Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Sep. 30, 2014 | Oct. 27, 2014 | |
Document and Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Entity Registrant Name | 'PLURISTEM THERAPEUTICS INC | ' |
Entity Central Index Key | '0001158780 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Document Fiscal Year Focus | '2015 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 70,078,391 |
INTERIM_CONDENSED_CONSOLIDATED
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $5,662 | $4,493 |
Short-term bank deposits | 14,494 | 19,451 |
Restricted cash and restricted short-term deposits | 5,083 | 4,914 |
Marketable securities | 25,898 | 29,961 |
Account receivable from OCS | 451 | 2,263 |
Other current assets | 704 | 905 |
Total current assets | 52,292 | 61,987 |
LONG-TERM ASSETS: | ' | ' |
Long-term deposits and restricted deposits | 289 | 304 |
Severance pay fund | 706 | 901 |
Property and equipment, net | 10,541 | 10,823 |
Other long term assets | 2 | 8 |
Total long-term assets | 11,538 | 12,036 |
Total assets | 63,830 | 74,023 |
CURRENT LIABILITIES | ' | ' |
Trade payables | 2,421 | 3,465 |
Accrued expenses | 1,003 | 915 |
Deferred revenues | 379 | 379 |
Advance payment from United Therapeutics | 218 | 247 |
Other accounts payable | 1,964 | 2,391 |
Total current liabilities | 5,985 | 7,397 |
LONG-TERM LIABILITIES | ' | ' |
Deferred revenues | 2,752 | 2,847 |
Accrued severance pay | 832 | 1,068 |
Other long-term liabilities | 566 | 588 |
Total long-term liabilities | 4,150 | 4,503 |
STOCKHOLDERS' EQUITY | ' | ' |
Share capital: Common stock $0.00001 par value: Authorized: 200,000,000 shares issued and outstanding: 69,585,642 shares as of September 30, 2014, 68,601,452 shares as of June 30, 2014 | ' | ' |
Additional paid-in capital | 174,169 | 172,998 |
Accumulated deficit | -119,745 | -113,834 |
Other comprehensive income (loss) | -729 | 2,959 |
Total stockholders' equity | 53,695 | 62,123 |
Total liabilities and stockholders' equity | $63,830 | $74,023 |
INTERIM_CONDENSED_CONSOLIDATED1
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
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 | 69,585,642 | 68,601,452 |
Common stock, shares outstanding | 69,585,642 | 68,601,452 |
INTERIM_CONDENSED_CONSOLIDATED2
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ' | ' |
Revenues | $95 | $95 |
Cost of revenues | -3 | -3 |
Gross profit | 92 | 92 |
Research and development expenses | -5,736 | -5,497 |
Less participation by the Office of the Chief Scientist and other parties | 1,699 | 2,374 |
Research and development expenses, net | -4,037 | -3,123 |
General and administrative expenses | -1,678 | -1,829 |
Operating loss | -5,623 | -4,860 |
Financial income (expense), net | -288 | 105 |
Net loss | ($5,911) | ($4,755) |
Loss per share: | ' | ' |
Basic and diluted net loss per share | ($0.09) | ($0.08) |
Weighted average number of shares used in computing basic and diluted net loss per share | 69,131,435 | 59,254,132 |
INTERIM_CONDENSED_CONSOLIDATED3
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract] | ' | ' |
Net loss | ($5,911) | ($4,755) |
Other comprehensive income (loss), net: | ' | ' |
Unrealized loss on derivative instruments | -133 | ' |
Changes in unrealized gains (losses) on available-for-sale marketable securities, net | -4,010 | 537 |
Reclassification adjustment of available-for-sale marketable securities gains (losses) realized in net loss, net | 455 | -142 |
Other comprehensive income (loss) | -3,688 | 395 |
Total comprehensive loss | ($9,599) | ($4,360) |
INTERIM_CONDENSED_STATEMENTS_O
INTERIM CONDENSED STATEMENTS OF CHANGES IN EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data | |||||
Balance at Jun. 30, 2013 | $57,466 | ' | $144,109 | $259 | ($86,902) |
Balance, shares at Jun. 30, 2013 | ' | 59,196,617 | ' | ' | ' |
Exercise of options and warrants by employees and consultants | ' | ' | ' | ' | ' |
Exercise of options and warrants by employees and consultants, shares | ' | 5,905 | ' | ' | ' |
Exercise of warrants by investors and finders | 509 | ' | 509 | ' | ' |
Exercise of warrants by investors and finders, shares | ' | 448,082 | ' | ' | ' |
Stock based compensation to employees, directors and non-employee consultants | 1,176 | ' | 1,176 | ' | ' |
Stock based compensation to employees, directors and non-employee consultants, shares | ' | 202,189 | ' | ' | ' |
Other comprehensive income (loss), net | 395 | ' | ' | 395 | ' |
Net loss | -4,755 | ' | ' | ' | -4,755 |
Balance at Sep. 30, 2013 | 54,791 | ' | 145,794 | 654 | -91,657 |
Balance, shares at Sep. 30, 2013 | ' | 59,852,793 | ' | ' | ' |
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 | ' | ' | ' |
Exercise of options and warrants by employees and consultants | 2 | ' | 2 | ' | ' |
Exercise of options and warrants by employees and consultants, shares | ' | 3,000 | ' | ' | ' |
Exercise of warrants by investors and finders | 109 | ' | 109 | ' | ' |
Exercise of warrants by investors and finders, shares | ' | 534,237 | ' | ' | ' |
Stock based compensation to employees, directors and non-employee consultants | 1,060 | ' | 1,060 | ' | ' |
Stock based compensation to employees, directors and non-employee consultants, shares | ' | 446,953 | ' | ' | ' |
Other comprehensive income (loss), net | -3,688 | ' | ' | -3,688 | ' |
Net loss | -5,911 | ' | ' | ' | -5,911 |
Balance at Sep. 30, 2014 | $53,695 | ' | $174,169 | ($729) | ($119,745) |
Balance, shares at Sep. 30, 2014 | 69,585,642 | 69,585,642 | ' | ' | ' |
INTERIM_CONDENSED_CONSOLIDATED4
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' |
Net loss | ($5,911) | ($4,755) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Depreciation | 498 | 461 |
Accretion of discount, amortization of premium and changes in accrued interest of marketable securities | 44 | 559 |
Gain from sale of investments of available-for-sale marketable securities | 17 | -142 |
Stock-based compensation to employees, directors and non-employee consultants | 1,060 | 1,176 |
Decrease (increase) in OCS receivables | 1,812 | -2,055 |
