Document_And_Entity_Informatio
Document And Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document Information [Line Items] | ' |
Entity Registrant Name | 'Celsus Therapeutics Plc. |
Entity Central Index Key | '0001541157 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Non-accelerated Filer |
Trading Symbol | 'CLTX |
Entity Common Stock, Shares Outstanding | 40,227,953 |
Document Type | '20-F |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Document Fiscal Period Focus | 'FY |
Document Fiscal Year Focus | '2013 |
Entity Well-known Seasoned Issuer | 'No |
Entity Voluntary Filers | 'No |
Entity Current Reporting Status | 'Yes |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
ASSETS | ' | ' |
Cash and cash equivalents | $7,657 | $1,104 |
Accounts receivable and prepaid expenses | 175 | 14 |
Total current assets | 7,832 | 1,118 |
PROPERTY AND EQUIPMENT, NET | 0 | 2 |
Total assets | 7,832 | 1,120 |
LIABILITIES AND SHAREHOLDERS’ EQUITY | ' | ' |
Trade payables | 652 | 1,697 |
Other accounts payable | 579 | 1,255 |
Short-term convertible notes | 0 | 898 |
Total current liabilities | 1,231 | 3,850 |
LONG-TERM LIABILITIES: | ' | ' |
Liability related to stock options and warrants | 787 | 630 |
Total long-term liabilities | 787 | 630 |
SHAREHOLDERS’ EQUITY (DEFICIENCY): | ' | ' |
Ordinary shares of £ 0.01 par value - Authorized: 49,800,000 shares at December 31, 2013 and 2012; Issued and outstanding: 40,227,953 and 13,369,809 shares at December 31, 2013 and 2012, respectively | 675 | 245 |
Additional paid-in capital | 25,681 | 13,199 |
Receipts on account of shares | 0 | 118 |
Deficit accumulated during the development stage | -20,542 | -16,922 |
Total shareholders’ equity (deficiency) | 5,814 | -3,360 |
Total liabilities and shareholders’ equity | $7,832 | $1,120 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2010 | Dec. 31, 2008 | Dec. 31, 2005 |
GBP (£) | USD ($) | GBP (£) | GBP (£) | USD ($) | GBP (£) | USD ($) | |
Common stock, par value (in dollars per share) | £ 0.01 | $0.01 | £ 0.01 | £ 0.01 | $0.01 | £ 0.01 | $0.01 |
Common stock, shares authorized | 49,800,000 | 49,800,000 | 49,800,000 | ' | ' | ' | ' |
Common stock, shares issued | 40,227,953 | 40,227,953 | 40,227,953 | ' | ' | ' | ' |
Common stock, shares outstanding | 13,369,809 | 13,369,809 | 13,369,809 | ' | ' | ' | ' |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 12 Months Ended | 111 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Research and development expenses | $1,276 | $1,483 | $841 | $7,116 |
General and administrative expenses | 2,330 | 2,184 | 1,406 | 10,169 |
Operating loss | 3,606 | 3,667 | 2,247 | 17,285 |
Financial expense (income), net | 14 | 601 | -128 | 3,224 |
Net loss | 3,620 | 4,268 | 2,119 | 20,509 |
Deemed dividend related to warrants modification | 0 | 33 | 0 | 33 |
Net loss attributable to holders of ordinary shares | $3,620 | $4,301 | $2,119 | $20,542 |
Net basic and diluted loss per share (in dollars per share) | ($0.17) | ($0.35) | ($0.18) | ' |
Weighted average number of ordinary shares used in computing basic and diluted net loss per share (in shares) | 21,075,065 | 12,458,874 | 11,920,562 | ' |
CONSOLIDATED_STATEMENTS_OF_CHA
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Receipts on Account Shares [Member] | Accumulated Deficit During Development Stage [Member] | ||
In Thousands, except Share data | |||||||
Balance at Oct. 06, 2004 | $0 | $0 | $0 | $0 | $0 | ||
Balance (in shares) at Oct. 06, 2004 | ' | 0 | ' | ' | ' | ||
Issuance of shares | 3,593 | 187 | 3,406 | 0 | 0 | ||
Issuance of shares (in shares) | ' | 9,977,700 | ' | ' | ' | ||
Share based compensation | 119 | 0 | 119 | 0 | 0 | ||
Net loss | -2,479 | 0 | 0 | 0 | -2,479 | ||
Balance at Dec. 31, 2005 | 1,233 | 187 | 3,525 | 0 | -2,479 | ||
Balance (in shares) at Dec. 31, 2005 | ' | 9,977,700 | ' | ' | ' | ||
Share based compensation | 69 | 0 | 69 | 0 | 0 | ||
Net loss | -1,769 | 0 | 0 | 0 | -1,769 | ||
Balance at Dec. 31, 2006 | -467 | 187 | 3,594 | 0 | -4,248 | ||
Balance (in shares) at Dec. 31, 2006 | ' | 9,977,700 | ' | ' | ' | ||
Issuance of shares | 3,091 | 40 | 3,051 | 0 | 0 | ||
Issuance of shares (in shares) | ' | 2,000,000 | ' | ' | ' | ||
Share based compensation | 448 | 0 | 448 | 0 | 0 | ||
Waiver of related party shares | 0 | [1] | -22 | 22 | 0 | 0 | |
Waiver of related party shares (in shares) | ' | -1,070,000 | ' | ' | ' | ||
Net loss | -3,132 | 0 | 0 | 0 | -3,132 | ||
Balance at Dec. 31, 2007 | -60 | 205 | 7,115 | 0 | -7,380 | ||
Balance (in shares) at Dec. 31, 2007 | ' | 10,907,700 | ' | ' | ' | ||
Issuance of shares | 69 | 1 | 68 | 0 | 0 | ||
Issuance of shares (in shares) | ' | 42,996 | ' | ' | ' | ||
Share based compensation | 168 | 0 | 168 | 0 | 0 | ||
Net loss | -1,435 | 0 | 0 | 0 | -1,435 | ||
Balance at Dec. 31, 2008 | -1,258 | 206 | 7,351 | 0 | -8,815 | ||
Balance (in shares) at Dec. 31, 2008 | ' | 10,950,696 | ' | ' | ' | ||
Issuance of shares | 499 | 7 | 492 | 0 | 0 | ||
Issuance of shares (in shares) | ' | 410,097 | ' | ' | ' | ||
Share based compensation | 70 | 0 | 70 | 0 | 0 | ||
Net loss | -1,012 | 0 | 0 | 0 | -1,012 | ||
Balance at Dec. 31, 2009 | -1,701 | 213 | 7,913 | 0 | -9,827 | ||
Balance (in shares) at Dec. 31, 2009 | ' | 11,360,793 | ' | ' | ' | ||
Issuance of shares | 312 | 3 | 309 | 0 | 0 | ||
Issuance of shares (in shares) | 11,561,571 | 200,778 | ' | ' | ' | ||
Receipts on account of shares | 60 | 0 | 0 | 60 | 0 | ||
Net loss | -675 | 0 | 0 | 0 | -675 | ||
Balance at Dec. 31, 2010 | -2,004 | 216 | 8,222 | 60 | -10,502 | ||
Balance (in shares) at Dec. 31, 2010 | ' | 11,561,571 | ' | ' | ' | ||
Issuance of shares | 930 | 9 | 981 | -60 | 0 | ||
Issuance of shares (in shares) | ' | 522,026 | ' | ' | ' | ||
Share based compensation | 140 | 0 | 140 | 0 | 0 | ||
Receipts on account of shares | 75 | 0 | 0 | 75 | 0 | ||
Exercise of stock options | 0 | [1] | 0 | [1] | 0 | 0 | 0 |
Exercise of stock options (in shares) | ' | 15,000 | ' | ' | ' | ||
Director fee waiver | 73 | 0 | 73 | 0 | 0 | ||
Expiration of deferred shares and liability related to stock options | 420 | 0 | 420 | 0 | 0 | ||
Net loss | -2,119 | 0 | 0 | 0 | -2,119 | ||
Balance at Dec. 31, 2011 | -2,485 | 225 | 9,836 | 75 | -12,621 | ||
Balance (in shares) at Dec. 31, 2011 | ' | 12,098,597 | ' | ' | ' | ||
Issuance of shares | 1,937 | 20 | 1,992 | -75 | 0 | ||
Issuance of shares (in shares) | ' | 1,254,933 | ' | ' | ' | ||
Share based compensation | 450 | 0 | 450 | 0 | 0 | ||
Receipts on account of shares | 118 | ' | ' | 118 | ' | ||
Expiration of deferred shares | 128 | 0 | 128 | 0 | 0 | ||
Issuance of shares granted to service provider | 25 | 0 | [1] | 25 | 0 | 0 | |
Issuance of shares granted to service provider (in shares) | ' | 16,279 | ' | ' | ' | ||
Classification of warrants from liability to equity as a result of modification | 35 | 0 | 35 | 0 | 0 | ||
Classification of warrants from liability to equity as a result of expiration of most favored nation terms | 141 | 0 | 141 | 0 | 0 | ||
Conversion of trade payables into warrants | 309 | 0 | 309 | 0 | 0 | ||
Beneficial conversion feature related to convertible notes | 250 | 0 | 250 | 0 | 0 | ||
Deemed dividend related to warrants' modification | 0 | 0 | 33 | 0 | -33 | ||
Net loss | -4,268 | 0 | 0 | 0 | -4,268 | ||
Balance at Dec. 31, 2012 | -3,360 | 245 | 13,199 | 118 | -16,922 | ||
Balance (in shares) at Dec. 31, 2012 | ' | 13,369,809 | ' | ' | ' | ||
Issuance of share capital and warrants | 1,056 | 14 | 1,160 | -118 | 0 | ||
Issuance of share capital and warrants (in shares) | ' | 853,150 | ' | ' | ' | ||
Issuance of shares | 11,617 | 352 | 11,265 | 0 | 0 | ||
Issuance of shares (in shares) | ' | 21,958,302 | ' | ' | ' | ||
Share based compensation | 94 | 0 | 94 | 0 | 0 | ||
Net loss | -3,620 | 0 | 0 | 0 | -3,620 | ||
Classification of warrants from liability to equity as a result of expiration of most favored nation terms | 27 | 6 | 21 | 0 | 0 | ||
Classification of warrants from liability to equity as a result of expiration of most favored nation terms (in shares) | ' | 407,673 | ' | ' | ' | ||
Issuance of shares due to price protection provision | 0 | 58 | -58 | 0 | 0 | ||
Issuance of shares due to price protection provision (in shares) | ' | 3,639,019 | ' | ' | ' | ||
Balance at Dec. 31, 2013 | $5,814 | $675 | $25,681 | $0 | ($20,542) | ||
Balance (in shares) at Dec. 31, 2013 | ' | 40,227,953 | ' | ' | ' | ||
[1] | Represents an amount lower than $ 1. |
CONSOLIDATED_STATEMENTS_OF_CHA1
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (DEFICIT) (Parenthetical) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 9 Months Ended | 12 Months Ended | 15 Months Ended | 9 Months Ended | 12 Months Ended | 15 Months Ended | ||||||||||||
Nov. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2007 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2005 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2005 | |
USD ($) | GBP (£) | USD ($) | USD ($) | Warrant [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||
Issuance of shares (in dollars per share) | $2 | £ 1 | $0.57 | $1.58 | $2 | $1.72 | $0.57 | $1.32 | $1.63 | $1.43 | $1.16 | $1.58 | $0.02 | $2.25 | $2 | $1.94 | $1.95 | $1.57 | $1.32 | $1.59 | $1.13 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | 111 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Cash flows from operating activities: | ' | ' | ' | ' |
Net loss | ($3,620) | ($4,268) | ($2,119) | ($20,509) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' | ' |
Share based compensation and issuance of shares granted to service provider | 94 | 514 | 140 | 1,622 |
Depreciation | 2 | 2 | 0 | 10 |
Changes in values of deferred shares and liability related to stock options and warrants | -286 | -418 | -120 | -8 |
Decrease (increase) in accounts receivable and prepaid expenses | -161 | 7 | 4 | -175 |
Increase (decrease) in trade payables | -1,045 | 627 | 612 | 965 |
Increase (decrease) in other accounts payable | -676 | 394 | 475 | 648 |
Accrued interest expenses and issuance costs | 242 | 1,008 | 0 | 1,250 |
Net cash used in operating activities | -5,450 | -2,134 | -1,008 | -16,197 |
Cash flows from investing activities: | ' | ' | ' | ' |
Purchase of property and equipment | 0 | 0 | 0 | -10 |
Net cash used in investing activities | 0 | 0 | 0 | -10 |
Cash flows from financing activities: | ' | ' | ' | ' |
Proceeds from issuance of shares and warrants, net | 13,103 | 2,224 | 930 | 23,821 |
Proceeds from issuance of convertible notes and warrants, net | 0 | 890 | 0 | 890 |
Repayment of convertible notes | -1,100 | ' | ' | -1,100 |
Receipts on account of shares | 0 | 118 | 75 | 253 |
Net cash provided by financing activities | 12,003 | 3,232 | 1,005 | 23,864 |
Increase (decrease) in cash and cash equivalents | 6,553 | 1,098 | -3 | 7,657 |
Cash and cash equivalents at the beginning of the period | 1,104 | 6 | 9 | 0 |
Cash and cash equivalents at the end of the period | 7,657 | 1,104 | 6 | 7,657 |
Supplemental disclosure of non-cash investing and financing activities: | ' | ' | ' | ' |
Expiration of deferred shares | 0 | 128 | 420 | 548 |
Director fee waiver | 0 | 0 | 73 | 73 |
Classification of warrants from liability to equity as a result of modification | 0 | 35 | 0 | 35 |
Classification of warrants from liability to equity as a result of utilization and expiration of most favored nation terms | 27 | 141 | 0 | 168 |
Purchase of property and equipment | 0 | 4 | 0 | 4 |
Disposal of property and equipment | 3 | 0 | 0 | 3 |
Conversion of trade payables into warrants | $0 | $309 | $0 | $309 |
GENERAL
GENERAL | 12 Months Ended | ||
Dec. 31, 2013 | |||
Accounting Policies [Abstract] | ' | ||
Business Description and Basis of Presentation [Text Block] | ' | ||
NOTE 1:- GENERAL | |||
a. | Celsus Therapeutics PLC. (Formerly Morria Biopharmaceuticals Plc.) (the “Company”) (a development stage company) was incorporated in Great Britain as a private limited company and commenced business operations on October 7, 2004. On February 15, 2005 the Company was registered as a non-traded public company under the laws of England and Wales. The Company is engaged in the development of ethical synthetic drugs for the treatment of severe chronic inflammatory conditions such as contact dermatitis, etc. | ||
During 2013, the Company changed its corporate name to Celsus Therapeutics Plc. | |||
In February 2013, the Company listed its securities on the Over-the-Counter Bulletin Board (the “OTCQB”). Subsequent to the balance sheet date, the Company up listed to the NASDAQ Capital Market (see Note 15a). | |||
b. | On January 28, 2005 the Company acquired Morria Biopharmaceuticals Inc. (the “Subsidiary”), now Celsus Therapeutics Inc.. The Subsidiary was the owner of the intellectual property rights in drugs which it develops under a license that was granted by Yissum, the research development company of the Hebrew University of Jerusalem Israel (“Yissum”) on November 27, 2002, and in connection with which a sublicense agreement was signed between the Subsidiary and the Company on February 1, 2005 (for details about the license agreement and the sublicense agreement see Note 8). | ||
c. | On March 22, 2011 the Company established an Israeli subsidiary,Morria Biopharma Ltd., which is wholly-owned by the Company. As of the date of the financial statements, this Israeli subsidiary is inactive. | ||
d. | As of December 31, 2013, the Company has accumulated losses in the total amount of $ 20,542 and has negative cash flow from operating activity in 2013 in the total amount of $ 16,197. | ||
There are no assurances that the Company will be successful in obtaining an adequate level of financing needed for its long-term research and development activities. If the Company will not have sufficient liquidity resources, the Company may not be able to continue the development of all of its products or may be required to delay part of the development programs. | |||
