Compugen (CGEN) 6-K 4 Aug 15 2015 Q2 Current report (foreign) Financial data

Document and Entity Information

Document and Entity Information	6 Months Ended
	Jun. 30, 2015
Document and Entity Information [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2015
Entity Registrant Name	COMPUGEN LTD
Entity Central Index Key	1,119,774
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Entity Filer Category	Accelerated Filer

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
CURRENT ASSETS:
Cash and cash equivalents	$ 9,581	$ 25,643
Restricted cash	546	543
Short-term bank deposits	85,526	47,142
Investment in Evogene	997	1,054
Other accounts receivable and prepaid expenses	1,474	716
Total current assets	98,124	75,098
NON-CURRENT ASSETS:
Long-term bank deposits		35,026
Long-term prepaid expenses	99	108
Severance pay fund	2,171	2,024
Property and equipment, net	2,863	2,730
Total non-current assets	5,133	39,888
Total assets	103,257	114,986
CURRENT LIABILITIES:
Trade payables	1,209	1,493
Deferred revenue	1,053	1,789
Research and development funding arrangement	210	421
Other accounts payable and accrued expenses	2,781	2,886
Total current liabilities	5,253	6,589
NON-CURRENT LIABILITIES:
Accrued severance pay	2,590	2,281
Total non-current liabilities	$ 2,590	$ 2,281
COMMITMENTS AND CONTINGENT LIABILITIES
SHAREHOLDERS' EQUITY:
Share capital: Ordinary shares of NIS 0.01 par value: 100,000,000 shares authorized at June 30, 2015 and December 31, 2014; 50,460,402 and 50,254,492 shares issued and outstanding at June 30, 2015and December 31, 2014, respectively	$ 138	$ 137
Additional paid-in capital	326,304	324,053
Accumulated other comprehensive income	1,219	1,222
Accumulated deficit	(232,247)	(219,296)
Total shareholders' equity	95,414	106,116
Total liabilities and shareholders' equity	$ 103,257	$ 114,986

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - ₪ / shares	Jun. 30, 2015	Dec. 31, 2014
CONSOLIDATED BALANCE SHEETS [Abstract]
Ordinary shares, par value per share	₪ 0.01	₪ 0.01
Ordinary shares, shares authorized	100,000,000	100,000,000
Ordinary shares, shares issued	50,460,402	50,254,492
Ordinary shares, shares outstanding	50,460,402	50,254,492

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract]
Revenue	$ 736	$ 4,097
Cost of revenue	396	1,616
Gross profit	340	2,481
Operating expenses:
Research and development expenses, net	10,109	6,316
Marketing and business development expenses	478	282
General and administrative expenses	3,028	2,512
Total operating expenses	13,615	9,110
Operating loss	(13,275)	(6,629)
Financial income, net	324	2,472
Loss before tax expenses	$ (12,951)	(4,157)
Income taxes		(60)
Net loss	$ (12,951)	$ (4,217)
Basic and diluted net loss per share	$ (0.26)	$ (0.09)
Weighted average number of Ordinary shares used in computing basic and diluted net loss per share	50,374,993	45,970,766
Net loss	$ (12,951)	$ (4,217)
Unrealized loss arising during the period on Investment in Evogene	$ (57)	(398)
Realized gain arising during the period on the investment in Evogene		$ (2,345)
Realized gain arising during the period from foreign currency derivative contracts	$ (91)
Unrealized gain arising during the period from foreign currency derivative contracts	145
Total comprehensive loss	$ (12,954)	$ (6,960)

