Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | May. 08, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | OphthaliX, Inc. | |
Entity Central Index Key | 1,218,683 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 10,441,251 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
CURRENT ASSETS: | |||
Cash and cash equivalents | $ 6 | $ 42 | |
Investment in Parent Company | 616 | $ 658 | |
Other accounts receivable | 34 | ||
Total current assets | $ 656 | $ 700 | |
PROPERTY AND EQUIPMENT, NET | [1] | ||
Total assets | $ 656 | $ 700 | |
CURRENT LIABILITIES: | |||
Related company | 3,907 | 3,690 | |
Other accounts payable and accrued expenses | 228 | 291 | |
Total current liabilities | $ 4,135 | $ 3,981 | |
NON-CURRENT LIABILITIES: | |||
Derivative related to Service Agreement | [1] | ||
Share capital | |||
Preferred Stock - Authorized : 1,000,000 shares at March 31, 2016 and December 31, 2015, respectively; Issued and Outstanding: 0 shares at March 31, 2016 and December 31, 2015 | |||
Common Stock of $ 0.001 par value - Authorized: 100,000,000 shares at March 31, 2016 and December 31, 2015, respectively; Issued and Outstanding: 10,441,251 shares at March 31, 2016 and December 31, 2015, respectively | $ 10 | $ 10 | |
Additional Paid-in capital | 5,518 | 5,516 | |
Accumulated other comprehensive income | (76) | (34) | |
Accumulated deficit | (8,931) | (8,773) | |
Total stockholders' deficiency | (3,479) | (3,281) | |
Total liabilities and stockholders' deficiency | $ 656 | $ 700 | |
[1] | Represents an amount lower than $1 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parentheticals) - $ / shares | Mar. 31, 2016 | Dec. 31, 2015 |
Statement of Financial Position [Abstract] | ||
Preferred Stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0.001 | $ 0.001 |
Common Stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 10,441,251 | 10,441,251 |
Common Stock, shares outstanding | 10,441,251 | 10,441,251 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Operating expenses: | |||
Research and development | $ 85 | $ 106 | $ 812 |
General and administrative | 44 | 82 | 573 |
Total operating expenses | 129 | 188 | 1,385 |
Financial expenses, net | 29 | 19 | 92 |
Net loss | $ 158 | $ 207 | $ 1,477 |
Net loss per share: | |||
Basic and diluted net loss per share | $ 0.02 | $ 0.02 | $ 0.14 |
Weighted average number of shares of Common Stock used in computing basic and diluted net loss per share | 10,441,251 | 10,441,251 | 10,441,251 |
Available-for-sale investments: | |||
Changes in net unrealized loss | $ 42 | $ 283 | $ 136 |
Total other comprehensive loss | 42 | 283 | 136 |
Comprehensive loss | $ 200 | $ 490 | $ 1,613 |
Condensed Statements of Changes
Condensed Statements of Changes in Stockholders' Equity Deficiency - USD ($) $ in Thousands | Total | Shares of Common Stock | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive Income (loss) |
Beginning Balance at Dec. 31, 2014 | $ (1,690) | $ 10 | $ 5,494 | $ (7,296) | $ 102 |
Beginning Balance, Shares at Dec. 31, 2014 | 10,441,251 | ||||
Stock based compensation | 8 | $ 8 | |||
Unrealized loss from investment in Parent Company | (283) | $ (283) | |||
Net loss | (207) | $ (207) | |||
Ending Balance at Mar. 31, 2015 | (2,172) | $ 10 | $ 5,502 | (7,503) | (181) |
Ending Balance, Shares at Mar. 31, 2015 | 10,441,251 | ||||
Beginning Balance at Dec. 31, 2015 | (3,281) | $ 10 | 5,516 | $ (8,773) | $ (34) |
Beginning Balance, Shares at Dec. 31, 2015 | 10,441,251 | ||||
Stock based compensation | 2 | $ 2 | |||
Unrealized loss from investment in Parent Company | (42) | $ (42) | |||
Net loss | (158) | $ (158) | |||
Ending Balance at Mar. 31, 2016 | $ (3,479) | $ 10 | $ 5,518 | $ (8,931) | $ (76) |
Ending Balance, Shares at Mar. 31, 2016 | 10,441,251 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |||
Cash flows from operating activities: | |||||
Net loss | $ (158) | $ (207) | $ (1,477) | ||
Adjustments to reconcile net loss to net cash used in operating activities: | |||||
Decrease (increase) in other accounts receivable | (34) | (34) | 209 | ||
Increase (decrease) in other account payables and accrued expenses | (63) | (11) | 45 | ||
Increase in balance with Related company | $ 217 | $ 240 | 1,233 | ||
Depreciation | [1] | [1] | 1 | ||
Stock based compensation | $ 2 | $ 8 | 22 | ||
Net cash used in operating activities | $ (36) | $ (4) | 33 | ||
Cash flows from investing activities: | |||||
Acquisition of fixed assets | (3) | ||||
