |
Current Assets | |
| 31,891 | | |
| 77,690 | | |
| (45,799 | ) | |
| (59 | )% |
Current Liabilities | |
| 27,674 | | |
| 36,942 | | |
| (9,268 | ) | |
| (25 | )% |
Working Capital | |
| 4,217 | | |
| 40,748 | | |
| (36,531 | ) | |
| (90 | )% |
Accumulated Deficit | |
| (561,988 | ) | |
| (489,609 | ) | |
| (72,379 | ) | |
| 15 | % |
As of June 30, 2023, we had cash of $20,840 as compared to $62,629 as of
December 31, 2022. As described elsewhere, in early July 2023, the Company received $15,000 from an upfront payment from Brii Bio pursuant
to the Brii Collaboration Agreements and the concurrent registered direct offering, and aggregate gross proceeds of $20,500 from an underwritten
public offering. As of June 30, 2023, we had working capital of $4,217 as compared to working capital of $40,748 at December 31, 2022.
Working capital is calculated by subtracting current liabilities from current assets.
Net
Cash Used in Operating Activities
The
Company incurred net losses of $72,379 and $66,953 in the six months ended June 30, 2023 and
2022, respectively. The Company used $40,866 and $37,375 in cash for operating activities during the six months ended June
30, 2023 and 2022, respectively. The increase in cash outflows is largely a result of an increase in net loss, offset by non-cash
reconciling items, mainly impairment charges and unrealized foreign exchange loss and the change in operating working capital, most
notably in other current assets, accounts payable and other current liabilities.
Net
Cash Used in Investing Activities
Net
cash flows used by investing activities was $584 for the six months ended June 30, 2023 compared to cash used in investing activities
of $1,592 for the six months ended June 30, 2022. The cash outflow in both periods is a result of routine property and equipment purchases.
Net
Cash Provided by Financing Activities
Net
cash flows provided by financing activities was $0 for the six months ended June 30, 2023 compared to cash flows provided by financing
activities of $12 during the six months ended June 30, 2022.
Sources
of Liquidity
Underwritten
Public Offering and Registered Direct Offering
In
July 2023, the Company closed (i) an underwritten public offering of 12,445,454 common shares and accompanying common warrants to
purchase up to 12,545,454 common shares (which included 1,536,363 common shares and common warrants to purchase up to 1,636,363
common shares issued pursuant to the underwriters’ partial exercise of their option to purchase additional common shares and
common warrants), at a combined public offering price of $1.65 per share and accompanying common warrant, and (ii) a concurrent
registered direct offering, pursuant to the expanded hepatitis B partnership with Brii Bio, of 1,818,182 common shares and accompanying common warrants to purchase 1,818,182 common shares, at a
combined purchase price of $1.65 per share and accompanying common warrant. The accompanying common warrants issued and sold in each
of the underwritten public offering and concurrent registered direct offering have an exercise price of $1.65 per share and expire
five years from the date of issuance. The aggregate gross proceeds from the underwritten public offering, including aggregate gross
proceeds from the underwriters’ exercise of their option to purchase additional securities, were $20,500. The aggregate gross
proceeds from the concurrent registered direct offering were $3,000.
Jefferies
Open Market Sale Agreement
On
August 26, 2022, we 1) filed a registration statement on Form S-3 (File No. 333-267109), which included a base prospectus which covers
the offering, issuance and sale of up to $300,000 of common shares, warrants, units and/or subscription rights; and 2) entered into an
Open Market Sale Agreement with Jefferies LLC (“Jefferies”), pursuant to which we may offer and sell our common shares having
an aggregate price of up to $125,000 from time to time through Jefferies, acting as agent or principal (the “ATM Program”).
The ATM Program replaced the Open Market Sale Agreements previously entered into with Jefferies on July 31, 2020 and September 3, 2021,
pursuant to each of which we could offer and sell our common shares having an aggregate price of up to $125,000 from time to time, through
“at the market” equity offering programs. Prior to termination, $27,022 of our common shares remained available for sale
pursuant to the first ATM program, and $125,000 of our common shares remained available for sale pursuant to the second ATM program.
$125,000 of our common shares remain available for sale pursuant to the ATM program, as we did not make
any sales under the ATM Program during the six months ended June 30, 2023.
K2
HealthVentures LLC Long Term Debt
On
May 22, 2020, the Company, along with its subsidiary VBI Cda, (collectively, the “Borrowers”) entered into the Loan and
Guaranty Agreement (the “Loan Agreement”) with K2HV and any other lender from time-to-time party thereto (the
“Lenders”). On May 22, 2020, the Lenders advanced the first tranche of term loans of $20,000. Pursuant to the Loan
Agreement, the Lenders originally had the ability to convert, at the Lenders’ option, up to $4,000 of the secured term loan
into common shares of the Company at a conversion price of $43.80 per share until the original maturity date of June 1, 2024. On
February 3, 2021, pursuant to the Loan Agreement, the Lenders converted $2,000 of the secured term loan into 45,662 common shares at
a conversion price of $43.80 per share.
On
May 17, 2021, the Company entered into the First Amendment to the Loan and Guaranty Agreement (“First Amendment”) with the
Lenders and received additional loan advances of $12,000.
On
September 14, 2022, the Company entered into the Second Amendment to the Loan Agreement (the “Second Amendment”) with the
Lenders to: (i) increase the amount of the term loans available under the Loan Agreement to $100,000 from $50,000, which term loans are
available in additional tranches subject to the achievement of milestones and other customary conditions, (ii) add certain minimum net
revenue covenants, (iii) extend the final maturity date for the term loans to September 14, 2026, which may be extended to September
14, 2027, under certain circumstances, and (iv) to the extent that the maturity date is extended, the term loans will begin amortizing
on a monthly basis on September 14, 2026.
On
September 15, 2022, the Lenders advanced to the Borrowers the Restatement First Tranche Term Loan (as defined in the Second Amendment)
in an aggregate amount of $50,000 which included the refinancing of the $30,000 in term loans that were outstanding under the Loan Agreement
as amended by the First Amendment. The next tranche of term loans of up to $10,000 will be available from April 1, 2024, through June 30, 2024, so long as certain milestones
are achieved, no events of default under the Loan Agreement have occurred and are continuing, and
the Liquidity Requirement is satisfied. The final tranche of term loans of up to $25,000 shall be available at any time from September
14, 2022, until September 14, 2026, subject to the Lender’s review of the Company’s clinical and financial plans and Lender’s
investment committee approval.
Pursuant
to the Second Amendment, the Lenders have the ability to convert $7,000 into common shares, by which $2,000 of the term loans shall be
convertible into 45,662 common shares at a conversion price of $43.80 per share and $5,000 of the term loans shall be convertible into
159,734 common shares at a conversion price of $31.302 per share (“K2HV conversion feature”).
In
connection with the Loan Agreement, on May 22, 2020, the Company issued the Lenders a warrant to purchase up to 20,833 common shares
(the “Original K2HV Warrant”) at an exercise price of $33.60 per share. On May 17, 2021, in connection with the First
Amendment, the Company amended and restated the Original K2HV Warrant to purchase an additional 10,417 common shares for a total of
31,250 common shares (the “First Amendment Warrant”) with the same exercise price of $33.60 per share. On September 14,
2022, in connection with the Second Amendment and the advance of the first tranche of term loans of $50,000 by the Lenders, the
Company issued the Lenders a warrant to purchase an additional 72,680 common shares (the “Second Amendment Warrant”)
with a warrant exercise price of $24.08. If and/or when additional tranches are advanced pursuant to the Second Amendment, the
Company will issue additional warrants to purchase up to 72,680 common shares pursuant to the Second Amendment Warrant. If the full
remaining $50,000 available in the K2HV tranches is advanced pursuant to the Second Amendment, up to an additional 72,680 common
shares will be issuable pursuant to the Second Amendment Warrant.
The First Amendment Warrant and the Second Amendment Warrant may
be exercised either for cash or on a cashless “net exercise” basis. The First Amendment Warrant expires on May 22, 2030
and the Second Amendment Warrant expires on September 14, 2032.
The
Company is required to make a final payment equal to 6.95% of the aggregate term loan principal on the maturity date of the term loan,
or upon earlier prepayment of the term loans in accordance with the Second Amendment (the “Second Amendment Final Payment”).
The final payment related to the refinanced $30,000 in term loans that were outstanding under the Loan Agreement as amended by the First
Amendment of $2,224 remains and is due the earlier of June 1, 2024 or the earlier prepayment of the term loans in accordance with the
Second Amendment (the “Original Final Payment”).
Upon
receipt of additional funds, issuable pursuant to the various tranches, under the Second Amendment, additional common shares will be
issuable pursuant to the Second Amendment Warrant as determined by the principal amount of the applicable tranche actually funded
multiplied by 3.5% and divided by the warrant exercise price of $24.08, and the Second Amendment Final Payment will increase by
6.95% of the funds advanced.
The
total principal amount of the loan under the Loan Agreement as amended by the Second Amendment, outstanding at June 30, 2023, including
the Original Final Payment of $2,224 and the Second Amendment Final Payment of $3,475 in connection with the Second Amendment, is $55,699.
The principal amount of the loan made under the Loan Agreement as amended by the Second Amendment accrues interest at an annual rate
equal to the greater of (a) 8.00%, or (b) prime rate plus 4.00%. The interest rate as of June 30, 2023 was 12.25%. The Company is required
to pay only interest until September 14, 2026. The effective interest rate on the loan of $50,000, excluding the Original
Final Payment and Second Amendment Final Payment, is 15.88%.
Upon the occurrence
of an Event of Default, and during the continuance of an Event of Default, the applicable rate of interest, described above, will be
increased by 5.00% per annum. The secured term loan maturity date is September 14, 2026, or if the milestone for the next tranche of
the term loans has been achieved, September 14, 2027, and the Loan Agreement as amended by the Second Amendment includes both financial
and non-financial covenants. The Company was in compliance with these covenants as of June 30, 2023.
The obligations under the Loan Agreement as amended
by the Third Amendment (as defined below) are secured on a senior basis by a lien on substantially all of the assets of the Company and
its subsidiaries. The subsidiaries of the Company, other than VBI Cda, SciVac HK, and VBI BV, are guarantors of the obligations of the
Company and VBI Cda under the Loan Agreement. The Loan Agreement also contains customary events of default.
On July 5, 2023, the Borrowers and K2HV entered
into (i) an amendment (the “Third Amendment”) to the Loan Agreement, and (ii) an amendment to the Pledge and Security
Agreement, dated May 22, 2020, by and among the Company, VBI DE, VBI Cda, K2HV, and Ankura Trust Company, LLC, as collateral trustee
for the lenders, pursuant to which the parties have agreed to permit the Brii Collaboration Agreements, the Supply Agreement (the
“Supply Agreement”), dated July 5, 2023 by and between the Company and Brii Bio, and the Letter Agreement (the
“Letter Agreement”), dated July 5, 2023, by and among the Company, SciVac and Brii Bio. The Company granted to K2VH a
security interest in, all of its respective right, title, and interest in and to substantially all of the Company’s
intellectual property. In addition, among others, any breach, default or other triggering event by the Company occurring under the
Brii Collaboration Agreements resulting in Brii Bio exercising a right to terminate the Brii Collaboration Agreements, will cross
default the Third Amendment.
CEPI
Partnership
On
March 9, 2021, we and CEPI announced the CEPI Funding Agreement, to develop eVLP vaccine candidates against SARS-COV-2 variants, including
the Beta variant, also known as the B.1.351 variant and as 501Y.V2, first identified in South Africa. CEPI agreed to provide up to $33,018
to support the advancement of VBI-2905, a monovalent eVLP candidate expressing the pre-fusion form of the spike protein from the Beta
variant strain, through Phase I clinical development. On December 6, 2022, we and CEPI entered into the CEPI Amendment to expand the
scope of the CEPI Funding Agreement. The CEPI Amendment, among others, (i) expands the definition of “Project Vaccine” to
include additional multivalent vaccine constructs within the VBI-2900 program, (ii) removes certain pricing restrictions previously allocated
to high-income countries in the CEPI Funding Agreement, (iii) updates the proposed volume commitment percentage contributions by us to
CEPI for a Project Vaccine, and (iv) adds certain commercial benefits and related adjustments for CEPI following the pandemic period,
including royalties paid to CEPI, in the event that CEPI provides funding for Phase III clinical studies of the Project Vaccine. Since
inception of the CEPI Funding Agreement we received $19,327, of which there is a balance remaining of $4,892 in other current liabilities
on the consolidated balance sheet.
Plan
of Operations and Future Funding Requirements
The
report of our independent registered public accounting firm on our consolidated financial statements for the year ended December 31,
2022 contains an explanatory paragraph regarding our ability to continue as a going concern. VBI has incurred significant net losses
and negative operating cash flows since inception and expects to continue incurring losses and negative cash flows from operations as
we carry out our planned clinical, regulatory, R&D, commercial, and manufacturing activities with respect to the advancement of our
3-antigen HBV vaccine and pipeline candidates. As of June 30, 2023, VBI had an accumulated deficit of $561,988 and stockholders’
equity of $8,738.
Our
ability to maintain our status as an operating company and to realize our investment in our IPR&D assets is dependent upon obtaining
adequate cash to finance our clinical development, manufacturing, our commercialization activities, our administrative overhead and our
research and development activities. We expect that we will need to secure additional financing to finance our business plans, which
may be a combination of proceeds from the issuance of equity securities, the issuance of additional debt, government or non-government
grants or subsidies, and revenues from potential business development transactions, if any. There is no assurance we will manage to obtain
these sources of financing. The accompanying financial statements have been prepared assuming that we will continue as a going concern;
however, the above conditions raise substantial doubt about our ability to do so. The financial statements do not include any adjustments
to reflect the possible future effects on the recoverability and classification of assets or the amounts and classifications of liabilities
that may result from this uncertainty. Our long-term success and ability to continue as a going concern is dependent upon obtaining sufficient
capital to fund the research and development of our products, to bring about their successful commercial release, to generate revenue,
and, ultimately, to attain profitable operations, or, alternatively, to advance our products and technology to such a point that they
would be attractive candidates for acquisition by others in the industry.
We
will require additional funds to conduct clinical and non-clinical trials, achieve and maintain regulatory approvals, and, subject to
such approvals, commercially launch and sell our products, and will need to secure additional financing in the future to support our
operations and to realize our investment in our IPR&D assets. We base this belief on assumptions that are subject to change, and
we may be required to use our available cash and cash equivalent resources sooner than we currently expect. Our actual future capital
requirements will depend on many factors, including the progress and results of our ongoing clinical trials, the duration and cost of
discovery and preclinical development, laboratory testing and clinical trials for our pipeline candidates, the timing and outcome of
regulatory review of our products, product sales, the costs involved in preparing, filing, prosecuting, maintaining, defending, and enforcing
patent claims and other intellectual property rights, the number and development requirements of other pipeline candidates that we pursue,
and the costs of commercialization activities, including product marketing, sales, and distribution.
We
expect to finance our future cash needs through public or private equity offerings, debt financings, government grants or non-government
funding, or business development transactions. Pursuant to the Contribution Agreement, we will receive up to CAD $55,976 as a government
grant to support the development of the Company’s coronavirus vaccine program, though Phase II clinical studies, and pursuant to
the CEPI Funding Agreement, as amended by the CEPI Amendment, we will receive up to $33,018 in funding to support the development of
the Company’s coronavirus vaccine program. We may need to raise additional funds more quickly if one or more of our assumptions
prove to be incorrect or if we choose to expand our product development efforts more rapidly than we presently anticipate. We may also
decide to raise additional funds even before we need them if the conditions for raising capital are favorable. Additional equity, debt,
government grants or non-government funding, or business development transactions may not be available on acceptable terms, if at all.
If adequate funds are not available, we may be required to delay, reduce the scope of or eliminate our R&D programs, reduce our planned
commercialization efforts or obtain funds through arrangements with collaborators or others that may require us to relinquish rights
to certain pipeline candidates that we might otherwise seek to develop or commercialize independently.
Pursuant to the underwriting agreement, dated July
5, 2023, the Company agreed not to issue any common shares or common share equivalents or to file any other registration statement with
the SEC (in each case, subject to certain exceptions) until after the 60th day following the date of the underwriting agreement, without
the prior written consent of Raymond James & Associates, Inc. In addition, the common warrants sold in July 2023 in the underwritten
public offering and the registered direct offering contain a full ratchet anti-dilution price protection to be triggered upon issuance
of equity or equity-linked securities at an effective common share purchase price of less than the exercise price in effect. Such obligations
may make any additional financing difficult to obtain or unavailable to the Company.
To
the extent we raise additional capital by issuing equity securities or obtaining borrowings convertible into equity, ownership dilution
to existing stockholders will result and future investors may be granted rights superior to those of existing stockholders. The incurrence
of indebtedness or debt financing would result in increased fixed obligations and could also result in covenants that would restrict
our operations. Our ability to obtain additional capital may depend on prevailing economic conditions and financial, business, and other
factors beyond our control. The COVID-19 endemic, its ongoing effects, the continuing armed conflict between Russia and Ukraine, and
inflation among others, have caused an unstable economic environment globally. Disruptions in the global financial markets may adversely
impact the availability and cost of credit, as well as our ability to raise money in the capital markets. Current economic conditions
have been, and continue to be, volatile. Continued instability in these market conditions may limit our ability to access the capital
necessary to fund and grow our business.
The
Company’s long-term success and ability to continue as a going concern are dependent upon obtaining sufficient capital to fund
the research and development of its pipeline candidates, to bring about their successful commercial release, to generate revenue and,
ultimately, to attain profitable operations or, alternatively, to advance its products and technology to such a point that they would
be attractive candidates for acquisition by others in the industry.
To
date, the Company has been able to obtain financing as and when it was needed; however, there is no assurance that financing will
be available in the future, or if it is, that it will be available at acceptable terms.
As
of June 30, 2023, we have no off-balance sheet transactions, arrangements, obligations (including contingent obligations), or other relationships
with unconsolidated entities or other persons that have, or may have, a material effect on our financial condition, changes in financial
condition, revenues or expenses, results of operations, liquidity, capital expenditures, or capital resources.
Known
Trends, Events, and Uncertainties
As with other companies that are in the process of
developing and commercializing novel pharmaceutical and biologic products, we will need to successfully manage normal business and scientific
risks. Research and development of new technologies is, by its nature, unpredictable. We cannot assure you that our technology will be
adopted, that we will ever earn revenues sufficient to support our operations, or that we will ever be profitable. In May 2023, the World
Health Organization determined that COVID-19 no longer fit the definition of a public health emergency and the declaration of a public
health emergency associated with COVID-19 subsequently expired on May 11, 2023. COVID-19 is expected to remain a serious endemic threat
for an indefinite future period and has adversely affected and may continue to adversely affect our operations and global economy. In
addition, the consequences of the ongoing conflict between Russia and Ukraine, including related sanctions and countermeasures, are difficult
to predict, and could adversely impact geopolitical and macroeconomic conditions, the global economy, and contribute to increased market
volatility, which may in turn adversely affect our business and operations. Furthermore, other than as discussed in this report, we have
no committed source of financing and may not be able to raise money as and when we need it to continue our operations. If we cannot raise
funds as and when we need them, we may be required to severely curtail, or even to cease, our operations.
In
addition, we began the reduction of our internal workforce by 30-35% in April and which was largely completed by the end of June 2023.
As a result of this and other reductions in spend, although we expect our operating expenses from normal business to be 30-35% lower
in the second half of 2023 as compared with the second half of 2022, there is no assurance that the planned reduction in workforce and
other expenses will result in the expected overall reduction of our operating expenses.
Other
than as discussed above and elsewhere in this report, we are not aware of any trends, events or uncertainties that are likely to have
a material effect on our financial condition.
Critical
Accounting Policies and Estimates
There
have been no changes to our critical accounting policies during the six months ended June 30, 2023. Critical accounting policies and
the significant accounting estimates made in accordance with such policies are regularly discussed with the Audit Committee of the Company’s
board of directors. Those policies are discussed under “Critical Accounting Policies” in our “Management’s Discussion
and Analysis of the Financial Condition and Results of Operations” included in Item 7 of our Annual Report on Form 10-K for the
year ended December 31, 2022 (the “2022 10-K”), as well as in our consolidated financial statements and the footnotes thereto,
included in the 2022 Form 10-K.
Recent
Accounting Pronouncements
See
Note 3 of Notes to the Condensed Consolidated Financial Statements in this Form 10-Q.
Item
3. Quantitative and Qualitative Disclosures About Market Risk
Not
applicable.
Item
4. Controls and Procedures
Disclosure
Controls and Procedures
Our
management has evaluated, under the supervision and with the participation of our Chief Executive Officer (our principal executive officer)
and our Chief Financial Officer and Head of Corporate Development (our principal financial and accounting officer), the effectiveness
of our disclosure controls and procedures as of the end of the period covered by this Form 10-Q as defined in Rule 13a-15(e) or Rule
15d-15(e) under the Exchange Act. Based on that evaluation, our Chief Executive Officer and our Chief Financial Officer and Head of Corporate
Development have concluded that, as of the end of the period covered by this Form 10-Q, our disclosure controls and procedures are effective
in ensuring that information required to be disclosed in our Exchange Act reports is (1) recorded, processed, summarized and reported
in a timely manner, and (2) accumulated and communicated to our management, including our Chief Executive Officer and our Chief Financial
Officer and Head of Corporate Development, as appropriate, to allow timely decisions regarding required disclosure.
Changes
in Internal Control Over Financial Reporting
There
has been no change in our internal control over financial reporting identified in connection with the evaluation required by Rule 13a-15(d)
and 15d-15(d) of the Exchange Act that occurred during the fiscal quarter ended June 30, 2023, that have materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting.
PART
II—OTHER INFORMATION
Item
1. Legal Proceedings
From
time to time, the Company may be involved in certain claims and litigation arising out of the ordinary course and conduct of business.
Management assesses such claims and, if it considers that it is probable that an asset had been impaired or a liability had been incurred
and the amount of loss can be reasonably estimated, provisions for loss are made based on management’s assessment of the most likely
outcome.
On
September 13, 2018, two civil claims were brought in the District Court of the central district in Israel naming our subsidiary SciVac
as a defendant. In one claim, two minors, through their parents, allege, among other things: defects in certain batches of Sci-B-Vac
discovered in July 2015; that Sci-B-Vac was approved for use in children and infants in Israel without sufficient evidence establishing
its safety; that SciVac failed to provide accurate information about Sci-B-Vac to consumers; and that each child suffered side effects
from the vaccine. The claim was filed together with a motion seeking approval of a class action on behalf of 428,000 children vaccinated
with Sci-B-Vac in Israel from April 2011 and seeking damages in a total amount of NIS 1,879,500 ($507,973). The second claim is a civil
action brought by two minors and their parents against SciVac and the Ministry of Health of the State of Israel (“IMoH”)
alleging, among other things, that SciVac marketed an experimental, defective, hazardous or harmful vaccine; that Sci-B-Vac was marketed
in Israel without sufficient evidence establishing its safety; and that Sci-B-Vac was produced and marketed in Israel without approval
of a western regulatory body. The claim seeks damages for past and future losses and expenses as well as punitive damages.
The
District Court has accepted SciVac’s motion to suspend reaching a decision on the approval of the class action pending the determination
of liability under the civil action. Preliminary hearings for the trial of the civil action began on January 15, 2020, with subsequent
preliminary hearings held on May 13, 2020, December 3, 2020, September 30, 2021, June 9, 2022, January 12, 2023 and July 13, 2023. The
next preliminary hearing is scheduled to be held on November 16, 2023.
On
December 5, 2022, another tort claim was filed in the District Court of the central district in Israel naming our subsidiary, SciVac,
as a defendant. The claim was filed by a minor and his parents against SciVac, the IMoH, and Prof. Arieh Raziel, requesting compensation
due to bodily injury of the minor, who was diagnosed as suffering from an Autism Spectrum Disorder. The plaintiffs allege that the minor’s
disabilities and the syndrome from which he suffers were caused due to a combination of several factors, including negligent pregnancy
monitoring, negligent labor and delivery procedure, and administration of the alleged defective vaccine (Sci-B-Vac vaccine). Preliminary
hearings will begin on September 10, 2023.
SciVac
believes these matters to be without merit and intends to defend these claims vigorously.
Item
1A. Risk Factors
The following description of risk factors includes any material changes
to risk factors associated with our business, financial condition and results of operations previously disclosed in “Item 1A. Risk
Factors” of the 2022 Form 10-K. Our business, financial condition and operating results can be affected by a number of factors,
whether currently known or unknown, including but not limited to those described below, any one or more of which could, directly or indirectly,
cause our actual financial condition and operating results to vary materially from past, or from anticipated future, financial condition
and operating results. Any of these factors, in whole or in part, could materially and adversely affect our business, financial condition,
operating results, and stock price.
The
following discussion of risk factors contains forward-looking statements. These risk factors may be important to understanding other
statements in this Form 10-Q. The following information should be read in conjunction with the condensed consolidated financial statements
and related notes in Part I, Item 1, “Financial Statements” and Part I, Item 2, “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” of this Form 10-Q.
Certain of our warrants contain “full
ratchet” anti-dilution provisions, which may dilute the interests of our shareholders, depress the price of our common shares, and
make it difficult for us to raise additional capital.
Certain of our warrants (the “July 2023 warrants”)
issued in the underwritten public offering and concurrent registered direct offering consummated in July 2023 contain “full ratchet”
anti-dilution provisions applicable to the exercise price. If in the future, while any of the July 2023 warrants are outstanding, we issue
securities at an effective purchase price per common share that is less than the applicable exercise price of the July 2023 warrants as
then in effect, we will be required, subject to certain limitations and adjustments as provided in the July 2023 warrants, to further
reduce the relevant exercise price of the July 2023 warrants. Such adjustments can dilute the book value per common share and reduce any
proceeds we may receive from the exercise of the July 2023 warrants. In addition, the perceived risk of dilution may cause our shareholders
to be more inclined to sell their common shares, which may in turn depress the price of common shares regardless of our business performance.
We may also find it more difficult to raise additional equity capital while any of the July 2023 warrants are outstanding.
The
Reverse Stock Split may decrease the liquidity of our common shares.
The
liquidity of our common shares may be affected adversely by the Reverse Stock Split given the reduced number of shares that are outstanding
following the Reverse Stock Split. In addition, the Reverse Stock Split would have increased the number of shareholders who own odd lots
(less than 100 shares) of our common shares, creating the potential for such shareholders to experience an increase in the cost of selling
their shares and greater difficulty effecting such sales.
The
reduction in our internal workforce and other cost reductions we are undertaking to reduce our operating expenses could disrupt our business.
On
April 4, 2023, we announced organizational changes including our intention to reduce our internal workforce and other expenses by 30-35%,
activity which began in April and was largely completed by the end of June 2023. The headcount reduction and other actions
we are undertaking to reduce our operating costs may result in unintended consequences and costs, such as the loss of institutional knowledge
and expertise, attrition beyond the intended number of employees seeking alternative employment, decreased morale among our remaining
employees, and the risk that we may not achieve the anticipated benefits of the reduction in force. Our workforce reductions could also
harm our ability to attract and retain qualified management and personnel who are critical to our business. In addition, our former employees
may initiate lawsuits related to their termination. The reduction in internal workforce could also make it difficult for us to pursue,
or prevent us from pursuing, new opportunities and initiatives. Any of the foregoing may be disruptive to our operations. If we are unable
to realize the anticipated benefits from the reduction in internal workforce, or if we experience significant unintended adverse consequences
from the reduction in internal workforce, our business, financial condition, and results of operations may be materially adversely affected.
We
may not continue to meet the continued listing requirements of Nasdaq, which could result in a delisting of our common shares.
Our
common shares are listed on Nasdaq. While we are currently in compliance, we have in the past been, and may in the future be, unable
to comply with certain of the listing standards that we are required to meet to maintain the listing of our common shares on Nasdaq.
For instance, on July 1, 2022, we received a letter from the Listing Qualifications Department of Nasdaq indicating that, based upon
the closing bid price of our common shares for the 30 consecutive business day period between May 18, 2022 through June 30, 2022, we
did not meet the minimum bid price of $1.00 per share required for continued listing on Nasdaq pursuant to Nasdaq Listing Rule 5550(a)(2).