Decrease (increase) in other accounts receivable | 333 | -95 |
Increase in prepaid expenses | -174 | -7 |
Increase (decrease) in trade payables | -989 | 247 |
Increase (decrease) in other accounts payable and accrued expenses | -9 | 160 |
Decrease in deferred revenues | -95 | -474 |
Decrease in advance payment from United Therapeutics | -29 | -37 |
Increase in interest receivable on short-term deposits | -9 | ' |
Linkage differences and interest on short and long-term restricted lease deposit | 37 | -168 |
Accrued severance pay, net | -41 | 35 |
Net cash used in operating activities | -3,456 | -5,095 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' |
Purchase of property and equipment | -271 | -462 |
Repayment of short-term deposits | 4,777 | 7,132 |
Repayment of (Investment in) long-term deposits | 1 | -3 |
Repayment of long-term restricted deposit | ' | 112 |
Proceeds from sale of available-for-sale marketable securities | 37 | 1,870 |
Proceeds from redemption of available-for-sale marketable securities | 64 | 394 |
Investment in available-for-sale marketable securities | -92 | -4,861 |
Net cash provided by investing activities | 4,516 | 4,182 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' |
Exercise of warrants | 109 | 509 |
Net cash provided by financing activities | 109 | 509 |
Increase (decrease) in cash and cash equivalents | 1,169 | -404 |
Cash and cash equivalents at the beginning of the period | 4,493 | 9,007 |
Cash and cash equivalents at the end of the period | 5,662 | 8,603 |
Supplemental disclosure of cash flow activities: | ' | ' |
Taxes paid due to non-deductible expenses | 30 | 31 |
Supplemental disclosure of non-cash activities: | ' | ' |
Purchase of property and equipment on credit | 188 | 668 |
Other receivables resulting from exercise of option | $2 | ' |
GENERAL
GENERAL | 3 Months Ended |
Sep. 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 “Pluristem” or the “Company”. | |
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 $119,745 through September 30, 2014 and incurred a net loss of $5,911 for the three months ended September 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. The Company's shares of common stock are traded on the NASDAQ Capital Market under the symbol "PSTI", and 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 rights 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". 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. |
BASIS_OF_PRESENTATION_AND_SIGN
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||
NOTE 2:- BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||
a. | Unaudited Interim Financial Information | ||||||||||||
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). | |||||||||||||
For further information, reference is made to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2014. | |||||||||||||
Operating results for the three months period ended September 30, 2014, are not necessarily indicative of the results that may be expected for the year ending June 30, 2015. | |||||||||||||
b. | Significant Accounting Policies | ||||||||||||
The significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are identical to those applied in the preparation of the latest annual financial statements. | |||||||||||||
c. | Use of estimates | ||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||||
d. | Fair value of financial instruments | ||||||||||||
The carrying amounts of the Company's financial instruments, including cash and cash equivalents, 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; | |||||||||||||
Level 2 - Inputs other than 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. | |||||||||||||
e. | Derivative financial instruments | ||||||||||||
The Company uses forward contracts and options strategies (“derivative instruments”) primarily to manage exposure to foreign currency. The Company accounts for derivatives and hedging based on ASC 815, “Derivatives and Hedging” (“ASC 815”). 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 (expenses), 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 September 30, 2014, the Company had forward contracts in place to hedge future payroll and related expenses in NIS of approximately $2,300, with a fair value of approximately $123 presented in “other current liabilities”. The net unrealized loss on the effective portion of these cash flow hedges was $133. The net loss realized in statement of operations during the three months ended September 30, 2014, resulting from the cash flow hedge transactions, amounted to approximately $45. The forward contracts on the Company's future NIS payroll and related expenses will settle by February 2015. On September 30, 2013, the Company did not have any contracts designated and qualified 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 (expenses), 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, with fair value of approximately $(403) as of September 30, 2014. | |||||||||||||
The changes in fair value of the available-for-sale CHA shares attributable to the foreign currency risk being hedged are reflected in the statement of operations in "Financial income (expenses), net". 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 (loss). | |||||||||||||
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 losses recognized in “Financial income (expenses), net” during the three months ended September 30, 2014, and 2013 were $198 and $7, respectively. | |||||||||||||
f. | Accumulated other comprehensive income (loss): | ||||||||||||
The components of accumulated other comprehensive income (loss) were as follows: | |||||||||||||
3 months ended September 30, 2014 (Unaudited) | |||||||||||||
Unrealized | Unrealized | Total | |||||||||||
gains | gains | ||||||||||||
on marketable | on cash flow | ||||||||||||
securities | hedges | ||||||||||||
Balance as of July 1, 2014 | $ | 2,936 | $ | 23 | $ | 2,959 | |||||||
Other comprehensive income (loss) before reclassifications | (4,110 | ) | (178 | ) | (4,288 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 555 | 45 | 600 | ||||||||||