STATEMENTS OF CHANGES IN SHAREH

STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Ordinary shares [Member]	Additional paid-in capital [Member]	Accumulated other comprehensive income [Member]	Accumulated deficit [Member]
Balance at Dec. 31, 2013	$ 31,888	$ 111	$ 235,351	$ 4,628	$ (208,202)
Balance, shares at Dec. 31, 2013		41,002,113
Options exercised	1,423	$ 1	1,422
Options exercised, shares		389,289
Issuance of shares, net	70,718	$ 21	70,697
Issuance of shares, net, shares		7,263,090
Issuance of shares in respect to Termination and Equity Conversion Agreement	12,954	$ 4	12,950
Issuance of shares in respect to Termination and Equity Conversion Agreement, shares		1,600,000
Stock-based compensation relating to options and warrants issued to non-employees	361		361
Stock-based compensation relating to options issued to employees and directors	3,272		$ 3,272
Other comprehensive loss from marketable securities	(3,547)			$ (3,547)
Other comprehensive income from foreign currency derivative contracts	141			$ 141
Net loss	(11,094)				$ (11,094)
Balance at Dec. 31, 2014	$ 106,116	$ 137	$ 324,053	$ 1,222	$ (219,296)
Balance, shares at Dec. 31, 2014	50,254,492	50,254,492
Options exercised	$ 539	$ 1	538
Options exercised, shares		205,910
Stock-based compensation relating to options and warrants issued to non-employees	142		142
Stock-based compensation relating to options issued to employees and directors	1,571		$ 1,571
Other comprehensive loss from marketable securities	(57)			$ (57)
Other comprehensive income from foreign currency derivative contracts	54			$ 54
Net loss	(12,951)				$ (12,951)
Balance at Jun. 30, 2015	$ 95,414	$ 138	$ 326,304	$ 1,219	$ (232,247)
Balance, shares at Jun. 30, 2015	50,460,402	50,460,402

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net loss	$ (12,951)	$ (4,217)
Adjustments required to reconcile net loss to net cash used in operating activities:
Non-cash stock-based compensation	1,713	1,623
Depreciation	482	260
Severance pay, net	$ 162	9
Gain from sale of Evogene shares		(2,345)
Change in fair value of exchange option and embedded derivatives within research and development funding arrangements		11
Amortization of the cash consideration of research and development funding arrangement	$ (211)	$ (126)
Change in the fair value of restricted cash	(3)
Realized gain from forward contracts	$ (91)
Increase in trade receivable		$ (1,140)
Decrease (increase) in other accounts receivable and prepaid expenses	$ (983)	973
Decrease in long-term prepaid expenses	9	125
Decrease in deferred revenues	(736)	(2,703)
Increase (decrease) in trade payables and other accounts payable and accrued expenses	(389)	819
Net cash used in operating activities	(12,998)	(6,711)
Cash flows from investing activities:
Proceeds from maturity of short-term bank deposits	12,000	18,000
Investment in short-term bank deposits	$ (15,000)	(10,000)
Increase in long-term lease deposits		(74)
Purchase of property and equipment	$ (615)	(869)
Proceeds from sale of investment in Evogene		2,309
Net cash provided by (used in) investing activities	$ (3,615)	9,366
Cash flows from financing activities:
Proceeds from issuance of Ordinary shares, net		70,978
Proceeds from exercise of options	$ 551	860
Net cash provided by financing activities	551	71,838
Increase (decrease) in cash and cash equivalents	(16,062)	74,493
Cash and cash equivalents at the beginning of the period	25,643	28,751
Cash and cash equivalents at the end of the period	$ 9,581	103,244
Supplemental disclosure of non-cash investing and financing activities:
Issuance expenses		$ 260
Receivables from foreign currency derivative contracts	$ 145
Purchase of property and equipment		$ 192

GENERAL

GENERAL	6 Months Ended
	Jun. 30, 2015
GENERAL [Abstract]
GENERAL	NOTE 1:- GENERAL a. Compugen Ltd. (the "Company") is a leading drug discovery company focused on monoclonal antibodies and therapeutic proteins to address important unmet needs in the fields of oncology and immunology. The Company utilizes a broad and continuously growing integrated infrastructure of proprietary scientific understandings and predictive platforms, algorithms, machine learning systems and other computational biology capabilities for the in silico The Company's headquarters are located in Israel, the research and development facilities are located both in Israel and through its wholly-owned U.S. subsidiary, Compugen USA, Inc. ("Compugen Inc.") in South San Francisco, California. b. On March 19, 2015, the Company and Kanit Ha'Shalom Investments Ltd. (“Azrieli”) entered into a Lease Agreement (the “Agreement”). Under the terms of the Agreement, the Company will lease approximately 34,000 square feet of office and laboratory space in the Azrieli Holon Business Center which is located in Holon, Israel. The Agreement has a term of ten (10) year and three (3) months commencing December 15, 2015 and the annual rent and asset management fees payments will be approximately $ 850. Notwithstanding, following five (5) year of lease, the Company will be entitled to terminate the Agreement. In the event of such early termination, the Company shall be required to reimburse Azrieli the proportionate part of the leasehold improvement participation funds provided to the Company by Azrieli.

