Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 06, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
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 | $ 67,672,149 | ||
Trading Symbol | BCLI | ||
Entity Common Stock, Shares Outstanding | 19,070,040 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current Assets: | ||
Cash and cash equivalents | $ 2,483 | $ 547 |
Short-term deposit (Note 8) | 5,273 | 9,443 |
Account receivable (Note 4) | 672 | 306 |
Prepaid expenses and other current assets | 1,195 | 148 |
Total current assets | 9,623 | 10,444 |
Long-Term Assets: | ||
Prepaid expenses and other long-term assets (Note 5) | 1,408 | 25 |
Property and Equipment, Net (Note 6) | 392 | 297 |
Total Long-Term Assets | 1,800 | 322 |
Total assets | 11,423 | 10,766 |
Current Liabilities: | ||
Accounts payables | 1,424 | 345 |
Accrued expenses | 817 | 152 |
Deferred grant income (Note 9) | 2,625 | 0 |
Other accounts payable | 677 | 367 |
Total current liabilities | 5,543 | 864 |
Total liabilities | 5,543 | 864 |
Stockholders' Equity: | ||
Stock capital: (Note 10) Common Stock of $0.00005 par value - Authorized: 100,000,000 shares at December 31, 2017 and December 31, 2016 respectively; Issued and outstanding: 18,976,169 and 18,687,987 shares at December 31, 2017 and December 31, 2016 respectively. | 11 | 11 |
Additional paid-in-capital | 85,944 | 85,014 |
Accumulated deficit | (80,075) | (75,123) |
Total stockholders' equity | 5,880 | 9,902 |
Total liabilities and stockholders' equity | $ 11,423 | $ 10,766 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2017 | Dec. 31, 2016 |
Common stock, par value (in dollars per share) | $ 0.00005 | $ 0.00005 |
Common stock, shares Authorized | 100,000,000 | 100,000,000 |
Common stock, shares Issued | 18,976,169 | 18,687,987 |
Common stock, shares outstanding | 18,976,169 | 18,687,987 |
STATEMENTS OF COMPREHENSIVE LOS
STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating expenses: | ||
Research and development, net (Note 11) | $ 977 | $ 2,250 |
General and administrative | 4,022 | 2,833 |
Operating loss | (4,999) | (5,083) |
Financial expenses (income), net | (47) | (101) |
Taxes on income (Note 12) | 0 | 0 |
Net loss | $ (4,952) | $ (4,982) |
Basic and diluted net loss per share from continuing operations (in dollars per share) | $ (0.26) | $ (0.27) |
Weighted average number of shares outstanding used in computing basic and diluted net loss per share (in shares) | 18,777,348 | 18,663,162 |
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, 2015 | $ 14,128 | $ 11 | $ 84,258 | $ (70,141) | |
Balance (in shares) at Dec. 31, 2015 | 18,643,288 | ||||
Stock-based compensation related to warrants and stock granted to service providers | 121 | [1] | 121 | 0 | |
Stock-based compensation related to warrants and stock granted to service providers (in shares) | 36,033 | ||||
Stock-based compensation related to stock and options granted to directors and employees | 635 | $ 0 | 635 | 0 | |
Stock-based compensation related to stock and options granted to directors and employees (in shares) | 8,666 | ||||
Net loss | (4,982) | $ 0 | 0 | (4,982) | |
Balance at Dec. 31, 2016 | 9,902 | $ 11 | 85,014 | (75,123) | |
Balance (in shares) at Dec. 31, 2016 | 18,687,987 | ||||
Stock-based compensation related to warrants and stock granted to service providers | 62 | [1] | 62 | 0 | |
Stock-based compensation related to warrants and stock granted to service providers (in shares) | 4,327 | ||||
Stock-based compensation related to stock and options granted to directors and employees | 554 | [1] | 554 | 0 | |
Stock-based compensation related to stock and options granted to directors and employees (in shares) | 107,301 | ||||
Exercise of options | 209 | [1] | 209 | ||
Exercise of options (in shares) | 129,887 | ||||
Exercise of warrants | 105 | [1] | 105 | ||
Exercise of warrants (in shares) | 46,667 | ||||
Net loss | (4,952) | $ 0 | 0 | (4,952) | |
Balance at Dec. 31, 2017 | $ 5,880 | $ 11 | $ 85,944 | $ (80,075) | |
Balance (in shares) at Dec. 31, 2017 | 18,976,169 | ||||
[1] | Represents an amount less than $1. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities: | ||
Net loss | $ (4,952) | $ (4,982) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 85 | 77 |
Shares and options granted to service providers | 62 | 121 |
Deferred Stock-based compensation related to options granted to employees and directors | 554 | 635 |
Decrease (increase) in accounts receivable and prepaid expenses | (2,792) | 379 |
Increase (decrease) in trade payables | 1,079 | (824) |
Deferred grant income | 2,625 | 0 |
Increase (decrease) in other accounts payable and accrued expenses | 975 | (1,264) |
Total net cash used in operating activities | (2,364) | (5,858) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (180) | (103) |
Changes in short-term deposit | 4,170 | 6,084 |
Investment in lease deposit | (4) | (4) |
Total net cash provided by investing activities | 3,986 | 5,977 |
Cash flows from financing activities: | ||
Proceeds from exercise of warrants and options | 314 | 0 |
Total net cash provided by financing activities | 314 | 0 |
Increase in cash and cash equivalents | 1,936 | 119 |
Cash and cash equivalents at the beginning of the period | 547 | 428 |
Cash and cash equivalents at end of the period | $ 2,483 | $ 547 |
GENERAL
GENERAL | 12 Months Ended |
Dec. 31, 2017 | |
General and Going Concern Disclosure [Abstract] | |
Business Description and Basis of Presentation [Text Block] | - GENERAL A The Company was incorporated in the State of Delaware on November 15, 2006, and previously was incorporated in the State of Washington. In October 2004, the Company formed its wholly-owned subsidiary, Brainstorm Cell Therapeutics Ltd. (“BCT”) in Israel, which currently conducts all of the research and development activities of the Company. On February 19, 2013, the Israeli Subsidiary formed its wholly-owned subsidiary, Brainstorm Cell Therapeutics UK Ltd. in the United Kingdom. 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. In July 2016 the Company announced the results of its phase 2 trial which was conducted in three major medical centers in the US. This single dose trial included 48 patients randomized in a 3:1 ratio to receive NuOwn or placebo. D. The Company made significant progress in 2017, advancing NurOwn®, its late stage differentiated mesenchymal stem cell therapy, into a Phase 3 trial for the treatment of ALS. Enrollment in this randomized, double-blind, placebo-controlled, multi-dose clinical trial of NurOwn® for ALS is now ongoing. This Phase 3 trial builds upon the promising efficacy seen in prior trials including the randomized Phase 2 trial conducted in the U.S. E. On August 26, 2015 the shareholders of the Company approved a reduction of the number of authorized shares of Common Stock of the Company from 800,000,000 100,000,000 GOING CONCERN: To date the Company has not generated 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. Such conditions raise substantial doubts about the Company's ability to continue as a going concern. Management’s plan includes raising funds from outside potential investors. However, there is no assurance such funding will be available to the Company or that it will be obtained on terms favorable to the Company or will provide the Company with sufficient funds to meet its objectives. These financial statements do not include any adjustments relating to the recoverability and classification of assets, carrying amounts or the amount and classification of liabilities that may be required should the Company be unable to continue as a going concern. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Significant Accounting Policies [Text Block] | - SIGNIFICANT ACCOUNTING POLICIES 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: 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. 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 "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. 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: 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 G. 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 H. Fair value of financial instruments: The carrying values of cash and cash equivalents, accounts receivable, other receivables, trade payables and other accounts payable approximate their fair value due to the short-term maturity of these instruments. I. Accounting for stock-based compensation: In accordance with ASC 718-10 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. 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. J. 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 "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, 2017 and December 31, 2016, since all such securities have an anti-dilutive effect. K. Research and development expenses, net: Research and development expenses, are charged to the statement of operations as incurred. Royalty-bearing grants from the Israel Innovation Authorities (“IIA”) and a non-dilutive, non-royalty-bearing grant from the California Institute of Regenerative Medicine ("CIRM") 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 L. Income taxes: The Company accounts for income taxes in accordance with ASC 740-10 "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. 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 February 2016, the FASB issued ASU 2016-02 “Leases” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. For operating leases, the ASU requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, on its balance sheet. The ASU retains the current accounting for lessors and does not make significant changes to the recognition, measurement, and presentation of expenses and cash flows by a lessee. The ASU is effective for the Company in the first quarter of 2019, with early adoption permitted. The Company continues to evaluate the effect of the adoption of this ASU and expects the adoption will result in an increase in the assets and liabilities on the consolidated balance sheets for operating leases (see Note 7) and will likely have an insignificant impact on the consolidated statements of earnings. In June 2016, the FASB issued a new standard requiring measurement and recognition of expected credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. This standard is effective for us in the first quarter of 2020; early adoption is permitted beginning in the first quarter of 2019. It is required to be applied on a modified-retrospective approach with certain elements being adopted prospectively. The Company does not expect that the adoption of this standard will have a significant impact on the financial position or results of operations. In May 2017, the FASB issued ASU 2017-09 “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting,” which clarifies when a change to terms or conditions of a share-based payment award must be accounted for as a modification. The new guidance requires modification accounting if the vesting condition, fair value or the award classification is not the same both before and after a change to the terms and conditions of the award. The new guidance is effective on a prospective basis beginning on January 1, 2018 and early adoption is permitted. The Company does not expect the adoption of this standard to have an impact on its consolidated financial statements. |
RESEARCH AND LICENSE AGREEMENT
RESEARCH AND LICENSE AGREEMENT | 12 Months Ended |
Dec. 31, 2017 | |
Research and License Agreement [Abstract] | |
Research and License Agreement [Text Block] | - RESEARCH AND LICENSE AGREEMENT The Company entered into a Research and License Agreement, as amended and restated, with Ramot (the “License Agreement”). Pursuant to the remuneration terms of the License Agreement, the Company has agreed to pay Ramot royalties on Net Sales of the Licensed Product as follows: a) So long as the making, producing, manufacturing, using, marketing, selling, importing or exporting (collectively, the “Commercialization”) of such Licensed Product is covered by a Valid Claim or is covered by Orphan Drug Status, the Company shall pay Ramot a royalty of 5 b) In the event the Commercialization of the Licensed Product is neither covered by a Valid Claim nor by Orphan Drug status, the Company shall pay Ramot a royalty of 3 (15) Capitalized terms set forth above which are not defined shall have the meanings attributed to them under the License Agreement. |
ACCOUNTS RECEIVABLE
ACCOUNTS RECEIVABLE | 12 Months Ended |
Dec. 31, 2017 | |
Receivables [Abstract] | |
Loans, Notes, Trade and Other Receivables Disclosure [Text Block] | - ACCOUNTS RECEIVABLE December 31, 2017 2016 Grants receivable from IIA $ 574 $ 154 Government institutions and other 98 152 $ 672 $ 306 |
PREPAID EXPENSES
PREPAID EXPENSES | 12 Months Ended |
Dec. 31, 2017 | |
Prepaid Expenses Disclosures [Abstract] | |
Prepaid Expenses Disclosures [Text Block] | NOTE 5 - Prepaid Expenses In November 2017 the Company has contracted with City of Hope's Center for Biomedicine and Genetics ("COH") to produce clinical supplies of NurOwn® adult stem cells for the Company’s ongoing Phase 3 clinical study. As of December 31, 2017, the Company has paid COH $3,222, which includes $2,665 advance payment. The advance was recorded as prepaid expense and is amortized over the term of the agreement. As of December 31, 2017, $1,103 and $1,378 were recorded as current and long-term prepaid expense, respectively. |
PROPERTY AND EQUIPMENT
PROPERTY AND EQUIPMENT | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6 - PROPERTY AND EQUIPMENT December 31, 2017 2016 Cost: Office furniture and equipment $ 73 $ 73 Computer software and electronic equipment 189 182 Laboratory equipment 875 702 Leasehold improvements 716 716 1,853 1,673 Accumulated depreciation: Office furniture and equipment 23 18 Computer software and electronic equipment 176 166 Laboratory equipment 552 492 Leasehold improvements 710 700 1,461 1,376 Depreciated cost $ 392 $ 297 D epreciation expenses for the years ended December 31, 2017 and December 31, 2016 were $ 85 77 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | - COMMITMENTS AND CONTINGENCIES A. In October 2014 220 63 months 5 B. In October 2017 45 months option to terminate the agreement with 4 month pre-notice, before December 31, 2019 40 , 11 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 2018 $ 196 $ 10 $ 206 2019 199 - 199 2020 43 - 43 $ 438 $ 10 $ 448 To tal facilities rent expense for the years ended December 31, 2017 and 2016 were $ 198 182 C. Commitments to pay royalties to the IIA: BCT obtained from the Chief Scientist of the State of Israel grants for participation in research and development for the years 2007 through 2016, and, in return, BCT is obligated to pay royalties amounting to 3 3.5 Through the year ended December 31, 2017, total grants obtained amounted to $ 988 D. In addition to the royalties which the Company is required to pay to Ramot on its Commercialization of the Licensed Product as described in Note 3 hereof, the Company has other financial obligations under the License Agreement, including without limitation, certain research funding commitments as well as a commitment to reimburse Ramot for all of its documented Licensed Product patent-related expenses. Pursuant to the License Agreement, in the event the Company elects not to reimburse Ramot for any specific patent expenses, the Company’s corresponding Commercialization rights will be terminated by Ramot. By way of example, if the Company elects, in its sole discretion, not to reimburse Ramot’s patent expenses which are incurred in a particular jurisdiction, the Company’s right to Commercialize the Licensed Product in the same jurisdiction may be terminated by Ramot. As of December 31, 2017, there are no outstanding obligations owed to Ramot in connection with the above. |
