Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2014 | |
Document and Entity Information [Abstract] | |
Document Type | 6-K |
Amendment Flag | FALSE |
Document Period End Date | 31-Dec-14 |
Entity Registrant Name | TIKCRO TECHNOLOGIES LTD |
Entity Central Index Key | 1117095 |
Current Fiscal Year End Date | -19 |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | FY |
Entity Filer Category | Non-accelerated Filer |
Entity Current Reporting Status | Yes |
Entity Well-known Seasoned Issuer | No |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $8,722 | $9,120 |
Investment in BioCancell (Note 4) | 85 | 397 |
Other current assets | 25 | 14 |
Total current assets | 8,832 | 9,531 |
Property and equipment, net | 88 | |
Total assets | 8,920 | 9,531 |
LIABILITIES AND SHAREHOLDERS' EQUITY | ||
CURRENT LIABILITIES (Note 9a) | 184 | 128 |
Total current liabilities | 184 | 128 |
COMMITMENTS AND CONTINGENT LIABILITIES (Note 5) | ||
SHAREHOLDERS' EQUITY (Note 6): | ||
Ordinary shares no par value - Authorized: 16,666,667 shares at December 31, 2013 and 2014; Issued: 10,345,912 at December 31, 2013 and 2014; Outstanding: 8,898,861 at December 31, 2013 and 2014. | ||
Additional paid-in capital | 146,721 | 146,711 |
Treasury shares, at cost, 1,447,051 Ordinary shares at December 31, 2013 and 2014 | -1,065 | -1,065 |
Accumulated deficit | -136,920 | -136,243 |
Total shareholders' equity | 8,736 | 9,403 |
Total liabilities and shareholders' equity | $8,920 | $9,531 |
BALANCE_SHEETS_PARENTHETICALS
BALANCE SHEETS (PARENTHETICALS) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
BALANCE SHEETS [Abstract] | ||
Ordinary shares, no par value | ||
Common Stock, shares authorized | 16,666,667 | 16,666,667 |
Common Stock, shares issued | 10,345,912 | 10,345,912 |
Common Stock, shares outstanding | 8,898,861 | 8,898,861 |
Treasury shares, shares | 1,447,051 | 1,447,051 |
STATEMENTS_OF_OPERATIONS
STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Operating costs and expenses: | |||
Research and development | $89 | $29 | $40 |
General and administrative expenses | 348 | 542 | 401 |
Consulting services (Note 8) | -41 | ||
Operating loss | 437 | 571 | 400 |
Financial incomes (expenses), net (Note 9b) | -240 | 579 | -158 |
Income (loss) before taxes | -677 | 8 | -558 |
Tax expenses | 34 | ||
Net income (loss) | ($677) | $8 | ($592) |
Net loss per share: | |||
Basic and diluted net loss per share | ($0.08) | $0 | ($0.07) |
Weighted average number of shares used in computing basic and diluted loss per share | 8,832,385 | 8,747,776 | 8,649,048 |
STATEMENTS_OF_COMPREHENSIVE_IN
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | |||
Net income (loss) | ($677) | $8 | ($592) |
Other comprehensive income (loss): | |||
Reclassification adjustments for gains on available-for-sale securities | 4 | ||
Comprehensive income (loss) | ($677) | $8 | ($588) |
STATEMENTS_OF_CHANGES_IN_SHARE
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Outstanding Ordinary shares [Member] | Additional paid-in capital [Member] | Accumulated other comprehensive income [Member] | Treasury shares [Member] | Accumulated deficit [Member] |
In Thousands, except Share data | ||||||
Balance at Dec. 31, 2011 | $9,881 | $146,601 | $4 | ($1,065) | ($135,659) | |
Balance, shares at Dec. 31, 2011 | 8,648,861 | |||||
Issuance of shares (Note 6) | ||||||
Issuance of shares (Note 6), shares | 250,000 | |||||
Stock based compensation | 52 | 52 | ||||
Comprehensive loss | -4 | -4 | ||||
Net income (loss) | -592 | -592 | ||||
Balance at Dec. 31, 2012 | 9,337 | 146,653 | -1,065 | -136,251 | ||
Balance, shares at Dec. 31, 2012 | 8,898,861 | |||||
Stock based compensation | 58 | 58 | ||||
Net income (loss) | 8 | 8 | ||||
Balance at Dec. 31, 2013 | 9,403 | 146,711 | -1,065 | -136,243 | ||
Balance, shares at Dec. 31, 2013 | 8,898,861 | 8,898,861 | ||||
Stock based compensation | 10 | 10 | ||||
Net income (loss) | -677 | -677 | ||||
Balance at Dec. 31, 2014 | $8,736 | $146,721 | ($1,065) | ($136,920) | ||
Balance, shares at Dec. 31, 2014 | 8,898,861 | 8,898,861 |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net income (loss) | ($677) | $8 | ($592) |
Adjustments required to reconcile net loss to net cash (used in) provided by operating activities: | |||
Depreciation of fixed assets | 10 | ||
Stock based compensation | 10 | 58 | 52 |
Decrease (increase) in other current assets | -11 | 17 | 134 |
Increase (decrease) in current liabilities | 56 | -43 | -131 |
Amortization of premium on marketable securities, net | 19 | ||
Decrease (increase) in fair value of investment in BioCancell and gain/loss on sale of BioCancell securities | 245 | -574 | 799 |
Fair value of shares received in connection with BioCancell investment related to consulting services | -29 | ||
Net cash (used in) provided by operating activities | -367 | -534 | 252 |
Cash flows from investing activities: | |||
Proceeds from sale of available-for-sale marketable securities | 2,250 | ||
Proceeds from sale of BioCancell securities | 67 | 420 | 20 |
Purchase of fixed assets | -98 | ||
Proceeds from maturity of BioCancell convertible note | 2,000 | ||
Net cash provided by (used for) investing activities | -31 | 420 | 4,270 |
(Decrease) increase in cash and cash equivalents | -398 | -114 | 4,522 |
Cash and cash equivalents at the beginning of the year | 9,120 | 9,234 | 4,712 |
Cash and cash equivalents at the end of the year | 8,722 | 9,120 | 9,234 |
Supplemental disclosure of cash flows activities: | |||
Cash transactions during the year for: Taxes paid | ($117) |
GENERAL
GENERAL | 12 Months Ended | |
Dec. 31, 2014 | ||
GENERAL [Abstract] | ||
GENERAL | NOTE 1:- | GENERAL |
Tikcro Technologies Ltd. ("the Company" or "Tikcro") was incorporated in 1999, under the laws of Israel. | ||
The Company's business activity is to support early stage development in growth areas, with a focus on biotechnology projects originated in Israeli academic centers. The Company is currently engaged with development of certain antibodies selected and verified in pre-clinical trials with a focus on antibodies binding to cancer immune checkpoints. | ||
The Company also has holdings in BioCancell Therapeutics, Inc. ("BioCancell") of which the significant majority was liquidated, see Note 4. | ||
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||
Dec. 31, 2014 | |||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2:- | SIGNIFICANT ACCOUNTING POLICIES | |
