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<div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt Times New Roman, Times, Serif"><div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: justify">NOTE 1 - NATURE OF OPERATIONS</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; text-indent: 20pt">Sol-Gel Technologies Ltd. (the "Company") is an Israeli Company incorporated in 1997.</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 20pt">The Company is a clinical stage specialty pharmaceutical company focused on developing and commercializing topical dermatological drug products. The Company’s lead product
candidates are based upon its proprietary microencapsulation delivery system, consisting of microcapsules made of precipitated silica. In addition to these novel product candidates, the Company’s product pipeline includes generic product
candidates.</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 20pt">On August 4, 2014, 100% of the Company’s shares were acquired by its current controlling shareholder (the “controlling shareholder”).</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; text-indent: 20pt"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 20pt">In January 2018, the Company completed an Initial Public Offering ("IPO") on the NASDAQ Stock Market, in which it issued 6,250,000 Ordinary shares at a price per share of $12.
During February 2018 the underwriters exercised their green shoe option and purchased additional 937,500 ordinary shares at the same price per share. The total proceeds received from the IPO, net of issuance costs, were approximately $78.8 million.</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 20pt">Immediately prior to the closing of the IPO, the outstanding promissory note was automatically converted into 5,444,825 Ordinary shares of the Company based on the IPO price
of $12 per ordinary share.<br style="line-height: 1.25" />
<br />
<font style="background-color: #FFFFFF">In August 2019, the Company completed an underwritten follow-on public offering, in which it issued 1,437,500 ordinary shares </font>at a price per share of $8 for a total net proceeds of approximately
$10.6 million.</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 20pt"><br />
The Company has a wholly owned U.S. subsidiary - Sol-Gel Technologies Inc. (the "Subsidiary”) to support the Company with regard to marketing, regulatory affairs and business development relating its products and technology in the U.S.</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"> </div>
<div style="font: italic bold 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 20pt"><font style="background-color: #FFFFFF">Risk and Uncertainties</font></div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 20pt">Since incorporation
through June 30, 2020, the Company has an accumulated deficit of approximately $166,253 and its activities have been funded
mainly by its shareholders and revenue from collaboration arrangements. Management believes that the Company's cash and cash equivalents,
deposits and marketable securities as of June 30, 2020 will allow the Company to fund its operating plan through at least the
next 12 months  from the financial statements issuance date. However, the Company expects to continue to incur
significant research and development and other costs related to its ongoing operations and in order to continue its future
operations, the Company will need to obtain additional funding until becoming profitable.</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 20pt"><font style="background-color: #FFFFFF">In December 2019, COVID-19 was identified in Wuhan, China. This virus continues to spread globally and, as of June 2020, has spread to
over 50 countries, including the United States and Israel. The Company is subject to risks and uncertainties as a result of the COVID-19 pandemic.</font></div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 20pt"><font style="background-color: #FFFFFF">The full extent to which the COVID-19 pandemic will directly or indirectly impact its business, results of operations and financial
condition, including revenues from collaboration arrangements, expenses, reserves and allowances, manufacturing, supply, regulatory approvals, clinical trials, commercial launch of branded and generic product candidates,  research and development
costs and employee-related amounts, will depend on future developments that are highly uncertain and cannot be predicted. The Company continues to monitor and assess new information related to the COVID-19 pandemic, the actions taken to contain
or treat COVID-19, as well as the economic impact on the different markets.</font></div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 20pt">As of the date of issuance of these condensed consolidated financial statements, the extent to which the COVID-19 pandemic may materially impact the Company's financial
condition, liquidity, or results of operations is uncertain.  Furthermore, the estimation process required to prepare the Company’s consolidated financial statements requires assumptions to be made about future events and conditions and the impact
of COVID-19 on its financial results, and while management believes such assumptions are reasonable, they are inherently subjective and uncertain. The Company’s actual results could differ materially from those estimates.</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 20pt">As of June 30, 2020, the
main impact on the Company's operations resulting from COVID-19 is the decline in revenues of Acyclovir in the second
quarter.  Management believes that such decline is mainly attributed to the government restrictions, such as social
distancing, “shelter in place” orders, business closures and the economic and logistical impacts that these
measures have on consumer demand as well as the health care industry’s ability to administer such procedures.
