What changed in this filing

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Item 7A. Quantitative and Qualitative Disclosures About Market Risk

2023-03-06 compared with 2021-11-24 · 23 added, 24 removed, 33 unchanged (59% of the section changed)

3 unchanged sentences

of risks, including changes in interest rates, foreign currency exchange rates, changes in the value of our marketable securities and

As of August 31, 2021, we

As of December 31, 2022, we

had $40.5 million in cash and cash equivalents, $111.5 million in short term and long term bank deposits and $3.7 million in marketable

6 unchanged sentences

We own 1,701,357 common shares

of D.N.A, 117,000 ordinary shares of Entera which are presented in our financial statements as marketable

Marketable securities are presented at fair value and their realization is subject to certain limitations if sold through

the market, and we are therefore exposed to market risk.

There is no assurance that at the time of sale of the marketable securities the

price per share will be the same or higher, nor that we will be able to sell all of the securities at once given the volume of securities

Entera shares are traded on Nasdaq in U.S.

dollars, while D.N.A shares are traded on the Tel Aviv Stock Exchange and the D.N.A

shares’ price is denominated in NIS.

We are also exposed to changes in the market price of the Entera and D.N.A shares, as well

as to exchange rates fluctuations in the NIS currency compared to the U.S.

dollar with respect to the D.N.A shares.

of DNA and 117,000 ordinary shares of Entera, which are presented in our financial statements as marketable securities.

Marketable securities

are presented at fair value and their realization is subject to certain limitations if sold through the market, and we are therefore exposed

to market risk.

There is no assurance that at the time of sale of the marketable securities the price per share will be the same or higher,

nor that we will be able to sell all of the securities at once given the volume of securities we hold.

Entera shares are traded on Nasdaq

dollars, while DNA shares are traded on the Tel Aviv Stock Exchange in NIS.

We are also exposed to changes in the market price

of the Entera and DNA shares, as well as to exchange rates fluctuations in the NIS currency compared to the U.S.

dollar with respect to

the DNA shares.

Interest Rate Risk

5 unchanged sentences

gains from future deposits may decline in the future as a result of changes in the financial markets.

In any event, given the historic

low levels of the interest rate, we estimate that a further decline in the interest rate we are receiving will not result in a material

adverse effect to our business.

Foreign Currency Exchange Risk and Inflation

A significant portion of

our expenditures, including salaries, clinical research expenses, consultants’ fees and office expenses relate to our operations

Foreign Currency Exchange Risk

A significant portion of our

expenditures, including salaries, clinical research expenses, consultants’ fees and office expenses relate to our operations in

The cost of those Israeli operations, as expressed in U.S.

dollars, is influenced by the extent to which any increase in the

rate of inflation in Israel is not offset (or is offset on a lagging basis) by a devaluation of the NIS in relation to the U.S.

dollars, is influenced by the extent to which any increase in the rate

of inflation in Israel is not offset (or is offset on a lagging basis) by a devaluation of the NIS in relation to the U.S.

dollar declines in value in relation to the NIS, it will become more expensive for us to fund our operations in Israel.

addition, as of August 31, 2021, we own net balances in NIS of approximately $1,287,000.

Assuming a 10% appreciation of the NIS against

dollar, we would experience exchange rate gain of approximately $143,000, while assuming a 10% devaluation of the NIS against

as of December 31, 2022, we own net balances in NIS of approximately $1,854,000.

Assuming a 10% appreciation of the NIS against the U.S.

dollar, we would experience an exchange rate gain of approximately $206,000, while assuming a 10% devaluation of the NIS against the U.S.

dollar, we would experience an exchange rate loss of approximately $169,000.

The exchange rate of the

The exchange rate of the U.S.

dollar to the NIS, based on exchange rates published by the Bank of Israel, was as follows:

Four months ended

Average rate for period

9 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 7A. Quantitative and Qualitative Disclosures About Market Risk