a. | Basis of presentation: | ||
The financial statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP"), followed consistently. | |||
b. | Use of estimates: | ||
The preparation of the 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 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 fair values of investment in BioCancell, fixed assets and fair values of stock-based awards. 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. | |||
c. | Financial statements in U.S. dollars: | ||
A substantial portion of the Company's cash flow transactions is incurred in dollars. Investing activities and equity transactions are made in dollars. The Company's management believes that the dollar is the currency of the primary economic environment in which the Company operates. Thus, the functional and reporting currency of the Company is the dollar. | |||
Accordingly, monetary accounts maintained in currencies other than the dollar are re-measured into U.S. dollars in accordance with Accounting Standards Codification ("ASC") No. 830. All transaction gains and losses of the re-measurement of monetary balance sheet items are reflected in the statements of operations as financial income or expenses, as appropriate. | |||
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. | |||
e. | Investment: | ||
The Company adopted ASC No. 825, "Financial Instruments" as of the date of the investment in BioCancell and elected to apply the fair value option to its investment. The primary reasons for electing the fair value option were simplification and cost-benefit considerations, as well as expansion of the use of fair value measurement being consistent with the FASB's measurement objectives for accounting for financial instruments. The losses and gains due to changes in fair value for items measured at fair value pursuant to election of the fair value option are included in financial income (expenses), net. Refer also Note 4. | |||
f. | Property and equipment: | ||
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated according to the estimated useful lives of the assets. The Company's Property and equipment includes Laboratory equipment, purchased during 2014. The estimated useful life of the assets is 3 years. Depreciation expenses amounts to $10 for the year ended December 31, 2014. | |||
g. | Research and development expenses: | ||
Research and development expenses include funding for early-stage biotechnology projects mainly performed by research facilities, and are charged to the statement of operations, as incurred. | |||
h. | Income taxes: | ||
The Company account for income taxes in accordance with ASC No. 740, "Income Taxes". This ASC prescribes the use of the liability method whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of 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 their estimated realizable value if it not is more likely than not that a portion or all of the deferred tax assets will be realized. | |||
Based on ASC No. 740 a two-step approach is used to recognize and measure 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. When necessary, The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income tax. | |||
i. | Accounting for stock-based compensation: | ||
The Company accounts for stock-based compensation in accordance with ASC No. 718, "Compensation-Stock Compensation". 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. 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 income statements. | |||
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. | |||
The Company estimates the fair value of stock options granted using the Black-Scholes-Merton option-pricing model. The option-pricing model requires a number of assumptions, of which the most significant are, expected stock price volatility, and the expected option term. No options were granted during 2012 through 2014. The Company grants restricted shares and values them based on the market value of the underlying shares at the date of grant. | |||
j. | Fair value of financial instruments: | ||
The Company measures its investment at fair value. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: | |||
Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||
Level 2 - Other inputs that are directly or indirectly observable in the marketplace, other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets with insufficient volume or infrequent transactions, or other inputs that are observable (model-derived valuations in which significant inputs are observable), or can be derived principally from or corroborated by observable market data. | |||
Level 3 - Unobservable inputs which are supported by little or no market activity and significant to the overall fair value measurement. | |||
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||
k. | Basic and diluted net earnings (loss) per share: | ||
Basic net earnings (loss) per share are computed based on the weighted average number of Ordinary shares outstanding during each year. Diluted net earnings (loss) per share are computed based on the weighted average number of Ordinary shares outstanding during each year, plus dilutive potential Ordinary shares considered outstanding during the year, in accordance with ASC No. 260, "Earnings per Share". | |||
The total number of shares excluded from the calculation of the diluted net earnings (loss) per share, because they had anti-dilutive effect, for the years ended December 31, 2012, 2013 and 2014, were 264,793, 86,246 and 66,667, respectively. | |||
l. | Concentrations of credit risks: | ||
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents. | |||
Cash and cash equivalents are invested in major banks in Israel and the U.S., mainly in U.S. dollars. Such funds in the United States may be in excess of insured limits and are not insured in other jurisdictions. Management believes that the institutions in which the Company invests and the financial institutions that hold the Company's investments are financially sound and, accordingly, low credit risk exists with respect to these investments. | |||
In addition, with respect to the Company's investment in Biocancell, refer to Note 4. | |||
The Company has no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements. | |||
m. | Treasury shares: | ||
The Company repurchases Ordinary shares on the open market which are held as treasury shares. The Company presents the cost of repurchased treasury shares as a reduction in shareholders' equity. | |||