SHORT TERM DEPOSITS
SHORT TERM DEPOSITS | 12 Months Ended |
Dec. 31, 2017 | |
Cash and Cash Equivalents [Abstract] | |
Short Term Investments [Text Block] | NOTE 8 - SHORT TERM DEPOSITS Short term investments on December 31, 2017 and December 31, 2016 include bank deposits bearing annual interest rates varying from 0.05 1.90 5 months |
DEFERRED GRANT INCOME
DEFERRED GRANT INCOME | 12 Months Ended |
Dec. 31, 2017 | |
Deferred Grant Income [Abstract] | |
Deferred Grant Income [Text Block] | - DEFERRED GRANT INCOME In July 2017 the Company received an award in the amount of $ 15,912 $ 7,050 The award does not bear a royalty payment commitment nor is the award otherwise refundable. $ 4,425 Note 11). |
STOCK CAPITAL
STOCK CAPITAL | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 10 - STOCK CAPITAL The rights of Common Stock: 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. Private placements and public offerings: The Company is party to a July 2, 2007 subscription agreement and related registration rights agreement and warrants, amended July 31, 2009, May 10, 2012, May 19, 2014 and November 2, 2017 (together as amended, the “ACCBT Documents”) with ACCBT Corp. (“ACCBT”), a company under the control of Mr. Chaim Lebovits, the Company’s President and Chief Executive Officer, pursuant to which, for an aggregate purchase price of approximately $ 5.0 1,920,461 2,016,666 672,222 3.00 4.35 ACCBT has Board appointment rights, preemptive rights and consents rights pursuant to the ACCBT Documents. The foregoing description reflects the November 2, 2017 Warrant Amendment Agreement between the Company and ACCBT, pursuant to which the rights and privileges of the ACCBT Entities relating to the management of the Company were reduced, in exchange for a five (5) year extension of the expiration of the Company warrants held by the ACCBT Entities. Pursuant to the amendment, the ACCBT Documents were amended as follows: (i) the ACCBT Entities existing right to appoint 50.1% of the Board of Directors of the Company and its subsidiaries was reduced to 30%; (ii) the ACCBT Entities’ consent rights regarding Company matters pursuant to the ACCBT Documents were limited to transactions greater than $500,000 (previous to the amendment the consent right was for transactions of $25,000 or more); and (iii) the expiration date of each of the ACCBT Warrants was extended until November 5, 2022 (the previous expiration date was November 5, 2017). On June 13, 2014, the Company raised gross proceeds of $ 10.5 2.8 3.75 2.8 5.22 2,546,667 337,333 5.22 Pursuant to a Warrant Exercise Agreement, dated January 8, 2015, holders of Company warrants, issued in June 2014 to purchase an aggregate of 2,546,667 5.22 3.8 6.50 The $6.50 warrants expire in June 2018. Gross proceeds from the exercise of the warrants were approximately $ 13.3 38,200 12.4 Since its inception the Company has raised approximately $ 46.6 Issuance Date Outstanding As Of Exercise price Exercisable Through Nov-08 6,666 2.25 Sep-18 Apr-Oct 2009 20,000 1.005 1.5 Apr-Oct 2019 Aug 2007- Jan 2011 2,016,666 3 4.35 Nov-22 Jan-15 3,858,201 6.5 Jun-18 5,901,533 Stock Plans: During the fiscal year ended December 31, 2017, the Company had outstanding awards for stock options under four stockholder approved plans: (i) the 2004 Global Stock Option Plan and the Israeli Appendix thereto (the “2004 Global Plan”) (ii) the 2005 U.S. Stock Option and Incentive Plan (the “2005 U.S. Plan,” and together with the 2004 Global Plan, the “Prior Plans”); (iii) the 2014 Global Share Option Plan and the Israeli Appendix thereto (which applies solely to participants who are residents of Israel) (the “2014 Global Plan”); and (iv) the 2014 Stock Incentive Plan (the “2014 U.S. Plan” and together with the 2014 Global Plan, the “2014 Plans”). The 2004 Global Plan and 2005 U.S. Plan expired on November 25, 2014 and March 28, 2015, respectively. Grants that were made under the Prior Plans remain outstanding pursuant to their terms. The 2014 Plans were approved by the stockholders on August 14, 2014 (at which time the Company ceased to issue awards under each of the 2005 U.S. Plan and 2004 Global Plan) and amended on June 21, 2016. Unless otherwise stated, option grants prior to August 14, 2014 were made pursuant to the Company’s Prior Plans, and grants issued on or after August 14, 2014 were made pursuant to the Company’s 2014 Plans, and expire on the tenth anniversary of the grant date. The 2014 Plans have a shared pool of 2,200,000 1,013,868 Plans may not be less than the nominal value of the shares into which such options are exercised Share-based compensation to employees and to directors: Employees: Pursuant to a September 28, 2015 employment agreement, as amended, Chaim Lebovits, the Company’s Chief Executive Officer and President (i) was granted a stock option under the 2014 Global Plan on September 28, 2015 for the purchase of up to 369,619 2.45 31,185 25 41,580 4.81 The Lebovits employment agreement contains termination provisions, pursuant to which if the Company terminates the employment agreement or Mr. Lebovits’ employment without Cause (as defined in the agreement) or if Mr. Lebovits terminates the employment agreement or his employment thereunder with Good Reason (as defined in the agreement), the Company shall immediately vest such number of equity or equity based awards that would have vested during the six (6) months following the date of termination of employment, conditional upon Mr. Lebovits executing a waiver and release in favor of the Company in a form reasonably acceptable to the Company. Pursuant to his February 28, 2017 employment agreement, Dr. Ralph Kern, Chief Operating Officer and Chief Medical Officer of the Company, received on March 6, 2017, and is entitled to receive on each anniversary thereafter (provided he remains employed by the Company), a grant of restricted stock under the 2014 U.S. Plan (or any successor or other equity plan then maintained by the Company) comprised of a number of shares of Common Stock with a fair market value (determined based on the price of the Common Stock at the end of normal trading hours on the business day immediately preceding March 6, 2017 according to Nasdaq) equal to 30% of Dr. Kern’s Base Salary (35,885 shares on March 6, 2017). Each equity grant shall vest as to twenty-five percent (25%) of the award on each of the first, second, third and fourth anniversary of the date of grant, provided Dr. Kern remains continuously employed by the Company from the date of grant through each applicable vesting date. Each equity grant shall be subject to accelerated vesting upon a Change of Control (as defined in the agreement) of the Company. In the event of Dr. Kern’s termination of employment, any portion of an equity grant that is not yet vested (after taking into account any accelerated vesting) shall automatically be immediately forfeited to the Company, without the