Proceeds from sale of property and equipment | $ 3 | ||||
Net cash provided by investing activities | |||||
Change in cash and cash equivalents | $ (36) | $ (4) | $ 33 | ||
Cash and cash equivalents at the beginning of the period | 42 | 9 | 9 | ||
Cash and cash equivalents at the end of the period | $ 6 | $ 5 | $ 42 | ||
[1] | Represents an amount lower than $1 |
General
General | 3 Months Ended |
Mar. 31, 2016 | |
General [Abstract] | |
GENERAL | NOTE 1:- GENERAL a. OphthaliX Inc. (the "Company" or "OphthaliX"), originally incorporated in the State of Nevada on December 10, 1999 under the name Bridge Capital.com Inc., was a nominally capitalized corporation that did not commence its operations until it changed its name to Denali Concrete Management Inc. ("Denali"), in March 2001. Denali was a concrete placement company specializing in providing concrete improvements in the road construction industry. Denali operated primarily in Anchorage, Alaska, placing curb and gutter, sidewalks and retaining walls for state, municipal and military projects. In December 2005, the Company ceased its principal business operations and focused its efforts on seeking a business opportunity, becoming a public shell company in the U.S. Eye-Fite Ltd. ("Eye-Fite" or the "Subsidiary") was founded on June 27, 2011 in contemplation of the execution of a transaction between Can-Fite BioPharma Ltd. (the "Parent company" or "Can-Fite"), a public company in Israel and U.S, and the Company, as further detailed in Note 1b below. The Company and its Subsidiary conduct research and development activities using an exclusive worldwide license for CF101, a synthetic A3 adenosine receptor, or A3AR, agonist (known generically as IB-MECA) solely for the field of ophthalmic diseases after the consummation of the transaction. See also Note 1b2. Following the transaction, Denali changed its name to OphthaliX Inc. and also changed its corporate domicile from Nevada to Delaware. b. Reverse Recapitalization and related arrangements: 1. Recapitalization: On November 21, 2011 (the "Closing Date"), Can-Fite purchased 8,000,000 shares of the Company’s common stock, par value $0.001 per share in exchange for all of the issued and outstanding ordinary shares of Eyefite pursuant to the terms of a stock purchase agreement (the “Purchase Agreement”). As a result, Eyefite became a wholly-owned subsidiary of the Company and Can-Fite became its majority stockholder and a parent. Also on November 21, 2011, the Company issued a warrant to Can-Fite by which Can-Fite has the right, until the earlier of (a) November 21, 2016 and (b) the closing of the acquisition of the Company by another entity, resulting in the exchange of the Company’s outstanding common shares such that its stockholders prior to such transaction own, directly or indirectly, less than 50% of the voting power of the surviving entity, to convert its right to the Additional Payment (as defined below) into 480,022 shares of Common Stock (subject to adjustment in certain circumstances). The per share exercise price for the shares is $5.148. On November 21, 2011, the Company completed a private placement of shares of its common stock for gross proceeds of $3,330 through the sale of 646,776 shares of Common Stock to third party investors and sold 466,139 shares of Common Stock to Can-Fite in exchange for 714,922 ordinary shares of Can-Fite, valued at $2,400 and 97,112 shares to Can-Fite for gross proceeds of $500. In addition, the Company issued to Can-Fite and each of the other investors, for each four shares of the Company’s Common Stock purchased in the financing, nine warrants valid for a period of five years from the closing of the financing to acquire two shares of the Company for an exercise price of $7.74. On June 17, 2013, the Company sold 268,095 Can-Fite ordinary shares for a total consideration of $511. As of March 31, 2016, the Company holds 446,827 Can-Fite ordinary shares, representing approximately 1.6% of Can-Fite's outstanding share capital. The transaction was accounted for as a reverse recapitalization which is outside the scope ASC 805, Business Combinations. Under reverse capitalization accounting, EyeFite is considered the acquirer for accounting and financial reporting purposes, and acquired the assets and assumed the liabilities of the Company. Assets acquired and liabilities assumed are reported at their historical amounts. Consequently, the condensed consolidated financial statements of the Company reflect the operations of the acquirer for accounting purposes together with a deemed issuance of shares, equivalent to the shares held by the former shareholders of the legal acquirer and a recapitalization of the equity of the accounting acquirer. These condensed consolidated financial statements include the accounts of the Company since the effective date of the reverse capitalization and the accounts of EyeFite since inception. 