Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Dec. 31, 2013 | Jan. 24, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Dec-13 | ' |
Entity Registrant Name | 'PLURISTEM THERAPEUTICS INC | ' |
Entity Central Index Key | '0001158780 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 64,658,887 |
INTERIM_CONDENSED_CONSOLIDATED
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS: | ' | ' | ||
Cash and cash equivalents | $4,626 | $9,007 | ||
Short term bank deposits | 23,345 | 31,449 | ||
Restricted cash and restricted short term deposits | 456 | 316 | ||
Marketable securities | 28,776 | 13,441 | ||
Other current assets | 1,198 | 872 | ||
Total current assets | 58,401 | 55,085 | ||
LONG-TERM ASSETS: | ' | ' | ||
Long-term deposits and restricted deposits | 317 | 421 | ||
Severance pay fund | 1,135 | 905 | ||
Property and equipment, net | 11,449 | 11,866 | ||
Other long term assets | 26 | 39 | ||
Total long-term assets | 12,927 | 13,231 | ||
Total assets | 71,328 | 68,316 | ||
CURRENT LIABILITIES | ' | ' | ||
Trade payables | 2,711 | 2,837 | ||
Accrued expenses | 902 | 1,040 | ||
Deferred revenues | 379 | 379 | ||
Advance payment from United Therapeutics | 297 | 393 | ||
Other accounts payable | 1,290 | 1,272 | ||
Total current liabilities | 5,579 | 5,921 | ||
LONG-TERM LIABILITIES | ' | ' | ||
Deferred revenues | 3,036 | 3,226 | ||
Accrued severance pay | 1,246 | 1,023 | ||
Other long-term liabilities | 633 | 680 | ||
Total long-term liabilities | 4,915 | 4,929 | ||
COMMITMENTS AND CONTINGENCIES | ' | ' | ||
STOCKHOLDERS' EQUITY | ' | ' | ||
Common stock $0.00001 par value: Authorized: 100,000,000 shares Issued and outstanding: 64,392,523 shares as of December 31, 2013, 59,196,617 shares as of June 30, 2013 | ' | [1] | ' | [1] |
Additional paid-in capital | 158,038 | 144,109 | ||
Accumulated deficit | -98,362 | -86,902 | ||
Other comprehensive income | 1,158 | 259 | ||
Total stockholders' equity | 60,834 | 57,466 | ||
Total liabilities and stockholders' equity | $71,328 | $68,316 | ||
[1] | Less than $1. |
INTERIM_CONDENSED_CONSOLIDATED1
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Dec. 31, 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 | 64,392,523 | 59,196,617 |
Common stock, shares outstanding | 64,392,523 | 59,196,617 |
INTERIM_CONDENSED_CONSOLIDATED2
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ' | ' | ' | ' |
Revenues | $95 | $195 | $190 | $390 |
Cost of revenues | -3 | -6 | -6 | -12 |
Gross profit | 92 | 189 | 184 | 378 |
Research and development expenses | -6,107 | -4,146 | -11,604 | -7,894 |
Less participation by the Office of the Chief Scientist and other parties | 1,000 | 493 | 3,374 | 1,543 |
Research and development expenses, net | -5,107 | -3,653 | -8,230 | -6,351 |
General and administrative expenses | -1,975 | -1,420 | -3,804 | -3,101 |
Operating loss | -6,990 | -4,884 | -11,850 | -9,074 |
Financial income, net | 285 | 394 | 390 | 589 |
Net loss for the period | ($6,705) | ($4,490) | ($11,460) | ($8,485) |
Loss per share: | ' | ' | ' | ' |
Basic and diluted net loss per share | ($0.11) | ($0.08) | ($0.19) | ($0.16) |
Weighted average number of shares used in computing basic and diluted net loss per share | 61,510,550 | 57,512,930 | 60,379,352 | 52,659,430 |
INTERIM_CONDENSED_CONSOLIDATED3
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract] | ' | ' | ' | ' |
Net loss | ($6,705) | ($4,490) | ($11,460) | ($8,485) |
Other comprehensive income (loss), net: | ' | ' | ' | ' |
Unrealized gains on derivative instruments | 36 | ' | 36 | ' |
Changes in unrealized gain on available-for-sale marketable securities | 491 | 265 | 1,028 | 494 |
Reclassification adjustment of available-for-sale marketable securities gains realized in net loss | -23 | ' | -165 | ' |
Other comprehensive income | 504 | 265 | 899 | 494 |
Total comprehensive loss | ($6,201) | ($4,225) | ($10,561) | ($7,991) |
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 | $37,742 | ' | [1] | $103,619 | ($130) | ($65,747) |
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 | ' | [1] | 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 | ' | [1] | 146 | ' | ' |
Exercise of options by employees and consultants, shares | ' | 101,832 | ' | ' | ' | |
Exercise of warrants by investors and finders | 1,679 | ' | [1] | 1,679 | ' | ' |
Exercise of warrants by investors and finders, shares | ' | 1,473,670 | ' | ' | ' | |
Stock-based compensation to employees, directors and non-employee consultants | 1,962 | ' | [1] | 1,962 | ' | ' |
Stock based compensation to employees, directors and non-employee consultants, shares | ' | 1,108,403 | ' | ' | ' | |
Stock based compensation to contractor | 1,400 | ' | 1,400 | ' | ' | |
Other comprehensive income, net | 494 | ' | ' | 494 | ' | |
Net loss | -8,485 | ' | ' | ' | -8,485 | |
Balance at Dec. 31, 2012 | 69,044 | ' | [1] | 142,912 | 364 | -74,232 |
Balance, shares at Dec. 31, 2012 | ' | 58,331,956 | ' | ' | ' | |
Balance at Jun. 30, 2013 | 57,466 | ' | [1] | 144,109 | 259 | -86,902 |
Balance, shares at Jun. 30, 2013 | 59,196,617 | 59,196,617 | ' | ' | ' | |
Exercise of options by employees and consultants | ' | ' | [1] | ' | ' | ' |
Exercise of options by employees and consultants, shares | ' | 7,405 | ' | ' | ' | |
Exercise of warrants by investors and finders | 1,179 | ' | [1] | 1,179 | ' | ' |
Exercise of warrants by investors and finders, shares | ' | 1,942,474 | ' | ' | ' | |
Stock-based compensation to employees, directors and non-employee consultants | 2,336 | ' | [1] | 2,336 | ' | ' |