n. | Recent Accounting Pronouncements: | ||
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern for a period of one year after the date that the financial statements are issued. If such conditions or events exist, an entity should disclose that there is substantial doubt about the entity's ability to continue as a going concern for a period of one year after the date that the financial statements are issued. Disclosure should include the principal conditions or events that raise substantial doubt, management's evaluation of the significance of those conditions or events in relation to the entity's ability to meet its obligations, and management's plans that are intended to mitigate those conditions or events. ASU 2014-15 will be effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company is currently in the process of evaluating the impact of the adoption of ASU 2014-15 on its financial statements. | |||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ||||||||||||||||||||||
FAIR VALUE MEASUREMENTS | NOTE 3:- | FAIR VALUE MEASUREMENTS | ||||||||||||||||||||
In accordance with ASC No. 820 and ASC No. 825, the Company measures its investment, (see also Note 4) at fair value. | ||||||||||||||||||||||
The Company's financial assets measured at fair value on a recurring basis consisted of the following types of instruments: | ||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||
Fair value measurements using input type | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Investment in BioCancell | $ | 85 | $ | - | $ | - | $ | 85 | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||
Fair value measurements using input type | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Investment in BioCancell | $ | 397 | $ | - | $ | - | $ | 397 | ||||||||||||||
INVESTMENT_IN_BIOCANCELL
INVESTMENT IN BIOCANCELL | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
INVESTMENT IN BIOCANCELL [Abstract] | |||||||||||||
INVESTMENT IN BIOCANCELL | NOTE 4:- | INVESTMENT IN BIOCANCELL | |||||||||||
December 31, | |||||||||||||
2013 | 2014 | ||||||||||||
Investment in BioCancell | $ | 397 | $ | 85 | |||||||||
In July 2008, the Company signed an agreement with BioCancell Therapeutics, Inc. ("BioCancell"), an Israel-based clinical-stage biopharmaceutical company, whose Common stock is listed on the Tel Aviv Stock Exchange. As part of the agreement, the Company provided funding to BioCancell, was entitled to appoint one member to BioCancell's board of directors and provided BioCancell with certain consulting services. | |||||||||||||
The initial investment included a purchase of 83,752 shares of Common stock of BioCancell at a price per share in NIS equal to $ 5.97 ($ 500 in total), a convertible note due in July 2012 in the principal amount of $2,000, bearing interest at 10% per year and convertible into up to | |||||||||||||
346,439 shares of common stock with a conversion price per share in NIS equal to $7.16, and a five-year warrant expiring June 2013 to purchase from BioCancell up to 430,191 shares of Common stock at a price per share in NIS equal to $ 7.160 (following a private placement in 2012, the exercise price was adjusted, as further noted below. | |||||||||||||
In June 2013 the Company exercised the warrants pursuant to the cashless exercise feature of the warrants and received a total of 240,924 ordinary shares. | |||||||||||||
In July 2012, Tikcro's convertible note to BioCancell in the principal amount of $ 2,000 was repaid in full, including accrued interest, in the total amount of $ 2,480. | |||||||||||||
Up to December 31, 2012 the Company received 19,182 shares of Common stock of BioCancell for consulting services provided by the Company to BioCancell, in the value of $ 29. | |||||||||||||
In addition, Tikcro was entitled to a "full ratchet" anti-dilution protection in cases Biocancell issues additional securities, under terms stipulated in the agreement. Following a private placement that BioCancell effected in January 2012, the full-ratchet anti-dilution adjustment provision was triggered, and as a result additional 102,598 shares of Common stock were issued to the Company for no additional consideration. | |||||||||||||
In July 2012, following another financing round of Biocancell, the full-ratchet anti-dilution adjustment provision was triggered again, and as a result an additional 29,972 shares of common stock were due to the Company for no additional consideration. The additional shares were issued in 2013, due pending certain Israeli regulatory approvals. | |||||||||||||
In November 2012, BioCancell held a financing round at a share price of NIS 0.42. BioCancell declined to affect the full-ratchet anti-dilution adjustment provision. The disagreement was resolved through an arbitration process in 2013 and additional 250,226 shares of common stock were due to the Company, though this issuance was not concluded since Biocancell claims that it is subject to a payment of an exercise price equal to $64, which is in dispute. | |||||||||||||
The Company did not pay for any additional amounts and none of those shares were issued to the Company. | |||||||||||||
All the above per share data is presented, where applicable, after giving retroactive effect to a reverse stock split made in June 2013 in BioCancell shares in a ratio of 1 to 10 shares. | |||||||||||||
During 2013 and 2014, the Company sold 152,068 and 74,957 shares of Common stock of BioCancell for consideration of $ 420 and 67, respectively. | |||||||||||||
As a result of applying ASC No. 825, the Company has recorded the change in fair value of the investment as financial expense in the amount of $ 799 for the year ended December 31, 2012, financial income in the amount of $ 574 for the year ended December 31, 2013 and financial expense in the amount of $ 245 for the year ended December 31, 2014. | |||||||||||||
The Company undertook to pay a fee of 4% of the net realized profits from securities held in portfolio companies. |
COMMITMENTS_AND_CONTINGENT_LIA
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended | ||
Dec. 31, 2014 | |||
COMMITMENTS AND CONTINGENT LIABILITIES [Abstract] | |||
COMMITMENTS AND CONTINGENT LIABILITIES | NOTE 5:- | COMMITMENTS AND CONTINGENT LIABILITIES | |
a. | Directors and officers indemnification agreements: | ||