Net current-period other comprehensive income | (3,555 | ) | (133 | ) | 3,688 | ||||||||
Balance as of September 30, 2014 | $ | (619 | ) | $ | (110 | ) | $ | (729 | ) | ||||
g. | Recent Accounting Pronouncement | ||||||||||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" (“ASU 2014-09”). 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 | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES [Abstract] | ' | |||||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES | ' | |||||||||||||||||||||||||||||||||||
NOTE 3:- MARKETABLE SECURITIES | ||||||||||||||||||||||||||||||||||||
As of September 30, 2014, all of the Company's marketable securities were classified as available-for-sale. | ||||||||||||||||||||||||||||||||||||
September 30, 2014 (Unaudited) | 30-Jun-14 | |||||||||||||||||||||||||||||||||||
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 | $ | 18,499 | $ | 1,006 | $ | (1,862 | ) | $ | 17,643 | $ | 18,881 | $ | 2,522 | $ | (23 | ) | $ | 21,380 | ||||||||||||||||||
Government debentures – fixed interest rate | 67 | 4 | - | 71 | 97 | 9 | - | 106 | ||||||||||||||||||||||||||||
Corporate debentures – fixed interest rate | 790 | 53 | (21 | ) | 822 | 452 | 54 | - | 506 | |||||||||||||||||||||||||||
$ | 19,356 | $ | 1,063 | $ | (1,883 | ) | $ | 18,536 | $ | 19,430 | $ | 2,585 | $ | (23 | ) | $ | 21,992 | |||||||||||||||||||
Available-for-sale - matures after one year through five years: | ||||||||||||||||||||||||||||||||||||
Government debentures – fixed interest rate | 2,575 | 59 | (16 | ) | 2,618 | 2,595 | 98 | (1 | ) | 2,692 | ||||||||||||||||||||||||||
Corporate debentures – fixed interest rate | 4,491 | 155 | (9 | ) | 4,637 | 4,906 | 263 | (5 | ) | 5,164 | ||||||||||||||||||||||||||
$ | 7,066 | $ | 214 | $ | (25 | ) | $ | 7,255 | $ | 7,501 | $ | 361 | $ | (6 | ) | $ | 7,856 | |||||||||||||||||||
Available-for-sale - matures after five years through ten years: | ||||||||||||||||||||||||||||||||||||
Corporate debentures – fixed interest rate | 95 | 12 | - | 107 | 94 | 19 | - | 113 | ||||||||||||||||||||||||||||
$ | 95 | $ | 12 | $ | - | $ | 107 | $ | 94 | $ | 19 | $ | - | $ | 113 | |||||||||||||||||||||
$ | 26,517 | $ | 1,289 | $ | (1,908 | ) | $ | 25,898 | $ | 27,025 | $ | 2,965 | $ | (29 | ) | $ | 29,961 | |||||||||||||||||||
The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 30, 2014 and June 30, 2014, and the length of time that those investments have been in a continuous loss position: | ||||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or greater | |||||||||||||||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | |||||||||||||||||||||||||||||||||
unrealized loss | unrealized loss | |||||||||||||||||||||||||||||||||||
As of September 30, 2014 (Unaudited) | $ | 2,336 | $ | (129 | ) | $ | 452 | $ | (19 | ) | ||||||||||||||||||||||||||
As of June 30, 2014 | $ | 851 | $ | (17 | ) | $ | 463 | $ | (12 | ) | ||||||||||||||||||||||||||
The Company typically invests in highly-rated securities. When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company's intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment's amortized cost basis. | ||||||||||||||||||||||||||||||||||||
Based on the above factors, the Company concluded that unrealized losses on all available-for-sale securities were not other-than-temporary and no credit loss was present for any of its investments. As such, the Company did not recognize any impairment charges on outstanding securities during the three-month period ended September 30, 2014. |
FAIR_VALUE_OF_FINANCIAL_INSTRU
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | |||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS | ' | |||||||||||||||||||
NOTE 4:- FAIR VALUE OF FINANCIAL INSTRUMENTS | ||||||||||||||||||||
September 30, 2014 (Unaudited) | 30-Jun-14 | |||||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||||||
Marketable securities | $ | 16,512 | $ | 9,386 | $ | 20,530 | $ | 9,431 | ||||||||||||
Foreign currency derivative instruments | - | (701 | ) | - | (842 | ) | ||||||||||||||
Total financial assets | $ | 16,512 | $ | 8,685 | $ | 20,530 | $ | 8,589 | ||||||||||||
September 30, 2014 (Unaudited) | 30-Jun-14 | |||||||||||||||||||
Balance Sheet location | Fair Value | Balance Sheet location | Fair Value | |||||||||||||||||
Derivatives designated as a cash flow hedge instruments | Other current liabilities | $ | (123 | ) | Other current assets | $ | 24 | |||||||||||||
Derivatives not designated as hedge instruments | Other current liabilities | (175 | ) | Other current assets | 23 | |||||||||||||||
Derivatives designated as a fair value hedge instruments | Other current liabilities | (403 | ) | Other current liabilities | (889 | ) | ||||||||||||||
Total | $ | (701 | ) | $ | (842 | ) |
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended | ||
Sep. 30, 2014 | |||
COMMITMENTS AND CONTINGENCIES [Abstract] | ' | ||
COMMITMENTS AND CONTINGENCIES | ' | ||
NOTE 5: - COMMITMENTS AND CONTINGENCIES | |||
Commitments and contingencies that changed during the three months ended September 30, 2014, include the following: | |||
a. | Increase in the amount of $155 of cash pledged by the Company to secure its hedging transactions, credit line and bank guarantees. | ||
b. | The Company, through its Israeli subsidiary, participated in programs sponsored by the Israeli Government for the support of research and development activities. The Company is obligated to pay royalties to the OCS, amounting to 3%-4% of the sales of the products and other related revenues generated from such projects, up to 100% of the grants received, linked to the U.S. dollars and for grants received after January 1, 1999, also bearing interest at the rate of LIBOR. The obligation to pay these royalties is contingent on actual revenues and in the absence of such revenues, no payment is required. | ||
Through September 30, 2014, total grants obtained aggregated to approximately $17,406, and total royalties paid and accrued amounted to $57. As of September 30, 2014, the Company's contingent liability in respect to royalties to the OCS amounted $17,349, not include LIBOR interest as described above. |