Stock based compensation to employees, directors and non-employee consultants, shares | ' | 746,027 | ' | ' | ' | |
Stock based compensation to contractor | ' | ' | ' | ' | ' | |
Issuance of common stock under CHA agreement | 10,414 | ' | [1] | 10,414 | ' | ' |
Issuance of common stock under CHA agreement, shares | ' | 2,500,000 | ' | ' | ' | |
Other comprehensive income, net | 899 | ' | ' | 899 | ' | |
Net loss | -11,460 | ' | ' | ' | -11,460 | |
Balance at Dec. 31, 2013 | $60,834 | ' | [1] | $158,038 | $1,158 | ($98,362) |
Balance, shares at Dec. 31, 2013 | 64,392,523 | 64,392,523 | ' | ' | ' | |
[1] | Less than $1. |
INTERIM_CONDENSED_STATEMENTS_O1
INTERIM CONDENSED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 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 $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($11,460) | ($8,485) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation | 937 | 276 |
Loss on sale of property equipment | 4 | ' |
Impairment of property and equipment | 31 | ' |
Stock-based compensation to employees, directors and non-employee consultants | 2,336 | 1,684 |
Stock compensation to investor relations consultants | ' | 278 |
Increase in other accounts receivable | -401 | -808 |
Increase (decrease) in prepaid expenses | 116 | -577 |
Decrease in trade payables | 488 | 2,179 |
Increase in other accounts payable and accrued expenses | -167 | -48 |
Decrease in deferred revenues | -190 | -389 |
Decrease in advance payment from United Therapeutics | -96 | -977 |
Linkage differences and Increase (decrease) interest on short and long-term deposit and restricted lease deposit | 1 | -102 |
Accretion of discount, amortization of premium and changes in accrued interest from marketable securities | 465 | 53 |
Loss (gain) from sale of investments of available for sale marketable securities | -164 | 23 |
Accrued severance pay, net | -7 | 3 |
Net cash used in operating activities | -8,107 | -6,890 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of property and equipment | -1,169 | -3,338 |
Repayment of (Investment in) short-term deposits | 7,961 | -10,646 |
Repayment of long-term deposits | -3 | 521 |
Repayment of long-term restricted deposit | 116 | 9 |
Proceeds from sale of available-for-sale marketable securities | 2,963 | 459 |
Proceeds from redemption of available-for-sale marketable securities | 583 | 304 |
Investment in available-for-sale marketable securities | -7,904 | -2,204 |
Net cash provided by (used in) investing activities | 2,547 | -14,895 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Issuance of common stock and warrants, net of issuance costs | ' | 34,106 |
Exercise of options and warrants | 1,179 | 1,838 |
Net cash provided by financing activities | 1,179 | 35,944 |
Increase (decrease) in cash and cash equivalents | -4,381 | 14,159 |
Cash and cash equivalents at the beginning of the period | 9,007 | 9,389 |
Cash and cash equivalents at the end of the period | 4,626 | 23,548 |
Supplemental disclosure of cash flow activities: | ' | ' |
Cash paid during the period for taxes due to non-deductible expenses | 35 | 3 |
Supplemental disclosure of non-cash activities: | ' | ' |
Purchase of property and equipment on credit | 258 | 588 |
Issuance of common stock under CHA agreement | 10,414 | ' |
Stock based compensation to contractor | ' | $1,400 |
GENERAL
GENERAL | 6 Months Ended | |
Dec. 31, 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 $98,362 through December 31, 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. | 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. Revenues for the three and six month periods ended December 31, 2013 and 2012, are derived from the license agreement. | ||
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. | ||
The first clinical study to be performed as part of the CHA Agreement will be a Phase II trial in Intermittent Claudication. This study was approved in November 2013 by South Korea's Ministry of Food and Drug Safety. | ||
Upon the first regulatory approval for a PLX product in South Korea, Pluristem and CHA will establish a joint venture to be co-owned by the parties. The purpose of the joint venture will be to commercialize PLX cell products in South Korea. Additionally, Pluristem will be able to use the data generated by CHA to pursue the development of PLX product candidates outside of South Korea. | ||
In December 2013, as part of the CHA Agreement, Pluristem and CHA executed the mutual investment pursuant to which Pluristem issued 2,500,000 shares of its common stock in consideration for 1,011,504 shares of CHA, which reflects total consideration to each of Pluristem and CHA of approximately $10,414. | ||
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. | ||
Investment in CHA shares are presented as "Marketable securities" and classified as available for sale (Note 3). | ||
BASIS_OF_PRESENTATION_AND_SIGN
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | ||
Dec. 31, 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 and six months periods ended December 31, 2013, are not necessarily indicative of the results that may be expected for the year ending June 30, 2014. | |||
b. | Significant Accounting Policies | ||
The significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are identical to those applied in the preparation of the latest annual financial statements. | |||
c. | Use of estimates | ||
The preparation of financial statements in conformity with generally accepted accounting principles 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. | |||
