20-F/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________

FORM 20-F/A

o  REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

x  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2014

OR

o  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

o  SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission File Number 001-36612

ReWalk Robotics Ltd.

 (Exact name of registrant as specified in its charter)

Israel

(Jurisdiction of incorporation or organization)

Kochav Yokneam Building, Floor 6

P.O. Box 161

Yokneam Ilit 20692, Israel

(Address of principal executive offices)

Larry Jasinski

Chief Executive Officer

Telephone: 508-251-1154

Facsimile: 508-251-2970

33 Locke Drive

Marlborough, MA 01752

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Title of each class Ordinary Shares, par value NIS 0.01 per share  Name of each exchange on which registered Nasdaq Global Market

Securities registered or to be registered pursuant to Section 12(g) of the Act: None

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of December 31, 2014: 11,978,554 ordinary shares, NIS 0.01 par value per share

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act

Yes o     No x

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes o      No x

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes x     No o

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such reports).

Yes o   No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer. See definition of “accelerated filer and large accelerated filer” in Rule 12b-2 of the Exchange Act (Check one):

Large accelerated filer o     Accelerated filer o     Non-accelerated filer x

Indicate by check mark basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP x International Financial Reporting Standards as issued by the International Accounting Standards Board o Other o

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17 o      Item 18 o

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act):

Yes o    No x

EXPLANATORY NOTE

This Amendment No. 1 to the registrant’s Annual Report on Form 20-F for the fiscal year ended December 31, 2014, originally filed with the Securities and Exchange Commission on February 27, 2015, or the Annual Report, is being filed solely for the purposes of filing Interactive Data File disclosure as Exhibit 101 in accordance with Rule 405 of Regulation S-T. This Exhibit 101 was not previously filed.

Except as described above, this Form 20-F/A does not, and does not purport to, amend, update or restate any other information contained in the Annual Report or reflect any events that have occurred after the Annual Report was filed.

PART III

ITEM 19: Exhibits

The exhibit listed on the Exhibit Index hereof is filed herewith in response to this Item.

Number	Description
101.INS	XBRL Instance Document
101.SCH	XBRL Taxonomy Extension Schema Document
101.PRE	XBRL Taxonomy Presentation Linkbase Document
101.CAL	XBRL Taxonomy Calculation Linkbase Document
101.LAB	XBRL Taxonomy Label Linkbase Document
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F/A and that it has duly caused this annual report to be signed on its behalf by the undersigned, thereunto duly authorized.

ReWalk Robotics Ltd.
By:	/s/ Larry Jasinski
	Larry Jasinski
	Chief Executive Officer

Dated: March 26, 2015

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SIGNIFICANT ACCOUNTING POLICIES (Basic and Diluted Net Loss Per Share) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Net loss	$ (21,668)	$ (12,177)	$ (6,658)
Convertible preferred shares dividend	(2,229)	(1,663)	(1,004)
Net loss attributable to ordinary shares	$ (23,897)	$ (13,840)	$ (7,662)
Shares used in computing net loss per ordinary shares, basic and diluted	3,766,694	185,688	185,688
Net loss per ordinary share, basic and diluted (in dollars per share)	$ (6.34)	$ (74.53)	$ (41.26)

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SHAREHOLDERS' EQUITY (DEFICIENCY) (Summary of Employee Share Option and RSU Activity ) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2011
Options [Member]
Number
Options outstanding at the beginning of the year (in shares)	1,004,454	519,696	106,866
Options granted (in shares)	270,561	484,758	421,830
Exercised (in shares)	(2,088)
Forfeited (in shares)	(432)		(9,000)
Options outstanding at the end of the year (in shares)		1,004,454	519,696	106,866
Vested and expected to vest (in shares)		905,778	425,070
Options/RSUs exercisable at the end of the year (in shares)		236,664	97,938
Average exercise price
Options outstanding at the beginning of the year (in dollars per share)	$ 1.30	$ 1.14	$ 0.46
Options granted (in dollars per share)	$ 14.15	$ 1.47	$ 1.32
Exercised (in dollars per share)	$ 0.91
Forfeited (in dollars per share)	$ 1.32		$ 1.32
Options outstanding at the end of the year (in dollars per share)		$ 1.30	$ 1.14	$ 0.46
Vested and expected to vest (in dollars per share)		$ 1.30	$ 1.10
Options/RSUs exercisable at the end of the year (in dollars per share)		$ 0.93	$ 0.56
Average remaining contractual life (years)
Options outstanding at the beginning of the year		8 years 10 months 13 days	8 years 10 months 28 days	8 years 1 month 6 days
Options outstanding at the end of the year		8 years 10 months 13 days	8 years 10 months 28 days	8 years 1 month 6 days
Vested and expected to vest		8 years 10 months 28 days	8 years 9 months 22 days
Options/RSUs exercisable at the end of the year		7 years 4 months 6 days	7 years 3 months 7 days
Aggregate intrinsic value (in thousands)
Options outstanding at the beginning of the year	$ 4,527	$ 1,287	$ 155
Options outstanding at the end of the year		4,527	1,287	155
Vested and expected to vest		4,086	1,068
Options/RSUs exercisable at the end of the year		1,153	299
RSU [Member]
Number
RSUs granted (in shares)	78,351
Average exercise price
RSUs granted (in dollars per share)	$ 20.77
Employee share option and RSU [Member]
Number
Options outstanding at the end of the year (in shares)	1,350,846
Vested and expected to vest (in shares)	1,252,040
Options/RSUs exercisable at the end of the year (in shares)	427,826
Average exercise price
Options outstanding at the end of the year (in dollars per share)	$ 3.80
Vested and expected to vest (in dollars per share)	$ 3.95
Options/RSUs exercisable at the end of the year (in dollars per share)	$ 1.14
Average remaining contractual life (years)
Options outstanding at the beginning of the year	8 years 4 months 13 days
Options outstanding at the end of the year	8 years 4 months 13 days
Vested and expected to vest	8 years 5 months 5 days
Options/RSUs exercisable at the end of the year	7 years 2 months 8 days
Aggregate intrinsic value (in thousands)
Options outstanding at the end of the year	20,373
Vested and expected to vest	18,696
Options/RSUs exercisable at the end of the year	$ 7,589

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FAIR VALUE MEASUREMENTS (Schedule of assumptions used to estimate the value of the warrants to purchase convertible preferred shares) (Details)	0 Months Ended	12 Months Ended	0 Months Ended
	Sep. 17, 2014	Dec. 31, 2013	Sep. 11, 2014	Sep. 24, 2013	Jun. 26, 2014
Warrants to purchase series C convertible preferred share [Member]
Assumptions used to estimate the value of the warrants to purchase convertible preferred shares [lineitems]
Expected volatility (as a percent)	70.00%	70.00%
Risk-free rate (as a percent)	0.10%	0.10%
Dividend yield (as a percent)	0.00%	0.00%
Expected term	0 years	1 year 3 months
Warrants to purchase series D convertible preferred shares [Member]
Assumptions used to estimate the value of the warrants to purchase convertible preferred shares [lineitems]
Expected volatility (as a percent)		70.00%	70.00%	70.00%
Risk-free rate (as a percent)		0.10%	1.70%	0.20%
Dividend yield (as a percent)		0.00%	0.00%	0.00%
Expected term		1 year 3 months	4 years 9 months 18 days	1 year 6 months
Warrants to purchase series E convertible preferred shares [Member]
Assumptions used to estimate the value of the warrants to purchase convertible preferred shares [lineitems]
Expected volatility (as a percent)			70.00%		70.00%
Risk-free rate (as a percent)			1.40%		0.10%
Dividend yield (as a percent)			0.00%		0.00%
Expected term			3 years 9 months 18 days		4 years

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SHAREHOLDERS' EQUITY (DEFICIENCY) (Schedule of Options and RSUs Outstanding Which have been Separated into Ranges of Exercise Price) (Details) (USD $)	12 Months Ended
	Dec. 31, 2013	Dec. 31, 2012	Dec. 31, 2014	Dec. 31, 2011
Options [Member]
Ranges of Exercise Price [Line Items]
Exercise price (in dollars per shares)	$ 1.30	$ 1.14		$ 0.46
Options outstanding	1,004,454	519,696
Weighted average remaining contractual life (years)	8 years 10 months 13 days	8 years 10 months 28 days
Options exercisable	236,664	97,938
Weighted average remaining contractual life (years)	7 years 4 months 6 days	7 years 3 months 7 days
Employee share option and RSU [Member]
Ranges of Exercise Price [Line Items]
Exercise price (in dollars per shares)			$ 3.80
Options outstanding			1,350,846
Weighted average remaining contractual life (years)			8 years 3 months 7 days
Options exercisable			427,826
Weighted average remaining contractual life (years)			7 years 2 months 8 days
$0.00 [Member] | Options [Member]
Ranges of Exercise Price [Line Items]
Exercise price (in dollars per shares)
Options outstanding	43,182	43,182
Weighted average remaining contractual life (years)	4 years 11 months 19 days	5 years 11 months 19 days
Options exercisable	43,182	36,306
Weighted average remaining contractual life (years)	4 years 11 months 19 days	5 years 9 months 11 days
$0.00 [Member] | Employee share option and RSU [Member]
Ranges of Exercise Price [Line Items]
Exercise price (in dollars per shares)
Options outstanding			121,533
Weighted average remaining contractual life (years)			3 years 11 months 19 days
Options exercisable			43,182
Weighted average remaining contractual life (years)			3 years 11 months 19 days
$0.28 [Member] | Options [Member]
Ranges of Exercise Price [Line Items]
Exercise price (in dollars per shares)	$ 0.28	$ 0.28
Options outstanding	4,356	4,356
Weighted average remaining contractual life (years)	4 years 5 months 5 days	5 years 5 months 5 days
Options exercisable	4,356	4,356
Weighted average remaining contractual life (years)	4 years 5 months 5 days	5 years 5 months 5 days
$0.28 [Member] | Employee share option and RSU [Member]
Ranges of Exercise Price [Line Items]
Exercise price (in dollars per shares)			$ 0.28
Options outstanding			4,356
Weighted average remaining contractual life (years)			3 years 5 months 5 days
Options exercisable			4,356
Weighted average remaining contractual life (years)			3 years 5 months 5 days
$0.82 [Member] | Options [Member]
Ranges of Exercise Price [Line Items]
Exercise price (in dollars per shares)	$ 0.82	$ 0.82
Options outstanding	59,328	59,328
Weighted average remaining contractual life (years)	7 years 14 days	8 years 14 days
Options exercisable	58,086	43,236
Weighted average remaining contractual life (years)	7 years 14 days	8 years 14 days
$0.82 [Member] | Employee share option and RSU [Member]
Ranges of Exercise Price [Line Items]
Exercise price (in dollars per shares)			$ 0.82
Options outstanding			57,597
Weighted average remaining contractual life (years)			6 years 14 days
Options exercisable			57,597
Weighted average remaining contractual life (years)			6 years 14 days
$1.32 [Member] | Options [Member]
Ranges of Exercise Price [Line Items]
Exercise price (in dollars per shares)	$ 1.32	$ 1.32
Options outstanding	463,500	412,830
Weighted average remaining contractual life (years)	8 years 5 months 19 days	9 years 4 months 13 days
Options exercisable	131,040	14,040
Weighted average remaining contractual life (years)	8 years 4 months 17 days	9 years 4 months 10 days
$1.32 [Member] | Employee share option and RSU [Member]
Ranges of Exercise Price [Line Items]
Exercise price (in dollars per shares)			$ 1.32
Options outstanding			462,705
Weighted average remaining contractual life (years)			7 years 5 months 19 days
Options exercisable			234,096
Weighted average remaining contractual life (years)			7 years 5 months 12 days
$1.48 [Member] | Options [Member]
Ranges of Exercise Price [Line Items]
Exercise price (in dollars per shares)	$ 1.48
Options outstanding	434,088
Weighted average remaining contractual life (years)	9 years 11 months 26 days
Options exercisable
Weighted average remaining contractual life (years)	0 years
$1.48 [Member] | Employee share option and RSU [Member]
Ranges of Exercise Price [Line Items]
Exercise price (in dollars per shares)			$ 1.48
Options outstanding			526,957
Weighted average remaining contractual life (years)			9 years 14 days
Options exercisable			88,595
Weighted average remaining contractual life (years)			9 years
$20.77 [Member] | Employee share option and RSU [Member]
Ranges of Exercise Price [Line Items]
Exercise price (in dollars per shares)			$ 20.77
Options outstanding			177,699
Weighted average remaining contractual life (years)			9 years 11 months 16 days
Options exercisable
Weighted average remaining contractual life (years)			0 years

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COMMITMENTS AND CONTINGENT LIABILITIES (Royalties) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Royalties [Line Items]
Number of convertible preferred shares issued	$ 36,263
OCS [Member]
Royalties [Line Items]
Total funding amount received	526
Royalty bearing grants	126
Royalties paid	50
Contingent liability	76
Transfer of know-how outside Israel approved, if portion of sale price paid by grant receipt does not exceed specified multiplier of grant received	3
Maximum portion of sale price paid in consideration for OCS-funded know-how	6
OCS [Member] | Minimum [Member]
Royalties [Line Items]
Royalty (as a percent)	3.00%
OCS [Member] | Maximum [Member]
Royalties [Line Items]
Royalty (as a percent)	3.50%
Percentage of grant received considered to determine royalty fees	100.00%
OCS [Member] | Series A Preferred Stock [Member]
Royalties [Line Items]
Amount received in consideration of convertible preferred shares	400
Number of convertible preferred shares issued	5,237
BIRD [Member]
Royalties [Line Items]
Total funding amount received	500
Royalty (as a percent)	5.00%
Contingent liability	466
Royalties expenses	$ 204	$ 136	$ 40
BIRD [Member] | Maximum [Member]
Royalties [Line Items]
Percentage of grant received considered to determine royalty fees	150.00%

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GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA (Tables)

12 Months Ended

Dec. 31, 2014

GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA [Abstract]

Schedule of revenues within geographic areas

	Year ended December 31
	2012		2013		2014
Revenues based on customer's location:
Israel	$	—	$	83	$	—
United States		364		941		2,186
Europe		608		476		1,254
Asia-Pacific		—		88		511
Total revenues	$	972	$	1,588	$	3,951

Schedule of long-lived assets by geographic region

	December 31,
	2013		2014
Long-lived assets by geographic region:
Israel	$	294	$	279
United States		52		88
Germany		10		47
	$	356	$	414

(*) Long-lived assets are comprised of property and equipment, net.

Schedule of major customer data as a percentage of total revenues

	Year ended December 31
	2012			2013			2014
Customer A		24	%		*	)		*	)
Customer B		18	%		*	)		*	)
Customer C		13	%		*	)		15	%
Customer D		10	%		—			—

*) Less than 10%

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SHAREHOLDERS' EQUITY (DEFICIENCY) (Schedule of Non-cash Share-based Compensation Expense) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Non-cash share-based compensation expense [Line Items]
Non-cash share-based compensation expense	$ 5,179	$ 215	$ 113
Cost of revenues [Member]
Non-cash share-based compensation expense [Line Items]
Non-cash share-based compensation expense	33	5	4
Research and development, net [Member]
Non-cash share-based compensation expense [Line Items]
Non-cash share-based compensation expense	4,364	73	25
Sales and marketing, net [Member]
Non-cash share-based compensation expense [Line Items]
Non-cash share-based compensation expense	275	42	14
General and administrative [Member]
Non-cash share-based compensation expense [Line Items]
Non-cash share-based compensation expense	$ 507	$ 95	$ 70

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PREPAID EXPENSES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2014

PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract]

Schedule of prepaid expenses and other current assets

	December 31,
		2013		2014
Government institutions	$	269	$	298
Prepaid expenses		63		227
Deposit		53		56
Deferred tax		26		86
Other assets		58		89
	$	469	$	756

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SHAREHOLDERS' EQUITY (DEFICIENCY) (Narrative - Initial Public Offering and Ordinary shares) (Details)	0 Months Ended	1 Months Ended						1 Months Ended
	Aug. 26, 2014 ILS	Sep. 30, 2014 USD ($)	Dec. 31, 2014 USD ($)	Dec. 31, 2014 ILS	Dec. 31, 2013 USD ($)		Dec. 31, 2013 ILS	Sep. 30, 2014 IPO [Member] USD ($)	Sep. 30, 2014 Option to underwriters [Member] USD ($)
SHAREHOLDERS' EQUITY (DEFICIENCY) (Abstract)
Bonus share issuance ratio	0.058823529
Share split ratio	0.055555556
Initial public offering [Line Items]
New shares issued		3,000,000						3,000,000	450,000
Share price (in dollars per share)								$ 12.00	$ 12.00
Underwriter's option period to purchase shares									30 days
Net proceeds received from IPO		$ 36,300,000						$ 36,300,000
Underwriting discounts and commissions		2,700,000						2,700,000
Other offering expenses		2,500,000						2,500,000
Ordinary shares, authorized amount	2,500,000		$ 32,000			[1]
Ordinary shares, shares authorized	250,000,000		250,000,000	250,000,000	170,413,056		170,413,056
Ordinary shares, par value (in NIS per share)	0.01			0.01			0.01

[1] Represents an amount lower than $1

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INVENTORIES (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
INVENTORIES [Abstract]
Raw materials	$ 41	$ 837
Finished products	736	136
INVENTORIES	$ 777	$ 973

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SIGNIFICANT ACCOUNTING POLICIES (Property and Equipment) (Details)	12 Months Ended
	Dec. 31, 2014
Computer equipment [Member]
Property and Equipment [Line Items]
Depreciation rate	33.00%
Office furniture and equipment [Member] | Minimum [Member]
Property and Equipment [Line Items]
Depreciation rate	6.00%
Office furniture and equipment [Member] | Maximum [Member]
Property and Equipment [Line Items]
Depreciation rate	10.00%
Machinery and laboratory equipment [Member]
Property and Equipment [Line Items]
Depreciation rate	15.00%

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SHAREHOLDERS' EQUITY (DEFICIENCY) (Narrative - Share Option Plans) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended			1 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	May 31, 2012	Sep. 30, 2014
Shareholders' equity (deficiency) [Line Items]
Share-based compensation expense	$ 5,179	$ 215	$ 113
General and administrative [Member]
Shareholders' equity (deficiency) [Line Items]
Share-based compensation expense	507	95	70
Research and development, net [Member]
Shareholders' equity (deficiency) [Line Items]
Share-based compensation expense	4,364	73	25
CEO [Member]
Shareholders' equity (deficiency) [Line Items]
Options granted (in shares)				82,728
Exercise price (in dollars per share)				$ 1.32
Fair value of options granted				165
Right to receive of total proceeds (as a percent)				6.00%
CEO [Member] | General and administrative [Member]
Shareholders' equity (deficiency) [Line Items]
Share-based compensation expense					165
CEO [Member] | Research and development, net [Member]
Shareholders' equity (deficiency) [Line Items]
Share-based compensation expense					4,134
Options [Member]
Shareholders' equity (deficiency) [Line Items]
Shares reserved for future issuance	25,056	220,536
Vesting period	4 years
Weighted average grant date fair values (in dollars per share)	$ 11.00	$ 4.74	$ 2.03
Total intrinsic value of options exercised	38
Options granted (in shares)	270,561	484,758	421,830
Exercise price (in dollars per share)	$ 0.91
RSU [Member]
Shareholders' equity (deficiency) [Line Items]
Weighted average grant date fair values (in dollars per share)	$ 20.77
Unrecognized compensation cost	$ 6,399	$ 2,668
Period of recognition of unrecognized compensation cost	4 years