On April 12, 2023, we effected the Reverse Stock Split to regain compliance and on April 26, 2023 we received notice from Nasdaq indicating
that the Company has regained compliance with the minimum bid price requirement under Nasdaq Listing Rule 5550(a)(2), and the matter
is now closed. The primary intent for the Reverse Stock Split was that the anticipated increase in the price of our common shares immediately
following and resulting from a reverse stock split due to the reduction in the number of issued and outstanding common shares would help
us meet the minimum bid price requirement. It cannot be assured that the Reverse Stock Split will result in any sustained proportionate
increase in the market price of our common shares, which is dependent upon many factors, including the business and financial performance
of the company, general market conditions, and prospects for future success, which are unrelated to the number of shares of our common
shares outstanding. It is not uncommon for the market price of a company’s common shares to decline in the period following a reverse
stock split. Thus, while we have regained compliance with the continued listing requirements for Nasdaq, it cannot be assured that we
will continue to do so. If Nasdaq delists our common shares from trading on its exchange for failure to meet the listing standards, an
investor would likely find it significantly more difficult to dispose of or obtain our shares, and our ability raise future capital through
the sale of our shares could be severely limited. Delisting could also have other negative results, including the potential loss of confidence
by employees, the loss of institutional investor interest and fewer business development opportunities.
Impairment
in the value of IPR&D has and any impairment of goodwill, other intangible assets, and long-lived assets in the future could
negatively impact our results of operations.
Under
generally accepted accounting principles, we review our intangible assets and long-lived assets for impairment when events or changes
in circumstances indicate the carrying value may not be recoverable. Goodwill is required to be tested for impairment at least annually.
Factors that may be considered when determining if the carrying value of our goodwill, other intangible assets and long-lived assets
may not be recoverable include a sustained, significant decline in our stock price and market capitalization or a significant decline
in our expected future cash flows. If our stock price decreases to the point where the fair value of our assets (as partially indicated
by our market capitalization) is less than our book value, this could indicate a potential impairment and we may be required to record
an impairment charge. Our valuation methodology for assessing impairment requires management to make judgments and assumptions based
on projections of future operating performance. We operate in highly competitive environments and projections of future operating results
and cash flows may vary significantly from actual results. As a result, we may incur substantial impairment charges to earnings in our
financial statements should an impairment of our goodwill, other intangible assets and long-lived assets be determined resulting in an
adverse impact on our results of operations.
The drop in market conditions experienced in April 2023 was
considered a triggering event for an interim impairment test for property and equipment, IPR&D and goodwill. As a result of our
evaluation, we recognized a non-cash, pre-tax impairment charge of $20,000 during the three months ended June 30, 2023, which
consists of non-cash impairment charge of $19,000 related to the IPR&D intangible asset, specifically attributable to the congenital CMV asset, and $1,000 related to the property and
equipment assets. These charges in the three months ended June 30, 2023, and any future charges related to intangible assets
have, and may in the future have, a material adverse effect on our results of operations or financial condition. A significant
impairment charge could have a material negative impact on our financial condition and results of operations. We will continue to
evaluate our intangible assets for potential impairment in accordance with our accounting policies.
Events giving rise to impairment are difficult to
predict and are an inherent risk in the pharmaceutical industry. Some of the potential risks that could result in impairment of our IPR&D
include negative clinical trial results, adverse regulatory developments, delay or failure to obtain regulatory approval, additional development
costs, changes in the manner of our use or development of our product candidate, competition, earlier than expected loss of exclusivity,
pricing pressures, higher operating costs, changes in tax laws, prices that third parties are willing to pay for our IPR&D or similar
assets in an arm’s-length transaction being less than the carrying value of our IPR&D, and other market and economic environment
changes or trends, such as the continuing impacts of the COVID-19 endemic. We operate in highly competitive environments and projections
of future operating results and cash flows may vary significantly from actual results. Events or changes in circumstances may lead to
significant impairment charges on our IPR&D in the future. As a result, we may incur substantial impairment charges to earnings in
our financial statements should an impairment of our goodwill, other intangible assets and long-lived assets be determined resulting in
an adverse impact on our results of operations.
Item
2. Unregistered Sales of Equity Securities and Use of Proceeds
a)
Sales of Unregistered Securities
There
have been no unregistered sales of securities during the period covered by this Form 10-Q that have not been previously reported in a
Current Report on Form 8-K. We have not made any purchases of our own securities during the time period covered by this Form 10-Q.
c)
Issuer Purchases of Equity Securities
None.
Item
3. Defaults Upon Senior Securities
None.
Item
4. Mine Safety Disclosure
Not
applicable.
Item
5. Other Information
None.
Item
6. Exhibits
See
the Exhibit Index following the signature page to this Form 10-Q for a list of exhibits filed or furnished with this Form 10-Q, which
Exhibit Index is incorporated herein by reference.
EXHIBIT
INDEX
Exhibit
No. |
|
Description |
|
|
|
1.1 |
|
Underwriting Agreement dated July 6, 2023 between the Company and Raymond James & Associates, Inc. as Representative of the Several Underwriters (incorporated by reference the Company’s Current Report on Form 8-K (SEC File No. 001-37769), filed with the SEC on July 6, 2023). |
|
|
|
4.1 |
|
Form of Underwritten/Registered Direct Warrant (incorporated by reference to the Company’s Current Report on Form 8-K (SEC File No. 001-37769), filed with the SEC on July 6, 2023) |
|
|
|
10.1+ |
|
Employment Agreement, dated April 3, 2023, by and between VBI Vaccines (Delaware) Inc. and Nell Beattie (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (SEC File No. 001-37769), filed with the SEC on April 4, 2023).
|
|
|
|
10.2(1)(2) |
|
Eighth Amendment to the Collaborative Research Agreement, signed April 17, 2023, between National Research Council of Canada and Variation Biotechnologies Inc (incorporated by reference to Exhibit 10.4 to the Company’s Quarterly Report on Form 10-Q (SEC File No. 001-37769), filed with the SEC on May 15, 2023). |
|
|
|
10.3+ |
|
Stock Purchase Agreement, dated July 5, 2023, by and between the Company and Brii Biosciences Limited (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K (SEC File No. 001-37769), filed with the SEC on July 5, 2023). |
|
|
|
10.4* |
|
Third Amendment to Loan and Guaranty Agreement, dated July 5, 2023, by and among VBI Vaccines Inc., as borrower, Variation Biotechnologies Inc., as borrower representative, each of the guarantors signatory thereto, and K2 HealthVentures LLC, as lender and as administrative agent. |
|
|
|
31.1* |
|
Certificate of Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934. |
|
|
|
31.2* |
|
Certification of Principal Financial and Accounting Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the Securities Exchange Act of 1934. |
|
|
|
32.1** |
|
Certification of Chief Executive Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350. |
|
|
|
32.2** |
|
Certification of Principal Financial and Accounting Officer pursuant to Rule 13a-14(b) or Rule 15d-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350. |
|
|
|
101.INS* |
|
Inline
XBRL Instance Document. |
|
|
|
101.SCH* |
|
Inline
XBRL Taxonomy Extension Schema Document. |
|
|
|
101.CAL* |
|
Inline
XBRL Taxonomy Extension Calculation Linkbase Document. |
|
|
|
101.DEF* |
|
Inline
XBRL Taxonomy Extension Definition Linkbase Document. |
|
|
|
101.LAB* |
|
Inline
XBRL Taxonomy Extension Labels Linkbase Document. |
|
|
|
101.PRE* |
|
Inline
XBRL Taxonomy Extension Presentation Linkbase Document. |
|
|
|
104* |
|
Cover
Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
*
Filed herewith.
**
Furnished herewith.
+
Indicates a management contract or compensatory plan.
(1)
Certain of the schedules (and similar attachments) to this Exhibit have been omitted in accordance with Item 601(a)(5) of Regulation
S-K under the Securities Act because they do not contain information material to an investment or voting decision and that information
is not otherwise disclosed in the Exhibit or the disclosure document. The registrant hereby agrees to furnish a copy of all omitted schedules
(or similar attachments) to the SEC upon its request.
(2)
Portions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K under the Securities Act, because they are
both (i) not material and (ii) the type that the registrant treats as private or confidential. A copy of the omitted portions will be
furnished to the SEC upon its request.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
Date:
August 14, 2023 |
VBI
VACCINES INC. |
|
|
|
|
By: |
/s/
Jeffrey Baxter |
|
|
Jeffrey
Baxter |
|
|
President
and Chief Executive Officer |
|
|
(Principal
Executive Officer) |
|
|
|
|
By: |
/s/
Nell Beattie |
|
|
Nell
Beattie |
|
|
Chief
Financial Officer and Head of Corporate Development |
|
|
(Principal
Financial and Accounting Officer) |
Exhibit
10.4
THIRD
AMENDMENT TO LOAN AND GUARANTY AGREEMENT
AND
AMENDMENT TO PLEDGE AND SECURITY AGREEMENT
This
THIRD AMENDMENT TO LOAN AND GUARANTY AGREEMENT AND AMENDMENT TO PLEDGE AND SECURITY AGREEMENT “Amendment”) is entered
into as of July 5, 2023 (the “Third Amendment Effective Date”), by and among VARIATION BIOTECHNOLOGIES INC.,
a Canadian federal corporation (“Borrower Representative”), VBI VACCINES INC., a British Columbia corporation
(“Parent”, and together with Borrower Representative, and any other Person from time to time party to the Agreement
(as defined below) as a borrower, collectively, “Borrowers”, and each, a “Borrower”), each of the
parties set forth on the signature page hereto as guarantors (together with any other Person from time to time party to the Agreement
as a guarantor, collectively, “Guarantors” and each, a “Guarantor”), the lenders party hereto (together
with any other lender from time to time under the Agreement, collectively, “Lenders”, and each, a “Lender”)
constituting Required Lenders (as defined in the Loan Agreement (as defined below)), and K2 HEALTHVENTURES LLC, as administrative
agent for Lenders (in such capacity, together with its successors, “Administrative Agent”).
recitals
A. |
Reference
is made to (i) that certain Loan and Guaranty Agreement, dated as of May 22, 2020 (as amended, restated, supplemented or otherwise
modified from time to time, the “Agreement”) by and among Borrowers, Guarantors, Lenders, Administrative Agent
and, and ANKURA TRUST COMPANY, LLC, as collateral trustee for Lenders (in such capacity, together with its successors, “Collateral
Trustee”); and (ii) that certain Pledge and Security Agreement, dated as of May 22, 2020, by and among Parent, VBI VACCINES
(DELAWARE) INC., a Delaware corporation, VARIATION BIOTECHNOLOGIES (US), INC., a Delaware corporation (collectively “US
Loan Parties”), Administrative Agent and Collateral Trustee (the “Pledge and Security Agreement”). |
|
|
B. |
The
Loan Parties intend to enter into a commercial transaction with Brii Biosciences Limited, an exempted company organized under the
laws of the Cayman Islands (“Brii Bio”), with respect to |
|
(i) |
Parent
will enter into an Amended and Restated Collaboration and License Agreement, dated on or about the Third Amendment Effective Date
(as amended, restated, supplemented or otherwise modified from time to time subject to the terms of this Amendment and the Brii Subordination
Agreement, (as defined below) the “VBI-2601 Collaboration and License Agreement”), with respect to the licensing
of certain Intellectual Property and collaboration with respect to, in each case, the Licensed Product in the Licensed Territory
(as defined in the VBI-2601 Collaboration and License Agreement). |
|
|
|
|
(ii) |
Parent
will enter into an Collaboration and License Agreement, dated on or about the Third Amendment Effective Date (as amended, restated,
supplemented or otherwise modified from time to time subject to the terms of this Amendment and the Brii Subordination Agreement,
(as defined below) the “PreHevbri Collaboration and License Agreement”, and together with the VBI-2601 Collaboration
and License Agreement, collectively, the “Brii License and Collaboration Agreements”), with respect to the licensing
of certain Intellectual Property and collaboration with respect to, in each case, the Licensed Product in the Licensed Territory
(as defined in the PreHevbri Collaboration and License Agreement). |
|
|
|
|
(iii) |
Parent
will enter into a Supply Agreement, dated on or about the Third Amendment Effective Date (as amended, restated, supplemented or otherwise
modified from time to time subject to the terms of this Amendment and the Brii Subordination Agreement, the “Brii Supply
Agreement”), with respect to the supply by Parent of certain Products (as defined in the Supply Agreement). |
|
|
|
|
(iv) |
Parent
will enter into a letter agreement, dated on or about the Third Amendment Effective Date (as amended, restated, supplemented or otherwise
modified from time to time subject to the terms of this Amendment and the Brii Subordination Agreement, the “VBI Letter
Agreement”, and together with the Brii License and Collaboration Agreements and the Brii Supply Agreement, collectively,
the “Brii Transaction Documents”, and the transaction contemplated thereby, collectively, the “Brii Transactions”) |
|
|
|
|
(v) |
In
connection with the Brii Transaction Documents, Parent will grant a security interest in certain Intellectual Property related to
the Brii Transactions and other collateral as described in the VBI Letter Agreement (the “Brii Collateral”). |
C. |
Loan
Parties have requested, and Administrative Agent and Lenders, constituting Required Lenders, have agreed to modify the Agreement
to permit the Brii Transactions. |
AGREEMENT
Now,
Therefore, in
consideration of the foregoing recitals and other good and valuable consideration, the receipt and adequacy of which is hereby acknowledged,
and intending to be legally bound, the parties hereto agree as follows:
1.
Definitions. Capitalized terms used but not defined in this Amendment shall have the respective meanings given to them in the Agreement.
2.
Consent to Brii Transaction Documents. Subject to effectiveness of the Brii Subordination Agreement, Administrative Agent and Lenders
hereby consent to the Loan Parties’ entry into the Brii Transaction Documents to which they are a party.
3.
Amendments to Agreement.
3.1
Section 6.2 of the Agreement is hereby amended by adding a new subsection (n) thereto, to read as follows:
(n)
Brii Transaction Document Related. (i) Within five (5) Business Days of receipt or delivery, copies of all material notices given
or received pursuant to the Brii Transaction Documents, any reports (to the extent not consisting of copies of reports delivered pursuant
to the Loan Documents), and copies of any amendments, restatements, supplements or other modifications to the Brii Transaction Documents,
and (ii) within one (1) Business Day of the occurrence of any material default or breach under any Brii Transaction Document, notice
thereof, together with a brief description of the circumstances and the Loan Parties’ proposed response.
3.2
Section 6.6 of the Agreement is hereby amended and restated as follows:
6.6
Deposit and Securities Accounts. Maintain Collateral Accounts only at the banks and other financial institutions identified in the
Perfection Certificate or as disclosed pursuant to a notice timely delivered, and maintain not less than 85% of aggregate Collateral
Account balances in Collateral Accounts domiciled in Canada or the United States subject to Account Control Agreements, provided that
in any event SciVac Ltd. shall be permitted to maintain aggregate balances in Collateral Accounts sufficient to fund the then-next 30
days of projected expenditures, as of any date of determination.
3.3
A new Section 7.12 is hereby added to the Agreement in appropriate numerical order, to read as follows:
7.12
Brii Transaction. Agree to any amendment or modification to the Brii Supply Agreement that imposes materially more burdensome terms,
materially reduces compensation to the Loan Parties, or otherwise results in the agreement being materially less favorable to the Loan
Parties, as reasonably determined by Administrative Agent, without Administrative Agent’s prior written consent.
3.4
Section 8.6 of the Agreement is hereby amended and restated as follows:
8.6
Other Agreements. There is, under any agreement to which a Loan Party or any of its Subsidiaries is a party with a third party or
parties, (a) any default resulting in a right by such third party or parties, whether or not exercised, to accelerate the maturity of
any Indebtedness in an amount individually or in the aggregate in excess of Five Hundred Thousand ($500,000) (except if such third party
is restricted from accelerating the maturity of such Indebtedness, including pursuant to the terms of a subordination or similar agreement
entered into with respect to the Obligations and subject to any applicable cure period); (b) any breach, default or other triggering
event occurs under the Brii Transaction Documents which results in Brii Bio exercising a right to terminate (or giving notice thereof
to any Loan Party), or in any Loan Party being required to indemnify Brii Bio or any other party entitled to indemnification pursuant
to the Brii Transaction Documents in excess of $500,000 in the aggregate, and (c) any other breach or default by a Loan Party or a Subsidiary
of such Loan Party, the result of which could reasonably be expected to have a Material Adverse Effect.
3.5
Exhibit A to the Agreement is hereby amended by amending and restating or, as applicable, adding in appropriate alphabetical
order, the following defined terms:
“Brii
Bio” means Brii Biosciences Limited, an exempted company organized under the laws of the Cayman Islands
“Brii
Collateral” means Collateral as defined in Section 5.1(a) of the VBI Letter Agreement, or any collateral documents entered
into pursuant to the VBI Letter Agreement.
“Brii
/ K2 Letter Agreement” means that certain letter agreement, dated as of the Third Amendment Effective Date, by and between
Brii and K2 Agent.
“Brii
License and Collaboration Agreements” means, collectively, the PreHevbri Collaboration and License Agreement and the VBI-2601
Collaboration and License Agreement.
“Brii
ROFO” means the right of first offer with respect to certain assets of Loan Parties pursuant to the VBI Letter Agreement and
the K2HV Letter Agreement.
“Brii
Subordination Agreement” means that certain Subordination Agreement dated as of the Third Amendment Effective Date, by and
between Brii and K2 Agent, in form and substance satisfactory to K2 Agent, as amended, restated, supplemented or otherwise modified from
time to time.
“Brii
Supply Agreement” means that certain Supply Agreement, dated on or about the Third Amendment Effective Date (as amended, restated,
supplemented or otherwise modified from time to time subject to the terms of this Agreement, the Brii Subordination Agreement, and the
other Loan Documents.
“Brii
Transaction Documents” means, collectively, the Brii Supply Agreement, the Brii License and Collaboration Agreements, and the
VBI Letter Agreement.
“Israeli
Security Documents” means, collectively, (i) the first ranking Fixed Charge Agreement, dated as of the date hereof (as amended,
amended and restated or supplemented from time to time), between Israeli Loan Party and the ISR Collateral Agent, (ii) the first ranking
Fixed Charge Agreement, dated on or about the Third Amendment Effective Date (as amended, amended and restated or supplemented from time
to time), between Israeli Loan Party and the ISR Collateral Agent (the “New Israeli Fixed Charge”), (iii) the first ranking
Floating Charge Agreement, dated as of the date hereof (as amended, amended and restated or supplemented from time to time), between
Israeli Loan Party and the ISR Collateral Agent, (iv) solely with respect to the pledge of Borrower’s Equity Interests in the applicable
Israeli Loan Party, this Agreement, (v) solely in connection with Borrower Representative’s registered patents and patent applications
in Israel, including but not limited to patents 247238, 224022, 217375 and 210097 and patent applications 288402, 283039 and 290854 (to
the extent of its interest therein, the Pledge and Security Agreement, and (vi) the forms required to be submitted to the Israeli Registrar
of Companies, the Israeli Registrar of Pledges, the Israeli Patent Office and any other Israeli Governmental Authority in connection
therewith, any other collateral security document entered into by an Israeli Loan Party or any other Loan Party from time to time with
respect to the Obligations, and any other agreements, documents or certificates delivered pursuant thereto, in each case, as amended,
restated, supplemented or otherwise modified from time to time.
“K2HV
Letter Agreement” means that certain Letter Agreement between VBI, K2 Agent, and Brii, dated on or about the Third Amendment
Effective Date (as amended, restated, supplemented, or otherwise modified from time to time subject to the terms of this Agreement).
“PreHevbri
Collaboration and License Agreement” means that certain Collaboration and License Agreement, dated on or about the Third Amendment
Effective Date (as amended, restated, supplemented or otherwise modified from time to time subject to the terms of this Agreement, the
Brii Subordination Agreement, and the other Loan Documents.
“Third
Amendment Effective Date” means July 5, 2023.
“VBI-2601
Collaboration and License Agreement” means that certain Amended and Restated Collaboration and License Agreement, dated on
or about the Third Amendment Effective Date (as amended, restated, supplemented or otherwise modified from time to time subject to the
terms of this Agreement, the Brii Subordination Agreement and the other Loan Documents,
“VBI
Letter Agreement” means that certain Letter Agreement between VBI and Brii, dated on or about the Third Amendment Effective
Date (as amended, restated, supplemented, or otherwise modified from time to time subject to the terms of this Agreement).
3.6
The defined term “Permitted Transfer” in Exhibit A to the Agreement is hereby amended by amending and restating
clause (c) therein to read as follows:
(c)
(i) exclusive licenses and similar arrangements for the use of Intellectual Property of a Loan Party or any of its Subsidiaries that
(A) are approved by the Board of Parent, (B) are entered into on an arm’s-length basis, on commercially reasonable terms and in
the Ordinary Course of Business, and (C) are exclusive only with respect to specific fields of use or discrete geographic territories
(other than United States or Europe, as a whole), do not result in the effective legal transfer of the subject Intellectual Property,
and do not impair in any material respect the applicable Collateral Agent’s rights and remedies with respect to the subject Intellectual
Property, and (ii) the licenses pursuant to the Brii License and Collaboration Agreements;
3.7
The defined term “Permitted Transfer” in Exhibit A to the Agreement is hereby amended by adding a new clause (g)
immediately following clause (f) thereof and renumbering existing clause (g) accordingly:
(g)
the granting of the Brii ROFO, provided that the terms of the Brii ROFO shall not be modified without the prior written consent of Administrative
Agent;
3.8
The defined term “Permitted Liens” in Exhibit A to the Agreement is hereby amended by adding a new clause (l)
immediately following clause (k) thereof and renumbering existing clause (l) accordingly:
(l)
Liens granted in favor of Brii on the Brii Collateral, provided that the Brii Subordination Agreement is in effect, and provided further
that the scope of the Brii Collateral or the terms of the security interest shall not be modified without the prior written consent of
Administrative Agent;
4.
Amendments to Pledge and Security Agreement
4.1
A new Section 3.4 is hereby added to the Pledge and Security Agreement in appropriate numerical order, to read as follows:
3.4
Intellectual Property. If any US Grantor (i) obtains any Patent, registered Trademark, registered Copyright, registered mask work,
or any pending application for any of the foregoing, whether as owner or licensee, or (ii) applies for any Patent or the registration
of any Trademark, then such US Grantor shall promptly provide written notice thereof to Administrative Agent. From time to time, upon
Administrative Agent’s request, US Grantors shall execute and deliver such intellectual property security agreements (“IP
Security Agreement”) and other documents and take such other actions as Administrative Agent may request to protect Collateral
Trustee’s interest in such property and authorize the filing thereof with the United States Patent and Trademark Office or Copyright
Office. Any such IP Security Agreement shall constitute a Loan Document.
4.2
Exhibit C to the Pledge and Security Agreement is hereby amended and restated to read as set forth on Exhibit C attached
hereto:
5.
Additional Agreements. Within 10 Business Days of the Third Amendment Effective Date, Borrower Representative shall deliver evidence
to Administrative Agent of its receipt of not less than $20,000,000 in cash proceeds from (i) the issuance of Parent’s Equity Interests
following the Third Amendment Effective Date to Brii (the “Brii Equity Proceeds”), (ii) the initial upfront payments
pursuant to the Brii License and Collaboration Agreements, (iii) the “Prepayment Amount” as defined in the Brii Supply Agreement,
and (iv) the issuance of Parent’s Equity Interests following the Third Amendment Effective Date to investors other than Brii, provided
that the aggregate proceeds received from Brii described in clauses (i), (ii) and (iii) shall not be less than $15,000,000 (collectively,
the “Brii Transaction Payments”). Failure to comply with the foregoing shall constitute an immediate Event of Default
without cure period.
6.
Limitation of Amendments. The Amendments set forth in Sections 2 and 3 above, are effective for the purposes set forth herein
and shall be limited precisely as written and shall not be deemed to (a) establish a course of dealing with respect to any other amendment,
modification or waiver of any term or condition of any Loan Document or otherwise obligate Administrative Agent or any Lender to waive
any future Event of Default, or (b) otherwise prejudice any right or remedy any Secured Party may now have or may have in the future
under or in connection with any Loan Document.
7.
Representations. To induce Administrative Agent and Required Lenders to enter into this Amendment, each Loan Party hereby represent
and warrant as follows:
7.1
The representations and warranties contained in the Agreement and in other Loan Documents are true and correct in all material respects
as of the date of this Amendment (except for such representations and warranties referring to another date, which representations and
warranties are true and correct in all material respects as of such date).
7.2
Prior to and upon execution and delivery of this Amendment, no Event of Default has occurred and is continuing.
7.3
Each Loan Party has the power and authority to execute and deliver this Amendment and to perform its obligations under the Agreement
and other Loan Documents to which it is a party, in each case, as amended by this Amendment (as applicable).
7.4
The execution and delivery by each Loan Party of this Amendment and the performance by each Loan Party of their respective obligations
under the Agreement and the other Loan Documents to which it is a party, in each case, as amended by this Amendment (as applicable),
(a) have been duly authorized by all necessary action on the part of such Loan Party, and (b) do not and will not contravene (i) any
material Requirement of Law, (ii) any material contractual restriction in any material agreement with a Person binding on such Loan Party,
(iii) any order, judgment or decree of any Governmental Authority binding on such Loan Party, or (iv) the Operating Documents operating
of such Loan Party.
7.5
The execution and delivery by each Loan Party of this Amendment and the performance by each Loan Party of their respective obligations
under the Agreement and the other Loan Documents to which it is a party, in each case, as amended by this Amendment (as applicable),
do not require any order, consent, approval, license, authorization or validation of, or filing, recording or registration with, or exemption
by, Governmental Authority, except as already has been obtained or made.
7.6
This Amendment has been duly executed and delivered by each Loan Party and is the binding obligation of each Loan Party, enforceable
against such Loan Party in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization,
liquidation, moratorium or other similar laws of general application relating to or affecting creditors’ rights and by general
equitable principles.
7.7
The Israeli Subsidiary (as defined in Schedule 1 hereto) is duly and validly registered with the Israeli Registrar of Companies;
and as of the date hereof it is not in a status of a “breaching company” (‘חברה מפרה’)
within the meaning provided therefor under the Israeli Companies Law, 5759-1999).
8.
Conditions. As a condition to the effectiveness of this Amendment, Administrative Agent shall have received, in form and substance
satisfactory to Administrative Agent in its sole discretion, the following:
(a)
this Amendment, duly executed by the Loan Parties;
(b)
the documents and certificates set forth on Schedule 1 hereto, provided that to the extent indicated on Schedule 1 (or
such later date as Administrative Agent may agree in its sole discretion), certain documents or certificates may be delivered following
the Third Amendment Effective Date no later than the date specified on Schedule 1 hereto, provided further that failure to deliver
the same shall constitute an immediate Event of Default without cure period;
(c)
payment of all fees and Lender Expenses due on the Third Amendment Effective Date in accordance with the Amended and Restated Fee Letter
and the Agreement, as amended; and
(d)
confirmation that Loan Parties shall have satisfied the conditions to receive the Brii Transaction Payments (subject to the consummation
of a public offering of common stock of Parent resulting in proceeds of at least $5,000,000).
9.
Affirmations; UCC Filing Authorization.
9.1
The Agreement, as amended hereby is reaffirmed by the Loan Parties and the Loan Parties agree and acknowledge that the Agreement,
as modified by this Amendment, remains in full force and effect and that the same is hereby ratified and confirmed in all respects.
9.2
Except as modified by this Amendment, the US Loan Parties agree and acknowledge that the security interest as granted pursuant to
the Pledge and Security Agreement continues to secure the Obligations from the Closing Date without novation, and this Amendment is not
intended to be, and shall not constitute, a novation.
9.3
The Guarantors agree and acknowledge the terms of this Amendment and confirm that the guaranty pursuant to Section 13 of the Agreement
remains in full force and effect as of the date hereof with respect to the Obligations (as modified this Amendment).