SIGNIFICANT ACCOUNTING POLICIES

SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2015
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
SIGNIFICANT ACCOUNTING POLICIES	NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES a. The significant accounting policies applied in the annual financial statements of the Company as of December 31, 2014 are applied consistently in these financial statements . b. Concentration of credit risks: Financial instruments that potentially subject the Company and Compugen Inc. to concentration of credit risk consist principally of cash and cash equivalents, restricted cash, short-term and long-term bank deposits, marketable securities and non-current lease deposits. Cash, cash equivalents and restricted cash are mainly invested in U.S. dollar deposits with major banks in Israel and the United States. Generally, these deposits may be redeemed upon demand and bear minimal risk. Long-term bank deposits are invested in major banks in Israel. Management believes that the financial institutions that hold the Company's investment are financially sound and, accordingly, minimal credit risk exists with respect to this investment. The Company's marketable securities consist of an investment in Evogene Ltd. (“Evogene”) ordinary shares which are publicly traded in the United States and Israel.

UNAUDITED INTERIM CONSOLIDATED

UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS	6 Months Ended
	Jun. 30, 2015
UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS [Abstract]
UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS	NOTE 3:- UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information. Accordingly, they do not include all the information and footnotes required by accounting principles generally accepted 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 have been included. Operating results for the six-month period ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ended December 31, 2015.

DERIVATIVE INSTRUMENTS

DERIVATIVE INSTRUMENTS	6 Months Ended
	Jun. 30, 2015
DERIVATIVE INSTRUMENTS [Abstract]
DERIVATIVE INSTRUMENTS	NOTE 4:- DERIVATIVE INSTRUMENTS The Company accounts for derivatives and hedging based on ASC 815, “Derivatives and Hedging”. The Company entered into forward contracts to hedge against the risk of overall changes in future cash flow from payments of payroll and related expenses as well as other expenses denominated in NIS. As of June 30, 2015 and December 31, 2014 these contracts were for a period of six months ended December 31, 2015 and nine months ended September 30, 2015, respectively. As of June 30, 2015 and December 31, 2014, the Company had outstanding forward contracts in the notional amount of $ 3,785 and $ 5,626, respectively. The Company measured the fair value of the contracts in accordance with ASC 820 (classified as level 2). These contracts met the requirement for cash flow hedge accounting and as such for the six-month period ended June 30, 2015 and for the year ended December 31, 2014 the Company recorded total realized gains of $ 91 and $ 0, respectively from the execution of contracts during these periods under operating expense in the statement of comprehensive loss, and unrealized gains in the amount of $ 145 and $ 141 related with outstanding forward contracts as of June 30, 2015 and December 31, 2014, respectively, which were recognized under other comprehensive loss. The fair value of the Company's outstanding forward contracts at June 30, 2015 and December 31, 2014 amounted to unrealized gains of $ 195 and $ 141, respectively.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	6 Months Ended
	Jun. 30, 2015
FAIR VALUE MEASUREMENTS [Abstract]
FAIR VALUE MEASUREMENTS	NOTE 5:- FAIR VALUE MEASUREMENTS In accordance with ASC 820 "Fair Value Measurements and Disclosures", the Company measures its Investment in Evogene and foreign currency derivative contracts at fair value. Investment in Evogene is classified within Level 1 because this asset is valued using quoted market prices. Foreign currency derivative contracts are classified within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments. The Company's financial assets (liabilities) measured at fair value on a recurring basis, consisted of the following types of instruments as of the following dates: June 30, 2015 (Unaudited) Fair value measurements Description Fair value Level 1 Level 2 Level 3 Investment in Evogene $ 997 $ 997 $ - $ - Foreign currency derivative contracts 195 - 195 - December 31, 2014 Fair value measurements Description Fair value Level 1 Level 2 Level 3 Investment in Evogene $ 1,054 $ 1,054 $ - $ - Foreign currency derivative contracts 141 - 141 -

