PLURISTEM THERAPEUTICS INC.
|
(Exact name of registrant as specified in its charter)
|
Nevada
|
98-0351734
|
|
(State or other jurisdiction of incorporation or organization)
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(IRS Employer Identification No.)
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MATAM Advanced Technology Park, Building No. 5, Haifa, Israel 31905
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(Address of principal executive offices)
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011-972-74-7108607
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(Registrant’s telephone number)
|
|
|
Large accelerated filer ☐
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Accelerated filer ☒
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Non-accelerated filer ☐ (do not check if a smaller reporting company)
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Smaller reporting company ☐
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Emerging growth company ☐
|
Page
|
|
F-2 - F-3
|
|
F-4
|
|
F-5
|
|
F-6 - F-7
|
|
F-8 - F-9
|
|
F-10 - F-21
|
U.S. Dollars in thousands (except share and per share data)
|
December 31, 2017
|
June 30,
2017
|
|||||||||||
Note
|
Unaudited
|
|||||||||||
ASSETS
|
||||||||||||
CURRENT ASSETS:
|
||||||||||||
Cash and cash equivalents
|
$
|
8,581
|
$
|
4,707
|
||||||||
Short-term bank deposits
|
15,975
|
6,235
|
||||||||||
Restricted cash and short-term bank deposits
|
566
|
559
|
||||||||||
Marketable securities
|
3 |
10,736
|
15,164
|
|||||||||
Accounts receivable from the Israeli Innovation Authority (“IIA”)
|
172
|
1,036
|
||||||||||
Other current assets
|
1,044
|
1,315
|
||||||||||
Total current assets
|
37,074
|
29,016
|
||||||||||
LONG-TERM ASSETS:
|
||||||||||||
Long-term deposits and restricted bank deposits
|
403
|
403
|
||||||||||
Severance pay fund
|
856
|
804
|
||||||||||
Property and equipment, net
|
6,367
|
7,277
|
||||||||||
Other long-term assets
|
33
|
34
|
||||||||||
Totallong-term assets
|
7,659
|
8,518
|
||||||||||
Total assets
|
$
|
44,733
|
$
|
37,534
|
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS
|
U.S. Dollars in thousands (except share and per share data)
|
December 31, 2017
|
June 30,
2017
|
|||||||||||
Note
|
Unaudited
|
|||||||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY
|
||||||||||||
CURRENT LIABILITIES
|
||||||||||||
Trade payables
|
$
|
1,808
|
$
|
1,966
|
||||||||
Accrued expenses
|
1,714
|
1,465
|
||||||||||
Other accounts payable
|
2,275
|
1,983
|
||||||||||
Total current liabilities
|
5,797
|
5,414
|
||||||||||
LONG-TERM LIABILITIES
|
||||||||||||
Accrued severance pay
|
1,078
|
940
|
||||||||||
Other long-term liabilities
|
897
|
929
|
||||||||||
Total long-term liabilities
|
1,975
|
1,869
|
||||||||||
COMMITMENTS AND CONTINGENCIES
|
5 | |||||||||||
STOCKHOLDERS’ EQUITY
|
6 | |||||||||||
Share capital:
|
||||||||||||
Common stock $0.00001 par value per share:
Authorized: 200,000,000 shares
Issued and outstanding: 109,337,556 shares as of December 31, 2017, 96,938,789 shares as of June 30, 2017
|
1
|
1
|
||||||||||
Additional paid-in capital
|
236,767
|
217,822
|
||||||||||
Accumulated deficit
|
(205,185
|
)
|
(189,571
|
)
|
||||||||
Other comprehensive income
|
5,378
|
1,999
|
||||||||||
Total stockholders' equity
|
36,961
|
30,251
|
||||||||||
Total liabilities and stockholders' equity
|
$
|
44,733
|
$
|
37,534
|
U.S. Dollars in thousands (except share and per share data)
|
Six months ended
December 31
|
Three months ended
December 31,
|
|||||||||||||||||||
Note
|
2017
|
2016
|
2017
|
2016
|
||||||||||||||||
Revenues
|
2f |
$
|
50
|
-
|
$
|
50
|
-
|
|||||||||||||
Cost of revenues
|
(2
|
)
|
-
|
(2
|
)
|
-
|
||||||||||||||
Gross profit
|
48
|
-
|
48
|
-
|
||||||||||||||||
Operating Expenses:
|
||||||||||||||||||||
Research and development expenses
|
(11,451
|
)
|
(11,512
|
)
|
(6,259
|
)
|
(5,481
|
)
|
||||||||||||
Less: participation by the IIA and other parties
|
1,136
|
1,312
|
621
|
279
|
||||||||||||||||
Research and development expenses, net
|
(10,315
|
)
|
(10,200
|
)
|
(5,638
|
)
|
(5,202
|
)
|
||||||||||||
General and administrative expenses, net
|
(5,683
|
)
|
(3,010
|
)
|
(2,920
|
)
|
(1,446
|
)
|
||||||||||||
Other income
|
7 |
43
|
-
|
43
|
-
|
|||||||||||||||
Operating loss
|
(15,907
|
)
|
(13,210
|
)
|
(8,467
|
)
|
(6,648
|
)
|
||||||||||||
Financial income, net
|
293
|
276
|
238
|
38
|
||||||||||||||||
Net loss for the period
|
$
|
(15,614
|
)
|
$
|
(12,934
|
)
|
$
|
(8,229
|
)
|
$
|
(6,610
|
)
|
||||||||
Loss per share:
|
||||||||||||||||||||
Basic and diluted net loss per share
|
$
|
(0.15
|
)
|
$
|
(0.16
|
)
|
$
|
(0.08
|
)
|
$
|
(0.08
|
)
|
||||||||
Weighted average number of shares used in computing basic and diluted net loss per share
|
101,224,325
|
80,856,219
|
105,130,191
|
81,038,879
|
U.S. Dollars in thousands
|
Six months ended
December 31,
|
Three months ended
December 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
Net loss
|
$
|
(15,614
|
)
|
$
|
(12,934
|
)
|
$
|
(8,229
|
)
|
$
|
(6,610
|
)
|
||||
Other comprehensive income (loss), net:
|
||||||||||||||||
Unrealized gain (loss) on available-for-sale marketable securities, net
|
4,307
|
(999
|
)
|
5,440
|
(1,585
|
)
|
||||||||||
Reclassification adjustment of available-for-sale marketable securities losses realized in net loss, net
|
(928
|
)
|
(20
|
)
|
(1,006
|
)
|
(16
|
)
|
||||||||
Other comprehensive income (loss)
|
3,379
|
(1,019
|
)
|
4,434
|
(1,601
|
)
|
||||||||||
Total comprehensive loss
|
$
|
(12,235
|
)
|
$
|
(13,953
|
)
|
$
|
(3,795
|
)
|
$
|
(8,211
|
)
|
U.S. Dollars in thousands (except share and per share data)
|
Common Stock
|
Additional Paid-in
|
Accumulated Other Comprehensive
|
Accumulated
|
Total Stockholders’
|
||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Income (Loss)
|
Deficit
|
Equity
|
|||||||||||||||||||
Balance as of July 1, 2016
|
80,268,999
|
$
|
1
|
$
|
198,432
|
$
|
1,480
|
$
|
(161,757
|
)
|
$
|
38,156
|
||||||||||||
Exercise of options by employees
|
6,000
|
(*
|
)
|
4
|
-
|
-
|
4
|
|||||||||||||||||
Stock-based compensation to employees, directors
and non-employee consultants
|
1,030,952
|
(*
|
)
|
907
|
-
|
-
|
907
|
|||||||||||||||||
Other comprehensive loss, net
|
-
|
-
|
-
|
(1,019
|
)
|
-
|
(1,019
|
)
|
||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
(12,934
|
)
|
(12,934
|
)
|
||||||||||||||||
Balance as of December 31, 2016 (unaudited)
|
81,305,951
|
$
|
1
|
$
|
199,343
|
$
|
461
|
$
|
(174,691
|
)
|
$
|
25,114
|
INTERIM CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY
|
U.S. Dollars in thousands (except share and per share data)
|
Common Stock
|
Additional Paid-in
|
Accumulated Other Comprehensive
|
Accumulated
|
Total Stockholders’
|
||||||||||||||||||||
Shares
|
Amount
|
Capital
|
Income
|
Deficit
|
Equity
|
|||||||||||||||||||
Balance as of July 1, 2017
|
96,938,789
|
$
|
1
|
$
|
217,822
|
$
|
1,999
|
$
|
(189,571
|
)
|
$
|
30,251
|
||||||||||||
Exercise of options by employees
|
5,000
|
-
|
5
|
-
|
-
|
5
|
||||||||||||||||||
Stock-based compensation to employees, directors
and non-employee consultants
|
1,731,024
|
(*
|
)
|
3,108
|
-
|
-
|
3,108
|
|||||||||||||||||
Issuance of common stock under At-The Market
(“ATM”) Agreement, net of issuance costs
of $80 (Note 6a)
|
834,040
|
(*
|
)
|
1,026
|
-
|
-
|
1,026
|
|||||||||||||||||
Issuance of common stock, net of issuance costs
of $1,405 (Note 6b)
|
9,000,000
|
(*
|
)
|
13,646
|
-
|
-
|
13,646
|
|||||||||||||||||
Exercise of warrants by investors (Note 6c)
|
828,703
|
(*
|
)
|
1,160
|
-
|
-
|
1,160
|
|||||||||||||||||
Other comprehensive income, net
|
-
|
-
|
-
|
3,379