payment of any consideration to Dr. Kern. Pursuant to the agreement, on March 6, 2017, Dr. Kern also received an option under the 2014 U.S. Plan to purchase up to 47,847 4.18 Uri Yablonka, the Company’s Executive Vice President, Chief Business Officer and director was granted a stock option on June 6, 2014 under the Company’s Amended and Restated 2004 Global Share Option Plan (the “Global Plan”) for the purchase of 33,333 shares of the Company’s Common Stock, which was fully vested and exercisable upon grant. The exercise price for the grant is $2.70 per share. In addition, the Company agreed to grant Mr. Yablonka a stock option under the Global Plan (or the applicable successor option plan) for the purchase of up to 13,333 shares of Common Stock (subject to appropriate adjustment in the case of stock splits, reverse stock splits and the like) of the Company on the first business day after each annual meeting of stockholders (or special meeting in lieu thereof) of the Company beginning with the 2014 annual meeting, and provided that Mr. Yablonka remains an employee of the Company on each such date. The exercise price per share of the Common Stock subject to each additional option shall be equal to $0.75 (subject to appropriate adjustment in the case of stock splits, reverse stock splits and the like, or changes to the Israeli Annual Option Award under the Company’s Director Compensation Plan as amended from time to time). Each additional option vests and becomes exercisable on each monthly anniversary date as to 1/12th the number of shares subject to the option, over a period of twelve months from the date of grant, such that each additional option will be fully vested and exercisable on the first anniversary of the date of grant, provided that Mr. Yablonka remains an employee of the Company on each such vesting date. The Company also granted Mr. Yablonka 5,543 On November 20, 2017, the Company granted to Eyal Rubin, the Company’s Chief Financial Officer, 25,000 100 93,686 4.30 The Option shall vest and become exercisable as follows: 25% of the shares underlying the Option shall vest and become exercisable on each of the first, second, third and fourth anniversary of the date of grant, until fully vested and exercisable on the fourth anniversary of the date of grant, provided Mr. Rubin remains continuously employed by BCT from the date of grant through each applicable vesting date. On August 17, 2017, the Company granted Mary Kay Turner VP, Patient Advocacy and Government Affairs of the Company, 9,924 25 On July 13, 2017, the Company granted 5,543 Directors: From 2005 through 2015, the Company granted its directors options to purchase an aggregate of 402,778 1.34 The Company’s Second Amended and Restated Director Compensation Plan was approved in July 9, 2014 and amended on April 29, 2015, February 26, 2017 and July 13, 2017 (as amended, the “Director Compensation Plan”). The Director Compensation Plan governs Company compensation of eligible non-employee director of the Company, except that certain non-employee directors have individualized compensation and are not entitled receive annual director awards under the Director Compensation Plan, but are entitled to committee compensation under the Director Compensation Plan in the event that they qualify for and serve as a member of any committee of the Board. The Director Compensation Plan also determines the annual awards to be granted to qualified directors for their services in future periods, which annual awards have had the same terms since 2014, as further detailed in the Director Compensation Plan. On November 10, 2017, the following grants were made under the Director Compensation Plan to the eligible directors: Dr. Arbel received a stock option to purchase 25,333 2,000 8,666 12,000 A summary of the Company's option activity related to options to employees and directors, and related information is as follows: For the year ended For the year ended Amount of Weighted Aggregate Amount of Weighted Aggregate $ $ $ $ Outstanding at beginning of period 874,841 2.1258 1,002,451 2.6072 Granted 240,446 3.5178 70,667 0.75 Exercised (129,888) 3.9175 - - Cancelled (44,445) 1.6104 (198,277) 4.0691 Outstanding at end of period 940,954 2.4681 1,366,213 874,841 2.1258 362,336 Vested and expected-to-vest at end of period 811,824 2.3317 1,289,457 839,509 2.1837 299,088 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, 2017 and December 31, 2016 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, 2017 and December 31, 2016, have been separated into exercise prices, as follows: 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, $ 2017 2016 2017 2016 2017 2016 0.75 213,333 213,665 6.99 8.67 177,889 178,333 1.005 5,333 6,445 1.50 2.50 5,333 6,445 2.25 69,889 137,000 3.57 4.72 69,889 137,000 2.45 369,619 369,619 7.75 8.75 369,619 369,619 2.70 82,667 93,333 5.65 6.54 82,667 93,333 3.17 - 25,779 - 0.12 - 25,779 3.90 15,000 15,000 4.59 5.59 15,000 15,000 4.18 47,847 - 1.18 - 47,847 - 4.3 93,686 - 9.89 - - - 4.80 2,000 2,000 2.11 3.11 2,000 2,000 4.81 41,580 - 1.56 - 41,580 - 5.85 - 6,000 - 0.5 - 6,000 7.05 - 6,000 - 0.22 - 6,000 940,954 874,841 6.59 7.38 811,824 839,509 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, 2017 and 2016 amounted to $ 554 635 Year ended December 31, 2017 2016 Expected volatility 67%-70% 75%-77% Risk-free interest 0.97%-2.13% 1.20% - 1.27% Dividend yield 0% 0% Expected life of up to (years) 5.5 5.25 Shares and warrants issued to 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", whereby the fair value of such 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. On January 2, 2016, the Company granted to its legal advisor 10,752 31 On September 22, 2016, the Company granted of an aggregate of 25,281 On August 17, 2017 the Company issued to Anthony Fiorino, the former CEO of the Company, for consulting services rendered, a grant of 4,327 Compensation expense recorded by the Company in respect of its stock-based service provider compensation awards in accordance with ASC 718-10 for the year ended December 31, 2017 and 2016 amounted to $ 62 121 Total Stock-Based Compensation Expense Year ended 2017 2016 Research and development $ 164 $ 96 General and administrative 452 660 Total stock-based compensation expense $ 616 $ 756 |
RESEARCH AND DEVELOPMENT, NET
RESEARCH AND DEVELOPMENT, NET | 12 Months Ended |
Dec. 31, 2017 | |
Research and Development [Abstract] | |
Research, Development, and Computer Software Disclosure [Text Block] | NOTE 11 - RESEARCH AND DEVELOPMENT, NET Year ended 2017 2016 U.S. $ in thousands Research and development $ 6,795 $ 3,435 Less : Participation by the Israel Innovation Authorities (1,393) (1,185) Less : Participation by CIRM (4,425) - $ 977 $ 2,250 |
TAXES ON INCOME
