Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2016 | Nov. 02, 2016 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 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 | 2,017 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 81,020,086 |
INTERIM CONDENSED CONSOLIDATED
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 6,098 | $ 6,223 |
Short-term bank deposits | 6,731 | 8,570 |
Restricted cash and short-term bank deposits | 543 | 542 |
Marketable securities | 15,933 | 17,415 |
Accounts receivable from the Israel Innovation Authority ("IIA") | 459 | 2,228 |
Other current assets | 550 | 618 |
Total current assets | 30,314 | 35,596 |
LONG-TERM ASSETS: | ||
Long-term deposits and restricted bank deposits | 374 | 363 |
Severance pay fund | 748 | 766 |
Property and equipment, net | 8,773 | 9,216 |
Total long-term assets | 9,895 | 10,345 |
Total assets | 40,209 | 45,941 |
CURRENT LIABILITIES | ||
Trade payables | 2,288 | 2,705 |
Accrued expenses | 1,513 | 1,369 |
Other accounts payable | 1,573 | 1,701 |
Total current liabilities | 5,374 | 5,775 |
LONG-TERM LIABILITIES | ||
Accrued severance pay | 892 | 910 |
Other long-term liabilities | 1,040 | 1,100 |
Total long-term liabilities | 1,932 | 2,010 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Common stock $0.00001 par value per share: Authorized: 200,000,000 shares Issued and outstanding: 80,780,201 shares as of September 30, 2016, 80,268,999 shares as of June 30, 2016 | 1 | 1 |
Additional paid-in capital | 198,921 | 198,432 |
Accumulated deficit | (168,081) | (161,757) |
Other comprehensive income | 2,062 | 1,480 |
Total stockholders' equity | 32,903 | 38,156 |
Total liabilities and stockholders' equity | $ 40,209 | $ 45,941 |
INTERIM CONDENSED CONSOLIDATED3
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Sep. 30, 2016 | Jun. 30, 2016 |
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 | 80,780,201 | 80,268,999 |
Common stock, shares outstanding | 80,780,201 | 80,268,999 |
INTERIM CONDENSED CONSOLIDATED4
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||
Revenues | $ 95 | |
Cost of revenues | (3) | |
Gross profit | 92 | |
Research and development expenses | (6,031) | (5,059) |
Less: participation by the IIA and other parties | 1,033 | 931 |
Research and development expenses, net | (4,998) | (4,128) |
General and administrative expenses | (1,564) | (1,487) |
Operating loss | (6,562) | (5,523) |
Financial income (expense), net | 238 | (353) |
Net loss | $ (6,324) | $ (5,876) |
Loss per share: | ||
Basic and diluted net loss per share | $ (0.08) | $ (0.07) |
Weighted average number of shares used in computing basic and diluted net loss per share | 80,674,961 | 78,704,746 |
INTERIM CONDENSED CONSOLIDATED5
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (6,324) | $ (5,876) |
Other comprehensive income (loss), net: | ||
Unrealized gain (loss) on derivative instruments | (39) | |
Unrealized gain (loss) on available-for-sale marketable securities, net | 586 | (1,771) |
Reclassification adjustment of derivative instruments gains (losses) realized in net loss, net | (7) | |
Reclassification adjustment of available-for-sale marketable securities gains (losses) realized in net loss, net | (4) | 119 |
Other comprehensive income (loss) | 582 | (1,698) |
Total comprehensive loss | $ (5,742) | $ (7,574) |
INTERIM CONDENSED STATEMENTS OF
INTERIM CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDER'S EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Receivables an account of shares [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] | Total | |
Balance at Jun. 30, 2015 | $ 1 | $ 195,303 | $ (790) | $ 2,140 | $ (138,511) | $ 58,143 | |
Balance, shares at Jun. 30, 2015 | 78,771,905 | ||||||
Exercise of options by employees and non-employee consultants | [1] | 16 | 16 | ||||
Exercise of options by employees and non-employee consultants, shares | 25,000 | ||||||
Stock based compensation to employees, directors and non-employee consultants | [1] | 908 | 908 | ||||
Stock based compensation to employees, directors and non-employee consultants, shares | 401,348 | ||||||
Proceeds related to issuance of common stock in a private placement (Note 6a) | 790 | 790 | |||||
Stock based compensation to contractor (Note 6b) | 65 | 65 | |||||
Other comprehensive income (loss), net | (1,698) | (1,698) | |||||
Net loss | (5,876) | (5,876) | |||||
Balance at Sep. 30, 2015 | $ 1 | 196,292 | 442 | (144,387) | 52,348 | ||