|
-
|
3,379
|
||||||||||||||||||
Net loss
|
-
|
-
|
-
|
-
|
(15,614
|
)
|
(15,614
|
)
|
||||||||||||||||
Balance as of December 31, 2017 (unaudited)
|
109,337,556
|
$
|
1
|
$
|
236,767
|
$
|
5,378
|
$
|
(205,185
|
)
|
$
|
36,961
|
U.S. Dollars in thousands
|
Six months ended December 31,
|
||||||||
2017
|
2016
|
|||||||
CASH FLOWS FROM OPERATING ACTIVITIES:
|
||||||||
Net loss
|
$
|
(15,614
|
)
|
$
|
(12,934
|
)
|
||
Adjustments to reconcile net loss to net cash used in operating activities:
|
||||||||
Depreciation
|
1,023
|
1,110
|
||||||
Gain from sale of property and equipment, net
|
-
|
(4
|
) | |||||
Accretion of discount, amortization of premium and changes in accrued interest of marketable securities
|
12
|
(154
|
) | |||||
Gain from sale of investments of available-for-sale marketable securities
|
(928
|
) |
(20
|
) | ||||
Other-than-temporary loss of available-for-sale marketable securities
|
850
|
-
|
||||||
Stock-based compensation to employees, directors and non-employees consultants
|
3,108
|
907
|
||||||
Decrease in accounts receivable from the IIA
|
864
|
1,941
|
||||||
Decrease (increase) in other current and long-term assets
|
272
|
(105
|
)
|
|||||
Increase (decrease) in trade payables
|
(86
|
)
|
160
|
|||||
Increase (decrease) in other accounts payable, accrued expenses and other long-term liabilities
|
421
|
(588
|
) | |||||
Increase in interest receivable on short-term deposits
|
(28
|
)
|
-
|
|||||
Linkage differences and interest on short and long-term deposits and restricted bank deposits
|
2
|
(1
|
)
|
|||||
Accrued severance pay, net
|
86
|
(11
|
)
|
|||||
Net cash used by operating activities
|
$
|
(10,018
|
)
|
$
|
(9,699
|
)
|
||
CASH FLOWS FROM INVESTING ACTIVITIES:
|
||||||||
Purchase of property and equipment
|
$
|
(185
|
)
|
$
|
(273
|
)
|
||
Proceeds from sale of property and equipment
|
-
|
6
|
||||||
Repayment of (investment in) short-term deposits
|
(9,721
|
)
|
8,542
|
|||||
Proceeds from sale of available-for-sale marketable securities
|
9,010
|
3,813
|
||||||
Proceeds from redemption of available-for-sale marketable securities
|
9
|
280
|
||||||
Investment in available-for-sale marketable securities
|
(1,146
|
)
|
(1,562
|
)
|
||||
Net cash provided by (used in) investing activities
|
$
|
(2,033
|
)
|
$
|
10,806
|
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
|
U.S. Dollars in thousands
|
Six months ended December 31,
|
||||||||
2017
|
2016
|
|||||||
CASH FLOWS FROM FINANCING ACTIVITIES:
|
||||||||
Proceeds related to issuance of common stock, net of issuance costs
|
$
|
14,672
|
$
|
-
|
||||
Exercise of warrants and options
|
1,165
|
4
|
||||||
Proceeds with respect to BIRD liability
|
88
|
-
|
||||||
Net cash provided by financing activities
|
$
|
15,925
|
$
|
4
|
||||
Increase in cash and cash equivalents
|
3,874
|
1,111
|
||||||
Cash and cash equivalents at the beginning of the period
|
4,707
|
6,223
|
||||||
Cash and cash equivalents at the end of the period
|
$
|
8,581
|
$
|
7,334
|
||||
(a) Supplemental disclosure of cash flow activities:
|
||||||||
Cash paid during the period for:
|
||||||||
Taxes paid due to non-deductible expenses
|
$
|
6
|
$
|
16
|
||||
(b) Supplemental disclosure of non-cash activities:
|
||||||||
Purchase of property and equipment on credit
|
$
|
16
|
$
|
36
|
U.S. Dollars in thousands (except share and per share amounts)
|
a. |
Pluristem Therapeutics Inc., a Nevada corporation, was incorporated on May 11, 2001. Pluristem Therapeutics Inc. has a wholly owned subsidiary, Pluristem Ltd. (the “Subsidiary”), which is incorporated under the laws of the State of Israel. Pluristem Therapeutics Inc. and the Subsidiary are referred to as the “Company” or “Pluristem”.
|
b. |
The Company is a bio-therapeutics company developing placenta-based cell therapy product candidates for the treatment of multiple ischemic and inflammatory conditions. The Company has incurred an accumulated deficit of approximately $205,185 and incurred recurring operating losses and negative cash flows from operating activities since inception. As of December 31, 2017, the Company’s total stockholders' equity amounted to $36,961.
|
c. |
License Agreement:
|
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
U.S. Dollars in thousands (except share and per share amounts)
|
a. |
Unaudited Interim Financial Information
|
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
U.S. Dollars in thousands (except share and per share amounts)
|
b. |
Significant Accounting Policies
|
c. |
Use of estimates
|
d. |
Fair value of financial instruments
|
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
U.S. Dollars in thousands (except share and per share amounts)
|
e. |
Derivative financial instruments
|
f. |
Recently Adopted Accounting Standards
|
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
U.S. Dollars in thousands (except share and per share amounts)
|
g. |
Recently Issued Accounting Pronouncements
|
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
U.S. Dollars in thousands (except share and per share amounts)
|
December 31, 2017 |
June 30, 2017
|
|||||||||||||||||||||||||||||||||||||||
Amortized cost
|
Gross
unrealized
gain
|
Gross
unrealized
loss
|
Other-than-temporary impairment
|
Fair
value
|
Amortized cost
|
Gross
unrealized
gain
|
Gross
unrealized
loss
|
Other-than-temporary impairment
|
Fair
value
|
|||||||||||||||||||||||||||||||
Available-for-sale - matures within one year:
|
||||||||||||||||||||||||||||||||||||||||
Stock and index linked notes
|
$
|
6,208
|
$
|
5,378
|
$
|
-
|
$
|
(850
|
)
|
$
|
10,736
|
$
|
11,988
|
$
|
2,014
|
$
|
(47
|
)
|
$
|
(767
|
)
|
$
|
13,188
|
|||||||||||||||||
Government debentures – fixed interest rate
|
-
|
-
|
-
|
-
|
-
|
157
|
1
|
-
|
-
|
158
|
||||||||||||||||||||||||||||||
Corporate debentures – fixed interest rate
|
-
|
-
|
-
|
-
|
-
|
47
|
1
|
-
|
-
|
48
|
||||||||||||||||||||||||||||||
$
|
6,208
|
$
|
5,378
|
$
|
-
|
$
|
(850
|
)
|
$
|
10,736
|
$
|
12,192
|
$
|
2,016
|
$
|
(47
|
)
|
$
|
(767
|
)
|
$
|
13,394
|
||||||||||||||||||
Available-for-sale - matures after one year through five years:
|
||||||||||||||||||||||||||||||||||||||||
Government debentures – fixed interest rate
|
-
|
-
|
-
|
-
|
-
|
468
|
23
|
-
|
-
|
491
|
||||||||||||||||||||||||||||||
Corporate debentures – fixed interest rate
|
-
|
-
|
-
|
-
|
-
|
1,255
|
7
|
(1
|
)
|
-
|
1,261
|
|||||||||||||||||||||||||||||
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
1,723
|
$
|
30
|
$
|
(1
|
)
|
$
|
-
|
$
|
1,752
|
||||||||||||||||||||
Available-for-sale - matures after five years through ten years:
|
||||||||||||||||||||||||||||||||||||||||
Corporate debentures – fixed interest rate
|
-
|
-
|
-
|
-
|
-
|
17
|
1
|
-
|
-
|
18
|
||||||||||||||||||||||||||||||
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
-
|
$
|
17
|
$
|
1
|
$
|
-
|
$
|
-
|
$
|
18
|
|||||||||||||||||||||
Total
|
$
|
6,208
|
$
|
5,378
|
$
|
-
|
$
|
(850
|
)
|
$
|
10,736
|
$
|
13,932
|
$
|
2,047
|
$
|
(48
|
)
|
$
|
(767
|
)
|
$
|
15,164
|
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
U.S. Dollars in thousands (except share and per share amounts)
|
December 31, 2017 (Unaudited)
|
June 30, 2017
|
|||||||||||||||
Level 1
|
Level 2
|
Level 1
|
Level 2
|
|||||||||||||
Marketable securities
|
$
|
8,440
|
$
|
2,296
|
$
|
10,523
|
$
|
4,641
|
||||||||
Foreign currency derivative instruments
|
-
|
77
|
-
|
295
|
||||||||||||
Total financial assets
|
$
|
8,440
|
$
|
2,373
|
$
|
10,523
|
$
|
4,936
|
a. |
As of December 31, 2017, an amount of $965 of cash was pledged by the Subsidiary to secure the derivatives and hedging transactions, credit line and bank guarantees.
