Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Mar. 04, 2016 | Jun. 30, 2015 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | BRAINSTORM CELL THERAPEUTICS INC. | ||
Entity Central Index Key | 1,137,883 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 57,972,791 | ||
Trading Symbol | BCLI | ||
Entity Common Stock, Shares Outstanding | 18,654,040 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current Assets: | ||
Cash and cash equivalents | $ 428 | $ 4,251 |
Short-term deposit | 15,527 | 4,290 |
Account receivable (Note 4) | 759 | 1,005 |
Prepaid expenses and other current assets | 74 | 32 |
Total current assets | 16,788 | 9,578 |
Long-Term Assets: | ||
Prepaid expenses and other long-term assets | 21 | 20 |
Property and Equipment, Net (Note 5) | 271 | 313 |
Total Long-Term Assets | 292 | 333 |
Total assets | 17,080 | 9,911 |
Current Liabilities: | ||
Accounts payables | 1,169 | 1,542 |
Accrued expenses | 1,500 | 1,347 |
Other accounts payable | 283 | 224 |
Total current liabilities | 2,952 | 3,113 |
Long-Term Liabilities: | ||
Warrants issued to investors (Note 7(b)(1)(f)) | 0 | 123 |
Total long-term liabilities | 0 | 123 |
Total liabilities | 2,952 | 3,236 |
Stockholders' Equity: | ||
Stock capital: (Note 7) Common stock of $0.00005 par value - Authorized: 100,000,000 and 800,000,000 shares at December 31, 2015 and December 31, 2014 respectively; Issued and outstanding: 18,643,288 and 15,281,497 shares at December 31, 2015 and December 31, 2014 respectively. | 11 | 11 |
Additional paid-in-capital | 84,258 | 68,317 |
Accumulated deficit | (70,141) | (61,653) |
Total stockholders' equity | 14,128 | 6,675 |
Total liabilities and stockholders' equity | $ 17,080 | $ 9,911 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Common stock, par value (in dollars per share) | $ 0.00005 | $ 0.00005 |
Common stock, shares Authorized | 100,000,000 | 800,000,000 |
Common stock, shares Issued | 18,643,288 | 15,281,497 |
Common stock, shares outstanding | 18,643,288 | 15,281,497 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Operating expenses: | ||
Research and development, net (Note 8) | $ 4,949 | $ 4,772 |
General and administrative | 3,587 | 2,649 |
Operating loss | (8,536) | (7,421) |
Financial expenses (income), net | (48) | 1,825 |
Taxes on income (Note 9) | 0 | 0 |
Net loss | $ (8,488) | $ (9,246) |
Basic and diluted net loss per share from continuing operations | $ (0.46) | $ (0.68) |
Weighted average number of shares outstanding used in computing basic and diluted net loss per share (in shares) | 18,405,610 | 13,662,758 |
STATEMENTS OF CHANGES IN STOCKH
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated deficit [Member] | |
Balance at Dec. 31, 2013 | $ 2,739 | $ 8 | $ 55,138 | $ (52,407) | |
Balance (in shares) at Dec. 31, 2013 | 11,750,881 | ||||
Stock-based compensation related to warrants and stock granted to service providers | 198 | $ 0 | 198 | 0 | |
Stock-based compensation related to warrants and stock granted to service providers (in shares) | 53,419 | ||||
Stock-based compensation related to stock and options granted to directors and employees | 1,024 | $ 0 | 1,024 | 0 | |
Stock-based compensation related to stock and options granted to directors and employees (in shares) | 50,667 | ||||
Issuance of shares for private placement | 9,554 | $ 3 | 9,551 | 0 | |
Issuance of shares for private placement (in shares) | 2,800,000 | ||||
Stock issued for warrants exchange | 1,633 | $ 0 | [1] | 1,633 | 0 |
Stock issued for warrants exchange (in shares) | 388,735 | ||||
Warrants liability classified as equity | 42 | $ 0 | 42 | 0 | |
Exercise of options | 30 | $ 0 | [1] | 30 | |
Exercise of options (in shares) | 57,777 | ||||
Exercise of warrants | 701 | $ 0 | [1] | 701 | 0 |
Exercise of warrants (in shares) | 180,018 | ||||
Net loss | (9,246) | $ 0 | 0 | (9,246) | |
Balance at Dec. 31, 2014 | 6,675 | $ 11 | 68,317 | (61,653) | |
Balance (in shares) at Dec. 31, 2014 | 15,281,497 | ||||
Stock-based compensation related to warrants and stock granted to service providers | 108 | $ 0 | 108 | 0 | |
Stock-based compensation related to warrants and stock granted to service providers (in shares) | 27,411 | ||||
Stock-based compensation related to stock and options granted to directors and employees | 835 | $ 0 | 835 | 0 | |
Stock-based compensation related to stock and options granted to directors and employees (in shares) | 77,332 | ||||
Exercise of options | 109 | $ 0 | [1] | 109 | 0 |
Exercise of options (in shares) | 44,999 | ||||
Exercise of warrants | 2 | $ 0 | [1] | 2 | 0 |
Exercise of warrants (in shares) | 100,000 | ||||
Exercise and reissuance of warrants | 12,409 | $ 0 | [1] | 12,409 | 0 |
Exercise and reissuance of warrants (in shares) | 2,546,667 | ||||
Exercise of liability classified warrants | 145 | $ 0 | [1] | 145 | 0 |
Exercise of liability classified warrants (in shares) | 29,000 | ||||
Exercise of equity classified warrants | 2,333 | $ 0 | [1] | 2,333 | 0 |
Exercise of equity classified warrants (in shares) | 536,382 | ||||
Net loss | (8,488) | $ 0 | 0 | (8,488) | |
Balance at Dec. 31, 2015 | $ 14,128 | $ 11 | $ 84,258 | $ (70,141) | |
Balance (in shares) at Dec. 31, 2015 | 18,643,288 | ||||
[1] | Represents an amount less than $1. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | ||
Net loss | $ (8,488) | $ (9,246) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization of deferred charges | 87 | 106 |
Expenses related to shares and options granted to service providers | 108 | 198 |
Amortization of deferred Stock-based compensation related to options granted to employees and directors | 835 | 1,024 |
Decrease (increase) in accounts receivable and prepaid expenses | 204 | (93) |
Increase (decrease) in trade payables | (373) | 1,314 |
Increase in other accounts payable and accrued expenses | 212 | 467 |
Revaluation of warrants | 7 | 1,743 |
Total net cash used in operating activities | (7,408) | (4,487) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (45) | (161) |
Changes in short-term deposit | (11,237) | (4,290) |
Investment in lease deposit | (1) | 1 |
Total net cash used in investing activities | (11,283) | (4,450) |
Cash flows from financing activities: | ||
Proceeds from exercise of warrants and options | 2,459 | 731 |
Proceeds from issuance of Common stock, net | 0 | 9,554 |
Proceeds from equity offering through issuances of equity warrants and common stock through the exercise of previously issued equity warrants | 12,409 | 0 |
Redemption of warrants in cash | 0 | (600) |
Total net cash provided by financing activities | 14,868 | 9,685 |
Increase (decrease) in cash and cash equivalents | (3,823) | 748 |
Cash and cash equivalents at the beginning of the period | 4,251 | 3,503 |
Cash and cash equivalents at end of the period | 428 | 4,251 |
Non-cash financing activities: | ||
Stock issued for warrants exchange | 0 | 1,633 |
Exercise of liability classified warrants | 130 | 42 |
Total non-cash financing activities | $ 130 | $ 1,675 |
GENERAL
GENERAL | 12 Months Ended |
Dec. 31, 2015 | |
General and Going Concern Disclosure [Abstract] | |
Business Description and Basis of Presentation [Text Block] | NOTE 1 - GENERAL A. Brainstorm Cell Therapeutics Inc. (formerly: Golden Hand Resources Inc. - the "Company") was incorporated in the State of Washington on September 22, 2000. The Company currently holds two wholly owned subsidiaries; Brainstorm Cell Therapeutics Ltd. ("BCT"), an Israeli Company which currently conducts all of the research and development activities of the Company, and Brainstorm Cell Therapeutics UK Ltd. (“Brainstorm UK”). Brainstorm UK acts on behalf of the parent Company in the EU. Brainstorm UK is currently inactive. The Common Stock is publicly traded on the NASDAQ Capital Market under the symbol “BCLI”. B. The Company, through BCT, holds rights to commercialize certain stem cell technology developed by Ramot of Tel Aviv University Ltd. ("Ramot"), (see Note 3). Using this technology the Company has been developing novel adult stem cell therapies for debilitating neurodegenerative disorders such as Amytrophic Lateral Scelorosis (ALS, also known as Lou Gherig Disease), Multiple Sclerosis (MS) and Parkinson’s disease. The Company developed a proprietary process, called NurOwn, for the propagation of Mesenchymal Stem Cells and their differentiation into neurotrophic factor secreting cells. These cells are then transplanted at or near the site of damage, offering the hope of more effectively treating neurodegenerative diseases. The process is currently autologous, or self-transplanted. C. NurOwn is in clinical development for the treatment of ALS. The Company has completed two single dose clinical trials of NurOwn in Israel, a phase 1/2 trial with 12 patients and a phase 2a trial with additional 12 patients and the Company is now conducting a phase 2 trial in three major medical centers in the US. This single dose trial includes 48 patients randomized in a 3:1 ratio to receive NuOwn or placebo. The Company expects results from this trial in the summer of 2016. Future development of NurOwn for ALS will require additional clinical trials, including probably phase 3 trials, typically required to provide an adequate basis for regulatory approval and product labeling. These additional trials will include the administration of repeated doses to ALS patients enrolled in these trials. D. On September 15, 2014 the Company completed a reverse stock split of the Company’s shares of Common Stock by a ratio 1-for-15 800,000,000 100,000,000 GOING CONCERN: To date the Company has not generated any revenues from its activities and has incurred substantial operating losses. Management expects the Company to continue to generate substantial operating losses and to continue to fund its operations primarily through utilization of its current financial resources and through additional raises of capital. 2015 net cash inflows from issuances of common stock through the exercise of equity warrants as well as from issuances of new equity warrants amounted to approximately $ 14.8 |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | SIGNIFICANT ACCOUNTING POLICIES A. Basis of presentation: The consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) applied on a consistent basis. B. Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. C. Financial statements in U.S. dollars: The functional currency of the Company is the U.S dollar ("dollar") since the dollar is the currency of the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future. Part of the transactions of BCT is recorded in new Israeli shekels ("NIS"); however, a substantial portion of BCT’s costs are incurred in dollars or linked to the dollar. Accordingly, management has designated the dollar as the currency of BCT’s primary economic environment and thus it is their functional and reporting currency. Transactions and balances denominated in dollars are presented at their original amounts. Non-dollar transactions and balances have been re-measured to dollars in accordance with the provisions of ASC 830-10 (formerly Statement of Financial Accounting Standard 52), "Foreign Currency Translation". All transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statement of operations as financial income or expenses, as appropriate. D. Principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, BCT and Brainstorm UK. Intercompany balances and transactions have been eliminated upon consolidation. E. Cash and cash equivalents: Cash equivalents are short-term highly liquid investments that are readily convertible to cash with maturities of three months or less as of the date acquired. Property and equipment: Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated by the straight-line method over the estimated useful lives of the assets. % Office furniture and equipment 7 Computer software and electronic equipment 33 Laboratory equipment 15 Leasehold improvements Over the shorter of the lease term (including the option) or useful life Impairment of long-lived assets: The Company’s long-lived assets are reviewed for impairment in accordance with ASC 360-10 (formerly Statement of Financial Accounting Standard 144), "Accounting for the Impairment or Disposal of Long-Lived Assets,” Accrued post-employment benefit The majority of the Company's employees in Israel have agreed to Section 14 of Israel's Severance Pay Law, 5723-1963 (“Section 14”). Pursuant to Section 14, those of the Company's employees that are covered by this section are entitled only to an amount of severance pay equal to monthly deposits, at a rate of 8.33 I. Fair value of financial instruments: The carrying values of cash and cash equivalents, accounts receivable and prepaid expenses, trade payables and other accounts payable approximate their fair value due to the short-term maturity of these instruments. Accounting for stock-based compensation: In accordance with ASC 718-10 (formerly Statement of Financial Accounting Standards 123 (Revised 2004)) the Company estimates 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 expense over the requisite service periods in the Company's consolidated statement of operations. The Company recognizes compensation expense for the value of non-employee awards, which have graded vesting, based on the straight-line method over the requisite service period of each award. The Company recognizes compensation expense for the value of employee awards that have graded vesting, based on the straight-line method over the requisite service period of each of the awards, net of estimated forfeitures. The Company estimates the fair value of restricted shares based on the market price of the shares at the grant date and estimates the fair value of stock options granted using a Black-Scholes options 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 (the time from the grant date until the options are exercised or expire). Expected volatility was calculated based upon actual historical stock price movements over the period, equal to the expected option term. The Company has historically not paid dividends and has no foreseeable plans to issue dividends. The risk-free interest rate is based on the yield from U.S. Treasury zero-coupon bonds with an equivalent term. K. Basic and diluted net loss per share: Basic net loss per share is computed based on the weighted average number of shares outstanding during each year. Diluted net loss per share is computed based on the weighted average number of shares outstanding during each year, plus the dilutive potential of the Common Stock considered outstanding during the year, in accordance with ASC 260-10 (formerly Statement of Financial Accounting Standard 128), "Earnings per Share". All outstanding stock options and warrants have been excluded from the calculation of the diluted loss per share for the years ended December 31, 2015 and December 31, 2014, since all such securities have an anti-dilutive effect. L. Research and development expenses, net: Research and development expenses, are charged to the statement of operations as incurred. Royalty-bearing grants from the Government of Israel for funding approved research and development projects are recognized at the time the Company is entitled to such grants, on the basis of the costs incurred and applied as a deduction from research and development expenses. Such grants are included as a deduction of research and development costs since at the time received it is not probable the Company will generate sales from these projects and pay the royalties resulting from such sales. M . Income taxes: The Company accounts for income taxes in accordance with ASC 740-10 (formerly Statement of Financial Accounting Standard 109), "Accounting for Income Taxes". This Statement requires the use of the liability method of accounting for income taxes, whereby deferred tax asset and liability account balances are determined based on the 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 and BCT provide a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value. Reverse stock split: On September 15, 2014, the Company completed the reverse stock split, whereby each fifteen shares of Common Stock of the Company were combined and were reclassified into one share of Common Stock of the Company, and the number of issued and outstanding shares of Common Stock of the Company was proportionally reduced, in both cases without any change to the authorized number of shares of Common Stock or in the par value of such shares. Upon implementation of the recapitalization described above, the Company adjusted all ordinary shares, options, warrants, per share data and exercise prices included in these financial statements for all periods presented to reflect the reverse stock split. Recent Accounting Standards: In May 2014, the Financial Accounting Standards Board issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective for us beginning in the first quarter of 2018; early adoption is prohibited. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. As the Company has not incurred revenues to date, it is unable to determine to expected impact of the new standard on its consolidated financial statements. In 2015, the FASB issued an amended standard requiring all deferred tax assets and liabilities be classified as non-current on the balance sheet instead of separating deferred taxes into current and non-current. The amended standard is effective beginning in the first quarter of 2017. Early adoption is permitted. The Company do not expect that the adoption of this standard will have a significant impact on the financial position or results of operations. In January 2016, the FASB issued an amended standard requiring changes to recognition and measurement of certain financial assets and liabilities. The standard primarily affects equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. This standard is effective beginning in the first quarter of 2018. Certain provisions allow for early adoption. The Company do not expect that the adoption of this standard will have a significant impact on the financial position or results of operations. |
RESEARCH AND LICENSE AGREEMENT
RESEARCH AND LICENSE AGREEMENT | 12 Months Ended |
Dec. 31, 2015 | |
Research and License Agreement [Abstract] | |
Research and License Agreement [Text Block] | RESEARCH AND LICENSE AGREEMENT The Company has a Research and License Agreement, as amended and restated, with Ramot. The Company obtained a waiver and release from Ramot pursuant to which Ramot agreed to an amended payment schedule regarding the Company's payment obligations under the Research and License Agreement and waived all claims against the Company resulting from the Company's previous defaults and non-payment under the Research and License Agreement. The waiver and release amended and restated the original payment schedule under the original agreement providing for payments during the initial research period and additional payments for any extended research period. The Company is to pay Ramot royalties on Net Sales on a Licensed Product by Licensed Product and jurisdiction by jurisdiction basis as follows: a) So long as the making, producing, manufacturing, using, marketing, selling, importing or exporting of such Licensed Product is covered by a Valid Claim or is covered by Orphan Drug Status in such jurisdiction 5 b) In the event the making, producing, manufacturing, using, marketing, selling, importing or exporting of such Licensed Product is not covered by a Valid Claim and not covered by Orphan Drug status in such jurisdiction 3 15 |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | ACCOUNTS RECEIVABLE December 31, 2015 2014 Grants receivable from the CSO $ 607 $ 962 Government institutions and other 152 43 $ 759 $ 1,005 |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 - PROPERTY AND EQUIPMENT December 31, 2015 2014 Cost: Office furniture and equipment $ 73 $ 73 Computer software and electronic equipment 169 159 Laboratory equipment 610 576 Leasehold improvements 716 716 1,568 1,524 Accumulated depreciation: Office furniture and equipment 13 8 Computer software and electronic equipment 149 132 Laboratory equipment 444 404 Leasehold improvements 691 667 1,297 1,211 Depreciated cost $ 271 $ 313 Depreciation expenses for the years ended December 31, 2015 and December 31, 2014 were $ 87 106 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 6 - COMMITMENTS AND CONTINGENCIES A. In November 2012 60 months option to terminate the agreement with 6 month pre-notice, after 36 months. 40 000 (approximately $ 11 B. In October 2014 220 63 5 The facilities and vehicles of the Company and BCT are rented under operating leases that expire on various dates. Period ending December 31, Facilities Vehicles Total 2016 $ 103 $ 4 $ 107 2017 54 - 54 2018 55 - 55 2019 57 - 57 2020 43 - 43 $ 312 $ 4 $ 316 Total facilities rent expense for the years ended December 31, 2015 and 2014 were $ 160 150 C. Commitments to pay royalties to the Chief Scientist: BCT obtained from the Chief Scientist of the State of Israel grants for participation in research and development for the years 2007 through 2015, and, in return, BCT is obligated to pay royalties amounting to 3 3.5 The grant is linked to the exchange rate of the dollar and bears interest of Libor per annum. Through the year ended December 31, 2015, total grants obtained amounted to $ 1,763 188 |
STOCK CAPITAL