9.4
In connection with the grant of security interest hereunder or pursuant to the Loan Documents contemplated to be delivered pursuant
to Schedule 1, each of the Loan Parties hereby authorizes the applicable Secured Party and its counsel to file UCC financing statements
in form and substance satisfactory to such Secured Party, describing the collateral as “all assets of the Debtor whether now owned
or existing or hereafter acquired or arising and wheresoever located, and proceeds and products thereof” or words to that effect,
and any limitations on such collateral description, notwithstanding that the collateral description may be broader in scope than the
Collateral described in this Agreement.
10.
Governing Law. Section 11 of the Agreement is incorporated herein, provided that references to the “Agreement”
shall be understood to refer to this Amendment.
11.
General Provisions.
11.1
This Amendment and the Loan Documents represent the entire agreement with respect to this subject matter and supersede prior negotiations
or agreements. All prior agreements, understandings, representations, warranties, and negotiations between the parties about the subject
matter of this Amendment and the Loan Documents merge into this Amendment and the Loan Documents.
11.2
This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when
executed and delivered, is an original, and all taken together, constitute one agreement. The words “execution,” “signed,”
“signature” and words of like import herein shall be deemed to include electronic signatures or the keeping of records in
electronic form, each of which shall be of the same legal effect, validity and enforceability as a manually executed signature or the
use of a paper-based recordkeeping systems, as the case may be, to the extent and as provided for in any applicable law, including, without
limitation, any state law based on the Uniform Electronic Transactions Act. Delivery of an executed counterpart of a signature page of
this Amendment or any document delivered in connection therewith by electronic means including by email delivery of a “.pdf”
format data file shall be effective as delivery of an original executed counterpart thereof.
11.3
This Amendment shall constitute a Loan Document.
[remainder
of page intentionally left blank]
[signature
page to third AMENDMENT TO LOAN AND GUARANTY AGREEMENT
AND
amendment to PLEDGE AND SECURITY AGREEMENT]
In
Witness Whereof, the
parties hereto have caused this Amendment to be duly executed and delivered as of the date first set forth above.
|
BORROWERS: |
|
|
|
|
Variation
Biotechnologies Inc., a Canadian |
|
federal
corporation |
|
|
|
|
By |
/s/
Jeff Baxter |
|
Name:
|
Jeff
Baxter |
|
Title: |
CEO |
|
VBI
Vaccines Inc., a British Columbia corporation |
|
|
|
|
By |
/s/
Jeff Baxter |
|
Name:
|
Jeff
Baxter |
|
Title: |
CEO |
|
GUARANTORS: |
|
|
|
|
SciVac
Ltd., an Israeli corporation |
|
|
|
|
By |
/s/
Jeff Baxter |
|
Name:
|
Jeff
Baxter |
|
Title:
|
CEO |
|
VBI
VACCINES (DELAWARE) INC., a Delaware |
|
corporation |
|
|
|
|
By |
/s/
Jeff Baxter |
|
Name:
|
Jeff
Baxter |
|
Title:
|
CEO |
|
VARIATION
BIOTECHNOLOGIES (US), INC., a |
|
Delaware
corporation |
|
|
|
|
By |
/s/
Jeff Baxter |
|
Name:
|
Jeff
Baxter |
|
Title: |
CEO |
[signature
page to second AMENDMENT TO LOAN AND GUARANTY AGREEMENT
AND
AFFIRMATION OF PLEDGE AND SECURITY AGREEMENT]
ADMINISTRATIVE
AGENT: |
|
|
|
|
K2 HEALTHVENTURES LLC |
|
|
|
|
By |
/s/
Anup Arora |
|
Name:
|
Anup
Arora |
|
Title:
|
Chief
Investment Officer and Managing Director |
|
LENDER: |
|
|
|
|
K2 HEALTHVENTURES LLC |
|
|
|
|
By |
/s/
Anup Arora |
|
Name:
|
Anup
Arora |
|
Title:
|
Chief
Investment Officer and Managing Director |
|
SCHEDULE
1
AMENDMENT
DOCUMENTS
Document
/ Certificate |
|
Delivery
Due Date |
A
copy of the resolutions duly approved by the Board with respect to this Amendment and the transactions contemplated thereby |
|
On
the Third Amendment Effective Date |
|
|
|
A
certificate of each Loan Party, duly executed by a Responsible Officer, certifying and attaching (i) the Operating Documents as in
effect on the Third Amendment Effective Date, (ii) resolutions duly approved by the Board of such Loan Party approving this Amendment
and the documents to be entered into in connection therewith, (iii) any resolutions, consent or waiver duly approved by the requisite
holders of each such Loan Party’s Equity Interests, if applicable (or certifying that no such resolutions, consent or waiver
is required), and (iv) a schedule of incumbency |
|
Within
10 Business Days of the Third Amendment Effective Date |
|
|
|
an
Amendment to the Canadian Security Documents, amending the scope of collateral consistent with the amendments to the US Security
Agreement and making other appropriate corresponding changes thereto, and any documents and certificates reasonably requested in
connection therewith to implement the foregoing |
|
Within
10 Business Days of the Third Amendment Effective Date |
|
|
|
An
Amendment to the applicable Israeli Security Documents, amending the scope of the collateral consistent with the amendments to the
US Security Agreement and making other appropriate corresponding changes thereto, and any documents and certificates reasonably requested
in connection therewith to implement the foregoing, including the applicable Loan Party’s wet-ink signatures thereto and the
wet-ink signatures of an officer of the Israeli Subsidiary to any notice to the Israeli Registrar of Companies in connection therewith. |
|
Within
10 Business Days of the Third Amendment Effective Date |
|
|
|
The
New Israeli Fixed Charge and any documents and certificates reasonably requested in connection therewith, including the applicable
Loan Party’s wet-ink signatures thereto and the wet-ink signatures of an officer of Borrower to any notice to the Israeli Registrar
of Companies in connection therewith. |
|
Within
10 Business Days of the Third Amendment Effective Date |
|
|
|
Any
and all consents and/or acknowledgements (as may be required) in connection with the Israeli Security Documents with respect to newly
pledged assets |
|
Within
10 Business Days of the Third Amendment Effective Date |
|
|
|
Such
documents, certificates and registrations as ISR Collateral Agent may require to perfect or continue the perfection of ISR Collateral
Agent’s security interest in the Collateral of the Israeli Loan Parties or Equity Interests of SciVac Ltd. (the “Israeli
Subsidiary”), or in any Loan Party’s Patents registered in Israel; |
|
Within
10 Business Days of the Third Amendment Effective Date |
|
|
|
Evidence
that the articles of association of the Israeli Subsidiary have been amended to include customary provisions providing that any restrictions
or limitations on, or approval requirements for, the transfer of shares or other securities, the registration of share transfers
in the shareholders registry of the company, or the exercise of any rights, preferences, privilege and powers shall not apply to
the creation of a lien, any transfer thereof in case of enforcement of the Loan Documents, the registration of such transfer or the
exercise of any rights, preferences, privileges and powers attached to such shares or conferred upon the holders thereof under law
or by virtue of the articles or any contract |
|
Within
10 Business Days of the Third Amendment Effective Date |
|
|
|
Evidence
satisfactory to the ISR Collateral Agent that the lien registered in favor of the Israeli Ministry of Economy, created on November
16, 2014 and registered with the Israeli Registrar of Companies on November 19, 2014 as lien no. 6 has been formally released and
is no longer registered with the Israeli Registrar of Companies. |
|
As
promptly as practicable |
|
|
|
An
updated Perfection Certificate |
|
Within
10 Business Days of the Third Amendment Effective Date |
EXHIBIT
C
To
pledge and security agreement
COLLATERAL
DESCRIPTION
The
Collateral consists of all of each Grantor’s right, title and interest in and to the following personal property wherever located,
whether now owned or existing or hereafter acquired, created or arising:
All
goods, Accounts (including health-care receivables), Equipment, Inventory, contract rights or rights to payment of money, leases, license
agreements, franchise agreements, General Intangibles, commercial tort claims, Documents, Instruments (including any promissory notes),
Chattel Paper (whether tangible or electronic), cash, Deposit Accounts, , letters of credit rights (whether or not the letter of credit
is evidenced by a writing), securities, and all other Investment Property, Supporting Obligations, and financial assets, whether now
owned or hereafter acquired, wherever located; and all such Grantor’s Books relating to the foregoing, and any and all claims,
rights and interests in any of the above and all substitutions for, additions, attachments, accessories, accessions and improvements
to and replacements, products, proceeds (both cash and non-cash) and insurance proceeds of any or all of the foregoing.
Notwithstanding
the foregoing, the Collateral does not include (i) [Reserved], (ii) any permit, lease, license, contract or agreement to which any US
Grantor is a party or any of its rights or interests thereunder if and only to the extent that the grant of a security interest hereunder
(a) is prohibited by or a violation of any law, rule or regulation applicable to such Grantor or (b) shall constitute or result in a
breach of a term or provision of, or the termination or a default under the terms of, such permit, lease, license, contract or agreement
(other than to the extent that any such law, rule, regulation, term or provision would be rendered ineffective pursuant to Sections 9-406,
9-407, 9-408 or 9-409 of the UCC of any relevant jurisdiction or any other applicable law (including any debtor relief law or principle
of equity), (ii) property owned by any Grantor that is subject to a purchase money Lien or capitalized lease obligation if the agreement
pursuant to which such Lien is granted (or the document providing for such capitalized lease obligation) prohibits, or requires the consent
of any Person other than the Grantors which has not been obtained as a condition to, the creation of any other Lien on such property,
or (iii) any “intent-to-use” trademark application.
Exhibit
31.1
CERTIFICATION
I,
Jeffrey Baxter, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of VBI Vaccines Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15-d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
|
|
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
|
|
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
|
|
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 14, 2023 |
|
|
|
/s/
Jeffrey Baxter |
|
Jeffrey
Baxter |
|
President
and Chief Executive Officer (Principal Executive Officer) |
|
Exhibit
31.2
CERTIFICATION
I,
Nell Beattie, certify that:
1. |
I
have reviewed this quarterly report on Form 10-Q of VBI Vaccines Inc.; |
|
|
2. |
Based
on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to
the period covered by this report; |
|
|
3. |
Based
on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in
this report; |
|
|
4. |
The
registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures
(as defined in Exchange Act Rules 13a-15(e) and 15-d-15(e)) and internal control over financial reporting (as defined in Exchange
Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
|
|
|
|
a) |
Designed
such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared; |
|
|
|
|
b) |
Designed
such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our
supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles; |
|
|
|
|
c) |
Evaluated
the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;
and |
|
|
|
|
d) |
Disclosed
in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s
most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected,
or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and |
|
|
|
5. |
The
registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over
financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or
persons performing the equivalent functions): |
|
|
|
|
a) |
All
significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are
reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information;
and |
|
|
|
|
b) |
Any
fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s
internal control over financial reporting. |
Date:
August 14, 2023 |
|
|
|
/s/
Nell Beattie |
|
Nell
Beattie |
|
Chief
Financial Officer and Head of Corporate Development
(Principal Financial and Accounting Officer) |
|
Exhibit
32.1
CERTIFICATION
In
connection with the quarterly report of VBI Vaccines Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2023
as filed with the Securities and Exchange Commission (the “Report”), I, Jeffrey Baxter, Chief Executive Officer (Principal
Executive Officer) of the Company, hereby certify as of the date hereof, solely for purposes of Title 18, Chapter 63, Section 1350 of
the United States Code, that to the best of my knowledge:
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company at the dates and for the periods indicated.
Date:
August 14, 2023 |
|
|
|
/s/
Jeffrey Baxter |
|
Jeffrey
Baxter |
|
Chief
Executive Officer (Principal Executive Officer) |
|
Exhibit
32.2
CERTIFICATION
In
connection with the quarterly report of VBI Vaccines Inc. (the “Company”) on Form 10-Q for the quarter ended June 30, 2023
as filed with the Securities and Exchange Commission (the “Report”), I, Nell Beattie, Chief Financial Officer and Head of
Corporate Development (Principal Financial and Accounting Officer) of the Company, hereby certify as of the date hereof, solely for purposes
of Title 18, Chapter 63, Section 1350 of the United States Code, that to the best of my knowledge:
(1)
The Report fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, and
(2)
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations
of the Company at the dates and for the periods indicated.
Date:
August 14, 2023 |
|
|
|
/s/
Nell Beattie |
|
Nell
Beattie |
|
Chief
Financial Officer and Head of Corporate Development (Principal Financial and Accounting Officer) |
|
v3.23.2
Cover - shares
|
6 Months Ended |
|
Jun. 30, 2023 |
Aug. 14, 2023 |
Cover [Abstract] |
|
|
Document Type |
10-Q
|
|
Amendment Flag |
false
|
|
Document Quarterly Report |
true
|
|
Document Transition Report |
false
|
|
Document Period End Date |
Jun. 30, 2023
|
|
Document Fiscal Period Focus |
Q2
|
|
Document Fiscal Year Focus |
2023
|
|
Current Fiscal Year End Date |
--12-31
|
|
Entity File Number |
001-37769
|
|
Entity Registrant Name |
VBI Vaccines Inc/BC
|
|
Entity Central Index Key |
0000764195
|
|
Entity Tax Identification Number |
00-0000000
|
|
Entity Incorporation, State or Country Code |
A1
|
|
Entity Address, Address Line One |
160
Second Street
|
|
Entity Address, Address Line Two |
Floor 3
|
|
Entity Address, City or Town |
Cambridge
|
|
Entity Address, State or Province |
MA
|
|
Entity Address, Postal Zip Code |
02142
|
|
City Area Code |
617
|
|
Local Phone Number |
830-3031
|
|
Title of 12(b) Security |
Common
Shares, no par value per share
|
|
Trading Symbol |
VBIV
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Non-accelerated Filer
|
|
Entity Small Business |
true
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Common Stock, Shares Outstanding |
|
22,872,175
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionEnd date of current fiscal year in the format --MM-DD.
+ References
+ Details
Name: |
dei_CurrentFiscalYearEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gMonthDayItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.
+ References
+ Details
Name: |
dei_DocumentFiscalPeriodFocus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fiscalPeriodItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThis is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
+ References
+ Details
Name: |
dei_DocumentFiscalYearFocus |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gYearItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true only for a form used as an quarterly report.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form 10-Q -Number 240 -Section 308 -Subsection a
+ Details
Name: |
dei_DocumentQuarterlyReport |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true only for a form used as a transition report.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Forms 10-K, 10-Q, 20-F -Number 240 -Section 13 -Subsection a-1
+ Details
Name: |
dei_DocumentTransitionReport |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 2 such as Street or Suite number
+ References
+ Details
Name: |
dei_EntityAddressAddressLine2 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
+ References
+ Details
Name: |
dei_EntityCommonStockSharesOutstanding |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionIndicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
+ Details
Name: |
dei_EntityCurrentReportingStatus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityFilerCategory |
Namespace Prefix: |
dei_ |
Data Type: |
dei:filerCategoryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-T -Number 232 -Section 405
+ Details
Name: |
dei_EntityInteractiveDataCurrent |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityShellCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicates that the company is a Smaller Reporting Company (SRC).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntitySmallBusiness |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
CURRENT ASSETS |
|
|
Cash |
$ 20,840
|
$ 62,629
|
Accounts receivable, net |
79
|
94
|
Inventory, net |
6,861
|
6,599
|
Prepaid expenses |
1,667
|
2,309
|
Other current assets |
2,444
|
6,059
|
Total current assets |
31,891
|
77,690
|
NON-CURRENT ASSETS |
|
|
Other long-term assets |
1,110
|
1,355
|
Property and equipment, net |
10,104
|
12,253
|
Right of use assets |
2,703
|
3,316
|
Intangible assets, net |
40,339
|
58,345
|
Goodwill |
2,175
|
2,127
|
Total non-current assets |
56,431
|
77,396
|
TOTAL ASSETS |
88,322
|
155,086
|
CURRENT LIABILITIES |
|
|
Accounts payable |
7,353
|
12,973
|
Other current liabilities |
16,493
|
22,588
|
Current portion of deferred revenues |
845
|
409
|
Current portion of long-term debt, net of debt discount |
1,990
|
|
Current portion of lease liability |
993
|
972
|
Total current liabilities |
27,674
|
36,942
|
NON-CURRENT LIABILITIES |
|
|
Deferred revenues, net of current portion |
1,793
|
2,204
|
Long-term debt, net of debt discount |
47,839
|
48,888
|
Lease liability, net of current portion |
1,732
|
2,365
|
Liabilities for severance pay |
546
|
524
|
Total non-current liabilities |
51,910
|
53,981
|
COMMITMENTS AND CONTINGENCIES (NOTE 14) |
|
|
STOCKHOLDERS’ EQUITY |
|
|
Common shares (unlimited authorized; no par value) (June 30, 2023 - issued and outstanding 8,608,539; December 31, 2022 - issued and outstanding 8,608,539) |
442,322
|
442,312
|
Additional paid-in capital |
93,695
|
90,020
|
Accumulated other comprehensive income |
34,709
|
21,440
|
Accumulated deficit |
(561,988)
|
(489,609)
|
Total stockholders’ equity |
8,738
|
64,163
|
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY |
$ 88,322
|
$ 155,086
|
X |
- DefinitionCarrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_AccountsPayableCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-9
+ Details
Name: |
us-gaap_AccountsReceivableNetCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe amount of accrued participation liabilities that it expects to pay during the upcoming operating cycle.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 926 -SubTopic 405 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483185/926-405-50-1
+ Details
Name: |
us-gaap_AccruedParticipationLiabilitiesDueInNextOperatingCycle |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(23)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionValue received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_AdditionalPaidInCapitalCommonStock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(12)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(11)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_Assets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
+ Details
Name: |
us-gaap_AssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_AssetsCurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold or consumed after one year or beyond the normal operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
+ Details
Name: |
us-gaap_AssetsNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_AssetsNoncurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 45 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480555/946-210-45-21
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 210 -Topic 946 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480555/946-210-45-20
+ Details
Name: |
us-gaap_Cash |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionRepresents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(15)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 210 -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03.17) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.25) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommitmentsAndContingencies |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479837/606-10-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-8
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479837/606-10-45-2
+ Details
Name: |
us-gaap_ContractWithCustomerLiabilityCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as noncurrent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479837/606-10-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-8
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479837/606-10-45-2
+ Details
Name: |
us-gaap_ContractWithCustomerLiabilityNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482548/350-20-55-24
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(15)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482598/350-20-45-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_Goodwill |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts of all intangible assets, excluding goodwill, as of the balance sheet date, net of accumulated amortization and impairment charges.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph ((a)(1),(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482686/350-30-45-1
+ Details
Name: |
us-gaap_IntangibleAssetsNetExcludingGoodwill |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_InventoryNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(32)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LiabilitiesAndStockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionTotal obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-5
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 21: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.21) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_LiabilitiesCurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of obligation due after one year or beyond the normal operating cycle, if longer.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 20: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 21: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 201.5-02(24)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 22: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 201.5-02(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 23: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 201.5-02(26)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LiabilitiesNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_LiabilitiesNoncurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as current. Excludes lease obligation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LongTermDebtCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as noncurrent. Excludes lease obligation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LongTermDebtNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from operating lease, classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseLiabilityCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from operating lease, classified as noncurrent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseLiabilityNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's right to use underlying asset under operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseRightOfUseAsset |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of current assets classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_OtherAssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of noncurrent assets classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(17)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_OtherAssetsNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of liabilities classified as other, due within one year or the normal operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_OtherLiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of asset related to consideration paid in advance for costs that provide economic benefits within a future period of one year or the normal operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 340 -SubTopic 10 -Name Accounting Standards Codification -Section 05 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482955/340-10-05-5
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 340 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483032/340-10-45-1
+ Details
Name: |
us-gaap_PrepaidExpenseCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount after accumulated depreciation, depletion and amortization of physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 360 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480842/942-360-50-1
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of accumulated undistributed earnings (deficit).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-11
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(23)(a)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(17)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_RetainedEarningsAccumulatedDeficit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 4.E) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2
+ Details
Name: |
us-gaap_StockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_StockholdersEquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares
|
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Statement of Financial Position [Abstract] |
|
|
Common stock, shares authorized |
Unlimited
|
Unlimited
|
Common stock, no par value |
$ 0
|
$ 0
|
Common stock, shares issued |
8,608,539
|
8,608,539
|
Common stock, shares outstanding |
8,608,539
|
8,608,539
|
X |
- DefinitionFace amount per share of no-par value common stock.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockNoParValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionIndicates that the number of common shares permitted to be issued by an entity's charter and bylaws is unlimited. The acceptable value is "Unlimited".
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockSharesAuthorizedUnlimited |
Namespace Prefix: |
us-gaap_ |
Data Type: |
us-types:authorizedUnlimitedItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockSharesIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(16)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_StatementOfFinancialPositionAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Condensed Consolidated Statements of Operations and 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] |
|
|
|
|
Revenues, net |
$ 720
|
$ 346
|
$ 1,205
|
$ 472
|
Operating expenses: |
|
|
|
|
Cost of revenues |
3,483
|
2,522
|
7,039
|
5,276
|
Research and development |
3,292
|
5,643
|
6,446
|
8,005
|
Sales, general and administrative |
10,917
|
15,084
|
24,201
|
26,014
|
Impairment charges |
20,000
|
|
20,000
|
|
Total operating expenses |
37,692
|
23,249
|
57,686
|
39,295
|
Loss from operations |
(36,972)
|
(22,903)
|
(56,481)
|
(38,823)
|
Interest expense, net |
(1,708)
|
(901)
|
(3,137)
|
(1,841)
|
Foreign exchange loss |
(5,948)
|
(21,895)
|
(12,761)
|
(26,289)
|
Loss before income taxes |
(44,628)
|
(45,699)
|
(72,379)
|
(66,953)
|
Income tax expense |
|
|
|
|
NET LOSS |
(44,628)
|
(45,699)
|
(72,379)
|
(66,953)
|
Other comprehensive income |
6,670
|
19,236
|
13,269
|
24,339
|
COMPREHENSIVE LOSS |
$ (37,958)
|
$ (26,463)
|
$ (59,110)
|
$ (42,614)
|
Net loss per share of common shares, basic |
$ (5.18)
|
$ (5.31)
|
$ (8.41)
|
$ (7.78)
|
Net loss per share of common shares, diluted |
$ (5.18)
|
$ (5.31)
|
$ (8.41)
|
$ (7.78)
|
Weighted-average number of common shares outstanding, basic |
8,608,539
|
8,608,539
|
8,608,539
|
8,608,526
|
Weighted-average number of common shares outstanding, diluted |
8,608,539
|
8,608,539
|
8,608,539
|
8,608,526
|
X |
- DefinitionAmount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482130/360-10-45-4
+ Details
Name: |
us-gaap_AssetImpairmentCharges |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(24)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(26)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-5
+ Details
Name: |
us-gaap_ComprehensiveIncomeNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (e)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(27)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 52 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-52
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-7
+ Details
Name: |
us-gaap_EarningsPerShareBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (e)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(27)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 52 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-52
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-7
+ Details
Name: |
us-gaap_EarningsPerShareDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, before tax, of realized and unrealized gain (loss) from foreign currency transaction.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 20 -Name Accounting Standards Codification -Section 35 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482014/830-20-35-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481956/830-20-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481926/830-20-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481839/830-10-45-17
+ Details
Name: |
us-gaap_ForeignCurrencyTransactionGainLossBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_IncomeStatementAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of the cost of borrowed funds accounted for as interest expense.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.9) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (210.5-03(11)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483013/835-20-50-1
+ Details
Name: |
us-gaap_InterestExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionGenerally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Excludes Selling, General and Administrative Expense.
+ References
+ Details
Name: |
us-gaap_OperatingCostsAndExpenses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionGenerally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
+ References
+ Details
Name: |
us-gaap_OperatingExpenses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OperatingExpensesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe net result for the period of deducting operating expenses from operating revenues.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
+ Details
Name: |
us-gaap_OperatingIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax and reclassification adjustments of other comprehensive income (loss).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-17
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-4
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-5
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 55 -Paragraph 15 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482739/220-10-55-15
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 730 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482916/730-10-50-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 912 -SubTopic 730 -Name Accounting Standards Codification -Section 25 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482517/912-730-25-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 985 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481283/985-20-50-1
+ Details
Name: |
us-gaap_ResearchAndDevelopmentExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 924 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 11.L) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-4
+ Details
Name: |
us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_SellingGeneralAndAdministrativeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-16
+ Details
Name: |
us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
+ Details
Name: |
us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands |
Common Stock [Member] |
Additional Paid-in Capital [Member] |
AOCI Attributable to Parent [Member] |
Retained Earnings [Member] |
Total |
Balance at Dec. 31, 2021 |
$ 442,235
|
$ 81,583
|
$ (1,565)
|
$ (378,371)
|
$ 143,882
|
Balance, shares at Dec. 31, 2021 |
8,608,298
|
|
|
|
|
Stock-based compensation |
$ 25
|
2,477
|
|
|
2,502
|
Net loss |
|
|
|
(21,254)
|
(21,254)
|
Currency translation adjustments |
|
|
5,103
|
|
5,103
|
Adjustments for prior periods from adoption of ASU 2020-06 |
|
(2,746)
|
|
2,065
|
(681)
|
Common shares issued upon exercise of options |
$ 12
|
|
|
|
12
|
Common shares issued upon exercise of options, shares |
241
|
|
|
|
|
Balance at Mar. 31, 2022 |
$ 442,272
|
81,314
|
3,538
|
(397,560)
|
129,564
|
Balance, shares at Mar. 31, 2022 |
8,608,539
|
|
|
|
|
Balance at Dec. 31, 2021 |
$ 442,235
|
81,583
|
(1,565)
|
(378,371)
|
143,882
|
Balance, shares at Dec. 31, 2021 |
8,608,298
|
|
|
|
|
Net loss |
|
|
|
|
(66,953)
|
Balance at Jun. 30, 2022 |
$ 442,286
|
83,757
|
22,774
|
(443,259)
|
105,558
|
Balance, shares at Jun. 30, 2022 |
8,608,539
|
|
|
|
|
Balance at Mar. 31, 2022 |
$ 442,272
|
81,314
|
3,538
|
(397,560)
|
129,564
|
Balance, shares at Mar. 31, 2022 |
8,608,539
|
|
|
|
|
Stock-based compensation |
$ 14
|
2,443
|
|
|
2,457
|
Net loss |
|
|
|
(45,699)
|
(45,699)
|
Currency translation adjustments |
|
|
19,236
|
|
19,236
|
Balance at Jun. 30, 2022 |
$ 442,286
|
83,757
|
22,774
|
(443,259)
|
105,558
|
Balance, shares at Jun. 30, 2022 |
8,608,539
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 442,312
|
90,020
|
21,440
|
(489,609)
|
64,163
|
Balance, shares at Dec. 31, 2022 |
8,608,539
|
|
|
|
|
Stock-based compensation |
$ 10
|
2,001
|
|
|
2,011
|
Net loss |
|
|
|
(27,751)
|
(27,751)
|
Currency translation adjustments |
|
|
6,599
|
|
6,599
|
Balance at Mar. 31, 2023 |
$ 442,322
|
92,021
|
28,039
|
(517,360)
|
45,022
|
Balance, shares at Mar. 31, 2023 |
8,608,539
|
|
|
|
|
Balance at Dec. 31, 2022 |
$ 442,312
|
90,020
|
21,440
|
(489,609)
|
64,163
|
Balance, shares at Dec. 31, 2022 |
8,608,539
|
|
|
|
|
Net loss |
|
|
|
|
(72,379)
|
Balance at Jun. 30, 2023 |
$ 442,322
|
93,695
|
34,709
|
(561,988)
|
8,738
|
Balance, shares at Jun. 30, 2023 |
8,608,539
|
|
|
|
|
Balance at Mar. 31, 2023 |
$ 442,322
|
92,021
|
28,039
|
(517,360)
|
45,022
|
Balance, shares at Mar. 31, 2023 |
8,608,539
|
|
|
|
|
Stock-based compensation |
|
1,674
|
|
|
1,674
|
Net loss |
|
|
|
(44,628)
|
(44,628)
|
Currency translation adjustments |
|
|
6,670
|
|
6,670
|
Balance at Jun. 30, 2023 |
$ 442,322
|
$ 93,695
|
$ 34,709
|
$ (561,988)
|
$ 8,738
|
Balance, shares at Jun. 30, 2023 |
8,608,539
|
|
|
|
|
X |
- DefinitionAmount of decrease in additional paid in capital (APIC) resulting from direct costs associated with issuing stock. Includes, but is not limited to, legal and accounting fees and direct costs associated with stock issues under a shelf registration.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
+ Details
Name: |
us-gaap_AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax and reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature, attributable to parent entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionNumber of shares issued which are neither cancelled nor held in the treasury.