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GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA (Schedule of major customer data as a percentage of total revenues) (Details) (Revenue, Customer concentration)	12 Months Ended
	Dec. 31, 2014		Dec. 31, 2013		Dec. 31, 2012
Customer A [Member]
Major customer data as a percentage of total revenues [Line items]
Concentration risk (as a percent)		[1]		[1]	24.00%
Customer B [Member]
Major customer data as a percentage of total revenues [Line items]
Concentration risk (as a percent)		[1]		[1]	18.00%
Customer C [Member]
Major customer data as a percentage of total revenues [Line items]
Concentration risk (as a percent)	15.00%			[1]	13.00%
Customer D [Member]
Major customer data as a percentage of total revenues [Line items]
Concentration risk (as a percent)					10.00%

[1] Less than 10%

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INCOME TAXES (Schedule of profit (loss) before taxes on income) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
INCOME TAXES [Abstract]
Domestic	$ (21,743)	$ (12,219)	$ (6,671)
Foreign	120	64	34
Profit (loss) before taxes	$ (21,623)	$ (12,155)	$ (6,637)

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COMMITMENTS AND CONTINGENT LIABILITIES (Legal claims) (Details) (ReWalk malfunction [Member], USD $) In Millions, unless otherwise specified	1 Months Ended
	Apr. 30, 2013
ReWalk malfunction [Member]
Legal Claims [Line Items]
Damages sought value	$ 2.9

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GENERAL

12 Months Ended

Dec. 31, 2014

GENERAL [Abstract]

GENERAL

NOTE 1:- GENERAL

a. ReWalk Robotics Ltd. (“RRL” and together with its subsidiaries, collectively, the “Company”) was incorporated under the laws of the State of Israel on June 20, 2001 and commenced operations on the same date.

b. RRL has two wholly-owned subsidiaries: (i) ReWalk Robotics Inc. (“RRI”) incorporated under the laws of the United States (“U.S.”) on February 15, 2012 and (ii) Argo Medical Technologies GmbH (“AMG”) incorporated under the laws of Germany on January 14, 2013.

c. The Company has developed and commercializes the ReWalk system, an innovative exoskeleton that enables wheelchair-bound persons to walk once again. The ReWalk system consists of a light wearable brace support suit which integrates motors at the joints, rechargeable batteries, an array of sensors and a computer-based control system that fits over the clothes of the users. There are currently two products: ReWalk Personal and ReWalk Rehabilitation. ReWalk Personal is designed for everyday use by individuals at home and in their communities, and is custom-fit for each user. ReWalk Rehabilitation is designed for the clinical rehabilitation environment and provides a valuable means of exercise and therapy for individuals with lower limb disabilities. It also enables individuals to evaluate their capacity for using a ReWalk Personal system for home use in the future.

d. The Company markets and sells its products directly to institutions and individuals and through third-party distributors. The Company sells its products directly primarily in Germany and the United States and primarily through distributors in other markets. In direct markets, the Company has established relationships with rehabilitation centers and the spinal cord injury community, and in its indirect markets, the Company's distributors maintain these relationships. Sales of ReWalk Personal are generated primarily from the patient base at the Company's rehabilitation centers, referrals through the spinal cord injury community and direct inquiries from potential users. RRI markets and sells products mainly in the United States and Canada. AMG sell the Company's products mainly in Germany and Europe.

e. In September 2014, the Company completed Initial Public Offering ("IPO") in which the Company issued and sold 3,000,000 ordinary shares at a public offering price of $12.00 per share and during September 2014, the underwriters exercised their option to purchase additional 450,000 ordinary shares at the same IPO price per share. The total net proceeds received from the IPO were $36.3 million after deducting underwriting discounts and commissions of $2.7 million and other offering expenses of $2.5 million (refer also to Note 9c).

f. The Company depends on one contract manufacturer. Reliance on this vendor makes the Company vulnerable to possible capacity constraints and reduced control over component availability, delivery schedules, manufacturing yields and costs. This vendor account for 25% and 12% of the Company's total trade payables as of December 31, 2013 and 2014, respectively.

g. The Company has incurred losses in the amount of $21,668 during the year ended December 31, 2014. The Company has an accumulated deficit in the total amount of $48,574 as of December 31, 2014 and negative cash flow from operating activity is in the amount of $15,319 for the year then ended.  The Company has sufficient funds to support its operations in 2015.

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INCOME TAXES (Schedule of taxes on income) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Taxes on income
Current	$ 76	$ 6	$ 63
Deferred	(60)	16	(42)
Prior year taxes	29
Taxes on income	45	22	21
Taxes on income by jurisdiction
Domestic
Foreign	45	22	21
Taxes on income	$ 45	$ 22	$ 21

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PROPERTY AND EQUIPMENT, NET (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
PROPERTY AND EQUIPMENT, NET [Line Items]
Cost:	$ 749	$ 580
Accumulated depreciation	335	224
Property and equipment, net	414	356
Depreciation expenses	111	92	61
Computer equipment [Member]
PROPERTY AND EQUIPMENT, NET [Line Items]
Cost:	338	250
Office furniture and equipment [Member]
PROPERTY AND EQUIPMENT, NET [Line Items]
Cost:	144	83
Machinery and laboratory equipment [Member]
PROPERTY AND EQUIPMENT, NET [Line Items]
Cost:	235	220
Leasehold improvements [Member]
PROPERTY AND EQUIPMENT, NET [Line Items]
Cost:	$ 32	$ 27

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SHAREHOLDERS' EQUITY (DEFICIENCY) (Tables)

12 Months Ended

Dec. 31, 2014

SHAREHOLDERS' EQUITY (DEFICIENCY) (Abstract)

Schedule of composition of convertible preferred share capital and ordinary shares capital

	Authorized				Issued and outstanding
	December 31,				December 31,
	2013		2014		2013		2014
	Number of shares
Preferred shares of NIS 0.01 par value:
Series A preferred shares		11,000		—		10,677		—
Series B preferred shares		100,000		—		63,880		—
Series C-1 preferred shares		200,000		—		67,486		—
Series C-2 preferred shares		40,000		—		19,675		—
Series D-1 preferred shares		100,000		—		84,008		—
Series D-2 preferred shares		69,387		—		69,387		—
Series D-3 preferred shares		10,323		—		10,323		—
Series D-4 preferred shares		1,967		—		1,967		—
Series E preferred shares		—		—		—		—
Total preferred shares		532,677		—		327,403		—
Ordinary shares of NIS 0.01 par value:
Ordinary shares				250,000,000				11,978,554
Ordinary A shares		168,613,056		—		180,000		—
Ordinary B non-voting shares		1,800,000		—		5,688		—
Total ordinary shares		170,413,056		250,000,000		185,688		11,978,554

Summary of employee share option and RSU activity

A summary of employee share option and RSU activity during the years ended December 31, 2012, 2013 and 2014 is as follows:

	Year ended December 31, 2012
	Number			Average exercise price		Average remaining contractual life (years)		Aggregate intrinsic value (in thousands)
Options outstanding at the beginning of the year		106,866		$	0.46		8.10	$	155
Options granted		421,830		$	1.32
Exercised		—
Forfeited		(9,000	)	$	1.32
Options outstanding at the end of the year		519,696		$	1.14		8.91	$	1,287
Vested and expected to vest		425,070		$	1.10		8.81	$	1,068
Options exercisable at the end of the year		97,938		$	0.56		7.27	$	299

	Year ended December 31, 2013
	Number		Average exercise price		Average remaining contractual life (years)		Aggregate intrinsic value (in thousands)
Options outstanding at the beginning of the year		519,696	$	1.14		8.91	$	1,287
Options granted		484,758	$	1.47
Exercised		—
Forfeited		—
Options outstanding at the end of the year		1,004,454	$	1.30		8.87	$	4,527
Vested and expected to vest		905,778	$	1.30		8.91	$	4,086
Options exercisable at the end of the year		236,664	$	0.93		7.35	$	1,153

	Year ended December 31, 2014
	Number			Average exercise price		Average remaining contractual life (years)		Aggregate intrinsic value (in thousands)
Options outstanding at the beginning of the year		1,004,454		$	1.30		8.87	$	4,527
Options granted		270,561		$	14.15
RSUs granted		78,351		$	-
Exercised		(2,088	)	$	0.91
Forfeited		(432	)	$	1.32
Options/RSUs outstanding at the end of the year		1,350,846		$	3.80		8.37	$	20,373
Vested and expected to vest		1,252,040		$	3.95		8.43	$	18,696
Options/RSUs exercisable at the end of the year		427,826		$	1.14		7.19	$	7,589

Schedule of options and RSUs outstanding which have been separated into ranges of exercise price

The options outstanding as of December 31, 2012 have been separated into ranges of exercise price as follows:

Range of exercise price		Options outstanding as of December 31, 2012		Weighted average remaining contractual life (years)		Options exercisable as of December 31, 2012		Weighted average remaining contractual life (years)
	—		43,182		5.97		36,306		5.78
$	0.28		4,356		5.43		4,356		5.43
$	0.82		59,328		8.04		43,236		8.04
$	1.32		412,830		9.37		14,040		9.36
			519,696		8.91		97,938		7.27

The options outstanding as of December 31, 2013 have been separated into ranges of exercise price as follows:

Range of exercise price		Options outstanding as of December 31, 2013		Weighted average remaining contractual life (years)		Options exercisable as of December 31, 2013		Weighted average remaining contractual life (years)
	—		43,182		4.97		43,182		4.97
$	0.28		4,356		4.43		4,356		4.43
$	0.82		59,328		7.04		58,086		7.04
$	1.32		463,500		8.47		131,040		8.38
$	1.48		434,088		9.99		—		—
			1,004,454		8.87		236,664		7.35

The options and RSUs outstanding as of December 31, 2014 have been separated into ranges of exercise price as follows:

Range of exercise price		Options outstanding as of December 31, 2014		Weighted average remaining contractual life (years) (1)		Options exercisable as of December 31, 2014		Weighted average remaining contractual life (years) (1)
—(including options and RSUs)			121,533		3.97		43,182		3.97
$	0.28		4,356		3.43		4,356		3.43
$	0.82		57,597		6.04		57,597		6.04
$	1.32		462,705		7.47		234,096		7.45
$	1.48		526,957		9.04		88,595		9.00
$	20.77		177,699		9.96		—		—
			1,350,846		8.27		427,826		7.19

(1) Calculation of weighted average remaining contractual term does not include the RSUs that were granted, which have an indefinite contractual term.

Schedule of outstanding options granted to non-employees

The Company's outstanding options granted to non-employees as of December 31, 2013 were as follows:

Issuance date	Options for shares of ordinary share		Exercise price per share		Options exercisable		Exercisable through
	(number)				(number)
March 12, 2007		16,344	$	—		16,344	March 12, 2017
May 10, 2012		4,500	$	1.32		1,872	May 10, 2022
		20,844				18,216

The Company's outstanding options granted to non-employees as of December 31, 2014 were as follows:

Issuance date	Options for shares of ordinary share		Exercise price per share		Options exercisable		Exercisable through
	(number)				(number)
March 12, 2007		16,344	$	—		16,344	March 12, 2017
May 10, 2012		4,500	$	1.32		3,006	May 10, 2022
		20,844				18,774

Schedule of non-cash share-based compensation expense

The Company recognized non-cash share-based compensation expense in the consolidated statements of operations as follows:
 

	Year ended December 31
	2012		2013		2014
Cost of revenues	$	4	$	5	$	33
Research and development, net		25		73		4,364
Sales and marketing, net		14		42		275
General and administrative		70		95		507
Total	$	113	$	215	$	5,179

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FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2014

FAIR VALUE MEASUREMENTS [Lineitems]

Schedule of change in the fair value of warrants to purchase convertible preferred shares liability

The change in the fair value of warrants to purchase convertible preferred shares liability is summarized below:

	Balance at beginning of period		Issuance of warrants to purchase preferred share		Exercise of warrants to purchase preferred share			Change in fair value			Conversion to Warrants to purchase ordinary share following IPO			Balance at end of period
December 31, 2012	$	328	$	1,008	$	—		$	832		$	—		$	2,168
December 31, 2013	$	2,168	$	62	$	—		$	1,111		$	—		$	3,341
December 31, 2014	$	3,341	$	5,794	$	(2,804	)	$	(776	)	$	(5,555	)	$	—

Warrants to purchase series C convertible preferred share [Member]

FAIR VALUE MEASUREMENTS [Lineitems]

Schedule of assumptions used to estimate the value of the warrants to purchase convertible preferred shares

The following assumptions were used to estimate the value of the warrants to purchase series C convertible preferred share:

	December 31, 2013			September 17, 2014 (conversion date)
Expected volatility		70	%		70	%
Risk-free rate		0.1	%		0.1	%
Dividend yield		0	%		0	%
Expected term (in years)		1.25			-

Warrants to purchase series D convertible preferred shares [Member]

FAIR VALUE MEASUREMENTS [Lineitems]

Schedule of assumptions used to estimate the value of the warrants to purchase convertible preferred shares

The following assumptions were used to estimate the value of the warrants to purchase series D convertible preferred shares:

	September 24, 2013 (issuance date)			December 31, 2013			September 11, 2014 (IPO date)
Expected volatility		70	%		70	%		70	%
Risk-free rate		0.2	%		0.1	%		1.7	%
Dividend yield		0	%		0	%		0	%
Expected term (in years)		1.5			1.25			4.8

Warrants to purchase series E convertible preferred shares [Member]

FAIR VALUE MEASUREMENTS [Lineitems]

Schedule of assumptions used to estimate the value of the warrants to purchase convertible preferred shares

The following assumptions were used to estimate the value of the warrants to purchase series E convertible preferred shares:

	June 26, 2014 (issuance date)			September 11, 2014 (IPO date)
Expected volatility		70	%		70	%
Risk-free rate		0.1	%		1.4	%
Dividend yield		0	%		0	%
Expected term (in years)		4.0			3.8

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SHAREHOLDERS' EQUITY (DEFICIENCY) (Schedule of Outstanding Options Granted to Non-employees) (Details) (Non-employees options [Member], USD $)	Dec. 31, 2014	Dec. 31, 2013
Shareholders' equity (deficiency) [Line Items]
Options for shares of ordinary share (number)	20,844	20,844
Options exercisable (number)	18,774	18,216
March 12, 2007 [Member]
Shareholders' equity (deficiency) [Line Items]
Options for shares of ordinary share (number)	16,344	16,344
Exercise price per share (in dollars per shares)
Options exercisable (number)	16,344	16,344
May 10, 2012 [Member]
Shareholders' equity (deficiency) [Line Items]
Options for shares of ordinary share (number)	4,500	4,500
Exercise price per share (in dollars per shares)	1.32	1.32
Options exercisable (number)	3,006	1,872

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SHORT TERM CONVERTIBLE LOANS (Details) (USD $)	0 Months Ended	12 Months Ended
	Sep. 24, 2013	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 30, 2013
SHORT TERM CONVERTIBLE LOANS [Line Items]
Financial expenses related to convertible debt instrument		$ 100,000
Convertible loans [Member]
SHORT TERM CONVERTIBLE LOANS [Line Items]
Aggregate principal amount of debt instrument				1,500,000	6,230,000
Annual interest rate (as a percent)				7.00%
Debt instrument conversion price calculated based on discount rate considered (as a percent)			0.167%
Fair value of the debt instrument				682,000
Total amount of debt converted	9,896,000
Financial expenses related to convertible debt instrument		0	2,166,000	6,000
Outstanding debt		0
Additional debt obtained		$ 0
Convertible loans [Member] | Minimum [Member]
SHORT TERM CONVERTIBLE LOANS [Line Items]
Debt instrument conversion price calculated based on discount rate considered (as a percent)	14.90%
Convertible loans [Member] | Maximum [Member]
SHORT TERM CONVERTIBLE LOANS [Line Items]
Debt instrument conversion price calculated based on discount rate considered (as a percent)	20.00%		20.00%
Convertible loans [Member] | Series D convertible preferred share [Member]
SHORT TERM CONVERTIBLE LOANS [Line Items]
Number of shares issued upon conversion of debt instrument	81,677
Convertible loans [Member] | Series D convertible preferred share [Member] | Minimum [Member]
SHORT TERM CONVERTIBLE LOANS [Line Items]
Conversion price (in dollars per share)	$ 96.8
Convertible loans [Member] | Series D convertible preferred share [Member] | Maximum [Member]
SHORT TERM CONVERTIBLE LOANS [Line Items]
Conversion price (in dollars per share)	$ 103

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WARRANTS TO PURCHASE PREFERRED SHARE (Tables)

12 Months Ended

Dec. 31, 2014

WARRANTS TO PURCHASE PREFERRED SHARE [Abstract]

Schedule of warrants to purchase preferred share

Issuance with respect to	Warrants to purchase	Issuance date	Number of warrants		Exercise price		Contractual term
Series C Transaction	Preferred C-1	08/02/2011		7,615	$	105.815	The earlier of: (i) a merger (ii) the consummation of an initial public offering and (iii) 3 years from the issuance date (all as stipulated in the specific warrant agreement)
Series C Transaction	Preferred C-1	01/31/2012		7,231	$	105.815	The earlier of: (i) a merger (ii) the consummation of an initial public offering and (iii) 3 years from the issuance date (all as stipulated in the specific warrant agreement)
Series C Transaction	Preferred C-1	05/10/2012		4,252	$	105.815	The earlier of: (i) a merger (ii) the consummation of an initial public offering and (iii) 3 years from the issuance date (all as stipulated in the specific warrant agreement)
Series C Transaction	Preferred C-1	08/20/2012		5,870	$	105.815	The earlier of: (i) a merger (ii) the consummation of an initial public offering and (iii) 3 years from the issuance date (all as stipulated in the specific warrant agreement)
Fee agreement with a service provider	Preferred D	09/24/2013		600	$	121	The earlier of: (i) a merger (ii) the consummation of an initial public offering and (iii) 5 years from the issuance date (all as stipulated in the specific warrant agreement)
Venture loan from Kreos	Preferred D	06/19/2014		5,372	$	206.09	The earlier of: (i) a merger (ii) 5 years from the consummation of an initial public offering and (iii) 10 years from the issuance date (all as stipulated in the specific warrant agreement)
Series E Transaction (refer to Note 10d)	Preferred E	06/26/2014		37,850	$	206.09	4 years from the issuance date (all as stipulated in the specific warrant agreement)

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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2014

INCOME TAXES [Abstract]

Schedule of profit (loss) before taxes on income

	Year ended December 31
	2012			2013			2014
Domestic	$	(6,671	)	$	(12,219	)	$	(21,743	)
Foreign		34			64			120
	$	(6,637	)	$	(12,155	)	$	(21,623	)

Schedule of taxes on income

	Year ended December 31
	2012			2013		2014
Current	$	63		$	6	$	76
Deferred		(42	)		16		(60	)
Prior year taxes		-			-		29
	$	21		$	22	$	45

	Year ended December 31
	2012		2013		2014
Domestic	$	—	$	—	$	—
Foreign		21		22		45
	$	21	$	22	$	45