d. | 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. | |||
e. | Derivative financial instruments | ||
The Company uses forward contracts and options strategies ("derivative instruments") primarily to manage exposure to foreign currency. The Company accounts for derivatives and hedging based on ASC 815, "Derivatives and Hedging". ASC 815 requires the Company to recognize all derivative instruments as either assets or liabilities on the balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of derivative instruments depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the Company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. If the derivative instruments meet the definition of a hedge and are so designated, depending on the nature of the hedge, changes in the fair value of such derivatives will either be offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings, or recognized in other comprehensive income until the hedged item is recognized in the statement of operations. The ineffective portion of a derivative's change in fair value is recognized in the statement of operations. | |||
Cash Flow Hedges . The Company entered into forward contracts to hedge against the risk of overall changes in future cash flow from payments of payroll and related expenses denominated in Israeli Shekels. The gain or loss on the effective portion of a cash flow hedge is initially reported as a component of accumulated other comprehensive income and subsequently reclassified into operating expenses in the same period or periods in which the payroll and related expenses are recognized, or reclassified into "financial income, net" if the hedged transaction becomes probable of not occurring. Any gain or loss after a hedge is no longer designated, because it is no longer probable of occurring or it is related to an ineffective portion of a cash flow hedge is recognized in the statement of operations immediately. As of December 31, 2013, the Company had forward contracts in place to hedge future payroll and related expenses in Israeli Shekels of approximately $2,000, and the net unrealized gain on the effective portion of these cash flow hedges was $36. The forward contracts on the Company's future Israeli Shekels payroll and related expenses will settle by May 2014. On June 30, 2013, the Company did not have contracts designated and qualifies as cash flow hedge. | |||
Other Derivatives. Other derivatives that are non-designated consist primarily of options strategies to minimize the risk associated with the foreign exchange effects of monetary assets and liabilities denominated in Israeli Shekels. The net gains (losses) recognized in "financial income, net" during the three and six month periods ended December 31, 2013 and 2012, were ($50), ($57), $189 and $342, respectively. | |||
MARKETABLE_SECURITIES
MARKETABLE SECURITIES | 6 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES [Abstract] | ' | ||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES | ' | ||||||||||||||||||||||||||||||||
NOTE 3:- MARKETABLE SECURITIES | |||||||||||||||||||||||||||||||||
As of December 31, 2013, all of the Company's marketable securities were classified as available-for-sale. | |||||||||||||||||||||||||||||||||
December 31, 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 | $ | 16,882 | $ | 744 | $ | (47 | ) | $ | 17,579 | $ | 4,023 | $ | 234 | $ | (180 | ) | $ | 4,077 | |||||||||||||||
Government debentures - fixed interest rate | 103 | - | - | 103 | 329 | 21 | - | 350 | |||||||||||||||||||||||||
Corporate debentures - fixed interest rate | 274 | 30 | - | 304 | 508 | 30 | (9 | ) | 529 | ||||||||||||||||||||||||
$ | 17,259 | $ | 774 | $ | (47 | ) | $ | 17,986 | $ | 4,860 | $ | 285 | $ | (189 | ) | $ | 4,956 | ||||||||||||||||
Available-for-sale - matures after one year through five years: | |||||||||||||||||||||||||||||||||
Government debentures - fixed interest rate | 2,883 | 91 | (3 | ) | 2,971 | 1,602 | 49 | (12 | ) | 1,639 | |||||||||||||||||||||||
Corporate debentures - fixed interest rate | 5,739 | 277 | (54 | ) | 5,962 | 4,976 | 162 | (77 | ) | 5,061 | |||||||||||||||||||||||
$ | 8,622 | $ | 368 | $ | (57 | ) | $ | 8,933 | $ | 6,578 | $ | 211 | $ | (89 | ) | $ | 6,700 | ||||||||||||||||
Available-for-sale - matures after five years through ten years: | |||||||||||||||||||||||||||||||||
Government debentures - fixed interest rate | $ | 625 | $ | 39 | $ | (5 | ) | $ | 659 | $ | 955 | $ | 45 | $ | (14 | ) | $ | 986 | |||||||||||||||
Corporate debentures - fixed interest rate | 1,148 | 56 | (6 | ) | 1,198 | 789 | 29 | (19 | ) | 799 | |||||||||||||||||||||||
$ | 1,773 | $ | 95 | $ | (11 | ) | $ | 1,857 | $ | 1,744 | $ | 74 | $ | (33 | ) | $ | 1,785 | ||||||||||||||||
$ | 27,654 | $ | 1,237 | $ | (115 | ) | $ | 28,776 | $ | 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 December 31, 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 December 31, 2013 (Unaudited) | $ | 3,450 | $ | (108 | ) | $ | 34 | $ | (7 | ) | |||||||||||||||||||||||
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 and six month periods ended December 31, 2013. | |||||||||||||||||||||||||||||||||
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||||
NOTE 4:- FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||
December 31, 2013 (Unaudited) | 30-Jun-13 | ||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||||
Marketable securities | $ | 18,010 | $ | 10,776 | $ | 6,311 | $ | 7,130 | |||||||||
