Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2015 | Feb. 02, 2016 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2015 | |
Entity Registrant Name | PLURISTEM THERAPEUTICS INC | |
Entity Central Index Key | 1,158,780 | |
Current Fiscal Year End Date | --06-30 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q2 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 79,933,902 |
INTERIM CONDENSED CONSOLIDATED
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 4,948 | $ 22,626 |
Short-term bank deposits | 16,517 | 7,167 |
Restricted cash and short term bank deposits | 550 | 1,076 |
Marketable securities | 21,636 | 22,250 |
Account receivable from the Office of the Chief Scientist | 150 | 1,691 |
Other account receivable | 981 | 2,058 |
Total current assets | 44,782 | 56,868 |
LONG-TERM ASSETS: | ||
Long-term deposits and restricted deposits | 340 | 361 |
Severance pay fund | 749 | 753 |
Property and equipment, net | 10,170 | 10,173 |
Total long-term assets | 11,259 | 11,287 |
Total assets | 56,041 | 68,155 |
CURRENT LIABILITIES | ||
Trade payables | 1,835 | 3,268 |
Accrued expenses | $ 1,277 | 910 |
Deferred revenues | 379 | |
Advance payment from United Therapeutics | 93 | |
Other accounts payable | $ 1,500 | 1,533 |
Total current liabilities | $ 4,612 | 6,183 |
LONG-TERM LIABILITIES | ||
Deferred revenues | 2,468 | |
Accrued severance pay | $ 861 | 859 |
Other long-term liabilities | 1,219 | 502 |
Total long-term liabilities | $ 2,080 | $ 3,829 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Share capital: Common stock $0.00001 par value: Authorized: 200,000,000 shares Issued and outstanding: 79,736,404 shares as of December 31, 2015, 78,771,905 shares as of June 30, 2015 | $ 1 | $ 1 |
Additional paid-in capital | 196,929 | 195,303 |
Accumulated deficit | $ (148,349) | (138,511) |
Receivables on account of shares | (790) | |
Other comprehensive income | $ 768 | 2,140 |
Total stockholders' equity | 49,349 | 58,143 |
Total liabilities and stockholders' equity | $ 56,041 | $ 68,155 |
INTERIM CONDENSED CONSOLIDATED3
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Dec. 31, 2015 | Jun. 30, 2015 |
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS [Abstract] | ||
Common stock, par value per share | $ 0.00001 | $ 0.00001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 |
Common stock, shares issued | 79,736,404 | 78,771,905 |
Common stock, shares outstanding | 79,736,404 | 78,771,905 |
INTERIM CONDENSED CONSOLIDATED4
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS [Abstract] | ||||
Revenues | $ 2,752 | $ 95 | $ 2,847 | $ 190 |
Cost of revenues | (97) | (4) | (100) | (7) |
Gross profit | 2,655 | 91 | 2,747 | 183 |
Operating Expenses: | ||||
Research and development expenses | (5,571) | (5,385) | (10,630) | (11,121) |
Less participation by the Office of the Chief Scientist and other parties | 234 | 506 | 1,165 | 2,205 |
Research and development expenses, net | (5,337) | (4,879) | (9,465) | (8,916) |
General and administrative expenses | (1,546) | (1,513) | (3,033) | (3,191) |
Operating loss | (4,228) | (6,301) | (9,751) | (11,924) |
Financial income (expense), net | 266 | 56 | (87) | (232) |
Net loss for the period | $ (3,962) | $ (6,245) | $ (9,838) | $ (12,156) |
Loss per share: | ||||
Basic and diluted net loss per share | $ (0.05) | $ (0.09) | $ (0.12) | $ (0.17) |
Weighted average number of shares used in computing basic and diluted net loss per share | 79,370,673 | 70,070,509 | 79,066,675 | 69,610,528 |
INTERIM CONDENSED CONSOLIDATED5
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS [Abstract] | ||||
Net loss | $ (3,962) | $ (6,245) | $ (9,838) | $ (12,156) |
Other comprehensive loss, net: | ||||
Unrealized gains (losses) on derivative instruments | 268 | (222) | ||
Unrealized gains (losses) on available-for-sale marketable securities, net | 425 | 92 | (1,346) | (3,918) |
Reclassification adjustment of derivative instruments gains (losses) realized in net loss, net | (201) | (46) | 156 | |
Reclassification adjustment of available-for-sale marketable securities gains (losses) realized in net loss, net | (99) | 171 | 20 | 626 |
Other comprehensive income (loss) | 326 | 330 | (1,372) | (3,358) |
Total comprehensive loss | $ (3,636) | $ (5,915) | $ (11,210) | $ (15,514) |
INTERIM CONDENSED STATEMENTS OF
INTERIM CONDENSED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Receivables on account of shares [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] | |
Balance at Jun. 30, 2014 | $ 62,123 | [1] | $ 172,998 | $ 2,959 | $ (113,834) | ||
Balance, shares at Jun. 30, 2014 | 68,601,452 | ||||||
Exercise of options by employees and non-employee consultants | 2 | [1] | 2 | ||||
Exercise of options by employees and non-employee consultants, shares | 3,000 | ||||||
Exercise of warrants by investors and finders | 244 | [1] | 244 | ||||
Exercise of warrants by investors and finders, shares | 822,734 | ||||||
Stock based compensation to employees, directors and non-employee consultants | 1,754 | [1] | 1,754 | ||||
Stock based compensation to employees, directors and non-employee consultants, shares | 767,673 | ||||||
Issuance of common stock in a private placement (Note 6a) | $ 528 | [1] | 528 | ||||