Additionally, these restrictions may result in reduction in new infected patients.</div>
</div></div>
<div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"><font style="font-weight: bold">NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: </font>
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z968940d505b54c3086031d32e88c5d91" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt">
</td>
<td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">a.</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top">
<div style="font: 10pt Times New Roman, Times, Serif"><font style="font-weight: bold">Basis of Presentation</font><br />
<br />
The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial statements.  Accordingly, they do
not include all of the information and notes required by U.S. GAAP for annual financial statements.  In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, which include normal
recurring adjustments, necessary for a fair statement of the Company’s consolidated financial position as of June 30, 2020, the consolidated results of operations for the six and three month periods ended June 30, 2019 and 2020 and
statements of changes in shareholders' equity and cash flows for the six month period ended June 30, 2019 and 2020.<br />
</div>
</td>
</tr>
</table>
<br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin-left: 36pt">The consolidated results for the three and six month period ended June 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020.</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin-left: 35.7pt">These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2019. The comparative
balance sheet at December 31, 2019 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP.</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
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<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt"><br />
</td>
<td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">b.</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify">
<div style="font: 10pt Times New Roman, Times, Serif"><font style="font-weight: bold">Loss per share</font><br /> <br />
Basic loss per share is computed on the basis of the net loss for the period divided by the weighted average number of
ordinary shares outstanding during the period. Diluted loss per share is based upon the weighted average number of ordinary
shares and of ordinary shares equivalents outstanding when dilutive. Ordinary share equivalents include outstanding stock
options and restricted shares, which are included under the treasury stock method when dilutive. The calculation of diluted loss
per share does not include 1,251,378  and 1,244,731 options and restricted shares for the six months ended June 30, 2019
and 2020, respectively, because the effect would be anti-dilutive.</div>
</td>
</tr>
</table>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z6c85f78f7ee140d1b35ca7882cf43b5c" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt"><br />
</td>
<td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">c.</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top">
<div style="font: 10pt Times New Roman, Times, Serif"><font style="font-weight: bold">Newly issued and recently adopted accounting pronouncements:</font><br />
<br />
In June 2016, the FASB issued ASU 2016-13 “Financial Instruments Credit Losses Measurement of Credit Losses on Financial Instruments”. This guidance replaces the current incurred loss impairment methodology with a methodology that
reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance will be effective for the fiscal year beginning on January 1, 2020,
including interim periods within that year. The adoption of this guidance does not have a material impact on the Company's consolidated financial statements.</div></td></tr></table></div></div></div>
<div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif"></div>
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: justify">NOTE 3 — MARKETABLE SECURITIES:</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin-right: 36pt; margin-left: 35.45pt">The following table sets forth the Company’s marketable securities for the indicated periods:</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<table cellspacing="0" cellpadding="0" border="0" align="right" id="z7f0ef4c6c0874161bf64128e119291e1" style="font: 10pt Times New Roman, Times, Serif; width: 95%; color: #000000; text-align: left">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom"> </td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center">December 31,</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom"> </td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center">June 30,</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top; padding-bottom: 2px"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="2" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center"> 2019</div>
</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="2" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center">2020</div>
</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; padding-bottom: 2px"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: middle; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">Level 2 securities:</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; background-color: rgb(204, 238, 255)"> </td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; background-color: rgb(204, 238, 255)"> </td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255)"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">U.S government and agency bonds</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">$</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">2,499</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">-</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">Canada government bonds</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">999</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">-</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">Other foreign government bonds</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">3,521</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">3,523</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">Corporate bonds*</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">33,947</div>
</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">37,155</div>
</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255)"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">Total</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">$</div>
</div>
</td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">40,966</div>