STOCK CAPITAL | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | STOCK CAPITAL A. The rights of Common Stock are as follows: Holders of Common Stock have the right to receive notice to participate and vote in general meetings of the Company, the right to a share in the excess of assets upon liquidation of the Company and the right to receive dividends, if declared. The Common Stock is publicly traded on the NASDAQ Capital Market under the symbol BCLI. B. Issuance of shares, warrants and options: 1. Private placements and public offering: (a) In July 2007, the Company entered into an investment agreement, that was amended in August 2009 with a company under the control of Mr. Chaim Lebovits, according to which for an aggregate consideration of approximately $ 5 2,777,777 672,222 3 1,344,444 4.35 November 5, 2013 Mr. Lebovits has served as the President of the Company since July 2007 and in addition has served as Chief Executive Officer from August 2013 until June 2014. On September 28, 2015 Mr. Lebovits was reappointed as Chief Executive Officer of the Company. On September 28, 2015 the Company granted to its newly appointed Chief Executive Officer an option to purchase 369,619 83,781 (b) In February 2010, the Company issued an aggregate 399,999 199,998 7.50 1.5 (c) On July 17, 2012, the Company raised a $ 5.7 1,321,265 4.35 990,949 4.35 (d) After deducting closing costs and fees, the Company received net proceeds of approximately $ 4.9 The Company paid to the placement agent, a cash fee and a corporate finance fee equal to 7 32,931 5.22 (e) On February 7, 2013, the Company issued 55,556 250 7.5 32 On October 7, 2015 the warrants were cancelled. (f) On August 16, 2013, the Company raised $ 4 1,568,628 2.55 1,176,471 3.75 3.3 In accordance with the provisions of ASC 815 (formerly FAS 133) the proceeds related to the warrants at the amount of $ 829 2,496 On April 25, 2014, the Company entered into agreements with some of holders of the 2013 Warrants to exchange warrants to purchase an aggregate of 777,471 388,735 On May 27, 2014 the Company entered into agreements with certain warrant holders to redeem “2013 warrants” to purchase 333,235 600 1.80 In May 2014, certain holders of 2013 Warrants which did not participate in the redemption and whose 2013 Warrants will therefore remained outstanding waived the anti-dilution provisions of their 2013 Warrants. In July 2014, the Company agreed to adjust the exercise price of the remaining “2013 Warrants”, to $ 0.525 On January 6, 2015, the remaining “2013 Warrants” holders that did not provide a waiver of their anti-dilution rights, exercised their warrants. Therefore, the liability related to the 2013 Warrants has been cancelled. (f) On June 13, 2014, the Company raised gross proceeds of $ 10.5 2.8 3.75 2.8 5.22 (g) Pursuant to a Warrant Exercise Agreement, dated January 8, 2015, holders of the Company’s warrants (issued in June 2014) to purchase an aggregate of 2,546,667 5.22 3.8 6.50 13.3 6.0 20 38,000 12.4 2. Share-based compensation to employees and to directors: On November 25, 2004, the Company's stockholders approved the 2004 Global Stock Option Plan and the Israeli Appendix thereto (which applies solely to participants who are residents of Israel) and on March 28, 2005, the Company's stockholders approved the 2005 U.S. Stock Option and Incentive Plan, and the reservation of 609,564 In June 2008, June 2011 and in June 2012, the Company's stockholders approved increases in the number of shares of common stock available for issuance under these stock option plans by 333,333 333,333 600,000 Each option granted under the plans is exercisable until the earlier of ten years from the date of grant of the option or the expiration dates of the respective option plans. The 2004 and 2005 options plans expired on November 25, 2014 and March 28, 2015, respectively. On August 14, 2014, the Company's stockholders approved the 2014 Global Share Option Plan and the Israeli Appendix thereto (which applies solely to participants who are residents of Israel) and the 2014 Stock Incentive Plan. A total 600,000 The exercise price of the options granted under the plans may not be less than the nominal value of the shares into which such options are exercised. Any options that are canceled or forfeited before expiration become available for future grants. From 2005 through 2009, the Company granted its directors options to purchase an aggregate of 53,333 2.25 10 On April 13, 2010, the Company, Abraham Israeli and Hadasit Medical Research Services and Development Ltd. (“Hadasit”) entered into an Agreement (as amended, the “Hadasit Agreement”) pursuant to which Prof. Israeli agreed, during the term of the Hadasit Agreement, to serve as (i) the Company’s Clinical Trials Advisor and (ii) a member of the Company’s Board of Directors. Accordingly, the Company granted to Prof. Israeli in each of April 2010, June 2011, April 2012 and April 2013, an option to purchase 11,111 0.00075 In addition, the Company granted Hadasit, in each of April 2010, June 2011, April 2012, and April 2013, a warrant to purchase 2,222 0.00075 In addition, on April 13, 2014, pursuant to the Hadasit Agreement, and pursuant to the December 2013 letter from the Company to Prof. Israeli, the Company issued to Prof. Israeli, an option to purchase 20,000 0.00075 On April 25, 2014 the Agreement among the Company, Prof. Abraham Israeli and Hadasit was terminated. As a result of the termination, Prof. Israeli and Hadasit will no longer receive annual grants to purchase shares of Common Stock, and any outstanding and unvested grants made pursuant to the Agreement ceased to vest. The grants were valid until and exercisable only on or before October 25, 2014. In October 2014, Prof Israeli exercised his option to purchase 44,444 8,889 On December 16, 2010, the Company granted to two of its directors fully vested options to purchase an aggregate of 26,667 2.25 On August 22, 2011, the Company entered into an agreement one of its directors pursuant to which the Company granted the director 61,558 Common Stock of the Company. The shares vested through August 22, 2014. In addition, the Company is paying the director $ 15 On May 3, 2015 the Company granted to this director 60,000 On August 1, 2012, the Company granted to three of its directors options to purchase an aggregate of 30,667 2.25 On April 19, 2013, the Company granted to three of its directors options to purchase an aggregate of 30,667 2.25 50,667 On June 6, 2014, the Company granted its Chief Operating Officer a fully vested option to purchase 33,333 2.70 On June 9, 2014, the Company’s former Chief Executive Officer was granted a stock option for the purchase of 380,000 4.5 253,333 126,667 On August 15, 2014, the Company issued to two of its directors and four of its Advisory Board members a total of 50,667 On October 31, 2014, the Company granted to four of its directors options to purchase an aggregate of 70,666 0.75 On June 1, 2015, the Company granted to a director fully vested options to purchase an aggregate of 6,667 0.75 On July 30, 2015 the Company’s newly appointed Chief Financial Officer was granted an option to purchase 165,000 3.17 3 Effective December 1, 2015 the Company and the Chief Financial Officer agreed to amend the option agreement. Pursuant to the amendment, 82,500 82,500 20,625 82,500 82,500 On August 27, 2015 the Company granted to four of its seven directors options to purchase an aggregate of 70,665 0.75 17,332 On September 28, 2015 the Company granted to its newly appointed Chief Executive Officer an option to purchase 369,619 shares of Common Stock at an exercise price of $ 2.45 The option vest over 12 months until fully vested on August 28, 2016. In addition, a portion of this option representing 73,029 shares of Common Stock may not be exercised until the shareholders of the Company approve a further increase in the number of Common Stock that are reserved for issuance under the Company's employee stock option plan. This portion of the option will be accounted for as granted if and when such approval is obtained. The Company accounts for shares and warrant grants issued to non-employees using the guidance of ASC 505-50, "Equity-Based Payments to Non-Employees" (EITTF 96-18, "Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling, Goods or Services"), whereby the fair value of such option and warrant grants is determined using a Black-Scholes options pricing model at the earlier of the date at which the non-employee's performance is completed or a performance commitment is reached. For the year ended For the year ended Amount of Weighted Aggregate Amount of Weighted Aggregate $ $ $ $ Outstanding at beginning of period 792,110 3.4545 412,388 2.5576 Granted 611,952 2.4293 504,000 3.6766 Exercised (45,000) 2.3833 (66,500) 2.1250 Cancelled (356,611) 4.2124 (57,778) 0.5198 Outstanding at end of period 1,002,451 2.6072 253,444 792,110 3.4545 1,034,072 Vested and expected-to-vest at end of period 611,761 2.7354 76,240 331,500 2.6994 683,088 The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the fair market value of the Company’s shares on December 31, 2015 and December 31, 2014 and the exercise price, multiplied by the number of in-the-money options on those dates) that would have been received by the option holders had all option holders exercised their options on those dates. The options outstanding as of December 31, 2015 and December 31, 2014, have been separated into exercise prices, as follows: Weighted average remaining contractual Options outstanding Life - Years Options exercisable as of Exercise price As of December 31, As of December 31, As of December 31, $ 2015 2014 2015 2014 2015 2014 0.75 143,000 70,666 9.18 9.84 95,889 26,500 1.005 6,445 6,445 3.50 4.50 6,445 6,445 2.25 143,666 160,333 5.47 5.85 143,666 160,333 2.45 369,619 - 9.75 - 123,206 - 2.70 95,555 130,666 7.55 7.96 80,889 94,222 3.17 82,500 - 9.58 - - - 3.90 15,000 19,000 6.59 7.59 15,000 19,000 4.50 126,666 380,000 0.75 9.44 126,666 - 4.80 2,000 2,000 4.12 5.12 2,000 2,000 5.85 6,000 6,000 1.5 2.50 6,000 6,000 6.00 6,000 6,000 0.47 1.47 6,000 6,000 7.05 6,000 6,000 1.22 2.22 6,000 6,000 11.25 - 5,000 - 0.16 - 5,000 1,002,451 792,110 7.44 8.18 611,761 331,500 Compensation expense recorded by the Company in respect of its stock-based employee compensation awards in accordance with ASC 718-10 for the year ended December 31, 2015 and 2014 amounted to $835 and $1,024, respectively. The fair value of the options is estimated at the date of grant using Black-Scholes options pricing model with the following assumptions used in the calculation: Year ended December 31, 2015 2014 Expected volatility 78%-115% 122%-123% Risk-free interest 1.42%-2.02% 1.49%-1.96% Dividend yield 0% 0% Expected life of up to (years) 5.26-6.09 5.76-6.05 3. Shares and warrants to investors and service providers: The Company accounts for shares and warrant grants issued to non-employees using the guidance of ASC 505-50, "Equity-Based Payments to Non-Employees" (EITTF 96-18, "Accounting for Equity Instruments that are Issued to Other than Employees for Acquiring, or in Conjunction with Selling, Goods or Services"), whereby the fair value of such option and warrant grants is determined using a Black-Scholes options pricing model at the earlier of the date at which the non-employee's performance is completed or a performance commitment is reached. (a) Warrants to investors and service providers and investors: The fair value for the warrants to service providers was estimated on the measurement date determined using a Black-Scholes option pricing model, with the following weighted-average assumptions for the year ended December 31, 2010; weighted average volatility of 140%, risk free interest rates of 2.39%-3.14%, dividend yields of 0% and a weighted average life of the options of 5-5.5 and 1-9 years. There were no grants to service providers