Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2013 | Oct. 29, 2013 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-13 | ' |
Entity Registrant Name | 'PLURISTEM THERAPEUTICS INC | ' |
Entity Central Index Key | '0001158780 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 59,883,919 |
INTERIM_CONDENSED_CONSOLIDATED
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $8,603 | $9,007 |
Short term bank deposits | 24,047 | 31,449 |
Restricted cash and restricted short term deposits | 753 | 316 |
Marketable securities | 16,016 | 13,441 |
Other current assets | 3,049 | 872 |
Total current assets | 52,468 | 55,085 |
LONG-TERM ASSETS: | ' | ' |
Long-term deposits and restricted deposits | 311 | 421 |
Severance pay fund | 1,020 | 905 |
Property and equipment, net | 11,663 | 11,866 |
Other long term assets | 21 | 39 |
Total long-term assets | 13,015 | 13,231 |
Total assets | 65,483 | 68,316 |
CURRENT LIABILITIES | ' | ' |
Trade payables | 2,880 | 2,837 |
Accrued expenses | 1,003 | 1,040 |
Deferred revenues | 379 | 379 |
Advance payment from United Therapeutics | 356 | 393 |
Other accounts payable | 1,113 | 1,272 |
Total current liabilities | 5,731 | 5,921 |
LONG-TERM LIABILITIES | ' | ' |
Deferred revenues | 3,131 | 3,226 |
Accrued severance pay | 1,173 | 1,023 |
Other long term liabilities | 657 | 680 |
Total long term liabilities | 4,961 | 4,929 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock $0.00001 par value: Authorized: 100,000,000 shares Issued and outstanding: 59,852,793 shares as of September 30, 2013, 59,196,617 shares as of June 30, 2013 | ' | ' |
Additional paid-in capital | 145,794 | 144,109 |
Accumulated deficit | -91,657 | -86,902 |
Other comprehensive income | 654 | 259 |
Total stockholders' equity | 54,791 | 57,466 |
Total liabilities and stockholders' equity | $65,483 | $68,316 |
INTERIM_CONDENSED_CONSOLIDATED1
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ' | ' |
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 59,852,793 | 59,196,617 |
Common stock, shares outstanding | 59,852,793 | 59,196,617 |
INTERIM_CONDENSED_CONSOLIDATED2
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ' | ' |
Revenues | $95 | $195 |
Cost of revenues | -3 | -6 |
Gross profit | 92 | 189 |
Research and development expenses | -5,497 | -3,748 |
Less participation by the Office of the Chief Scientist and other parties | 2,374 | 1,050 |
Research and development expenses, net | -3,123 | -2,698 |
General and administrative expenses | -1,829 | -1,681 |
Total operating expenses | -4,952 | -4,379 |
Operating loss | -4,860 | -4,190 |
Financial income, net | 105 | 195 |
Net loss | ($4,755) | ($3,995) |
Loss per share: | ' | ' |
Basic and diluted net loss per share | ($0.08) | ($0.08) |
Weighted average number of shares used in computing basic and diluted net loss per share | 59,254,132 | 47,833,654 |
INTERIM_CONDENSED_CONSOLIDATED3
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) [Abstract] | ' | ' |
Net loss | ($4,755) | ($3,995) |
Other comprehensive income (loss): | ' | ' |
Changes in unrealized gain on available for sale marketable securities | 537 | 229 |
Reclassification adjustment for gains realized in net loss | -142 | ' |
Other comprehensive income | 395 | 229 |
Total comprehensive loss | ($4,360) | ($3,766) |
INTERIM_CONDENSED_STATEMENTS_O
INTERIM CONDENSED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data | |||||
Balance at Jun. 30, 2012 | ' | ' | $103,619 | ($130) | ($64,747) |
Balance, shares at Jun. 30, 2012 | ' | 46,448,051 | ' | ' | ' |
Issuance of common stock and warrants related to September 2012 public offering, net of issuance costs of $2,694 | 34,106 | ' | 34,106 | ' | ' |
Issuance of common stock and warrants related to September 2012 public offering, net of issuance costs of $2,694, shares | ' | 9,200,000 | ' | ' | ' |
Exercise of options by employees and consultants | 146 | ' | 146 | ' | ' |
Exercise of options by employees and consultants, shares | ' | 94,332 | ' | ' | ' |
Exercise of warrants by investors and finders | 1,229 | ' | 1,229 | ' | ' |
Exercise of warrants by investors and finders, shares | ' | 975,622 | ' | ' | ' |
Stock based compensation to employees, directors and non-employees consultants | 1,336 | ' | 1,336 | ' | ' |
Stock based compensation to employees, directors and non-employees consultants, shares | ' | 539,225 | ' | ' | ' |
Stock based compensation to contractor | 1,400 | ' | 1,400 | ' | ' |
Other comprehensive income | 229 | ' | ' | 229 | ' |
Net loss | -3,995 | ' | ' | ' | -3,995 |
Balance at Sep. 30, 2012 | ' | ' | 141,836 | 99 | -69,742 |
Balance, shares at Sep. 30, 2012 | ' | 57,257,230 | ' | ' | ' |
Balance at Jun. 30, 2013 | 57,466 | ' | 144,109 | 259 | -86,902 |
Balance, shares at Jun. 30, 2013 | 59,196,617 | 59,196,617 | ' | ' | ' |
Exercise of options by employees and consultants | ' | ' | ' | ' | ' |
Exercise of options by employees and consultants, shares | ' | 5,905 | ' | ' | ' |
Exercise of warrants by investors and finders | 509 | ' | 509 | ' | ' |
Exercise of warrants by investors and finders, shares | ' | 448,082 | ' | ' | ' |
Stock based compensation to employees, directors and non-employees consultants | 1,176 | ' | 1,176 | ' | ' |
Stock based compensation to employees, directors and non-employees consultants, shares | ' | 202,189 | ' | ' | ' |
Stock based compensation to contractor | ' | ' | ' | ' | ' |
Other comprehensive income | 395 | ' | ' | 395 | ' |
Net loss | -4,755 | ' | ' | ' | -4,755 |
Balance at Sep. 30, 2013 | $54,791 | ' | $145,794 | $654 | ($91,657) |
Balance, shares at Sep. 30, 2013 | 59,852,793 | 59,852,793 | ' | ' | ' |
INTERIM_CONDENSED_STATEMENTS_O1
INTERIM CONDENSED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2012 |
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY [Abstract] | ' |
Issuance of common stock and warrants, issuance costs | $2,694 |
INTERIM_CONDENSED_CONSOLIDATED4
