Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Mar. 31, 2014 | Apr. 24, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Entity Registrant Name | 'PLURISTEM THERAPEUTICS INC | ' |
Entity Central Index Key | '0001158780 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 67,910,810 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2014 | Jun. 30, 2013 | ||
In Thousands, unless otherwise specified | ||||
CURRENT ASSETS: | ' | ' | ||
Cash and cash equivalents | $3,638 | $9,007 | ||
Short-term bank deposits | 26,130 | 31,449 | ||
Restricted cash and restricted short-term deposits | 3,716 | 316 | ||
Marketable securities | 30,349 | 13,441 | ||
Other current assets | 876 | 872 | ||
Total current assets | 64,709 | 55,085 | ||
LONG-TERM ASSETS: | ' | ' | ||
Long-term deposits and restricted deposits | 316 | 421 | ||
Severance pay fund | 1,220 | 905 | ||
Property and equipment, net | 11,125 | 11,866 | ||
Other long term assets | 18 | 39 | ||
Total long-term assets | 12,679 | 13,231 | ||
Total assets | 77,388 | 68,316 | ||
CURRENT LIABILITIES | ' | ' | ||
Trade payables | 2,696 | 2,837 | ||
Accrued expenses | 1,155 | 1,040 | ||
Deferred revenues | 379 | 379 | ||
Advance payment from United Therapeutics | 261 | 393 | ||
Other accounts payable | 1,951 | 1,272 | ||
Total current liabilities | 6,442 | 5,921 | ||
LONG-TERM LIABILITIES | ' | ' | ||
Deferred revenues | 2,941 | 3,226 | ||
Accrued severance pay | 1,436 | 1,023 | ||
Other long-term liabilities | 611 | 680 | ||
Total long-term liabilities | 4,988 | 4,929 | ||
COMMITMENTS AND CONTINGENCIES | ' | ' | ||
STOCKHOLDERS' EQUITY | ' | ' | ||
Common stock $0.00001 par value: Authorized: 100,000,000 shares Issued and outstanding: 67,849,535 shares as of March 31, 2014, 59,196,617 shares as of June 30, 2013 | ' | [1] | ' | [1] |
Additional paid-in capital | 170,721 | 144,109 | ||
Accumulated deficit | -107,638 | -86,902 | ||
Other comprehensive income | 2,875 | 259 | ||
Total stockholders' equity | 65,958 | 57,466 | ||
Total liabilities and stockholders' equity | $77,388 | $68,316 | ||
[1] | Less than $1 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Mar. 31, 2014 | 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 | 67,849,535 | 59,196,617 |
Common stock, shares outstanding | 67,849,535 | 59,196,617 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ' | ' | ' | ' |
Revenues | $95 | $194 | $285 | $584 |
Cost of revenues | -3 | -6 | -9 | -18 |
Gross profit | 92 | 188 | 276 | 566 |
Research and development expenses | -6,885 | -4,965 | -18,489 | -12,859 |
Less participation by the Office of the Chief Scientist and other parties | 37 | 3 | 3,411 | 1,546 |
Research and development expenses, net | -6,848 | -4,962 | -15,078 | -11,313 |
General and administrative expenses | -2,531 | -1,159 | -6,335 | -4,260 |
Operating loss | -9,287 | -5,933 | -21,137 | -15,007 |
Financial income, net | 11 | 253 | 401 | 842 |
Net loss for the period | ($9,276) | ($5,680) | ($20,736) | ($14,165) |
Loss per share: | ' | ' | ' | ' |
Basic and diluted net loss per share | ($0.14) | ($0.10) | ($0.33) | ($0.26) |
Weighted average number of shares used in computing basic and diluted net loss per share | 65,607,976 | 58,358,476 | 62,098,498 | 54,507,538 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract] | ' | ' | ' | ' |
Net loss | ($9,276) | ($5,680) | ($20,736) | ($14,165) |
Other comprehensive income (loss), net: | ' | ' | ' | ' |
Unrealized gains on derivative instruments | -42 | ' | -6 | ' |
Changes in unrealized gain on available-for-sale marketable securities, net | 1,486 | 213 | 2,514 | 684 |
Reclassification adjustment of available-for-sale marketable securities gains (losses) realized in net loss, net | 272 | -2 | 108 | 21 |
Other comprehensive income | 1,716 | 211 | 2,616 | 705 |
Total comprehensive loss | ($7,560) | ($5,469) | ($18,120) | ($13,460) |
CONDENSED_STATEMENTS_OF_CHANGE
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, net of issuance costs | 34,106 | ' | [1] | 34,106 | ' | ' |
Issuance of common stock and warrants, net of issuance costs, shares | ' | 9,200,000 | ' | ' | ' | |
Exercise of options and warrants by employees and consultants | 169 | ' | [1] | 169 | ' | ' |
Exercise of options and warrants by employees and consultants, shares | ' | 137,569 | ' | ' | ' | |
Exercise of warrants | 1,679 | ' | [1] | 1,679 | ' | ' |
Exercise of warrants, shares | ' | 1,473,670 | ' | ' | ' | |
Stock based compensation to employees, directors and non-employee consultants | 2,383 | ' | [1] | 2,383 | ' | ' |
Stock based compensation to employees, directors and non-employee consultants, shares | ' | 1,415,230 | ' | ' | ' | |
Stock based compensation to contractor | 1,400 | ' | 1,400 | ' | ' | |
Other comprehensive income, net | 705 | ' | ' | 705 | ' | |
Net loss | -14,165 | ' | ' | ' | -14,165 | |
Balance at Mar. 31, 2013 | 64,019 | ' | [1] | 143,356 | 575 | -79,912 |
Balance, shares at Mar. 31, 2013 | ' | 58,674,520 | ' | ' | ' | |
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 | ' | ' | ' | |
Issuance of common stock and warrants, net of issuance costs | 10,149 | ' | [1] | 10,149 | ' | ' |
Issuance of common stock and warrants, net of issuance costs, shares | 2,433,786 | 2,443,786 | ' | ' | ' | |
Exercise of options and warrants by employees and consultants | 12 | ' | [1] | 12 | ' | ' |
Exercise of options and warrants by employees and consultants, shares | ' | 22,405 | ' | ' | ' | |
Exercise of warrants | 1,859 | ' | [1] | 1,859 | ' | ' |
Exercise of warrants, shares | ' | 2,710,128 | ' | ' | ' | |