The Company’s inability to raise funds to carry its research and development activities will have severe negative impact on its ability to remain a viable company beyond June, 2015. The Company is addressing its liquidity issues by implementing initiatives to raise additional funds as well as other measures. | |||
Subsequent to the balance sheet date, the Company raised capital and received gross proceeds of$ 9,200 (excluding approximately $ 1,100 of issuance costs) in consideration for the issuance of ordinary shares, as described in more detail in Note 15a. | |||
e. | The Company depends on third-party suppliers for the phospholipids and hyaluronic acid that is required for the production of its product candidates. The Company also does not have the ability to independently conduct clinical trials for its product candidates, and it relies on third parties such as contract research organizations, medical institutions, and clinical investigators to perform this function. | ||
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Significant Accounting Policies [Text Block] | ' | |||||||
NOTE 2:- SIGNIFICANT ACCOUNTING POLICIES | ||||||||
The consolidated financial statements were prepared in accordance with United States Generally Accepted Accounting Principles (“U.S. GAAP”). | ||||||||
a. | Use of estimates: | |||||||
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company’s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. | ||||||||
b. | Financial statements in United States dollars: | |||||||
Most of the Company’s costs and financing are in U.S. dollars (“Dollar”). The Company’s management believes that the Dollar is the currency of the primary economic environment in which the Company and its subsidiaries have operated and expect to continue to operate in the foreseeable future. Therefore, the functional currency of the Company and its subsidiaries is the Dollar. | ||||||||
The Company and its subsidiaries’ transactions and balances denominated in Dollars are presented at their original amounts. Non-Dollar transactions and balances have been remeasured to Dollars in accordance with ASC 830, “Foreign Currency Matters”. All transaction gains and losses from remeasurement of monetary balance sheet items denominated in non-Dollar currencies are reflected in the statements of income as financial income or expenses, as appropriate. | ||||||||
c. | Principles of consolidation: | |||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation. | ||||||||
d. | Cash equivalents: | |||||||
Cash equivalents are short-term unrestricted highly liquid investments that are readily convertible into cash, with original maturities of three months or less at acquisition. | ||||||||
e. | Property and equipment, net: | |||||||
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates: | ||||||||
% | ||||||||
Computers, peripheral and scientific equipment | 33 | |||||||
Office furniture and equipment | 25 | |||||||
f. | Impairment of long-lived assets: | |||||||
The Company’s long-lived assets are reviewed for impairment in accordance with ASC 360, “Property, Plant, and Equipment,” whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. During the years ended December 31, 2013, 2012 and 2011, no impairment losses have been identified. | ||||||||
g. | Research and development costs: | |||||||
Research and development expenses, consist of independent research and development costs of third parties services and license fees to third parties. All such costs are expensed as incurred. | ||||||||
h. | Income taxes: | |||||||
The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”. This topic prescribes the use of the liability method whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to the amount that is more likely than not to be realized. | ||||||||
The Company implements a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% (cumulative basis) likely to be realized upon ultimate settlement. As of December 31, 2013, 2012 and 2011, the Company does not hold provision for uncertain tax positions. | ||||||||
i. | Concentrations of credit risk: | |||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. | ||||||||
The Company’s cash and cash equivalents are invested in deposits mainly in Dollar and British Pound with major international banks. Generally, these deposits may be redeemed upon demand and therefore bear minimal risk. | ||||||||
j. | Basic and diluted net loss per share: | |||||||
Basic net loss per share is computed based on the weighted average number of Ordinary shares outstanding during each year. Diluted net loss per share is computed based on the weighted average number of Ordinary shares outstanding during each year plus dilutive potential equivalent Ordinary shares considered outstanding during the year, in accordance with ASC 260, “Earnings per Share.” | ||||||||
All outstanding stock options, deferred shares and warrants have been excluded from the calculation of the diluted net loss per share because all such securities are anti-dilutive for all periods presented. The total number of shares related to outstanding stock options excluded from the calculations of diluted net loss per share was 2,256,690, 823,990 and 411,002 for the years ended December 31, 2013, 2012 and 2011, respectively. The total number of shares related to conversion rights of the deferred shares excluded from the calculations of diluted net loss per share was 0, 180,822 and 479,166 for the years ended December 31, 2013, 2012 and 2011, respectively. As of June 13, 2012 all of the deferred shares were expired. The total number of shares related to warrants excluded from the calculations of diluted net loss per share was 4,274,570 for the year ended December 31, 2013. | ||||||||
k. | Accounting for stock-based compensation: | |||||||
The Company accounts for stock-based compensation in accordance with ASC 718, “Compensation - Stock Compensation,” which requires the measurement and recognition of compensation expense based on estimated fair values for all share-based payment awards made to employees, directors and non-employees. ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. | ||||||||
The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company’s consolidated statement of comprehensive loss. | ||||||||
The Company recognizes compensation expenses for the value of its awards granted based on the straight-line method over the requisite service period of each of the awards, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Estimated forfeitures are based on actual historical pre-vesting forfeitures. | ||||||||
The Company selected the Black-Scholes-Merton (“Black-Scholes”) option-pricing model as the most appropriate fair value method for its stock-option awards and values stock based on the market value of the underlying shares at the date of grant. The Company estimates the fair value of stock options granted with the following weighted-average assumptions for 2011, 2012 and 2013: | ||||||||
December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Risk-free interest rate | 0.45%-1.75% | 0.69%-1.78% | 0.34%-3.52% | |||||
Expected volatility | 67.4%-85.55% | 78.9%89.99% | 51.1%-87.7% | |||||
Expected life (in years) | 3.7-6.25 | 4.5-10.0 | 0.5-8.1 | |||||
Expected dividend yield | 0% | 0% | 0% | |||||
The computation of expected volatility is based on realized historical stock price volatility of peer companies. The expected term of options granted is based on the “Simplified” method acceptable by ASC 718. For non-employees the expected term assumption is based on the contractual term. The risk free interest rate assumption is the implied yield currently available on British government bond and the U.S Treasury yield zero-coupon issues with a remaining term equal to the expected life of the Company’s options. The dividend yield assumption is based on the Company’s historical experience and expectation of no future dividend payouts. The Company has historically not paid cash dividends and has no foreseeable plans to pay cash dividends in the future. | ||||||||
The fair value of the ordinary shares underlying the options, warrants and deferred shares until December 31, 2011, had been determined by the Company’s management, based on the share price used in the equity financing rounds. Since December 31, 2011 the Company issued shares and warrants to new investors (see also Note 9). In order to determine the fair value of the ordinary shares since December 31, 2011, management used the assistance of an independent valuation firm. The Company applied the market approach taking into account actual equity transactions. Since the equity transactions included warrant coverage, the Company isolated the value of the common share by subtracting the value of the warrants through performing a circular iteration in the Black Scholes option-pricing model. Because there has been no public market for the Company’s ordinary shares, management has determined fair value of the ordinary shares at the time of grant of options by considering a number of objective and subjective factors, including valuation of warrants issued by the Company. The fair value of the underlying ordinary shares shall be determined by management until such time as the Company’s ordinary share is traded on an established stock exchange or national market system. | ||||||||
The Company applies ASC 718 and ASC 505-50, “Equity-Based Payments to Non-Employees” with respect to options, warrants and deferred shares issued to non-employees. ASC 718 requires the use of option valuation models to measure the fair value of the options, warrants and deferred shares at the measurement date. Therefore, since the exercise price of some of the options, warrants and deferred shares is denominated in a currency that is different from the Company’s functional currency, the Company accounts for such options and warrants as a liability. | ||||||||
l. | Fair value of financial instruments: | |||||||
The estimated fair value of financial instruments has been determined by the Company using available market information and valuation methodologies. Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in a current market exchange. | ||||||||
The carrying amounts of cash and cash equivalents, accounts receivable and prepaid expenses, trade payables and other accounts payable approximate their fair value due to | ||||||||
the short-term maturity of such instruments. | ||||||||
Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820, “Fair Value Measurements and Disclosures” establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring 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 fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | ||||||||
m. | Derivative instruments: | |||||||
As of balance sheet date, none of the Company’s derivatives qualify for hedge accounting under ASC 815, “Derivatives and Hedging” (“ASC 815”). As a result all derivatives are recognized on the balance sheet at their fair value, with changes in the fair value carried to the statement of comprehensive loss and included in financial income or expenses. | ||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company recorded a net gain from derivatives transactions in the amount of $ 270, $ 419 and $ 120, respectively. | ||||||||
n. | Convertible notes: | |||||||
The Company applies ASC 470-20, “Debt with Conversion and Other Options” (“ASC 470-20”). In accordance with ASC 470-20, the Company first allocates the proceeds received to the detachable warrant, freestanding liability instrument that is measured at fair value at each reporting date, based on its fair value, with changes in the fair values being recognized in the Company’s statement of comprehensive loss as financial income or expense. The remaining proceeds are allocated to the convertible note. The Company also recognized an embedded beneficial conversion feature on the commitment date. The beneficial conversion feature was measured by allocating a portion of the proceeds equal to the intrinsic value of the feature to additional paid-in-capital. The intrinsic value of the feature was calculated on the commitment date using the effective conversion price which had resulted subsequent to the allocation of the proceeds between the convertible notes and warrants. The discount on the convertible notes is amortized according to the effective interest rate method over the life of the convertible notes. | ||||||||
PROPERTY_AND_EQUIPMENT_NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment Disclosure [Text Block] | ' | |||||||
NOTE 3:- PROPERTY AND EQUIPMENT, NET | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Cost: | ||||||||
Computers, peripheral and scientific equipment | $ | 9 | $ | 12 | ||||
Office furniture and equipment | 1 | 1 | ||||||
10 | 13 | |||||||
Accumulated depreciation: | ||||||||
Computers, peripheral and scientific equipment | -9 | -10 | ||||||
Office furniture and equipment | -1 | -1 | ||||||
Depreciated cost | $ | - | $ | 2 | ||||
Depreciation expense for the years ended December 31, 2013 and 2012 was $ 2. In 2013 the Company disposed of property and equipment in amount of $ 3. | ||||||||
ACCOUNTS_RECEIVABLE_AND_PREPAI
ACCOUNTS RECEIVABLE AND PREPAID EXPENSES | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Accounts Receivables Disclosure [Text Block] | ' | |||||||
NOTE 4:- ACCOUNTS RECEIVABLE AND PREPAID EXPENSES | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Institutions | $ | 6 | $ | 12 | ||||
Prepaid expenses | 169 | 2 | ||||||
$ | 175 | $ | 14 | |||||
OTHER_ACCOUNTS_PAYABLE
OTHER ACCOUNTS PAYABLE | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | ' | |||||||
