Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Sep. 02, 2014 | Dec. 31, 2013 | |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Entity Registrant Name | 'PLURISTEM THERAPEUTICS INC | ' | ' |
Entity Central Index Key | '0001158780 | ' | ' |
Current Fiscal Year End Date | '--06-30 | ' | ' |
Document Fiscal Year Focus | '2014 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 69,278,512 | ' |
Entity Public Float | ' | ' | $214,202,402 |
Entity Voluntary Filers | 'No | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $4,493 | $9,007 |
Short-term bank deposits | 19,451 | 31,449 |
Restricted cash and restricted short-term deposits | 4,914 | 316 |
Marketable securities | 29,961 | 13,441 |
Account receivable from OCS | 2,263 | 273 |
Other current assets | 905 | 599 |
Total current assets | 61,987 | 55,085 |
LONG-TERM ASSETS: | ' | ' |
Long-term deposits and restricted deposits | 304 | 421 |
Severance pay fund | 901 | 905 |
Property and equipment, net | 10,823 | 11,866 |
Other long term assets | 8 | 39 |
Total long-term assets | 12,036 | 13,231 |
Total assets | 74,023 | 68,316 |
CURRENT LIABILITIES | ' | ' |
Trade payables | 3,465 | 2,837 |
Accrued expenses | 915 | 1,040 |
Deferred revenues | 379 | 379 |
Advance payment from United Therapeutics | 247 | 393 |
Other accounts payable | 2,391 | 1,272 |
Total current liabilities | 7,397 | 5,921 |
LONG-TERM LIABILITIES | ' | ' |
Deferred revenues | 2,847 | 3,226 |
Accrued severance pay | 1,068 | 1,023 |
Other long-term liabilities | 588 | 680 |
Total long-term liabilities | 4,503 | 4,929 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Share capital: Common stock $0.00001 par value: Authorized: 200,000,000 shares Issued and outstanding: 68,601,452 shares as of June 30, 2014, 59,196,617 shares as of June 30, 2013; | ' | ' |
Additional paid-in capital | 172,998 | 144,109 |
Accumulated deficit | -113,834 | -86,902 |
Other comprehensive income | 2,959 | 259 |
Total stockholders' equity | 62,123 | 57,466 |
Total liabilities and stockholders' equity | $74,023 | $68,316 |
CONSOLIDATED_BALANCE_SHEETS_PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
CONSOLIDATED BALANCE SHEETS [Abstract] | ' | ' |
Common stock, par value per share | $0.00 | $0.00 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 68,601,452 | 59,196,617 |
Common stock, shares outstanding | 68,601,452 | 59,196,617 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ' | ' | ' |
Revenues | $379 | $679 | $716 |
Cost of revenues | -11 | -20 | -21 |
Gross profit | 368 | 659 | 695 |
Research and development expenses | -24,938 | -19,906 | -12,685 |
Less participation by the Office of the Chief Scientist and other parties | 5,396 | 2,673 | 3,527 |
Research and development expenses, net | -19,542 | -17,233 | -9,158 |
General and administrative expenses | -8,676 | -5,649 | -6,568 |
Operating loss | -27,850 | -22,223 | -15,031 |
Financial income, net | 918 | 1,068 | 237 |
Net loss | ($26,932) | ($21,155) | ($14,794) |
Loss per share: | ' | ' | ' |
Basic and diluted net loss per share | ($0.42) | ($0.38) | ($0.34) |
Weighted average number of shares used in computing basic and diluted net loss per share | 63,514,405 | 55,481,357 | 44,031,866 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract] | ' | ' | ' |
Net loss | ($26,932) | ($21,155) | ($14,794) |
Other comprehensive income (loss), net: | ' | ' | ' |
Unrealized gains on derivative instruments | 23 | ' | ' |
Unrealized gain (loss) on available-for-sale marketable securities, net | 3,404 | 415 | -127 |
Reclassification adjustment of available-for-sale marketable securities losses realized in net loss, net | -727 | -26 | -3 |
Total comprehensive loss | ($24,232) | ($20,766) | ($14,924) |
STATEMENTS_OF_CHANGES_IN_EQUIT
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, 2011 | $43,422 | ' | $94,375 | ' | ($50,953) |
Balance, shares at Jun. 30, 2011 | ' | 42,443,185 | ' | ' | ' |
Exercise of options and warrants by employees and consultants | 89 | ' | 89 | ' | ' |
Exercise of options and warrants by employees and consultants, shares | ' | 74,800 | ' | ' | ' |
Exercise of warrants by investors and finders | 556 | ' | 556 | ' | ' |
Exercise of warrants by investors and finders, shares | ' | 523,835 | ' | ' | ' |
Stock based compensation to employees, directors and non-employee consultants | 4,927 | ' | 4,927 | ' | ' |
Stock based compensation to employees, directors and non-employee consultants, shares | ' | 19,060,231 | ' | ' | ' |
Stock based compensation to contractor | 3,672 | ' | 3,672 | ' | ' |
Stock based compensation to contractor, shares | ' | 1,500,000 | ' | ' | ' |
Other comprehensive income (loss), net | -130 | ' | ' | -130 | ' |
Net loss | -14,794 | ' | ' | ' | -14,794 |
Balance at Jun. 30, 2012 | 37,742 | ' | 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 | ' | 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 | 176 | ' | 176 | ' | ' |
Exercise of options and warrants by employees and consultants, shares | ' | 176,867 | ' | ' | ' |
Exercise of warrants by investors and finders | 2,009 | ' | 2,009 | ' | ' |
Exercise of warrants by investors and finders, shares | ' | 1,621,359 | ' | ' | ' |
Stock based compensation to employees, directors and non-employee consultants | 2,799 | ' | 2,799 | ' | ' |
Stock based compensation to employees, directors and non-employee consultants, shares | ' | 1,750,340 | ' | ' | ' |
Stock based compensation to contractor | 1,400 | ' | 1,400 | ' | ' |
Stock based compensation to contractor, shares | ' | ' | ' | ' | ' |
Other comprehensive income (loss), net | 389 | ' | ' | 389 | ' |
Net loss | -21,155 | ' | ' | ' | -21,155 |
Balance at Jun. 30, 2013 | 57,466 | ' | 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 | 10,644 | ' | 10,644 | ' | ' |
Issuance of common stock and warrants, net of issuance costs, shares | 2,596,032 | 2,596,032 | ' | ' | ' |
Exercise of options and warrants by employees and consultants | 12 | ' | 12 | ' | ' |
Exercise of options and warrants by employees and consultants, shares | ' | 53,470 | ' | ' | ' |
Exercise of warrants by investors and finders | 1,968 | ' | 1,968 | ' | ' |
Exercise of warrants by investors and finders, shares | ' | 2,902,168 | ' | ' | ' |
Stock based compensation to employees, directors and non-employee consultants | 5,851 | ' | 5,851 | ' | ' |
Stock based compensation to employees, directors and non-employee consultants, shares | ' | 1,353,165 | ' | ' | ' |
Issuance of common stock under CHA Agreement (Note 1d) | 10,414 | ' | 10,414 | ' | ' |
Issuance of common stock under CHA Agreement (Note 1d), shares | 2,500,000 | 2,500,000 | ' | ' | ' |
Other comprehensive income (loss), net | 2,700 | ' | ' | 2,700 | ' |
Net loss | -26,932 | ' | ' | ' | -26,932 |
Balance at Jun. 30, 2014 | $62,123 | ' | $172,998 | $2,959 | ($113,834) |
Balance, shares at Jun. 30, 2014 | 68,601,452 | 68,601,452 | ' | ' | ' |
STATEMENTS_OF_CHANGES_IN_EQUIT1
STATEMENTS OF CHANGES IN EQUITY (Parenthetical) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
STATEMENTS OF CHANGES IN EQUITY [Abstract] | ' | ' |
Issuance of common stock and warrants, issuance costs | $195 | $2,694 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($26,932) | ($21,155) | ($14,794) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Depreciation | 1,902 | 1,033 | 435 |
Loss on property and equipment | 85 | ' | 1 |
Accretion of discount, amortization of premium and changes in accrued interest of marketable securities | 1,282 | 154 | 17 |
Gain from sale of investments of available-for-sale marketable securities | -727 | -26 | -3 |
Stock-based compensation to employees, directors and non-employee consultants | 5,851 | 2,799 | 4,927 |
Increase in OCS receivables | -1,990 | -70 | -230 |
Decrease (increase) in other accounts receivable | -143 | -233 | 64 |
Decrease (increase) in prepaid expenses | -108 | -237 | 269 |
Increase (decrease) in trade payables | 1,257 | 1,335 | -424 |
Increase in other accounts payable and accrued expenses | 902 | 1,556 | 958 |
Increase (decrease) in deferred revenues | -379 | -679 | 4,284 |
Increase (decrease) in advance payment from United Therapeutics | -146 | -1,183 | 1,576 |
Increase in interest receivable on short-term deposits | -36 | -140 | -395 |
Linkage differences and interest on short and long-term restricted lease deposit | 12 | -30 | 35 |
Accrued severance pay, net | 49 | -11 | 5 |
Net cash used in operating activities | -19,121 | -16,887 | -3,275 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Purchase of property and equipment | -1,573 | -4,309 | -1,480 |
Repayment of (Investment in) short-term deposits | 7,421 | -10,202 | -21,031 |
Investment in long-term deposits | -3 | ' | -1,125 |
Repayment of long-term restricted deposit | 122 | 869 | 6 |
Proceeds from sale of available-for-sale marketable securities | 6,113 | 1,848 | 884 |
Proceeds from redemption of available-for-sale marketable securities | 754 | 529 | 114 |
Investment in available-for-sale marketable securities | -10,851 | -8,534 | -8,165 |
Net cash provided by (used in) investing activities | 1,983 | -19,799 | -30,797 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Issuance of common stock and warrants, net of issuance costs | 10,644 | 34,106 | ' |
Exercise of warrants and options | 1,980 | 2,198 | 632 |
Net cash provided by financing activities | 12,624 | 36,304 | 632 |
Decrease in cash and cash equivalents | -4,514 | -382 | -33,440 |
Cash and cash equivalents at the beginning of the period | 9,007 | 9,389 | 42,829 |
Cash and cash equivalents at the end of the period | 4,493 | 9,007 | 9,389 |
Supplemental disclosure of cash flow activities: | ' | ' | ' |
Taxes paid due to non-deductible expenses | 48 | 18 | 14 |
Supplemental disclosure of non-cash activities: | ' | ' | ' |
Purchase of property and equipment on credit | 243 | 872 | 738 |
Issuance of shares in consideration of new facility construction | ' | 1,400 | 3,672 |
Other receivables resulting from issuance of shares | ' | ' | 13 |
Issuance of common stock under CHA Agreement (Note 1d) | $10,414 | ' | ' |
GENERAL
GENERAL | 12 Months Ended | |
Jun. 30, 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 the "Company" or "Pluristem". | |
b. | The Company is a bio-therapeutics company developing off-the-shelf allogeneic cell therapy products for the treatment of multiple ischemic and inflammatory conditions. The Company has sustained operating losses and expects such losses to continue in the foreseeable future. The Company's accumulated losses aggregated to $113,834 through June 30, 2014 and incurred a net loss of $26,932 for the year ended June 30, 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" or "United") and CHA Bio&Diostech ("CHA") agreements, and from grants to support its research and development activity. In the longer term, the Company plans to finance its operations from revenues from sales of products. | ||
c. | Since December 10, 2007, the Company's shares of common stock have been traded on the NASDAQ Capital Market under the symbol "PSTI". | |
On December 19, 2010, the Company's shares began trading also on the Tel-Aviv Stock Exchange under the symbol "PLTR". | ||
d. | License Agreements: | |
United Agreement | ||
On June 19, 2011, the Company entered into an exclusive license agreement (the "United Agreement") with United Therapeutics 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 Therapeutics 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 Therapeutics 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. | ||
CHA Agreement | ||
On June 26, 2013, Pluristem entered into an exclusive license and commercialization agreement (the "CHA Agreement") with 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, CHA will bear the costs of conducting the clinical trials for the agreed upon indications, and the Company will continue to retain nights to its proprietary manufacturing technology and cell-related intellectual property. | ||
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, for the specified indications, Pluristem and CHA will establish an equally owned joint venture. The purpose of the joint venture will be to commercialize PLX cell products in South Korea. | ||
Pluristem will be able to use the data generated by CHA to pursue the development of PLX product candidates outside of South Korea. | ||
In addition, and as contemplated by the CHA Agreement, in December 2013, 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. The investment in CHA shares is presented as "Marketable Securities" and classified as available-for-sale in accordance with ASC 320 - "Investments - Debt and Equity Securities" (Note 3). The CHA Agreement contains customary termination provisions, including in the event the parties do not reach an agreement upon development plan for conducting the clinical trials. Upon termination of this CHA Agreement, the license granted thereunder will terminate and all rights included therein will revert to the Company, whereupon the Company will be free to enter into agreements with any other third parties for the granting of a license in or outside South Korea or to deal in any other manner with such rights as it shall see fit at its sole discretion. | ||
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. |
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||
SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||
NOTE 2:-SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP") applied on consistent basis. | |||||||||||||
a. | Use of estimates | ||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates, judgments, and assumptions that are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||||
b. | Functional currency of the Subsidiary | ||||||||||||
The Subsidiary's revenues are generated and determined in U.S. Dollars ("dollars"). In addition, most of the financing of the Subsidiary's operations has been made in dollars. The Company's management believes that the dollar is the primary currency of the economic environment in which the Subsidiary operates. Thus, management believe that the functional currency of the Subsidiary is the dollar. Accordingly, monetary accounts maintained in currencies other than the dollar are remeasured into dollars in accordance with ASC 830, "Foreign Currency Matters". All transaction gains and losses from the remeasurement of monetary balance sheet items are reflected in the statement of operations as financial income or expenses, as appropriate. | |||||||||||||
c. | Principles of consolidation | ||||||||||||
The consolidated financial statements include the accounts of Pluristem Therapeutics Inc. and its Subsidiary. Intercompany transactions and balances have been eliminated upon consolidation. | |||||||||||||
d. | Cash and cash equivalents | ||||||||||||
Cash equivalents are short-term highly liquid investments that are readily convertible to cash with maturities of three months or less at the date acquired. | |||||||||||||
e. | Short-term bank deposit | ||||||||||||
Bank deposits with original maturities of more than three months but less than one year are presented as part of short-term investments. Deposits are presented at their cost which approximates market values including accrued interest. Interest on deposits is recorded as financial income. | |||||||||||||
f. | Restricted cash and short-term deposits | ||||||||||||
Short-term restricted deposits and restricted cash used to secure derivative transactions are presented at cost. | |||||||||||||
g. | Long-term restricted deposits | ||||||||||||
Long-term restricted deposits with maturities of more than one year used to secure operating lease agreement are presented at cost which approximates market values including accrued interest. | |||||||||||||
h. | Marketable Securities | ||||||||||||