The Company, from time to time, has entered into indemnification agreements with several of its directors and officers, in which the Company undertakes to indemnify them, to the fullest extent permitted by law, for acts taken or omitted by them in their respective capacities as directors or officers of the Company. Pursuant to these agreements, the obligations of the Company remain in effect even after the termination of the directors and officers services to or employment with the Company. | |||
b. | Litigation: | ||
The Company is currently not party to any legal proceedings. | |||
c. | Agreement with Yeda Research and Development Company Ltd ("Yeda"): | ||
The Company, as part business activity is to support early stage development in the biotechnology area, signed in December 2014 an agreement with Yeda for the development by Yeda of new antibodies originating from specified research at the Weizmann Institute of Science addressing identified targets of cancer immune checkpoints. Under the agreement, the Company undertook a funding obligation of further research at the Weizmann Institute of Science for the development of certain antibodies selected and verified in pre-clinical trials which may have high selectivity and binding qualities towards cancer immune checkpoints. Further research and development will be required to promote such antibodies as therapeutic candidates for immune modulation in oncology. In consideration of the funding, the Company alone or through sub-licensees, will have the right to obtain the research results and to pursue development through commercialization. The license consideration due from the Company to Yeda includes royalties from net sales, sub-license fees and fixed fees linked to clinical and commercial sales milestones. |
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
SHAREHOLDERS' EQUITY [Abstract] | |||||||||||||||||
SHAREHOLDERS' EQUITY | NOTE 6:- | SHAREHOLDERS' EQUITY | |||||||||||||||
a. | Ordinary shares: | ||||||||||||||||
The Ordinary shares confer upon the holders the right to receive notice to participate and vote in general meetings of the Company and the right to receive dividends, if declared. | |||||||||||||||||
b. | Stock option plans: | ||||||||||||||||
1 | Under the Company's stock option plan (as amended in December 2007) ("the Plan"), shares and options to purchase shares may be granted to employees, officers, consultants and directors of the Company. | ||||||||||||||||
2 | No options were granted or exercised during 2012 through 2014. In 2013, 66,667 options were forfeited. As of December 31, 2014, an aggregate of 1,891,356 Ordinary shares of the Company were reserved for issuance under the plan. | ||||||||||||||||
3 | Options granted generally become fully exercisable after three to four years and expire no later than 10 years from the approval date of the option plan under terms of grant. Any option forfeited or cancelled before expiration become available for future grants. | ||||||||||||||||
The following is a summary of the Company's stock options transactions in 2014: | |||||||||||||||||
Amount | Weighted | Weighted average | Aggregate | ||||||||||||||
average | remaining | intrinsic value *) | |||||||||||||||
exercise | contractual life | ||||||||||||||||
price | |||||||||||||||||
Options outstanding at beginning of year | 66,667 | $ | 0.97 | 1.6 | $ | - | |||||||||||
Granted | - | - | - | - | |||||||||||||
Forfeited | - | - | - | - | |||||||||||||
Options outstanding at end of year | 66,667 | $ | 0.97 | 1.6 | - | ||||||||||||
Vested and expected to vest at end of year | 66,667 | $ | 0.97 | 1.6 | $ | - | |||||||||||
Options exercisable at end of year | 66,667 | $ | 0.97 | 1.6 | $ | - | |||||||||||
*) | All options were out of the money as of December 31, 2014 and 2013 and their intrinsic value was considered as zero. | ||||||||||||||||
4 | The following table summarizes information relating to restricted shares, as well as changes to such awards during 2012, 2013 and 2014: | ||||||||||||||||
Year ended | |||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||
Outstanding at beginning of year | 243,339 | 131,459 | 19,579 | ||||||||||||||
Granted | - | - | - | ||||||||||||||
Vested | (111,880 | ) | (111,880 | ) | (19,579 | ) | |||||||||||
Outstanding as of December 31, | 131,459 | 19,579 | - | ||||||||||||||
Restricted shares are subject to a repurchase right by the Company on certain occasions. Under the repurchase right, the Company may reacquire a pro-rata portion of the granted shares, for no consideration, if certain conditions occur including the employees' end of service with the Company. | |||||||||||||||||
As of December 31, 2014, there was no unrecognized compensation cost related to share-based compensation arrangement granted under the plan. | |||||||||||||||||
c. | Shareholder bonus rights plan: | ||||||||||||||||
On September 12, 2005, the Company's Board of Directors adopted a Shareholder Bonus Rights Plan (the "Rights Plan") pursuant to which share purchase bonus rights (the "Right") were distributed on September 26, 2005, at the rate of one Right for each of the Company's Ordinary shares held by shareholders of record as of the close of business on that date. | |||||||||||||||||
The Rights Plan is intended to help ensure that all of the Company's shareholders are able to realize the long-term value of their investment in the Company in the event of a potential takeover which does not reflect the full value of the Company and is otherwise not in the best interests of the Company and its shareholders. The Rights Plan is also intended to deter unfair or coercive takeover tactics. | |||||||||||||||||
Each right will entitle shareholders to buy one-half of one of the Company's Ordinary shares. The Rights generally will be exercisable and transferable apart from the Company's Ordinary shares only if a person or group becomes an "Acquiring Person" by acquiring beneficial ownership of 15% or more of the Company's Ordinary shares, subject to certain exceptions set forth in the Rights Plan, or commences a tender or exchange offer upon consummation of which such person or group would become an Acquiring Person. Subject to certain conditions described in the Rights Plan, once the Rights become exercisable, the holders of Rights, other than the Acquiring Person, will be entitled to purchase Ordinary shares at a discount from the market price. | |||||||||||||||||