Schedule of deferred income taxes

	December 31
	2013			2014
Carry forward tax losses	$	5,744		$	9,152
Research and Development carry forward expenses-temporary differences		449			870
Accrual and reserves		52			153
Deferred tax assets before valuation allowance		6,245			10,175
Valuation allowance		(6,219	)		(10,089	)
Net deferred tax assets	$	26		$	86

Schedule of reconciliation between the theoretical tax expense and the actual tax expense (benefit)

	Year ended December 31
	2012			2013			2014
Loss before taxes, as reported in the consolidated statements of operations	$	(6,637	)	$	(12,155	)	$	(21,623	)
Statutory tax rate		25	%		25	%		26.5	%
Theoretical tax benefits on the above amount at the Israeli statutory tax rate	$	(1,659	)	$	(3,039	)	$	(5,730	)
Income tax at rate other than the Israeli statutory tax rate		8			7			12
Non-deductible expenses including equity based compensation expenses and other		33			895			1,864
Operating losses and other temporary differences for which valuation allowance was provided		1,639			2,159			3,870
Taxes in respect of prior years		-			-			29
Actual tax expense	$	21		$	22		$	45

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CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014
CONSOLIDATED STATEMENTS OF CASH FLOWS [Abstract]
Issuance of ordinary shares in IPO, issuance expenses	$ 5,138

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FINANCIAL EXPENSES (INCOME), NET (Tables)

12 Months Ended

Dec. 31, 2014

FINANCIAL EXPENSES (INCOME), NET [Abstract]

Schedule of financial expenses (income), net

	Year ended December 31
	2012		2013		2014
Financial expenses related to convertible loans	$	6	$	2,166		—
Issuance of warrants to purchase convertible preferred share		—		—		835
Revaluation of fair value of warrants to purchase convertible preferred share		832		1,111		(776	)
Issuance of convertible preferred shares		—		—		1,114
Foreign currency transactions and other		18		93		200
Financial expenses related to loan agreement with Kreos		—		—		100
Issuance cost related to warrants liability		—		—		128
Bank commissions		22		40		36
Expenses related to hedging transactions		—		—		61
	$	878	$	3,410	$	1,698

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SIGNIFICANT ACCOUNTING POLICIES (Government grants) (Details) (BIRD [Member], USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
BIRD [Member]
Government grants [Line Items]
Non-royalty-bearing grants expenses	$ 0	$ 101	$ 45
Royalty-bearing grants expenses	76	0	0
Royalties expenses	204	136	40
Contingent liability	$ 466

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SHAREHOLDERS' EQUITY (DEFICIENCY) (Schedule of Composition of Convertible Preferred Share Capital and Ordinary Shares Capital) (Details) (ILS)	Dec. 31, 2014	Aug. 26, 2014	Dec. 31, 2013
Composition of convertible preferred share capital and ordinary shares capital [Line Items]
Preferred shares, par value (in NIS per share)	0.01		0.01
Preferred shares, shares authorized	0		532,677
Preferred shares, shares issued	0		327,403
Preferred shares, shares outstanding	0		327,403
Ordinary shares, par value (in NIS per share)	0.01	0.01	0.01
Ordinary share, shares authorized	250,000,000	250,000,000	170,413,056
Ordinary shares, shares issued	11,978,554		185,688
Ordinary shares, shares outstanding	11,978,554		185,688
Series A preferred shares [Member]
Composition of convertible preferred share capital and ordinary shares capital [Line Items]
Preferred shares, shares authorized			11,000
Preferred shares, shares issued			10,677
Preferred shares, shares outstanding			10,677
Series B preferred shares [Member]
Composition of convertible preferred share capital and ordinary shares capital [Line Items]
Preferred shares, shares authorized			100,000
Preferred shares, shares issued			63,880
Preferred shares, shares outstanding			63,880
Series C-1 preferred shares [Member]
Composition of convertible preferred share capital and ordinary shares capital [Line Items]
Preferred shares, shares authorized			200,000
Preferred shares, shares issued			67,486
Preferred shares, shares outstanding			67,486
Series C-2 preferred shares [Member]
Composition of convertible preferred share capital and ordinary shares capital [Line Items]
Preferred shares, shares authorized			40,000
Preferred shares, shares issued			19,675
Preferred shares, shares outstanding			19,675
Series D-1 preferred shares [Member]
Composition of convertible preferred share capital and ordinary shares capital [Line Items]
Preferred shares, shares authorized			100,000
Preferred shares, shares issued			84,008
Preferred shares, shares outstanding			84,008
Series D-2 preferred shares [Member]
Composition of convertible preferred share capital and ordinary shares capital [Line Items]
Preferred shares, shares authorized			69,387
Preferred shares, shares issued			69,387
Preferred shares, shares outstanding			69,387
Series D-3 preferred shares [Member]
Composition of convertible preferred share capital and ordinary shares capital [Line Items]
Preferred shares, shares authorized			10,323
Preferred shares, shares issued			10,323
Preferred shares, shares outstanding			10,323
Series D-4 preferred shares [Member]
Composition of convertible preferred share capital and ordinary shares capital [Line Items]
Preferred shares, shares authorized			1,967
Preferred shares, shares issued			1,967
Preferred shares, shares outstanding			1,967
Series E preferred shares [Member]
Composition of convertible preferred share capital and ordinary shares capital [Line Items]
Preferred shares, shares authorized
Preferred shares, shares issued
Preferred shares, shares outstanding
Ordinary shares [Member]
Composition of convertible preferred share capital and ordinary shares capital [Line Items]
Ordinary share, shares authorized	250,000,000
Ordinary shares, shares issued	11,978,554
Ordinary shares, shares outstanding	11,978,554
Ordinary A shares [Member]
Composition of convertible preferred share capital and ordinary shares capital [Line Items]
Ordinary share, shares authorized			168,613,056
Ordinary shares, shares issued			180,000
Ordinary shares, shares outstanding			180,000
Ordinary B non-voting shares [Member]
Composition of convertible preferred share capital and ordinary shares capital [Line Items]
Ordinary share, shares authorized			1,800,000
Ordinary shares, shares issued			5,688
Ordinary shares, shares outstanding			5,688

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CONSOLIDATED BALANCE SHEETS(USD ($))	Dec. 31, 2014	Dec. 31, 2013
CURRENT ASSETS:
Cash and cash equivalents	$ 41,829,000	$ 8,860,000
Short-term deposit	1,667,000
Trade receivable, net of allowance for doubtful accounts of $0 and $36, respectively	1,955,000	304,000
Prepaid expenses and other current assets	756,000	469,000
Inventories	777,000	973,000
Total current assets	46,984,000	10,606,000
LONG-TERM ASSETS
Prepaid expenses	267,000	54,000
Property and equipment, net	414,000	356,000
Severance pay fund		43,000
Total long-term assets	681,000	453,000
Total assets	47,665,000	11,059,000
CURRENT LIABILITIES:
Trade payables	1,390,000	945,000
Employees and payroll accruals	872,000	564,000
Deferred revenues and customers advances	77,000	198,000
Other current liabilities	769,000	96,000
Other liabilities related to settlement of BIRD Foundation grants (see Note 7b)	466,000
Total current liabilities	3,574,000	1,903,000
LONG-TERM LIABILITIES
Warrants to purchase convertible preferred shares		3,341,000
Deferred revenues	172,000	123,000
Accrued severance pay		61,000
Other long-term liabilities	66,000
Total long-term liabilities	238,000	3,525,000
Total liabilities	3,812,000	5,428,000
COMMITMENTS AND CONTINGENT LIABILITIES
Convertible preferred share
Preferred A, B, C, D and E share of NIS 0.01 par value-Authorized: 532,677 and 0 shares at December 31, 2013 and 2014, respectively; Issued and outstanding: 327,403 and 0 shares at December 31, 2013 and 2014, respectively; Aggregate liquidation preference of $35,852 and $0 at December 31, 2013 and 2014, respectively			[1]
Share capital
Ordinary share of NIS 0.01 par value-Authorized: 170,413,056 and 250,000,000 shares at December 31, 2013 and 2014, respectively; Issued and outstanding: 185,688 and 11,978,554 shares at December 31, 2013 and 2014, respectively	32,000		[1]
Additional paid-in capital	92,395,000	32,537,000
Accumulated deficit	(48,574,000)	(26,906,000)
Total shareholders' equity	43,853,000	5,631,000
Total liabilities and shareholders' equity	$ 47,665,000	$ 11,059,000

[1] Represents an amount lower than $1

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COMMITMENTS AND CONTINGENT LIABILITIES (Purchase commitment and lease commitment) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Purchase commitment
Outstanding purchase orders	$ 2,227
Lease commitment:
Aggregate minimum rental commitments under non-cancelable leases for 2015	153
Total rent expenses	168	156	116
Maximum penalties payable on early release of agreement	$ 55

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STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIENCY) (Parenthetical) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2012	Dec. 31, 2013	Dec. 31, 2014
Convertible Preferred Shares [Member] | Series C Convertible preferred Shares [Member]
Issuance cost	$ 3
Convertible Preferred Shares [Member] | Series D Convertible preferred Shares [Member]
Issuance cost		204
Convertible Preferred Shares [Member] | Series E convertible preferred shares [Member]
Issuance cost			212
Ordinary Share [Member]
Issuance cost			$ 5,138

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WARRANTS TO PURCHASE PREFERRED SHARE (Narrative) (Details) (USD $)	1 Months Ended	12 Months Ended			0 Months Ended											3 Months Ended
	Sep. 30, 2014	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012	Jun. 19, 2014 item	Jul. 30, 2014	Aug. 26, 2014	Sep. 24, 2013	Sep. 15, 2014	Jun. 26, 2014	Oct. 12, 2014	Sep. 30, 2014	Jan. 31, 2012	Aug. 02, 2011	Jul. 26, 2011 item	Aug. 20, 2012	May 10, 2012	Jun. 27, 2011	May 30, 2013	Sep. 11, 2014
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Shares issued	3,000,000
Price of shares issued (in dollars per share)	$ 12.00											12.00
Cash consideration received upon exercise of warrants		$ 1,078,000
Fair value of the warrants (in dollars per warrant)													$ 46.74			$ 72.26	$ 57.68	$ 43.09
Transaction fee expenses		100,000
Fair value of the warrants to purchase convertible preferred shares			3,341,000
Reclassification of liability warrants to equity warrants		5,555,000
Financial expenses (income), net		(776,000)	1,111,000	832,000
Line of credit with Kreos [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Maximum borrowing capacity					5,000,000
Minimum required drawdown					1,000,000
Number of monthly installments in which amounts drawn will be repaid					36
Transaction fee (as a percent)					1.00%
Transaction fee expenses		100,000
Warrants to purchase series C-1 convertible preferred share issued on 08/02/2011 [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Exercise price (in dollars per share)														$ 105.815
Number of warrants issued (in shares)														7,615
Number of shares issuable upon exercise of each warrant						1
Warrants to purchase series C-1 convertible preferred share issued on 08/02/2011, exercisable on cash basis [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Number of warrants issued (in shares)						6,197
Convertible preferred shares issued upon exercise of warrants						6,197
Cash consideration received upon exercise of warrants						656,000
Warrants to purchase series C-1 convertible preferred share issued on 08/02/2011, exercisable on cashless basis [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Number of warrants issued (in shares)						1,418
Convertible preferred shares issued upon exercise of warrants						721
Warrants to purchase series C-1 convertible preferred share issued on 01/31/2012 [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Exercise price (in dollars per share)													$ 105.815
Number of warrants issued (in shares)													7,231
Warrants to purchase series C-1 convertible preferred share issued on 05/10/2012 and 08/20/2012 [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Number of warrants issued (in shares)																10,122
Warrants to purchase series C-1 convertible preferred share issued between January 2012 and August 2012 [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Number of warrants issued (in shares)							17,353
Warrants to purchase series C-1 convertible preferred share issued between January 2012 and August 2012, exercisable on cash basis [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Number of warrants issued (in shares)							3,988
Convertible preferred shares issued upon exercise of warrants							3,988
Cash consideration received upon exercise of warrants							422,000
Warrants to purchase series C-1 convertible preferred share issued between January 2012 and August 2012, exercisable on cashless basis [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Number of warrants issued (in shares)							13,365
Convertible preferred shares issued upon exercise of warrants							6,799
Warrants to purchase series D convertible preferred share issued on 09/24/2013 [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Exercise price (in dollars per share)								$ 121
Number of warrants issued (in shares)								600
Convertible preferred shares issued upon exercise of warrants							263
Warrants to purchase shares granted as percentage of shares issued upon cash receipt from an external investor identified by the service provider																			5.00%
Warrants at fair value recorded as issuance expense								62,000
Warrants to purchase series D convertible preferred share issued on 06/19/2014 [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Exercise price (in dollars per share)					$ 206.09
Number of warrants issued (in shares)					5,372
Warrants at fair value recorded as issuance expense					835,000
Warrants to purchase ordinary shares issued upon conversion of series D-1 convertible preferred shares warrants [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Number of warrants issued (in shares)																				96,696
Ordinary shares issued upon exercise of warrants									79,200
Warrants to purchase series E convertible preferred share issued on 06/26/2014 [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Exercise price (in dollars per share)										$ 206.09
Number of warrants issued (in shares)										37,850
Warrants conversion ratio										18
Warrants to purchase ordinary shares issued upon conversion of series E convertible preferred shares warrants [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Number of warrants issued (in shares)	26,784										89,280	26,784								785,754
Ordinary shares issued upon exercise of warrants											60,226	18,192
Convertible preferred C-1 shares [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Shares issued													24,102	9,640	67,486	33,744
Price of shares issued (in dollars per share)															$ 105.815
Aggregate amount received upon issuance of shares				$ 5,101,000									$ 2,600,000	$ 1,000,000	$ 7,100,000	$ 3,600,000
Number of installments into which investments was made															3
Exercise price (in dollars per share)															$ 105.815
Number of milestones															3

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SIGNIFICANT ACCOUNTING POLICIES (Other Narratives) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Inventories:
Wrote off inventory	$ 76	$ 88	$ 91
Impairment of Long-Lived Assets:
Impairment losses	0	0	0
Warrants to Purchase Convertible Preferred Share:
Warrants to purchase convertible preferred shares liability		3,341
Warranty:
Term of standard warranty	2 years
Provision for warranty accrued	387	170
Concentrations of Credit Risks:
Allowance for doubtful accounts	36	0
Accrued Severance Pay:
Number of employees not elected under section 14 of Severance Pay Law	1
Percentage of monthly deposit by employees	8.33%
Severance pay expense	$ 170	$ 126	$ 89

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FINANCIAL EXPENSES (INCOME), NET (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
FINANCIAL EXPENSES (INCOME), NET [Abstract]
Financial expenses related to convertible loans		$ 2,166	$ 6
Issuance of warrants to purchase convertible preferred share	835
Revaluation of fair value of warrants to purchase convertible preferred share	(776)	1,111	832
Issuance of convertible preferred shares	1,114
Foreign currency transactions and other	200	93	18
Financial expenses related to loan agreement with Kreos	100
Issuance cost related to warrants liability	128
Bank commissions	36	40	22
Expenses related to hedging transactions	61
Financial expenses (income), net	$ 1,698	$ 3,410	$ 878

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SUBSEQUENT EVENTS

12 Months Ended

Dec. 31, 2014

SUBSEQUENT EVENTS [Abstract]

SUBSEQUENT EVENTS

NOTE  14:- SUBSEQUENT EVENTS

In February 2015, the Company signed an agreement to lease new offices for RRL. The agreement term is for 10 years (out of which 7 years are non-cancelable) and the Company expects to pay under this new lease agreement a total amount of approximately $2 million during the 10-year term.

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SIGNIFICANT ACCOUNTING POLICIES (Related party) (Details) (YEC [Member], USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013
YEC [Member]
Related party [Line Items]
Related party receivable	$ 215	$ 88
Revenues from related party	$ 88	$ 394

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SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2014

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Schedule of property and equipment depreciation rates

Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates:

 

	%
Computer equipment	33
Office furniture and equipment	6 – 10 (mainly 10)
Machinery and laboratory equipment	15
Leasehold improvements	Over the shorter of the lease term or estimated useful life

Schedule of assumption used in determine fair value for options granted under Black-Scholes-Merton option pricing model

The fair value for options granted in 2012, 2013 and 2014 is estimated at the date of grant using a Black-Scholes-Merton option pricing model with the following assumptions:

	December 31,
	2012		2013		2014
Expected volatility		85%		70%-75%		60%-70%
Risk-free rate		0.92%-1.04%		0.95%-2.08%		1.74%-1.95%
Dividend yield		0%		0%		0%
Expected term (in years)		6.02-6.08		6.02 - 6.08		5.81 - 6.11
Share price		$2.48 - $2.76		$3.62 - $5.80		$1.49 - $20.77

Schedule of computation of the basic and diluted net loss per ordinary share

The following table sets forth the computation of the Company's basic and diluted net loss per ordinary share:

	Year ended December 31
	2012			2013			2014
Net loss	$	(6,658	)	$	(12,177	)	$	(21,668	)
Convertible preferred shares dividend		(1,004	)		(1,663	)		(2,229	)
Net loss attributable to ordinary shares		(7,662	)		(13,840	)		(23,897	)
Shares used in computing net loss per ordinary shares, basic and diluted		185,688			185,688			3,766,694
Net loss per ordinary share, basic and diluted	$	(41.26	)	$	(74.53	)	$	(6.34	)

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SUBSEQUENT EVENTS (Details) (Subsequent event [Member], USD $) In Millions, unless otherwise specified	1 Months Ended
	Feb. 28, 2015
Subsequent event [Member]
SUBSEQUENT EVENTS [Line items]
Agreement term	10 years
Noncancelable agreement term	7 years
Total amount expencted to pay under new lease	$ 2

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CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Cash flows from operating activities:
Net loss	$ (21,668)	$ (12,177)	$ (6,658)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	111	92	61
Share-based compensation to employees and non employees	5,179	215	113
Deferred taxes	(60)	16	(42)
Financial expenses related to convertible loans		2,166	6
Revaluation of fair value of warrants to purchase convertible preferred share	(776)	1,111	832
Issuance of Warrants to venture lending	835
Issuance of Warrants to service provider	73
Changes in assets and liabilities:
Trade receivables, net	(1,651)	(70)	(234)
Prepaid expenses and other current assets	(440)	(305)	62
Inventories	196	(413)	(265)
Trade payables	445	10	440
Employees and payroll accruals	308	269	138
Deferred revenues and advances from customers	(72)	272	(21)
Other liabilities	1,105	2	181
Severance pay, net	(18)	12
Net cash used in operating activities	(15,319)	(8,800)	(5,387)
Cash flows from investing activities:
Change in long-term deposits		7	(38)
Investment in short-term deposits	(10,000)
Maturities of short-term deposits	8,333
Purchase of property and equipment	(169)	(187)	(148)
Net cash used in investing activities	(1,836)	(180)	(186)
Cash flows from financing activities:
Issuance of convertible loans		7,048	682
Issuance of ordinary share upon exercise of stock options by employees	2
Exercise of warrants into Series C and D to convertible preferred shares	1,078
Issuance of ordinary shares in IPO, net of issuance expenses in an amount of $5,138	36,263
Net cash provided by financing activities	50,124	17,071	5,783
Increase in cash and cash equivalents	32,969	8,091	210
Cash and cash equivalents at beginning of period	8,860	769	559
Cash and cash equivalents at end of period	41,829	8,860	769
Supplemental disclosures of non-cash flow information
Exercise of warrants to purchase preferred shares into Series C and D preferred shares	2,804
Reclassification of liability warrants to equity warrants	5,555
Supplemental disclosures of cash flow information:
Cash paid for income taxes		123
Series C Convertible preferred Shares [Member]
Cash flows from financing activities:
Issuance of convertible preferred shares, including warrants, net			5,101
Supplemental disclosures of non-cash flow information
Conversion of convertible loan into convertible preferred share			1,017
Series D Convertible preferred Shares [Member]
Adjustments to reconcile net loss to net cash used in operating activities:
Financial expenses resulted from Issuance of Series D preferred shares to related party	1,114
Cash flows from financing activities:
Issuance of convertible preferred shares, including warrants, net		10,023
Supplemental disclosures of non-cash flow information
Conversion of convertible loan into convertible preferred share		9,896
Warrants to purchase Series D convertible preferred share issued to service provider		62
Series E convertible preferred shares [Member]
Cash flows from financing activities:
Issuance of convertible preferred shares, including warrants, net	$ 12,781