</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">$</div>
</div>
</td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">40,678</div>
</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255)"> </td>
</tr>
</table>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; clear: both"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin-left: 36pt">* Investments in Corporate bonds rated A or higher.<br style="line-height: 1.25" />
<br />
The Company’s debt securities are classified within Level 2 because it uses quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value.</div>
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin-right: 36pt; margin-left: 35.45pt">The table below sets forth a summary of the changes in the fair value of the Company’s marketable securities for the indicated periods:</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<table cellspacing="0" cellpadding="0" border="0" align="right" id="zeddde2e990ce48e09b75b29c0707a18f" style="font: 10pt Times New Roman, Times, Serif; width: 95%; color: #000000; text-align: left">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="6" style="border-bottom: #000000 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center">Marketable securities</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; padding-bottom: 2px"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom"> </td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center">For the year ended</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom"> </td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center">For the Six Months</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top; padding-bottom: 2px"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="2" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center">December 31, 2019</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="2" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center">ended June 30, 2020</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; padding-bottom: 2px"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom"> </td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom"> </td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top; width: 76%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify">Balance at beginning of the period</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">$</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">56,662</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">$</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">40,966</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top; width: 76%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify">Additions</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">38,702</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">19,640</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top; width: 76%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify">Sale or maturity</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">(54,333</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">)</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">(19,852</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">)</div>
</td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify">Changes in fair value during the period</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">(65</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">)</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">(76</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">)</div>
</td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify">Balance at end of the period</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">$</div>
</td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">40,966</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">$</div>
</td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">40,678</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255)"> </td>
</tr>
</table>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; clear: both"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; text-indent: 36pt">As of June 30, 2020, the Company’s debt securities had the following maturity dates:</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<table cellspacing="0" cellpadding="0" border="0" align="center" id="zbba9817ee99b4f7ca9dba2592e2a4391" style="font: 10pt Times New Roman, Times, Serif; width: 60%; color: #000000; text-align: left">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="2" style="border-bottom: #000000 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center; text-indent: 7pt">Market value</div>
</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; padding-bottom: 2px"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom"> </td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center; text-indent: 7pt"> June 30,</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="2" style="border-bottom: #000000 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center; text-indent: 7pt"> 2020</div>
</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; padding-bottom: 2px"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: middle; width: 88%; padding-bottom: 2px; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; text-indent: -2.5pt; margin-right: 7.1pt; margin-left: 20.35pt">Due within one year</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">39,937</div>
</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255)"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: middle; width: 88%; padding-bottom: 2px; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; text-indent: -2.5pt; margin-right: 7.1pt; margin-left: 20.35pt">Between 1-2 years</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">741</div>
</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255)"> </td>
</tr>
</table>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; background-color: rgb(255, 255, 255); clear: both">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 35.45pt">The carrying amount of the cash and cash equivalents, bank deposits, restricted cash, restricted long term deposits, accrued expenses and other liabilities approximates their
fair value.</div></div>
<div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif"><font style="font-weight: bold"><font style="background-color: #FFFFFF">NOTE 4 – COLLABORATION AGREEMENTS:</font>
</font>
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z5ff5226052e14b12a5b2b8bb31c2c8aa" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 53.45pt"><br />
</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top"><font style="font-weight: bold">a</font><font style="font-weight: bold">.</font></td>
<td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify">
