Document_And_Entity_Informatio
Document And Entity Information | 9 Months Ended | |
Sep. 30, 2014 | Nov. 12, 2014 | |
Document Information [Line Items] | ' | ' |
Entity Registrant Name | 'LabStyle Innovations Corp. | ' |
Entity Central Index Key | '0001533998 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Trading Symbol | 'DRIO | ' |
Entity Common Stock, Shares Outstanding | ' | 16,233,430 |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Sep-14 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Sep. 30, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
CURRENT ASSETS: | ' | ' | |
Cash and cash equivalents | $4,170 | $2,263 | |
Restricted cash | 0 | 38 | |
Short-term bank deposits | 87 | 154 | |
Inventories | 109 | 0 | |
Other accounts receivable and prepaid expenses | 362 | 475 | |
Total current assets | 4,728 | 2,930 | |
LEASE DEPOSIT | 48 | 41 | |
PROPERTY AND EQUIPMENT, NET | 1,226 | 1,145 | |
Total assets | 6,002 | 4,116 | |
CURRENT LIABILITIES: | ' | ' | |
Trade payables | 1,276 | 586 | |
Other accounts payable and accrued expenses | 818 | 920 | |
Total current liabilities | 2,094 | 1,506 | |
LIABILITY RELATED TO WARRANTS | 3,053 | 2,696 | |
COMMITMENTS AND CONTINGENT LIABILITIES | ' | ' | |
CONVERTIBLE PREFERRED SHARES: | ' | ' | |
Series A Preferred Stock of $0.0001 par value - Authorized: 60,000 shares at September 30, 2014 (unaudited); Issued and Outstanding: 42,350 shares at September 30, 2014 (unaudited); Aggregate liquidation preference of $4,235 at September 30, 2014 (unaudited) | 5,781 | 0 | |
STOCKHOLDERS' DEFICIENCY: | ' | ' | |
Common Stock of $0.0001 par value - Authorized: 80,000,000 and 45,000,000 shares at September 30, 2014 (unaudited) and December 31, 2013, respectively; Issued and Outstanding: 15,905,871 and 4,014,381 shares at September 30, 2014 (unaudited) and December 31, 2013, respectively | 2 | ' | [1] |
Preferred Stock of $0.0001 par value - Authorized: 4,940,000 and 5,000,000 shares at September 30, 2014 (unaudited) and December 31, 2013, respectively; Issued and Outstanding: none at September 30, 2014 (unaudited) and December 31, 2013 | 0 | 0 | |
Additional paid-in capital | 27,646 | 19,917 | |
Accumulated deficit | -32,574 | -20,003 | |
Total stockholders' deficiency | -4,926 | -86 | |
Total liabilities and stockholders' deficiency | $6,002 | $4,116 | |
[1] | Represent an amount lower than $1. |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 80,000,000 | 45,000,000 |
Common stock, shares issued | 15,905,871 | 4,014,381 |
Common stock, shares, outstanding | 15,905,871 | 4,014,381 |
Preferred stock, par value (in dollars per share) | $0.00 | $0.00 |
Preferred stock, shares authorized | 4,940,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Series A Preferred Stock [Member] | ' | ' |
Temporary equity, par value (in dollars per share) | $0.00 | $0.00 |
Temporary equity, shares authorized | 60,000 | ' |
Temporary equity, shares issued | 42,350 | ' |
Temporary equity, shares outstanding | 42,350 | ' |
Temporary equity, liquidation preference | $4,235 | ' |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues | $0 | $0 | $0 | $0 |
Ramp up of manufacturing costs | 585 | 0 | 1,611 | 0 |
Gross loss | 585 | 0 | 1,611 | 0 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 769 | 1,078 | 3,209 | 3,169 |
Marketing and pre-production costs | 252 | 763 | 911 | 1,924 |
General and administrative | 901 | 1,397 | 3,047 | 4,817 |
Total operating expenses | 1,922 | 3,238 | 7,167 | 9,910 |
Operating loss | 2,507 | 3,238 | 8,778 | 9,910 |
Financial expenses (income), net: | ' | ' | ' | ' |
Revaluation of warrants | -2,606 | 192 | -3,144 | 3,992 |
Other financial expense | 3,176 | 41 | 3,681 | 83 |
Total financial expenses, net | 570 | 233 | 537 | 4,075 |
Net loss | 3,077 | 3,471 | 9,315 | 13,985 |
Deemed dividend related to exchange agreement (Note 4a) | 279 | 0 | 279 | 0 |
Deemed dividend related to Series A Preferred Stock (Note 4b) | 2,977 | 0 | 2,977 | 0 |
Net loss attributable to holders of Common Stock | $6,333 | $3,471 | $12,571 | $13,985 |
Net loss per share | ' | ' | ' | ' |
Basic loss per share | ($0.66) | ($0.85) | ($2.03) | ($3.95) |
Weighted average number of Common Stock used in computing basic net loss per share | 9,610,160 | 3,994,481 | 6,179,981 | 3,551,559 |
Diluted loss per share | ($0.66) | ($0.85) | ($2.23) | ($3.95) |
Weighted average number of Common Stock used in computing diluted net loss per share | 9,610,160 | 3,994,481 | 6,194,418 | 3,551,559 |
STATEMENTS_OF_CHANGES_IN_STOCK
STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | |||
In Thousands, except Share data | |||||||
Balance at Dec. 31, 2012 | ($1,070) | ' | [1] | $5,002 | ($6,072) | ||
Balance (in shares) at Dec. 31, 2012 | ' | 2,909,554 | ' | ' | |||
Issuance of Common Stock and warrants in February and June 2013 at $5.00 per unit, net of issuance cost | 996 | ' | [1] | 996 | 0 | ||
Issuance of Common Stock and warrants in February and June 2013 at $5.00 per unit, net of issuance cost (in shares) | ' | 200,005 | ' | ' | |||
Cost related to issuance of Common Stock to service provider | 488 | ' | [1] | 488 | 0 | ||
Cost related to issuance of Common Stock to service provider (in shares) | ' | 41,667 | ' | ' | |||
Cost related to issuance of warrants to service provider in March and May 2013 | 523 | 0 | 523 | 0 | |||
Cost related to issuance of warrants to service provider in March and May 2013 (in shares) | ' | 0 | ' | ' | |||
Issuance of common stock and warrants in April and May 2013 at $12.50 per unit, net of issuance cost | 8,987 | ' | [1] | 8,987 | 0 | ||
Issuance of common stock and warrants in April and May 2013 at $12.50 per unit, net of issuance cost (in shares) | ' | 800,000 | ' | ' | |||
Exercise of warrants | 708 | ' | [1] | 708 | 0 | ||
Exercise of warrants (in shares) | ' | 60,155 | ' | ' | |||
Exercise of options | ' | [1] | ' | [1] | ' | [1] | 0 |
Exercise of options (in shares) | ' | 3,000 | ' | ' | |||
Stock-based compensation | 3,213 | 0 | 3,213 | 0 | |||
Net loss | -13,931 | 0 | 0 | -13,931 | |||
Balance at Dec. 31, 2013 | -86 | ' | [1] | 19,917 | -20,003 | ||
Balance (in shares) at Dec. 31, 2013 | ' | 4,014,381 | ' | ' | |||
Issuance of Common Stock and warrants in February 2014 at $2.75 per unit, net of issuance cost | 1,013 | ' | [1] | 1,013 | 0 | ||
Issuance of Common Stock and warrants in February 2014 at $2.75 per unit, net of issuance cost (in shares) | ' | 445,392 | ' | ' | |||
Issuance of Common Stock in July 2014 upon reset price mechanism | ' | [1] | ' | [1] | ' | [1] | 0 |
Issuance of Common Stock in July 2014 upon reset price mechanism (in shares) | ' | 496,884 | ' | ' | |||
Deemed dividend related to exchange agreement | 0 | 0 | 279 | -279 | |||
Issuance of additional shares upon Exchange Agreement in August 2014 | 4,558 | 2 | 4,556 | 0 | |||
Issuance of additional shares upon Exchange Agreement in August 2014 (in shares) | ' | 10,806,190 | ' | ' | |||
Deemed dividend related to Series A Preferred Stock | -2,977 | 0 | 0 | -2,977 | |||
Exercise of warrants | 352 | ' | [1] | 352 | 0 | ||
Exercise of warrants (in shares) | ' | 68,524 | ' | ' | |||
Exercise of options | 7 | ' | [1] | 7 | 0 | ||
Exercise of options (in shares) | ' | 74,500 | ' | ' | |||
Stock-based compensation | 1,522 | 0 | 1,522 | 0 | |||
Net loss | -9,315 | 0 | 0 | -9,315 | |||
Balance at Sep. 30, 2014 | ($4,926) | $2 | $27,646 | ($32,574) | |||
Balance (in shares) at Sep. 30, 2014 | ' | 15,905,871 | ' | ' | |||
[1] | Represent an amount lower than $1. |
STATEMENTS_OF_CHANGES_IN_STOCK1
STATEMENTS OF CHANGES IN STOCKHOLDERS' DEFICIT (Parenthetical) (Common Stock [Member], USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
Common Stock [Member] | ' | ' |
Issuance Of Common Stock And Warrants In February And June 2013 | ' | $5 |
Issuance Of Common Stock And Warrants In April And May 2013 | ' | $12.50 |
Issuance Of Common Stock And Warrants In February 2014 | $2.75 | ' |
CONSOLIDATED_STATEMENT_OF_CASH
CONSOLIDATED STATEMENT OF CASH FLOWS (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($9,315) | ($13,985) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ' | ' |
Stock-based compensation, warrants and restricted shares | 1,522 | 3,605 |
Issuance cost related to warrants to investors and service provider | 533 | 0 |
Depreciation | 461 | 578 |
Decrease (increase) in other accounts receivable and prepaid expenses | 117 | -156 |
Increase in inventories | -109 | 0 |
Increase in trade payables | 367 | 275 |
Increase in other accounts payable and accrued expenses | 276 | 217 |
Consideration granted to the February 2014 Investors from Exchange Agreement | 3,124 | 0 |
