Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Sep. 30, 2017 | Nov. 02, 2017 | |
Document and Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2017 | |
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 | 108,111,908 |
INTERIM CONDENSED CONSOLIDATED
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 12,294 | $ 4,707 |
Short-term bank deposits | 2,151 | 6,235 |
Restricted cash and short-term bank deposits | 599 | 559 |
Marketable securities | 6,301 | 15,164 |
Accounts receivable from the Israeli Innovation Authority ("IIA") | 25 | 1,036 |
Other current assets | 1,471 | 1,315 |
Total current assets | 22,841 | 29,016 |
LONG-TERM ASSETS: | ||
Long-term deposits and restricted bank deposits | 397 | 403 |
Severance pay fund | 817 | 804 |
Property and equipment, net | 6,851 | 7,277 |
Other long-term assets | 48 | 34 |
Total long-term assets | 8,113 | 8,518 |
Total assets | 30,954 | 37,534 |
CURRENT LIABILITIES | ||
Trade payables | 1,553 | 1,966 |
Accrued expenses | 1,486 | 1,465 |
Other accounts payable | 1,732 | 1,983 |
Total current liabilities | 4,771 | 5,414 |
LONG-TERM LIABILITIES | ||
Accrued severance pay | 950 | 940 |
Other long-term liabilities | 869 | 929 |
Total long-term liabilities | 1,819 | 1,869 |
COMMITMENTS AND CONTINGENCIES | ||
STOCKHOLDERS' EQUITY | ||
Common stock $0.00001 par value per share: Authorized: 200,000,000 shares Issued and outstanding: 98,183,725 shares as of September 30, 2017, 96,938,789 shares as of June 30, 2017 | 1 | 1 |
Additional paid-in capital | 220,375 | 217,822 |
Accumulated deficit | (196,956) | (189,571) |
Other comprehensive income | 944 | 1,999 |
Total stockholders' equity | 24,364 | 30,251 |
Total liabilities and stockholders' equity | $ 30,954 | $ 37,534 |
INTERIM CONDENSED CONSOLIDATED3
INTERIM CONDENSED CONSOLIDATED BALANCE SHEETS (PARENTHETICAL) - $ / shares | Sep. 30, 2017 | Jun. 30, 2017 |
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 | 98,183,725 | 96,938,789 |
Common stock, shares outstanding | 98,183,725 | 96,938,789 |
INTERIM CONDENSED CONSOLIDATED4
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||
Research and development expenses | $ (5,192) | $ (6,031) |
Less: participation by the IIA and other parties | 515 | 1,033 |
Research and development expenses, net | (4,677) | (4,998) |
General and administrative expenses, net | (2,763) | (1,564) |
Operating loss | (7,440) | (6,562) |
Financial income, net | 55 | 238 |
Net loss | $ (7,385) | $ (6,324) |
Loss per share: | ||
Basic and diluted net loss per share | $ (0.08) | $ (0.08) |
Weighted average number of shares used in computing basic and diluted net loss per share | 97,321,866 | 80,674,961 |
INTERIM CONDENSED CONSOLIDATED5
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (7,385) | $ (6,324) |
Other comprehensive income (loss), net: | ||
Unrealized gain (loss) on available-for-sale marketable securities, net | (1,133) | 586 |
Reclassification adjustment of available-for-sale marketable securities for gains (losses) realized included in net loss | 78 | (4) |
Other comprehensive income (loss) | (1,055) | 582 |
Total comprehensive loss | $ (8,440) | $ (5,742) |
INTERIM CONDENSED STATEMENTS OF
INTERIM CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] | Total | |
Balance at Jun. 30, 2016 | $ 1 | $ 198,432 | $ 1,480 | $ (161,757) | $ 38,156 | |
Balance, shares at Jun. 30, 2016 | 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 | |||||
Balance at Jun. 30, 2017 | $ 1 | 217,822 | 1,999 | (189,571) | $ 30,251 | |
Balance, shares at Jun. 30, 2017 | 96,938,789 | 96,938,789 | ||||
Stock based compensation to employees, directors and non-employee consultants | [1] | 1,503 | $ 1,503 | |||
Stock based compensation to employees, directors and non-employee consultants, shares | 394,096 | |||||
Issuance of common stock under At-The Market ("ATM") Agreement, net of issuance costs of $80 (see Note 6a) | [1] | 1,026 | 1,026 | |||
Issuance of common stock under At-The Market ("ATM") Agreement, net of issuance costs of $80 (see Note 6a), shares | 834,040 | |||||
Exercise of warrants by investors | [1] | 24 | 24 | |||
Exercise of warrants by investors, shares | 16,800 | |||||
Other comprehensive income (loss), net | (1,055) | (1,055) | ||||
Net loss | (7,385) | (7,385) | ||||
Balance at Sep. 30, 2017 | $ 1 | $ 220,375 | $ 944 | $ (196,956) | $ 24,364 | |
Balance, shares at Sep. 30, 2017 | 98,183,725 | 98,183,725 | ||||
[1] | Less than $1 |
INTERIM CONDENSED STATEMENTS O7
INTERIM CONDENSED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY (Parenthetical) $ in Thousands | 3 Months Ended |
Sep. 30, 2017USD ($) | |
Statement of Stockholders' Equity [Abstract] | |
Issuance of common stock and warrants, issuance costs | $ 80 |
INTERIM CONDENSED CONSOLIDATED8
INTERIM CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (7,385) | $ (6,324) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation | 515 | 558 |
Gain from sale of property and equipment, net | (4) | |
Accretion of discount, amortization of premium and changes in accrued interest of marketable securities | 13 | (33) |
Gain from sale of investments of available-for-sale marketable securities | (928) | (4) |
Other-than-temporary loss of available-for-sale marketable securities | 850 | |
Stock-based compensation to employees, directors and non-employees consultants | 1,503 | 485 |
Decrease in accounts receivable from the IIA | 1,011 | 1,769 |