Issuance of common stock in a private placement, shares (Note 6a) | 200,000 | ||||||
Stock-based compensation to contractor (Note 6b) | [1] | $ 250 | $ (250) | ||||
Stock-based compensation to contractor, shares (Note 6b) | 100,004 | ||||||
Other comprehensive loss, net | $ (3,358) | $ (3,358) | |||||
Net loss | (12,156) | $ (12,156) | |||||
Balance at Dec. 31, 2014 | 49,137 | [1] | $ 175,776 | $ (250) | $ (399) | (125,990) | |
Balance, shares at Dec. 31, 2014 | 70,494,863 | ||||||
Balance at Jun. 30, 2015 | $ 58,143 | $ 1 | 195,303 | $ (790) | $ 2,140 | $ (138,511) | |
Balance, shares at Jun. 30, 2015 | 78,771,905 | 78,771,905 | |||||
Exercise of options by employees and non-employee consultants | $ 16 | [1] | 16 | ||||
Exercise of options by employees and non-employee consultants, shares | 25,000 | 25,000 | |||||
Stock based compensation to employees, directors and non-employee consultants | $ 1,571 | [1] | $ 1,571 | ||||
Stock based compensation to employees, directors and non-employee consultants, shares | 939,499 | ||||||
Proceeds related to issuance of common stock in a private placement (Note 6a) | 790 | $ 790 | |||||
Stock-based compensation to contractor (Note 6b) | 39 | $ 39 | |||||
Other comprehensive loss, net | (1,372) | $ (1,372) | |||||
Net loss | (9,838) | $ (9,838) | |||||
Balance at Dec. 31, 2015 | $ 49,349 | $ 1 | $ 196,929 | $ 768 | $ (148,349) | ||
Balance, shares at Dec. 31, 2015 | 79,736,404 | 79,736,404 | |||||
[1] | Less than $1 |
INTERIM CONDENSED CONSOLIDATED7
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (9,838) | $ (12,156) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 1,031 | $ 1,002 |
Gain from sale of property and equipment, net | (1) | |
Accretion of discount, amortization of premium and changes in accrued interest of marketable securities | 146 | $ 145 |
Gain from sale of investments of available-for-sale marketable securities | (20) | (197) |
Stock-based compensation to employees, directors and non-employees consultants | 1,571 | 1,754 |
Decrease in Office of the Chief Scientist receivables | 1,541 | 2,105 |
Decrease (increase) in other accounts receivable | 1,032 | (184) |
Decrease in trade payables | (953) | (772) |
Increase (decrease) in other accounts payable, accrued expenses and other long-term liabilities | 1,051 | (417) |
Decrease in deferred revenues | (2,847) | (190) |
Decrease in advance payment from United Therapeutics | (93) | (104) |
Increase in interest receivable on short-term deposits | (39) | (14) |
Linkage differences and interest on short and long-term deposits | 24 | 65 |
Accrued severance pay, net | 6 | (63) |
Net cash used by operating activities | (7,389) | (9,026) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (1,471) | (552) |
Repayment of (investment in) short-term deposits | (8,794) | 11,072 |
Repayment of long-term deposits | 5 | 3 |
Proceeds from sale of property and equipment | 3 | |
Proceeds from sale of available-for-sale marketable securities | 1,054 | 2,409 |
Proceeds from redemption of available-for-sale marketable securities | 651 | 301 |
Investment in available-for-sale marketable securities | (2,543) | (2,513) |
Net cash provided (used) by investing activities | (11,095) | 10,720 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds related to issuance of common stock in a private placement | 790 | 528 |
Exercise of options and warrants | 16 | 246 |
Net cash provided by financing activities | 806 | 774 |
Increase (decrease) in cash and cash equivalents | (17,678) | 2,468 |
Cash and cash equivalents at the beginning of the period | 22,626 | 4,493 |
Cash and cash equivalents at the end of the period | 4,948 | 6,961 |
Supplemental disclosure of cash flow activities: | ||
Taxes paid due to non-deductible expenses | 43 | 17 |
Supplemental disclosure of non-cash activities: | ||
Purchase of property and equipment on credit | 132 | $ 72 |
Share consideration to contractor | $ 39 |
GENERAL
GENERAL | 6 Months Ended |
Dec. 31, 2015 | |
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 $148,349 through December 31, 2015 and the Company incurred a net loss of $9,838 for the six months ended December 31, 2015. The Company plans to continue to finance its operations with sales of equity securities, entering into licensing technology agreements (see Note 1c) 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. 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. c. License Agreements: United Therapeutics Corporation ("United") Agreement On June 19, 2011, the Company entered into an exclusive license agreement (the United Agreement) with United for the use of the Company's PLX cells to develop and commercialize a cell-based product for the treatment of Pulmonary Hypertension (PAH). The United Agreement provided that United would 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 provided for the following consideration payable to the Company: (i) an upfront payment of $7,000 paid in August 2011, which included 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. On December 8, 2015, the Company received a notice from United terminating the United Agreement, effective immediately. Pursuant to the United Agreement termination clause, Pluristem will regain full rights to PLX in the field of PAH, as well as all clinical data and regulatory submissions. As the Company has no further obligations towards United, the Company recognized the remaining upfront payment received in August 2011 as revenues during the three month period ended December 31, 2015. CHA Biotech ("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, and the Company will continue to retain rights to its proprietary manufacturing technology and cell-related intellectual property. The first clinical study as part of the CHA Agreement is a Phase II trial in Intermittent Claudication. South Korea's Ministry of Food and Drug Safety approved this study in November 2013. 