Balance, shares at Sep. 30, 2015 | 79,198,253 | ||||||
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 | |||||
Exercise of options by employees | [1] | 4 | $ 4 | ||||
Exercise of options by employees, shares | 6,000 | ||||||
Stock based compensation to employees, directors and non-employee consultants | [1] | 485 | 485 | ||||
Stock based compensation to employees, directors and non-employee consultants, shares | 505,202 | ||||||
Other comprehensive income (loss), net | 582 | 582 | |||||
Net loss | (6,324) | (6,324) | |||||
Balance at Sep. 30, 2016 | $ 1 | $ 198,921 | $ 2,062 | $ (168,081) | $ 32,903 | ||
Balance, shares at Sep. 30, 2016 | 80,780,201 | 80,780,201 | |||||
[1] | Less than $1 |
INTERIM CONDENSED CONSOLIDATED7
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (6,324) | $ (5,876) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 558 | 497 |
Gain from sale of property and equipment, net | (4) | (3) |
Accretion of discount, amortization of premium and changes in accrued interest of marketable securities | (33) | 136 |
Gain from sale of investments of available-for-sale marketable securities | (4) | (17) |
Stock-based compensation to employees, directors and non-employees consultants | 485 | 908 |
Decrease in Accounts receivable from the IIA | 1,769 | 1,272 |
Decrease in other current assets | 68 | 863 |
Decrease in trade payables | (389) | (1,326) |
Decrease in other accounts payable, accrued expenses and other long-term liabilities | (44) | (165) |
Decrease in deferred revenues | (95) | |
Decrease in advance payment from United | (23) | |
Decrease (increase) in interest receivable on short-term deposits | (2) | 35 |
Linkage differences and interest on short and long-term deposits and restricted bank deposits | (3) | 24 |
Accrued severance pay, net | 2 | |
Net cash used by operating activities | (3,923) | (3,768) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (145) | (1,106) |
Proceeds from sale of property and equipment | 6 | 3 |
Repayment of (investment in) short-term deposits | 1,834 | (7,928) |
Repayment of (investment in) long-term deposits and restricted bank deposits | (2) | 2 |
Proceeds from sale of available-for-sale marketable securities | 2,732 | 517 |
Proceeds from redemption of available-for-sale marketable securities | 55 | 229 |
Investment in available-for-sale marketable securities | (686) | (576) |
Net cash provided by (used in) investing activities | 3,794 | (8,859) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds related to issuance of common stock and warrants, net of issuance costs | 790 | |
Exercise of options | 4 | 16 |
Net cash provided by financing activities | 4 | 806 |
Decrease in cash and cash equivalents | (125) | (11,821) |
Cash and cash equivalents at the beginning of the period | 6,223 | 22,626 |
Cash and cash equivalents at the end of the period | 6,098 | 10,805 |
(a) Supplemental disclosure of cash flow activities: | ||
Cash paid during the period for: Taxes paid due to non-deductible expenses | 8 | 8 |
(b) Supplemental disclosure of non-cash activities: | ||
Purchase of property and equipment on credit | 98 | 165 |
Share consideration to contractor | $ 65 |
GENERAL
GENERAL | 3 Months Ended |
Sep. 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 $168,081 through September 30, 2016, and the Company incurred a net loss of $6,324 for the three month period ended September 30, 2016. As of September 30, 2016, the Company's cash position (cash and cash equivalents, short-term bank deposits and marketable securities) totaled approximately $28,762. 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 obligations as they come due at least for a period of twelve months from the date of the interim condensed consolidated financial statements. 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 Intermittent 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 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 a development plan for conducting the clinical trials. Upon termination of the CHA Agreement, the license granted thereunder will terminate and all rights included therein will revert to the Company, and 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 will 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”) 320, “Investments - Debt and Equity Securities”. The fair value of the remaining investment as of September 30, 2016 is $5,717. |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | NOTE 2:- BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES a. Unaudited Interim Financial Information The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). For further information, reference is made to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2016. Operating results for the three month period ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending June 30, 2017. b. Significant Accounting Policies The significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are identical to those applied in the preparation of the latest annual financial statements. c. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates, 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. d. Fair value of financial instruments The carrying amounts of the Company's financial instruments, including cash and cash equivalents, short-term and restricted bank deposits, trade payable and other accounts payable and accrued liabilities, approximate fair value because of their generally short term maturities. The Company measures its investments in marketable securities and derivative instruments at fair value under ASC 820, “Fair Value Measurements and Disclosures”. 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 (see Note 4). e . 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 derivative’s change in fair value is recognized in the statement of operations. Cash Flow Hedges Other Derivatives f. Recent Accounting Pronouncement Accounting Standards Update (“ASU”) 2014-09 - Revenue from Contracts with Customers (Topic 606): In May 2014, the Financial Accounting Standards Board (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 entity’s 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. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 3 Months Ended |
Sep. 30, 2016 | |
Marketable Securities [Abstract] | |
MARKETABLE SECURITIES | NOTE 3:- MARKETABLE SECURITIES As of September 30, 2016, all of the Company’s marketable securities were classified as available-for-sale. September 30, 2016 (Unaudited) June 30, 2016 Amortized cost Gross unrealized gain Gross unrealized loss Fair Value Amortized cost Gross unrealized gain Gross unrealized loss Other-than-temporary impairment Fair value Available-for-sale - matures within one year: Stock and index linked notes $ 11,507 $ 2,110 $ (103 ) $ 13,514 $ 11,599 $ 1,594 $ (208 ) $ (38 ) $ 12,947 Government debentures – fixed interest rate 101 2 - 103 786 12 - - 798 Corporate debentures – fixed interest rate - - - - 439 7 - - 446 $ 11,608 $ 2,112 $ (103 ) $ 13,617 $ 12,824 $ 1,613 $ (208 ) $ (38 ) $ 14,191 Available-for-sale - matures after one year through five years: Government debentures – fixed interest rate 620 25 - 645 717 27 - - 744 Corporate debentures – fixed interest rate 1,627 28 - 1,655 2,403 47 - - 2,450 $ 2,247 $ 53 $ - $ 2,300 $ 3,120 $ 74 $ - $ - $ 3,194 Available-for-sale - matures after five years through ten years: Corporate debentures – fixed interest rate 16 - - 16 29 1 - - 30 $ 16 $ - $ - $ 16 $ 29 $ 1 $ - $ - $ 30 $ 13,871 $ 2,165 $ (103 ) $ 15,933 $ 15,973 $ 1,688 $ (208 ) $ (38 ) $ 17,415 The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 30, 2016 and June 30, 2016, and the length of time that those investments have been in a continuous loss position: Less than 12 months 12 months or greater Fair Value Gross Fair Value Gross As of September 30, 2016 (Unaudited) $ 1,364 $ (79 ) $ 201 $ (25 ) As of June 30, 2016 $ 1,258 $ (143 ) $ 563 $ (65 ) The Company typically invests in highly-rated securities. When evaluating the investments for other-than-temporary impairment, the Company reviews factors such as the length of time and extent to which fair value has been below cost basis, the financial condition of the issuer and any changes thereto, and the Company's intent to sell, or whether it is more likely than not it will be required to sell, the investment before recovery of the investment's amortized cost basis. Based on the above factors, the Company concluded that unrealized losses on all available-for-sale securities were not other-than-temporary and no credit loss was present for any of its investments. As such, the Company did not recognize any impairment charges on outstanding securities during the three month period ended September 30, 2016. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 4:- FAIR VALUE OF FINANCIAL INSTRUMENTS September 30, 2016 (Unaudited) June 30, 2016 Level 1 Level 2 Level 1 Level 2 Marketable securities $ 11,203 $ 4,730 $ 11,228 $ 6,187 Foreign currency derivative instruments - 130 - 65 Total financial assets $ 11,203 $ 4,860 $ 11,228 $ 6,252 September 30, 2016 (Unaudited) June 30, 2016 Balance Sheet presentation Fair Value Balance Sheet presentation Fair Value Derivatives not designated as hedge instruments Other current assets $ 130 Other current assets $ 65 Total $ 130 $ 65 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 5: - COMMITMENTS AND CONTINGENCIES a. An amount of $543 of cash and deposits was pledged by the Subsidiary to secure the derivatives and hedging transactions, credit line and bank guarantees. b. Under the Law for the Encouragement of Industrial Research and Development, 1984, (the “Research Law”), research and development programs that meet specified criteria and are approved by the IIA are eligible for grants of up to 50% of the project’s expenditures, as determined by the research committee, in exchange for the payment of royalties from the sale of products developed under the program. Regulations under the Research Law generally provide for the payment of royalties to the 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 Company’s obligation to pay these royalties is contingent on its actual sale of such products and services. In the absence of such sales, no payment is required. Outstanding balance of the grants will be subject to interest at a rate equal to the 12 month LIBOR applicable to dollar deposits that is published on the first business day of each calendar year. Following the full repayment of the grant, there is no further liability for royalties. Through September 30, 2016, total grants obtained aggregated to approximately $24,018 and total royalties paid and accrued amounted to $166. As of September 30, 2016, the Company's contingent liability in respect to royalties to the IIA amounted $23,852, not including LIBOR interest as described above. |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Sep. 30, 2016 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 6: - STOCKHOLDERS' EQUITY a. From October 2014 through May 2015, the Company issued shares of common stock in private placements to an investor. In October 2014, the Company issued 200,000 shares of common stock to an investor for aggregate cash consideration of $528. In February 2015, the Company issued an additional 200,000 shares of common stock to an investor for aggregate cash consideration of $586. In May 2015, the Company issued an additional 300,000 shares of common stock to an investor, for which the consideration in the amount of $790 was received from the investor in September 2015. b. In February 2015, the 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. These restricted shares shall be released to the contractor only upon the successful completion of the construction. The restricted shares were issued in December 2014. In May 2015, the 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". c. Options, warrants, restricted stocks and restricted stock units to employees, directors and consultants: 1. Options to employees and directors: The Company accounts for its options to employees and directors under the fair value method in accordance with ASC 718, “Compensation—Stock Compensation”. A summary of the Company’s activity for options granted to employees and directors under its 2005 incentive option plan is as follows: Three months ended September 30, 2016 (Unaudited) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value Price Options outstanding at beginning of period 1,771,700 $ 3.759 Options forfeited (12,500 ) $ 4.00 Options exercised (6,000 ) $ 0.62 Options outstanding at end of the period 1,753,200 $ 3.768 0.906 $ 357 Options exercisable at the end of the period 1,753,200 $ 3.768 0.906 $ 357 Options vested 1,753,200 $ 3.768 0.906 $ 357 Intrinsic value of exercisable options (the difference between the Company’s closing stock price on the last trading day in the period and the exercise price, multiplied by the number of in-the-money options) represents the amount that would have been received by the employees and directors option holders had all option holders exercised their options on September 30, 2016. This amount changes based on the fair market value of the Company’s common stock. 