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($4,755) | ($3,995) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation | 461 | 130 |
Stock-based compensation to employees, directors and non-employees consultants | 1,176 | 1,063 |
Stock compensation to investor relations consultants | ' | 273 |
Increase in other accounts receivable | -2,150 | -746 |
Increase in prepaid expenses | -7 | -483 |
Decrease (increase) in trade payables | 247 | 988 |
Increase in other accounts payable and accrued expenses | 160 | 30 |
Increase (decrease) in deferred revenues | -474 | -195 |
Increase (decrease) in advance payment from United Therapeutics | -37 | -617 |
Linkage differences and Increase (decrease) interest on short and long-term deposit and restricted lease deposit | -168 | -37 |
Accretion of discount, amortization of premium and changes in accrued interest from marketable securities | 559 | 43 |
Loss (gain) from sale of investments of available for sale marketable securities | -142 | 15 |
Accrued severance pay, net | 35 | 9 |
Net cash used in operating activities | -5,095 | -3,522 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of property and equipment | -462 | -1,978 |
Repayment in short-term deposits | 7,132 | ' |
Repayment (investment) in long-term deposits | -3 | 300 |
Repayment of long-term restricted deposit | 112 | 3 |
Proceeds from sale of available-for-sale marketable securities | 1,870 | 313 |
Proceeds from redemption of available-for-sale marketable securities | 394 | ' |
Investment in available-for-sale marketable securities | -4,861 | -1,248 |
Net cash provided by (used in) investing activities | 4,182 | -2,610 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Issuance of common stock and warrants, net of issuance costs | ' | 34,106 |
Exercise of options and warrants | 509 | 1,388 |
Net cash provided by financing activities | 509 | 35,494 |
Increase (decrease) in cash and cash equivalents | -404 | 29,362 |
Cash and cash equivalents at the beginning of the period | 9,007 | 9,389 |
Cash and cash equivalents at the end of the period | 8,603 | 38,751 |
(a) Supplemental disclosure of cash flow activities: | ' | ' |
Cash paid during the period for taxes due to non-deductible expenses | 31 | 3 |
(b) Supplemental disclosure of non-cash activities: | ' | ' |
Purchase of property and equipment on credit | 668 | 78 |
Stock based compensation to contractor | ' | $1,400 |
GENERAL
GENERAL | 3 Months Ended | |
Sep. 30, 2013 | ||
GENERAL [Abstract] | ' | |
GENERAL | ' | |
NOTE 1:-GENERAL | ||
a. | Pluristem Therapeutics Inc., a Nevada corporation, was incorporated on May 11, 2001. Pluristem Therapeutics Inc. has a wholly owned subsidiary, Pluristem Ltd. (the "Subsidiary"), which is incorporated under the laws of the State of Israel. Pluristem Therapeutics Inc. and the Subsidiary are referred to as "Pluristem" or the "Company". | |
b. | The Company is a bio-therapeutics company developing standardized cell therapy products from human placenta for the treatment of multiple disorders. The Company has sustained operating losses and expects such losses to continue in the foreseeable future. The Company's accumulated losses aggregated to $91,657 through September 30, 2013. The Company plans to continue to finance its operations with sales of equity securities, entering into licensing technology agreements such as the United Therapeutics Corporation ("United Therapeutics") and CHA Bio&Diostech ("CHA") agreements, and from grants to support its R&D activity. In the longer term, the Company plans to finance its operations from revenues from sales of products. | |
c. | Clinical hold lift: | |
In June 2013, the Company received notification from the U.S. Food and Drug Administration ("FDA") that its United States phase II Intermittent Claudication study had been placed on clinical hold due to a serious allergic reaction in a case which required hospitalization. On September 16, 2013, the Company announced that the FDA lifted the clinical hold. | ||
d. | License Agreements: | |
On June 19, 2011, the Subsidiary entered into an exclusive license agreement ("the License Agreement") with United Therapeutics for the use of its PLX cells to develop and commercialize a cell-based product for the treatment of Pulmonary Hypertension ("PAH"). The License Agreement provides that United Therapeutics will receive exclusive worldwide license rights for the development and commercialization of the Company's PLX cell-based product to treat PAH. The License Agreement provides for the following consideration payable to the Company: (i) an upfront payment of $7,000 paid in August 2011, which includes a $5,000 non-refundable upfront payment and a $2,000 advance payment on the development; (ii) up to $37,500 upon reaching certain regulatory milestones with respect to the development of a product to treat PAH; (iii) reimbursement of up to $10,000 of certain of the Company expenses if the Company establishes a manufacturing facility in North America upon meeting certain status; (iv) reimbursement of certain costs in connection with the development of the product; and (v) following commercialization of the product, royalties and the purchase of commercial supplies of the developed product from the Company at a specified margin over the Company's cost. On August 2, 2011, the License Agreement became effective following the consent of the Office of the Chief Scientist of Israel ("OCS") within the Israeli Ministry of Economy. | ||