+ References
+ Details
Name: |
us-gaap_SharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of share options (or share units) exercised during the current period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(02) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionValue, before forfeiture, of shares issued under share-based payment arrangement. Excludes employee stock ownership plan (ESOP).
+ References
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodValueShareBasedCompensationGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionValue of stock issued as a result of the exercise of stock options.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29-31) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodValueStockOptionsExercised |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 4.E) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2
+ Details
Name: |
us-gaap_StockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
CASH FLOWS FROM OPERATING ACTIVITIES |
|
|
Net loss |
$ (72,379)
|
$ (66,953)
|
Adjustments to reconcile net loss to net cash used in operating activities: |
|
|
Depreciation and amortization |
1,018
|
1,015
|
Stock-based compensation |
3,685
|
4,959
|
Amortization of debt discount |
941
|
821
|
Impairment charges |
20,000
|
|
Inventory reserve |
1,664
|
353
|
Change in operating right of use assets |
658
|
(668)
|
Unrealized foreign exchange loss |
13,415
|
26,337
|
Net change in operating working capital items: |
|
|
Change in accounts receivable |
13
|
(134)
|
Change in inventory |
(2,232)
|
(2,225)
|
Change in prepaid expenses |
636
|
653
|
Change in other current assets |
3,666
|
(917)
|
Change in other long-term assets |
152
|
(215)
|
Change in accounts payable |
(5,714)
|
905
|
Change in deferred revenues |
15
|
41
|
Change in other current liabilities |
(5,748)
|
(2,021)
|
Change in operating lease liabilities |
(656)
|
674
|
Net cash flows used in operating activities |
(40,866)
|
(37,375)
|
CASH FLOWS FROM INVESTING ACTIVITIES |
|
|
Purchase of property and equipment |
(584)
|
(1,592)
|
Net cash flows used in investing activities |
(584)
|
(1,592)
|
CASH FLOWS FROM FINANCING ACTIVITIES |
|
|
Proceeds from issuance of common shares for cash, upon exercise of options |
|
12
|
Net cash flows provided by financing activities |
|
12
|
Effect of exchange rates on cash |
(339)
|
(325)
|
CHANGE IN CASH FOR THE PERIOD |
(41,789)
|
(39,280)
|
CASH, BEGINNING OF PERIOD |
62,629
|
121,694
|
CASH, END OF PERIOD |
20,840
|
82,414
|
Supplementary information: |
|
|
Interest paid |
2,973
|
1,248
|
Non-cash investing and financing activities: |
|
|
Adjustments for prior periods from adoption of ASU 2020-06 |
|
681
|
Capital expenditures included in accounts payable and other current liabilities |
51
|
757
|
Share issuance costs included in other current liabilities |
$ 67
|
$ 67
|
X |
- DefinitionIncrease decrease in operating right of use assets.
+ References
+ Details
Name: |
VBIV_IncreaseDecreaseInOperatingRightOfUseAssets |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionNon cash adjustments for prior periods from adoption.
+ References
+ Details
Name: |
VBIV_NonCashAdjustmentsForPriorPeriodsFromAdoption |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionShare issuance costs included in accounts payable and other current liabilities.
+ References
+ Details
Name: |
VBIV_ShareIssuanceCostsIncludedInAccountsPayableAndOtherCurrentLiabilities |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_AdjustmentsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of noncash expense included in interest expense to amortize debt discount and premium associated with the related debt instruments. Excludes amortization of financing costs. Alternate captions include noncash interest expense.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_AmortizationOfDebtDiscountPremium |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482130/360-10-45-4
+ Details
Name: |
us-gaap_AssetImpairmentCharges |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionFuture cash outflow to pay for purchases of fixed assets that have occurred.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-4
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-3
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-5
+ Details
Name: |
us-gaap_CapitalExpendituresIncurredButNotYetPaid |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including, but not limited to, disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-8
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-4
+ Details
Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 1 -SubTopic 230 -Topic 830 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481877/830-230-45-1
+ Details
Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
+ Details
Name: |
us-gaap_DepreciationDepletionAndAmortization |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) from effect of exchange rate changes on cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; held in foreign currencies; including, but not limited to, disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 230 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481877/830-230-45-1
+ Details
Name: |
us-gaap_EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount, before tax, of unrealized gain (loss) from foreign currency transaction.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 6 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-6
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(7)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481956/830-20-45-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481926/830-20-50-1
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_ForeignCurrencyTransactionGainLossUnrealized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccountsPayable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInAccountsReceivable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) in obligation to transfer good or service to customer for which consideration has been received or is receivable.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 912 -SubTopic 310 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482312/912-310-45-11
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInContractWithCustomerLiability |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInInventories |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_IncreaseDecreaseInOperatingCapitalAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) in obligation for operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (g)(1) -SubTopic 20 -Topic 842 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4
+ Details
Name: |
us-gaap_IncreaseDecreaseInOperatingLeaseLiability |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) in current assets classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInOtherCurrentAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) in current liabilities classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInOtherCurrentLiabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) in noncurrent assets classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInOtherNoncurrentAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe increase (decrease) during the reporting period in the amount of outstanding money paid in advance for goods or services that bring economic benefits for future periods.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_IncreaseDecreaseInPrepaidExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 17 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-17
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-2
+ Details
Name: |
us-gaap_InterestPaidNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivitiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NoncashInvestingAndFinancingItemsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 13 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-13
+ Details
Name: |
us-gaap_PaymentsToAcquirePropertyPlantAndEquipment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow from exercise of option under share-based payment arrangement.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 14 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-14
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2A -Subparagraph (a) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2A
+ Details
Name: |
us-gaap_ProceedsFromStockOptionsExercised |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of noncash expense for share-based payment arrangement.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_ShareBasedCompensation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
v3.23.2
NATURE OF BUSINESS AND CONTINUATION OF BUSINESS
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
NATURE OF BUSINESS AND CONTINUATION OF BUSINESS |
1.
NATURE OF BUSINESS AND CONTINUATION OF BUSINESS
Corporate
Overview
VBI
Vaccines Inc. (the “Company” or “VBI”) was incorporated under the laws of British Columbia, Canada on April 9,
1965.
The
Company and its wholly owned subsidiaries, VBI Vaccines (Delaware) Inc., a Delaware corporation (“VBI DE”); VBI
DE’s wholly owned subsidiary, Variation Biotechnologies (US), Inc., a Delaware corporation (“VBI US”); Variation
Biotechnologies, Inc. a Canadian company and the wholly owned subsidiary of VBI US (“VBI Cda”); SciVac Ltd. an Israeli
company (“SciVac”); SciVac Hong Kong Limited (“SciVac HK”); and VBI Vaccines B.V, a Netherlands company
(“VBI BV”), are collectively referred to as the “Company”, “we”, “us”,
“our”, or “VBI”.
The
Company’s registered office is located at Suite 1700, Park Place, 666 Burrard Street, Vancouver, BC V6C 2X8 with its principal
office located at 160 Second Street, Floor 3, Cambridge, MA 02142. In addition, the Company has manufacturing facilities located in Rehovot,
Israel and research facilities located in Ottawa, Ontario, Canada.
Reverse
Stock Split
The
Company effected a 1-for-30 reverse stock split (the
“Reverse Stock Split”) of its issued and outstanding common shares effective as of April 12, 2023, pursuant to which every
30 of the Company’s issued and outstanding common shares were automatically converted into one common share without any change
in the par value per share. All share and per share amounts, including common shares underlying
stock options, restricted stock units, and warrants, and applicable exercise prices, have been retroactively adjusted for all periods
presented herein to give effect to the Reverse Stock Split as required in accordance with
United States of America generally accepted accounting principles (“U.S. GAAP”). Per the requirements of the Business
Corporations Act (British Columbia), under which the Company is regulated, if fractional shares held by registered shareholders were
to be converted into whole shares, each fractional share remaining after the completion of the Reverse Stock Split
that was less than half of a share was cancelled and each fractional share that was at least half of a share was rounded up to one whole
share. No shareholders received cash in lieu of fractional shares.
Principal
Operations
VBI is a commercial-stage biopharmaceutical company driven by immunology in the pursuit of prevention and
treatment of disease. Through its innovative approach to virus-like particles (“VLPs”), including a proprietary enveloped
VLP (“eVLP”) platform technology, VBI develops vaccine candidates that mimic the natural presentation of viruses, designed
to elicit the innate power of the human immune system. VBI is committed to targeting and overcoming significant infectious diseases,
including hepatitis B (“HBV”), COVID-19 and coronaviruses, and cytomegalovirus (“CMV”), as well as aggressive
cancers including glioblastoma (“GBM”). VBI is headquartered in Cambridge, Massachusetts, with research operations in Ottawa,
Canada, and a research and manufacturing site in Rehovot, Israel.
Recent
Organizational Changes
As
announced on April 4, 2023, the Company reduced its internal workforce by 30-35%, which began in April and was largely completed by the end of June 2023. As a result of this and other reductions in spend, VBI expects its operating expenses from
normal business to be 30-35% lower in the second half of 2023 as compared with the second half of 2022.
COVID-19
Endemic
In May 2023, the World Health Organization determined that COVID-19 no
longer fit the definition of a public health emergency and the U.S. government announced its plan to let the declaration of a public health
emergency associated with COVID-19 expire on May 11, 2023. COVID-19 is expected to remain a serious endemic threat for an indefinite future
period and may continue to adversely affect the global economy, and we are unable to predict the full extent of potential delays or impacts
on our business, our clinical studies, our research programs, the recoverability of our assets, and our manufacturing. The effects of
the COVID-19 endemic, including but not limited to supply chain issues, global shortages of supplies, material and products, volatile
market conditions and rising global inflation may continue to disrupt or delay our business operations, including with respect to efforts
relating to potential business development transactions, and it could continue to disrupt the marketplace which could have an adverse
effect on our operations.
Liquidity
and Going Concern
The
Company faces a number of risks, including but not limited to, uncertainties regarding the success of the development and commercialization
of its products, demand and market acceptance of the Company’s products, and reliance on major customers. The Company anticipates
that it will continue to incur significant operating costs and losses in connection with the development and commercialization of its
products.
The
Company has an accumulated deficit of $561,988
and cash of $20,840 as of June 30, 2023. As
described further below, in early July 2023, the Company received $15,000 from an upfront payment from Brii Biosciences Limited
(“Brii Bio”) pursuant to the Brii Collaboration Agreements (as defined below) and the concurrent registered direct
offering, and aggregate gross proceeds of $20,500 from an underwritten public offering. Cash outflows from operating activities
were $40,866
for the six months ended June 30, 2023.
The
Company will require significant additional funds to conduct clinical and non-clinical trials, achieve and maintain regulatory approvals,
and commercially launch and sell our approved products. Additional financing may be obtained from the issuance of equity securities,
the issuance of additional debt, government or non-governmental organization grants or subsidies, and/or revenues from potential business
development transactions, if any. There is no assurance the Company will manage to obtain these sources of financing, if required. The
above conditions raise substantial doubt about the Company’s ability to continue as a going concern. The condensed consolidated
financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of
assets or the amounts and classifications of liabilities that may result from this uncertainty.
On
July 5, 2023, the Company announced the expansion of its hepatitis B partnership with Brii Bio. Through (i) a Collaboration and
License Agreement (the “Collaboration Agreement”), dated July 5, 2023, by and between the Company and Brii Bio, and (ii)
the Amended and Restated Collaboration and License Agreement (the “A&R Collaboration Agreement, and together with the
Collaboration Agreement, the “Brii Collaboration Agreements”), dated July 5, 2023, by and between the Company and Brii
Bio, Brii Bio expanded its exclusive license to VBI-2601 to global rights and acquired an exclusive license for PreHevbri in Asia
Pacific (“APAC”), excluding Japan. As part of this collaboration, Brii Bio paid the Company an upfront payment of $15,000,
pursuant to the Brii Collaboration Agreements and the concurrent registered direct offering consisting of a $3,000 equity
investment in a concurrent registered direct offering (discussed below), $5,000 as
an advance payment for the clinical and commercial manufacture and supply of VBI-2601 and PreHevbri and any related manufacturing
expenditures and $7,000 as
a non-refundable upfront payment. In addition, pursuant to the Letter Agreement, dated July 5, 2023, by and among the
Company, SciVac, and Brii Bio, the Company also granted to Brii Bio a security interest, subject to a Subordination Agreement
between Brii Bio and K2HV, in all of its respective right, title, and interest in and to all intellectual property, know-how, and
licenses to the extent related to PreHevbri and VBI-2601, and all proceeds of the foregoing, in order to secure performance of all
of the Company’s obligations under the Brii Collaboration Agreements, the Supply Agreement, and the Loan Agreement (each as defined herein).
The Company is also eligible to receive up to an additional $422,000
in potential regulatory and commercial milestone payments (combined under the Brii Collaboration Agreements), and royalties in the
licensed territories, which is worldwide for VBI-2601 and APAC, excluding Japan, for PreHevbri. Brii Bio will be responsible for all
development, regulatory, and commercial activities and costs for the two programs in their respective licensed
territories. There is no assurance that Brii Bio will achieve any of the milestones
as specified in the Brii Collaboration Agreements and that we will receive any or all of these potential payments pursuant to the Brii
Collaboration Agreements.
In July 2023, the Company closed (i) an
underwritten public offering of 12,445,454
common shares and accompanying common warrants to purchase up to 12,545,454
common shares (which included 1,536,363
common shares and common warrants to purchase up to 1,636,363
common shares issued pursuant to the underwriters’ partial exercise of their option to purchase additional common shares and
common warrants) at a combined public offering price of $1.65 per common share and accompanying common warrant, and (ii) a
concurrent registered direct offering, pursuant to the expanded hepatitis B partnership with Brii Bio, of 1,818,182
common shares and accompanying common warrants to purchase up to 1,818,182
common shares, at a combined purchase price of $1.65
per share and accompanying common warrant. The accompanying common warrants issued and sold in each of the underwritten public
offering and the registered direct offering have an exercise price of $1.65
per share and expire five
years from the date of issuance. The aggregate gross proceeds from the underwritten public offering, including aggregate
gross proceeds from the underwriters’ exercise of their option to purchase additional securities, were $20,500.
The aggregate gross proceeds from the concurrent registered direct offering were $3,000.
Financial
instruments recognized in the condensed consolidated balance sheet consist of cash, accounts receivable, other current assets, accounts
payable, and other current liabilities. The Company believes that the carrying value of its current financial instruments approximates
their fair values due to the short-term nature of these instruments. The Company does not hold any derivative financial instruments.
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 275 -Publisher FASB -URI https://asc.fasb.org//275/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-1
+ Details
Name: |
us-gaap_NatureOfOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
SIGNIFICANT ACCOUNTING POLICIES
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
SIGNIFICANT ACCOUNTING POLICIES |
2.
SIGNIFICANT ACCOUNTING POLICIES
Basis
of Presentation and Consolidation
The
Company’s fiscal year ends on December 31 of each calendar year. The accompanying unaudited condensed consolidated financial statements
have been prepared in U.S. dollars (“USD”) and pursuant to the rules and regulations of the SEC, for interim reporting. Accordingly,
certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP, have
been condensed or omitted pursuant to such rules and regulations. The December 31, 2022 condensed consolidated balance sheet in this
document was derived from the audited consolidated financial statements. The condensed consolidated financial statements and notes included
in this quarterly report on this Form 10-Q does not include all of the disclosures required by U.S. GAAP and should be read in conjunction
with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022
(the “2022 10-K”), as filed with the SEC on March 13, 2023.
The
condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries: VBI DE, VBI US, VBI
Cda, SciVac, SciVac HK, and VBI BV. Intercompany balances and transactions between the Company and its subsidiaries are eliminated in
the condensed consolidated financial statements. Certain items previously reported in specific financial statement captions have been
reclassified to conform to the current presentation.
In
the opinion of management, these condensed consolidated financial statements include all adjustments and accruals of a normal and recurring
nature necessary to fairly state the results of the periods presented. The results for the periods presented are not necessarily indicative
of results to be expected for the full year or for any future periods.
Significant
Accounting Policies
The
significant accounting policies used in the preparation of these condensed consolidated financial statements are disclosed in the 2022
10-K, and there have been no changes to the Company’s significant accounting policies during the six months ended June 30, 2023,
other than the polices discussed below.
Restructuring
charges
Restructuring
costs include charges associated with exit or disposal activities that meet the definition of restructuring under FASB ASC Topic 420,
Exit or Disposal Cost Obligations (“ASC 420”). The Company’s restructuring plans are typically completed within a one-year
period or less. Restructuring costs incurred under these plans may include (i) one-time termination benefits related to employee separations,
(ii) contract termination costs, and (iii) other related costs associated with exit or disposal activities including, but not limited
to, costs for consolidating or closing facilities.
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for all significant accounting policies of the reporting entity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483426/235-10-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//235/tableOfContent
+ Details
Name: |
us-gaap_SignificantAccountingPoliciesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
NEW ACCOUNTING PRONOUNCEMENTS
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Changes and Error Corrections [Abstract] |
|
NEW ACCOUNTING PRONOUNCEMENTS |
3.
NEW ACCOUNTING PRONOUNCEMENTS
Recently
Adopted Accounting Pronouncements
In
June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on
Financial Instruments (“ASU 2016-13”). The amendments in ASU 2016-13, among other things, require the measurement of all
expected credit losses for financial assets held at the reporting date based on historical experience, current conditions, and reasonable
and supportable forecasts. Financial institutions and other organizations will now use forward-looking information to better inform their
credit loss estimates. Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques
will change to reflect the full amount of expected credit losses. Our adoption of this ASU, effective January 1, 2023, did not have a
material impact on our condensed consolidated financial statements and the related footnote disclosures.
|
X |
- References
+ Details
Name: |
us-gaap_AccountingChangesAndErrorCorrectionsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for change in accounting principle. Includes, but is not limited to, nature, reason, and method of adopting amendment to accounting standards or other change in accounting principle.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(iv) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 11.M.Q2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480530/250-10-S99-5
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (i)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480528/815-20-65-6
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 5 -Subparagraph (f)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479832/842-10-65-5
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 5 -Subparagraph (f)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479832/842-10-65-5
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-2
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-2
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 848 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483550/848-10-65-2
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 105 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479343/105-10-65-6
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 8 -Subparagraph (e)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482615/740-10-65-8
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 8 -Subparagraph (e)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482615/740-10-65-8
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 8 -Subparagraph (e)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482615/740-10-65-8
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (e)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482833/825-10-65-6
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (e)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482833/825-10-65-6
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 6 -Subparagraph (e)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482833/825-10-65-6
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 4 -Subparagraph (e)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479654/326-10-65-4
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 4 -Subparagraph (e)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479654/326-10-65-4
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 926 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (f)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483194/926-20-65-2
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 926 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (f)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483194/926-20-65-2
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 926 -SubTopic 20 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (f)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483194/926-20-65-2
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480530/250-10-S99-6
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 250 -Publisher FASB -URI https://asc.fasb.org//250/tableOfContent
Reference 32: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (e)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (d)(1) -SubTopic 20 -Topic 310 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481925/310-20-65-2
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (d)(2) -SubTopic 20 -Topic 310 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481925/310-20-65-2
+ Details
Name: |
us-gaap_NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
INVENTORY, NET
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
INVENTORY, NET |
4.
INVENTORY, NET
Inventory
consists of the following:
SCHEDULE OF INVENTORY
| |
June 30, 2023 | | |
December 31, 2022 | |
Finished goods | |
$ | 827 | | |
$ | 893 | |
Work-in-process | |
| 2,550 | | |
| 1,869 | |
Raw materials | |
| 3,484 | | |
| 3,837 | |
Inventory, net | |
$ | 6,861 | | |
$ | 6,599 | |
|
X |
- References
+ Details
Name: |
us-gaap_InventoryDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for inventory. Includes, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the classes of inventory, and the nature of the cost elements included in inventory.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 330 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//330/tableOfContent
+ Details
Name: |
us-gaap_InventoryDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
OTHER CURRENT ASSETS
|
6 Months Ended |
Jun. 30, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
OTHER CURRENT ASSETS |
5.
OTHER CURRENT ASSETS
Other
current assets consisted of the following:
SCHEDULE OF OTHER CURRENT ASSETS
| |
June 30, 2023 | | |
December 31, 2022 | |
Government receivables | |
$ | 1,578 | | |
$ | 4,033 | |
Other current assets | |
| 866 | | |
| 2,026 | |
Total other current assets | |
$ | 2,444 | | |
$ | 6,059 | |
|
X |
- References
+ Details
Name: |
us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for other current assets.
+ References
+ Details
Name: |
us-gaap_OtherCurrentAssetsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
IMPAIRMENT CHARGES
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
IMPAIRMENT CHARGES |
6.
IMPAIRMENT CHARGES
The
drop in market conditions experienced in April 2023 was considered a triggering event for an interim impairment test for property
and equipment and In-Process Research and Development (“IPR&D”) and goodwill. The impairment test compares the
carrying amount of the assets to their respective fair values. If the carrying amount exceeds the fair value of the assets, such
excess is recorded as an impairment charge.
Impairment
charges consist of the following:
SCHEDULE OF IMPAIRMENT CHARGES
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended June 30 | | |
Six months ended June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Property and equipment (Note 7) | |
$ | 1,000 | | |
$ | - | | |
$ | 1,000 | | |
$ | - | |
IPR&D (Note 8) | |
| 19,000 | | |
| - | | |
| 19,000 | | |
| - | |
Impairment charges | |
$ | 20,000 | | |
$ | - | | |
$ | 20,000 | | |
$ | - | |
|
X |
- DefinitionThe entire disclosure for the details of the charge against earnings resulting from the aggregate write down of all assets from their carrying value to their fair value. Disclosure may also include a description of the impaired asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired asset is reported.
+ References
+ Details
Name: |
us-gaap_AssetImpairmentChargesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
PROPERTY AND EQUIPMENT
|
6 Months Ended |
Jun. 30, 2023 |
Property, Plant and Equipment [Abstract] |
|
PROPERTY AND EQUIPMENT |
7.
PROPERTY AND EQUIPMENT
The fair value of the property and equipment’s assets included in
the impairment test was determined using a combination of the market approach and the cost approach and is considered Level 3 in the fair
value hierarchy. Some of the more significant estimates and assumptions inherent in the estimate of the fair value the property and equipment
include: 1) current market prices; 2) cost to replace the assets; and 3) factors to account for obsolescence. The Company recorded
an impairment of property and equipment of $1,000 as a result of its interim impairment test performed as of April 30, 2023.
|
X |
- References
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of physical assets used in the normal conduct of business and not intended for resale. Includes, but is not limited to, balances by class of assets, depreciation and depletion expense and method used, including composite depreciation, and accumulated deprecation.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 360 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482099/360-10-50-1
+ Details
Name: |
us-gaap_PropertyPlantAndEquipmentTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
INTANGIBLE ASSETS, NET, AND GOODWILL
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
INTANGIBLE ASSETS, NET, AND GOODWILL |
8.
INTANGIBLE ASSETS, NET, AND GOODWILL
The
Company’s intangible assets determined to have indefinite useful lives IPR&D and goodwill, are tested for impairment
annually, or more frequently if events or circumstances indicate that the assets might be impaired. As discussed above, in April
2023, the Company performed an interim impairment test. The IPR&D assets, consisting of the CMV and GBM programs acquired in a
business combination (the 2016 merger between VBI and SciVac), are capitalized as an intangible asset and are tested for impairment
at least annually until commercialization, after which time the IPR&D will be amortized over its estimated useful life. The fair
value of the IPR&D assets included in the impairment test was determined using the income approach method and is considered
Level 3 in the fair value hierarchy. Some of the more significant estimates and assumptions inherent in the estimate of the fair
value of IPR&D assets include: 1) the amount and timing of costs to develop the IPR&D into viable products; 2) the amount
and timing of future cash inflows; 3) the discount rate; and 4) the probability of technical and regulatory success. The discount
rate used was 15%
and the cumulative probability of technical and regulatory success to achieve approval to market the products ranged from
approximately 10%
to 17%.
The Company recorded an impairment of IPR&D of $19,000, as a partial impairment to the congenital
CMV asset, as a result of its interim impairment test performed as of April 30, 2023.
SCHEDULE OF INDEFINITE LIVED INTANGIBLE ASSETS INCLUDING CUMULATIVE IMPAIRMENT AND CURRENCY TRANSLATION
| |
| | |
June 30, 2023 | |
| |
Gross | | |
| | |
Cumulative | | |
Cumulative | | |
| |
| |
Carrying | | |
Accumulated | | |
Impairment | | |
Currency | | |
Net Book | |
| |
Amount | | |
Amortization | | |
Charge | | |
Translation | | |
Value | |
License | |
$ | 669 | | |
$ | (669 | ) | |
$ | - | | |
$ | - | | |
$ | - | |
IPR&D assets | |
| 61,500 | | |
| - | | |
| (19,300 | ) | |
| (1,861 | ) | |
| 40,339 | |
| |
$ | 62,169 | | |
$ | (669 | ) | |
$ | (19,300 | ) | |
$ | (1,861 | ) | |
$ | 40,339 | |
| |
| | |
December 31, 2022 | |
| |
Gross | | |
| | |
Cumulative | | |
Cumulative | | |
| |
| |
Carrying | | |
Accumulated | | |
Impairment | | |
Currency | | |
Net Book | |
| |
Amount | | |
Amortization | | |
Charge | | |
Translation | | |
Value | |
License | |
$ | 669 | | |
$ | (669 | ) | |
$ | - | | |
$ | - | | |
$ | - | |
IPR&D assets | |
| 61,500 | | |
| - | | |
| (300 | ) | |
| (2,855 | ) | |
| 58,345 | |
| |
$ | 62,169 | | |
$ | (669 | ) | |
$ | (300 | ) | |
$ | (2,855 | ) | |
$ | 58,345 | |
The
Company amortizes intangible assets with finite lives on a straight-line basis over their estimated useful lives.
The
change in carrying value for IPR&D assets from December 31, 2022, relates to the impairment of $19,000 and currency translation
adjustments which increased by $994
for the six months ended June 30, 2023.
Goodwill
represents the excess of the purchase price over the fair value of the net tangible and identifiable intangible assets acquired in a
business combination. When evaluating goodwill for impairment, we may first perform an assessment qualitatively whether it is more likely
than not that a reporting unit’s carrying amount exceeds its fair value, referred to as a “step zero” approach. Subsequently
(if necessary, after step zero), if the carrying value of a reporting unit exceeded its fair value an impairment would be recorded. We
performed our goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. There was no goodwill
impairment determined as a result of the Company’s interim impairment test performed as of April 30, 2023. The Company consists of a single reporting unit and used its market capitalization
to determine the fair value of the reporting unit. In order to determine the market capitalization, the Company used the trailing 20-day
volume weighted average price of its shares as of the testing date.
