Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2016 | Aug. 31, 2016 | Dec. 31, 2015 | |
Document and Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Jun. 30, 2016 | ||
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 | FY | ||
Entity Filer Category | Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 80,723,647 | ||
Entity Public Float | $ 84,296,685 | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 6,223 | $ 22,626 |
Short-term bank deposits | 8,570 | 7,167 |
Restricted cash and short term-bank deposits | 542 | 1,076 |
Marketable securities | 17,415 | 22,250 |
Accounts receivable from the Israel Innovation Authority | 2,228 | 1,691 |
Other current assets | 618 | 2,058 |
Total current assets | 35,596 | 56,868 |
LONG-TERM ASSETS: | ||
Long-term deposits and restricted bank deposits | 363 | 360 |
Severance pay fund | 766 | 753 |
Property and equipment, net | 9,216 | 10,173 |
Other long-term assets | 1 | |
Total long-term assets | 10,345 | 11,287 |
Total assets | 45,941 | 68,155 |
CURRENT LIABILITIES | ||
Trade payables | 2,705 | 3,268 |
Accrued expenses | 1,369 | 910 |
Deferred revenues | 379 | |
Advance payment from United | 93 | |
Other accounts payable | 1,701 | 1,533 |
Total current liabilities | 5,775 | 6,183 |
LONG-TERM LIABILITIES | ||
Deferred revenues | 2,468 | |
Accrued severance pay | 910 | 859 |
Other long-term liabilities | 1,100 | 502 |
Total long-term liabilities | 2,010 | 3,829 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Common stock $0.00001 par value per share: Authorized: 200,000,000 shares Issued and outstanding: 80,268,999 shares as of June 30, 2016: 78,771,905 shares as of June 30, 2015; | 1 | 1 |
Additional paid-in capital | 198,432 | 195,303 |
Accumulated deficit | (161,757) | (138,511) |
Receivables on account of shares | (790) | |
Other comprehensive income | 1,480 | 2,140 |
Total stockholders' equity | 38,156 | 58,143 |
Total liabilities and stockholders' equity | $ 45,941 | $ 68,155 |
CONSOLIDATED BALANCE SHEETS (PA
CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Jun. 30, 2016 | Jun. 30, 2015 |
Statement of Financial Position [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 | 80,268,999 | 78,771,905 |
Common stock, shares outstanding | 80,268,999 | 78,771,905 |
CONSOLIDATED STATEMENTS OF OPE
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | |||
Revenues | $ 2,847 | $ 379 | $ 379 |
Cost of revenues | (100) | (13) | (11) |
Gross profit | 2,747 | 366 | 368 |
Research and development expenses | (22,856) | (23,416) | (24,938) |
Less participation by the Israel Innovation Authority and other parties | 3,276 | 4,243 | 5,396 |
Research and development expenses, net | (19,580) | (19,173) | (19,542) |
General and administrative expenses | (6,486) | (6,460) | (8,676) |
Operating loss | (23,319) | (25,267) | (27,850) |
Financial income, net | 73 | 590 | 918 |
Net loss | $ (23,246) | $ (24,677) | $ (26,932) |
Loss per share: | |||
Basic and diluted net loss per share | $ (0.29) | $ (0.35) | $ (0.42) |
Weighted average number of shares used in computing basic and diluted net loss per share | 79,547,989 | 70,284,337 | 63,514,405 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (23,246) | $ (24,677) | $ (26,932) |
Other comprehensive income (loss), net: | |||
Unrealized gain (loss) on derivative instruments | 285 | (25) | |
Unrealized gain (loss) on available-for-sale marketable securities, net | (1,071) | (1,132) | 3,404 |
Reclassification adjustment of derivative instruments gains (losses) realized in net loss, net | (46) | (262) | 48 |
Reclassification adjustment of available-for-sale marketable securities gains (losses) realized in net loss, net | 457 | 290 | (727) |
Other comprehensive income (loss) | (660) | (819) | 2,700 |
Total comprehensive loss | $ (23,906) | $ (25,496) | $ (24,232) |
STATEMENTS OF CHANGES IN SHAREH
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Receivables on account of shares [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] | Total | |
Balance at Jun. 30, 2013 | [1] | $ 144,109 | $ 259 | $ (86,902) | $ 57,466 | ||
Balance, shares at Jun. 30, 2013 | 59,196,617 | ||||||
Issuance of common stock under ATM Agreement, net of issuance costs of $195 (Note 9d) | 10,644 | $ 10,644 | |||||
Issuance of common stock under ATM Agreement, net of issuance costs of $195 (Note 9d), shares | 2,596,032 | 2,596,032 | |||||
Exercise of options by employees and non-employee consultants | [1] | 12 | $ 12 | ||||
Exercise of options by employees and non-employee consultants, shares | 53,470 | ||||||
Exercise of warrants by investors and finders | [1] | 1,968 | 1,968 | ||||
Exercise of warrants by investors and finders, shares | 2,902,168 | ||||||
Stock based compensation to employees, directors and non-employee consultants | [1] | 5,851 | 5,851 | ||||
Stock based compensation to employees, directors and non-employee consultants, shares | 1,353,165 | ||||||
Issuance of common stock under CHA Agreement (Note 1c) | [1] | 10,414 | 10,414 | ||||
Issuance of common stock under CHA Agreement (Note 1c), shares | 2,500,000 | ||||||
Other comprehensive income (loss), net | 2,700 | 2,700 | |||||
Net loss | (26,932) | (26,932) | |||||
Balance at Jun. 30, 2014 | [1] | 172,998 | 2,959 | (113,834) | 62,123 | ||
Balance, shares at Jun. 30, 2014 | 68,601,452 | ||||||
Issuance of common stock and warrants related to June 2015 offering, net of issuance costs of $1,200 (Note 9f) | $ 1 | 15,799 | $ 15,800 | ||||
Issuance of common stock and warrants related to June 2015 offering, net of issuance costs of $1,200 (Note 9f), shares | 6,800,000 | 6,800,000 | |||||
Exercise of options by employees and non-employee consultants | [1] | 11 | $ 11 | ||||
Exercise of options by employees and non-employee consultants, shares | 39,000 | ||||||
Exercise of warrants by investors and finders | [1] | 276 | 276 | ||||
Exercise of warrants by investors and finders, shares | 1,134,043 | ||||||
Stock based compensation to employees, directors and non-employee consultants | [1] | 4,052 | 4,052 | ||||
Stock based compensation to employees, directors and non-employee consultants, shares | 1,397,406 | ||||||
Issuance of common stock in a private placement (Note 9e) | [1] | 1,904 | (790) | 1,114 | |||
Issuance of common stock in a private placement (Note 9e), shares | 700,000 | ||||||
Stock-based compensation to contractor (Note 9g) | [1] | 263 | 263 | ||||
Stock-based compensation to contractor, shares (Note 9g) | 100,004 | ||||||
Other comprehensive income (loss), net | (819) | (819) | |||||
Net loss | (24,677) | (24,677) | |||||
Balance at Jun. 30, 2015 | $ 1 | 195,303 | (790) | 2,140 | (138,511) | $ 58,143 | |
Balance, shares at Jun. 30, 2015 | 78,771,905 | 78,771,905 | |||||
Exercise of options by employees and non-employee consultants | [1] | 17 | $ 17 | ||||
Exercise of options by employees and non-employee consultants, shares | 28,000 | 28,000 | |||||
Stock based compensation to employees, directors and non-employee consultants | [1] | 3,073 | $ 3,073 | ||||
Stock based compensation to employees, directors and non-employee consultants, shares | 1,379,094 | ||||||
Issuance of common stock in a private placement (Note 9e) | 790 | 790 | |||||
Stock-based compensation to contractor (Note 9g) | [1] | 39 | 39 | ||||
Stock-based compensation to contractor, shares (Note 9g) | 90,000 | ||||||
Other comprehensive income (loss), net | (660) | (660) | |||||
Net loss | (23,246) | (23,246) | |||||
Balance at Jun. 30, 2016 | $ 1 | $ 198,432 | $ 1,480 | $ (161,757) | $ 38,156 | ||
Balance, shares at Jun. 30, 2016 | 80,268,999 | 80,268,999 | |||||
[1] | Less than $1 |
STATEMENTS OF CHANGES IN SHARE7
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Stockholders' Equity [Abstract] | |||
Issuance of common stock and warrants, issuance costs | $ 1,200 | $ 195 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (23,246) | $ (24,677) | $ (26,932) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation | 2,150 | 2,074 | 1,902 |
Loss on property and equipment | 82 | 20 | 85 |
Accretion of discount, amortization of premium and changes in accrued interest of marketable securities | (114) | 213 | 1,282 |
Loss (gain) from sale of investments of available-for-sale marketable securities | 419 | 290 | (727) |
Other-than-temporary loss of available-for-sale marketable securities | 38 | ||
Stock-based compensation to employees, directors and non-employees consultants | 3,073 | 4,052 | 5,851 |
Decrease (increase) in Accounts receivable from the Israel Innovation Authority | (537) | 572 | (1,990) |
Decrease (increase) in other current assets and other long-term assets | 1,395 | (1,129) | (251) |
Increase (decrease) in trade payables | (77) | (566) | 1,257 |
Increase (decrease) in other accounts payable, accrued expenses and other long-term liabilities | 1,225 | (949) | 902 |
Decrease in deferred revenues | (2,847) | (379) | (379) |
Decrease in advance payment from United | (93) | (154) | (146) |
Decrease (increase) in interest receivable on short-term deposits | (25) | 35 | (36) |
Linkage differences and interest on short and long-term deposits and restricted bank deposits | (3) | 54 | 12 |
Accrued severance pay, net | 38 | (61) | 49 |
Net cash used in operating activities | (18,522) | (20,605) | (19,121) |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Purchase of property and equipment | (1,750) | (831) | (1,573) |
Proceeds from sale of property and equipment | 28 | 19 | |
Repayment of (investment in) short-term deposits | (849) | 16,061 | 7,421 |
Repayment of (investment in) long-term deposits and restricted bank deposits | 5 | (78) | 119 |
Proceeds from sale of available-for-sale marketable securities | 6,999 | 10,635 | 6,113 |
Proceeds from redemption of available-for-sale marketable securities | 1,094 | 634 | 754 |
Investment in available-for-sale marketable securities | (4,215) | (4,903) | (10,851) |
Net cash provided by (used in) investing activities | 1,312 | 21,537 | 1,983 |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Proceeds related to issuance of common stock and warrants, net of issuance costs | 790 | 16,914 | 10,644 |
Exercise of warrants and options | 17 | 287 | 1,980 |
Net cash provided by financing activities | 807 | 17,201 | 12,624 |
Increase (decrease) in cash and cash equivalents | (16,403) | 18,133 | (4,514) |
Cash and cash equivalents at the beginning of the period | 22,626 | 4,493 | 9,007 |
Cash and cash equivalents at the end of the period | 6,223 | 22,626 | 4,493 |
(a) Supplemental disclosure of cash flow activities: | |||
Cash paid during the period for: Taxes paid due to non-deductible expenses | 66 | 54 | 48 |
(b) Supplemental disclosure of non-cash activities: | |||
Purchase of property and equipment in credit | 126 | 612 | 243 |
Share consideration to constructor | 39 | 263 | |
Issuance of common stock under CHA Agreement (Note 1c) | 10,414 | ||
Receivables on account of shares | $ 790 |
GENERAL
GENERAL | 12 Months Ended |
Jun. 30, 2016 | |
GENERAL [Abstract] | |
GENERAL | NOTE 1:-GENERAL a. Pluristem Therapeutics Inc., a Nevada corporation, was incorporated on May 11, 2001. Pluristem Therapeutics Inc. has a wholly owned subsidiary, Pluristem Ltd. (the “Subsidiary”), which is incorporated under the laws of the State of Israel. Pluristem Therapeutics Inc. and the Subsidiary are referred to as the “Company” or “Pluristem”. 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”. b. The Company is a bio-therapeutics company developing placenta-based cell therapy product candidates 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 $161,757 through June 30, 2016 and incurred a net loss of $23,246 for the year ended June 30, 2016. As of June 30, 2016, the Company's cash position (cash and cash equivalents, short-term bank deposits and marketable securities) totaled approximately $32,208.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. Management believes that these funds, together with its existing operating plan, are sufficient for the Company to meet its obligation as they come due at least for a period of twelve months from the date of the consolidated financial statement. In the longer term, the Company plans to finance its operations from revenues from sales of products. 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. Under the United Agreement the Company received 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 development. 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 regained 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 year ended June 30, 2016. CHA Biotech Co. Ltd. (“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 Accounting Standards Codification (the “ASC”) |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2:-SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles ("U.S. GAAP") applied on consistent basis. a. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates, judgments, and assumptions that are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. b. Functional currency of the Subsidiary The Subsidiary's revenues are generated and determined in U.S. Dollars (dollars). In addition, most of the financing of the Subsidiary's operations has been made in dollars. The Company's management believes that the Dollar is the primary currency of the economic environment in which the Subsidiary operates. Thus, management believes that the functional currency of the Subsidiary is the dollar. Accordingly, monetary accounts maintained in currencies other than the dollar are remeasured into dollars in accordance with ASC 830, "Foreign Currency Matters". All transaction gains and losses from the remeasurement of monetary balance sheet items are reflected in the statement of operations as financial income or expenses, as appropriate. c. Principles of consolidation The consolidated financial statements include the accounts of Pluristem Therapeutics Inc. and its Subsidiary. Intercompany transactions and balances have been eliminated upon consolidation. d. Cash and cash equivalents Cash equivalents are short-term highly liquid investments that are readily convertible to cash with maturities of three months or less at the date acquired. e. Short-term bank deposit Bank deposits with original maturities of more than three months but less than one year are presented as part of short-term investments. Deposits are presented at their cost which approximates market values including accrued interest. Interest on deposits is recorded as financial income. f. Restricted cash and short-term deposits Short-term restricted deposits and restricted cash used to secure derivative and hedging transactions and the Companys credit line. The restricted cash and short-term deposits are presented at cost which approximates market values including accrued interest. g. Long-term restricted deposits Long-term restricted deposits with maturities of more than one year used to secure operating lease agreement are presented at cost which approximates market values including accrued interest. h. Marketable Securities The Company accounts for its investments in marketable securities in accordance with ASC 320,"Investments Debt and Equity Securities". The Company determines the classification of marketable securities at the time of purchase and re-evaluates such designations as of each balance sheet date. The Company classifies all of its marketable securities as available-for-sale. Available-for-sale marketable securities are carried at fair value, with the unrealized gain and loss reported at "Aaccumulated other comprehensive income (loss)" in the statement of changes in shareholders' equity. Realized gain and loss on sales of marketable securities are included in the Company's "Financial income, net" and are derived using the specific identification basis for determining the cost of marketable securities. The amortized cost of available for sale marketable securities is adjusted for amortization of premiums and accretion of discount to maturity. Such amortization, together with interest on available for sale marketable securities, is included in the "Financial income, net". The Company recognizes an impairment charge when a decline in the fair value of its available-for-sale marketable securities below the cost basis is judged to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the length of time the investment has been in a loss position, the extent to which the fair value has been less than the Company's cost basis, the investments financial condition and the near-term prospects of the issuer. ASC 320-10-35, Investments - Debt and Equity Securities, requires another-than-temporary impairment for debt securities to be separated into (a) the amount representing the credit loss and (b) the amount related to all other factors (provided that the Company does not intend to sell the security and it is not more likely than not that it will be required to sell it before recovery). For securities that are deemed other-than-temporarily impaired, the amount of impairment is recognized in "financial income, net", in the statement of operations and is limited to the amount related to credit loss, while impairment related to other factors is recognized in other comprehensive income (loss). During 2016, the Company recognized an other-than-temporary impairment loss of $38. During 2015 and 2014, no impairment losses have been identified (see Note 3). i. Revenue Recognition from the license Agreement with United The Company recognized revenue pursuant to the License Agreement with United in accordance with ASC 605-25, "Revenue Recognition, Multiple-Element Arrangements". Pursuant to ASC 605-25, each deliverable is evaluated to determine whether it qualifies as a separate unit of accounting based on whether the deliverable has stand-alone value to the customer. The arrangements consideration that is fixed or determinable is then allocated to each separate unit of accounting based on the relative selling price of each deliverable. In general, the consideration allocated to each unit of accounting is recognized as the related goods or services are delivered, limited to the consideration that is not contingent upon future deliverables. The Company received an up-front, non-refundable license payment of $5,000. Additional payments totaling $37,500 were subject to the achievement of certain regulatory milestones by United. Since the deliverables in the United Agreement did not have stand-alone value, none of them qualified as a separate unit of accounting. Accordingly, the non-refundable upfront license fee of $5,000 was deferred and recognized on a straight line basis over the related performance period which was the development period in accordance with Staff Accounting Bulletin (SAB) 104, "Revenue Recognition". The Company also received an advanced payment for the development, of $2,000 that was deductible against development expenses as it was incurred. The upfront payment which was received was included in the balance sheet as advance payment. The Company deducted the payments from its research and development expenses in accordance with ASC 730-20, "Research and Development Agreements". 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 regained full rights to PLX in the field of PAH, as well as all clinical data and regulatory submissions. As the Company had no further obligations towards United, the Company recognized the remaining upfront payment received in 2011 as revenues during the year ended June 30, 2016. j. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated by the straight-line method over the estimated useful lives of the assets, at the following annual rates: % Laboratory equipment 10-15 Computers and peripheral equipment 33 Office furniture and equipment 15 Vehicles 15 Leasehold improvements The shorter of the expected useful life or the reasonable assumed term of the lease. k. Impairment of long-lived assets The Company's long-lived assets are reviewed for impairment in accordance with ASC 360, "Property, Plant and Equipment", whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During 2016, 2015 and 2014, no impairment losses were identified. l. Accounting for stock-based compensation The Company accounts for stock-based compensation in accordance with ASC 718- "Compensation-Stock Compensation" (ASC 718) and ASC 505-50 -"Equity-Based Payments to Non-Employees" (ASC505-50). ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The Company estimates the fair value of stock options granted using the Black-Scholes-Merton option-pricing model. The Company accounts for employees share-based payment awards classified as equity awards (restricted stocks or restricted stock units) using the grant-date fair value method. The fair value of share-based payment transactions is recognized as an expense over the requisite service period, net of estimated forfeitures. The Company estimates forfeitures based on historical experience and anticipated future conditions. The Company elected to recognize compensation cost for an award with service conditions and goals achievement that has a graded vesting schedule using the accelerated method based on the multiple-option award approach. During fiscal years 2016, 2015 and 2014 there were no options granted to employees or directors. The assumptions below are relevant to restricted stock and restricted stock units granted in 2016, 2015 and 2014: In accordance with ASC 718, restricted stock and restricted stock units are measured at their fair value. All restricted stock and restricted stock units to employees, directors and non-employees granted in 2016, 2015 and 2014 were granted for no consideration; therefore, their fair value was equal to the share price at the date of grant. The fair value of all restricted stock and restricted stock units was determined based on the close trading price of the Company's shares known at the grant date. The weighted average grant date fair value of shares granted during 2016, 2015 and 2014 was $1.13, $2.70 and $3.53, respectively. m. Research and Development expenses and grants Research and development expenses, net of participations, are charged to the statement of operations as incurred. Research and development grants from the government of Israel and other parties for funding approved research and development projects are recognized at the time the Company is entitled to such grants, on the basis of the cost incurred and applied as a deduction from research and development costs. n. Loss per share Basic and dilutive net loss per share is computed based on the weighted average number of shares of common stock outstanding during each year. All outstanding stock options and unvested restricted stock units have been excluded from the calculation of the diluted loss per common share because all such securities are anti-dilutive for each of the periods presented. o. Income taxes The Company accounts for income taxes in accordance with ASC 740, "Income Taxes" (ASC 740). This Topic prescribes the use of the liability method, whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value. ASC 740 establishes a single model to address accounting for uncertain tax positions. ASC 740 clarified the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. p. Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term deposits, long-term deposits, restricted deposits and marketable securities. The majority of the Companys cash and cash equivalents and short-term and long-term deposits are invested in dollar instruments of major banks in Israel and in the United States. Generally, these deposits may be redeemed upon demand and therefore bear minimal risk. The Company invests its surplus cash in cash deposits and marketable securities in financial institutions and has established guidelines, approved by the Companys Investment Committee, relating to diversification and maturities to maintain safety and liquidity of the investments. The Company holds an investment portfolio consisting of corporate bonds, government bonds, stocks and index linked notes. The Company intends, and has the ability, to hold such investments until recovery of temporary declines in market value or maturity. However, the Company can provide no assurance that it will recover declines in the market value of its investments. The Company utilizes forward and options contracts to protect against the risk of overall changes in exchange rates. The derivative instruments hedge a portion of the Companys non-dollar currency exposure. Counterparties to the Companys derivative instruments are all major financial institutions. q. Severance pay Majority of the Companys agreements with employees in Israel, are subject to Section 14 of the Israeli Severance Pay Law, 1963 (Severance Pay Law). The Companys contributions for severance pay have replaced its severance obligation. Upon contribution of the full amount of the employees monthly salary for each year of employment, no additional calculations are conducted between the parties regarding the matter of severance pay and no additional payments are made by the Company to the employee. Further, the related obligation and amounts deposited on behalf of the employee for such obligation are not stated on the balance sheet, as the Company is legally released from the obligation to employees once the deposit amounts have been paid. For some employees, which their agreement is not subject to Section 14 of the Severance Pay Law, the Subsidiary's liability for severance pay is calculated pursuant to Israeli Severance Pay Law, based on the most recent salary of the employees multiplied by the number of years of employment, as of the balance sheet date. Employees are entitled to one month's salary for each year of employment or a portion thereof. The Companys liability for all of its employees is fully provided by monthly deposits with insurance policies and by an accrual. The value of these policies is recorded as an asset in the Company's balance sheet. The deposited funds include profits or losses accumulated up to the balance sheet date. The deposited funds may bewithdrawn only upon the fulfillment of the obligation pursuant to the Severance Pay Law or labor agreements. The value of the deposited funds is based on the cash surrendered value of these policies, and includes immaterial profits or losses. Severance expenses for the years ended June 30, 2016, 2015 and 2014, were $556, $441 and $534, respectively. r. Fair value of financial instruments The carrying amounts of the Company's financial instruments, including cash and cash equivalents, short-term and restricted bank deposits, trade payable and other accounts payable and accrued liabilities, approximate fair value because of their generally short term maturities. The Company measures its investments in marketable securities and derivative instruments at fair value under ASC 820, Fair Value Measurements and Disclosures. 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. s. Derivative financial instruments The Company uses options strategies and forward contracts (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 derivatives change in fair value is recognized in the statement of operations. Cash Flow Hedges The net gain (loss) realized in statement of operations during the year ended June 30, 2016, 2015 and 2014 resulting from the cash flow hedge transactions, amounted to approximately $7, ($269) and $48, respectively. Other Derivatives t. Comprehensive income (loss): The Company accounts for comprehensive income (loss) in accordance with ASC 220, Comprehensive Income. Comprehensive income generally represents all changes in stockholders equity during the period except those resulting from investments by, or distributions to, stockholders. The Company determined that its items of other comprehensive income (loss) relate to gains and losses on cash flow hedging derivative instruments and unrealized gains and losses on available for sale marketable securities. The following table summarizes the changes in accumulated balances of other comprehensive income for the year ended June 30, 2016: Year ended June 30, 2016 Unrealized gains (losses) on marketable securities Unrealized gains (losses) on cash flow hedges Total Beginning balance $ 2,094 $ 46 $ 2,140 Other comprehensive income before reclassifications (1,071 ) - (1,071 ) Amounts reclassified from accumulated other comprehensive loss 457 (46 ) 411 Net current-period other comprehensive income (loss) (614 ) (46 ) (660 ) Ending balance $ 1,480 $ (- ) $ 1,480 u. Recent Accounting Pronouncement ASU 2014-15 - Presentation of Financial Statements-Going Concern (Subtopic 205-40): In August 2014, the Financial According Standards Board (the FASB) issued Accounting Standards Update (the ASU)2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern", which defines managements responsibility to assess an entitys ability to continue as a going concern, and to provide related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. The pronouncement is effective for annual reporting periods ending after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. ASU 2016-02 - Leases (Topic 842): In February 2016, the FASB issued guidance on the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for in a manner similar to the accounting under existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASC 842 supersedes the previous leases standard, ASC 840, "Leases". The guidance is effective for the interim and annual periods beginning on or after December 15, 2018 (early adoption is permitted). The Company is currently evaluating the potential effect of the guidance on its consolidated financial statements. ASU 2014-09 - Revenue from Contracts with Customers (Topic 606): In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue upon the transfer of goods or services to customers in an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of the time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entitys contracts with customers. In April 2016, the FASB issued ASU 2016-10, which clarifies the implementation guidance on identifying promised goods or services and on determining whether an entity's promise to grant a license with either a right to use the entity's intellectual property (which is satisfied at a point in time) or a right to access the entity's intellectual property (which is satisfied over time). The guidance is effective for the interim and annual periods beginning on or after December 15, 2017, or July 1, 2018 for the Company (early adoption is permitted for the interim and annual periods beginning on or after December 15, 2016). The guidance permits the use of either a retrospective or cumulative effect transition method. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. ASU 2016-09 - Stock Compensation (Topic 718): In March 2016, the FASB issued ASU 2016-9, Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting. This guidance simplifies various aspects related to how share-based payments are accounted for and presented in the financial statements. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Jun. 30, 2016 | |