2. Options and warrants to non-employees: A summary of the options and warrants to non-employees consultants is as follows: September 30, 2016 (Unaudited) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value Price Options and warrants exercisable at the end of the period 234,013 $ 5.47 1.97 $ 147 Options and warrants vested and expected to vest 237,300 $ 5.40 2.07 $ 149 3. Restricted stocks and restricted stock units to employees and directors: The following table summarizes the activity related to unvested restricted stock and restricted stock units granted to employees and directors for the three month period ended September 30, 2016 (Unaudited): Number Unvested at the beginning of period 1,906,619 Granted 10,000 Forfeited (46,485 ) Vested (481,287 ) Unvested at the end of the period 1,388,847 Expected to vest after September 30, 2016 1,338,883 Compensation expenses related to restricted stock units granted to employees and directors were recorded as follows: Three months ended September 30, 2016 2015 (Unaudited) Research and development expenses $ 110 $ 320 General and administrative expenses 262 574 $ 372 $ 894 Unamortized compensation expenses related to restricted stock units granted to employees and directors to be recognized over an average time of approximately 2 years is approximately $611. 4. Restricted stock and restricted stock units to consultants: The following table summarizes the activity related to unvested restricted stock and restricted stock units granted to consultants for the three months ended September 30, 2016 (Unaudited): Number Unvested at the beginning of period 26,000 Granted 26,915 Vested (23,915 ) Unvested at the end of the period 29,000 Compensation expenses related to restricted stock and restricted stock units granted to consultants were recorded as follows: Three months ended September 30, 2016 2015 (Unaudited) Research and development expenses $ 4 $ 10 General and administrative expenses 109 3 $ 113 $ 13 |
BASIS OF PRESENTATION AND SIG14
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Unaudited Interim Financial Information | a. Unaudited Interim Financial Information The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles ("GAAP") for interim financial information and with the instructions to Form 10-Q and Article 10 of U.S. Securities and Exchange Commission Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation have been included (consisting only of normal recurring adjustments except as otherwise discussed). For further information, reference is made to the consolidated financial statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended June 30, 2016. Operating results for the three month period ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending June 30, 2017. |
Significant Accounting Policies | b. Significant Accounting Policies The significant accounting policies followed in the preparation of these unaudited interim condensed consolidated financial statements are identical to those applied in the preparation of the latest annual financial statements. |
Use of estimates | c. Use of estimates The preparation of financial statements in conformity with generally accepted accounting principles requires management 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. |
Fair value of financial instruments | d. Fair value of financial instruments The carrying amounts of the Company's financial instruments, including cash and cash equivalents, short-term and restricted bank deposits, trade payable and other accounts payable and accrued liabilities, approximate fair value because of their generally short term maturities. The Company measures its investments in marketable securities and derivative instruments at fair value under ASC 820, “Fair Value Measurements and Disclosures”. 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 (see Note 4). |
Derivative financial instruments | e . 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 derivative’s change in fair value is recognized in the statement of operations. Cash Flow Hedges Other Derivatives |
Recent Accounting Pronouncement | f. Recent Accounting Pronouncement Accounting Standards Update (“ASU”) 2014-09 - Revenue from Contracts with Customers (Topic 606): In May 2014, the Financial Accounting Standards Board (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 entity’s 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. |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Marketable Securities [Abstract] | |