SCHEDULE OF GOODWILL
| |
| | |
June 30, 2023 | |
| |
Gross | | |
Cumulative | | |
Cumulative | | |
| |
| |
Carrying | | |
Impairment | | |
Currency | | |
Net Book | |
| |
Amount | | |
Charge | | |
Translation | | |
Value | |
Goodwill | |
$ | 8,714 | | |
$ | (6,292 | ) | |
$ | (247 | ) | |
$ | 2,175 | |
| |
| | |
December 31, 2022 | |
| |
Gross | | |
Cumulative | | |
Cumulative | | |
| |
| |
Carrying | | |
Impairment | | |
Currency | | |
Net Book | |
| |
Amount | | |
Charge | | |
Translation | | |
Value | |
Goodwill | |
$ | 8,714 | | |
$ | (6,292 | ) | |
$ | (295 | ) | |
$ | 2,127 | |
The
change in carrying value for goodwill from December 31, 2022, relates to currency translation adjustments which increased by $48 for
the six months ended June 30, 2023.
|
X |
- References
+ Details
Name: |
us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for goodwill and intangible assets.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//350/tableOfContent
+ Details
Name: |
us-gaap_GoodwillAndIntangibleAssetsDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
OTHER CURRENT LIABILITIES
|
6 Months Ended |
Jun. 30, 2023 |
Other Liabilities Disclosure [Abstract] |
|
OTHER CURRENT LIABILITIES |
9.
OTHER CURRENT LIABILITIES
Other
current liabilities consisted of the following:
SCHEDULE OF OTHER CURRENT LIABILITIES
| |
June 30, 2023 | | |
December 31, 2022 | |
Accrued research and development expenses (including clinical trial accrued expenses) | |
$ | 5,564 | | |
$ | 6,561 | |
Accrued professional fees | |
| 2,324 | | |
| 3,250 | |
Payroll and employee-related costs | |
| 2,025 | | |
| 4,036 | |
Deferred funding | |
| 4,892 | | |
| 6,966 | |
Other current liabilities | |
| 1,688 | | |
| 1,775 | |
Total other current liabilities | |
$ | 16,493 | | |
$ | 22,588 | |
Included
in payroll and employee-related costs are one time termination benefits as a result of our recent organizational changes to reduce our
internal workforce by 30-35%, as discussed in Note 1. The Company did not incur contract termination costs or other related costs.
The
following table presents changes in the one-time termination benefits for the three and six months ended June 30, 2023:
SCHEDULE OF CHANGES IN ONE-TIME TERMINATION BENEFITS
| |
| |
Accrued balance at January 1, 2023 | |
| - | |
| |
| | |
Charges | |
| 759 | |
Cash payments | |
| (650 | ) |
| |
| | |
Accrued balance at June 30, 2023 | |
$ | 109 | |
The
restructuring charges are included in cost of revenues, research and development and sales, general and administrative in the condensed
consolidated statements of operations and comprehensive loss.
|
X |
- References
+ Details
Name: |
us-gaap_OtherLiabilitiesDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for other liabilities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20,24) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_OtherLiabilitiesDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
LOSS PER SHARE OF COMMON SHARES
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
LOSS PER SHARE OF COMMON SHARES |
10.
LOSS PER SHARE OF COMMON SHARES
Basic
loss per share is computed by dividing net loss applicable to common stockholders by the weighted average number of common shares outstanding
during each period. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities, such
as warrants, and stock options, which would result in the issuance of incremental shares of common shares unless such effect is anti-dilutive.
In computing the basic and diluted net loss per share applicable to common stockholders, the weighted average number of shares remains
the same for both calculations due to the fact that when a net loss exists, dilutive shares are not included in the calculation as their
effect would be anti-dilutive. These potentially dilutive securities are more fully described in Note 12, Stockholders’ Equity
and Additional Paid-in Capital.
The
following potentially dilutive securities outstanding at June 30, 2023 and 2022 have been excluded from the computation of diluted weighted
average shares outstanding, as they would be antidilutive:
SCHEDULE OF ANTI-DILUTIVE WEIGHTED AVERAGE SHARES OUTSTANDING
| |
2023 | | |
2022 | |
| |
Six months ended June 30, | |
| |
2023 | | |
2022 | |
Warrants | |
| 103,930 | | |
| 46,136 | |
Stock options and restricted stock units | |
| 784,118 | | |
| 775,809 | |
K2HV conversion feature | |
| 205,396 | | |
| 45,662 | |
Total | |
| 1,093,444 | | |
| 867,607 | |
|
X |
- References
+ Details
Name: |
us-gaap_EarningsPerShareAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for earnings per share.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3
+ Details
Name: |
us-gaap_EarningsPerShareTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
LONG-TERM DEBT
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
LONG-TERM DEBT |
11.
LONG-TERM DEBT
As
of June 30, 2023, and December 31, 2022, the Company’s long-term debt is as follows:
SCHEDULE OF LONG-TERM DEBT
| |
June 30, 2023 | | |
December 31, 2022 | |
Long-term debt, net of debt discount of $5,870 ($6,811 at December 31, 2022) | |
$ | 49,829 | | |
$ | 48,888 | |
Less: current portion, net of debt discount of $234 ($0 at December 31, 2022) | |
| 1,990 | | |
| - | |
Long-term debt, net of current portion | |
$ | 47,839 | | |
$ | 48,888 | |
On
May 22, 2020, the Company, along with its subsidiary VBI Cda (collectively, the “Borrowers”), entered into the Loan and Guaranty
Agreement (the “Loan Agreement”) with K2 HealthVentures LLC (“K2HV”) and any other lender from time-to-time party
thereto (the “Lenders”). On May 22, 2020, the Lenders advanced the first tranche of term loans of $20,000. Pursuant to the
Loan Agreement, the Lenders originally had the ability to convert, at the Lenders’ option, up to $4,000 of the secured term loan
into common shares of the Company at a conversion price of $43.80 per share until the original maturity date of June 1, 2024. On February
3, 2021, pursuant to the Loan Agreement, the Lenders, converted $2,000 of the secured term loan into 45,662 common shares at a conversion
price of $43.80 per share.
On
May 17, 2021, the Company entered into the First Amendment to the Loan and Guaranty Agreement (“First Amendment”) with the
Lenders and received additional loan advances of $12,000.
On
September 14, 2022, the Company entered into the Second Amendment to the Loan Agreement (the “Second Amendment”) with
the Lenders to: (i) increase the amount of the term loans available under the Loan Agreement to $100,000
from $50,000,
which term loans are available in additional tranches subject to the achievement of milestones and other customary conditions, (ii)
add certain minimum net revenue covenants, (iii) extend the final maturity date for the term loans to
September 14, 2026, which may be extended to September 14, 2027, under certain circumstances, and (iv) to the extent that the
maturity date is extended, the term loans will begin amortizing on a monthly basis on September 14, 2026.
On
September 15, 2022, the Lenders advanced to the Borrowers the Restatement First Tranche Term Loan (as defined in the Second Amendment)
in an aggregate amount of $50,000
which included the refinancing of the $30,000
in term loans that were outstanding under the
Loan Agreement as amended by the First Amendment. The next tranche of term loans of up to $10,000
will be available from April 1, 2024, through
June 30, 2024, so long as certain milestones are achieved, no events of default under the
Loan Agreement have occurred and are continuing, and the Liquidity Requirement is satisfied. The final tranche of term loans of up to
$25,000
shall be available at any time from September
14, 2022, until September 14, 2026, subject to the Lender’s review of the Company’s clinical and financial plans and Lender’s
investment committee approval.
Pursuant
to the Second Amendment, the Lenders have the ability to convert $7,000 into common shares, by which $2,000 of the term loans shall be
convertible into 45,662 common shares at a conversion price of $43.80 per share and $5,000 of the term loans shall be convertible into
159,734 common shares at a conversion price of $31.302 per share (“K2HV conversion feature”).
In
connection with the Loan Agreement, on May 22, 2020, the Company issued the Lenders a warrant to purchase up to 20,833
common shares (the “Original K2HV Warrant”)
at an exercise price of $33.60
per share. On May 17, 2021, in connection with
the First Amendment, the Company amended and restated the Original K2HV Warrant to purchase an additional 10,417
common shares for a total of 31,250
common shares (the “First Amendment Warrant”)
with the same exercise price of $33.60
per share. On September 14, 2022, in connection
with the Second Amendment and the advance of the first tranche of term loans of $50,000
by the Lenders, the Company issued the Lenders
a warrant to purchase an additional 72,680
common shares (the “Second Amendment Warrant”)
with a warrant exercise price of $24.08
per share. If and/or when additional tranches
are advanced pursuant to the Second Amendment, the Company will issue additional warrants to purchase up to 72,680 common shares pursuant
to the Second Amendment Warrant.
The
First Amendment Warrant and the Second Amendment Warrant may be exercised either for cash or on a cashless “net exercise”
basis. The First Amendment Warrant expires on May 22, 2030 and the Second Amendment Warrant expires on September 14, 2032.
The
Company is required to make a final payment equal to 6.95% of the aggregate term loan principal on the maturity date of the term loan,
or upon earlier prepayment of the term loans in accordance with the Second Amendment (the “Second Amendment Final Payment”).
The final payment related to the refinanced $30,000 in term loans that were outstanding under the Loan Agreement as amended by the First
Amendment of $2,224 remains and is due the earlier of June 1, 2024 or the earlier prepayment of the term loans in accordance with the
Second Amendment (the “Original Final Payment”).
Upon
receipt of additional funds, issuable pursuant to the various tranches, under the Second Amendment, additional common shares will be
issuable pursuant to the Second Amendment Warrant as determined by the principal amount of the applicable tranche actually funded
multiplied by 3.5% and divided by the warrant exercise price of $24.08,
and the Second Amendment Final Payment will increase by 6.95%
of the funds advanced.
The
total principal amount of the loan under the Loan Agreement as amended by the Second Amendment, outstanding at June 30, 2023, including
the Original Final Payment of $2,224 and the Second Amendment Final Payment of $3,475 in connection with the Second Amendment, is $55,699.
The principal amount of the loan made under the Loan Agreement as amended by the Second Amendment accrues interest at an annual rate
equal to the greater of (a) 8.00%, or (b) prime rate plus 4.00%. The interest rate as of June 30, 2023 was 12.25%. The Company is required
to pay only interest until September 14, 2026. The effective interest rate on the loan of $50,000, excluding the Original Final Payment
and Second Amendment Final Payment, is 15.88%.
Upon
the occurrence of an Event of Default, and during the continuance of an Event of Default, the applicable rate of interest, described
above, will be increased by 5.00%
per annum. The secured term loan maturity date is September
14, 2026, or if the milestone for the next tranche of the term loans has been
achieved, September 14, 2027, and the Loan Agreement as amended by the Second Amendment includes both financial and non-financial
covenants. The Company was in compliance with these covenants as of June 30, 2023.
The
obligations under the Loan Agreement as amended by the Third Amendment (as defined below) are secured on a senior basis by a lien on
substantially all of the assets of the Company and its subsidiaries. The subsidiaries of the
Company, other than VBI Cda, SciVac HK, and VBI BV, are guarantors of the obligations of the Company and VBI Cda under the Loan
Agreement. The Loan Agreement also contains customary events of default.
On July 5, 2023, the Borrowers and K2HV entered
into (i) an amendment (the “Third Amendment”) to the Loan Agreement, and (ii) an amendment to the Pledge and Security
Agreement, dated May 22, 2020, by and among the Company, VBI DE, VBI Cda, K2HV, and Ankura Trust Company, LLC, as collateral trustee
for the lenders, pursuant to which the parties have agreed to permit the Brii Collaboration Agreements, the Supply Agreement (the
“Supply Agreement”), dated July 5, 2023 by and between the Company and Brii Bio, and the Letter Agreement, dated July 5,
2023, by and among the Company, SciVac and Brii Bio. The Company granted to K2VH a security interest in, all of its respective
right, title, and interest in and to substantially all of the Company’s intellectual property. In addition, among others, any
breach, default or other triggering event by the Company occurring under the Brii Collaboration Agreements resulting in Brii Bio
exercising a right to terminate the Brii Collaboration Agreements, will cross default the Third Amendment.
The
total initial debt discount related to the Second Amendment is $7,359. As of June 30, 2023, and December 31, 2022, the unamortized debt
discount was $5,870 and $6,811 respectively. The debt discount is being charged to interest expense, net in the condensed consolidated
statement of operations and comprehensive loss using the effective interest method over the term of the debt.
At
June 30, 2023 and December 31, 2022, the fair value of our outstanding debt, which is considered level 3 in the fair value hierarchy,
is estimated to be $54,598 and $56,510, respectively.
Interest
expense, net recorded in the three and six months ended June 30, 2023 and 2022 was as follows:
SCHEDULE OF INTEREST EXPENSE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended June 30 | | |
Six months ended June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Interest expense | |
$ | 1,537 | | |
$ | 669 | | |
$ | 2,998 | | |
$ | 1,276 | |
Amortization of debt discount | |
| 471 | | |
| 411 | | |
| 941 | | |
| 821 | |
Interest income | |
| (300 | ) | |
| (179 | ) | |
| (802 | ) | |
| (256 | ) |
Total interest expense,
net of interest income | |
$ | 1,708 | | |
$ | 901 | | |
$ | 3,137 | | |
$ | 1,841 | |
The
following table summarizes the future principal payments due under long-term debt:
SCHEDULE OF FUTURE PRINCIPAL OF LONG-TERM DEBT
| |
Principal | |
| |
payments on | |
| |
Loan Agreement | |
| |
and final payment | |
Remaining 2023 | |
$ | - | |
2024 | |
| 2,224 | |
2025 | |
| - | |
2026 | |
| 53,475 | |
Total | |
$ | 55,699 | |
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for long-term debt.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent
+ Details
Name: |
us-gaap_LongTermDebtTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
STOCKHOLDERS’ EQUITY AND ADDITIONAL PAID-IN CAPITAL
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
STOCKHOLDERS’ EQUITY AND ADDITIONAL PAID-IN CAPITAL |
12.
STOCKHOLDERS’ EQUITY AND ADDITIONAL PAID-IN CAPITAL
Stock
option plans
The
Company’s stock option plans are approved by and administered by the Board and its Compensation Committee. The Board designates,
in connection with recommendations from the Compensation Committee, eligible participants to be included under the plan, and designates
the number of options, exercise price and vesting period of the new options.
2006
VBI US Stock Option Plan
The
2006 VBI US Stock Option Plan (the “2006 Plan”), was approved by and was previously administered by the VBI US board of directors
which designated eligible participants to be included under the 2006 Plan, and designated the number of options, exercise price and vesting
period of the new options. The 2006 Plan was not approved by the stockholders of VBI US. The 2006 Plan was superseded by the 2014 Plan
(as defined below) following the PLCC Merger and no further options will be issued under the 2006 Plan. As of June 30, 2023, there were
28,090 options outstanding under the 2006 Plan.
2014
Equity Incentive Plan
On
May 1, 2014, the VBI DE board of directors adopted the VBI Vaccines Inc. 2014 Equity Incentive Plan (the “2014 Plan”). The
2014 Plan was approved by the VBI DE’s shareholders on July 14, 2014. The 2014 Plan was superseded by the 2016 Plan (as defined
below) and no further options will be issued under the 2014 Plan. As of June 30, 2023, there were 17,368 options outstanding under the
2014 Plan.
2016
VBI Equity Incentive Plan
The
2016 VBI Equity Incentive Plan (the “2016 Plan”) is a rolling incentive plan that sets the number of common shares issuable
under the 2016 Plan, together with any other security-based compensation arrangement of the Company, at a maximum of 10% of the aggregate
common shares issued and outstanding on a non-diluted basis at the time of any grant under the 2016 Plan. The 2016 Plan is an omnibus
equity incentive plan pursuant to which the Company may grant equity and equity-linked awards to eligible participants in order to promote
the success of the Company by providing a means to offer incentives and to attract, motivate, retain and reward persons eligible to participate
in the 2016 Plan. Grants under the 2016 Plan include a grant or right consisting of one or more options, stock appreciation rights (“SARs”),
restricted share units (“RSUs”), performance share units (“PSUs”), shares of restricted stock, or other such
award as may be permitted under the 2016 Plan. As of June 30, 2023, there were 738,660 options outstanding and no RSUs unvested under
the 2016 Plan.
The
aggregate number of common shares remaining available for issuance for awards under the 2016 Plan totalled 27,945 at June 30, 2023.
Activity
related to stock options is as follows:
SCHEDULE OF STOCK OPTIONS ACTIVITY
| |
Number of | | |
Weighted | |
| |
Stock | | |
Average | |
| |
Options | | |
Exercise Price | |
Balance outstanding at December 31, 2022 | |
| 761,243 | | |
$ | 71.26 | |
| |
| | | |
| | |
Granted | |
| 53,643 | | |
| 14.58 | |
Forfeited | |
| (30,768 | ) | |
| 55.47 | |
| |
| | | |
| | |
Balance outstanding at June 30, 2023 | |
| 784,118 | | |
$ | 68.06 | |
| |
| | | |
| | |
Exercisable at June 30, 2023 | |
| 625,860 | | |
$ | 73.19 | |
Information
relating to RSUs is as follow:
SCHEDULE OF RESTRICTED STOCK UNITS
| |
| | |
Weighted | |
| |
| | |
Average | |
| |
Number of | | |
Fair Value | |
| |
Stock Awards | | |
at Grant Date | |
Unvested shares outstanding at December 31, 2022 | |
| 82 | | |
$ | 43.80 | |
| |
| | | |
| | |
Vested | |
| (82 | ) | |
| 43.80 | |
Unvested shares outstanding at June 30, 2023 | |
| - | | |
$ | - | |
In
determining the amount of stock-based compensation the Company used the Black-Scholes option pricing model to establish the fair value
of options granted by applying the following weighted average assumptions:
SCHEDULE OF FAIR VALUE OF OPTIONS GRANTED BY USING BLACK SCHOLES OPTION PRICING ASSUMPTIONS
| |
Six months ended June 30 | |
| |
2023 | | |
2022 | |
Volatility | |
| 96.38 | % | |
| 93.17 | % |
Risk free interest rate | |
| 3.57 | % | |
| 1.71 | % |
Expected term in years | |
| 5.76 | | |
| 5.83 | |
Expected dividend yield | |
| 0.00 | % | |
| 0.00 | % |
Weighted average fair value per option | |
$ | 11.24 | | |
$ | 34.50 | |
The
fair value of the options is recognized as an expense on a straight-line basis over the vesting period and forfeitures are accounted
for when they occur. The total stock-based compensation expense recorded in the three and six months ended June 30, 2023 and 2022 was
as follows:
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE
| |
Three months ended June 30 | | |
Six months ended June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Research and development | |
$ | 227 | | |
$ | 510 | | |
$ | 493 | | |
$ | 1,020 | |
Sales, general, and administrative | |
| 1,432 | | |
| 1,917 | | |
| 3,150 | | |
| 3,883 | |
Cost of revenues | |
| 15 | | |
| 30 | | |
| 42 | | |
| 56 | |
Total stock-based compensation expense | |
$ | 1,674 | | |
$ | 2,457 | | |
$ | 3,685 | | |
$ | 4,959 | |
|
X |
- References
+ Details
Name: |
us-gaap_EquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 235 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481062/946-235-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-6
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480237/815-40-50-6
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(e)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//505/tableOfContent
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 16 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-16
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
+ Details
Name: |
us-gaap_StockholdersEquityNoteDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
REVENUES, NET AND DEFERRED REVENUE
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
REVENUES, NET AND DEFERRED REVENUE |
13.
REVENUES, NET AND DEFERRED REVENUE
Revenues,
net comprises the following:
SCHEDULE OF REVENUE COMPRISED
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended
June 30 | | |
Six months ended
June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Product revenues, net | |
$ | 708 | | |
$ | 331 | | |
$ | 1,186 | | |
$ | 422 | |
R&D service revenues | |
| 12 | | |
| 15 | | |
| 19 | | |
| 50 | |
Revenues | |
$ | 720 | | |
$ | 346 | | |
$ | 1,205 | | |
$ | 472 | |
The
following table presents revenues expected to be recognized in the future related to performance obligations, based on current estimates,
that are unsatisfied at June 30, 2023:
SUMMARY
OF REVENUE EXPECTED TO BE RECOGNIZED IN FUTURE RELATED TO PERFORMANCE OBLIGATIONS
| |
Total | | |
Current portion to June 30, 2024 | | |
Remaining portion thereafter | |
Product revenues, net | |
$ | 469 | | |
$ | - | | |
$ | 469 | |
R&D service revenues | |
| 2,169 | | |
| 845 | | |
| 1,324 | |
| |
$ | 2,638 | | |
$ | 845 | | |
$ | 1,793 | |
The
following table presents changes in the deferred revenue balance for the six months ended June 30, 2023:
SUMMARY OF CHANGES IN DEFERRED REVENUE
Balance at January 1, 2022 | |
$ | 2,803 | |
| |
| - | |
| |
| - | |
| |
| | |
Balance at December 31, 2022 | |
| 2,613 | |
| |
| | |
Recognition of deferred revenue | |
| (19 | ) |
Currency translation | |
| 44 | |
| |
| | |
Balance at June 30, 2023 | |
$ | 2,638 | |
| |
| | |
Short Term | |
$ | 845 | |
Long Term | |
$ | 1,793 | |
Collaboration
and License Agreement – Brii Bio
On
December 4, 2018, the Company entered into a Collaboration and License Agreement (the “Collaboration and License
Agreement”) with Brii Bio, amended on April 8, 2021, whereby:
|
● |
the
Company and Brii Bio agreed to collaborate on the development of a HBV recombinant protein-based immunotherapeutic in the licensed
territory, which consists of China, Hong Kong, Taiwan, and Macau (collectively, the “Licensed Territory”), and to conduct
a Phase II collaboration clinical trial for the purpose of comparing VBI-2601, which is a recombinant protein-based immunotherapeutic
developed by VBI for use in treating chronic HBV, with a novel composition developed jointly with Brii Bio (either being the “Licensed
Product”); |
|
|
|
|
● |
the
Company granted Brii Bio an exclusive royalty-bearing license to perform studies, and regulatory and other activities, as may be
required to obtain and maintain marketing approval of the Licensed Product, for the treatment of HBV in the Licensed Territory and
to commercialize and the Licensed Product for the diagnosis and treatment of chronic HBV in the Licensed Territory; and |
|
|
|
|
● |
Brii
Bio granted the Company an exclusive royalty-free license under Brii Bio’s technology and Brii Bio’s interest in any
joint technology developed during the collaboration to develop and commercialize the Licensed Product for the diagnosis and treatment
of chronic HBV in the countries of the world other than the Licensed Territory. |
On
December 20, 2021, the Company and Brii Bio further amended the Collaboration and License Agreement (the “Second Amendment
Collaboration and License Agreement”) whereby:
|
● |
the
Company and Brii Bio agreed to conduct an additional Phase II combination clinical trial of VBI-2601, both with and without IFN-α,
and BRII-835 (VIR-2218) (“Combo Clinical Trial”); and |
|
|
|
|
● |
Brii
Bio granted the Company a non-exclusive royalty free license under the Brii Bio technology arising from the data generated in the
Combo Clinical Trial solely for use in the development, manufacture, or commercialization of the Licensed Product in combination
with an siRNA in the countries of the world other than the Licensed Territory. |
Pursuant
to the Collaboration and License Agreement, as amended, the Company was responsible for the R&D Services and Brii Bio was
responsible for costs relating to the clinical trials for the Licensed Territory.
The
Company and Brii Bio will jointly own all right, title, and interest in the joint know-how development and the patents claiming joint
inventions made pursuant to the Second Amendment Collaboration and License Agreement.
The
initial consideration of the Collaboration and License Agreement consisted of an $11,000
non-refundable upfront payment. As part of the Collaboration and License Agreement, the Company and Brii Bio entered into a stock
purchase agreement. Under the terms of the stock purchase agreement, the Company issued to Brii Bio 76,502
of its common shares valued at $3,626
(based on the Company’s common share price on December 4, 2018). The remaining $7,374,
deemed to be the initial transaction price, was allocated to two performance obligations: (i) the VBI-2601 license and (ii) R&D
services. The R&D services were allocated $4,737
of the transaction price using an estimated selling price based on an expected cost plus a margin approach and the remaining
transaction price of $2,637
was allocated to the VBI-2601 license using the residual method.
There
was no additional consideration contemplated in the Second Amendment Collaboration and License Agreement.
On
July 5, 2023, the Company and Brii Bio entered into the A&R Collaboration Agreement, to, among other things, and subject to the
terms and conditions set forth in the A&R Collaboration Agreement, expand the Licensed Territory to the entire world (the
“New Licensed Territory”) for Brii Bio’s exclusive rights and licenses to make, have made, use, sell, offer for
sale, and import VBI-2601 (“VBI-2601 Licensed Product”). Pursuant to the A&R Collaboration Agreement, the Company
granted Brii Bio an exclusive royalty-bearing license, with the right to grant sublicenses through multiple tiers, to (i) perform
studies, regulatory and other activities, as may be required to obtain and maintain marketing approval of the VBI-2601 Licensed
Products in the New Licensed Territory; and (ii) research, develop, make, have made, distribute, use, sell, offer for sale, have
sold, import, export or otherwise commercialize the VBI-2601 Licensed Products for the field of the diagnosis and treatment of
hepatitis B in the New Licensed Territory. Except for the rights and licenses expressly granted in the A&R Collaboration
Agreement, the Company and Brii Bio retained all rights under their respective intellectual property. Additionally, the A&R
Collaboration Agreement constitutes the entire agreement between the VBI and Brii Bio relating to VBI-2601 and supersedes all
previous agreements, including the Collaboration and License Agreement and the Second Amendment Collaboration and License
Agreement.
The
initial consideration of the A&R Collaboration Agreement consisted of a $5,000
non-refundable upfront payment. In addition, the Company is also eligible to receive up to
an additional $227,000
in potential regulatory and net sales milestone payments, along with up to double-digit royalties
on commercial sales in the New Licensed Territory. Milestone payments that are not within the control of the Company or the licensee,
such as regulatory approvals, are not considered probable of being achieved until those approvals are received. Therefore, no variable
consideration was included in the initial transaction price and no such amounts were recognized under the A&R Collaboration Agreement
or have been recognized under the A&R Collaboration Agreement.
The
A&R Collaboration Agreement will be in effect on a region-by-region basis until the last-to-expire of the latest of the
following terms in each region of the New Licensed Territory: (i) expiration, invalidation or lapse of the last Company patent
claiming such VBI-2601 Licensed Product, (ii) 10 years from the date of first commercial sale of such VBI-2601 Licensed Product in
the applicable region, or (iii) termination or expiration of the Company’s obligation to pay third party royalties with
respect to sales of such VBI-2601 Licensed Product in such region. Upon expiration (but not an earlier termination) of the A&R
Collaboration Agreement in each region of the New Licensed Territory, the Company will grant Brii Bio a perpetual, non-exclusive,
fully paid-up, royalty free license under the Company’s technology related to the VBI-2601 Licensed
Products in such region to make and sell VBI-2601 Licensed Products for the field of
the diagnosis and treatment of hepatitis B in such region.
The
R&D Services will be satisfied over time as services are rendered using the “cost-to-cost” input method as this method
represents the most accurate depiction of the transfer of services based on the types of costs expected to be incurred. As of June 30,
2023, R&D services related to Brii Bio that remain unsatisfied are $1,969, out of the $2,638 total deferred revenue.
Upon
termination of the A&R Collaboration Agreement prior to the end of the term, there is no obligation for refund and any
amounts in deferred revenue related to unsatisfied performance obligations will be immediately recognized.
|
X |
- References
+ Details
Name: |
us-gaap_RevenueFromContractWithCustomerAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent
+ Details
Name: |
us-gaap_RevenueFromContractWithCustomerTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
COLLABORATION ARRANGEMENTS
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
COLLABORATION ARRANGEMENTS |
14.
COLLABORATION ARRANGEMENTS
The
Company has entered into, and expects to enter into from time to time in the future, license agreements, funding agreements, collaboration
agreements, and similar agreements related to the advancement of its product candidates and research and development efforts. Significant
agreements (collectively, the “Collaboration Agreements”) are described in detail in the Company’s 2022 Form 10-K.
While specific amounts will fluctuate from quarter to quarter based on clinical trials progress, advancement and completion of research
studies and manufacturing projects, and other factors, the Company believes its overall activities regarding Collaboration Agreements
are materially consistent with those described in the 2022 Form 10-K, other than described below.
Set
forth below are the approximate amounts expensed for Collaboration Agreements during the three and six months ended June 30, 2023
and 2022, respectively. These expensed amounts are included under Research and Development expenses in the accompanying condensed
consolidated statements of operations.