Revaluation of fair value of warrants to purchase shares of Common Stock | -3,144 | 3,992 |
Net cash used in operating activities | -6,168 | -5,474 |
Cash flows from investing activities: | ' | ' |
Investment in short-term bank deposits | -130 | -105 |
Proceeds of maturities of short-term bank deposit | 230 | 35 |
Investment in lease deposits | -6 | -106 |
Purchase of property and equipment | -219 | -1,308 |
Net cash used in investing activities | -125 | -1,484 |
Cash flows from financing activities: | ' | ' |
Proceeds from issuance of Common Stock and warrants, net of issuance cost | 3,754 | 9,970 |
Proceeds from issuance of Series A Preferred Stock and warrants, net of issuance cost | 4,096 | 0 |
Proceeds from exercise of options and warrants | 350 | 226 |
Net cash provided by financing activities | 8,200 | 10,196 |
Increase in cash and cash equivalents | 1,907 | 3,238 |
Cash and cash equivalents at beginning of period | 2,263 | 1,230 |
Cash and cash equivalents at end of period | 4,170 | 4,468 |
Non-cash investing and financing and activities: | ' | ' |
Receivable on account of shares | 0 | 12 |
Purchase of property and equipment | 323 | 29 |
Conversion of liability related to warrants to Common Stock | $9 | $403 |
GENERAL
GENERAL | 9 Months Ended | ||
Sep. 30, 2014 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ' | ||
NOTE 1:- | GENERAL | ||
a. | LabStyle Innovations Corp. (the "Company") was incorporated in Delaware and commenced operations on August 11, 2011. The Company is a mobile health (mHealth) company developing and commercializing patented technologies to provide consumers with laboratory-testing capabilities using smart phones and other mobile devices. The Company’s initial product, Dario™, is a mobile, cloud-based, diabetes management solution which includes a pocket-sized blood glucose monitoring device (the "Dario™ Smart Meter") that, utilizing proprietary software, integrates with smart phones and other mobile devices to offer users the ability to record, save, track, analyze, manage and share diabetes related information. | ||
The Company has a wholly owned subsidiary, LabStyle Innovation Ltd. ("Ltd."), incorporated and located in Israel, which commenced operations on September 14, 2011. Its principal business activity is to hold the Company’s intellectual property and to perform research and development, manufacturing, marketing and other business activities. Ltd. has a wholly-owned subsidiary, LabStyle Innovations US LLC, a Delaware limited liability company, which was established in 2014 in anticipation of U.S. operations for the Company. | |||
b. | During the nine month period ended September 30, 2014, the Company incurred operating losses and negative cash flows from operating activities amounting to $8,778 and $6,168, respectively. The Company will be required to obtain additional capital resources in the near term to support its products commercialization, ramp up manufacturing and maintain its research and development activities. The Company is addressing its liquidity needs by seeking for additional funding from public and/or private sources and by commencing its commercial sales. 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. | ||
According to management estimates, the Company has sufficient liquidity resources to continue its planned activity through March 2015. Failure of the Company to obtain additional funding would have a materially adverse effect on the Company’s results of operations, future operations and overall viability. | |||
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. | |||
c. | On March 20, 2014, the Company filed a registration statement (the "Third Registration Statement") with the Securities and Exchange Commission (the "SEC") covering the public resale of up to 779,436 shares of common stock, par value $0.0001 per share, of the Company (the "Common Stock") (including 334,044 shares of Common Stock underlying warrants) previously issued to the investors from the private placement occurred on February 2014 (the "February 2014 Private Placement") (see also Note 4a). The Third Registration Statement was declared effective on June 3, 2014. | ||
d. | On May 1, 2014, the Company announced the receipt of a U.S Notice of Allowance for a key patent relating to how the Dario™ blood glucose monitor draws power from and transmits data to a smart phone via the audio jack port. | ||
e. | On June 17, 2014, the Company held its 2014 Annual Meeting of Stockholders in which, among other matters, Company stockholders approved an amendment to the Company's Certificate of Incorporation (the "COI") to increase the number of authorized shares of Common Stock from 45,000,000 to 80,000,000; to amend the Company's 2012 Equity Incentive Plan (the "2012 Plan") to increase the number of Common Stock authorized for issuance under the 2012 Plan by 500,000 shares from 1,000,000 to 1,500,000 (see also Note 4d) and to approve the amendment to the COI to effect a reverse stock split of the Common Stock at a ratio of between one-for-two and one-for-five with such ratio to be determined at the sole discretion of the Company's Board of Directors (the "Reverse Split") and with such Reverse Split to be effected at such time and date, if at all, as determined by the Board of Directors of the Company in its sole discretion. | ||
On September 18, 2014, the Company's Board of Directors approved the Reverse Split at a ratio of one for five. Such Reverse Split was implemented on October 6, 2014. The amount of authorized Common Stock as well as the par value for the Common Stock was not affected. Any fractional shares resulting from the reverse stock split were rounded up to the nearest whole share (an additional 98 shares were issued during October 2014 to account for such rounding). | |||
All Common Stock, warrants, options and per share amounts set forth herein are presented to give retroactive effect to the Reverse Split for all periods presented. | |||
f. | On April 28, 2014 the Company received a national approval and regional reimbursement for the Dario™ in Italy. | ||
g. | On June 25, 2014 the Company received a reimbursement status for strips and lancets to be utilized together with the Dario™, effective September 1, 2014 in England, Wales, Scotland and Northern Ireland. | ||
h. | On July 2014, the Company received an approval from Israel's Ministry of Health to sell the Dario™ for diabetes in Israel as well as released the Dario™ App for Android smartphone users in select soft launch markets, including the United Kingdom and New Zealand. | ||
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 9 Months Ended | ||
Sep. 30, 2014 | |||
Accounting Policies [Abstract] | ' | ||
Significant Accounting Policies [Text Block] | ' | ||
NOTE 2:- | SIGNIFICANT ACCOUNTING POLICIES | ||
The significant accounting policies applied in the annual financial statements of the Company as disclosed in the Company's Annual Report on Form 10-K for the period ended December 31, 2013 are applied consistently in these financial statements except: | |||
a. | In June 2014 the FASB issued Update No. 2014-10 Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this Update remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of comprehensive loss, cash flows, and stockholder deficiency, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective prospectively for reporting periods beginning after December 15, 2014 early adoption is permitted. Although the Company has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the Jumpstart Our Business Act of 2012, since early adoption is permitted the Company chose to early adopt the update for June 30, 2014 consolidated financial statement. | ||
b. | In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09) "Revenue from Contracts with Customers" which supersedes the revenue recognition requirements in "Revenue Recognition"(Topic 605), and requires entities to recognize revenue when it transfers 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 and services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently in the process of evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial statements. | ||
c. | Series A Preferred Stock: | ||
The Company classifies the Series A Preferred Stock (as defined in Note 4b) outside of Stockholders' deficiency because certain features of the Company's COI would require redemption of some or all of the Series A Preferred Stock upon events not solely within the control of the Company. | |||
UNAUDITED_INTERIM_FINANCIAL_ST
UNAUDITED INTERIM FINANCIAL STATEMENTS | 9 Months Ended | |