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. 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. 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 parties also agreed to give an irrevocable proxy to the other party's management with respect to the voting power of the shares issued. During March 2015, the Company sold a portion of the CHA shares received in December 2013. The remaining 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 fair value of the remaining investment as of December 31, 2015, is $4,825. |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Dec. 31, 2015 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 2:- BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES a. Unaudited Interim Financial Information The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). For further information, reference is made to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2015. Operating results for the three and six month periods ended December 31, 2015, are not necessarily indicative of the results that may be expected for the year ending June 30, 2016. 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 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 - Level 2 - Level 3 - 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 Other Derivatives f. Accumulated other comprehensive income (loss) The components of accumulated other comprehensive income (loss) were as follows: Six months ended December 31, 2015 (Unaudited) Unrealized gains (losses) on marketable securities Unrealized gains (losses) on cash flow hedges Total Balance as of July 1, 2015 $ 2,094 $ 46 $ 2,140 Other comprehensive loss before reclassifications (1,346 ) - (1,346 ) Amounts reclassified from accumulated other comprehensive loss 20 (46 ) (26 ) Net current-period other comprehensive income (1,326 ) (46 ) (1,372 ) Balance as of December 31, 2015 $ 768 $ (- ) $ 768 |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 6 Months Ended |
Dec. 31, 2015 | |
MARKETABLE SECURITIES [Abstract] | |
MARKETABLE SECURITIES | NOTE 3:- MARKETABLE SECURITIES As of December 31, 2015, all of the Company's marketable securities were classified as available-for-sale. December 31, 2015 (Unaudited) June 30, 2015 Amortized cost Gross unrealized gain Gross unrealized loss Fair Value Amortized cost Gross unrealized gain Gross unrealized loss Fair value Available-for-sale - matures within one year: Stock and index linked notes $ 12,686 $ 1,305 $ (579 ) $ 13,412 $ 12,305 $ 2,083 $ (72 ) $ 14,316 Government debentures fixed interest rate 611 9 (1 ) 619 287 1 (10 ) 278 Corporate debentures fixed interest rate 1,024 20 (10 ) 1,034 939 26 (52 ) 913 $ 14,321 $ 1,334 $ (590 ) $ 15,065 $ 13,531 $ 2,110 $ (134 ) $ 15,507 Available-for-sale - matures after one year through five years: Government debentures fixed interest rate 1,495 5 (25 ) 1,475 2,033 40 (9 ) 2,064 Corporate debentures fixed interest rate 4,657 66 (27 ) 4,696 4,436 97 (17 ) 4,516 $ 6,152 $ 71 $ (52 ) $ 6,171 $ 6,469 $ 137 $ (26 ) $ 6,580 Available-for-sale - matures after five years through ten years: Corporate debentures fixed interest rate 395 8 (3 ) 400 156 8 (1 ) 163 $ 395 $ 8 $ (3 ) $ 400 $ 156 $ 8 $ (1 ) $ 163 $ 20,868 $ 1,413 $ (645 ) $ 21,636 $ 20,156 $ 2,255 $ (161 ) $ 22,250 The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of December 31, 2015 and June 30, 2015, 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 unrealized loss Fair Value Gross unrealized loss As of December 31, 2015 (Unaudited) $ 10,892 $ (508 ) $ 1,192 $ (137 ) As of June 30, 2015 $ 2,535 $ (107 ) $ 524 $ (54 ) 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 six and three month periods ended December 31, 2015. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 6 Months Ended |
Dec. 31, 2015 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 4:- FAIR VALUE OF FINANCIAL INSTRUMENTS December 31, 2015 (Unaudited) June 30, 2015 Level 1 Level 2 Level 1 Level 2 Marketable securities $ 11,503 $ 10,133 $ 12,650 $ 9,600 Foreign currency derivative instruments - 89 - 322 Total financial assets $ 11,503 $ 10,222 $ 12,650 $ 9,922 December 31, 2015 (Unaudited) June 30, 2015 Balance Sheet location Fair Value Balance Sheet location Fair Value Derivatives designated as a cash flow hedge instruments $ - Other account receivable $ 52 Derivatives not designated as hedge instruments Other account receivable $ 89 Other account receivable $ 270 Total $ 89 $ 322 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Dec. 31, 2015 | |