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	6 Months Ended
	Jun. 30, 2015
COMMITMENTS AND CONTINGENCIES [Abstract]
COMMITMENTS AND CONTINGENCIES	NOTE 6:- COMMITMENTS AND CONTINGENCIES a. The Company provided bank guarantees in the amount of $ 546 in favor of its offices' lessor in Israel, foreign currency derivative contracts and credit card security for its U.S. subsidiary. In addition, the Company provided check deposit in the amount of $ 74 in favor of its offices' lessor in California, U.S. b. Under the OCS royalty-bearing programs, the Company is not obligated to repay any amounts received from the OCS if it does not generate any income from the results of the funded research program(s). If income is generated from a funded research program, the Company is committed to pay royalties at a rate of between 3% to 5% of future revenue arising from such research program(s), and up to a maximum of 100% of the amount received, linked to the U.S. dollar (for grants received under programs approved subsequent to January 1, 1999, the maximum to be repaid is 100% plus interest at LIBOR). For the six-month period ended June 30, 2015 and 2014, the Company has an aggregate of paid and accrued royalties to the OCS, recorded as cost of revenue in the consolidated statement of comprehensive loss, in the amount of $ 26 and $ 143, respectively. As of June 30, 2015, the Company's aggregate contingent obligations for payments to OCS, based on royalty-bearing participation received or accrued, net of royalties paid or accrued, totaled approximately to $ 8,741 c. Under the Israel-U.S. Binational Industrial Research and Development (" BIRD") plan, the Company is not obligated to repay any amounts previously received from BIRD if it does not generate any income from the outcome of the funded research program. As of June 30, 2015 the Company accounted for proceeds under BIRD plan in total aggregate amount of approximately $ 500, received in the period between December 2005 and March 2012. As of June 30, 2015 the Company does not expect any income to be generated from the outcome of the funded research BIRD plan and as such no obligation was recorded. d. On June 25, 2012 the Company and its U.S subsidiary entered into an Antibodies Discovery Collaboration Agreement (the "Antibodies Discovery Agreement") with a U.S. antibody technology company ("mAb Technology Company"), providing an established source for fully human mAbs. Under the Antibodies Discovery Agreement the mAb Technology Company will be entitled to certain royalties that could be eliminated, upon payment of certain one-time fees (all payments referred together as "Contingent Fees"). As of June 30, 2015 the Company did not incur any obligation for such Contingent Fees. e. For the period ended June 30, 2015 and for the year ended December 31, 2014 the Company is obligated for certain Participation Rights payments, under the Termination and Equity Conversion Agreement with Baize (“Agreement”). As of June 30, 2015 the Company does not have any outstanding obligations for Participation Rights under the Agreement. . f. On May 9, 2012, the Company entered into an agreement (the " Agreement") with a U.S. business development strategic advisor ("Advisor") for the purpose of entering into transactions with pharma companies related to select Pipeline Program Candidates. The Agreement was terminated in 2014; however, payment obligations relating to a specific transaction with a pharma company in the amount of 4% of cash consideration received by the Company survives such termination. As of June 30, 2015 the Company does not have any outstanding obligation for payments under the aforementioned agreements.

SHAREHOLDERS' EQUITY

SHAREHOLDERS' EQUITY	6 Months Ended
	Jun. 30, 2015
SHAREHOLDERS' EQUITY [Abstract]
SHAREHOLDERS' EQUITY	NOTE 7:- SHAREHOLDERS' EQUITY Stock based compensation: During the six-month period ended June 30, 2015, the Company's Board of Directors granted 243,500 options to purchase Ordinary shares of the Company to employees, directors and non-employees. The exercise prices for such options are from $ 6.5 to $ 8.1 per share, with vesting to occur in up to 4 years. The following table presents the assumptions used to estimate the fair values of the options granted in the periods presented: Six months ended June 30, 2015 2014 Volatility 51%-60% 60%-76% Risk-free interest rate 1.43%-1.77% 1.38%-1.80% Dividend yield 0% 0% Expected life (years) 4.8-6.0 4.6 – 6.0 Weighted average fair value of options granted during the six- month period ended June 30, 2015 and 2014 were $ 3.38 and $ 5.11, respectively. During the six-month period ended June 30, 2015 and 2014, the Company recorded share based compensation in a total amount of $ 1,713 and $ 1,623, respectively. As of June 30, 2015, the total unrecognized estimated compensation cost related to non-vested stock options granted prior to that date was $ 5,859, which is expected to be recognized over a weighted average period of approximately 2.27 years.