|
b. |
Under the Law for the Encouragement of Industrial Research and Development, 1984, (the “Research Law”), research and development programs that meet specified criteria and are approved by the IIA are eligible for grants of up to 50% of the project’s expenditures, as determined by the research committee, in exchange for the payment of royalties from the sale of products developed under the program. Regulations under the Research Law generally provide for the payment of royalties to the IIA of 3% on sales of products and services derived from a technology developed using these grants until 100% of the dollar-linked grant is repaid. The Company’s obligation to pay these royalties is contingent on its actual sale of such products and services. In the absence of such sales, no payment is required. Outstanding balance of the grants will be subject to interest at a rate equal to the 12 month LIBOR applicable to dollar deposits that is published on the first business day of each calendar year. Following the full repayment of the grant, there is no further liability for royalties.
|
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
U.S. Dollars in thousands (except share and per share amounts)
|
c. |
In July 2017, the Company was awarded an additional “Smart Money” grant of approximately $229 from Israel’s Ministry of Economy and Industry to facilitate certain marketing and business development activities in the Chinese market, including Hong Kong, with its advanced cell therapy products.
|
d. |
In September 2017, the Company signed an agreement with the Tel-Aviv Sourasky Medical Center (Ichilov Hospital) to conduct a Phase I/II trial of PLX-PAD cell therapy for the treatment of Steroid-Refractory Chronic Graft-Versus-Host-Disease (“GvHD”).
|
a. |
Pursuant to a shelf registration on Form S-3 declared effective by the Securities and Exchange Commission on June 23, 2017, in July 2017 the Company entered into an At Market Issuance Sales Agreement (“ATM Agreement”) with FBR Capital Markets & Co., MLV & Co. LLC and Oppenheimer & Co. Inc. (collectively, the “Agents”), which provides that, upon the terms and subject to the conditions and limitations in the ATM Agreement, the Company may elect, from time to time, to offer and sell shares of common stock having an aggregate offering price of up to $80,000 through the Agents acting as sales agent. During the six month period ended December 31, 2017, the Company sold 834,040 shares of common stock under the ATM Agreement at an average price of $1.33 per share. The Company raised approximately $1,026, net of issuance expenses of $80, under the ATM Agreement.
|
b. |
On October 31, 2017, the Company completed a public offering in Israel, pursuant to the Company’s existing shelf registration statement on Form S-3 in the United States and a shelf registration statement filed in Israel, pursuant to which the Company raised aggregate gross proceeds of $15,051 through the sale of 9,000,000 shares of the Company’s common stock at a purchase price of NIS 5.90 (approximately $1.67) per share. The net proceeds, after deducting fees and expenses related to the offering, were approximately $13,646.
|
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
U.S. Dollars in thousands (except share and per share amounts)
|
c. |
Through the six month period ended December 31, 2017, a total of 828,703 warrants were exercised by investors at an exercise price of $1.40 per share, resulting in the issuance of 828,703 shares of common stock for net proceeds of approximately $1,160.
|
d. |
Options, warrants, restricted stock (“RS”) and restricted stock units (“RSU”) to employees, directors and consultants:
|
1. |
Options to employees and directors:
|
Six months ended December 31, 2017 (Unaudited)
|
||||||||||||||||
Number
|
Weighted Average Exercise Price
|
Weighted Average Remaining Contractual Terms (in years)
|
Aggregate Intrinsic Value Price
|
|||||||||||||
Options outstanding at beginning of period
|
815,650
|
$
|
2.98
|
|||||||||||||
Options exercised
|
(5,000
|
)
|
$
|
1.04
|
||||||||||||
Options forfeited
|
(450,150
|
)
|
$
|
4.86
|
||||||||||||
Options outstanding at end of the period
|
360,500
|
$
|
0.643
|
0.820
|
$
|
266
|
||||||||||
Options exercisable at the end of the period
|
360,500
|
$
|
0.643
|
0.820
|
$
|
266
|
||||||||||
Options vested
|
360,500
|
$
|
0.643
|
0.820
|
$
|
266
|
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
U.S. Dollars in thousands (except share and per share amounts)
|
d. |
Options, warrants, restricted stock (“RS”) and restricted stock units (“RSU”) to employees, directors and consultants (cont.):
|
2. |
Options to non-employees:
|
Six months ended December 31, 2017 (Unaudited)
|
||||||||||||||||
Number
|
Weighted Average Exercise Price
|
Weighted Average Remaining Contractual Terms (in years)
|
Aggregate Intrinsic Value Price
|
|||||||||||||
Options outstanding at beginning of period
|
177,200
|
$
|
0.72
|
|||||||||||||
Options granted
|
47,400
|
$
|
0.00
|
|||||||||||||
Options forfeited
|
(15,000
|
) |
$
|
4.38
|
||||||||||||
Options outstanding at end of the period
|
209,600
|
$
|
0.30
|
5.46
|
$
|
275
|
||||||||||
Options exercisable at the end of the period
|
173,825
|
$
|
0.36
|
4.54
|
$
|
209
|
||||||||||
Options vested and expected to vest
|
209,600
|
$
|
0.30
|
5.46
|
$
|
275
|
Six months ended December 31,
|
Three months ended December 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Research and development expenses
|
$
|
6
|
$
|
3
|
$
|
3
|
$
|
3
|
||||||||
General and administrative expenses
|
$
|
28
|
$
|
14
|
$
|
13
|
$
|
14
|
||||||||
$
|
34
|
$
|
17
|
$
|
16
|
$
|
17
|
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
U.S. Dollars in thousands (except share and per share amounts)
|
d. |
Options, warrants, restricted stock (“RS”) and restricted stock units (“RS”) to employees, directors and consultants (cont.):
|
3. |
RS and RSUs to employees and directors:
|
Number
|
||||
Unvested at the beginning of period
|
6,064,901
|
|||
Granted
|
3,025,800
|
|||
Forfeited
|
(138,579
|
)
|
||
Vested
|
(1,357,944
|
)
|
||
Unvested at the end of the period
|
7,594,178
|
|||
Expected to vest after December 31, 2017
|
7,394,200
|
Six months ended December 31,
|
Three months ended December 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Research and development expenses
|
$
|
331
|
$
|
210
|
$
|
187
|
$
|
100
|
||||||||
General and administrative expenses
|
2,567
|
439
|
1,277
|
177
|
||||||||||||
$
|
2,898
|
$
|
649
|
$
|
1,464
|
$
|
277
|
NOTES TO INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
|
U.S. Dollars in thousands (except share and per share amounts)
|
d. |
Options, warrants, restricted stock (“RS”) and restricted stock units (“RSU”) to employees, directors and consultants (cont.):
|
4. |
RS and RSUs to consultants:
|
Number
|
||||
Unvested at the beginning of period
|
42,500
|
|||
Granted
|
513,180
|
|||
Vested
|
(373,080
|
)
|
||
Unvested at the end of the period
|
182,600
|
Six months ended December 31,
|
Three months ended December 31,
|
|||||||||||||||
2017
|
2016
|
2017
|
2016
|
|||||||||||||
(Unaudited)
|
(Unaudited)
|
|||||||||||||||
Research and development expenses
|
$
|
3
|
$
|
7
|
$
|
3
|
$
|
3
|
||||||||
General and administrative expenses
|
173
|
234
|
122
|
125
|
||||||||||||
$
|
176
|
$
|
241
|
$
|
125
|
$
|
128
|
· |
the expected development and potential benefits from our products in treating various medical conditions;
|
· |
the clinical trials to be conducted according to our license agreement with CHA Biotech Co. Ltd.;
|
· |
our plan to execute our strategy independently, using our own personnel, and through relationships with research and clinical institutions or in collaboration with other companies;
|
· |
the prospects of entering into additional license agreements, or other forms of cooperation with other companies and medical institutions;
|
· |
our pre-clinical and clinical trials plans, including timing of initiation, enrollment and conclusion of trials;
|
· |
achieving regulatory approvals, including under accelerated paths;
|
· |
receipt of future funding from the Israel Innovation Authority, or IIA;
|
· |
our marketing plans, including timing of marketing our first product, PLX-PAD;
|
· |
developing capabilities for new clinical indications of placenta expanded (PLX) cells and new products;
|
· |
our estimations regarding the size of the global market for our product candidates;
|
· |
our expectations regarding our production capacity;
|
· |
our expectation to demonstrate a real-world impact and value from our pipeline, technology platform and commercial-scale manufacturing capacity;
|
· |
our expectations regarding our short- and long-term capital requirements;
|
· |
the proposed joint venture, described in the overview below, to be established with Sosei Corporate Venture Capital Ltd. for the clinical development and commercialization of Pluristem’s PLX-PAD cell therapy product in Japan, the plan to enter into definitive agreements and the timing of entering into such agreements;
|
· |
our outlook for the coming months and future periods, including but not limited to our expectations regarding future revenue and expenses; and
|
· |
information with respect to any other plans and strategies for our business.