SCHEDULE OF RESEARCH AND DEVELOPMENT EXPENSE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended | | |
Six months ended | |
| |
June 30 | | |
June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
GlaxoSmithKline Biologicals S.A | |
$ | 10 | | |
$ | 4 | | |
$ | 113 | | |
$ | 139 | |
National Research Council of Canada (“NRC”) | |
| - | | |
| 304 | | |
| 35 | | |
| 584 | |
Coalition for Epidemic Preparedness Innovations (“CEPI”) | |
| 1,365 | | |
| 713 | | |
| 2,194 | | |
| 2,406 | |
Brii Bio | |
| 51 | | |
| 111 | | |
| 120 | | |
| 135 | |
Agenus Inc. | |
| 308 | | |
| - | | |
| 364 | | |
| - | |
Research and Development
expenses | |
$ | 1,734 | | |
$ | 1,132 | | |
$ | 2,826 | | |
$ | 3,264 | |
NRC
On
February 28, 2023, the Company signed a seventh amendment to the collaboration agreement with the NRC to extend the expiration date of
the collaboration agreement to December 31, 2023.
On
April 17, 2023, the Company signed an eighth amendment to the collaboration agreement with the NRC to further broaden the scope to include
the development of stable cell lines for our multivalent vaccine candidate against coronaviruses.
CEPI
The
Company has $4,892 recorded as deferred funding, recorded in other current liabilities on the condensed consolidated balance sheet.
|
X |
- DefinitionThe entire disclosure for collaborative arrangements in which the entity is a participant, including a) information about the nature and purpose of such arrangements; b) its rights and obligations thereunder; c) the accounting policy for collaborative arrangements; and d) the income statement classification and amounts attributable to transactions arising from the collaborative arrangement between participants.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -SubTopic 10 -Topic 808 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479402/808-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -SubTopic 10 -Topic 808 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479402/808-10-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 808 -Publisher FASB -URI https://asc.fasb.org//808/tableOfContent
+ Details
Name: |
us-gaap_CollaborativeArrangementDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
GOVERNMENT GRANTS
|
6 Months Ended |
Jun. 30, 2023 |
Government Grants |
|
GOVERNMENT GRANTS |
15.
GOVERNMENT GRANTS
Industrial
Research Assistance Program (“IRAP”)
On
July 3, 2020, the Company and the NRC as represented by its IRAP signed a contribution agreement whereby the NRC agreed to contribute
up to CAD $1,000 for the transfer and scale-up of the technical production process for our prophylactic coronavirus vaccine program.
Costs
associated with the contribution agreement are expensed as incurred in Research and Development expenses. For the three and six
months ended June 30, 2023, Company recognized $0
and $41,
respectively, as a reduction in expenses. As of June 30, 2023, the Company had $0
recorded as deferred government grants, recorded in other current liabilities on the condensed consolidated balance
sheet.
For
the three and six months ended June 30, 2022, Company recognized $0
and $0,
respectively, as a reduction in expenses. As of June 30, 2022, the Company had $43
recorded as deferred government grants, recorded in other current liabilities on the condensed consolidated balance
sheet.
Strategic
Innovation Fund (“SIF”)
On
September 16, 2020, the Company signed the Contribution Agreement (as amended, the “Contribution Agreement”) with Her Majesty
the Queen in Right of Canada, as represented by the Minister of Industry (the “Minister”), whereby the Minister agreed to
contribute an amount not exceeding the lesser of (i) 75% of VBI Cda’s costs incurred in respect of the Project, subject to certain
eligibility limitations as set forth in the Contribution Agreement and (ii) CAD $55,976 from the SIF to support the development of
our coronavirus vaccine program, VBI-2900, though Phase II clinical studies (the “Project”). The Company initially agreed
to complete such project, to be conducted exclusively in Canada except as permitted otherwise under certain circumstances, in or before
the first quarter of 2022 (“Project Completion Date”). On March 28, 2022, the Company and the Minister signed an amendment
to the Contribution Agreement, the main purpose of which was to extend the collaboration and move the Project Completion Date from March
31, 2022 to December 31, 2023. In consideration of such contribution, the Company agreed to guarantee the complete performance and fulfillment
of VBI Cda’s obligations under the Contribution Agreement. In the event VBI Cda fails to perform or otherwise satisfy any of its
obligations related to the Contribution Agreement, the Company will become a primary obligor under the Contribution Agreement.
Costs
associated with the Contribution Agreement are expensed as incurred in Research and Development expenses and overhead charges are
included in Sales, General and Administrative. For the three and six months ended June 30, 2023, the Company recognized $1,168
and $2,875
respectively, as a reduction in expenses. As of June 30, 2023, the Company had $231
recorded as deferred government grants, recorded in other current liabilities on the condensed consolidated balance
sheet.
For
the three and six months ended June 30, 2022, the Company recognized $499 and $1,952, respectively, as a reduction in expenses. As
of June 30, 2022, the Company had $760, respectively, recorded as deferred government grants, recorded in other current liabilities on
the condensed consolidated balance sheet.
|
X |
- References
+ Details
Name: |
VBIV_DisclosureGovernmentGrantsAbstract |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionGovernment Grants Disclosure [Text Block]
+ References
+ Details
Name: |
VBIV_GovernmentGrantsDisclosureTextBlock |
Namespace Prefix: |
VBIV_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
COMMITMENTS AND CONTINGENCIES
|
6 Months Ended |
Jun. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
COMMITMENTS AND CONTINGENCIES |
16.
COMMITMENTS AND CONTINGENCIES
Legal
Proceedings
From
time to time, the Company may be involved in certain claims and litigation arising out of the ordinary course and conduct of business.
Management assesses such claims and, if it considers that it is probable that an asset had been impaired or a liability had been incurred
and the amount of loss can be reasonably estimated, provisions for loss are made based on management’s assessment of the most likely
outcome.
On
September 13, 2018, two civil claims were brought in the District Court of the central district in Israel naming our subsidiary SciVac
as a defendant. In one claim, two minors, through their parents, allege, among other things: defects in certain batches of Sci-B-Vac
discovered in July 2015; that Sci-B-Vac was approved for use in children and infants in Israel without sufficient evidence establishing
its safety; that SciVac failed to provide accurate information about Sci-B-Vac to consumers; and that each child suffered side effects
from the vaccine. The claim was filed together with a motion seeking approval of a class action on behalf of 428,000 children vaccinated
with Sci-B-Vac in Israel from April 2011 and seeking damages in a total amount of NIS 1,879,500 ($507,973). The second claim is a civil
action brought by two minors and their parents against SciVac and the Ministry of Health of the State of Israel (“IMoH”)
alleging, among other things, that SciVac marketed an experimental, defective, hazardous or harmful vaccine; that Sci-B-Vac was marketed
in Israel without sufficient evidence establishing its safety; and that Sci-B-Vac was produced and marketed in Israel without approval
of a western regulatory body. The claim seeks damages for past and future losses and expenses as well as punitive damages.
The
District Court has accepted SciVac’s motion to suspend reaching a decision on the approval of the class action pending the
determination of liability under the civil action. Preliminary hearings for the trial of the civil action began on January 15, 2020,
with subsequent preliminary hearings held on May 13, 2020, December 3, 2020, September 30, 2021, June 9, 2022, January 12, 2023 and July 13, 2023.
The next preliminary hearing is scheduled to be held on November 16, 2023.
On
December 5, 2022, another tort claim was filed in the District Court of the central district in Israel naming our subsidiary, SciVac,
as a defendant. The claim was filed by a minor and his parents against SciVac, the IMoH, and Prof. Arieh Raziel, requesting compensation
due to bodily injury of the minor, who was diagnosed as suffering from an Autism Spectrum Disorder. The plaintiffs allege that the minor’s
disabilities and the syndrome from which he suffers were caused due to a combination of several factors, including negligent pregnancy
monitoring, negligent labor and delivery procedure, and administration of the alleged defective vaccine (Sci-B-Vac vaccine). Preliminary
hearings will begin on September 10, 2023.
SciVac
believes these matters to be without merit and intends to defend these claims vigorously.
|
X |
- References
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for commitments and contingencies.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 440 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482648/440-10-50-4
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 450 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//450/tableOfContent
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 954 -SubTopic 440 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480327/954-440-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 440 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482648/440-10-50-4
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 440 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//440/tableOfContent
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
LEASES
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
LEASES |
17.
LEASES
The
Company has entered into various non-cancelable lease agreements for its office, lab, and manufacturing facilities, which are classified
as operating leases. The office facility lease agreement in the U.S. expires on October 31, 2024 with no option to extend. Our manufacturing
facility lease agreement in Israel has been extended for 5 years with a term now ending January 31, 2027. A lease for additional office
space in Israel has a term ending November 30, 2025 with an option to extend for two additional years and June 30, 2027 with an option
to extend the term for five additional years. In September 2022, the Company extended the term of our lease for our research facility
in Canada, which comprises office and laboratory space, for three additional years, which now has a term ending on December 31, 2025.
There
are no residual value guarantees, no variable lease payments, and no restrictions or covenants imposed by leases. The discount rate used
in measuring the lease liabilities and right of use assets was determined by reviewing our incremental borrowing rate at the initial
measurement date.
SCHEDULE OF LEASE COST AND OTHER INFORMATION
| |
Three months ended | | |
Six months ended | |
| |
June 30 | | |
June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating lease cost | |
$ | 483 | | |
$ | 451 | | |
$ | 974 | | |
$ | 895 | |
Weighted average discount rate | | |
| 13 | % |
Weighted average remaining lease term | | |
| 2.56 years | |
Operating
lease costs are included G&A expenses in the statement of operations and comprehensive loss.
The
following table summarizes future undiscounted cash payments reconciled to the lease liabilities:
SUMMARY OF FUTURE UNDISCOUNTED CASH PAYMENTS RECONCILED TO LEASE LIABILITIES
| | |
| | |
Remaining 2023 | | |
$ | 635 | |
2024 | | |
| 1,170 | |
2025 | | |
| 675 | |
2026 | | |
| 582 | |
2027 | | |
| 160 | |
Total | | |
$ | 3,222 | |
Effect of discounting | | |
| (497 | ) |
Total lease liability | | |
$ | 2,725 | |
Less: current portion | | |
| (993 | ) |
Lease liability, net of current portion | | |
$ | 1,732 | |
|
X |
- References
+ Details
Name: |
VBIV_DisclosureLeasesAbstract |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent
+ Details
Name: |
us-gaap_LesseeOperatingLeasesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
SEGMENT INFORMATION
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SEGMENT INFORMATION |
18.
SEGMENT INFORMATION
The
Company’s Chief Executive Officer (“CEO”) has been identified as the chief operating decision maker. The CEO evaluates
the performance of the Company and allocates resources based on the information provided by the Company’s internal management system
at a consolidated level. The Company has determined that it has only one operating segment.
Revenues,
net from external customers are attributed to geographic areas based on location of the contracting customers:
SCHEDULE OF REVENUES FROM EXTERNAL CUSTOMERS
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30 | | |
June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
United States | |
$ | 508 | | |
$ | 207 | | |
$ | 830 | | |
$ | 207 | |
Israel | |
| 57 | | |
| 126 | | |
| 57 | | |
| 221 | |
China / Hong Kong | |
| 11 | | |
| 13 | | |
| 18 | | |
| 38 | |
Europe | |
| 144 | | |
| - | | |
| 300 | | |
| 6 | |
Revenues | |
$ | 720 | | |
$ | 346 | | |
$ | 1,205 | | |
$ | 472 | |
There
was no revenue attributed to our country of domicile, Canada, for the three and six months ended June 30, 2023 and 2022.
|
X |
- References
+ Details
Name: |
us-gaap_SegmentReportingAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
+ Details
Name: |
us-gaap_SegmentReportingDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
SUBSEQUENT EVENTS
|
6 Months Ended |
Jun. 30, 2023 |
Subsequent Events [Abstract] |
|
SUBSEQUENT EVENTS |
19.
SUBSEQUENT EVENTS
On
July 5, 2023, as discussed in Note 1 and Note 13, the Company announced the expansion of its hepatitis B partnership with Brii Bio.
On July 5, 2023 as discussed in Note 11, the
Company entered into the Third Amendment with K2HV.
During July 2023, as discussed in Note 1, the underwritten
public offering and concurrent registered direct offering, in each case, for the issuance and sale of common shares and accompanying common
warrants to purchase common shares, closed.
On
July 27, 2023, the Company approved the grant of stock options to purchase up to an aggregate of 960,000 common shares to
existing employees and directors pursuant to the 2016 Plan. Options granted to directors vest monthly over 12 months. Options
granted to employees vest 25% on the one-year anniversary of the grant date, with the remaining 75% vesting on a monthly
basis over 24 months. All options granted automatically expire on July
27, 2033.
|
X |
- References
+ Details
Name: |
us-gaap_SubsequentEventsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2
+ Details
Name: |
us-gaap_SubsequentEventsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
SIGNIFICANT ACCOUNTING POLICIES (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of Presentation and Consolidation |
Basis
of Presentation and Consolidation
The
Company’s fiscal year ends on December 31 of each calendar year. The accompanying unaudited condensed consolidated financial statements
have been prepared in U.S. dollars (“USD”) and pursuant to the rules and regulations of the SEC, for interim reporting. Accordingly,
certain information and footnote disclosures normally included in the financial statements prepared in accordance with U.S. GAAP, have
been condensed or omitted pursuant to such rules and regulations. The December 31, 2022 condensed consolidated balance sheet in this
document was derived from the audited consolidated financial statements. The condensed consolidated financial statements and notes included
in this quarterly report on this Form 10-Q does not include all of the disclosures required by U.S. GAAP and should be read in conjunction
with the financial statements and notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2022
(the “2022 10-K”), as filed with the SEC on March 13, 2023.
The
condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries: VBI DE, VBI US, VBI
Cda, SciVac, SciVac HK, and VBI BV. Intercompany balances and transactions between the Company and its subsidiaries are eliminated in
the condensed consolidated financial statements. Certain items previously reported in specific financial statement captions have been
reclassified to conform to the current presentation.
In
the opinion of management, these condensed consolidated financial statements include all adjustments and accruals of a normal and recurring
nature necessary to fairly state the results of the periods presented. The results for the periods presented are not necessarily indicative
of results to be expected for the full year or for any future periods.
Significant
Accounting Policies
The
significant accounting policies used in the preparation of these condensed consolidated financial statements are disclosed in the 2022
10-K, and there have been no changes to the Company’s significant accounting policies during the six months ended June 30, 2023,
other than the polices discussed below.
Restructuring
charges
Restructuring
costs include charges associated with exit or disposal activities that meet the definition of restructuring under FASB ASC Topic 420,
Exit or Disposal Cost Obligations (“ASC 420”). The Company’s restructuring plans are typically completed within a one-year
period or less. Restructuring costs incurred under these plans may include (i) one-time termination benefits related to employee separations,
(ii) contract termination costs, and (iii) other related costs associated with exit or disposal activities including, but not limited
to, costs for consolidating or closing facilities.
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
+ References
+ Details
Name: |
us-gaap_BasisOfAccountingPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
INVENTORY, NET (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Inventory Disclosure [Abstract] |
|
SCHEDULE OF INVENTORY |
Inventory
consists of the following:
SCHEDULE OF INVENTORY
| |
June 30, 2023 | | |
December 31, 2022 | |
Finished goods | |
$ | 827 | | |
$ | 893 | |
Work-in-process | |
| 2,550 | | |
| 1,869 | |
Raw materials | |
| 3,484 | | |
| 3,837 | |
Inventory, net | |
$ | 6,861 | | |
$ | 6,599 | |
|
X |
- References
+ Details
Name: |
us-gaap_InventoryDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the carrying amount as of the balance sheet date of merchandise, goods, commodities, or supplies held for future sale or to be used in manufacturing, servicing or production process.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483489/210-10-50-1
+ Details
Name: |
us-gaap_ScheduleOfInventoryCurrentTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
OTHER CURRENT ASSETS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
SCHEDULE OF OTHER CURRENT ASSETS |
Other
current assets consisted of the following:
SCHEDULE OF OTHER CURRENT ASSETS
| |
June 30, 2023 | | |
December 31, 2022 | |
Government receivables | |
$ | 1,578 | | |
$ | 4,033 | |
Other current assets | |
| 866 | | |
| 2,026 | |
Total other current assets | |
$ | 2,444 | | |
$ | 6,059 | |
|
X |
- References
+ Details
Name: |
us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the carrying amounts of other current assets.
+ References
+ Details
Name: |
us-gaap_ScheduleOfOtherCurrentAssetsTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
IMPAIRMENT CHARGES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF IMPAIRMENT CHARGES |
Impairment
charges consist of the following:
SCHEDULE OF IMPAIRMENT CHARGES
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended June 30 | | |
Six months ended June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Property and equipment (Note 7) | |
$ | 1,000 | | |
$ | - | | |
$ | 1,000 | | |
$ | - | |
IPR&D (Note 8) | |
| 19,000 | | |
| - | | |
| 19,000 | | |
| - | |
Impairment charges | |
$ | 20,000 | | |
$ | - | | |
$ | 20,000 | | |
$ | - | |
|
X |
- DefinitionSchedule of Impairment Charges [Table Text Block]
+ References
+ Details
Name: |
VBIV_ScheduleOfImpairmentChargesTableTextBlock |
Namespace Prefix: |
VBIV_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
INTANGIBLE ASSETS, NET, AND GOODWILL (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
SCHEDULE OF INDEFINITE LIVED INTANGIBLE ASSETS INCLUDING CUMULATIVE IMPAIRMENT AND CURRENCY TRANSLATION |
SCHEDULE OF INDEFINITE LIVED INTANGIBLE ASSETS INCLUDING CUMULATIVE IMPAIRMENT AND CURRENCY TRANSLATION
| |
| | |
June 30, 2023 | |
| |
Gross | | |
| | |
Cumulative | | |
Cumulative | | |
| |
| |
Carrying | | |
Accumulated | | |
Impairment | | |
Currency | | |
Net Book | |
| |
Amount | | |
Amortization | | |
Charge | | |
Translation | | |
Value | |
License | |
$ | 669 | | |
$ | (669 | ) | |
$ | - | | |
$ | - | | |
$ | - | |
IPR&D assets | |
| 61,500 | | |
| - | | |
| (19,300 | ) | |
| (1,861 | ) | |
| 40,339 | |
| |
$ | 62,169 | | |
$ | (669 | ) | |
$ | (19,300 | ) | |
$ | (1,861 | ) | |
$ | 40,339 | |
| |
| | |
December 31, 2022 | |
| |
Gross | | |
| | |
Cumulative | | |
Cumulative | | |
| |
| |
Carrying | | |
Accumulated | | |
Impairment | | |
Currency | | |
Net Book | |
| |
Amount | | |
Amortization | | |
Charge | | |
Translation | | |
Value | |
License | |
$ | 669 | | |
$ | (669 | ) | |
$ | - | | |
$ | - | | |
$ | - | |
IPR&D assets | |
| 61,500 | | |
| - | | |
| (300 | ) | |
| (2,855 | ) | |
| 58,345 | |
| |
$ | 62,169 | | |
$ | (669 | ) | |
$ | (300 | ) | |
$ | (2,855 | ) | |
$ | 58,345 | |
|
SCHEDULE OF GOODWILL |
SCHEDULE OF GOODWILL
| |
| | |
June 30, 2023 | |
| |
Gross | | |
Cumulative | | |
Cumulative | | |
| |
| |
Carrying | | |
Impairment | | |
Currency | | |
Net Book | |
| |
Amount | | |
Charge | | |
Translation | | |
Value | |
Goodwill | |
$ | 8,714 | | |
$ | (6,292 | ) | |
$ | (247 | ) | |
$ | 2,175 | |
| |
| | |
December 31, 2022 | |
| |
Gross | | |
Cumulative | | |
Cumulative | | |
| |
| |
Carrying | | |
Impairment | | |
Currency | | |
Net Book | |
| |
Amount | | |
Charge | | |
Translation | | |
Value | |
Goodwill | |
$ | 8,714 | | |
$ | (6,292 | ) | |
$ | (295 | ) | |
$ | 2,127 | |
|
X |
- DefinitionSchedule of indefinite lived intangible assets including cumulative impairment and currency translation [Table Text Block]
+ References
+ Details
Name: |
VBIV_ScheduleOfIndefiniteLivedIntangibleAssetsIncludingCumulativeImpairmentAndCurrencyTranslationTableTextBlock |
Namespace Prefix: |
VBIV_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of goodwill by reportable segment and in total which includes a rollforward schedule.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482548/350-20-55-24
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1A
Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-2
+ Details
Name: |
us-gaap_ScheduleOfGoodwillTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
OTHER CURRENT LIABILITIES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Other Liabilities Disclosure [Abstract] |
|
SCHEDULE OF OTHER CURRENT LIABILITIES |
Other
current liabilities consisted of the following:
SCHEDULE OF OTHER CURRENT LIABILITIES
| |
June 30, 2023 | | |
December 31, 2022 | |
Accrued research and development expenses (including clinical trial accrued expenses) | |
$ | 5,564 | | |
$ | 6,561 | |
Accrued professional fees | |
| 2,324 | | |
| 3,250 | |
Payroll and employee-related costs | |
| 2,025 | | |
| 4,036 | |
Deferred funding | |
| 4,892 | | |
| 6,966 | |
Other current liabilities | |
| 1,688 | | |
| 1,775 | |
Total other current liabilities | |
$ | 16,493 | | |
$ | 22,588 | |
|
SCHEDULE OF CHANGES IN ONE-TIME TERMINATION BENEFITS |
The
following table presents changes in the one-time termination benefits for the three and six months ended June 30, 2023:
SCHEDULE OF CHANGES IN ONE-TIME TERMINATION BENEFITS
| |
| |
Accrued balance at January 1, 2023 | |
| - | |
| |
| | |
Charges | |
| 759 | |
Cash payments | |
| (650 | ) |
| |
| | |
Accrued balance at June 30, 2023 | |
$ | 109 | |
|
X |
- DefinitionSchedule Of Changes In One-Time Termination Benefits [Table Text Block]
+ References
+ Details
Name: |
VBIV_ScheduleOfChangesInOneTimeTerminationBenefitsTableTextBlock |
Namespace Prefix: |
VBIV_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of other current liabilities.
+ References
+ Details
Name: |
us-gaap_OtherCurrentLiabilitiesTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OtherLiabilitiesDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
LOSS PER SHARE OF COMMON SHARES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Earnings Per Share [Abstract] |
|
SCHEDULE OF ANTI-DILUTIVE WEIGHTED AVERAGE SHARES OUTSTANDING |
The
following potentially dilutive securities outstanding at June 30, 2023 and 2022 have been excluded from the computation of diluted weighted
average shares outstanding, as they would be antidilutive:
SCHEDULE OF ANTI-DILUTIVE WEIGHTED AVERAGE SHARES OUTSTANDING
| |
2023 | | |
2022 | |
| |
Six months ended June 30, | |
| |
2023 | | |
2022 | |
Warrants | |
| 103,930 | | |
| 46,136 | |
Stock options and restricted stock units | |
| 784,118 | | |
| 775,809 | |
K2HV conversion feature | |
| 205,396 | | |
| 45,662 | |
Total | |
| 1,093,444 | | |
| 867,607 | |
|
X |
- References
+ Details
Name: |
us-gaap_EarningsPerShareAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of securities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) in the future that were not included in the computation of diluted EPS because to do so would increase EPS amounts or decrease loss per share amounts for the period presented, by antidilutive securities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
+ Details
Name: |
us-gaap_ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
LONG-TERM DEBT (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Debt Disclosure [Abstract] |
|
SCHEDULE OF LONG-TERM DEBT |
As
of June 30, 2023, and December 31, 2022, the Company’s long-term debt is as follows:
SCHEDULE OF LONG-TERM DEBT
| |
June 30, 2023 | | |
December 31, 2022 | |
Long-term debt, net of debt discount of $5,870 ($6,811 at December 31, 2022) | |
$ | 49,829 | | |
$ | 48,888 | |
Less: current portion, net of debt discount of $234 ($0 at December 31, 2022) | |
| 1,990 | | |
| - | |
Long-term debt, net of current portion | |
$ | 47,839 | | |
$ | 48,888 | |
|
SCHEDULE OF INTEREST EXPENSE |
Interest
expense, net recorded in the three and six months ended June 30, 2023 and 2022 was as follows:
SCHEDULE OF INTEREST EXPENSE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended June 30 | | |
Six months ended June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Interest expense | |
$ | 1,537 | | |
$ | 669 | | |
$ | 2,998 | | |
$ | 1,276 | |
Amortization of debt discount | |
| 471 | | |
| 411 | | |
| 941 | | |
| 821 | |
Interest income | |
| (300 | ) | |
| (179 | ) | |
| (802 | ) | |
| (256 | ) |
Total interest expense,
net of interest income | |
$ | 1,708 | | |
$ | 901 | | |
$ | 3,137 | | |
$ | 1,841 | |
|
SCHEDULE OF FUTURE PRINCIPAL OF LONG-TERM DEBT |
The
following table summarizes the future principal payments due under long-term debt:
SCHEDULE OF FUTURE PRINCIPAL OF LONG-TERM DEBT
| |
Principal | |
| |
payments on | |
| |
Loan Agreement | |
| |
and final payment | |
Remaining 2023 | |
$ | - | |
2024 | |
| 2,224 | |
2025 | |
| - | |
2026 | |
| 53,475 | |
Total | |
$ | 55,699 | |
|
X |
- DefinitionSchedule of Interest Expense [Table Text Block]
+ References
+ Details
Name: |
VBIV_ScheduleOfInterestExpenseTableTextBlock |
Namespace Prefix: |
VBIV_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8
Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 942 -SubTopic 470 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480848/942-470-50-3
Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-8
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-6
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-7
+ Details
Name: |
us-gaap_ScheduleOfDebtInstrumentsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of maturity and sinking fund requirement for long-term debt.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1
+ Details
Name: |
us-gaap_ScheduleOfMaturitiesOfLongTermDebtTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
STOCKHOLDERS’ EQUITY AND ADDITIONAL PAID-IN CAPITAL (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Equity [Abstract] |
|
SCHEDULE OF STOCK OPTIONS ACTIVITY |
Activity
related to stock options is as follows:
SCHEDULE OF STOCK OPTIONS ACTIVITY
| |
Number of | | |
Weighted | |
| |
Stock | | |
Average | |
| |
Options | | |
Exercise Price | |
Balance outstanding at December 31, 2022 | |
| 761,243 | | |
$ | 71.26 | |
| |
| | | |
| | |
Granted | |
| 53,643 | | |
| 14.58 | |
Forfeited | |
| (30,768 | ) | |
| 55.47 | |
| |
| | | |
| | |
Balance outstanding at June 30, 2023 | |
| 784,118 | | |
$ | 68.06 | |
| |
| | | |
| | |
Exercisable at June 30, 2023 | |
| 625,860 | | |
$ | 73.19 | |
|
SCHEDULE OF RESTRICTED STOCK UNITS |
Information
relating to RSUs is as follow:
SCHEDULE OF RESTRICTED STOCK UNITS
| |
| | |
Weighted | |
| |
| | |
Average | |
| |
Number of | | |
Fair Value | |
| |
Stock Awards | | |
at Grant Date | |
Unvested shares outstanding at December 31, 2022 | |
| 82 | | |
$ | 43.80 | |
| |
| | | |
| | |
Vested | |
| (82 | ) | |
| 43.80 | |
Unvested shares outstanding at June 30, 2023 | |
| - | | |
$ | - | |
|
SCHEDULE OF FAIR VALUE OF OPTIONS GRANTED BY USING BLACK SCHOLES OPTION PRICING ASSUMPTIONS |
In
determining the amount of stock-based compensation the Company used the Black-Scholes option pricing model to establish the fair value
of options granted by applying the following weighted average assumptions:
SCHEDULE OF FAIR VALUE OF OPTIONS GRANTED BY USING BLACK SCHOLES OPTION PRICING ASSUMPTIONS
| |
Six months ended June 30 | |
| |
2023 | | |
2022 | |
Volatility | |
| 96.38 | % | |
| 93.17 | % |
Risk free interest rate | |
| 3.57 | % | |
| 1.71 | % |
Expected term in years | |
| 5.76 | | |
| 5.83 | |
Expected dividend yield | |
| 0.00 | % | |
| 0.00 | % |
Weighted average fair value per option | |
$ | 11.24 | | |
$ | 34.50 | |
|
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE |
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE
| |
Three months ended June 30 | | |
Six months ended June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Research and development | |
$ | 227 | | |
$ | 510 | | |
$ | 493 | | |
$ | 1,020 | |
Sales, general, and administrative | |
| 1,432 | | |
| 1,917 | | |
| 3,150 | | |
| 3,883 | |
Cost of revenues | |
| 15 | | |
| 30 | | |
| 42 | | |
| 56 | |
Total stock-based compensation expense | |
$ | 1,674 | | |
$ | 2,457 | | |
$ | 3,685 | | |
$ | 4,959 | |
|
X |
- References
+ Details
Name: |
us-gaap_EquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ScheduleOfEmployeeServiceShareBasedCompensationAllocationOfRecognizedPeriodCostsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e) -SubTopic 10 -Topic 718 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the change in restricted stock units (RSUs).