since 2010. Number of warrants Exercise Warrants Exercisable Issuance date issued Exercised Forfeited Outstanding Price $ exercisable through Nov-Dec 2004 973,390 959,734 13,656 - 0.00075 - 0.15 - - Feb-Dec 2005 203,898 32,011 171,887 - 2.25 - 37.5 - - Feb-Dec 2006 112,424 48,513 31,911 32,000 0.075 22.5 32,000 Feb - May 2016 Mar-Nov 2007 180,220 - 66,887 113,333 2.25 - 7.05 113,333 Mar 2017 Oct 2017 Nov 2008 6,667 - - 6,667 2.25 6,667 Sep-18 Apr-Oct 2009 26,667 6,667 - 20,000 1.005 1.5 20,000 Apr 2019 Oct 2019 Aug 2007- Jan 2011 2,016,667 - - 2,016,667 3 - 4.35 2,016,667 Nov-17 Jan 2010 83,333 - 83,333 - 7.5 - - Feb 2010 8,333 8,333 - - 0.15 - - Feb 2010 200,000 - 200,000 - 7.5 - - Feb 2010 100,000 - 100,000 - 0.015 - - Feb 2011 42,735 - 42,735 - 5.85 - - Feb 2011 427,167 63,122 364,044 - 4.2 - - Feb 2011 854,333 - 854,333 - 7.5 - - Jul 2012 32,931 - 32,931 - 5.22 - - Jul 2012 990,949 687,037 303,911 - 4.35 - - Feb 2013 55,556 - 55,556 - 7.5 - - April 2010-2014 12,889 8,889 4,000 - 0.00075 - - Aug 2013 1,147,471 - 1,110,706 36,764 3.75 36,764 Aug-16 Aug 2013 29,000 29,000 - - 0.525 - - Jun 2014 2,800,000 2,546,667 - 253,333 5.22 253,333 Jun-17 Jun 2014 84,000 - - 84,000 4.5 84,000 Jun-17 Jan 2015 3,858,201 - - 3,858,201 6.5 3,858,201 Jun-18 14,246,831 4,389,973 3,435,890 6,420,965 6,420,965 (b) Shares: On December 30, 2009, the Company issued to Ramot 74,667 shares of Common Stock (See Note 3). On December 31, 2011, the Company issued to Hadasit warrants to purchase up to 100,000 restricted shares of Common Stock at an exercise price of $0.015 per share, exercisable for a period of 5 years. The warrants vested over the course of the trials and were exercised in 2015. On January 16, 2013, the Company granted an aggregate of 14,400 shares of Common Stock of the Company to two consultants, for services rendered through December 31, 2012. Related compensation expense in the amount of $54 was recorded as research and development expense. On February 4, 2013, the Company issued 8,408 shares of Common Stock to an investor, according to a settlement agreement, for the correction of the conversion rate of a $200 convertible loan. The convertible loan was issued in 2006 and converted in 2010. On March 11, 2013, the Company granted to its legal advisor 12,913 shares of Common Stock for 2013 legal services. The related compensation expense in the amount of $44.5 was recorded as general and administrative expense. On November 13, 2013, the Company approved a grant of 30,000 shares of Common Stock to the Consultants, for services rendered during January 1, 2013 through September 30, 2013 (the “2013 Shares”). On March 24, 2014, the Company approved grants of an aggregate of 6,000 shares of Common Stock to the Consultants for services rendered in 2014, and issued such shares together with the 2013 Shares. On March 11, 2013, the Company granted to two of its service providers an aggregate of 26,667 shares of Common Stock. The shares were issued as compensation for public relations services. The related compensation expense in the amount of $92 was recorded as general and administrative expense. On July 28, 2014, the Company granted to its legal advisor 10,752 shares of Common Stock for 2014 legal services. The related compensation expense in the amount of $50 was recorded as general and administrative expense. On April 29, 2015, the Company approved grants of an aggregate of 27,411 shares of Common Stock to the Consultants for services rendered in 2014. The related compensation expense was recorded as research and development expense. After the balance sheet day, on January 2, 2016, the Company granted to its legal advisor 10,752 shares of Common Stock for 2015 legal services. The related compensation expense will be recorded as general and administrative expense. Year ended Year ended December 31, December 31, 2015 2014 Weighted average issue Weighted average issue Amount of shares price Amount of shares price $ $ Outstanding at beginning of period 863,786 4.07 840,367 4.02 Issued 27,411 3.94 23,419 4.91 Outstanding at end of period 891,197 4.07 863,786 4.07 Stock-based compensation and issuance of shares recorded by the Company in respect of shares and warrants granted to service providers amounted to $108 and $198 for the years ended December 31, 2015 and 2014, respectively. 4. Stock Based Compensation Expense The total stock-based compensation expense, related to shares, options and warrants granted to employees and service providers was comprised, at each period, as follows: Year ended December 31, 2015 2014 Research and development $ 130 $ 176 General and administrative 813 1,046 Total stock-based compensation expense $ 943 $ 1,222 |
RESEARCH AND DEVELOPMENT, NET
RESEARCH AND DEVELOPMENT, NET | 12 Months Ended |
Dec. 31, 2015 | |
Research and Development [Abstract] | |
Research, Development, and Computer Software Disclosure [Text Block] | NOTE 8 - RESEARCH AND DEVELOPMENT, NET Year ended 2015 2014 U.S. $ in thousands Research and development $ 6,335 $ 6,116 Less : Participation by the Israeli Office of the Chief Scientist (1,386) (1,344) $ 4,949 $ 4,772 |
TAXES ON INCOME
TAXES ON INCOME | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 9 - TAXES ON INCOME A. Tax rates applicable to the income of the Israeli subsidiary: BCT is subject to a tax rate of 25.5 Such tax rate changes have no significant impact on the Company's financial statements. The Company is subject to a blended US tax rate (Federal as well as State Corporate Tax) of 35 B. Deferred income taxes: Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. December 31, 2015 2014 U.S. $ in thousands Operating loss carryforward $ 34,672 $ 29,222 Net deferred tax asset before valuation allowance 11,778 10,994 Valuation allowance (11,778) (10,994) Net deferred tax asset $ - $ - As of December 31, 2015, the Company has provided valuation allowances of $ 11,778 C. Available carryforward tax losses: As of December 31, 2015, the Company has an accumulated tax loss carryforward of approximately $ 34,672 20 D. Year ended 2015 2014 U.S. $ in thousands United States $ (2,842) $ (3,789) Israel (5,646) (5,457) $ (8,488) $ (9,246) E. Due to the Company’s cumulative losses, the effect of ASC 740 as codified from ASC 740-10 (formerly FIN 48) is not material. |
TRANSACTIONS WITH RELATED PARTI
TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 10 - TRANSACTIONS WITH RELATED PARTIES Year ended December 31, 2015 2014 U.S. $ in thousands Fees and related benefits and compensation expenses in respect of options granted to a member of the Board $ 161 $ 164 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | SUBSEQUENT EVENTS A. On January 2, 2016, the Company granted to its legal advisor 10,752 |
SIGNIFICANT ACCOUNTING POLICI18
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | A. Basis of presentation: The consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (“GAAP”) applied on a consistent basis. |
Use of Estimates, Policy [Policy Text Block] | B. Use of estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | C. Financial statements in U.S. dollars: The functional currency of the Company is the U.S dollar ("dollar") since the dollar is the currency of the primary economic environment in which the Company has operated and expects to continue to operate in the foreseeable future. Part of the transactions of BCT is recorded in new Israeli shekels ("NIS"); however, a substantial portion of BCT’s costs are incurred in dollars or linked to the dollar. Accordingly, management has designated the dollar as the currency of BCT’s primary economic environment and thus it is their functional and reporting currency. Transactions and balances denominated in dollars are presented at their original amounts. Non-dollar transactions and balances have been re-measured to dollars in accordance with the provisions of ASC 830-10 (formerly Statement of Financial Accounting Standard 52), "Foreign Currency Translation". All transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statement of operations as financial income or expenses, as appropriate. |
Consolidation, Policy [Policy Text Block] | D. Principles of consolidation: The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, BCT and Brainstorm UK. Intercompany balances and transactions have been eliminated upon consolidation. |
Cash and Cash Equivalents, Policy [Policy Text Block] | E. Cash and cash equivalents: Cash equivalents are short-term highly liquid investments that are readily convertible to cash with maturities of three months or less as of the date acquired. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment: Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated by the straight-line method over the estimated useful lives of the assets. % Office furniture and equipment 7 Computer software and electronic equipment 33 Laboratory equipment 15 Leasehold improvements Over the shorter of the lease term (including the option) or useful life |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets: The Company’s long-lived assets are reviewed for impairment in accordance with ASC 360-10 (formerly Statement of Financial Accounting Standard 144), "Accounting for the Impairment or Disposal of Long-Lived Assets,” |
Severance Pay Policy [Policy Text Block] | Accrued post-employment benefit The majority of the Company's employees in Israel have agreed to Section 14 of Israel's Severance Pay Law, 5723-1963 (“Section 14”). Pursuant to Section 14, those of the Company's employees that are covered by this section are entitled only to an amount of severance pay equal to monthly deposits, at a rate of 8.33 |
Fair Value of Financial Instruments, Policy [Policy Text Block] | I. Fair value of financial instruments: The carrying values of cash and cash equivalents, accounts receivable and prepaid expenses, trade payables and other accounts payable approximate their fair value due to the short-term maturity of these instruments. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Accounting for stock-based compensation: In accordance with ASC 718-10 (formerly Statement of Financial Accounting Standards 123 (Revised 2004)) the Company estimates 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 expense over the requisite service periods in the Company's consolidated statement of operations. The Company recognizes compensation expense for the value of non-employee awards, which have graded vesting, based on the straight-line method over the requisite service period of each award. The Company recognizes compensation expense for the value of employee awards that have graded vesting, based on the straight-line method over the requisite service period of each of the awards, net of estimated forfeitures. The Company estimates the fair value of restricted shares based on the market price of the shares at the grant date and estimates the fair value of stock options granted using a Black-Scholes options 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 (the time from the grant date until the options are exercised or expire). Expected volatility was calculated based upon actual historical stock price movements over the period, equal to the expected option term. The Company has historically not paid dividends and has no foreseeable plans to issue dividends. The risk-free interest rate is based on the yield from U.S. Treasury zero-coupon bonds with an equivalent term. |