Decrease (increase) in other current assets and other long-term assets | (170) | 68 |
Decrease in trade payables | (354) | (389) |
Decrease in other accounts payable, accrued expenses, other current liabilities and other long-term liabilities | (290) | (44) |
Decrease (increase) in interest receivable on short-term deposits | 45 | (2) |
Linkage differences and interest on short and long-term deposits and restricted bank deposits | 3 | (3) |
Accrued severance pay, net | (3) | |
Net cash used by operating activities | (5,190) | (3,923) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of property and equipment | (148) | (145) |
Proceeds from sale of property and equipment | 6 | |
Repayment of short-term deposits | 4,002 | 1,834 |
Investment in long-term deposits and restricted bank deposits | (2) | |
Proceeds from sale of available-for-sale marketable securities | 9,010 | 2,732 |
Proceeds from redemption of available-for-sale marketable securities | 9 | 55 |
Investment in available-for-sale marketable securities | (1,146) | (686) |
Net cash used in investing activities | 11,727 | 3,794 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Exercise of warrants and options | 24 | 4 |
Proceeds related to issuance of common stock, net of issuance costs | 1,026 | |
Net cash provided by financing activities | 1,050 | 4 |
Increase (decrease) in cash and cash equivalents | 7,587 | (125) |
Cash and cash equivalents at the beginning of the period | 4,707 | 6,223 |
Cash and cash equivalents at the end of the period | 12,294 | 6,098 |
(a) Supplemental disclosure of cash flow activities: | ||
Cash paid during the period for: Taxes paid due to non-deductible expenses | 3 | 8 |
(b) Supplemental disclosure of non-cash activities: | ||
Purchase of property and equipment on credit | $ 29 | $ 98 |
GENERAL
GENERAL | 3 Months Ended |
Sep. 30, 2017 | |
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 incurred an accumulated deficit of approximately $196,956 and incurred recurring operating losses and negative cash flows from operating activities since inception. As of September 30, 2017, the Company’s total stockholders' equity amounted to $24,364. During the three month period ended September 30, 2017, the Company incurred operating losses of $7,440 and its negative cash flow from operating activities was $5,190. The Company will be required to identify additional liquidity resources in the near term in order to support the commercialization of its products and maintain its research and development and clinical trials activities. As of September 30, 2017, the Company's cash position (cash and cash equivalents, short-term bank deposits and marketable securities) totaled approximately $20,746. The Company is addressing its liquidity issues by implementing initiatives to allow the continuation of its activities. The Company's current operating plan includes various assumptions concerning the level and timing of cash outflows for operating activities and capital expenditures. The Company's ability to successfully carry out its business plan, which includes a cost-reduction plan should it be unable to raise sufficient additional capital, is primarily dependent upon its ability to (1) obtain sufficient additional capital, (2) enter into license agreements to use or commercialize the Company’s products and (3) receive other sources of funding, including non-diluting sources such as the IIA grants, the European Union's Horizon 2020 program (“Horizon 2020”) According to management estimates, liquidity resources as of September 30, 2017, together with the funds received from the public offering that closed on October 31, 2017, (see Note 7a) will be sufficient to maintain the Company's operations into the third quarter of the Company's fiscal year 2019. The Company's inability to raise funds to carry out its business plan will have a severe negative impact on its ability to remain a viable company. c. License Agreements: 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 (“CLI”), and Intermediate Claudication (collectively with CLI, 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 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 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 (“ASC”) 320, “Investments - Debt and Equity Securities”. The fair value of the remaining investment in CHA's shares as of September 30, 2017, is approximately $4,093. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 3 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | NOTE 2:-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, 2017. Operating results for the three month periods ended September 30, 2017, are not necessarily indicative of the results that may be expected for the year ending June 30, 2018. 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, accounts receivable and other current assets, trade payable and other accounts payable, accrued expenses and other liabilities, approximate fair value because of their generally short term maturities. The Company measures its investments in marketable securities and derivative instruments at fair value under ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”). Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 Level 2 Level 3 The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company categorized each of its fair value measurements in one of these three levels of hierarchy (see Note 4). e . Derivative financial instruments The Company accounts for derivatives and hedging based on ASC 815, “Derivatives and hedging” , as amended and related interpretations. ASC 815 requires the Company to recognize all derivatives on the balance sheet at fair value. If a derivative meets the definition of a hedge and is so designated, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings (for fair value hedge transactions) or recognized in other comprehensive income (loss) until the hedged item is recognized in earnings (for cash flow hedge transactions). The ineffective portion of a derivative's change in fair value is recognized in earnings. If a derivative does not meet the definition of a hedge, the changes in the fair value are included in earnings. Cash flows related to such hedges are classified as operating activities. The Company enters into forward exchange contracts and option contracts in order to limit the exposure to exchange rate fluctuation associated with expenses mainly incurred in NIS . Since the derivative instruments that the Company holds do not meet the definition of hedging instruments under ASC 815, any gain or loss derived from such instruments is recognized immediately as "financial income, net". The Company measured the fair value of the contracts in accordance with ASC 820. Foreign currency derivative contracts are classified within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments. As of September 30, 2017 the fair value of the 3 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 ("FASB") issued ASU No. 2014-09 (Topic 606) "Revenue from Contracts with Customers" ("Topic 606"). Topic 606 supersedes the revenue recognition requirements in ASC Topic 605, "Revenue Recognition", and requires entities to recognize revenue when they transfer control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The Company was an adopter of ASU 2017-11 - Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception ("ASU No. 2017-11"): In July 2017, the FASB issued ASU No. 2017-11. The ASU was issued to address the complexity associated with applying U.S. GAAP for certain financial instruments with characteristics of liabilities and equity. The ASU, among other things, eliminates the need to consider the effects of down round features when analyzing convertible debt, warrants and other financing instruments. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. The Company was an adopter of 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. Topic 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. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 3 Months Ended |
Sep. 30, 2017 | |
Marketable Securities [Abstract] | |
MARKETABLE SECURITIES | NOTE 3:- MARKETABLE SECURITIES As of September 30, 2017, all of the Company’s marketable securities were classified as available-for-sale. September 30, 2017 June 30, 2017 Amortized cos Gross unrealized gain Gross unrealized loss Other-than-temporary impairment 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 $ 6,207 $ 1,209 $ (265 ) $ (850 ) $ 6,301 $ 11,988 $ 2,014 $ (47 ) $ (767 ) $ 13,188 Government debentures – fixed interest rate - - - - - 157 1 - - 158 Corporate debentures – fixed interest rate - - - - - 47 1 - - 48 $ 6,207 $ 1,209 $ (265 ) $ (850 ) $ 6,301 $ 12,192 $ 2,016 $ (47 ) $ (767 ) $ 13,394 Available-for-sale - matures after one year through five years: Government debentures – fixed interest rate - - - - - 468 23 - - 491 Corporate debentures – fixed interest rate - - - - - 1,255 7 (1 ) - 1,261 $ - $ - $ - $ - $ - $ 1,723 $ 30 $ (1 ) $ - $ 1,752 Available-for-sale - matures after five years through ten years: Corporate debentures – fixed interest rate - - - - - 17 1 - - 18 $ - $ - $ - $ - $ - $ 17 $ 1 $ - $ - $ 18 Total $ 6,207 $ 1,209 $ (265 ) $ (850 ) $ 6,301 $ 13,932 $ 2,047 $ (48 ) $ (767 ) $ 15,164 The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 30, 2017 and June 30, 2017, 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, 2017 (Unaudited) $ 4,093 $ (265 ) $ - $ - As of June 30, 2017 $ 869 $ (24 ) $ 106 $ (24 ) 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 $265 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 recognized other-than-temporary impairment losses on outstanding securities during the three month period ended September 30, 2017 of $850. |
FAIR VALUE OF FINANCIAL INSTRUM
FAIR VALUE OF FINANCIAL INSTRUMENTS | 3 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE OF FINANCIAL INSTRUMENTS | NOTE 4:- FAIR VALUE OF FINANCIAL INSTRUMENTS September 30, 2017 (Unaudited) June 30, 2017 Level 1 Level 2 Level 1 Level 2 Marketable securities $ 4,093 $ 2,208 $ 10,523 $ 4,641 Foreign currency derivative instruments - 152 - 295 Total financial assets $ 4,093 $ 2,360 $ 10,523 $ 4,936 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 3 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | NOTE 5: - COMMITMENTS AND CONTINGENCIES a. An amount of $996 of cash and deposits was pledged by the Subsidiary to secure the derivatives and hedging transactions, credit line and bank guarantees as of September 30, 2017. 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%-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, 2017, total grants obtained aggregated to approximately $25,818 and total royalties paid and accrued amounted to $166. As of September 30, 2017, the Company's contingent liability in respect to royalties to the IIA amounted to $25,652, not including LIBOR interest as described above. c. In . Through September 30, 2017, no royalties were paid or accrued. d. In the of As part of the agreement with the Tel Aviv Sourasky Medical Center (Ichilov Hospital), the GvHD |