2. License and research and development services from Can-Fite: In connection with the consummation of the Reverse Recapitalization, the Company through EyeFite and Can-Fite entered into a license agreement, pursuant to which Can-Fite granted to EyeFite a sole and exclusive worldwide license for the use of CF101, solely in the field of ophthalmic diseases ("CF101"). In connection with the license agreement, referred to above, Eye-Fite was obligated to make to the U.S. National Institutes of Health ("NIH"), with regard to the patents of which are included in the license to Eye-Fite, for as long as the license agreement between Can-Fite and NIH remains in effect, a nonrefundable minimum annual royalty fee and potential future royalties of 4.0% to 5.5% on net sales. In addition, the Company was obligated to make certain milestone payments to NIH ranging from $25 to $500 upon the achievement of various development milestones for each indication. In June 2015, the license agreement between Can-Fite and NIH terminated due to patent expiration. As of March 31, 2016, the Company accrued an amount of $100 related to its DES Phase III clinical trial and $75 related to its Phase II glaucoma Phase II clinical trial. Eye-Fite will also be required to make payments of 20% of sublicensing revenues, excluding royalties and net of the required milestone payments. During 2015, the Company did not reach any milestone or generate revenue that would trigger additional payments to Can-Fite. In addition, following the closing of the Reverse Recapitalization, an agreement was signed between Can-Fite, OphthaliX and Eye-Fite (the "Service Agreement"). According to the Service Agreement, Can-Fite will manage the research and development activities relating to pre-clinical and clinical studies for the development of the ophthalmic indications of CF101. According to the Service Agreement, in consideration for Can-Fite's services, Eye-Fite will pay to Can-Fite a service fee (consisting of all expenses and costs incurred by Can-Fite plus 15%). As part of the Service Agreement, the Company is required to pay Can-Fite additional payments from future proceeds (due to commercialization or sublicense agreement) in relation to CF101 (the “Additional Payment”). Can-Fite has the right to exchange such future payments for additional shares of OphthaliX upon payment of an exercise price. c. Liquidity and Capital Resources: During the three months ended March 31, 2016 and the year ended December 31, 2015, the Company incurred operating losses amounting to $129 and $1,385, respectively. The Company will be required to obtain additional liquidity resources in the near term in order to support the commercialization of its products and maintain its research and development activities. The Company is addressing its liquidity issues by implementing initiatives to raise additional funds as well as other measures that will allow it to cover its anticipated budget deficit. Such initiatives include a plan to monetize part or all of the Company's investment in Can-Fite's ordinary shares. In addition, in February 2013 Can-Fite issued to the Company a formal letter, which has been updated periodically (most recently in August 2015), stating that Can-Fite agrees to defer payments owing to it under the Services Agreement from January 31, 2013 for the performance of the clinical trials of CF101 in ophthalmic indications until the completion of fundraising by the Company sufficient to cover such deferred payments. Also, in August 2015, Can-Fite issued a financial support letter pursuant to which it committed to cover any shortfall in the costs and expenses of operations of the Company which are in excess of the Company's available cash to finance its operations, including cash generated from any future sale of Can-Fite shares held by the Company. Both letters will expire in October 2016 and any related balance shall bear an interest at a rate of 3% per annum. As of March 31, 2016, the