+ References
+ Details
Name: |
us-gaap_ScheduleOfUnvestedRestrictedStockUnitsRollForwardTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
REVENUES, NET AND DEFERRED REVENUE (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
SCHEDULE OF REVENUE COMPRISED |
Revenues,
net comprises the following:
SCHEDULE OF REVENUE COMPRISED
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended
June 30 | | |
Six months ended
June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Product revenues, net | |
$ | 708 | | |
$ | 331 | | |
$ | 1,186 | | |
$ | 422 | |
R&D service revenues | |
| 12 | | |
| 15 | | |
| 19 | | |
| 50 | |
Revenues | |
$ | 720 | | |
$ | 346 | | |
$ | 1,205 | | |
$ | 472 | |
|
SUMMARY OF REVENUE EXPECTED TO BE RECOGNIZED IN FUTURE RELATED TO PERFORMANCE OBLIGATIONS |
The
following table presents revenues expected to be recognized in the future related to performance obligations, based on current estimates,
that are unsatisfied at June 30, 2023:
SUMMARY
OF REVENUE EXPECTED TO BE RECOGNIZED IN FUTURE RELATED TO PERFORMANCE OBLIGATIONS
| |
Total | | |
Current portion to June 30, 2024 | | |
Remaining portion thereafter | |
Product revenues, net | |
$ | 469 | | |
$ | - | | |
$ | 469 | |
R&D service revenues | |
| 2,169 | | |
| 845 | | |
| 1,324 | |
| |
$ | 2,638 | | |
$ | 845 | | |
$ | 1,793 | |
|
SUMMARY OF CHANGES IN DEFERRED REVENUE |
The
following table presents changes in the deferred revenue balance for the six months ended June 30, 2023:
SUMMARY OF CHANGES IN DEFERRED REVENUE
Balance at January 1, 2022 | |
$ | 2,803 | |
| |
| - | |
| |
| - | |
| |
| | |
Balance at December 31, 2022 | |
| 2,613 | |
| |
| | |
Recognition of deferred revenue | |
| (19 | ) |
Currency translation | |
| 44 | |
| |
| | |
Balance at June 30, 2023 | |
$ | 2,638 | |
| |
| | |
Short Term | |
$ | 845 | |
Long Term | |
$ | 1,793 | |
|
X |
- DefinitionSummary Of Revenue Comprised [Table Text Block]
+ References
+ Details
Name: |
VBIV_SummaryOfRevenueComprisedTableTextBlock |
Namespace Prefix: |
VBIV_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of receivable, contract asset, and contract liability from contract with customer. Includes, but is not limited to, change in contract asset and contract liability.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10
+ Details
Name: |
us-gaap_ContractWithCustomerAssetAndLiabilityTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_RevenueFromContractWithCustomerAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of expected timing for satisfying remaining performance obligation.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(1) -SubTopic 10 -Topic 606 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13
+ Details
Name: |
us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
COLLABORATION ARRANGEMENTS (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
SCHEDULE OF RESEARCH AND DEVELOPMENT EXPENSE |
SCHEDULE OF RESEARCH AND DEVELOPMENT EXPENSE
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three months ended | | |
Six months ended | |
| |
June 30 | | |
June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
GlaxoSmithKline Biologicals S.A | |
$ | 10 | | |
$ | 4 | | |
$ | 113 | | |
$ | 139 | |
National Research Council of Canada (“NRC”) | |
| - | | |
| 304 | | |
| 35 | | |
| 584 | |
Coalition for Epidemic Preparedness Innovations (“CEPI”) | |
| 1,365 | | |
| 713 | | |
| 2,194 | | |
| 2,406 | |
Brii Bio | |
| 51 | | |
| 111 | | |
| 120 | | |
| 135 | |
Agenus Inc. | |
| 308 | | |
| - | | |
| 364 | | |
| - | |
Research and Development
expenses | |
$ | 1,734 | | |
$ | 1,132 | | |
$ | 2,826 | | |
$ | 3,264 | |
|
X |
- DefinitionTabular disclosure of research and development expenses.
+ References
+ Details
Name: |
VBIV_ScheduleOfResearchAndDevelopmentExpensesTableTextBlock |
Namespace Prefix: |
VBIV_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
LEASES (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Leases |
|
SCHEDULE OF LEASE COST AND OTHER INFORMATION |
SCHEDULE OF LEASE COST AND OTHER INFORMATION
| |
Three months ended | | |
Six months ended | |
| |
June 30 | | |
June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
Operating lease cost | |
$ | 483 | | |
$ | 451 | | |
$ | 974 | | |
$ | 895 | |
Weighted average discount rate | | |
| 13 | % |
Weighted average remaining lease term | | |
| 2.56 years | |
|
SUMMARY OF FUTURE UNDISCOUNTED CASH PAYMENTS RECONCILED TO LEASE LIABILITIES |
The
following table summarizes future undiscounted cash payments reconciled to the lease liabilities:
SUMMARY OF FUTURE UNDISCOUNTED CASH PAYMENTS RECONCILED TO LEASE LIABILITIES
| | |
| | |
Remaining 2023 | | |
$ | 635 | |
2024 | | |
| 1,170 | |
2025 | | |
| 675 | |
2026 | | |
| 582 | |
2027 | | |
| 160 | |
Total | | |
$ | 3,222 | |
Effect of discounting | | |
| (497 | ) |
Total lease liability | | |
$ | 2,725 | |
Less: current portion | | |
| (993 | ) |
Lease liability, net of current portion | | |
$ | 1,732 | |
|
X |
- References
+ Details
Name: |
VBIV_DisclosureLeasesAbstract |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4
+ Details
Name: |
us-gaap_LeaseCostTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of undiscounted cash flows of lessee's operating lease liability. Includes, but is not limited to, reconciliation of undiscounted cash flows to operating lease liability recognized in statement of financial position.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityMaturityTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
SEGMENT INFORMATION (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
Segment Reporting [Abstract] |
|
SCHEDULE OF REVENUES FROM EXTERNAL CUSTOMERS |
Revenues,
net from external customers are attributed to geographic areas based on location of the contracting customers:
SCHEDULE OF REVENUES FROM EXTERNAL CUSTOMERS
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
Three Months Ended | | |
Six Months Ended | |
| |
June 30 | | |
June 30 | |
| |
2023 | | |
2022 | | |
2023 | | |
2022 | |
| |
| | |
| | |
| | |
| |
United States | |
$ | 508 | | |
$ | 207 | | |
$ | 830 | | |
$ | 207 | |
Israel | |
| 57 | | |
| 126 | | |
| 57 | | |
| 221 | |
China / Hong Kong | |
| 11 | | |
| 13 | | |
| 18 | | |
| 38 | |
Europe | |
| 144 | | |
| - | | |
| 300 | | |
| 6 | |
Revenues | |
$ | 720 | | |
$ | 346 | | |
$ | 1,205 | | |
$ | 472 | |
|
X |
- DefinitionTabular disclosure of revenue from external customers by geographic areas attributed to the entity's country of domicile and to foreign countries from which the entity derives revenue.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph a -SubTopic 10 -Topic 280 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
+ Details
Name: |
us-gaap_RevenueFromExternalCustomersByGeographicAreasTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_SegmentReportingAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
NATURE OF BUSINESS AND CONTINUATION OF BUSINESS (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
1 Months Ended |
6 Months Ended |
|
Jul. 05, 2023 |
Apr. 12, 2023 |
Apr. 04, 2023 |
Jul. 31, 2023 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
Entity incorporation, date of incorporation |
|
|
|
|
Apr. 09, 1965
|
|
|
Reverse stock split |
|
1-for-30 reverse stock split
|
|
|
|
|
|
Accumulated deficit |
|
|
|
|
$ 561,988
|
|
$ 489,609
|
Cash |
|
|
|
|
20,840
|
|
$ 62,629
|
Cash outflows from operating activities |
|
|
|
|
40,866
|
$ 37,375
|
|
IPO [Member] |
|
|
|
|
|
|
|
Gross proceeds |
|
|
|
|
$ 20,500
|
|
|
Subsequent Event [Member] |
|
|
|
|
|
|
|
Upfront payment |
$ 15,000
|
|
|
$ 15,000
|
|
|
|
[custom:PaymentClinicalAndCommercialManufacture-0] |
5,000
|
|
|
|
|
|
|
Non-refundable upfront payment |
7,000
|
|
|
|
|
|
|
Potential regulatory and commercial milestone payments |
422,000
|
|
|
|
|
|
|
Shares issued, price |
|
|
|
$ 1.65
|
|
|
|
Warrant price |
|
|
|
$ 1.65
|
|
|
|
Expiration term |
|
|
|
5 years
|
|
|
|
Subsequent Event [Member] | Common Stock [Member] |
|
|
|
|
|
|
|
Common shares, issued |
|
|
|
1,536,363
|
|
|
|
Subsequent Event [Member] | Warrant [Member] |
|
|
|
|
|
|
|
Purchase of warrants |
|
|
|
1,636,363
|
|
|
|
Subsequent Event [Member] | IPO [Member] |
|
|
|
|
|
|
|
Gross proceeds |
|
|
|
$ 20,500
|
|
|
|
Common shares, issued |
|
|
|
12,445,454
|
|
|
|
Purchase of warrants |
|
|
|
12,545,454
|
|
|
|
Subsequent Event [Member] | Direct Offering [Member] |
|
|
|
|
|
|
|
Gross proceeds |
|
|
|
$ 3,000
|
|
|
|
Equity Method Investment, Aggregate Cost |
$ 3,000
|
|
|
|
|
|
|
Common shares, issued |
|
|
|
1,818,182
|
|
|
|
Purchase of warrants |
|
|
|
1,818,182
|
|
|
|
Minimum [Member] |
|
|
|
|
|
|
|
Operating expenses and workforce reduction percentage |
|
|
30.00%
|
|
30.00%
|
|
|
Maximum [Member] |
|
|
|
|
|
|
|
Operating expenses and workforce reduction percentage |
|
|
35.00%
|
|
35.00%
|
|
|
X |
- DefinitionNon-refundable upfront payment.
+ References
+ Details
Name: |
VBIV_NonrefundableUpfrontPayment |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionOperating expenses and workforce reduction percentage.
+ References
+ Details
Name: |
VBIV_OperatingExpensesAndWorkforceReductionPercentage |
Namespace Prefix: |
VBIV_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
VBIV_PaymentClinicalAndCommercialManufacture |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of potential regulatory and commercial milestone payments.
+ References
+ Details
Name: |
VBIV_PotentialRegulatoryAndCommercialMilestonePayments |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of upfront payment.
+ References
+ Details
Name: |
VBIV_UpfrontPayment |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionDate when an entity was incorporated
+ References
+ Details
Name: |
dei_EntityIncorporationDateOfIncorporation |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Excludes cash and cash equivalents within disposal group and discontinued operation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section 45 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480555/946-210-45-21
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 210 -Topic 946 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480555/946-210-45-20
+ Details
Name: |
us-gaap_Cash |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3
+ Details
Name: |
us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of securities into which each warrant or right may be converted. For example, but not limited to, each warrant may be converted into two shares.
+ References
+ Details
Name: |
us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThis element represents the aggregate cost of investments accounted for under the equity method of accounting.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.12) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_EquityMethodInvestmentAggregateCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow associated with the amount received from entity's first offering of stock to the public.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 14 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-14
+ Details
Name: |
us-gaap_ProceedsFromIssuanceInitialPublicOffering |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of accumulated undistributed earnings (deficit).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-11
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(23)(a)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(17)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_RetainedEarningsAccumulatedDeficit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionWeighted average remaining contractual term of exercisable stock options, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (e)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageRemainingContractualTerm2 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPer share or per unit amount of equity securities issued.
+ References
+ Details
Name: |
us-gaap_SharesIssuedPricePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of new stock issued during the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodSharesNewIssues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDescription of the reverse stock split arrangement. Also provide the retroactive effect given by the reverse split that occurs after the balance sheet date but before the release of financial statements.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 4 -Subparagraph (SAB Topic 4.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-4
+ Details
Name: |
us-gaap_StockholdersEquityReverseStockSplit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_SubsidiarySaleOfStockAxis=us-gaap_IPOMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_CommonStockMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_WarrantMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_SubsidiarySaleOfStockAxis=VBIV_DirectOfferingMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_RangeAxis=srt_MinimumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_RangeAxis=srt_MaximumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- References
+ Details
Name: |
us-gaap_InventoryDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount before valuation and LIFO reserves of completed merchandise or goods expected to be sold within one year or operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_InventoryFinishedGoods |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_InventoryNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionGross amount of unprocessed materials to be used in manufacturing or production process and supplies that will be consumed.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_InventoryRawMaterialsAndSupplies |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount before valuation and LIFO reserves of merchandise or goods in the production process expected to be completed within one year or operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(6)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_InventoryWorkInProcess |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
v3.23.2
SCHEDULE OF OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] |
|
|
Government receivables |
$ 1,578
|
$ 4,033
|
Other current assets |
866
|
2,026
|
Total other current assets |
$ 2,444
|
$ 6,059
|
X |
- References
+ Details
Name: |
us-gaap_DeferredCostsCapitalizedPrepaidAndOtherAssetsDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe amount of receivables that are derived from government contracts.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 912 -SubTopic 310 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482312/912-310-45-1
+ Details
Name: |
us-gaap_GovernmentContractReceivable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of current assets classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_OtherAssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
v3.23.2
SCHEDULE OF IMPAIRMENT CHARGES (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Indefinite-Lived Intangible Assets [Line Items] |
|
|
|
|
Impairment charges |
$ 20,000
|
|
$ 20,000
|
|
In Process Research and Development [Member] |
|
|
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
|
|
Impairment charges |
19,000
|
|
19,000
|
|
Property, Plant and Equipment [Member] |
|
|
|
|
Indefinite-Lived Intangible Assets [Line Items] |
|
|
|
|
Impairment charges |
$ 1,000
|
|
$ 1,000
|
|
X |
- DefinitionAmount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482130/360-10-45-4
+ Details
Name: |
us-gaap_AssetImpairmentCharges |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_InProcessResearchAndDevelopmentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FairValueByAssetClassAxis=us-gaap_PropertyPlantAndEquipmentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- DefinitionAmount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482130/360-10-45-4
+ Details
Name: |
us-gaap_AssetImpairmentCharges |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_ImpairmentEffectsOnEarningsPerShareLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_FairValueByAssetClassAxis=us-gaap_PropertyPlantAndEquipmentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
SCHEDULE OF INDEFINITE LIVED INTANGIBLE ASSETS INCLUDING CUMULATIVE IMPAIRMENT AND CURRENCY TRANSLATION (Details) - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
$ 62,169
|
$ 62,169
|
Accumulated Amortization |
(669)
|
(669)
|
Cumulative Impairment Charge |
(19,300)
|
(300)
|
Cumulative Currency Translation |
(1,861)
|
(2,855)
|
Net Book value |
40,339
|
58,345
|
Inprocess Research and Development Assets [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
61,500
|
61,500
|
Accumulated Amortization |
|
|
Cumulative Impairment Charge |
(19,300)
|
(300)
|
Cumulative Currency Translation |
(1,861)
|
(2,855)
|
Net Book value |
40,339
|
58,345
|
License [Member] |
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
Gross Carrying Amount |
669
|
669
|
Accumulated Amortization |
(669)
|
(669)
|
Cumulative Impairment Charge |
|
|
Cumulative Currency Translation |
|
|
Net Book value |
|
|
X |
- DefinitionFinite lived intangible assets cumulative currency translation.
+ References
+ Details
Name: |
VBIV_FiniteLivedIntangibleAssetsCumulativeCurrencyTranslation |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionFinite lived intangible assets cumulative impairment charge.
+ References
+ Details
Name: |
VBIV_FiniteLivedIntangibleAssetsCumulativeImpairmentCharge |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAccumulated amount of amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-2
+ Details
Name: |
us-gaap_FiniteLivedIntangibleAssetsAccumulatedAmortization |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount before amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 928 -SubTopic 340 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483147/928-340-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-2
+ Details
Name: |
us-gaap_FiniteLivedIntangibleAssetsGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 926 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483154/926-20-50-5
+ Details
Name: |
us-gaap_FiniteLivedIntangibleAssetsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount after amortization of assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 926 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483154/926-20-50-5
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 350 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482665/350-30-50-2
+ Details
Name: |
us-gaap_FiniteLivedIntangibleAssetsNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=VBIV_InprocessResearchAndDevelopmentAssetsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_LicenseMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
SCHEDULE OF GOODWILL (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] |
|
|
Goodwill, Gross Carrying Amount |
$ 8,714
|
$ 8,714
|
Goodwill, Cumulative Impairment Charge |
(6,292)
|
(6,292)
|
Goodwill, Cumulative Currency Translation |
(247)
|
(295)
|
Goodwill, Net Book value |
$ 2,175
|
$ 2,127
|
X |
- DefinitionGoodwill, cumulative currency translation.
+ References
+ Details
Name: |
VBIV_GoodwillCumulativeCurrencyTranslation |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount after accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482548/350-20-55-24
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(15)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482598/350-20-45-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_Goodwill |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_GoodwillAndIntangibleAssetsDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount before accumulated impairment loss of an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482548/350-20-55-24
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
+ Details
Name: |
us-gaap_GoodwillGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of accumulated impairment loss for an asset representing future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482548/350-20-55-24
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
+ Details
Name: |
us-gaap_GoodwillImpairedAccumulatedImpairmentLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.23.2
INTANGIBLE ASSETS, NET, AND GOODWILL (Details Narrative) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Estimated fair value of assets discount rate |
|
|
15.00%
|
|
Impairment charges |
$ 20,000
|
|
$ 20,000
|
|
Intangible asset foreign currency translation adjustment |
|
|
994
|
|
Goodwill foreign currency translation adjustment |
|
|
48
|
|
In Process Research and Development [Member] |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Impairment charges |
$ 19,000
|
|
$ 19,000
|
|
Minimum [Member] |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Percentage of cumulative probability |
|
|
10.00%
|
|
Maximum [Member] |
|
|
|
|
Finite-Lived Intangible Assets [Line Items] |
|
|
|
|
Percentage of cumulative probability |
|
|
17.00%
|
|
X |
- DefinitionEstimated fair value of assets discount rate.
+ References
+ Details
Name: |
VBIV_EstimatedFairValueOfAssetsDiscountRate |
Namespace Prefix: |
VBIV_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPercentage of cumulative probability.
+ References
+ Details
Name: |
VBIV_PercentageOfCumulativeProbability |
Namespace Prefix: |
VBIV_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPercentage of cumulative probability of intangible assets.
+ References
+ Details
Name: |
VBIV_PercentageOfCumulativeProbabilityOfIntangibleAssets |
Namespace Prefix: |
VBIV_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of write-down of assets recognized in the income statement. Includes, but is not limited to, losses from tangible assets, intangible assets and goodwill.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 360 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482130/360-10-45-4
+ Details
Name: |
us-gaap_AssetImpairmentCharges |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of foreign currency translation gain (loss) which increases (decreases) assets, excluding financial assets and goodwill, lacking physical substance with a finite life.
+ References
+ Details
Name: |
us-gaap_FiniteLivedIntangibleAssetsForeignCurrencyTranslationGainLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 926 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483154/926-20-50-5
+ Details
Name: |
us-gaap_FiniteLivedIntangibleAssetsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of foreign currency translation gain (loss) which increases (decreases) an asset representing future economic benefits from other assets acquired in a business combination that are not individually identified and separately recognized.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 350 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482573/350-20-50-1
+ Details
Name: |
us-gaap_GoodwillForeignCurrencyTranslationGainLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_IndefiniteLivedIntangibleAssetsByMajorClassAxis=us-gaap_InProcessResearchAndDevelopmentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_RangeAxis=srt_MinimumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_RangeAxis=srt_MaximumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
SCHEDULE OF OTHER CURRENT LIABILITIES (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Other Liabilities Disclosure [Abstract] |
|
|
Accrued research and development expenses (including clinical trial accrued expenses) |
$ 5,564
|
$ 6,561
|
Accrued professional fees |
2,324
|
3,250
|
Payroll and employee-related costs |
2,025
|
4,036
|
Deferred funding |
4,892
|
6,966
|
Other current liabilities |
1,688
|
1,775
|
Total other current liabilities |
$ 16,493
|
$ 22,588
|
X |
- DefinitionAccrued research and development expenses (including clinical trial accrued expenses).
+ References
+ Details
Name: |
VBIV_AccruedResearchAndDevelopmentExpensesCurrent |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionDeferred funding, current.
+ References
+ Details
Name: |
VBIV_DeferredFundingCurrent |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionOther current liabilities.
+ References
+ Details
Name: |
VBIV_OtherCurrentLiabilities |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred through that date and payable for professional fees, such as for legal and accounting services received. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_AccruedProfessionalFeesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of liabilities classified as other, due within one year or the normal operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_OtherLiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_OtherLiabilitiesDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
X |
- DefinitionAmount of cash payments made as the result of exit or disposal activities. Excludes payments associated with a discontinued operation or an asset retirement obligation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 17 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-17
+ Details
Name: |
us-gaap_PaymentsForRestructuring |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of expenses associated with exit or disposal activities pursuant to an authorized plan. Excludes expenses related to a discontinued operation or an asset retirement obligation.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(b)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482047/420-10-45-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.P.3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-1
+ Details
Name: |
us-gaap_RestructuringCharges |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(b)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 5.P.4(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1
+ Details
Name: |
us-gaap_RestructuringCostAndReserveLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCarrying amount (including both current and noncurrent portions of the accrual) as of the balance sheet date pertaining to a specified type of cost associated with exit from or disposal of business activities or restructuring pursuant to a duly authorized plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482017/420-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 420 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB TOPIC 5.P.4(b)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479823/420-10-S99-2
+ Details
Name: |
us-gaap_RestructuringReserve |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_RestructuringCostAndReserveAxis=us-gaap_OneTimeTerminationBenefitsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- DefinitionOperating expenses and workforce reduction percentage.
+ References
+ Details
Name: |
VBIV_OperatingExpensesAndWorkforceReductionPercentage |
Namespace Prefix: |
VBIV_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_RangeAxis=srt_MinimumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_RangeAxis=srt_MaximumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
SCHEDULE OF ANTI-DILUTIVE WEIGHTED AVERAGE SHARES OUTSTANDING (Details) - shares
|
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
1,093,444
|
867,607
|
Warrant [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
103,930
|
46,136
|
Stock Options And Restricted Stock Units [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
784,118
|
775,809
|
K 2 H V Conversion Feature [Member] |
|
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] |
|
|
Total |
205,396
|
45,662
|
X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
+ Details
Name: |
us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=us-gaap_WarrantMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=VBIV_StockOptionsAndRestrictedStockUnitsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis=VBIV_K2HVConversionFeatureMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
SCHEDULE OF LONG-TERM DEBT (Details) - USD ($) $ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
Debt Disclosure [Abstract] |
|
|
Long-term debt, net of debt discount of $5,870 ($6,811 at December 31, 2022) |
$ 49,829
|
$ 48,888
|
Less: current portion, net of debt discount of $234 ($0 at December 31, 2022) |
1,990
|
|
Long-term debt, net of current portion |
$ 47,839
|
$ 48,888
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69C -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (b)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-4
+ Details
Name: |
us-gaap_LongTermDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as current. Excludes lease obligation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LongTermDebtCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt classified as noncurrent. Excludes lease obligation.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LongTermDebtNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.23.2
X |
- DefinitionAmount, after accumulated amortization, of debt discount.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
+ Details
Name: |
us-gaap_DebtInstrumentUnamortizedDiscount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of debt discount to be amortized within one year or within the normal operating cycle, if longer.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8
+ Details
Name: |
us-gaap_DebtInstrumentUnamortizedDiscountCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_ExtinguishmentOfDebtLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_ExtinguishmentOfDebtAxis=us-gaap_LongTermDebtMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
SCHEDULE OF INTEREST EXPENSE (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Debt Disclosure [Abstract] |
|
|
|
|
Interest expense |
$ 1,537
|
$ 669
|
$ 2,998
|
$ 1,276
|
Amortization of debt discount |
471
|
411
|
941
|
821
|
Interest income |
(300)
|
(179)
|
(802)
|
(256)
|
Total interest expense, net of interest income |
$ 1,708
|
$ 901
|
$ 3,137
|
$ 1,841
|
X |
- DefinitionAmount of amortization expense attributable to debt discount (premium) and debt issuance costs.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69F -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-3
+ Details
Name: |
us-gaap_AmortizationOfFinancingCostsAndDiscounts |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of the cost of borrowed funds accounted for as interest expense.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.9) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (210.5-03(11)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483013/835-20-50-1
+ Details
Name: |
us-gaap_InterestExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of the cost of borrowed funds accounted for as interest expense for debt.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69F -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-6
+ Details
Name: |
us-gaap_InterestExpenseDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount before accretion (amortization) of purchase discount (premium) of interest income on nonoperating securities.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_InvestmentIncomeInterest |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v3.23.2
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 808 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479402/808-10-50-1
+ Details
Name: |
us-gaap_CollaborativeArrangementsAndNoncollaborativeArrangementTransactionsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, after deduction of unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69C -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (b)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-4
+ Details
Name: |
us-gaap_LongTermDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1
+ Details
Name: |
us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1
+ Details
Name: |
us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 470 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481544/470-10-50-1
+ Details
Name: |
us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of long-term debt payable, sinking fund requirement, and other securities issued that are redeemable by holder at fixed or determinable price and date, maturing in remainder of current fiscal year.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
+ Details
Name: |
us-gaap_LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_TypeOfArrangementAxis=VBIV_LoanAgreementMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
LONG-TERM DEBT (Details Narrative) - USD ($) $ / shares in Units, $ in Thousands |
|
|
|
6 Months Ended |
|
|
|
Sep. 14, 2022 |
Feb. 03, 2021 |
May 22, 2020 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Sep. 15, 2022 |
May 17, 2021 |
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Final payment |
|
|
|
$ 55,699
|
|
|
|
Fair Value, Inputs, Level 3 [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, fair value disclosure |
|
|
|
$ 54,598
|
$ 56,510
|
|
|
Second Amendment [Member] | K2 HealthVentures LLC [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Increase amount of term loans available |
$ 100,000
|
|
|
|
|
|
|
Loan and Guaranty Agreement [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt increased percentage |
|
|
|
5.00%
|
|
|
|
Loan and Guaranty Agreement [Member] | K2 HealthVentures LLC [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt conversion, converted instrument, amount |
|
|
$ 4,000
|
|
|
|
|
Conversion price |
|
|
$ 43.80
|
|
|
|
|
Debt face amount |
|
|
|
|
|
|
$ 30,000
|
Loan and Guaranty Agreement [Member] | K2 HealthVentures LLC [Member] | K2 Warrant [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right |
|
|
20,833
|
|
|
|
|
Warrant price |
|
|
$ 33.60
|
|
|
|
|
Loan and Guaranty Agreement [Member] | K2 HealthVentures LLC [Member] | Restated K2 Warrant [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right |
|
|
|
|
|
|
10,417
|
Warrant price |
|
|
|
|
|
|
$ 33.60
|
Class of Warrant or Right, Number of Securities Called by Warrants or Rights |
|
|
|
|
|
|
31,250
|
Loan and Guaranty Agreement [Member] | K2 HealthVentures LLC [Member] | Second Amendment Warrant [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt face amount |
$ 50,000
|
|
|
|
|
|
|
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right |
72,680
|
|
|
|
|
|
|
Warrant price |
$ 24.08
|
|
|
|
|
|
|
Loan and Guaranty Agreement [Member] | First Tranche [Member] | K2 HealthVentures LLC [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Secured debt |
|
|
$ 20,000
|
|
|
|
|
Loan and Guaranty Agreement [Member] | First Amendment [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Additional secured debt |
|
|
|
|
|
|
$ 12,000
|
Debt face amount |
|
|
|
|
|
|
30,000
|
Loan and Guaranty Agreement [Member] | First Amendment [Member] | K2 HealthVentures LLC [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Final payment, value |
|
|
|
|
|
|
$ 2,224
|
Loan and Guaranty Agreement [Member] | Second Amendment [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt face amount |
|
|
|
$ 50,000
|
|
|
|
Warrant price |
$ 24.08
|
|
|
|
|
|
|
Secured term loan final payment percentage |
6.95%
|
|
|
|
|
|
|
Final payment amount |
$ 3,475
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
|
|
|
12.25%
|
|
|
|
Debt instrument, interest rate, effective percentage |
|
|
|
15.88%
|
|
|
|
Debt instrument, maturity date |
|
|
|
Sep. 14, 2026
|
|
|
|
Debt instrument discount |
|
|
|
|
|
$ 7,359
|
|
Debt instrument, unamortized discount |
|
|
|
$ 5,870
|
$ 6,811
|
|
|
Loan and Guaranty Agreement [Member] | Second Amendment [Member] | Prime Rate Plus [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
|
|
|
4.00%
|
|
|
|
Loan and Guaranty Agreement [Member] | Second Amendment [Member] | Minimum [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt instrument, interest rate, stated percentage |
|
|
|
8.00%
|
|
|
|
Loan Agreement [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Term loan available |
|
|
$ 50,000
|
|
|
|
|
Loan Agreement [Member] | Third Tranche Term Loan [Member] | Maximum [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt face amount |
|
|
|
|
|
10,000
|
|
Loan Agreement [Member] | Fourth Tranche Term Loan [Member] | Maximum [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt face amount |
|
|
|
|
|
25,000
|
|
Loan Agreement [Member] | K2 HealthVentures LLC [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt conversion, converted instrument, amount |
|
$ 2,000
|
|
|
|
|
|
Conversion price |
|
$ 43.80
|
|
|
|
|
|
Conversion price |
|
45,662
|
|
|
|
|
|
Loan Agreement [Member] | Second Amendment [Member] | First Tranche Term Loan [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Debt face amount |
|
|
|
|
|
$ 50,000
|
|
Loan Agreement [Member] | Second Amendment [Member] | K2 HealthVentures LLC [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Convertible amount |
$ 7,000
|
|
|
|
|
|
|
Loan Agreement [Member] | Second Amendment [Member] | K2 HealthVentures LLC [Member] | Conversion Price of $43.80 Per Share [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Conversion price |
$ 43.80
|
|
|
|
|
|
|
Convertible amount |
$ 2,000
|
|
|
|
|
|
|
Shares available for conversion |
45,662
|
|
|
|
|
|
|
Loan Agreement [Member] | Second Amendment [Member] | K2 HealthVentures LLC [Member] | Conversion Price of $31.302 Per Share [Member] |
|
|
|
|
|
|
|
Debt Instrument [Line Items] |
|
|
|
|
|
|
|
Conversion price |
$ 31.302
|
|
|
|
|
|
|
Convertible amount |
$ 5,000
|
|
|
|
|
|
|
Shares available for conversion |
159,734
|
|
|
|
|
|
|
X |
- Definition
+ References
+ Details
Name: |
VBIV_AdditionalSecuredDebt |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of term loans available.
