x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Israel | Not applicable | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. employer identification no.) | |
3 Hatnufa Street, Floor 6, Yokneam Ilit, Israel | 2069203 | |
(Address of principal executive offices) | (Zip Code) |
Large accelerated filer o | Accelerated filer x |
Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller reporting company o |
Page No. | ||
March 31, | December 31, | ||||||
2016 | 2015 | ||||||
ASSETS | |||||||
CURRENT ASSETS: | |||||||
Cash and cash equivalents | $ | 21,809 | $ | 17,869 | |||
Trade receivable, net of allowance for doubtful accounts of $117 and $144 as of March 31, 2016 and December 31, 2015, respectively | 2,441 | 2,146 | |||||
Prepaid expenses and other current assets | 1,469 | 1,227 | |||||
Inventories | 3,060 | 2,534 | |||||
Total current assets | 28,779 | 23,776 | |||||
LONG-TERM ASSETS | |||||||
Other long term assets | 1,026 | 470 | |||||
Property and equipment, net | 1,294 | 1,328 | |||||
Total long-term assets | 2,320 | 1,798 | |||||
Total assets | $ | 31,099 | $ | 25,574 |
March 31, | December 31, | ||||||
2016 | 2015 | ||||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||||
CURRENT LIABILITIES: | |||||||
Current maturities of long term loan | $ | 2,626 | $ | — | |||
Trade payables | 2,852 | 2,474 | |||||
Employees and payroll accruals | 1,139 | 1,221 | |||||
Deferred revenues and customers advances | 224 | 199 | |||||
Other current liabilities | 459 | 449 | |||||
Total current liabilities | 7,300 | 4,343 | |||||
LONG-TERM LIABILITIES | |||||||
Long term loan, net of current maturities | 7,515 | — | |||||
Deferred revenues | 190 | 171 | |||||
Other long-term liabilities | 180 | 140 | |||||
Total long-term liabilities | 7,885 | 311 | |||||
Total liabilities | 15,185 | 4,654 | |||||
COMMITMENTS AND CONTINGENT LIABILITIES | |||||||
Shareholders’ equity: | |||||||
Share capital | |||||||
Ordinary share of NIS 0.01 par value-Authorized: 250,000,000 shares at March 31, 2016 and December 31, 2015; Issued and outstanding: 12,367,161 and 12,222,583 shares at March 31, 2016 and December 31, 2015, respectively | 33 | 33 | |||||
Additional paid-in capital | 96,792 | 94,876 | |||||
Accumulated deficit | (80,911 | ) | (73,989 | ) | |||
Total shareholders’ equity | 15,914 | 20,920 | |||||
Total liabilities and shareholders’ equity | $ | 31,099 | $ | 25,574 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Revenues | $ | 2,061 | $ | 635 | |||
Cost of revenues | 1,568 | 602 | |||||
Gross profit | 493 | 33 | |||||
Operating expenses: | |||||||
Research and development | 1,695 | 1,537 | |||||
Sales and marketing | 3,299 | 2,518 | |||||
General and administration | 1,914 | 1,499 | |||||
Total operating expenses | 6,908 | 5,554 | |||||
Operating loss | (6,415 | ) | (5,521 | ) | |||
Financial expenses, net | 489 | 169 | |||||
Loss before income taxes | (6,904 | ) | (5,690 | ) | |||
Income taxes | 18 | 16 | |||||
Net loss | $ | (6,922 | ) | $ | (5,706 | ) | |
Net loss per ordinary share, basic and diluted | (0.56 | ) | (0.48 | ) | |||
Weighted average number of shares used in computing net loss per ordinary share, basic and diluted | 12,323,794 | 12,007,160 |
Ordinary Share | Additional paid-in capital | Accumulated deficit | Total shareholders’ equity | |||||||||||||||
Number | Amount | |||||||||||||||||
Balance as of January 1, 2015 | 11,978,554 | $ | 32 | $ | 92,395 | $ | (48,574 | ) | $ | 43,853 | ||||||||
Share-based compensation to employees and non-employees | — | — | 2,345 | — | 2,345 | |||||||||||||
Issuance of ordinary shares upon exercise of stock options and RSUs by employees and non employees | 194,345 | 1 | 136 | — | 137 | |||||||||||||
Cashless exercise of warrants into ordinary shares | 49,684 | *) | *) | — | — | |||||||||||||
Net loss | — | — | — | (25,415 | ) | (25,415 | ) | |||||||||||
Balance as of December 31, 2015 | 12,222,583 | 33 | 94,876 | (73,989 | ) | 20,920 | ||||||||||||
Share-based compensation to employees and non-employees | — | — | 717 | — | 717 | |||||||||||||
Issuance of ordinary shares upon exercise of stock options and RSUs by employees and non-employees | 99,462 | *) | 38 | — | 38 | |||||||||||||
Cashless exercise of warrants into ordinary shares | 45,116 | *) | *) | — | — | |||||||||||||
Issuance of warrants to purchase ordinary shares (1) | — | — | 1,161 | — | 1,161 | |||||||||||||
Net loss | — | — | — | (6,922 | ) | (6,922 | ) | |||||||||||
Balance as of March 31, 2016 | 12,367,161 | $ | 33 | $ | 96,792 | $ | (80,911 | ) | $ | 15,914 |
*) | Represents an amount lower than $1. |
(1) | See Note 6 to the condensed consolidated financial statements. |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (6,922 | ) | $ | (5,706 | ) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
Depreciation | 163 | 44 | |||||
Share-based compensation to employees and non- employees | 717 | 586 | |||||
Deferred taxes | (13 | ) | — | ||||
Financial expenses related to long term loan | 156 | — | |||||
Changes in assets and liabilities: | |||||||
Trade receivables, net | (295 | ) | 253 | ||||
Prepaid expenses and other current assets | (607 | ) | (355 | ) | |||
Inventories | (526 | ) | (1,059 | ) | |||
Trade payables | 378 | 768 | |||||
Employees and payroll accruals | (82 | ) | (116 | ) | |||
Deferred revenues and advances from customers | 44 | 33 | |||||
Other liabilities | 50 | (610 | ) | ||||
Net cash used in operating activities | (6,937 | ) | (6,162 | ) | |||
Cash flows from investing activities: | |||||||
Maturities of short-term deposits | — | 1,667 | |||||
Purchase of property and equipment | (129 | ) | (371 | ) | |||
Net cash provided by (used in) investing activities | (129 | ) | 1,296 | ||||
Cash flows from financing activities: | |||||||
Proceeds from long term loan | 12,000 | — | |||||
Repayment of long term loan | (553 | ) | — | ||||
Debt issuance cost | (441 | ) | — | ||||
Net cash provided by financing activities | 11,006 | — | |||||
Increase (decrease) in cash and cash equivalents | 3,940 | (4,866 | ) | ||||
Cash and cash equivalents at beginning of period | 17,869 | 41,829 | |||||
Cash and cash equivalents at end of period | $ | 21,809 | $ | 36,963 | |||
Supplemental disclosures of non-cash flow information | |||||||
Issuance of ordinary shares upon exercise of stock options by employees and non-employees | $ | 38 | $ | — | |||
Supplemental disclosures of cash flow information: | |||||||
Cash paid for income taxes | $ | 4 | $ | 2 | |||
