Equity Incentive Plans

3 Months Ended

Mar. 31, 2017

Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]

Equity Incentive Plans

NOTE 6: EQUITY INCENTIVE PLANS

In September 2015, the Company adopted the 2015 Omnibus Incentive Plan (the “2015 Plan”).  Under the 2015 Plan, the Company can issue various types of equity compensation awards such as restricted shares, performance shares, restricted stock units (“RSUs”), 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 grants. The RSUs granted under the 2015 Plan vest in equal installments over a three-year period.  As of March 31, 2017, 13,461,690 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, 2017 and changes during the period then ended is presented below: 

	Three months ended March 31, 2017
	Unaudited
	Number of options			Weighted average exercise price
Outstanding at beginning of year		11,377,354		$	9.76
Granted		2,640,500			7.15
Exercised		(427,191	)		0.17
Forfeited and cancelled		(47,699	)		18.01
Outstanding as of March 31, 2017		13,542,964			9.53
Exercisable options		6,644,144			7.25
Vested and expected to vest		13,542,964		$	9.53

A summary of the status of the Company’s RSUs as of March 31, 2017 and changes during the period then ended is presented below: 

	Three months ended March 31, 2017
	Unaudited
	Number of RSU		Weighted average grant date fair value price
Unvested at beginning of year		-	$	-
Granted		780,100		7.15
Vested		-		-
Forfeited and cancelled		-		-
Unvested as of March 31, 2017		780,100	$	7.15

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 began its offerings under the ESPP on August 1, 2016. As of March 31, 2017, 2,445,138 ordinary shares were available to be purchased by eligible employees under the ESPP and 92,388 shares had been issued under the ESPP.

The fair value of equity-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,
	2017			2016			2016
	Unaudited						Audited
Stock Option Plans
Expected term (years)	6.25				6.25		6.25
Expected volatility		59.15	%	59.80%-60.19%			58.40%-61.70%
Risk-free interest rate		2.23	%	1.52%-1.88%			1.23%-1.88%
Dividend yield		0	%		0	%		0	%
ESPP
Expected term (years)	0.5				-		0.42
Expected volatility		82.00	%		-			70.45	%
Risk-free interest rate		0.62	%		-			0.40	%
Dividend yield	0%				-		0%

The total non-cash share-based compensation expense related to all of the Company’s equity-based awards recognized for the three months ended March 31, 2017 and 2016 and the year ended December 31, 2016 was:

	Three months ended March 31,				Year ended December 31,
	2017		2016		2016
	Unaudited				Audited
Cost of revenues	$	143	$	141	$	623
Research, development and clinical trials		862		763		3,155
Sales and marketing		655		1,290		5,111
General and administrative		2,901		3,262		12,552
Total share-based compensation expense	$	4,561	$	5,456	$	21,441