On June 26, 2013, the Subsidiary entered into an exclusive license and commercialization agreement (the "CHA Agreement") with CHA Bio&Diostech ("CHA"), for conducting clinical trials and commercialization of Pluristem's PLX-PAD product in South Korea in connection with two indications: the treatment of Critical Limb Ischemia, and Intermediate Claudication (the "Indications"). Under the terms of the CHA Agreement, CHA will receive exclusive rights in South Korea for conducting clinical trials with respect to the Indications, at the sole expense of CHA. Commencement of the clinical trials is conditioned upon the receipt of the necessary regulatory approvals. If Pluristem's products receive regulatory approvals in South Korea for marketing as treatment for the Indications, the parties will form a joint venture in order to sell, distribute and market Pluristem products for treating the Indications in South Korea. The joint venture would be owned equally by CHA and Pluristem. Pluristem would own any and all intellectual property rights to the extent conceived in connection with its products and license such rights to the joint venture. | ||
In an event of lifting the clinical hold by the FDA on a study of another indication conducted by Pluristem (see Note 1c), and reaching an agreed upon development plan for conducting the clinical trials, Pluristem has agreed to issue to CHA 2,500,000 shares of its common stock in consideration for the issuance to Pluristem of 1,011,504 common shares of CHA, which reflect total consideration of approximately $10,000 for such Pluristem shares (based on the average closing price of CHA common shares over the last 30 trading days preceding the date of the agreement). Each party has agreed to hold the other party's shares for at least one year before selling any of such shares. The parties also agreed to give an irrevocable proxy to the other party's management with respect to the voting power of the shares issued. | ||
The CHA Agreement includes non-competition covenants by CHA for a specified period as well as customary termination and indemnification provisions, including in the event the parties do not reach an agreed upon development plan for conducting the clinical trials. |
BASIS_OF_PRESENTATION_AND_SIGN
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | ||
Sep. 30, 2013 | |||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ' | ||
NOTE 2:- BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |||
a. | Unaudited Interim Financial Information | ||
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). | |||
For further information, reference is made to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2013. | |||
Operating results for the three months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending June 30, 2014. | |||
b. | Fair value of financial instruments: | ||
The carrying amounts of the Company's financial instruments, including cash and cash equivalents, available-for-sale marketable securities, short-term deposits, trade payable and other accounts payable and accrued liabilities, approximate fair value because of their generally short term maturities. | |||
The Company accounts for certain assets and liabilities at fair value under ASC 820, "Fair Value Measurements and Disclosures". Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: | |||
Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets; | |||
Level 2 - Includes other inputs that are directly or indirectly observable in the marketplace, other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets with insufficient volume or infrequent transactions, or other inputs that are observable (model-derived valuations in which significant inputs are observable), or can be derived principally from or corroborated by observable market data; and | |||
Level 3 - Unobservable inputs which are supported by little or no market activity. | |||
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company categorized each of its fair value measurements in one of these three levels of hierarchy. | |||
Based on the fair value hierarchy, the Company classifies its marketable securities within Level 1 or Level 2. This is because the Company values its marketable securities using quoted market prices or alternative pricing sources and models utilizing market observable inputs. The Company classifies its foreign currency derivative instruments primarily within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments. | |||
c. | Derivative financial instruments | ||
The Company's derivatives are not designated as hedging accounting instruments under ASC 815, "Derivatives and Hedging". Those derivatives consist primarily of forward and options contracts the Company uses to hedge the Company's exposures to currencies other than the U.S. dollar. The Company recognized derivative instruments as either assets or liabilities and measures those instruments at fair value. Since the derivative instruments that the Company holds do not meet the definition of hedging instruments under ASC 815, the Company recognizes changes in the fair values in its statement of income in financial income, net, in the same period as the re-measurement gain and loss of the related foreign currency denominated assets and liabilities. | |||
The fair value of the forward and options contracts as of September 30, 2013 and June 30, 2013 were recorded as an asset of $86 and $93, respectively. |
MARKETABLE_SECURITIES
MARKETABLE SECURITIES | 3 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES [Abstract] | ' | ||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES | ' | ||||||||||||||||||||||||||||||||
NOTE 3:- MARKETABLE SECURITIES | |||||||||||||||||||||||||||||||||
As of September 30, 2013, all of the Company's marketable securities were classified as available-for-sale. | |||||||||||||||||||||||||||||||||
September 30, 2013 (Unaudited) | 30-Jun-13 | ||||||||||||||||||||||||||||||||
Amortized cost | Gross | Gross | Fair | Amortized cost | Gross | Gross | Fair | ||||||||||||||||||||||||||
unrealized | unrealized | value | unrealized | unrealized | value | ||||||||||||||||||||||||||||
gain | loss | gain | loss | ||||||||||||||||||||||||||||||
Available-for-sale - matures within one year: | |||||||||||||||||||||||||||||||||
Stock and index linked notes | $ | 5,624 | $ | 361 | $ | (62 | ) | $ | 5,923 | $ | 4,023 | $ | 234 | $ | (180 | ) | $ | 4,077 | |||||||||||||||