Cash paid for interest | $ | 323 | $ | — |
a. | ReWalk Robotics Ltd. (“RRL”, and together with its subsidiaries, 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. , incorporated under the laws of Delaware on February 15, 2012, and (ii) Argo Medical Technologies GmbH (“AMG”), incorporated under the laws of Germany on January 14, 2013. |
c. | 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 accounted for 23% and 24% of the Company's total trade payables as of March 31, 2016 and December 31, 2015 respectively. |
d. | The Company has incurred losses in the amount of $6,922 thousand during the three months period ended March 31, 2016. The Company has an accumulated deficit in the total amount of $80,911 thousand as of March 31, 2016 and negative cash flow from operating activity is in the amount of $6,937 thousand for the period then ended. The Company has sufficient funds to support its operations in the next 12 months. See also Note 6 below for information about the Company’s loan agreement with Kreos Capital V (Expert Fund) Limited and Note 10 below for information about the Company's equity distribution agreement with Piper Jaffray & Co. (“Piper Jaffray”). |
a. | The significant accounting policies applied in the audited consolidated financial statements of the Company as disclosed in the Company's annual report on Form 10-K for the year ended December 31, 2015 filed with the SEC on February 29, 2016, as amended on form 10-K/A filed with the SEC on May 5, 2016 (the “2015 Form 10-K”) are applied consistently in these unaudited interim condensed consolidated financial statements. |
b. | New Accounting Pronouncements: |
i. | In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2016-09, Compensation-Stock Compensation (Topic 718). The new guidance simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. The amendments in this standard are effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted. The Company is currently evaluating the impact of the pending adoption of this guidance on its condensed consolidated financial statements and related disclosures. |
ii. | In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842). Under the new guidance, a lessee will be required to recognize assets and liabilities for all leases with lease terms of more than 12 months. Consistent with current GAAP, the recognition, measurement, and presentation of expenses and cash flows arising from a lease by a lessee primarily will depend on its classification as a finance or operating lease. This ASU requires additional disclosures. The standard is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018. The ASU requires adoption based upon a modified retrospective transition approach. Early adoption is permitted. The Company has not yet selected a transition method, has not yet determined whether it will elect early adoption and is currently evaluating the impact of the pending adoption of this ASU on its condensed consolidated financial statements and related disclosures. |
c. | Concentrations of Credit Risks: |
March 31, | December 31, | ||||||
2016 | 2015 | ||||||
Raw materials | $ | 513 | $ | 450 | |||
Finished products | 2,547 | 2,084 | |||||
$ | 3,060 | $ | 2,534 |
a. | Purchase commitments: |
b. | Liens: |
December 30, 2015 | ||
Expected volatility | 60 | % |
Risk-free rate | 2.52 | % |
Dividend yield | — | % |
Expected term (in years) | 10 |
a. | Share option plans: |
Three Months Ended March 31, | |||
2016 | 2015 | ||
Expected volatility | 60% | 60% | |
Risk-free rate | 1.43%-1.60% | 1.60%-1.77% | |
Dividend yield | —% | —% | |
Expected term (in years) | 5.31-6.11 | 6.11 | |
Share price | $8.48 - $11.88 | $19.61- $20.97 |
Three Months Ended March 31, | ||||||||||||
Number | Average exercise price | Average remaining contractual life (years) (1) | Aggregate intrinsic value (in thousands) | |||||||||
Options and RSUs outstanding at the beginning of the period | 1,853,369 | $ | 6.12 | 8.37 | $ | 17,048 | ||||||
Options granted | 47,171 | 10.63 | ||||||||||
Options exercised (2) | (96,767 | ) | 1.27 | |||||||||
RSUs vested (2) | (14,670 | ) | — | |||||||||
RSUs forfeited | (44 | ) | — | |||||||||
Options forfeited | (4,848 | ) | 10.68 | |||||||||
Options and RSUs outstanding at the end of the period | 1,784,211 | $ | 6.54 | 8.25 | $ | 8,056 | ||||||
Options and RSUs vested and expected to vest | 1,735,646 | $ | 6.51 | 8.21 | $ | 7,924 | ||||||
Options exercisable at the end of the period | 644,935 | $ | 3.80 | 6.96 | $ | 4,521 |
(1) | Calculation of weighted average remaining contractual term does not include the RSUs that were granted, which have an indefinite contractual term. |
(2) | During the three month period ended on March 31, 2016, the aggregate number of ordinary shares that were issued pursuant to RSUs that became vested and options that were exercised on a net basis was 99,462 ordinary shares |
Range of exercise price | Options and RSUs Outstanding as of March 31, 2016 | Weighted average remaining contractual life (years) (1) | Options exercisable as of March 31, 2016 | Weighted average remaining contractual life (years) (1) | ||||||||
— (consist of RSUs only) | 73,547 | — | — | — | ||||||||
$0.82 | 34,377 | 4.79 | 34,377 | 4.79 | ||||||||
$1.32 | 345,188 | 6.20 | 320,474 | 6.17 | ||||||||
$1.48 | 409,576 | 7.78 | 204,369 | 7.78 | ||||||||
$7.30- $8.99 | 624,503 | 9.58 | 4,875 | 9.59 | ||||||||
$10.98- $11.88 | 36,146 | 9.86 | — | 0 | ||||||||
$19.62-$20.97 | 260,874 | 8.73 | 80,840 | 8.73 | ||||||||
1,784,211 | 8.25 | 644,935 | 6.96 |
(1) | Calculation of weighted average remaining contractual term does not include the RSUs that were granted, which have an indefinite contractual term. |
b. | Options issued to non-employee consultant: |
Issuance date | Options for shares of ordinary share | Exercise price per share | Options exercisable | Exercisable through | |||||||
(number) | (number) | ||||||||||
March 12, 2007 | 3,454 | $ | — | 3,454 | March 12, 2017 |
c. | Warrants to purchase ordinary shares: |
Issuance date | Warrants outstanding | Exercise price per warrant | Warrants exercisable | Contractual term | |||||||
(number) | (number) | ||||||||||
July 14, 2014 | 403,804 | $ | 10.08 | 403,804 | July 13, 2018 | ||||||
December 30, 2015 | 119,295 | $ | 9.64 | 119,295 | The earlier of (i) December 30, 2025, or (ii) a merger, consolidation, or reorganization of the Company. | ||||||
523,099 | 523,099 |