Marketable Securities [Abstract] | |
MARKETABLE SECURITIES | NOTE 3:- MARKETABLE SECURITIES As of June 30, 2016 and 2015, all of the Companys marketable securities were classified as available-for-sale. June 30, 2016 June 30, 2015 Amortized cos / cost Gross unrealized gain Gross unrealized loss Other-than-temporary impairment Fair value Amortized cos / cost Gross unrealized gain Gross unrealized loss Fair value Available-for-sale - matures within one year: Stock and index linked notes $ 11,599 $ 1,594 $ (208 ) $ (38 ) $ 12,947 $ 12,305 $ 2,083 $ (72 ) $ 14,316 Government debentures fixed interest rate 786 12 - - 798 287 1 (10 ) 278 Corporate debentures fixed interest rate 439 7 - - 446 939 26 (52 ) 913 $ 12,824 $ 1,613 $ (208 ) $ (38 ) $ 14,191 $ 13,531 $ 2,110 $ (134 ) $ 15,507 Available-for-sale - matures after one year through five years: Government debentures fixed interest rate 717 27 - - 744 2,033 40 (9 ) 2,064 Corporate debentures fixed interest rate 2,403 47 - - 2,450 4,436 97 (17 ) 4,516 $ 3,120 $ 74 $ - $ - $ 3,194 $ 6,469 $ 137 $ (26 ) $ 6,580 Available-for-sale - matures after five years through ten years: Corporate debentures fixed interest rate 29 1 - - 30 156 8 (1 ) 163 $ 29 $ 1 $ - $ - $ 30 $ 156 $ 8 $ (1 ) $ 163 Total $ 15,973 $ 1,688 $ (208 ) $ (38 ) $ 17,415 $ 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 June 30, 2016 and June 30, 2015, and the length of time that those investments have been in a continuous loss position: 12 months or less Greater than 12 months Fair Value Gross unrealized loss Fair Value Gross unrealized loss As of June 30, 2016 $ 1,258 $ (143 ) $ 563 $ (65 ) 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 in the amount of $208 on available- for-sale securities were not other-than-temporary and no credit loss was present for any of its investments. The Company recognized other-than-temporary impairment loss on outstanding securities during the year ended June 30, 2016, of $38. As of June 30, 2016 and 2015, interest receivable amounted to $28 and $105, respectively. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 12 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 4:- FAIR VALUE OF FINANCIAL INSTRUMENTS June 30, 2016 June 30, 2015 Level 1 Level 2 Level 1 Level 2 Marketable securities $ 11,228 $ 6,187 $ 12,650 $ 9,600 Foreign currency derivative instruments - 65 - 322 Total financial assets $ 11,228 $ 6,252 $ 12,650 $ 9,922 June 30, 2016 June 30, 2015 Balance Sheet presentation Fair Value Balance Sheet presentation Fair Value Derivatives designated as cash flow hedge instruments $ - Other current assets $ 52 Derivatives not designated as hedge instruments Other current assets $ 65 Other current assets $ 270 Total $ 65 $ 322 |
OTHER CURRENT ASSETS
OTHER CURRENT ASSETS | 12 Months Ended |
Jun. 30, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
OTHER CURRENT ASSETS | NOTE 5:-OTHER CURRENT ASSETS June 30, 2016 2015 Prepaid expenses $ 300 $ 919 Accounts receivable from the Ministry of Economy 23 44 Derivatives designated as cash flow hedge instruments - 52 Derivatives not designated as hedge instruments 65 270 VAT receivables 167 152 Other receivables 63 621 Total $ 618 $ 2,058 |
PROPERTY AND EQUIPMENT, NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
PROPERTY AND EQUIPMENT, NET | NOTE 6:-PROPERTY AND EQUIPMENT, NET June 30, 2016 2015 Cost: Laboratory equipment $ 6,000 $ 6,096 Computers and peripheral equipment 1,024 933 Office furniture and equipment 715 617 Leasehold improvements 9,349 8,514 Vehicles 95 95 Total Cost 17,183 16,255 Accumulated depreciation: Laboratory equipment 3,401 2,805 Computers and peripheral equipment 802 617 Office furniture and equipment 353 262 Leasehold improvements 3,374 2,375 Vehicles 37 23 Total accumulated depreciation 7,967 6,082 Property and equipment, net $ 9,216 $ 10,173 Depreciation expenses amounted to $2,150, $2,074 and $1,902 for the years ended June 30, 2016, 2015 and 2014, respectively. |
OTHER ACCOUNTS PAYABLE
OTHER ACCOUNTS PAYABLE | 12 Months Ended |
Jun. 30, 2016 | |
OTHER ACCOUNTS PAYABLE [Abstract] | |
OTHER ACCOUNTS PAYABLE | NOTE 7:-OTHER ACCOUNTS PAYABLE June 30, 2016 2015 Accrued payroll $ 421 $ 395 Payroll institutions 309 293 Accrued vacation 720 748 Other payables 251 97 Total $ 1,701 $ 1,533 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Jun. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 8:-COMMITMENTS AND CONTINGENCIES a. In February 2015, the Company signed an addendum to its facility operating lease agreement (the Addendum) with the lessor, which extended the rent period to December 2021. The lessor paid a non-refundable leasehold improvement participation payment, of approximately $947 in October 2015, in addition to the non-refundable payment of approximately $816 received in January 2013. The payments are deductible against lease expenses as they are incurred. The lessor upfront payment is included in the balance sheet as advance payment and recognized as a deduction from lease expenses over the lease term. The Company recognizes rent expense, net of lessor participation, under such arrangements, on a straight-line basis over the lease term. As of June 30, 2016, aggregate minimum lease commitments under the operating lease agreements are as follows: Year ending June 30, 2017 1,044 2018 1,044 2019 1,044 2020 1,052 2021 and thereafter 1,592 Total $ 5,776 Lease expenses, net of lessor participation amounted to $824, $704 and $720 for the years ended June 30, 2016, 2015 and 2014, respectively. The Subsidiary issued a bank guarantee in favor of the lessors in the amount of approximately $360. b. The Subsidiary leases several motor vehicles under operating lease agreements, which expire in various dates during years 2016 through June 2019. As of June 30, 2016, future aggregate minimum lease commitments under non-cancelable operating lease agreements are as follows: Year ending June 30, 2017 $ 158 2018 102 2019 28 Total $ 288 Lease expenses amounted to $210, $218 and $244 for the years ended June 30, 2016, 2015 and 2014, respectively. c. An amount of $542 of cash and deposits was pledged by the Subsidiary to secure the derivatives and hedging transactions, credit line and bank guarantees. d. Under the Law for the Encouragement of Industrial Research and Development, 1984, (the Research Law), research and development programs that meet specified criteria and are approved by the Israel Innovation Authority (IIA) are eligible for grants of up to 50% of the projects 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 IIA 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 Companys obligation to pay these royalties is contingent on its actual sale of such products and services. In the absence of such sales, no payment is required. Outstanding balance of the grants will be subject to interest at a rate equal to the 12 month LIBOR applicable to dollar deposits that is published on the first business day of each calendar year. Following the full repayment of the grant, there is no further liability for royalties. Through June 30, 2016, total grants obtained aggregated to approximately $21,183. Through June 30, 2016, total royalties paid and accrued amounted to $166. As of June 30, 2016, the Company's contingent liability in respect to royalties to the IIA amounted $21,017, not including LIBOR interest as described above. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 12 Months Ended |
Jun. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 9: - STOCKHOLDERS' EQUITY The Company's authorized common stock consists of 200,000,000 shares with a par value of $0.00001 per share. All shares have equal voting rights and are entitled to one vote per share in all matters to be voted upon by stockholders. The shares have no pre-emptive, subscription, conversion or redemption rights and may be issued only as fully paid and non-assessable shares. Holders of the common stock are entitled to equal ratable rights to dividends and distributions with respect to the common stock, as may be declared by the Board of Directors out of funds legally available. The Company's authorized preferred stock consists of 10,000,000 shares of preferred stock, par value $0.00001 per share, with series, rights, preferences, privileges and restrictions as may be designated from time to time by the Companys Board of Directors. No shares of preferred stock have been issued. a. From July 2013 through June 2014, a total of 2,517,907 warrants were exercised via cashless exercise, resulting in the issuance of 1,469,584 shares of common stock to investors of the Company. In addition, 1,432,584 warrants were exercised for cash and resulted in the issuance of 1,432,584 shares of common stock to investors of the Company. The aggregate cash consideration received was $1,968. From July 2013 through June 2014, a total of 65,000 warrants were exercised via a cashless exercise, resulting in the issuance of 36,970 shares of common stock to a consultant of the Company. b. From July 2014 through June 2015, a total of 2,081,303 warrants were exercised via cashless exercise, resulting in the issuance of 963,876 shares of common stock to investors of the Company. In addition, 170,167 warrants were exercised for cash and resulted in the issuance of 170,167 shares of common stock to investors of the Company. The aggregate cash consideration received was $276. c. In December 2013, as part of the CHA Agreement, Pluristem and CHA executed the mutual investment pursuant to which Pluristem issued 2,500,000 shares of its common stock in consideration for 1,011,504 shares of CHA, which reflects total consideration to each of Pluristem and CHA of approximately $10,414 (see Note 1c). d. Following a shelf registration on Form S-3 filed and declared effective in October 2011, the Company entered in December 2012 into an At Market Issuance Sales Agreement (ATM Agreement) with an underwriter, which provides that, upon the terms and subject to the conditions and limitations set forth in the ATM Agreement, the Company may elect, from time to time, to issue and sell shares of common stock having an aggregate offering price of up to $95,000 through the underwriter as a sales agent. The Company was not obligated to make any sales of common stock under the ATM Agreement. During the year ended June 30, 2014, the Company issued 2,596,032 shares of common stock for aggregate consideration of approximately $ 10,644, net of issuance costs of $195, under the ATM Agreement. On September 11, 2014, the Company notified the underwriter of the termination of the ATM Agreement. e. 