Foreign currency derivative instruments | - | 76 | - | 93 | |||||||||||||
Total financial assets | $ | 18,010 | $ | 10,852 | $ | 6,311 | $ | 7,223 | |||||||||
December 31, 2013 (Unaudited) | 30-Jun-13 | ||||||||||||||||
Balance Sheet location | Fair Value | Balance Sheet location | Fair Value | ||||||||||||||
Derivatives designated as hedging instruments | Other current assets | $ | 40 | - | $ | - | |||||||||||
Derivatives not designated as hedging instruments | Other current assets | 36 | Other current assets | 93 | |||||||||||||
Total | $ | 76 | $ | 93 | |||||||||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Dec. 31, 2013 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 5: - COMMITMENTS AND CONTINGENCIES | |
Commitments and contingencies that changed during the six months ended December 31, 2013 include the following: | |
Increase in the amount of $33 of cash pledged by the Company to secure its hedging transactions, credit line and bank guarantees. | |
The Company, through its Israeli subsidiary, participated in programs sponsored by the Israeli Government for the support of research and development activities. Through December 31, 2013, the Company had obtained grants from the Office of the Chief Scientist ("OCS") aggregating to approximately $13,891 for certain of its research and development projects. The Company is obligated to pay royalties to the OCS, amounting to 3%-4% of the sales of the products and other related revenues generated from such projects, up to 100% of the grants received, linked to the U.S. dollars and for grants received after January 1, 1999, also bearing interest at the rate of LIBOR. The obligation to pay these royalties is contingent on actual revenues and in the absence of such revenues no payment is required. | |
Through December 31, 2013, the Company has paid or accrued royalties to the OCS in the amount of $47. As of December 31, 2013, the aggregate contingent liability to the OCS amounted to $13,844. | |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
STOCKHOLDERS' EQUITY [Abstract] | ' | ||||||||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||||||||
NOTE 6: - STOCKHOLDERS' EQUITY | |||||||||||||||||
From July 2013 through December 2013, a total of 1,685,154 warrants were exercised via "cashless" exercise, resulting in the issuance of 1,023,474 shares of common stock to investors of the Company. In addition, 919,000 warrants were exercised for cash and resulted in the issuance of 919,000 shares of common stock to investors of the Company. The aggregate cash consideration received was $1,179. 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. Additionally, in October 2013, 1,500 options were exercised by a consultant, resulting in an issuance of 1,500 shares of common stock. | |||||||||||||||||
a. | Options, warrants 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 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: | |||||||||||||||||
Six months ended December 31, 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 | (81,057 | ) | $ | 11.59 | |||||||||||||
Options outstanding at end of the period | 1,877,099 | $ | 3.7 | 3.63 | $ | 1,273 | |||||||||||
Options exercisable at the end of the period | 1,877,099 | $ | 3.7 | 3.63 | $ | 1,273 | |||||||||||
Options vested | 1,877,099 | $ | 3.7 | 3.63 | $ | 1,273 | |||||||||||
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 December 31, 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: | |||||||||||||||||
Six months ended December 31, 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 | (16,500 | ) | $ | 1.74 | |||||||||||||
Options and warrants outstanding at end of the period | 299,000 | $ | 4.59 | 3.7 | $ | 484 | |||||||||||
Options and warrants exercisable at the end of the period | 299,000 | $ | 4.59 | 3.7 | $ | 484 | |||||||||||
Options and warrants vested and expected to vest | 299,000 | $ | 4.59 | 3.7 | $ | 494 | |||||||||||
Compensation expenses related to options and warrants granted to consultants were recorded as follows: | |||||||||||||||||
Six months ended December 31, | Three months ended December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Research and development expenses | $ | 2 | $ | - | $ | - | $ | - | |||||||||
General and administrative expenses | - | 21 | - | 3 | |||||||||||||
$ | 2 | $ | 21 | $ | - | $ | 3 | ||||||||||
3 | Restricted stock units to employees and directors: | ||||||||||||||||
During the six month period ended December 31, 2013, the Company granted restricted stock units to several 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 six months ended December 31, 2013 (Unaudited): | |||||||||||||||||
Number | |||||||||||||||||
Unvested at the beginning of period | 1,660,525 | ||||||||||||||||
Granted | 695,000 | ||||||||||||||||
Forfeited | (32,573 | ) | |||||||||||||||
Vested | (746,027 | ) | |||||||||||||||
Unvested at the end of the period | 1,576,925 | ||||||||||||||||
Expected to vest after December 31, 2013 | 1,569,216 | ||||||||||||||||
Compensation expenses related to restricted stock units granted to employees and directors were recorded as follows: | |||||||||||||||||
Six months ended December 31, | Three months ended December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Research and development expenses | $ | 214 | $ | 481 | $ | 88 | $ | 164 | |||||||||
General and administrative expenses | 2,103 | 1,028 | 1,055 | 420 | |||||||||||||
$ | 2,317 | $ | 1,509 | $ | 1,143 | $ | 584 | ||||||||||
