Changes in significant accounting policies

12 Months Ended

Dec. 31, 2018

Accounting Changes And Error Corrections [Abstract]

Changes in significant accounting policies

4. Changes in significant accounting policies:

The Company adopted the new revenue standard (Accounting Standards Codification “ASC” 606), effective January 1, 2018, using the modified retrospective method under which previously presented financial statements are not restated and the cumulative effect of adopting the new revenue standard on contracts in process is recognized by an adjustment to retained earnings at the effective date. The adoption of the new revenue standard did not change the Company’s recognized revenue under its one ongoing significant collaborative research and license agreement with Genentech, a member of the Roche Group, described in note 12b and no cumulative effect adjustment was required. Refer to the Company’s Revenue Recognition policy described in note 3i.