Government debentures - fixed interest rate | 163 | 24 | (1 | ) | 186 | 329 | 21 | - | 350 | ||||||||||||||||||||||||
Corporate debentures - fixed interest rate | 681 | 42 | (6 | ) | 717 | 508 | 30 | (9 | ) | 529 | |||||||||||||||||||||||
$ | 6,468 | $ | 427 | $ | (69 | ) | $ | 6,826 | $ | 4,860 | $ | 285 | $ | (189 | ) | $ | 4,956 | ||||||||||||||||
Available-for-sale - matures after one year through five years: | |||||||||||||||||||||||||||||||||
Government debentures - fixed interest rate | 2,387 | 60 | (5 | ) | 2,442 | 1,602 | 49 | (12 | ) | 1,639 | |||||||||||||||||||||||
Corporate debentures - fixed interest rate | 5,069 | 235 | (44 | ) | 5,260 | 4,976 | 162 | (77 | ) | 5,061 | |||||||||||||||||||||||
$ | 7,456 | $ | 295 | $ | (49 | ) | $ | 7,702 | $ | 6,578 | $ | 211 | $ | (89 | ) | $ | 6,700 | ||||||||||||||||
Available-for-sale - matures after five years through ten years: | |||||||||||||||||||||||||||||||||
Government debentures - fixed interest rate | $ | 621 | $ | 30 | $ | (9 | ) | $ | 642 | $ | 955 | $ | 45 | $ | (14 | ) | $ | 986 | |||||||||||||||
Corporate debentures - fixed interest rate | 817 | 39 | (10 | ) | 846 | 789 | 29 | (19 | ) | 799 | |||||||||||||||||||||||
$ | 1,438 | $ | 69 | $ | (19 | ) | $ | 1,488 | $ | 1,744 | $ | 74 | $ | (33 | ) | $ | 1,785 | ||||||||||||||||
$ | 15,362 | $ | 791 | $ | (137 | ) | $ | 16,016 | $ | 13,182 | $ | 570 | $ | (311 | ) | $ | 13,441 | ||||||||||||||||
The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 30, 2013 and June 30, 2013, and the length of time that those investments have been in a continuous loss position: | |||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or greater | ||||||||||||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | ||||||||||||||||||||||||||||||
unrealized loss | unrealized loss | ||||||||||||||||||||||||||||||||
As of September 30, 2013 (Unaudited) | $ | 4,123 | $ | (131 | ) | $ | 21 | $ | (6 | ) | |||||||||||||||||||||||
As of June 30, 2013 | $ | 5,122 | $ | (302 | ) | $ | 32 | $ | (9 | ) | |||||||||||||||||||||||
The Company typically invests in highly-rated securities. When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company's intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment's amortized cost basis. Based on the above factors, the Company concluded that unrealized losses on all available-for-sale securities were not other-than-temporary and no credit loss was present for any of its investments. As such, the Company did not recognize any impairment charges on outstanding securities during the three months ended September 30, 2013. |
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||||
NOTE 4:- FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||
30-Sep-13 | 30-Jun-13 | ||||||||||||||||
(Unaudited) | |||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||||
Marketable securities | $ | 6,238 | $ | 9,778 | $ | 6,311 | $ | 7,130 | |||||||||
Derivatives | - | 86 | - | 93 | |||||||||||||
Total | $ | 6,238 | $ | 9,864 | $ | 6,311 | $ | 7,223 | |||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Sep. 30, 2013 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 5: - COMMITMENTS AND CONTINGENCIES | |
Commitments and contingencies that changed during the three months ended September 30, 2013 include the following: | |
Increase in the amount of $325 of cash pledged by the Company to secure its hedging transactions, credit line and bank guarantees. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
STOCKHOLDERS' EQUITY [Abstract] | ' | ||||||||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||||||||
NOTE 6: - STOCKHOLDERS' EQUITY | |||||||||||||||||
From July 2013 through September 2013, a total of 457,000 warrants were exercised via "cashless" exercise, resulting in the issuance of 169,082 shares of common stock to investors of the Company. In addition, 279,000 warrants were exercised for cash and resulted in the issuance of 279,000 shares of common stock to investors of the Company. The aggregate cash consideration received was $509. In addition, in August 2013, a total of 15,000 warrants were exercised via a "cashless" exercise, resulting in the issuance of 5,905 shares of common stock to a consultant of the Company. | |||||||||||||||||
a. | Options, warrants, restricted stock and restricted stock units to employees, directors and consultants: | ||||||||||||||||
1 | Options to employees and directors: | ||||||||||||||||
The Company has approved two incentive option plans from 2003 and from 2005 (the "2003 Plan" and the "2005 Plan", and collectively, the "Plans"). | |||||||||||||||||
The Company accounted for its options to employees and directors under the fair value method in accordance with ASC 718, "Compensation - Stock Compensation". A summary of the Company's share option activity for options granted to employees and directors under the Plans is as follows: | |||||||||||||||||
Three months ended September 30, 2013 (Unaudited) | |||||||||||||||||
Number | Weighted Average Exercise Price | Weighted Average Remaining Contractual Terms (in years) | Aggregate Intrinsic Value Price | ||||||||||||||
Options outstanding at beginning of period | 1,958,156 | $ | 4.01 | ||||||||||||||
Options forfeited | (50,000 | ) | $ | 15.31 | |||||||||||||
Options outstanding at end of the period | 1,908,156 | $ | 3.73 | 3.82 | $ | 1,195 | |||||||||||
Options exercisable at the end of the period | 1,908,156 | $ | 3.73 | 3.82 | $ | 1,195 | |||||||||||
Options vested | 1,908,156 | $ | 3.73 | 3.82 | $ | 1,195 | |||||||||||
Intrinsic value of exercisable options (the difference between the Company's closing stock price on the last trading day in the period and the exercise price, multiplied by the number of in-the-money options) represents the amount that would have been received by the employees and directors option holders had all option holders exercised their options on September 30, 2013. This amount changes based on the fair market value of the Company's common stock. | |||||||||||||||||