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 an aggregate cash consideration received of $528. In February 2015, the Company issued additional 200,000 shares of common stock to an investor for an aggregate cash consideration received 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. f. On June 25, 2015, the Company entered into definitive agreements to sell 6,800,000 shares of common stock and warrants to purchase up to 4,080,000 shares of common stock at a combined price of $2.50 per share and related warrants (the "Offering"). The gross proceeds from the Offering were $17,000. Issuance costs amounted to $1,200. The warrants have an exercise price of $2.85 per share of common stock, are immediately exercisable and expire 5 years from the closing of the Offering. The Offering was closed on June 30, 2015. g. In February 2015, the 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 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. The restricted shares were issued in December 2014 and released to the contractor upon the successful completion of the construction. In May 2015, the Subsidiary entered into an addendum to the agreement with the contractor for the design and construction of additional office space renovations in the Subsidiary 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 were issued to the contractor in February 2016. The Company accounted 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 measured 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". h. Options, warrants and restricted stock units to employees, directors and consultants: The Company has approved incentive option plan from 2005 (the 2005 Plan). Under the Plan, options, restricted stock and restricted stock units (the Awards) may be granted to the Companys officers, directors, employees and consultants. Any Awards that are cancelled or forfeited before expiration become available for future grants. In addition, at the Companys annual meeting of its stockholders, held on May 31, 2016, the Companys stockholders approved the 2016 Equity Compensation Plan (the "2016 Plan"). Under the 2016 Plan, options, restricted stock (RS) and restricted stocks units (RSUs) may be granted to the Companys officers, directors, employees and consultants or the officers, directors, employees and consultants of our subsidiary. As of June 30, 2016, the number of shares of common stock authorized for issuance under the 2005 Plan amounted to 15,451,297. As of June 30, 2016, 474,806 shares are available for future grant under the 2005 Plan. As of June 30, 2016, the number of shares of common stock authorized for issuance under the 2016 Plan amounted to 2,614,197 for calendar year 2016. No awards were granted under the 2016 Plan as of June 30 2016. (1) Options to employees and directors: The Company accounted for its options to employees and directors under the fair value method in accordance with ASC 718. A summary of the Companys share option activity for options granted to employees and directors under the 2005 plan is as follows: Year ended June 30, 2016 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 (28,000 ) $ 0.62 Options forfeited (37,200 ) $ 4.40 Options outstanding at end of the period 1,771,700 $ 3.76 1.16 $ 260 Options exercisable at the end of the period 1,771,700 $ 3.76 1.16 $ 260 Options vested 1,771,700 $ 3.76 1.16 $ 260 Intrinsic value of exercisable options (the difference between the Companys closing stock price on the last trading day in the period and the exercise price, multiplied by the number of in-the-money options) represents the amount that would have been received by the employees and directors option holders had all option holders exercised their options on June 30, 2016. This amount changes based on the fair market value of the Companys common stock. (2) Options and warrants to non-employees: A summary of the Companys activity related to options and warrants to consultants is as follows: Year ended June 30, 2016 Number Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value Price Options and warrants outstanding at beginning of period 228,000 $ 5.73 Options granted 15,300 $ 0.00 Options and warrants exercised (6,000 ) $ 4.40 Options and warrants outstanding at end of the period 237,300 $ 5.40 1.93 $ 123 Options and warrants exercisable at the end of the period 233,438 $ 5.49 1.82 121 Options and warrants vested and expected to vest 237,300 $ 5.40 1.93 $ 123 Compensation expenses related to options and warrants granted to consultants were recorded as follows: Year ended June 30, 2016 2015 2014 Research and development expenses $ 22 $ 1 $ 11 General and administrative expenses 2 1 $ 24 $ 2 $ 11 (3) Restricted stock units to employees and directors: The following table summarizes the activities for unvested restricted stock units granted to employees and directors for the year ended June 30, 2016: Number Unvested at the beginning of period 1,732,383 Granted 1,461,431 Forfeited (103,211 ) Vested (1,183,984 ) Unvested at the end of the period 1,906,619 Expected to vest after June 30, 2016 1,837,036 Compensation expenses related to restricted stock units granted to employees and directors were recorded as follows: Year ended June 30, 2016 2015 2014 Research and development expenses $ 1, 905 $ 1,469 $ 1,172 General and administrative expenses 960 2,277 4,390 $ 2,865 $ 3,746 $ 5,562 Future expenses related to restricted stock units granted to employees and directors for an average time of approximately 1.6 years is $1,006. (4) Restricted stock units to consultants: The following table summarizes the activities for unvested restricted stock units and restricted stock granted to consultants for the year ended June 30, 2016: Number Unvested at the beginning of period 28,385 Granted 192,725 Vested (195,110 ) Unvested at the end of the period 26,000 Compensation expenses related to restricted stock units granted to consultants were recorded as follows: Year ended June 30, 2016 2015 2014 Research and development expenses $ 39 $ 131 $ 201 General and administrative expenses 145 173 77 $ 184 $ 304 $ 278 i. Summary of warrants and options: Warrants / Options Exercise Price per Share Options and Warrants for Common Stock Options and WarrantsExercisable Weighted Average Remaining Contractual Terms(in years) Warrants: $ 2.85 4,080,000 4,080,000 4.00 $ 4.20 5,060,000 5,060,000 0.09 $ 5.00 3,219,983 3,219,983 1.22 Total warrants 12,359,983 12,359,983 Options: $ 0.00 92,300 88,438 4.69 $ 0.62 361,500 361,500 2.29 $ 1.04 25,000 25,000 2.16 $ 2.97 20,000 20,000 1.86 $ 3.50 900,000 900,000 0.58 $ 3.72 15,000 15,000 0.49 $ 3.80 16,050 16,050 0.53 $ 4.00 42,500 42,500 0.30 $ 4.38 372,500 372,500 1.47 $ 4.40 400 400 1.14 $ 6.80 36,250 36,250 1.37 $ 8.20 20,000 20,000 1.16 $ 20.00 107,500 107,500 0.88 Total options 2,009,000 2,005,138 Total warrants and options 14,368,983 14,365,121 This summary does not include 1,932,619 restricted stocks and restricted stock units and that are not vested as of June 30, 2016. |
FINANCIAL INCOME, NET
FINANCIAL INCOME, NET | 12 Months Ended |
Jun. 30, 2016 | |
Other Income and Expenses [Abstract] | |
FINANCIAL INCOME, NET | NOTE 10:-FINANCIAL INCOME, NET Year ended June 30, 2016 2015 2014 Foreign currency translation differences, net $ (174 ) $ (1,109 ) $ 407 Bank and broker commissions (85 ) (37 ) (36 ) Interest income on deposits 149 112 246 Gain related to marketable securities, net 190 1,229 384 Gain (loss) from derivatives and fair value hedge derivatives (30 ) 395 (83 ) Other financial income 23 - - $ 73 $ 590 $ 918 |
TAXES ON INCOME
TAXES ON INCOME | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
TAXES ON INCOME | NOTE 11:-TAXES ON INCOME A. Tax laws applicable to the companies: 1. Pluristem Therapeutics Inc. is taxed under U.S. tax laws. 2. Pluristem Ltd. is taxed under Israeli tax laws. B. Tax assessments: The Subsidiary has not received final tax assessments since its incorporation; however, the assessments of the Subsidiary are deemed final through 2011. C. Tax rates applicable to the Company:- 1. Pluristem Therapeutics Inc.: The tax rates applicable to Pluristem Therapeutics Inc., a Nevada corporation, are corporate (progressive) tax at the rate of up to 35%, excluding state tax and local tax if any, which rates depend on the state and city in which Pluristem Therapeutics Inc. conducts its business. 2. The Subsidiary: Taxable income of Israeli companies is subject to tax at the rate of 25% in year 2016, and 26.5% in 2015 and 2014. Under the Foreign Exchange Regulations, The Subsidiary calculates its tax liability in U.S. Dollars according to certain orders. The tax liability, as calculated in U.S. Dollars is translated into New Israeli Shekels according to the exchange rate as of June 30 of each year. Tax Benefits Under the Law for Encouragement of Capital Investments. According to the Law for Encouragement of Capital Investments, 1959 (the "Encouragement Law"), the Subsidiary is entitled to various tax benefits due to "Beneficiary Enterprise" status granted to its enterprise, as implied by the Encouragement Law. The principal benefits by virtue of the Encouragement Law are: Tax benefits and reduced tax rates: On July 7, 2010, the Subsidiary has received a letter of approval (the "Ruling") from the Israeli Tax Authority. According to the Ruling, the Subsidiary's expansion program of its plant was granted the status of a "Beneficiary Enterprise" under the "Alternative Track" (the "2007 Program"). The Subsidiary chose the year 2007 as the election year of the 2007 Program. Under the 2007 Program "Alternative Track", the Subsidiary, which was located in a National Priority Zone "B" with respect to the year 2007, is tax exempt in the first six years of the benefit period and subject to tax at the reduced rate of 10%-25% for a period of one to four years for the remaining benefit period (dependent on the level of foreign investments). On June 6, 2013, the Subsidiary informed the Israeli Tax Authority that it has chosen the year 2012 as an election year to the expansion of its "Beneficiary Enterprise" program (the "2012 Program"). Under the 2012 Program, the Subsidiary, which was located in the "Other National Priority Zone" with respect to the year 2012, would be tax exempt in the first two years of the benefit period and subject to tax at the reduced rate of 10%-25% for a period of five to eight years for the remaining benefit period (dependent on the level of foreign investments). Following the enactment of Amendment No. 60 to the Encouragement The qualifying percentage of the value of the productive assets is as follows: The value of productive assets before the expansion (NIS in millions) The new proportion that the required investment bears to the value of productive assets Up to NIS 140 12% NIS 140 - NIS 500 7% More than NIS 500 5% The income qualifying for tax benefits under the alternative track is the taxable income of a beneficiary company that has met certain conditions as determined by the Encouragement As stated above, the Subsidiary's 2007 Program and 2012 Program were granted the status of a "Beneficiary Enterprise", in accordance with the Encouragement In respect of expansion programs pursuant to Amendment No. 60 to the Encouragement A - 14 years since the beginning of the election year. The benefit period for the Subsidiary's 2007 Program will expire in 2018 (12 years since the beginning of the election year 2007).The benefit period for the Subsidiary's 2012 Program would expire in 2023 (12 years since the beginning of the election year 2012). If a dividend is distributed out of tax exempt profits, as detailed above, the Subsidiary will become liable for tax at the rate applicable to its profits from the Beneficiary Enterprise in the year in which the income was earned, (tax at the rate of 10- 25%, dependent on the level of foreign investments) and to a withholding tax rate of 15% (or lower, under an applicable tax treaty). As for "Beneficiary Enterprises" pursuant to Amendment No. 60 to the Encouragement As for industrial enterprises, in each tax year during the benefit period, one of the following conditions must be met: 1. The industrial enterprise's main field of activity is biotechnology or nanotechnology as approved by the Head of the Administration of Industrial Research and Development, prior to the approval of the relevant program. 2. The industrial enterprise's sales revenues in a specific market during the tax year do not exceed 75% of its total sales for that tax year. A "market" is defined as a separate country or customs territory. 3. At least 25% of the industrial enterprise's overall revenues during the tax year were generated from the enterprise's sales in a specific market with a population of at least 12 million. Accelerated depreciation: The Subsidiary is eligible for deduction of accelerated depreciation on buildings, machinery and equipment used by the "Beneficiary Enterprise" at a rate of 200% (or 400% for buildings) from the first year of the assets operation. Conditions for the entitlement to the benefits: The abovementioned benefits are conditional upon the fulfillment of the conditions stipulated by the Encouragement Amendment to the Encouragement Law: Effective January 2011, the Knesset (Israeli parliament) enacted a reform to the Encouragement Law. According to the reform a flat rate tax would apply to companies eligible for the Preferred Enterprise status. In order to be eligible for a "Preferred Enterprise" status, a company must meet minimum requirements to establish that it contributes to the countrys economic growth and is a competitive factor for the Gross Domestic Product (a competitive enterprise). Israeli companies which currently benefit from an Approved or Privileged Enterprise status and meet the criteria for qualification as a "Preferred Enterprise" can elect to apply the new "Preferred Enterprise" benefits by waiving their benefits under the "Approved" and "Beneficiary Enterprise" status. Benefits granted to a "Preferred Enterprise" include reduced tax rates. Following the enactment of the National Priorities Law, effective January 1, 2014, the reduced tax rate is 9% in the Development Area A regions and 16% in other regions. "Preferred Enterprises" in peripheral regions are also eligible for Israeli government Investment Center grants, as well as the applicable reduced tax rates. A distribution from a "Preferred Enterprise" out of the "Preferred Income" through December 31, 2013, was subject to 15% withholding tax for Israeli-resident individuals and non-Israeli residents (subject to applicable treaty rates) and effective January 1, 2014, subject to 20% withholding tax for Israeli-resident individuals and non-Israeli residents (subject to applicable treaty rates). A distribution from a "Preferred Enterprise" out of the Preferred Income would be exempt from withholding tax for an Israeli-resident company. The Subsidiary did not apply the Amendment to the Encouragement Law with respect to the Privileged Enterprise status, but may choose to apply the Amendment in the future. D. Carryforward losses for tax purposes As of June 30, 2016, the Company had U.S. federal net operating loss carryforward for income tax purposes in the amount of approximately $29, 172. Net operating loss carryforward arising in taxable years, can be carried forward and offset against taxable income for 20 years and expiring between 2023 and 2036. Utilization of U.S. net operating losses may be subject to substantial annual limitations due to the "change in ownership" provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of net operating losses before utilization. The Subsidiary in Israel has accumulated losses for tax purposes as of June 30, 2016, in the amount of approximately $88,419, which may be carried forward and offset against taxable business income and business capital gain in the future for an indefinite period. Deferred income taxes: Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company's deferred tax assets are as follows: June 30, 2016 2015 Deferred tax assets: U.S. net operating loss carryforward $ 10,210 $ 9,132 Israeli net operating loss carryforward 22,105 19,880 Allowances and reserves 216 226 Total deferred tax assets before valuation allowance 32,531 29,238 Valuation allowance (32,531 ) (29,238 ) Net deferred tax asset $ - $ - As of June 30, 2016 and 2015, the Company has provided full valuation allowances in respect of deferred tax assets resulting from tax loss carryforward and other temporary differences, since they have a history of operating losses and current uncertainty concerning its ability to realize these deferred tax assets in the future. The Company accounts for its income tax uncertainties in accordance with ASC 740 which clarifies the accounting for uncertainties in income taxes recognized in a Companys financial statements and prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. As of June 30, 2016 and 2015, there were no unrecognized tax benefits that if recognized would affect the annual effective tax rate. Reconciliation of the theoretical tax expense (benefit) to the actual tax expense (benefit): In 2016, 2015 and 2014, the main reconciling item of the statutory tax rate of the Company (25% to 35% in 2016, 2015 and 2014) to the effective tax rate (0%) is tax loss carryforwards, stock-based compensationand other deferred tax assets for which a full valuation allowance was provided. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12:-SUBSEQUENT EVENTS In August 2016, the Companys Critical Limb Ischemia (CLI) program in the European Union has been awarded a Euro 7,600 thousands (approximately $8,400) grant. The grant is part of the European Unions Horizon 2020 program. The Phase III study of PLX-PAD in CLI will be a collaborative project carried out by an international consortium led by the Berlin-Brandenburg Center for Regenerative Therapies together with the Company and with participation of additional third parties. The grant will cover a significant portion of the CLI program costs. An amount of Euro 1,900 thousands (approximately $2,100) is a direct grant allocated to the Company, and the Company also expect to benefit from cost savings resulting from grant amounts allocated to the other consortium members. |