Stock based compensation to employees, directors and non-employee consultants | 4,178 | ' | [1] | 4,178 | ' | ' |
Stock based compensation to employees, directors and non-employee consultants, shares | ' | 976,599 | ' | ' | ' | |
Issuance of common stock under CHA Agreement (Note 1c) | 10,414 | ' | [1] | 10,414 | ' | ' |
Issuance of common stock under CHA Agreement (Note 1c), shares | 2,500,000 | 2,500,000 | ' | ' | ' | |
Other comprehensive income, net | 2,616 | ' | ' | 2,616 | ' | |
Net loss | -20,736 | ' | ' | ' | -20,736 | |
Balance at Mar. 31, 2014 | $65,958 | ' | [1] | $170,721 | $2,875 | ($107,638) |
Balance, shares at Mar. 31, 2014 | 67,849,535 | 67,849,535 | ' | ' | ' | |
[1] | Less than $1 |
CONDENSED_STATEMENTS_OF_CHANGE1
CONDENSED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY [Abstract] | ' | ' |
Issuance of common stock and warrants, issuance costs | $184 | $2,694 |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($20,736) | ($14,165) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation | 1,416 | 592 |
Loss on sale of property and equipment | 35 | ' |
Stock-based compensation to employees, directors and non-employee consultants | 4,019 | 2,105 |
Stock compensation to investor relations consultants | 159 | 278 |
Decrease (increase) in other accounts receivable | 57 | -515 |
Increase in prepaid expenses | -55 | -448 |
Increase in trade payables | 585 | 209 |
Increase in other accounts payable and accrued expenses | 726 | 1,612 |
Decrease in deferred revenues | -285 | -584 |
Decrease in advance payment from United Therapeutics | -132 | -1,009 |
Linkage differences and Increase (decrease) interest on short and long-term deposit and restricted lease deposit | -27 | -158 |
Accretion of discount, amortization of premium and changes in accrued interest from marketable securities | 267 | 169 |
Loss from sale of available-for-sale marketable securities | 108 | 21 |
Accrued severance pay, net | 98 | 19 |
Net cash used in operating activities | -13,765 | -11,874 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of property and equipment | -1,436 | -3,247 |
Repayment of (Investment in) short-term deposits | 1,945 | -1,408 |
Repayment of (Investment in) long-term deposits | -3 | 489 |
Repayment of long-term restricted deposit | 117 | 12 |
Proceeds from sale of available-for-sale marketable securities | 3,875 | 679 |
Proceeds from redemption of available-for-sale marketable securities | 687 | 351 |
Investment in available-for-sale marketable securities | -8,809 | -2,537 |
Net cash used in investing activities | -3,624 | -5,661 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Issuance of common stock and warrants, net of issuance costs | 10,149 | 34,106 |
Exercise of options and warrants | 1,871 | 1,861 |
Net cash provided by financing activities | 12,020 | 35,967 |
Increase (decrease) in cash and cash equivalents | -5,369 | 18,432 |
Cash and cash equivalents at the beginning of the period | 9,007 | 9,389 |
Cash and cash equivalents at the end of the period | 3,638 | 27,821 |
Supplemental disclosure of cash flow activities: | ' | ' |
Taxes paid due to non-deductible expenses | 43 | 15 |
Supplemental disclosure of non-cash activities: | ' | ' |
Purchase of property and equipment on credit | 146 | 1,738 |
Issuance of common stock under CHA Agreement (Note 1c) | 10,414 | ' |
Stock based compensation to contractor | ' | $1,400 |
GENERAL
GENERAL | 9 Months Ended | |
Mar. 31, 2014 | ||
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 $107,638 through March 31, 2014. 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 generated by sales of products. | |
c. | License Agreements: | |
On June 19, 2011, the Company entered into an exclusive license agreement (the "United Agreement") with United for the use of the Company's PLX cells to develop and commercialize a cell-based product for the treatment of Pulmonary Hypertension ("PAH"). The United Agreement provides that United will receive exclusive worldwide license rights for the development and commercialization of the Company's PLX cell-based product to treat PAH. The United Agreement further 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's expenses if the Company establishes a GMP manufacturing facility in North America; (iv) reimbursement of certain costs in connection with the development of the product; and (v) following commercialization of the product, royalties at a mid-single digit percent and the purchase of commercial supplies of the developed product from the Company at a specified margin over the Company's cost. | ||
The United Agreement became effective on August 2, 2011, and will continue until the later of a few events, including termination of all patents relating to the collaboration, upon certain government action or if the parties do not develop any product under the United Agreement. United may unilaterally terminate the United Agreement at any time and without cause. In such event, United shall pay the Company certain costs and expenses of winding down any non-cancellable commitments made by the Company prior to the date of termination and cease all development activities in connection with the United 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. | ||
The 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 | 9 Months Ended | ||
Mar. 31, 2014 | |||