COMMITMENTS AND CONTINGENCIES [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 5: - COMMITMENTS AND CONTINGENCIES Commitments and contingencies that changed during the six month period ended December 31, 2015, include the following: a. Decrease of $543 of cash pledged by the Company to secure its hedging transactions, credit line and bank guarantees. b. 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 Office of the Chief Scientist of Israel (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. The 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 December 31, 2015, total grants obtained aggregated to approximately $21,183, and total royalties paid and accrued amounted to $166. As of December 31, 2015, the Company's contingent liability in respect to royalties to the OCS amounted $21,017, not including LIBOR interest as described above. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 6 Months Ended |
Dec. 31, 2015 | |
STOCKHOLDERS' EQUITY [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 6: - STOCKHOLDERS' EQUITY a. From October 2014 through May 2015, the Company issued shares of common stock in private placements to an investor. In October 2014, the Company issued 200,000 shares of common stock to an investor for aggregate cash consideration of $528. In February 2015, the Company issued an additional 200,000 shares of common stock to an investor for aggregate cash consideration of $586. In May 2015, the Company issued an additional 300,000 shares of common stock to an investor, for which the consideration in the amount of $790 was received from the investor in September 2015. b. In February 2015, the Company's subsidiary entered into an agreement with a contractor for the construction of its new laboratories facility for a consideration of approximately NIS 3.3 million (approximately $841). Under the terms of the agreement, the Company's subsidiary will pay part of the NIS 3.3 million consideration using 100,004 restricted shares of common stock of the Company, linked to performance milestones with respect to the new laboratories construction and which serve as a guarantee. These restricted shares shall be released to the contractor only upon the successful completion of the construction. The restricted shares were issued in December 2014. In May 2015, the Company's subsidiary entered into an addendum to the agreement with the contractor for the design and construction of additional office space renovations in the Company's subsidiary's leased facility for additional consideration of approximately NIS 4 million (approximately $1,032) which is comprised of NIS 3 million (approximately $774) in cash and 90,000 restricted shares which will be issued to the contractor only upon the successful completion of the construction by the contractor. The Company accounts for the abovementioned stock-based payment awards to the contractor in accordance with ASC 505-50, Equity based payments to non-employees. As performance by the contractor is not complete if the awards are forfeitable (or not issued) in the event performance not completed, the Company measures the fair value of the awards at each reporting period through the performance completion date (until completion of the construction work). The construction work was initiated in June 2015. On October 30, 2015, the contractor completed the agreed construction milestones. As a result, the Company recognized the fair value of the stock-based payments awards, using the fair value of the Company's shares on October 30, 2015, totaling approximately $302 as stock-based payment to the contractor in "additional paid-in capital" with a corresponding amount included in "property and equipment, net". c. Options, warrants and restricted stock units to employees, directors and consultants: 1. Options to employees and directors: The Company accounts for its options to employees and directors under the fair value method in accordance with ASC 718, CompensationStock Compensation. A summary of the Company's activity for options granted to employees and directors under its 2005 incentive option plan is as follows: Six months ended December 31, 2015 (Unaudited) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value Price Options outstanding at beginning of period 1,836,900 $ 3.72 Options exercised (25,000 ) $ 0.62 Options outstanding at end of the period 1,811,900 $ 3.77 1.62 $ 451 Options exercisable at the end of the period 1,811,900 $ 3.77 1.62 $ 451 Options vested 1,811,900 $ 3.77 1.62 $ 451 Intrinsic value of exercisable options (the difference between the Company's closing stock price on the last trading day in the period and the exercise price, multiplied by the number of in-the-money options) represents the amount that would have been received by the employees and directors option holders had all option holders exercised their options on December 31, 2015. This amount changes based on the fair market value of the Company's common stock. c. Options, warrants and restricted stock units to employees, directors and consultants (cont.): 2. Options and warrants to non-employees: A summary of the activity for options and warrants to non-employees consultants is as follows: Six months ended December 31, 2015 (Unaudited) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value Price Options and warrants outstanding at end of the period 228,000 $ 5.73 