STOCKHOLDERS' EQUITY
STOCKHOLDERS' EQUITY | 3 Months Ended |
Sep. 30, 2017 | |
Stockholders' Equity Note [Abstract] | |
STOCKHOLDERS' EQUITY | NOTE 6: - STOCKHOLDERS' EQUITY a. Pursuant to a shelf registration on Form S-3 declared effective by the Securities and Exchange Commission on June 23, 2017, in July 2017 the Company entered into an At Market Issuance Sales Agreement (“ATM Agreement”) with FBR Capital Markets & Co., MLV & Co. LLC and Oppenheimer & Co. Inc. (collectively, the “Agents”), which provides that, upon the terms and subject to the conditions and limitations in the ATM Agreement, the Company may elect, from time to time, to offer and sell shares of common stock having an aggregate offering price of up to $80,000 through the Agents acting as sales agent. During the three month period ended September 30, 2017, the Company had issued 834,040 shares of common stock at an average price of $1.33 per share. The company raised approximately $1,026, net of issuance expenses of $80, under the ATM agreement. b. Options, warrants, restricted stocks (“RS”) and restricted stock units (“RSU”) 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, 2017 (Unaudited) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value Price Options outstanding at beginning of period 815,650 $ 2.98 Options forfeited (71,400 ) $ 6.17 Options outstanding at end of the period 744,250 $ 2.665 0.645 $ 315 Options exercisable at the end of the period 744,250 $ 2.665 0.645 $ 315 Options vested 744,250 $ 2.665 0.645 $ 315 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, 2017. This amount changes based on the fair market value of the Company’s common stock. 2. Options to non-employees: A summary of the options to non-employee consultants is as follows: Three months ended September 30, 2017 (Unaudited) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value Price Options outstanding at beginning of period 177,200 $ 0.72 Options outstanding at end of the period 177,200 $ 0.72 4.05 $ 229 Options exercisable at the end of the period 176,750 $ 0.73 4.03 $ 211 Options vested and expected to vest 177,200 $ 0.72 4.05 $ 229 Compensation expenses related to options granted to consultants were recorded as follows: Three months ended September 30, 2017 2016 (Unaudited) Research and development expenses $ 3 $ - General and administrative expenses $ 15 $ - $ 18 $ - 3. RS and RSUs to employees and directors: The following table summarizes the activity related to unvested RS and RSUs granted to employees and directors under its 2005 and 2016 incentive option plan for the three month period ended September 30, 2017, (Unaudited) is as follows: Number Unvested at the beginning of period 6,064,901 Granted 9,000 Forfeited (61,858 ) Vested (374,096 ) Unvested at the end of the period 5,637,947 Expected to vest after September 30, 2017 5,568,796 Compensation expenses related to RS and RSUs granted to employees and directors were recorded as follows: Three months ended September 30, 2017 2016 (Unaudited) Research and development expenses $ 144 $ 110 General and administrative expenses 1,290 262 $ 1,434 $ 372 Unamortized compensation expenses related to RSUs granted to employees and directors to be recognized over an average time of approximately 3.75 years are approximately $5,364. 4. RS and RSUs to consultants: The following table summarizes the activity related to unvested RS and RSUs granted to consultants for the three months ended September 30, 2017 (Unaudited): Number Unvested at the beginning of period 42,500 Granted 24,580 Vested (20,000 ) Unvested at the end of the period 47,080 Compensation expenses related to RS and RSUs granted to consultants were recorded as follows: Three months ended September 30, 2017 2016 (Unaudited) Research and development expenses $ - $ 4 General and administrative expenses 51 109 $ 51 $ 113 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 3 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | NOTE 7:-SUBSEQUENT EVENTS a. On October 31, 2017, the Company completed a public offering in Israel, pursuant to the Company’s existing shelf in the United States and a shelf registration statement filed in Israel, pursuant to which the Company raised aggregate gross proceeds of $15,051 through the sale of 9,000,000 shares of the Company’s common stock at a purchase price of $1.67 per share. The net proceeds, after deducting fees and estimated expenses were approximately $13,674. b. On October 2, 2017, the nTRACK, a collaborative project carried out by an international consortium led by LEITAT a technological Institute with the mission of collaborating with companies and other entities to create economic, social and sustainable value by research and development projects and technology processes from innovation and creativity, was awarded a Euro 6,800 (approximately $8,000) non-royalty bearing grant. An amount of Euro 500 (approximately $600) is a direct grant allocated to the Company. The Company also expects to benefit from cost savings resulting from grant amounts allocated to the other consortium members. Final approval of the grant is subject to the finalization of the consortium and Horizon 2020 grant agreements. |