Schedule of Available-for-sale Marketable Securities | September 30, 2016 (Unaudited) June 30, 2016 Amortized cost Gross unrealized gain Gross unrealized loss Fair Value Amortized cost Gross unrealized gain Gross unrealized loss Other-than-temporary impairment Fair value Available-for-sale - matures within one year: Stock and index linked notes $ 11,507 $ 2,110 $ (103 ) $ 13,514 $ 11,599 $ 1,594 $ (208 ) $ (38 ) $ 12,947 Government debentures – fixed interest rate 101 2 - 103 786 12 - - 798 Corporate debentures – fixed interest rate - - - - 439 7 - - 446 $ 11,608 $ 2,112 $ (103 ) $ 13,617 $ 12,824 $ 1,613 $ (208 ) $ (38 ) $ 14,191 Available-for-sale - matures after one year through five years: Government debentures – fixed interest rate 620 25 - 645 717 27 - - 744 Corporate debentures – fixed interest rate 1,627 28 - 1,655 2,403 47 - - 2,450 $ 2,247 $ 53 $ - $ 2,300 $ 3,120 $ 74 $ - $ - $ 3,194 Available-for-sale - matures after five years through ten years: Corporate debentures – fixed interest rate 16 - - 16 29 1 - - 30 $ 16 $ - $ - $ 16 $ 29 $ 1 $ - $ - $ 30 $ 13,871 $ 2,165 $ (103 ) $ 15,933 $ 15,973 $ 1,688 $ (208 ) $ (38 ) $ 17,415 |
Schedule of Investments in Continuous Unrealized Loss Position | Less than 12 months 12 months or greater Fair Value Gross Fair Value Gross As of September 30, 2016 (Unaudited) $ 1,364 $ (79 ) $ 201 $ (25 ) As of June 30, 2016 $ 1,258 $ (143 ) $ 563 $ (65 ) |
FAIR VALUE OF FINANCIAL INSTR16
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Instruments | September 30, 2016 (Unaudited) June 30, 2016 Level 1 Level 2 Level 1 Level 2 Marketable securities $ 11,203 $ 4,730 $ 11,228 $ 6,187 Foreign currency derivative instruments - 130 - 65 Total financial assets $ 11,203 $ 4,860 $ 11,228 $ 6,252 |
Schedule of Derivative Hedging Activity and Balance Sheet Location | September 30, 2016 (Unaudited) June 30, 2016 Balance Sheet presentation Fair Value Balance Sheet presentation Fair Value Derivatives not designated as hedge instruments Other current assets $ 130 Other current assets $ 65 Total $ 130 $ 65 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended |
Sep. 30, 2016 | |
Stockholders Equity Note [Line Items] | |
Schedule of Stock Option Activity | Three months ended September 30, 2016 (Unaudited) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value Price Options outstanding at beginning of period 1,771,700 $ 3.759 Options forfeited (12,500 ) $ 4.00 Options exercised (6,000 ) $ 0.62 Options outstanding at end of the period 1,753,200 $ 3.768 0.906 $ 357 Options exercisable at the end of the period 1,753,200 $ 3.768 0.906 $ 357 Options vested 1,753,200 $ 3.768 0.906 $ 357 |
Schedule of Stock Option and Warrant Activity | September 30, 2016 (Unaudited) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value Price Options and warrants exercisable at the end of the period 234,013 $ 5.47 1.97 $ 147 Options and warrants vested and expected to vest 237,300 $ 5.40 2.07 $ 149 |
Restricted stock units [Member] | |
Stockholders Equity Note [Line Items] | |
Schedule of Unvested Restricted Stock Units | Number Unvested at the beginning of period 1,906,619 Granted 10,000 Forfeited (46,485 ) Vested (481,287 ) Unvested at the end of the period 1,388,847 Expected to vest after September 30, 2016 1,338,883 |
Schedule of Stock-based Compensation Expenses | Three months ended September 30, 2016 2015 (Unaudited) Research and development expenses $ 110 $ 320 General and administrative expenses 262 574 $ 372 $ 894 |
Consultant Restricted Stock Units [Member] | |
Stockholders Equity Note [Line Items] | |
Schedule of Unvested Restricted Stock Units | Number Unvested at the beginning of period 26,000 Granted 26,915 Vested (23,915 ) Unvested at the end of the period 29,000 |
Schedule of Stock-based Compensation Expenses | Three months ended September 30, 2016 2015 (Unaudited) Research and development expenses $ 4 $ 10 General and administrative expenses 109 3 $ 113 $ 13 |
GENERAL (Details)
GENERAL (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Dec. 31, 2013 | Aug. 31, 2011 | Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2016 | |
GENERAL [Abstract] | |||||
Accumulated losses | $ 168,081 | $ 161,757 | |||
Net loss | 6,324 | $ 5,876 | |||
Cash and cash equivalents, short-term bank deposits and marketable securities | 28,762 | ||||
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 | ||||
Fair value of the remaining investment in CHA shares | $ 5,717 |
BASIS OF PRESENTATION AND SIG19
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Accounting Policies [Abstract] | ||
Fair value of cash flow hedge derivatives | $ 130 | |