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 nine months periods ended March 31, 2014, 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 March 31, 2014, the Company had forward contracts in place to hedge future payroll and related expenses in Israeli Shekels of approximately $3,120, and the net unrealized loss on the effective portion of these cash flow hedges was $6. The forward contracts on the Company's future Israeli Shekels payroll and related expenses will settle by September 2014. On June 30, 2013, the Company did not have contracts designated and qualifies as cash flow hedge. | |||
Fair Value Hedges . The Company entered into forward contracts designated as fair value hedges to hedge foreign currency risks for its investment denominated in currencies other than the U.S. dollar. Gains and losses on these contracts are recognized in "financial income, net", along with the offsetting losses and gains of the related hedged items. The Company excludes changes in the time value for forward contracts from the assessment of hedge effectiveness. | |||
In connection with the investment in CHA shares (see Note 1c), an available-for-sale marketable security denominated in Korean Won, the Company entered into a forward contract to hedge against the foreign currency risk between the Korean Won and the U.S. dollar. The notional principal of this contract is $11,000 as of March 31, 2014. | |||
The changes in fair value of the available-for-sale CHA shares attributable to the foreign currency risk being hedged are reflected in the statement of operations in "financial income, net" (not in other comprehensive income). Other changes in fair value of the available-for-sale CHA shares continue to follow ASC 320-"Investments-Debt and Equity Securities", accounting and are reflected in other comprehensive income. | |||
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 nine month periods ended March 31, 2014 and 2013, were ($29), ($86), ($25) and $317, respectively. |
MARKETABLE_SECURITIES
MARKETABLE SECURITIES | 9 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES [Abstract] | ' | ||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES | ' | ||||||||||||||||||||||||||||||||
NOTE 3:- MARKETABLE SECURITIES | |||||||||||||||||||||||||||||||||
As of March 31, 2014, all of the Company's marketable securities were classified as available-for-sale. | |||||||||||||||||||||||||||||||||
March 31, 2014 (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 | $ | 16,944 | $ | 2,368 | $ | (22 | ) | $ | 19,290 | $ | 4,023 | $ | 234 | $ | (180 | ) | $ | 4,077 | |||||||||||||||
Government debentures - fixed interest rate | 239 | 13 | - | 252 | 329 | 21 | - | 350 | |||||||||||||||||||||||||
Corporate debentures - fixed interest rate | 342 | 54 | - | 396 | 508 | 30 | (9 | ) | 529 | ||||||||||||||||||||||||
$ | 17,525 | $ | 2,435 | $ | (22 | ) | $ | 19,938 | $ | 4,860 | $ | 285 | $ | (189 | ) | $ | 4,956 | ||||||||||||||||
Available-for-sale - | |||||||||||||||||||||||||||||||||
matures after one year through five years: | |||||||||||||||||||||||||||||||||
Government debentures - fixed interest rate | 3,281 | 138 | - | 3,419 | 1,602 | 49 | (12 | ) | 1,639 | ||||||||||||||||||||||||
Corporate debentures - fixed interest rate | 5,410 | 278 | (18 | ) | 5,670 | 4,976 | 162 | (77 | ) | 5,061 | |||||||||||||||||||||||
$ | 8,691 | $ | 416 | $ | (18 | ) | $ | 9,089 | $ | 6,578 | $ | 211 | $ | (89 | ) | $ | 6,700 | ||||||||||||||||
Available-for-sale - | |||||||||||||||||||||||||||||||||
matures after five years through ten years: | |||||||||||||||||||||||||||||||||
Government debentures - fixed interest rate | $ | 102 | $ | 15 | $ | - | $ | 117 | $ | 955 | $ | 45 | $ | (14 | ) | $ | 986 | ||||||||||||||||
Corporate debentures - fixed interest rate | 1,150 | 57 | (2 | ) | 1,205 | 789 | 29 | (19 | ) | 799 | |||||||||||||||||||||||
$ | 1,252 | $ | 72 | $ | (2 | ) | $ | 1,322 | $ | 1,744 | $ | 74 | $ | (33 | ) | $ | 1,785 | ||||||||||||||||
$ | 27,468 | $ | 2,923 | $ | (42 | ) | $ | 30,349 | $ | 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 March 31, 2014 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 March 31, 2014 (Unaudited) | $ | 1,619 | $ | (36 | ) | $ | 130 | $ | (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 and nine-month periods ended March 31, 2014. |
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||||
NOTE 4:- FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||
March 31, 2014 (Unaudited) | 30-Jun-13 | ||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||||
Marketable securities | $ | 19,733 | $ | 10,616 | $ | 6,311 | $ | 7,130 | |||||||||
Foreign currency derivative instruments | - | (287 | ) | - | 93 | ||||||||||||
Total financial assets | $ | 19,733 | $ | 10,329 | $ | 6,311 | $ | 7,223 | |||||||||
March 31, 2014 (Unaudited) | 30-Jun-13 | ||||||||||||||||
Balance Sheet location | Fair Value | Balance Sheet location | Fair Value | ||||||||||||||
Derivatives designated as a cash flow hedge instruments | Other current assets | $ | 1 | - | $ | - | |||||||||||
Derivatives not designated as hedge instruments | Other current assets | 7 | Other current assets | 93 | |||||||||||||
Derivatives designated as a fair value hedge instruments | Other current liabilities | (295 | ) | - | - | ||||||||||||
Total | $ | (287 | ) | $ | 93 |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 9 Months Ended |
Mar. 31, 2014 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
NOTE 5: - COMMITMENTS AND CONTINGENCIES | |
Commitments and contingencies that changed during the nine months ended March 31, 2014, include the following: | |