SIGNIFICANT ACCOUNTING POLICI16
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 3 Months Ended |
Sep. 30, 2017 | |
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, 2017. Operating results for the three month periods ended September 30, 2017, are not necessarily indicative of the results that may be expected for the year ending June 30, 2018. |
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, accounts receivable and other current assets, trade payable and other accounts payable, accrued expenses and other liabilities, approximate fair value because of their generally short term maturities. The Company measures its investments in marketable securities and derivative instruments at fair value under ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”). Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820 establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring fair value: Level 1 Level 2 Level 3 The fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The Company categorized each of its fair value measurements in one of these three levels of hierarchy (see Note 4). |
Derivative financial instruments | e . Derivative financial instruments The Company accounts for derivatives and hedging based on ASC 815, “Derivatives and hedging” , as amended and related interpretations. ASC 815 requires the Company to recognize all derivatives on the balance sheet at fair value. If a derivative meets the definition of a hedge and is so designated, depending on the nature of the hedge, changes in the fair value of the derivative will either be offset against the change in fair value of the hedged assets, liabilities, or firm commitments through earnings (for fair value hedge transactions) or recognized in other comprehensive income (loss) until the hedged item is recognized in earnings (for cash flow hedge transactions). The ineffective portion of a derivative's change in fair value is recognized in earnings. If a derivative does not meet the definition of a hedge, the changes in the fair value are included in earnings. Cash flows related to such hedges are classified as operating activities. The Company enters into forward exchange contracts and option contracts in order to limit the exposure to exchange rate fluctuation associated with expenses mainly incurred in NIS . Since the derivative instruments that the Company holds do not meet the definition of hedging instruments under ASC 815, any gain or loss derived from such instruments is recognized immediately as "financial income, net". The Company measured the fair value of the contracts in accordance with ASC 820. Foreign currency derivative contracts are classified within Level 2 as the valuation inputs are based on quoted prices and market observable data of similar instruments. As of September 30, 2017 the fair value of the 3 |
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 ("FASB") issued ASU No. 2014-09 (Topic 606) "Revenue from Contracts with Customers" ("Topic 606"). Topic 606 supersedes the revenue recognition requirements in ASC Topic 605, "Revenue Recognition", and requires entities to recognize revenue when they transfer control of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled to in exchange for those goods or services. The Company was an adopter of ASU 2017-11 - Earnings Per Share (Topic 260); Distinguishing Liabilities from Equity (Topic 480); Derivatives and Hedging (Topic 815): (Part I) Accounting for Certain Financial Instruments with Down Round Features, (Part II) Replacement of the Indefinite Deferral for Mandatorily Redeemable Financial Instruments of Certain Nonpublic Entities and Certain Mandatorily Redeemable Noncontrolling Interests with a Scope Exception ("ASU No. 2017-11"): In July 2017, the FASB issued ASU No. 2017-11. The ASU was issued to address the complexity associated with applying U.S. GAAP for certain financial instruments with characteristics of liabilities and equity. The ASU, among other things, eliminates the need to consider the effects of down round features when analyzing convertible debt, warrants and other financing instruments. As a result, a freestanding equity-linked financial instrument (or embedded conversion option) no longer would be accounted for as a derivative liability at fair value as a result of the existence of a down round feature. The Company was an adopter of 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. Topic 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. |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Marketable Securities [Abstract] | |
Schedule of Available-for-sale Marketable Securities | As of September 30, 2017, all of the Company’s marketable securities were classified as available-for-sale. September 30, 2017 June 30, 2017 Amortized cos Gross unrealized gain Gross unrealized loss Other-than-temporary impairment 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 $ 6,207 $ 1,209 $ (265 ) $ (850 ) $ 6,301 $ 11,988 $ 2,014 $ (47 ) $ (767 ) $ 13,188 Government debentures – fixed interest rate - - - - - 157 1 - - 158 Corporate debentures – fixed interest rate - - - - - 47 1 - - 48 $ 6,207 $ 1,209 $ (265 ) $ (850 ) $ 6,301 $ 12,192 $ 2,016 $ (47 ) $ (767 ) $ 13,394 Available-for-sale - matures after one year through five years: Government debentures – fixed interest rate - - - - - 468 23 - - 491 Corporate debentures – fixed interest rate - - - - - 1,255 7 (1 ) - 1,261 $ - $ - $ - $ - $ - $ 1,723 $ 30 $ (1 ) $ - $ 1,752 Available-for-sale - matures after five years through ten years: Corporate debentures – fixed interest rate - - - - - 17 1 - - 18 $ - $ - $ - $ - $ - $ 17 $ 1 $ - $ - $ 18 Total $ 6,207 $ 1,209 $ (265 ) $ (850 ) $ 6,301 $ 13,932 $ 2,047 $ (48 ) $ (767 ) $ 15,164 |