TAXES ON INCOME | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | NOTE 12 - TAXES ON INCOME A. Tax rates applicable to the income of the Israeli subsidiary: BCT is subject to a tax rate of 24 23 Such tax rate changes have no significant impact on the Company's financial statements. 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, 2017 2016 U.S. $ in thousands Operating loss carryforward $ 51,107 $ 39,967 Net deferred tax asset before valuation allowance 14,090 13,333 Valuation allowance (14,090) (13,333) Net deferred tax asset $ - $ - As of December 31, 2017, the Company has provided valuation allowances of $ 14,090 C. Available carryforward tax losses: As of December 31, 2017, the Company has an accumulated tax loss carryforward of approximately $ 51,107 20 D. Year ended December 31, 2017 2016 U.S. $ in thousands United States $ (2,532) $ (1,451) Israel (2,420) (3,531) $ (4,952) $ (4,982) E. Due to the Company’s cumulative losses, the effect of ASC 740 as codified from ASC 740-10 is not material. F. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was signed into law in the United States. The Tax Act, among other provisions, introduces changes in the U.S corporate tax rate, business related exclusions and deductions and credits, and has internationally tax consequences for companies that operate international. Most of the changes introduced in the Tax Act are effective beginning on January 1, 2018. G. As a result of the tax act the Company is subject to a reduced blended U.S. tax rate of 34% starting on January 1, 2018. The other effects of the Tax Act provisions are still being identified and evaluated by Management. |
TRANSACTIONS WITH RELATED PARTI
TRANSACTIONS WITH RELATED PARTIES | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | NOTE 13 - TRANSACTIONS WITH RELATED PARTIES Other than transactions and balances related to cash and share based compensation to officers and directors, the Company did not have any transactions and balances with related parties and executive officers during 2017 and 2016. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | NOTE 14 - SUBSEQUENT EVENTS On January 3, 2018, the Company received a Good Manufacturing Practice (GMP) approval from the Israel Ministry of Health (MoH) for its Israeli contract manufacturing facility. The GMP certificate confirms the Company's manufacturing site compliance with Israeli GMPs which are recognized as equivalent with EU standards. On February 5, 2018, the Company appointed Anthony Polverino, Ph.D., as a board member. Dr. Polverino, is currently interim chief scientific officer of Kite (formerly Kite Pharma and now a wholly-owned subsidiary of Gilead Sciences) and a highly accomplished senior biopharmaceutical executive with more than 25 years' industry experience in drug research and development. On February 5, 2018 Dr. Robert Shorr left the Company’s board of directors. |
SIGNIFICANT ACCOUNTING POLICI21
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | 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] | 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] | 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 "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] | 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] | 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 |
Severance Pay Policy [Policy Text Block] | G. 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] | H. Fair value of financial instruments: The carrying values of cash and cash equivalents, accounts receivable, other receivables, 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] | I. Accounting for stock-based compensation: In accordance with ASC 718-10 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. 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] | J. 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 "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, 2017 and December 31, 2016, since all such securities have an anti-dilutive effect. |
Research and Development Expense, Policy [Policy Text Block] | K. Research and development expenses, net: Research and development expenses, are charged to the statement of operations as incurred. Royalty-bearing grants from the Israel Innovation Authorities (“IIA”) and a non-dilutive, non-royalty-bearing grant from the California Institute of Regenerative Medicine ("CIRM") 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 |
Income Tax, Policy [Policy Text Block] | L. Income taxes: The Company accounts for income taxes in accordance with ASC 740-10 "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. |
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 February 2016, the FASB issued ASU 2016-02 “Leases” to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. For operating leases, the ASU requires a lessee to recognize a right-of-use asset and a lease liability, initially measured at the present value of the lease payments, on its balance sheet. The ASU retains the current accounting for lessors and does not make significant changes to the recognition, measurement, and presentation of expenses and cash flows by a lessee. The ASU is effective for the Company in the first quarter of 2019, with early adoption permitted. The Company continues to evaluate the effect of the adoption of this ASU and expects the adoption will result in an increase in the assets and liabilities on the consolidated balance sheets for operating leases (see Note 7) and will likely have an insignificant impact on the consolidated statements of earnings. In June 2016, the FASB issued a new standard requiring measurement and recognition of expected credit losses on certain types of financial instruments. It also modifies the impairment model for available-for-sale debt securities and provides for a simplified accounting model for purchased financial assets with credit deterioration since their origination. This standard is effective for us in the first quarter of 2020; early adoption is permitted beginning in the first quarter of 2019. It is required to be applied on a modified-retrospective approach with certain elements being adopted prospectively. The Company does not expect that the adoption of this standard will have a significant impact on the financial position or results of operations. In May 2017, the FASB issued ASU 2017-09 “Compensation-Stock Compensation (Topic 718): Scope of Modification Accounting,” which clarifies when a change to terms or conditions of a share-based payment award must be accounted for as a modification. The new guidance requires modification accounting if the vesting condition, fair value or the award classification is not the same both before and after a change to the terms and conditions of the award. The new guidance is effective on a prospective basis beginning on January 1, 2018 and early adoption is permitted. The Company does not expect the adoption of this standard to have an impact on its consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICI22
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 | |
Receivables [Abstract] | |
Schedule of Other Current Assets [Table Text Block] | December 31, 2017 2016 Grants receivable from IIA $ 574 $ 154 Government institutions and other 98 152 $ 672 $ 306 |
PROPERTY AND EQUIPMENT (Tables)
PROPERTY AND EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | December 31, 2017 2016 Cost: Office furniture and equipment $ 73 $ 73 Computer software and electronic equipment 189 182 Laboratory equipment 875 702 Leasehold improvements 716 716 1,853 1,673 Accumulated depreciation: Office furniture and equipment 23 18 Computer software and electronic equipment 176 166 Laboratory equipment 552 492 Leasehold improvements 710 700 1,461 1,376 Depreciated cost $ 392 $ 297 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 are as follows: Period ending December 31, Facilities Vehicles Total 2018 $ 196 $ 10 $ 206 2019 199 - 199 2020 43 - 43 $ 438 $ 10 $ 448 |
STOCK CAPITAL (Tables)