Net gain (loss) realized on derivatives | $ 65 | $ (285) |
MARKETABLE SECURITIES (Schedule
MARKETABLE SECURITIES (Schedule of Available-for-sale Marketable Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | $ 13,871 | $ 15,973 |
Gross unrealized gain | 2,165 | 1,688 |
Gross unrealized loss | (103) | (208) |
Other-than-temporary impairment | (38) | |
Fair value | 15,933 | 17,415 |
Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 11,608 | 12,824 |
Gross unrealized gain | 2,112 | 1,613 |
Gross unrealized loss | (103) | (208) |
Other-than-temporary impairment | (38) | |
Fair value | 13,617 | 14,191 |
One to Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 2,247 | 3,120 |
Gross unrealized gain | 53 | 74 |
Gross unrealized loss | ||
Other-than-temporary impairment | ||
Fair value | 2,300 | 3,194 |
After Five Years through Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 16 | 29 |
Gross unrealized gain | 1 | |
Gross unrealized loss | ||
Other-than-temporary impairment | ||
Fair value | 16 | 30 |
Stock and Index Linked Notes [Member] | Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 11,507 | 11,599 |
Gross unrealized gain | 2,110 | 1,594 |
Gross unrealized loss | (103) | (208) |
Other-than-temporary impairment | (38) | |
Fair value | 13,514 | 12,947 |
Government Debentures [Member] | Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 101 | 786 |
Gross unrealized gain | 2 | 12 |
Gross unrealized loss | ||
Other-than-temporary impairment | ||
Fair value | 103 | 798 |
Government Debentures [Member] | One to Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 620 | 717 |
Gross unrealized gain | 25 | 27 |
Gross unrealized loss | ||
Other-than-temporary impairment | ||
Fair value | 645 | 744 |
Corporate Debentures [Member] | Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 439 | |
Gross unrealized gain | 7 | |
Gross unrealized loss | ||
Other-than-temporary impairment | ||
Fair value | 446 | |
Corporate Debentures [Member] | One to Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 1,627 | 2,403 |
Gross unrealized gain | 28 | 47 |
Gross unrealized loss | ||
Other-than-temporary impairment | ||
Fair value | 1,655 | 2,450 |
Corporate Debentures [Member] | After Five Years through Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized cost | 16 | 29 |
Gross unrealized gain | 1 | |
Gross unrealized loss | ||
Other-than-temporary impairment | ||
Fair value | $ 16 | $ 30 |
MARKETABLE SECURITIES (Schedu21
MARKETABLE SECURITIES (Schedule of Investments in Unrealized Loss) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Marketable Securities [Abstract] | ||
Less than 12 months, Fair Value | $ 1,364 | $ 1,258 |
Less than 12 months, Gross unrealized loss | (79) | (143) |
12 months or greater, Fair Value | 201 | 563 |
12 months or greater, Gross unrealized loss | $ (25) | $ (65) |
FAIR VALUE OF FINANCIAL INSTR22
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 15,933 | $ 17,415 |
Foreign currency derivative instruments | 130 | 65 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 11,203 | 11,228 |
Foreign currency derivative instruments | ||
Total financial assets | 11,203 | 11,228 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 4,730 | 6,187 |
Foreign currency derivative instruments | 130 | 65 |
Total financial assets | $ 4,860 | $ 6,252 |
FAIR VALUE OF FINANCIAL INSTR23
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of the Fair Value of Hedging Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2016 | Jun. 30, 2016 |
Derivatives, Fair Value [Line Items] | ||
Derivative fair value asset | $ 130 | $ 65 |
Other current assets [Member] | Derivatives not designated as hedge instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Derivative fair value asset | $ 130 | $ 65 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands | 3 Months Ended |
Sep. 30, 2016USD ($) | |
Other Commitments [Line Items] | |
Cash pledged | $ 543 |
Grants received | $ 24,018 |
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 | $ 23,852 |
Minimum [Member] | |
Other Commitments [Line Items] | |
Royalty rate | 3.00% |
Maximum [Member] | |
Other Commitments [Line Items] | |
Royalty rate | 4.00% |
STOCKHOLDERS' EQUITY (Narrative
STOCKHOLDERS' EQUITY (Narrative) (Details) ₪ in Thousands, $ in Thousands | 1 Months Ended | 3 Months Ended | ||||||
Feb. 29, 2016shares | Oct. 31, 2015USD ($) | May 31, 2015USD ($)shares | May 31, 2015ILS (₪)shares | Feb. 28, 2015USD ($)shares | Feb. 28, 2015ILS (₪)shares | Oct. 31, 2014USD ($)shares | Sep. 30, 2015USD ($) | |