<div style="font: 10pt Times New Roman, Times, Serif">In 2007, the Company granted rights to a  third party for use and commercialization of a product for skin protection. Under this agreement, the Company is entitled to royalties during the years 2016 to 2024. Based on current sales,
royalties are not material.</div>
</td>
</tr>
</table>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zae53c871dfee4ccdb99b27df23275d69" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 53.45pt"><br />
</td>
<td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">b.</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify">
<div style="font: 10pt Times New Roman, Times, Serif">In 2016 through 2020, the Company entered into several collaboration agreements with two third parties for the development, manufacturing and commercialization of several product candidates. Under the agreements, the third parties are
obligated to conduct regulatory, scientific, clinical and technical activities necessary to develop the product and prepare and file ANDA, with the FDA and gain regulatory approval. The Company participates in the development of the product
candidates, including participation in joint steering committees and is obligated for sourcing the active pharmaceutical ingredient (API) during the development phase.<br />
</div>
<div style="font: 10pt Times New Roman, Times, Serif"> <br />
</div>
<div style="font: 10pt Times New Roman, Times, Serif"> Upon FDA approval, the third parties have exclusive rights and are
required to use diligent efforts to commercialize these products in territories defined under the agreements, including all
required sales, marketing and distributing activities associated with the agreements. The Company is entitled to 50% of the
third parties’ gross profits related to the sale of these products, as such term is defined in the agreements.</div>
</td>
</tr>
</table>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 71.45pt">In February 2019, the Company announced that a third party has received final approval from the FDA for the first generic version of a drug product.  During the six months
ended June 30, 2020 the Company recognized revenues from royalties related to sales of products in the U.S. under this agreement in the amount of $4,536.</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin-left: 70.9pt">This Agreement is considered to be within the scope of ASC 808, as the parties are active participants and exposed to the risks and rewards of the collaborative activity.<br />
<br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin-left: 70.9pt">The Company recognizes collaboration revenue when the related sales occur.</div></div>
<div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"><font style="font-weight: bold">NOTE</font> <font style="font-weight: bold">5 - </font><font style="font-weight: bold">SHARE CAPITAL</font></div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 36pt"><font style="font-weight: bold">Ordinary
shares</font><br /> <br /> On February 19, 2020, the Company completed an underwritten public offering, in which it issued
2,091,907 ordinary shares and warrants to purchase up to 1,673,525 ordinary shares, at a public offering price of $11.00 per
ordinary shares. The warrants are exercisable over a three year period from the date of issuance at a per share exercise
price of $14, subject to certain adjustments as defined in the agreement. The total proceeds received from the offering,
net of issuance costs, were approximately $21.3 million.</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; margin-left: 36pt">In addition and in parallel to the public offering, the Company signed an agreement for a private placement with its controlling shareholder for an additional investment of
approximately $5 million in consideration of 454,628 ordinary shares and warrants to purchase up to 363,702 ordinary shares, at the same terms of the underwritten public offering mentioned above. The private placement agreement was contingent on
certain conditions and was approved by the company’s shareholders on April 8, 2020.  The total proceeds of $5 million received in April 2020.</div>
</div>
<div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify"><font style="font-weight: bold">NOTE 6 - RELATED PARTIES: </font>
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z2e70529aa0a44677a5548b14ec184388" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt"><br />
</td>
<td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">a.</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify">
<div style="font: 10pt Times New Roman, Times, Serif">Related parties include the controlling shareholder and companies under his control, the board of   directors and the executive officers of the Company.</div>
</td>
</tr>
</table>
<div style="font: 10pt Times New Roman, Times, Serif"> <br />
</div>
<table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zf8e7ad67ecb14223a6084ac33ac71d99" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt"><br />
</td>
<td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">b.</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top; text-align: justify">
<div style="font: 10pt Times New Roman, Times, Serif">As to the private placement with the controlling shareholder, see note 5.</div>
</td></tr></table></div>
<div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif"><table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z968940d505b54c3086031d32e88c5d91" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt"><br />
</td>
<td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">a.</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top">
<div style="font: 10pt Times New Roman, Times, Serif"><font style="font-weight: bold">Basis of Presentation</font><br />
<br />
The unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") for interim financial statements.  Accordingly, they do
not include all of the information and notes required by U.S. GAAP for annual financial statements.  In the opinion of management, these unaudited condensed consolidated financial statements reflect all adjustments, which include normal
recurring adjustments, necessary for a fair statement of the Company’s consolidated financial position as of June 30, 2020, the consolidated results of operations for the six and three month periods ended June 30, 2019 and 2020 and
statements of changes in shareholders' equity and cash flows for the six month period ended June 30, 2019 and 2020.<br />
</div>
</td>
</tr>
</table>