Increase in the amount of $3,292 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 March 31, 2014, the Company had obtained grants from the Office of the Chief Scientist ("OCS") aggregating to approximately $14,156 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 March 31, 2014, the Company has paid or accrued royalties to the OCS in the amount of $50. As of March 31, 2014, the aggregate contingent liability to the OCS amounted to $14,106. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
STOCKHOLDERS' EQUITY [Abstract] | ' | ||||||||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||||||||
NOTE 6: - STOCKHOLDERS' EQUITY | |||||||||||||||||
a. | From July 2013 through March 2014, a total of 2,244,574 warrants were exercised via "cashless" exercise, resulting in the issuance of 1,350,907 shares of common stock to investors of the Company. In addition, 1,359,204 warrants were exercised for cash and resulted in the issuance of 1,359,204 shares of common stock to investors of the Company. The aggregate cash consideration received was $1,859. 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, 16,500 options were exercised by employees and consultants, resulting in an issuance of 16,500 shares of common stock. | ||||||||||||||||
b. | Following a shelf registration on Form S-3 filed and declared effective in October 2011, the Company entered in December 2012 into an At Market Issuance Sales Agreement ("ATM Agreement") with an underwriter, which provides that, upon the terms and subject to the conditions and limitations set forth in the ATM Agreement, the Company may elect, from time to time, to issue and sell shares of common stock having an aggregate offering price of up to $95,000 through the underwriter as a sales agent. The Company is not obligated to make any sales of common stock under the ATM Agreement. | ||||||||||||||||
During the three and nine months period ended March 31, 2014, the Company issued 2,433,786 shares of common stock and raised approximately $ 10,149, net of issuance expenses of $184, under the ATM Agreement. | |||||||||||||||||
c. | 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 (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: | |||||||||||||||||
Nine months ended March 31, 2014 (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 exercised | (15,000 | ) | $ | 0.83 | |||||||||||||
Options forfeited | (81,057 | ) | $ | 11.59 | |||||||||||||
Options outstanding at end of the period | 1,862,099 | $ | 3.73 | 3.37 | $ | 1,461 | |||||||||||
Options exercisable at the end of the period | 1,862,099 | $ | 3.73 | 3.37 | $ | 1,461 | |||||||||||
Options vested | 1,862,099 | $ | 3.73 | 3.37 | $ | 1,461 | |||||||||||
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 March 31, 2014. 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: | |||||||||||||||||
Nine months ended March 31, 2014 (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 granted | 3,000 | $ | 0 | ||||||||||||||
Options and warrants exercised | (16,500 | ) | $ | 1.74 | |||||||||||||
Options and warrants outstanding at end of the period | 302,000 | $ | 4.54 | 3.52 | $ | 535 | |||||||||||
Options and warrants exercisable at the end of the period | 300,000 | $ | 4.54 | 3.45 | $ | 528 | |||||||||||
Options and warrants vested and expected to vest | 302,000 | $ | 4.54 | 3.52 | $ | 535 | |||||||||||
Compensation expenses related to options and warrants granted to consultants were recorded as follows: | |||||||||||||||||
Nine months ended March 31, | Three months ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Research and development expenses | $ | 7 | $ | - | $ | 7 | $ | - | |||||||||
General and administrative expenses | - | 24 | - | 3 | |||||||||||||
$ | 7 | $ | 24 | $ | 7 | $ | 3 | ||||||||||
3 | Restricted stock units to employees and directors: | ||||||||||||||||
During the nine month period ended March 31, 2014, 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 nine months ended March 31, 2014 (Unaudited): | |||||||||||||||||
Number | |||||||||||||||||
Unvested at the beginning of period | 1,660,525 | ||||||||||||||||
Granted | 1,224,908 | ||||||||||||||||
Forfeited | (34,979 | ) | |||||||||||||||
Vested | (936,299 | ) | |||||||||||||||
Unvested at the end of the period | 1,914,155 | ||||||||||||||||
Expected to vest after March 31, 2014 | 1,872,940 | ||||||||||||||||
Compensation expenses related to restricted stock units granted to employees and directors were recorded as follows: | |||||||||||||||||
Nine months ended March 31, | Three months ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Research and development expenses | $ | 656 | $ | 573 | $ | 442 | $ | 92 | |||||||||
General and administrative expenses | 3,299 | 1,299 | 1,196 | 270 | |||||||||||||
$ | 3,955 | $ | 1,872 | $ | 1,638 | $ | 362 | ||||||||||
Future expenses related to restricted stock units granted to employees and directors for an average time of approximately 2 years is $3,968. | |||||||||||||||||
4 | Restricted stock units to consultants: | ||||||||||||||||
During the nine month period ended March 31, 2014, 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 nine months ended March 31, 2014: | |||||||||||||||||
Number | |||||||||||||||||
Unvested at the beginning of period | - | ||||||||||||||||
Granted | 71,460 | ||||||||||||||||
Forfeited | - | ||||||||||||||||
Vested | (40,300 | ) | |||||||||||||||
Unvested at the end of the period | 31,160 | ||||||||||||||||
Expected to vest after March 31, 2014 | 31,160 | ||||||||||||||||
Compensation expenses related to restricted stock units granted to consultants were recorded as follows: | |||||||||||||||||
Nine months ended March 31, | Three months ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Research and development expenses | $ | 59 | $ | 209 | $ | 42 | $ | 55 | |||||||||