|
101 *
|
The following materials from our Quarterly Report on Form 10-Q for the quarter ended December 31, 2017 formatted in XBRL (eXtensible Business Reporting Language): (i) the Interim Condensed Consolidated Balance Sheets, (ii) the Interim Condensed Consolidated Statements of Operations, (iii) the Interim Condensed Consolidated Statements of Comprehensive Loss, (iv) the Interim Condensed Statements of Changes in Equity, (v) the Interim Condensed Consolidated Statements of Cash Flows, and (vi) the Notes to Interim Condensed Consolidated Financial Statements, tagged as blocks of text and in detail.
|
|
Date: February 6, 2018
|
||
/s/ Zami Aberman
—————————————— Zami Aberman Co-Chief Executive Officer (Principal Executive Officer) |
|
Date: February 6, 2018
|
||
/s/ Yaky Yanay
—————————————— Yaky Yanay Co-Chief Executive Officer and President (Principal Executive Officer) |
|
Date: February 6, 2018
|
/s/ Erez Egozi
—————————————— Erez Egozi Chief Financial Officer (Principal Financial Officer) |
1.
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: February 6, 2018
|
By: /s/ Zami Aberman —————————————— Zami Aberman Co-Chief Executive Officer |
1.
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: February 6, 2018
|
By: /s/ Yaky Yanay —————————————— Yaky Yanay Co-Chief Executive Officer and President |
1.
|
The Report fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
2.
|
The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date: February 6, 2018
|
By: /s/ Erez Egozi —————————————— Erez Egozi Chief Financial Officer |
Document and Entity Information - shares |
6 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Feb. 01, 2018 |
|
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2017 | |
Entity Registrant Name | PLURISTEM THERAPEUTICS INC | |
Entity Central Index Key | 0001158780 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2017 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 110,097,087 |
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares |
Dec. 31, 2017 |
Jun. 30, 2017 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common stock, par value per share | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 109,337,556 | 96,938,789 |
Common stock, shares outstanding | 109,337,556 | 96,938,789 |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Income Statement [Abstract] | ||||
Revenues | $ 50 | $ 50 | ||
Cost of revenues | (2) | (2) | ||
Gross profit | 48 | 48 | ||
Operating Expenses: | ||||
Research and development expenses | (6,259) | (5,481) | (11,451) | (11,512) |
Less: participation by the IIA and other parties | 621 | 279 | 1,136 | 1,312 |
Research and development expenses, net | (5,638) | (5,202) | (10,315) | (10,200) |
General and administrative expenses, net | (2,920) | (1,446) | (5,683) | (3,010) |
Other income | 43 | 43 | ||
Operating loss | (8,467) | (6,648) | (15,907) | (13,210) |
Financial income, net | 238 | 38 | 293 | 276 |
Net loss for the period | $ (8,229) | $ (6,610) | $ (15,614) | $ (12,934) |
Loss per share: | ||||
Basic and diluted net loss per share | $ (0.08) | $ (0.08) | $ (0.15) | $ (0.16) |
Weighted average number of shares used in computing basic and diluted net loss per share | 105,130,191 | 81,038,879 | 101,224,325 | 80,856,219 |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net loss | $ (8,229) | $ (6,610) | $ (15,614) | $ (12,934) |
Other comprehensive income (loss), net: | ||||
Unrealized gain (loss) on available-for-sale marketable securities, net | 5,440 | (1,585) | 4,307 | (999) |
Reclassification adjustment of available-for-sale marketable securities losses realized in net loss, net | (1,006) | (16) | (928) | (20) |
Other comprehensive income (loss) | 4,434 | (1,601) | 3,379 | (1,019) |
Total comprehensive loss | $ (3,795) | $ (8,211) | $ (12,235) | $ (13,953) |
INTERIM CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands |
1 Months Ended | 6 Months Ended |
---|---|---|
Oct. 31, 2017 |
Dec. 31, 2017 |
|
Statement of Stockholders' Equity [Abstract] | ||
Issuance of common stock and warrants, issuance costs | $ 1,405 | $ 80 |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
|
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (15,614) | $ (12,934) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 1,023 | 1,110 |
Gain from sale of property and equipment, net | (4) | |
Accretion of discount, amortization of premium and changes in accrued interest of marketable securities | 12 | (154) |
Gain from sale of investments of available-for-sale marketable securities | (928) | (20) |
Other-than-temporary loss of available-for-sale marketable securities | 850 | |
Stock-based compensation to employees, directors and non-employees consultants | 3,108 | 907 |
Decrease in accounts receivable from the IIA | 864 | 1,941 |
Decrease (increase) in other current and long-term assets | 272 | (105) |
Increase (decrease) in trade payables | (86) | 160 |
Increase (decrease) in other accounts payable, accrued expenses and other long-term liabilities | 421 | (588) |
Increase in interest receivable on short-term deposits | (28) | |
Linkage differences and interest on short and long-term deposits and restricted bank deposits | 2 | (1) |
Accrued severance pay, net | 86 | (11) |
Net cash used by operating activities | (10,018) | (9,699) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (185) | (273) |
Proceeds from sale of property and equipment | 6 | |
Repayment of (investment in) short-term deposits | (9,721) | 8,542 |
Proceeds from sale of available-for-sale marketable securities | 9,010 | 3,813 |
Proceeds from redemption of available-for-sale marketable securities | 9 | 280 |
Investment in available-for-sale marketable securities | (1,146) | (1,562) |
Net cash provided by (used in) investing activities | (2,033) | 10,806 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds related to issuance of common stock, net of issuance costs | 14,672 | |
Exercise of warrants and options | 1,165 | 4 |
Proceeds with respect to BIRD liability | 88 | |
Net cash provided by financing activities | 15,925 | 4 |
Increase in cash and cash equivalents | 3,874 | 1,111 |
Cash and cash equivalents at the beginning of the period | 4,707 | 6,223 |
Cash and cash equivalents at the end of the period | 8,581 | 7,334 |
(a) Supplemental disclosure of cash flow activities: | ||
Cash paid during the period for: Taxes paid due to non-deductible expenses | 6 | 16 |
(b) Supplemental disclosure of non-cash activities: | ||
Purchase of property and equipment on credit | $ 16 | $ 36 |
GENERAL |
6 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||
GENERAL [Abstract] | |||||||
GENERAL | NOTE
1:-GENERAL
The
Company’s shares of common stock are traded on the NASDAQ Capital Market under the symbol “PSTI” and on the
Tel-Aviv Stock Exchange under the symbol “PLTR”.