d. | Share-based compensation expense for employees and non-employees: |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Cost of revenues | $ | 22 | $ | 15 | |||
Research and development, net | 113 | 101 | |||||
Sales and marketing, net | 174 | 133 | |||||
General and administrative | 408 | 337 | |||||
Total | $ | 717 | $ | 586 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Foreign currency transactions and other | $ | 19 | $ | 161 | |||
Financial expenses related to loan agreement with Kreos | 479 | — | |||||
Bank commissions | 9 | 8 | |||||
Income related to hedging transactions | (18 | ) | — | ||||
$ | 489 | $ | 169 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Revenues based on customer’s location: | |||||||
Israel | $ | — | $ | — | |||
United States | 1,739 | 574 | |||||
Europe | 260 | 57 | |||||
Asia-Pacific | 62 | 4 | |||||
Total revenues | $ | 2,061 | $ | 635 |
March 31, | December 31, | ||||||
2016 | 2015 | ||||||
Long-lived assets by geographic region (*): | |||||||
Israel | $ | 594 | $ | 605 | |||
United States | 493 | 483 | |||||
Germany | 207 | 240 | |||||
$ | 1,294 | $ | 1,328 |
March 31, | December 31, | ||||
2016 | 2015 | ||||
Customer A | 71 | % | 15 | % |
• | our expectations regarding future growth, including our ability to increase sales in our existing geographic markets and expand to new markets; |
• | our ability to maintain and grow our reputation and to achieve and maintain the market acceptance of our products; |
• | our ability to achieve reimbursement from third-party payors for our products; |
• | our expectations as to our clinical research program and clinical results; |
• | our expectations as to the outcome of our new application for FDA pre-market clearance of our ReWalk device and the results of and the FDA’s potential regulatory actions with respect to our mandated post-market surveillance study; |
• | our ability to improve our products and develop new products; |
• | our ability to maintain adequate protection of our intellectual property and to avoid violation of the intellectual property rights of others; |
• | our ability to repay our secured indebtedness; |
• | our ability to gain and maintain regulatory approvals; |
• | our ability to secure capital from our at-the-market equity distribution program based on the price range of our ordinary shares and conditions in the financial markets; and |
• | our ability to maintain relationships with existing customers and develop relationships with new customers. |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
(in thousands, except per share data) | |||||||
Statements of Operations Data: | |||||||
Revenues | $ | 2,061 | $ | 635 | |||
Cost of revenues | 1,568 | 602 | |||||
Gross profit | 493 | 33 | |||||
Operating expenses: | |||||||
Research and development | 1,695 | 1,537 | |||||
Sales and marketing | 3,299 | 2,518 | |||||
General and administration | 1,914 | 1,499 | |||||
Total operating expenses | 6,908 | 5,554 | |||||
Operating loss | (6,415 | ) | (5,521 | ) | |||
Financial expenses, net | 489 | 169 | |||||
Loss before income taxes | (6,904 | ) | (5,690 | ) | |||
Income taxes | 18 | 16 | |||||
Net loss | $ | (6,922 | ) | $ | (5,706 | ) | |
Net loss per ordinary share, basic and diluted | $ | (0.56 | ) | $ | (0.48 | ) | |
Weighted average number of shares used in computing net loss per ordinary share, basic and diluted | 12,323,794 | 12,007,160 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
(in thousands, except unit amounts) | |||||||
Personal units placed | 31 | 11 | |||||
Rehabilitation units placed | 1 | 2 | |||||
Total units placed | 32 | 13 | |||||
Personal unit revenues | $ | 1,971 | $ | 610 | |||
Rehabilitation unit revenues | $ | 90 | $ | 25 | |||
Revenues | $ | 2,061 | $ | 635 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Gross profit | $ | 493 | $ | 33 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Research and development expenses | $ | 1,695 | $ | 1,537 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Sales and marketing expenses | $ | 3,299 | $ | 2,518 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
General and administrative | $ | 1,914 | $ | 1,499 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Financial expenses, net | $ | 489 | $ | 169 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Income tax | $ | 18 | $ | 16 |
Three Months Ended March 31, | |||||||
2016 | 2015 | ||||||
Net cash used in operating activities | $ | (6,937 | ) | $ | (6,162 | ) | |
Net cash provided by (used in) investing activities | (129 | ) | 1,296 | ||||
Net cash provided by financing activities | 11,006 | — | |||||
Net cash flow | $ | 3,940 | $ | (4,866 | ) |
Payments due by period (in dollars, in thousands) | |||||||||||||||||||
Contractual obligations | Total | Less than 1 year | 1-3 years | 3-5 years | More than 5 years | ||||||||||||||
Purchase obligations | $ | 1,521 | $ | 1,521 | $ | — | $ | — | $ | — | |||||||||
Operating lease obligations | 3,620 | 426 | 1,002 | 1,037 | 1,155 | ||||||||||||||
Long-term debt obligations | 13,805 | 2,626 | 11,179 | — | — | ||||||||||||||
Total | $ | 18,946 | $ | 4,573 | $ | 12,181 | $ | 1,037 | $ | 1,155 |
Exhibit Number | Description | |
4.1 | Form of Indenture relating to debt securities (incorporated by reference to Exhibit 4.1 to the Company's registration statement on Form S-3 (File No. 333-209833), filed with the SEC on February 29, 2016). | |
31.1 | Certification of Principal Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act 2002. | |
31.2 | Certification of Principal Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act 2002. | |
32.1 | Certification of Principal Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* | |
32.2 | Certification of Principal Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.* | |
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema Document | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |
101.LAB | XBRL Taxonomy Extension Label Linkbase Document | |
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
* | Furnished herewith. |
ReWalk Robotics Ltd. | ||
Date: May 10, 2016 | By: | /s/ Larry Jasinski |
Larry Jasinski | ||
Chief Executive Officer | ||
Date: May 10, 2016 | By: | /s/ Kevin Hershberger |
Kevin Hershberger | ||
Chief Financial Officer | ||
(Principal Financial and Accounting Officer) |
/s/ Larry Jasinski | |
Larry Jasinski | |
Chief Executive Officer | |
(Principal Executive Officer) | |
ReWalk Robotics Ltd. |
/s/ Kevin Hershberger | |