Class of Stock [Line Items] | ||||||||
Stock-based compensation to contractor, shares to be issued | shares | 90,000 | |||||||
Stock-based compensation to contractor, shares | shares | 100,004 | 100,004 | ||||||
Issuance of common stock in a private placement | $ 790 | $ 586 | $ 528 | $ 790 | ||||
Issuance of common stock in a private placement, shares | shares | 300,000 | 300,000 | 200,000 | 200,000 | 200,000 | |||
Stock based compensation to contractor | $ 841 | $ 65 | ||||||
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 | |||||||
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 |
STOCKHOLDERS' EQUITY (Summary o
STOCKHOLDERS' EQUITY (Summary of Option Activity) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Number | |
Options outstanding at beginning of period | shares | 1,771,700 |
Options forfeited | shares | (12,500) |
Options exercised | shares | (6,000) |
Options outstanding at end of the period | shares | 1,753,200 |
Options exercisable at the end of the period | shares | 1,753,200 |
Options vested | shares | 1,753,200 |
Weighted Average Exercise Price | |
Options outstanding at beginning of period | $ / shares | $ 3.759 |
Options forfeited | $ / shares | 4 |
Options exercised | $ / shares | 0.62 |
Options outstanding at end of the period | $ / shares | 3.768 |
Options exercisable at the end of the period | $ / shares | 3.768 |
Options vested | $ / shares | $ 3.768 |
Weighted Average Remaining Contractual Terms (in years) | |
Weighted Average Remaining Contractual Terms (in years) | 10 months 27 days |
Options exercisable at the end of the period | 10 months 27 days |
Options vested | 10 months 27 days |
Aggregate Intrinsic Value Price | |
Options outstanding at end of the period | $ | $ 357 |
Options exercisable at the end of the period | $ | 357 |
Options vested | $ | $ 357 |
STOCKHOLDERS' EQUITY (Summary27
STOCKHOLDERS' EQUITY (Summary of Option and Warrant Activity to Non-employees) (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Sep. 30, 2016USD ($)$ / sharesshares | |
Number | |
Options and warrants exercisable at the end of the period | shares | 234,013 |
Options and warrants vested and expected to vest | shares | 237,300 |
Weighted Average Exercise Price | |
Options and warrants exercisable at the end of the period | $ / shares | $ 5.47 |
Options and warrants vested and expected to vest | $ / shares | $ 5.40 |
Weighted Average Remaining Contractual Terms (in years) | |
Options and warrants exercisable at the end of the period | 1 year 11 months 19 days |
Options and warrants vested and expected to vest | 2 years 26 days |
Aggregate Intrinsic Value Price | |
Options and warrants exercisable at the end of the period | $ | $ 147 |
Options and warrants vested and expected to vest | $ | $ 149 |
STOCKHOLDERS' EQUITY (Summary28
STOCKHOLDERS' EQUITY (Summary of RSU Activity to Employees and Directors) (Details) - Restricted stock units [Member] | 3 Months Ended |
Sep. 30, 2016shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at the beginning of period | 1,906,619 |
Granted | 10,000 |
Forfeited | (46,485) |
Vested | (481,287) |
Unvested at the end of the period | 1,388,847 |
Expected to vest after September 30, 2016 | 1,338,883 |
STOCKHOLDERS' EQUITY (Schedule
STOCKHOLDERS' EQUITY (Schedule of Compensation Expense) (Details) - Restricted stock units [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expenses | $ 372 | $ 894 |
Unrecognized compensation expense | $ 611 | |
Unrecognized compensation expense, recognition period | 2 years | |
Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expenses | $ 113 | 13 |
Research and development expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expenses | 110 | 320 |
Research and development expenses [Member] | Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expenses | 4 | 10 |
General and administrative expenses [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expenses | 262 | 574 |
General and administrative expenses [Member] | Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expenses | $ 109 | $ 3 |
STOCKHOLDERS' EQUITY (Summary30
STOCKHOLDERS' EQUITY (Summary of RSU Activity to Consultants) (Details) - Consultants [Member] | 3 Months Ended |
Sep. 30, 2016shares | |
Share-based Goods and Nonemployee Services Transaction [Line Items] | |
Unvested at the beginning of period | 26,000 |
Granted | 26,915 |
Vested | (23,915) |
Unvested at the end of the period | 29,000 |