General and administrative expenses | 157 | 278 | 157 | - | |||||||||||||
$ | 216 | $ | 487 | $ | 199 | $ | 55 |
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended |
Mar. 31, 2014 | |
SUBSEQUENT EVENTS [Abstract] | ' |
SUBSEQUENT EVENTS | ' |
NOTE 7:-SUBSEQUENT EVENTS | |
In May 2014, the Subsidiary, received a letter of approval from the OCS. The grant resulting in this approval will be approximately NIS 14,601 (approximately $4,187) and once received, it will be used to cover research and development expenses for the period January 1, 2014 to December 31, 2014. This grant is subject to the same repayment restrictions of royalties as the prior OCS grants (see note 5) and a part of it is subject to either an assessment or medical opinion regarding conducting a clinical trial involving pregnant women. |
BASIS_OF_PRESENTATION_AND_SIGN1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policy) | 9 Months Ended | |
Mar. 31, 2014 | ||
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 and nine months periods ended March 31, 2014, are not necessarily indicative of the results that may be expected for the year ending June 30, 2014. | ||
Significant Accounting Policies | ' | |
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 | ' | |
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 | ' | |
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 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 March 31, 2014, the Company had forward contracts in place to hedge future payroll and related expenses in Israeli Shekels of approximately $3,120, and the net unrealized loss on the effective portion of these cash flow hedges was $6. The forward contracts on the Company's future Israeli Shekels payroll and related expenses will settle by September 2014. On June 30, 2013, the Company did not have contracts designated and qualifies as cash flow hedge. | ||
Fair Value Hedges . The Company entered into forward contracts designated as fair value hedges to hedge foreign currency risks for its investment denominated in currencies other than the U.S. dollar. Gains and losses on these contracts are recognized in "financial income, net", along with the offsetting losses and gains of the related hedged items. The Company excludes changes in the time value for forward contracts from the assessment of hedge effectiveness. | ||
In connection with the investment in CHA shares (see Note 1c), an available-for-sale marketable security denominated in Korean Won, the Company entered into a forward contract to hedge against the foreign currency risk between the Korean Won and the U.S. dollar. The notional principal of this contract is $11,000 as of March 31, 2014. | ||
The changes in fair value of the available-for-sale CHA shares attributable to the foreign currency risk being hedged are reflected in the statement of operations in "financial income, net" (not in other comprehensive income). Other changes in fair value of the available-for-sale CHA shares continue to follow ASC 320-"Investments-Debt and Equity Securities", accounting and are reflected in other comprehensive income. | ||
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 nine month periods ended March 31, 2014 and 2013, were ($29), ($86), ($25) and $317, respectively. |
MARKETABLE_SECURITIES_Tables
MARKETABLE SECURITIES (Tables) | 9 Months Ended | ||||||||||||||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Marketable Securities | ' | ||||||||||||||||||||||||||||||||
March 31, 2014 (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 | $ | 16,944 | $ | 2,368 | $ | (22 | ) | $ | 19,290 | $ | 4,023 | $ | 234 | $ | (180 | ) | $ | 4,077 | |||||||||||||||
Government debentures - fixed interest rate | 239 | 13 | - | 252 | 329 | 21 | - | 350 | |||||||||||||||||||||||||
Corporate debentures - fixed interest rate | 342 | 54 | - | 396 | 508 | 30 | (9 | ) | 529 | ||||||||||||||||||||||||
$ | 17,525 | $ | 2,435 | $ | (22 | ) | $ | 19,938 | $ | 4,860 | $ | 285 | $ | (189 | ) | $ | 4,956 | ||||||||||||||||
Available-for-sale - | |||||||||||||||||||||||||||||||||
matures after one year through five years: | |||||||||||||||||||||||||||||||||
Government debentures - fixed interest rate | 3,281 | 138 | - | 3,419 | 1,602 | 49 | (12 | ) | 1,639 | ||||||||||||||||||||||||
Corporate debentures - fixed interest rate | 5,410 | 278 | (18 | ) | 5,670 | 4,976 | 162 | (77 | ) | 5,061 | |||||||||||||||||||||||
$ | 8,691 | $ | 416 | $ | (18 | ) | $ | 9,089 | $ | 6,578 | $ | 211 | $ | (89 | ) | $ | 6,700 | ||||||||||||||||
Available-for-sale - | |||||||||||||||||||||||||||||||||
matures after five years through ten years: | |||||||||||||||||||||||||||||||||
Government debentures - fixed interest rate | $ | 102 | $ | 15 | $ | - | $ | 117 | $ | 955 | $ | 45 | $ | (14 | ) | $ | 986 | ||||||||||||||||
Corporate debentures - fixed interest rate | 1,150 | 57 | (2 | ) | 1,205 | 789 | 29 | (19 | ) | 799 | |||||||||||||||||||||||
$ | 1,252 | $ | 72 | $ | (2 | ) | $ | 1,322 | $ | 1,744 | $ | 74 | $ | (33 | ) | $ | 1,785 | ||||||||||||||||
$ | 27,468 | $ | 2,923 | $ | (42 | ) | $ | 30,349 | $ | 13,182 | $ | 570 | $ | (311 | ) | $ | 13,441 | ||||||||||||||||
Schedule of Investments in Continuous Unrealized Loss Position | ' | ||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or greater | ||||||||||||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | ||||||||||||||||||||||||||||||
unrealized loss | unrealized loss | ||||||||||||||||||||||||||||||||
As of March 31, 2014 (Unaudited) | $ | 1,619 | $ | (36 | ) | $ | 130 | $ | (6 | ) | |||||||||||||||||||||||