Schedule of Investments in Continuous Unrealized Loss Position | The following table presents gross unrealized losses and fair values for those investments that were in an unrealized loss position as of September 30, 2017 and June 30, 2017, 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, 2017 (Unaudited) $ 4,093 $ (265 ) $ - $ - As of June 30, 2017 $ 869 $ (24 ) $ 106 $ (24 ) |
FAIR VALUE OF FINANCIAL INSTR18
FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Schedule of Fair Value of Financial Instruments | September 30, 2017 (Unaudited) June 30, 2017 Level 1 Level 2 Level 1 Level 2 Marketable securities $ 4,093 $ 2,208 $ 10,523 $ 4,641 Foreign currency derivative instruments - 152 - 295 Total financial assets $ 4,093 $ 2,360 $ 10,523 $ 4,936 |
STOCKHOLDERS' EQUITY (Tables)
STOCKHOLDERS' EQUITY (Tables) | 3 Months Ended |
Sep. 30, 2017 | |
Non-employee Consultants [Member] | |
Stockholders Equity Note [Line Items] | |
Schedule of Stock Option Activity | A summary of the options to non-employee consultants is as follows: Three months ended September 30, 2017 (Unaudited) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value Price Options outstanding at beginning of period 177,200 $ 0.72 Options outstanding at end of the period 177,200 $ 0.72 4.05 $ 229 Options exercisable at the end of the period 176,750 $ 0.73 4.03 $ 211 Options vested and expected to vest 177,200 $ 0.72 4.05 $ 229 |
Schedule of Stock-based Compensation Expenses | Compensation expenses related to options granted to consultants were recorded as follows: Three months ended September 30, 2017 2016 (Unaudited) Research and development expenses $ 3 $ - General and administrative expenses $ 15 $ - $ 18 $ - |
Employees and Directors [Member] | |
Stockholders Equity Note [Line Items] | |
Schedule of Stock Option Activity | 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, 2017 (Unaudited) Number Weighted Average Exercise Price Weighted Average Remaining Contractual Terms (in years) Aggregate Intrinsic Value Price Options outstanding at beginning of period 815,650 $ 2.98 Options forfeited (71,400 ) $ 6.17 Options outstanding at end of the period 744,250 $ 2.665 0.645 $ 315 Options exercisable at the end of the period 744,250 $ 2.665 0.645 $ 315 Options vested 744,250 $ 2.665 0.645 $ 315 |
Restricted stock units [Member] | Non-employee Consultants [Member] | |
Stockholders Equity Note [Line Items] | |
Schedule of Unvested Restricted Stock Units | The following table summarizes the activity related to unvested RS and RSUs granted to consultants for the three months ended September 30, 2017 (Unaudited): Number Unvested at the beginning of period 42,500 Granted 24,580 Vested (20,000 ) Unvested at the end of the period 47,080 |
Schedule of Stock-based Compensation Expenses | Compensation expenses related to RS and RSUs granted to consultants were recorded as follows: Three months ended September 30, 2017 2016 (Unaudited) Research and development expenses $ - $ 4 General and administrative expenses 51 109 $ 51 $ 113 |
Restricted stock units [Member] | Employees and Directors [Member] | |
Stockholders Equity Note [Line Items] | |
Schedule of Unvested Restricted Stock Units | The following table summarizes the activity related to unvested RS and RSUs granted to employees and directors under its 2005 and 2016 incentive option plan for the three month period ended September 30, 2017, (Unaudited) is as follows: Number Unvested at the beginning of period 6,064,901 Granted 9,000 Forfeited (61,858 ) Vested (374,096 ) Unvested at the end of the period 5,637,947 Expected to vest after September 30, 2017 5,568,796 |
Schedule of Stock-based Compensation Expenses | Compensation expenses related to RS and RSUs granted to employees and directors were recorded as follows: Three months ended September 30, 2017 2016 (Unaudited) Research and development expenses $ 144 $ 110 General and administrative expenses 1,290 262 $ 1,434 $ 372 |
GENERAL (Details)
GENERAL (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |||
Dec. 31, 2013 | Sep. 30, 2017 | Sep. 30, 2016 | Jun. 30, 2017 | Jun. 30, 2016 | |
GENERAL [Abstract] | |||||
Accumulated deficit | $ 196,956 | $ 189,571 | |||
Stockholders' equity | 24,364 | $ 32,903 | $ 30,251 | $ 38,156 | |
Operating loss | 7,440 | 6,562 | |||
Operating activities | 5,190 | $ 3,923 | |||
Cash and cash equivalents, short-term bank deposits and marketable securities | 20,746 | ||||
Issuance of common stock under CHA agreement | 2,500,000 | ||||
CHA shares classified as marketable securities | 1,011,504 | ||||
Total consideration reflected under the CHA agreement | $ 10,414 | ||||
Fair value of the remaining investment in CHA shares | $ 4,093 |
SIGNIFICANT ACCOUNTING POLICI21
SIGNIFICANT ACCOUNTING POLICIES (Derivative Financial Instruments) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Accounting Policies [Abstract] | ||
Fair value of cash flow hedge derivatives | $ 152 | |
Net gain (loss) realized on derivatives | $ (143) | $ 65 |
MARKETABLE SECURITIES (Schedule
MARKETABLE SECURITIES (Schedule of Available-for-sale Marketable Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | $ 6,301 | $ 15,164 |