2.36 $ 147 Options and warrants exercisable at the end of the period 227,250 $ 5.75 2.34 $ 145 Options and warrants vested and expected to vest 228,000 $ 5.73 2.36 $ 147 Compensation expenses related to options and warrants granted to consultants were recorded as follows: Six months ended December 31, Three months ended December 31, 2015 2014 2015 2014 (Unaudited) (Unaudited) Research and development expenses $ 1 $ 1 $ - $ - c. Options, warrants and restricted stock units to employees, directors and consultants (cont.): 3. Restricted stock units to employees and directors: The following table summarizes the activity related to unvested restricted stock units granted to employees and directors for the six month period ended December 31, 2015 (Unaudited): Number Unvested at the beginning of period 1,732,383 Granted 14,270 Forfeited (45,477 ) Vested (776,727 ) Unvested at the end of the period 924,449 Expected to vest after December 31, 2015 893,867 Compensation expenses related to restricted stock units granted to employees and directors were recorded as follows: Six months ended December 31, Three months ended December 31, 2015 2014 2015 2014 (Unaudited) (Unaudited) Research and development expenses $ 483 $ 495 $ 163 $ 162 General and administrative expenses 1,020 1,143 446 441 $ 1,503 $ 1,638 $ 609 $ 603 Unamortized compensation expenses related to restricted stock units granted to employees and directors to be recognized over an average time of approximately 1.75 years is $916. c. Options, warrants, restricted stock and restricted stock units to employees, directors and consultants (cont.): 4. Restricted stock and restricted stock units to consultants: The following table summarizes the activity related to unvested restricted stock and restricted stock units granted to consultants for the six months ended December 31, 2015 (Unaudited): Number Unvested at the beginning of period 28,385 Granted 135,387 Vested (162,772 ) Unvested at the end of the period 1,000 Compensation expenses related to restricted stock and restricted stock units granted to consultants were recorded as follows: Six months ended December 31, Three months ended December 31, 2015 2014 2015 2014 (Unaudited) (Unaudited) Research and development expenses $ 20 $ 77 $ 10 $ 57 General and administrative expenses 48 38 45 34 $ 68 $ 115 $ 55 $ 91 |
BASIS OF PRESENTATION AND SIG14
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Dec. 31, 2015 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Unaudited Interim Financial Information | a. Unaudited Interim Financial Information The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). For further information, reference is made to the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended June 30, 2015. Operating results for the three and six month periods ended December 31, 2015, are not necessarily indicative of the results that may be expected for the year ending June 30, 2016. |
Significant Accounting Policies | b. Significant Accounting Policies The significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are identical to those applied in the preparation of the latest annual financial statements. |
Use of estimates | c. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management |
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 - Level 2 - Level 3 - 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 Other Derivatives |
Acumulated other comprehensive income (loss) | f. Accumulated other comprehensive income (loss) The components of accumulated other comprehensive income (loss) were as follows: Six months ended December 31, 2015 (Unaudited) Unrealized gains (losses) on marketable securities Unrealized gains (losses) on cash flow hedges Total Balance as of July 1, 2015 $ 2,094 $ 46 $ 2,140 Other comprehensive loss before reclassifications (1,346 ) - (1,346 ) Amounts reclassified from accumulated other comprehensive loss 20 (46 ) (26 ) Net current-period other comprehensive income (1,326 ) (46 ) (1,372 ) Balance as of December 31, 2015 $ 768 $ (- ) $ 768 |
BASIS OF PRESENTATION AND SIG15
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | Six months ended December 31, 2015 (Unaudited) Unrealized gains (losses) on marketable securities Unrealized gains (losses) on cash flow hedges Total Balance as of July 1, 2015 $ 2,094 $ 46 $ 2,140 Other comprehensive loss before reclassifications (1,346 ) - (1,346 ) Amounts reclassified from accumulated other comprehensive loss 20 (46 ) (26 ) Net current-period other comprehensive income (1,326 ) (46 ) (1,372 ) Balance as of December 31, 2015 $ 768 $ (- ) $ 768 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
MARKETABLE SECURITIES [Abstract] | |