Sep. 30, 2014 | ||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |
Basis of Accounting [Text Block] | ' | |
NOTE 3:- | UNAUDITED INTERIM FINANCIAL STATEMENTS | |
The accompanying unaudited interim consolidated financial statements as of September 30, 2014, have been prepared in accordance with U.S. generally accepted accounting principles and standards of the Public Company Accounting Oversight Board for interim financial information. Accordingly, they do not include all the information and footnotes required by generally accepted accounting principles in the United States for complete financial statements. In the opinion of management, the unaudited interim consolidated financial statements include all adjustments of a normal recurring nature necessary for a fair presentation of the Company's consolidated financial position as of September 30, 2014, the Company's consolidated results of operations and the Company's consolidated cash flows for the nine and three months ended September 30, 2014. Results for the nine and three months periods ended September 30, 2014 are not necessarily indicative of the results that may be expected for the year ended December 31, 2014. | ||
STOCKHOLDERS_DEFICIENCY
STOCKHOLDERS' DEFICIENCY | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Equity [Abstract] | ' | |||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | |||||||
NOTE 4:- | STOCKHOLDERS' DEFICIENCY | |||||||
a. | On February 18, 2014, the Company consummated the February 2014 Private Placement with institutional and other accredited investors (the "February 2014 Investors"), pursuant to which the Company issued units comprised of an aggregate of (i) 445,392 shares of common stock (the "February 2014 Shares") and (ii) warrants initially exercisable to purchase an aggregate of 334,044 shares of Common Stock (the "February 2014 Warrants"). The price per unit issued in this offering was $9.40, yielding proceeds of approximately $3,754 net of issuance costs. | |||||||
The placement agent in the February 2014 Private Placement received in addition to cash fees, the right to receive 28,977 warrants to purchase Common Stock of the Company having the same terms and conditions as the February 2014 Warrants. | ||||||||
Pursuant to the terms of the February 2014 Private Placement, the Company was required to issue additional shares of Common Stock (the "Adjustment Shares") to the February 2014 Investors at a specified time in the event that the price per share of Common Stock issued in the February 2014 Private Placement was greater than the price per share of the Common Stock, calculated as 90% of the average of the ten lowest weighted average prices of the Common Stock during the twenty trading day period starting immediately following the earlier of the date on which the February 2014 Shares, shares of Common Stock underlying the February 2014 Warrants and Adjustment Shares were registered for resale with the SEC or were able to be sold without restriction under Rule 144 under the Securities Act (the "Reset Price"); provided, that, subject to the terms and conditions of the February 2014 Private Placement, the Company was required to issue further additional shares of Common Stock at one or more additional specified times if the shares of Common Stock issued in the February 2014 Private Placement were not freely tradable for certain specified minimum periods. | ||||||||
The February 2014 Warrants were immediately exercisable at an exercise price of $11.75 per share and expire five years after the date that the shares of Common Stock underlying such warrants have been registered for resale with the SEC or are able to be sold without restriction under Rule 144 under the Securities Act. The February 2014 Warrants were subject to adjustment under certain circumstances, including "full ratchet" anti-dilution protection upon the issuance of any Common Stock (including the Adjustment Shares), securities convertible into Common Stock, or certain other issuances at a price below the then-existing exercise price, with certain exceptions. In addition, upon certain changes in control events, the holders of the warrants were granted the right to receive, subject to certain limitations and assumptions, cash equal to the Black-Scholes value of the outstanding warrants. | ||||||||
Based on the aforementioned terms the February 2014 Warrants have been accounted for as liability according to the provisions of ASC 815-40, "Derivatives and Hedging - Contracts in Entity's Own Equity" ("ASC 815-40"). | ||||||||
In connection with the February 2014 Private Placement, the Company also entered into a Registration Rights Agreement (the "RRA") with the February 2014 Investors. Pursuant to the terms of the RRA, the Company granted to the February 2014 Investors certain registration rights related to the February 2014 Shares, Warrants and the Adjustment Shares issued and issuable in this private placement. According to the RRA, the Company was required to file a registration statement for the resale of the Shares, Common Stock underlying the February 2014 Warrants and Adjustment Shares within 30 days following the closing date of the February 2014 Private Placement and to use its reasonable best efforts to cause such registration statement to be declared effective within 60 days following the closing date (or 120 days following the closing date if the SEC reviewed the registration statement). The Company was subject to potential liquidated damages to each February 2014 Investor of up to nine percent (the "Registration Fee") of the pro-rata purchase price of the Shares for failure to meet its registration obligations under the RRA. | ||||||||
Following the effectiveness of the Company's Third Registration Statement on June 3, 2014 (see also Note 1c), and in accordance with the terms of the February 2014 Private Placement, on July 2, 2014 the Company issued 496,884 Adjustments Shares based on a reset price of $4.45 to the February 2014 Investors. In addition, the exercise price for the investors and placement agent warrants of the February 2014 Private Placement was adjusted to $4.45 and additional 549,338 and 47,653 warrants became eligible for issuance upon exercise of such warrants, respectively. | ||||||||
On August 15, 2014, the Company entered into a separate amendment and exchange agreements with the February 2014 Investors (each, an "Exchange Agreement") pursuant to which certain terms of the original investment agreements were eliminated and all of the aforesaid warrants were exchanged and terminated in consideration of the issuance on August 22, 2014 of an aggregate of 10,806,190 shares of Common Stock pursuant to the formula described in the Exchange Agreement. | ||||||||
On September 22, 2014 and following to such Exchange Agreement, the Company entered into an agreement with the placement agent of the February 2014 Private Placement to terminate its right to receive warrants in exchange for 151,325 shares of Common Stock pursuant to the same formula as described in the Exchange Agreement. Such Common Stock were issued to the placement agent on October 7, 2014. | ||||||||
The exchange to the February 2014 Investors and placement agent is considered as a modification of the terms of the February 2014 Private Placement. The incremental value that was generated from the aforementioned exchanged warrants (including other eliminated rights) and the fair value of new shares of Common Stock that were issued, amounted to $3,403 and was allocated to the exchanged warrants and eliminated reset feature based on their relative fair value which was determined by the Company's management by assistance of third party appraiser. Therefore, $279 out of the above amount was allocated to the eliminated reset feature and was accounted for as deemed dividend in the Statement of Changes in Shareholders’ Deficiency. The remaining amount of $3,124 was allocated to the exchanged warrants and was recorded as part of the finance expenses in the consolidated statement of comprehensive loss. | ||||||||
b. | On September 23, 2014, the Company entered into and closed the transactions contemplated by a definitive Securities Purchase Agreement (the "September 2014 Private Placement") with institutional and accredited investors (the "September 2014 Investors") pursuant to which the Company raised approximately $4,100 in net proceeds by issuance of aggregate 42,350 units which consist of 42,350 shares of newly designated Series A Convertible Preferred Stock (the "Series A Preferred Stock") which are convertible into 10,683,662 Common Stock and 5,341,834 warrants to purchase shares of Common Stock with an exercise price of $0.48 per share. | |||||||