NOTE 5:- OTHER ACCOUNTs PAYABLE | ||||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accrued expenses | $ | 403 | $ | 896 | ||||
Employees | 176 | 359 | ||||||
$ | 579 | $ | 1,255 | |||||
DEFERRED_SHARES
DEFERRED SHARES | 12 Months Ended | ||
Dec. 31, 2013 | |||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||
Deferred Shares Disclosure [Text Block] | ' | ||
NOTE 6:- DEFERRED SHARES | |||
a. | The holders of deferred shares shall not have any right other than the right to convert such shares into ordinary shares of £ 0.01 par value each upon the aforementioned events. | ||
b. | In February 2005, the Company received a bridge loan from Capital Managers LLP (“CSS”) (that was repaid in the course of 2005) in an amount of £ 200 thousand. In exchange for the loan, the Company issued to CSS 800,000 Ordinary shares of £ 0.01 par value each at a price of £ 1 per share and 400,000 Deferred A shares. The Deferred A shares entitle CSS the right to purchase 400,000 Ordinary shares, of £ 0.01 par value each, of the Company in one of the following: (i) during a period of 5 years, (ii) as part of a sale event involving the sale of all the Company’s shares or (iii) upon the listing of the Company’s shares for trade. The exercise price for a Deferred A share is £ 0.249. | ||
c. | In February 2006, the Company issued 633,333 Deferred B shares of £ 0.001 par value each to CSS, for serving as broker for funds raisings. The Deferred B shares give CSS the right to purchase 633,333 Ordinary shares, of £ 0.01 par value each, of the Company in one of the following: (i) during a period of 5.25 years, (ii) as part of a sale event involving the sale of all the Company’s shares or (iii) upon the listing of the Company’s shares for trade. The exercise price for a Deferred B share is £ 0.59. As of December 31, 2011, the Deferred B shares have expired. The fair value of the Deferred B shares on the date of expiration in the amount of $ 394 was recorded to additional paid-in capital. | ||
d. | In June 2007, the Company issued 400,000 Deferred C shares of £ 0.001 par value each to Capital Management LLP (“CSS”), for serving as broker for fund raisings. The Deferred C shares entitle CSS the right to purchase 400,000 Ordinary shares, of £ 0.01 par value each, of the Company in one of the following: (i) during a period of 5 years, (ii) as part of a sale event involving the sale of all the Company’s shares or (iii) upon the listing of the Company’s shares for trade. The exercise price for a Deferred C share is £ 0.79. | ||
e. | As part of the issuance of Deferred C Shares, the Company repurchased 400,000 Deferred A shares of £ 0.001 par value each that were issued in 2005. The Deferred A shares were acquired at par value. | ||
f. | The Company accounted for the deferred shares in accordance with ASC 718 and ASC 505-50. Since the exercise price of such deferred shares was denominated in a currency that is different from the Company’s functional currency, the Company accounted for such deferred shares as a liability. The fair value of the deferred shares was estimated each cut-off date using the Black-Scholes options valuation model. The changes in fair value were recorded as financial expense (income). | ||
g. | During the years ended December 31, 2013, 2012 and 2011 the Company recorded financial income related to revaluation of deferred shares in the amount of $ 0, $ 88 and $ 120. | ||
h. | As of June 13, 2012, the Deferred C shares have expired. The fair value of the Deferred C shares on the date of expiration in the amount of $ 128 was recorded to additional paid-in capital. | ||
SHORTTERM_CONVERTIBLE_NOTES
SHORT-TERM CONVERTIBLE NOTES | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Debt Disclosure [Abstract] | ' | |||||
Short-term Debt [Text Block] | ' | |||||
NOTE 7:- Short-term convertible notes | ||||||
On April 4, 2012, the Company completed a private placement under a securities purchase agreement, dated April 3, 2012 , by and among the Company and certain institutional accredited investors (the “April 2012 Financing”). As part of the April 2012 Financing, the Company sold an aggregate of $ 1,100 principal amount of convertible notes (the “Notes”) and warrants to purchase an aggregate of 643,274 ordinary shares (the “Warrants”), for a total consideration of $ 1,000 . The related issuance expenses were $ 110. Each Note was convertible into shares at an initial conversion price of $ 1.71 per ordinary share. On January 2, 2013, the Company repaid the Notes in the amount of $ 1,100. | ||||||
As part of the April 2012 Financing, the Company issued to the investors warrants (the “Warrants”) to purchase an aggregate of 643,274 ordinary shares. The Warrants had an initial exercise price of $ 1.71 per share, exercisable for a term of 5 years, subject to adjustment. The exercise price of the Warrants is subject to standard anti-dilution adjustments. In addition, the exercise price is also subject to “full ratchet” anti-dilution adjustment, similar to the Notes. To the extent the Company enters into a fundamental transaction (as defined in the Warrants and which includes, without limitation, entering into a merger or consolidation with another entity, selling all or substantially all of the assets, or a person acquiring 50% of the Company’s voting shares), the holders will have the option to require the Company to repurchase the Warrants from the investor at its Black-Scholes fair value. Consequently, the Company accounts for the Warrants as a liability according to the provisions of ASC 815, “Derivatives and Hedging – Contracts in Entity’s Own Equity” (“ASC 815”). In connection with the September 2013 Financing (as defined in Note 9b), the exercise price of the Warrants was reduced to $ 0.57 and the number of Warrants was increased to 1,929,824 pursuant to the anti-dilution adjustments. | ||||||
The Company applied ASC 470-20, “Debt with Conversion and Other Options” (“ASC 470-20”). In accordance with ASC 470-20, the Company first allocated the proceeds received to the detachable warrants, a freestanding liability instrument that is measured at fair value at each reporting date, based on their fair value, with subsequent changes in the fair values being recognized in the Company’s statement of comprehensive loss as financial income or expense. The fair value of Warrants granted was valued by using the Black-Scholes call option pricing model. The anti-dilution rights of the Warrants were calculated by using Black-Scholes put option model using the same parameters as the warrants call option. Fair values were estimated using the following assumptions (annualized percentages): | ||||||
December 31, | December 31, | |||||
2013 | 2012 | |||||
Dividend yield | 0% | 0% | ||||
Expected volatility | 84.09% | 79.61% | ||||
Risk-free interest | 0.16% | 0.16% | ||||
Expected life | 1.08 years | 1.08 years | ||||
Forfeiture rate | 0% | 0% | ||||
The initial fair value of the detachable warrant on April 4, 2012 was $ 750. On December 31, 2013 and 2012, the fair value of the detachable warrant was $424 and $ 402, respectively. The change in fair value in the amount of $ 22 was recorded as financial income in the Company’s statement of comprehensive loss. | ||||||
The conversion feature in the Notes was not defined as a derivative instrument according to ASC 815, since the Company’s shares were not traded on the commitment date. The Company recorded the embedded beneficial conversion feature on the commitment date, in accordance with the guidelines of ASC 470-20. The beneficial conversion feature was measured by allocating a portion of the proceeds equal to the intrinsic value of the feature to additional paid-in-capital. | ||||||
The intrinsic value of the feature was calculated on the commitment date using the effective conversion price which had resulted subsequent to the allocation of the proceeds between the Notes and warrants. On the commitment date, the Company recorded a beneficial conversion feature, in accordance with Statement of Accounting Standard Codification No. 470-20, in the amount of $ 250. | ||||||
The discount on the Notes was amortized according to the effective interest rate method over the life of the Notes. During the year ended December 31, 2013, the Company recorded $ 202 financial expenses in respect to the amortization of the discount of the Notes. | ||||||
The issuance expenses that were allocated to the Warrants are recorded as financial expenses and the issuance expenses that were allocated to the Notes are capitalized and reported as deferred financing costs. The deferred financing cost is amortized over the life of the Notes using the effective interest rate. Since the issuance expenses that were allocated to the Notes were insignificant, all of the issuance expenses in the amount of $ 110 were recorded as financial expenses. | ||||||
COMMITMENTS_AND_CONTINGENT_LIA
COMMITMENTS AND CONTINGENT LIABILITIES | 12 Months Ended | ||
Dec. 31, 2013 | |||
Commitments and Contingencies Disclosure [Abstract] | ' | ||
Commitments and Contingencies Disclosure [Text Block] | ' | ||
NOTE 8:- COMMITMENTS AND CONTINGENT LIABILITIES | |||
a. | Agreement with Yissum: | ||
On November 27, 2002, the Subsidiary executed a license agreement with Yissum, pursuant to which the Subsidiary was granted a global, exclusive license, including the right to grant sublicenses, subject to receipt of the prior written approval of Yissum which shall not be unreasonably withheld. The full intellectual property rights concerning the technology subject to the license are and will remain fully owned by Yissum for the licensed technology developed by Yissum. | |||
This technology underlies part of the Company’s research and development projects. The license includes the exclusive rights to produce, sell, market, import, distribute, and make any use of the technology, by both the Subsidiary and the holders of rights by virtue of the sublicenses. The agreement is valid for 20 years or until the last to expire patent. In exchange for granting the said license to the Subsidiary, Yissum will be entitled to royalties as elaborated below: | |||
1 | 4% of the total sales that the Subsidiary or a related company thereof (as this term is defined in the agreement) will make; | ||
2 | 18% of the total payments or royalties that Subsidiary will be entitled to receive from third parties to whom sublicenses have been granted. | ||
On June 20, 2005, the Company executed with Yissum an agreement for providing research and development services, whereby Yissum grants the Company compound development services. It has been agreed that the intellectual property and the knowledge that will accumulate during the provision of the services will be owned by Yissum. | |||
Yissum has granted the Company a license to use the results of the service provision agreement, and the permission to grant a sublicense. The service agreement was renewed several times prior to 2011. On February 28, 2011, the service provision agreement was renewed again. In consideration for the performance of services the Company agreed to pay Yissum $ 70 plus overhead per year, depending on the work requested by the Company to be done at the sole and exclusive option of the Company during each year of the following five years. The additional services fees shall be payable in semi-annual payments. | |||
b. | Office lease commitment: | ||
The Company’s registered address is located in Great Britain with minimum rental commitments of $ 0.6 plus VAT for each month. The Agreement commenced on February 1, 2010, and shall continue until it is terminated by either party giving the other three months’ prior written notice. The Company’s liability as of December 31, 2013 is approximately $ 2, to be paid during 2014. | |||
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Stockholders' Equity Note [Abstract] | ' | ||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | ' | ||||||||||||
NOTE 9:- SHAREHOLDERS’ EQUITY | |||||||||||||
a. | Composition of share capital: | ||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
Authorized | Issued and | Authorized | Issued and | ||||||||||
outstanding | outstanding | ||||||||||||
Ordinary shares of £ 0.01 par value each | 49,800,000 | 40,227,953 | 49,800,000 | 13,369,809 | |||||||||
Deferred A shares of £ 0.001 par value | 800,000 | - | 800,000 | - | |||||||||
Deferred B shares of £ 0.001 par value | 1,200,000 | - | 1,200,000 | - | |||||||||
Deferred C shares of £ 0.001 par value | 400,000 | - | 400,000 | - | |||||||||
The Ordinary shares confer upon their holders the right to participate and vote in general shareholders meetings of the Company and to share in the distribution of dividends, if any, declared by the Company. | |||||||||||||
As for the deferred shares see Note 6. | |||||||||||||
b. | Shares and warrants issuances: | ||||||||||||
Since inception through December 31, 2010, the Company issued 11,561,571 ordinary shares of £ 0.01 par value each. The total proceeds amounted to $ 7,587 (unaudited). | |||||||||||||
In the months January through September 2012, the Company issued 519,712 of ordinary shares, £ 0.01 par value each, at prices of $ 1.72 - $ 2.25 per share, for total gross proceeds of approximately $ 944, net of $ 75 included in receipt on the account of shares as of January 1, 2012. The investors were also granted with warrants to purchase 893,414 ordinary shares, at exercise prices of $ 1.72 - $ 2.25. In April 2012, the Company modified 39,500 warrants that were issued to investors in January 2012 with an exercise price of $ 1 to a total of 79,000 warrants with an exercise price of $ 2. The Company accounted for these changes as modifications in accordance with ASC 718. The Company calculated the incremental value of these modifications and recorded deemed dividend in a total amount of $ 33 to additional paid-in capital. | |||||||||||||