Kevin Hershberger | |
Chief Financial Officer | |
(Principal Financial Officer) | |
ReWalk Robotics Ltd. |
• | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
• | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Larry Jasinski | |
Larry Jasinski | |
Chief Executive Officer | |
(Principal Executive Officer) | |
ReWalk Robotics Ltd. |
• | the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and |
• | the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Kevin Hershberger | |
Kevin Hershberger | |
Chief Financial Officer | |
(Principal Financial Officer) | |
ReWalk Robotics Ltd. |
Document and Entity Information - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
May. 02, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | ReWalk Robotics Ltd. | |
Entity Central Index Key | 0001607962 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 12,371,415 | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q1 |
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) $ in Thousands |
Mar. 31, 2016
USD ($)
shares
|
Mar. 31, 2016
₪ / shares
|
Dec. 31, 2015
USD ($)
shares
|
Dec. 31, 2015
₪ / shares
|
---|---|---|---|---|
Statement of Financial Position [Abstract] | ||||
Trade receivable, allowance for doubtful accounts | $ | $ 117 | $ 144 | ||
Ordinary shares, par value (in USD per share) | ₪ / shares | ₪ 0.01 | ₪ 0.01 | ||
Ordinary shares, shares authorized | 250,000,000 | 250,000,000 | ||
Ordinary shares, shares Issued | 12,367,161 | 12,222,583 | ||
Ordinary shares, shares outstanding | 12,367,161 | 12,222,583 |
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Income Statement [Abstract] | ||
Revenues | $ 2,061 | $ 635 |
Cost of revenues | 1,568 | 602 |
Gross profit | 493 | 33 |
Operating expenses: | ||
Research and development | 1,695 | 1,537 |
Sales and marketing | 3,299 | 2,518 |
General and administration | 1,914 | 1,499 |
Total operating expenses | 6,908 | 5,554 |
Operating loss | (6,415) | (5,521) |
Financial expenses, net | 489 | 169 |
Loss before income taxes | (6,904) | (5,690) |
Income taxes | 18 | 16 |
Net loss | $ (6,922) | $ (5,706) |
Net loss per ordinary share, basic and diluted (in USD per share) | $ (0.56) | $ (0.48) |
Weighted average number of shares used in computing net loss per ordinary share, basic and diluted (in shares) | 12,323,794 | 12,007,160 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Cash flows from operating activities: | ||
Net loss | $ (6,922,000) | $ (5,706,000) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 163,000 | 44,000 |
Share-based compensation to employees and non- employees | 717,000 | 586,000 |
Deferred taxes | (13,000) | 0 |
Financial expenses related to long term loan | 156,000 | 0 |
Changes in assets and liabilities: | ||
Trade receivables, net | (295,000) | 253,000 |
Prepaid expenses and other current assets | (607,000) | (355,000) |
Inventories | (526,000) | (1,059,000) |
Trade payables | 378,000 | 768,000 |
Employees and payroll accruals | (82,000) | (116,000) |
Deferred revenues and advances from customers | 44,000 | 33,000 |
Other liabilities | 50,000 | (610,000) |
Net cash used in operating activities | (6,937,000) | (6,162,000) |
Cash flows from investing activities: | ||
Maturities of short-term deposits | 0 | 1,667,000 |
Purchase of property and equipment | (129,000) | (371,000) |
Net cash provided by (used in) investing activities | (129,000) | 1,296,000 |
Cash flows from financing activities: | ||
Proceeds from long term loan | 12,000,000 | 0 |
Repayment of long term loan | (553,000) | 0 |
Debt issuance cost | (441,000) | 0 |
Net cash provided by financing activities | 11,006,000 | 0 |
Increase (decrease) in cash and cash equivalents | 3,940,000 | (4,866,000) |
Cash and cash equivalents at beginning of period | 17,869,000 | 41,829,000 |
Cash and cash equivalents at end of period | 21,809,000 | 36,963,000 |
Supplemental disclosures of non-cash flow information | ||
Issuance of ordinary shares upon exercise of stock options by employees and non-employees | 38,000 | 0 |
Supplemental disclosures of cash flow information: | ||
Cash paid for income taxes | 4,000 | 2,000 |
Cash paid for interest | $ 323 | $ 0 |
GENERAL |
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Mar. 31, 2016 | |||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||
GENERAL | GENERAL
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UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Notes) |
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Mar. 31, 2016 | |
Accounting Policies [Abstract] | |
UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and standards of the Public Company Accounting Oversight Board for interim financial information. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company's consolidated financial position as of March 31, 2016, consolidated results of operations and consolidated cash flows for the period of three months ended March 31, 2016 and March 31, 2015 have been included. The results for the three month period ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. |
SIGNIFICANT ACCOUNTING POLICIES |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | SIGNIFICANT ACCOUNTING POLICIES
Concentration of credit risk with respect to trade receivable is primarily limited to a customer to which we make substantial sales. One customer represented 60% and 21% of the Company's trade receivable, net balance as of March 31, 2016 and December 31, 2015 respectively. SIGNIFICANT ACCOUNTING POLICIES
Concentration of credit risk with respect to trade receivable is primarily limited to a customer to which we make substantial sales. One customer represented 60% and 21% of the Company's trade receivable, net balance as of March 31, 2016 and December 31, 2015 respectively. |
INVENTORIES |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INVENTORIES | INVENTORIES The components of inventory are as follows (in thousands):
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COMMITMENTS AND CONTINGENT LIABILITIES |
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Mar. 31, 2016 | |||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||
COMMITMENTS AND CONTINGENT LIABILITIES | COMMITMENTS AND CONTINGENT LIABILITIES
The Company has contractual obligations to purchase goods from its contract manufacturer. Purchase obligations do not include contracts that may be canceled without penalty. As of March 31, 2016, non-cancelable outstanding obligations amounted to approximately $1.5 million.