Future expenses related to restricted stock units granted to employees and directors for an average time of approximately 2 years is $3,716. | |||||||||||||||||
4 | Restricted stock units to consultants: | ||||||||||||||||
During the six month period ended December 31, 2013, the Company granted restricted stock units to several consultants and service providers. | |||||||||||||||||
The following table summarizes the activities for unvested restricted stock units granted to consultants for the six months ended December 31, 2013: | |||||||||||||||||
Number | |||||||||||||||||
Unvested at the beginning of period | - | ||||||||||||||||
Granted | 29,160 | ||||||||||||||||
Forfeited | - | ||||||||||||||||
Vested | - | ||||||||||||||||
Unvested at the end of the period | 29,160 | ||||||||||||||||
Expected to vest after December 31, 2013 | 29,160 | ||||||||||||||||
Compensation expenses related to restricted stock units granted to consultants were recorded as follows: | |||||||||||||||||
Six months ended December 31, | Three months ended December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Research and development expenses | $ | 17 | $ | 154 | $ | 16 | $ | 34 | |||||||||
General and administrative expenses | - | 278 | - | 5 | |||||||||||||
$ | 17 | $ | 432 | $ | 16 | $ | 39 | ||||||||||
BASIS_OF_PRESENTATION_AND_SIGN1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policy) | 6 Months Ended | ||
Dec. 31, 2013 | |||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||
Unaudited Interim Financial Information | ' | ||
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 and six months periods ended December 31, 2013, are not necessarily indicative of the results that may be expected for the year ending June 30, 2014. | |||
Significant Accounting Policies | ' | ||
b. | Significant Accounting Policies | ||
The significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are identical to those applied in the preparation of the latest annual financial statements. | |||
Use of estimates | ' | ||
c. | Use of estimates | ||
The preparation of financial statements in conformity with generally accepted accounting principles 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. | |||
Fair value of financial instruments | ' | ||
d. | 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 | ' | ||
e. | Derivative financial instruments | ||
The Company uses forward contracts and options strategies ("derivative instruments") primarily to manage exposure to foreign currency. The Company accounts for derivatives and hedging based on ASC 815, "Derivatives and Hedging". ASC 815 requires the Company to recognize all derivative instruments as either assets or liabilities on the balance sheet at fair value. The accounting for changes in the fair value (i.e., gains or losses) of derivative instruments depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the Company must designate the hedging instrument, based upon the exposure being hedged, as a fair value hedge, cash flow hedge, or a hedge of a net investment in a foreign operation. If the derivative instruments meet the definition of a hedge and are so designated, depending on the nature of the hedge, changes in the fair value of such derivatives will either be offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings, or recognized in other comprehensive income until the hedged item is recognized in the statement of operations. The ineffective portion of a derivative's change in fair value is recognized in the statement of operations. | |||
Cash Flow Hedges . The Company entered into forward contracts to hedge against the risk of overall changes in future cash flow from payments of payroll and related expenses denominated in Israeli Shekels. The gain or loss on the effective portion of a cash flow hedge is initially reported as a component of accumulated other comprehensive income and subsequently reclassified into operating expenses in the same period or periods in which the payroll and related expenses are recognized, or reclassified into "financial income, net" if the hedged transaction becomes probable of not occurring. Any gain or loss after a hedge is no longer designated, because it is no longer probable of occurring or it is related to an ineffective portion of a cash flow hedge is recognized in the statement of operations immediately. As of December 31, 2013, the Company had forward contracts in place to hedge future payroll and related expenses in Israeli Shekels of approximately $2,000, and the net unrealized gain on the effective portion of these cash flow hedges was $36. The forward contracts on the Company's future Israeli Shekels payroll and related expenses will settle by May 2014. On June 30, 2013, the Company did not have contracts designated and qualifies as cash flow hedge. | |||
Other Derivatives. Other derivatives that are non-designated consist primarily of options strategies to minimize the risk associated with the foreign exchange effects of monetary assets and liabilities denominated in Israeli Shekels. The net gains (losses) recognized in "financial income, net" during the three and six month periods ended December 31, 2013 and 2012, were ($50), ($57), $189 and $342, respectively. | |||
MARKETABLE_SECURITIES_Tables
MARKETABLE SECURITIES (Tables) | 6 Months Ended | ||||||||||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Marketable Securities | ' | ||||||||||||||||||||||||||||||||
As of December 31, 2013, all of the Company's marketable securities were classified as available-for-sale. | |||||||||||||||||||||||||||||||||