On November 30, 2012, the Company completed a private placement under the November Purchase Agreement (the “November Purchase Agreement”), by and among the Company and certain investors (the “November 2012 Financing”). As part of the November 2012 Financing, the Company sold an aggregate of 751,500 Ordinary Shares at $ 2.00 per share for gross proceeds of $ 1,503 and 375,750 warrants to purchase an aggregate of 375,750 Ordinary Shares at an initial exercise price of $ 2.00 per share for a term of five years. The exercise price is subject to standard anti-dilution adjustments. | |||||||||||||
In addition, under the terms of the November Purchase Agreement, from the date each investor entered into the November Purchase Agreement until (i) the two year anniversary of the effective date of a registration statement or (ii) the date immediately following the 20 consecutive trading days wherein the trading volume for the Ordinary Shares or ADSs exceeds $ 100 per trading day, each investor may elect to exchange all of its shares and warrants for any such additional securities issued by the Company in a subsequent financing (as defined in the November Purchase Agreement), on the same terms and conditions as provided to the investors in a subsequent financing on a $ 1 for $ 1 basis, in lieu of cash consideration (the “Most Favored Nation Terms”). | |||||||||||||
On January 17, 2013, the Company issued 67,500 of ordinary shares, £ 0.01 par value each, at a price of $ 2.00 per share, for total gross proceeds of $ 135 that were paid in December 2012. The investors were also granted with warrants to purchase 33,750 ordinary shares, at an exercise price of $ 2.00 and Most Favored Nation Terms. | |||||||||||||
On January 17, 2013, the Company completed a private placement, by and among the Company and certain investors (the “January 2013 Financing”). As part of the January 2013 Financing, the Company sold an aggregate of 405,500 ordinary shares at $2.00 per share and 202,750 Series A warrants, 375,000 Series B warrants and 187,500 Series C warrants to purchase an aggregate of 765,250 ordinary shares (the “January 2013 Warrants”), for gross proceed of $ 811. | |||||||||||||
Under the terms of the Agent Agreement (as defined in Note 9e5), the Company issued 43,035 Series A warrants with an exercise price of $ 2.00 per share and a contractual life of five years. The fair value of the warrants at the commitment date was $ 21. The Company also paid $ 70 in cash, for advisory and legal services in relation with the January 2013 Financing. | |||||||||||||
The exercise price of the January 2013 Warrants is $ 2.00. The Series A warrants and Series C warrants are exercisable for a term of five years and the Series B warrants are exercisable until April 2014. The vesting of the Series C warrants is dependent upon exercise of the Series B warrants. The Series C warrants shall become exercisable in proportion to the holder’s exercise of the Series B warrant as compared with the total Series B warrants issued to such holder. | |||||||||||||
Under the January 2013 Financing, the Company also entered into a subsequent registration rights agreement with the investors pursuant to which the Company is required to file a registration statement to register the resale of up to 133% of the number of ordinary shares issued in the January 2013 Financing. The Company filed its registration statement on April 10, 2013 and it was declared effective by the SEC on April 16, 2013. | |||||||||||||
Subject to certain limitations, the Series B warrants may be cancelled for consideration equal to $ 0.001 per warrant share by the Company in the event that the closing sale price of the ordinary shares for each 20 consecutive trading days exceeds $ 3.75 (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends, etc.) and (ii) the average daily volume for such 20 day period exceeds 75,000 ordinary shares or ADSs (subject to adjustment for forward and reverse stock splits, recapitalizations, stock dividends, etc.). | |||||||||||||
The exercise price of the January 2013 Warrants is subject to standard anti-dilution adjustments. The investors were also granted Most Favored Nation Terms. In addition, while the January 2013 Warrants are outstanding if the Company will issue warrants at an effective price per share which is lower than the exercise price of the January 2013 Warrants, the exercise price of the January 2013 Warrants shall be reduced to the lower share price in the subsequent financing. In addition, until their expirecy, the shares and the Series A warrants are also entitled to a price protection. | |||||||||||||
From January 31, 2013 through September 17, 2013, the Company completed several private placements by and among the Company and certain investors. As part of the financings, the Company sold an aggregate of 380,150 ordinary shares at $ 2.00 per share and 190,075 Series A warrants, for gross proceeds of $ 760. The warrants and the shares are eligible Most Favored Nation Terms and also to price protection. Under the terms of the Agent Agreements (as defined in Note 9e5), the Company issued 10,800 warrants with an exercise price of $ 2.00 per share and a contractual life of five years. The fair value of the warrants at the commitment date was $ 5. The value of the warrants as of September 30, 2013 was $ 4 and the change in value was recorded as financial expense. | |||||||||||||
In relation to the issuances of August 2012 financing through September 17, 2013 financings, the Company first allocated the proceeds to the detachable warrant, that due to the Most Favored Nation Terms and in accordance with ASC 815 is being considered a freestanding liability instrument that is measured at fair value at each reporting date, based on its fair value, with changes in the fair values being recognized in the Company’s statement of comprehensive loss as financial income or expense. The remaining proceeds were allocated to the shares and were recorded to equity. The issuance costs were allocated between the warrants and the shares in proportion to the allocation of the proceeds. The portion of the issuance costs that were allocated to the warrants was recorded as financial expense in the Company’s statement of comprehensive loss. The portion of the issuance costs that were allocated to the shares was recorded to additional paid in capital. | |||||||||||||
The fair value of warrants granted was valued by using the Black-Scholes call option pricing model. The anti-dilution adjustments of Most Favored Nation Terms were calculated using Black-Scholes put option model since its similar to put options by providing a guaranteed price for an underlying instrument and offer insurance against dilution. The Company used different parameters for the warrants call option and the warrants put option since the expected life of the Most Favored Nation Terms was shorter than the expected life of the warrants. Fair values were estimated using the following assumptions for the warrants call option (range of annualized percentages): | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Dividend yield | 0% | 0% | |||||||||||
Expected volatility | 85.45% | 79.61%-86.31% | |||||||||||
Risk-free interest | 0.41% | 0.12%-0.21% | |||||||||||
Expected life | 2.08 years | 0.92-1.42 years | |||||||||||
Fair values were estimated during 2013 and 2012 using the following assumptions for the warrants put option (range of annualized percentages): | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Dividend yield | 0% | 0% | |||||||||||
Expected volatility | 87.69% | 67%-83% | |||||||||||
Risk-free interest | 0.21% | 0.11%-0.28% | |||||||||||
Expected life | 1.33 years | 0.25-1.04 years | |||||||||||
On September 24, 2013, the Company closed a securities purchase agreement with certain institutional accredited investors, pursuant to which it agreed to sell, in a private placement, an aggregate of 21,958,302 ordinary shares for an aggregate purchase price of $ 12,516 (the “September 2013 Financing”). The issuance costs in relation to the September 2013 Financing were $ 898. | |||||||||||||
As a result of the September 2013 Financing, several investors have utilized their rights for Most Favored Nations Terms provision and subsequently the Company issued 407,673 additional ordinary shares and an amount of 81,250 warrants expired. Additionally, due to the September 2013 Financing, and as a result of price protection provisions from investment agreements with previous investors, (i) an aggregate of 3,639,019 additional ordinary shares were issued to previous investors, and (ii) there will be an additional 1,259,092 ordinary shares issuable upon exercise of outstanding warrants the exercise price of the warrants issued in the April 2012 purchase agreements with the Notes was reduced to $ 0.57 per share, in accordance with the anti-dilution provisions contained in the April 2012 purchase agreements. | |||||||||||||
As of December 31,2013 the Company had 5,659,717 shares which are entitled to Most Favored Nations Terms, of which 5,089,544 area also entitled to price protection (which would be triggered by a share issuance at less than $ 0.57 per share) and 1,291,950 warrants which are entitled to price protection (which would be triggered by a warrant issuance at less than $ 2.00 exercise price per share) and 1,929,824 warrants have full ratchet anti-dilution protection (which would be triggered by a warrant issuance at less than $ 0.57 exercise price per share). | |||||||||||||
c. | Share option plan: | ||||||||||||
In August 2007, the Company adopted the share option plan (the “Plan”). The number of shares that may be issued upon exercise of options under the plan shall not exceed 1,365,000 shares. In June 2013, the Plan was amended increasing the number of shares that may be issued by 2,500,000 to a total of 3,865,000. As of December 31, 2013, 1,608,310 ordinary shares are available for future issuance under the Plan. | |||||||||||||
The following is a summary of the Company’s stock option activity related to employees and directors and related information for the period ended December 31, 2012 and 2013: | |||||||||||||
Amount | Weighted | Weighted | Aggregate | ||||||||||
of options | average | average | intrinsic | ||||||||||
exercise | remaining | value | |||||||||||
price | contractual | ||||||||||||
term (in years) | |||||||||||||
Outstanding at January 1, 2012 | 360,527 | $ | 1.29 | ||||||||||
Changes during 2012: | |||||||||||||
Granted | 410,000 | $ | 1.58 | ||||||||||
Options outstanding at December 31, 2012 | 770,527 | $ | 1.44 | 7.2 | $ | 169 | |||||||
Vested and expected to vest at December 31, 2012 | 770,527 | $ | 1.44 | 7.2 | $ | 169 | |||||||
Options exercisable at December 31, 2012 | 540,527 | $ | 1.38 | 6.3 | $ | 152 | |||||||
Outstanding at January 1, 2013 | 770,527 | $ | 1.44 | 7.2 | $ | 169 | |||||||
Changes during 2013: | |||||||||||||
Granted | 1,570,000 | $ | 1.82 | ||||||||||
Expired | -137,300 | $ | 1.51 | ||||||||||
Options outstanding at December 31, 2013 | 2,203,227 | $ | 1.71 | 8.6 | $ | - | |||||||
Vested and expected to vest at December 31, 2013 | 2,203,227 | $ | 1.71 | 8.6 | $ | - | |||||||
Options exercisable at December 31, 2013 | 633,227 | $ | 1.44 | 5.9 | $ | - | |||||||
The aggregate intrinsic value in the table above represents the total intrinsic value (the difference between the Company’s stock price on December 31, 2013 and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on the last trading day of the fiscal year. This amount changes based on the fair market value of the Company’s shares. | |||||||||||||
During the year ended December 31, 2013, the Company recorded $ 94 in share based compensation expenses. As of December 31, 2013, total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the Company’s stock option plans was $ 362. That cost is expected to be recognized over a weighted-average period of 2.48 years. | |||||||||||||
d. | On January 18, 2005 and March 12, 2007, the chairman of the Company’s board received warrants from the principle shareholder to purchase from it 50,700 and 152,000 Ordinary shares in consideration for par value of £ 0.01 and $ 1.55 per share, respectively. The options were fully vested and valid for 10 years from grant date. The benefit in respect of the options totaling $ 246 (unaudited) was included in the financial statements at grant date. | ||||||||||||
On March 1, 2011 the exercise price of 152,000 options granted on March 12, 2007 was adjusted to £ 0.01. The value of the benefit from the change in option terms (the difference between the options’ value before the reduction in exercise price and the options’ value after the reduction in exercise price) totaling $ 95, was recorded as an expense in 2011. The options’ fair value as of March 1, 2011 was determined based on $ 1.63 share price, expected volatility of 86%, risk-free interest rate of 1.85%, expected dividend rate of 0%, and an expected life of 3 years. | |||||||||||||
e. | Options and warrants to service providers: | ||||||||||||
The options and warrants outstanding as of December 31, 2013 that were granted to the Company’s service providers are as follows: | |||||||||||||
Grant date | Number of | Exercise | Expiration date | ||||||||||
options | Price | ||||||||||||
August 28, 2007 (1) | 20,475 | 1.29 | 28-Aug-17 | ||||||||||
May 27, 2009 (1) | 30,000 | 1.56 | 27-May-19 | ||||||||||
February 12, 2012 (3) | 309,492 | 2 | 12-Feb-17 | ||||||||||
April 26, 2012 (2) | 90,000 | 2 | 19-Mar-17 | ||||||||||
June 27, 2012 (4) | 2,988 | 1.75 | 21-Jun-22 | ||||||||||