As described in Note 6 below, in connection with the Loan Agreement, the Company granted Kreos a first priority security interest over all of its assets, including intellectual property and equity interests in its subsidiaries, subject to certain permitted security interests. The Company's long-term other assets include amount of $648 thousand which is pledged as security in respect of guaranties made in favor of a third party on April 29, 2015 and on January 6, 2016. Such deposit cannot be pledged to others or withdrawn without the consent of such third party. |
LOAN AND WARRANT TO PURCHASE ORDINARY SHARES LOAN AND WARRANT TO PURCHASE ORDINARY SHARES |
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Mar. 31, 2016 | ||||||||||||||||||||||
Debt Disclosure [Abstract] | ||||||||||||||||||||||
LOANS AND WARRANT TO PURCHASE ORDINARY SHARES | LOAN AND WARRANT TO PURCHASE ORDINARY SHARES On December 30, 2015, the Company entered into a loan agreement (the “Loan Agreement”) with Kreos Capital V (Expert Fund) Limited (“Kreos” or the “Lender”) pursuant to which Kreos extended a line of credit to the Company in the amount of $20 million (the “Loan”). On January 4, 2016 (the “Draw Down Date”), the Company drew down $12 million, less $415 thousand in loan transaction fees and $660 thousand of advance payment. Additional loan transaction fees in the amount of $26 thousand were paid after the Draw Down Date. Of the $441 thousand in total loan transaction fees, $140 thousand are deferred, and presented within “Other long term assets”, as they are allocated to the remaining $8 million that is available to be drawn down by the Company under the Loan Agreement in separate tranches until December 31, 2016, if the Company raises $10 million or more prior to December 31, 2016 in connection with the issuance of shares of the Company's capital stock. The Loan is for a period of 36 months and bears annual interest of 10.75%, which is to be paid monthly. The principal of the Loan is to be paid in 24 monthly payments, beginning in January 2017, except for the last loan payment which was paid in advance on the Draw Down Date, but will be extended to 36 months if the Company raises $20 million or more in connection with the issuance of shares of its capital stock (including debt convertible into shares of the Company's capital stock) prior to the expiration of the 24-month period. Repayment of the Loan and payment of all other amounts owed to the Lender is to be made in U.S. dollars. The Company recorded interest expense in the amount of $479 thousand for the three month period ended March 31, 2016. Pursuant to the Loan Agreement, the Company granted Kreos a first priority security interest over all of its assets, including intellectual property and equity interests in its subsidiaries, subject to certain permitted security interests. In connection with the Loan Agreement, on December 30,2015, the Company granted Kreos a warrant to purchase 119,295 ordinary shares at an exercise price of $9.64 per share (the “Warrant”). The Warrant is exercisable, in whole or in part, at any time prior to the earliest of (i) December 30, 2025 or (ii) immediately prior to the consummation of a merger, consolidation, or reorganization of the Company with or into, or the sale or license of all or substantially all the assets or shares of the Company to, any other entity or person, other than a wholly-owned subsidiary of the Company, excluding any transaction in which shareholders of the Company prior to the transaction will hold more than 50% of the voting and economic rights of the surviving entity after the transaction. On December 30, 2015, the Company calculated the value of its freestanding Warrants to purchase its ordinary shares in the amount of $1,161 thousand (net of $42 thousand issuance expenses), by using the relative fair value method and utilizing an option pricing method. The Company has recorded the value of the Warrant, together with the Loan's issuance costs, as debt discount which is being accreted as interest expense using the effective-interest method over the remaining term of the Loan. The following assumptions were used to estimate the value of the Warrants on December 30, 2015:
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SHAREHOLDERS' EQUITY |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
SHAREHOLDERS' EQUITY | SHAREHOLDERS’ EQUITY
As of March 31, 2016 and December 31, 2015 the Company had reserved 881,856 and 420,469 shares of ordinary shares, respectively, available for issuance to employees, directors, officers and non-employees of the Company under the 2014 Incentive Compensation Plan (the “ 2014 Plan”). The options generally vest over four years. Any option that is forfeited or canceled before expiration becomes available for future grants under the 2014 Plan. The fair value for options granted during the three month period ended March 31, 2016 and March 31, 2015 is estimated at the date of the grant using a Black-Scholes-Merton option pricing model with the following assumptions:
A summary of employee share options and restricted stock units ("RSUs") activity during the three month period ended March 31, 2016 is as follows:
The weighted average grant date fair values of options granted during the three-month period ended March 31, 2016, and March 31, 2015 were $5.88, and $11.19, respectively. The Company did not grant RSUs during the three month period ended March 31, 2016, The weighted average grant date fair values of RSUs granted during the three-month period ended March 31, 2015 was $20.97. 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, that hold options with positive intrinsic value, exercised their options on the last date of the exercise period. Total intrinsic value of options exercised for each of the three-month periods ended March 31, 2016 and March 31, 2015 were $786 thousand and $1,340 thousand respectively. As of March 31, 2016, there were $7,408 thousand of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Company's 2012 Equity Incentive Plan, and its 2014 Plan. This cost is expected to be recognized over a period of approximately 2.7 years. The options and RSUs outstanding as of March 31, 2016 have been separated into ranges of exercise price as follows:
The Company’s outstanding options granted to non-employee consultant as of March 31, 2016 were as follows:
During the three month period ended on March 31, 2016 a total of 138,702 warrants were exercised on a cashless basis into 45,116 ordinary shares. The following table summarizes information about warrants outstanding and exercisable as of March 31, 2016:
The Company recognized non-cash share-based compensation expense in the consolidated statements of operations as follows (in thousands):
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FINANCIAL EXPENSES, NET |
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL EXPENSES, NET | FINANCIAL EXPENSES, NET The components of financial expenses, net were as follows (in thousands):
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GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA | 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 the enterprise’s performance. The Company manages its business on the basis of one reportable segment, and derives revenues from selling systems and services (see Note 1 above and “Part I, Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations” of this quarterly report for a brief description of the Company’s business). The following is a summary of revenues within geographic areas (in thousands):