During
the six month period ended December 31, 2017, the Company incurred operating losses of $15,907 and its negative cash flow from
operating activities was $10,018. The Company will be required to identify additional liquidity resources in the near term in
order to support the commercialization of its products and maintain its research and development and clinical trials activities.
As
of December 31, 2017, the Company's cash position (cash and cash equivalents, short-term bank deposits and marketable securities)
totaled approximately $35,292. The Company is addressing its liquidity issues by implementing initiatives to allow the continuation
of its activities. The Company's current operating plan includes various assumptions concerning the level and timing of cash outflows
for operating activities and capital expenditures. The Company's ability to successfully carry out its business plan, which includes
a cost-reduction plan should it be unable to raise sufficient additional capital, is primarily dependent upon its ability to (1)
obtain sufficient additional capital, (2) enter into license agreements to use or commercialize the Company’s products and
(3) receive other sources of funding, including non-diluting sources such as the IIA grants, the European Union's Horizon 2020
program (“Horizon 2020”) grants and other grants. There are no assurances, however, that the Company will be successful
in obtaining an adequate level of financing needed for the long-term development and commercialization of its products.
According
to management estimates, liquidity resources as of December 31, 2017, together with the proceeds received from the sale of shares
of CHA Biotech Co. Ltd. (“CHA”) after the balance sheet date (See Note 1c) and the issuance of shares under the At
Market Issuance Sales Agreement (See Note 6), will be sufficient to maintain the Company's operations into the fourth quarter
of the Company's fiscal year 2019. The Company's inability to raise funds to carry out its business plan will have a severe negative
impact on its ability to remain a viable company.
CHA
Agreement
On
June 26, 2013, Pluristem entered into an exclusive license and commercialization agreement (the “CHA Agreement”) with
CHA, for conducting clinical trials and commercialization of Pluristem's PLX-PAD product in South Korea in connection with two
indications: the treatment of Critical Limb Ischemia (“CLI”), and Intermediate Claudication (collectively with CLI,
the “Indications”). Under the terms of the CHA Agreement, CHA will receive exclusive rights in South Korea for conducting
clinical trials with respect to the Indications and the Company will continue to retain rights to its proprietary manufacturing
technology and cell-related intellectual property.
The
first clinical study as part of the CHA Agreement is a Phase II trial in Intermittent Claudication. South Korea’s Ministry
of Food and Drug Safety approved this study in November 2013.
Upon
the first regulatory approval for a PLX product in South Korea, for the specified Indications, Pluristem and CHA will establish
an equally owned joint venture. The purpose of the joint venture will be to commercialize PLX cell products in South Korea.
Pluristem
will be able to use the data generated by CHA to pursue the development of PLX product candidates outside of South Korea.
The
CHA Agreement contains customary termination provisions, including in the event the parties do not reach an agreement upon development
plan for conducting the clinical trials. Upon termination of the CHA Agreement, the license granted thereunder will terminate
and all rights included therein will revert to the Company, and the Company will be free to enter into agreements with any other
third parties for the granting of a license in or outside South Korea or to deal in any other manner with such rights as it shall
see fit at its sole discretion.
In
addition, and as contemplated by the CHA Agreement, in December 2013, Pluristem and CHA executed the mutual investment pursuant
to which Pluristem issued 2,500,000 shares of its common stock in consideration for 1,011,504 shares of CHA, which reflects total
consideration to each of Pluristem and CHA of approximately $10,414. The parties also agreed to give an irrevocable proxy to the
other party’s management with respect to the voting power of the shares issued.
During
March 2015, the Company sold a portion of the CHA shares received in December 2013.
The
remaining investment in CHA shares is presented as “Marketable Securities” and classified as available-for-sale in
accordance with Accounting Standards Codification (“ASC”) 320, “Investments - Debt and Equity Securities”.
The fair value of the remaining investment in CHA's shares as of December 31, 2017, is approximately $8,440.
In
January 2018, subsequent to the balance sheet date, the Company sold its remaining investment in CHA, for aggregate net proceeds
of approximately $10,500, representing a net gain of $6,200 that was recognized as financial income.
|
SIGNIFICANT ACCOUNTING POLICIES |
6 Months Ended | ||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES |
NOTE
2:-SIGNIFICANT ACCOUNTING POLICIES
The
accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally
accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10
of U.S. Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes
required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair
presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed).
For
further information, reference is made to the consolidated financial statements and footnotes thereto included in the Company’s
Annual Report on Form 10-K for the year ended June 30, 2017.
Operating
results for the three and six month periods ended December 31, 2017, are not necessarily indicative of the results that may be
expected for the year ending June 30, 2018.
The
significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements
are identical to those applied in the preparation of the latest annual financial statements.
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates,
judgments and assumptions that are reasonable based upon information available at the time they are made. These estimates, judgments
and assumptions can affect the amounts reported in the financial statements and accompanying notes. Actual results could differ
from those estimates.
The
carrying amounts of the Company's financial instruments, including cash and cash equivalents, short-term and restricted bank deposits,
accounts receivable and other current assets, trade payable and other accounts payable, accrued expenses and other liabilities,
approximate fair value because of their generally short term maturities.
The
Company measures its investments in marketable securities and derivative instruments at fair value under ASC 820, “Fair
Value Measurements and Disclosures” (“ASC 820”). Fair value is an exit price, representing the amount that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair
value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing
an asset or a liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which
prioritizes the inputs used in the valuation methodologies in measuring fair value:
Level
1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level
2 - Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly; and
Level
3 - Unobservable inputs for the asset or liability.
The
fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs
when measuring fair value. The Company categorized each of its fair value measurements in one of these three levels of hierarchy
(see Note 4).
The
Company accounts for derivatives and hedging based on ASC 815, “Derivatives and hedging” (“ASC 815”),
as amended and related interpretations. ASC 815 requires the Company to recognize all derivatives on the balance sheet at fair
value. If a derivative meets the definition of a hedge and is so designated, depending on the nature of the hedge, changes in
the fair value of the derivative will either be offset against the change in fair value of the hedged assets, liabilities, or
firm commitments through earnings (for fair value hedge transactions) or recognized in other comprehensive income (loss) until
the hedged item is recognized in earnings (for cash flow hedge transactions).
The
ineffective portion of a derivative's change in fair value is recognized in earnings. If a derivative does not meet the definition
of a hedge, the changes in the fair value are included in earnings. Cash flows related to such hedges are classified as operating
activities. The Company enters into forward exchange contracts and option contracts in order to limit the exposure to exchange
rate fluctuation associated with expenses mainly incurred in New Israeli Shekels (“NIS”). Since the derivative instruments
that the Company holds do not meet the definition of hedging instruments under ASC 815, any gain or loss derived from such instruments
is recognized immediately as "financial income, net".
The
Company measured the fair value of the contracts in accordance with ASC 820. Foreign currency derivative contracts are classified
within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments. As of December
31, 2017 the fair value of the options contracts were approximately$ 77, presented in “other current assets”
(see Note 4). The net losses recognized in “Financial income, net” during the three and six month periods ended December
31, 2017 and 2016, were )$(74, ($217) and )$(131, ($66), respectively.
ASC
Topic 606, "Revenue from Contracts with Costumers" (ASC 606):
The
Company adopted ASC 606 on July 1, 2017, using the modified retrospective transition method. Prior periods were not retrospectively
adjusted. As the Company did not have any contracts with customers that were not completed as of June 30, 2017, the adoption of
ASC 606 did not, and does not, have a material impact on the Company's consolidated financial statements, including the presentation
of revenues in our consolidated statements of operations upon adoption.
Revenue
Recognition from sales of products;
Revenues
are recognized when control of the promised goods is transferred to the customer, in an amount that reflects the consideration
the Company expects to be entitled to in exchange for those goods.
The
Company's contract with the customer includes one type of product and thus has only one performance obligation, which is the transfer
of control of the product. The Company's PLX cells have an alternative use and, as such, the performance obligation is considered
to be satisfied at a point in time where the customer obtains control over the product.
Accounting
Standards Update (“ASU”) 2017-11 - Earnings Per Share (Topic 260);
Distinguishing
Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments
with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of
Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception (“ASU
No. 2017-11”):
In
July 2017, the Financial Accounting Standards Board (“ FASB”) issued ASU No. 2017-11. The ASU was issued to address
the complexity associated with applying U.S. GAAP for certain financial instruments with characteristics of liabilities and equity.
The ASU, among other things, eliminates the need to consider the effects of down round features when analyzing convertible debt,
warrants and other financing instruments. As a result, a freestanding equity-linked financial instrument (or embedded conversion
option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round
feature. The Company was an early adopter of ASU No. 2017-11 as of July 1, 2017. The adoption of ASU No. 2017-11 does
not have a material impact on the Company's consolidated financial statements and related disclosures.