The warrants issued in the September 2014 Private Placement are exercisable immediately upon issuance and may be exercised at any time prior to September 23, 2018. They also are eligible for "cashless exercise" only if the underlying shares of Common Stock are not registered for resale. If the Company fails to timely deliver registered shares of Common Stock to the September 2014 Investors upon exercise, it would be subject to certain "buy in" and liquidated damages penalties and therefore these warrants are classified as a liability according to the provisions of ASC 815-40. | ||||||||
The Series A Preferred Stock have certain rights and privileges among others, a liquidation preference which might be applied in certain deemed liquidation events such as changes in control of the Company and therefore are classified out of the Company's equity, as mezzanine according to the provisions of ASC 480-10-S99 "Distinguishing Liabilities from Equity". | ||||||||
In addition, based on the fair value of each Series A Preferred Stock and Common stock as of September 23, 2014 and subject to the conversion right pursuant to which each Series A Preferred Stock shall be converted into shares of Common Stock at a ratio of 1 to 252 at any time by election of the September 2014 Investors, the Company has measured a beneficial conversion feature in a total amount of $2,977 which was accounted as deemed dividend and was recorded as additional mezzanine during the nine and three months period ended September 30, 2014. | ||||||||
The Company is obligated to file a registration statement registering all of such Common Stock underlying the above warrants and Series A Preferred Stock (the "Registrable shares") within 30 days following the closing date of the September 2014 Private Placement and cause such registration statement to become effective within 60 days (or 120 days following the closing date if the SEC determines to review the registration statement) after such filing and ensure that after the applicable effective dates, all the Registrable Shares are able to be sold (whether pursuant to a registration statement or otherwise). Failure to comply with any one of these registration requirements (subject to applicable grace periods) triggers certain liquidated damages payable by the Company to each of the September 2014 Investors. | ||||||||
Subsequent to the balance sheet date, on October 15, 2014, the Company filed a registration statement covering the public resale of up to 10,683,662 shares of Common Stock underlying the Series A Preferred Stock and 5,341,834 shares of Common Stock underlying warrants, sold in the September 2014 Private Placement (the "Fourth Registration Statement"). Such registration statement was declared effective on October 30, 2014. | ||||||||
c. | The Exchange Agreement and the September 2014 Private Placement triggered the anti-dilution mechanism of the warrants issued in the Company’s private placement which closed in March 2012 (the "2011-2012 Private Placement") by adjusting the current exercise price of the warrants for the investors and placement agent from $6.50 to $1.23 and additional 2,297,624 and 437,537 shares became subject to such warrants, respectively. In addition, the exercise price for the placement agent warrants of the 2011-2012 Private Placement, with a current exercise price of $5.00 was adjusted to $1.00 and additional 338,099 warrants were issued (see also Note 5a). | |||||||
d. | Stock-based compensation: | |||||||
On June 17, 2014, the Company’s majority stockholders (with the prior recommendation and approval of the Board of Directors) approved an increase in the size of the 2012 Plan from 1,000,000 shares of Common Stock to 1,500,000 shares of Common Stock. | ||||||||
On July 7, 2014, the Company's Board of Directors approved the grant of 220,000 and 79,000 options to employees and non-employees, respectively, at an exercise price of $4.90 per share. Such options shall vest in 8 quarterly instalments over a period of 2 years commencing the above date. The options have a cashless exercise feature and a ten years contractual term, unless otherwise approved by the Compensation Committee of the Board of Directors, and shall be issued under the 2012 Plan. | ||||||||
In addition on the same date, the Board of Directors approved a one-time grant of fully-vested 30,000 options to a new non-employee director. These options have an exercise price of $4.90, have a cashless exercise feature and a ten years contractual term. The non-employee director options were not issued under the Company’s 2012 Equity Incentive Plan and shall be deemed to have been issued under an "employee benefit plan" as defined in Rule 405 promulgated under the Securities Act. | ||||||||
As of September, 30, 2014, 374,900 options to purchase Common Stock are available for future grants under the 2012 Plan to employees, advisors, consultants and service providers of the Company or Ltd. | ||||||||
The total compensation cost related to all of the Company's equity-based awards, recognized during the period of nine and three months ended September 30, 2014 was comprised as follows: | ||||||||
Three months | Nine months | |||||||
ended | ended | |||||||
September 30, | September 30, | |||||||
2014 | 2014 | |||||||
Unaudited | ||||||||
Ramp up of manufacturing costs | $ | -1 | $ | 35 | ||||
Research and development | 62 | 342 | ||||||
Sales and marketing | 11 | 17 | ||||||
General and administrative | 251 | 1,128 | ||||||
$ | 323 | $ | 1,522 | |||||
As of September 30, 2014, the total amount of unrecognized stock-based compensation expenses was approximately $894 which will be recognized over a weighted average period of 0.75 years. | ||||||||
e. | During the nine months ended September 30, 2014, proceeds from warrants and options exercise amounted to $343 and $7 following the issuance of 68,524 and 74,500 Common Stock, respectively. | |||||||
FAIR_VALUE_MEASURMENTS
FAIR VALUE MEASURMENTS | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||
Fair Value Disclosures [Text Block] | ' | ||||||||||
NOTE 5:- | FAIR VALUE MEASURMENTS | ||||||||||
ASC 820, "Fair Value Measurements and Disclosures" ("ASC 820"), defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required to be recorded at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that market participants would use when pricing the asset or liability, such as inherent risk, transfer restrictions and risk of nonperformance. | |||||||||||
ASC 820 also establishes a fair value hierarchy that requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. ASC 820 establishes three levels of inputs that may be used to measure fair value: | |||||||||||
Level 1 - | quoted prices in active markets for identical assets or liabilities; | ||||||||||
Level 2 - | inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices in active markets for similar assets or liabilities, quoted prices for identical or similar assets or liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities; or | ||||||||||
Level 3 - | unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||
The following financial instruments are being accounted for as a liability: | |||||||||||
a. | On March 30, 2012, the Company consummated the 2011-2012 Private Placement pursuant to which the investors purchased an aggregate of 492,200 shares of Common Stock and warrants to purchase 492,200 shares of Common Stock at the exercise price of $7.50 for total consideration of $2,461. | ||||||||||
The placement agent for the 2011-2012 Private Placement and its permitted designees were granted warrants to purchase an aggregate of (i) 96,440 shares of Common Stock at the exercise price of $5.00 per share and (ii) 96,440 shares of Common Stock at the exercise price of $7.50 per share. | |||||||||||
Subsequent to the issuance of the 2011-2012 Private Placement warrants the original exercise price of the warrants for the investors and placement agent was adjusted from $7.50 to $1.23 and additional 2,371,827 and 452,028 warrants were issued, respectively. In addition, the exercise price for the placement agent warrants of the 2011-2012 Private Placement, with an original exercise price of $5.00 was adjusted to $1.00 and additional 338,099 warrants were issued. | |||||||||||
b. | On February 18, 2014, the Company consummated the February 2014 Private Placement (see Note 4a). | ||||||||||
c. | On September 23, 2014, the Company consummated the September 2014 Private Placement (see Note 4c). | ||||||||||