deferred payments to Can-Fite totaled $3,907. There are no assurances, however, that the Company will be able to obtain an adequate level of financial resources that are required for the short and long-term development and commercialization of its product candidates. According to management estimates, liquidity resources as of March 31, 2016, together with the support letters from the Parent Company described These conditions raise substantial doubt about the Company's ability to continue as a going concern. The accompanying financial statements do not include any adjustments to reflect the possible future effects on recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. |
Unaudited Condensed Financial S
Unaudited Condensed Financial Statements | 3 Months Ended |
Mar. 31, 2016 | |
Unaudited Condensed Financial Statements [Abstract] | |
UNAUDITED CONDENSED FINANCIAL STATEMENTS | NOTE 2:- UNAUDITED CONDENSED FINANCIAL STATEMENTS The unaudited Condensed Consolidated Financial Statements of OphthaliX Inc. have been prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission ("SEC"). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The condensed consolidated balance sheets as of March 31, 2016, included herein was derived from the audited consolidated financial statements for the year ended December 31, 2015. In the opinion of management, all adjustments, including normal recurring accruals, considered necessary for a fair presentation have been included. The results of operations for the three months ended March 31, 2016, are not necessarily indicative of the results that may be expected for the year ending December 31, 2016, or any future period. The information included in this interim report should be read in conjunction with "Management's Discussion and Analysis of Financial Condition and Results of Operations," "Risk Factors," "Quantitative and Qualitative Disclosures About Market Risk," and the consolidated financial statements and footnotes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates under different assumptions or conditions. The significant accounting policies applied in the annual financial statements of the Company as of December 31, 2015 are applied consistently in these condensed financial statements For further information, refer to the consolidated financial statements as of December 31, 2015. |
Impact of Recently Accounting S
Impact of Recently Accounting Standards | 3 Months Ended |
Mar. 31, 2016 | |
Impact of Recently Accounting Standards [Abstract] | |
IMPACT OF RECENTLY ACCOUNTING STANDARDS | NOTE 3:- IMPACT OF RECENTLY ACCOUNTING STANDARDS a. In August 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-15, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which defines management’s responsibility to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. The pronouncement is effective for annual reporting periods ending after December 15, 2016 with early adoption permitted. The Company is evaluating the effect, if any, that the adoption of this guidance will have on its consolidated financial statements. b. In November 2015, the FASB issued ASU No. 2015-17, "Income Taxes – Balance Sheet Classification of Deferred Taxes” ("ASU 2015-17"). The purpose of the standard is to simplify the presentation of deferred taxes on a classified balance sheet. Under current GAAP, deferred income tax assets and liabilities are separated into current and noncurrent amounts in the balance sheet. The amendments in ASU 2015-17 require that all deferred tax assets and liabilities be classified as noncurrent in the balance sheet. ASU 2015-17 is effective for interim and annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Companies can adopt the guidance either prospectively or retrospectively. The Company does not expect the adoption of ASU 2015-17 to have a material impact on its consolidated financial statements or presentation. |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurements [Abstract] | |