FINANCIAL INCOME, NET

FINANCIAL INCOME, NET	6 Months Ended
	Jun. 30, 2015
FINANCIAL INCOME, NET [Abstract]
FINANCIAL INCOME, NET	NOTE 8:- FINANCIAL INCOME, NET Six months ended June 30, 2015 2014 Interest income $ 406 $ 129 Change in fair value of Exchange Option and embedded derivatives and outstanding options to non-employee within research and development funding arrangement - (11 ) Financial income from selling of Evogene shares - 2,345 Exchange rate differences and others (82 ) 9 Financial income, net $ 324 $ 2,472

RELATED PARTY BALANCES AND TRAN

RELATED PARTY BALANCES AND TRANSACTIONS	6 Months Ended
	Jun. 30, 2015
RELATED PARTY BALANCES AND TRANSACTIONS [Abstract]
RELATED PARTY BALANCES AND TRANSACTIONS	NOTE 9:- RELATED PARTY BALANCES AND TRANSACTIONS The Company provided research and development services to one of its affiliates, Neviah Genomics Ltd., in consideration for pre-scheduled determined fees in accordance with a research collaboration and license agreement entered into in June 2012. During the six-month period ended June 30, 2015 and 2014 the Company recognized $ 71 and $ 142, respectively, in revenues from such agreement.

SIGNIFICANT ACCOUNTING POLICI16

SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2015
SIGNIFICANT ACCOUNTING POLICIES [Abstract]
Concentration of credit risks	Concentration of credit risks: Financial instruments that potentially subject the Company and Compugen Inc. to concentration of credit risk consist principally of cash and cash equivalents, restricted cash, short-term and long-term bank deposits, marketable securities and non-current lease deposits. Cash, cash equivalents and restricted cash are mainly invested in U.S. dollar deposits with major banks in Israel and the United States. Generally, these deposits may be redeemed upon demand and bear minimal risk. Long-term bank deposits are invested in major banks in Israel. Management believes that the financial institutions that hold the Company's investment are financially sound and, accordingly, minimal credit risk exists with respect to this investment. The Company's marketable securities consist of an investment in Evogene Ltd. (“Evogene”) ordinary shares which are publicly traded in the United States and Israel.

FAIR VALUE MEASURMENTS (Tables)

FAIR VALUE MEASURMENTS (Tables)	6 Months Ended
	Jun. 30, 2015
FAIR VALUE MEASUREMENTS [Abstract]
Schedule Of Assets And Liabilities Measured At Fair Value	June 30, 2015 (Unaudited) Fair value measurements Description Fair value Level 1 Level 2 Level 3 Investment in Evogene $ 997 $ 997 $ - $ - Foreign currency derivative contracts 195 - 195 - December 31, 2014 Fair value measurements Description Fair value Level 1 Level 2 Level 3 Investment in Evogene $ 1,054 $ 1,054 $ - $ - Foreign currency derivative contracts 141 - 141 -

SHAREHOLDERS' EQUITY (Tables)

SHAREHOLDERS' EQUITY (Tables)	6 Months Ended
	Jun. 30, 2015
SHAREHOLDERS' EQUITY [Abstract]
Schedule of Weighted-average Assumptions Used to Estimate Fair Value of Options Granted	Six months ended June 30, 2015 2014 Volatility 51%-60% 60%-76% Risk-free interest rate 1.43%-1.77% 1.38%-1.80% Dividend yield 0% 0% Expected life (years) 4.8-6.0 4.6 – 6.0

FINANCIAL INCOME, NET (Tables)

FINANCIAL INCOME, NET (Tables)	6 Months Ended
	Jun. 30, 2015
FINANCIAL INCOME, NET [Abstract]
Schedule of Financial Income, Net	Six months ended June 30, 2015 2014 Interest income $ 406 $ 129 Change in fair value of Exchange Option and embedded derivatives and outstanding options to non-employee within research and development funding arrangement - (11 ) Financial income from selling of Evogene shares - 2,345 Exchange rate differences and others (82 ) 9 Financial income, net $ 324 $ 2,472

GENERAL (Details)

GENERAL (Details) - Jun. 30, 2015 - Azrieli Holon Business Center [Member] $ in Thousands	USD ($)ft²
Lease Agreement [Line Items]
Lease agreement term	10 years 3 months
Lease start date	Dec. 15, 2015
Area of property | ft²	34,000
Annual rent and asset management fees	$ 850
Period of time after which the Company will be entitled to terminate the Lease Agreement	5 years