The Company accounts for its investments in marketable securities in accordance with ASC 320-"Investments - Debt and Equity Securities". The Company determines the classification of marketable securities at the time of purchase and re-evaluates such designations as of each balance sheet date. The Company classifies all of its marketable securities as available-for-sale. Available-for-sale marketable securities are carried at fair value, with the unrealized gain and loss reported at "accumulated other comprehensive income (loss)" in the statement of changes in stockholders' equity. | |||||||||||||
Realized gain and loss on sales of marketable securities are included in the Company's "Financial income, net" and are derived using the specific identification basis for determining the cost of marketable securities. The amortized cost of available for sale marketable securities is adjusted for amortization of premiums and accretion of discount to maturity. Such amortization, together with interest on available for sale marketable securities, is included in the "Financial income, net". | |||||||||||||
The Company recognizes an impairment charge when a decline in the fair value of its available-for-sale marketable securities below the cost basis is judged to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the length of time the investment has been in a loss position, the extent to which the fair value has been less than the Company's cost basis, the investment's financial condition and the near-term prospects of the issuer. ASC 320-10-35, "Investments - Debt and Equity Securities", requires another-than-temporary impairment for debt securities to be separated into (a) the amount representing the credit loss and (b) the amount related to all other factors (provided that the Company does not intend to sell the security and it is not more likely than not that it will be required to sell it before recovery). For securities that are deemed other-than-temporarily impaired, the amount of impairment is recognized in "financial income, net", in the statement of operations and is limited to the amount related to credit loss, while impairment related to other factors is recognized in other comprehensive income (loss). | |||||||||||||
During 2014, 2013 and 2012, no impairment losses been identified. | |||||||||||||
i. | Revenue Recognition from the license Agreement with United Therapeutics | ||||||||||||
The Company recognizes revenue pursuant to the License Agreement with United Therapeutics in accordance with ASC 605-25, "Revenue Recognition, Multiple-Element Arrangements". | |||||||||||||
Pursuant to ASC 605-25, each deliverable is evaluated to determine whether it qualifies as a separate unit of accounting based on whether the deliverable has "stand-alone value" to the customer. The arrangement's consideration that is fixed or determinable is then allocated to each separate unit of accounting based on the relative selling price of each deliverable. In general, the consideration allocated to each unit of accounting is recognized as the related goods or services are delivered, limited to the consideration that is not contingent upon future deliverables. | |||||||||||||
The Company received an up-front, non-refundable license payment of $5,000. Additional payments totaling $37,500 are subject to the achievement of certain regulatory milestones by United Therapeutics. | |||||||||||||
Since the deliverables in the United Agreement do not have stand-alone value, none of them qualifies as a separate unit of accounting. Accordingly, the non-refundable upfront license fee of $5,000 is deferred and recognized on a straight line basis over the related performance period which is the development period in accordance with Staff Accounting Bulletin ("SAB") 104, "Revenue Recognition". The remaining performance period is 8.5 years as of June 30, 2014. | |||||||||||||
The additional regulatory milestones payments will be recognized upon the achievement of futures events by United Therapeutics, in accordance with ASC 450-30-25, "Gain Contingencies". As of June 30, 2014, no regulatory millstones were achieved. | |||||||||||||
The Company also received an advanced payment for the development, of $2,000 that will be deductible against development expenses as it incurred. The upfront payment which was received and has not yet fully recognized in the statement of operations, is included in the balance sheet as advance payment. Part of the expenses related to the development, on a cost basis, shall be repaid to the Company by United Therapeutics according to the applicable license agreement. The Company is deducting the payments from its research and development expenses in accordance with ASC 730-20, "Research and Development Agreements". As of June 30, 2014, the Company deducted an amount of approximately $1,753. | |||||||||||||
j. | Property and Equipment | ||||||||||||
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated by the straight-line method over the estimated useful lives of the assets, at the following annual rates: | |||||||||||||
% | |||||||||||||
Laboratory equipment | 15-Oct | ||||||||||||
Computers and peripheral equipment | 33 | ||||||||||||
Office furniture and equipment | 15-Jun | ||||||||||||
Vehicles | 15 | ||||||||||||
Leasehold improvements | The shorter of the expected useful life or the | ||||||||||||
reasonable assumed term of the lease. | |||||||||||||
k. | Impairment of long-lived assets | ||||||||||||
The Company's long-lived assets are reviewed for impairment in accordance with ASC 360, "Property, Plant and Equipment", whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During 2014, 2013 and 2012, no impairment losses been identified. | |||||||||||||
l. | Accounting for stock-based compensation | ||||||||||||
The Company accounts for stock-based compensation in accordance with ASC 718, "Compensation-Stock Compensation" ("ASC 718") and ASC 505-50 "Equity-Based Payments to Non-Employees". ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The Company estimates the fair value of stock options granted using the Black-Scholes-Merton option-pricing model. The Company accounts for employee's share-based payment awards classified as equity awards using the grant-date fair value method. The fair value of share-based payment transactions is recognized as an expense over the requisite service period, net of estimated forfeitures. The Company estimates forfeitures based on historical experience and anticipated future conditions. The Company elected to recognize compensation cost for an award with service conditions and goals achievement that has a graded vesting schedule using the accelerated method based on the multiple-option award approach. | |||||||||||||
During fiscal years 2014, 2013 and 2012 there were no options grants to employees or directors. | |||||||||||||
The assumptions below are relevant to restricted shares units granted in 2014, 2013 and 2012: | |||||||||||||
In accordance with ASC 718, restricted shares or restricted shares units are measured at their fair value. All restricted shares and restricted shares units to employees, directors and non-employees granted in 20142013 and 2012 were granted for no consideration; therefore, their fair value was equal to the share price at the date of grant. | |||||||||||||
The expected pre-vesting forfeiture rate affects the number of exercisable shares. Based on Company's historical experience, the pre-vesting forfeiture rate per grant for shares granted to employees is 7% for year ended June 30, 2014 and 2013 and 5% for the year ended June 30, 2012, and 0% for the options and shares granted to directors and officers and consultants of the Company. | |||||||||||||
The fair value of all restricted shares and restricted shares units was determined based on the close trading price of the Company's shares known at the grant date. The weighted average grant date fair value of share granted during years 2014, 2013 and 2012 was $3.53, $3.43 and $2.54, respectively. | |||||||||||||
m. | Research and Development expenses and grants | ||||||||||||
Research and development expenses, net of participations, are charged to the statement of operations as incurred. | |||||||||||||
Research and development grants from the government of Israel and other parties for funding approved research and development projects are recognized at the time the Company is entitled to such grants, on the basis of the cost incurred and applied as a deduction from research and development costs. | |||||||||||||
n. | Loss per share | ||||||||||||
Basic and dilutive net loss per share is computed based on the weighted average number of shares of common stock outstanding during each year. All outstanding stock options and unvested restricted stock units have been excluded from the calculation of the diluted loss per common share because all such securities are anti-dilutive for each of the periods presented. | |||||||||||||
o. | Income taxes | ||||||||||||
The Company accounts for income taxes in accordance with ASC 740, "Income Taxes". This Topic prescribes the use of the liability method, whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value. | |||||||||||||
ASC 740 establishes a single model to address accounting for uncertain tax positions. ASC 740 clarified the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. | |||||||||||||
p. | Concentration of credit risk | ||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term deposits, long-term deposits, restricted deposits and marketable securities. | |||||||||||||
The majority of the Company's cash and cash equivalents and short-term and long-term deposits are invested in dollar instruments of major banks in Israel. Generally, these deposits may be redeemed upon demand and therefore bear minimal risk. | |||||||||||||
The Company invests its surplus cash in cash deposits and marketable securities in financial institutions and has established guidelines, approved by the Company's Investment Committee, relating to diversification and maturities to maintain safety and liquidity of the investments. | |||||||||||||
The Company holds an investment portfolio consisting of corporate bonds, government bonds, stocks and index linked notes. The Company intends, and has the ability, to hold such investments until recovery of temporary declines in market value or maturity; accordingly, as of June 30, 2014, the Company believes the losses associated with its investments are temporary and no impairment loss was recognized during 2014. However, the Company can provide no assurance that it will recover declines in the market value of its investments. | |||||||||||||
q. | Severance pay | ||||||||||||
The Subsidiary's liability for severance pay is calculated pursuant to Israeli Severance Pay Law, 1963 (the "Severance Pay Law") based on the most recent salary of the employees multiplied by the number of years of employment, as of the balance sheet date. Employees are entitled to one month's salary for each year of employment or a portion thereof. | |||||||||||||
The Company's liability for all of its employees is fully provided by monthly deposits with insurance policies and by an accrual. The value of these policies is recorded as an asset in the Company's balance sheet. | |||||||||||||
The deposited funds include profits or losses accumulated up to the balance sheet date. The deposited funds may be withdrawn only upon the fulfillment of the obligation pursuant to Israeli severance pay law or labor agreements. The value of the deposited funds is based on the cash surrendered value of these policies, and includes immaterial profits or losses. | |||||||||||||
Since November 2011, the Company's agreements with new employees in Israel, are subject to Section 14 of the Severance Pay Law. The Company's contributions for severance pay have replaced its severance obligation. Upon contribution of the full amount of the employee's monthly salary for each year of employment, no additional calculations is conducted between the parties regarding the matter of severance pay and no additional payments is made by the Company to the employee. Further, the related obligation and amounts deposited on behalf of the employee for such obligation are not stated on the balance sheet, as the Company is legally released from the obligation to employees once the deposit amounts have been paid. | |||||||||||||
Severance expenses for the years ended December 31, 2014, 2013 and 2012, were $534, $329 and $275, respectively. | |||||||||||||
r. | Fair value of financial instruments | ||||||||||||
The carrying amounts of the Company's financial instruments, including cash and cash equivalents, short-term and restricted bank deposits, trade payable and other accounts payable and accrued liabilities, approximate fair value because of their generally short term maturities. | |||||||||||||
The Company measures its investments in marketable securities and derivative instruments at fair value under ASC 820, "Fair Value Measurements and Disclosures" ("ASC 820"). 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 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date; | |||||||||||||
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.; and | |||||||||||||
Level 3 - Unobservable inputs for the asset or liability. | |||||||||||||
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. | |||||||||||||
s. | 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"). 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 New Israeli Shekels (NIS). The Company measured the fair value of the contracts in accordance with ASC 820 (classified as level 2). 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 June 30, 2014, the Company had forward contracts in place to hedge future payroll and related expenses in NIS of approximately $2,820, with fair value of approximately $24. The net unrealized gain on the effective portion of these cash flow hedges was $23. The net gain realized in statement of operations during the year ended June 30, 2014, resulting from the cash flow hedge transactions, amounted to approximately $48. The forward contracts on the Company's future NIS payroll and related expenses will settle by December 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. The Company measured the fair value of the contracts in accordance with ASC 820 (classified as level 2). Gains and losses on these contracts are recognized in "Financial income, net", along with the offsetting losses and gains of the related hedged items. | |||||||||||||
In connection with the investment in CHA shares (see Note 1d), 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 June 30, 2014 with fair value of approximately $(889). | |||||||||||||
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 NIS. The Company measured the fair value of the contracts in accordance with ASC 820 (classified as level 2). The net gains (losses) recognized in "Financial income, net" during the year ended June 30, 2014, 2013 and 2012 were ($70), $231 and ($145), respectively. | |||||||||||||
t. | Comprehensive income: | ||||||||||||
The Company accounts for comprehensive income (loss) in accordance with ASC No. 220, "Comprehensive Income". Comprehensive income generally represents all changes in shareholders' equity during the period except those resulting from investments by, or distributions to, shareholders. The Company determined that its items of other comprehensive income relate to gains and losses on cash flow hedging derivative instruments and unrealized gains and losses on available for sale marketable securities. | |||||||||||||
Year ended June 30, 2014 | |||||||||||||
Unrealized | Unrealized | Total | |||||||||||
gains | gains | ||||||||||||
on marketable | on cash flow | ||||||||||||
securities | hedges | ||||||||||||
Beginning balance | $ | 259 | $ | - | $ | 259 | |||||||
Other comprehensive income before reclassifications | 3,404 | 23 | 3,427 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | (727 | ) | - | (727 | ) | ||||||||
Net current-period other comprehensive income | 2,677 | 23 | 2,700 | ||||||||||
Ending balance | $ | 2,936 | $ | 23 | $ | 2,959 | |||||||