FAIR VALUE MEASUREMENTS | NOTE 4:- FAIR VALUE MEASUREMENTS The Company considers an active market to be one in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis, and views an inactive market as one in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers. Since the quoted market value of the Company’s Common Stock was based on a sporadically traded stock with little volume, the Company's management determined the Company's stock price fair value based on ASC 820 Fair Value Measurement using the income approach assisted by a third party specialist. Consequently, the derivatives are classified within Level 3 because they are valued using valuation techniques. The fair value of the Derivative as of March 31, 2016 and December 31, 2015 amounted to $0, was determined using the binomial option-pricing model. The aforementioned option-pricing model requires a number of assumptions, of which most significant are the expected stock price volatility and the expected term. The Company's investment in Parent Company ordinary shares is measured in accordance with ASC 820, based on the Parent Company's ordinary shares fair value as quoted in the Tel Aviv Stock Exchange. These securities are classified as available-for-sale securities carried at fair value, with unrealized gains and losses reported as a separate component of shareholders' equity under accumulated other comprehensive loss (income) in the condensed consolidated balance sheets. The assets are classified within Level 1 on the fair value hierarchy. The following table provides information by value level for financial assets and liabilities that are measured at fair value, as defined by ASC 820, on a recurring basis as of March 31, 2016 and December 31, 2015. March 31, 2016 Fair value measurements Description Fair Value Level 1 Level 2 Level 3(1) Investment in Parent Company $ 616 $ 616 $ - $ - Derivative related to Service Agreement -* ) - - -* ) Total Financial Assets, net $ 616 $ 616 $ - $ - *) Represents an amount lower than $1 December 31, 2015 Fair value measurements Description Fair Value Level 1 Level 2 Level 3(1) Investment in Parent company $ 658 $ 658 $ - $ - Derivative related to Service Agreement -* ) - - -* ) Total Financial Assets, net $ 658 $ 658 $ - $ - *) Represents an amount lower than $1 (1) Fair value measurements using significant unobservable inputs |
Equity
Equity | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
EQUITY | NOTE 5:- EQUITY The following table summarizes the activity of stock options: Shares Subject to Options Outstanding Description Number of Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (1) Outstanding as of January 1, 2016 and March 31, 2016 117,500 7.96 6.61 $ - Exercisable as of March 31, 2016 112,604 8.0 6.59 - Vested and expected to be vested 117,500 7.96 6.61 $ - (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the stock options and the closing price of the shares of the Company’s Common Stock of $0.99 as of March 31, 2016. As of March 31, 2016, there was $1 of unrecognized stock-based compensation expense all of which is related to stock options. This unrecognized compensation expense, expected to be recognized over a weighted-average period of approximately 0.25 years. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurements [Abstract] | |
Summary of financial assets and liabilities measured at fair value on recurring basis | March 31, 2016 Fair value measurements Description Fair Value Level 1 Level 2 Level 3(1) Investment in Parent Company $ 616 $ 616 $ - $ - Derivative related to Service Agreement -* ) - - -* ) Total Financial Assets, net $ 616 $ 616 $ - $ - *) Represents an amount lower than $1 December 31, 2015 Fair value measurements Description Fair Value Level 1 Level 2 Level 3(1) Investment in Parent company $ 658 $ 658 $ - $ - Derivative related to Service Agreement -* ) - - -* ) Total Financial Assets, net $ 658 $ 658 $ - $ - *) Represents an amount lower than $1 (1) Fair value measurements using significant unobservable inputs |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Equity [Abstract] | |
Schedule of stock options activity | Shares Subject to Options Outstanding Description Number of Shares Weighted Average Exercise Price Weighted- Average Remaining Contractual Term (in years) Aggregate Intrinsic Value (1) Outstanding as of January 1, 2016 and March 31, 2016 117,500 7.96 6.61 $ - Exercisable as of March 31, 2016 112,604 8.0 6.59 - Vested and expected to be vested 117,500 7.96 6.61 $ - (1) The aggregate intrinsic value is calculated as the difference between the exercise price of the stock options and the closing price of the shares of the Company’s Common Stock of $0.99 as of March 31, 2016. |
General (Details)
General (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jun. 17, 2013 | Nov. 21, 2011 | Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
General [Textual] | |||||
Common Stock, par value | $ 0.001 | $ 0.001 | |||