STOCKHOLDERS_EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
STOCKHOLDERS' EQUITY [Abstract] | ' | ||||||||||||||||
STOCKHOLDERS' EQUITY | ' | ||||||||||||||||
NOTE 6: - STOCKHOLDERS' EQUITY | |||||||||||||||||
a. | From July 2014 through September 2014, a total of 949,210 warrants were exercised via “cashless” exercise, resulting in the issuance of 461,570 shares of common stock to investors of the Company. In addition, 72,667 warrants were exercised for cash and resulted in the issuance of 72,667 shares of common stock to investors of the Company. The aggregate cash consideration received was $109. | ||||||||||||||||
b. | Following a shelf registration on Form S-3 filed and declared effective in October 2011, the Company entered in December 2012 into an At Market Issuance Sales Agreement (“ATM Agreement”) with an underwriter. On September 11, 2014, the Company notified the underwriter of the termination of the ATM Agreement. | ||||||||||||||||
c. | Options, warrants and restricted stock units to employees, directors and consultants: | ||||||||||||||||
1 | Options to employees and directors: | ||||||||||||||||
A summary of the Company's share option activity for options granted to employees and directors under the Plans is as follows: | |||||||||||||||||
Three months ended September 30, 2014 (Unaudited) | |||||||||||||||||
Number | Weighted Average Exercise Price | Weighted Average Remaining Contractual Terms (in years) | Aggregate Intrinsic Value Price | ||||||||||||||
Options outstanding at beginning of period | 1,862,099 | $ | 3.73 | ||||||||||||||
Options exercised | (3,000 | ) | $ | 0.62 | |||||||||||||
Options forfeited | - | ||||||||||||||||
Options outstanding at end of the period | 1,859,099 | $ | 3.73 | 2.87 | $ | 929 | |||||||||||
Options exercisable at the end of the period | 1,859,099 | $ | 3.73 | 2.87 | $ | 929 | |||||||||||
Options vested | 1,859,099 | $ | 3.73 | 2.87 | $ | 929 | |||||||||||
Intrinsic value of exercisable options (the difference between the Company's closing stock price on the last trading day in the period and the exercise price, multiplied by the number of in-the-money options) represents the amount that would have been received by the employees and directors option holders had all option holders exercised their options on September 30, 2014. This amount changes based on the fair market value of the Company's common stock. | |||||||||||||||||
2 | Options and warrants to non-employees: | ||||||||||||||||
A summary of the Company's activity related to options and warrants to consultants is as follows: | |||||||||||||||||
During the three month period ended September 30, 2014, there were no grants, exercised or forfeitures of options and warrants to non-employees consultants. | |||||||||||||||||
Three months ended September 30, 2014 (Unaudited) | |||||||||||||||||
Number | Weighted Average Exercise Price | Weighted Average Remaining Contractual Terms (in years) | Aggregate Intrinsic Value Price | ||||||||||||||
Options and warrants outstanding at beginning of period | 252,000 | $ | 5.19 | ||||||||||||||
Options and warrants outstanding at end of the period | 252,000 | $ | 5.19 | 3.71 | $ | 300 | |||||||||||
Options and warrants exercisable at the end of the period | 252,000 | $ | 5.19 | 3.71 | $ | 300 | |||||||||||
Options and warrants vested and expected to vest | 252,000 | $ | 5.19 | 3.71 | $ | 300 | |||||||||||
Compensation expenses related to options and warrants granted to consultants were recorded as follows: | |||||||||||||||||
Three months ended September 30, | |||||||||||||||||
2014 (Unaudited) | 2013 (Unaudited) | ||||||||||||||||
Research and development expenses | $ | 1 | $ | - | |||||||||||||
General and administrative expenses | - | 2 | |||||||||||||||
$ | 1 | $ | 2 | ||||||||||||||
3 | Restricted stock units to employees and directors: | ||||||||||||||||
During the three month period ended September 30, 2014, the Company granted restricted stock units to several of the Company's employees and directors. | |||||||||||||||||
The following table summarizes the activities for unvested restricted stock units granted to employees and directors for the three months ended September 30, 2014 (Unaudited): | |||||||||||||||||
Number | |||||||||||||||||
Unvested at the beginning of period | 1,589,432 | ||||||||||||||||
Granted | 24,499 | ||||||||||||||||
Forfeited | (8,725 | ) | |||||||||||||||
Vested | (439,078 | ) | |||||||||||||||
Unvested at the end of the period | 1,166,128 | ||||||||||||||||
Expected to vest after September 30, 2014 | 1,141,828 | ||||||||||||||||
Compensation expenses related to restricted stock units granted to employees and directors were recorded as follows: | |||||||||||||||||
Three months ended September 30, | |||||||||||||||||
2014 (Unaudited) | 2013 (Unaudited) | ||||||||||||||||
Research and development expenses | $ | 333 | $ | 126 | |||||||||||||
General and administrative expenses | 702 | 1,048 | |||||||||||||||
$ | 1,035 | $ | 1,174 | ||||||||||||||
Unamortized compensation expenses related to restricted stock units granted to employees and directors to be recognized of an average time of approximately 2 years is $1,499. | |||||||||||||||||
4 | Restricted stock units to consultants: | ||||||||||||||||
During the three month period ended September 30, 2014, the Company granted restricted stock units to several consultants and service providers. | |||||||||||||||||
The following table summarizes the activities for unvested restricted stock units granted to consultants for the three months ended September 30, 2014: | |||||||||||||||||
Number | |||||||||||||||||
Unvested at the beginning of period | 15,250 | ||||||||||||||||
Granted | 5,000 | ||||||||||||||||
Forfeited | - | ||||||||||||||||
Vested | (7,875 | ) | |||||||||||||||
Unvested at the end of the period | 12,375 | ||||||||||||||||
Expected to vest after September 30, 2014 | 12,375 | ||||||||||||||||
Compensation expenses related to restricted stock units granted to consultants were recorded as follows: | |||||||||||||||||