SIGNIFICANT ACCOUNTING POLICI21
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Use of estimates | a. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates, judgments, and assumptions that are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. |
Functional currency of the Subsidiary | b. Functional currency of the Subsidiary The Subsidiary's revenues are generated and determined in U.S. Dollars (dollars). In addition, most of the financing of the Subsidiary's operations has been made in dollars. The Company's management believes that the Dollar is the primary currency of the economic environment in which the Subsidiary operates. Thus, management believes that the functional currency of the Subsidiary is the dollar. Accordingly, monetary accounts maintained in currencies other than the dollar are remeasured into dollars in accordance with ASC 830, "Foreign Currency Matters". All transaction gains and losses from the remeasurement of monetary balance sheet items are reflected in the statement of operations as financial income or expenses, as appropriate. |
Principles of consolidation | c. Principles of consolidation The consolidated financial statements include the accounts of Pluristem Therapeutics Inc. and its Subsidiary. Intercompany transactions and balances have been eliminated upon consolidation. |
Cash and cash equivalents | d. Cash and cash equivalents Cash equivalents are short-term highly liquid investments that are readily convertible to cash with maturities of three months or less at the date acquired. |
Short-term bank deposit | e. Short-term bank deposit Bank deposits with original maturities of more than three months but less than one year are presented as part of short-term investments. Deposits are presented at their cost which approximates market values including accrued interest. Interest on deposits is recorded as financial income. |
Restricted cash and short-term deposits | f. Restricted cash and short-term deposits Short-term restricted deposits and restricted cash used to secure derivative and hedging transactions and the Companys credit line. The restricted cash and short-term deposits are presented at cost which approximates market values including accrued interest. |
Long-term restricted deposits | g. Long-term restricted deposits Long-term restricted deposits with maturities of more than one year used to secure operating lease agreement are presented at cost which approximates market values including accrued interest. |
Marketable Securities | h. Marketable Securities The Company accounts for its investments in marketable securities in accordance with ASC 320,"Investments Debt and Equity Securities". The Company determines the classification of marketable securities at the time of purchase and re-evaluates such designations as of each balance sheet date. The Company classifies all of its marketable securities as available-for-sale. Available-for-sale marketable securities are carried at fair value, with the unrealized gain and loss reported at "Aaccumulated other comprehensive income (loss)" in the statement of changes in shareholders' equity. Realized gain and loss on sales of marketable securities are included in the Company's "Financial income, net" and are derived using the specific identification basis for determining the cost of marketable securities. The amortized cost of available for sale marketable securities is adjusted for amortization of premiums and accretion of discount to maturity. Such amortization, together with interest on available for sale marketable securities, is included in the "Financial income, net". The Company recognizes an impairment charge when a decline in the fair value of its available-for-sale marketable securities below the cost basis is judged to be other-than-temporary. The Company considers various factors in determining whether to recognize an impairment charge, including the length of time the investment has been in a loss position, the extent to which the fair value has been less than the Company's cost basis, the investments financial condition and the near-term prospects of the issuer. ASC 320-10-35, Investments - Debt and Equity Securities, requires another-than-temporary impairment for debt securities to be separated into (a) the amount representing the credit loss and (b) the amount related to all other factors (provided that the Company does not intend to sell the security and it is not more likely than not that it will be required to sell it before recovery). For securities that are deemed other-than-temporarily impaired, the amount of impairment is recognized in "financial income, net", in the statement of operations and is limited to the amount related to credit loss, while impairment related to other factors is recognized in other comprehensive income (loss). During 2016, the Company recognized an other-than-temporary impairment loss of $38. During 2015 and 2014, no impairment losses have been identified (see Note 3). |
Revenue Recognition from the license Agreement with United | i. Revenue Recognition from the license Agreement with United The Company recognized revenue pursuant to the License Agreement with United in accordance with ASC 605-25, "Revenue Recognition, Multiple-Element Arrangements". Pursuant to ASC 605-25, each deliverable is evaluated to determine whether it qualifies as a separate unit of accounting based on whether the deliverable has stand-alone value to the customer. The arrangements consideration that is fixed or determinable is then allocated to each separate unit of accounting based on the relative selling price of each deliverable. In general, the consideration allocated to each unit of accounting is recognized as the related goods or services are delivered, limited to the consideration that is not contingent upon future deliverables. The Company received an up-front, non-refundable license payment of $5,000. Additional payments totaling $37,500 were subject to the achievement of certain regulatory milestones by United. Since the deliverables in the United Agreement did not have stand-alone value, none of them qualified as a separate unit of accounting. Accordingly, the non-refundable upfront license fee of $5,000 was deferred and recognized on a straight line basis over the related performance period which was the development period in accordance with Staff Accounting Bulletin (SAB) 104, "Revenue Recognition". The Company also received an advanced payment for the development, of $2,000 that was deductible against development expenses as it was incurred. The upfront payment which was received was included in the balance sheet as advance payment. The Company deducted the payments from its research and development expenses in accordance with ASC 730-20, "Research and Development Agreements". 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 regained full rights to PLX in the field of PAH, as well as all clinical data and regulatory submissions. As the Company had no further obligations towards United, the Company recognized the remaining upfront payment received in 2011 as revenues during the year ended June 30, 2016. |
Property and Equipment | j. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated by the straight-line method over the estimated useful lives of the assets, at the following annual rates: % Laboratory equipment 10-15 Computers and peripheral equipment 33 Office furniture and equipment 15 Vehicles 15 Leasehold improvements The shorter of the expected useful life or the reasonable assumed term of the lease. |
Impairment of long-lived assets | k. Impairment of long-lived assets The Company's long-lived assets are reviewed for impairment in accordance with ASC 360, "Property, Plant and Equipment", whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. During 2016, 2015 and 2014, no impairment losses were identified. |
Accounting for stock-based compensation | l. Accounting for stock-based compensation The Company accounts for stock-based compensation in accordance with ASC 718- "Compensation-Stock Compensation" (ASC 718) and ASC 505-50 -"Equity-Based Payments to Non-Employees" (ASC505-50). ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The Company estimates the fair value of stock options granted using the Black-Scholes-Merton option-pricing model. The Company accounts for employees share-based payment awards classified as equity awards (restricted stocks or restricted stock units) using the grant-date fair value method. The fair value of share-based payment transactions is recognized as an expense over the requisite service period, net of estimated forfeitures. The Company estimates forfeitures based on historical experience and anticipated future conditions. The Company elected to recognize compensation cost for an award with service conditions and goals achievement that has a graded vesting schedule using the accelerated method based on the multiple-option award approach. During fiscal years 2016, 2015 and 2014 there were no options granted to employees or directors. The assumptions below are relevant to restricted stock and restricted stock units granted in 2016, 2015 and 2014: In accordance with ASC 718, restricted stock and restricted stock units are measured at their fair value. All restricted stock and restricted stock units to employees, directors and non-employees granted in 2016, 2015 and 2014 were granted for no consideration; therefore, their fair value was equal to the share price at the date of grant. The fair value of all restricted stock and restricted stock units was determined based on the close trading price of the Company's shares known at the grant date. The weighted average grant date fair value of shares granted during 2016, 2015 and 2014 was $1.13, $2.70 and $3.53, respectively. |
Research and Development expenses and grants | m. Research and Development expenses and grants Research and development expenses, net of participations, are charged to the statement of operations as incurred. Research and development grants from the government of Israel and other parties for funding approved research and development projects are recognized at the time the Company is entitled to such grants, on the basis of the cost incurred and applied as a deduction from research and development costs. |
Loss per share | n. Loss per share Basic and dilutive net loss per share is computed based on the weighted average number of shares of common stock outstanding during each year. All outstanding stock options and unvested restricted stock units have been excluded from the calculation of the diluted loss per common share because all such securities are anti-dilutive for each of the periods presented. |
Income taxes | o. Income taxes The Company accounts for income taxes in accordance with ASC 740, "Income Taxes" (ASC 740). This Topic prescribes the use of the liability method, whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to their estimated realizable value. ASC 740 establishes a single model to address accounting for uncertain tax positions. ASC 740 clarified the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. |
Concentration of credit risk | p. Concentration of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents, short-term deposits, long-term deposits, restricted deposits and marketable securities. The majority of the Companys cash and cash equivalents and short-term and long-term deposits are invested in dollar instruments of major banks in Israel and in the United States. Generally, these deposits may be redeemed upon demand and therefore bear minimal risk. The Company invests its surplus cash in cash deposits and marketable securities in financial institutions and has established guidelines, approved by the Companys Investment Committee, relating to diversification and maturities to maintain safety and liquidity of the investments. The Company holds an investment portfolio consisting of corporate bonds, government bonds, stocks and index linked notes. The Company intends, and has the ability, to hold such investments until recovery of temporary declines in market value or maturity. However, the Company can provide no assurance that it will recover declines in the market value of its investments. The Company utilizes forward and options contracts to protect against the risk of overall changes in exchange rates. The derivative instruments hedge a portion of the Companys non-dollar currency exposure. Counterparties to the Companys derivative instruments are all major financial institutions. |