The warrants of 2011-2012 Private Placement and February 2014 Private Placement contain non-standard anti-dilution protection provisions and the warrants of September 2014 Private Placement contain certain "buy in" and liquidated damages penalties and therefore the Company accounts for such warrants as a liability according to the provisions of ASC 815-40. The Company measures the above mentioned warrants by using the Binomial option-pricing model in each reporting period until the warrants are exercised or expired, with changes in the fair values being recognized in the Company’s statement of comprehensive loss as financial income or expense. | |||||||||||
In estimating the warrants’ fair value, the Company used the following assumptions: | |||||||||||
Investors’ warrants in 2011-2012 Private Placement: | |||||||||||
September 30, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
Risk-free interest rate (1) | 0.62 | % | 0.7 | % | |||||||
Expected volatility (2) | 52.31 | % | 52.09 | % | |||||||
Expected life (in years) (3) | 2.08 | 2.82 | |||||||||
Expected dividend yield (4) | 0 | % | 0 | % | |||||||
Fair value per warrant | $ | 0.4 | $ | 3.7 | |||||||
Placement agent's warrants 2011-2012 Private Placement: | |||||||||||
September 30, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
Risk-free interest rate (1) | 0.36 | % | 0.5 | % | |||||||
Expected volatility (2) | 49.55 | % | 50.91 | % | |||||||
Expected life (in years) (3) | 1.52 | 2.25 | |||||||||
Expected dividend yield (4) | 0 | % | 0 | % | |||||||
Fair value per warrant | $ | 0.30-0.35 | $ | 3.35-4.15 | |||||||
Investors and placement agent's warrants in February 2014 Private Placement: | |||||||||||
August 15, | Issuance | ||||||||||
2014 | date | ||||||||||
Risk-free interest rate (1) | 1.48 | % | 1.63 | % | |||||||
Expected volatility (2) | 51.21 | % | 61.49 | % | |||||||
Expected life (in years) (3) | 4.8 | 5.2 | |||||||||
Expected dividend yield (4) | 0 | % | 0 | % | |||||||
Fair value per warrant | $ | 1.1 | $ | 8.9 | |||||||
Investors' warrants in September 2014 Private Placement: | |||||||||||
September 30, | Issuance | ||||||||||
2014 | date | ||||||||||
Risk-free interest rate (1) | 1.42 | % | 1.42 | % | |||||||
Expected volatility (2) | 48.85 | % | 48.75 | % | |||||||
Expected life (in years) (3) | 3.98 | 4 | |||||||||
Expected dividend yield (4) | 0 | % | 0 | % | |||||||
Fair value per warrant | $ | 0.3 | $ | 0.25 | |||||||
-1 | Risk-free interest rate - based on yield rates of non-index linked U.S. Federal Reserve treasury bonds. | ||||||||||
-2 | Expected volatility - was calculated based on actual historical stock price movements of companies in the same industry over a term that is equivalent to the expected term of the option. | ||||||||||
-3 | Expected life - the expected life was based on the expiration date of the warrants. | ||||||||||
-4 | Expected dividend yield - was based on the fact that the Company has not paid dividends to its shareholders in the past and does not expect to pay dividends to its shareholders in the future. | ||||||||||
The changes in Level 3 liabilities associated with the 2011-2012 Private Placement, the February 2014 Private Placement and September 2014 Private Placement warrants are measured at fair value on a recurring basis. The following tabular presentation reflects the components of the liability associated with such warrants as of September 30, 2014: | |||||||||||
Fair value | |||||||||||
of liability | |||||||||||
related to | |||||||||||
warrants | |||||||||||
Balance at December 31, 2013 | $ | 2,696 | |||||||||
Fair value of warrants to investors and placement agent in the February 2014 Private Placement | 3,230 | ||||||||||
Exchange of the warrants from issuance of Common Stock in the February 2014 Private Placement (Note 4a) | -1,056 | ||||||||||
Fair value of warrants to investors and placement agent in the September 2014 Private Placement (Note 4b) | 1,336 | ||||||||||
Change in fair value of warrants during the period | -3,144 | ||||||||||
Exercise of warrants (*) | -9 | ||||||||||
Balance at September 30, 2014 (unaudited) | $ | 3,053 | |||||||||
(*) | During the nine month period ended September 30, 2014, the placement agent exercised 1,824 warrants for a total amount of 1,824 shares of Common Stock of the Company, respectively. | ||||||||||
As of September 30, 2014, there were outstanding warrants to purchase 9,141,163 shares of Common Stock from the above issuances which were recorded as a liability. | |||||||||||
SELECTED_STATEMENTS_OF_OPERATI
SELECTED STATEMENTS OF OPERATIONS DATA | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||
Quarterly Financial Information [Text Block] | ' | |||||||||||||
NOTE 6:- | SELECTED STATEMENTS OF OPERATIONS DATA | |||||||||||||
a. | General and administrative: | |||||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30 | September 30 | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Unaudited | ||||||||||||||
Payroll, office and related | $ | 194 | $ | 374 | $ | 754 | $ | 908 | ||||||
Legal and professional fees | 335 | 423 | 788 | 892 | ||||||||||
Stock-based compensation | 251 | 569 | 1,128 | 1,927 | ||||||||||
Issuance of Common Stock and warrants to service provider | - | - | - | 1,011 | ||||||||||
Other | 121 | 31 | 377 | 79 | ||||||||||
Total General and administrative | $ | 901 | $ | 1,397 | $ | 3,047 | $ | 4,817 | ||||||
b. | Financial expenses (income), net: | |||||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30 | September 30 | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Unaudited | ||||||||||||||
Bank charges | $ | 6 | $ | 5 | $ | 13 | $ | 19 | ||||||
Foreign currency adjustments losses | 2 | 36 | 11 | 64 | ||||||||||
Issuance cost related to warrants to investors and service provider | 44 | - | 533 | - | ||||||||||
Consideration granted to the February 2014 Investors from Exchange Agreement | 3,124 | - | 3,124 | - | ||||||||||
Revaluation of warrants | -2,606 | 192 | -3,144 | 3,992 | ||||||||||
Total Financial expenses (income), net | $ | 570 | $ | 233 | $ | 537 | $ | 4,075 | ||||||
c. | Net loss per share: | |||||||||||||
The following table sets forth the computation of basic and diluted net loss per share: | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30 | September 30 | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Unaudited | ||||||||||||||
Numerator: | ||||||||||||||
Numerator for basic net loss per share | $ | 6,333 | $ | 3,471 | $ | 12,571 | $ | 13,985 | ||||||
Effect of dilutive securities: | ||||||||||||||
Warrants issued to investors and placement agent | - | - | 1,236 | - | ||||||||||
Numerator for dilutive net loss per share | $ | 6,333 | $ | 3,471 | $ | 13,807 | $ | 13,985 | ||||||
Denominator: | ||||||||||||||
Denominator for basic net loss per share - weighted average number of Common Stock | 9,610,160 | 3,994,481 | 6,179,981 | 3,551,559 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Warrants issued to investors and placement agent | - | - | 14,437 | - | ||||||||||
Denominator for diluted net loss per share - adjusted weighted average number of Common Stock | 9,610,160 | 3,994,481 | 6,194,418 | 3,551,559 | ||||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 9 Months Ended | ||
Sep. 30, 2014 | |||
Subsequent Events [Abstract] | ' | ||
Subsequent Events [Text Block] | ' | ||
NOTE 7:- | SUBSEQUENT EVENTS | ||
On October 15, 2014, the Company filed the Fourth the Registration Statement (See Note 4b). Such registration statement was declared effective on October 30, 2014. | |||
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 9 Months Ended | ||
Sep. 30, 2014 | |||
Accounting Policies [Abstract] | ' | ||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||
a. | In June 2014 the FASB issued Update No. 2014-10 Development Stage Entities (Topic 915): Elimination of Certain Financial Reporting Requirements, Including an Amendment to Variable Interest Entities Guidance in Topic 810, Consolidation. The amendments in this Update remove the definition of a development stage entity from the Master Glossary of the Accounting Standards Codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the amendments eliminate the requirements for development stage entities to (1) present inception-to-date information in the statements of comprehensive loss, cash flows, and stockholder deficiency, (2) label the financial statements as those of a development stage entity, (3) disclose a description of the development stage activities in which the entity is engaged, and (4) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments are effective prospectively for reporting periods beginning after December 15, 2014 early adoption is permitted. Although the Company has elected to use the extended transition period for complying with new or revised accounting standards under Section 102(b)(1) of the Jumpstart Our Business Act of 2012, since early adoption is permitted the Company chose to early adopt the update for June 30, 2014 consolidated financial statement. | ||