As of June 30, 2013 | $ | 5,122 | $ | (302 | ) | $ | 32 | $ | (9 | ) |
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value of Financial Instruments | ' | ||||||||||||||||
March 31, 2014 (Unaudited) | 30-Jun-13 | ||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | ||||||||||||||
Marketable securities | $ | 19,733 | $ | 10,616 | $ | 6,311 | $ | 7,130 | |||||||||
Foreign currency derivative instruments | - | (287 | ) | - | 93 | ||||||||||||
Total financial assets | $ | 19,733 | $ | 10,329 | $ | 6,311 | $ | 7,223 | |||||||||
Schedule of Derivative Hedging Activity and Balance Sheet Location | ' | ||||||||||||||||
March 31, 2014 (Unaudited) | 30-Jun-13 | ||||||||||||||||
Balance Sheet location | Fair Value | Balance Sheet location | Fair Value | ||||||||||||||
Derivatives designated as a cash flow hedge instruments | Other current assets | $ | 1 | - | $ | - | |||||||||||
Derivatives not designated as hedge instruments | Other current assets | 7 | Other current assets | 93 | |||||||||||||
Derivatives designated as a fair value hedge instruments | Other current liabilities | (295 | ) | - | - | ||||||||||||
Total | $ | (287 | ) | $ | 93 |
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 9 Months Ended | ||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||
STOCKHOLDERS' EQUITY [Abstract] | ' | ||||||||||||||||
Schedule of Stock Option Activity | ' | ||||||||||||||||
Nine months ended March 31, 2014 (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 exercised | (15,000 | ) | $ | 0.83 | |||||||||||||
Options forfeited | (81,057 | ) | $ | 11.59 | |||||||||||||
Options outstanding at end of the period | 1,862,099 | $ | 3.73 | 3.37 | $ | 1,461 | |||||||||||
Options exercisable at the end of the period | 1,862,099 | $ | 3.73 | 3.37 | $ | 1,461 | |||||||||||
Options vested | 1,862,099 | $ | 3.73 | 3.37 | $ | 1,461 | |||||||||||
Schedule of Stock Option and Warrant Activity | ' | ||||||||||||||||
Nine months ended March 31, 2014 (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 granted | 3,000 | $ | 0 | ||||||||||||||
Options and warrants exercised | (16,500 | ) | $ | 1.74 | |||||||||||||
Options and warrants outstanding at end of the period | 302,000 | $ | 4.54 | 3.52 | $ | 535 | |||||||||||
Options and warrants exercisable at the end of the period | 300,000 | $ | 4.54 | 3.45 | $ | 528 | |||||||||||
Options and warrants vested and expected to vest | 302,000 | $ | 4.54 | 3.52 | $ | 535 | |||||||||||
Options and warrants [Member] | ' | ||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ||||||||||||||||
Schedule of Stock-based Compensation Expenses | ' | ||||||||||||||||
Nine months ended March 31, | Three months ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Research and development expenses | $ | 7 | $ | - | $ | 7 | $ | - | |||||||||
General and administrative expenses | - | 24 | - | 3 | |||||||||||||
$ | 7 | $ | 24 | $ | 7 | $ | 3 | ||||||||||
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 | 1,224,908 | ||||||||||||||||
Forfeited | (34,979 | ) | |||||||||||||||
Vested | (936,299 | ) | |||||||||||||||
Unvested at the end of the period | 1,914,155 | ||||||||||||||||
Expected to vest after March 31, 2014 | 1,872,940 | ||||||||||||||||
Schedule of Stock-based Compensation Expenses | ' | ||||||||||||||||
Nine months ended March 31, | Three months ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Research and development expenses | $ | 656 | $ | 573 | $ | 442 | $ | 92 | |||||||||
General and administrative expenses | 3,299 | 1,299 | 1,196 | 270 | |||||||||||||
$ | 3,955 | $ | 1,872 | $ | 1,638 | $ | 362 | ||||||||||
Consultant restricted stock units [Member] | ' | ||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ||||||||||||||||
Schedule of Unvested Restricted Stock Units | ' | ||||||||||||||||
Number | |||||||||||||||||
Unvested at the beginning of period | - | ||||||||||||||||
Granted | 71,460 | ||||||||||||||||
Forfeited | - | ||||||||||||||||
Vested | (40,300 | ) | |||||||||||||||
Unvested at the end of the period | 31,160 | ||||||||||||||||
Expected to vest after March 31, 2014 | 31,160 | ||||||||||||||||
Schedule of Stock-based Compensation Expenses | ' | ||||||||||||||||
Nine months ended March 31, | Three months ended March 31, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Research and development expenses | $ | 59 | $ | 209 | $ | 42 | $ | 55 | |||||||||
General and administrative expenses | 157 | 278 | 157 | - | |||||||||||||
$ | 216 | $ | 487 | $ | 199 | $ | 55 |
GENERAL_Details
GENERAL (Details) (USD $) | 1 Months Ended | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Aug. 30, 2011 | Mar. 31, 2014 | Jun. 30, 2013 |
GENERAL [Abstract] | ' | ' | ' |
Accumulated deficit | ' | ($107,638) | ($86,902) |
Upfront payment received | 7,000 | ' | ' |
Nonrefundable payments received | 5,000 | ' | ' |
Advance payment on the development | 2,000 | ' | ' |
Milestone revenue receivable | ' | 37,500 | ' |
Reimbursement revenue receivable | ' | 10,000 | ' |
Issuance of common stock under CHA agreement | ' | 2,500,000 | ' |
CHA shares classified as marketable securities | ' | 1,011,504 | ' |
Value of common stock issued under CHA agreement | ' | $10,414 | ' |
BASIS_OF_PRESENTATION_AND_SIGN2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ' | ' | ' |
Gain (loss) recognized on other non-designated derivatives | ($29) | ($25) | ($86) | $317 |
Forward contracts [Member] | Hedging [Member] | Cash flow [Member] | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Notional amount | 3,120 | ' | 3,120 | ' |
Net unrealized loss on cash flow hedges | -6 | ' | -6 | ' |