Earnings Per Share, Policy [Policy Text Block] | K. Basic and diluted net loss per share: Basic net loss per share is computed based on the weighted average number of shares outstanding during each year. Diluted net loss per share is computed based on the weighted average number of shares outstanding during each year, plus the dilutive potential of the Common Stock considered outstanding during the year, in accordance with ASC 260-10 (formerly Statement of Financial Accounting Standard 128), "Earnings per Share". All outstanding stock options and warrants have been excluded from the calculation of the diluted loss per share for the years ended December 31, 2015 and December 31, 2014, since all such securities have an anti-dilutive effect. |
Research and Development Expense, Policy [Policy Text Block] | L. Research and development expenses, net: Research and development expenses, are charged to the statement of operations as incurred. Royalty-bearing grants from the Government of Israel for funding approved research and development projects are recognized at the time the Company is entitled to such grants, on the basis of the costs incurred and applied as a deduction from research and development expenses. Such grants are included as a deduction of research and development costs since at the time received it is not probable the Company will generate sales from these projects and pay the royalties resulting from such sales. |
Income Tax, Policy [Policy Text Block] | M . Income taxes: The Company accounts for income taxes in accordance with ASC 740-10 (formerly Statement of Financial Accounting Standard 109), "Accounting for Income Taxes". This Statement requires the use of the liability method of accounting for income taxes, whereby deferred tax asset and liability account balances are determined based on the 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 and BCT provide a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value. |
Reverse Stock Split Policy [Policy Text Block] | Reverse stock split: On September 15, 2014, the Company completed the reverse stock split, whereby each fifteen shares of Common Stock of the Company were combined and were reclassified into one share of Common Stock of the Company, and the number of issued and outstanding shares of Common Stock of the Company was proportionally reduced, in both cases without any change to the authorized number of shares of Common Stock or in the par value of such shares. Upon implementation of the recapitalization described above, the Company adjusted all ordinary shares, options, warrants, per share data and exercise prices included in these financial statements for all periods presented to reflect the reverse stock split. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Standards: In May 2014, the Financial Accounting Standards Board issued a new standard to achieve a consistent application of revenue recognition within the U.S., resulting in a single revenue model to be applied by reporting companies under U.S. generally accepted accounting principles. Under the new model, recognition of revenue occurs when a customer obtains control of promised goods or services in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. In addition, the new standard requires that reporting companies disclose the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. The new standard is effective for us beginning in the first quarter of 2018; early adoption is prohibited. The new standard is required to be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying it recognized at the date of initial application. As the Company has not incurred revenues to date, it is unable to determine to expected impact of the new standard on its consolidated financial statements. In 2015, the FASB issued an amended standard requiring all deferred tax assets and liabilities be classified as non-current on the balance sheet instead of separating deferred taxes into current and non-current. The amended standard is effective beginning in the first quarter of 2017. Early adoption is permitted. The Company do not expect that the adoption of this standard will have a significant impact on the financial position or results of operations. In January 2016, the FASB issued an amended standard requiring changes to recognition and measurement of certain financial assets and liabilities. The standard primarily affects equity investments, financial liabilities under the fair value option, and the presentation and disclosure requirements for financial instruments. This standard is effective beginning in the first quarter of 2018. Certain provisions allow for early adoption. The Company do not expect that the adoption of this standard will have a significant impact on the financial position or results of operations. |
SIGNIFICANT ACCOUNTING POLICI19
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Schedule Of Depreciation Rates For Property Plant And Equipment [Table Text Block] | The annual depreciation rates are as follows: % Office furniture and equipment 7 Computer software and electronic equipment 33 Laboratory equipment 15 Leasehold improvements Over the shorter of the lease term (including the option) or useful life |
ACCOUNTS RECEIVABLE (Tables)
ACCOUNTS RECEIVABLE (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Receivables [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | December 31, 2015 2014 Grants receivable from the CSO $ 607 $ 962 Government institutions and other 152 43 $ 759 $ 1,005 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | December 31, 2015 2014 Cost: Office furniture and equipment $ 73 $ 73 Computer software and electronic equipment 169 159 Laboratory equipment 610 576 Leasehold improvements 716 716 1,568 1,524 Accumulated depreciation: Office furniture and equipment 13 8 Computer software and electronic equipment 149 132 Laboratory equipment 444 404 Leasehold improvements 691 667 1,297 1,211 Depreciated cost $ 271 $ 313 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Aggregate minimum rental commitments under non-cancelable leases as of December 31, 2015 are as follows: Period ending December 31, Facilities Vehicles Total 2016 $ 103 $ 4 $ 107 2017 54 - 54 2018 55 - 55 2019 57 - 57 2020 43 - 43 $ 312 $ 4 $ 316 |
STOCK CAPITAL (Tables)
STOCK CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | For the year ended For the year ended Amount of Weighted Aggregate Amount of Weighted Aggregate $ $ $ $ Outstanding at beginning of period 792,110 3.4545 412,388 2.5576 Granted 611,952 2.4293 504,000 3.6766 Exercised (45,000) 2.3833 (66,500) 2.1250 Cancelled (356,611) 4.2124 (57,778) 0.5198 Outstanding at end of period 1,002,451 2.6072 253,444 792,110 3.4545 1,034,072 Vested and expected-to-vest at end of period 611,761 2.7354 76,240 331,500 2.6994 683,088 |
Schedule Of Warrants Issued To Investors Service Providers [Table Text Block] | Weighted average contractual Options outstanding Life - Years Options exercisable as of Exercise price As of December 31, As of December 31, As of December 31, $ 2015 2014 2015 2014 2015 2014 0.75 143,000 70,666 9.18 9.84 95,889 26,500 1.005 6,445 6,445 3.50 4.50 6,445 6,445 2.25 143,666 160,333 5.47 5.85 143,666 160,333 2.45 369,619 - 9.75 - 123,206 - 2.70 95,555 130,666 7.55 7.96 80,889 94,222 3.17 82,500 - 9.58 - - - 3.90 15,000 19,000 6.59 7.59 15,000 19,000 4.50 126,666 380,000 0.75 9.44 126,666 - 4.80 2,000 2,000 4.12 5.12 2,000 2,000 5.85 6,000 6,000 1.5 2.50 6,000 6,000 6.00 6,000 6,000 0.47 1.47 6,000 6,000 7.05 6,000 6,000 1.22 2.22 6,000 6,000 11.25 - 5,000 - 0.16 - 5,000 1,002,451 792,110 7.44 8.18 611,761 331,500 |
Stock Based Compensation Expense [Table Text Block] | The fair value of the options is estimated at the date of grant using Black-Scholes options pricing model with the following assumptions used in the calculation: Year ended December 31, 2015 2014 Expected volatility 78%-115% 122%-123% Risk-free interest 1.42%-2.02% 1.49%-1.96% Dividend yield 0% 0% Expected life of up to (years) 5.26-6.09 5.76-6.05 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Issuance date Number of Exercised Forfeited Outstanding Exercise Warrants Exercisable Nov-Dec 2004 973,390 959,734 13,656 - 0.00075 - 0.15 - - Feb-Dec 2005 203,898 32,011 171,887 - 2.25 - 37.5 - - Feb-Dec 2006 112,424 48,513 31,911 32,000 0.075 22.5 32,000 Feb - May 2016 Mar-Nov 2007 180,220 - 66,887 113,333 2.25 - 7.05 113,333 Mar 2017 Oct 2017 Nov 2008 6,667 - - 6,667 2.25 6,667 Sep-18 Apr-Oct 2009 26,667 6,667 - 20,000 1.005 1.5 20,000 Apr 2019 Oct 2019 Aug 2007- Jan 2011 2,016,667 - - 2,016,667 3 - 4.35 2,016,667 Nov-17 Jan 2010 83,333 - 83,333 - 7.5 - - Feb 2010 8,333 8,333 - - 0.15 - - Feb 2010 200,000 - 200,000 - 7.5 - - Feb 2010 100,000 - 100,000 - 0.015 - - Feb 2011 42,735 - 42,735 - 5.85 - - Feb 2011 427,167 63,122 364,044 - 4.2 - - Feb 2011 854,333 - 854,333 - 7.5 - - Jul 2012 32,931 - 32,931 - 5.22 - - Jul 2012 990,949 687,037 303,911 - 4.35 - - Feb 2013 55,556 - 55,556 - 7.5 - - April 2010-2014 12,889 8,889 4,000 - 0.00075 - - Aug 2013 1,147,471 - 1,110,706 36,764 3.75 36,764 Aug-16 Aug 2013 29,000 29,000 - - 0.525 - - Jun 2014 2,800,000 2,546,667 - 253,333 5.22 253,333 Jun-17 Jun 2014 84,000 - - 84,000 4.5 84,000 Jun-17 Jan 2015 3,858,201 - - 3,858,201 6.5 3,858,201 Jun-18 14,246,831 4,389,973 3,435,890 6,420,965 6,420,965 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | A summary of the Company's stock awards activity related to shares issued to service providers is as follows: Year ended Year ended December 31, December 31, 2015 2014 Weighted average issue Weighted average issue Amount of shares price Amount of shares price $ $ Outstanding at beginning of period 863,786 4.07 840,367 4.02 Issued 27,411 3.94 23,419 4.91 Outstanding at end of period 891,197 4.07 863,786 4.07 |
Schedule Stock Awards Activity Related To Service Providers [Table Text Block] | The total stock-based compensation expense, related to shares, options and warrants granted to employees and service providers was comprised, at each period, as follows: Year ended 2015 2014 Research and development $ 130 $ 176 General and administrative 813 1,046 Total stock-based compensation expense $ 943 $ 1,222 |
RESEARCH AND DEVELOPMENT, NET (
RESEARCH AND DEVELOPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Research and Development [Abstract] | |
Research and Development Disclosure [Table Text Block] | Year ended 2015 2014 U.S. $ in thousands Research and development $ 6,335 $ 6,116 Less : Participation by the Israeli Office of the Chief Scientist (1,386) (1,344) $ 4,949 $ 4,772 |
TAXES ON INCOME (Tables)