ASU
2016-02 - Leases (Topic 842):
In
February 2016, the FASB issued guidance on the recognition, measurement, presentation and disclosure of leases for both parties
to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either
finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee.
This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line
basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability
for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less
will be accounted for in a manner similar to the accounting under existing guidance for operating leases today. The new standard
requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type
leases, direct financing leases and operating leases. Topic 842 supersedes the previous leases standard, ASC 840, “Leases”.
The guidance is effective for the interim and annual periods beginning on or after December 15, 2018. Early adoption is permitted.
The Company is currently evaluating the potential effect of the guidance on its consolidated financial statements.
ASU
2016-15 - Statement of Cash Flows (Topic 230):
In
August 2016, the FASB issued ASU No. 2016-15, which addresses the classification of eight specific cash flow issues with the objective
of reducing the existing diversity in practice. ASU 2016-15 will be effective for fiscal years beginning after December 15, 2017,
including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the potential
impact of the guidance on its consolidated financial statements.
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MARKETABLE SECURITIES |
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES | NOTE 3:- MARKETABLE SECURITIES
As of December 31, 2017, all of the Company’s marketable securities were classified as available-for-sale.
The Company typically invests in highly-rated securities. When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company's intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment's amortized cost basis.
The Company recognized other-than-temporary impairment losses on outstanding securities during the six month period ended December 31, 2017 of $850.
During January 2018, after the balance sheet date, the Company sold all its investment in its marketable securities.
|
FAIR VALUE OF FINANCIAL INSTRUMENTS |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 4:- FAIR VALUE OF FINANCIAL INSTRUMENTS
|
COMMITMENTS AND CONTINGENCIES |
6 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
COMMITMENTS AND CONTINGENCIES | NOTE 5: - COMMITMENTS AND CONTINGENCIES
Through December 31, 2017, total grants obtained from the IIA aggregated to approximately $25,974 and total royalties paid and accrued amounted to $168. As of December 31, 2017, the Company's contingent liability in respect to royalties to the IIA amounted to $25,806, not including LIBOR interest as described above.
The Israeli government granted the Company budget resources that are intended to be used to advance the Company’s product candidate towards marketing in the China-Hong Kong markets. The Company will also receive close support from Israel’s trade representatives stationed in China, including Hong Kong, along with experts appointed by the Smart Money program. As part of the program, the Company will repay royalties of 5% from the Company’s revenues in the region for a five year period, beginning the year in which the Company will not be entitled to reimbursement of expenses under the program and will be spread for a period of up to 5 years or until the amount of the grant is fully paid.
Through December 31, 2017, the aggregate amount of grants obtained from the Smart Money program was approximately $9. No royalties were paid or accrued. As of December 31, 2017, the Company's contingent liability with respect to royalties for the “Smart Money” program was $9.
As part of the agreement with the Tel-Aviv Sourasky Medical Center (Ichilov Hospital), the Company will pay royalties of 1% from its net sales of the PLX-PAD product relating to GvHD, with a maximum aggregate royalty amount of approximately $250.
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STOCKHOLDERS' EQUITY |
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Stockholders' Equity Note [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
STOCKHOLDERS' EQUITY | NOTE 6: - STOCKHOLDERS' EQUITY
The Company accounts for its options to employees and directors under the fair value method in accordance with ASC 718, “Compensation—Stock Compensation”. A summary of the Company’s activity for options granted to employees and directors under its 2005 incentive option plan is as follows:
Intrinsic value of exercisable options (the difference between the Company’s closing stock price on the last trading day in the period and the exercise price, multiplied by the number of in-the-money options) represents the amount that would have been received by the employees and directors option holders had all option holders exercised their options on December 31, 2017. This amount changes based on the fair market value of the Company’s common stock.
The Company accounts for its options to non-employees under the fair value method in accordance with ASC 718, “Compensation—Stock Compensation”. A summary of the options to non-employee consultants under its 2005 and 2016 incentive option plans is as follows:
Compensation expenses related to options granted to consultants were recorded as follows:
The following table summarizes the activity related to unvested RS and RSUs granted to employees and directors under its 2005 and 2016 incentive option plans for the six month period ended December 31, 2017 (Unaudited) is as follows:
Compensation expenses related to RS and RSUs granted to employees and directors were recorded as follows:
Unamortized compensation expenses related to RS and RSUs granted to employees and directors to be recognized over an average time of approximately 3.5 years are approximately $7,822.
The following table summarizes the activity related to unvested RS and RSUs granted to consultants under its 2005 and 2016 incentive option plan for the six month period ended December 31, 2017, (Unaudited) is as follows:
Compensation expenses related to RS and RSUs granted to consultants were recorded as follows:
|
OTHER INCOME |
6 Months Ended |
---|---|
Dec. 31, 2017 | |
Component of Operating Income [Abstract] | |
OTHER INCOME | NOTE
7:-OTHER INCOME
In
December 2017, the Subsidiary was awarded approximately $43 (NIS 150) by the Israeli Ministry of Labor, Social Affairs and Social
Services related to its “Equal Employment” program which aim to reward and honor Israeli employers who demonstrate
and promote gender equality in employment.
|
SUBSEQUENT EVENTS |
6 Months Ended |
---|---|
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS |
NOTE
8:-SUBSEQUENT EVENTS
During
January 2018, the Company sold 626,800 shares of common stock under the ATM Agreement at an average price of $1.57 per share.
|
SIGNIFICANT ACCOUNTING POLICIES (Policies) |
6 Months Ended | ||
---|---|---|---|
Dec. 31, 2017 | |||
Accounting Policies [Abstract] | |||
Unaudited Interim Financial Information |
The
accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally
accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10
of U.S. Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes
required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair
presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed).
For
further information, reference is made to the consolidated financial statements and footnotes thereto included in the Company’s
Annual Report on Form 10-K for the year ended June 30, 2017.
Operating
results for the three and six month periods ended December 31, 2017, are not necessarily indicative of the results that may be
expected for the year ending June 30, 2018.
|
||
Significant Accounting Policies |
The
significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements
are identical to those applied in the preparation of the latest annual financial statements.
|
||
Use of estimates |
The
preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates,
judgments and assumptions that are reasonable based upon information available at the time they are made. These estimates, judgments
and assumptions can affect the amounts reported in the financial statements and accompanying notes. Actual results could differ
from those estimates.
|
||
Fair value of financial instruments |
The
carrying amounts of the Company's financial instruments, including cash and cash equivalents, short-term and restricted bank deposits,
accounts receivable and other current assets, trade payable and other accounts payable, accrued expenses and other liabilities,
approximate fair value because of their generally short term maturities.
The
Company measures its investments in marketable securities and derivative instruments at fair value under ASC 820, “Fair
Value Measurements and Disclosures” (“ASC 820”). Fair value is an exit price, representing the amount that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair
value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing
an asset or a liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which
prioritizes the inputs used in the valuation methodologies in measuring fair value:
Level
1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities;
Level
2 - Inputs other than Level 1 that are observable for the asset or liability, either directly or indirectly; and
Level
3 - Unobservable inputs for the asset or liability.
The
fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs
when measuring fair value. The Company categorized each of its fair value measurements in one of these three levels of hierarchy
(see Note 4).
|
||
Derivative financial instruments |
The
Company accounts for derivatives and hedging based on ASC 815, “Derivatives and hedging” (“ASC
815”), as amended and related interpretations. ASC 815 requires the Company to recognize all
derivatives on the balance sheet at fair value. If a derivative meets the definition of a hedge and is so designated, depending
on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value
of the hedged assets, liabilities, or firm commitments through earnings (for fair value hedge transactions) or recognized in other
comprehensive income (loss) until the hedged item is recognized in earnings (for cash flow hedge transactions).
The
ineffective portion of a derivative's change in fair value is recognized in earnings. If a derivative does not meet the definition
of a hedge, the changes in the fair value are included in earnings. Cash flows related to such hedges are classified as operating
activities. The Company enters into forward exchange contracts and option contracts in order to limit the exposure to exchange
rate fluctuation associated with expenses mainly incurred in New
Israeli Shekels (“NIS”). Since the derivative instruments
that the Company holds do not meet the definition of hedging instruments under ASC 815, any gain or loss derived from such instruments
is recognized immediately as "financial income, net".