<br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin-left: 36pt">The consolidated results for the three and six month period ended June 30, 2020 are not necessarily indicative of the results to be expected for the year ending December 31, 2020.</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin-left: 35.7pt">These unaudited condensed consolidated financial statements should be read in conjunction with the audited financial statements of the Company for the year ended December 31, 2019. The comparative
balance sheet at December 31, 2019 has been derived from the audited financial statements at that date but does not include all disclosures required by U.S. GAAP.</div>
</div></div>
<div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif"><table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z968940d505b54c3086031d32e88c5d91" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt"><br />
</td>
<td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">b.</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top">
<div style="font: 10pt Times New Roman, Times, Serif"><font style="font-weight: bold">Loss per share</font><br /> <br />
Basic loss per share is computed on the basis of the net loss for the period divided by the weighted average number of
ordinary shares outstanding during the period. Diluted loss per share is based upon the weighted average number of ordinary
shares and of ordinary shares equivalents outstanding when dilutive. Ordinary share equivalents include outstanding stock
options and restricted shares, which are included under the treasury stock method when dilutive. The calculation of diluted loss
per share does not include 1,251,378  and 1,244,731 options and restricted shares for the six months ended June 30, 2019
and 2020, respectively, because the effect would be anti-dilutive. </div>
</td>
</tr>
</table>
</div>
</div>
</div>
<div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif"><table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z6c85f78f7ee140d1b35ca7882cf43b5c" style="font: 10pt Times New Roman, Times, Serif; width: 100%; text-align: left; color: #000000">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; width: 18pt"><br />
</td>
<td style="font: bold 10pt Times New Roman, Times, Serif; width: 18pt; vertical-align: top">c.</td>
<td style="font: 10pt Times New Roman, Times, Serif; width: auto; vertical-align: top">
<div style="font: 10pt Times New Roman, Times, Serif"><font style="font-weight: bold">Newly issued and recently adopted accounting pronouncements:</font><br />
<br />
In June 2016, the FASB issued ASU 2016-13 “Financial Instruments Credit Losses Measurement of Credit Losses on Financial Instruments”. This guidance replaces the current incurred loss impairment methodology with a methodology that
reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The guidance will be effective for the fiscal year beginning on January 1, 2020,
including interim periods within that year. The adoption of this guidance does not have a material impact on the Company's consolidated financial statements.</div></td></tr></table></div></div></div>
<div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin-right: 36pt; margin-left: 35.45pt">The following table sets forth the Company’s marketable securities for the indicated periods:</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<table cellspacing="0" cellpadding="0" border="0" align="right" id="z7f0ef4c6c0874161bf64128e119291e1" style="font: 10pt Times New Roman, Times, Serif; width: 95%; color: #000000; text-align: left">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom"> </td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center">December 31,</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom"> </td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center">June 30,</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top; padding-bottom: 2px"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="2" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center"> 2019</div>
</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="2" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center">2020</div>
</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; padding-bottom: 2px"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: middle; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">Level 2 securities:</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; background-color: rgb(204, 238, 255)"> </td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; background-color: rgb(204, 238, 255)"> </td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; background-color: rgb(204, 238, 255)"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">U.S government and agency bonds</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">$</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">2,499</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">-</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: middle; width: 76%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">Canada government bonds</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">999</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">-</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: middle; width: 76%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">Other foreign government bonds</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">3,521</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">3,523</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: middle; width: 76%; padding-bottom: 2px; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">Corporate bonds*</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">33,947</div>
</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">37,155</div>
</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255)"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: middle; width: 76%; padding-bottom: 4px; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">Total</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">$</div>
</div>
</td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">40,966</div>
</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">$</div>
</div>
</td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">40,678</div>
</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(255, 255, 255)"> </td>
</tr>
</table>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; clear: both"><br style="line-height: 1.25" />
</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin-left: 36pt">* Investments in Corporate bonds rated A or higher.</div></div></div>