TAXES ON INCOME (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company's deferred tax assets are as follows: December 31, 2015 2014 U.S. $ in thousands Operating loss carryforward $ 34,672 $ 29,222 Net deferred tax asset before valuation allowance 11,778 10,994 Valuation allowance (11,778) (10,994) Net deferred tax asset $ - $ - |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Loss from continuing operations, before taxes on income, consists of the following: Year ended 2015 2014 U.S. $ in thousands United States $ (2,842) $ (3,789) Israel (5,646) (5,457) $ (8,488) $ (9,246) |
TRANSACTIONS WITH RELATED PAR26
TRANSACTIONS WITH RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Year ended December 31, 2015 2014 U.S. $ in thousands Fees and related benefits and compensation expenses in respect of options granted to a member of the Board $ 161 $ 164 |
GENERAL (Details Textual)
GENERAL (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Sep. 15, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
General And Going Concern [Line Items] | |||
Stockholders Equity, Reverse Stock Split | 1-for-15 | ||
Proceeds From Issuance Or Sale Of Equity | $ 12,409 | $ 0 | |
Common Stock, Shares Authorized | 100,000,000 | 800,000,000 | |
New Equity Warrants [Member] | |||
General And Going Concern [Line Items] | |||
Proceeds From Issuance Or Sale Of Equity | $ 14,800 |
SIGNIFICANT ACCOUNTING POLICI28
SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended | |
Dec. 31, 2015 | ||
Office furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Depreciation Rates | 7.00% | |
Computer software and electronic equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Depreciation Rates | 33.00% | |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Depreciation Rates | 15.00% | |
Leasehold improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Depreciation Rates | [1] | |
[1] | Over the shorter of the lease term (including the option) or useful life |
SIGNIFICANT ACCOUNTING POLICI29
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Line Items] | |
Defined Contribution Plan, Employer Matching Contribution, Percent of Employees' Gross Pay | 8.33% |
RESEARCH AND LICENSE AGREEMENT
RESEARCH AND LICENSE AGREEMENT (Details Textual) | 12 Months Ended |
Dec. 31, 2015 | |
Research And License Agreement [Line Items] | |
Percentage Of Royalty Payment If Licensed Product Covered By Valid Claim Or Orphan Drug Status | 5.00% |
Percentage Of Royalty Payment If Licensed Product Not Covered By Valid Claim Or Orphan Drug Status | 3.00% |
Validity Of Royalty Payment Not Covered By Valid Claim Or Orphan Drug Status | 15 years |
ACCOUNTS RECEIVABLE (Details)
ACCOUNTS RECEIVABLE (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Grants receivable from the CSO | $ 607 | $ 962 |
Government institutions and other | 152 | 43 |
Nontrade Receivables, Current, Total | $ 759 | $ 1,005 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment: | ||
Cost | $ 1,568 | $ 1,524 |
Accumulated depreciation | 1,297 | 1,211 |
Depreciated cost | 271 | 313 |
Office furniture and equipment [Member] | ||
Property, Plant and Equipment: | ||
Cost | 73 | 73 |
Accumulated depreciation | 13 | 8 |
Computer software and electronic equipment [Member] | ||
Property, Plant and Equipment: | ||
Cost | 169 | 159 |
Accumulated depreciation | 149 | 132 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment: | ||
Cost | 610 | 576 |
Accumulated depreciation | 444 | 404 |
Land Improvements [Member] | ||
Property, Plant and Equipment: | ||
Cost | 716 | 716 |
Accumulated depreciation | $ 691 | $ 667 |
PROPERTY AND EQUIPMENT (Detai33
PROPERTY AND EQUIPMENT (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 87 | $ 106 |
COMMITMENTS AND CONTINGENCIES34
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | Dec. 31, 2015USD ($) |
Period ending December 31,2015 | |
2,016 | $ 107 |
2,017 | 54 |
2,018 | 55 |
2,019 | 57 |
2,020 | 43 |
Operating Leases Future Minimum Payments Due | 316 |
Facilities [Member] | |
Period ending December 31,2015 | |
2,016 | 103 |
2,017 | 54 |
2,018 | 55 |
2,019 | 57 |
2,020 | 43 |
Operating Leases Future Minimum Payments Due | 312 |
Vehicles [Member] | |
Period ending December 31,2015 | |
2,016 | 4 |
2,017 | 0 |
2,018 | 0 |
2,019 | 0 |
2,020 | 0 |
Operating Leases Future Minimum Payments Due | $ 4 |
COMMITMENTS AND CONTINGENCIES35
COMMITMENTS AND CONTINGENCIES (Details Textual) ₪ in Thousands, $ in Thousands | Jan. 04, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($)m² | Dec. 31, 2012USD ($) | Dec. 31, 2012ILS (₪) |
Commitments And Contingencies [Line Items] | |||||
Grants Underlying Basis | The grant is linked to the exchange rate of the dollar and bears interest of Libor per annum. | ||||
Amounts Of Grants Received | $ 1,763 | ||||
Subsequent Event [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Amounts Of Grants Received | $ 188 | ||||
Minimum [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage Of Royalty Payments Agreed For Grants | 3.00% | ||||
Maximum [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Percentage Of Royalty Payments Agreed For Grants | 3.50% | ||||
Facilities [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Operating Leases, Rent Expense, Minimum Rentals | $ 160 | $ 150 | |||
Lease Agreement [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Lease Agreement Entry Date | October 2,014 | November 2,012 | November 2,012 | ||
Lease Agreement Term | 60 months | 60 months | |||
Monthly Rental Payments Agreed | $ 5 | ||||
Operating Leases, Rent Expense | $ 11 | ₪ 40 | |||
Area of Land | m² | 220 | ||||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 63 months | ||||
Lease Agreement Termination Description | option to terminate the agreement with 6 month pre-notice, after 36 months. |
STOCK CAPITAL (Details)
STOCK CAPITAL (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Amount of options, Outstanding at beginning of period | 792,110 | |
Amount of options, Outstanding at end of period | 1,002,451 | 792,110 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Amount of options, Outstanding at beginning of period | 792,110 | 412,388 |
Amount of options, Granted | 611,952 | 504,000 |
Amount of options, Exercised | (45,000) | (66,500) |
Amount of options, Cancelled | (356,611) | (57,778) |
Amount of options, Outstanding at end of period | 1,002,451 | 792,110 |
Amount of options, Vested and expected-to-vest at end of period | 611,761 | 331,500 |
Weighted average exercise price, Outstanding at beginning of period (in dollars per share) | $ 3.4545 | $ 2.5576 |
Weighted average exercise price, Granted (in dollars per share) | 2.4293 | 3.6766 |
Weighted average exercise price, Exercised (in dollars per share) | 2.3833 | 2.1250 |
Weighted Average exercise Price, Cancelled (in dollars per share) | 4.2124 | 0.5198 |
Weighted average exercise price, Outstanding at end of period (in dollars per share) | 2.6072 | 3.4545 |
Weighted average exercise price, Vested and expected-to-vest at end of period (in dollars per share) | $ 2.7354 | $ 2.6994 |
Aggregate intrinsic value, Outstanding at end of period (in dollars) | $ 253,444 | $ 1,034,072 |
Aggregate intrinsic value, Vested and expected-to-vest at end of period (in dollars) | $ 76,240 | $ 683,088 |
STOCK CAPITAL (Details 1)
STOCK CAPITAL (Details 1) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options outstanding at end of period | 1,002,451 | 792,110 |
Weighted average remaining contractual Life Years | 7 years 5 months 8 days | 8 years 2 months 5 days |
Options exercisable | 611,761 | 331,500 |
Exercise Price 0.75 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price (in dollars per share) | $ 0.75 | |
Options outstanding at end of period | 143,000 | 70,666 |
Weighted average remaining contractual Life Years | 9 years 2 months 5 days | 9 years 10 months 2 days |
Options exercisable | 95,889 | 26,500 |
Exercise Price 1.005 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price (in dollars per share) | $ 1.005 | |
Options outstanding at end of period | 6,445 | 6,445 |
Weighted average remaining contractual Life Years | 3 years 6 months | 4 years 6 months |
Options exercisable | 6,445 | 6,445 |
Exercise Price 2.25 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price (in dollars per share) | $ 2.25 | |
Options outstanding at end of period | 143,666 | 160,333 |
Weighted average remaining contractual Life Years | 5 years 5 months 19 days | 5 years 10 months 6 days |
Options exercisable | 143,666 | 160,333 |
Exercise Price 2.45 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price (in dollars per share) | $ 2.45 | |
Options outstanding at end of period | 369,619 | 0 |
Weighted average remaining contractual Life Years | 9 years 9 months | 0 years |
Options exercisable | 123,206 | 0 |
Exercise Price 2.70 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price (in dollars per share) | $ 2.70 | |
Options outstanding at end of period | 95,555 | 130,666 |
Weighted average remaining contractual Life Years | 7 years 6 months 18 days | 7 years 11 months 16 days |
Options exercisable | 80,889 | 94,222 |
Exercise Price 3.17 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price (in dollars per share) | $ 3.17 | |
Options outstanding at end of period | 82,500 | 0 |
Weighted average remaining contractual Life Years | 9 years 6 months 29 days | 0 years |
Options exercisable | 0 | 0 |
Exercise Price 3.90 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price (in dollars per share) | $ 3.90 | |
Options outstanding at end of period | 15,000 | 19,000 |
Weighted average remaining contractual Life Years | 6 years 7 months 2 days | 7 years 7 months 2 days |
Options exercisable | 15,000 | 19,000 |
Exercise Price 4.50 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price (in dollars per share) | $ 4.50 | |
Options outstanding at end of period | 126,666 | 380,000 |
Weighted average remaining contractual Life Years | 9 months | 9 years 5 months 8 days |
Options exercisable | 126,666 | 0 |
Exercise Price 4.80 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price (in dollars per share) | $ 4.80 | |
Options outstanding at end of period | 2,000 | 2,000 |
Weighted average remaining contractual Life Years | 4 years 1 month 13 days | 5 years 1 month 13 days |
Options exercisable | 2,000 | 2,000 |
Exercise Price 5.85 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price (in dollars per share) | $ 5.85 | |
Options outstanding at end of period | 6,000 | 6,000 |
Weighted average remaining contractual Life Years | 1 year 6 months | 2 years 6 months |
Options exercisable | 6,000 | 6,000 |
Exercise Price 6.00 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price (in dollars per share) | $ 6 | |
Options outstanding at end of period | 6,000 | 6,000 |
Weighted average remaining contractual Life Years | 5 months 19 days | 1 year 5 months 19 days |
Options exercisable | 6,000 | 6,000 |
Exercise Price 7.05 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price (in dollars per share) | $ 7.05 | |
Options outstanding at end of period | 6,000 | 6,000 |
Weighted average remaining contractual Life Years | 1 year 2 months 19 days | 2 years 2 months 19 days |
Options exercisable | 6,000 | 6,000 |
Exercise Price 11.25 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price (in dollars per share) | $ 11.25 | |