b. | In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (ASU 2014-09) "Revenue from Contracts with Customers" which supersedes the revenue recognition requirements in "Revenue Recognition"(Topic 605), and requires entities to recognize revenue when it transfers 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 and services. ASU 2014-09 is effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early adoption is not permitted. The Company is currently in the process of evaluating the impact of the adoption of ASU 2014-09 on its consolidated financial statements. | ||
Stockholders' Equity Note, Redeemable Preferred Stock, Issue, Policy [Policy Text Block] | ' | ||
c. | Series A Preferred Stock: | ||
The Company classifies the Series A Preferred Stock (as defined in Note 4b) outside of Stockholders' deficiency because certain features of the Company's COI would require redemption of some or all of the Series A Preferred Stock upon events not solely within the control of the Company. | |||
STOCKHOLDERS_DEFICIENCY_Tables
STOCKHOLDERS' DEFICIENCY (Tables) | 9 Months Ended | |||||||
Sep. 30, 2014 | ||||||||
Equity [Abstract] | ' | |||||||
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | ' | |||||||
The total compensation cost related to all of the Company's equity-based awards, recognized during the period of nine and three months ended September 30, 2014 was comprised as follows: | ||||||||
Three months | Nine months | |||||||
ended | ended | |||||||
September 30, | September 30, | |||||||
2014 | 2014 | |||||||
Unaudited | ||||||||
Ramp up of manufacturing costs | $ | -1 | $ | 35 | ||||
Research and development | 62 | 342 | ||||||
Sales and marketing | 11 | 17 | ||||||
General and administrative | 251 | 1,128 | ||||||
$ | 323 | $ | 1,522 | |||||
FAIR_VALUE_MEASURMENTS_Tables
FAIR VALUE MEASURMENTS (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2014 | |||||||||||
Private Placement Warrants 2011-2012 [Member] | ' | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||||||||
The following tabular presentation reflects the components of the liability associated with such warrants as of September 30, 2014: | |||||||||||
Fair value | |||||||||||
of liability | |||||||||||
related to | |||||||||||
warrants | |||||||||||
Balance at December 31, 2013 | $ | 2,696 | |||||||||
Fair value of warrants to investors and placement agent in the February 2014 Private Placement | 3,230 | ||||||||||
Exchange of the warrants from issuance of Common Stock in the February 2014 Private Placement (Note 4a) | -1,056 | ||||||||||
Fair value of warrants to investors and placement agent in the September 2014 Private Placement (Note 4b) | 1,336 | ||||||||||
Change in fair value of warrants during the period | -3,144 | ||||||||||
Exercise of warrants (*) | -9 | ||||||||||
Balance at September 30, 2014 (unaudited) | $ | 3,053 | |||||||||
(*) | During the nine month period ended September 30, 2014, the placement agent exercised 1,824 warrants for a total amount of 1,824 shares of Common Stock of the Company, respectively. | ||||||||||
Investors Warrants [Member] | Private Placement Warrants 2011-2012 [Member] | ' | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||
Warrants Fair Value [Table Text Block] | ' | ||||||||||
Investors’ warrants in 2011-2012 Private Placement: | |||||||||||
September 30, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
Risk-free interest rate (1) | 0.62 | % | 0.7 | % | |||||||
Expected volatility (2) | 52.31 | % | 52.09 | % | |||||||
Expected life (in years) (3) | 2.08 | 2.82 | |||||||||
Expected dividend yield (4) | 0 | % | 0 | % | |||||||
Fair value per warrant | $ | 0.4 | $ | 3.7 | |||||||
Investors Warrants [Member] | September 2014 Private Placement [Member] | ' | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||
Warrants Fair Value [Table Text Block] | ' | ||||||||||
Investors' warrants in September 2014 Private Placement: | |||||||||||
September 30, | Issuance | ||||||||||
2014 | date | ||||||||||
Risk-free interest rate (1) | 1.42 | % | 1.42 | % | |||||||
Expected volatility (2) | 48.85 | % | 48.75 | % | |||||||
Expected life (in years) (3) | 3.98 | 4 | |||||||||
Expected dividend yield (4) | 0 | % | 0 | % | |||||||
Fair value per warrant | $ | 0.3 | $ | 0.25 | |||||||
-1 | Risk-free interest rate - based on yield rates of non-index linked U.S. Federal Reserve treasury bonds. | ||||||||||
-2 | Expected volatility - was calculated based on actual historical stock price movements of companies in the same industry over a term that is equivalent to the expected term of the option. | ||||||||||
-3 | Expected life - the expected life was based on the expiration date of the warrants. | ||||||||||
-4 | Expected dividend yield - was based on the fact that the Company has not paid dividends to its shareholders in the past and does not expect to pay dividends to its shareholders in the future. | ||||||||||
Placement Agent Warrants [Member] | Private Placement Warrants 2011-2012 [Member] | ' | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||
Warrants Fair Value [Table Text Block] | ' | ||||||||||
Placement agent's warrants 2011-2012 Private Placement: | |||||||||||
September 30, | December 31, | ||||||||||
2014 | 2013 | ||||||||||
Risk-free interest rate (1) | 0.36 | % | 0.5 | % | |||||||
Expected volatility (2) | 49.55 | % | 50.91 | % | |||||||
Expected life (in years) (3) | 1.52 | 2.25 | |||||||||
Expected dividend yield (4) | 0 | % | 0 | % | |||||||
Fair value per warrant | $ | 0.30-0.35 | $ | 3.35-4.15 | |||||||
Investors And Placement Agent Warrants [Member] | Private Placement Warrants 2011-2012 [Member] | ' | ||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ||||||||||
Warrants Fair Value [Table Text Block] | ' | ||||||||||
Investors and placement agent's warrants in February 2014 Private Placement: | |||||||||||
August 15, | Issuance | ||||||||||
2014 | date | ||||||||||
Risk-free interest rate (1) | 1.48 | % | 1.63 | % | |||||||
Expected volatility (2) | 51.21 | % | 61.49 | % | |||||||
Expected life (in years) (3) | 4.8 | 5.2 | |||||||||
Expected dividend yield (4) | 0 | % | 0 | % | |||||||
Fair value per warrant | $ | 1.1 | $ | 8.9 | |||||||
SELECTED_STATEMENTS_OF_OPERATI1
SELECTED STATEMENTS OF OPERATIONS DATA (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2014 | ||||||||||||||
Selected Statements Of Operations Data [Abstract] | ' | |||||||||||||
Schedule of Other Operating Cost and Expense, by Component [Table Text Block] | ' | |||||||||||||
a. | General and administrative: | |||||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30 | September 30 | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Unaudited | ||||||||||||||
Payroll, office and related | $ | 194 | $ | 374 | $ | 754 | $ | 908 | ||||||
Legal and professional fees | 335 | 423 | 788 | 892 | ||||||||||
Stock-based compensation | 251 | 569 | 1,128 | 1,927 | ||||||||||
Issuance of Common Stock and warrants to service provider | - | - | - | 1,011 | ||||||||||
Other | 121 | 31 | 377 | 79 | ||||||||||
Total General and administrative | $ | 901 | $ | 1,397 | $ | 3,047 | $ | 4,817 | ||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | ' | |||||||||||||
b. | Financial expenses (income), net: | |||||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30 | September 30 | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Unaudited | ||||||||||||||
Bank charges | $ | 6 | $ | 5 | $ | 13 | $ | 19 | ||||||
Foreign currency adjustments losses | 2 | 36 | 11 | 64 | ||||||||||
Issuance cost related to warrants to investors and service provider | 44 | - | 533 | - | ||||||||||
Consideration granted to the February 2014 Investors from Exchange Agreement | 3,124 | - | 3,124 | - | ||||||||||
Revaluation of warrants | -2,606 | 192 | -3,144 | 3,992 | ||||||||||
Total Financial expenses (income), net | $ | 570 | $ | 233 | $ | 537 | $ | 4,075 | ||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | ' | |||||||||||||
The following table sets forth the computation of basic and diluted net loss per share: | ||||||||||||||
Three months ended | Nine months ended | |||||||||||||
September 30 | September 30 | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Unaudited | ||||||||||||||
Numerator: | ||||||||||||||