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CONSOLIDATED BALANCE SHEETS (Parenthetical)(USD ($)) In Thousands, except Share data, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
CONSOLIDATED BALANCE SHEETS [Abstract]
Trade receivable, allowance for doubtful accounts	$ 36	$ 0
Preferred A, B, C, D and E share, shares authorized	0	532,677
Preferred A, B, C, D and E share, shares Issued	0	327,403
Preferred A, B, C, D and E share, shares outstanding	0	327,403
Preferred A, B, C, D and E share, liquidation preference	$ 0	$ 35,852
Ordinary share, shares authorized	250,000,000	170,413,056
Ordinary share, shares Issued	11,978,554	185,688
Ordinary share, shares outstanding	11,978,554	185,688

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SHAREHOLDERS' EQUITY (DEFICIENCY)

12 Months Ended

Dec. 31, 2014

SHAREHOLDERS' EQUITY (DEFICIENCY) (Abstract)

SHAREHOLDERS' EQUITY (DEFICIENCY)

NOTE  9:-                 SHAREHOLDERS' EQUITY (DEFICIENCY)

a. All ordinary shares, options, exercise prices and loss per share amounts have been adjusted retroactively for all periods presented in these financial statements, to reflect the 17-to-one bonus share issuance (equivalent to an 18-for-1 share split) effected on August 26, 2014.

b. Composition of convertible preferred share capital and ordinary shares capital:

	Authorized				Issued and outstanding
	December 31,				December 31,
	2013		2014		2013		2014
	Number of shares
Preferred shares of NIS 0.01 par value:
Series A preferred shares		11,000		—		10,677		—
Series B preferred shares		100,000		—		63,880		—
Series C-1 preferred shares		200,000		—		67,486		—
Series C-2 preferred shares		40,000		—		19,675		—
Series D-1 preferred shares		100,000		—		84,008		—
Series D-2 preferred shares		69,387		—		69,387		—
Series D-3 preferred shares		10,323		—		10,323		—
Series D-4 preferred shares		1,967		—		1,967		—
Series E preferred shares		—		—		—		—
Total preferred shares		532,677		—		327,403		—
Ordinary shares of NIS 0.01 par value:
Ordinary shares				250,000,000				11,978,554
Ordinary A shares		168,613,056		—		180,000		—
Ordinary B non-voting shares		1,800,000		—		5,688		—
Total ordinary shares		170,413,056		250,000,000		185,688		11,978,554

c. Initial Public Offering:

In September 2014, the Company completed its IPO in which the Company issued and sold 3,000,000 ordinary shares at a public offering price of $12.00 per share. During the IPO the underwriters received an option to purchase 450,000 ordinary shares of the company at the price of $12.00 for a period of 30 days following the IPO date.

During September 2014, the underwriters exercised their option to purchase additional 450,000 Ordinary shares at the same IPO price per share.

The total net proceeds received from the IPO were $36.3 million after deducting underwriting discounts and commissions of $2.7 million and other offering expenses of $2.5 million.

d. 1. Ordinary shares:

The ordinary shares of the Company confer on the holders thereof voting rights, rights to receive dividends and rights to participate in distribution of assets upon liquidation after any outstanding preferred shares receive their preference amount. The ordinary A shares and ordinary B shares were restated as ordinary shares in accordance with the following:

On August 26, 2014, in a duly convened extraordinary general meeting of the shareholders of the Company, the shareholders (i) duly approved an amendment of the Company's Articles of Association which subsequently entered effect upon the Company's initial public offering, under which the Company's authorized share capital was increased and restated as NIS 2,500,000 divided into 250,000,000 ordinary shares, par value NIS 0.01, and (ii) ratified an updated capitalization table of the Company, which represented each shareholder's holdings in the Company following the aforementioned restatement of the Company's authorized share capital.

 

2. Convertible preferred shares:

 Following the Company's IPO, as described in Note 9c above, all of the Company's convertible preferred shares were automatically converted into 7,838,640 ordinary shares in a conversion ratio of 1-to-1.

e. Preferred Share purchase agreements:

The Company entered into a Share Purchase Agreement dated as of September 24, 2013 (the “Series D SPA”) with several existing shareholders and with a new investor, YEC, for the private placement of Series D-1, Series D-2, Series D-3 and Series D-4 convertible preferred shares in connection with the conversion of previously-issued convertible loans. Pursuant to the Series D SPA, the Company issued a total of 84,008 Series D-1 convertible preferred shares for an aggregate purchase price of $9,961 (net of $204 issuance expenses) and a total of 81,677 Series D-2, Series D-3 and Series D-4 convertible preferred shares, converting convertible loans of $9,896 (including financial expenses), including interest. The price per share was $121.00 per Series D-1 convertible preferred share, $96.80 per Series D-2 convertible preferred share, $101.197 per Series D-3 convertible preferred share and $103.016 per Series D-4 convertible preferred share.

The Series D SPA provides that YEC shall be issued additional shares for no consideration on certain specified dates, beginning on April 1, 2014 and ending on September 1, 2014, if the following two events have not occurred as of such date: (i) receipt of FDA clearance to market ReWalk Personal in the United States and (ii) reimbursement by any German insurance provider of the full cost of at least one ReWalk Personal. An aggregate of 8,264 shares are issuable pursuant to the Series D SPA in connection with the failure to achieve both of these events (see also Note 14). The fair value of those warrants as of the issuance date and as of December 31, 2013 was immaterial.

Pursuant to the Series D SPA, the Company issued 1,377 convertible preferred D Shares to YEC on each of April 1, May 1 and June 1, 2014 (a total of 4,131 convertible preferred D shares). Following the issuance of these shares, during the year ended December 31, 2014, the Company recorded their fair value in the amount of $1,114 in its consolidated statement of operations under financial expenses, net.

The fair value of the Series D convertible preferred shares issued to YEC on each of these dates was determined by the board of directors of the Company considering, among others, third party valuations, and was classified as level 3 in the fair value hierarchy since some of the inputs used in the valuation were determined based on management's assumptions. The valuation of the Company was performed using a DCF model. The OPM method was then employed to allocate the enterprise value among the Company's various equity classes, deriving a fully marketable value per share for the preferred share. The expected share price volatility for the shares was determined by examining the historical volatilities of a group of the Company's industry peers as there is no trading history of the Company's shares. The risk-free interest rate was calculated using the average of the published interest rates for U.S. Treasury zero-coupon issues with maturities that approximate the expected term. The dividend yield assumption was zero as there is no history of dividend payments.

The following assumptions were used to estimate the fair value of the Series D convertible preferred shares issued to YEC on each of these dates: expected volatility- 70%; Risk-free rate- 0.1% and Dividend yield- 0%.

As of June 30, 2014, YEC agreed that both of the above events had been satisfied and as such commencing July 1, 2014 no convertible preferred D Shares will be issued to YEC.

On June 26, 2014, the Company entered into a Securities Purchase Agreement with Gabriel Capital Fund (US), L.P. and affiliated entities, and the other parties named therein (the “Series E SPA”). The transaction closed in July 2014. Pursuant to the Series E SPA, the Company issued an aggregate of 75,695 of its preferred E Shares and warrants to purchase an aggregate of 37,850 preferred E Shares (see Note 10d) to Gabriel and the other investors named in the Series E SPA for an aggregate purchase price in cash of $13.0 million. The preferred E Shares were issued at a price of $171.74 per share.

The Company's articles of association in effect prior to the IPO provided for antidilution protections to certain holders of convertible preferred shares based on the price to the public in the IPO. As a result, the conversion price of certain holders of convertible preferred shares was reduced, and the 75,695 Series E convertible preferred shares are convertible into 1,547,604 ordinary shares.

 

f. Share option plans:

On March 30, 2012, the Company's board of directors adopted the ReWalk Robotics Ltd. 2012 Equity Incentive Plan.

On August 19, 2014, the Company's board of directors adopted the ReWalk Robotics Ltd. 2014 Incentive Compensation Plan (the "Plan"). The Plan provides for the grant of stock options, stock appreciation rights, restricted stock awards, restricted stock units, cash-based awards, other stock-based awards and dividend equivalents to the Company's and its affiliates' respective employees, non-employee directors and consultants.

Starting in 2014, the Company granted to directors and the chief executive officer of the Company RSUs under this Plan. An RSU award is an agreement to issue shares of our common stock at the time the award is vested.

As of December 31, 2013 and 2014, the Company had reserved 220,536 and 25,056 shares of ordinary shares, respectively, available for issuance to employees, directors, officers and non-employees of the Company. The options generally vest over four years. Any option that is forfeited or canceled before expiration becomes available for future grants under the Plan.

A summary of employee share option and RSU activity during the years ended December 31, 2012, 2013 and 2014 is as follows:

	Year ended December 31, 2012
	Number			Average exercise price		Average remaining contractual life (years)		Aggregate intrinsic value (in thousands)
Options outstanding at the beginning of the year		106,866		$	0.46		8.10	$	155
Options granted		421,830		$	1.32
Exercised		—
Forfeited		(9,000	)	$	1.32
Options outstanding at the end of the year		519,696		$	1.14		8.91	$	1,287
Vested and expected to vest		425,070		$	1.10		8.81	$	1,068
Options exercisable at the end of the year		97,938		$	0.56		7.27	$	299

	Year ended December 31, 2013
	Number		Average exercise price		Average remaining contractual life (years)		Aggregate intrinsic value (in thousands)
Options outstanding at the beginning of the year		519,696	$	1.14		8.91	$	1,287
Options granted		484,758	$	1.47
Exercised		—
Forfeited		—
Options outstanding at the end of the year		1,004,454	$	1.30		8.87	$	4,527
Vested and expected to vest		905,778	$	1.30		8.91	$	4,086
Options exercisable at the end of the year		236,664	$	0.93		7.35	$	1,153

	Year ended December 31, 2014
	Number			Average exercise price		Average remaining contractual life (years)		Aggregate intrinsic value (in thousands)
Options outstanding at the beginning of the year		1,004,454		$	1.30		8.87	$	4,527
Options granted		270,561		$	14.15
RSUs granted		78,351		$	-
Exercised		(2,088	)	$	0.91
Forfeited		(432	)	$	1.32
Options/RSUs outstanding at the end of the year		1,350,846		$	3.80		8.37	$	20,373
Vested and expected to vest		1,252,040		$	3.95		8.43	$	18,696
Options/RSUs exercisable at the end of the year		427,826		$	1.14		7.19	$	7,589

The weighted average grant date fair values of options granted during the years ended December 31, 2012, 2013 and 2014 were $2.03, $4.74 and $11.00, respectively. The weighted average grant date fair values of RSUs granted during the year ended December 31, 2014 were $20.77.

The aggregate intrinsic value in the table above represents the total intrinsic value that would have been received by the option holders had all option holders exercised their options on the last date of the exercise period. No option was exercised during the years ended December 31, 2012 and 2013, total intrinsic value of options exercised for the year ended December 31, 2014 was $38. As of December 31, 2013 and 2014, there was $2,668 and $6,399 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the 2012 and 2014 Plan. This cost is expected to be recognized over a period of approximately 4 years.

The options outstanding as of December 31, 2012 have been separated into ranges of exercise price as follows:

Range of exercise price		Options outstanding as of December 31, 2012		Weighted average remaining contractual life (years)		Options exercisable as of December 31, 2012		Weighted average remaining contractual life (years)
	—		43,182		5.97		36,306		5.78
$	0.28		4,356		5.43		4,356		5.43
$	0.82		59,328		8.04		43,236		8.04
$	1.32		412,830		9.37		14,040		9.36
			519,696		8.91		97,938		7.27

The options outstanding as of December 31, 2013 have been separated into ranges of exercise price as follows:

Range of exercise price		Options outstanding as of December 31, 2013		Weighted average remaining contractual life (years)		Options exercisable as of December 31, 2013		Weighted average remaining contractual life (years)
	—		43,182		4.97		43,182		4.97
$	0.28		4,356		4.43		4,356		4.43
$	0.82		59,328		7.04		58,086		7.04
$	1.32		463,500		8.47		131,040		8.38
$	1.48		434,088		9.99		—		—
			1,004,454		8.87		236,664		7.35

The options and RSUs outstanding as of December 31, 2014 have been separated into ranges of exercise price as follows:

Range of exercise price		Options outstanding as of December 31, 2014		Weighted average remaining contractual life (years) (1)		Options exercisable as of December 31, 2014		Weighted average remaining contractual life (years) (1)
—(including options and RSUs)			121,533		3.97		43,182		3.97
$	0.28		4,356		3.43		4,356		3.43
$	0.82		57,597		6.04		57,597		6.04
$	1.32		462,705		7.47		234,096		7.45
$	1.48		526,957		9.04		88,595		9.00
$	20.77		177,699		9.96		—		—
			1,350,846		8.27		427,826		7.19

(1) Calculation of weighted average remaining contractual term does not include the RSUs that were granted, which have an indefinite contractual term.

g. Options issued to consultants:

The Company's outstanding options granted to non-employees as of December 31, 2013 were as follows:

Issuance date	Options for shares of ordinary share		Exercise price per share		Options exercisable		Exercisable through
	(number)				(number)
March 12, 2007		16,344	$	—		16,344	March 12, 2017
May 10, 2012		4,500	$	1.32		1,872	May 10, 2022
		20,844				18,216

The Company's outstanding options granted to non-employees as of December 31, 2014 were as follows:

Issuance date	Options for shares of ordinary share		Exercise price per share		Options exercisable		Exercisable through
	(number)				(number)
March 12, 2007		16,344	$	—		16,344	March 12, 2017
May 10, 2012		4,500	$	1.32		3,006	May 10, 2022
		20,844				18,774

h. Share-based compensation expense for employees and non-employees:

The Company recognized non-cash share-based compensation expense in the consolidated statements of operations as follows:
 

	Year ended December 31
	2012		2013		2014
Cost of revenues	$	4	$	5	$	33
Research and development, net		25		73		4,364
Sales and marketing, net		14		42		275
General and administrative		70		95		507
Total	$	113	$	215	$	5,179

In May 2012, the Company granted its CEO options to purchase 82,728 ordinary shares at an exercise price of $1.32 per share. The options will vest immediately prior to and subject to the occurrence of (i) a merger of the Company into another corporation; (ii) the consummation of a merger, acquisition or sale of the securities of the Company; or (iii) an IPO of the Company's ordinary shares (“Exit Event”). The above options vesting are also contingent upon market conditions related to the consideration paid to the shareholders of the Company in an Exit Event. The fair value of the above options at the grant date was $165. Following the IPO in September 2014 the Company recorded the $165 compensation costs under general and administrative expenses.

In accordance with the Company's articles of association and the Third Amended and Restated Shareholders Agreement, immediately prior to and subject to the occurrence of (i) the consummation of a merger, acquisition or sale of the securities of the Company (“M&A Event”); or (ii) an IPO, the Company's founder and Chief Technology Officer has the right to receive (i) in case of an M&A Event, 6% of the total proceeds; or (ii) in case of an IPO, for no consideration, shares or immediately exercisable options with cashless exercise in an amount such that the value of his interests equals 6% of the Company's valuation. Prior to the IPO in September 2014, the Company recorded $4,134 compensation costs under research and development expenses in respect thereof.

XML

Document and Entity Information	12 Months Ended
	Dec. 31, 2014
Document and Entity Information [Abstract]
Entity Registrant Name	ReWalk Robotics Ltd.
Entity Central Index Key	0001607962
Document Type	20-F
Document Period End Date	Dec. 31, 2014
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	11,978,554
Document Fiscal Year Focus	2014
Document Fiscal Period Focus	FY

XML

WARRANTS TO PURCHASE PREFERRED SHARE

12 Months Ended

Dec. 31, 2014

WARRANTS TO PURCHASE PREFERRED SHARE [Abstract]

WARRANTS TO PURCHASE PREFERRED SHARE

NOTE  10:- WARRANTS TO PURCHASE PREFERRED SHARE

Issuance with respect to	Warrants to purchase	Issuance date	Number of warrants		Exercise price		Contractual term
Series C Transaction	Preferred C-1	08/02/2011		7,615	$	105.815	The earlier of: (i) a merger (ii) the consummation of an initial public offering and (iii) 3 years from the issuance date (all as stipulated in the specific warrant agreement)
Series C Transaction	Preferred C-1	01/31/2012		7,231	$	105.815	The earlier of: (i) a merger (ii) the consummation of an initial public offering and (iii) 3 years from the issuance date (all as stipulated in the specific warrant agreement)
Series C Transaction	Preferred C-1	05/10/2012		4,252	$	105.815	The earlier of: (i) a merger (ii) the consummation of an initial public offering and (iii) 3 years from the issuance date (all as stipulated in the specific warrant agreement)
Series C Transaction	Preferred C-1	08/20/2012		5,870	$	105.815	The earlier of: (i) a merger (ii) the consummation of an initial public offering and (iii) 3 years from the issuance date (all as stipulated in the specific warrant agreement)
Fee agreement with a service provider	Preferred D	09/24/2013		600	$	121	The earlier of: (i) a merger (ii) the consummation of an initial public offering and (iii) 5 years from the issuance date (all as stipulated in the specific warrant agreement)
Venture loan from Kreos	Preferred D	06/19/2014		5,372	$	206.09	The earlier of: (i) a merger (ii) 5 years from the consummation of an initial public offering and (iii) 10 years from the issuance date (all as stipulated in the specific warrant agreement)
Series E Transaction (refer to Note 10d)	Preferred E	06/26/2014		37,850	$	206.09	4 years from the issuance date (all as stipulated in the specific warrant agreement)

a. In July 26, 2011, the Company signed a series C convertible preferred share purchase agreement (the “Series C Transaction”) with the Company's shareholders and new investors (collectively the “Investors”), pursuant to which the Company issued to each of the Investors an aggregate amount of 67,486 convertible preferred C-1 shares, at a price per share of $105.815 totaling to approximately $7.1 million.

