Equity Incentive Plan

3 Months Ended

Mar. 31, 2016

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

NOTE 6: EQUITY INCENTIVE PLAN

In September 2015, the Company adopted the 2015 Omnibus Incentive Plan (the “2015 Plan”). The 2015 Plan replaced the 2013 Share Option Plan. Under the 2015 Plan, the Company can issue various types of equity compensation awards such as restricted shares, performance shares, restricted stock units, performance units, long-term cash award and other share-based awards.

The options granted under the 2015 Plan generally have a four-year vesting period and expire ten years after the date of grant. Options granted under the 2015 Plan that are cancelled or forfeited before expiration become available for future grant.

As of March 31, 2016, 13,260,713 ordinary shares were available for grant under the 2015 Plan.

A summary of the status of the Company’s option plans as of March 31, 2016 and changes during the period then ended is presented below:

	Three months ended March 31, 2016
	Unaudited
	Number of options			Weighted average exercise price
Outstanding at beginning of year		10,134,829		$	8.20
Granted		1,711,575			14.45
Exercised		(332,984	)		0.17
Forfeited and cancelled		(24,620	)		16.54

Outstanding as of March 31, 2016		11,488,800			9.35

Exercisable options		5,871,196			4.18

Vested and expected to vest		11,303,362		$	9.27

NOTE 6: EQUITY INCENTIVE PLAN (Cont.)

The fair value of share-based awards was estimated using the Black-Scholes option-pricing model for all grants with the following underlying assumptions:

	Three months ended March 31,				Year ended December 31,
	2016	2015			2015
	Unaudited				Audited
Expected term (years)	6.25		6.25		6.25
Expected volatility	59.80%-60.19%		65.80	%	59.00%-65.80%
Risk-free interest rate	1.52%-1.88%		1.90	%	1.74%-2.05%
Dividend yield	0%	0%			0%

The total non-cash share-based compensation expenses related to all of the Company’s equity-based awards recognized for the three months ended March 31, 2016 and 2015 and the year ended December 31, 2015 were:

	Three months ended March 31,				Year ended December 31,
	2016		2015		2015
	Unaudited				Audited
Cost of revenues	$	141	$	13	$	174
Research, development and clinical trials		763		421		2,529
Sales and marketing		1,290		408		2,496
General and administrative		3,262		970		6,661
Total share-based compensation expense	$	5,456	$	1,812	$	11,860

In September 2015, the Company adopted an employee share purchase plan (“ESPP”) to encourage and enable eligible employees to acquire ownership of the Company’s ordinary shares purchased through accumulated payroll deductions on an after-tax basis. In the United States, the ESPP is intended to be an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code and the provisions of the ESPP will be construed in a manner consistent with the requirements of such section. The Company intends to begin offerings under the ESPP in 2016. As of Mach 31, 2016, 1,667,785 ordinary shares were available to be purchased by eligible employees under the ESPP and no shares have been offered under the ESPP.