STOCK CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | The following table sets forth the number, exercise price and expiration date of the warrants outstanding as of December 31, 2017: Issuance Date Outstanding As Of Exercise price Exercisable Through Nov-08 6,666 2.25 Sep-18 Apr-Oct 2009 20,000 1.005 1.5 Apr-Oct 2019 Aug 2007- Jan 2011 2,016,666 3 4.35 Nov-22 Jan-15 3,858,201 6.5 Jun-18 5,901,533 |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | A summary of the Company's option activity related to options to employees and directors, and related information is as follows: For the year ended For the year ended Amount of Weighted Aggregate Amount of Weighted Aggregate $ $ $ $ Outstanding at beginning of period 874,841 2.1258 1,002,451 2.6072 Granted 240,446 3.5178 70,667 0.75 Exercised (129,888) 3.9175 - - Cancelled (44,445) 1.6104 (198,277) 4.0691 Outstanding at end of period 940,954 2.4681 1,366,213 874,841 2.1258 362,336 Vested and expected-to-vest at end of period 811,824 2.3317 1,289,457 839,509 2.1837 299,088 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [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, $ 2017 2016 2017 2016 2017 2016 0.75 213,333 213,665 6.99 8.67 177,889 178,333 1.005 5,333 6,445 1.50 2.50 5,333 6,445 2.25 69,889 137,000 3.57 4.72 69,889 137,000 2.45 369,619 369,619 7.75 8.75 369,619 369,619 2.70 82,667 93,333 5.65 6.54 82,667 93,333 3.17 - 25,779 - 0.12 - 25,779 3.90 15,000 15,000 4.59 5.59 15,000 15,000 4.18 47,847 - 1.18 - 47,847 - 4.3 93,686 - 9.89 - - - 4.80 2,000 2,000 2.11 3.11 2,000 2,000 4.81 41,580 - 1.56 - 41,580 - 5.85 - 6,000 - 0.5 - 6,000 7.05 - 6,000 - 0.22 - 6,000 940,954 874,841 6.59 7.38 811,824 839,509 |
Stock Based Compensation Expense [Table Text Block] | Year ended December 31, 2017 2016 Expected volatility 67%-70% 75%-77% Risk-free interest 0.97%-2.13% 1.20% - 1.27% Dividend yield 0% 0% Expected life of up to (years) 5.5 5.25 |
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, directors and service providers was comprised, at each period, as follows: Year ended 2017 2016 Research and development $ 164 $ 96 General and administrative 452 660 Total stock-based compensation expense $ 616 $ 756 |
RESEARCH AND DEVELOPMENT, NET (
RESEARCH AND DEVELOPMENT, NET (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Research and Development [Abstract] | |
Research and Development Disclosure [Table Text Block] | Year ended 2017 2016 U.S. $ in thousands Research and development $ 6,795 $ 3,435 Less : Participation by the Israel Innovation Authorities (1,393) (1,185) Less : Participation by CIRM (4,425) - $ 977 $ 2,250 |
TAXES ON INCOME (Tables)
TAXES ON INCOME (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 2016 U.S. $ in thousands Operating loss carryforward $ 51,107 $ 39,967 Net deferred tax asset before valuation allowance 14,090 13,333 Valuation allowance (14,090) (13,333) 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 December 31, 2017 2016 U.S. $ in thousands United States $ (2,532) $ (1,451) Israel (2,420) (3,531) $ (4,952) $ (4,982) |
GENERAL (Details Textual)
GENERAL (Details Textual) - shares | Dec. 31, 2017 | Dec. 31, 2016 | Aug. 26, 2015 | Dec. 31, 2014 |
General And Going Concern [Line Items] | ||||
Common Stock, Shares Authorized | 100,000,000 | 100,000,000 | 100,000,000 | 800,000,000 |
SIGNIFICANT ACCOUNTING POLICI30
SIGNIFICANT ACCOUNTING POLICIES (Details) | 12 Months Ended | |
Dec. 31, 2017 | ||
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 POLICI31
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) | 12 Months Ended |
Dec. 31, 2017 | |
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, 2017 | |
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, 2017 | Dec. 31, 2016 |
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||
Grants receivable from IIA | $ 574 | $ 154 |
Government institutions and other | 98 | 152 |
Non-trade Receivables, Current, Total | $ 672 | $ 306 |
PREPAID EXPENSES (Details Textu
PREPAID EXPENSES (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Prepaid Expense, Current | $ 1,103 |
Prepaid Expense, Noncurrent | 1,378 |
City of Hope [Member] | |
Payments to Suppliers | 3,222 |
Prepaid Supplies | $ 2,665 |
PROPERTY AND EQUIPMENT (Details
PROPERTY AND EQUIPMENT (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment: | ||
Cost | $ 1,853 | $ 1,673 |
Accumulated depreciation | 1,461 | 1,376 |
Depreciated cost | 392 | 297 |
Office furniture and equipment [Member] | ||
Property, Plant and Equipment: | ||
Cost | 73 | 73 |
Accumulated depreciation | 23 | 18 |
Computer software and electronic equipment [Member] | ||
Property, Plant and Equipment: | ||
Cost | 189 | 182 |
Accumulated depreciation | 176 | 166 |
Laboratory equipment [Member] | ||
Property, Plant and Equipment: | ||
Cost | 875 | 702 |
Accumulated depreciation | 552 | 492 |
Leasehold improvements [Member] | ||
Property, Plant and Equipment: | ||
Cost | 716 | 716 |
Accumulated depreciation | $ 710 | $ 700 |
PROPERTY AND EQUIPMENT (Detai36
PROPERTY AND EQUIPMENT (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation | $ 85 | $ 77 |
COMMITMENTS AND CONTINGENCIES37
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Period ending December 31,2017 | |
2,018 | $ 206 |
2,019 | 199 |
2,020 | 43 |
Operating Leases Future Minimum Payments Due | 448 |
Facilities [Member] | |
Period ending December 31,2017 | |
2,018 | 196 |
2,019 | 199 |
2,020 | 43 |
Operating Leases Future Minimum Payments Due | 438 |
Vehicles [Member] | |
Period ending December 31,2017 | |
2,018 | 10 |
2,019 | 0 |
2,020 | 0 |
Operating Leases Future Minimum Payments Due | $ 10 |
COMMITMENTS AND CONTINGENCIES38
COMMITMENTS AND CONTINGENCIES (Details Textual) ₪ in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2017ILS (₪) | Dec. 31, 2016USD ($) | Dec. 31, 2014USD ($)a | |
Commitments And Contingencies [Line Items] | ||||
Lease Agreement Entry Date | October 2,017 | October 2,017 | ||
Grants Underlying Basis | The grant is linked to the exchange rate of the dollar and bears interest of Libor per annum. | The grant is linked to the exchange rate of the dollar and bears interest of Libor per annum. | ||
Amounts Of Grants Received | $ 988 | |||
Lease Agreement Termination Description | option to terminate the agreement with 4 month pre-notice, before December 31, 2019 | option to terminate the agreement with 4 month pre-notice, before December 31, 2019 | ||
Minimum [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Percentage Of Royalty Payments Agreed For Grants | 0.00% | |||
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 | $ 198 | $ 182 | ||
Lease Agreement [Member] | ||||
Commitments And Contingencies [Line Items] | ||||
Lease Agreement Entry Date | October 2,014 | |||
Lease Agreement Term | 45 months | 45 months | ||
Monthly Rental Payments Agreed | $ 5 | |||
Operating Leases, Rent Expense | $ 11 | ₪ 40 | ||
Area of Land | a | 220 | |||
Lessee Leasing Arrangements, Operating Leases, Term of Contract | 63 months |
SHORT TERM DEPOSITS (Details Te
SHORT TERM DEPOSITS (Details Textual) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Cash and Cash Equivalents [Line Items] | ||
Maturity of Time Deposits | 5 months | 5 months |
Minimum [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Percentage of Interest Bearing Bank Deposits | 0.05% | |
Maximum [Member] | ||
Cash and Cash Equivalents [Line Items] | ||
Percentage of Interest Bearing Bank Deposits | 1.90% |
DEFERRED GRANT INCOME (Details
DEFERRED GRANT INCOME (Details Textual) - California Institute Of Regenerative Medicine [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2017 | Sep. 30, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Jul. 31, 2017 | |
Proceeds from Grantors | $ 7,050 | $ 7,050 | |||
Grants Receivable | $ 15,912 | ||||
Research and Development Arrangement, Contract to Perform for Others, Compensation Earned | $ 4,425 | $ 0 |
STOCK CAPITAL (Details)