(*) Long-lived assets are comprised of property and equipment, net. Major customer data as a percentage of total revenues (in thousands):
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SUBSEQUENT EVENTS |
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Mar. 31, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS On May 10, 2016, we entered into an equity distribution agreement (the “Equity Distribution Agreement”) with Piper Jaffray , pursuant to which we may offer and sell, from time to time, ordinary shares having an aggregate offering price of up to $25 million, through Piper Jaffray acting as our agent. Subject to the terms and conditions of the Equity Distribution Agreement, Piper Jaffray will use its commercially reasonable efforts to sell on the Company's behalf all of the ordinary shares requested to be sold by us, consistent with its normal trading and sales practices. Piper Jaffray may also act as principal in the sale of ordinary shares under the Equity Distribution Agreement. Sales may be made under our registration statement on Form S-3, which was declared effective on May 9, 2016 (the “Form S-3”), in what may be deemed “at-the-market” equity offerings as defined in Rule 415 promulgated under the Securities Act of 1933, as amended (the “ATM Offering Program”). Sales may be made directly on or through the NASDAQ Global Market, the existing trading market for our ordinary shares, to or through a market maker other than on an exchange or otherwise, in negotiated transactions at market prices prevailing at the time of sale or at prices related to such prevailing market prices, and/or any other method permitted by law, including in privately negotiated transactions. Piper Jaffray is entitled to compensation at a fixed commission rate of 3.0% of the gross sales price per share sold through it as agent under the Equity Distribution Agreement. Where Piper Jaffray acts as principal in the sale of ordinary shares under the Equity Distribution Agreement, such rate of compensation will not apply, but in no event will the total compensation of Piper Jaffray, when combined with the reimbursement of Piper Jaffray for the out-of-pocket fees and disbursements of its legal counsel, exceed 8.0% of the gross proceeds received from the sale of the ordinary shares. We estimate that the total expenses for the ATM Offering Program, excluding compensation payable to Piper Jaffray under the terms of the Equity Distribution Agreement, will be approximately $250 thousand. We have also agreed to reimburse Piper Jaffrey for the out-of-pocket reasonable fees and disbursements of its legal counsel, in an amount not to exceed $50 thousand. We are not required to sell any of our ordinary shares at any time. We may instruct Piper Jaffray not to sell ordinary shares if the sales cannot be effected at or above the price designated by us in any instruction. We or Piper Jaffray may suspend an offering of ordinary shares under the ATM Offering Program upon proper notice and subject to other conditions, as further described in the equity Distribution Agreement. Additionally, the ATM Offering Program will terminate on the earlier of (i) the sale of all ordinary shares subject to the Equity Distribution Agreement or (ii) the termination of the Equity Distribution Agreement. The Equity Distribution Agreement may be terminated by Piper Jaffray or us at any time on the close of business on the date of receipt of written notice, and by Piper Jaffray at any time in certain circumstances, including any suspension or limitation on the trading of our ordinary shares on the NASDAQ Global Market, as further described in the Equity Distribution Agreement. As of May 10, 2016, we had not sold any ordinary shares or paid any compensation to Piper Jaffray under the ATM Offering Program. |
SIGNIFICANT ACCOUNTING POLICIES (Policies) |
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Accounting Policies [Abstract] | |||||||||
Basis of Accounting | The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles and standards of the Public Company Accounting Oversight Board for interim financial information. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of the Company's consolidated financial position as of March 31, 2016, consolidated results of operations and consolidated cash flows for the period of three months ended March 31, 2016 and March 31, 2015 have been included. The results for the three month period ended March 31, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016. |
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Recent Accounting Pronouncements | New Accounting Pronouncements:
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Concentrations of Credit Risks | Concentrations of Credit Risks: Concentration of credit risk with respect to trade receivable is primarily limited to a customer to which we make substantial sales. One customer represented 60% and 21% of the Company's trade receivable, net balance as of March 31, 2016 and December 31, 2015 respectively. |
INVENTORIES (Tables) |
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Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of inventories |
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LOAN AND WARRANT TO PURCHASE ORDINARY SHARES (Tables) |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||
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 on December 30, 2015:
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SHAREHOLDERS' EQUITY (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of stock option valuation assumptions | The fair value for options granted during the three month period ended March 31, 2016 and March 31, 2015 is estimated at the date of the grant using a Black-Scholes-Merton option pricing model with the following assumptions:
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Summary of stock option and RSU activity | A summary of employee share options and restricted stock units ("RSUs") activity during the three month period ended March 31, 2016 is as follows:
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Schedule of options and RSUs outstanding which have been separated into ranges of exercise price | The options and RSUs outstanding as of March 31, 2016 have been separated into ranges of exercise price as follows:
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Schedule of outstanding options granted to non-employees | The Company’s outstanding options granted to non-employee consultant as of March 31, 2016 were as follows:
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Schedule of warrants outstanding and exercisable | The following table summarizes information about warrants outstanding and exercisable as of March 31, 2016:
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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 (in thousands):
|
FINANCIAL EXPENSES, NET (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial expenses (income), net | The components of financial expenses, net were as follows (in thousands):
|
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of revenues within geographic areas | The following is a summary of revenues within geographic areas (in thousands):
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Schedule of long-lived assets by geographic region |
(*) Long-lived assets are comprised of property and equipment, net. |
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Schedule of major customer data as a percentage of total revenues | Major customer data as a percentage of total revenues (in thousands):
|
GENERAL (Details) $ in Thousands |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Mar. 31, 2016