<div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif; margin-right: 36pt; margin-left: 35.45pt">The table below sets forth a summary of the changes in the fair value of the Company’s marketable securities for the indicated periods:</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<table cellspacing="0" cellpadding="0" border="0" align="right" id="zeddde2e990ce48e09b75b29c0707a18f" style="font: 10pt Times New Roman, Times, Serif; width: 95%; color: #000000; text-align: left">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="6" style="border-bottom: #000000 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center">Marketable securities</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; padding-bottom: 2px"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom"> </td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center">For the year ended</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom"> </td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center">For the Six Months</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top; padding-bottom: 2px"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="2" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center">December 31, 2019</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="2" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center">ended June 30, 2020</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; padding-bottom: 2px"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom"> </td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom"> </td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top; width: 76%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify">Balance at beginning of the period</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">$</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">56,662</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">$</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">40,966</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top; width: 76%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify">Additions</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">38,702</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">19,640</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top; width: 76%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify">Sale or maturity</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">(54,333</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">)</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">(19,852</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">)</div>
</td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top; width: 76%; padding-bottom: 2px; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify">Changes in fair value during the period</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">(65</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">)</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(255, 255, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">(76</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">)</div>
</td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: top; width: 76%; padding-bottom: 4px; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify">Balance at end of the period</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">$</div>
</td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">40,966</div>
</td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 4px; background-color: rgb(204, 238, 255)"> </td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">$</div>
</td>
<td colspan="1" style="border-bottom: rgb(0, 0, 0) 4px double; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 9%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">40,678</div></td></tr></table></div>
<div style="font: 10pt Times New Roman, Times, Serif"><div style="font: 10pt/1.25 Times New Roman, Times, Serif; clear: both"></div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; text-indent: 36pt">As of June 30, 2020, the Company’s debt securities had the following maturity dates:</div>
<div style="font: 10pt/1.25 Times New Roman, Times, Serif"><br style="line-height: 1.25" />
</div>
<table cellspacing="0" cellpadding="0" border="0" align="center" id="zbba9817ee99b4f7ca9dba2592e2a4391" style="font: 10pt Times New Roman, Times, Serif; width: 70%; color: #000000; text-align: left">
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="2" style="border-bottom: #000000 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center; text-indent: 7pt">Market value</div>
</div>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; padding-bottom: 2px"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom"> </td>
<td colspan="2" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center; text-indent: 7pt"> June 30,</div>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px"> </td>
<td colspan="2" style="border-bottom: #000000 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: bold 10pt/1.25 Times New Roman, Times, Serif; text-align: center; text-indent: 7pt"> 2020</div>
</div>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; padding-bottom: 2px"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: middle; width: 78%; padding-bottom: 2px; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; text-indent: -2.5pt; margin-right: 7.1pt; margin-left: 20.35pt">Due within one year</div>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255)"> </td>
<td style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; width: 1%; background-color: rgb(204, 238, 255)"> </td>
<td style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; width: 19%; background-color: rgb(204, 238, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">39,937</div>
</div>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; white-space: nowrap; vertical-align: bottom; width: 1%; padding-bottom: 2px; background-color: rgb(204, 238, 255)"> </td>
</tr>
<tr style="font: 10pt Times New Roman, Times, Serif">
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: middle; padding-bottom: 2px; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif; text-align: justify; text-indent: -2.5pt; margin-right: 7.1pt; margin-left: 20.35pt">Between 1-2 years</div>
</td>
<td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; padding-bottom: 2px; background-color: rgb(255, 255, 255)"> </td>
<td style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; background-color: rgb(255, 255, 255)"> </td>
<td style="border-bottom: rgb(0, 0, 0) 2px solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; vertical-align: bottom; text-align: right; background-color: rgb(255, 255, 255)">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">
<div style="font: 10pt/1.25 Times New Roman, Times, Serif">741</div></div></td></tr></table></div>
Investments in Corporate bonds rated A or higher.
less than $1 thousand.