STOCK CAPITAL (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Jul. 02, 2007 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Class of Warrant or Right, Outstanding | 5,901,533 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3 | |
Nov-08 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Class of Warrant or Right, Outstanding | 6,666 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 2.25 | |
Warrant Exercisable Term | Sep18 | |
April-Oct 2009 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Class of Warrant or Right, Outstanding | 20,000 | |
Warrant Exercisable Term | Apr-Oct 2019 | |
April-Oct 2009 [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.5 | |
April-Oct 2009 [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 1.005 | |
April 2007-Jan 2011 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Class of Warrant or Right, Outstanding | 2,016,666 | |
Warrant Exercisable Term | Nov22 | |
April 2007-Jan 2011 [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 4.35 | |
April 2007-Jan 2011 [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3 | |
Jan-15 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Class of Warrant or Right, Outstanding | 3,858,201 | |
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.5 | |
Warrant Exercisable Term | Jun18 |
STOCK CAPITAL (Details 1)
STOCK CAPITAL (Details 1) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Amount of options, Outstanding at beginning of period | 874,841 | |
Amount of options, Outstanding at end of period | 940,954 | 874,841 |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Amount of options, Outstanding at beginning of period | 874,841 | 1,002,451 |
Amount of options, Granted | 240,446 | 70,667 |
Amount of options, Exercised | (129,888) | 0 |
Amount of options, Cancelled | (44,445) | (198,277) |
Amount of options, Outstanding at end of period | 940,954 | 874,841 |
Amount of options, Vested and expected-to-vest at end of period | 811,824 | 839,509 |
Weighted average exercise price, Outstanding at beginning of period (in dollars per share) | $ 2.1258 | $ 2.6072 |
Weighted average exercise price, Granted (in dollars per share) | 3.5178 | 0.75 |
Weighted average exercise price, Exercised (in dollars per share) | 3.9175 | 0 |
Weighted Average exercise Price, Cancelled (in dollars per share) | 1.6104 | 4.0691 |
Weighted average exercise price, Outstanding at end of period (in dollars per share) | 2.4681 | 2.1258 |
Weighted average exercise price, Vested and expected-to-vest at end of period (in dollars per share) | $ 2.3317 | $ 2.1837 |
Aggregate intrinsic value, Outstanding at end of period (in dollars) | $ 1,366,213 | $ 362,336 |
Aggregate intrinsic value, Vested and expected-to-vest at end of period (in dollars) | $ 1,289,457 | $ 299,088 |
STOCK CAPITAL (Details 2)
STOCK CAPITAL (Details 2) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Options outstanding at end of period | 940,954 | 874,841 |
Weighted average remaining contractual Life Years | 6 years 7 months 2 days | 7 years 4 months 17 days |
Options exercisable | 811,824 | 839,509 |
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 | 213,333 | 213,665 |
Weighted average remaining contractual Life Years | 6 years 11 months 26 days | 8 years 8 months 1 day |
Options exercisable | 177,889 | 178,333 |
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 | 5,333 | 6,445 |
Weighted average remaining contractual Life Years | 1 year 6 months | 2 years 6 months |
Options exercisable | 5,333 | 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 | 69,889 | 137,000 |
Weighted average remaining contractual Life Years | 3 years 6 months 25 days | 4 years 8 months 19 days |
Options exercisable | 69,889 | 137,000 |
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 | 369,619 |
Weighted average remaining contractual Life Years | 7 years 9 months | 8 years 9 months |
Options exercisable | 369,619 | 369,619 |
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 | 82,667 | 93,333 |
Weighted average remaining contractual Life Years | 5 years 7 months 24 days | 6 years 6 months 14 days |
Options exercisable | 82,667 | 93,333 |
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 | 0 | 25,779 |
Weighted average remaining contractual Life Years | 0 years | 1 month 13 days |
Options exercisable | 0 | 25,779 |
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 | 15,000 |
Weighted average remaining contractual Life Years | 4 years 7 months 2 days | 5 years 7 months 2 days |
Options exercisable | 15,000 | 15,000 |
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 | 2 years 1 month 10 days | 3 years 1 month 10 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 | 0 | 6,000 |
Weighted average remaining contractual Life Years | 0 years | 6 months |
Options exercisable | 0 | 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 | 0 | 6,000 |
Weighted average remaining contractual Life Years | 0 years | 2 months 19 days |
Options exercisable | 0 | 6,000 |
Exercise Price 4.18 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price (in dollars per share) | $ 4.18 | |
Options outstanding at end of period | 47,847 | 0 |
Weighted average remaining contractual Life Years | 1 year 2 months 5 days | 0 years |
Options exercisable | 47,847 | 0 |
Exercise Price 4.3 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price (in dollars per share) | $ 4.3 | |
Options outstanding at end of period | 93,686 | 0 |
Weighted average remaining contractual Life Years | 9 years 10 months 20 days | 0 years |
Options exercisable | 0 | 0 |
Exercise Price 4.81 [Member] | ||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ||
Exercise price (in dollars per share) | $ 4.81 | |
Options outstanding at end of period | 41,580 | 0 |
Weighted average remaining contractual Life Years | 1 year 6 months 22 days | 0 years |
Options exercisable | 41,580 | 0 |
STOCK CAPITAL (Details 3)
STOCK CAPITAL (Details 3) - Employee Stock Option [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Dividend yield | 0.00% | 0.00% |
Expected life of up to (years) | 5 years 6 months | 5 years 3 months |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 67.00% | 75.00% |
Risk-free interest | 0.97% | 1.20% |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 70.00% | 77.00% |
Risk-free interest | 2.13% | 1.27% |
STOCK CAPITAL (Details 4)
STOCK CAPITAL (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 616 | $ 756 |
Research and development [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | 164 | 96 |
General and administrative [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total stock-based compensation expense | $ 452 | $ 660 |
STOCK CAPITAL (Details Textual)
STOCK CAPITAL (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Nov. 10, 2017 | Jul. 13, 2017 | Jan. 02, 2016 | Jan. 08, 2015 | Jun. 13, 2014 | Jul. 02, 2007 | Jan. 02, 2018 | Nov. 20, 2017 | Aug. 17, 2017 | Jul. 26, 2017 | Mar. 06, 2017 | Sep. 22, 2016 | Sep. 28, 2015 | Jun. 06, 2014 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Proceeds from Warrant Exercises | $ 314 | $ 0 | |||||||||||||||
Proceeds from Issuance or Sale of Equity | 46,600 | ||||||||||||||||
Issuance of Stock and Warrants for Services or Claims | $ 62 | 121 | |||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 3 | ||||||||||||||||
Class of Warrant or Right, Outstanding | 5,901,533 | ||||||||||||||||
Stock Or Unit Option Plan Expense | $ 554 | $ 635 | |||||||||||||||
Legal Advisor [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Stock Based Compensation Recorded In General and Administrative Expenses | $ 31 | ||||||||||||||||
Stock Issued During Period, Shares, Issued for Services | 10,752 | ||||||||||||||||