Schedule of Available-for-sale Marketable Securities | December 31, 2015 (Unaudited) June 30, 2015 Amortized cost Gross unrealized gain Gross unrealized loss Fair Value Amortized cost Gross unrealized gain Gross unrealized loss Fair value Available-for-sale - matures within one year: Stock and index linked notes $ 12,686 $ 1,305 $ (579 ) $ 13,412 $ 12,305 $ 2,083 $ (72 ) $ 14,316 Government debentures fixed interest rate 611 9 (1 ) 619 287 1 (10 ) 278 Corporate debentures fixed interest rate 1,024 20 (10 ) 1,034 939 26 (52 ) 913 $ 14,321 $ 1,334 $ (590 ) $ 15,065 $ 13,531 $ 2,110 $ (134 ) $ 15,507 Available-for-sale - matures after one year through five years: Government debentures fixed interest rate 1,495 5 (25 ) 1,475 2,033 40 (9 ) 2,064 Corporate debentures fixed interest rate 4,657 66 (27 ) 4,696 4,436 97 (17 ) 4,516 $ 6,152 $ 71 $ (52 ) $ 6,171 $ 6,469 $ 137 $ (26 ) $ 6,580 Available-for-sale - matures after five years through ten years: Corporate debentures fixed interest rate 395 8 (3 ) 400 156 8 (1 ) 163 $ 395 $ 8 $ (3 ) $ 400 $ 156 $ 8 $ (1 ) $ 163 $ 20,868 $ 1,413 $ (645 ) $ 21,636 $ 20,156 $ 2,255 $ (161 ) $ 22,250 |
Schedule of Investments in Continuous Unrealized Loss Position | Less than 12 months 12 months or greater Fair Value Gross unrealized loss Fair Value Gross unrealized loss As of December 31, 2015 (Unaudited) $ 10,892 $ (508 ) $ 1,192 $ (137 ) As of June 30, 2015 $ 2,535 $ (107 ) $ 524 $ (54 ) |
FAIR VALUE OF FINANCIAL INSTR17
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
FAIR VALUE OF FINANCIAL INSTRUMENTS [Abstract] | |
Schedule of Fair Value of Financial Instruments | December 31, 2015 (Unaudited) June 30, 2015 Level 1 Level 2 Level 1 Level 2 Marketable securities $ 11,503 $ 10,133 $ 12,650 $ 9,600 Foreign currency derivative instruments - 89 - 322 Total financial assets $ 11,503 $ 10,222 $ 12,650 $ 9,922 |
Schedule of Derivative Hedging Activity and Balance Sheet Location | December 31, 2015 (Unaudited) June 30, 2015 Balance Sheet location Fair Value Balance Sheet location Fair Value Derivatives designated as a cash flow hedge instruments $ - Other account receivable $ 52 Derivatives not designated as hedge instruments Other account receivable $ 89 Other account receivable $ 270 Total $ 89 $ 322 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 6 Months Ended |
Dec. 31, 2015 | |
STOCKHOLDERS' EQUITY [Abstract] | |
Schedule of Stock Option Activity | Six months ended December 31, 2015 (Unaudited) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value Price Options outstanding at beginning of period 1,836,900 $ 3.72 Options exercised (25,000 ) $ 0.62 Options outstanding at end of the period 1,811,900 $ 3.77 1.62 $ 451 Options exercisable at the end of the period 1,811,900 $ 3.77 1.62 $ 451 Options vested 1,811,900 $ 3.77 1.62 $ 451 |
Schedule of Stock Option and Warrant Activity | Six months ended December 31, 2015 (Unaudited) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value Price Options and warrants outstanding at end of the period 228,000 $ 5.73 2.36 $ 147 Options and warrants exercisable at the end of the period 227,250 $ 5.75 2.34 $ 145 Options and warrants vested and expected to vest 228,000 $ 5.73 2.36 $ 147 |
Options and warrants [Member] | |
Stockholders Equity Note [Line Items] | |
Schedule of Stock-based Compensation Expenses | Six months ended December 31, Three months ended December 31, 2015 2014 2015 2014 (Unaudited) (Unaudited) Research and development expenses $ 1 $ 1 $ - $ - |
Restricted stock units [Member] | |
Stockholders Equity Note [Line Items] | |
Schedule of Unvested Restricted Stock Units | Number Unvested at the beginning of period 1,732,383 Granted 14,270 Forfeited (45,477 ) Vested (776,727 ) Unvested at the end of the period 924,449 Expected to vest after December 31, 2015 893,867 |
Schedule of Stock-based Compensation Expenses | Six months ended December 31, Three months ended December 31, 2015 2014 2015 2014 (Unaudited) (Unaudited) Research and development expenses $ 483 $ 495 $ 163 $ 162 General and administrative expenses 1,020 1,143 446 441 $ 1,503 $ 1,638 $ 609 $ 603 |
Consultant restricted stock units [Member] | |
Stockholders Equity Note [Line Items] | |
Schedule of Unvested Restricted Stock Units | Number Unvested at the beginning of period 28,385 Granted 135,387 Vested (162,772 ) Unvested at the end of the period 1,000 |
Schedule of Stock-based Compensation Expenses | Six months ended December 31, Three months ended December 31, 2015 2014 2015 2014 (Unaudited) (Unaudited) Research and development expenses $ 20 $ 77 $ 10 $ 57 General and administrative expenses 48 38 45 34 $ 68 $ 115 $ 55 $ 91 |
GENERAL (Details)
GENERAL (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||
Dec. 31, 2013 | Aug. 31, 2011 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Jun. 30, 2015 | |
GENERAL [Abstract] | |||||||
Accumulated deficit | $ 148,349 | $ 148,349 | $ 138,511 | ||||
Net loss | 3,962 | $ 6,245 | 9,838 | $ 12,156 | |||
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 | ||||||
Fair value of the remaining investment in CHA shares | $ 4,825 | $ 4,825 |
BASIS OF PRESENTATION AND SIG20
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Gain (loss) on other derivatives | $ 103 | $ 59 | $ (181) | $ (139) |
Forward contracts [Member] | Designated as Hedging Instrument [Member] | Israel, New Shekels [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Net loss realized on derivatives | $ 0 | $ 156 | $ 7 | $ 201 |
BASIS OF PRESENTATION AND SIG21
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Comprehensive Income) (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 2,140 | |
Other comprehensive income before reclassifications | (1,346) | |
Amounts reclassified from accumulated other comprehensive loss | (26) | |