The Rights will expire on December 31, 2015 and are generally redeemable by the Company's Board of Directors, at $ 0.03 per Right, at any time until the tenth business day following public disclosure that a person or group has become an "Acquiring Person". |
TAXES_ON_INCOME
TAXES ON INCOME | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
TAXES ON INCOME [Abstract] | |||||||||||||
TAXES ON INCOME | NOTE 7:- | TAXES ON INCOME | |||||||||||
a. | Tax rates: | ||||||||||||
Taxable income of the Israeli companies is subject to the Israeli corporate tax at the rate as follows: 2014 - 26.5%, 2013 - 25%, 2012 - 25%. | |||||||||||||
b. | Significant components of the Company's deferred tax assets and liabilities are as follows: | ||||||||||||
December 31, | |||||||||||||
2013 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss and capital loss carry forward | $ | 43,498 | $ | 40,520 | |||||||||
Valuation allowance | (43,498 | ) | (40,520 | ) | |||||||||
Net deferred tax asset | - | - | |||||||||||
Management currently believes that since the Company has a history of losses it is more likely than not that the deferred tax assets regarding the loss carry-forward will not be realized in the foreseeable future. | |||||||||||||
c. | Net operating losses carry-forward: | ||||||||||||
The Company has accumulated operating losses for tax purposes as of December 31, 2014 in the amount of approximately $31,340 (denominated in NIS), which may be carried forward and offset against taxable income in the future for an indefinite period. | |||||||||||||
The Company has accumulated capital losses of approximately $128,859 (denominated in NIS), which may be carried forward and offset against capital gains. | |||||||||||||
d. | The main reconciling item from the statutory tax rate of the Company to the effective tax rate are valuation allowances provided for deferred tax assets. Tax expenses in 2012 represent tax withheld from the Company. | ||||||||||||
e. | Tax reports filed by the Company in Israel through the year ended December 31, 2009 are considered final. | ||||||||||||
f. | As of December 31, 2012, 2013 and 2014, the Company did not have any unrecognized tax benefits or uncertain tax positions. |
RELATED_PARTY_TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
RELATED PARTY TRANSACTIONS [Abstract] | |||||||||||||
RELATED PARTY TRANSACTIONS | NOTE 8:- | RELATED PARTY TRANSACTIONS | |||||||||||
The results of operations from transactions with related parties were as follows: | |||||||||||||
Year ended December 31, | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Transactions: | |||||||||||||
Consulting services *) | $ | 41 | $ | - | $ | - | |||||||
Interest on convertible note (refer to Note 4) | $ | 621 | $ | - | $ | - | |||||||
*) | Consulting services provided by the Company in connection with the investment in BioCancell, refer to Note 4. The consulting fees are recorded as on offset in the operating expenses in the statement of operations. | ||||||||||||
SUPPLEMENTARY_FINANCIAL_STATEM
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION [Abstract] | |||||||||||||
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | NOTE 9:- | SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION | |||||||||||
a. | Current liabilities: | ||||||||||||
December 31, | |||||||||||||
2013 | 2014 | ||||||||||||
Director fees | $ | 10 | $ | 11 | |||||||||
Trade payables | 63 | 29 | |||||||||||
Accrued expenses and other | 55 | 144 | |||||||||||
$ | 128 | $ | 184 | ||||||||||
b. | Financial expenses, net | ||||||||||||
Year ended | |||||||||||||
December 31, | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Financial expenses: | |||||||||||||
Loss from change in fair value of investment in BioCancell and sale of BioCancell shares | $ | (799 | ) | $ | - | $ | (245 | ) | |||||
Other | - | - | (7 | ) | |||||||||
$ | (799 | ) | - | $ | (252 | ) | |||||||
Financial income: | |||||||||||||
Amortization of premiums, accretion of discounts and interest on marketable debt securities, net | 19 | - | - | ||||||||||
Income from change in fair value of investment in BioCancell and sale of BioCancell shares | - | 574 | - | ||||||||||
Interest on convertible note | 622 | - | - | ||||||||||
Other | - | 5 | 12 | ||||||||||
641 | 579 | 12 | |||||||||||
$ | (158 | ) | $ | 579 | $ | (240 | ) | ||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended | |
Dec. 31, 2014 | ||
SUBSEQUENT EVENTS [Abstract] | ||
SUBSEQUENT EVENTS | NOTE 10:- | SUBSEQUENT EVENTS |
In March 2015, the Company's shareholders approved a grant of options to the Company's chief executive officer to purchase up to 2,090,667 Ordinary Shares, with quarterly vesting over a period of four years (130,667 shares per quarter), and additional options to purchase up to 200,000 Ordinary Shares, with quarterly vesting over a period of two years (25,000 shares per quarter). The options have an exercise price equal to $1.01 per share, which was approximately two times higher than the market share price at the time of the approval of the grant by the Company's Compensations Committee. The Options have a term of ten years. |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||
Dec. 31, 2014 | |||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||
Basis of presentation | a. | Basis of presentation: | |
The financial statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP"), followed consistently. | |||
Use of estimates | b. | Use of estimates: | |
The preparation of the 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 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 fair values of investment in BioCancell, fixed assets and fair values of stock-based awards. 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 | c. | Financial statements in U.S. dollars: | |
A substantial portion of the Company's cash flow transactions is incurred in dollars. Investing activities and equity transactions are made in dollars. The Company's management believes that the dollar is the currency of the primary economic environment in which the Company operates. Thus, the functional and reporting currency of the Company is the dollar. | |||
Accordingly, monetary accounts maintained in currencies other than the dollar are re-measured into U.S. dollars in accordance with Accounting Standards Codification ("ASC") No. 830. All transaction gains and losses of the re-measurement of monetary balance sheet items are reflected in the statements of operations as financial income or expenses, as appropriate. | |||
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. | |||