Forward contracts [Member] | Hedging [Member] | Fair value [Member] | ' | ' | ' | ' |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ' | ' | ' | ' |
Notional amount | $11,000 | ' | $11,000 | ' |
MARKETABLE_SECURITIES_Schedule
MARKETABLE SECURITIES (Schedule of Available-for-sale Marketable Securities) (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | $27,468 | $13,182 |
Gross unrealized gain | 2,923 | 570 |
Gross unrealized loss | -42 | -311 |
Fair value | 30,349 | 13,441 |
Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 17,525 | 4,860 |
Gross unrealized gain | 2,435 | 285 |
Gross unrealized loss | -22 | -189 |
Fair value | 19,938 | 4,956 |
One to Five Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 8,691 | 6,578 |
Gross unrealized gain | 416 | 211 |
Gross unrealized loss | -18 | -89 |
Fair value | 9,089 | 6,700 |
After Five Years through Ten Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 1,252 | 1,744 |
Gross unrealized gain | 72 | 74 |
Gross unrealized loss | -2 | -33 |
Fair value | 1,322 | 1,785 |
Stock and index linked notes [Member] | Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 16,944 | 4,023 |
Gross unrealized gain | 2,368 | 234 |
Gross unrealized loss | -22 | -180 |
Fair value | 19,290 | 4,077 |
Government debentures [Member] | Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 239 | 329 |
Gross unrealized gain | 13 | 21 |
Gross unrealized loss | ' | ' |
Fair value | 252 | 350 |
Government debentures [Member] | One to Five Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 3,281 | 1,602 |
Gross unrealized gain | 138 | 49 |
Gross unrealized loss | ' | -12 |
Fair value | 3,419 | 1,639 |
Government debentures [Member] | After Five Years through Ten Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 102 | 955 |
Gross unrealized gain | 15 | 45 |
Gross unrealized loss | ' | -14 |
Fair value | 117 | 986 |
Corporate debentures [Member] | Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 342 | 508 |
Gross unrealized gain | 54 | 30 |
Gross unrealized loss | ' | -9 |
Fair value | 396 | 529 |
Corporate debentures [Member] | One to Five Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 5,410 | 4,976 |
Gross unrealized gain | 278 | 162 |
Gross unrealized loss | -18 | -77 |
Fair value | 5,670 | 5,061 |
Corporate debentures [Member] | After Five Years through Ten Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 1,150 | 789 |
Gross unrealized gain | 57 | 29 |
Gross unrealized loss | -2 | -19 |
Fair value | $1,205 | $799 |
MARKETABLE_SECURITIES_Schedule1
MARKETABLE SECURITIES (Schedule of Investments in Unrealized Loss) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Jun. 30, 2013 |
MARKETABLE SECURITIES [Abstract] | ' | ' |
Less than 12 months, fair value | $1,619 | $5,122 |
Less than 12 months, gross unrealized loss | -36 | -302 |
12 months or greater, fair value | 130 | 32 |
12 months or greater, gross unrealized loss | ($6) | ($9) |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Fair Value of Financial Instruments) (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | $30,349 | $13,441 |
Foreign currency derivative instruments | -287 | 93 |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 19,733 | 6,311 |
Foreign currency derivative instruments | ' | ' |
Total financial assets | 19,733 | 6,311 |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 10,616 | 7,130 |
Foreign currency derivative instruments | -287 | 93 |
Total financial assets | $10,329 | $7,223 |
FAIR_VALUE_OF_FINANCIAL_INSTRU3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of the Fair Value of Hedging Instruments) (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign currency derivative instruments | ($287) | $93 |
Derivatives designated as hedge instruments [Member] | Other current assets [Member] | Cash flow [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign currency derivative assets | 1 | ' |
Derivatives designated as hedge instruments [Member] | Other current liabilities [Member] | Fair value [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign currency derivative liabilities | -295 | ' |
Derivatives not designated as hedge instruments [Member] | Other current assets [Member] | ' | ' |
Derivatives, Fair Value [Line Items] | ' | ' |
Foreign currency derivative assets | $7 | $93 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 9 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 |
Other Commitments [Line Items] | ' |
Security deposits increase | $3,292 |
Grants received | 14,156 |
Royalty payable based on grants received | 100.00% |
Accrued and paid royalties | 50 |
Contingent liability amount | $14,106 |
Minimum [Member] | ' |
Other Commitments [Line Items] | ' |
Royalty rate | 3.00% |
Maximum [Member] | ' |
Other Commitments [Line Items] | ' |
Royalty rate | 4.00% |
STOCKHOLDERS_EQUITY_Narrative_
STOCKHOLDERS' EQUITY (Narrative) (Details) (USD $) | 9 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
STOCKHOLDERS' EQUITY [Abstract] | ' | ' |
Aggregate offering price authorized | $95,000 | ' |
Shares of common stock issued | 2,433,786 | ' |
Issuance of common stock and warrants, net of issuance costs | 10,149 | 34,106 |
Issuance of common stock and warrants, issuance costs | 184 | 2,694 |
Warrants exercised via cashless exercise | 2,244,574 | ' |
Warrants exercised via cashless exercise, shares issued | 1,350,907 | ' |
Warrants exercised for cash | 1,359,204 | ' |
Exercise of warrants | $1,859 | $1,679 |
Options exercised | 15,000 | ' |
Options and warrants exercised | 16,500 | ' |
Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares issued for stock-based awards | 16,500 | ' |