2 | Options and warrants to non-employees: | ||||||||||||||||
A summary of the Company's activity related to options and warrants to consultants is as follows: | |||||||||||||||||
Three months ended September 30, 2013 (Unaudited) | |||||||||||||||||
Number | Weighted Average Exercise Price | Weighted Average Remaining Contractual Terms (in years) | Aggregate Intrinsic Value Price | ||||||||||||||
Options and warrants outstanding at beginning of period | 315,500 | $ | 4.4 | ||||||||||||||
Options and warrants exercised | (15,000 | ) | 1.91 | ||||||||||||||
Options and warrants outstanding at end of the period | 300,500 | $ | 4.56 | 3.97 | $ | 463 | |||||||||||
Options and warrants exercisable at the end of the period | 299,000 | $ | 4.59 | 3.95 | $ | 458 | |||||||||||
Options and warrants vested and expected to vest | 300,500 | $ | 4.56 | 3.97 | $ | 463 | |||||||||||
Compensation expenses related to options and warrants granted to consultants were recorded as follows: | |||||||||||||||||
Three months ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Unaudited | |||||||||||||||||
Research and development expenses | $ | - | $ | - | |||||||||||||
General and administrative expenses | 2 | 18 | |||||||||||||||
$ | 2 | $ | 18 | ||||||||||||||
Future expenses related to options and warrants granted to consultants for an average time of approximately three months is $1. | |||||||||||||||||
3 | Restricted stock and restricted stock units to employees and directors: | ||||||||||||||||
During the three months ended September 30, 2013, the Company did not grant restricted stock units to any of the Company's employees and directors. | |||||||||||||||||
The following table summarizes the activities for unvested restricted stock units granted to employees and directors for the three months ended September 30, 2013 (Unaudited): | |||||||||||||||||
Number | |||||||||||||||||
Unvested at the beginning of period | 1,660,525 | ||||||||||||||||
Granted | - | ||||||||||||||||
Forfeited | (20,873 | ) | |||||||||||||||
Vested | (202,189 | ) | |||||||||||||||
Unvested at the end of the period | 1,437,463 | ||||||||||||||||
Expected to vest after September 30, 2013 | 1,420,189 | ||||||||||||||||
Compensation expenses related to restricted stock units granted to employees and directors were recorded as follows: | |||||||||||||||||
Three months ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Unaudited | |||||||||||||||||
Research and development expenses | $ | 126 | $ | 317 | |||||||||||||
General and administrative expenses | 1,048 | 608 | |||||||||||||||
$ | 1,174 | $ | 925 | ||||||||||||||
Future expenses related to restricted stock and restricted stock units granted to employees and directors for an average time of approximately 1.75 years is $2,586. | |||||||||||||||||
4 | Restricted stock and restricted stock units to consultants: | ||||||||||||||||
During the three months ended September 30, 2013, the Company did not grant any restricted stock units to consultants and service providers. | |||||||||||||||||
During the three months ended September 30, 2013, no restricted stock units held by consultants and service providers were forfeited or vested. | |||||||||||||||||
Compensation expenses related to restricted stock units granted to consultants were recorded as follows: | |||||||||||||||||
Three months ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Unaudited | |||||||||||||||||
Research and development expenses | $ | - | $ | 120 | |||||||||||||
General and administrative expenses | - | 273 | |||||||||||||||
$ | - | $ | 393 | ||||||||||||||
BASIS_OF_PRESENTATION_AND_SIGN1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policy) | 3 Months Ended | |
Sep. 30, 2013 | ||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | |
Unaudited Interim Financial Information | ' | |
Unaudited Interim Financial Information | ||
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). | ||
For further information, reference is made to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2013. | ||
Operating results for the three months ended September 30, 2013 are not necessarily indicative of the results that may be expected for the year ending June 30, 2014. | ||
Fair value of financial instruments | ' | |
Fair value of financial instruments: | ||
The carrying amounts of the Company's financial instruments, including cash and cash equivalents, available-for-sale marketable securities, short-term deposits, trade payable and other accounts payable and accrued liabilities, approximate fair value because of their generally short term maturities. | ||
The Company accounts for certain assets and liabilities at fair value under ASC 820, "Fair Value Measurements and Disclosures". Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: | ||
Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets; | ||
Level 2 - Includes other inputs that are directly or indirectly observable in the marketplace, other than quoted prices included in Level 1, such as quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets with insufficient volume or infrequent transactions, or other inputs that are observable (model-derived valuations in which significant inputs are observable), or can be derived principally from or corroborated by observable market data; and | ||
Level 3 - Unobservable inputs which are supported by little or no market activity. | ||
The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company categorized each of its fair value measurements in one of these three levels of hierarchy. | ||
Based on the fair value hierarchy, the Company classifies its marketable securities within Level 1 or Level 2. This is because the Company values its marketable securities using quoted market prices or alternative pricing sources and models utilizing market observable inputs. The Company classifies its foreign currency derivative instruments primarily within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments. | ||