Legal Advisor [Member] | Subsequent Event [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 | 11,250 | ||||||||||||||||
Consultants [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 25,281 | ||||||||||||||||
Restricted Stock [Member] | Consultants [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 4,327 | ||||||||||||||||
Director [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 | 402,778 | ||||||||||||||||
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price | $ 1.34 | ||||||||||||||||
Chief Operating 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 | 47,847 | 33,333 | |||||||||||||||
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price | $ 4.18 | $ 2.7 | |||||||||||||||
Class of Warrant or Right, Outstanding | 13,333 | ||||||||||||||||
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 | 369,619 | ||||||||||||||||
Shares Issued, Price Per Share | $ 2.45 | ||||||||||||||||
Chief Executive Officer [Member] | Restricted Stock [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 31,185 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||||||||
Mr. Schor [Member] | Restricted Stock [Member] | Second Amended and Restated Director Compensation Plan [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 2,000 | ||||||||||||||||
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 | 10 years | ||||||||||||||||
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 93,686 | ||||||||||||||||
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price | $ 4.30 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | The Option shall vest and become exercisable as follows: 25% of the shares underlying the Option shall vest and become exercisable on each of the first, second, third and fourth anniversary of the date of grant, until fully vested and exercisable on the fourth anniversary of the date of grant, provided Mr. Rubin remains continuously employed byBCT from the date of grant through each applicable vesting date. | ||||||||||||||||
Chief Financial Officer [Member] | Restricted Stock [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 25,000 | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100.00% | ||||||||||||||||
Executive Vice President, Chief Business Officer and Director [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 | 5,543 | ||||||||||||||||
Vice Presidents [Member] | Restricted Stock [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 9,924 | ||||||||||||||||
Patient Advocacy and Government Affairs [Member] | Restricted Stock [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights | 2014 U.S. Plan which vests as to 25% of the grant on each of August 1, 2018, August 1, 2019, August 1, 2010 and August 1, 2011, provided that Ms. Turner is employed by the Company on each such Vesting Date | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||||||||||||
Dr Arbel [Member] | Second Amended and Restated Director Compensation Plan [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 | 25,333 | ||||||||||||||||
Dr Shorr [Member] | Restricted Stock [Member] | Second Amended and Restated Director Compensation Plan [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 8,666 | ||||||||||||||||
Mr Taub [Member] | Restricted Stock [Member] | Second Amended and Restated Director Compensation Plan [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Gross | 12,000 | ||||||||||||||||
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] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 2,200,000 | ||||||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance | 1,013,868 | ||||||||||||||||
Maxim Group LLC [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Warrants Issued To Purchase Of Common Stock | 38,200 | ||||||||||||||||
Mr. Yablonka [Member] | Executive Vice President, Chief Business Officer and Director [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 | 5,543 | ||||||||||||||||
Private Placement [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Warrant Amendment Agreement,Description | (i) the ACCBT Entities existing right to appoint 50.1% of the Board of Directors of the Company and its subsidiaries was reduced to 30%; (ii) the ACCBT Entities’ consent rights regarding Company matters pursuant to the ACCBT Documents were limited to transactions greater than $500,000 (previous to the amendment the consent right was for transactions of $25,000 or more); and (iii) the expiration date of each of the ACCBT Warrants was extended until November 5, 2022 (the previous expiration date was November 5, 2017). | ||||||||||||||||
Private Placement [Member] | Investment Agreement [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,920,461 | ||||||||||||||||
Warrants Issued To Purchase Of Common Stock | 2,016,666 | ||||||||||||||||
Investment Warrants, Exercise Price | $ 5.22 | ||||||||||||||||
Stock Issued During Period, Value, New Issues | $ 5,000 | ||||||||||||||||
Warrants Excercised | 2,546,667 | ||||||||||||||||
Warrants Expired | 337,333 | ||||||||||||||||
Private Placement [Member] | Restricted Stock [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||||||
Share-Based Compensation Arrangements By Share-Based Payment Award, Options, Grants In Period, Weighted Average Exercise Price | $ 4.81 | ||||||||||||||||
Private Placement [Member] | 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 | 41,580 | ||||||||||||||||
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 | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 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 | ||||||||||||||||
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 | ||||||||||||||||
Shares Issued, Price Per Share | $ 3.75 | ||||||||||||||||
Proceeds from Warrant Exercises | $ 13,300 | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 5.22 | ||||||||||||||||
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 | ||||||||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 6.50 |
RESEARCH AND DEVELOPMENT, NET47
RESEARCH AND DEVELOPMENT, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Research and Development Arrangement [Line Items] | ||
Research and development | $ 6,795 | $ 3,435 |
Research and Development Expense | 977 | 2,250 |
California Institute Of Regenerative Medicine [Member] | ||
Research and Development Arrangement [Line Items] | ||
Less : Participation | (4,425) | 0 |
Israel Innovation Authorities [Member] | ||
Research and Development Arrangement [Line Items] | ||
Less : Participation | $ (1,393) | $ (1,185) |
TAXES ON INCOME (Details)
TAXES ON INCOME (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Income Tax Disclosure [Line Items] | ||
Operating loss carryforward | $ 51,107 | $ 39,967 |
Net deferred tax asset before valuation allowance | 14,090 | 13,333 |
Valuation allowance | (14,090) | (13,333) |
Net deferred tax asset | $ 0 | $ 0 |
TAXES ON INCOME (Details 1)
TAXES ON INCOME (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Disclosure [Line Items] | ||
United States | $ (2,532) | $ (1,451) |
Israel | (2,420) | (3,531) |
Loss from continuing operations, before taxes on income | $ (4,952) | $ (4,982) |
TAXES ON INCOME (Details Textua
TAXES ON INCOME (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Scenario, Plan [Member] | ||
Income Tax Disclosure [Line Items] | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 34.00% | |
Israel Country [Member] | ||
Income Tax Disclosure [Line Items] | ||
BCT Income Tax rate | 23.00% | 24.00% |
Operating Loss Carryforwards, Valuation Allowance | $ 14,090 | |
Tax Credit Carryforward, Amount | $ 51,107 | |
Tax Credit Carryforward Expiration Period | 20 years |