+ References
+ Details
Name: |
VBIV_AmountOfTermLoansAvailable |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionDebt instrument discount.
+ References
+ Details
Name: |
VBIV_DebtInstrumentDiscount |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionDebt instrument final payment.
+ References
+ Details
Name: |
VBIV_DebtInstrumentFinalPayment |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionIncrease in amount of term loans available.
+ References
+ Details
Name: |
VBIV_IncreaseInAmountOfTermLoansAvailable |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionSecured term loan final payment percentage.
+ References
+ Details
Name: |
VBIV_SecuredTermLoanFinalPaymentPercentage |
Namespace Prefix: |
VBIV_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionShares available for conversion.
+ References
+ Details
Name: |
VBIV_SharesAvailableForConversion |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionExercise price per share or per unit of warrants or rights outstanding.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3
+ Details
Name: |
us-gaap_ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of securities into which each warrant or right may be converted. For example, but not limited to, each warrant may be converted into two shares.
+ References
+ Details
Name: |
us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of securities into which the class of warrant or right may be converted. For example, but not limited to, 500,000 warrants may be converted into 1,000,000 shares.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-3
+ Details
Name: |
us-gaap_ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionIncluding the current and noncurrent portions, carrying amount of debt identified as being convertible into another form of financial instrument (typically the entity's common stock) as of the balance sheet date, which originally required full repayment more than twelve months after issuance or greater than the normal operating cycle of the company.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_ConvertibleDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe value of the financial instrument(s) that the original debt is being converted into in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-3
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-5
+ Details
Name: |
us-gaap_DebtConversionConvertedInstrumentAmount1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe number of shares issued in exchange for the original debt being converted in a noncash (or part noncash) transaction. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or payments in the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-3
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-5
+ Details
Name: |
us-gaap_DebtConversionConvertedInstrumentSharesIssued1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe price per share of the conversion feature embedded in the debt instrument.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-5
+ Details
Name: |
us-gaap_DebtInstrumentConvertibleConversionPrice1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionFace (par) amount of debt instrument at time of issuance.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69C -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8
+ Details
Name: |
us-gaap_DebtInstrumentFaceAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionFair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69C -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-10
+ Details
Name: |
us-gaap_DebtInstrumentFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionEffective interest rate for the funds borrowed under the debt agreement considering interest compounding and original issue discount or premium.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-2
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-6
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateEffectivePercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionContractual interest rate for funds borrowed, under the debt agreement.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentInterestRateStatedPercentage |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482900/835-30-50-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(f)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69B
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69C -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69C
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69E
Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69F -Publisher FASB -URI https://asc.fasb.org//1943274/2147481568/470-20-55-69F
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1F
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
+ Details
Name: |
us-gaap_DebtInstrumentLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDate when the debt instrument is scheduled to be fully repaid, in YYYY-MM-DD format.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.22(a)(2)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DebtInstrumentMaturityDate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, after accumulated amortization, of debt discount.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-1A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482949/835-30-55-8
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1D
+ Details
Name: |
us-gaap_DebtInstrumentUnamortizedDiscount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionThe cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
+ Details
Name: |
us-gaap_RepaymentsOfSecuredDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionCarrying value as of the balance sheet date, including the current and noncurrent portions, of collateralized debt obligations (with maturities initially due after one year or beyond the operating cycle, if longer). Such obligations include mortgage loans, chattel loans, and any other borrowings secured by assets of the borrower.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_SecuredDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionPercentage increase in the stated interest rate on a short-term debt instrument.
+ References
+ Details
Name: |
us-gaap_ShortTermDebtInterestRateIncrease |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_VestingAxis=VBIV_SecondAmendmentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
dei_LegalEntityAxis=VBIV_K2HealthventuresLLCMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_TypeOfArrangementAxis=VBIV_LoanAndGuarantyAgreementMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=VBIV_K2WarrantMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=VBIV_RestatedK2WarrantMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=VBIV_SecondAmendmentWarrantMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_VestingAxis=VBIV_FirstTrancheMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_VestingAxis=VBIV_FirstAmendmentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_VariableRateAxis=VBIV_PrimeRatePlusMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_RangeAxis=srt_MinimumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_TypeOfArrangementAxis=VBIV_LoanAgreementMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=VBIV_ThirdTrancheTermLoanMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_RangeAxis=srt_MaximumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=VBIV_FourthTrancheTermLoanMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_DebtInstrumentAxis=VBIV_FirstTrancheTermLoanMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
SCHEDULE OF STOCK OPTIONS ACTIVITY (Details) - Equity Option [Member]
|
6 Months Ended |
Jun. 30, 2023
$ / shares
shares
|
Offsetting Assets [Line Items] |
|
Number of Stock Options Outstanding, Beginning Balance | shares |
761,243
|
Weighted Average Exercise Price, Beginning Balance | $ / shares |
$ 71.26
|
Number of Stock Options, Granted | shares |
53,643
|
Weighted Average Exercise Price, Granted | $ / shares |
$ 14.58
|
Number of Stock Options, Forfeited | shares |
(30,768)
|
Weighted Average Exercise Price, Forfeited | $ / shares |
$ 55.47
|
Number of Stock Options Outstanding, Ending Balance | shares |
784,118
|
Weighted Average Exercise Price, Ending Balance | $ / shares |
$ 68.06
|
Number of Stock Options, Exercisable | shares |
625,860
|
Weighted Average Exercise Price, Exercisable | $ / shares |
$ 73.19
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_OffsettingAssetsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionGross number of share options (or share units) granted during the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(01) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of options outstanding, including both vested and non-vested options.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionWeighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionWeighted average price at which grantees could have acquired the underlying shares with respect to stock options that were terminated.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionWeighted average per share amount at which grantees can acquire shares of common stock by exercise of options.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(01) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_DerivativeInstrumentRiskAxis=us-gaap_StockOptionMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 272 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483014/272-10-45-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 272 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482987/272-10-50-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(27)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(2)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(2)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
+ Details
Name: |
us-gaap_ClassOfStockLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of non-vested options outstanding.
+ References
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedNumberOfShares |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionWeighted average grant-date fair value of non-vested options outstanding.
+ References
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsNonvestedWeightedAverageGrantDateFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of options vested.
+ References
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionWeighted average grant-date fair value of options vested.
+ References
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageGrantDateFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_RestrictedStockUnitsRSUMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- References
+ Details
Name: |
us-gaap_EquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe estimated dividend rate (a percentage of the share price) to be paid (expected dividends) to holders of the underlying shares over the option's term.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(2)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe estimated measure of the percentage by which a share price is expected to fluctuate during a period. Volatility also may be defined as a probability-weighted measure of the dispersion of returns about the mean. The volatility of a share price is the standard deviation of the continuously compounded rates of return on the share over a specified period. That is the same as the standard deviation of the differences in the natural logarithms of the stock prices plus dividends, if any, over the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(2)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe risk-free interest rate assumption that is used in valuing an option on its own shares.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(2)(iv) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe weighted average grant-date fair value of options granted during the reporting period as calculated by applying the disclosed option pricing methodology.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionExpected term of award under share-based payment arrangement, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
SCHEDULE OF STOCK-BASED COMPENSATION EXPENSE (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Total stock-based compensation expense |
$ 1,674
|
$ 2,457
|
$ 3,685
|
$ 4,959
|
Research and Development Expense [Member] |
|
|
|
|
Total stock-based compensation expense |
227
|
510
|
493
|
1,020
|
General and Administrative Expense [Member] |
|
|
|
|
Total stock-based compensation expense |
1,432
|
1,917
|
3,150
|
3,883
|
Cost of Sales [Member] |
|
|
|
|
Total stock-based compensation expense |
$ 15
|
$ 30
|
$ 42
|
$ 56
|
X |
- DefinitionAmount of noncash expense for share-based payment arrangement.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (a) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_ShareBasedCompensation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_IncomeStatementLocationAxis=us-gaap_ResearchAndDevelopmentExpenseMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_IncomeStatementLocationAxis=us-gaap_GeneralAndAdministrativeExpenseMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_IncomeStatementLocationAxis=us-gaap_CostOfSalesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- DefinitionAggregate number of common shares reserved for future issuance.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.29) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockCapitalSharesReservedForFutureIssuance |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 35 -Paragraph 1D -Publisher FASB -URI https://asc.fasb.org//1943274/2147480483/718-10-35-1D
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 35 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480483/718-10-35-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(01) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(02) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(iv)(04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2)(iii)(01) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2)(iii)(02) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2)(iii)(03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (e)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(2)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(2)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(2)(iv) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (f)(2)(v) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of options outstanding, including both vested and non-vested options.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionMaximum number of shares that may be issued in accordance with the plan as a proportion of outstanding capital stock.
+ References
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfOutstandingStockMaximum |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_PlanNameAxis=VBIV_TwoThousandAndSixPlanMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PlanNameAxis=VBIV_TwoThousandAndFourteenPlanMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PlanNameAxis=VBIV_TwoThousandAndSixteenPlanMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_AwardTypeAxis=us-gaap_EmployeeStockOptionMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
+ Details
Name: |
us-gaap_DisaggregationOfRevenueLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 924 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 11.L) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-4
+ Details
Name: |
us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=us-gaap_ProductMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=us-gaap_ServiceMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
+ Details
Name: |
us-gaap_DisaggregationOfRevenueLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of transaction price allocated to performance obligation that has not been recognized as revenue.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (a) -SubTopic 10 -Topic 606 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13
+ Details
Name: |
us-gaap_RevenueRemainingPerformanceObligation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_AwardDateAxis=VBIV_CurrentPortionToJuneThirtyTwoThousandTwentyFourMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_AwardDateAxis=VBIV_RemainingPortionThereAfterMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=us-gaap_ProductMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=us-gaap_ServiceMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
SUMMARY OF CHANGES IN DEFERRED REVENUE (Details) - USD ($) $ in Thousands |
6 Months Ended |
12 Months Ended |
Jun. 30, 2023 |
Dec. 31, 2022 |
Revenue from Contract with Customer [Abstract] |
|
|
Contract with customer liability,beginning |
$ 2,613
|
$ 2,803
|
Recognition of deferred revenue |
(19)
|
|
Currency translation |
44
|
|
Contract with customer liability, ending |
2,638
|
2,613
|
Contract with customer, liability, current |
845
|
409
|
Contract with customer, liability, non-current |
$ 1,793
|
$ 2,204
|
X |
- DefinitionContract with customer liability currency translation.
+ References
+ Details
Name: |
VBIV_ContractWithCustomerLiabilityCurrencyTranslation |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of obligation to transfer good or service to customer for which consideration has been received or is receivable.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479837/606-10-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-8
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479837/606-10-45-2
+ Details
Name: |
us-gaap_ContractWithCustomerLiability |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479837/606-10-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-8
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479837/606-10-45-2
+ Details
Name: |
us-gaap_ContractWithCustomerLiabilityCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as noncurrent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479837/606-10-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-8
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479837/606-10-45-2
+ Details
Name: |
us-gaap_ContractWithCustomerLiabilityNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of revenue recognized that was previously included in balance of obligation to transfer good or service to customer for which consideration from customer has been received or is due.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-8
+ Details
Name: |
us-gaap_ContractWithCustomerLiabilityRevenueRecognized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_RevenueFromContractWithCustomerAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
REVENUES, NET AND DEFERRED REVENUE (Details Narrative) - USD ($)
|
Jul. 05, 2023 |
Dec. 04, 2018 |
Jun. 30, 2023 |
Dec. 31, 2022 |
Dec. 31, 2021 |
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Revenue, remaining performance obligation, amount |
|
|
$ 2,638,000
|
|
|
Contract with customer, liability |
|
|
2,638,000
|
$ 2,613,000
|
$ 2,803,000
|
Subsequent Event [Member] |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Non-refundable upfront payment |
$ 7,000,000
|
|
|
|
|
Service [Member] |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Revenue, remaining performance obligation, amount |
|
|
2,169,000
|
|
|
Collaboration and License Agreement [Member] |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
License agreement |
|
|
$ 1,969,000
|
|
|
Collaboration and License Agreement [Member] | Brii Bio [Member] |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Non-refundable upfront payment |
|
$ 11,000,000
|
|
|
|
Stock issued during period, shares |
|
76,502
|
|
|
|
Stock issued during period, value |
|
$ 3,626,000
|
|
|
|
Collaboration and License Agreement [Member] | Brii Bio [Member] | Subsequent Event [Member] |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Non-refundable upfront payment |
5,000
|
|
|
|
|
[custom:NetSalesMilestonePayments] |
$ 227,000
|
|
|
|
|
Collaboration and License Agreement [Member] | Brii Bio [Member] | Service [Member] |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Revenue, remaining performance obligation, amount |
|
4,737,000
|
|
|
|
Collaboration and License Agreement [Member] | Brii Bio [Member] | VBI Two Six Zero One [Member] |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Revenue, remaining performance obligation, amount |
|
2,637,000
|
|
|
|
License Agreement [Member] | Brii Bio [Member] |
|
|
|
|
|
Disaggregation of Revenue [Line Items] |
|
|
|
|
|
Revenue, remaining performance obligation, amount |
|
$ 7,374,000
|
|
|
|
X |
- References
+ Details
Name: |
VBIV_NetSalesMilestonePayments |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionNon-refundable upfront payment.
+ References
+ Details
Name: |
VBIV_NonrefundableUpfrontPayment |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionUnsatisfied amount of research and development services.
+ References
+ Details
Name: |
VBIV_UnsatisfiedAmountOfResearchAndDevelopmentServices |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of obligation to transfer good or service to customer for which consideration has been received or is receivable.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479837/606-10-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-8
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479837/606-10-45-2
+ Details
Name: |
us-gaap_ContractWithCustomerLiability |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
+ Details
Name: |
us-gaap_DisaggregationOfRevenueLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of transaction price allocated to performance obligation that has not been recognized as revenue.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (a) -SubTopic 10 -Topic 606 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13
+ Details
Name: |
us-gaap_RevenueRemainingPerformanceObligation |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionNumber of new stock issued during the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodSharesNewIssues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionEquity impact of the value of new stock issued during the period. Includes shares issued in an initial public offering or a secondary public offering.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 205 -Name Accounting Standards Codification -Section 45 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480767/946-205-45-4
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 505 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481004/946-505-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodValueNewIssues |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=us-gaap_ServiceMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_TypeOfArrangementAxis=VBIV_CollaborationAndLicenseAgreementMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
dei_LegalEntityAxis=VBIV_BriiBiosciencesLimitedMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=VBIV_VBITwoSixZeroOneMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_TypeOfArrangementAxis=VBIV_LicenseAgreementMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
SCHEDULE OF RESEARCH AND DEVELOPMENT EXPENSE (Details) - USD ($) $ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Research and Development expenses |
$ 3,292
|
$ 5,643
|
$ 6,446
|
$ 8,005
|
Collaboration Agreement [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Research and Development expenses |
1,734
|
1,132
|
2,826
|
3,264
|
Collaboration Agreement [Member] | Glaxo Smith Kline Biologicals S A [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Research and Development expenses |
10
|
4
|
113
|
139
|
Collaboration Agreement [Member] | National Research Council [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Research and Development expenses |
|
304
|
35
|
584
|
Collaboration Agreement [Member] | Coalition For Epidemic Preparedness Innovations [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Research and Development expenses |
1,365
|
713
|
2,194
|
2,406
|
Collaboration Agreement [Member] | Brii Bio [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Research and Development expenses |
51
|
111
|
120
|
135
|
Collaboration Agreement [Member] | Agenus Inc [Member] |
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
Research and Development expenses |
$ 308
|
|
$ 364
|
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 808 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479402/808-10-50-1
+ Details
Name: |
us-gaap_CollaborativeArrangementsAndNoncollaborativeArrangementTransactionsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative future use.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 730 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482916/730-10-50-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 912 -SubTopic 730 -Name Accounting Standards Codification -Section 25 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482517/912-730-25-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 985 -SubTopic 20 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481283/985-20-50-1
+ Details
Name: |
us-gaap_ResearchAndDevelopmentExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_TypeOfArrangementAxis=VBIV_CollaborationAgreementMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
dei_LegalEntityAxis=VBIV_GlaxoSmithKlineBiologicalsSAMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
dei_LegalEntityAxis=VBIV_NationalResearchCouncilMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
dei_LegalEntityAxis=VBIV_CoalitionForEpidemicPreparednessInnovationsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
dei_LegalEntityAxis=VBIV_BriiBiosciencesLimitedMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
dei_LegalEntityAxis=VBIV_AgenusIncMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- DefinitionDeferred funding, current.
+ References
+ Details
Name: |
VBIV_DeferredFundingCurrent |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.2
GOVERNMENT GRANTS (Details Narrative) $ in Thousands, $ in Thousands |
|
|
3 Months Ended |
6 Months Ended |
Sep. 16, 2020 |
Jul. 03, 2020
CAD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Contribution agreement description |
75% of VBI Cda’s costs incurred in respect of the Project, subject to certain
eligibility limitations as set forth in the Contribution Agreement and (ii) CAD $55,976 from the SIF to support the development of
our coronavirus vaccine program, VBI-2900, though Phase II clinical studies (the “Project”)
|
|
|
|
|
|
Industrial Research Assistance Program [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Estimated contribution on transfer and scaleup of technical production process |
|
$ 1,000
|
|
|
|
|
Reduction expenses |
|
|
$ 0
|
$ 0
|
$ 41
|
$ 0
|
Deferred government grants |
|
|
0
|
43
|
0
|
43
|
Strategic Innovation Fund [Member] |
|
|
|
|
|
|
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items] |
|
|
|
|
|
|
Reduction expenses |
|
|
1,168
|
499
|
2,875
|
1,952
|
Deferred government grants |
|
|
$ 231
|
$ 760
|
$ 231
|
$ 760
|
X |
- DefinitionContribution agreement description .
+ References
+ Details
Name: |
VBIV_ContributionAgreementDescription |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDeferred government grants.
+ References
+ Details
Name: |
VBIV_DeferredGovernmentGrants |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionEstimated contribution on transfer and scaleup of technical production process.
+ References
+ Details
Name: |
VBIV_EstimatedContributionOnTransferAndScaleupOfTechnicalProductionProcess |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 808 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479402/808-10-50-1
+ Details
Name: |
us-gaap_CollaborativeArrangementsAndNoncollaborativeArrangementTransactionsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_TypeOfArrangementAxis=VBIV_IndustrialResearchAssistanceProgramMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_TypeOfArrangementAxis=VBIV_StrategicInnovationFundMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
COMMITMENTS AND CONTINGENCIES (Details Narrative) - Sci B Vac [Member] ₪ in Thousands, $ in Thousands |
Sep. 13, 2018
USD ($)
Integer
|
Sep. 13, 2018
ILS (₪)
Integer
|
Product Liability Contingency [Line Items] |
|
|
Children vaccinated |
428,000
|
428,000
|
Loss contingency, damages seeking, value |
$ 507,973
|
₪ 1,879,500
|
X |
- DefinitionNumber of children vaccinated.
+ References
+ Details
Name: |
VBIV_NumberOfChildrenVaccinated |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:decimalItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe value (monetary amount) of the award the plaintiff seeks in the legal matter.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 450 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483076/450-20-50-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 450 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483076/450-20-50-4
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 450 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483076/450-20-50-9
+ Details
Name: |
us-gaap_LossContingencyDamagesSoughtValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 450 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 5.Y.Q2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480102/450-20-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 450 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483076/450-20-50-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 450 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483076/450-20-50-4
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 450 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483076/450-20-50-9
+ Details
Name: |
us-gaap_ProductLiabilityContingencyLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=VBIV_SciBVacMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- References
+ Details
Name: |
VBIV_DisclosureLeasesAbstract |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of single lease cost, calculated by allocation of remaining cost of lease over remaining lease term. Includes, but is not limited to, single lease cost, after impairment of right-of-use asset, calculated by amortization of remaining right-of-use asset and accretion of lease liability.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 53 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4
+ Details
Name: |
us-gaap_OperatingLeaseCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionWeighted average discount rate for operating lease calculated at point in time.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 53 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (g)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4
+ Details
Name: |
us-gaap_OperatingLeaseWeightedAverageDiscountRatePercent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionWeighted average remaining lease term for operating lease, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 53 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (g)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4
+ Details
Name: |
us-gaap_OperatingLeaseWeightedAverageRemainingLeaseTerm1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
instant |
|
v3.23.2
X |
- References
+ Details
Name: |
VBIV_DisclosureLeasesAbstract |
Namespace Prefix: |
VBIV_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityPaymentsDue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in fourth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearFour |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in third fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearThree |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease to be paid in second fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityPaymentsDueYearTwo |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's undiscounted obligation for lease payment for operating lease having initial or remaining lease term in excess of one year to be paid in remainder of current fiscal year.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of lessee's undiscounted obligation for lease payments in excess of discounted obligation for lease payments for operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-6
+ Details
Name: |
us-gaap_LesseeOperatingLeaseLiabilityUndiscountedExcessAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from operating lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseLiability |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from operating lease, classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseLiabilityCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionPresent value of lessee's discounted obligation for lease payments from operating lease, classified as noncurrent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479041/842-20-45-1
+ Details
Name: |
us-gaap_OperatingLeaseLiabilityNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.23.2
LEASES (Details Narrative)
|
6 Months Ended |
Jun. 30, 2023 |
ISRAEL | Manufacturing Facility Lease Agreement [Member] |
|
Lessee, operating lease, option to extend |
Our manufacturing
facility lease agreement in Israel has been extended for 5 years with a term now ending January 31, 2027
|
CANADA | Lease Agreement [Member] |
|
Lessee, operating lease, option to extend |
A lease for additional office
space in Israel has a term ending November 30, 2025 with an option to extend for two additional years and June 30, 2027 with an option
to extend the term for five additional years. In September 2022, the Company extended the term of our lease for our research facility
in Canada, which comprises office and laboratory space, for three additional years, which now has a term ending on December 31, 2025
|
X |
- DefinitionDescription of terms and conditions of option to extend lessee's operating lease. Includes, but is not limited to, information about option recognized as part of right-of-use asset and lease liability.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-3
+ Details
Name: |
us-gaap_LesseeOperatingLeaseOptionToExtend |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_StatementGeographicalAxis=country_IL |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_TypeOfArrangementAxis=VBIV_ManufacturingFacilityLeaseAgreementMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_StatementGeographicalAxis=country_CA |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_TypeOfArrangementAxis=VBIV_LeaseAgreementMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 924 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 11.L) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-4
+ Details
Name: |
us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_StatementGeographicalAxis=country_US |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_StatementGeographicalAxis=country_IL |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_StatementGeographicalAxis=VBIV_ChinaHongKongMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_StatementGeographicalAxis=srt_EuropeMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 924 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 11.L) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-4
+ Details
Name: |
us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_RevenuesFromExternalCustomersAndLongLivedAssetsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_StatementGeographicalAxis=country_CA |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.2
X |
- DefinitionPeriod over which grantee's right to exercise award under share-based payment arrangement is no longer contingent on satisfaction of service or performance condition, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Includes, but is not limited to, combination of market, performance or service condition.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDescription of service or performance condition required to be met for earning right to award under share-based payment arrangement. Includes, but is not limited to, combination of market, performance or service condition.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingRights |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDate the equity-based award expires, in YYYY-MM-DD format.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
+ Details
Name: |
us-gaap_ShareBasedCompensationArrangementByShareBasedPaymentAwardExpirationDate |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of shares issued during the period to an employee benefit plan, such as a defined contribution or defined benefit plan.
+ References
+ Details
Name: |
us-gaap_StockIssuedDuringPeriodSharesEmployeeBenefitPlan |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDetail information of subsequent event by type. User is expected to use existing line items from elsewhere in the taxonomy as the primary line items for this disclosure, which is further associated with dimension and member elements pertaining to a subsequent event.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2
+ Details
Name: |
us-gaap_SubsequentEventLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_SubsequentEventTypeAxis=us-gaap_SubsequentEventMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_PlanNameAxis=VBIV_TwoThousandAndSixteenPlanMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
VBI Vaccines (NASDAQ:VBIV)
Historical Stock Chart
From Mar 2024 to Apr 2024
VBI Vaccines (NASDAQ:VBIV)
Historical Stock Chart
From Apr 2023 to Apr 2024