Gross unrealized gain | 1,209 | 2,047 |
Gross unrealized loss | (265) | (48) |
Other-than-temporary impairment | (850) | (767) |
Amortized cost | 6,207 | 13,932 |
Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 6,301 | 13,394 |
Gross unrealized gain | 1,209 | 2,016 |
Gross unrealized loss | (265) | (47) |
Other-than-temporary impairment | (850) | (767) |
Amortized cost | 6,207 | 12,192 |
One to Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 1,752 | |
Gross unrealized gain | 30 | |
Gross unrealized loss | (1) | |
Other-than-temporary impairment | ||
Amortized cost | 1,723 | |
After Five Years through Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 18 | |
Gross unrealized gain | 1 | |
Gross unrealized loss | ||
Other-than-temporary impairment | ||
Amortized cost | 17 | |
Stock and Index Linked Notes [Member] | Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 6,301 | 13,188 |
Gross unrealized gain | 1,209 | 2,014 |
Gross unrealized loss | (265) | (47) |
Other-than-temporary impairment | (850) | (767) |
Amortized cost | 6,207 | 11,988 |
Government Debentures - Fixed Interest Rate [Member] | Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 158 | |
Gross unrealized gain | 1 | |
Gross unrealized loss | ||
Other-than-temporary impairment | ||
Amortized cost | 157 | |
Government Debentures - Fixed Interest Rate [Member] | One to Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 491 | |
Gross unrealized gain | 23 | |
Gross unrealized loss | ||
Other-than-temporary impairment | ||
Amortized cost | 468 | |
Corporate Debentures - Fixed Interest Rate [Member] | Within One Year [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 48 | |
Gross unrealized gain | 1 | |
Gross unrealized loss | ||
Other-than-temporary impairment | ||
Amortized cost | 47 | |
Corporate Debentures - Fixed Interest Rate [Member] | One to Five Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 1,261 | |
Gross unrealized gain | 7 | |
Gross unrealized loss | (1) | |
Other-than-temporary impairment | ||
Amortized cost | 1,255 | |
Corporate Debentures - Fixed Interest Rate [Member] | After Five Years through Ten Years [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Fair value | 18 | |
Gross unrealized gain | 1 | |
Gross unrealized loss | ||
Other-than-temporary impairment | ||
Amortized cost | $ 17 |
MARKETABLE SECURITIES (Schedu23
MARKETABLE SECURITIES (Schedule of Investments in Unrealized Loss) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Marketable Securities [Abstract] | ||
Less than 12 months, Fair Value | $ 4,093 | $ 869 |
Less than 12 months, Gross unrealized loss | (265) | (24) |
12 months or greater, Fair Value | 106 | |
12 months or greater, Gross unrealized loss | $ (24) |
FAIR VALUE OF FINANCIAL INSTR24
FAIR VALUE OF FINANCIAL INSTRUMENTS (Schedule of Fair Value of Financial Instruments) (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Jun. 30, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 6,301 | $ 15,164 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 4,093 | 10,523 |
Foreign currency derivative instruments | ||
Total financial assets | 4,093 | 10,523 |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 2,208 | 4,641 |
Foreign currency derivative instruments | 152 | 295 |
Total financial assets | $ 2,360 | $ 4,936 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands | Sep. 27, 2017 | Jul. 31, 2017 | Sep. 30, 2017 |
Other Commitments [Line Items] | |||
Cash pledged | $ 996 | ||
Grants received | $ 25,818 | ||
Percentage of qualified expenditures eligible for grant | 50.00% | ||
Royalty rate | 1.00% | 5.00% | |
Royalty payable based on grants received | 100.00% | ||
Accrued and paid royalties | $ 166 | ||
Contingent liability amount | $ 250 | $ 25,652 | |
Agreement term period | 5 years | ||
Smart Money Grant [Member] | |||
Other Commitments [Line Items] | |||
Additonal grant awarded | $ 229 | ||
Maximum [Member] | |||
Other Commitments [Line Items] | |||
Royalty rate | 4.00% | ||
Minimum [Member] | |||
Other Commitments [Line Items] | |||
Royalty rate | 3.00% |
STOCKHOLDERS' EQUITY (Narrative
STOCKHOLDERS' EQUITY (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | |
Jul. 31, 2017 | Sep. 30, 2017 | Sep. 30, 2016 | |
Proceeds related to issuance of common stock and warrants, net of issuance costs | $ 1,026 | ||
Net of issuance expenses | $ 80 | ||
ATM Agreement [Member] | |||
Value of common stock company can periodically issue through Agents, per terms of ATM Agreement | $ 80,000 | ||
Stock issued | 834,040 | ||
Equity issuance, price per share | $ 1.33 | ||
Proceeds related to issuance of common stock and warrants, net of issuance costs | $ 1,026 | ||
Net of issuance expenses | $ 80 |
STOCKHOLDERS' EQUITY (Summary o
STOCKHOLDERS' EQUITY (Summary of Option Activity to Employees and Directors) (Details) - Employees and Directors [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
Number | |
Options outstanding at beginning of period | shares | 815,650 |
Options forfeited | shares | (71,400) |
Options outstanding at end of the period | shares | 744,250 |
Options exercisable at the end of the period | shares | 744,250 |
Options vested | shares | 744,250 |
Weighted Average Exercise Price | |
Options outstanding at beginning of period | $ / shares | $ 2.98 |
Options forfeited | $ / shares | 6.17 |
Options outstanding at end of the period | $ / shares | 2.665 |