Investment | e. | Investment: | |
The Company adopted ASC No. 825, "Financial Instruments" as of the date of the investment in BioCancell and elected to apply the fair value option to its investment. The primary reasons for electing the fair value option were simplification and cost-benefit considerations, as well as expansion of the use of fair value measurement being consistent with the FASB's measurement objectives for accounting for financial instruments. The losses and gains due to changes in fair value for items measured at fair value pursuant to election of the fair value option are included in financial income (expenses), net. Refer also Note 4. | |||
Property and equipment | f. | Property and equipment: | |
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated according to the estimated useful lives of the assets. The Company's Property and equipment includes Laboratory equipment, purchased during 2014. The estimated useful life of the assets is 3 years. Depreciation expenses amounts to $10 for the year ended December 31, 2014. | |||
Research and development expenses | g. | Research and development expenses: | |
Research and development expenses include funding for early-stage biotechnology projects mainly performed by research facilities, and are charged to the statement of operations, as incurred. | |||
Income taxes | h. | Income taxes: | |
The Company account for income taxes in accordance with ASC No. 740, "Income Taxes". This ASC prescribes the use of the liability method whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of 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 their estimated realizable value if it not is more likely than not that a portion or all of the deferred tax assets will be realized. | |||
Based on ASC No. 740 a two-step approach is used to recognize and measure 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. When necessary, The Company accrues interest and penalties related to unrecognized tax benefits in its provision for income tax. | |||
Accounting for stock-based compensation | i. | Accounting for stock-based compensation: | |
The Company accounts for stock-based compensation in accordance with ASC No. 718, "Compensation-Stock Compensation". 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. 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 income statements. | |||
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. | |||
The Company estimates the fair value of stock options granted using the Black-Scholes-Merton option-pricing model. The option-pricing model requires a number of assumptions, of which the most significant are, expected stock price volatility, and the expected option term. No options were granted during 2012 through 2014. The Company grants restricted shares and values them based on the market value of the underlying shares at the date of grant. | |||
Fair value of financial instruments | j. | Fair value of financial instruments: | |
The Company measures its investment at fair value. Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. A three-tier fair value hierarchy is established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: | |||
Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. | |||
Level 2 - Other inputs that are directly or indirectly observable in the marketplace, other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets with insufficient volume or infrequent transactions, or other inputs that are observable (model-derived valuations in which significant inputs are observable), or can be derived principally from or corroborated by observable market data. | |||
Level 3 - Unobservable inputs which are supported by little or no market activity and significant to the overall fair value measurement. | |||
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | |||
Basic and diluted net earnings (loss) per share | k. | Basic and diluted net earnings (loss) per share: | |
Basic net earnings (loss) per share are computed based on the weighted average number of Ordinary shares outstanding during each year. Diluted net earnings (loss) per share are computed based on the weighted average number of Ordinary shares outstanding during each year, plus dilutive potential Ordinary shares considered outstanding during the year, in accordance with ASC No. 260, "Earnings per Share". | |||
The total number of shares excluded from the calculation of the diluted net earnings (loss) per share, because they had anti-dilutive effect, for the years ended December 31, 2012, 2013 and 2014, were 264,793, 86,246 and 66,667, respectively. | |||
Concentrations of credit risks | l. | Concentrations of credit risks: | |
Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents. | |||
Cash and cash equivalents are invested in major banks in Israel and the U.S., mainly in U.S. dollars. Such funds in the United States may be in excess of insured limits and are not insured in other jurisdictions. Management believes that the institutions in which the Company invests and the financial institutions that hold the Company's investments are financially sound and, accordingly, low credit risk exists with respect to these investments. | |||
In addition, with respect to the Company's investment in Biocancell, refer to Note 4. | |||
The Company has no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements. | |||
Treasury shares | m. | Treasury shares: | |
The Company repurchases Ordinary shares on the open market which are held as treasury shares. The Company presents the cost of repurchased treasury shares as a reduction in shareholders' equity. | |||
Recent Accounting Pronouncements | n. | Recent Accounting Pronouncements: | |
In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern ("ASU 2014-15"). ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the entity's ability to continue as a going concern for a period of one year after the date that the financial statements are issued. If such conditions or events exist, an entity should disclose that there is substantial doubt about the entity's ability to continue as a going concern for a period of one year after the date that the financial statements are issued. Disclosure should include the principal conditions or events that raise substantial doubt, management's evaluation of the significance of those conditions or events in relation to the entity's ability to meet its obligations, and management's plans that are intended to mitigate those conditions or events. ASU 2014-15 will be effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early adoption is permitted. The Company is currently in the process of evaluating the impact of the adoption of ASU 2014-15 on its financial statements. | |||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||