Net current-period other comprehensive income (loss) | (1,372) | $ (3,358) |
Ending balance | 768 | |
Unrealized gains (losses) on marketable securities [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | 2,094 | |
Other comprehensive income before reclassifications | (1,346) | |
Amounts reclassified from accumulated other comprehensive loss | 20 | |
Net current-period other comprehensive income (loss) | (1,326) | |
Ending balance | 768 | |
Unrealized gains (losses) on cash flow hedges [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Beginning balance | $ 46 | |
Other comprehensive income before reclassifications | ||
Amounts reclassified from accumulated other comprehensive loss | $ (46) | |
Net current-period other comprehensive income (loss) | $ (46) | |
Ending balance |
MARKETABLE SECURITIES (Schedule
MARKETABLE SECURITIES (Schedule of Available-for-sale Marketable Securities) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 20,868 | $ 20,156 |
Gross unrealized gain | 1,413 | 2,255 |
Gross unrealized loss | (645) | (161) |
Fair value | 21,636 | 22,250 |
Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 14,321 | 13,531 |
Gross unrealized gain | 1,334 | 2,110 |
Gross unrealized loss | (590) | (134) |
Fair value | 15,065 | 15,507 |
One to Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 6,152 | 6,469 |
Gross unrealized gain | 71 | 137 |
Gross unrealized loss | (52) | (26) |
Fair value | 6,171 | 6,580 |
After Five Years through Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 395 | 156 |
Gross unrealized gain | 8 | 8 |
Gross unrealized loss | (3) | (1) |
Fair value | 400 | 163 |
Stock and Index Linked Notes [Member] | Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 12,686 | 12,305 |
Gross unrealized gain | 1,305 | 2,083 |
Gross unrealized loss | (579) | (72) |
Fair value | 13,412 | 14,316 |
Government Debentures [Member] | Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 611 | 287 |
Gross unrealized gain | 9 | 1 |
Gross unrealized loss | (1) | (10) |
Fair value | 619 | 278 |
Government Debentures [Member] | One to Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 1,495 | 2,033 |
Gross unrealized gain | 5 | 40 |
Gross unrealized loss | (25) | (9) |
Fair value | 1,475 | 2,064 |
Corporate Debentures [Member] | Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 1,024 | 939 |
Gross unrealized gain | 20 | 26 |
Gross unrealized loss | (10) | (52) |
Fair value | 1,034 | 913 |
Corporate Debentures [Member] | One to Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 4,657 | 4,436 |
Gross unrealized gain | 66 | 97 |
Gross unrealized loss | (27) | (17) |
Fair value | 4,696 | 4,516 |
Corporate Debentures [Member] | After Five Years through Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 395 | 156 |
Gross unrealized gain | 8 | 8 |
Gross unrealized loss | (3) | (1) |
Fair value | $ 400 | $ 163 |
MARKETABLE SECURITIES (Schedu23
MARKETABLE SECURITIES (Schedule of Investments in Unrealized Loss) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
MARKETABLE SECURITIES [Abstract] | ||
Less than 12 months, fair value | $ 10,892 | $ 2,535 |
Less than 12 months, gross unrealized loss | (508) | (107) |
12 months or greater, fair value | 1,192 | 524 |
12 months or greater, gross unrealized loss | $ (137) | $ (54) |
FAIR VALUE OF FINANCIAL INSTR24
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 21,636 | $ 22,250 |
Foreign currency derivative instruments | 89 | 322 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 11,503 | $ 12,650 |
Foreign currency derivative instruments | ||
Total financial assets | $ 11,503 | $ 12,650 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 10,133 | 9,600 |
Foreign currency derivative instruments | 89 | 322 |
Total financial assets | $ 10,222 | $ 9,922 |
FAIR VALUE OF FINANCIAL INSTR25
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of the Fair Value of Hedging Instruments) (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Jun. 30, 2015 |
Derivatives Fair Value Line Items | ||
Derivative fair value asset (liability) | $ 89 | $ 322 |
Derivatives designated as hedge instruments [Member] | Other account receivable [Member] | Cash flow [Member] | ||
Derivatives Fair Value Line Items | ||
Derivative fair value asset (liability) | 52 | |
Derivatives not designated as hedge instruments [Member] | Other account receivable [Member] | ||
Derivatives Fair Value Line Items | ||
Derivative fair value asset (liability) | $ 89 | $ 270 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | 6 Months Ended |
Dec. 31, 2015USD ($) | |
Other Commitments [Line Items] | |
Decrease in cash pledged | $ (543) |
Grants received | $ 21,183 |
Percentage of qualified expenditures eligible for grant | 50.00% |
Royalty payable based on grants received | 100.00% |
Accrued and paid royalties | $ 166 |
Contingent liability amount | $ 21,017 |
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) $ in Thousands, ₪ in Millions | 1 Months Ended | 6 Months Ended | |||||||
May. 31, 2015USD ($)shares | Feb. 28, 2015USD ($)shares | Feb. 28, 2015ILS (₪)shares | Oct. 31, 2014USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2015ILS (₪)shares | Dec. 31, 2014USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2015ILS (₪) | |
Class of Stock [Line Items] | |||||||||