Numerator for basic net loss per share | $ | 6,333 | $ | 3,471 | $ | 12,571 | $ | 13,985 | ||||||
Effect of dilutive securities: | ||||||||||||||
Warrants issued to investors and placement agent | - | - | 1,236 | - | ||||||||||
Numerator for dilutive net loss per share | $ | 6,333 | $ | 3,471 | $ | 13,807 | $ | 13,985 | ||||||
Denominator: | ||||||||||||||
Denominator for basic net loss per share - weighted average number of Common Stock | 9,610,160 | 3,994,481 | 6,179,981 | 3,551,559 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Warrants issued to investors and placement agent | - | - | 14,437 | - | ||||||||||
Denominator for diluted net loss per share - adjusted weighted average number of Common Stock | 9,610,160 | 3,994,481 | 6,194,418 | 3,551,559 | ||||||||||
GENERAL_Details_Textual
GENERAL (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 17, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 |
Common Stock [Member] | Common Stock [Member] | Equity Incentive Plan 2012 [Member] | Equity Incentive Plan 2012 [Member] | February 2014 Private Placement [Member] | |||||||
Common Stock [Member] | |||||||||||
Organization And Presentation Of Financial Statements [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Operating loss | $2,507 | $3,238 | $8,778 | $9,910 | ' | ' | ' | ' | ' | ' | ' |
Net Cash Used in (Provided by) Operating Activities | ' | ' | $6,168 | $5,474 | ' | ' | ' | ' | ' | ' | ' |
Shares of Common Stock Underlying Warrants-Under Registration Statement For Public Resale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 334,044 |
Common stock, par value (in dollars per share) | $0.00 | ' | $0.00 | ' | ' | $0.00 | ' | $0.00 | ' | ' | ' |
Common Stock, Shares Authorized | 80,000,000 | ' | 80,000,000 | ' | 45,000,000 | 45,000,000 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 1,000,000 | ' |
Common Stock Shares Under Registration Statement For Public Resale | ' | ' | ' | ' | ' | ' | ' | 779,436 | ' | ' | ' |
Stock Issued During Period, Shares, Stock Splits | ' | ' | ' | ' | ' | ' | 98 | ' | ' | ' | ' |
STOCKHOLDERS_DEFICIENCY_Detail
STOCKHOLDERS' DEFICIENCY (Details) (USD $) | 3 Months Ended | 9 Months Ended |
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation expenses | $323 | $1,522 |
Cost of Sales [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation expenses | -1 | 35 |
Research and Development Expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation expenses | 62 | 342 |
Selling and Marketing Expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation expenses | 11 | 17 |
General and Administrative Expense [Member] | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' |
Total stock-based compensation expenses | $251 | $1,128 |
STOCKHOLDERS_DEFICIENCY_Detail1
STOCKHOLDERS' DEFICIENCY (Details Textual) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 12 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Jun. 17, 2014 | Jun. 17, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Oct. 31, 2014 | Sep. 30, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Dec. 31, 2012 | Sep. 30, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Sep. 30, 2014 | Jul. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 31, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Oct. 31, 2014 | Sep. 30, 2014 | Mar. 31, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
Equity Incentive Plan 2012 [Member] | Equity Incentive Plan 2012 [Member] | Equity Incentive Plan 2012 [Member] | Annual Directors Plan [Member] | Common Stock [Member] | Common Stock [Member] | Subsequent Event [Member] | Chief Executive Officer [Member] | Employees [Member] | Non Employee Directors [Member] | Non Employees [Member] | Private Placement [Member] | February 2014 Private Placement [Member] | February 2014 Private Placement [Member] | February 2014 Private Placement [Member] | February 2014 Private Placement [Member] | February 2014 Private Placement [Member] | February 2014 Private Placement [Member] | February 2014 Private Placement [Member] | February 2014 Private Placement [Member] | February 2014 Private Placement [Member] | February 2014 Investors [Member] | September 2014 Private Placement [Member] | September 2014 Private Placement [Member] | September 2014 Private Placement [Member] | September 2014 Investors And Placement Agent [Member] | September 2014 Investors And Placement Agent [Member] | Warrants 2011 To 2012 Private Placement [Member] | Warrants 2011 To 2012 Private Placement [Member] | Warrants 2011 To 2012 Private Placement [Member] | February 2014 Investors and placement agent [Member] | ||||||
Minimum [Member] | Maximum [Member] | Equity Incentive Plan 2012 [Member] | Investor [Member] | Investors And Placement Agent Warrants [Member] | Investor [Member] | Investor [Member] | Placement Agents [Member] | Placement Agents [Member] | Common Stock [Member] | Warrant [Member] | Warrant [Member] | Investor [Member] | Subsequent Event [Member] | Investor [Member] | Placement Agents [Member] | |||||||||||||||||||||
Third Registration Statement [Member] | Investor [Member] | Placement Agents [Member] | ||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 220,000 | ' | 79,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Goods and Nonemployee Services Transaction, Shares Approved for Issuance | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Based Compensation Arrangements By Share Based Payment Award Options Grants To Nonemployees In Period Weighted Average Exercise Price (in dollars per shares) | ' | ' | ' | ' | ' | ' | ' | ' | $4.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $894 | $894 | ' | $894 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | '9 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Sale Of Stock Price Per Unit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 9.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise Price of Warrants (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.50 | $11.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Private Placement Net of Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,754 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Aggregate Of Weighted Average Prices Of Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period Shares Warrants Exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | 68,524 | 60,155 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | ' | ' | ' | ' | ' | 374,900 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Terms of Award | ' | ' | ' | ' | ' | ' | ' | ' | 'vest in 8 quarterly instalments over a period of 2 years commencing the above date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74,500 | 3,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Stock Options Exercised | ' | ' | ' | 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Warrant Exercises | ' | ' | ' | 343 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Expiration Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 496,884 | ' | ' | 445,392 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4.45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, Issued For Services | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 41,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 42,350 | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Exercised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 549,338 | ' | ' | 47,653 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance Of Shares On Exchange Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 151,325 | ' | ' | ' | ' | 10,806,190 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Issuance of Preferred Stock and Preference Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,100 | ' | ' | ' | ' | ' | ' | ' |
Preferred Stock Convertible Into Common Stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,683,662 | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 334,044 | 28,977 | ' | 5,341,834 | ' | ' | ' | ' | 338,099 | 437,537 | 2,297,624 | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.48 | ' | ' | ' | $6.50 | $5 | ' | ' | ' |
Preferred Stock Converted Into Common Stock At Ratio | 'ratio of 1 to 252 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Resale Of Maximum Common Stock Underlying Preferred Stock Resale On Registration Statement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,683,662 | ' | ' | ' | ' | ' | ' |
Warrants Exercise Price Per Share Adjusted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.23 | ' | $1 | ' | ' | ' |