USD ($)
subsidiary
manufacturer
|
Mar. 31, 2015
USD ($)
manufacturer
|
Dec. 31, 2015
USD ($)
|
|
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Number of wholly-owned subsidiaries | subsidiary | 2 | ||
Concentration Risk [Line Items] | |||
Net loss | $ 6,922 | $ 5,706 | $ 25,415 |
Accumulated deficit | 80,911 | $ 73,989 | |
Cash flow from operating activity | $ 6,937 | $ 6,162 | |
Vendor concentration | Trade payables | |||
Concentration Risk [Line Items] | |||
Number of contract manufacturers | manufacturer | 1 | 1 | |
Concentration risk (as a percent) | 23.00% | 24.00% |
SIGNIFICANT ACCOUNTING POLICIES (Concentrations of Credit Risks) (Details) - Trade Receivable - Customer concentration - customer |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2016 |
Dec. 31, 2015 |
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Concentration Risk [Line Items] | ||||
Number of customers | 1 | 1 | ||
Concentration risk (as a percent) | 60.00% | 21.00% |
INVENTORIES (Details) - USD ($) $ in Thousands |
Mar. 31, 2016 |
Dec. 31, 2015 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 513 | $ 450 |
Finished products | 2,547 | 2,084 |
Inventories | $ 3,060 | $ 2,534 |
COMMITMENTS AND CONTINGENT LIABILITIES (Narrative) (Details) $ in Thousands |
3 Months Ended |
---|---|
Mar. 31, 2016
USD ($)
| |
Commitments and Contingencies Disclosure [Abstract] | |
Outstanding purchase orders | $ 1,500 |
Collateral pledged | $ 648 |
LOAN AND WARRANT TO PURCHASE ORDINARY SHARES Term Loan (Details) - USD ($) |
3 Months Ended | ||||
---|---|---|---|---|---|
Jan. 04, 2016 |
Mar. 31, 2016 |
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 30, 2015 |
|
Debt Instrument [Line Items] | |||||
Payment of loan transaction fee | $ 441,000 | $ 0 | |||
Minimum amount required to be raised in order to drawn down remaining credit facility | $ 10,000,000 | 10,000,000 | |||
Financial expenses related to loan agreement with Kreos | 479,000 | $ 0 | |||
Term Loan | 10.75% Term Loan Due January 2019 | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 20,000,000 | ||||
Loan proceeds | $ 12,000,000 | ||||
Advance payment | 660,000 | ||||
Payment of loan transaction fee | $ 415,000 | 26,000 | 441,000 | ||
Deferred loan transaction fees | 140,000 | 140,000 | |||
Remaining borrowing capacity under loan agreement | $ 8,000,000 | 8,000,000 | |||
Loan term | 36 months | ||||
Annual interest rate (as a percent) | 10.75% | ||||
Number of monthly payments | 24 months | ||||
Minimum amount to be raised by issuance of capital stock for extended loan term | $ 20,000,000 | ||||
Financial expenses related to loan agreement with Kreos | $ 479,000 |
LOAN AND WARRANT TO PURCHASE ORDINARY SHARES Warrants (Details) $ / shares in Units, $ in Thousands |
3 Months Ended | ||||
---|---|---|---|---|---|
Dec. 30, 2015
USD ($)
$ / shares
shares
|
Mar. 31, 2016
USD ($)
|
May. 31, 2015
shares
|
|||
Class of Warrant or Right [Line Items] | |||||
Fair value of warrants | [1] | $ 1,161 | |||
Ordinary Share | |||||
Class of Warrant or Right [Line Items] | |||||
Number of warrants issued (in shares) | shares | 119,295 | 138,702 | |||
Exercise price (in USD per share) | $ / shares | $ 9.64 | ||||
Minimum percentage in acquired company required to prevent warrants from becoming exercisable | 0.5 | ||||
Fair value of warrants | $ 1,161 | ||||
Transaction fee expenses | $ 42 | ||||
|
LOAN AND WARRANT TO PURCHASE ORDINARY SHARES Warrants Fair Value Assumptions (Details) - Ordinary Share |
Dec. 30, 2015 |
---|---|
Class of Warrant or Right [Line Items] | |
Expected volatility (as a percent) | 60.00% |
Risk-free rate (as a percent) | 2.52% |
Dividend yield (as a percent) | 0.00% |
Expected term (in years) | 10 years |
SHAREHOLDERS' EQUITY (Narrative - Share Option Plans) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Shareholders' equity (deficiency) [Line Items] | |||
Period of recognition of unrecognized compensation cost | 2 years 8 months 12 days | ||
Options | |||
Shareholders' equity (deficiency) [Line Items] | |||
Shares reserved for future issuance | 881,856 | 420,469 | |
Award vesting period | 4 years | ||
Weighted average grant date fair values, options (in USD per share) | $ 5.88 | $ 11.19 | |
Total intrinsic value of options exercised | $ 786 | $ 1,340 | |
RSU | |||
Shareholders' equity (deficiency) [Line Items] | |||
Number of RSUs granted (in shares) | 0 | ||
Weighted average grant date fair values, RSUs (in USD per share) | $ 20.97 | ||
Unrecognized compensation cost | $ 7,408 |
SHAREHOLDERS' EQUITY (Option Valuation Assumptions) (Details) - shares |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility (as a percent) | 60.00% | 60.00% | |
Risk-free rate, minimum (as a percent) | 1.43% | 1.60% | |
Risk-free rate, maximum (as a percent) | 1.60% | 1.77% | |
Dividend yield (as a percent) | 0.00% | 0.00% | |
Expected term (in years) | 6 years 1 month 10 days | ||
Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 5 years 3 months 22 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grant Date Fair Value | 8.48 | 19.61 | |
Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected term (in years) | 6 years 1 month 10 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grant Date Fair Value | 11.88 | 20.97 |
SHAREHOLDERS' EQUITY (Summary of Employee Share Option and RSU Activity ) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Aggregate intrinsic value (in thousands) | ||
Issuance of ordinary share upon exercise of stock options and vesting of RSUs (shares) | 99,462 | |
Stock Options and RSUs | ||
Number | ||
Options and RSU's outstanding at the beginning of the period (in shares) | 1,853,369 | |
Options and RSU's outstanding at the end of the period (in shares) | 1,784,211 | |
Options and RSUs vested and expected to vest (in shares) | 1,735,646 | |
Average exercise price | ||
Options and RSUs outstanding at the beginning of the period (in USD per share) | $ 6.12 | |
Options and RSUs outstanding at the end of the period (in USD per share) | 6.54 | |
Options and RSUs vested and expected to vest (in USD per share) | $ 6.51 | |
Average remaining contractual life (years) | ||
Options and RSUs outstanding | 8 years 3 months | 8 years 4 months 13 days |
Options and RSUs vested and expected to vest | 8 years 2 months 16 days | |
Aggregate intrinsic value (in thousands) | ||
Options and RSUs outstanding at beginning of the period | $ 17,048 | |
Options and RSUs outstanding at the end of the period | 8,056 | |
Options and RSUs vested and expected to vest | $ 7,924 | |
Options | ||
Number | ||
Options granted (in shares) | 47,171 | |
Options exercised (in shares) | (96,767) | |
Options forfeited (in shares) | (4,848) | |
Options exercisable at the end of the period (in shares) | 644,935 | |
Average exercise price | ||
Options granted (in USD per share) | $ 10.63 | |
Exercised (in USD per share) | 1.27 | |
Forfeited (in USD per share) | 10.68 | |
Options exercisable at the end of the period (in USD per share) | $ 3.80 | |
Average remaining contractual life (years) | ||
Options exercisable at the end of the period | 6 years 11 months 16 days | |
Aggregate intrinsic value (in thousands) | ||
Options exercisable at the end of the period | $ 4,521 | |
RSU | ||
Number | ||
RSUs vested (in shares) | (14,670) | |
RSUs forfeited (in shares) | (44) |
SHAREHOLDERS' EQUITY (Schedule of Options and RSUs Outstanding Which have been Separated into Ranges of Exercise Price) (Details) |
3 Months Ended |
---|---|
Mar. 31, 2016
$ / shares
shares
| |
Stock Options and RSUs | |
Ranges of Exercise Price [Line Items] | |
Options Outstanding | 1,784,211 |