FAIR VALUE MEASUREMENTS [Abstract] | ||||||||||||||||||||||
Schedule of Assets Measured at Fair Value | ||||||||||||||||||||||
As of December 31, 2014 | ||||||||||||||||||||||
Fair value measurements using input type | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Investment in BioCancell | $ | 85 | $ | - | $ | - | $ | 85 | ||||||||||||||
As of December 31, 2013 | ||||||||||||||||||||||
Fair value measurements using input type | ||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
Investment in BioCancell | $ | 397 | $ | - | $ | - | $ | 397 | ||||||||||||||
INVESTMENT_IN_BIOCANCELL_Table
INVESTMENT IN BIOCANCELL (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
INVESTMENT IN BIOCANCELL [Abstract] | |||||||||||||
Schedule of Investment in BioCancell | December 31, | ||||||||||||
2013 | 2014 | ||||||||||||
Investment in BioCancell | $ | 397 | $ | 85 |
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
SHAREHOLDERS' EQUITY [Abstract] | |||||||||||||||||
Summary of Stock Option Activity | Amount | Weighted | Weighted average | Aggregate | |||||||||||||
average | remaining | intrinsic value *) | |||||||||||||||
exercise | contractual life | ||||||||||||||||
price | |||||||||||||||||
Options outstanding at beginning of year | 66,667 | $ | 0.97 | 1.6 | $ | - | |||||||||||
Granted | - | - | - | - | |||||||||||||
Forfeited | - | - | - | - | |||||||||||||
Options outstanding at end of year | 66,667 | $ | 0.97 | 1.6 | - | ||||||||||||
Vested and expected to vest at end of year | 66,667 | $ | 0.97 | 1.6 | $ | - | |||||||||||
Options exercisable at end of year | 66,667 | $ | 0.97 | 1.6 | $ | - | |||||||||||
*) | All options were out of the money as of December 31, 2014 and 2013 and their intrinsic value was considered as zero. | ||||||||||||||||
Summary of Restricted Share Activity | Year ended | ||||||||||||||||
December 31, | |||||||||||||||||
2012 | 2013 | 2014 | |||||||||||||||
Outstanding at beginning of year | 243,339 | 131,459 | 19,579 | ||||||||||||||
Granted | - | - | - | ||||||||||||||
Vested | (111,880 | ) | (111,880 | ) | (19,579 | ) | |||||||||||
Outstanding as of December 31, | 131,459 | 19,579 | - |
TAXES_ON_INCOME_Tables
TAXES ON INCOME (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
TAXES ON INCOME [Abstract] | |||||||||||||
Schedule of Deferred Income Taxes | December 31, | ||||||||||||
2013 | 2014 | ||||||||||||
Deferred tax assets: | |||||||||||||
Net operating loss and capital loss carry forward | $ | 43,498 | $ | 40,520 | |||||||||
Valuation allowance | (43,498 | ) | (40,520 | ) | |||||||||
Net deferred tax asset | - | - |
RELATED_PARTY_TRANSACTIONS_Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
RELATED PARTY TRANSACTIONS [Abstract] | |||||||||||||
Schedule of Related Party Balances and Transactions | Year ended December 31, | ||||||||||||
2012 | 2013 | 2014 | |||||||||||
Transactions: | |||||||||||||
Consulting services *) | $ | 41 | $ | - | $ | - | |||||||
Interest on convertible note (refer to Note 4) | $ | 621 | $ | - | $ | - | |||||||
*) | Consulting services provided by the Company in connection with the investment in BioCancell, refer to Note 4. The consulting fees are recorded as on offset in the operating expenses in the statement of operations. |
SUPPLEMENTARY_FINANCIAL_STATEM1
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION [Abstract] | |||||||||||||
Schedule of Other Current Liabilities | December 31, | ||||||||||||
2013 | 2014 | ||||||||||||
Director fees | $ | 10 | $ | 11 | |||||||||
Trade payables | 63 | 29 | |||||||||||
Accrued expenses and other | 55 | 144 | |||||||||||
$ | 128 | $ | 184 | ||||||||||
Schedule of Financial Income (Expenses), Net | Year ended | ||||||||||||
December 31, | |||||||||||||
2012 | 2013 | 2014 | |||||||||||
Financial expenses: | |||||||||||||
Loss from change in fair value of investment in BioCancell and sale of BioCancell shares | $ | (799 | ) | $ | - | $ | (245 | ) | |||||
Other | - | - | (7 | ) | |||||||||
$ | (799 | ) | - | $ | (252 | ) | |||||||
Financial income: | |||||||||||||
Amortization of premiums, accretion of discounts and interest on marketable debt securities, net | 19 | - | - | ||||||||||
Income from change in fair value of investment in BioCancell and sale of BioCancell shares | - | 574 | - | ||||||||||
Interest on convertible note | 622 | - | - | ||||||||||
Other | - | 5 | 12 | ||||||||||
641 | 579 | 12 | |||||||||||
$ | (158 | ) | $ | 579 | $ | (240 | ) |
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |||
Anti-dilutive securities | 66,667 | 86,246 | 264,793 |
Property, Plant and Equipment [Line Items] | |||
Depreciation expense | $10 | ||
Laboratory Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Estimated useful life | 3 years |
FAIR_VALUE_MEASUREMENTS_Schedu
FAIR VALUE MEASUREMENTS (Schedule of Assets Measured at Fair Value) (Details) (Fair Value, Measurements, Recurring [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in BioCancell | $85 | $397 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in BioCancell | 85 | 397 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in BioCancell | ||
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investment in BioCancell |
INVESTMENT_IN_BIOCANCELL_Sched
INVESTMENT IN BIOCANCELL (Schedule of Investment) (Details) (BioCancell Therapeutics, Inc. [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2008 |
In Thousands, unless otherwise specified | |||
BioCancell Therapeutics, Inc. [Member] | |||
Schedule of Cost-method Investments [Line Items] | |||
Investment in BioCancell | $85 | $397 | $500 |
INVESTMENT_IN_BIOCANCELL_Narra
INVESTMENT IN BIOCANCELL (Narrative) (Details) | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Jul. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jul. 31, 2012 | Jan. 31, 2012 | Jul. 31, 2008 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 30, 2012 | Jul. 31, 2008 |
USD ($) | USD ($) | USD ($) | USD ($) | BioCancell Therapeutics, Inc. [Member] | BioCancell Therapeutics, Inc. [Member] | BioCancell Therapeutics, Inc. [Member] | BioCancell Therapeutics, Inc. [Member] | BioCancell Therapeutics, Inc. [Member] | BioCancell Therapeutics, Inc. [Member] | BioCancell Therapeutics, Inc. [Member] | BioCancell Therapeutics, Inc. [Member] | Corporate Debt Securities [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | ILS | USD ($) | ||||||||