Stock-based compensation to contractor, shares to be issued | shares | 90,000 | 90,000 | |||||||
Proceeds from issuance of stock | $ 790 | $ 528 | |||||||
Issuance of common stock in a private placement | $ 790 | $ 586 | $ 528 | $ 528 | |||||
Issuance of common stock in a private placement, shares | shares | 300,000 | 200,000 | 200,000 | 200,000 | |||||
Stock based compensation to contractor | 39 | ||||||||
Cash paid to construction contractor | 774 | ₪ 3 | |||||||
Unrecorded Unconditional Purchase Obligation | $ 1,032 | ₪ 4 | |||||||
Amount of share-based compensation included in additional paid-in capital and property and equipment | $ 302 | ||||||||
Contractor [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock-based compensation to contractor, shares | shares | 100,004 | 100,004 | |||||||
Stock based compensation to contractor | $ 841 | ₪ 3.3 |
STOCKHOLDERS' EQUITY (Summary o
STOCKHOLDERS' EQUITY (Summary of Option Activity) (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Number | |
Options outstanding at beginning of period | shares | 1,836,900 |
Options exercised | shares | (25,000) |
Options outstanding at end of the period | shares | 1,811,900 |
Options exercisable at the end of the period | shares | 1,811,900 |
Options vested | shares | 1,811,900 |
Weighted average exercise price | |
Options outstanding at beginning of period | $ / shares | $ 3.72 |
Options exercised | $ / shares | 0.62 |
Options outstanding at end of the period | $ / shares | 3.77 |
Options exercisable at the end of the period | $ / shares | 3.77 |
Options vested | $ / shares | $ 3.77 |
Weighted average remaining contractual term | |
Weighted Average Remaining Contractual Terms (in years) | 1 year 7 months 13 days |
Options exercisable at the end of the period | 1 year 7 months 13 days |
Options vested | 1 year 7 months 13 days |
Aggregate intrinsic value price | |
Options outstanding at end of the period | $ | $ 451 |
Options exercisable at the end of the period | $ | 451 |
Options vested | $ | $ 451 |
STOCKHOLDERS' EQUITY (Summary29
STOCKHOLDERS' EQUITY (Summary of Option and Warrant Activity to Non-employees) (Details) $ / shares in Units, $ in Thousands | 6 Months Ended |
Dec. 31, 2015USD ($)$ / sharesshares | |
Number | |
Options and warrants outstanding at beginning of period | shares | 228,000 |
Options and warrants exercisable at the end of the period | shares | 227,250 |
Options and warrants vested and expected to vest | shares | 228,000 |
Weighted average exercise price | |
Options and warrants outstanding at beginning of period | $ / shares | $ 5.73 |
Options and warrants exercisable at the end of the period | $ / shares | 5.75 |
Options and warrants vested and expected to vest | $ / shares | $ 5.73 |
Weighted average remaining contractual term (in years) | |
Options and warrants outstanding at end of the period | 2 years 4 months 10 days |
Options and warrants exercisable at the end of the period | 2 years 4 months 2 days |
Options and warrants vested and expected to vest | 2 years 4 months 10 days |
Aggregate intrinsic value price | |
Options and warrants outstanding at end of the period | $ | $ 147 |
Options and warrants exercisable at the end of the period | $ | 145 |
Options and warrants vested and expected to vest | $ | $ 147 |
STOCKHOLDERS' EQUITY (Summary30
STOCKHOLDERS' EQUITY (Summary of RSU Activity to Employees and Directors) (Details) - Restricted stock units [Member] | 6 Months Ended |
Dec. 31, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at the beginning of period | 1,732,383 |
Granted | 14,270 |
Forfeited | (45,477) |
Vested | (776,727) |
Unvested at the end of the period | 924,449 |
Expected to vest | 893,867 |
STOCKHOLDERS' EQUITY (Summary31
STOCKHOLDERS' EQUITY (Summary of RSU Activity to Consultants) (Details) - Consultants [Member] | 6 Months Ended |
Dec. 31, 2015shares | |
Share-based Goods and Nonemployee Services Transaction [Line Items] | |
Unvested at the beginning of period | 28,385 |
Granted | 135,387 |
Vested | (162,772) |
Unvested at the end of the period | 1,000 |
STOCKHOLDERS' EQUITY (Schedule
STOCKHOLDERS' EQUITY (Schedule of Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted stock units [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Compensation expenses | $ 609 | $ 603 | $ 1,503 | $ 1,638 |
Unrecognized compensation expense | 916 | $ 916 | ||
Unrecognized compensation expense, recognition period | 1 year 9 months | |||
Restricted stock units [Member] | Consultants [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Compensation expenses | $ 55 | $ 91 | $ 68 | 115 |
Research and development expenses [Member] | Options and warrants [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Compensation expenses | 1 | 1 | ||
Research and development expenses [Member] | Restricted stock units [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Compensation expenses | $ 163 | $ 162 | 483 | 495 |
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 | 10 | 57 | 20 | 77 |
General and administrative expenses [Member] | Restricted stock units [Member] | ||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Compensation expenses | 446 | 441 | 1,020 | 1,143 |
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 | $ 45 | $ 34 | $ 48 | $ 38 |