DERIVATIVE INSTRUMENTS (Details

DERIVATIVE INSTRUMENTS (Details) - USD ($) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Derivative Instruments, Gain (Loss) [Line Items]
Outstanding forward contracts, notional amount	$ 3,785		$ 5,626
Realized gain arising during the period from foreign currency derivative contracts	91
Unrealized gain arising during the period from foreign currency derivative contracts	145
Fair value of outstanding forward contracts	195		141
Other Comprehensive Income (Loss) [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Unrealized gain arising during the period from foreign currency derivative contracts	145		141
Operating Expense [Member]
Derivative Instruments, Gain (Loss) [Line Items]
Realized gain arising during the period from foreign currency derivative contracts	$ 91		$ 0

FAIR VALUE MEASUREMENTS (Schedu

FAIR VALUE MEASUREMENTS (Schedule Of Financial Assets/Liabilties Measured At Fair Value) (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Financial assets and liabilities measured at fair value
Foreign currency derivative contracts	$ 195	$ 141
Recurring [Member]
Financial assets and liabilities measured at fair value
Investments in Evogene	997	1,054
Foreign currency derivative contracts	195	141
Level 1 [Member] | Recurring [Member]
Financial assets and liabilities measured at fair value
Investments in Evogene	$ 997	$ 1,054
Foreign currency derivative contracts
Level 2 [Member] | Recurring [Member]
Financial assets and liabilities measured at fair value
Investments in Evogene
Foreign currency derivative contracts	$ 195	$ 141
Level 3 [Member] | Recurring [Member]
Financial assets and liabilities measured at fair value
Investments in Evogene
Foreign currency derivative contracts

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands	6 Months Ended		76 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Mar. 31, 2012
Office leases [Member] | Israel [Member]
Guarantor Obligations [Line Items]
Bank guarantee in favor of lessor for offices	$ 546
Office leases [Member] | United States [Member]
Guarantor Obligations [Line Items]
Bank guarantee in favor of lessor for offices	$ 74
OCS [Member]
Government and Other Grants [Line Items]
Maximum royalty repaid as percentage of grant received	100.00%
Royalty expense	$ 26	$ 143
Contingent royalty obligations	$ 8,741
OCS [Member] | Minimum [Member]
Government and Other Grants [Line Items]
Royalty percentage based on future revenues	3.00%
OCS [Member] | Maximum [Member]
Government and Other Grants [Line Items]
Royalty percentage based on future revenues	5.00%
BIRD [Member]
Government and Other Grants [Line Items]
Grants received			$ 500
May 2012 Agreement With Advisor [Member]
Government and Other Grants [Line Items]
Agreement, start date	May 9, 2012
Agreement, termination date	Dec. 31, 2014
May 2012 Agreement With Advisor [Member] | Minimum [Member]
Government and Other Grants [Line Items]
Participation rights survives agreement termination	4.00%

SHAREHOLDERS' EQUITY (Schedule

SHAREHOLDERS' EQUITY (Schedule of Stock-Based Compensation) (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted	243,500
Stock options granted, exercise price, minimum	$ 6.5
Stock options granted, exercise price. maximum	$ 8.1
Vesting period	4 years
Expected volatility, minimum	51.00%	60.00%
Expected volatility, maximum	60.00%	76.00%
Expected risk free interest rates range, minimum	1.43%	1.38%
Expected risk free interest rate range, maximum	1.77%	1.80%
Expected dividend yield	0.00%	0.00%
Weighted average fair value of options granted during period	$ 3.38	$ 5.11
Share based compensation	$ 1,713	$ 1,623
Unrecognized compensation cost	$ 5,859
Period over which compensation expense will be recognized	2 years 3 months 7 days
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	6 years	6 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected life	4 years 9 months 18 days	4 years 7 months 6 days

FINANCIAL INCOME, NET (Details)

FINANCIAL INCOME, NET (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
FINANCIAL INCOME, NET [Abstract]
Interest income	$ 406	$ 129
Change in fair value of Exchange Option and embedded derivatives and outstanding options to non-employee within research and development funding arrangement		(11)
Financial income from selling of Evogene shares		2,345
Exchange rate differences and others	$ (82)	9
Financial income, net	$ 324	$ 2,472

RELATED PARTY BALANCES AND TR26

RELATED PARTY BALANCES AND TRANSACTIONS (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
RELATED PARTY BALANCES AND TRANSACTIONS [Abstract]
Related party revenue	$ 71	$ 142