Warrants [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Shares issued for stock-based awards | 5,905 | ' |
STOCKHOLDERS_EQUITY_Summary_of
STOCKHOLDERS' EQUITY (Summary of Option Activity) (Details) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Number | ' |
Options outstanding at beginning of period | 1,958,156 |
Options exercised | -15,000 |
Options forfeited | -81,057 |
Options outstanding at end of the period | 1,862,099 |
Options exercisable at the end of the period | 1,862,099 |
Options vested | 1,862,099 |
Weighted average exercise price | ' |
Options outstanding at beginning of period | $4.01 |
Options exercised | $0.83 |
Options forfeited | $11.59 |
Options outstanding at end of the period | $3.73 |
Options exercisable at the end of the period | $3.73 |
Options vested | $3.73 |
Weighted average remaining contractual term | ' |
Options outstanding at end of the period | '3 years 4 months 13 days |
Options exercisable at the end of the period | '3 years 4 months 13 days |
Options vested | '3 years 4 months 13 days |
Aggregate intrinsic value price | ' |
Options outstanding at end of the period | $1,461 |
Options exercisable at the end of the period | 1,461 |
Options vested | $1,461 |
STOCKHOLDERS_EQUITY_Summary_of1
STOCKHOLDERS' EQUITY (Summary of Option and Warrant Activity to Non-employees) (Details) (USD $) | 9 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 |
Number | ' |
Options and warrants outstanding at beginning of period | 315,500 |
Options granted | 3,000 |
Options and warrants exercised | -16,500 |
Options and warrants outstanding at end of the period | 302,000 |
Options and warrants exercisable at the end of the period | 300,000 |
Options and warrants vested and expected to vest | 302,000 |
Weighted average exercise price | ' |
Options and warrants outstanding at beginning of period | $4.40 |
Options granted | $0 |
Options and warrants exercised | $1.74 |
Options and warrants outstanding at end of the period | $4.54 |
Options and warrants exercisable at the end of the period | $4.54 |
Options and warrants vested and expected to vest | $4.54 |
Weighted average remaining contractual term | ' |
Options and warrants outstanding at end of the period | '3 years 6 months 7 days |
Options and warrants exercisable at the end of the period | '3 years 5 months 12 days |
Options and warrants vested and expected to vest | '3 years 6 months 7 days |
Aggregate intrinsic value price | ' |
Options and warrants outstanding at end of the period | $535 |
Options and warrants exercisable at the end of the period | 528 |
Options and warrants vested and expected to vest | $535 |
STOCKHOLDERS_EQUITY_Summary_of2
STOCKHOLDERS' EQUITY (Summary of RSU Activity to Employees and Directors) (Details) (Restricted stock units [Member]) | 9 Months Ended |
Mar. 31, 2014 | |
Restricted stock units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested at the beginning of period | 1,660,525 |
Granted | 1,224,908 |
Forfeited | -34,979 |
Vested | -936,299 |
Unvested at the end of the period | 1,914,155 |
Expected to vest | 1,872,940 |
STOCKHOLDERS_EQUITY_Summary_of3
STOCKHOLDERS' EQUITY (Summary of RSU Activity to Consultants) (Details) (Consultants [Member]) | 9 Months Ended |
Mar. 31, 2014 | |
Consultants [Member] | ' |
Share-based Goods and Nonemployee Services Transaction [Line Items] | ' |
Unvested at the beginning of period | ' |
Granted | 71,460 |
Forfeited | ' |
Vested | -40,300 |
Unvested at the end of the period | 31,160 |
Expected to vest | 31,160 |
STOCKHOLDERS_EQUITY_Schedule_o
STOCKHOLDERS' EQUITY (Schedule of Compensation Expense) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 |
Options and warrants [Member] | Consultants [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Compensation expenses | $7 | $3 | $7 | $24 |
Restricted stock units [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Compensation expenses | 1,638 | 362 | 3,955 | 1,872 |
Unrecognized compensation expense | 3,968 | ' | 3,968 | ' |
Unrecognized compensation expense, recognition period | ' | ' | '2 years | ' |
Restricted stock units [Member] | Consultants [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Compensation expenses | 199 | 55 | 216 | 487 |
Research and development expenses [Member] | Options and warrants [Member] | Consultants [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Compensation expenses | 7 | ' | 7 | ' |
Research and development expenses [Member] | Restricted stock units [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Compensation expenses | 442 | 92 | 656 | 573 |
Research and development expenses [Member] | Restricted stock units [Member] | Consultants [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Compensation expenses | 42 | 55 | 59 | 209 |
General and administrative expenses [Member] | Options and warrants [Member] | Consultants [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Compensation expenses | ' | 3 | ' | 24 |
General and administrative expenses [Member] | Restricted stock units [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Compensation expenses | 1,196 | 270 | 3,299 | 1,299 |
General and administrative expenses [Member] | Restricted stock units [Member] | Consultants [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Compensation expenses | $157 | ' | $157 | $278 |
SUBSEQUENT_EVENTS_Details
SUBSEQUENT EVENTS (Details) (Subsequent Event [Member]) | 7-May-14 | 7-May-14 |
In Thousands, unless otherwise specified | USD ($) | ILS |
Subsequent Event [Line Items] | ' | ' |
Government of Israel - OCS receivable | $4,187 | 14,601 |