November 30, 2012 (5) | 90,180 | 2 | 30-Nov-17 | ||||||||||
543,135 | |||||||||||||
1 | In 2007 and 2009, the Company granted 20,475 and 30,000 fully vested options, respectively, to the pre-clinical development consultant. The fair value of the options was $ 29 (unaudited) and $ 33, respectively. Since the exercise price of such options is denominated in a currency that is different from the Company’s functional currency, the Company accounts for such options as a liability. The fair value of the options was estimated each cut-off date using the Black-Scholes options valuation model. | ||||||||||||
The changes in fair value were recorded as financial expense (income). The Company recorded financial income in the amount of $ 20 and $ 3 for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||
In 2012, the Company increased and changed the denominated currency of the exercise price of the options that were issued in 2009 from £ 0.8 to $ 1.56 resulting in the options being reclassified from a liability to equity. The Company accounted for this change as a modification in accordance with ASC 718. | |||||||||||||
The Company calculated the incremental value of this modification. Since there was no incremental value, the Company only reclassified the related liability in the amount of $ 35 to additional paid-in capital. | |||||||||||||
2 | In 2011, the Company granted 35,000 fully vested warrants to an independent contractor (the “Finder”) under a consulting agreement that was signed in 2011 (“2011 Consulting Agreement”). The exercise price was $ 1 and the contractual life is five years. The fair value of the warrants in the amount of $ 45 was recorded to additional paid-in capital. In the months January and February 2012, the Company granted additional 10,000 fully vested warrants to the Finder under the 2011 Consulting Agreement. The exercise price was $ 1 per share and the contractual life is five years. The fair value of the warrants in the amount of $ 12 was recorded to additional paid-in capital. | ||||||||||||
In April 2012, the Company modified the amount of warrants that were granted to the Finder from a total of 45,000 warrants to 90,000 warrants and also modified the exercise price from $ 1 to $ 2. The Company accounted for these changes as modifications in accordance with ASC 718. The Company calculated the incremental value of these modifications and recorded compensation cost in a total amount of $ 38 to additional paid-in capital | |||||||||||||
On February 29, 2012, the Company entered into an agreement with the Finder, for the purpose of introducing the Company to potential investors (“Finder’s Agreement”). In the event that during the term of this agreement, an approved investor will consummate a cash investment, then the Finder shall be entitled to (i) a cash payment in an amount equal to 7% of the amount invested; and (ii) that number of ordinary shares of the Company issuable for a cash investment equal to 7% of the investment amount based upon the price per share pursuant to which the approved investor participated; less consulting consideration otherwise paid or payable to the Finder pursuant to a new consulting agreement that was signed in 2012 (the “2012 Consulting Agreement”). | |||||||||||||
Between March through June 2012, the Company committed to grant an additional 20,000 fully vested warrants to the Finder under the 2012 Consulting Agreement (the “Finder’s Warrants”). The exercise price was $ 2 per share and the contractual life is five years. Pursuant to the terms of the Finder’s Agreement, in September 2012, the Company issued, 16,279 ordinary shares, £ 0.01 par value each, and is obligated to pay $ 28 in cash, in relation with the August 2012 financing (the “August Finder’s Fee”), since the consulting fees pursuant to 2012 Consulting Agreement were lower than August Finder’s Fee. The Company recorded an amount of $ 52 of stock-based compensation expenses in the statement of comprehensive loss during the year ended December 31, 2012. After the August 2012 financing, the 2012 Consulting Agreement was terminated. | |||||||||||||
3 | On February 12, 2012, the Company settled part of an outstanding debt to a related party by issuance of fully vested warrants to purchase 309,492 ordinary shares, £ 0.01 par value each. See also Note 13. | ||||||||||||
4 | On June 27, 2012, the Company granted 2,988 options which shall vest on December 27, 2012. The Company recorded compensation expense in the amount of $ 2 in the statement of comprehensive loss during the year ended December 31, 2012. | ||||||||||||
5 | On August 23, 2012, the Company entered into an agreement with an agent (the “Agent”) to advise the Company on a private placement offering and as a contact with potential financing sources for the Company (the “Agent Agreement”). The Company agreed to pay the Agent a cash transaction fee in the amount of between 7% - 8% of the amount of the financing; and warrants equal to 7% - 8% of the stock and warrants issued in the financing at an exercise price equal to the investor’s warrant exercise price. The consideration that is paid to the Agent is treated as issuance expenses. Pursuant to the terms of the Agent Agreement, the Company issued 90,180 warrants and paid $ 120 in cash, for advisory services in relation with the November 2012 Financing. | ||||||||||||
f. | Share-based payments: | ||||||||||||
The share based expense recognized in the financial statements for services received from employees and non-employees is shown in the following table: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Research and development | $ | -18 | $ | -2 | $ | - | |||||||
General and administrative expenses | 92 | 469 | 140 | ||||||||||
Financial (income), net | -82 | -120 | |||||||||||
$ | 74 | $ | 385 | $ | 20 | ||||||||
TAXES_ON_INCOME
TAXES ON INCOME | 12 Months Ended | ||
Dec. 31, 2013 | |||
Income Tax Disclosure [Abstract] | ' | ||
Income Tax Disclosure [Text Block] | ' | ||
NOTE 10:- TAXES ON INCOME | |||
a. | Tax rates: | ||
The Company is incorporated in Great Britain. The corporate tax rate applying to a company that is incorporated in Great Britain at 31 December 2013 is 23.25%, reduced from 24.5% from 1 April 2012. For companies with taxable income of less than £ 300,000 and having no related companies the corporate tax rate is 20%. | |||
The Subsidiary is incorporated in the United States. The corporate tax applying to a company that is incorporated in the United States consists of a progressive corporate tax at a rate of up to 34% plus state tax and local tax at rates depending on the state and the city in which the company manages its business. In the Company’s estimation, it is subject to | |||
approximately a 40% tax rate. | |||
b. | Tax assessment: | ||
The Company has final tax assessment in Great Britain through 2011. The Subsidiary has not been issued final tax assessments since its establishment. | |||
c. | Net operating losses carryforward: | ||
As of December 31, 2013, the Company’s net operating losses carryforward for tax purposes in Great Britain amounted to approximately $ 9,400. These net operating losses may be carried forward indefinitely and may be offset against future taxable income. The Company expects that during the period in which these tax losses are utilized its income will be substantially tax-exempt. | |||
The Subsidiary is subject to U.S. income taxes. As of December 31, 2013, the Subsidiary has net operating loss carry-forward for federal income tax purposes of approximately $ 54 which expires in the years 2018-2029. The Subsidiary also has net operating loss carry-forward for state income tax purposes of approximately $ 54 which expires in the years 2018-2029. Utilization of the U.S. net operating losses may be subject to substantial annual limitation due to the “change in ownership” provisions of the Internal Revenue Code of 1986 and similar state provisions. The annual limitation may result in the expiration of net operating losses before utilization. | |||
d. | Deferred taxes: | ||
Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Management currently believes that since the Company has a history of losses, it is more likely than not that the deferred tax assets relating to the loss carryforwards and other temporary differences will not be realized in the foreseeable future. Therefore, the Company provided a full valuation allowance to reduce the deferred tax assets. | |||
e. | The main reconciling item between the statutory tax rate of the Company and the effective tax rate is the recognition of valuation allowances in respect of deferred taxes relating to accumulated net operating losses carried forward due to the uncertainty of the realization of such deferred taxes. | ||
FAIR_VALUE_MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Fair Value Disclosures [Abstract] | ' | ||||
Fair Value Disclosures [Text Block] | ' | ||||
NOTE 11:- FAIR VALUE MEASURMENTS | |||||
In accordance with ASC No. 820, “Fair Value Measurements and Disclosures”, the Company measures its liability related to stock based compensation and warrants at fair value. Investments in foreign currency derivative instruments are classified within Level 3 value hierarchy. This is because these assets are valued using alternative pricing sources and models utilizing market observable inputs. The liability related to stock based compensation and warrants is classified within Level 3 value hierarchy because the liability is based on present value calculations and external valuation models whose inputs include market interest rates, estimated operational capitalization rates, volatilities and illiquidity. Unobservable inputs used in these models are significant. | |||||
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 Ordinary shares was based on a sporadically traded stock with little or no volume, the Company’s management determined the Company’s share price fair value based on ASC 820 Fair Value Measurement using the market approach assisted by a third party specialist. | |||||
The Company isolated the value of the warrants and anti dilution rights from the ordinary share value, in order to determine the stand-alone fair value of the ordinary shares. For this purpose it was necessary to calculate the fair value of the warrants, including its anti dilution rights. This was performed by calculating numerous iterations in the Black & Scholes option pricing model. Consequently, the Company used the estimated share price fair value in the underlying assumptions of the computation of the fair value of the liability related to stock based compensation and warrants. As of December 31, 2013 and 2012, the fair value liability related to stock based compensation and warrants using input type Level 3 were $ 787 and $ 630, respectively. | |||||
The Company’s financial assets and liabilities measured at fair value on a recurring basis, consisted of the following types of instruments as of the following dates: | |||||
Fair value measurements using significant unobservable inputs (Level 3): | |||||
Balance at December 31, 2011 | $ | 276 | |||
Changes in values of deferred shares and liability related to stock option and warrants | -418 | ||||
Expiration of deferred shares | -128 | ||||
Fair value of warrants at issuance date | 1,076 | ||||
Classification of liability award to equity as a result of expiration of the Most Favored Nation Terms (See Note 9b) | -141 | ||||
Classification of liability award to equity as a result of modification | -35 | ||||
Balance at December 31, 2012 | $ | 630 | |||
Fair value of warrants at issuance date | 471 | ||||
Classification of warrants from liability to equity as result of investors exercise of the Most Favored Nation Terms (See Note 9b) | -28 | ||||
Changes in values of liability related to stock option and warrants | -286 | ||||
Balance at December 31, 2013 | $ | 787 | |||
RELATED_PARTIES
RELATED PARTIES | 12 Months Ended | ||
Dec. 31, 2013 | |||
Related Party Transactions [Abstract] | ' | ||
Related Party Transactions Disclosure [Text Block] | ' | ||
NOTE 12:- RELATED PARTIES | |||
a. | The Chairman of the Company’s board of directors is a senior partner in the law firm which represents the Company in intellectual property and commercial matters (the “Service Provider”). The Service Provider charges the Company for services it renders on an hourly basis. The trade payable balances were $ 330 and $ 718, respectively as of December 31, 2013 and 2012 and transactions with Service Provider charged to general and administrative expense were $ 555, $ 365 and $ 413, respectively as of December 31, 2013, 2012 and 2011. | ||
On February 12, 2012, $ 309 out of the total outstanding balance owed to the ServiceProvider, who is also a related party, for services rendered until December 2011, was settled by the grant of fully vested warrants to purchase 309,492 ordinary shares, £ 0.01 par value each, of the Company at an exercise price of $ 2 per share and a life of five years. | |||
b. | On February 13, 2011, the members of the board of directors unconditionally waived any accrued and unpaid director’s compensation (other than for rights granted in respect of options) as of that date. A related amount of $ 73 was classified from other accounts payable to additional paid in capital. | ||
In March 2012, the members of the board of directors unconditionally waived any director’s cash compensation for their service from March 2012 and until the Company will receive an aggregate financing of at least $ 15,000 in the private placement issuances from March 20, 2013 onward. | |||