Derivative financial instruments | ' | |
Derivative financial instruments | ||
The Company's derivatives are not designated as hedging accounting instruments under ASC 815, "Derivatives and Hedging". Those derivatives consist primarily of forward and options contracts the Company uses to hedge the Company's exposures to currencies other than the U.S. dollar. The Company recognized derivative instruments as either assets or liabilities and measures those instruments at fair value. Since the derivative instruments that the Company holds do not meet the definition of hedging instruments under ASC 815, the Company recognizes changes in the fair values in its statement of income in financial income, net, in the same period as the re-measurement gain and loss of the related foreign currency denominated assets and liabilities. | ||
The fair value of the forward and options contracts as of September 30, 2013 and June 30, 2013 were recorded as an asset of $86 and $93, respectively. |
MARKETABLE_SECURITIES_Tables
MARKETABLE SECURITIES (Tables) | 3 Months Ended | ||||||||||||||||||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Marketable Securities | ' | ||||||||||||||||||||||||||||||||
As of September 30, 2013, all of the Company's marketable securities were classified as available-for-sale. | |||||||||||||||||||||||||||||||||
September 30, 2013 (Unaudited) | 30-Jun-13 | ||||||||||||||||||||||||||||||||
Amortized cost | Gross | Gross | Fair | Amortized cost | Gross | Gross | Fair | ||||||||||||||||||||||||||
unrealized | unrealized | value | unrealized | unrealized | value | ||||||||||||||||||||||||||||
gain | loss | gain | loss | ||||||||||||||||||||||||||||||
Available-for-sale - matures within one year: | |||||||||||||||||||||||||||||||||
Stock and index linked notes | $ | 5,624 | $ | 361 | $ | (62 | ) | $ | 5,923 | $ | 4,023 | $ | 234 | $ | (180 | ) | $ | 4,077 | |||||||||||||||
Government debentures - fixed interest rate | 163 | 24 | (1 | ) | 186 | 329 | 21 | - | 350 | ||||||||||||||||||||||||
Corporate debentures - fixed interest rate | 681 | 42 | (6 | ) | 717 | 508 | 30 | (9 | ) | 529 | |||||||||||||||||||||||
$ | 6,468 | $ | 427 | $ | (69 | ) | $ | 6,826 | $ | 4,860 | $ | 285 | $ | (189 | ) | $ | 4,956 | ||||||||||||||||
Available-for-sale - matures after one year through five years: | |||||||||||||||||||||||||||||||||
Government debentures - fixed interest rate | 2,387 | 60 | (5 | ) | 2,442 | 1,602 | 49 | (12 | ) | 1,639 | |||||||||||||||||||||||
Corporate debentures - fixed interest rate | 5,069 | 235 | (44 | ) | 5,260 | 4,976 | 162 | (77 | ) | 5,061 | |||||||||||||||||||||||
$ | 7,456 | $ | 295 | $ | (49 | ) | $ | 7,702 | $ | 6,578 | $ | 211 | $ | (89 | ) | $ | 6,700 | ||||||||||||||||
Available-for-sale - matures after five years through ten years: | |||||||||||||||||||||||||||||||||
Government debentures - fixed interest rate | $ | 621 | $ | 30 | $ | (9 | ) | $ | 642 | $ | 955 | $ | 45 | $ | (14 | ) | $ | 986 | |||||||||||||||
Corporate debentures - fixed interest rate | 817 | 39 | (10 | ) | 846 | 789 | 29 | (19 | ) | 799 | |||||||||||||||||||||||
$ | 1,438 | $ | 69 | $ | (19 | ) | $ | 1,488 | $ | 1,744 | $ | 74 | $ | (33 | ) | $ | 1,785 | ||||||||||||||||
$ | 15,362 | $ | 791 | $ | (137 | ) | $ | 16,016 | $ | 13,182 | $ | 570 | $ | (311 | ) | $ | 13,441 | ||||||||||||||||
Schedule of Investments in Continuous Unrealized Loss Position | ' | ||||||||||||||||||||||||||||||||
The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 30, 2013 and June 30, 2013, and the length of time that those investments have been in a continuous loss position: | |||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or greater | ||||||||||||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | ||||||||||||||||||||||||||||||
unrealized loss | unrealized loss | ||||||||||||||||||||||||||||||||
As of September 30, 2013 (Unaudited) | $ | 4,123 | $ | (131 | ) | $ | 21 | $ | (6 | ) | |||||||||||||||||||||||
As of June 30, 2013 | $ | 5,122 | $ | (302 | ) | $ | 32 | $ | (9 | ) |
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value of Financial Instruments | ' | ||||||||||||||||
30-Sep-13 | 30-Jun-13 | ||||||||||||||||
(Unaudited) | |||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||||
Marketable securities | $ | 6,238 | $ | 9,778 | $ | 6,311 | $ | 7,130 | |||||||||
Derivatives | - | 86 | - | 93 | |||||||||||||
Total | $ | 6,238 | $ | 9,864 | $ | 6,311 | $ | 7,223 | |||||||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ||||||||||||||||
Schedule of Stock Option Activity | ' | ||||||||||||||||
A summary of the Company's share option activity for options granted to employees and directors under the Plans is as follows: | |||||||||||||||||
Three months ended September 30, 2013 (Unaudited) | |||||||||||||||||
Number | Weighted Average Exercise Price | Weighted Average Remaining Contractual Terms (in years) | Aggregate Intrinsic Value Price | ||||||||||||||
Options outstanding at beginning of period | 1,958,156 | $ | 4.01 | ||||||||||||||
Options forfeited | (50,000 | ) | $ | 15.31 | |||||||||||||
Options outstanding at end of the period | 1,908,156 | $ | 3.73 | 3.82 | $ | 1,195 | |||||||||||
Options exercisable at the end of the period | 1,908,156 | $ | 3.73 | 3.82 | $ | 1,195 | |||||||||||
Options vested | 1,908,156 | $ | 3.73 | 3.82 | $ | 1,195 | |||||||||||
Schedule of Options and Warrants | ' | ||||||||||||||||
A summary of the Company's activity related to options and warrants to consultants is as follows: | |||||||||||||||||
Three months ended September 30, 2013 (Unaudited) | |||||||||||||||||
Number | Weighted Average Exercise Price | Weighted Average Remaining Contractual Terms (in years) | Aggregate Intrinsic Value Price | ||||||||||||||
Options and warrants outstanding at beginning of period | 315,500 | $ | 4.4 | ||||||||||||||
Options and warrants exercised | (15,000 | ) | 1.91 | ||||||||||||||