The Investment was made in three installments as follows: (i) the first installment was made at the First Closing, in an aggregate amount of approximately $1 million by means of the issuance of 9,640 convertible preferred C-1 shares (ii) the second installment was made at the Second Closing, subject to the terms of the agreement and fulfillment of the First Milestone, in an aggregate amount of approximately $2.6 million, by means of the issuance of 24,102 convertible preferred C-1 shares and (iii) the third and final installment was made at the Third Closing, subject to the terms of the agreement and fulfillment of the Second Milestone, in an aggregate amount of approximately $3.6 million, by means of the issuance of 33,744 convertible preferred C-1 shares.

In conjunction with the Series C Transaction, the Company granted warrants to purchase a number of shares of Series C-1 convertible preferred share upon achieving three milestones, each referred to as closing. At each of the Closings, the investor was granted warrants, at a price per each investment share of $105.815 (i) to purchase an aggregate amount of 7,615 Series C-1 convertible preferred shares to the investors at the First Closing and the holders of C-2 preferred shares, subject to consummation of the First Closing (ii) to purchase an aggregate amount of 7,231 Series C-1 convertible preferred share to the investors at the Second Closing, subject to consummation of the second closing and (iii) to purchase an aggregate amount of 10,122 Series C-1 convertible preferred share to the investors at the third closing, subject to consummation of the third closing.

As of December 31, 2013, all of the three milestones were achieved and all of the above warrants were granted.

The warrants to purchase Series C-1 convertible preferred shares were determined to be freestanding instruments and were accounted under ASC No. 480 as a liability in the Company's financial statements. At each reporting date, the Company re-measures its warrants for convertible preferred shares to fair value using the OPM. Since the warrants to purchase Series C-1 convertible preferred shares were issued in conjunction with the Series C Transaction, the Company first allocated the fair value of the warrants to purchase Series C-1 convertible preferred shares to warrant liability, with the residual proceeds from the Series C Transaction classified as shareholders' equity (deficiency).

On July 30, 2014, all of the 7,615 warrants to purchase series C-1 convertible preferred shares, which were issued on August 2, 2011, were exercised into series C-1 convertible preferred shares as follows: (i) a total of 6,197 warrants were exercised into 6,197 series C-1 convertible preferred shares for cash consideration of $656 and (ii) the remaining 1,418 warrants were exercised on a cashless basis into 721 series C-1 convertible preferred shares.

On August 26, 2014, all of the remaining 17,353 warrants to purchase series C-1 convertible preferred shares, which were issued between January 2012 and August 2012, were exercised into series C-1 convertible preferred shares as follows: (i) a total of 3,988 warrants were exercised into 3,988 series C-1 convertible preferred shares for cash consideration of $422 and (ii) the remaining 13,365 warrants were exercised on a cashless basis into 6,799 series C-1 convertible preferred shares.

The fair value of the warrants to purchase Series C-1 convertible preferred shares as of June 27, 2011, January 31, 2012, May 10, 2012 and August 20, 2012 (the issuance dates) was $43.09, $46.74, $57.68 and $72.26, per warrant, respectively.

b. On May 30, 2013, the Company entered into a fee agreement with one of its service providers, pursuant to which the Company granted the service provider warrants to purchase shares equal to 5% of any shares issued upon cash receipt from an external investor identified by the service provider. As part of the Series D Transaction, on September 30, 2013 the service provider was granted warrants to purchase 600 Series D convertible preferred share. The Company accounted for the warrants to purchase Series D convertible preferred shares under ASC 505 and recorded the warrants at fair value as issuance expense, which was determined to be $62 as of September 24, 2013 (their issuance date), and classified as a liability in the Company's financial statement.

On the August 26, 2014, all of the 600 warrants to purchase series D convertible preferred shares mentioned above, which were issued on September 24, 2013, were exercised on a cashless basis into 263 series D convertible preferred shares.

c. On June 19, 2014, the Company entered into a loan agreement with Kreos pursuant to which Kreos agreed to grant a line of credit to the Company of $5.0 million. The line of credit was available for drawdown until September 30, 2014, with a minimum required drawdown of $1.0 million. In October 2014, the Company extended the line of credit until December 31, 2015. Amounts drawn will be repaid in 36 monthly installments. The Company  had not drawn any funds under this line of credit. Pursuant to the loan agreement, the Company must pay a transaction fee of 1.0% of the total amount of the line of credit upon both the execution and the expiration of the loan agreement. In the year ended December 31, 2014 the Company paid and accrued, as part of the Company's financial expenses, a transaction fee expenses an amount of $100. Pursuant to the loan agreement, the Company granted to Kreos a security interest over all of the Company's assets, including intellectual property and equity interests in its subsidiaries.

 In connection with this agreement, the Company granted Kreos warrants to purchase 5,372 Series D-1 convertible preferred shares. The Company accounted for the warrants to purchase Series D-1 convertible preferred shares under ASC No. 480 and recorded the warrants at fair value as financial expense, which was determined to be $835 as of June 19, 2014 (their issuance date), and classified as a liability in the Company's financial statement.

On the September 11, 2014, following the IPO, all of the 5,372 warrants to purchase series D-1 convertible preferred shares mentioned above were converted into warrants to purchase 96,696 ordinary shares.

On the September 15, 2014, all of the 96,696 warrants to purchase ordinary shares mentioned above, which were issued on June 19, 2014, were exercised on a cashless basis into 79,200 ordinary shares.

d. On June 26, 2014, the Company entered into a Securities Purchase Agreement with Gabriel Capital Fund (US), L.P. and affiliated entities, and the other parties named therein (the “Series E SPA”). The transaction closed in July 2014. Pursuant to the Series E SPA, the Company issued warrants to purchase an aggregate of 37,850 preferred E Shares (which, upon the consummation of the IPO, converted on an 18-for-1 basis into warrants to purchase the Company's ordinary shares) to Gabriel and the other investors named in the Series E SPA. The warrants have an exercise price of $206.09 per share and are exercisable until four years from date of grant, subject to certain adjustments.

The Company's articles of association in effect prior to the IPO provided for antidilution protections to certain holders of convertible preferred shares based on the price to the public in the IPO. Following the IPO, on September 11, 2014 the warrants to purchase 37,850 series D-1 convertible preferred shares mentioned above were converted into warrants to purchase 785,754 ordinary shares.

On the September 30, 2014, a total of 26,784 warrants to purchase ordinary shares mentioned above, which were issued on June 26, 2014, were exercised on a cashless basis into 18,192 ordinary shares.

On the October 12, 2014, a total of 89,280 warrants to purchase ordinary shares mentioned above, which were issued on June 26, 2014, were exercised on a cashless basis into 60,226 ordinary shares.

e. As of December 31, 2013, the fair value of the warrants to purchase convertible preferred shares was $3,341. Following the closing of the IPO on September 17, 2014, all outstanding warrants to purchase convertible preferred stock were converted into warrants to purchase ordinary shares which resulted in classification of the remaining warrants liability to additional paid-in capital in the amount of $5,555.

The Company recorded financial expenses (income), net in the amount of $832, $1,111 and $(776) in 2012, 2013 and 2014, respectively, resulting from the revaluation of the warrants to purchase convertible preferred shares.

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CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) In Thousands, except Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract]
Revenues	$ 3,951	$ 1,588	$ 972
Cost of revenues	4,106	2,017	983
Expense related to settlement of BIRD Foundation grants (see Note 7b)	466
Gross loss	(621)	(429)	(11)
Operating expenses:
Research and development, net	8,563	2,463	1,757
Sales and marketing, net	7,389	4,091	2,334
General and administrative	3,352	1,762	1,657
Total operating expenses	19,304	8,316	5,748
Operating loss	(19,925)	(8,745)	(5,759)
Financial expenses, net	1,698	3,410	878
Loss before income taxes	(21,623)	(12,155)	(6,637)
Income taxes	45	22	21
Net loss	$ (21,668)	$ (12,177)	$ (6,658)
Net loss per ordinary share, basic and diluted	$ (6.34)	$ (74.53)	$ (41.26)
Weighted average number of shares used in computing net loss per ordinary share, basic and diluted	3,766,694	185,688	185,688

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INVENTORIES

12 Months Ended

Dec. 31, 2014

INVENTORIES [Abstract]

INVENTORIES

NOTE 4:- INVENTORIES

	December 31,
		2013		2014
Raw materials	$	837	$	41
Finished products		136		736
	$	973	$	777

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PREPAID EXPENSES AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2014

PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract]

PREPAID EXPENSES AND OTHER CURRENT ASSETS

NOTE  3:- PREPAID EXPENSES AND OTHER CURRENT ASSETS

	December 31,
		2013		2014
Government institutions	$	269	$	298
Prepaid expenses		63		227
Deposit		53		56
Deferred tax		26		86
Other assets		58		89
	$	469	$	756

XML

SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2014

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Use of Estimates

a. Use of Estimates:

The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates, judgments and assumptions. The Company's management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company's management evaluates estimates, including those related to inventories, fair values of share-based awards and contingent liabilities. Such estimates are based on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

Financial Statements in U.S. Dollars

b. Financial Statements in U.S. Dollars:

Most of the revenues and costs of the Company are denominated in United States dollars (“dollars”). Some of the Company's and its subsidiaries' revenues and costs are incurred in Euros and New Israeli Shekels (“NIS”); however, the selling prices are linked to the Company's price list which is determined in dollars, the budget is managed in dollars and the Company's management believes that the dollar is the primary currency of the economic environment in which the Company and each of its subsidiaries operate. Thus, the dollar is the Company's and its subsidiaries' functional and reporting currency.

Accordingly, transactions denominated in currencies other than the functional currency are re-measured to the functional currency in accordance with Accounting Standards Codification (“ASC”) No. 830, “Foreign Currency Matters” at the exchange rate at the date of the transaction or the average exchange rate in the quarter. At the end of each reporting period, financial assets and liabilities are re-measured to the functional currency using exchange rates in effect at the balance sheet date. Non-financial assets and liabilities are re-measured at historical exchange rates. Gains and losses related to re-measurement are recorded as financial income (expense) in the consolidated statements of operations as appropriate.

Principles of Consolidation

c. Principles of Consolidation:

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, RRI and AMG. All intercompany transactions and balances have been eliminated upon consolidation.

Cash Equivalents

d. Cash Equivalents:

Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less, at the date acquired.

Inventories

e. Inventories:

Inventories are stated at the lower of cost or market value. Inventory reserves are provided to cover risks arising from slow-moving items or technological obsolescence.

The Company periodically evaluates the quantities on hand relative to historical, current and projected sales volume. Based on this evaluation, an impairment charge is recorded when required to write-down inventory to its market value.

Cost is determined as follows:

Raw materials, auxiliary materials and spare parts- on the basis of raw materials cost on “first in, first out” basis.

Finished products- on the basis of raw materials and manufacturing costs on an average basis.

The Company regularly evaluates the ability to realize the value of inventory based on a combination of factors, including the following: historical usage rates and forecasted sales according to outstanding backlogs. Purchasing requirements and alternative usage are explored within these processes to mitigate inventory exposure. When recorded, the reserves are intended to reduce the carrying value of inventory to its net realizable value. In the years ended December 31, 2012, 2013 and 2014, the Company wrote off inventory in the amount of $91, $88 and $76, respectively. If actual demand for the Company's products deteriorates, or market conditions are less favorable than those projected, additional inventory reserves may be required.

Related party

f. Related party:

The Company has a substantial shareholder named Yaskawa Electric Corporation (“YEC”).

In September 2013 the Company entered into a share purchase agreement (see Note 9e) and a strategic alliance with YEC, pursuant to which YEC has agreed to distribute the Company's products, in addition to providing sales, marketing, service and training functions, in Japan, China (including Hong-Kong and Macau), Taiwan, South Korea, Singapore and Thailand.

As of December 31, 2013 and 2014 related party receivable in the amount of $88 and $215, respectively, were included in trade receivable, net. Revenues from YEC during the years ended December 31, 2013 and 2014 amounted to $88 and $394, respectively.

Property and Equipment

g. Property and Equipment:

Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates:

 

	%
Computer equipment	33
Office furniture and equipment	6 – 10 (mainly 10)
Machinery and laboratory equipment	15
Leasehold improvements	Over the shorter of the lease term or estimated useful life

Impairment of Long-Lived Assets

h. Impairment of Long-Lived Assets:

The Company's long-lived assets are reviewed for impairment in accordance with ASC No. 360, “Property, Plant and Equipment” whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Recoverability of assets (or asset group) to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the years ended December 31, 2012, 2013 and 2014, no impairment losses have been recorded.

Long-Term prepaid expenses

i. Long-Term prepaid expenses:

Long-term lease deposits include long-term deposits for cars leasing.

Revenue Recognition

j. Revenue Recognition:

The Company and its subsidiaries generate revenues from sales of products. The Company and its subsidiaries sell their products through a direct sales force and through distributors.

Revenues are recognized in accordance with ASC No. 605, “Revenue Recognition” (“ASC 605”), when delivery has occurred, persuasive evidence of an agreement exists, the fee is fixed and determinable, collectability is reasonably assured and no further obligations exist. Provisions are made at the time of revenue recognition for any applicable warranty cost expected to be incurred.

The timing for revenue recognition amongst the various products and customers is dependent upon satisfaction of such criteria and generally varies from shipment to delivery to the customer depending on the specific shipping terms of a given transaction, as stipulated in the agreement with each customer.

Other than pricing terms which may differ due to the different volumes of purchases between distributors and end-users, there are no material differences in the terms and arrangements involving direct and indirect customers.

The Company's products sold through agreements with distributors are non-exchangeable, non-refundable, non-returnable and without any rights of price protection or share rotation. Accordingly, the Company considers all the distributors to be end-users.

The Company does not grant a right of return for its products.

For the majority of sales of Rehabilitation systems the Company includes training and considers the elements in the arrangement to be a single unit of accounting. In accordance with ASC 605, the Company has concluded that the training is essential to the functionality of the Company's systems. Therefore the Company recognizes revenue for the system and training only after delivery in accordance with the agreement delivery terms to the customer and after the training has been completed, once all other revenue recognition criteria have been met.

For sales of Personal systems and Rehabilitation systems to third party distributors the Company does not provide training to the end user as this training is completed by the Rehabilitation centers that have previously completed the ReWalk Training program.  Therefore the Company recognizes revenue in such sales upon delivery, assuming the other conditions for revenue recognition have been met.

In certain cases, when product arrangements are bundled with extended warranty, the separation of the extended warranty falls under the scope of ASC 605-20-25-1 through 25-6, and the separately price of the extended warranty stated in the agreement is deferred and recognized ratably over the extended warranty period.

Deferred revenue includes primarily unearned amounts received in respect of service contracts but not yet recognized as revenues.

Accounting for Share-Based Compensation

k. Accounting for Share-Based Compensation:

The Company accounts for share-based compensation in accordance with ASC No. 718, “Compensation-Stock Compensation” (“ASC No. 718”). ASC No. 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an Option-Pricing Model (“OPM”). The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company's consolidated statements of operations.

The Company recognizes compensation expenses for the value of its awards granted based on the straight-line method over the requisite service period of each of the awards, net of estimated forfeitures. ASC No. 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Estimated forfeitures are based on actual historical pre-vesting forfeitures.

The Company selected the Black-Scholes-Merton option pricing model as the most appropriate fair value method for its share-option awards. The option-pricing model requires a number of assumptions, of which the most significant are the fair market value of the underlying ordinary share, expected share price volatility and the expected option term. Expected volatility was calculated based upon certain peer companies that the Company considered to be comparable. The expected option term represents the period of time that options granted are expected to be outstanding. The expected option term is determined based on the simplified method in accordance with Staff Accounting Bulletin No. 110, as adequate historical experience is not available to provide a reasonable estimate. The simplified method will continue to apply until enough historical experience is available to provide a reasonable estimate of the expected term. The risk-free interest rate is based on the yield from U.S. treasury bonds with an equivalent term. The Company has historically not paid dividends and has no foreseeable plans to pay dividends.

The fair value of the ordinary shares underlying the share options has historically been determined by the Company's board of directors. As prior to the Company's IPO, there had been no public market for the Company's ordinary shares, the board of directors determined fair value of the ordinary shares at the time of grant of the option by considering a number of objective and subjective factors including data from other comparable companies, sales of ordinary shares and convertible preferred share to unrelated third parties, operating and financial performance, the lack of liquidity of capital share and general and industry specific economic outlook, among other factors.

Since the distributions and participation rights to security holders are different in a sale/liquidation scenario versus an IPO, the valuation of the Company was performed using a weighted average of the values derived from the following scenarios 1) discounted cash flow (DCF) model. The OPM method was then employed to allocate the enterprise value amongst the Company's various equity classes, deriving a fully marketable value per share for the ordinary share; 2) IPO scenario and 3) Implied value approach. Before the per share value was determined, a discount for lack of marketability and a voting right differential was applied, as applicable, to the ordinary shares and the founders shares.

Following the IPO in September 2014, the fair value of ordinary shares is observable as they are traded in the market.

The fair value of Restricted Stock Units (RSU) granted is determined based on the price of the Company's ordinary shares on the date of grant.

The fair value for options granted in 2012, 2013 and 2014 is estimated at the date of grant using a Black-Scholes-Merton option pricing model with the following assumptions:

	December 31,
	2012		2013		2014
Expected volatility		85%		70%-75%		60%-70%
Risk-free rate		0.92%-1.04%		0.95%-2.08%		1.74%-1.95%
Dividend yield		0%		0%		0%
Expected term (in years)		6.02-6.08		6.02 - 6.08		5.81 - 6.11
Share price		$2.48 - $2.76		$3.62 - $5.80		$1.49 - $20.77

The Company accounts for options granted to consultants and other service providers under ASC No. 718 and ASC No. 505, “Equity-based payments to non-employees.” The fair value of these options was estimated using a Black-Scholes-Merton option-pricing model. In 2012, 2013 and 2014 the non-cash compensation expenses related to nonemployees were immaterial.

The non-cash compensation expenses related to employees for the years ended December 31, 2012, 2013 and 2014 amounted to $113, $215 and $5,179, respectively.

Research and Development Costs

l. Research and Development Costs:

Research and development costs are charged to the consolidated statement of operations as incurred.

Income Taxes

m. Income Taxes:

The Company accounts for income taxes in accordance with ASC No. 740, “Income Taxes” (“ASC No. 740”), using the liability method whereby deferred tax assets and liability account balances are determined based on the differences between financial reporting and the tax basis for assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to the amounts that are more likely-than-not to be realized.

ASC No. 740 contains a two-step approach to recognizing and measuring a liability for uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company accrues interest and penalties related to unrecognized tax benefits in its taxes on income.

Warrants to Purchase Convertible Preferred Share

n. Warrants to Purchase Convertible Preferred Share:

The Company accounts for freestanding warrants to purchase its convertible preferred shares as a liability on the balance sheets at fair value. The warrants to purchase convertible preferred shares are recorded as a liability because the underlying shares of convertible preferred share are contingently redeemable (upon a deemed liquidation event) and, therefore, may obligate the Company to transfer assets at some point in the future. The warrants are subject to re-measurement to fair value at each balance sheet date and any change in fair value is recognized as a component of financial income (expense), net, on the statements of operations. The Company must adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrants, the completion of a deemed liquidation event or the conversion of convertible preferred shares into ordinary shares. Following the IPO in September 2014, all of the remaining warrants to purchase convertible preferred shares were converted to warrants to purchase ordinary shares, and there was no liability as of December 31, 2014 (see Note 10).