u. | Recent Accounting Pronouncement | ||||||||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 ("ASU 2014-09"), "Revenue from Contracts with Customers". ASU 2014-09 supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)", and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently in the process of evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial statements. |
MARKETABLE_SECURITIES
MARKETABLE SECURITIES | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES [Abstract] | ' | ||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES | ' | ||||||||||||||||||||||||||||||||
NOTE 3:- MARKETABLE SECURITIES | |||||||||||||||||||||||||||||||||
As of June 30, 2014, all of the Company's marketable securities were classified as available-for-sale. | |||||||||||||||||||||||||||||||||
30-Jun-14 | June 30,2013 | ||||||||||||||||||||||||||||||||
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 | $ | 18,881 | $ | 2,522 | $ | (23 | ) | $ | 21,380 | $ | 4,023 | $ | 234 | $ | (180 | ) | $ | 4,077 | |||||||||||||||
Government debentures - fixed interest rate | 97 | 9 | - | 106 | 329 | 21 | - | 350 | |||||||||||||||||||||||||
Corporate debentures - fixed interest rate | 452 | 54 | - | 506 | 508 | 30 | (9 | ) | 529 | ||||||||||||||||||||||||
$ | 19,430 | $ | 2,585 | $ | (23 | ) | $ | 21,992 | $ | 4,860 | $ | 285 | $ | (189 | ) | $ | 4,956 | ||||||||||||||||
Available-for-sale - matures after one year through five years: | |||||||||||||||||||||||||||||||||
Government debentures - fixed interest rate | 2,595 | 98 | (1 | ) | 2,692 | 1,602 | 49 | (12 | ) | 1,639 | |||||||||||||||||||||||
Corporate debentures - fixed interest rate | 4,906 | 263 | (5 | ) | 5,164 | 4,976 | 162 | (77 | ) | 5,061 | |||||||||||||||||||||||
$ | 7,501 | $ | 361 | $ | (6 | ) | $ | 7,856 | $ | 6,578 | $ | 211 | $ | (89 | ) | $ | 6,700 | ||||||||||||||||
Available-for-sale - matures after five years through ten years: | |||||||||||||||||||||||||||||||||
Government debentures - fixed interest rate | - | - | - | - | 955 | 45 | (14 | ) | 986 | ||||||||||||||||||||||||
Corporate debentures - fixed interest rate | 94 | 19 | - | 113 | 789 | 29 | (19 | ) | 799 | ||||||||||||||||||||||||
$ | 94 | $ | 19 | $ | - | $ | 113 | $ | 1,744 | $ | 74 | $ | (33 | ) | $ | 1,785 | |||||||||||||||||
Total | $ | 27,025 | $ | 2,965 | $ | (29 | ) | $ | 29,961 | $ | 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 June 30, 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 June 30, 2014 | $ | 851 | $ | (17 | ) | $ | 463 | $ | (12 | ) | |||||||||||||||||||||||
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 year ended June 30, 2014. | |||||||||||||||||||||||||||||||||
As of June 30, 2014 and 2013, interest receivable amounted to $98 and $20 respectively. |
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | ||||||||||||||||||||||||
NOTE 4:- FAIR VALUE OF FINANCIAL INSTRUMENTS | |||||||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Marketable securities | $ | 20,530 | $ | 9,431 | - | $ | 6,311 | $ | 7,130 | - | |||||||||||||||
Foreign currency derivative instruments | - | (842 | ) | - | - | 93 | - | ||||||||||||||||||
Total | $ | 20,530 | $ | 8,589 | $ | - | $ | 6,311 | $ | 7,223 | $ | - | |||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||||||||||
Balance Sheet location | Fair Value | Balance Sheet location | Fair Value | ||||||||||||||||||||||
Derivatives designated as cash flow hedge instruments | Other current assets | $ | 24 | - | $ | - | |||||||||||||||||||
Derivatives not designated as hedge instruments | Other current assets | 23 | Other current assets | 93 | |||||||||||||||||||||
Derivatives designated as fair value hedge instruments | Other current liabilities | (889 | ) | - | - | ||||||||||||||||||||
Total | $ | (842 | ) | $ | 93 |
PROPERTY_AND_EQUIPMENT_NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
PROPERTY AND EQUIPMENT, NET [Abstract] | ' | ||||||||
PROPERTY AND EQUIPMENT, NET | ' | ||||||||
NOTE 5:-PROPERTY AND EQUIPMENT, NET | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Cost: | |||||||||
Laboratory equipment | $ | 6,088 | $ | 5,709 | |||||
Computers and peripheral equipment | 708 | 535 | |||||||
Office furniture and equipment | 611 | 534 | |||||||
Leasehold improvements | 7,453 | 7,369 | |||||||
Vehicles | 95 | 68 | |||||||
Total Cost | 14,955 | 14,215 | |||||||
Accumulated depreciation: | |||||||||
Laboratory equipment | 2,042 | 1,306 | |||||||
Computers and peripheral equipment | 430 | 280 | |||||||
Office furniture and equipment | 176 | 91 | |||||||
Leasehold improvements | 1,475 | 642 | |||||||
Vehicles | 9 | 30 | |||||||
Total accumulated depreciation | 4,132 | 2,349 | |||||||
Property and equipment, net | $ | 10,823 | $ | 11,866 | |||||
Depreciation expenses amounted to $1,902, $1,033 and $435 for the years ended June 30, 2014, 2013 and 2012, respectively. |
OTHER_ACCOUNTS_PAYABLE
OTHER ACCOUNTS PAYABLE | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
OTHER ACCOUNTS PAYABLE [Abstract] | ' | |||||||||
OTHER ACCOUNTS PAYABLE | ' | |||||||||
NOTE 6:-OTHER ACCOUNTS PAYABLE | ||||||||||
June 30, | ||||||||||
2014 | 2013 | |||||||||
Accrued payroll | $ | 424 | $ | 353 | ||||||
Payroll institutions | 302 | 324 | ||||||||
Accrued vacation | 673 | 506 | ||||||||
Advanced payment from lessor | 89 | 89 | ||||||||
Derivatives designated as a fair value hedge instruments | 889 | - | ||||||||
Other payables | 14 | - | ||||||||
$ | 2,391 | $ | 1,272 |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ||||
COMMITMENTS AND CONTINGENCIES | ' | ||||
NOTE 7:-COMMITMENTS AND CONTINGENCIES | |||||
a. | The facilities of the Subsidiary are rented under operating lease agreements, which expire on various dates, the latest of which is in 2017. In January 2013 the Subsidiary received from the lessor a non-refundable payment, which payment represents the lessor participation in the leasehold improvements, of approximately $816. The payment is deductible against lease expenses as it is incurred. The lessor upfront payment is included the in balance sheet as advance payment and recognized as a deduction from lease expenses over the lease term. | ||||
The Company recognizes rent expense, net of lessor participation, under such arrangements on a straight-line basis over the lease term. | |||||
As of June 30, 2014 aggregate minimum lease commitments under non-cancelable operating lease agreements are as follows: | |||||
Year ending June 30, | |||||
2015 | $ | 667 | |||
2016 | 497 | ||||
2017 | 349 | ||||
Total | $ | 1,513 | |||
Lease expenses amounted to $720, $678 and $382 for the years ended June 30, 2014, 2013 and 2012, respectively. | |||||
The Subsidiary has issued a bank guarantee in favor of the lessors for $388. | |||||
b. | The Subsidiary leases several motor vehicles under operating lease agreements, which expire in various dates during years 2014 through April 2017. | ||||
As of June 30, 2014, future aggregate minimum lease commitments under non-cancelable operating lease agreements are as follows: | |||||
Year ending June 30, | |||||
2015 | $ | 140 | |||
2016 | 85 | ||||
2017 | 26 | ||||
Total | $ | 251 | |||
Lease expenses amounted to $244, $215 and $176 for the years ended June 30, 2014, 2013 and 2012, respectively. | |||||
c. | An amount of $4,805 of cash and deposits was pledged by the Subsidiary to secure the hedging transactions, credit line and Bank guarantees. | ||||
d. | Under the Law for the Encouragement of Industrial Research and Development, 1984, (the "Research Law"), research and development programs that meet specified criteria and are approved by a governmental committee of the OCS are eligible for grants of up to 50% of the project's expenditures, as determined by the research committee, in exchange for the payment of royalties from the sale of products developed under the program. Regulations under the Research Law generally provide for the payment of royalties to the Chief Scientist of 3% to 4% on sales of products and services derived from a technology developed using these grants until 100% of the dollar-linked grant is repaid. The Company's obligation to pay these royalties is contingent on its actual sale of such products and services. In the absence of such sales, no payment is required. Outstanding balance of the grants will be subject to interest at a rate equal to the 12 month LIBOR applicable to dollar deposits that is published on the first business day of each calendar year. Following the full repayment of the grant, there is no further liability for royalties. | ||||
Through June 30, 2014, total grants obtained aggregated to approximately $14,125. Through June 30, 2014, total royalties paid and accrued amounted to $53. As of June 30, 2014, the Company's contingent liability in respect to royalties to the OCS amounted $14,072, not include LIBOR interest as described above. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
STOCKHOLDERS' EQUITY [Abstract] | ' | ||||||||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||||||||
NOTE 8: - STOCKHOLDERS' EQUITY | |||||||||||||||||
The Company's authorized common stock consists of 200,000,000 shares with a par value of $0.00001 per share. All shares have equal voting rights and are entitled to one vote per share in all matters to be voted upon by stockholders. The shares have no pre-emptive, subscription, conversion or redemption rights and may be issued only as fully paid and non-assessable shares. Holders of the common stock are entitled to equal ratable rights to dividends and distributions with respect to the common stock, as may be declared by the Board of Directors out of funds legally available. | |||||||||||||||||
The Company's authorized preferred stock consists of 10,000,000 shares of preferred stock, par value $0.00001 per share, with series, rights, preferences, privileges and restrictions as may be designated from time to time by the Company's Board of Directors. No shares of preferred stock have been issued. | |||||||||||||||||
a. | From July 2011 through June 2012, a total of 406,783 warrants were exercised via "cashless" exercise, resulting in the issuance of 168,424 shares of common stock to investors of the Company. In addition 355,411 warrants were exercised for cash and resulted in the issuance of 355,411 shares of common stock to investors of the Company. The aggregate cash consideration received was $556. | ||||||||||||||||
b. | From July 2012 through June 2013, a total of 682,213 warrants were exercised via "cashless" exercise, resulting in the issuance of 420,199 shares of common stock to investors of the Company. In addition 1,201,160 warrants were exercised for cash and resulted in the issuance of 1,201,160 shares of common stock to investors of the Company. The aggregate cash consideration received was $2,009. In August, 2012, a total of 36,000 warrants were exercised via a "cashless" exercise, resulting in the issuance of 26,299 shares of common stock to consultants of the Company. | ||||||||||||||||
c. | From July 2013 through June 2014, a total of 2,517,907 warrants were exercised via "cashless" exercise, resulting in the issuance of 1,469,584 shares of common stock to investors of the Company. In addition, 1,432,584 warrants were exercised for cash and resulted in the issuance of 1,432,584 shares of common stock to investors of the Company. The aggregate cash consideration received was $1,968. From July 2013 through June 2014, a total of 65,000 warrants were exercised via a "cashless" exercise, resulting in the issuance of 36,970 shares of common stock to a consultant of the Company. | ||||||||||||||||
d. | As part of the agreement for building the new Company's facility with Biopharmax Group Ltd. ("Biopharmax"), the Company issued 1,500,000 shares of common stock to Biopharmax during fiscal year 2012. | ||||||||||||||||
e. | 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 (see Note 1d). | ||||||||||||||||
f. | On September 19, 2012, the Company closed a firm commitment underwritten public offering of 8,000,000 units, at a purchase price of $4.00 per unit, with each unit consisting of one share of the Company's common stock and one warrant to purchase 0.35 shares of common stock, at a purchase price of $5.00 per share. The warrants sold in the offering became exercisable on March 19, 2013 and expire on September 19, 2017. The Company has also granted the underwriters a 30-day option to purchase up to 1,200,000 shares of common stock and/or warrants to purchase up to 420,000 shares of common stock. As of September 24, 2012 the underwriters fully exercised their option. The aggregate net proceeds to the Company from the offering, including from the exercise in full of the option, were $34,106, before the exercise of any warrants and after deducting underwriting commissions and discounts and offering expenses of the Company. The warrants can be exercised only for full shares of common stock. As to any fraction of a share which the warrant holder would otherwise be entitled to purchase upon such exercise, the Company shall pay a cash adjustment in respect of such fraction in an amount equal to such fraction multiplied by the fair market value less the exercise price. | ||||||||||||||||
g. | 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 year ended June 30, 2014, the Company issued 2,596,032 shares of common stock for aggregate consideration of approximately $ 10,644, net of issuance costs of $195, under the ATM Agreement. | |||||||||||||||||
On September 11, 2014, the Company notified the underwriter of the termination of the ATM Agreement. | |||||||||||||||||
Options, warrants and restricted stock units to employees, directors and consultants: | |||||||||||||||||
The Company has approved incentive option plan from 2005 (the "Plan"). Under the Plan, options, restricted stock and restricted stock units (the "Awards") may be granted to the Company's officers, directors, employees and consultants. Any Awards that are cancelled or forfeited before expiration become available for future grants. | |||||||||||||||||
As of June 30, 2014, the number of shares of common stock authorized for issuance under the Plan amounted to 13,256,713. As of June 30, 2014, 1,205,080 shares are available for future grant under the Plan. | |||||||||||||||||
Options, warrants and restricted stock units to employees, directors and consultants: | |||||||||||||||||
a. | Options to employees and directors: | ||||||||||||||||
The Company accounted for its options to employees and directors under the fair value method in accordance with ASC 718. A summary of the Company's share option activity for options granted to employees and directors under the Plans is as follows: | |||||||||||||||||
Year ended June 30, 2014 | |||||||||||||||||
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 | $ | 4.03 | ||||||||||||||
Options exercised | (15,000 | ) | $ | 0.83 | |||||||||||||
Options forfeited | (81,057 | ) | $ | 11.59 | |||||||||||||
Options outstanding at end of the period | 1,862,099 | $ | 3.73 | 3.13 | $ | 1,046 | |||||||||||
Options exercisable at the end of the period | 1,862,099 | $ | 3.73 | 3.13 | $ | 1,046 | |||||||||||
Options vested | 1,862,099 | $ | 3.73 | 3.13 | $ | 1,046 | |||||||||||
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 June 30, 2014. This amount changes based on the fair market value of the Company's common stock. | |||||||||||||||||
b. | Options and warrants to non-employees: | ||||||||||||||||
A summary of the Company's activity related to options and warrants to consultants is as follows: | |||||||||||||||||
Year ended June 30, 2014 | |||||||||||||||||
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 | $ | 4.44 | ||||||||||||||
Options granted | 3,000 | $ | 0 | ||||||||||||||
Options and warrants exercised | (66,500 | ) | $ | 1.39 | |||||||||||||
Options and warrants outstanding at end of the period | 252,000 | $ | 5.19 | 3.96 | $ | 331 | |||||||||||