Severance pay | q. Severance pay Majority of the Companys agreements with employees in Israel, are subject to Section 14 of the Israeli Severance Pay Law, 1963 (Severance Pay Law). The Companys contributions for severance pay have replaced its severance obligation. Upon contribution of the full amount of the employees monthly salary for each year of employment, no additional calculations are conducted between the parties regarding the matter of severance pay and no additional payments are made by the Company to the employee. Further, the related obligation and amounts deposited on behalf of the employee for such obligation are not stated on the balance sheet, as the Company is legally released from the obligation to employees once the deposit amounts have been paid. For some employees, which their agreement is not subject to Section 14 of the Severance Pay Law, the Subsidiary's liability for severance pay is calculated pursuant to Israeli Severance Pay Law, based on the most recent salary of the employees multiplied by the number of years of employment, as of the balance sheet date. Employees are entitled to one month's salary for each year of employment or a portion thereof. The Companys liability for all of its employees is fully provided by monthly deposits with insurance policies and by an accrual. The value of these policies is recorded as an asset in the Company's balance sheet. The deposited funds include profits or losses accumulated up to the balance sheet date. The deposited funds may bewithdrawn only upon the fulfillment of the obligation pursuant to the Severance Pay Law or labor agreements. The value of the deposited funds is based on the cash surrendered value of these policies, and includes immaterial profits or losses. Severance expenses for the years ended June 30, 2016, 2015 and 2014, were $556, $441 and $534, respectively. |
Fair value of financial instruments | r. Fair value of financial instruments The carrying amounts of the Company's financial instruments, including cash and cash equivalents, short-term and restricted bank deposits, trade payable and other accounts payable and accrued liabilities, approximate fair value because of their generally short term maturities. The Company measures its investments in marketable securities and derivative instruments at fair value under ASC 820, Fair Value Measurements and Disclosures. 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 | s. Derivative financial instruments The Company uses options strategies and forward contracts (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 derivatives change in fair value is recognized in the statement of operations. Cash Flow Hedges The net gain (loss) realized in statement of operations during the year ended June 30, 2016, 2015 and 2014 resulting from the cash flow hedge transactions, amounted to approximately $7, ($269) and $48, respectively. Other Derivatives |
Comprehensive income (loss) | t. Comprehensive income (loss): The Company accounts for comprehensive income (loss) in accordance with ASC 220, “Comprehensive Income”. Comprehensive income generally represents all changes in stockholders’ equity during the period except those resulting from investments by, or distributions to, stockholders’. The Company determined that its items of other comprehensive income (loss) relate to gains and losses on cash flow hedging derivative instruments and unrealized gains and losses on available for sale marketable securities. The following table summarizes the changes in accumulated balances of other comprehensive income for the year ended June 30, 2016: Year ended June 30, 2016 Unrealized Unrealized Total Beginning balance $ 2,094 $ 46 $ 2,140 Other comprehensive income before reclassifications (1,071 ) - (1,071 ) Amounts reclassified from accumulated other comprehensive loss 457 (46 ) 411 Net current-period other comprehensive income (loss) (614 ) (46 ) (660 ) Ending balance $ 1,480 $ (- ) $ 1,480 |
Recent Accounting Pronouncement | u. Recent Accounting Pronouncement ASU 2014-15 - Presentation of Financial Statements-Going Concern (Subtopic 205-40): In August 2014, the Financial According Standards Board (the FASB) issued Accounting Standards Update (the ASU)2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): "Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern", which defines managements responsibility to assess an entitys ability to continue as a going concern, and to provide related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. The pronouncement is effective for annual reporting periods ending after December 15, 2016, with early adoption permitted. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. ASU 2016-02 - Leases (Topic 842): In February 2016, the FASB issued guidance on the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e., lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than 12 months regardless of their classification. Leases with a term of 12 months or less will be accounted for in a manner similar to the accounting under existing guidance for operating leases today. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASC 842 supersedes the previous leases standard, ASC 840, "Leases". The guidance is effective for the interim and annual periods beginning on or after December 15, 2018 (early adoption is permitted). The Company is currently evaluating the potential effect of the guidance on its consolidated financial statements. ASU 2014-09 - Revenue from Contracts with Customers (Topic 606): In May 2014, the FASB issued guidance on revenue from contracts with customers that will supersede most current revenue recognition guidance, including industry-specific guidance. The underlying principle is that an entity will recognize revenue upon the transfer of goods or services to customers in an amount that the entity expects to be entitled to in exchange for those goods or services. The guidance provides a five-step analysis of transactions to determine when and how revenue is recognized. Other major provisions include capitalization of certain contract costs, consideration of the time value of money in the transaction price, and allowing estimates of variable consideration to be recognized before contingencies are resolved in certain circumstances. The guidance also requires enhanced disclosures regarding the nature, amount, timing and uncertainty of revenue and cash flows arising from an entitys contracts with customers. In April 2016, the FASB issued ASU 2016-10, which clarifies the implementation guidance on identifying promised goods or services and on determining whether an entity's promise to grant a license with either a right to use the entity's intellectual property (which is satisfied at a point in time) or a right to access the entity's intellectual property (which is satisfied over time). The guidance is effective for the interim and annual periods beginning on or after December 15, 2017, or July 1, 2018 for the Company (early adoption is permitted for the interim and annual periods beginning on or after December 15, 2016). The guidance permits the use of either a retrospective or cumulative effect transition method. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. ASU 2016-09 - Stock Compensation (Topic 718): In March 2016, the FASB issued ASU 2016-9, Stock Compensation (Topic 718) Improvements to Employee Share-Based Payment Accounting. This guidance simplifies various aspects related to how share-based payments are accounted for and presented in the financial statements. This guidance is effective for fiscal years, and interim periods within those years, beginning after December 15, 2016. The Company is currently evaluating the impact of the guidance on its consolidated financial statements. |
SIGNIFICANT ACCOUNTING POLICI22
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Accounting Policies [Abstract] | |
Schedule of Property and Equipment, Estimated Useful Lives, Annual Rate | % Laboratory equipment 10-15 Computers and peripheral equipment 33 Office furniture and equipment 15 Vehicles 15 Leasehold improvements The shorter of the expected useful life or the reasonable assumed term of the lease. |
Schedule of Accumulated Other Comprehensive Income (Loss) | Year ended June 30, 2016 Unrealized gains (losses) on marketable securities Unrealized gains (losses) on cash flow hedges Total Beginning balance $ 2,094 $ 46 $ 2,140 Other comprehensive income before reclassifications (1,071 ) - (1,071 ) Amounts reclassified from accumulated other comprehensive loss 457 (46 ) 411 Net current-period other comprehensive income (loss) (614 ) (46 ) (660 ) Ending balance $ 1,480 $ (- ) $ 1,480 |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Marketable Securities [Abstract] | |
Schedule of Available-for-sale Marketable Securities | June 30, 2016 June 30, 2015 Amortized cos / cost Gross unrealized gain Gross unrealized loss Other-than-temporary impairment Fair value Amortized cos / cost Gross unrealized gain Gross unrealized loss Fair value Available-for-sale - matures within one year: Stock and index linked notes $ 11,599 $ 1,594 $ (208 ) $ (38 ) $ 12,947 $ 12,305 $ 2,083 $ (72 ) $ 14,316 Government debentures fixed interest rate 786 12 - - 798 287 1 (10 ) 278 Corporate debentures fixed interest rate 439 7 - - 446 939 26 (52 ) 913 $ 12,824 $ 1,613 $ (208 ) $ (38 ) $ 14,191 $ 13,531 $ 2,110 $ (134 ) $ 15,507 Available-for-sale - matures after one year through five years: Government debentures fixed interest rate 717 27 - - 744 2,033 40 (9 ) 2,064 Corporate debentures fixed interest rate 2,403 47 - - 2,450 4,436 97 (17 ) 4,516 $ 3,120 $ 74 $ - $ - $ 3,194 $ 6,469 $ 137 $ (26 ) $ 6,580 Available-for-sale - matures after five years through ten years: Corporate debentures fixed interest rate 29 1 - - 30 156 8 (1 ) 163 $ 29 $ 1 $ - $ - $ 30 $ 156 $ 8 $ (1 ) $ 163 Total $ 15,973 $ 1,688 $ (208 ) $ (38 ) $ 17,415 $ 20,156 $ 2,255 $ (161 ) $ 22,250 |
Schedule of Investments in Continuous Unrealized Loss Position | 12 months or less Greater than 12 months Fair Value Gross unrealized loss Fair Value Gross unrealized loss As of June 30, 2016 $ 1,258 $ (143 ) $ 563 $ (65 ) As of June 30, 2015 $ 2,535 $ (107 ) $ 524 $ (54 ) |
FAIR VALUE OF FINANCIAL INSTR24
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Instruments | June 30, 2016 June 30, 2015 Level 1 Level 2 Level 1 Level 2 Marketable securities $ 11,228 $ 6,187 $ 12,650 $ 9,600 Foreign currency derivative instruments - 65 - 322 Total financial assets $ 11,228 $ 6,252 $ 12,650 $ 9,922 |
Schedule of Derivative Hedging Activity and Balance Sheet Location | June 30, 2016 June 30, 2015 Balance Sheet presentation Fair Value Balance Sheet presentation Fair Value Derivatives designated as cash flow hedge instruments $ - Other current assets $ 52 Derivatives not designated as hedge instruments Other current assets $ 65 Other current assets $ 270 Total $ 65 $ 322 |
OTHER CURRENT ASSETS (Tables)
OTHER CURRENT ASSETS (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Schedule of Other Current Assets | June 30, 2016 2015 Prepaid expenses $ 300 $ 919 Accounts receivable from the Ministry of Economy 23 44 Derivatives designated as cash flow hedge instruments - 52 Derivatives not designated as hedge instruments 65 270 VAT receivables 167 152 Other receivables 63 621 Total $ 618 $ 2,058 |
PROPERTY AND EQUIPMENT, NET (Ta
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property and Equipment, Net | June 30, 2016 2015 Cost: Laboratory equipment $ 6,000 $ 6,096 Computers and peripheral equipment 1,024 933 Office furniture and equipment 715 617 Leasehold improvements 9,349 8,514 Vehicles 95 95 Total Cost 17,183 16,255 Accumulated depreciation: Laboratory equipment 3,401 2,805 Computers and peripheral equipment 802 617 Office furniture and equipment 353 262 Leasehold improvements 3,374 2,375 Vehicles 37 23 Total accumulated depreciation 7,967 6,082 Property and equipment, net $ 9,216 $ 10,173 |
OTHER ACCOUNTS PAYABLE (Tables)
OTHER ACCOUNTS PAYABLE (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
OTHER ACCOUNTS PAYABLE [Abstract] | |
Schedule of Other Accounts Payable | June 30, 2016 2015 Accrued payroll $ 421 $ 395 Payroll institutions 309 293 Accrued vacation 720 748 Other payables 251 97 Total $ 1,701 $ 1,533 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Automobiles [Member] | |
Long-term Purchase Commitment [Line Items] | |
Schedule of Future Minimum Rental Commitments | Year ending June 30, 2017 $ 158 2018 102 2019 28 Total $ 288 |
Leased Facilities [Member] | |
Long-term Purchase Commitment [Line Items] | |
Schedule of Future Minimum Rental Commitments | Year ending June 30, 2017 1,044 2018 1,044 2019 1,044 2020 1,052 2021 and thereafter 1,592 Total $ 5,776 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Stockholders Equity Note [Line Items] | |
Schedule of Stock Option Activity | Year ended June 30, 2016 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 (28,000 ) $ 0.62 Options forfeited (37,200 ) $ 4.40 Options outstanding at end of the period 1,771,700 $ 3.76 1.16 $ 260 Options exercisable at the end of the period 1,771,700 $ 3.76 1.16 $ 260 Options vested 1,771,700 $ 3.76 1.16 $ 260 |
Schedule of Stock Option and Warrant Activity | Year ended June 30, 2016 Number Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value Price Options and warrants outstanding at beginning of period 228,000 $ 5.73 Options granted 15,300 $ 0.00 Options and warrants exercised (6,000 ) $ 4.40 Options and warrants outstanding at end of the period 237,300 $ 5.40 1.93 $ 123 Options and warrants exercisable at the end of the period 233,438 $ 5.49 1.82 121 Options and warrants vested and expected to vest 237,300 $ 5.40 1.93 $ 123 |
Summary of Options and Warrants Outstanding | Warrants / Options Exercise Price per Share Options and Warrants for Common Stock Options and WarrantsExercisable Weighted Average Remaining Contractual Terms (in years) Warrants: $ 2.85 4,080,000 4,080,000 4.00 $ 4.20 5,060,000 5,060,000 0.09 $ 5.00 3,219,983 3,219,983 1.22 Total warrants 12,359,983 12,359,983 Options: $ 0.00 92,300 88,438 4.69 $ 0.62 361,500 361,500 2.29 $ 1.04 25,000 25,000 2.16 $ 2.97 20,000 20,000 1.86 $ 3.50 900,000 900,000 0.58 $ 3.72 15,000 15,000 0.49 $ 3.80 16,050 16,050 0.53 $ 4.00 42,500 42,500 0.30 $ 4.38 372,500 372,500 1.47 $ 4.40 400 400 1.14 $ 6.80 36,250 36,250 1.37 $ 8.20 20,000 20,000 1.16 $ 20.00 107,500 107,500 0.88 Total options 2,009,000 2,005,138 Total warrants and options 14,368,983 14,365,121 |
Options And Warrants [Member] | |
Stockholders Equity Note [Line Items] | |
Schedule of Stock-based Compensation Expenses | Year ended June 30, 2016 2015 2014 Research and development expenses $ 22 $ 1 $ 11 General and administrative expenses 2 1 $ 24 $ 2 $ 11 |