Shares issued, price per share | $ 7.740 | ||||
License agreement terms | license agreement between Can-Fite and NIH remains in effect, a nonrefundable minimum annual royalty fee and potential future royalties of 4.0% to 5.5% on net sales. | ||||
Accrual clinical trials cost | $ 75 | ||||
Percentage of expenses | 15.00% | ||||
Bearing interest rate per annum | 3.00% | ||||
Deferred payments | $ 3,907 | $ 3,690 | |||
Operating expenses | 129 | $ 188 | $ 1,385 | ||
Private Placement [Member] | |||||
General [Textual] | |||||
Common stock shares issued | 646,776 | ||||
Ordinary shares held | 466,139 | ||||
Gross proceeds | $ 3,330 | ||||
Maximum [Member] | |||||
General [Textual] | |||||
Payment for milestone | 500 | ||||
Minimum [Member] | |||||
General [Textual] | |||||
Payment for milestone | 25 | ||||
Eye-Fite Ltd [Member] | |||||
General [Textual] | |||||
Shares issued for acquired outstanding shares | 8,000,000 | ||||
Common Stock, par value | $ 0.001 | ||||
Accrued for milestones payment | $ 100 | ||||
Percentage of sublicensing revenues | 20.00% | ||||
Can-Fite [Member] | |||||
General [Textual] | |||||
Shares issued, price per share | $ 5.148 | ||||
Total consideration received for sale of stock | $ 511 | ||||
Ordinary shares held | 268,095 | 714,922 | 446,827 | ||
Percentage of issued and outstanding share capital | 1.60% | ||||
Common Stock converted to additional payment | 480,022 | ||||
Gross proceeds | $ 500 | ||||
Shares issued | 97,112 | ||||
Common stock value issued | $ 2,400 |
Fair Value Measurements (Detail
Fair Value Measurements (Details) - Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment in Parent Company | $ 616 | $ 658 | |
Derivative related to Service Agreement | [1] | ||
Total Financial Assets, net | $ 616 | $ 658 | |
Level 1 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment in Parent Company | $ 616 | $ 658 | |
Derivative related to Service Agreement | |||
Total Financial Assets, net | $ 616 | $ 658 | |
Level 2 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment in Parent Company | |||
Derivative related to Service Agreement | |||
Total Financial Assets, net | |||
Level 3 [Member] | |||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||
Investment in Parent Company | [2] | ||
Derivative related to Service Agreement | [1],[2] | ||
Total Financial Assets, net | [2] | ||
[1] | Represents an amount lower than $1 | ||
[2] | Fair value measurements using significant unobservable inputs |
Fair Value Measurements (Deta16
Fair Value Measurements (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Fair Value Measurements (Textual) | ||
Derivative fair value | $ 0 | $ 0 |
Equity (Details)
Equity (Details) - Stock option plan [Member] | 3 Months Ended | |
Mar. 31, 2016USD ($)$ / sharesshares | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||
Number of Shares, Outstanding | shares | 117,500 | |
Number of Shares, Outstanding | shares | 117,500 | |
Number of Shares, Exercisable | shares | 112,604 | |
Number of Shares, Vested and expected to be vested | shares | 117,500 | |
Weighted Average Exercise Price, Outstanding | $ / shares | $ 7.96 | |
Weighted Average Exercise Price, Outstanding | $ / shares | 7.96 | |
Weighted Average Exercise Price, Exercisable | $ / shares | 8 | |
Weighted Average Exercise Price, Vested and expected to be vested | $ / shares | $ 7.96 | |
Weighted Average Remaining Contractual Term, Outstanding (in years) | 6 years 7 months 10 days | |
Weighted Average Remaining Contractual Term, Exercisable (in years) | 6 years 7 months 2 days | |
Weighted Average Remaining Contractual Term, Vested and expected to be vested (in years) | 6 years 7 months 10 days | |
Aggregate Intrinsic Value, Outstanding | $ | [1] | |
Aggregate Intrinsic Value, Outstanding | $ | [1] | |
Aggregate Intrinsic Value, Exercisable | $ | [1] | |
Aggregate Intrinsic Value, Vested and expected to be vested | $ | [1] | |
[1] | The aggregate intrinsic value is calculated as the difference between the exercise price of the stock options and the closing price of the shares of the Company's Common Stock of $0.99 as of March 31, 2016. |
Equity (Details Textual)
Equity (Details Textual) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($)$ / shares | |
Equity (Textual) | |
Closing price of the shares | $ / shares | $ 0.99 |
Unrecognized stock-based compensation expense | $ | $ 1 |
Unrecognised compensation expense, weighted average period | 3 months |