December 31, 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 | $ | 16,882 | $ | 744 | $ | (47 | ) | $ | 17,579 | $ | 4,023 | $ | 234 | $ | (180 | ) | $ | 4,077 | |||||||||||||||
Government debentures - fixed interest rate | 103 | - | - | 103 | 329 | 21 | - | 350 | |||||||||||||||||||||||||
Corporate debentures - fixed interest rate | 274 | 30 | - | 304 | 508 | 30 | (9 | ) | 529 | ||||||||||||||||||||||||
$ | 17,259 | $ | 774 | $ | (47 | ) | $ | 17,986 | $ | 4,860 | $ | 285 | $ | (189 | ) | $ | 4,956 | ||||||||||||||||
Available-for-sale - matures after one year through five years: | |||||||||||||||||||||||||||||||||
Government debentures - fixed interest rate | 2,883 | 91 | (3 | ) | 2,971 | 1,602 | 49 | (12 | ) | 1,639 | |||||||||||||||||||||||
Corporate debentures - fixed interest rate | 5,739 | 277 | (54 | ) | 5,962 | 4,976 | 162 | (77 | ) | 5,061 | |||||||||||||||||||||||
$ | 8,622 | $ | 368 | $ | (57 | ) | $ | 8,933 | $ | 6,578 | $ | 211 | $ | (89 | ) | $ | 6,700 | ||||||||||||||||
Available-for-sale - matures after five years through ten years: | |||||||||||||||||||||||||||||||||
Government debentures - fixed interest rate | $ | 625 | $ | 39 | $ | (5 | ) | $ | 659 | $ | 955 | $ | 45 | $ | (14 | ) | $ | 986 | |||||||||||||||
Corporate debentures - fixed interest rate | 1,148 | 56 | (6 | ) | 1,198 | 789 | 29 | (19 | ) | 799 | |||||||||||||||||||||||
$ | 1,773 | $ | 95 | $ | (11 | ) | $ | 1,857 | $ | 1,744 | $ | 74 | $ | (33 | ) | $ | 1,785 | ||||||||||||||||
$ | 27,654 | $ | 1,237 | $ | (115 | ) | $ | 28,776 | $ | 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 December 31, 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 December 31, 2013 (Unaudited) | $ | 3,450 | $ | (108 | ) | $ | 34 | $ | (7 | ) | |||||||||||||||||||||||
As of June 30, 2013 | $ | 5,122 | $ | (302 | ) | $ | 32 | $ | (9 | ) | |||||||||||||||||||||||
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value of Financial Instruments | ' | ||||||||||||||||
December 31, 2013 (Unaudited) | 30-Jun-13 | ||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||||
Marketable securities | $ | 18,010 | $ | 10,776 | $ | 6,311 | $ | 7,130 | |||||||||
Foreign currency derivative instruments | - | 76 | - | 93 | |||||||||||||
Total financial assets | $ | 18,010 | $ | 10,852 | $ | 6,311 | $ | 7,223 | |||||||||
Schedule of the Fair Value Hedging Instruments, Financial Position, Location | ' | ||||||||||||||||
December 31, 2013 (Unaudited) | 30-Jun-13 | ||||||||||||||||
Balance Sheet location | Fair Value | Balance Sheet location | Fair Value | ||||||||||||||
Derivatives designated as hedging instruments | Other current assets | $ | 40 | - | $ | - | |||||||||||
Derivatives not designated as hedging instruments | Other current assets | 36 | Other current assets | 93 | |||||||||||||
Total | $ | 76 | $ | 93 | |||||||||||||
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Employee Stock Options [Member] | ' | ||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ||||||||||||||||
Schedule of Share-based Compensation Activity | ' | ||||||||||||||||
Six months ended December 31, 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 | (81,057 | ) | $ | 11.59 | |||||||||||||
Options outstanding at end of the period | 1,877,099 | $ | 3.7 | 3.63 | $ | 1,273 | |||||||||||
Options exercisable at the end of the period | 1,877,099 | $ | 3.7 | 3.63 | $ | 1,273 | |||||||||||
Options vested | 1,877,099 | $ | 3.7 | 3.63 | $ | 1,273 | |||||||||||
Consultant Options And Warrants [Member] | ' | ||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ||||||||||||||||
Schedule of Share-based Compensation Activity | ' | ||||||||||||||||
Six months ended December 31, 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 | (16,500 | ) | $ | 1.74 | |||||||||||||
Options and warrants outstanding at end of the period | 299,000 | $ | 4.59 | 3.7 | $ | 484 | |||||||||||
Options and warrants exercisable at the end of the period | 299,000 | $ | 4.59 | 3.7 | $ | 484 | |||||||||||
Options and warrants vested and expected to vest | 299,000 | $ | 4.59 | 3.7 | $ | 494 | |||||||||||
Schedule of Stock-based Compensation Expenses Recognized | ' | ||||||||||||||||
Six months ended December 31, | Three months ended December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Research and development expenses | $ | 2 | $ | - | $ | - | $ | - | |||||||||
General and administrative expenses | - | 21 | - | 3 | |||||||||||||
$ | 2 | $ | 21 | $ | - | $ | 3 | ||||||||||
Employee Restricted Stock Units [Member] | ' | ||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ||||||||||||||||
Schedule of Unvested Restricted Stock Units | ' | ||||||||||||||||
Number | |||||||||||||||||
Unvested at the beginning of period | 1,660,525 | ||||||||||||||||
Granted | 695,000 | ||||||||||||||||
Forfeited | (32,573 | ) | |||||||||||||||
Vested | (746,027 | ) | |||||||||||||||
Unvested at the end of the period | 1,576,925 | ||||||||||||||||
Expected to vest after December 31, 2013 | 1,569,216 | ||||||||||||||||
Schedule of Stock-based Compensation Expenses Recognized | ' | ||||||||||||||||
Six months ended December 31, | Three months ended December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Research and development expenses | $ | 214 | $ | 481 | $ | 88 | $ | 164 | |||||||||
General and administrative expenses | 2,103 | 1,028 | 1,055 | 420 | |||||||||||||
$ | 2,317 | $ | 1,509 | $ | 1,143 | $ | 584 | ||||||||||
Consultant Restricted Stock Units [Member] | ' | ||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ||||||||||||||||