c. | According to an agreement signed in 2004, a retainer fee of £ 1.5 per quarter should be paid to one of the Company’s former directors for financial advisory services (the “Advisory Agreement”). As of December 31, 2013 and 2012, the Company has an outstanding liability in the amount of $ 0 and $ 49, respectively for such services. | ||
d. | As part of an agreement of the Company with one of its members of the board of directors signed in May 2011, the Company recorded an expense amounting to $ 66 in 2013 for services provided by the director in his position as Chief Scientific Officer. During December 2013 the director resigned as Chief Scientific Officer and the $ 66 was subsequently paid in January 2014. | ||
FINANCIAL_EXPENSES_INCOME_NET
FINANCIAL EXPENSES (INCOME), NET | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Financial Expenses and Income [Abstract] | ' | ||||||||||
Interest and Other Income [Text Block] | ' | ||||||||||
NOTE 13:- FINANCIAL EXPENSES (INCOME), NET | |||||||||||
Year ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Financial expenses: | |||||||||||
Interest expense due to amortization of convertible notes | $ | 202 | $ | 898 | $ | - | |||||
Issuance expenses | 40 | 137 | - | ||||||||
Exchange rate | 35 | - | - | ||||||||
Other | 7 | 6 | 9 | ||||||||
284 | 1,041 | 9 | |||||||||
Financial income: | |||||||||||
Changes in values of deferred shares and liability related to warrants | -270 | -418 | -120 | ||||||||
Exchange rate | - | -22 | -17 | ||||||||
-270 | -440 | -137 | |||||||||
$ | 14 | $ | 601 | $ | -128 | ||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended | ||
Dec. 31, 2013 | |||
Subsequent Events [Abstract] | ' | ||
Subsequent Events [Text Block] | ' | ||
NOTE 14:- SUBSEQUENT EVENTS | |||
a. | On February 5, 2014, Celsus Therapeutics Plc (the “Company”) announced the closing of its public offering of 1,533,333 American Depository Shares (“ADSs”) on the NASDAQ Capital Market at a price of $ 6.00 per ADS. Each ADS represents 10 Ordinary Shares. The final number of ADSs includes the full exercise by the underwriter of its option to purchase 200,000 additional ADSs. Each ADS represents ten of the Company’s ordinary shares. The gross proceeds from this offering, including from the exercise of the over-allotment option, before underwriting discounts and commissions and other offering expensesof approximately $ 1,100,were approximately $ 9,200. Celsus’s ADSs are listed on the NASDAQ Capital Market under the trading symbol “CLTX” and began trading there on January 31, 2014. In connection with its listing on the NASDAQ Capital Market, the ADSs ceased trading on the OTCQB on January 30, 2014. | ||
b. | On February 5, 2014, the Company granted 275,000 stock options to members of the board of directors at an exercise price of $ 0.75 per share. In addition, the Company granted 300,000 stock options, to employees at an exercise price of $ 0.75 per share. The options contractual term is 10 years and shall vest and become exercisable between May 31, 2014 and October 21, 2017. | ||
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accounting Policies [Abstract] | ' | |||||||
Use of Estimates, Policy [Policy Text Block] | ' | |||||||
a. | Use of estimates: | |||||||
The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company’s management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. | ||||||||
Financial Statements In United States Dollars [Policy Text Block] | ' | |||||||
b. | Financial statements in United States dollars: | |||||||
Most of the Company’s costs and financing are in U.S. dollars (“Dollar”). The Company’s management believes that the Dollar is the currency of the primary economic environment in which the Company and its subsidiaries have operated and expect to continue to operate in the foreseeable future. Therefore, the functional currency of the Company and its subsidiaries is the Dollar. | ||||||||
The Company and its subsidiaries’ transactions and balances denominated in Dollars are presented at their original amounts. Non-Dollar transactions and balances have been remeasured to Dollars in accordance with ASC 830, “Foreign Currency Matters”. All transaction gains and losses from remeasurement of monetary balance sheet items denominated in non-Dollar currencies are reflected in the statements of income as financial income or expenses, as appropriate. | ||||||||
Consolidation, Policy [Policy Text Block] | ' | |||||||
c. | Principles of consolidation: | |||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. Intercompany transactions and balances have been eliminated upon consolidation. | ||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | |||||||
d. | Cash equivalents: | |||||||
Cash equivalents are short-term unrestricted highly liquid investments that are readily convertible into cash, with original maturities of three months or less at acquisition. | ||||||||
Property, Plant and Equipment, Policy [Policy Text Block] | ' | |||||||
e. | Property and equipment, net: | |||||||
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates: | ||||||||
% | ||||||||
Computers, peripheral and scientific equipment | 33 | |||||||
Office furniture and equipment | 25 | |||||||
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | ' | |||||||
f. | Impairment of long-lived assets: | |||||||
The Company’s long-lived assets are reviewed for impairment in accordance with ASC 360, “Property, Plant, and Equipment,” whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of the assets to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. During the years ended December 31, 2013, 2012 and 2011, no impairment losses have been identified. | ||||||||
Research and Development Expense, Policy [Policy Text Block] | ' | |||||||
g. | Research and development costs: | |||||||
Research and development expenses, consist of independent research and development costs of third parties services and license fees to third parties. All such costs are expensed as incurred. | ||||||||
Income Tax, Policy [Policy Text Block] | ' | |||||||
h. | Income taxes: | |||||||
The Company accounts for income taxes in accordance with ASC 740, “Income Taxes”. This topic prescribes the use of the liability method whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance, if necessary, to reduce deferred tax assets to the amount that is more likely than not to be realized. | ||||||||
The Company implements a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% (cumulative basis) likely to be realized upon ultimate settlement. As of December 31, 2013, 2012 and 2011, the Company does not hold provision for uncertain tax positions. | ||||||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | ' | |||||||
i. | Concentrations of credit risk: | |||||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. | ||||||||
The Company’s cash and cash equivalents are invested in deposits mainly in Dollar and British Pound with major international banks. Generally, these deposits may be redeemed upon demand and therefore bear minimal risk. | ||||||||
Earnings Per Share, Policy [Policy Text Block] | ' | |||||||
j. | Basic and diluted net loss per share: | |||||||
Basic net loss per share is computed based on the weighted average number of Ordinary shares outstanding during each year. Diluted net loss per share is computed based on the weighted average number of Ordinary shares outstanding during each year plus dilutive potential equivalent Ordinary shares considered outstanding during the year, in accordance with ASC 260, “Earnings per Share.” | ||||||||
All outstanding stock options, deferred shares and warrants have been excluded from the calculation of the diluted net loss per share because all such securities are anti-dilutive for all periods presented. The total number of shares related to outstanding stock options excluded from the calculations of diluted net loss per share was 2,256,690, 823,990 and 411,002 for the years ended December 31, 2013, 2012 and 2011, respectively. The total number of shares related to conversion rights of the deferred shares excluded from the calculations of diluted net loss per share was 0, 180,822 and 479,166 for the years ended December 31, 2013, 2012 and 2011, respectively. As of June 13, 2012 all of the deferred shares were expired. The total number of shares related to warrants excluded from the calculations of diluted net loss per share was 4,274,570 for the year ended December 31, 2013. | ||||||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | ' | |||||||
k. | Accounting for stock-based compensation: | |||||||
The Company accounts for stock-based compensation in accordance with ASC 718, “Compensation - Stock Compensation,” which requires the measurement and recognition of compensation expense based on estimated fair values for all share-based payment awards made to employees, directors and non-employees. ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. | ||||||||
The value of the portion of the award that is ultimately expected to vest is recognized as an expense over the requisite service periods in the Company’s consolidated statement of comprehensive loss. | ||||||||
The Company recognizes compensation expenses for the value of its awards granted based on the straight-line method over the requisite service period of each of the awards, net of estimated forfeitures. ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. Estimated forfeitures are based on actual historical pre-vesting forfeitures. | ||||||||
The Company selected the Black-Scholes-Merton (“Black-Scholes”) option-pricing model as the most appropriate fair value method for its stock-option awards and values stock based on the market value of the underlying shares at the date of grant. The Company estimates the fair value of stock options granted with the following weighted-average assumptions for 2011, 2012 and 2013: | ||||||||
December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Risk-free interest rate | 0.45%-1.75% | 0.69%-1.78% | 0.34%-3.52% | |||||
Expected volatility | 67.4%-85.55% | 78.9%89.99% | 51.1%-87.7% | |||||
Expected life (in years) | 3.7-6.25 | 4.5-10.0 | 0.5-8.1 | |||||
Expected dividend yield | 0% | 0% | 0% | |||||
The computation of expected volatility is based on realized historical stock price volatility of peer companies. The expected term of options granted is based on the “Simplified” method acceptable by ASC 718. For non-employees the expected term assumption is based on the contractual term. The risk free interest rate assumption is the implied yield currently available on British government bond and the U.S Treasury yield zero-coupon issues with a remaining term equal to the expected life of the Company’s options. The dividend yield assumption is based on the Company’s historical experience and expectation of no future dividend payouts. The Company has historically not paid cash dividends and has no foreseeable plans to pay cash dividends in the future. | ||||||||
The fair value of the ordinary shares underlying the options, warrants and deferred shares until December 31, 2011, had been determined by the Company’s management, based on the share price used in the equity financing rounds. Since December 31, 2011 the Company issued shares and warrants to new investors (see also Note 9). In order to determine the fair value of the ordinary shares since December 31, 2011, management used the assistance of an independent valuation firm. The Company applied the market approach taking into account actual equity transactions. Since the equity transactions included warrant coverage, the Company isolated the value of the common share by subtracting the value of the warrants through performing a circular iteration in the Black Scholes option-pricing model. Because there has been no public market for the Company’s ordinary shares, management has determined fair value of the ordinary shares at the time of grant of options by considering a number of objective and subjective factors, including valuation of warrants issued by the Company. The fair value of the underlying ordinary shares shall be determined by management until such time as the Company’s ordinary share is traded on an established stock exchange or national market system. | ||||||||
The Company applies ASC 718 and ASC 505-50, “Equity-Based Payments to Non-Employees” with respect to options, warrants and deferred shares issued to non-employees. ASC 718 requires the use of option valuation models to measure the fair value of the options, warrants and deferred shares at the measurement date. Therefore, since the exercise price of some of the options, warrants and deferred shares is denominated in a currency that is different from the Company’s functional currency, the Company accounts for such options and warrants as a liability. | ||||||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | ' | |||||||
l. | Fair value of financial instruments: | |||||||
The estimated fair value of financial instruments has been determined by the Company using available market information and valuation methodologies. Considerable judgment is required in estimating fair values. Accordingly, the estimates may not be indicative of the amounts the Company could realize in a current market exchange. | ||||||||
The carrying amounts of cash and cash equivalents, accounts receivable and prepaid expenses, trade payables and other accounts payable approximate their fair value due to | ||||||||
the short-term maturity of such instruments. | ||||||||
Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or a liability. As a basis for considering such assumptions, ASC 820, “Fair Value Measurements and Disclosures” establishes a three-tier value hierarchy, which prioritizes the inputs used in the valuation methodologies in measuring 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 fair value hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. | ||||||||