Weighted average remaining contractual life (years) | 8 years 3 months |
Options exercisable | 644,935 |
Weighted average remaining contractual life (years) | 6 years 11 months 16 days |
$0.00 | RSU | |
Ranges of Exercise Price [Line Items] | |
Options Outstanding | 73,547 |
Weighted average remaining contractual life (years) | 0 days |
Options exercisable | 0 |
Weighted average remaining contractual life (years) | 0 days |
$0.82 | Stock Options and RSUs | |
Ranges of Exercise Price [Line Items] | |
Range of exercise price (in USD per share) | $ / shares | $ 0.82 |
Options Outstanding | 34,377 |
Weighted average remaining contractual life (years) | 4 years 9 months 15 days |
Options exercisable | 34,377 |
Weighted average remaining contractual life (years) | 4 years 9 months 15 days |
$1.32 | Stock Options and RSUs | |
Ranges of Exercise Price [Line Items] | |
Range of exercise price (in USD per share) | $ / shares | $ 1.32 |
Options Outstanding | 345,188 |
Weighted average remaining contractual life (years) | 6 years 2 months 12 days |
Options exercisable | 320,474 |
Weighted average remaining contractual life (years) | 6 years 2 months 1 day |
$1.48 | Stock Options and RSUs | |
Ranges of Exercise Price [Line Items] | |
Range of exercise price (in USD per share) | $ / shares | $ 1.48 |
Options Outstanding | 409,576 |
Weighted average remaining contractual life (years) | 7 years 9 months 11 days |
Options exercisable | 204,369 |
Weighted average remaining contractual life (years) | 7 years 9 months 11 days |
$7.30- $8.99 | Stock Options and RSUs | |
Ranges of Exercise Price [Line Items] | |
Range of exercise price- minimum (in USD per share) | $ / shares | $ 7.30 |
Range of exercise price, maximum (in USD per share) | $ / shares | $ 8.99 |
Options Outstanding | 624,503 |
Weighted average remaining contractual life (years) | 9 years 6 months 29 days |
Options exercisable | 4,875 |
Weighted average remaining contractual life (years) | 9 years 7 months 2 days |
$10.98- $11.88 | Stock Options and RSUs | |
Ranges of Exercise Price [Line Items] | |
Range of exercise price- minimum (in USD per share) | $ / shares | $ 10.98 |
Range of exercise price, maximum (in USD per share) | $ / shares | $ 11.88 |
Options Outstanding | 36,146 |
Weighted average remaining contractual life (years) | 9 years 10 months 10 days |
Options exercisable | 0 |
Weighted average remaining contractual life (years) | 0 days |
$19.62-$20.97 | Stock Options and RSUs | |
Ranges of Exercise Price [Line Items] | |
Range of exercise price- minimum (in USD per share) | $ / shares | $ 19.62 |
Range of exercise price, maximum (in USD per share) | $ / shares | $ 20.97 |
Options Outstanding | 260,874 |
Weighted average remaining contractual life (years) | 8 years 8 months 23 days |
Options exercisable | 80,840 |
Weighted average remaining contractual life (years) | 8 years 8 months 23 days |
SHAREHOLDERS' EQUITY (Schedule of Outstanding Options Granted to Non-employees) (Details) - Nonemployee Stock Option - March 12, 2007 |
Mar. 31, 2016
$ / shares
shares
|
---|---|
Shareholders' equity (deficiency) [Line Items] | |
Options for shares of ordinary share (in shares) | 3,454 |
Exercise price per share (in USD per shares) | $ / shares | $ 0 |
Options exercisable (in shares) | 3,454 |
SHAREHOLDER'S EQUITY (Schedule of Warrants) (Details) - $ / shares |
1 Months Ended | ||
---|---|---|---|
May. 31, 2015 |
Mar. 31, 2016 |
Dec. 30, 2015 |
|
Warrants to Purchase Ordinary Shares Issued on July 14, 2014 | |||
Class of Warrant or Right [Line Items] | |||
Warrants outstanding (in shares) | 403,804 | ||
Exercise price (in USD per share) | $ 10.08 | ||
Warrants exercisable (in shares) | 403,804 | ||
Warrants to Purchase Ordinary Shares Issued on December 30, 2015 | |||
Class of Warrant or Right [Line Items] | |||
Warrants outstanding (in shares) | 119,295 | ||
Exercise price (in USD per share) | $ 9.64 | ||
Warrants exercisable (in shares) | 119,295 | ||
Ordinary Share | |||
Class of Warrant or Right [Line Items] | |||
Issuance of warrants to purchase ordinary shares (in shares) | 138,702 | 119,295 | |
Ordinary shares issued upon exercise of warrants (in shares) | 45,116 | ||
Warrants outstanding (in shares) | 523,099 | ||
Exercise price (in USD per share) | $ 9.64 | ||
Warrants exercisable (in shares) | 523,099 |
SHAREHOLDERS' EQUITY (Schedule of Non-cash Share-based Compensation Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Non-cash share-based compensation expense [Line Items] | ||
Non-cash share-based compensation expense | $ 717 | $ 586 |
Cost of revenues | ||
Non-cash share-based compensation expense [Line Items] | ||
Non-cash share-based compensation expense | 22 | 15 |
Research and development, net | ||
Non-cash share-based compensation expense [Line Items] | ||
Non-cash share-based compensation expense | 113 | 101 |
Sales and marketing, net | ||
Non-cash share-based compensation expense [Line Items] | ||
Non-cash share-based compensation expense | 174 | 133 |
General and administrative | ||
Non-cash share-based compensation expense [Line Items] | ||
Non-cash share-based compensation expense | $ 408 | $ 337 |
FINANCIAL EXPENSES, NET (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Other Income and Expenses [Abstract] | ||
Foreign currency transactions and other | $ 19 | $ 161 |
Financial expenses related to loan agreement with Kreos | 479 | 0 |
Bank commissions | 9 | 8 |
Income related to hedging transactions | (18) | 0 |
Financial expenses (income), net | $ 489 | $ 169 |
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA Additional Information (Details) |
3 Months Ended |
---|---|
Mar. 31, 2016
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA (Schedule of revenues and long-lived assets by geographic region) (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
Dec. 31, 2015 |
|
Summary of revenues and long-lived assets by geographic region [Line items] | |||
Revenues | $ 2,061 | $ 635 | |
Long-lived assets | 1,294 | $ 1,328 | |
Israel | |||
Summary of revenues and long-lived assets by geographic region [Line items] | |||
Revenues | 0 | 0 | |
Long-lived assets | 594 | 605 | |
United States | |||
Summary of revenues and long-lived assets by geographic region [Line items] | |||
Revenues | 1,739 | 574 | |
Long-lived assets | 493 | 483 | |
Europe | |||
Summary of revenues and long-lived assets by geographic region [Line items] | |||
Revenues | 260 | 57 | |
Asia-Pacific | |||
Summary of revenues and long-lived assets by geographic region [Line items] | |||
Revenues | 62 | $ 4 | |
Germany | |||
Summary of revenues and long-lived assets by geographic region [Line items] | |||
Long-lived assets | $ 207 | $ 240 |
GEOGRAPHIC INFORMATION AND MAJOR CUSTOMER AND PRODUCT DATA (Schedule of major customer data as a percentage of total revenues) (Details) |
3 Months Ended | |
---|---|---|
Mar. 31, 2016 |
Mar. 31, 2015 |
|
Revenue | Customer concentration | Customer A | ||
Major customer data as a percentage of total revenues [Line items] | ||
Concentration risk (as a percent) | 71.00% | 15.00% |
SUBSEQUENT EVENTS (Details) |
May. 10, 2016
USD ($)
|
---|---|
Forecast | |
Subsequent Event [Line Items] | |
Stock issuance costs excluding fees and reimbursements to agent | $ 250,000 |
Reimbursements to agent | 50,000 |
Subsequent Event | |
Subsequent Event [Line Items] | |
Aggregate offering price authorized under equity distribution agreement | $ 25,000,000 |
Stock issuance costs as a percent of gross proceeds | 3.00% |
Subsequent Event | Maximum | |
Subsequent Event [Line Items] | |
Stock issuance costs as a percent of gross proceeds | 8.00% |
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