Options and warrants exercisable at the end of the period | 251,000 | $ | 5.21 | 3.93 | $ | 328 | |||||||||||
Options and warrants vested and expected to vest | 252,000 | $ | 5.19 | 3.96 | $ | 331 | |||||||||||
Options, warrants and restricted stock units to employees, directors and consultants: | |||||||||||||||||
Compensation expenses related to options and warrants granted to consultants were recorded as follows: | |||||||||||||||||
Year ended June 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Research and development expenses | $ | 11 | $ | 26 | $ | 19 | |||||||||||
General and administrative expenses | - | 37 | |||||||||||||||
$ | 11 | $ | 26 | $ | 56 | ||||||||||||
Future expenses related to options and warrants granted to consultants for an average time of approximately 3 months are $1. | |||||||||||||||||
c. | Restricted stock units to employees and directors: | ||||||||||||||||
The following table summarizes the activities for unvested restricted stock units granted to employees and directors for the year ended June 30, 2014: | |||||||||||||||||
Number | |||||||||||||||||
Unvested at the beginning of period | 1,660,525 | ||||||||||||||||
Granted | 1,256,940 | ||||||||||||||||
Forfeited | (44,183 | ) | |||||||||||||||
Vested | (1,283,850 | ) | |||||||||||||||
Unvested at the end of the period | 1,589,432 | ||||||||||||||||
Expected to vest after June 30, 2014 | 1,522,024 | ||||||||||||||||
Compensation expenses related to restricted stock units granted to employees and directors were recorded as follows: | |||||||||||||||||
Year ended June 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Research and development expenses | $ | 1,172 | $ | 711 | $ | 1,163 | |||||||||||
General and administrative expenses | 4,390 | 1,529 | 3,487 | ||||||||||||||
$ | 5,562 | $ | 2,240 | $ | 4,650 | ||||||||||||
Future expenses related to restricted stock units granted to employees and directors for an average time of approximately two years is $2,447. | |||||||||||||||||
d. | Restricted stock units to consultants: | ||||||||||||||||
The following table summarizes the activities for unvested restricted stock units and restricted stock granted to consultants for the year ended June 30, 2014: | |||||||||||||||||
Number | |||||||||||||||||
Unvested at the beginning of period | - | ||||||||||||||||
Granted | 84,565 | ||||||||||||||||
Vested | (69,315 | ) | |||||||||||||||
Unvested at the end of the period | 15,250 | ||||||||||||||||
Compensation expenses related to restricted stock units granted to consultants were recorded as follows: | |||||||||||||||||
Year ended June 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Research and development expenses | $ | 201 | $ | 255 | $ | 201 | |||||||||||
General and administrative expenses | 77 | 278 | 20 | ||||||||||||||
$ | 278 | $ | 533 | $ | 221 | ||||||||||||
Summary of warrants and options: | |||||||||||||||||
The following table sets forth a summary of all the warrants and options outstanding as of June 30, 2014: | |||||||||||||||||
Exercise Price per Share | Options and Warrants for Common Stock | Options and Warrants Exercisable | Weighted Average Remaining Contractual Terms(in years) | ||||||||||||||
Warrants / Options | |||||||||||||||||
Warrants: | $ | 1.4 | 474,322 | 474,322 | 0.82 | ||||||||||||
$ | 1.5 | 878,174 | 878,174 | 0.06 | |||||||||||||
$ | 1.6 | 131,221 | 131,221 | 0.78 | |||||||||||||
$ | 1.8 | 727,401 | 727,401 | 0.3 | |||||||||||||
$ | 1.9 | 43,103 | 43,103 | 0.08 | |||||||||||||
$ | 4.2 | 5,060,000 | 5,060,000 | 2.09 | |||||||||||||
$ | 5 | 3,219,983 | 3,219,983 | 3.22 | |||||||||||||
Total warrants | 10,534,204 | 10,534,204 | |||||||||||||||
Options: | $ | 0 | 101,000 | 100,000 | 5.19 | ||||||||||||
$ | 0.62 | 398,500 | 398,500 | 4.25 | |||||||||||||
$ | 1.04 | 30,000 | 30,000 | 4.16 | |||||||||||||
$ | 2.97 | 20,000 | 20,000 | 3.86 | |||||||||||||
$ | 3.5 | 900,000 | 900,000 | 2.58 | |||||||||||||
$ | 3.72 | 15,000 | 15,000 | 2.49 | |||||||||||||
$ | 3.8 | 16,050 | 16,050 | 2.53 | |||||||||||||
$ | 4 | 42,500 | 42,500 | 2.3 | |||||||||||||
$ | 4.38 - $ 4.40 | 417,299 | 417,299 | 3.28 | |||||||||||||
$ | 6.8 | 36,250 | 36,250 | 3.37 | |||||||||||||
$ | 8.2 | 30,000 | 30,000 | 2.4 | |||||||||||||
$ | 20 | 107,500 | 107,500 | 2.88 | |||||||||||||
Total options | 2,114,099 | 2,113,099 | |||||||||||||||
Total warrants and options | 12,648,303 | 12,647,303 | |||||||||||||||
This summary does not include 1,604,682 restricted stock units that are not vested as of June 30, 2014. |
FINANCIAL_INCOME_NET
FINANCIAL INCOME, NET | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
FINANCIAL INCOME, NET [Abstract] | ' | ||||||||||||
FINANCIAL INCOME, NET | ' | ||||||||||||
NOTE 9:-FINANCIAL INCOME, NET | |||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Foreign currency translation differences, net | $ | 407 | $ | 497 | $ | (98 | ) | ||||||
Bank commissions | (36 | ) | (29 | ) | (12 | ) | |||||||
Interest income on deposits | 246 | 539 | 575 | ||||||||||
Gain (Loss) related to marketable securities | 384 | (79 | ) | 89 | |||||||||
Gain (loss) from derivatives | (83 | ) | 140 | (317 | ) | ||||||||
$ | 918 | $ | 1,068 | $ | 237 |
TAXES_ON_INCOME
TAXES ON INCOME | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
TAXES ON INCOME [Abstract] | ' | ||||||||
TAXES ON INCOME | ' | ||||||||
NOTE 10:-TAXES ON INCOME | |||||||||
A. | Tax laws applicable to the companies: | ||||||||
1 | Pluristem Therapeutics Inc. is taxed under U.S. tax laws. | ||||||||
2 | Pluristem Ltd. is taxed under Israeli tax laws. | ||||||||
B. | Tax assessments: | ||||||||
The Subsidiary has not received final tax assessments since its incorporation; however, the assessments of the Subsidiary are deemed final through 2009. | |||||||||
C. | Tax rates applicable to the Company:- | ||||||||
1 | Pluristem Therapeutics Inc.: | ||||||||
The tax rates applicable to Pluristem Therapeutics Inc., a Nevada corporation, are corporate (progressive) tax at the rate of up to 35%, excluding state tax and local tax if any, which rates depend on the state and city in which Pluristem Therapeutics Inc. conducts its business. | |||||||||
2 | The Subsidiary: | ||||||||
Taxable income of Israeli companies is subject to tax at the rate of 25% in 2012, 2013 and 26.5% in 2014. | |||||||||
Tax Benefits Under the Law for Encouragement of Capital Investments. | |||||||||
According to the Law for Encouragement of Capital Investments, 1959 (the "Encouragement Law"), the Subsidiary is entitled to various tax benefits due to "Beneficiary Enterprise" status granted to its enterprise, as implied by the Encouragement Law. The principal benefits by virtue of the Encouragement Law are: | |||||||||
Tax benefits and reduced tax rates: | |||||||||
On July 7, 2010, the Subsidiary has received a letter of approval (the "Ruling") from the Israeli Tax Authority. According to the Ruling, the Subsidiary's expansion program of its plant was granted the status of a "Beneficiary Enterprise" under the "Alternative Track" (the "2007 Program"). The Subsidiary chose the year 2007 as the election year of the 2007 Program. | |||||||||
Under the 2007 Program "Alternative Track", the Subsidiary, which was located in a National Priority Zone "B" with respect to the year 2007, is tax exempt in the first six years of the benefit period and subject to tax at the reduced rate of 10%-25% for a period of one to four years for the remaining benefit period (dependent on the level of foreign investments). | |||||||||
On June 6, 2013, the Subsidiary informed the Israeli Tax Authority that it has chosen the year 2012 as an election year to the expansion of its Beneficiary Enterprise program (the "2012 Program"). | |||||||||
Under the 2012 Program, the Subsidiary, which was located in the "Other National Priority Zone" with respect to the year 2012, would be tax exempt in the first two years of the benefit period and subject to tax at the reduced rate of 10%-25% for a period of five to eight years for the remaining benefit period (dependent on the level of foreign investments). | |||||||||
Following the enactment of Amendment No. 60 to the Encouragement Law, subsequent to April 1, 2005, companies whose election year entitled them to a Beneficiary Enterprise status are required, among others, to make a minimum qualifying investment. This condition requires an investment in the acquisition of productive assets such as machinery and equipment, which must be carried out within three years. The minimum qualifying investment required for setting up a plant is NIS 300,000, linked to the Israeli CPI in accordance with the guidelines of the Israeli tax authorities. As for plant expansion, the minimum qualifying investment is the higher of NIS 300,000, linked to the Israeli CPI as stated above, and an amount equivalent to the "qualifying percentage" of the value of the productive assets. Productive assets that are used by the plant but not owned by it will also be viewed as productive assets. | |||||||||
The qualifying percentage of the value of the productive assets is as follows: | |||||||||
The value of productive | The new proportion | ||||||||
assets before the expansion | that the required | ||||||||
(NIS in millions) | investment bears | ||||||||
to the value of | |||||||||
productive assets | |||||||||
Up to NIS 140 | 12% | ||||||||
NIS 140 - NIS 500 | 7% | ||||||||
More than NIS 500 | 5% | ||||||||
The income qualifying for tax benefits under the alternative track is the taxable income of a "beneficiary company" that has met certain conditions as determined by the Encouragement Law, and which is derived from an industrial enterprise. The Encouragement Law specifies the types of qualifying income that is entitled to tax benefits under the alternative track both in respect of an industrial enterprise and of a hotel, whereby income from an industrial enterprise includes, among others, revenues from the production and development of software products and revenues from industrial research and development activities performed for a foreign resident (and approved by the Head of the Administration of Industrial Research and Development). | |||||||||
As stated above, the Subsidiary's 2007 Program and 2012 Program were granted the status of a "Beneficiary Enterprise", in accordance with the Encouragement Law, under the alternative benefits track. Accordingly, income derived from the Beneficiary Enterprise is subject to the benefits and conditions stated above. | |||||||||
In respect of expansion programs pursuant to Amendment No. 60 to the Encouragement Law, the benefit period starts at the later of the election year and the first year the Company earns taxable income provided that 12 years have not passed since the beginning of the election year and for companies in development area A - 14 years since the beginning of the election year. The benefit period for the Subsidiary's 2007 Program will expire in 2018 (12 years since the beginning of the election year- 2007).The benefit period for the Subsidiary's 2012 Program would expire in 2023 (12 years since the beginning of the election year - 2012). | |||||||||
If a dividend is distributed out of tax exempt profits, as above, the Subsidiary will become liable for tax at the rate applicable to its profits from the Beneficiary Enterprise in the year in which the income was earned, (tax at the rate of 10- 25%, dependent on the level of foreign investments) and to A withholding tax rate of 15% (or lower, under an applicable tax treaty). | |||||||||
As for Beneficiary Enterprises pursuant to Amendment No. 60 to the Encouragement Law, the basic condition for receiving the benefits under this track is that the enterprise contributes to Israeli economic growth and is a competitive factor for the gross domestic product. In order to comply with this condition, the Encouragement Law prescribes various requirements regarding industrial enterprises. | |||||||||
As for industrial enterprises, in each tax year during the benefit period, one of the following conditions must be met: | |||||||||
1 | The industrial enterprise's main field of activity is biotechnology or nanotechnology as approved by the Head of the Administration of Industrial Research and Development, prior to the approval of the relevant program. | ||||||||
2 | The industrial enterprise's sales revenues in a specific market during the tax year do not exceed 75% of its total sales for that tax year. A "market" is defined as a separate country or customs territory. | ||||||||
3 | At least 25% of the industrial enterprise's overall revenues during the tax year were generated from the enterprise's sales in a specific market with a population of at least 12 million. | ||||||||
Accelerated depreciation: | |||||||||
The Subsidiary is eligible for deduction of accelerated depreciation on buildings, machinery and equipment used by the beneficiary enterprise at a rate of 200% (or 400% for buildings) from the first year of the asset's operation. | |||||||||
Conditions for the entitlement to the benefits: | |||||||||
The abovementioned benefits are conditional upon the fulfillment of the conditions stipulated by the Encouragement Law, regulations promulgated thereunder, and the Ruling with respect to the beneficiary enterprise. Non-compliance with the conditions may cancel all or part of the benefits and refund of the amount of the benefits, including interest. The management believes that the Subsidiary is meeting the aforementioned conditions. | |||||||||
Amendment to the Encouragement Law: | |||||||||
Effective January 2011, the Knesset (Israeli parliament) enacted a reform to the Encouragement Law. According to the reform a flat rate tax would apply to companies eligible for the "Preferred Enterprise" status. In order to be eligible for a Preferred Enterprise status, a company must meet minimum requirements to establish that it contributes to the country's economic growth and is a competitive factor for the Gross Domestic Product (a competitive enterprise). | |||||||||
Israeli companies which currently benefit from an Approved or Privileged Enterprise status and meet the criteria for qualification as a Preferred Enterprise can elect to apply the new Preferred Enterprise benefits by waiving their benefits under the Approved and Privileged Enterprise status. | |||||||||
Benefits granted to a Preferred Enterprise include reduced tax rates. Following the enactment of the National Priorities Law, effective January 1, 2014, the reduced tax rate is 9% in the Development Area A regions and 16% in other regions. Preferred Enterprises in peripheral regions are also eligible for Investment Center grants, as well as the applicable reduced tax rates. | |||||||||
A distribution from a Preferred Enterprise out of the "Preferred Income" through December 31, 2013, was subject to 15% withholding tax for Israeli-resident individuals and non-Israeli residents (subject to applicable treaty rates) and effective January 1, 2014, subject to 20% withholding tax for Israeli-resident individuals and non-Israeli residents (subject to applicable treaty rates). | |||||||||
A distribution from a Preferred Enterprise out of the "Preferred Income" would be exempt from withholding tax for an Israeli-resident company. | |||||||||
The Subsidiary did not apply the Amendment. The Subsidiary may choose to apply the Amendment in the future . | |||||||||
D. | Carryforward losses for tax purposes | ||||||||
As of June 30, 2014, the Company had U.S. federal net operating loss carryforward for income tax purposes in the amount of approximately $22,730. Net operating loss carryforward arising in taxable years, can be carried forward and offset against taxable income for 20 years and expiring between 2022 and 2034. | |||||||||
Utilization of U.S. net operating losses may be subject to substantial annual limitations due to the "change in ownership" provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of net operating losses before utilization. | |||||||||