Warranty

o. Warranty:

The Company provides a two-year standard warranty for its products. The Company records a provision for the estimated cost to repair or replace products under warranty at the time of sale. Factors that affect the Company's warranty reserve include the number of units sold, historical and anticipated rates of warranty repairs and the cost per repair.

The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary.

As of December 31, 2013 and 2014, the provision for warranty amounted to $170 and $387, respectively, and was presented under other liabilities and long-term liabilities.

Concentrations of Credit Risks

p. Concentrations of Credit Risks:

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and trade receivables.

The Company's cash and cash equivalents are deposited in major banks in Israel, the United States and Germany. Such deposits in the United States may be in excess of insured limits and are not insured in other jurisdictions. The Company maintains cash and cash equivalents with diverse financial institutions and monitors the amount of credit exposure to each financial institution.

The Company's trade receivables are geographically diversified and derived primarily from sales to customers in various countries, mainly in the United States and Europe. Concentration of credit risk with respect to trade receivables is limited by credit limits, ongoing credit evaluation and account monitoring procedures. The Company performs ongoing credit evaluations of its distributors based upon a specific review of all significant outstanding invoices. The Company writes off receivables when they are deemed uncollectible and having exhausted all collection efforts. As of December 31, 2013 the Company did not record any allowance for doubtful accounts. As of December 31, 2014 trade receivables are presented net of $36 allowance for doubtful accounts.

Accrued Severance Pay

q. Accrued Severance Pay:

Pursuant to Israel's Severance Pay Law, Israeli employees are entitled to severance pay equal to one month's salary for each year of employment, or a portion thereof. All of the employees of the RRL (except for one employee as mentioned below) elected to be included under section 14 of the Severance Pay Law, 1963 (“section 14”). According to this section, these employees are entitled only to monthly deposits, at a rate of 8.33% of their monthly salary, made in their name with insurance companies. Payments in accordance with section 14 release the Company from any future severance payments (under the above Israeli Severance Pay Law) in respect of those employees; therefore, related assets and liabilities are not presented in the balance sheet.

One employee of RRL had not elected to be included under section 14. As such, RRL had a liability for severance pay pursuant to Israeli law, based on the most recent monthly salary of the employee multiplied by the number of years of employment as of the balance sheet date. RRL liability was provided for by monthly accrual and deposits with severance pay funds and insurance policies. As of December 31, 2014 the employee had ended his employment and fully collected his severance pay fund, therefore, as of the balance sheets date, the liability had been relieved.

Total Company expenses related to severance pay amounted to $89, $126 and $170 for the years ended December 31, 2012, 2013 and 2014, respectively.

Fair Value Measurements

r.  Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement.  The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs when determining fair value.  If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation.  The three-tiers are defined as follows:

• Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

• Level 3. Unobservable inputs for which there is little or no market data requiring the Company to develop its own assumptions.

The carrying amounts of cash and cash equivalents, restricted cash, trade receivable and trade payables approximate their fair value due to the short-term maturity of such instruments.

Basic and Diluted Net Loss Per Share

s. Basic and Diluted Net Loss Per Share:

Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of ordinary shares outstanding during the period.

Diluted net loss per share is computed by giving effect to all potential shares of ordinary shares, including stock options, convertible preferred share warrants, to the extent dilutive, all in accordance with ASC No. 260, “Earning Per Share”.

The following table sets forth the computation of the Company's basic and diluted net loss per ordinary share:

	Year ended December 31
	2012			2013			2014
Net loss	$	(6,658	)	$	(12,177	)	$	(21,668	)
Convertible preferred shares dividend		(1,004	)		(1,663	)		(2,229	)
Net loss attributable to ordinary shares		(7,662	)		(13,840	)		(23,897	)
Shares used in computing net loss per ordinary shares, basic and diluted		185,688			185,688			3,766,694
Net loss per ordinary share, basic and diluted	$	(41.26	)	$	(74.53	)	$	(6.34	)

Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential shares of ordinary shares outstanding would have been anti-dilutive.

Contingent liabilities

t. Contingent liabilities

The Company accounts for its contingent liabilities in accordance with ASC No. 450, “Contingencies”. A provision is recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated.

With respect to legal matters, provisions are reviewed and adjusted to reflect the impact of negotiations, estimated settlements, legal rulings, advice of legal counsel and other information and events pertaining to a particular matter. As of December 31, 2013 and 2014, the Company is not a party to any ligation that could have a material adverse effect on the Company's business, financial position, results of operations or cash flows (see Note 7c).

Government grants

u. Government grants

Government grants received by the Company relating to categories of operating expenditures are credited to the consolidated statements of operations during the period in which the expenditure to which they relate is charged. Royalty and non-royalty-bearing grants from the Israeli Office of the Chief Scientist (“OCS”), from the Israel-U.S. Binational Industrial Research and Development Foundation (“BIRD”) and from the Israeli Fund for Promoting Overseas Marketing for funding certain approved research and development projects and sales and marketing activities are recognized at the time when the Company is entitled to such grants, on the basis of the related costs incurred, and are included as a deduction from research and development or sales and marketing expenses (see Note 7b).

The Company recorded non-royalty-bearing grants in the amount of $45, $101 and $0 for the years ended December 31, 2012, 2013 and 2014, respectively, as part of the sales and marketing expenses.

The Company recorded royalty-bearing grants in the amount of $0, $0 and $76 for the years ended December 31, 2012, 2013 and 2014, respectively, as part of the research and development expenses.

The Company recorded royalty expenses in the amount of $40, $136 and $204 for the years ended December 31, 2012, 2013 and 2014, respectively, as part of the cost of revenues.

During December 2014, the Company recorded a liability of $466 as a settlement for the prepayment of amounts due under the agreement with BIRD, representing the full balance of the contingent liability related to grants received (including interest), which will be paid during 2015 (see Note 7b).

New Accounting Pronouncements

v. New Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers," (ASU 2014-09), which creates a new Topic, Accounting Standards Codification Topic 606. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The accounting standard is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact of adopting this guidance.

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INCOME TAXES

12 Months Ended

Dec. 31, 2014

INCOME TAXES [Abstract]

INCOME TAXES

NOTE 11:- INCOME TAXES

The Company's subsidiaries are separately taxed under the domestic tax laws of the jurisdiction of incorporation of each entity.

a. Corporate tax rates in Israel:

Taxable income of Israeli companies is subject to tax at the rate of 25% in 2012 and 2013, and 26.5% in 2014 and onwards.

On July 30, 2013, the Israeli Parliament (the Knesset) approved the second and third readings of the Economic Plan for 2013-2014 (“Amended Budget Law”) which consists, among others, of fiscal changes whose main aim is to enhance the collection of taxes in those years.

These changes include, among others, raising the Israeli corporate tax rate from 25% to 26.5%, cancelling the lowering of the tax rates applicable to preferred enterprises (9% in development area A and 16% in other areas) and, in certain cases, increasing the tax rates on dividends within the scope of the Law for the Encouragement of Capital Investments to 20% effective from January 1, 2014. Other changes introduced by the Amended Budget Law include taxing revaluation gains effective from August 1, 2013. The provisions that set forth changes to the taxation of revaluation gains, however, will only become effective once regulations that define “non-corporate taxable retained earnings” are issued as well as regulations that set forth provisions for avoiding double taxation of assets outside of Israel. As of the date of publication of these interim financial statements, no such regulations have been issued.

The change in tax rates did not have a material effect on the Company's financial statements.

b. Profit (loss) before taxes on income is comprised as follows:

	Year ended December 31
	2012			2013			2014
Domestic	$	(6,671	)	$	(12,219	)	$	(21,743	)
Foreign		34			64			120
	$	(6,637	)	$	(12,155	)	$	(21,623	)

c. Taxes on income are comprised as follows:

	Year ended December 31
	2012			2013		2014
Current	$	63		$	6	$	76
Deferred		(42	)		16		(60	)
Prior year taxes		-			-		29
	$	21		$	22	$	45

	Year ended December 31
	2012		2013		2014
Domestic	$	—	$	—	$	—
Foreign		21		22		45
	$	21	$	22	$	45

d. Deferred income taxes:

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company's deferred tax assets as of December 31, 2013 and 2014 are derived from. net operating loss carry forwards in the United States and other temporary differences, respectively.

In assessing the realization of deferred tax assets, the Company considers whether it is more likely than not that all or some portion of the deferred tax assets will not be realized. Based on the Company's history of losses, the Company established a full valuation allowance for RRL.

	December 31
	2013			2014
Carry forward tax losses	$	5,744		$	9,152
Research and Development carry forward expenses-temporary differences		449			870
Accrual and reserves		52			153
Deferred tax assets before valuation allowance		6,245			10,175
Valuation allowance		(6,219	)		(10,089	)
Net deferred tax assets	$	26		$	86

e. Reconciliation of the theoretical tax expenses:

A reconciliation between the theoretical tax expense, assuming all income is taxed at the statutory tax rate applicable to income of the Company, and the actual tax expense (benefit) as reported in the consolidated statements of operations is as follows:

	Year ended December 31
	2012			2013			2014
Loss before taxes, as reported in the consolidated statements of operations	$	(6,637	)	$	(12,155	)	$	(21,623	)
Statutory tax rate		25	%		25	%		26.5	%
Theoretical tax benefits on the above amount at the Israeli statutory tax rate	$	(1,659	)	$	(3,039	)	$	(5,730	)
Income tax at rate other than the Israeli statutory tax rate		8			7			12
Non-deductible expenses including equity based compensation expenses and other		33			895			1,864
Operating losses and other temporary differences for which valuation allowance was provided		1,639			2,159			3,870
Taxes in respect of prior years		-			-			29
Actual tax expense	$	21		$	22		$	45

f. Foreign tax rates:

Taxable income of RRI was subject to tax at the rate of 35% in 2012, 2013 and 2014.

Taxable income of AMG was subject to tax at the rate of 30% in 2013 and 2014.

g. Tax benefits under the Law for the Encouragement of Capital Investments, 1959 (the “Investment Law”):

Conditions for entitlement to the benefits:

Under the Investment Law, in 2012 the Company has elected for “Beneficiary Enterprise” status which provides certain benefits, including tax exemptions and reduced tax rates. Income not eligible for Beneficiary Enterprise benefits is taxed at a regular rate.

Income derived from Beneficiary Enterprise from productive activity will be exempt from tax for ten years from the year in which the Company first has taxable income, providing that 12 years have not passed from the beginning of the year of election. In the event of a dividend distribution from income that is exempt from company tax, as aforementioned, the Company will be required to pay tax of 10-25% on that income.

In the event of distribution of dividends from the said tax-exempt income, the amount distributed will be subject to corporate tax at the rate ordinarily applicable to the Beneficiary Enterprise's income. Tax-exempt income generated under the Company's “Beneficiary Enterprise” program will be subject to taxes upon dividend distribution or complete liquidation.

The entitlement to the above benefits is conditional upon the Company's fulfilling the conditions stipulated by the Law and regulations published thereunder.

On December 29, 2010, the Knesset approved an additional amendment to the Law for the Encouragement of Capital Investments, 1959. According to the amendment, a reduced uniform corporate tax rate for exporting industrial enterprises (over 25%) was established. The reduced tax rate will not be program dependent and will apply to the industrial enterprise's entire income. The tax rates for industrial enterprises have been reduced gradually over a period of five years as follows:-In 2011-2012, the reduced tax rate for development area A will be 10% and for the rest of the country-15%. In 2013-2014, the reduced tax rate for development area A will be 7% and for the rest of the country-12.5%. Starting 2015 and thereafter, the reduced tax rate for development area A will be 6% and for the rest of the country-12%. However, in August 2013, the Israeli Knesset approved an amendment to the Investment Law, pursuant to which such scheduled gradual reduction was repealed beginning in 2014 and the rates for development area A will be 9% and for the rest of the country-16% in 2014 and thereafter.

The Company has examined the effect of the adoption of the Amendment on its financial statements, and as of the date of the publication of the financial statements, the Company estimates that it will not apply the Amendment. The Company's estimate may change in the future.

h. Tax assessments:

RRL has final tax assessments up to and including the 2010 tax year.

RRI and AMG do not have final tax assessment, since their inception.

i. Net operating carry-forward losses for tax purposes:

As of December 31, 2014, RRL has carry-forward losses amounting to approximately $34,500, which can be carried forward for an indefinite period.

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COMMITMENTS AND CONTINGENT LIABILITIES

12 Months Ended

Dec. 31, 2014

COMMITMENTS AND CONTINGENT LIABILITIES [Abstract]

COMMITMENTS AND CONTINGENT LIABILITIES

NOTE 7:- COMMITMENTS AND CONTINGENT LIABILITIES

a. Purchase commitment

The Company has contractual obligations to purchasegoods from its manufacturer. Purchase obligations do not include contracts that may be canceled without penalty. As of December 31, 2014, outstanding purchase orders had incurred approximately $2,227 of manufacturing costs.

b.  Lease commitment: The Company rents its facilities in all locations under operating leases with lease periods expiring in 2015.

Aggregate minimum rental commitments under non-cancelable leases as of December 31, 2014 for 2015 amounted to $153. Total rent expenses for the years ended December 31, 2012, 2013 and 2014 were $116, $156 and $168, respectively.

In February 2015, the Company signed an agreement to lease new offices for RRL (see Note 14).

RRL and AMG lease cars for their employees under cancelable operating lease agreements expiring at various dates in 2015-2017.

RRL and AMG have an option to be released from this agreement, which may result in penalties in a maximum amount of approximately $55 as of December 31, 2014.

 

c. Royalties:

The Company's research and development efforts are financed, in part, through funding from the OCS and BIRD. Since the Company's inception through December 31, 2014, the Company received funding from the OCS and BIRD in the total amount of $526 and $500, respectively. Out of the $526 in funding from the OCS, a total amount of $126 were royalty bearing grants (as of December 31, 2014, the Company paid royalties to the OCS in the total amount of $50), while a total amount of $400 was received in consideration of 5,237 convertible preferred A shares. The Company is obligated to pay royalties to the OCS, amounting to 3%-3.5% of the sales of the products and other related revenues generated from such projects, up to 100% of the grants received. The royalty payment obligations also bear interest at the LIBOR rate. The obligation to pay these royalties is contingent on actual sales of the applicable products and in the absence of such sales, no payment is required.The Company is obligated to pay royalties to the BIRD amounting to 5% of the sales of the products and other related revenues generated from such projects, up to 150% of the grants received. During December 2014, the Company recorded a liability of $466 as a settlement for the prepayment of amounts due under the agreement with BIRD, representing the full balance of the contingent liability related to grants received (including interest), which was paid in January 2015. Upon making this payment, the Company will eliminate all future royalty obligations related to its anticipated revenues. These expenses are included in the cost of revenues in the consolidated statement of operations.

For the years ended December 31, 2014, 2013 and 2012, the royalties expenses paid and accrued, as part of the Company's cost of revenues, was expenses in the amount of $40, $136 and $204 respectively.

As of December 31, 2014, the contingent liability to the OCS amounted to $76, and there was no contingent liability to the BIRD. The Israeli Research and Development Law provides that know-how developed under an approved research and development program may not be transferred to third parties without the approval of the OCS. Such approval is not required for the sale or export of any products resulting from such research or development. The OCS, under special circumstances, may approve the transfer of OCS-funded know-how outside Israel, in the following cases:

(a) the grant recipient pays to the OCS a portion of the sale price paid in consideration for such OCS-funded know-how or in consideration for the sale of the grant recipient itself, as the case may be, which portion will not exceed six times the amount of the grants received plus interest (or three times the amount of the grant received plus interest, in the event that the recipient of the know-how has committed to retain the R&D activities of the grant recipient in Israel after the transfer); (b) the grant recipient receives know-how from a third party in exchange for its OCS-funded know-how; (c) such transfer of OCS-funded know-how arises in connection with certain types of cooperation in research and development activities; or (d) if such transfer of know-how arises in connection with a liquidation by reason of insolvency or receivership of the grant recipient.

d. Legal Claims:

In September 2013, a claim was filed against the Company and the University of Utah Hospital and Medical Center (UUHMC) in the Third Judicial District Court for the County of Salt Lake, State of Utah, in connection with allegations made by a ReWalk user who was injured while using ReWalk. The plaintiff claims that in April 2013 the ReWalk malfunctioned while transitioning from sitting to standing mode and is seeking damages totaling $2.9 million from the Company and UUHMC for an injury she alleges was caused by such malfunction. The Company believes that it has valid defenses to the claim. The Company is currently engaged in discovery with respect to this matter. The Company accrued an amount in respect of the reasonably estimable probable losses from this claim. Nevertheless, the Company does not believe that the legal proceeding, if adversely decided against the Company, will have a material adverse effect on the Company's business, financial position, results of operations or cash flows.

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INCOME TAXES (Narratives) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
INCOME TAXES [Line items]
Statutory tax rate (as a percent)	26.50%	25.00%	25.00%
Carry-forward losses	$ 34,500
RRI [Member]
INCOME TAXES [Line items]
Statutory tax rate (as a percent)	35.00%	35.00%	35.00%
AMG [Member]
INCOME TAXES [Line items]
Statutory tax rate (as a percent)	30.00%	30.00%

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PROPERTY AND EQUIPMENT, NET

12 Months Ended

Dec. 31, 2014

PROPERTY AND EQUIPMENT, NET [Abstract]

PROPERTY AND EQUIPMENT, NET

NOTE 5:- PROPERTY AND EQUIPMENT, NET

	December 31,
	2013		2014
Cost:
Computer equipment	$	250	$	338
Office furniture and equipment		83		144
Machinery and laboratory equipment		220		235
Leasehold improvements		27		32
		580		749

		December 31,
		2013		2014
Accumulated depreciation		224		335
Property and equipment, net	$	356	$	414

Depreciation expenses amounted to $61, $92 and $111 for the years ended December 31, 2012, 2013 and 2014, respectively.

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SHORT TERM CONVERTIBLE LOANS

12 Months Ended

Dec. 31, 2014

SHORT TERM CONVERTIBLE LOANS [Abstract]

SHORT TERM CONVERTIBLE LOANS

NOTE  6:- SHORT TERM CONVERTIBLE LOANS

In December 2012, certain of the Company's existing shareholders signed an agreement to make several convertible loans in an aggregate principal amount of $1.5 million with such loans bearing annual interest of 7%. The convertible loans were made during December 2012 and January 2013. Under the loan agreements, the convertible loan amount and accrued interest will be repaid by the Company to each lender (in proportion to its portion of the principal amount), on December 31, 2013, unless earlier there is a closing of an investment by any investor(s), the convertible loan amount shall be automatically converted into ordinary shares of the Company at a price per share equal to the price per share paid by the investors, reduced by a percentage equal to 0.167% multiplied by the number of days elapsed from the date of the disbursement of the principal amount by the applicable lender until the conversion date. In no event will the discount exceed 20%.

As of December 31, 2012, the fair value of the convertible loans amounted to $682.

During the period between April and June 2013, a number of the Company's shareholders and a new investor made additional convertible loans (with the same terms and conditions as the above mentioned convertible loans) in an aggregate principal amount of $6.23 million.

The Company recorded the convertible loans as a liability in accordance with ASC No. 480, “Distinguishing Liabilities from Equity” (“ASC No. 480”) as the predominant scenario of the convertible loans embodies an obligation to issue variable number of shares that at inception represents a fixed monitory amount. The fair value is measured at each respective balance sheet date.