Options outstanding at end of period | 0 | 5,000 |
Weighted average remaining contractual Life Years | 0 years | 1 month 28 days |
Options exercisable | 0 | 5,000 |
STOCK CAPITAL (Details 2)
STOCK CAPITAL (Details 2) - Employee Stock Option [Member] | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 115.00% | 123.00% |
Risk-free interest | 2.02% | 1.96% |
Expected life of up to (years) | 6 years 1 month 2 days | 6 years 18 days |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 78.00% | 122.00% |
Risk-free interest | 1.42% | 1.49% |
Expected life of up to (years) | 5 years 3 months 4 days | 5 years 9 months 4 days |
STOCK CAPITAL (Details 3 )
STOCK CAPITAL (Details 3 ) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Warrants Exercisable | 611,761 | 331,500 |
Warrant [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 14,246,831 | |
Exercised | 4,389,973 | |
Forfeited | 3,435,890 | |
Outstanding | 6,420,965 | |
Warrants Exercisable | 6,420,965 | |
Warrant [Member] | Issuance Date Nov - Dec 2004 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 973,390 | |
Exercised | 959,734 | |
Forfeited | 13,656 | |
Outstanding | 0 | |
Warrants Exercisable | 0 | |
Exercisable through | - | |
Warrant [Member] | Issuance Date Nov - Dec 2004 [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price (in dollars per share) | $ 0.00075 | |
Warrant [Member] | Issuance Date Nov - Dec 2004 [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price (in dollars per share) | $ 0.15 | |
Warrant [Member] | Issuance Date Feb - Dec 2005 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 203,898 | |
Exercised | 32,011 | |
Forfeited | 171,887 | |
Outstanding | 0 | |
Warrants Exercisable | 0 | |
Exercisable through | - | |
Warrant [Member] | Issuance Date Feb - Dec 2005 [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price (in dollars per share) | $ 2.25 | |
Warrant [Member] | Issuance Date Feb - Dec 2005 [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price (in dollars per share) | $ 37.5 | |
Warrant [Member] | Issuance Date Feb - Dec 2006 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 112,424 | |
Exercised | 48,513 | |
Forfeited | 31,911 | |
Outstanding | 32,000 | |
Warrants Exercisable | 32,000 | |
Exercisable through | Feb - May 2016 | |
Warrant [Member] | Issuance Date Feb - Dec 2006 [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price (in dollars per share) | $ 0.075 | |
Warrant [Member] | Issuance Date Feb - Dec 2006 [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price (in dollars per share) | $ 22.5 | |
Warrant [Member] | Issuance Date Mar - Nov 2007 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 180,220 | |
Exercised | 0 | |
Forfeited | 66,887 | |
Outstanding | 113,333 | |
Warrants Exercisable | 113,333 | |
Exercisable through | Mar 2017 – Oct 2017 | |
Warrant [Member] | Issuance Date Mar - Nov 2007 [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price (in dollars per share) | $ 2.25 | |
Warrant [Member] | Issuance Date Mar - Nov 2007 [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price (in dollars per share) | $ 7.05 | |
Warrant [Member] | Issuance Date Nov 2008 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 6,667 | |
Exercised | 0 | |
Forfeited | 0 | |
Outstanding | 6,667 | |
Exercise Price (in dollars per share) | $ 2.25 | |
Warrants Exercisable | 6,667 | |
Exercisable through | Sep18 | |
Warrant [Member] | Issuance Date Apr - Oct 2009 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 26,667 | |
Exercised | 6,667 | |
Forfeited | 0 | |
Outstanding | 20,000 | |
Warrants Exercisable | 20,000 | |
Exercisable through | Apr 2019 – Oct 2019 | |
Warrant [Member] | Issuance Date Apr - Oct 2009 [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price (in dollars per share) | $ 1.005 | |
Warrant [Member] | Issuance Date Apr - Oct 2009 [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price (in dollars per share) | $ 1.5 | |
Warrant [Member] | Issuance Date Aug 2007 - Jan 2011 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 2,016,667 | |
Exercised | 0 | |
Forfeited | 0 | |
Outstanding | 2,016,667 | |
Warrants Exercisable | 2,016,667 | |
Exercisable through | Nov17 | |
Warrant [Member] | Issuance Date Aug 2007 - Jan 2011 [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price (in dollars per share) | $ 3 | |
Warrant [Member] | Issuance Date Aug 2007 - Jan 2011 [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercise Price (in dollars per share) | $ 4.35 | |
Warrant [Member] | Issuance Date Jan 2010 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 83,333 | |
Exercised | 0 | |
Forfeited | 83,333 | |
Outstanding | 0 | |
Exercise Price (in dollars per share) | $ 7.5 | |
Warrants Exercisable | 0 | |
Exercisable through | - | |
Warrant [Member] | Issuance Date Feb 2010 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 8,333 | |
Exercised | 8,333 | |
Forfeited | 0 | |
Outstanding | 0 | |
Exercise Price (in dollars per share) | $ 0.15 | |
Warrants Exercisable | 0 | |
Exercisable through | - | |
Warrant [Member] | Issuance Date Feb 2010 One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 200,000 | |
Exercised | 0 | |
Forfeited | 200,000 | |
Outstanding | 0 | |
Exercise Price (in dollars per share) | $ 7.5 | |
Warrants Exercisable | 0 | |
Exercisable through | - | |
Warrant [Member] | Issuance Date Feb 2010 Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 100,000 | |
Exercised | 0 | |
Forfeited | 100,000 | |
Outstanding | 0 | |
Exercise Price (in dollars per share) | $ 0.015 | |
Warrants Exercisable | 0 | |
Exercisable through | - | |
Warrant [Member] | Issuance Date Feb 2011 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 42,735 | |
Exercised | 0 | |
Forfeited | 42,735 | |
Outstanding | 0 | |
Exercise Price (in dollars per share) | $ 5.85 | |
Warrants Exercisable | 0 | |
Exercisable through | - | |
Warrant [Member] | Issuance Date Feb 2011 One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 427,167 | |
Exercised | 63,122 | |
Forfeited | 364,044 | |
Outstanding | 0 | |
Exercise Price (in dollars per share) | $ 4.2 | |
Warrants Exercisable | 0 | |
Exercisable through | - | |
Warrant [Member] | Issuance Date Feb 2011 Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 854,333 | |
Exercised | 0 | |
Forfeited | 854,333 | |
Outstanding | 0 | |
Exercise Price (in dollars per share) | $ 7.5 | |
Warrants Exercisable | 0 | |
Exercisable through | - | |
Warrant [Member] | Issuance Date July 2012 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 32,931 | |
Exercised | 0 | |
Forfeited | 32,931 | |
Outstanding | 0 | |
Exercise Price (in dollars per share) | $ 5.22 | |
Warrants Exercisable | 0 | |
Exercisable through | - | |
Warrant [Member] | Issuance Date July 2012 One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 990,949 | |
Exercised | 687,037 | |
Forfeited | 303,911 | |
Outstanding | 0 | |
Exercise Price (in dollars per share) | $ 4.35 | |
Warrants Exercisable | 0 | |
Exercisable through | - | |
Warrant [Member] | Issuance Date Feb 2013 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 55,556 | |
Exercised | 0 | |
Forfeited | 55,556 | |
Outstanding | 0 | |
Exercise Price (in dollars per share) | $ 7.5 | |
Warrants Exercisable | 0 | |
Exercisable through | - | |
Warrant [Member] | Issuance Date Apr 2010-2014 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 12,889 | |
Exercised | 8,889 | |
Forfeited | 4,000 | |
Outstanding | 0 | |
Exercise Price (in dollars per share) | $ 0.00075 | |
Warrants Exercisable | 0 | |
Exercisable through | - | |
Warrant [Member] | Issuance Date Aug 2013 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 1,147,471 | |
Exercised | 0 | |
Forfeited | 1,110,706 | |
Outstanding | 36,764 | |
Exercise Price (in dollars per share) | $ 3.75 | |
Warrants Exercisable | 36,764 | |
Exercisable through | Aug16 | |
Warrant [Member] | Issuance Date Aug 2013 One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 29,000 | |
Exercised | 29,000 | |
Forfeited | 0 | |
Outstanding | 0 | |
Exercise Price (in dollars per share) | $ 0.525 | |
Warrants Exercisable | 0 | |
Exercisable through | - | |
Warrant [Member] | Issuance Date June 2014 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 2,800,000 | |
Exercised | 2,546,667 | |
Forfeited | 0 | |
Outstanding | 253,333 | |
Exercise Price (in dollars per share) | $ 5.22 | |
Warrants Exercisable | 253,333 | |
Exercisable through | Jun17 | |
Warrant [Member] | Issuance Date June 2014 One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 84,000 | |
Exercised | 0 | |
Forfeited | 0 | |
Outstanding | 84,000 | |
Exercise Price (in dollars per share) | $ 4.5 | |
Warrants Exercisable | 84,000 | |
Exercisable through | Jun17 | |
Warrant [Member] | Issuance Date Jan 2015 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of warrants issued | 3,858,201 | |
Exercised | 0 | |
Forfeited | 0 | |
Outstanding | 3,858,201 | |
Exercise Price (in dollars per share) | $ 6.5 | |
Warrants Exercisable | 3,858,201 | |
Exercisable through | Jun18 |
STOCK CAPITAL (Details 4)
STOCK CAPITAL (Details 4) - $ / shares | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Amount of shares, Outstanding at beginning of period | 863,786 | 840,367 |
Amount of shares, Issued | 27,411 | 23,419 |
Amount of shares, Outstanding at end of period | 891,197 | 863,786 |
Weighted average issue price, Outstanding at beginning of period | $ 4.07 | $ 4.02 |
Weighted average issue price, Issued | 3.94 | 4.91 |
Weighted average issue price, Outstanding at end of period | $ 4.07 | $ 4.07 |
STOCK CAPITAL (Details 5)
STOCK CAPITAL (Details 5) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 943 | $ 1,222 |
Research and development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 130 | 176 |
General and administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 813 | $ 1,046 |
STOCK CAPITAL (Details Textual)
STOCK CAPITAL (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Nov. 10, 2015 | May. 03, 2015 | Jan. 08, 2015 | Aug. 14, 2014 | Jun. 13, 2014 | Jun. 09, 2014 | Jun. 06, 2014 | Apr. 13, 2014 | Feb. 07, 2013 | Aug. 01, 2012 | Sep. 28, 2015 | Aug. 27, 2015 | Jul. 30, 2015 | Jun. 30, 2015 | Oct. 31, 2014 | Aug. 15, 2014 | Jul. 31, 2014 | May. 27, 2014 | Apr. 25, 2014 | Aug. 16, 2013 | Apr. 19, 2013 | Jul. 17, 2012 | Jun. 30, 2012 | Aug. 22, 2011 | Jun. 30, 2011 | Dec. 16, 2010 | Apr. 30, 2010 | Feb. 28, 2010 | Jun. 30, 2008 | Jul. 31, 2007 | Nov. 25, 2004 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2009 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Proceeds from issuance of Common stock, net | $ 0 | $ 9,554 | ||||||||||||||||||||||||||||||||
Proceeds from Warrant Exercises | $ 2,459 | $ 731 | ||||||||||||||||||||||||||||||||
Placement Agent [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Investment Warrants, Exercise Price | $ 5.22 | |||||||||||||||||||||||||||||||||
Warrants Issued To Placement Agent For Purchase Of Common Stock | 32,931 | |||||||||||||||||||||||||||||||||
Percentage Of Cash Fee On Gross Proceeds Of Offering | 7.00% | |||||||||||||||||||||||||||||||||
Restricted Stock [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 61,558 | |||||||||||||||||||||||||||||||||