Derivatives, Policy [Policy Text Block] | ' | |||||||
m. | Derivative instruments: | |||||||
As of balance sheet date, none of the Company’s derivatives qualify for hedge accounting under ASC 815, “Derivatives and Hedging” (“ASC 815”). As a result all derivatives are recognized on the balance sheet at their fair value, with changes in the fair value carried to the statement of comprehensive loss and included in financial income or expenses. | ||||||||
During the years ended December 31, 2013, 2012 and 2011, the Company recorded a net gain from derivatives transactions in the amount of $ 270, $ 419 and $ 120, respectively. | ||||||||
Debt, Policy [Policy Text Block] | ' | |||||||
n. | Convertible notes: | |||||||
The Company applies ASC 470-20, “Debt with Conversion and Other Options” (“ASC 470-20”). In accordance with ASC 470-20, the Company first allocates the proceeds received to the detachable warrant, freestanding liability instrument that is measured at fair value at each reporting date, based on its fair value, with changes in the fair values being recognized in the Company’s statement of comprehensive loss as financial income or expense. The remaining proceeds are allocated to the convertible note. The Company also recognized an embedded beneficial conversion feature on the commitment date. The beneficial conversion feature was measured by allocating a portion of the proceeds equal to the intrinsic value of the feature to additional paid-in-capital. The intrinsic value of the feature was calculated on the commitment date using the effective conversion price which had resulted subsequent to the allocation of the proceeds between the convertible notes and warrants. The discount on the convertible notes is amortized according to the effective interest rate method over the life of the convertible notes. | ||||||||
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Schedule of Rate of Depreciation of Property, Plant and Equipment [Table Text Block] | ' | |||||||
Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following annual rates: | ||||||||
% | ||||||||
Computers, peripheral and scientific equipment | 33 | |||||||
Office furniture and equipment | 25 | |||||||
Non Employee Stock Awards [Member] | ' | |||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | ' | |||||||
December 31, | ||||||||
2013 | 2012 | 2011 | ||||||
Risk-free interest rate | 0.45%-1.75% | 0.69%-1.78% | 0.34%-3.52% | |||||
Expected volatility | 67.4%-85.55% | 78.9%89.99% | 51.1%-87.7% | |||||
Expected life (in years) | 3.7-6.25 | 4.5-10.0 | 0.5-8.1 | |||||
Expected dividend yield | 0% | 0% | 0% | |||||
PROPERTY_AND_EQUIPMENT_NET_Tab
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property, Plant and Equipment [Abstract] | ' | |||||||
Property, Plant and Equipment [Table Text Block] | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Cost: | ||||||||
Computers, peripheral and scientific equipment | $ | 9 | $ | 12 | ||||
Office furniture and equipment | 1 | 1 | ||||||
10 | 13 | |||||||
Accumulated depreciation: | ||||||||
Computers, peripheral and scientific equipment | -9 | -10 | ||||||
Office furniture and equipment | -1 | -1 | ||||||
Depreciated cost | $ | - | $ | 2 | ||||
ACCOUNTS_RECEIVABLE_AND_PREPAI1
ACCOUNTS RECEIVABLE AND PREPAID EXPENSES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Receivables [Abstract] | ' | |||||||
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Institutions | $ | 6 | $ | 12 | ||||
Prepaid expenses | 169 | 2 | ||||||
$ | 175 | $ | 14 | |||||
OTHER_ACCOUNTS_PAYABLE_Tables
OTHER ACCOUNTS PAYABLE (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | ' | |||||||
December 31, | ||||||||
2013 | 2012 | |||||||
Accrued expenses | $ | 403 | $ | 896 | ||||
Employees | 176 | 359 | ||||||
$ | 579 | $ | 1,255 | |||||
SHORTTERM_CONVERTIBLE_NOTES_Ta
SHORT-TERM CONVERTIBLE NOTES (Tables) | 12 Months Ended | |||||
Dec. 31, 2013 | ||||||
Debt Disclosure [Abstract] | ' | |||||
Schedule of Warrants Estimated Fair Values Assumptions [Table Text Block] | ' | |||||
Fair values were estimated using the following assumptions (annualized percentages): | ||||||
December 31, | December 31, | |||||
2013 | 2012 | |||||
Dividend yield | 0% | 0% | ||||
Expected volatility | 84.09% | 79.61% | ||||
Risk-free interest | 0.16% | 0.16% | ||||
Expected life | 1.08 years | 1.08 years | ||||
Forfeiture rate | 0% | 0% | ||||
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Schedule of Stock by Class [Table Text Block] | ' | ||||||||||||
a. | Composition of share capital: | ||||||||||||
December 31, 2013 | December 31, 2012 | ||||||||||||
Authorized | Issued and | Authorized | Issued and | ||||||||||
outstanding | outstanding | ||||||||||||
Ordinary shares of £ 0.01 par value each | 49,800,000 | 40,227,953 | 49,800,000 | 13,369,809 | |||||||||
Deferred A shares of £ 0.001 par value | 800,000 | - | 800,000 | - | |||||||||
Deferred B shares of £ 0.001 par value | 1,200,000 | - | 1,200,000 | - | |||||||||
Deferred C shares of £ 0.001 par value | 400,000 | - | 400,000 | - | |||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ||||||||||||
The following is a summary of the Company’s stock option activity related to employees and directors and related information for the period ended December 31, 2012 and 2013: | |||||||||||||
Amount | Weighted | Weighted | Aggregate | ||||||||||
of options | average | average | intrinsic | ||||||||||
exercise | remaining | value | |||||||||||
price | contractual | ||||||||||||
term (in years) | |||||||||||||
Outstanding at January 1, 2012 | 360,527 | $ | 1.29 | ||||||||||
Changes during 2012: | |||||||||||||
Granted | 410,000 | $ | 1.58 | ||||||||||
Options outstanding at December 31, 2012 | 770,527 | $ | 1.44 | 7.2 | $ | 169 | |||||||
Vested and expected to vest at December 31, 2012 | 770,527 | $ | 1.44 | 7.2 | $ | 169 | |||||||
Options exercisable at December 31, 2012 | 540,527 | $ | 1.38 | 6.3 | $ | 152 | |||||||
Outstanding at January 1, 2013 | 770,527 | $ | 1.44 | 7.2 | $ | 169 | |||||||
Changes during 2013: | |||||||||||||
Granted | 1,570,000 | $ | 1.82 | ||||||||||
Expired | -137,300 | $ | 1.51 | ||||||||||
Options outstanding at December 31, 2013 | 2,203,227 | $ | 1.71 | 8.6 | $ | - | |||||||
Vested and expected to vest at December 31, 2013 | 2,203,227 | $ | 1.71 | 8.6 | $ | - | |||||||
Options exercisable at December 31, 2013 | 633,227 | $ | 1.44 | 5.9 | $ | - | |||||||
Share-based Compensation Arrangement by Share-based Payment, Award, Options and Warrants [Table Text Block] | ' | ||||||||||||
The options and warrants outstanding as of December 31, 2013 that were granted to the Company’s service providers are as follows: | |||||||||||||
Grant date | Number of | Exercise | Expiration date | ||||||||||
options | Price | ||||||||||||
August 28, 2007 (1) | 20,475 | 1.29 | 28-Aug-17 | ||||||||||
May 27, 2009 (1) | 30,000 | 1.56 | 27-May-19 | ||||||||||
February 12, 2012 (3) | 309,492 | 2 | 12-Feb-17 | ||||||||||
April 26, 2012 (2) | 90,000 | 2 | 19-Mar-17 | ||||||||||
June 27, 2012 (4) | 2,988 | 1.75 | 21-Jun-22 | ||||||||||
November 30, 2012 (5) | 90,180 | 2 | 30-Nov-17 | ||||||||||
543,135 | |||||||||||||
1 | In 2007 and 2009, the Company granted 20,475 and 30,000 fully vested options, respectively, to the pre-clinical development consultant. The fair value of the options was $ 29 (unaudited) and $ 33, respectively. Since the exercise price of such options is denominated in a currency that is different from the Company’s functional currency, the Company accounts for such options as a liability. The fair value of the options was estimated each cut-off date using the Black-Scholes options valuation model. | ||||||||||||
The changes in fair value were recorded as financial expense (income). The Company recorded financial income in the amount of $ 20 and $ 3 for the years ended December 31, 2013 and 2012, respectively. | |||||||||||||
In 2012, the Company increased and changed the denominated currency of the exercise price of the options that were issued in 2009 from £ 0.8 to $ 1.56 resulting in the options being reclassified from a liability to equity. The Company accounted for this change as a modification in accordance with ASC 718. | |||||||||||||
The Company calculated the incremental value of this modification. Since there was no incremental value, the Company only reclassified the related liability in the amount of $ 35 to additional paid-in capital. | |||||||||||||
2 | In 2011, the Company granted 35,000 fully vested warrants to an independent contractor (the “Finder”) under a consulting agreement that was signed in 2011 (“2011 Consulting Agreement”). The exercise price was $ 1 and the contractual life is five years. The fair value of the warrants in the amount of $ 45 was recorded to additional paid-in capital. In the months January and February 2012, the Company granted additional 10,000 fully vested warrants to the Finder under the 2011 Consulting Agreement. The exercise price was $ 1 per share and the contractual life is five years. The fair value of the warrants in the amount of $ 12 was recorded to additional paid-in capital. | ||||||||||||
In April 2012, the Company modified the amount of warrants that were granted to the Finder from a total of 45,000 warrants to 90,000 warrants and also modified the exercise price from $ 1 to $ 2. The Company accounted for these changes as modifications in accordance with ASC 718. The Company calculated the incremental value of these modifications and recorded compensation cost in a total amount of $ 38 to additional paid-in capital | |||||||||||||
On February 29, 2012, the Company entered into an agreement with the Finder, for the purpose of introducing the Company to potential investors (“Finder’s Agreement”). In the event that during the term of this agreement, an approved investor will consummate a cash investment, then the Finder shall be entitled to (i) a cash payment in an amount equal to 7% of the amount invested; and (ii) that number of ordinary shares of the Company issuable for a cash investment equal to 7% of the investment amount based upon the price per share pursuant to which the approved investor participated; less consulting consideration otherwise paid or payable to the Finder pursuant to a new consulting agreement that was signed in 2012 (the “2012 Consulting Agreement”). | |||||||||||||
Between March through June 2012, the Company committed to grant an additional 20,000 fully vested warrants to the Finder under the 2012 Consulting Agreement (the “Finder’s Warrants”). The exercise price was $ 2 per share and the contractual life is five years. Pursuant to the terms of the Finder’s Agreement, in September 2012, the Company issued, 16,279 ordinary shares, £ 0.01 par value each, and is obligated to pay $ 28 in cash, in relation with the August 2012 financing (the “August Finder’s Fee”), since the consulting fees pursuant to 2012 Consulting Agreement were lower than August Finder’s Fee. The Company recorded an amount of $ 52 of stock-based compensation expenses in the statement of comprehensive loss during the year ended December 31, 2012. After the August 2012 financing, the 2012 Consulting Agreement was terminated. | |||||||||||||
3 | On February 12, 2012, the Company settled part of an outstanding debt to a related party by issuance of fully vested warrants to purchase 309,492 ordinary shares, £ 0.01 par value each. See also Note 13. | ||||||||||||
4 | On June 27, 2012, the Company granted 2,988 options which shall vest on December 27, 2012. The Company recorded compensation expense in the amount of $ 2 in the statement of comprehensive loss during the year ended December 31, 2012. | ||||||||||||
5 | On August 23, 2012, the Company entered into an agreement with an agent (the “Agent”) to advise the Company on a private placement offering and as a contact with potential financing sources for the Company (the “Agent Agreement”). The Company agreed to pay the Agent a cash transaction fee in the amount of between 7% - 8% of the amount of the financing; and warrants equal to 7% - 8% of the stock and warrants issued in the financing at an exercise price equal to the investor’s warrant exercise price. The consideration that is paid to the Agent is treated as issuance expenses. Pursuant to the terms of the Agent Agreement, the Company issued 90,180 warrants and paid $ 120 in cash, for advisory services in relation with the November 2012 Financing. | ||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | ' | ||||||||||||
The share based expense recognized in the financial statements for services received from employees and non-employees is shown in the following table: | |||||||||||||
Year ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Research and development | $ | -18 | $ | -2 | $ | - | |||||||
General and administrative expenses | 92 | 469 | 140 | ||||||||||
Financial (income), net | -82 | -120 | |||||||||||
$ | 74 | $ | 385 | $ | 20 | ||||||||
Call Option [Member] | ' | ||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||
Fair values were estimated using the following assumptions for the warrants call option (range of annualized percentages): | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Dividend yield | 0% | 0% | |||||||||||
Expected volatility | 85.45% | 79.61%-86.31% | |||||||||||
Risk-free interest | 0.41% | 0.12%-0.21% | |||||||||||
Expected life | 2.08 years | 0.92-1.42 years | |||||||||||
Put Option [Member] | ' | ||||||||||||
Fair Value, by Balance Sheet Grouping [Table Text Block] | ' | ||||||||||||
Fair values were estimated during 2013 and 2012 using the following assumptions for the warrants put option (range of annualized percentages): | |||||||||||||
December 31, | December 31, | ||||||||||||