The Subsidiary in Israel has accumulated losses for tax purposes as of June 30, 2014, in the amount of approximately $48,340, which may be carried forward and offset against taxable business income and business capital gain in the future for an indefinite period. | |||||||||
Deferred income taxes: | |||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets are as follows: | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Deferred tax assets: | |||||||||
U.S. net operating loss carryforward | $ | 7,955 | $ | 7,106 | |||||
Israeli net operating loss carryforward | 12,810 | 8,543 | |||||||
Allowances and reserves | 237 | 156 | |||||||
Total deferred tax assets before valuation allowance | 21,002 | 15,805 | |||||||
Valuation allowance | (21,002 | ) | (15,805 | ) | |||||
Net deferred tax asset | $ | - | $ | - | |||||
As of June 30, 2014 and 2013, the Company has provided full valuation allowances in respect of deferred tax assets resulting from tax loss carryforward and other temporary differences, since they have a history of operating losses and current uncertainty concerning its ability to realize these deferred tax assets in the future. | |||||||||
The Company accounts for its income tax uncertainties in accordance with ASC 740 which clarifies the accounting for uncertainties in income taxes recognized in a Company's financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. | |||||||||
As of June 30, 2014 and 2013, there were no unrecognized tax benefits that if recognized would affect the annual effective tax rate. | |||||||||
Reconciliation of the theoretical tax expense (benefit) to the actual tax expense (benefit): | |||||||||
In 2012, 2013 and 2014, the main reconciling item of the statutory tax rate of the Company (25% to 35% in 2012, 2013 and 2014) to the effective tax rate (0%) is tax loss carryforwards, stock-based compensation and other deferred tax assets for which a full valuation allowance was provided. |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||
Use of estimates | ' | ||||||||||||
a. | Use of estimates | ||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates, judgments, and assumptions that are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||||
Functional currency of the Subsidiary | ' | ||||||||||||
b. | Functional currency of the Subsidiary | ||||||||||||
The Subsidiary's revenues are generated and determined in U.S. Dollars ("dollars"). In addition, most of the financing of the Subsidiary's operations has been made in dollars. The Company's management believes that the dollar is the primary currency of the economic environment in which the Subsidiary operates. Thus, management believe that the functional currency of the Subsidiary is the dollar. Accordingly, monetary accounts maintained in currencies other than the dollar are remeasured into dollars in accordance with ASC 830, "Foreign Currency Matters". All transaction gains and losses from the remeasurement of monetary balance sheet items are reflected in the statement of operations as financial income or expenses, as appropriate. | |||||||||||||
Principles of consolidation | ' | ||||||||||||
c. | Principles of consolidation | ||||||||||||
The consolidated financial statements include the accounts of Pluristem Therapeutics Inc. and its Subsidiary. Intercompany transactions and balances have been eliminated upon consolidation. | |||||||||||||
Cash and cash equivalents | ' | ||||||||||||
d. | Cash and cash equivalents | ||||||||||||
Cash equivalents are short-term highly liquid investments that are readily convertible to cash with maturities of three months or less at the date acquired. | |||||||||||||
Short-term bank deposit | ' | ||||||||||||
e. | Short-term bank deposit | ||||||||||||
Bank deposits with original maturities of more than three months but less than one year are presented as part of short-term investments. Deposits are presented at their cost which approximates market values including accrued interest. Interest on deposits is recorded as financial income. | |||||||||||||
Restricted cash and short-term deposits | ' | ||||||||||||
f. | Restricted cash and short-term deposits | ||||||||||||
Short-term restricted deposits and restricted cash used to secure derivative transactions are presented at cost. | |||||||||||||
Long-term restricted deposit | ' | ||||||||||||
g. | Long-term restricted deposits | ||||||||||||
Long-term restricted deposits with maturities of more than one year used to secure operating lease agreement are presented at cost which approximates market values including accrued interest. | |||||||||||||
Marketable Securities | ' | ||||||||||||
h. | Marketable Securities | ||||||||||||
The Company accounts for its investments in marketable securities in accordance with ASC 320-"Investments - Debt and Equity Securities". The Company determines the classification of marketable securities at the time of purchase and re-evaluates such designations as of each balance sheet date. The Company classifies all of its marketable securities as available-for-sale. Available-for-sale marketable securities are carried at fair value, with the unrealized gain and loss reported at "accumulated other comprehensive income (loss)" in the statement of changes in stockholders' equity. | |||||||||||||
Realized gain and loss on sales of marketable securities are included in the Company's "Financial income, net" and are derived using the specific identification basis for determining the cost of marketable securities. The amortized cost of available for sale marketable securities is adjusted for amortization of premiums and accretion of discount to maturity. Such amortization, together with interest on available for sale marketable securities, is included in the "Financial income, net". | |||||||||||||
The Company recognizes an impairment charge when a decline in the fair value of its available-for-sale marketable securities below the cost basis is judged to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the length of time the investment has been in a loss position, the extent to which the fair value has been less than the Company's cost basis, the investment's financial condition and the near-term prospects of the issuer. ASC 320-10-35, "Investments - Debt and Equity Securities", requires another-than-temporary impairment for debt securities to be separated into (a) the amount representing the credit loss and (b) the amount related to all other factors (provided that the Company does not intend to sell the security and it is not more likely than not that it will be required to sell it before recovery). For securities that are deemed other-than-temporarily impaired, the amount of impairment is recognized in "financial income, net", in the statement of operations and is limited to the amount related to credit loss, while impairment related to other factors is recognized in other comprehensive income (loss). | |||||||||||||
During 2014, 2013 and 2012, no impairment losses been identified. | |||||||||||||
Revenue Recognition from the license Agreement with United Therapeutics | ' | ||||||||||||
i. | Revenue Recognition from the license Agreement with United Therapeutics | ||||||||||||
The Company recognizes revenue pursuant to the License Agreement with United Therapeutics in accordance with ASC 605-25, "Revenue Recognition, Multiple-Element Arrangements". | |||||||||||||
Pursuant to ASC 605-25, each deliverable is evaluated to determine whether it qualifies as a separate unit of accounting based on whether the deliverable has "stand-alone value" to the customer. The arrangement's consideration that is fixed or determinable is then allocated to each separate unit of accounting based on the relative selling price of each deliverable. In general, the consideration allocated to each unit of accounting is recognized as the related goods or services are delivered, limited to the consideration that is not contingent upon future deliverables. | |||||||||||||
The Company received an up-front, non-refundable license payment of $5,000. Additional payments totaling $37,500 are subject to the achievement of certain regulatory milestones by United Therapeutics. | |||||||||||||
Since the deliverables in the United Agreement do not have stand-alone value, none of them qualifies as a separate unit of accounting. Accordingly, the non-refundable upfront license fee of $5,000 is deferred and recognized on a straight line basis over the related performance period which is the development period in accordance with Staff Accounting Bulletin ("SAB") 104, "Revenue Recognition". The remaining performance period is 8.5 years as of June 30, 2014. | |||||||||||||
The additional regulatory milestones payments will be recognized upon the achievement of futures events by United Therapeutics, in accordance with ASC 450-30-25, "Gain Contingencies". As of June 30, 2014, no regulatory millstones were achieved. | |||||||||||||
The Company also received an advanced payment for the development, of $2,000 that will be deductible against development expenses as it incurred. The upfront payment which was received and has not yet fully recognized in the statement of operations, is included in the balance sheet as advance payment. Part of the expenses related to the development, on a cost basis, shall be repaid to the Company by United Therapeutics according to the applicable license agreement. The Company is deducting the payments from its research and development expenses in accordance with ASC 730-20, "Research and Development Agreements". As of June 30, 2014, the Company deducted an amount of approximately $1,753. | |||||||||||||
Property and Equipment | ' | ||||||||||||
j. | Property and Equipment | ||||||||||||
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated by the straight-line method over the estimated useful lives of the assets, at the following annual rates: | |||||||||||||
% | |||||||||||||
Laboratory equipment | 15-Oct | ||||||||||||
Computers and peripheral equipment | 33 | ||||||||||||
Office furniture and equipment | 15-Jun | ||||||||||||
Vehicles | 15 | ||||||||||||
Leasehold improvements | The shorter of the expected useful life or the | ||||||||||||
reasonable assumed term of the lease. | |||||||||||||
Impairment of long-lived assets | ' | ||||||||||||
k. | Impairment of long-lived assets | ||||||||||||
The Company's long-lived assets are reviewed for impairment in accordance with ASC 360, "Property, Plant and Equipment", whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During 2014, 2013 and 2012, no impairment losses been identified. | |||||||||||||
Accounting for stock-based compensation | ' | ||||||||||||
l. | Accounting for stock-based compensation | ||||||||||||
The Company accounts for stock-based compensation in accordance with ASC 718, "Compensation-Stock Compensation" ("ASC 718") and ASC 505-50 "Equity-Based Payments to Non-Employees". ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The Company estimates the fair value of stock options granted using the Black-Scholes-Merton option-pricing model. The Company accounts for employee's share-based payment awards classified as equity awards using the grant-date fair value method. The fair value of share-based payment transactions is recognized as an expense over the requisite service period, net of estimated forfeitures. The Company estimates forfeitures based on historical experience and anticipated future conditions. The Company elected to recognize compensation cost for an award with service conditions and goals achievement that has a graded vesting schedule using the accelerated method based on the multiple-option award approach. | |||||||||||||
During fiscal years 2014, 2013 and 2012 there were no options grants to employees or directors. | |||||||||||||
The assumptions below are relevant to restricted shares units granted in 2014, 2013 and 2012: | |||||||||||||
In accordance with ASC 718, restricted shares or restricted shares units are measured at their fair value. All restricted shares and restricted shares units to employees, directors and non-employees granted in 20142013 and 2012 were granted for no consideration; therefore, their fair value was equal to the share price at the date of grant. | |||||||||||||
The expected pre-vesting forfeiture rate affects the number of exercisable shares. Based on Company's historical experience, the pre-vesting forfeiture rate per grant for shares granted to employees is 7% for year ended June 30, 2014 and 2013 and 5% for the year ended June 30, 2012, and 0% for the options and shares granted to directors and officers and consultants of the Company. | |||||||||||||
The fair value of all restricted shares and restricted shares units was determined based on the close trading price of the Company's shares known at the grant date. The weighted average grant date fair value of share granted during years 2014, 2013 and 2012 was $3.53, $3.43 and $2.54, respectively. | |||||||||||||
Research and Development expenses and grants | ' | ||||||||||||
m. | Research and Development expenses and grants | ||||||||||||
Research and development expenses, net of participations, are charged to the statement of operations as incurred. | |||||||||||||
Research and development grants from the government of Israel and other parties for funding approved research and development projects are recognized at the time the Company is entitled to such grants, on the basis of the cost incurred and applied as a deduction from research and development costs. | |||||||||||||
Loss per share | ' | ||||||||||||
n. | Loss per share | ||||||||||||
Basic and dilutive net loss per share is computed based on the weighted average number of shares of common stock outstanding during each year. All outstanding stock options and unvested restricted stock units have been excluded from the calculation of the diluted loss per common share because all such securities are anti-dilutive for each of the periods presented. | |||||||||||||
Income taxes | ' | ||||||||||||
o. | Income taxes | ||||||||||||
The Company accounts for income taxes in accordance with ASC 740, "Income Taxes". This Topic prescribes the use of the liability method, whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value. | |||||||||||||
ASC 740 establishes a single model to address accounting for uncertain tax positions. ASC 740 clarified the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. | |||||||||||||
Concentration of credit risk | ' | ||||||||||||
p. | Concentration of credit risk | ||||||||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term deposits, long-term deposits, restricted deposits and marketable securities. | |||||||||||||
The majority of the Company's cash and cash equivalents and short-term and long-term deposits are invested in dollar instruments of major banks in Israel. Generally, these deposits may be redeemed upon demand and therefore bear minimal risk. | |||||||||||||
The Company invests its surplus cash in cash deposits and marketable securities in financial institutions and has established guidelines, approved by the Company's Investment Committee, relating to diversification and maturities to maintain safety and liquidity of the investments. | |||||||||||||
The Company holds an investment portfolio consisting of corporate bonds, government bonds, stocks and index linked notes. The Company intends, and has the ability, to hold such investments until recovery of temporary declines in market value or maturity; accordingly, as of June 30, 2014, the Company believes the losses associated with its investments are temporary and no impairment loss was recognized during 2014. However, the Company can provide no assurance that it will recover declines in the market value of its investments. | |||||||||||||
Severance pay | ' | ||||||||||||
q. | Severance pay | ||||||||||||