The
Company measured the fair value of the contracts in accordance with ASC 820. Foreign currency derivative contracts are classified
within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments. As of December
31, 2017 the fair value of the options contracts were approximately$ 77, presented in “other current assets”
(see Note 4). The net losses recognized in “Financial income, net” during the three and six month periods ended December
31, 2017 and 2016, were )$(74, ($217) and )$(131, ($66), respectively.
|
||
Recently Adopted Accounting Standards |
ASC
Topic 606, "Revenue from Contracts with Costumers" (ASC 606):
The
Company adopted ASC 606 on July 1, 2017, using the modified retrospective transition method. Prior periods were not retrospectively
adjusted. As the Company did not have any contracts with customers that were not completed as of June 30, 2017, the adoption of
ASC 606 did not, and does not, have a material impact on the Company's consolidated financial statements, including the presentation
of revenues in our consolidated statements of operations upon adoption.
Revenue
Recognition from sales of products;
Revenues
are recognized when control of the promised goods is transferred to the customer, in an amount that reflects the consideration
the Company expects to be entitled to in exchange for those goods.
The
Company's contract with the customer includes one type of product and thus has only one performance obligation, which is the transfer
of control of the product. The Company's PLX cells have an alternative use and, as such, the performance obligation is considered
to be satisfied at a point in time where the customer obtains control over the product.
Accounting
Standards Update (“ASU”) 2017-11 - Earnings Per Share (Topic 260);
Distinguishing
Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments
with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of
Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception (“ASU
No. 2017-11”):
In
July 2017, the Financial Accounting Standards Board (“ FASB”) issued ASU No. 2017-11. The ASU was issued to address
the complexity associated with applying U.S. GAAP for certain financial instruments with characteristics of liabilities and equity.
The ASU, among other things, eliminates the need to consider the effects of down round features when analyzing convertible debt,
warrants and other financing instruments. As a result, a freestanding equity-linked financial instrument (or embedded conversion
option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round
feature. The Company was an early adopter of ASU No. 2017-11 as of July 1, 2017. The adoption of ASU No. 2017-11 does
not have a material impact on the Company's consolidated financial statements and related disclosures.
|
||
Recently Issued Accounting Pronouncements |
ASU
2016-02 - Leases (Topic 842):
In
February 2016, the FASB issued guidance on the recognition, measurement, presentation and disclosure of leases for both parties
to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either
finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee.
This classification will determine whether lease expense is recognized based on an effective interest method or on a straight-line
basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability
for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less
will be accounted for in a manner similar to the accounting under existing guidance for operating leases today. The new standard
requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type
leases, direct financing leases and operating leases. Topic 842 supersedes the previous leases standard, ASC 840, “Leases”.
The guidance is effective for the interim and annual periods beginning on or after December 15, 2018. Early adoption is permitted.
The Company is currently evaluating the potential effect of the guidance on its consolidated financial statements.
ASU
2016-15 - Statement of Cash Flows (Topic 230):
In
August 2016, the FASB issued ASU No. 2016-15, which addresses the classification of eight specific cash flow issues with the objective
of reducing the existing diversity in practice. ASU 2016-15 will be effective for fiscal years beginning after December 15, 2017,
including interim periods within those fiscal years, with early adoption permitted. The Company is currently evaluating the potential
impact of the guidance on its consolidated financial statements.
|
MARKETABLE SECURITIES (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Marketable Securities [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Marketable Securities | As of December 31, 2017, all of the Company’s marketable securities were classified as available-for-sale.
|
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Fair Value of Financial Instruments |
|
STOCKHOLDERS' EQUITY (Tables) |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2017 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-employee Consultants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Option Activity | A summary of the options to non-employee consultants under its 2005 and 2016 incentive option plans is as follows:
|
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Schedule of Stock-based Compensation Expenses | Compensation expenses related to options granted to consultants were recorded as follows:
|
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Employees and Directors [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock Option Activity | A summary of the Company’s activity for options granted to employees and directors under its 2005 incentive option plan is as follows:
|
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Restricted stock units [Member] | Non-employee Consultants [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unvested Restricted Stock Units | The following table summarizes the activity related to unvested RS and RSUs granted to consultants under its 2005 and 2016 incentive option plan for the six month period ended December 31, 2017, (Unaudited) is as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock-based Compensation Expenses | Compensation expenses related to RS and RSUs granted to consultants were recorded as follows:
|
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Restricted stock units [Member] | Employees and Directors [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stockholders Equity Note [Line Items] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Unvested Restricted Stock Units | The following table summarizes the activity related to unvested RS and RSUs granted to employees and directors under its 2005 and 2016 incentive option plans for the six month period ended December 31, 2017 (Unaudited) is as follows:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Stock-based Compensation Expenses | Compensation expenses related to RS and RSUs granted to employees and directors were recorded as follows:
|
GENERAL (Details) - USD ($) $ in Thousands |
1 Months Ended | 3 Months Ended | 6 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jan. 31, 2018 |
Dec. 31, 2013 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
Jun. 30, 2017 |
Jun. 30, 2016 |
|
Accumulated deficit | $ 205,185 | $ 205,185 | $ 189,571 | |||||
Stockholders' equity | 36,961 | $ 25,114 | 36,961 | $ 25,114 | $ 30,251 | $ 38,156 | ||
Operating loss | 8,467 | $ 6,648 | 15,907 | 13,210 | ||||
Operating activities | 10,018 | 9,699 | ||||||
Cash and cash equivalents, short-term bank deposits and marketable securities | 35,292 | 35,292 | ||||||
Issuance of common stock under CHA agreement | 2,500,000 | |||||||
CHA shares classified as marketable securities | 1,011,504 | |||||||
Total consideration reflected under the CHA agreement | $ 10,414 | |||||||
Fair value of the remaining investment in CHA shares | $ 8,440 | 8,440 | ||||||
Aggregate net proceeds | $ 14,672 | |||||||
Subsequent Event [Member] | CHA [Member] | ||||||||
Net gain | $ 6,200 | |||||||
Aggregate net proceeds | $ 10,500 |
SIGNIFICANT ACCOUNTING POLICIES (Derivative Financial Instruments) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Accounting Policies [Abstract] | ||||
Fair value of cash flow hedge derivatives | $ 77 | $ 77 | ||
Net gain (loss) realized on derivatives | $ (74) | $ (131) | $ (217) | $ (66) |
MARKETABLE SECURITIES (Schedule of Available-for-sale Marketable Securities) (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Jun. 30, 2017 |
---|---|---|
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | $ 10,736 | $ 15,164 |
Gross unrealized gain | 5,378 | 2,047 |
Gross unrealized loss | (48) | |
Other-than-temporary impairment | (850) | (767) |
Amortized cost | 6,208 | 13,932 |
Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 10,736 | 13,394 |
Gross unrealized gain | 5,378 | 2,016 |
Gross unrealized loss | (47) | |
Other-than-temporary impairment | (850) | (767) |
Amortized cost | 6,208 | 12,192 |
One to Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 1,752 | |
Gross unrealized gain | 30 | |
Gross unrealized loss | (1) | |
Other-than-temporary impairment | ||
Amortized cost | 1,723 | |
After Five Years through Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 18 | |
Gross unrealized gain | 1 | |
Gross unrealized loss | ||
Other-than-temporary impairment | ||
Amortized cost | 17 | |
Stock and Index Linked Notes [Member] | Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 10,736 | 13,188 |
Gross unrealized gain | 5,378 | 2,014 |
Gross unrealized loss | (47) | |
Other-than-temporary impairment | (850) | (767) |
Amortized cost | 6,208 | 11,988 |
Government Debentures - Fixed Interest Rate [Member] | Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 158 | |
Gross unrealized gain | 1 | |