Upon the closing of the Series D Transaction, on September 24, 2013, all the above convertible loans were converted into 81,677 convertible preferred D shares at a price per share of $96.8—$103 (which reflects 14.9%-20% discount rate) in accordance with the series D convertible preferred share purchase agreement. The total amount of convertible loans converted (including accrued interest and revaluation financial expenses) was $9,896, which was classified to additional paid-in capital in shareholders' equity (deficiency).

Financial expenses related to convertible loans amounted to $6, $2,166 and $0 in the years ended December 31, 2012, 2013 and 2014, respectively (there were no convertible loans in 2014).

Since the conversion of its existing convertible loans as of series D transaction, no additional loans obtained by the Company.

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FAIR VALUE MEASUREMENTS

12 Months Ended

Dec. 31, 2014

FAIR VALUE MEASUREMENTS [Abstarct]

FAIR VALUE MEASUREMENTS

NOTE 8:- FAIR VALUE MEASUREMENTS

Financial instruments measured at fair value on a recurring basis include warrants for convertible preferred share. The warrants are classified as a liability in accordance with ASC No. 480 (see Note 10). These warrants were classified as level 3 in the fair value hierarchy since some of the inputs used in the valuation were determined based on management's assumptions. The fair value of the warrants on the issuance date and on subsequent reporting dates was determined using OPM utilizing the assumptions noted below. The fair value of the underlying preferred share price was determined by the board of directors considering, among others, third party valuations. The valuation of the Company was performed using a DCF model. The OPM method was then employed to allocate the enterprise value among the Company's various equity classes, deriving a fully marketable value per share for the preferred share. The expected terms of the warrants were based on the remaining contractual expiration period. The expected share price volatility for the shares was determined by examining the historical volatilities of a group of the Company's industry peers as there is no trading history of the Company's shares. The risk-free interest rate was calculated using the average of the published interest rates for U.S. Treasury zero-coupon issues with maturities that approximate the expected term. The dividend yield assumption was zero as there is no history of dividend payments.

The following assumptions were used to estimate the value of the warrants to purchase series C convertible preferred share:

	December 31, 2013			September 17, 2014 (conversion date)
Expected volatility		70	%		70	%
Risk-free rate		0.1	%		0.1	%
Dividend yield		0	%		0	%
Expected term (in years)		1.25			-

The following assumptions were used to estimate the value of the warrants to purchase series D convertible preferred shares:

	September 24, 2013 (issuance date)			December 31, 2013			September 11, 2014 (IPO date)
Expected volatility		70	%		70	%		70	%
Risk-free rate		0.2	%		0.1	%		1.7	%
Dividend yield		0	%		0	%		0	%
Expected term (in years)		1.5			1.25			4.8

The following assumptions were used to estimate the value of the warrants to purchase series E convertible preferred shares:

	June 26, 2014 (issuance date)			September 11, 2014 (IPO date)
Expected volatility		70	%		70	%
Risk-free rate		0.1	%		1.4	%
Dividend yield		0	%		0	%
Expected term (in years)		4.0			3.8

The change in the fair value of warrants to purchase convertible preferred shares liability is summarized below:

	Balance at beginning of period		Issuance of warrants to purchase preferred share		Exercise of warrants to purchase preferred share			Change in fair value			Conversion to Warrants to purchase ordinary share following IPO			Balance at end of period
December 31, 2012	$	328	$	1,008	$	—		$	832		$	—		$	2,168
December 31, 2013	$	2,168	$	62	$	—		$	1,111		$	—		$	3,341
December 31, 2014	$	3,341	$	5,794	$	(2,804	)	$	(776	)	$	(5,555	)	$	—

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INCOME TAXES (Schedule of reconciliation between the theoretical tax expense and the actual tax expense (benefit) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
INCOME TAXES [Abstract]
Loss before taxes, as reported in the consolidated statements of operations	$ (21,623)	$ (12,155)	$ (6,637)
Statutory tax rate (as a percent)	26.50%	25.00%	25.00%
Theoretical tax benefits on the above amount at the Israeli statutory tax rate	(5,730)	(3,039)	(1,659)
Income tax at rate other than the Israeli statutory tax rate	12	7	8
Non-deductible expenses including equity based compensation expenses and other	1,864	895	33
Operating losses and other temporary differences for which valuation allowance was provided	3,870	2,159	1,639
Taxes in respect of prior years	29
Taxes on income	$ 45	$ 22	$ 21

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GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA (Schedule of revenues and long-lived assets by geographic region) (Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Summary of revenues and long-lived assets by geographic region [Line items]
Revenues	$ 3,951	$ 1,588	$ 972
Long-lived assets	414	356
Israel [Member]
Summary of revenues and long-lived assets by geographic region [Line items]
Revenues		83
Long-lived assets	279	294
United States [Member]
Summary of revenues and long-lived assets by geographic region [Line items]
Revenues	2,186	941	364
Long-lived assets	88	52
Europe [Member]
Summary of revenues and long-lived assets by geographic region [Line items]
Revenues	1,254	476	608
Asia-Pacific [Member]
Summary of revenues and long-lived assets by geographic region [Line items]
Revenues	511	88
Germany [Member]
Summary of revenues and long-lived assets by geographic region [Line items]
Long-lived assets	$ 47	$ 10

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INCOME TAXES (Schedule of deferred income taxes) (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
INCOME TAXES [Abstract]
Carry forward tax losses	$ 9,152	$ 5,744
Research and Development carry forward expenses-temporary differences	870	449
Accrual and reserves	153	52
Deferred tax assets before valuation allowance	10,175	6,245
Valuation allowance	(10,089)	(6,219)
Net deferred tax assets	$ 86	$ 26

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GENERAL (Details) (USD $)	1 Months Ended	12 Months Ended
	Sep. 30, 2014	Dec. 31, 2014 item	Dec. 31, 2013	Dec. 31, 2012
GENERAL [Abstract]
Number of wholly-owned subsidiaries		2
Number of products		2
Number of shares issued	3,000,000
Offering price (in dollars per share)	$ 12.00
Number of shares issued to underwriters	450,000
Total net proceeds received from the IPO	$ 36,300,000
Underwriting discounts and commissions	2,700,000
Other offering expenses	2,500,000
Net loss		21,668,000	12,177,000	6,658,000
Accumulated deficit		48,574,000	26,906,000
Cash flow from operating activity		$ 15,319,000	$ 8,800,000	$ 5,387,000
Trade payables [Member]
Vendor concentration [Line Items]
Number of contract manufacturers		1
Trade payables [Member] | Vendor concentration [Member]
Vendor concentration [Line Items]
Concentration risk (as a percent)		12.00%	25.00%

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SHAREHOLDERS' EQUITY (DEFICIENCY) (Narrative - Convertible Preferred Shares) (Details) (USD $) In Thousands, except Share data, unless otherwise specified	0 Months Ended					12 Months Ended	0 Months Ended
	Aug. 26, 2014	Jun. 02, 2014	May 02, 2014	Apr. 02, 2014	Sep. 24, 2013	Dec. 31, 2014	Jun. 26, 2014
Convertible preferred shares [Line Items]
Preferred shares converted into ordinary shares	7,838,640
Conversion ratio	1
Series D preferred shares [Member] | YEC [Member] | Share Purchase Agreement [Member]
Convertible preferred shares [Line Items]
Shares converted					81,677	8,264
Aggregate purchase price					$ 9,896
Shares issued		1,377	1,377	1,377		4,131
Expected volatility (as a percent)						70.00%
Risk-free rate (as a percent)						0.10%
Dividend yield (as a percent)						0.00%
Series D-1 preferred shares [Member] | YEC [Member] | Share Purchase Agreement [Member]
Convertible preferred shares [Line Items]
Shares converted					84,008
Aggregate purchase price					9,961	1,114
Issuance expenses					204
Conversion price (in dollars per share)					$ 121.000
Series D-2 preferred shares [Member] | YEC [Member] | Share Purchase Agreement [Member]
Convertible preferred shares [Line Items]
Conversion price (in dollars per share)					$ 96.80
Series D-3 preferred shares [Member] | YEC [Member] | Share Purchase Agreement [Member]
Convertible preferred shares [Line Items]
Conversion price (in dollars per share)					$ 101.197
Series D-4 preferred shares [Member] | YEC [Member] | Share Purchase Agreement [Member]
Convertible preferred shares [Line Items]
Conversion price (in dollars per share)					$ 103.016
Series E preferred shares [Member] | Gabriel Capital Fund (US), L.P. [Member] | Securities Purchase Agreement [Member]
Convertible preferred shares [Line Items]
Preferred shares converted into ordinary shares							1,547,604
Shares converted							37,850
Aggregate purchase price							$ 13,000
Conversion price (in dollars per share)							$ 171.740
Shares issued							75,695

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GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA

12 Months Ended

Dec. 31, 2014

GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA [Abstract]

GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA

NOTE  13:- GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA

Summary information about geographic areas:

ASC 280, “Segment Reporting” establishes standards for reporting information about operating segments. Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and in assessing performance. The Company manages its business on the basis of one reportable segment, and derives revenues from selling systems and services (see Note 1 for a brief description of the Company's business). The following is a summary of revenues within geographic areas:

	Year ended December 31
	2012		2013		2014
Revenues based on customer's location:
Israel	$	—	$	83	$	—
United States		364		941		2,186
Europe		608		476		1,254
Asia-Pacific		—		88		511
Total revenues	$	972	$	1,588	$	3,951

	December 31,
	2013		2014
Long-lived assets by geographic region:
Israel	$	294	$	279
United States		52		88
Germany		10		47
	$	356	$	414

(*) Long-lived assets are comprised of property and equipment, net.

Major customer data as a percentage of total revenues:

	Year ended December 31
	2012			2013			2014
Customer A		24	%		*	)		*	)
Customer B		18	%		*	)		*	)
Customer C		13	%		*	)		15	%
Customer D		10	%		—			—

*) Less than 10%

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INVENTORIES (Tables)

12 Months Ended

Dec. 31, 2014

INVENTORIES [Abstract]

Schedule of inventories

	December 31,
		2013		2014
Raw materials	$	837	$	41
Finished products		136		736
	$	973	$	777

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FAIR VALUE MEASUREMENTS (Schedule of change in the fair value of warrants to purchase convertible preferred shares liability)(Details) (USD $) In Thousands, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
FAIR VALUE MEASUREMENTS [Abstarct]
Balance at beginning of period	$ 3,341	$ 2,168	$ 328
Issuance of warrants to purchase preferred share	5,794	62	1,008
Exercise of warrants to purchase preferred share	(2,804)
Change in fair value	(776)	1,111	832
Conversion to Warrants to purchase ordinary share following IPO	(5,555)
Balance at end of period		$ 3,341	$ 2,168

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PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) (USD $) In Thousands, unless otherwise specified	Dec. 31, 2014	Dec. 31, 2013
PREPAID EXPENSES AND OTHER CURRENT ASSETS [Abstract]
Government institutions	$ 298	$ 269
Prepaid expenses	227	63
Deposit	56	53
Deferred tax	86	26
Other assets	89	58
PREPAID EXPENSES AND OTHER CURRENT ASSETS	$ 756	$ 469

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STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (DEFICIENCY) (USD $) In Thousands, except Share data, unless otherwise specified		Total	Series C Convertible preferred Shares [Member]	Series D Convertible preferred Shares [Member]	Series E convertible preferred shares [Member]	Convertible Preferred Shares [Member]		Convertible Preferred Shares [Member] Series C Convertible preferred Shares [Member]		Convertible Preferred Shares [Member] Series D Convertible preferred Shares [Member]		Convertible Preferred Shares [Member] Series E convertible preferred shares [Member]		Ordinary Share [Member]		Ordinary Share [Member] Series C Convertible preferred Shares [Member]		Ordinary Share [Member] Series D Convertible preferred Shares [Member]		Ordinary Share [Member] Series E convertible preferred shares [Member]		Additional paid-in capital [Member]	Additional paid-in capital [Member] Series C Convertible preferred Shares [Member]	Additional paid-in capital [Member] Series D Convertible preferred Shares [Member]	Additional paid-in capital [Member] Series E convertible preferred shares [Member]	Accumulated deficit [Member]	Accumulated deficit [Member] Series C Convertible preferred Shares [Member]	Accumulated deficit [Member] Series D Convertible preferred Shares [Member]	Accumulated deficit [Member] Series E convertible preferred shares [Member]
Balance at Dec. 31, 2011		$ (829)					[1],[2],[3]								[1],[2],[4]							$ 7,242				$ (8,071)
Balance (in shares) at Dec. 31, 2011	[1]					103,872	[3]							185,688	[4]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of convertible loans into convertible preferred share			1,017						[1],[2],[3]								[1],[4]						1,017
Conversion of convertible loans into convertible preferred share (in shares)	[1]							9,612	[3]								[4]
Issuance of convertible preferred shares, net of issuance expense in an amount of $3, $204 and $212 for Series C, D and E, respectively			4,093						[1],[2],[3]								[1],[4]						4,093
Issuance of convertible preferred shares, net of issuance expense (in shares)	[1]							48,234	[3]								[4]
Share-based compensation to employees and non employees		113					[1],[3]								[1],[4]							113
Net loss		(6,658)					[1],[3]								[1],[4]											(6,658)
Balance at Dec. 31, 2012		(2,264)					[1],[2],[3]								[1],[2],[4]							12,465				(14,729)
Balance (in shares) at Dec. 31, 2012	[1]					161,718	[3]							185,688	[4]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Conversion of convertible loans into convertible preferred share				9,896							[1],[2],[3]								[1],[4]					9,896
Conversion of convertible loans into convertible preferred share (in shares)	[1]									81,677	[3]								[4]
Issuance of convertible preferred shares, net of issuance expense in an amount of $3, $204 and $212 for Series C, D and E, respectively				9,961							[1],[2],[3]								[1],[4]					9,961
Issuance of convertible preferred shares, net of issuance expense (in shares)	[1]									84,008	[3]								[4]
Share-based compensation to employees and non employees		215					[1],[3]								[1],[4]							215
Net loss		(12,177)					[1],[3]								[1],[4]											(12,177)
Balance at Dec. 31, 2013		5,631					[1],[2],[3]								[1],[2],[4]							32,537				(26,906)
Balance (in shares) at Dec. 31, 2013	[1]					327,403	[3]							185,688	[4]
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of warrants into Convertible preferred Shares			3,825	57					[1],[2],[3]		[1],[2],[3]						[1],[4]		[1],[4]				3,825	57
Exercise of warrants into Convertible preferred Shares (in shares)	[1]							17,705	[3]	263	[3]						[4]		[4]
Issuance of convertible preferred shares, net of issuance expense in an amount of $3, $204 and $212 for Series C, D and E, respectively				1,114	7,895						[1],[2],[3]		[1],[2],[3]						[1],[4]		[1],[4]			1,114	7,895
Issuance of convertible preferred shares, net of issuance expense (in shares)	[1]									4,131	[3]	75,695	[3]						[4]		[4]
Conversion of convertible preferred shares into ordinary shares							[1],[2],[3]							22	[1],[4]							(22)
Conversion of convertible preferred shares into ordinary shares (in shares)	[1]					(425,197)	[3]							7,838,640	[4]
Reclassification of liability warrants to equity warrants		5,555					[1],[3]								[1],[4]							5,555
Issuance of ordinary Shares in IPO, net of issuance expenses in an amount of $5,138		36,263					[1],[3]							9	[1],[4]							36,254
Shares issued	[1]						[3]							3,450,000	[4]
Exercise of warrants into ordinary Shares							[1],[3]								[1],[4]
Exercise of warrants into ordinary Shares (in shares)	[1]						[3]							157,618	[4]
Share-based compensation to employees and non employees		5,179					[1],[3]								[1],[4]							5,179
Issuance of ordinary share upon exercise of stock options by employees		2					[1],[3]							1	[1],[4]							1
Issuance of ordinary share upon exercise of stock options by employees (in shares)	[1]						[3]							346,608	[4]
Net loss		(21,668)					[1],[3]								[1],[4]											(21,668)
Balance at Dec. 31, 2014		$ 43,853					[1],[3]							$ 32	[1],[4]							$ 92,395				$ (48,574)
Balance (in shares) at Dec. 31, 2014	[1]						[3]							11,978,554	[4]

[1] All shares amount have been restated to reflect an 18-for-1 share split, see Note 9a.

[2] Represents an amount lower than $1.

[3] The convertible preferred shares consist of several series, see Note 9d.

[4] The ordinary shares consist of two series, see Note 9b.

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SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2014

SIGNIFICANT ACCOUNTING POLICIES [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES

The consolidated financial statements are prepared according to United States generally accepted accounting principles (“U.S. GAAP”), applied on a consistent basis, as follows:

a. Use of Estimates:

The preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates, judgments and assumptions. The Company's management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. On an ongoing basis, the Company's management evaluates estimates, including those related to inventories, fair values of share-based awards and contingent liabilities. Such estimates are based on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

b. Financial Statements in U.S. Dollars:

Most of the revenues and costs of the Company are denominated in United States dollars (“dollars”). Some of the Company's and its subsidiaries' revenues and costs are incurred in Euros and New Israeli Shekels (“NIS”); however, the selling prices are linked to the Company's price list which is determined in dollars, the budget is managed in dollars and the Company's management believes that the dollar is the primary currency of the economic environment in which the Company and each of its subsidiaries operate. Thus, the dollar is the Company's and its subsidiaries' functional and reporting currency.

Accordingly, transactions denominated in currencies other than the functional currency are re-measured to the functional currency in accordance with Accounting Standards Codification (“ASC”) No. 830, “Foreign Currency Matters” at the exchange rate at the date of the transaction or the average exchange rate in the quarter. At the end of each reporting period, financial assets and liabilities are re-measured to the functional currency using exchange rates in effect at the balance sheet date. Non-financial assets and liabilities are re-measured at historical exchange rates. Gains and losses related to re-measurement are recorded as financial income (expense) in the consolidated statements of operations as appropriate.

c. Principles of Consolidation:

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, RRI and AMG. All intercompany transactions and balances have been eliminated upon consolidation.

d. Cash Equivalents:

Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less, at the date acquired.

e. Inventories:

Inventories are stated at the lower of cost or market value. Inventory reserves are provided to cover risks arising from slow-moving items or technological obsolescence.

The Company periodically evaluates the quantities on hand relative to historical, current and projected sales volume. Based on this evaluation, an impairment charge is recorded when required to write-down inventory to its market value.

Cost is determined as follows:

Raw materials, auxiliary materials and spare parts- on the basis of raw materials cost on “first in, first out” basis.

Finished products- on the basis of raw materials and manufacturing costs on an average basis.

The Company regularly evaluates the ability to realize the value of inventory based on a combination of factors, including the following: historical usage rates and forecasted sales according to outstanding backlogs. Purchasing requirements and alternative usage are explored within these processes to mitigate inventory exposure. When recorded, the reserves are intended to reduce the carrying value of inventory to its net realizable value. In the years ended December 31, 2012, 2013 and 2014, the Company wrote off inventory in the amount of $91, $88 and $76, respectively. If actual demand for the Company's products deteriorates, or market conditions are less favorable than those projected, additional inventory reserves may be required.

f. Related party:

The Company has a substantial shareholder named Yaskawa Electric Corporation (“YEC”).