Three months ended September 30, | |||||||||||||||||
2014 (Unaudited) | 2013 (Unaudited) | ||||||||||||||||
Research and development expenses | $ | 20 | $ | - | |||||||||||||
General and administrative expenses | 4 | - | |||||||||||||||
$ | 24 | $ | - |
BASIS_OF_PRESENTATION_AND_SIGN1
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policy) | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||
Unaudited Interim Financial Information | ' | ||||||||||||
a. | Unaudited Interim Financial Information | ||||||||||||
The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). | |||||||||||||
For further information, reference is made to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2014. | |||||||||||||
Operating results for the three months period ended September 30, 2014, are not necessarily indicative of the results that may be expected for the year ending June 30, 2015. | |||||||||||||
Use of estimates | ' | ||||||||||||
c. | Use of estimates | ||||||||||||
The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. | |||||||||||||
Fair value of financial instruments | ' | ||||||||||||
d. | Fair value of financial instruments | ||||||||||||
The carrying amounts of the Company's financial instruments, including cash and cash equivalents, 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; | |||||||||||||
Level 2 - Inputs other than 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 | ' | ||||||||||||
e. | Derivative financial instruments | ||||||||||||
The Company uses forward contracts and options strategies (“derivative instruments”) primarily to manage exposure to foreign currency. The Company accounts for derivatives and hedging based on ASC 815, “Derivatives and Hedging” (“ASC 815”). 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 (expenses), 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 September 30, 2014, the Company had forward contracts in place to hedge future payroll and related expenses in NIS of approximately $2,300, with a fair value of approximately $123 presented in “other current liabilities”. The net unrealized loss on the effective portion of these cash flow hedges was $133. The net loss realized in statement of operations during the three months ended September 30, 2014, resulting from the cash flow hedge transactions, amounted to approximately $45. The forward contracts on the Company's future NIS payroll and related expenses will settle by February 2015. On September 30, 2013, the Company did not have any contracts designated and qualified 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 (expenses), 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, with fair value of approximately $(403) as of September 30, 2014. | |||||||||||||
The changes in fair value of the available-for-sale CHA shares attributable to the foreign currency risk being hedged are reflected in the statement of operations in "Financial income (expenses), net". 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 (loss). | |||||||||||||
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 losses recognized in “Financial income (expenses), net” during the three months ended September 30, 2014, and 2013 were $198 and $7, respectively. | |||||||||||||
Comprehensive income | ' | ||||||||||||
f. | Accumulated other comprehensive income (loss): | ||||||||||||
The components of accumulated other comprehensive income (loss) were as follows: | |||||||||||||
3 months ended September 30, 2014 (Unaudited) | |||||||||||||
Unrealized | Unrealized | Total | |||||||||||
gains | gains | ||||||||||||
on marketable | on cash flow | ||||||||||||
securities | hedges | ||||||||||||
Balance as of July 1, 2014 | $ | 2,936 | $ | 23 | $ | 2,959 | |||||||
Other comprehensive income (loss) before reclassifications | (4,110 | ) | (178 | ) | (4,288 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 555 | 45 | 600 | ||||||||||
Net current-period other comprehensive income | (3,555 | ) | (133 | ) | 3,688 | ||||||||
Balance as of September 30, 2014 | $ | (619 | ) | $ | (110 | ) | $ | (729 | ) | ||||
Recent Accounting Pronouncement | ' | ||||||||||||
g. | Recent Accounting Pronouncement | ||||||||||||
In May 2014, the Financial Accounting Standards Board issued Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" (“ASU 2014-09”). 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. |
BASIS_OF_PRESENTATION_AND_SIGN2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 3 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
SIGNIFICANT ACCOUNTING POLICIES [Abstract] | ' | ||||||||||||
Schedule of Comprehensive Income | ' | ||||||||||||
3 months ended September 30, 2014 (Unaudited) | |||||||||||||
Unrealized | Unrealized | Total | |||||||||||
gains | gains | ||||||||||||
on marketable | on cash flow | ||||||||||||
securities | hedges | ||||||||||||
Balance as of July 1, 2014 | $ | 2,936 | $ | 23 | $ | 2,959 | |||||||
Other comprehensive income (loss) before reclassifications | (4,110 | ) | (178 | ) | (4,288 | ) | |||||||
Amounts reclassified from accumulated other comprehensive loss | 555 | 45 | 600 | ||||||||||
Net current-period other comprehensive income | (3,555 | ) | (133 | ) | 3,688 | ||||||||
Balance as of September 30, 2014 | $ | (619 | ) | $ | (110 | ) | $ | (729 | ) |
MARKETABLE_SECURITIES_Tables
MARKETABLE SECURITIES (Tables) | 3 Months Ended | |||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||||||||||||||||||
MARKETABLE SECURITIES [Abstract] | ' | |||||||||||||||||||||||||||||||||||
Schedule of Available-for-sale Marketable Securities | ' | |||||||||||||||||||||||||||||||||||
September 30, 2014 (Unaudited) | 30-Jun-14 | |||||||||||||||||||||||||||||||||||
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 | $ | 18,499 | $ | 1,006 | $ | (1,862 | ) | $ | 17,643 | $ | 18,881 | $ | 2,522 | $ | (23 | ) | $ | 21,380 | ||||||||||||||||||
Government debentures – fixed interest rate | 67 | 4 | - | 71 | 97 | 9 | - | 106 | ||||||||||||||||||||||||||||
Corporate debentures – fixed interest rate | 790 | 53 | (21 | ) | 822 | 452 | 54 | - | 506 | |||||||||||||||||||||||||||