Schedule of Cost-method Investments [Line Items] | |||||||||||||
Shares issued | 29,972 | 102,598 | 83,752 | 19,182 | |||||||||
Shares issued, price per share | $5.97 | $64 | 0.42 | ||||||||||
Investment in BioCancell | $500 | $85 | $397 | $2,000 | |||||||||
Loan interest rate | 10.00% | ||||||||||||
Number of shares loan is convertible into | 346,439 | ||||||||||||
Loan conversion price | $7.16 | ||||||||||||
Warrant term | 5 years | ||||||||||||
Number of shares covered by warrant | 430,191 | ||||||||||||
Shares received upon exercise of warrants | 240,924 | ||||||||||||
Proceeds from maturity of BioCancell convertible note | 2,000 | 2,000 | |||||||||||
Proceeds from convertible note including accrued interest | 2,480 | ||||||||||||
Value of shares received for consulting services | 29 | ||||||||||||
Stock split ratio | 0.1 | ||||||||||||
Number of shares sold | 74,957 | 152,068 | |||||||||||
Proceeds from sale of BioCancell shares | 67 | 420 | 20 | 67 | 420 | ||||||||
Decrease (increase) in fair value of investment in BioCancell | ($245) | $574 | ($799) | ||||||||||
Investment fee percentage | 4.00% | ||||||||||||
Common stock due to the Company | 250,226 |
SHAREHOLDERS_EQUITY_Narrative_
SHAREHOLDERS' EQUITY (Narrative) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Ordinary shares reserved for issuance | 1,891,356 |
Maximum term | 10 years |
Unrecognized compensation cost related to share-based compensation | $0 |
Minimum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 3 years |
Maximum [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Vesting period | 4 years |
Shareholder Bonus Rights Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum percentage of common stock issuable | 15.00% |
Redemption price of rights | $0.03 |
SHAREHOLDERS_EQUITY_Schedule_o
SHAREHOLDERS' EQUITY (Schedule of Stock Option Activity) (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | |||
Amount | ||||
Options outstanding at beginning of year | 66,667 | |||
Granted | ||||
Forfeited | -66,667 | |||
Options outstanding at end of year | 66,667 | 66,667 | ||
Vested and expected to vest at end of year | 66,667 | |||
Options exercisable at end of year | 66,667 | |||
Weighted average exercise price | ||||
Options outstanding at beginning of year | $0.97 | |||
Granted | ||||
Forfeited | ||||
Options outstanding at end of year | $0.97 | $0.97 | ||
Vested and expected to vest at end of year | $0.97 | |||
Options exercisable at end of year | $0.97 | |||
Weighted average remaining contractual life | ||||
Options outstanding at beginning of year | 1 year 7 months 6 days | 1 year 7 months 6 days | ||
Granted | ||||
Forfeited | ||||
Options outstanding at end of year | 1 year 7 months 6 days | 1 year 7 months 6 days | ||
Vested and expected to vest at end of year | 1 year 7 months 6 days | |||
Options exercisable at end of year | 1 year 7 months 6 days | |||
Aggregate intrinsic value | ||||
Options outstanding at beginning of year | [1] | |||
Granted | [1] | |||
Forfeited | [1] | |||
Options outstanding at end of year | [1] | [1] | ||
Vested and expected to vest at end of year | [1] | |||
Options exercisable at end of year | [1] | |||
[1] | All options were out of the money as of December 31, 2014 and 2013 and their intrinsic value was considered as zero. |
SHAREHOLDERS_EQUITY_Schedule_o1
SHAREHOLDERS' EQUITY (Schedule of Restricted Share Activity) (Details) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
SHAREHOLDERS' EQUITY [Abstract] | |||
Outstanding at beginning of year | 19,579 | 131,459 | 243,339 |
Granted | |||
Vested | -19,579 | -111,880 | -111,880 |
Outstanding as of December 31, | 19,579 | 131,459 |
TAXES_ON_INCOME_Details
TAXES ON INCOME (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
TAXES ON INCOME [Abstract] | ||
Net operating loss and capital loss carry forward | $40,520 | $43,498 |
Valuation allowance | -40,520 | -43,498 |
Net deferred tax asset | ||
Accumulated operating losses | 31,340 | |
Accumulated capital losses | $128,859 |
RELATED_PARTY_TRANSACTIONS_Det
RELATED PARTY TRANSACTIONS (Details) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Transactions: | ||||||
Consulting services | [1] | [1] | $41 | [1] | ||
Interest on convertible note (refer to Note 4) | $621 | |||||
[1] | Consulting services provided by the Company in connection with the investment in BioCancell, refer to Note 4. The consulting fees are recorded as on offset in the operating expenses in the statement of operations. |
SUPPLEMENTARY_FINANCIAL_STATEM2
SUPPLEMENTARY FINANCIAL STATEMENT INFORMATION (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other current liabilities: | |||
Director fees | $11 | $10 | |
Trade payables | 29 | 63 | |
Accrued expenses and other | 144 | 55 | |
Other current liabilities | 184 | 128 | |
Financial expenses: | |||
Loss from change in fair value of investment in BioCancell and sale of BioCancell shares | -245 | -799 | |
Other | -7 | ||
Financial expenses | -252 | -799 | |
Financial income: | |||
Amortization of premiums, accretion of discounts and interest on marketable debt securities, net | 19 | ||
Income from change in fair value of investment in BioCancell and sale of BioCancell shares | 574 | ||
Interest on convertible note | 622 | ||
Other | 12 | 5 | |
Financial income | 12 | 579 | 641 |
Financial income (expenses), net | ($240) | $579 | ($158) |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (USD $) | 12 Months Ended | 1 Months Ended |
Dec. 31, 2014 | Mar. 31, 2015 | |
Subsequent Event [Line Items] | ||
Granted | ||
Expiration period | 10 years | |
Maximum [Member] | ||
Subsequent Event [Line Items] | ||
Vesting period | 4 years | |
Subsequent Event [Member] | Stock Option [Member] | Chief Executive Officer [Member] | ||
Subsequent Event [Line Items] | ||
Vesting period | 4 years | |
Shares vested per quarter | 130,667 | |
Additional vesting period | 2 years | |
Additional shares vested per quarter | 25,000 | |
Exercise price (in dollars per share) | $1.01 | |
Expiration period | 10 years | |
Subsequent Event [Member] | Maximum [Member] | Stock Option [Member] | Chief Executive Officer [Member] | ||
Subsequent Event [Line Items] | ||
Granted | 2,090,667 | |
Additional shares granted | 200,000 |