The Subsidiary's liability for severance pay is calculated pursuant to Israeli Severance Pay Law, 1963 (the "Severance Pay Law") based on the most recent salary of the employees multiplied by the number of years of employment, as of the balance sheet date. Employees are entitled to one month's salary for each year of employment or a portion thereof. | |||||||||||||
The Company's liability for all of its employees is fully provided by monthly deposits with insurance policies and by an accrual. The value of these policies is recorded as an asset in the Company's balance sheet. | |||||||||||||
The deposited funds include profits or losses accumulated up to the balance sheet date. The deposited funds may be withdrawn only upon the fulfillment of the obligation pursuant to Israeli severance pay law or labor agreements. The value of the deposited funds is based on the cash surrendered value of these policies, and includes immaterial profits or losses. | |||||||||||||
Since November 2011, the Company's agreements with new employees in Israel, are subject to Section 14 of the Severance Pay Law. The Company's contributions for severance pay have replaced its severance obligation. Upon contribution of the full amount of the employee's monthly salary for each year of employment, no additional calculations is conducted between the parties regarding the matter of severance pay and no additional payments is made by the Company to the employee. Further, the related obligation and amounts deposited on behalf of the employee for such obligation are not stated on the balance sheet, as the Company is legally released from the obligation to employees once the deposit amounts have been paid. | |||||||||||||
Severance expenses for the years ended December 31, 2014, 2013 and 2012, were $534, $329 and $275, respectively. | |||||||||||||
Fair value of financial instruments | ' | ||||||||||||
r. | Fair value of financial instruments | ||||||||||||
The carrying amounts of the Company's financial instruments, including cash and cash equivalents, short-term and restricted bank deposits, trade payable and other accounts payable and accrued liabilities, approximate fair value because of their generally short term maturities. | |||||||||||||
The Company measures its investments in marketable securities and derivative instruments at fair value under ASC 820, "Fair Value Measurements and Disclosures" ("ASC 820"). 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 - Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company can access at the measurement date; | |||||||||||||
Level 2 - Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.; and | |||||||||||||
Level 3 - Unobservable inputs for the asset or liability. | |||||||||||||
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. | |||||||||||||
Derivative financial instruments | ' | ||||||||||||
s. | 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"). 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 New Israeli Shekels (NIS). The Company measured the fair value of the contracts in accordance with ASC 820 (classified as level 2). 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 June 30, 2014, the Company had forward contracts in place to hedge future payroll and related expenses in NIS of approximately $2,820, with fair value of approximately $24. The net unrealized gain on the effective portion of these cash flow hedges was $23. The net gain realized in statement of operations during the year ended June 30, 2014, resulting from the cash flow hedge transactions, amounted to approximately $48. The forward contracts on the Company's future NIS payroll and related expenses will settle by December 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. The Company measured the fair value of the contracts in accordance with ASC 820 (classified as level 2). Gains and losses on these contracts are recognized in "Financial income, net", along with the offsetting losses and gains of the related hedged items. | |||||||||||||
In connection with the investment in CHA shares (see Note 1d), 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 June 30, 2014 with fair value of approximately $(889). | |||||||||||||
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 NIS. The Company measured the fair value of the contracts in accordance with ASC 820 (classified as level 2). The net gains (losses) recognized in "Financial income, net" during the year ended June 30, 2014, 2013 and 2012 were ($70), $231 and ($145), respectively. | |||||||||||||
Comprehensive income | ' | ||||||||||||
t. | Comprehensive income: | ||||||||||||
The Company accounts for comprehensive income (loss) in accordance with ASC No. 220, "Comprehensive Income". Comprehensive income generally represents all changes in shareholders' equity during the period except those resulting from investments by, or distributions to, shareholders. The Company determined that its items of other comprehensive income relate to gains and losses on cash flow hedging derivative instruments and unrealized gains and losses on available for sale marketable securities. | |||||||||||||
Year ended June 30, 2014 | |||||||||||||
Unrealized | Unrealized | Total | |||||||||||
gains | gains | ||||||||||||
on marketable | on cash flow | ||||||||||||
securities | hedges | ||||||||||||
Beginning balance | $ | 259 | $ | - | $ | 259 | |||||||
Other comprehensive income before reclassifications | 3,404 | 23 | 3,427 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | (727 | ) | - | (727 | ) | ||||||||
Net current-period other comprehensive income | 2,677 | 23 | 2,700 | ||||||||||
Ending balance | $ | 2,936 | $ | 23 | $ | 2,959 | |||||||
Recent Accounting Pronouncement | ' | ||||||||||||
u. | Recent Accounting Pronouncement | ||||||||||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 ("ASU 2014-09"), "Revenue from Contracts with Customers". ASU 2014-09 supersedes the revenue recognition requirements in "Revenue Recognition (Topic 605)", and requires entities to recognize revenue when it transfers promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently in the process of evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial statements. |
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||
Schedule of Property and Equipment, Estimated Useful Lives, Annual Rate | ' | ||||||||||||
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated by the straight-line method over the estimated useful lives of the assets, at the following annual rates: | |||||||||||||
% | |||||||||||||
Laboratory equipment | 15-Oct | ||||||||||||
Computers and peripheral equipment | 33 | ||||||||||||
Office furniture and equipment | 15-Jun | ||||||||||||
Vehicles | 15 | ||||||||||||
Leasehold improvements | The shorter of the expected useful life or the | ||||||||||||
reasonable assumed term of the lease. | |||||||||||||
Schedule of Comprehensive Income | ' | ||||||||||||
The Company determined that its items of other comprehensive income relate to gains and losses on cash flow hedging derivative instruments and unrealized gains and losses on available for sale marketable securities. | |||||||||||||
Year ended June 30, 2014 | |||||||||||||
Unrealized | Unrealized | Total | |||||||||||
gains | gains | ||||||||||||
on marketable | on cash flow | ||||||||||||
securities | hedges | ||||||||||||
Beginning balance | $ | 259 | $ | - | $ | 259 | |||||||
Other comprehensive income before reclassifications | 3,404 | 23 | 3,427 | ||||||||||
Amounts reclassified from accumulated other comprehensive loss | (727 | ) | - | (727 | ) | ||||||||
Net current-period other comprehensive income | 2,677 | 23 | 2,700 | ||||||||||
Ending balance | $ | 2,936 | $ | 23 | $ | 2,959 |
MARKETABLE_SECURITIES_Tables
MARKETABLE SECURITIES (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES [Abstract] | ' | ||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Marketable Securities | ' | ||||||||||||||||||||||||||||||||
As of June 30, 2014, all of the Company's marketable securities were classified as available-for-sale. | |||||||||||||||||||||||||||||||||
30-Jun-14 | June 30,2013 | ||||||||||||||||||||||||||||||||
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 | $ | 18,881 | $ | 2,522 | $ | (23 | ) | $ | 21,380 | $ | 4,023 | $ | 234 | $ | (180 | ) | $ | 4,077 | |||||||||||||||
Government debentures - fixed interest rate | 97 | 9 | - | 106 | 329 | 21 | - | 350 | |||||||||||||||||||||||||
Corporate debentures - fixed interest rate | 452 | 54 | - | 506 | 508 | 30 | (9 | ) | 529 | ||||||||||||||||||||||||
$ | 19,430 | $ | 2,585 | $ | (23 | ) | $ | 21,992 | $ | 4,860 | $ | 285 | $ | (189 | ) | $ | 4,956 | ||||||||||||||||
Available-for-sale - matures after one year through five years: | |||||||||||||||||||||||||||||||||
Government debentures - fixed interest rate | 2,595 | 98 | (1 | ) | 2,692 | 1,602 | 49 | (12 | ) | 1,639 | |||||||||||||||||||||||
Corporate debentures - fixed interest rate | 4,906 | 263 | (5 | ) | 5,164 | 4,976 | 162 | (77 | ) | 5,061 | |||||||||||||||||||||||
$ | 7,501 | $ | 361 | $ | (6 | ) | $ | 7,856 | $ | 6,578 | $ | 211 | $ | (89 | ) | $ | 6,700 | ||||||||||||||||
Available-for-sale - matures after five years through ten years: | |||||||||||||||||||||||||||||||||
Government debentures - fixed interest rate | - | - | - | - | 955 | 45 | (14 | ) | 986 | ||||||||||||||||||||||||
Corporate debentures - fixed interest rate | 94 | 19 | - | 113 | 789 | 29 | (19 | ) | 799 | ||||||||||||||||||||||||
$ | 94 | $ | 19 | $ | - | $ | 113 | $ | 1,744 | $ | 74 | $ | (33 | ) | $ | 1,785 | |||||||||||||||||
Total | $ | 27,025 | $ | 2,965 | $ | (29 | ) | $ | 29,961 | $ | 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 June 30, 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 June 30, 2014 | $ | 851 | $ | (17 | ) | $ | 463 | $ | (12 | ) | |||||||||||||||||||||||
As of June 30, 2013 | $ | 5,122 | $ | (302 | ) | $ | 32 | $ | (9 | ) |
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | ||||||||||||||||||||||||
Schedule of Fair Value of Financial Instruments | ' | ||||||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||
Marketable securities | $ | 20,530 | $ | 9,431 | - | $ | 6,311 | $ | 7,130 | - | |||||||||||||||
Foreign currency derivative instruments | - | (842 | ) | - | - | 93 | - | ||||||||||||||||||
Total | $ | 20,530 | $ | 8,589 | $ | - | $ | 6,311 | $ | 7,223 | $ | - | |||||||||||||
Schedule of Derivative Hedging Activity and Balance Sheet Location | ' | ||||||||||||||||||||||||
30-Jun-14 | 30-Jun-13 | ||||||||||||||||||||||||
Balance Sheet location | Fair Value | Balance Sheet location | Fair Value | ||||||||||||||||||||||
Derivatives designated as cash flow hedge instruments | Other current assets | $ | 24 | - | $ | - | |||||||||||||||||||
Derivatives not designated as hedge instruments | Other current assets | 23 | Other current assets | 93 | |||||||||||||||||||||
Derivatives designated as fair value hedge instruments | Other current liabilities | (889 | ) | - | - | ||||||||||||||||||||
Total | $ | (842 | ) | $ | 93 |
PROPERTY_AND_EQUIPMENT_NET_Tab
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
PROPERTY AND EQUIPMENT, NET [Abstract] | ' | ||||||||
Schedule of Property and Equipment, Net | ' | ||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Cost: | |||||||||
Laboratory equipment | $ | 6,088 | $ | 5,709 | |||||
Computers and peripheral equipment | 708 | 535 | |||||||
Office furniture and equipment | 611 | 534 | |||||||
Leasehold improvements | 7,453 | 7,369 | |||||||
Vehicles | 95 | 68 | |||||||
Total Cost | 14,955 | 14,215 | |||||||
Accumulated depreciation: | |||||||||
Laboratory equipment | 2,042 | 1,306 | |||||||
Computers and peripheral equipment | 430 | 280 | |||||||
Office furniture and equipment | 176 | 91 | |||||||
Leasehold improvements | 1,475 | 642 | |||||||
Vehicles | 9 | 30 | |||||||
Total accumulated depreciation | 4,132 | 2,349 | |||||||
Property and equipment, net | $ | 10,823 | $ | 11,866 |
OTHER_ACCOUNTS_PAYABLE_Tables
OTHER ACCOUNTS PAYABLE (Tables) | 12 Months Ended | |||||||||
Jun. 30, 2014 | ||||||||||
OTHER ACCOUNTS PAYABLE [Abstract] | ' | |||||||||
Schedule of Other Accounts Payable | ' | |||||||||
June 30, | ||||||||||
2014 | 2013 | |||||||||
Accrued payroll | $ | 424 | $ | 353 | ||||||
Payroll institutions | 302 | 324 | ||||||||
Accrued vacation | 673 | 506 | ||||||||
Advanced payment from lessor | 89 | 89 | ||||||||
Derivatives designated as a fair value hedge instruments | 889 | - | ||||||||
Other payables | 14 | - | ||||||||
$ | 2,391 | $ | 1,272 |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended | ||||
Jun. 30, 2014 | |||||
Leased Facilities [Member] | ' | ||||
Long-term Purchase Commitment [Line Items] | ' | ||||
Schedule of Future Minimum Rental Commitments | ' | ||||
As of June 30, 2014 aggregate minimum lease commitments under non-cancelable operating lease agreements are as follows: | |||||
Year ending June 30, | |||||
2015 | $ | 667 | |||
2016 | 497 | ||||
2017 | 349 | ||||
Total | $ | 1,513 | |||
Automobiles [Member] | ' | ||||
Long-term Purchase Commitment [Line Items] | ' | ||||
Schedule of Future Minimum Rental Commitments | ' | ||||
As of June 30, 2014, future aggregate minimum lease commitments under non-cancelable operating lease agreements are as follows: | |||||
Year ending June 30, | |||||
2015 | $ | 140 | |||
2016 | 85 | ||||
2017 | 26 | ||||
Total | $ | 251 |
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
STOCKHOLDERS' EQUITY [Abstract] | ' | ||||||||||||||||
Schedule of Stock Option Activity | ' | ||||||||||||||||
The Company accounted for its options to employees and directors under the fair value method in accordance with ASC 718. A summary of the Company's share option activity for options granted to employees and directors under the Plans is as follows: | |||||||||||||||||
Year ended June 30, 2014 | |||||||||||||||||
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 | $ | 4.03 | ||||||||||||||
Options exercised | (15,000 | ) | $ | 0.83 | |||||||||||||
Options forfeited | (81,057 | ) | $ | 11.59 | |||||||||||||
Options outstanding at end of the period | 1,862,099 | $ | 3.73 | 3.13 | $ | 1,046 | |||||||||||
Options exercisable at the end of the period | 1,862,099 | $ | 3.73 | 3.13 | $ | 1,046 | |||||||||||
Options vested | 1,862,099 | $ | 3.73 | 3.13 | $ | 1,046 | |||||||||||
Schedule of Stock Option and Warrant Activity | ' | ||||||||||||||||
A summary of the Company's activity related to options and warrants to consultants is as follows: | |||||||||||||||||
Year ended June 30, 2014 | |||||||||||||||||
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 | $ | 4.44 | ||||||||||||||
Options granted | 3,000 | $ | 0 | ||||||||||||||
Options and warrants exercised | (66,500 | ) | $ | 1.39 | |||||||||||||
Options and warrants outstanding at end of the period | 252,000 | $ | 5.19 | 3.96 | $ | 331 | |||||||||||
Options and warrants exercisable at the end of the period | 251,000 | $ | 5.21 | 3.93 | $ | 328 | |||||||||||
Options and warrants vested and expected to vest | 252,000 | $ | 5.19 | 3.96 | $ | 331 | |||||||||||
Summary of Options and Warrants Outstanding | ' | ||||||||||||||||
The following table sets forth a summary of all the warrants and options outstanding as of June 30, 2014: | |||||||||||||||||
Exercise Price per Share | Options and Warrants for Common Stock | Options and Warrants Exercisable | Weighted Average Remaining Contractual Terms(in years) | ||||||||||||||
Warrants / Options | |||||||||||||||||
Warrants: | $ | 1.4 | 474,322 | 474,322 | 0.82 | ||||||||||||
$ | 1.5 | 878,174 | 878,174 | 0.06 | |||||||||||||
$ | 1.6 | 131,221 | 131,221 | 0.78 | |||||||||||||
$ | 1.8 | 727,401 | 727,401 | 0.3 | |||||||||||||
$ | 1.9 | 43,103 | 43,103 | 0.08 | |||||||||||||
$ | 4.2 | 5,060,000 | 5,060,000 | 2.09 | |||||||||||||
$ | 5 | 3,219,983 | 3,219,983 | 3.22 | |||||||||||||
Total warrants | 10,534,204 | 10,534,204 | |||||||||||||||
Options: | $ | 0 | 101,000 | 100,000 | 5.19 | ||||||||||||
$ | 0.62 | 398,500 | 398,500 | 4.25 | |||||||||||||
$ | 1.04 | 30,000 | 30,000 | 4.16 | |||||||||||||
$ | 2.97 | 20,000 | 20,000 | 3.86 | |||||||||||||