$ | 19,356 | $ | 1,063 | $ | (1,883 | ) | $ | 18,536 | $ | 19,430 | $ | 2,585 | $ | (23 | ) | $ | 21,992 | |||||||||||||||||||
Available-for-sale - matures after one year through five years: | ||||||||||||||||||||||||||||||||||||
Government debentures – fixed interest rate | 2,575 | 59 | (16 | ) | 2,618 | 2,595 | 98 | (1 | ) | 2,692 | ||||||||||||||||||||||||||
Corporate debentures – fixed interest rate | 4,491 | 155 | (9 | ) | 4,637 | 4,906 | 263 | (5 | ) | 5,164 | ||||||||||||||||||||||||||
$ | 7,066 | $ | 214 | $ | (25 | ) | $ | 7,255 | $ | 7,501 | $ | 361 | $ | (6 | ) | $ | 7,856 | |||||||||||||||||||
Available-for-sale - matures after five years through ten years: | ||||||||||||||||||||||||||||||||||||
Corporate debentures – fixed interest rate | 95 | 12 | - | 107 | 94 | 19 | - | 113 | ||||||||||||||||||||||||||||
$ | 95 | $ | 12 | $ | - | $ | 107 | $ | 94 | $ | 19 | $ | - | $ | 113 | |||||||||||||||||||||
$ | 26,517 | $ | 1,289 | $ | (1,908 | ) | $ | 25,898 | $ | 27,025 | $ | 2,965 | $ | (29 | ) | $ | 29,961 | |||||||||||||||||||
Schedule of Investments in Continuous Unrealized Loss Position | ' | |||||||||||||||||||||||||||||||||||
Less than 12 months | 12 months or greater | |||||||||||||||||||||||||||||||||||
Fair Value | Gross | Fair Value | Gross | |||||||||||||||||||||||||||||||||
unrealized loss | unrealized loss | |||||||||||||||||||||||||||||||||||
As of September 30, 2014 (Unaudited) | $ | 2,336 | $ | (129 | ) | $ | 452 | $ | (19 | ) | ||||||||||||||||||||||||||
As of June 30, 2014 | $ | 851 | $ | (17 | ) | $ | 463 | $ | (12 | ) |
FAIR_VALUE_OF_FINANCIAL_INSTRU1
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended | |||||||||||||||||||
Sep. 30, 2014 | ||||||||||||||||||||
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | ' | |||||||||||||||||||
Schedule of Fair Value of Financial Instruments | ' | |||||||||||||||||||
September 30, 2014 (Unaudited) | 30-Jun-14 | |||||||||||||||||||
Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||||||
Marketable securities | $ | 16,512 | $ | 9,386 | $ | 20,530 | $ | 9,431 | ||||||||||||
Foreign currency derivative instruments | - | (701 | ) | - | (842 | ) | ||||||||||||||
Total financial assets | $ | 16,512 | $ | 8,685 | $ | 20,530 | $ | 8,589 | ||||||||||||
Schedule of Derivative Hedging Activity and Balance Sheet Location | ' | |||||||||||||||||||
September 30, 2014 (Unaudited) | 30-Jun-14 | |||||||||||||||||||
Balance Sheet location | Fair Value | Balance Sheet location | Fair Value | |||||||||||||||||
Derivatives designated as a cash flow hedge instruments | Other current liabilities | $ | (123 | ) | Other current assets | $ | 24 | |||||||||||||
Derivatives not designated as hedge instruments | Other current liabilities | (175 | ) | Other current assets | 23 | |||||||||||||||
Derivatives designated as a fair value hedge instruments | Other current liabilities | (403 | ) | Other current liabilities | (889 | ) | ||||||||||||||
Total | $ | (701 | ) | $ | (842 | ) |
STOCKHOLDERS_EQUITY_Tables
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
STOCKHOLDERS' EQUITY [Abstract] | ' | ||||||||||||||||
Schedule of Stock Option Activity | ' | ||||||||||||||||
Three months ended September 30, 2014 (Unaudited) | |||||||||||||||||
Number | Weighted Average Exercise Price | Weighted Average Remaining Contractual Terms (in years) | Aggregate Intrinsic Value Price | ||||||||||||||
Options outstanding at beginning of period | 1,862,099 | $ | 3.73 | ||||||||||||||
Options exercised | (3,000 | ) | $ | 0.62 | |||||||||||||
Options forfeited | - | ||||||||||||||||
Options outstanding at end of the period | 1,859,099 | $ | 3.73 | 2.87 | $ | 929 | |||||||||||
Options exercisable at the end of the period | 1,859,099 | $ | 3.73 | 2.87 | $ | 929 | |||||||||||
Options vested | 1,859,099 | $ | 3.73 | 2.87 | $ | 929 | |||||||||||
Schedule of Stock Option and Warrant Activity | ' | ||||||||||||||||
Three months ended September 30, 2014 (Unaudited) | |||||||||||||||||
Number | Weighted Average Exercise Price | Weighted Average Remaining Contractual Terms (in years) | Aggregate Intrinsic Value Price | ||||||||||||||
Options and warrants outstanding at beginning of period | 252,000 | $ | 5.19 | ||||||||||||||
Options and warrants outstanding at end of the period | 252,000 | $ | 5.19 | 3.71 | $ | 300 | |||||||||||
Options and warrants exercisable at the end of the period | 252,000 | $ | 5.19 | 3.71 | $ | 300 | |||||||||||
Options and warrants vested and expected to vest | 252,000 | $ | 5.19 | 3.71 | $ | 300 | |||||||||||
Options and warrants [Member] | ' | ||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ||||||||||||||||
Schedule of Stock-based Compensation Expenses | ' | ||||||||||||||||
Three months ended September 30, | |||||||||||||||||
2014 (Unaudited) | 2013 (Unaudited) | ||||||||||||||||
Research and development expenses | $ | 1 | $ | - | |||||||||||||
General and administrative expenses | - | 2 | |||||||||||||||
$ | 1 | $ | 2 | ||||||||||||||
Restricted stock units [Member] | ' | ||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ||||||||||||||||
Schedule of Unvested Restricted Stock Units | ' | ||||||||||||||||
Number | |||||||||||||||||
Unvested at the beginning of period | 1,589,432 | ||||||||||||||||
Granted | 24,499 | ||||||||||||||||
Forfeited | (8,725 | ) | |||||||||||||||
Vested | (439,078 | ) | |||||||||||||||
Unvested at the end of the period | 1,166,128 | ||||||||||||||||
Expected to vest after September 30, 2014 | 1,141,828 | ||||||||||||||||
Schedule of Stock-based Compensation Expenses | ' | ||||||||||||||||
Three months ended September 30, | |||||||||||||||||
2014 (Unaudited) | 2013 (Unaudited) | ||||||||||||||||
Research and development expenses | $ | 333 | $ | 126 | |||||||||||||
General and administrative expenses | 702 | 1,048 | |||||||||||||||
$ | 1,035 | $ | 1,174 | ||||||||||||||
Consultant restricted stock units [Member] | ' | ||||||||||||||||
Stockholders Equity Note [Line Items] | ' | ||||||||||||||||
Schedule of Unvested Restricted Stock Units | ' | ||||||||||||||||