Options exercisable at the end of the period | $ / shares | 2.665 |
Options vested | $ / shares | $ 2.665 |
Weighted Average Remaining Contractual Terms (in years) | |
Weighted Average Remaining Contractual Terms (in years) | 7 months 22 days |
Options exercisable at the end of the period | 7 months 22 days |
Options vested | 7 months 22 days |
Aggregate Intrinsic Value Price | |
Options outstanding at end of the period | $ | $ 315 |
Options exercisable at the end of the period | $ | 315 |
Options vested | $ | $ 315 |
STOCKHOLDERS' EQUITY (Summary28
STOCKHOLDERS' EQUITY (Summary of Option Activity to Non-employee Consultants) (Details) - Non-employee Consultants [Member] $ / shares in Units, $ in Thousands | 3 Months Ended |
Sep. 30, 2017USD ($)$ / sharesshares | |
Number | |
Options outstanding at beginning of period | shares | 177,200 |
Options forfeited | shares | |
Options outstanding at end of the period | shares | 177,200 |
Options exercisable at the end of the period | shares | 176,750 |
Options vested and expected to vest | shares | 177,200 |
Weighted Average Exercise Price | |
Options outstanding at beginning of period | $ / shares | $ 0.72 |
Options forfeited | $ / shares | |
Options outstanding at end of the period | $ / shares | 0.72 |
Options exercisable at the end of the period | $ / shares | 0.73 |
Options vested and expected to vest | $ / shares | $ 0.72 |
Weighted Average Remaining Contractual Terms (in years) | |
Weighted Average Remaining Contractual Terms (in years) | 4 years 18 days |
Options exercisable at the end of the period | 4 years 11 days |
Options vested and expected to vest | 4 years 18 days |
Aggregate Intrinsic Value Price | |
Options outstanding at end of the period | $ | $ 229 |
Options exercisable at the end of the period | $ | 211 |
Options vested and expected to vest | $ | $ 229 |
STOCKHOLDERS' EQUITY (Summary29
STOCKHOLDERS' EQUITY (Summary of RSU Activity to Employees and Directors) (Details) - Restricted stock units [Member] - Employees and Directors [Member] | 3 Months Ended |
Sep. 30, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unvested at the beginning of period | 6,064,901 |
Granted | 9,000 |
Forfeited | (61,858) |
Vested | (374,096) |
Unvested at the end of the period | 5,637,947 |
Expected to vest after September 30, 2017 | 5,568,796 |
STOCKHOLDERS' EQUITY (Schedule
STOCKHOLDERS' EQUITY (Schedule of Compensation Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017 | Sep. 30, 2016 | |
Options [Member] | Non-employee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expenses | $ 18 | |
Options [Member] | General and administrative expenses [Member] | Non-employee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expenses | 15 | |
Options [Member] | Research and development expenses [Member] | Non-employee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expenses | 3 | |
Restricted stock units [Member] | Non-employee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expenses | 51 | 113 |
Restricted stock units [Member] | Employees and Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expenses | 1,434 | 372 |
Unrecognized compensation expense | $ 5,364 | |
Unrecognized compensation expense, recognition period | 3 years 9 months | |
Restricted stock units [Member] | General and administrative expenses [Member] | Non-employee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expenses | $ 51 | 109 |
Restricted stock units [Member] | General and administrative expenses [Member] | Employees and Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expenses | 1,290 | 262 |
Restricted stock units [Member] | Research and development expenses [Member] | Non-employee Consultants [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expenses | 4 | |
Restricted stock units [Member] | Research and development expenses [Member] | Employees and Directors [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Compensation expenses | $ 144 | $ 110 |
STOCKHOLDERS' EQUITY (Summary31
STOCKHOLDERS' EQUITY (Summary of RSU Activity to Consultants) (Details) - Restricted stock units [Member] - Non-employee Consultants [Member] | 3 Months Ended |
Sep. 30, 2017shares | |
Share-based Goods and Nonemployee Services Transaction [Line Items] | |
Unvested at the beginning of period | 42,500 |
Granted | 24,580 |
Vested | (20,000) |
Unvested at the end of the period | 47,080 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) $ / shares in Units, € in Thousands, $ in Thousands | Oct. 31, 2017USD ($)$ / sharesshares | Oct. 02, 2017USD ($) | Oct. 02, 2017EUR (€) | Sep. 30, 2017USD ($) | Sep. 30, 2016USD ($) |
Net proceeds, after deducting fees and estimated expenses | $ 1,026 | ||||
Subsequent Event [Member] | |||||
Total grants awared to CLI program consortium under the European Union's Horizon 2020 program | $ 8,000 | ||||
Amount of grants awared under CLI program allocated to Company | $ 600 | ||||
Common stock issued, shares | shares | 9,000,000 | ||||
Gross proceeds from issuance of common stock | $ 15,051 | ||||
Share issuance, price per share | $ / shares | $ 1.67 | ||||
Net proceeds, after deducting fees and estimated expenses | $ 13,674 | ||||
Subsequent Event [Member] | Euro [Member] | |||||
Total grants awared to CLI program consortium under the European Union's Horizon 2020 program | € | € 6,800 | ||||
Amount of grants awared under CLI program allocated to Company | € | € 500 |