$ | 3.5 | 900,000 | 900,000 | 2.58 | |||||||||||||
$ | 3.72 | 15,000 | 15,000 | 2.49 | |||||||||||||
$ | 3.8 | 16,050 | 16,050 | 2.53 | |||||||||||||
$ | 4 | 42,500 | 42,500 | 2.3 | |||||||||||||
$ | 4.38 - $ 4.40 | 417,299 | 417,299 | 3.28 | |||||||||||||
$ | 6.8 | 36,250 | 36,250 | 3.37 | |||||||||||||
$ | 8.2 | 30,000 | 30,000 | 2.4 | |||||||||||||
$ | 20 | 107,500 | 107,500 | 2.88 | |||||||||||||
Total options | 2,114,099 | 2,113,099 | |||||||||||||||
Total warrants and options | 12,648,303 | 12,647,303 | |||||||||||||||
Options and warrants [Member] | ' | ||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ||||||||||||||||
Schedule of Stock-based Compensation Expenses | ' | ||||||||||||||||
Compensation expenses related to options and warrants granted to consultants were recorded as follows: | |||||||||||||||||
Year ended June 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Research and development expenses | $ | 11 | $ | 26 | $ | 19 | |||||||||||
General and administrative expenses | - | 37 | |||||||||||||||
$ | 11 | $ | 26 | $ | 56 | ||||||||||||
Restricted stock units [Member] | ' | ||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ||||||||||||||||
Schedule of Unvested Restricted Stock Units | ' | ||||||||||||||||
The following table summarizes the activities for unvested restricted stock units granted to employees and directors for the year ended June 30, 2014: | |||||||||||||||||
Number | |||||||||||||||||
Unvested at the beginning of period | 1,660,525 | ||||||||||||||||
Granted | 1,256,940 | ||||||||||||||||
Forfeited | (44,183 | ) | |||||||||||||||
Vested | (1,283,850 | ) | |||||||||||||||
Unvested at the end of the period | 1,589,432 | ||||||||||||||||
Expected to vest after June 30, 2014 | 1,522,024 | ||||||||||||||||
Schedule of Stock-based Compensation Expenses | ' | ||||||||||||||||
Compensation expenses related to restricted stock units granted to employees and directors were recorded as follows: | |||||||||||||||||
Year ended June 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Research and development expenses | $ | 1,172 | $ | 711 | $ | 1,163 | |||||||||||
General and administrative expenses | 4,390 | 1,529 | 3,487 | ||||||||||||||
$ | 5,562 | $ | 2,240 | $ | 4,650 | ||||||||||||
Consultant restricted stock units [Member] | ' | ||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ||||||||||||||||
Schedule of Unvested Restricted Stock Units | ' | ||||||||||||||||
The following table summarizes the activities for unvested restricted stock units and restricted stock granted to consultants for the year ended June 30, 2014: | |||||||||||||||||
Number | |||||||||||||||||
Unvested at the beginning of period | - | ||||||||||||||||
Granted | 84,565 | ||||||||||||||||
Vested | (69,315 | ) | |||||||||||||||
Unvested at the end of the period | 15,250 | ||||||||||||||||
Schedule of Stock-based Compensation Expenses | ' | ||||||||||||||||
Compensation expenses related to restricted stock units granted to consultants were recorded as follows: | |||||||||||||||||
Year ended June 30, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Research and development expenses | $ | 201 | $ | 255 | $ | 201 | |||||||||||
General and administrative expenses | 77 | 278 | 20 | ||||||||||||||
$ | 278 | $ | 533 | $ | 221 |
FINANCIAL_INCOME_NET_Tables
FINANCIAL INCOME, NET (Tables) | 12 Months Ended | ||||||||||||
Jun. 30, 2014 | |||||||||||||
FINANCIAL INCOME, NET [Abstract] | ' | ||||||||||||
Schedule of Financial Expenses (Income), Net | ' | ||||||||||||
Year ended June 30, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Foreign currency translation differences, net | $ | 407 | $ | 497 | $ | (98 | ) | ||||||
Bank commissions | (36 | ) | (29 | ) | (12 | ) | |||||||
Interest income on deposits | 246 | 539 | 575 | ||||||||||
Gain (Loss) related to marketable securities | 384 | (79 | ) | 89 | |||||||||
Gain (loss) from derivatives | (83 | ) | 140 | (317 | ) | ||||||||
$ | 918 | $ | 1,068 | $ | 237 |
TAXES_ON_INCOME_Tables
TAXES ON INCOME (Tables) | 12 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
TAXES ON INCOME [Abstract] | ' | ||||||||
Qualifying Percentage of Value of Productive Assets | ' | ||||||||
The qualifying percentage of the value of the productive assets is as follows: | |||||||||
The value of productive | The new proportion | ||||||||
assets before the expansion | that the required | ||||||||
(NIS in millions) | investment bears | ||||||||
to the value of | |||||||||
productive assets | |||||||||
Up to NIS 140 | 12% | ||||||||
NIS 140 - NIS 500 | 7% | ||||||||
More than NIS 500 | 5% | ||||||||
Schedule of Deferred Tax Assets | ' | ||||||||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets are as follows: | |||||||||
June 30, | |||||||||
2014 | 2013 | ||||||||
Deferred tax assets: | |||||||||
U.S. net operating loss carryforward | $ | 7,955 | $ | 7,106 | |||||
Israeli net operating loss carryforward | 12,810 | 8,543 | |||||||
Allowances and reserves | 237 | 156 | |||||||
Total deferred tax assets before valuation allowance | 21,002 | 15,805 | |||||||
Valuation allowance | (21,002 | ) | (15,805 | ) | |||||
Net deferred tax asset | $ | - | $ | - |
GENERAL_Details
GENERAL (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Aug. 31, 2011 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
GENERAL [Abstract] | ' | ' | ' | ' |
Accumulated deficit | ' | ($113,834) | ($86,902) | ' |
Net loss | ' | -26,932 | -21,155 | -14,794 |
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 | ' | ' |
Total consideration reflected under the CHA agreement | ' | $10,414 | ' | ' |
SIGNIFICANT_ACCOUNTING_POLICIE3
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Granted, weighted-average grant date fair value | $3.53 | $3.43 | $2.54 |
Severance expenses | $534 | $329 | $275 |
Gains (losses) on other derivatives | -70 | 231 | -145 |
Deferred Revenue Arrangement [Line Items] | ' | ' | ' |
Deferred revenue | 5,000 | ' | ' |
Contingent consideration receivable if certain regulatory milestones are reached | 37,500 | ' | ' |
Remaining revenue recognition period | '8 years 6 months | ' | ' |
Advance payment for development costs | 2,000 | ' | ' |
Total deduction from advanced payment | 1,753 | ' | ' |
Forward contracts [Member] | Designated as Hedging Instrument [Member] | Israel, New Shekels [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Notional amount | 2,820 | ' | ' |
Net unrealized gain on the effective portion | 23 | ' | ' |
Net gain, resulting in the cash flow hedge transactions | 48 | ' | ' |
Fair value of cash flow hedge derivatives | 24 | ' | ' |
Forward contracts [Member] | Designated as Hedging Instrument [Member] | Korean Won [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Notional amount | 11,000 | ' | ' |
Fair value of fair value hedge derivatives | ($889) | ' | ' |
Employees [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Forfeiture rate | 7.00% | 7.00% | 5.00% |
Management [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Forfeiture rate | 0.00% | 0.00% | 0.00% |
SIGNIFICANT_ACCOUNTING_POLICIE4
SIGNIFICANT ACCOUNTING POLICIES (Schedule of Property and Equipment Depreciation Rate) (Details) | 12 Months Ended |
Jun. 30, 2014 | |
Laboratory equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciation rate | 10.00% |
Laboratory equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciation rate | 15.00% |
Computers and Peripheral Equipment [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciation rate | 33.00% |
Office Furniture and Equipment [Member] | Minimum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciation rate | 6.00% |
Office Furniture and Equipment [Member] | Maximum [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciation rate | 15.00% |
Vehicles [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciation rate | 15.00% |
Leasehold Improvements Of New Facility Construction [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Depreciation, leasehold | 'The shorter of the expected useful life or the reasonable assumed term of the lease. |
SIGNIFICANT_ACCOUNTING_POLICIE5
SIGNIFICANT ACCOUNTING POLICIES (Comprehensive Income) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | $259 | ' | ' |
Other comprehensive income before reclassifications | 3,427 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | -727 | ' | ' |
Net current-period other comprehensive income | 2,700 | 389 | -130 |
Ending balance | 2,959 | 259 | ' |
Unrealized Gains on Marketable Securities [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | 259 | ' | ' |
Other comprehensive income before reclassifications | 3,404 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | -727 | ' | ' |
Net current-period other comprehensive income | 2,677 | ' | ' |
Ending balance | 2,936 | ' | ' |
Unrealized Gains on Cash Flow Hedges [Member] | ' | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' |
Beginning balance | ' | ' | ' |
Other comprehensive income before reclassifications | 23 | ' | ' |
Amounts reclassified from accumulated other comprehensive loss | ' | ' | ' |
Net current-period other comprehensive income | 23 | ' | ' |
Ending balance | $23 | ' | ' |
MARKETABLE_SECURITIES_Schedule
MARKETABLE SECURITIES (Schedule of Available-for-sale Marketable Securities) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | $27,025 | $13,182 |
Gross unrealized gain | 2,965 | 570 |
Gross unrealized loss | -29 | -311 |
Fair value | 29,961 | 13,441 |
Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 19,430 | 4,860 |
Gross unrealized gain | 2,585 | 285 |
Gross unrealized loss | -23 | -189 |
Fair value | 21,992 | 4,956 |
One to Five Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 7,501 | 6,578 |
Gross unrealized gain | 361 | 211 |
Gross unrealized loss | -6 | -89 |
Fair value | 7,856 | 6,700 |
After Five Years through Ten Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 94 | 1,744 |
Gross unrealized gain | 19 | 74 |
Gross unrealized loss | ' | -33 |
Fair value | 113 | 1,785 |
Stock and Index Linked Notes [Member] | Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 18,881 | 4,023 |
Gross unrealized gain | 2,522 | 234 |
Gross unrealized loss | -23 | -180 |
Fair value | 21,380 | 4,077 |
Government Debentures [Member] | Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 97 | 329 |
Gross unrealized gain | 9 | 21 |
Gross unrealized loss | ' | ' |
Fair value | 106 | 350 |
Government Debentures [Member] | One to Five Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 2,595 | 1,602 |
Gross unrealized gain | 98 | 49 |
Gross unrealized loss | -1 | -12 |
Fair value | 2,692 | 1,639 |
Government Debentures [Member] | After Five Years through Ten Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | ' | 955 |
Gross unrealized gain | ' | 45 |
Gross unrealized loss | ' | -14 |
Fair value | ' | 986 |
Corporate Debentures [Member] | Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 452 | 508 |
Gross unrealized gain | 54 | 30 |
Gross unrealized loss | ' | -9 |
Fair value | 506 | 529 |
Corporate Debentures [Member] | One to Five Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 4,906 | 4,976 |
Gross unrealized gain | 263 | 162 |
Gross unrealized loss | -5 | -77 |
Fair value | 5,164 | 5,061 |
Corporate Debentures [Member] | After Five Years through Ten Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 94 | 789 |
Gross unrealized gain | 19 | 29 |
Gross unrealized loss | ' | -19 |
Fair value | $113 | $799 |
MARKETABLE_SECURITIES_Schedule1
MARKETABLE SECURITIES (Schedule of Investments in Unrealized Loss) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
MARKETABLE SECURITIES [Abstract] | ' | ' |
Less than 12 months, fair value | $851 | $5,122 |
Less than 12 months, gross unrealized loss | -17 | -302 |
12 months or greater, fair value | 463 | 32 |
12 months or greater, gross unrealized loss | -12 | -9 |
Interest receivable | $98 | $20 |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Fair Value of Financial Instruments) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | $29,961 | $13,441 |
Foreign currency derivative instruments | -842 | 93 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 20,530 | 6,311 |
Foreign currency derivative instruments | ' | ' |
Total | 20,530 | 6,311 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 9,431 | 7,130 |
Foreign currency derivative instruments | -842 | 93 |
Total | 8,589 | 7,223 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | ' | ' |
Foreign currency derivative instruments | ' | ' |
Total | ' | ' |
FAIR_VALUE_OF_FINANCIAL_INSTRU3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of the Fair Value of Hedging Instruments) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives Fair Value Line Items | ' | ' |
Derivative fair value asset (liability) | ($842) | $93 |
Derivatives designated as hedge instruments [Member] | Other current assets [Member] | Cash flow [Member] | ' | ' |
Derivatives Fair Value Line Items | ' | ' |
Derivative fair value asset (liability) | 24 | ' |
Derivatives designated as hedge instruments [Member] | Other current liabilities [Member] | Fair value [Member] | ' | ' |
Derivatives Fair Value Line Items | ' | ' |
Derivative fair value asset (liability) | -889 | ' |
Derivatives not designated as hedge instruments [Member] | Other current assets [Member] | ' | ' |
Derivatives Fair Value Line Items | ' | ' |
Derivative fair value asset (liability) | $23 | $93 |
PROPERTY_AND_EQUIPMENT_NET_Det
PROPERTY AND EQUIPMENT, NET (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, cost | $14,955 | $14,215 | ' |
Property and equipment, accumulated depreciation | 4,132 | 2,349 | ' |
Property and equipment, net | 10,823 | 11,866 | ' |
Depreciation | 1,902 | 1,033 | 435 |
Laboratory equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, cost | 6,088 | 5,709 | ' |
Property and equipment, accumulated depreciation | 2,042 | 1,306 | ' |
Computers and Peripheral Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, cost | 708 | 535 | ' |
Property and equipment, accumulated depreciation | 430 | 280 | ' |
Office Furniture and Equipment [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, cost | 611 | 534 | ' |
Property and equipment, accumulated depreciation | 176 | 91 | ' |
Leasehold Improvements [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, cost | 7,453 | 7,369 | ' |
Property and equipment, accumulated depreciation | 1,475 | 642 | ' |
Vehicles [Member] | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Property and equipment, cost | 95 | 68 | ' |
Property and equipment, accumulated depreciation | $9 | $30 | ' |
OTHER_ACCOUNTS_PAYABLE_Details
OTHER ACCOUNTS PAYABLE (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
OTHER ACCOUNTS PAYABLE [Abstract] | ' | ' |
Accrued payroll | $424 | $353 |
Payroll institutions | 302 | 324 |
Accrued vacation | 673 | 506 |
Advanced payment from lessor | 89 | 89 |
Derivatives designated as a fair value hedge instruments | 889 | ' |
Other payables | 14 | ' |
Other accounts payable, total | $2,391 | $1,272 |
COMMITMENTS_AND_CONTINGENCIES_1
COMMITMENTS AND CONTINGENCIES (Operating Lease) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Operating Leased Assets [Line Items] | ' | ' | ' |
Pledged cash and deposits | $4,805 | ' | ' |
Leased Facilities [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Participation from lessor | 816 | ' | ' |
Lessor favored bank guarantee | 388 | ' | ' |
Lease expenses | 720 | 678 | 382 |
Year ended June 30, 2015 | 667 | ' | ' |
Year ended June 30, 2016 | 497 | ' | ' |
Year ended June 30, 2017 | 349 | ' | ' |
Total | 1,513 | ' | ' |
Cars [Member] | ' | ' | ' |
Operating Leased Assets [Line Items] | ' | ' | ' |
Lease expenses | 244 | 215 | 176 |
Year ended June 30, 2015 | 140 | ' | ' |
Year ended June 30, 2016 | 85 | ' | ' |
Year ended June 30, 2017 | 26 | ' | ' |
Total | $251 | ' | ' |
COMMITMENTS_AND_CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES (Other) (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 |
Other Commitments [Line Items] | ' |