Schedule of Unvested Restricted Stock Units | ' | ||||||||||||||||
Number | |||||||||||||||||
Unvested at the beginning of period | - | ||||||||||||||||
Granted | 29,160 | ||||||||||||||||
Forfeited | - | ||||||||||||||||
Vested | - | ||||||||||||||||
Unvested at the end of the period | 29,160 | ||||||||||||||||
Expected to vest after December 31, 2013 | 29,160 | ||||||||||||||||
Schedule of Stock-based Compensation Expenses Recognized | ' | ||||||||||||||||
Six months ended December 31, | Three months ended December 31, | ||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||
Research and development expenses | $ | 17 | $ | 154 | $ | 16 | $ | 34 | |||||||||
General and administrative expenses | - | 278 | - | 5 | |||||||||||||
$ | 17 | $ | 432 | $ | 16 | $ | 39 |
GENERAL_Details
GENERAL (Details) (USD $) | 6 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 |
GENERAL [Abstract] | ' | ' |
Accumulated deficit | ($98,362) | ($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 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 | ' |
Mutual investment consideration | $10,414 | ' |
BASIS_OF_PRESENTATION_AND_SIGN2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' | ' | ' |
Forward contracts to hedge future payroll and related expenses | $2,000 | ' | $2,000 | ' |
Gain (loss) recognized in income on derivatives | 36 | ' | 36 | ' |
Gain (loss) recognized in income on derivatives | ($50) | $189 | ($57) | $342 |
MARKETABLE_SECURITIES_Schedule
MARKETABLE SECURITIES (Schedule of Available-for-sale Marketable Securities) (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | $27,654 | $13,182 |
Gross unrealized gain | 1,237 | 570 |
Gross unrealized loss | -115 | -311 |
Fair value | 28,776 | 13,441 |
Available-for-sale Matures Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 17,259 | 4,860 |
Gross unrealized gain | 774 | 285 |
Gross unrealized loss | -47 | -189 |
Fair value | 17,986 | 4,956 |
Available-for-sale Matures After One Year Through Five Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 8,622 | 6,578 |
Gross unrealized gain | 368 | 211 |
Gross unrealized loss | -57 | -89 |
Fair value | 8,933 | 6,700 |
Available-for-sale Matures After Five Years Through Ten Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 1,773 | 1,744 |
Gross unrealized gain | 95 | 74 |
Gross unrealized loss | -11 | -33 |
Fair value | 1,857 | 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 | 16,882 | 4,023 |
Gross unrealized gain | 744 | 234 |
Gross unrealized loss | -47 | -180 |
Fair value | 17,579 | 4,077 |
Government Debentures [Member] | Available-for-sale Matures Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 103 | 329 |
Gross unrealized gain | ' | 21 |
Gross unrealized loss | ' | ' |
Fair value | 103 | 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 | 2,883 | 1,602 |
Gross unrealized gain | 91 | 49 |
Gross unrealized loss | -3 | -12 |
Fair value | 2,971 | 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 | 625 | 955 |
Gross unrealized gain | 39 | 45 |
Gross unrealized loss | -5 | -14 |
Fair value | 659 | 986 |
Corporate Debt Securities [Member] | Available-for-sale Matures Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 274 | 508 |
Gross unrealized gain | 30 | 30 |
Gross unrealized loss | ' | -9 |
Fair value | 304 | 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 | 5,739 | 4,976 |
Gross unrealized gain | 277 | 162 |
Gross unrealized loss | -54 | -77 |
Fair value | 5,962 | 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 | 1,148 | 789 |
Gross unrealized gain | 56 | 29 |
Gross unrealized loss | -6 | -19 |
Fair value | $1,198 | $799 |
MARKETABLE_SECURITIES_Schedule1
MARKETABLE SECURITIES (Schedule of Investments in Unrealized Loss) (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
MARKETABLE SECURITIES [Abstract] | ' | ' |
Less than 12 months, Fair Value | $3,450 | $5,122 |
12 months or greater, Fair Value | 34 | 32 |
Less than 12 months, Gross unrealized loss | -108 | -302 |
12 months or greater, Gross unrealized loss | ($7) | ($9) |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Fair Value of Financial Instruments) (Details) (USD $) | Dec. 31, 2013 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | $28,776 | $13,441 |
Foreign currency derivative instruments | 76 | 93 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 18,010 | 6,311 |
Foreign currency derivative instruments | ' | ' |
Total financial assets | 18,010 | 6,311 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 10,776 | 7,130 |
Foreign currency derivative instruments | 76 | 93 |
Total financial assets | $10,852 | $7,223 |
FAIR_VALUE_OF_FINANCIAL_INSTRU3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of the Fair Value of Hedging Instruments) (Details) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Jun. 30, 2013 |
Balance Sheet location | ' | ' |
Derivatives designated as hedging instruments | 'Other current assets | '- |
Derivatives not designated as hedging instruments | 'Other current assets | 'Other current assets |
Fair Value | ' | ' |
Derivatives designated as hedging instruments | $40 | ' |
Derivatives not designated as hedging instruments | 36 | 93 |
Total | $76 | $93 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 6 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Other Commitments [Line Items] | ' |
Security deposits increase | $33 |
Grants received | 13,891 |
Accrued and paid royalties | 47 |
Contingent liability amount | $13,844 |
Minimum [Member] | ' |
Other Commitments [Line Items] | ' |