Number | |||||||||||||||||
Unvested at the beginning of period | 15,250 | ||||||||||||||||
Granted | 5,000 | ||||||||||||||||
Forfeited | - | ||||||||||||||||
Vested | (7,875 | ) | |||||||||||||||
Unvested at the end of the period | 12,375 | ||||||||||||||||
Expected to vest after September 30, 2014 | 12,375 | ||||||||||||||||
Schedule of Stock-based Compensation Expenses | ' | ||||||||||||||||
Three months ended September 30, | |||||||||||||||||
2014 (Unaudited) | 2013 (Unaudited) | ||||||||||||||||
Research and development expenses | $ | 20 | $ | - | |||||||||||||
General and administrative expenses | 4 | - | |||||||||||||||
$ | 24 | $ | - |
GENERAL_Details
GENERAL (Details) (USD $) | 1 Months Ended | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Aug. 31, 2011 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 |
GENERAL [Abstract] | ' | ' | ' | ' | ' |
Accumulated deficit | ' | ' | ($119,745) | ' | ($113,834) |
Net loss | ' | ' | -5,911 | -4,755 | ' |
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_POLICIE
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Gains (losses) on other derivatives | ($198) | ($7) |
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 | 2,300 | ' |
Net unrealized gain (loss) on the effective portion | -133 | ' |
Net gain (loss), resulting in the cash flow hedge transactions | -45 | ' |
Fair value of cash flow hedge derivatives | -123 | ' |
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 | ($403) | ' |
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Comprehensive Income) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | $2,959 | ' |
Other comprehensive income before reclassifications | -4,288 | ' |
Amounts reclassified from accumulated other comprehensive loss | 600 | ' |
Net current-period other comprehensive income | -3,688 | 395 |
Ending balance | -729 | ' |
Unrealized Gains on Marketable Securities [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | 2,936 | ' |
Other comprehensive income before reclassifications | -4,110 | ' |
Amounts reclassified from accumulated other comprehensive loss | 555 | ' |
Net current-period other comprehensive income | -3,555 | ' |
Ending balance | -619 | ' |
Unrealized Gains on Cash Flow Hedges [Member] | ' | ' |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' |
Beginning balance | 23 | ' |
Other comprehensive income before reclassifications | -178 | ' |
Amounts reclassified from accumulated other comprehensive loss | 45 | ' |
Net current-period other comprehensive income | -133 | ' |
Ending balance | ($110) | ' |
MARKETABLE_SECURITIES_Schedule
MARKETABLE SECURITIES (Schedule of Available-for-sale Marketable Securities) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | $26,517 | $27,025 |
Gross unrealized gain | 1,289 | 2,965 |
Gross unrealized loss | -1,908 | -29 |
Fair value | 25,898 | 29,961 |
Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 19,356 | 19,430 |
Gross unrealized gain | 1,063 | 2,585 |
Gross unrealized loss | -1,883 | -23 |
Fair value | 18,536 | 21,992 |
One to Five Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 7,066 | 7,501 |
Gross unrealized gain | 214 | 361 |
Gross unrealized loss | -25 | -6 |
Fair value | 7,255 | 7,856 |
After Five Years through Ten Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 95 | 94 |
Gross unrealized gain | 12 | 19 |
Gross unrealized loss | ' | ' |
Fair value | 107 | 113 |
Stock and Index Linked Notes [Member] | Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 18,499 | 18,881 |
Gross unrealized gain | 1,006 | 2,522 |
Gross unrealized loss | -1,862 | -23 |
Fair value | 17,643 | 21,380 |
Government Debentures [Member] | Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 67 | 97 |
Gross unrealized gain | 4 | 9 |
Gross unrealized loss | ' | ' |
Fair value | 71 | 106 |
Government Debentures [Member] | One to Five Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 2,575 | 2,595 |
Gross unrealized gain | 59 | 98 |
Gross unrealized loss | -16 | -1 |
Fair value | 2,618 | 2,692 |
Corporate Debentures [Member] | Within One Year [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 790 | 452 |
Gross unrealized gain | 53 | 54 |
Gross unrealized loss | -21 | ' |
Fair value | 822 | 506 |
Corporate Debentures [Member] | One to Five Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 4,491 | 4,906 |
Gross unrealized gain | 155 | 263 |
Gross unrealized loss | -9 | -5 |
Fair value | 4,637 | 5,164 |
Corporate Debentures [Member] | After Five Years through Ten Years [Member] | ' | ' |
Schedule of Available-for-sale Securities [Line Items] | ' | ' |
Amortized cost | 95 | 94 |
Gross unrealized gain | 12 | 19 |
Gross unrealized loss | ' | ' |
Fair value | $107 | $113 |
MARKETABLE_SECURITIES_Schedule1
MARKETABLE SECURITIES (Schedule of Investments in Unrealized Loss) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
MARKETABLE SECURITIES [Abstract] | ' | ' |
Less than 12 months, fair value | $2,336 | $851 |
Less than 12 months, gross unrealized loss | -129 | -17 |
12 months or greater, fair value | 452 | 463 |
12 months or greater, gross unrealized loss | ($19) | ($12) |
FAIR_VALUE_OF_FINANCIAL_INSTRU2
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Fair Value of Financial Instruments) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | $25,898 | $29,961 |
Foreign currency derivative instruments | -701 | -842 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 16,512 | 20,530 |
Foreign currency derivative instruments | ' | ' |
Total | 16,512 | 20,530 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Marketable securities | 9,386 | 9,431 |
Foreign currency derivative instruments | -701 | -842 |
Total | $8,685 | $8,589 |
FAIR_VALUE_OF_FINANCIAL_INSTRU3
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of the Fair Value of Hedging Instruments) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 |
In Thousands, unless otherwise specified | ||
Derivatives Fair Value Line Items | ' | ' |
Derivative fair value asset (liability) | ($701) | ($842) |