Grants received | $14,125 |
Percentage of qualified expenditures eligible for grant | 50.00% |
Royalty payable based on grants received | 100.00% |
Accrued and paid royalties | 53 |
Contingent liability amount | $14,072 |
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 $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 19, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Sep. 19, 2012 | Sep. 19, 2012 | Sep. 19, 2012 | Aug. 31, 2012 | Jun. 30, 2014 |
Biopharmax [Member] | Investor Warrants [Member] | Investor Warrants [Member] | Investor Warrants [Member] | Investor Warrants [Member] | Underwriters Option [Member] | Underwriter Warrants [Member] | Consultant Warrants [Member] | Consultant Warrants [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | 200,000,000 | 200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value per share | ' | $0.00 | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | 10,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock,, par value per share | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock and warrants, issuance costs | ' | $195 | $2,694 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants exercised via cashless exercise | ' | ' | ' | ' | ' | 2,517,907 | 682,213 | 406,783 | ' | ' | ' | 36,000 | 65,000 |
Warrants exercised via cashless exercise, shares issued | ' | ' | ' | ' | ' | 1,469,584 | 420,199 | 168,424 | ' | ' | ' | 26,299 | 36,970 |
Warrants exercised for cash | ' | ' | ' | ' | ' | 1,432,584 | 1,201,160 | 355,411 | ' | ' | ' | ' | ' |
Aggregate cash consideration received | ' | ' | 2,009 | 556 | ' | 1,968 | 2,009 | 556 | ' | ' | ' | ' | ' |
Options exercised | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options and warrants exercised | ' | 66,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of warrants exercised | ' | ' | ' | ' | ' | 1,432,584 | 1,201,160 | 355,411 | ' | ' | ' | ' | ' |
Issuance of common stock under CHA agreement | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock based compensation to contractor, shares | ' | ' | ' | ' | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' |
CHA shares classified as marketable securities | ' | 1,011,504 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock under CHA Agreement (Note 1d) | ' | 10,414 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock and warrants, net of issuance costs, shares | 8,000,000 | 2,596,032 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock and warrants, net of issuance costs | ' | 10,644 | 34,106 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Offering price per unit | $4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares covered by each warrant | ' | ' | ' | ' | ' | ' | ' | ' | 0.35 | ' | ' | ' | ' |
Warrant exercise price | ' | ' | ' | ' | ' | ' | ' | ' | $5 | ' | ' | ' | ' |
Warrants for common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,200,000 | 420,000 | ' | ' |
Proceeds from issuance of stock | $34,106 | $10,644 | $34,106 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options authorized | ' | 13,256,713 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options available for future grant | ' | 1,205,080 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
STOCKHOLDERS_EQUITY_Summary_of
STOCKHOLDERS' EQUITY (Summary of Option Activity) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 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 | $4.03 |
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 | ' |
Weighted Average Remaining Contractual Terms (in years) | '3 years 1 month 17 days |
Options exercisable at the end of the period | '3 years 1 month 17 days |
Options vested | '3 years 1 month 17 days |
Aggregate intrinsic value price | ' |
Options outstanding at end of the period | $1,046 |
Options exercisable at the end of the period | 1,046 |
Options vested | $1,046 |
STOCKHOLDERS_EQUITY_Summary_of1
STOCKHOLDERS' EQUITY (Summary of Option and Warrant Activity to Non-employees) (Details) (USD $) | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 |
Number | ' |
Options and warrants outstanding at beginning of period | 315,500 |
Options granted | 3,000 |
Options and warrants exercised | -66,500 |
Options and warrants outstanding at end of the period | 252,000 |
Options and warrants exercisable at the end of the period | 251,000 |
Options and warrants vested and expected to vest | 252,000 |
Weighted average exercise price | ' |
Options and warrants outstanding at beginning of period | $4.44 |
Options granted | $0 |
Options and warrants exercised | $1.39 |
Options and warrants outstanding at end of the period | $5.19 |
Options and warrants exercisable at the end of the period | $5.21 |
Options and warrants vested and expected to vest | $5.19 |
Weighted average remaining contractual term | ' |
Options and warrants outstanding at end of the period | '3 years 11 months 16 days |
Options and warrants exercisable at the end of the period | '3 years 11 months 5 days |
Options and warrants vested and expected to vest | '3 years 11 months 16 days |
Aggregate intrinsic value price | ' |
Options and warrants outstanding at end of the period | $331 |
Options and warrants exercisable at the end of the period | 328 |
Options and warrants vested and expected to vest | $331 |
STOCKHOLDERS_EQUITY_Summary_of2
STOCKHOLDERS' EQUITY (Summary of RSU Activity to Employees and Directors) (Details) (Restricted stock units [Member]) | 12 Months Ended |
Jun. 30, 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 | 1,256,940 |
Forfeited | -44,183 |
Vested | -1,283,850 |
Unvested at the end of the period | 1,589,432 |
Expected to vest | 1,522,024 |
STOCKHOLDERS_EQUITY_Summary_of3
STOCKHOLDERS' EQUITY (Summary of RSU Activity to Consultants) (Details) (Consultants [Member]) | 12 Months Ended |
Jun. 30, 2014 | |
Consultants [Member] | ' |
Share-based Goods and Nonemployee Services Transaction [Line Items] | ' |
Unvested at the beginning of period | ' |
Granted | 84,565 |
Vested | -69,315 |
Unvested at the end of the period | 15,250 |
STOCKHOLDERS_EQUITY_Schedule_o
STOCKHOLDERS' EQUITY (Schedule of Compensation Expense) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Consultants [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Compensation expenses | $278 | $533 | $221 |
Options and warrants [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Compensation expenses | 11 | 26 | 56 |
Unrecognized compensation expense | 1 | ' | ' |
Unrecognized compensation expense, recognition period | '3 months | ' | ' |
Restricted stock units [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Compensation expenses | 5,562 | 2,240 | 4,650 |
Unrecognized compensation expense | 2,447 | ' | ' |
Unrecognized compensation expense, recognition period | '2 years | ' | ' |
Research and development expenses [Member] | Options and warrants [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Compensation expenses | 11 | 26 | 19 |
Research and development expenses [Member] | Restricted stock units [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Compensation expenses | 1,172 | 711 | 1,163 |
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 | 201 | 255 | 201 |
General and administrative expenses [Member] | Options and warrants [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Compensation expenses | ' | ' | 37 |
General and administrative expenses [Member] | Restricted stock units [Member] | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Compensation expenses | 4,390 | 1,529 | 3,487 |
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 | $77 | $278 | $20 |
STOCKHOLDERS_EQUITY_Summary_of4
STOCKHOLDERS' EQUITY (Summary of Warrants and Options) (Details) (USD $) | 12 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2013 | |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $3.73 | $4.03 |
Options and Warrants for Common Stock | 12,648,303 | ' |
Options and Warrants Exercisable | 12,647,303 | ' |
Weighted Average Remaining Contractual Terms (in years) | '3 years 1 month 17 days | ' |
Warrant [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Options and Warrants for Common Stock | 10,534,204 | ' |
Options and Warrants Exercisable | 10,534,204 | ' |
Employee Stock Option [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Options and Warrants for Common Stock | 2,114,099 | ' |
Options and Warrants Exercisable | 2,113,099 | ' |
$0.00 [Member] | Employee Stock Option [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $0 | ' |
Options and Warrants for Common Stock | 101,000 | ' |
Options and Warrants Exercisable | 100,000 | ' |
Weighted Average Remaining Contractual Terms (in years) | '5 years 2 months 9 days | ' |
$0.62 [Member] | Employee Stock Option [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $0.62 | ' |
Options and Warrants for Common Stock | 398,500 | ' |
Options and Warrants Exercisable | 398,500 | ' |
Weighted Average Remaining Contractual Terms (in years) | '4 years 3 months | ' |
$1.04 [Member] | Employee Stock Option [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $1.04 | ' |
Options and Warrants for Common Stock | 30,000 | ' |
Options and Warrants Exercisable | 30,000 | ' |
Weighted Average Remaining Contractual Terms (in years) | '4 years 1 month 28 days | ' |
$1.40 [Member] | Warrant [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $1.40 | ' |
Options and Warrants for Common Stock | 474,322 | ' |
Options and Warrants Exercisable | 474,322 | ' |
Weighted Average Remaining Contractual Terms (in years) | '9 months 26 days | ' |
$1.50 [Member] | Warrant [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $1.50 | ' |
Options and Warrants for Common Stock | 878,174 | ' |
Options and Warrants Exercisable | 878,174 | ' |
Weighted Average Remaining Contractual Terms (in years) | '22 days | ' |
$1.60 [Member] | Warrant [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $1.60 | ' |
Options and Warrants for Common Stock | 131,221 | ' |
Options and Warrants Exercisable | 131,221 | ' |
Weighted Average Remaining Contractual Terms (in years) | '9 months 11 days | ' |
$1.80 [Member] | Warrant [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $1.80 | ' |
Options and Warrants for Common Stock | 727,401 | ' |
Options and Warrants Exercisable | 727,401 | ' |
Weighted Average Remaining Contractual Terms (in years) | '3 months 18 days | ' |
$1.90 [Member] | Warrant [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $1.90 | ' |
Options and Warrants for Common Stock | 43,103 | ' |
Options and Warrants Exercisable | 43,103 | ' |
Weighted Average Remaining Contractual Terms (in years) | '29 days | ' |
$2.97 [Member] | Employee Stock Option [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $2.97 | ' |
Options and Warrants for Common Stock | 20,000 | ' |
Options and Warrants Exercisable | 20,000 | ' |
Weighted Average Remaining Contractual Terms (in years) | '3 years 10 months 10 days | ' |
$3.50 [Member] | Employee Stock Option [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $3.50 | ' |
Options and Warrants for Common Stock | 900,000 | ' |
Options and Warrants Exercisable | 900,000 | ' |
Weighted Average Remaining Contractual Terms (in years) | '2 years 6 months 29 days | ' |
$3.72 [Member] | Employee Stock Option [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $3.72 | ' |
Options and Warrants for Common Stock | 15,000 | ' |
Options and Warrants Exercisable | 15,000 | ' |
Weighted Average Remaining Contractual Terms (in years) | '2 years 5 months 27 days | ' |
$3.80 [Member] | Employee Stock Option [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $3.80 | ' |
Options and Warrants for Common Stock | 16,050 | ' |
Options and Warrants Exercisable | 16,050 | ' |
Weighted Average Remaining Contractual Terms (in years) | '2 years 6 months 11 days | ' |
$4.00 [Member] | Employee Stock Option [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $4 | ' |
Options and Warrants for Common Stock | 42,500 | ' |
Options and Warrants Exercisable | 42,500 | ' |
Weighted Average Remaining Contractual Terms (in years) | '2 years 3 months 18 days | ' |
$4.20 [Member] | Warrant [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $4.20 | ' |
Options and Warrants for Common Stock | 5,060,000 | ' |
Options and Warrants Exercisable | 5,060,000 | ' |
Weighted Average Remaining Contractual Terms (in years) | '2 years 1 month 2 days | ' |
$5.00 [Member] | Warrant [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $5 | ' |
Options and Warrants for Common Stock | 3,219,983 | ' |
Options and Warrants Exercisable | 3,219,983 | ' |
Weighted Average Remaining Contractual Terms (in years) | '3 years 2 months 19 days | ' |
$4.38 to $4.40 [Member] | Employee Stock Option [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share, minimum | $4.38 | ' |
Exercise Price per Share, maximum | $4.40 | ' |
Options and Warrants for Common Stock | 417,299 | ' |
Options and Warrants Exercisable | 417,299 | ' |
Weighted Average Remaining Contractual Terms (in years) | '3 years 3 months 11 days | ' |
$6.80 [Member] | Employee Stock Option [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $6.80 | ' |
Options and Warrants for Common Stock | 36,250 | ' |
Options and Warrants Exercisable | 36,250 | ' |
Weighted Average Remaining Contractual Terms (in years) | '3 years 4 months 13 days | ' |
$8.20 [Member] | Employee Stock Option [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $8.20 | ' |
Options and Warrants for Common Stock | 30,000 | ' |
Options and Warrants Exercisable | 30,000 | ' |
Weighted Average Remaining Contractual Terms (in years) | '2 years 4 months 24 days | ' |
$20.00 [Member] | Employee Stock Option [Member] | ' | ' |
Stockholders Equity Note [Line Items] | ' | ' |
Exercise Price per Share | $20 | ' |
Options and Warrants for Common Stock | 107,500 | ' |
Options and Warrants Exercisable | 107,500 | ' |
Weighted Average Remaining Contractual Terms (in years) | '2 years 10 months 17 days | ' |
FINANCIAL_INCOME_NET_Details
FINANCIAL INCOME, NET (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
FINANCIAL INCOME, NET [Abstract] | ' | ' | ' |
Foreign currency translation differences, net | $407 | $497 | ($98) |
Bank commissions | -36 | -29 | -12 |
Interest income on deposits | 246 | 539 | 575 |
Gain (Loss) related to marketable securities | 384 | -79 | 89 |
Gain (loss) from derivatives | -83 | 140 | -317 |
Financial income, net | $918 | $1,068 | $237 |
TAXES_ON_INCOME_Narrative_Deta
TAXES ON INCOME (Narrative) (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 |
Applicable Tax Rates: | ' | ' | ' |
Effective income tax rate | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ' | ' | ' |
Applicable Tax Rates: | ' | ' | ' |
Statutory tax rate | 25.00% | 25.00% | 25.00% |
Maximum [Member] | ' | ' | ' |
Applicable Tax Rates: | ' | ' | ' |
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Israel Tax Authority [Member] | ' | ' | ' |
Carryforward Losses: | ' | ' | ' |
Net operating loss carryforwards | 48,340 | ' | ' |
Internal Revenue Service (IRS) [Member] | ' | ' | ' |
Carryforward Losses: | ' | ' | ' |
Net operating loss carryforwards | 22,730 | ' | ' |
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | ' | ' | ' |
Carryforward Losses: | ' | ' | ' |
Net federal operating loss carry forward expiration date | 31-Dec-22 | ' | ' |
Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | ' | ' | ' |
Carryforward Losses: | ' | ' | ' |
Net federal operating loss carry forward expiration date | 31-Dec-34 | ' | ' |
TAXES_ON_INCOME_Schedule_of_Si
TAXES ON INCOME (Schedule of Significant Components of Deferred Tax Assets) (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | ||
TAXES ON INCOME [Abstract] | ' | ' |
U.S. net operating loss carryforward | $7,955 | $7,106 |
Israeli net operating loss carryforward | 12,810 | 8,543 |
Allowances and reserves | 237 | 156 |
Total deferred tax assets before valuation allowance | 21,002 | 15,805 |
Valuation allowance | -21,002 | -15,805 |
Net deferred tax asset | ' | ' |