Options and warrants outstanding at end of the period | 300,500 | $ | 4.56 | 3.97 | $ | 463 | |||||||||||
Options and warrants exercisable at the end of the period | 299,000 | $ | 4.59 | 3.95 | $ | 458 | |||||||||||
Options and warrants vested and expected to vest | 300,500 | $ | 4.56 | 3.97 | $ | 463 | |||||||||||
Schedule of Stock-based Compensation Expenses Recognized | ' | ||||||||||||||||
Compensation expenses related to options and warrants granted to consultants were recorded as follows: | |||||||||||||||||
Three months ended | |||||||||||||||||
September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Unaudited | |||||||||||||||||
Research and development expenses | $ | - | $ | - | |||||||||||||
General and administrative expenses | 2 | 18 | |||||||||||||||
$ | 2 | $ | 18 | ||||||||||||||
Restricted Stock and Restricted Stock Units [Member] | ' | ||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ||||||||||||||||
Schedule of Unvested Restricted Stock Units, Employees and Directors | ' | ||||||||||||||||
The following table summarizes the activities for unvested restricted stock units granted to employees and directors for the three months ended September 30, 2013 (Unaudited): | |||||||||||||||||
Number | |||||||||||||||||
Unvested at the beginning of period | 1,660,525 | ||||||||||||||||
Granted | - | ||||||||||||||||
Forfeited | (20,873 | ) | |||||||||||||||
Vested | (202,189 | ) | |||||||||||||||
Unvested at the end of the period | 1,437,463 | ||||||||||||||||
Expected to vest after September 30, 2013 | 1,420,189 | ||||||||||||||||
Schedule of Stock-based Compensation Expenses Recognized | ' | ||||||||||||||||
Compensation expenses related to restricted stock units granted to employees and directors were recorded as follows: | |||||||||||||||||
Three months ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Unaudited | |||||||||||||||||
Research and development expenses | $ | 126 | $ | 317 | |||||||||||||
General and administrative expenses | 1,048 | 608 | |||||||||||||||
$ | 1,174 | $ | 925 | ||||||||||||||
Consultant Restricted Stock Units And Restricted Stock [Member] | ' | ||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ||||||||||||||||
Schedule of Stock-based Compensation Expenses Recognized | ' | ||||||||||||||||
Compensation expenses related to restricted stock units granted to consultants were recorded as follows: | |||||||||||||||||
Three months ended September 30, | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Unaudited | |||||||||||||||||
Research and development expenses | $ | - | $ | 120 | |||||||||||||
General and administrative expenses | - | 273 | |||||||||||||||
$ | - | $ | 393 | ||||||||||||||
GENERAL_Details
GENERAL (Details) (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 |
GENERAL [Abstract] | ' | ' |
Accumulated deficit | ($91,657) | ($86,902) |
Consideration payable for license | 7,000 | ' |
Nonrefundable payment for development costs | 5,000 | ' |
Advance payment for development costs | 2,000 | ' |
Contingent consideration receivable if certain regulatory milestones are reached | 37,500 | ' |
Reimbursement of company expenses | 10,000 | ' |
Shares to be issued to CHA in exchange for CHA shares | $10,000 | ' |
Shares of CHA common stock to be received, shares | 1,011,504 | ' |
Shares to be issued to CHA in exchange for CHA shares, shares | 2,500,000 | ' |
BASIS_OF_PRESENTATION_AND_SIGN2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' |
Derivative fair value asset (liability) | $86 | $93 |
MARKETABLE_SECURITIES_Details
MARKETABLE SECURITIES (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | $15,362 | $13,182 |
Gross unrealized gain | 791 | 570 |
Gross unrealized loss | -137 | -311 |
Fair value | 16,016 | 13,441 |
Available-for-sale Matures Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 6,468 | 4,860 |
Gross unrealized gain | 427 | 285 |
Gross unrealized loss | -69 | -189 |
Fair value | 6,826 | 4,956 |
Available-for-sale Matures After One Year Through Five Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 7,456 | 6,578 |
Gross unrealized gain | 295 | 211 |
Gross unrealized loss | -49 | -89 |
Fair value | 7,702 | 6,700 |
Available-for-sale Matures After Five Years Through Ten Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 1,438 | 1,744 |
Gross unrealized gain | 69 | 74 |
Gross unrealized loss | -19 | -33 |
Fair value | 1,488 | 1,785 |
Stock And Index Linked Notes [Member] | Available-for-sale Matures Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 5,624 | 4,023 |
Gross unrealized gain | 361 | 234 |
Gross unrealized loss | -62 | -180 |
Fair value | 5,923 | 4,077 |
Government Debentures [Member] | Available-for-sale Matures Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 163 | 329 |
Gross unrealized gain | 24 | 21 |
Gross unrealized loss | -1 | ' |
Fair value | 186 | 350 |
Government Debentures [Member] | Available-for-sale Matures After One Year Through Five Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 2,387 | 1,602 |
Gross unrealized gain | 60 | 49 |
Gross unrealized loss | -5 | -12 |
Fair value | 2,442 | 1,639 |
Government Debentures [Member] | Available-for-sale Matures After Five Years Through Ten Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 621 | 955 |
Gross unrealized gain | 30 | 45 |
Gross unrealized loss | -9 | -14 |
Fair value | 642 | 986 |
Corporate Debt Securities [Member] | Available-for-sale Matures Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 681 | 508 |
Gross unrealized gain | 42 | 30 |
Gross unrealized loss | -6 | -9 |
Fair value | 717 | 529 |
Corporate Debt Securities [Member] | Available-for-sale Matures After One Year Through Five Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 5,069 | 4,976 |
Gross unrealized gain | 235 | 162 |
Gross unrealized loss | -44 | -77 |
Fair value | 5,260 | 5,061 |
Corporate Debt Securities [Member] | Available-for-sale Matures After Five Years Through Ten Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 817 | 789 |