In September 2013 the Company entered into a share purchase agreement (see Note 9e) and a strategic alliance with YEC, pursuant to which YEC has agreed to distribute the Company's products, in addition to providing sales, marketing, service and training functions, in Japan, China (including Hong-Kong and Macau), Taiwan, South Korea, Singapore and Thailand.

As of December 31, 2013 and 2014 related party receivable in the amount of $88 and $215, respectively, were included in trade receivable, net. Revenues from YEC during the years ended December 31, 2013 and 2014 amounted to $88 and $394, respectively.

g. Property and Equipment:

Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates:

 

	%
Computer equipment	33
Office furniture and equipment	6 – 10 (mainly 10)
Machinery and laboratory equipment	15
Leasehold improvements	Over the shorter of the lease term or estimated useful life

h. Impairment of Long-Lived Assets:

The Company's long-lived assets are reviewed for impairment in accordance with ASC No. 360, “Property, Plant and Equipment” whenever events or changes in circumstances indicate that the carrying amount of an asset (or asset group) may not be recoverable. Recoverability of assets (or asset group) to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During the years ended December 31, 2012, 2013 and 2014, no impairment losses have been recorded.

i. Long-Term prepaid expenses:

Long-term lease deposits include long-term deposits for cars leasing.

j. Revenue Recognition:

The Company and its subsidiaries generate revenues from sales of products. The Company and its subsidiaries sell their products through a direct sales force and through distributors.

Revenues are recognized in accordance with ASC No. 605, “Revenue Recognition” (“ASC 605”), when delivery has occurred, persuasive evidence of an agreement exists, the fee is fixed and determinable, collectability is reasonably assured and no further obligations exist. Provisions are made at the time of revenue recognition for any applicable warranty cost expected to be incurred.

The timing for revenue recognition amongst the various products and customers is dependent upon satisfaction of such criteria and generally varies from shipment to delivery to the customer depending on the specific shipping terms of a given transaction, as stipulated in the agreement with each customer.

Other than pricing terms which may differ due to the different volumes of purchases between distributors and end-users, there are no material differences in the terms and arrangements involving direct and indirect customers.

The Company's products sold through agreements with distributors are non-exchangeable, non-refundable, non-returnable and without any rights of price protection or share rotation. Accordingly, the Company considers all the distributors to be end-users.

The Company does not grant a right of return for its products.

For the majority of sales of Rehabilitation systems the Company includes training and considers the elements in the arrangement to be a single unit of accounting. In accordance with ASC 605, the Company has concluded that the training is essential to the functionality of the Company's systems. Therefore the Company recognizes revenue for the system and training only after delivery in accordance with the agreement delivery terms to the customer and after the training has been completed, once all other revenue recognition criteria have been met.

For sales of Personal systems and Rehabilitation systems to third party distributors the Company does not provide training to the end user as this training is completed by the Rehabilitation centers that have previously completed the ReWalk Training program.  Therefore the Company recognizes revenue in such sales upon delivery, assuming the other conditions for revenue recognition have been met.

In certain cases, when product arrangements are bundled with extended warranty, the separation of the extended warranty falls under the scope of ASC 605-20-25-1 through 25-6, and the separately price of the extended warranty stated in the agreement is deferred and recognized ratably over the extended warranty period.

Deferred revenue includes primarily unearned amounts received in respect of service contracts but not yet recognized as revenues.

k. Accounting for Share-Based Compensation:

The Company accounts for share-based compensation in accordance with ASC No. 718, “Compensation-Stock Compensation” (“ASC No. 718”). ASC No. 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an Option-Pricing Model (“OPM”). The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company's consolidated statements of operations.

The Company recognizes compensation expenses for the value of its awards granted based on the straight-line method over the requisite service period of each of the awards, net of estimated forfeitures. ASC No. 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Estimated forfeitures are based on actual historical pre-vesting forfeitures.

The Company selected the Black-Scholes-Merton option pricing model as the most appropriate fair value method for its share-option awards. The option-pricing model requires a number of assumptions, of which the most significant are the fair market value of the underlying ordinary share, expected share price volatility and the expected option term. Expected volatility was calculated based upon certain peer companies that the Company considered to be comparable. The expected option term represents the period of time that options granted are expected to be outstanding. The expected option term is determined based on the simplified method in accordance with Staff Accounting Bulletin No. 110, as adequate historical experience is not available to provide a reasonable estimate. The simplified method will continue to apply until enough historical experience is available to provide a reasonable estimate of the expected term. The risk-free interest rate is based on the yield from U.S. treasury bonds with an equivalent term. The Company has historically not paid dividends and has no foreseeable plans to pay dividends.

The fair value of the ordinary shares underlying the share options has historically been determined by the Company's board of directors. As prior to the Company's IPO, there had been no public market for the Company's ordinary shares, the board of directors determined fair value of the ordinary shares at the time of grant of the option by considering a number of objective and subjective factors including data from other comparable companies, sales of ordinary shares and convertible preferred share to unrelated third parties, operating and financial performance, the lack of liquidity of capital share and general and industry specific economic outlook, among other factors.

Since the distributions and participation rights to security holders are different in a sale/liquidation scenario versus an IPO, the valuation of the Company was performed using a weighted average of the values derived from the following scenarios 1) discounted cash flow (DCF) model. The OPM method was then employed to allocate the enterprise value amongst the Company's various equity classes, deriving a fully marketable value per share for the ordinary share; 2) IPO scenario and 3) Implied value approach. Before the per share value was determined, a discount for lack of marketability and a voting right differential was applied, as applicable, to the ordinary shares and the founders shares.

Following the IPO in September 2014, the fair value of ordinary shares is observable as they are traded in the market.

The fair value of Restricted Stock Units (RSU) granted is determined based on the price of the Company's ordinary shares on the date of grant.

The fair value for options granted in 2012, 2013 and 2014 is estimated at the date of grant using a Black-Scholes-Merton option pricing model with the following assumptions:

	December 31,
	2012		2013		2014
Expected volatility		85%		70%-75%		60%-70%
Risk-free rate		0.92%-1.04%		0.95%-2.08%		1.74%-1.95%
Dividend yield		0%		0%		0%
Expected term (in years)		6.02-6.08		6.02 - 6.08		5.81 - 6.11
Share price		$2.48 - $2.76		$3.62 - $5.80		$1.49 - $20.77

The Company accounts for options granted to consultants and other service providers under ASC No. 718 and ASC No. 505, “Equity-based payments to non-employees.” The fair value of these options was estimated using a Black-Scholes-Merton option-pricing model. In 2012, 2013 and 2014 the non-cash compensation expenses related to nonemployees were immaterial.

The non-cash compensation expenses related to employees for the years ended December 31, 2012, 2013 and 2014 amounted to $113, $215 and $5,179, respectively.

l. Research and Development Costs:

Research and development costs are charged to the consolidated statement of operations as incurred.

m. Income Taxes:

The Company accounts for income taxes in accordance with ASC No. 740, “Income Taxes” (“ASC No. 740”), using the liability method whereby deferred tax assets and liability account balances are determined based on the differences between financial reporting and the tax basis for assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to the amounts that are more likely-than-not to be realized.

ASC No. 740 contains a two-step approach to recognizing and measuring a liability for uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. The Company accrues interest and penalties related to unrecognized tax benefits in its taxes on income.

n. Warrants to Purchase Convertible Preferred Share:

The Company accounts for freestanding warrants to purchase its convertible preferred shares as a liability on the balance sheets at fair value. The warrants to purchase convertible preferred shares are recorded as a liability because the underlying shares of convertible preferred share are contingently redeemable (upon a deemed liquidation event) and, therefore, may obligate the Company to transfer assets at some point in the future. The warrants are subject to re-measurement to fair value at each balance sheet date and any change in fair value is recognized as a component of financial income (expense), net, on the statements of operations. The Company must adjust the liability for changes in fair value until the earlier of the exercise or expiration of the warrants, the completion of a deemed liquidation event or the conversion of convertible preferred shares into ordinary shares. Following the IPO in September 2014, all of the remaining warrants to purchase convertible preferred shares were converted to warrants to purchase ordinary shares, and there was no liability as of December 31, 2014 (see Note 10).

o. Warranty:

The Company provides a two-year standard warranty for its products. The Company records a provision for the estimated cost to repair or replace products under warranty at the time of sale. Factors that affect the Company's warranty reserve include the number of units sold, historical and anticipated rates of warranty repairs and the cost per repair.

The Company periodically assesses the adequacy of its recorded warranty liabilities and adjusts the amounts as necessary.

As of December 31, 2013 and 2014, the provision for warranty amounted to $170 and $387, respectively, and was presented under other liabilities and long-term liabilities.

p. Concentrations of Credit Risks:

Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash, cash equivalents and trade receivables.

The Company's cash and cash equivalents are deposited in major banks in Israel, the United States and Germany. Such deposits in the United States may be in excess of insured limits and are not insured in other jurisdictions. The Company maintains cash and cash equivalents with diverse financial institutions and monitors the amount of credit exposure to each financial institution.

The Company's trade receivables are geographically diversified and derived primarily from sales to customers in various countries, mainly in the United States and Europe. Concentration of credit risk with respect to trade receivables is limited by credit limits, ongoing credit evaluation and account monitoring procedures. The Company performs ongoing credit evaluations of its distributors based upon a specific review of all significant outstanding invoices. The Company writes off receivables when they are deemed uncollectible and having exhausted all collection efforts. As of December 31, 2013 the Company did not record any allowance for doubtful accounts. As of December 31, 2014 trade receivables are presented net of $36 allowance for doubtful accounts.

q. Accrued Severance Pay:

Pursuant to Israel's Severance Pay Law, Israeli employees are entitled to severance pay equal to one month's salary for each year of employment, or a portion thereof. All of the employees of the RRL (except for one employee as mentioned below) elected to be included under section 14 of the Severance Pay Law, 1963 (“section 14”). According to this section, these employees are entitled only to monthly deposits, at a rate of 8.33% of their monthly salary, made in their name with insurance companies. Payments in accordance with section 14 release the Company from any future severance payments (under the above Israeli Severance Pay Law) in respect of those employees; therefore, related assets and liabilities are not presented in the balance sheet.

One employee of RRL had not elected to be included under section 14. As such, RRL had a liability for severance pay pursuant to Israeli law, based on the most recent monthly salary of the employee multiplied by the number of years of employment as of the balance sheet date. RRL liability was provided for by monthly accrual and deposits with severance pay funds and insurance policies. As of December 31, 2014 the employee had ended his employment and fully collected his severance pay fund, therefore, as of the balance sheets date, the liability had been relieved.

Total Company expenses related to severance pay amounted to $89, $126 and $170 for the years ended December 31, 2012, 2013 and 2014, respectively.

r.  Fair Value Measurements

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date.  The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis, as well as assets and liabilities measured at fair value on a non-recurring basis, in periods subsequent to their initial measurement.  The hierarchy requires the Company to use observable inputs when available, and to minimize the use of unobservable inputs when determining fair value.  If a financial instrument uses inputs that fall in different levels of the hierarchy, the instrument will be categorized based upon the lowest level of input that is significant to the fair value calculation.  The three-tiers are defined as follows:

• Level 1. Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2. Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and

• Level 3. Unobservable inputs for which there is little or no market data requiring the Company to develop its own assumptions.

The carrying amounts of cash and cash equivalents, restricted cash, trade receivable and trade payables approximate their fair value due to the short-term maturity of such instruments.

s. Basic and Diluted Net Loss Per Share:

Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares of ordinary shares outstanding during the period.

Diluted net loss per share is computed by giving effect to all potential shares of ordinary shares, including stock options, convertible preferred share warrants, to the extent dilutive, all in accordance with ASC No. 260, “Earning Per Share”.

The following table sets forth the computation of the Company's basic and diluted net loss per ordinary share:

	Year ended December 31
	2012			2013			2014
Net loss	$	(6,658	)	$	(12,177	)	$	(21,668	)
Convertible preferred shares dividend		(1,004	)		(1,663	)		(2,229	)
Net loss attributable to ordinary shares		(7,662	)		(13,840	)		(23,897	)
Shares used in computing net loss per ordinary shares, basic and diluted		185,688			185,688			3,766,694
Net loss per ordinary share, basic and diluted	$	(41.26	)	$	(74.53	)	$	(6.34	)

Basic and diluted net loss per share was the same for each period presented as the inclusion of all potential shares of ordinary shares outstanding would have been anti-dilutive.

t. Contingent liabilities

The Company accounts for its contingent liabilities in accordance with ASC No. 450, “Contingencies”. A provision is recorded when it is both probable that a liability has been incurred and the amount of the loss can be reasonably estimated.

With respect to legal matters, provisions are reviewed and adjusted to reflect the impact of negotiations, estimated settlements, legal rulings, advice of legal counsel and other information and events pertaining to a particular matter. As of December 31, 2013 and 2014, the Company is not a party to any ligation that could have a material adverse effect on the Company's business, financial position, results of operations or cash flows (see Note 7c).

u. Government grants

Government grants received by the Company relating to categories of operating expenditures are credited to the consolidated statements of operations during the period in which the expenditure to which they relate is charged. Royalty and non-royalty-bearing grants from the Israeli Office of the Chief Scientist (“OCS”), from the Israel-U.S. Binational Industrial Research and Development Foundation (“BIRD”) and from the Israeli Fund for Promoting Overseas Marketing for funding certain approved research and development projects and sales and marketing activities are recognized at the time when the Company is entitled to such grants, on the basis of the related costs incurred, and are included as a deduction from research and development or sales and marketing expenses (see Note 7b).

The Company recorded non-royalty-bearing grants in the amount of $45, $101 and $0 for the years ended December 31, 2012, 2013 and 2014, respectively, as part of the sales and marketing expenses.

The Company recorded royalty-bearing grants in the amount of $0, $0 and $76 for the years ended December 31, 2012, 2013 and 2014, respectively, as part of the research and development expenses.

The Company recorded royalty expenses in the amount of $40, $136 and $204 for the years ended December 31, 2012, 2013 and 2014, respectively, as part of the cost of revenues.

During December 2014, the Company recorded a liability of $466 as a settlement for the prepayment of amounts due under the agreement with BIRD, representing the full balance of the contingent liability related to grants received (including interest), which will be paid during 2015 (see Note 7b).

v. New Accounting Pronouncements

In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers," (ASU 2014-09), which creates a new Topic, Accounting Standards Codification Topic 606. The standard is principle-based and provides a five-step model to determine when and how revenue is recognized. The core principle of ASU 2014-09 is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The accounting standard is effective for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The Company is currently evaluating the impact of adopting this guidance.

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WARRANTS TO PURCHASE PREFERRED SHARE (Schedule of Warrants to Purchase Preferred Share) (Details) (USD $)	12 Months Ended
	Dec. 31, 2014	Aug. 02, 2011	Jan. 31, 2012	May 10, 2012	Aug. 20, 2012	Sep. 24, 2013	Jun. 19, 2014	Jun. 26, 2014
Warrants to purchase series C-1 convertible preferred share issued on 08/02/2011 [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Number of warrants (in shares)		7,615
Exercise price (in dollars per share)		$ 105.815
Contractual term determined based on period from the issuance date	3 years
Warrants to purchase series C-1 convertible preferred share issued on 01/31/2012 [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Number of warrants (in shares)			7,231
Exercise price (in dollars per share)			$ 105.815
Contractual term determined based on period from the issuance date	3 years
Warrants to purchase series C-1 convertible preferred share issued on 05/10/2012 [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Number of warrants (in shares)				4,252
Exercise price (in dollars per share)				$ 105.815
Contractual term determined based on period from the issuance date	3 years
Warrants to purchase series C-1 convertible preferred share issued on 08/20/2012 [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Number of warrants (in shares)					5,870
Exercise price (in dollars per share)					$ 105.815
Contractual term determined based on period from the issuance date	3 years
Warrants to purchase series D convertible preferred share issued on 09/24/2013 [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Number of warrants (in shares)						600
Exercise price (in dollars per share)						$ 121
Contractual term determined based on period from the issuance date	5 years
Warrants to purchase series D convertible preferred share issued on 06/19/2014 [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Number of warrants (in shares)							5,372
Exercise price (in dollars per share)							$ 206.09
Contractual term determined based on period from the consummation of an initial public offering	5 years
Contractual term determined based on period from the issuance date	10 years
Warrants to purchase series E convertible preferred share issued on 06/26/2014 [Member]
WARRANTS TO PURCHASE PREFERRED SHARE [line Items]
Number of warrants (in shares)								37,850
Exercise price (in dollars per share)								$ 206.09
Contractual term determined based on period from the issuance date	4 years

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PROPERTY AND EQUIPMENT, NET (Tables)

12 Months Ended

Dec. 31, 2014

PROPERTY AND EQUIPMENT, NET [Abstract]

Schedule of property and equipment, net

	December 31,
	2013		2014
Cost:
Computer equipment	$	250	$	338
Office furniture and equipment		83		144
Machinery and laboratory equipment		220		235
Leasehold improvements		27		32
		580		749

		December 31,
		2013		2014
Accumulated depreciation		224		335
Property and equipment, net	$	356	$	414

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SIGNIFICANT ACCOUNTING POLICIES (Accounting for Share-Based Compensation) (Details) (USD $) In Thousands, except Per Share data, unless otherwise specified	12 Months Ended
	Dec. 31, 2014	Dec. 31, 2013	Dec. 31, 2012
Accounting for Share-Based Compensation [Line Items]
Non-cash compensation expenses (in dollars)	$ 5,179	$ 215	$ 113
Stock option [Member]
Accounting for Share-Based Compensation [Line Items]
Expected volatility			85.00%
Dividend yield	0.00%	0.00%	0.00%
Stock option [Member] | Minimum [Member]
Accounting for Share-Based Compensation [Line Items]
Expected volatility	60.00%	70.00%
Risk-free rate	1.74%	0.95%	0.92%
Expected term	5 years 9 months 22 days	6 years 7 days	6 years 7 days
Share price (in dollars per share)	$ 1.49	$ 3.62	$ 2.48
Stock option [Member] | Maximum [Member]
Accounting for Share-Based Compensation [Line Items]
Expected volatility	70.00%	75.00%
Risk-free rate	1.95%	2.08%	1.04%
Expected term	6 years 1 month 10 days	6 years 29 days	6 years 29 days
Share price (in dollars per share)	$ 20.77	$ 5.80	$ 2.76

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FINANCIAL EXPENSES (INCOME), NET

12 Months Ended

Dec. 31, 2014

FINANCIAL EXPENSES (INCOME), NET [Abstract]

FINANCIAL EXPENSES (INCOME), NET

NOTE 12:- FINANCIAL EXPENSES (INCOME), NET

The components of financial expenses (income), net were as follows:

	Year ended December 31
	2012		2013		2014
Financial expenses related to convertible loans	$	6	$	2,166		—
Issuance of warrants to purchase convertible preferred share		—		—		835
Revaluation of fair value of warrants to purchase convertible preferred share		832		1,111		(776	)
Issuance of convertible preferred shares		—		—		1,114
Foreign currency transactions and other		18		93		200
Financial expenses related to loan agreement with Kreos		—		—		100
Issuance cost related to warrants liability		—		—		128
Bank commissions		22		40		36
Expenses related to hedging transactions		—		—		61
	$	878	$	3,410	$	1,698