Restricted Stock [Member] | Scientific Advisory Board [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 50,667 | 50,667 | ||||||||||||||||||||||||||||||||
Director [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Investment Warrants, Exercise Price | $ 2.25 | |||||||||||||||||||||||||||||||||
Investment Options, Exercise Price | $ 2.25 | $ 0.75 | $ 2.25 | $ 2.25 | ||||||||||||||||||||||||||||||
Stock Option Expiration Term | 10 years | |||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 30,667 | 70,665 | 70,666 | 30,667 | 26,667 | 53,333 | ||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ 0.75 | $ 15 | ||||||||||||||||||||||||||||||||
Director [Member] | Restricted Stock [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 60,000 | 17,332 | ||||||||||||||||||||||||||||||||
Director One [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Investment Options, Exercise Price | $ 0.75 | |||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 6,667 | |||||||||||||||||||||||||||||||||
Hadasit [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Warrants Issued To Purchase Of Common Stock | 8,889 | 2,222 | ||||||||||||||||||||||||||||||||
Investment Warrants, Exercise Price | $ 0.00075 | |||||||||||||||||||||||||||||||||
Mr. Israeli [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Investment Options, Exercise Price | $ 0.00075 | $ 0.00075 | ||||||||||||||||||||||||||||||||
Number of options granted | 20,000 | 11,111 | ||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 44,444 | |||||||||||||||||||||||||||||||||
Chief Operating Officer [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award Unvested Portion to Purchase | 253,333 | |||||||||||||||||||||||||||||||||
Share Based Compensation Arrangement By Share Based Payment Award vested Portion Share | 126,667 | |||||||||||||||||||||||||||||||||
Chief Executive Officer [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 380,000 | 369,619 | ||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price | $ 4.5 | |||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ 2.45 | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | Mr. Lebovits continued service with the Company through the applicable vesting dates, the Grant will vest and become exercisable in 12 consecutive equal monthly installments. | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 82,500 | |||||||||||||||||||||||||||||||||
Stock Option Yet To Exercised | 83,781 | |||||||||||||||||||||||||||||||||
Chief Financial Officer [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | |||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 165,000 | 20,625 | ||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ 3.17 | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 20,625 shares vest and become exercisable on July 30, 2016 and 2.08333% of the 82,500 shares vest and become exercisable on each monthly anniversary date starting on August 30, 2016 through the fourth anniversary of the grant, so that the 82,500 shares will become fully vested and exercisable on July 30, 2019. | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 82,500 | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 82,500 | |||||||||||||||||||||||||||||||||
Global Share Option Plan 2004 and U S Stock Option and Incentive Plan 2005 [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Increase In Number Of Shares Available For Issuance | 600,000 | 333,333 | 333,333 | |||||||||||||||||||||||||||||||
Shares Reserved For Issuance Under Stock Option Plan | 609,564 | |||||||||||||||||||||||||||||||||
Global Share Option Plan 2004 [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 33,333 | |||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price | $ 2.70 | |||||||||||||||||||||||||||||||||
Global Share Option Plan 2014 and U S Stock Option and Incentive Plan 2014 [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Increase In Number Of Shares Available For Issuance | 600,000 | |||||||||||||||||||||||||||||||||
Holders of Warrants [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Warrants Issued To Purchase Of Common Stock | 333,235 | |||||||||||||||||||||||||||||||||
Stock Repurchased During Period, Value | $ 600 | |||||||||||||||||||||||||||||||||
Warrants Repurchase Price | $ 1.80 | |||||||||||||||||||||||||||||||||
Maxim Group LLC [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Warrants Issued To Purchase Of Common Stock | 38,000 | |||||||||||||||||||||||||||||||||
Mr. Lebovits [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 296,590 | |||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price | $ 2.45 | |||||||||||||||||||||||||||||||||
Warrant [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Proceeds from issuance of Common stock, net | $ 2,496 | |||||||||||||||||||||||||||||||||
Proceeds from Issuance of Warrants | $ 829 | |||||||||||||||||||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 14,246,831 | |||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 3,435,890 | |||||||||||||||||||||||||||||||||
Private Placement [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 55,556 | 399,999 | 2,777,777 | |||||||||||||||||||||||||||||||
Proceeds from issuance of Common stock, net | $ 250 | $ 1,500 | ||||||||||||||||||||||||||||||||
Warrants Issued To Purchase Of Common Stock | 199,998 | |||||||||||||||||||||||||||||||||
Investment Warrants, Exercise Price | $ 7.5 | $ 7.50 | ||||||||||||||||||||||||||||||||
Deferred Compensation Arrangement with Individual, Maximum Contractual Term | 32 months | |||||||||||||||||||||||||||||||||
Private Placement [Member] | Investment Agreement [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Warrant Expiry Term | November 5, 2013 | |||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 5,000 | |||||||||||||||||||||||||||||||||
Private Placement [Member] | Warrant Issued One [Member] | Investment Agreement [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Warrants Issued To Purchase Of Common Stock | 672,222 | |||||||||||||||||||||||||||||||||
Investment Warrants, Exercise Price | $ 3 | |||||||||||||||||||||||||||||||||
Private Placement [Member] | Warrant Issued Two [Member] | Investment Agreement [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Warrants Issued To Purchase Of Common Stock | 1,344,444 | |||||||||||||||||||||||||||||||||
Investment Warrants, Exercise Price | $ 4.35 | |||||||||||||||||||||||||||||||||
Private Placement [Member] | Unregistered Shares of Common Stock [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock, Net | $ 12,400 | |||||||||||||||||||||||||||||||||
Public Offering [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Proceeds from issuance of Common stock, net | $ 4,900 | |||||||||||||||||||||||||||||||||
Conversion of Stock, Shares Converted | 777,471 | |||||||||||||||||||||||||||||||||
Public Offering [Member] | Common Stock [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,568,628 | 1,321,265 | ||||||||||||||||||||||||||||||||
Proceeds from issuance of Common stock, net | $ 5,700 | |||||||||||||||||||||||||||||||||
Common Stock Purchase Price | $ 2.55 | |||||||||||||||||||||||||||||||||
Warrants Issued To Purchase Of Common Stock | 1,176,471 | 990,949 | ||||||||||||||||||||||||||||||||
Investment Warrants, Exercise Price | $ 3.75 | $ 4.35 | ||||||||||||||||||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 4,000 | |||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ 4.35 | |||||||||||||||||||||||||||||||||
Proceeds from Issuance of Common Stock, Net | $ 3,300 | |||||||||||||||||||||||||||||||||
Public Offering [Member] | Unregistered Shares of Common Stock [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Conversion of Stock, Shares Converted | 388,735 | |||||||||||||||||||||||||||||||||
Public Offering [Member] | 2013 Warrants [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Investment Warrants, Exercise Price | $ 0.525 | |||||||||||||||||||||||||||||||||
Investors Private Placement [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,800,000 | |||||||||||||||||||||||||||||||||
Proceeds from issuance of Common stock, net | $ 10,500 | |||||||||||||||||||||||||||||||||
Warrants Issued To Purchase Of Common Stock | 2,546,667 | 2,800,000 | ||||||||||||||||||||||||||||||||
Investment Warrants, Exercise Price | $ 5.22 | $ 5.22 | ||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ 3.75 | |||||||||||||||||||||||||||||||||
Proceeds from Warrant Exercises | $ 13,300 | |||||||||||||||||||||||||||||||||
Exercise Agreement, Fees and Expenses, Amount | $ 20 | |||||||||||||||||||||||||||||||||
Investors Private Placement [Member] | Maxim Group LLC [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Exercise Agreement, Maxim Cash Fee, Percentage | 6.00% | |||||||||||||||||||||||||||||||||
Investors Private Placement [Member] | Unregistered Shares of Common Stock [Member] | ||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||||||||||||||||||||||||
Warrants Issued To Purchase Of Common Stock | 3,800,000 | |||||||||||||||||||||||||||||||||
Investment Warrants, Exercise Price | $ 6.50 |
RESEARCH AND DEVELOPMENT, NET43
RESEARCH AND DEVELOPMENT, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Research and Development Arrangement [Line Items] | ||
Research and development | $ 6,335 | $ 6,116 |
Less : Participation by the Israeli Office of the Chief Scientist | (1,386) | (1,344) |
Research and Development Expense | $ 4,949 | $ 4,772 |
TAXES ON INCOME (Details)
TAXES ON INCOME (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Income Tax Disclosure [Line Items] | ||
Operating loss carryforward | $ 34,672 | $ 29,222 |
Net deferred tax asset before valuation allowance | 11,778 | 10,994 |
Valuation allowance | (11,778) | (10,994) |
Net deferred tax asset | $ 0 | $ 0 |
TAXES ON INCOME (Details 1)
TAXES ON INCOME (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Line Items] | ||
United States | $ (2,842) | $ (3,789) |
Israel | (5,646) | (5,457) |
Loss from continuing operations, before taxes on income | $ (8,488) | $ (9,246) |
TAXES ON INCOME (Details Textua
TAXES ON INCOME (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Tax Disclosure [Line Items] | ||
Company effective Income Tax Rate | 35.00% | 35.00% |
Israel Country [Member] | ||
Income Tax Disclosure [Line Items] | ||
BCT Income Tax rate | 25.50% | 25.50% |
Operating Loss Carryforwards, Valuation Allowance | $ 11,778 | |
Tax Credit Carryforward, Amount | $ 34,672 | |
Tax Credit Carryforward Expiration Period | 20 years |
TRANSACTIONS WITH RELATED PAR47
TRANSACTIONS WITH RELATED PARTIES (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Related Party Transaction [Line Items] | ||
Fees and related benefits and compensation expenses in respect of options granted to a member of the Board | $ 161 | $ 164 |
SUBSEQUENT EVENTS (Details Text
SUBSEQUENT EVENTS (Details Textual) | Jan. 02, 2016shares |
Subsequent Event [Member] | Legal Advisor [Member] | General and Administrative Expense [Member] | |
Subsequent Event [Line Items] | |
Stock Issued During Period, Shares, Issued for Services | 10,752 |