Resale Of Maximum Common Stock Underlying Warrants Resale On Registration Statement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,341,834 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value of Common Stock Issued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,403 |
Deemed Dividend Related To Exchange Agreement | ' | $279 | $0 | $279 | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
FAIR_VALUE_MEASURMENTS_Details
FAIR VALUE MEASURMENTS (Details) (USD $) | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Aug. 15, 2014 | Sep. 30, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | |||||||||
Investors Warrants [Member] | Investors Warrants [Member] | Investors Warrants [Member] | Placement Agent Warrants [Member] | Placement Agent Warrants [Member] | Placement Agent Warrants [Member] | Placement Agent Warrants [Member] | Investors And Placement Agent Warrants [Member] | Issuance Date [Member] | Issuance Date [Member] | Issuance Date [Member] | Issuance Date [Member] | |||||||||
Private Placement Warrants 2011-2012 [Member] | Private Placement Warrants 2011-2012 [Member] | Private Placement Warrants 2011-2012 [Member] | Private Placement Warrants 2011-2012 [Member] | Maximum [Member] | Minimum [Member] | Private Placement Warrants 2011-2012 [Member] | Investors Warrants [Member] | Investors And Placement Agent Warrants [Member] | Investors And Placement Agent Warrants [Member] | Investors And Placement Agent Warrants [Member] | ||||||||||
Private Placement Warrants 2011-2012 [Member] | Private Placement Warrants 2011-2012 [Member] | Private Placement Warrants 2011-2012 [Member] | Maximum [Member] | Minimum [Member] | ||||||||||||||||
Private Placement Warrants 2011-2012 [Member] | Private Placement Warrants 2011-2012 [Member] | |||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||||
Risk-free interest rate | 1.42% | [1] | 0.62% | [1] | 0.70% | [1] | 0.36% | [1] | 0.50% | [1] | ' | ' | 1.48% | [1] | 1.42% | [1] | 1.63% | [1] | ' | ' |
Expected volatility | 48.85% | [2] | 52.31% | [2] | 52.09% | [2] | 49.55% | [2] | 50.91% | [2] | ' | ' | 51.21% | [2] | 48.75% | [2] | 61.49% | [2] | ' | ' |
Expected life (in years) | '3 years 11 months 23 days | [3] | '2 years 29 days | [3] | '2 years 9 months 25 days | [3] | '1 year 6 months 7 days | [3] | '2 years 3 months | [3] | ' | ' | '4 years 9 months 18 days | [3] | '4 years | [3] | '5 years 2 months 12 days | [3] | ' | ' |
Expected dividend yield | 0.00% | [4] | 0.00% | [4] | 0.00% | [4] | 0.00% | [4] | 0.00% | [4] | ' | ' | 0.00% | [4] | 0.00% | [4] | 0.00% | [4] | ' | ' |
Fair value per warrant | $0.30 | $0.40 | $3.70 | ' | ' | $0.35 | $0.30 | $1.10 | $0.25 | $8.90 | $4.15 | $3.35 | ||||||||
[1] | Risk-free interest rate - based on yield rates of non-index linked U.S. Federal Reserve treasury bonds. | |||||||||||||||||||
[2] | Expected volatility - was calculated based on actual historical stock price movements of companies in the same industry over a term that is equivalent to the expected term of the option. | |||||||||||||||||||
[3] | Expected life - the expected life was based on the expiration date of the warrants. | |||||||||||||||||||
[4] | Expected dividend yield - was based on the fact that the Company has not paid dividends to its shareholders in the past and does not expect to pay dividends to its shareholders in the future. |
FAIR_VALUE_MEASURMENTS_Details1
FAIR VALUE MEASURMENTS (Details 1) (Private Placement [Member], USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2014 | |
Private Placement [Member] | ' | |
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Line Items] | ' | |
Balance at beginning of the period | $2,696 | |
Fair value of warrants to investors and placement agent in the February 2014 Private Placement | 3,230 | |
Exchange of the warrants from issuance of Common Stock in the February 2014 Private Placement (Note 4a) | -1,056 | |
Fair value of warrants to investors and placement agent in the September 2014 Private Placement (Note 4b) | 1,336 | |
Change in fair value of warrants during the period | -3,144 | |
Exercise of warrants | -9 | [1] |
Balance at end of the year | $3,053 | |
[1] | During the nine month period ended September 30, 2014, the placement agent exercised 1,824 warrants for a total amount of 1,824 shares of Common Stock of the Company, respectively. |
FAIR_VALUE_MEASURMENTS_Details2
FAIR VALUE MEASURMENTS (Details Textual) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2012 | |
Common Stock [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Stock To Be Issued Upon Conversion Of Warrants | ' | 492,200 |
Stock To Be Issued Upon Conversion Of Warrants In Fair Value | 9,141,163 | ' |
Placement Agents [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Warrants exercised during Period | 1,824 | ' |
Placement Agents [Member] | Common Stock [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Conversion of Stock, Shares Issued | 1,824 | ' |
Private Placement [Member] | Investor [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Exercise Price of Warrants (in dollars per share) | ' | 7.5 |
Proceeds from Issuance of Private Placement (in dollars) | ' | 2,461 |
Stock to be Issued Upon Conversion of Warrants (in shares) | ' | 492,200 |
Exercise Price of Warrants Adjusted (in dollars per share) | ' | 7.5 |
Private Placement [Member] | Placement Agents [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Stock To Be Issued Upon Conversion Of Warrants | ' | 96,440 |
Exercise Price of Warrants (in dollars per share) | ' | 5 |
Stock to be Issued Upon Conversion of Warrants (in shares) | ' | 96,440 |
Exercise Price of Warrants (in dollars per share) | ' | 7.5 |
Exercise Price of Warrants Adjusted (in dollars per share) | ' | 5 |
February 2014 Private Placement [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Exercise Price of Warrants (in dollars per share) | 11.75 | ' |
2011-2012 Placement Agent And Investor [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Exercise Price of Warrants Adjusted (in dollars per share) | 1 | ' |
2011-2012 Placement Agent [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Exercise Price of Warrants Adjusted (in dollars per share) | 1.23 | ' |
2011-2012 Investor [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Stock to be Issued Upon Conversion of Warrants Additional Issue (in shares) | 2,371,827 | ' |
2011-2012 Placement agent $5.00 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Stock to be Issued Upon Conversion of Warrants Additional Issue (in shares) | 338,099 | ' |
2011-2012 Placement agent $7.50 [Member] | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' |
Stock to be Issued Upon Conversion of Warrants Additional Issue (in shares) | 452,028 | ' |
SELECTED_STATEMENTS_OF_OPERATI2
SELECTED STATEMENTS OF OPERATIONS DATA (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Selected Statements Of Operations Data [Line Items] | ' | ' | ' | ' |
Payroll, office and related | $194 | $374 | $754 | $908 |
Legal and professional fees | 335 | 423 | 788 | 892 |
Stock-based compensation | 251 | 569 | 1,128 | 1,927 |
Issuance of Common Stock and warrants to service provider | 0 | 0 | 0 | 1,011 |
Other | 121 | 31 | 377 | 79 |
Total General and administrative | $901 | $1,397 | $3,047 | $4,817 |
SELECTED_STATEMENTS_OF_OPERATI3
SELECTED STATEMENTS OF OPERATIONS DATA (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Selected Statements Of Operations Data [Line Items] | ' | ' | ' | ' |
Bank charges | $6 | $5 | $13 | $19 |
Foreign currency adjustments losses | 2 | 36 | 11 | 64 |
Issuance cost related to warrants to investors and service provider | 44 | 0 | 533 | 0 |
Consideration granted to the February 2014 Investors from Exchange Agreement | 3,124 | 0 | 3,124 | 0 |
Revaluation of warrants | -2,606 | 192 | -3,144 | 3,992 |
Total Financial expenses (income), net | $570 | $233 | $537 | $4,075 |
SELECTED_STATEMENTS_OF_OPERATI4
SELECTED STATEMENTS OF OPERATIONS DATA (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Numerator: | ' | ' | ' | ' |
Numerator for basic net loss per share | $6,333 | $3,471 | $12,571 | $13,985 |
Effect of dilutive securities: | ' | ' | ' | ' |
Warrants issued to investors and placement agent | 0 | 0 | 1,236 | 0 |
Numerator for dilutive net loss per share | $6,333 | $3,471 | $13,807 | $13,985 |
Denominator: | ' | ' | ' | ' |
Denominator for basic net loss per share - weighted average number of Common Stock | 9,610,160 | 3,994,481 | 6,179,981 | 3,551,559 |
Effect of dilutive securities: | ' | ' | ' | ' |
Warrants issued to investors and placement agent | 0 | 0 | 14,437 | 0 |
Denominator for diluted net loss per share - adjusted weighted average number of Common Stock | 9,610,160 | 3,994,481 | 6,194,418 | 3,551,559 |