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 1,461,431 Forfeited (103,211 ) Vested (1,183,984 ) Unvested at the end of the period 1,906,619 Expected to vest after June 30, 2016 1,837,036 |
Schedule of Stock-based Compensation Expenses | Year ended June 30, 2016 2015 2014 Research and development expenses $ 1, 905 $ 1,469 $ 1,172 General and administrative expenses 960 2,277 4,390 $ 2,865 $ 3,746 $ 5,562 |
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 192,725 Vested (195,110 ) Unvested at the end of the period 26,000 |
Schedule of Stock-based Compensation Expenses | Year ended June 30, 2016 2015 2014 Research and development expenses $ 39 $ 131 $ 201 General and administrative expenses 145 173 77 $ 184 $ 304 $ 278 |
FINANCIAL INCOME, NET (Tables)
FINANCIAL INCOME, NET (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of Financial Expenses (Income), Net | Year ended June 30, 2016 2015 2014 Foreign currency translation differences, net $ (174 ) $ (1,109 ) $ 407 Bank and broker commissions (85 ) (37 ) (36 ) Interest income on deposits 149 112 246 Gain related to marketable securities, net 190 1,229 384 Gain (loss) from derivatives and fair value hedge derivatives (30 ) 395 (83 ) Other financial income 23 - - $ 73 $ 590 $ 918 |
TAXES ON INCOME (Tables)
TAXES ON INCOME (Tables) | 12 Months Ended |
Jun. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Qualifying Percentage of Value of Productive Assets | The value of productive assets before the expansion (NIS in millions) The new proportion that the required investment bears to the value of productive assets Up to NIS 140 12% NIS 140 - NIS 500 7% More than NIS 500 5% |
Schedule of Deferred Tax Assets | June 30, 2016 2015 Deferred tax assets: U.S. net operating loss carryforward $ 10,210 $ 9,132 Israeli net operating loss carryforward 22,105 19,880 Allowances and reserves 216 226 Total deferred tax assets before valuation allowance 32,531 29,238 Valuation allowance (32,531 ) (29,238 ) Net deferred tax asset $ - $ - |
GENERAL (Details)
GENERAL (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Aug. 31, 2011 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
GENERAL [Abstract] | |||||
Accumulated deficit | $ 161,757 | $ 138,511 | |||
Net loss | 23,246 | $ 24,677 | $ 26,932 | ||
Upfront payment received | $ 7,000 | ||||
Nonrefundable payments received | 5,000 | ||||
Advance payment on the development | $ 2,000 | ||||
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 | $ 10,414 | |||
Fair value of the remaining investment in CHA shares | $ 5,369 |
SIGNIFICANT ACCOUNTING POLICI33
SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accounting Policies [Abstract] | |||
Granted, weighted-average grant date fair value | $ 1.13 | $ 2.70 | $ 3.53 |
Severance expenses | $ 556 | $ 441 | $ 534 |
Net gain (loss), resulting in the cash flow hedge transactions | 7 | (269) | 48 |
Net gain (loss) realized on derivatives | (205) | 248 | (70) |
Fair value of cash flow hedge derivatives | 52 | ||
Fair value of other derivatives | 65 | 270 | |
Other-than-temporary impairment loss | 38 | ||
Deferred revenue | 5,000 | ||
Contingent consideration receivable if certain regulatory milestones are reached | 37,500 | ||
Advance payment for development costs | $ 2,000 |
SIGNIFICANT ACCOUNTING POLICI34
SIGNIFICANT ACCOUNTING POLICIES (Schedule of Property and Equipment Depreciation Rate) (Details) | 12 Months Ended |
Jun. 30, 2016 | |
Laboratory equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 10.00% |
Laboratory equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 15.00% |
Computers and peripheral equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 33.00% |
Office furniture and equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 15.00% |
Vehicles [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation rate | 15.00% |
Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Depreciation, leasehold | The shorter of the expected useful life or the reasonable assumed term of the lease. |
SIGNIFICANT ACCOUNTING POLICI35
SIGNIFICANT ACCOUNTING POLICIES (Comprehensive Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | $ 2,140 | ||
Other comprehensive loss before reclassifications | (1,071) | ||
Amounts reclassified from accumulated other comprehensive loss | 411 | ||
Net current-period other comprehensive income (loss) | (660) | $ (819) | $ 2,700 |
Ending balance | 1,480 | 2,140 | |
Unrealized gains (losses) on marketable securities [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 2,094 | ||
Other comprehensive loss before reclassifications | (1,071) | ||
Amounts reclassified from accumulated other comprehensive loss | 457 | ||
Net current-period other comprehensive income (loss) | (614) | ||
Ending balance | 1,480 | 2,094 | |
Unrealized gains (losses) on cash flow hedges [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning balance | 46 | ||
Other comprehensive loss before reclassifications | |||
Amounts reclassified from accumulated other comprehensive loss | (46) | ||
Net current-period other comprehensive income (loss) | (46) | ||
Ending balance | $ 46 |
MARKETABLE SECURITIES (Schedule
MARKETABLE SECURITIES (Schedule of Available-for-sale Marketable Securities) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 15,973 | $ 20,156 |
Gross unrealized gain | 1,688 | 2,255 |
Gross unrealized loss | (208) | (161) |
Other-than-temporary impairment | (38) | |
Fair value | 17,415 | 22,250 |
Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 12,824 | 13,531 |
Gross unrealized gain | 1,613 | 2,110 |
Gross unrealized loss | (208) | (134) |
Other-than-temporary impairment | (38) | |
Fair value | 14,191 | 15,507 |
One to Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 3,120 | 6,469 |
Gross unrealized gain | 74 | 137 |
Gross unrealized loss | (26) | |
Other-than-temporary impairment | ||
Fair value | 3,194 | 6,580 |
After Five Years through Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 29 | 156 |
Gross unrealized gain | 1 | 8 |
Gross unrealized loss | (1) | |
Other-than-temporary impairment | ||
Fair value | 30 | 163 |
Stock and Index Linked Notes [Member] | Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 11,599 | 12,305 |
Gross unrealized gain | 1,594 | 2,083 |
Gross unrealized loss | (208) | (72) |
Other-than-temporary impairment | (38) | |
Fair value | 12,947 | 14,316 |
Government Debentures [Member] | Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 786 | 287 |
Gross unrealized gain | 12 | 1 |
Gross unrealized loss | (10) | |
Other-than-temporary impairment | ||
Fair value | 798 | 278 |
Government Debentures [Member] | One to Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 717 | 2,033 |
Gross unrealized gain | 27 | 40 |
Gross unrealized loss | (9) | |
Other-than-temporary impairment | ||
Fair value | 744 | 2,064 |
Corporate Debentures [Member] | Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 439 | 939 |
Gross unrealized gain | 7 | 26 |
Gross unrealized loss | (52) | |
Other-than-temporary impairment | ||
Fair value | 446 | 913 |
Corporate Debentures [Member] | One to Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 2,403 | 4,436 |
Gross unrealized gain | 47 | 97 |
Gross unrealized loss | (17) | |
Other-than-temporary impairment | ||
Fair value | 2,450 | 4,516 |
Corporate Debentures [Member] | After Five Years through Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 29 | 156 |
Gross unrealized gain | 1 | 8 |
Gross unrealized loss | (1) | |
Other-than-temporary impairment | ||
Fair value | $ 30 | $ 163 |
MARKETABLE SECURITIES (Schedu37
MARKETABLE SECURITIES (Schedule of Investments in Unrealized Loss) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Marketable Securities [Abstract] | ||
Less than 12 months, fair value | $ 1,258 | $ 2,535 |
Less than 12 months, gross unrealized loss | (143) | (107) |
12 months or greater, fair value | 563 | 524 |
12 months or greater, gross unrealized loss | (65) | (54) |
Interest receivable | $ 28 | $ 105 |
FAIR VALUE OF FINANCIAL INSTR38
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 17,415 | $ 22,250 |
Foreign currency derivative instruments | 65 | 322 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 11,228 | 12,650 |
Foreign currency derivative instruments | ||
Total financial assets | 11,228 | 12,650 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 6,187 | 9,600 |
Foreign currency derivative instruments | 65 | 322 |
Total financial assets | $ 6,252 | $ 9,922 |
FAIR VALUE OF FINANCIAL INSTR39
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of the Fair Value of Hedging Instruments) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Derivatives, Fair Value [Line Items] | ||
Derivative fair value asset (liability) | $ 65 | $ 322 |
Other current assets [Member] | Derivatives not designated as hedge instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative fair value asset (liability) | 65 | 270 |
Other current assets [Member] | Cash Flow [Member] | Derivatives designated as hedge instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative fair value asset (liability) | $ 52 |
OTHER CURRENT ASSETS (Details)
OTHER CURRENT ASSETS (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid expenses | $ 300 | $ 919 |
Accounts receivable from the Ministry of Economy | 23 | 44 |
Derivatives designated as cash flow hedge instruments | 52 | |
Derivatives not designated as hedge instruments | 65 | 270 |
VAT receivables | 167 | 152 |
Other receivables | 63 | 621 |
Total | $ 618 | $ 2,058 |
PROPERTY AND EQUIPMENT, NET (De
PROPERTY AND EQUIPMENT, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | $ 17,183 | $ 16,255 | |
Property and equipment, accumulated depreciation | 7,967 | 6,082 | |
Property and equipment, net | 9,216 | 10,173 | |
Depreciation | 2,150 | 2,074 | $ 1,902 |
Laboratory equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 6,000 | 6,096 | |
Property and equipment, accumulated depreciation | 3,401 | 2,805 | |
Computers and peripheral equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 1,024 | 933 | |
Property and equipment, accumulated depreciation | 802 | 617 | |
Office furniture and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 715 | 617 | |
Property and equipment, accumulated depreciation | 353 | 262 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 9,349 | 8,514 | |
Property and equipment, accumulated depreciation | 3,374 | 2,375 | |
Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property and equipment, cost | 95 | 95 | |
Property and equipment, accumulated depreciation | $ 37 | $ 23 |
OTHER ACCOUNTS PAYABLE (Details
OTHER ACCOUNTS PAYABLE (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
OTHER ACCOUNTS PAYABLE [Abstract] | ||
Accrued payroll | $ 421 | $ 395 |
Payroll institutions | 309 | 293 |
Accrued vacation | 720 | 748 |
Other payables | 251 | 97 |
Total | $ 1,701 | $ 1,533 |
COMMITMENTS AND CONTINGENCIES43
COMMITMENTS AND CONTINGENCIES (Operating Lease) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 31, 2015 | Jan. 31, 2013 | Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Leased Facilities [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Participation from lessor | $ 947 | $ 816 | |||
Lessor favored bank guarantee | $ 360 | ||||
Lease expenses | 824 | $ 704 | $ 720 | ||
Year ending June 30, 2017 | 1,044 | ||||
Year ending June 30, 2018 | 1,044 | ||||
Year ending June 30, 2019 | 1,044 | ||||
Year ending June 30, 2020 | 1,052 | ||||
Year ending June 30, 2021 and thereafter | 1,592 | ||||
Total | 5,776 | ||||
Automobiles [Member] | |||||
Operating Leased Assets [Line Items] | |||||
Lease expenses | 210 | $ 218 | $ 244 | ||
Year ending June 30, 2017 | 158 | ||||
Year ending June 30, 2018 | 102 | ||||
Year ending June 30, 2019 | 28 | ||||
Total | $ 288 |
COMMITMENTS AND CONTINGENCIES44
COMMITMENTS AND CONTINGENCIES (Other) (Details) $ in Thousands | 12 Months Ended |
Jun. 30, 2016USD ($) | |
Other Commitments [Line Items] | |
Increase in cash pledged | $ 542 |
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) $ / shares in Units, ₪ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
May 31, 2015USD ($)shares | May 31, 2015ILS (₪)shares | Feb. 28, 2015USD ($)shares | Feb. 28, 2015ILS (₪)shares | Oct. 31, 2014USD ($)shares | Dec. 31, 2013USD ($)shares | Jun. 30, 2016USD ($)$ / sharesshares | Jun. 30, 2015USD ($)$ / sharesshares | Jun. 30, 2014USD ($)shares | |
Class of Stock [Line Items] | |||||||||
Common stock, par value per share | $ / shares | $ 0.00001 | $ 0.00001 | |||||||
Common stock, shares authorized | 200,000,000 | 200,000,000 | |||||||
Preferred stock, shares authorized | 10,000,000 | ||||||||
Preferred stock, par value per share | $ / shares | $ 0.00001 | ||||||||
Issuance of common stock under ATM Agreement, net of issuance costs of $195 (Note 9d) | $ | $ 10,644 | ||||||||
Issuance of common stock under ATM Agreement, net of issuance costs of $195 (Note 9d), shares | 2,596,032 | ||||||||
Issuance of common stock and warrants, issuance costs | $ | $ 1,200 | $ 195 | |||||||
Issuance of common stock under CHA agreement | 2,500,000 | ||||||||
CHA shares classified as marketable securities | 1,011,504 | ||||||||
Issuance of common stock under CHA Agreement (Note 1c) | $ | $ 10,414 | 10,414 | |||||||
Aggregate offering price under ATM agreement | $ | $ 95,000 | ||||||||
Stock-based compensation to contractor, shares to be issued | 90,000 | ||||||||
Stock-based compensation to contractor, shares | 100,004 | 100,004 | |||||||
Issuance of common stock and warrants, net of issuance costs, shares | 6,800,000 | ||||||||
Issuance of common stock and warrants, net of issuance costs | $ | $ 15,800 | ||||||||
Offering price per unit | $ / shares | $ 2.50 | ||||||||
Warrants for common stock | 4,080,000 | ||||||||
Proceeds from issuance of stock | $ | $ 790 | $ 16,914 | $ 10,644 | ||||||
Issuance of common stock in a private placement | $ | $ 790 | $ 586 | $ 528 | 790 | 1,114 | ||||
Issuance of common stock in a private placement, shares | 300,000 | 300,000 | 200,000 | 200,000 | 200,000 | ||||
Stock based compensation to contractor | $ | $ 841 | 39 | 263 | ||||||
Cash paid to construction contractor | $ | 774 | ||||||||
Unrecorded Unconditional Purchase Obligation | $ | $ 1,032 | ||||||||
Amount of share-based compensation included in additional paid-in capital and property and equipment | $ | $ 302 | ||||||||
2005 Plan [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Options authorized | 15,451,297 | ||||||||
Options available for future grant | 474,806 | ||||||||
2016 Plan [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Options authorized | 2,614,197 | ||||||||