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] | Cash flow [Member] | ' | ' |
Derivatives Fair Value Line Items | ' | ' |
Derivative fair value asset (liability) | -123 | ' |
Derivatives designated as hedge instruments [Member] | Other current liabilities [Member] | Fair value [Member] | ' | ' |
Derivatives Fair Value Line Items | ' | ' |
Derivative fair value asset (liability) | -403 | -889 |
Derivatives not designated as hedge instruments [Member] | Other current assets [Member] | ' | ' |
Derivatives Fair Value Line Items | ' | ' |
Derivative fair value asset (liability) | ' | 23 |
Derivatives not designated as hedge instruments [Member] | Other current liabilities [Member] | ' | ' |
Derivatives Fair Value Line Items | ' | ' |
Derivative fair value asset (liability) | ($175) | ' |
COMMITMENTS_AND_CONTINGENCIES_
COMMITMENTS AND CONTINGENCIES (Details) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 |
Other Commitments [Line Items] | ' |
Increase in cash pledged | $155 |
Grants received | 17,406 |
Royalty payable based on grants received | 100.00% |
Accrued and paid royalties | 57 |
Contingent liability amount | $17,349 |
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) (Investor Warrants [Member], USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 |
Investor Warrants [Member] | ' |
Class of Stock [Line Items] | ' |
Warrants exercised via cashless exercise | 949,210 |
Warrants exercised via cashless exercise, shares issued | 461,570 |
Warrants exercised for cash | 72,667 |
Aggregate cash consideration received | $109 |
Number of warrants exercised | 72,667 |
STOCKHOLDERS_EQUITY_Summary_of
STOCKHOLDERS' EQUITY (Summary of Option Activity) (Details) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 |
Number | ' |
Options outstanding at beginning of period | 1,862,099 |
Options exercised | -3,000 |
Options forfeited | ' |
Options outstanding at end of the period | 1,859,099 |
Options exercisable at the end of the period | 1,859,099 |
Options vested | 1,859,099 |
Weighted average exercise price | ' |
Options outstanding at beginning of period | $3.73 |
Options exercised | $0.62 |
Options outstanding at end of the period | $3.73 |
Options exercisable at the end of the period | $3.73 |
Options vested | $3.73 |
Weighted average remaining contractual term | ' |
Options outstanding at end of the period | '2 years 10 months 13 days |
Options exercisable at the end of the period | '2 years 10 months 13 days |
Options vested | '2 years 10 months 13 days |
Aggregate intrinsic value price | ' |
Options outstanding at end of the period | $929 |
Options exercisable at the end of the period | 929 |
Options vested | $929 |
STOCKHOLDERS_EQUITY_Summary_of1
STOCKHOLDERS' EQUITY (Summary of Option and Warrant Activity to Non-employees) (Details) (USD $) | 3 Months Ended |
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 |
Number | ' |
Options and warrants outstanding at beginning of period | 252,000 |
Options and warrants outstanding at end of the period | 252,000 |
Options and warrants exercisable at the end of the period | 252,000 |
Options and warrants vested and expected to vest | 252,000 |
Weighted average exercise price | ' |
Options and warrants outstanding at beginning of period | $5.19 |
Options and warrants outstanding at end of the period | $5.19 |
Options and warrants exercisable at the end of the period | $5.19 |
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 8 months 16 days |
Options and warrants exercisable at the end of the period | '3 years 8 months 16 days |
Options and warrants vested and expected to vest | '3 years 8 months 16 days |
Aggregate intrinsic value price | ' |
Options and warrants outstanding at end of the period | $300 |
Options and warrants exercisable at the end of the period | 300 |
Options and warrants vested and expected to vest | $300 |
STOCKHOLDERS_EQUITY_Summary_of2
STOCKHOLDERS' EQUITY (Summary of RSU Activity to Employees and Directors) (Details) (Restricted stock units [Member]) | 3 Months Ended |
Sep. 30, 2014 | |
Restricted stock units [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Unvested at the beginning of period | 1,589,432 |
Granted | 24,499 |
Forfeited | -8,725 |
Vested | -439,078 |
Unvested at the end of the period | 1,166,128 |
Expected to vest | 1,141,828 |
STOCKHOLDERS_EQUITY_Summary_of3
STOCKHOLDERS' EQUITY (Summary of RSU Activity to Consultants) (Details) (Consultants [Member]) | 3 Months Ended |
Sep. 30, 2014 | |
Consultants [Member] | ' |
Share-based Goods and Nonemployee Services Transaction [Line Items] | ' |
Unvested at the beginning of period | 15,250 |
Granted | 5,000 |
Forfeited | ' |
Vested | -7,875 |
Unvested at the end of the period | 12,375 |
Expected to vest | 12,375 |
STOCKHOLDERS_EQUITY_Schedule_o
STOCKHOLDERS' EQUITY (Schedule of Compensation Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Options and warrants [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Compensation expenses | $1 | $2 |
Restricted stock units [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Compensation expenses | 1,035 | 1,174 |
Unrecognized compensation expense | 1,499 | ' |
Unrecognized compensation expense, recognition period | '2 years | ' |
Restricted stock units [Member] | Consultants [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Compensation expenses | 24 | ' |
Research and development expenses [Member] | Options and warrants [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Compensation expenses | 1 | ' |
Research and development expenses [Member] | Restricted stock units [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Compensation expenses | 333 | 126 |
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 | 20 | ' |
General and administrative expenses [Member] | Options and warrants [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Compensation expenses | ' | 2 |
General and administrative expenses [Member] | Restricted stock units [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Compensation expenses | 702 | 1,048 |
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 | $4 | ' |