Gross unrealized loss | ||
Other-than-temporary impairment | ||
Amortized cost | 157 | |
Government Debentures - Fixed Interest Rate [Member] | One to Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 491 | |
Gross unrealized gain | 23 | |
Gross unrealized loss | ||
Other-than-temporary impairment | ||
Amortized cost | 468 | |
Corporate Debentures - Fixed Interest Rate [Member] | Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 48 | |
Gross unrealized gain | 1 | |
Gross unrealized loss | ||
Other-than-temporary impairment | ||
Amortized cost | 47 | |
Corporate Debentures - Fixed Interest Rate [Member] | One to Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 1,261 | |
Gross unrealized gain | 7 | |
Gross unrealized loss | (1) | |
Other-than-temporary impairment | ||
Amortized cost | 1,255 | |
Corporate Debentures - Fixed Interest Rate [Member] | After Five Years through Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 18 | |
Gross unrealized gain | 1 | |
Gross unrealized loss | ||
Other-than-temporary impairment | ||
Amortized cost | $ 17 |
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands |
Dec. 31, 2017 |
Jun. 30, 2017 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 10,736 | $ 15,164 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 8,440 | 10,523 |
Foreign currency derivative instruments | ||
Total financial assets | 8,440 | 10,523 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 2,296 | 4,641 |
Foreign currency derivative instruments | 77 | 295 |
Total financial assets | $ 2,373 | $ 4,936 |
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Sep. 27, 2017 |
Jul. 31, 2017 |
Dec. 31, 2017 |
|
Other Commitments [Line Items] | |||
Cash pledged | $ 965 | ||
Grants received | $ 25,974 | ||
Percentage of qualified expenditures eligible for grant | 50.00% | ||
Royalty rate | 1.00% | 5.00% | 3.00% |
Royalty payable based on grants received | 100.00% | ||
Accrued and paid royalties | $ 168 | ||
Contingent liability amount | $ 250 | 25,806 | |
Agreement term period | 5 years | ||
Smart Money Grant [Member] | |||
Other Commitments [Line Items] | |||
Additonal grant awarded | $ 229 | ||
Smart Money [Member] | |||
Other Commitments [Line Items] | |||
Grants received | 9 | ||
Contingent liability amount | $ 9 |
STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
1 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Oct. 31, 2017 |
Jul. 31, 2017 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Proceeds from public offering, gross | $ 15,051 | |||
Proceeds related to issuance of common stock and warrants, net of issuance costs | $ 14,672 | |||
Net of issuance expenses | 1,405 | 80 | ||
Aggregate net proceeds | $ 13,646 | |||
Number of shares sold | 9,000,000 | |||
Purchase price of shares sold | $ 1.67 | |||
ATM Agreement [Member] | ||||
Value of common stock company can periodically issue through Agents, per terms of ATM Agreement | $ 80,000 | |||
Proceeds related to issuance of common stock and warrants, net of issuance costs | 1,026 | |||
Net of issuance expenses | $ 80 | |||
Number of shares sold | 834,040 | |||
Purchase price of shares sold | $ 1.33 | |||
Investors [Member] | ||||
Proceeds related to issuance of common stock and warrants, net of issuance costs | $ 1,160 | |||
Number of shares sold | 828,703 | |||
Warrants exercised | 828,703 | |||
Warrants exercise price | $ 1.40 |
STOCKHOLDERS' EQUITY (Summary of Option Activity to Employees and Directors) (Details) - Employees and Directors [Member] $ / shares in Units, $ in Thousands |
6 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
$ / shares
shares
| |
Number | |
Options outstanding at beginning of period | shares | 815,650 |
Options exercised | shares | (5,000) |
Options forfeited | shares | (450,150) |
Options outstanding at end of the period | shares | 360,500 |
Options exercisable at the end of the period | shares | 360,500 |
Options vested | shares | 360,500 |
Weighted Average Exercise Price | |
Options outstanding at beginning of period | $ / shares | $ 2.98 |
Options exercised | $ / shares | 1.04 |
Options forfeited | $ / shares | 4.86 |
Options outstanding at end of the period | $ / shares | 0.643 |
Options exercisable at the end of the period | $ / shares | 0.643 |
Options vested | $ / shares | $ 0.643 |
Weighted Average Remaining Contractual Terms (in years) | |
Weighted Average Remaining Contractual Terms (in years) | 9 months 25 days |
Options exercisable at the end of the period | 9 months 25 days |
Options vested | 9 months 25 days |
Aggregate Intrinsic Value Price | |
Options outstanding at end of the period | $ | $ 266 |
Options exercisable at the end of the period | $ | 266 |
Options vested | $ | $ 266 |
STOCKHOLDERS' EQUITY (Summary of Option Activity to Non-employee Consultants) (Details) - Non-employee Consultants [Member] $ / shares in Units, $ in Thousands |
6 Months Ended |
---|---|
Dec. 31, 2017
USD ($)
$ / shares
shares
| |
Number | |
Options outstanding at beginning of period | shares | 177,200 |
Options granted | shares | 47,400 |
Options forfeited | shares | (15,000) |
Options outstanding at end of the period | shares | 209,600 |
Options exercisable at the end of the period | shares | 173,825 |
Options vested and expected to vest | shares | 209,600 |
Weighted Average Exercise Price | |
Options outstanding at beginning of period | $ / shares | $ 0.72 |
Options granted | $ / shares | 0.00 |
Options forfeited | $ / shares | 4.38 |
Options outstanding at end of the period | $ / shares | 0.30 |
Options exercisable at the end of the period | $ / shares | 0.36 |
Options vested and expected to vest | $ / shares | $ 0.30 |
Weighted Average Remaining Contractual Terms (in years) | |
Weighted Average Remaining Contractual Terms (in years) | 5 years 5 months 16 days |
Options exercisable at the end of the period | 4 years 6 months 14 days |
Options vested and expected to vest | 5 years 5 months 16 days |
Aggregate Intrinsic Value Price | |
Options outstanding at end of the period | $ | $ 275 |
Options exercisable at the end of the period | $ | 209 |
Options vested and expected to vest | $ | $ 275 |
STOCKHOLDERS' EQUITY (Summary of RSU Activity to Employees and Directors) (Details) - Restricted stock units [Member] - Employees and Directors [Member] |
6 Months Ended |
---|---|
Dec. 31, 2017
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at the beginning of period | 6,064,901 |
Granted | 3,025,800 |
Forfeited | (138,579) |
Vested | (1,357,944) |
Unvested at the end of the period | 7,594,178 |
Expected to vest after December 31, 2017 | 7,394,200 |
STOCKHOLDERS' EQUITY (Schedule of Compensation Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Dec. 31, 2017 |
Dec. 31, 2016 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Options [Member] | Non-employee Consultants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation expenses | $ 16 | $ 17 | $ 34 | $ 17 |
Options [Member] | Research and development expenses [Member] | Non-employee Consultants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation expenses | 3 | 3 | 6 | 3 |
Options [Member] | General and administrative expenses [Member] | Non-employee Consultants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation expenses | 13 | 14 | 28 | 14 |
Restricted stock units [Member] | Non-employee Consultants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation expenses | 125 | 128 | 176 | 241 |
Restricted stock units [Member] | Employees and Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation expenses | 1,464 | 277 | 2,898 | 649 |
Unrecognized compensation expense | 7,822 | $ 7,822 | ||
Unrecognized compensation expense, recognition period | 3 years 6 months | |||
Restricted stock units [Member] | Research and development expenses [Member] | Non-employee Consultants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation expenses | 3 | 3 | $ 3 | 7 |
Restricted stock units [Member] | Research and development expenses [Member] | Employees and Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation expenses | 187 | 100 | 331 | 210 |
Restricted stock units [Member] | General and administrative expenses [Member] | Non-employee Consultants [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation expenses | 122 | 125 | 173 | 234 |
Restricted stock units [Member] | General and administrative expenses [Member] | Employees and Directors [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Compensation expenses | $ 1,277 | $ 177 | $ 2,567 | $ 439 |
STOCKHOLDERS' EQUITY (Summary of RSU Activity to Consultants) (Details) - Restricted stock units [Member] - Non-employee Consultants [Member] |
6 Months Ended |
---|---|
Dec. 31, 2017
shares
| |
Share-based Goods and Nonemployee Services Transaction [Line Items] | |
Unvested at the beginning of period | 42,500 |
Granted | 513,180 |
Vested | (373,080) |
Unvested at the end of the period | 182,600 |
OTHER INCOME (Details) ₪ in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2016
USD ($)
|
Dec. 31, 2017
USD ($)
|
Dec. 31, 2017
ILS (₪)
|
Dec. 31, 2016
USD ($)
|
|
Other income | $ | $ 43 | $ 43 | |||
ILS [Member] | |||||
Other income | ₪ | ₪ 150 |
SUBSEQUENT EVENTS (Details) - $ / shares |
1 Months Ended | 6 Months Ended | |
---|---|---|---|
Jan. 31, 2018 |
Oct. 31, 2017 |
Dec. 31, 2017 |
|
Subsequent Event [Line Items] | |||
Number of shares issued under agreement | 9,000,000 | ||
Purchase price of shares sold | $ 1.67 | ||
Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Number of shares issued under agreement | 834,040 | ||
Subsequent Event [Member] | ATM agreement [Member] | Common Stock [Member] | |||
Subsequent Event [Line Items] | |||
Number of shares issued under agreement | 626,800 | ||
Purchase price of shares sold | $ 1.57 |
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