Israel, New Shekels [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Stock based compensation to contractor | ₪ | ₪ 3,300 | ||||||||
Costs paid to construction contractor | ₪ | ₪ 4,000 | ||||||||
Cash paid to construction contractor | ₪ | ₪ 3,000 | ||||||||
Investor Warrants [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Warrants exercised via cashless exercise | 2,081,303 | 2,517,907 | |||||||
Warrants exercised via cashless exercise, shares issued | 963,876 | 1,469,584 | |||||||
Warrants exercised for cash | 170,167 | 1,432,584 | |||||||
Aggregate cash consideration received | $ | $ 276 | $ 1,968 | |||||||
Number of warrants exercised | 170,167 | 1,432,584 | |||||||
Consultant Warrants [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Warrants exercised via cashless exercise | 65,000 | ||||||||
Warrants exercised via cashless exercise, shares issued | 36,970 | ||||||||
Warrant [Member] | |||||||||
Class of Stock [Line Items] | |||||||||
Warrant exercise price | $ / shares | $ 2.85 | ||||||||
Expiration period of warrants | 5 years |
STOCKHOLDERS' EQUITY (Summary o
STOCKHOLDERS' EQUITY (Summary of Option Activity) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Number | |
Options outstanding at beginning of period | shares | 1,836,900 |
Options exercised | shares | (28,000) |
Options forfeited | shares | (37,200) |
Options outstanding at end of the period | shares | 1,771,700 |
Options exercisable at the end of the period | shares | 1,771,700 |
Options vested | shares | 1,771,700 |
Weighted average exercise price | |
Options outstanding at beginning of period | $ / shares | $ 3.72 |
Options exercised | $ / shares | 0.62 |
Options forfeited | $ / shares | 4.40 |
Options outstanding at end of the period | $ / shares | 3.76 |
Options exercisable at the end of the period | $ / shares | 3.76 |
Options vested | $ / shares | $ 3.76 |
Weighted average remaining contractual term | |
Weighted Average Remaining Contractual Terms (in years) | 1 year 1 month 28 days |
Options exercisable at the end of the period | 1 year 1 month 28 days |
Options vested | 1 year 1 month 28 days |
Aggregate intrinsic value price | |
Options outstanding at end of the period | $ | $ 260 |
Options exercisable at the end of the period | $ | 260 |
Options vested | $ | $ 260 |
STOCKHOLDERS' EQUITY (Summary47
STOCKHOLDERS' EQUITY (Summary of Option and Warrant Activity to Non-employees) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended |
Jun. 30, 2016USD ($)$ / sharesshares | |
Number | |
Options and warrants outstanding at beginning of period | shares | 228,000 |
Options granted | shares | 15,300 |
Options and warrants exercised | shares | (6,000) |
Options and warrants outstanding at end of the period | shares | 237,300 |
Options and warrants exercisable at the end of the period | shares | 233,438 |
Options not vested, expected to vest | shares | 237,300 |
Weighted average exercise price | |
Options and warrants outstanding at beginning of period | $ / shares | $ 5.73 |
Options granted | $ / shares | 0 |
Options and warrants exercised | $ / shares | 4.40 |
Options and warrants outstanding at end of the period | $ / shares | 5.40 |
Options and warrants exercisable at the end of the period | $ / shares | 5.49 |
Options not vested, expected to vest | $ / shares | $ 5.40 |
Weighted average remaining contractual term (in years) | |
Options and warrants outstanding at end of the period | 1 year 11 months 5 days |
Options and warrants exercisable at the end of the period | 1 year 9 months 26 days |
Options not vested, expected to vest | 1 year 11 months 5 days |
Aggregate intrinsic value price | |
Options and warrants outstanding at end of the period | $ | $ 123 |
Options and warrants exercisable at the end of the period | $ | 121 |
Options and warrants vested and expected to vest | $ | $ 123 |
STOCKHOLDERS' EQUITY (Schedule
STOCKHOLDERS' EQUITY (Schedule of Compensation Expense) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Options And Warrants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation expenses | $ 24 | $ 2 | $ 11 |
Options And Warrants [Member] | Research and development expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation expenses | 22 | 1 | 11 |
Options And Warrants [Member] | General and administrative expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation expenses | 2 | 1 | |
Restricted stock units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation expenses | 2,865 | 3,746 | 5,562 |
Unrecognized compensation expense | $ 1,006 | ||
Unrecognized compensation expense, recognition period | 1 year 7 months 6 days | ||
Restricted stock units [Member] | Consultants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation expenses | $ 184 | 304 | 278 |
Restricted stock units [Member] | Research and development expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation expenses | 1,905 | 1,469 | 1,172 |
Restricted stock units [Member] | Research and development expenses [Member] | Consultants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation expenses | 39 | 131 | 201 |
Restricted stock units [Member] | General and administrative expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation expenses | 960 | 2,277 | 4,390 |
Restricted stock units [Member] | General and administrative expenses [Member] | Consultants [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Compensation expenses | $ 145 | $ 173 | $ 77 |
STOCKHOLDERS' EQUITY (Summary49
STOCKHOLDERS' EQUITY (Summary of RSU Activity to Employees and Directors) (Details) | 12 Months Ended |
Jun. 30, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at the end of the period | 1,932,619 |
Restricted stock units [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at the beginning of period | 1,732,383 |
Granted | 1,461,431 |
Forfeited | (103,211) |
Vested | (1,183,984) |
Unvested at the end of the period | 1,906,619 |
Expected to vest after June 30, 2016 | 1,837,036 |
STOCKHOLDERS' EQUITY (Summary50
STOCKHOLDERS' EQUITY (Summary of RSU Activity to Consultants) (Details) | 12 Months Ended |
Jun. 30, 2016shares | |
Share-based Goods and Nonemployee Services Transaction [Line Items] | |
Unvested at the end of the period | 1,932,619 |
Consultants [Member] | |
Share-based Goods and Nonemployee Services Transaction [Line Items] | |
Unvested at the beginning of period | 28,385 |
Granted | 192,725 |
Vested | (195,110) |
Unvested at the end of the period | 26,000 |
STOCKHOLDERS' EQUITY (Summary51
STOCKHOLDERS' EQUITY (Summary of Warrants and Options) (Details) - $ / shares | 12 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Exercise Price per Share | $ 3.76 | $ 3.72 |
Options and Warrants for Common Stock | 14,368,983 | |
Options and Warrants Exercisable | 14,365,121 | |
Weighted Average Remaining Contractual Terms (in years) | 1 year 1 month 28 days | |
Restricted stock not included in summary of options and warrants | 1,932,619 | |
Employee Stock Option [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Options and Warrants for Common Stock | 2,009,000 | |
Options and Warrants Exercisable | 2,005,138 | |
Employee Stock Option [Member] | $0.00 [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Exercise Price per Share | $ 0 | |
Options and Warrants for Common Stock | 92,300 | |
Options and Warrants Exercisable | 88,438 | |
Weighted Average Remaining Contractual Terms (in years) | 4 years 8 months 9 days | |
Employee Stock Option [Member] | $0.62 [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Exercise Price per Share | $ 0.62 | |
Options and Warrants for Common Stock | 361,500 | |
Options and Warrants Exercisable | 361,500 | |
Weighted Average Remaining Contractual Terms (in years) | 2 years 3 months 15 days | |
Employee Stock Option [Member] | $1.04 [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Exercise Price per Share | $ 1.04 | |
Options and Warrants for Common Stock | 25,000 | |
Options and Warrants Exercisable | 25,000 | |
Weighted Average Remaining Contractual Terms (in years) | 2 years 1 month 28 days | |
Employee Stock Option [Member] | $2.97 [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Exercise Price per Share | $ 2.97 | |
Options and Warrants for Common Stock | 20,000 | |
Options and Warrants Exercisable | 20,000 | |
Weighted Average Remaining Contractual Terms (in years) | 1 year 10 months 10 days | |
Employee Stock Option [Member] | $3.50 [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Exercise Price per Share | $ 3.50 | |
Options and Warrants for Common Stock | 900,000 | |
Options and Warrants Exercisable | 900,000 | |
Weighted Average Remaining Contractual Terms (in years) | 6 months 29 days | |
Employee Stock Option [Member] | $3.72 [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Exercise Price per Share | $ 3.72 | |
Options and Warrants for Common Stock | 15,000 | |
Options and Warrants Exercisable | 15,000 | |
Weighted Average Remaining Contractual Terms (in years) | 5 months 27 days | |
Employee Stock Option [Member] | $3.80 [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Exercise Price per Share | $ 3.80 | |
Options and Warrants for Common Stock | 16,050 | |
Options and Warrants Exercisable | 16,050 | |
Weighted Average Remaining Contractual Terms (in years) | 6 months 11 days | |
Employee Stock Option [Member] | $4.00 [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Exercise Price per Share | $ 4 | |
Options and Warrants for Common Stock | 42,500 | |
Options and Warrants Exercisable | 42,500 | |
Weighted Average Remaining Contractual Terms (in years) | 3 months 18 days | |
Employee Stock Option [Member] | $4.38 [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Exercise Price per Share | $ 4.38 | |
Options and Warrants for Common Stock | 372,500 | |
Options and Warrants Exercisable | 372,500 | |
Weighted Average Remaining Contractual Terms (in years) | 1 year 5 months 19 days | |
Employee Stock Option [Member] | $4.40 [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Exercise Price per Share | $ 4.40 | |
Options and Warrants for Common Stock | 400 | |
Options and Warrants Exercisable | 400 | |
Weighted Average Remaining Contractual Terms (in years) | 1 year 1 month 21 days | |
Employee Stock Option [Member] | $6.80 [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Exercise Price per Share | $ 6.80 | |
Options and Warrants for Common Stock | 36,250 | |
Options and Warrants Exercisable | 36,250 | |
Weighted Average Remaining Contractual Terms (in years) | 1 year 4 months 13 days | |
Employee Stock Option [Member] | $8.20 [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Exercise Price per Share | $ 8.20 | |
Options and Warrants for Common Stock | 20,000 | |
Options and Warrants Exercisable | 20,000 | |
Weighted Average Remaining Contractual Terms (in years) | 1 year 1 month 28 days | |
Employee Stock Option [Member] | $20.00 [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Exercise Price per Share | $ 20 | |
Options and Warrants for Common Stock | 107,500 | |
Options and Warrants Exercisable | 107,500 | |
Weighted Average Remaining Contractual Terms (in years) | 10 months 17 days | |
Warrant [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Options and Warrants for Common Stock | 12,359,983 | |
Options and Warrants Exercisable | 12,359,983 | |
Warrant [Member] | $2.85 [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Exercise Price per Share | $ 2.85 | |
Options and Warrants for Common Stock | 4,080,000 | |
Options and Warrants Exercisable | 4,080,000 | |
Weighted Average Remaining Contractual Terms (in years) | 4 years | |
Warrant [Member] | $4.20 [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Exercise Price per Share | $ 4.20 | |
Options and Warrants for Common Stock | 5,060,000 | |
Options and Warrants Exercisable | 5,060,000 | |
Weighted Average Remaining Contractual Terms (in years) | 1 month 2 days | |
Warrant [Member] | $5.00 [Member] | ||
Share-based Goods and Nonemployee Services Transaction [Line Items] | ||
Exercise Price per Share | $ 5 | |
Options and Warrants for Common Stock | 3,219,983 | |
Options and Warrants Exercisable | 3,219,983 | |
Weighted Average Remaining Contractual Terms (in years) | 1 year 2 months 19 days |
FINANCIAL INCOME, NET (Details)
FINANCIAL INCOME, NET (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Other Income and Expenses [Abstract] | |||
Foreign currency translation differences, net | $ (174) | $ (1,109) | $ 407 |
Bank and broker commissions | (85) | (37) | (36) |
Interest income on deposits | 149 | 112 | 246 |
Gain related to marketable securities, net | 190 | 1,229 | 384 |
Gain (loss) from derivatives and fair value hedge derivatives | (30) | 395 | (83) |
Other financial income | 23 | ||
Financial income, net | $ 73 | $ 590 | $ 918 |
TAXES ON INCOME (Schedule of Si
TAXES ON INCOME (Schedule of Significant Components of Deferred Tax Assets) (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Jun. 30, 2015 |
Income Tax Disclosure [Abstract] | ||
U.S. net operating loss carryforward | $ 10,210 | $ 9,132 |
Israeli net operating loss carryforward | 22,105 | 19,880 |
Allowances and reserves | 216 | 226 |
Total deferred tax assets before valuation allowance | 32,531 | 29,238 |
Valuation allowance | (32,531) | (29,238) |
Net deferred tax asset |
TAXES ON INCOME (Narrative) (De
TAXES ON INCOME (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statutory tax rate | 25.00% | 26.50% | 26.50% |
Effective income tax rate | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Statutory tax rate | 25.00% | 25.00% | 25.00% |
Maximum [Member] | |||
Statutory tax rate | 35.00% | 35.00% | 35.00% |
Internal Revenue Service (IRS) [Member] | |||
Net operating loss carryforwards | $ 29,172 | ||
Internal Revenue Service (IRS) [Member] | Earliest Tax Year [Member] | |||
Net federal operating loss carry forward expiration date | Dec. 31, 2023 | ||
Internal Revenue Service (IRS) [Member] | Latest Tax Year [Member] | |||
Net federal operating loss carry forward expiration date | Dec. 31, 2036 | ||
Israel Tax Authority [Member] | |||
Net operating loss carryforwards | $ 88,419 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) - Aug. 31, 2016 - Subsequent Event [Member] € in Thousands, $ in Thousands | USD ($) | EUR (€) |
Approval of grant received | $ | $ 2,100 | |
Critical Limb Ischemia [Member] | ||
Approval of grant received | $ | $ 8,400 | |
Euro [Member] | ||
Approval of grant received | € | € 1,900 | |
Euro [Member] | Critical Limb Ischemia [Member] | ||
Approval of grant received | € | € 7,600 |