Gross unrealized gain | 39 | 29 |
Gross unrealized loss | -10 | -19 |
Fair value | $846 | $799 |
MARKETABLE_SECURITIES_Investme
MARKETABLE SECURITIES (Investments in Unrealized Loss) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 |
MARKETABLE SECURITIES [Abstract] | ' | ' |
Less than 12 months, Fair Value | $4,123 | $5,122 |
12 months or greater, Fair Value | -131 | -302 |
Less than 12 months, Gross unrealized loss | 21 | 32 |
12 months or greater, Gross unrealized loss | ($6) | ($9) |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Details) (USD $) | Sep. 30, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | $16,016 | $13,441 |
Fair Value, Inputs, Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 6,238 | 6,311 |
Derivatives | ' | ' |
Total | 6,238 | 6,311 |
Fair Value, Inputs, Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 9,778 | 7,130 |
Derivatives | 86 | 93 |
Total | 9,864 | 7,223 |
Fair Value, Inputs, Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | ' | ' |
Derivatives | ' | ' |
Total | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2013 |
COMMITMENTS AND CONTINGENCIES [Abstract] | ' |
Security deposits increase | $325 |
STOCKHOLDERS_EQUITY_Narrative_
STOCKHOLDERS' EQUITY (Narrative) (Details) (USD $) | 3 Months Ended | 1 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 31, 2013 |
Investor [Member] | Investor [Member] | Consultant [Member] | ||
Cashless Exercise [Member] | Exercised for Cash [Member] | Cashless Exercise [Member] | ||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' |
Warrants exercised | ' | 457,000 | 279,000 | 15,000 |
Shares issued from warrant exercises | ' | 169,082 | 279,000 | 5,905 |
Consideration received in order to issue shares | $509 | ' | ' | ' |
STOCKHOLDERS_EQUITY_Options_to
STOCKHOLDERS' EQUITY (Options to Employees and Directors) (Details) (Options Employees And Directors [Member], USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 |
Options Employees And Directors [Member] | ' |
Number of options | ' |
Options outstanding beginning of period | 1,958,156 |
Options forfeited | -50,000 |
Options outstanding end of the period | 1,908,156 |
Options exercisable | 1,908,156 |
Options vested | 1,908,156 |
Weighted average exercise price | ' |
Options beginning of period | $4.01 |
Options forfeited | $15.31 |
Options end of the period | $3.73 |
Options exercisable | $3.73 |
Options vested | $3.73 |
Options end of the period | ' |
Options end of the period | '3 years 9 months 28 days |
Options exercisable | '3 years 9 months 28 days |
Options vested | '3 years 9 months 28 days |
Aggregate intrinsic value price | ' |
Options end of the period | $1,195 |
Options exercisable | 1,195 |
Options vested | $1,195 |
STOCKHOLDERS_EQUITY_Options_an
STOCKHOLDERS' EQUITY (Options and Warrants to Non-employees) (Details) (Options and Warrants [Member], USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Warrants and Options number | ' | ' |
Options and warrants at beginning of period | 315,500 | ' |
Options and warrants exercised | -15,000 | ' |
Options and warrants at end of the period | 300,500 | ' |
Options and warrants, exercisable | 299,000 | ' |
Options and warrants vested | 300,500 | ' |
Warrants and options weighted average exercise price | ' | ' |
Options and warrants at beginning of period | $4.40 | ' |
Options and warrants, exercised | $1.91 | ' |
Options and warrants at end of the period | $4.56 | ' |
Options and warrants, exercisable | $4.59 | ' |
Options and warrants vested | $4.56 | ' |
Warrants and options weighted average remaining contractual term (in years) | ' | ' |
Options and warrants at end of the period | '3 years 11 months 21 days | ' |
Options and warrants, exercisable | '3 years 11 months 13 days | ' |
Options and warrants vested | '3 years 11 months 21 days | ' |
Warrants and options aggregate intrinsic value price | ' | ' |
Options and warrants at end of the period | $463 | ' |
Options and warrants, exercisable | 458 | ' |
Options and warrants vested | 463 | ' |
Share based compensation expense | 2 | 18 |
Future compensation expense average over almost nine months | 1 | ' |
Research and Development Expense [Member] | ' | ' |
Warrants and options aggregate intrinsic value price | ' | ' |
Share based compensation expense | ' | ' |
General and Administrative Expense [Member] | ' | ' |
Warrants and options aggregate intrinsic value price | ' | ' |
Share based compensation expense | $2 | $18 |
STOCKHOLDERS_EQUITY_Restricted
STOCKHOLDERS' EQUITY (Restricted Stock and RSU's to Employees and Directors) (Details) (Restricted Stock and Restricted Stock Units [Member], USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unvested at the beginning of period | 1,660,525 | ' |
Granted | ' | ' |
Forfeited | -20,873 | ' |
Vested | -202,189 | ' |
Unvested at the end of the period | 1,437,463 | ' |
Expected to vest after March 31, 2013 | 1,420,189 | ' |
Share based compensation expense | $1,174 | $925 |
Period over which compensation expense will be recognized | '1 year 9 months | ' |
Future compensation expense average for almost two years | 2,586 | ' |
Research and Development Expense [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share based compensation expense | 126 | 317 |
General and Administrative Expense [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share based compensation expense | $1,048 | $608 |
STOCKHOLDERS_EQUITY_Restricted1
STOCKHOLDERS' EQUITY (Restricted Stock and RSU's to Consultants) (Details) (Consultant Restricted Stock Units And Restricted Stock [Member], USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share based compensation expense | ' | $393 |
Research and Development Expense [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share based compensation expense | ' | 120 |
General and Administrative Expense [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Share based compensation expense | ' | $273 |