Royalty rate payable on sale of products | 3.00% |
Maximum [Member] | ' |
Other Commitments [Line Items] | ' |
Royalty rate payable on sale of products | 4.00% |
Royalty rate payable on grants received | 100.00% |
STOCKHOLDERS_EQUITY_Narrative_
STOCKHOLDERS' EQUITY (Narrative) (Details) (USD $) | 1 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Oct. 31, 2013 | Aug. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 |
Consultant [Member] | Warrant [Member] | Warrant [Member] | ||
Cashless Exercise [Member] | Investor [Member] | Investor [Member] | ||
Cashless Exercise [Member] | Exercised for Cash [Member] | |||
Stockholders Equity Note [Line Items] | ' | ' | ' | ' |
Exercise of warrants, shares | 1,500 | 15,000 | 1,685,154 | 919,000 |
Shares issued from warrant exercises | 1,500 | 5,905 | 1,023,474 | 919,000 |
Consideration received in order to issue shares | ' | ' | ' | $1,179 |
STOCKHOLDERS_EQUITY_Schedule_o
STOCKHOLDERS' EQUITY (Schedule of Options to Employees and Directors) (Details) (Options Employees And Directors [Member], USD $) | 6 Months Ended |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 |
Options Employees And Directors [Member] | ' |
Number of options | ' |
Options outstanding beginning of period | 1,958,156 |
Options forfeited | -81,057 |
Options outstanding end of the period | 1,877,099 |
Options exercisable | 1,877,099 |
Options vested | 1,877,099 |
Weighted average exercise price | ' |
Options beginning of period | $4.01 |
Options forfeited | $11.59 |
Options end of the period | $3.70 |
Options exercisable | $3.70 |
Options vested | $3.70 |
Options end of the period | ' |
Options end of the period | '3 years 7 months 18 days |
Options exercisable | '3 years 7 months 18 days |
Options vested | '3 years 7 months 18 days |
Aggregate intrinsic value price | ' |
Options end of the period | $1,273 |
Options exercisable | 1,273 |
Options vested | $1,273 |
STOCKHOLDERS_EQUITY_Schedule_o1
STOCKHOLDERS' EQUITY (Schedule of Options and Warrants to Non-employees) (Details) (Consultant Options And Warrants [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Warrants and Options number | ' | ' | ' | ' |
Options and warrants at beginning of period | ' | ' | 315,500 | ' |
Options and warrants exercised | ' | ' | -16,500 | ' |
Options and warrants at end of the period | 299,000 | ' | 299,000 | ' |
Options and warrants, exercisable | 299,000 | ' | 299,000 | ' |
Options and warrants vested | 299,000 | ' | 299,000 | ' |
Warrants and options weighted average exercise price | ' | ' | ' | ' |
Options and warrants at beginning of period | ' | ' | $4.40 | ' |
Options and warrants, exercised | ' | ' | $1.74 | ' |
Options and warrants at end of the period | $4.59 | ' | $4.59 | ' |
Options and warrants, exercisable | $4.59 | ' | $4.59 | ' |
Options and warrants vested | $4.59 | ' | $4.59 | ' |
Warrants and options weighted average remaining contractual term (in years) | ' | ' | ' | ' |
Options and warrants at end of the period | ' | ' | '3 years 8 months 12 days | ' |
Options and warrants, exercisable | ' | ' | '3 years 8 months 12 days | ' |
Options and warrants vested | ' | ' | '3 years 8 months 12 days | ' |
Warrants and options aggregate intrinsic value price | ' | ' | ' | ' |
Options and warrants at end of the period | $484 | ' | $484 | ' |
Options and warrants, exercisable | 484 | ' | 484 | ' |
Options and warrants vested | 494 | ' | 494 | ' |
Share based compensation expense | ' | 3 | 2 | 21 |
Research and Development Expense [Member] | ' | ' | ' | ' |
Warrants and options aggregate intrinsic value price | ' | ' | ' | ' |
Share based compensation expense | ' | ' | 2 | ' |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Warrants and options aggregate intrinsic value price | ' | ' | ' | ' |
Share based compensation expense | ' | $3 | ' | $21 |
STOCKHOLDERS_EQUITY_Schedule_o2
STOCKHOLDERS' EQUITY (Schedule of RSU's to Employees and Directors) (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unvested at the beginning of period | ' | ' | 1,660,525 | ' |
Granted | ' | ' | 695,000 | ' |
Forfeited | ' | ' | -32,573 | ' |
Vested | ' | ' | -746,027 | ' |
Unvested at the end of the period | 1,576,925 | ' | 1,576,925 | ' |
Expected to vest after December 31, 2013 | 1,569,216 | ' | 1,569,216 | ' |
Share based compensation expense | $1,143 | $584 | $2,317 | $1,509 |
Period over which compensation expense will be recognized | ' | ' | '2 years | ' |
Future compensation expense average for almost two years | ' | ' | 3,716 | ' |
Research and Development Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share based compensation expense | 88 | 164 | 214 | 481 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share based compensation expense | $1,055 | $420 | $2,103 | $1,028 |
STOCKHOLDERS_EQUITY_Schedule_o3
STOCKHOLDERS' EQUITY (Schedule of RSU's to Consultants) (Details) (Consultant Restricted Stock Units [Member], USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Unvested at the beginning of period | ' | ' | ' | ' |
Granted | ' | ' | 29,160 | ' |
Forfeited | ' | ' | ' | ' |
Vested | ' | ' | ' | ' |
Unvested at the end of the period | 29,160 | ' | 29,160 | ' |
Expected to vest after December 31, 2013 | 29,160 | ' | 29,160 | ' |
Share based compensation expense | $16 | $39 | $17 | $432 |
Research and Development Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share based compensation expense | 16 | 34 | 17 | 154 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share based compensation expense | ' | $5 | ' | $278 |