2013 | 2012 | ||||||||||||
Dividend yield | 0% | 0% | |||||||||||
Expected volatility | 87.69% | 67%-83% | |||||||||||
Risk-free interest | 0.21% | 0.11%-0.28% | |||||||||||
Expected life | 1.33 years | 0.25-1.04 years | |||||||||||
FAIR_VALUE_MEASUREMENTS_Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Fair Value Disclosures [Abstract] | ' | ||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | ' | ||||
Fair value measurements using significant unobservable inputs (Level 3): | |||||
Balance at December 31, 2011 | $ | 276 | |||
Changes in values of deferred shares and liability related to stock option and warrants | -418 | ||||
Expiration of deferred shares | -128 | ||||
Fair value of warrants at issuance date | 1,076 | ||||
Classification of liability award to equity as a result of expiration of the Most Favored Nation Terms (See Note 9b) | -141 | ||||
Classification of liability award to equity as a result of modification | -35 | ||||
Balance at December 31, 2012 | $ | 630 | |||
Fair value of warrants at issuance date | 471 | ||||
Classification of warrants from liability to equity as result of investors exercise of the Most Favored Nation Terms (See Note 9b) | -28 | ||||
Changes in values of liability related to stock option and warrants | -286 | ||||
Balance at December 31, 2013 | $ | 787 | |||
FINANCIAL_EXPENSES_INCOME_NET_
FINANCIAL EXPENSES (INCOME), NET (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Financial Expenses and Income [Abstract] | ' | ||||||||||
Schedule of Other Nonoperating Expense, by Component [Table Text Block] | ' | ||||||||||
Year ended December 31, | |||||||||||
2013 | 2012 | 2011 | |||||||||
Financial expenses: | |||||||||||
Interest expense due to amortization of convertible notes | $ | 202 | $ | 898 | $ | - | |||||
Issuance expenses | 40 | 137 | - | ||||||||
Exchange rate | 35 | - | - | ||||||||
Other | 7 | 6 | 9 | ||||||||
284 | 1,041 | 9 | |||||||||
Financial income: | |||||||||||
Changes in values of deferred shares and liability related to warrants | -270 | -418 | -120 | ||||||||
Exchange rate | - | -22 | -17 | ||||||||
-270 | -440 | -137 | |||||||||
$ | 14 | $ | 601 | $ | -128 | ||||||
GENERAL_Details_Textual
GENERAL (Details Textual) (USD $) | 12 Months Ended | 111 Months Ended | 0 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Feb. 05, 2014 |
Subsequent Event [Member] | |||||
General Disclosure [Line Items] | ' | ' | ' | ' | ' |
Retained Earnings (Accumulated Deficit) | ($20,542) | ($16,922) | ' | ($20,542) | ' |
Net Cash Provided By (Used In) Operating Activities | -5,450 | -2,134 | -1,008 | -16,197 | ' |
Stock Issuance Cost | ' | ' | ' | ' | 9,200 |
Debt Issuance Cost | ' | ' | ' | ' | $1,100 |
SIGNIFICANT_ACCOUNTING_POLICIE3
SIGNIFICANT ACCOUNTING POLICIES (Details) | Dec. 31, 2013 |
Technology Equipment [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Computers, peripheral and scientific equipment | 33.00% |
Office Equipment [Member] | ' |
Significant Accounting Policies [Line Items] | ' |
Computers, peripheral and scientific equipment | 25.00% |
SIGNIFICANT_ACCOUNTING_POLICIE4
SIGNIFICANT ACCOUNTING POLICIES (Details 1) | 1 Months Ended | 12 Months Ended | ||||||||
Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Stock Awards [Member] | Employee Stock Awards [Member] | Employee Stock Awards [Member] | Employee Stock Awards [Member] | Employee Stock Awards [Member] | Employee Stock Awards [Member] | Employee Stock Awards [Member] | Employee Stock Awards [Member] | Employee Stock Awards [Member] | ||
Maximum [Member] | Maximum [Member] | Maximum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | |||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk-free interest rate | 1.85% | ' | ' | ' | 1.75% | 1.78% | 3.52% | 0.45% | 0.69% | 0.34% |
Expected volatility | 86.00% | ' | ' | ' | 85.55% | 89.99% | 87.80% | 67.40% | 78.90% | 51.10% |
Expected life (in years) | '3 years | ' | ' | ' | '6 years 3 months | '10 years | '8 years 1 month 6 days | '3 years 8 months 12 days | '4 years 6 months | '6 months |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | ' | ' | ' | ' | ' | ' |
SIGNIFICANT_ACCOUNTING_POLICIE5
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Gain (Loss) on Sale of Derivatives | $270 | $419 | $120 |
Cumulative Basis For Measurement Of Tax Benefits | 50.00% | 50.00% | 50.00% |
Warrant [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 4,274,570 | ' | ' |
Restricted Stock [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 0 | 180,822 | 479,166 |
Employee Stock Option [Member] | ' | ' | ' |
Significant Accounting Policies [Line Items] | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2,256,690 | 823,990 | 411,002 |
PROPERTY_AND_EQUIPMENT_NET_Det
PROPERTY AND EQUIPMENT, NET (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | $10 | $13 |
Depreciated cost | 0 | 2 |
Computers Peripheral and Scientific Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 9 | 12 |
Accumulated depreciation | -9 | -10 |
Office Furniture and Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Cost | 1 | 1 |
Accumulated depreciation | ($1) | ($1) |
PROPERTY_AND_EQUIPMENT_NET_Det1
PROPERTY AND EQUIPMENT, NET (Details Textual) (USD $) | 12 Months Ended | 111 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' |
Depreciation | $2 | $2 | $0 | $10 |
Proceeds from Sale of Property, Plant, and Equipment, Total | $3 | ' | ' | ' |
ACCOUNTS_RECEIVABLE_AND_PREPAI2
ACCOUNTS RECEIVABLE AND PREPAID EXPENSES (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Accounts Receivable And Prepaid Expenses [Line Items] | ' | ' |
Institutions | $6 | $12 |
Prepaid expenses | 169 | 2 |
Accounts Receivable and Prepaid Expenses Net Current | $175 | $14 |
OTHER_ACCOUNTS_PAYABLE_Details
OTHER ACCOUNTS PAYABLE (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Other Accounts Payable [Line Items] | ' | ' |
Accrued expenses | $403 | $896 |
Employees | 176 | 359 |
Accounts Payable, Other, Current | $579 | $1,255 |
DEFERRED_SHARES_Details_Textua
DEFERRED SHARES (Details Textual) | 1 Months Ended | 9 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | ||||||||||||||
In Thousands, except Share data, unless otherwise specified | Nov. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2008 | Dec. 31, 2005 | Dec. 31, 2007 | Dec. 31, 2005 | Dec. 31, 2006 | Dec. 31, 2011 | Dec. 31, 2007 | Jun. 13, 2012 | Dec. 31, 2005 | Dec. 31, 2005 | Dec. 31, 2006 |
USD ($) | GBP (£) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | GBP (£) | USD ($) | Deferred A Shares [Member] | Deferred A Shares [Member] | Deferred B Shares [Member] | Deferred B Shares [Member] | Deferred C Shares [Member] | Deferred C Shares [Member] | Capital Managers Llp [Member] | Capital Managers Llp [Member] | Capital Managers Llp [Member] | |
GBP (£) | USD ($) | GBP (£) | USD ($) | GBP (£) | Deferred A Shares [Member] | Deferred B Shares [Member] | ||||||||||||||
GBP (£) | GBP (£) | |||||||||||||||||||
Employee Stock Ownership Plan (ESOP) Disclosures [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share (in dollars per share) | ' | £ 0.01 | £ 0.01 | ' | $0.01 | ' | $0.01 | ' | £ 0.01 | £ 0.01 | $0.01 | £ 0.001 | ' | ' | ' | £ 0.001 | ' | £ 0.01 | ' | £ 0.001 |
Bridge Loan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | £ 200 | ' | ' |
Stock Repurchased During Period, Shares (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues (in shares) | 751,500 | ' | 519,712 | ' | ' | ' | 11,561,571 | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | 800,000 | 400,000 | 633,333 |
Equity Issuance, Per Share Amount (in dollars per share) | $2 | £ 1 | ' | $0.57 | ' | ' | ' | $1.58 | ' | ' | ' | ' | ' | ' | ' | £ 0.01 | ' | ' | ' | ' |
Exercise Price Of Deferred Share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | £ 0.79 | ' | ' | £ 0.249 | £ 0.59 |
Additional Paid In Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 394 | ' | 128 | ' | ' | ' |
Financial Income Of Revaluation Of Deferred Shares | ' | ' | ' | $0 | $88 | $120 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Shares Entitles Description | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '(i) during a period of 5 years, (ii) as part of a sale event involving the sale of all the Companys shares or (iii) upon the listing of the Companys shares for trade. | '(i) during a period of 5.25 years, (ii) as part of a sale event involving the sale of all the Companys shares or (iii) upon the listing of the Companys shares for trade. | ' | '(i) during a period of 5 years, (ii) as part of a sale event involving the sale of all the Companys shares or (iii) upon the listing of the Companys shares for trade. | ' | ' | ' | ' |
SHORTTERM_CONVERTIBLE_NOTES_De
SHORT-TERM CONVERTIBLE NOTES (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Short-term Debt [Line Items] | ' | ' |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 84.09% | 79.61% |
Risk-free interest | 0.16% | 0.16% |
Expected life | '1 year 29 days | '1 year 29 days |
Forfeiture rate | 0.00% | 5.00% |
SHORTTERM_CONVERTIBLE_NOTES_De1
SHORT-TERM CONVERTIBLE NOTES (Details Textual) (USD $) | 3 Months Ended | 12 Months Ended | 111 Months Ended | 1 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Apr. 04, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Jan. 02, 2013 |
Subsequent Event [Member] | ||||||
Short-term Debt [Line Items] | ' | ' | ' | ' | ' | ' |
Proceeds from issuance of convertible notes and warrants, net | $1,100 | $0 | $890 | $0 | $890 | ' |
Warrants Issued During Period, Number Of Warrants (in shares) | 643,274 | ' | ' | ' | ' | ' |
Warrants Issued During Period, Value | 1,000 | ' | ' | ' | ' | ' |
Debt and Stock Issuance Costs | 110 | 110 | ' | ' | ' | ' |
Warrants Exercisable Term | ' | ' | '5 years | ' | ' | ' |
Description Of Warrants | ' | 'as defined in the Warrants and which includes, without limitation, entering into a merger or consolidation with another entity, selling all or substantially all of the assets, or a person acquiring 50% of the Companys voting shares | ' | ' | ' | ' |
Warrants Outstanding To Anti Dilution Adjustments (in shares) | ' | 1,929,824 | ' | ' | ' | ' |
Fair Value Of Detachable Warrant | 750 | 424 | 402 | ' | 424 | ' |
Debt Instrument, Convertible, Beneficial Conversion Feature | ' | ' | 250 | ' | ' | ' |
Repayments of Convertible Debt | ' | 1,100 | ' | ' | 1,100 | 1,100 |
Debt Instrument, Convertible, Conversion Price | $1.71 | ' | ' | ' | ' | ' |
Warrants Exercise Price Amended | ' | $0.57 | ' | ' | ' | ' |
Change In Fair Value Of Detachable Warrant | ' | 22 | ' | ' | ' | ' |
Amortization Of Debt Discount (Premium) | ' | $202 | $898 | $0 | ' | ' |
COMMITMENTS_AND_CONTINGENT_LIA1
COMMITMENTS AND CONTINGENT LIABILITIES (Details Textual) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Yissum [Member] | ||
Commitments And Contingent Liabilities [Line Items] | ' | ' |
Long-term Purchase Commitment, Time Period (in years) | ' | '20 |
Licenses Revenue Percentage | ' | 4.00% |
Royalty Revenue Percentage | ' | 18.00% |
Minimum Rental Commitments | $600 | ' |
Operating Leases, Future Minimum Payments Due | 2,000 | ' |
Litigation Settlement, Amount | ' | $70,000 |
SHAREHOLDERS_EQUITY_Details
SHAREHOLDERS' EQUITY (Details) | Dec. 31, 2013 | Dec. 31, 2012 |
Class of Stock [Line Items] | ' | ' |
Common Stock, Shares Authorized | 49,800,000 | 49,800,000 |
Common Stock, Shares, Issued | 40,227,953 | 40,227,953 |
Common Stock, Shares, Outstanding | 13,369,809 | 13,369,809 |
Common Stock [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common Stock, Shares Authorized | 49,800,000 | 49,800,000 |
Common Stock, Shares, Issued | 40,227,953 | 13,369,809 |
Common Stock, Shares, Outstanding | 40,227,953 | 13,369,809 |
Deferred A Shares [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common Stock, Shares Authorized | 800,000 | 800,000 |
Common Stock, Shares, Issued | 0 | 0 |
Common Stock, Shares, Outstanding | 0 | 0 |
Deferred B Shares [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common Stock, Shares Authorized | 1,200,000 | 1,200,000 |
Common Stock, Shares, Issued | 0 | 0 |
Common Stock, Shares, Outstanding | 0 | 0 |
Deferred C Shares [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Common Stock, Shares Authorized | 400,000 | 400,000 |
Common Stock, Shares, Issued | 0 | 0 |
Common Stock, Shares, Outstanding | 0 | 0 |
SHAREHOLDERS_EQUITY_Details_1
SHAREHOLDERS' EQUITY (Details 1) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Class of Stock [Line Items] | ' | ' |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 84.09% | 79.61% |
Risk-free interest | 0.16% | 0.16% |
Expected life | '1 year 29 days | '1 year 29 days |
Call Option [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 85.45% | ' |
Risk-free interest | 0.41% | ' |
Expected life | '2 years 29 days | ' |
Call Option [Member] | Minimum [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Expected volatility | ' | 79.61% |
Risk-free interest | ' | 0.12% |
Expected life | ' | '11 months 1 day |
Call Option [Member] | Maximum [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Expected volatility | ' | 86.31% |
Risk-free interest | ' | 0.21% |
Expected life | ' | '1 year 5 months 1 day |
SHAREHOLDERS_EQUITY_Details_2
SHAREHOLDERS' EQUITY (Details 2) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Class of Stock [Line Items] | ' | ' |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 84.09% | 79.61% |
Risk-free interest | 0.16% | 0.16% |
Expected life | '1 year 29 days | '1 year 29 days |
Put Option [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 87.69% | ' |
Risk-free interest | 0.21% | ' |
Expected life | '1 year 3 months 29 days | ' |
Put Option [Member] | Minimum [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Expected volatility | ' | 67.00% |
Risk-free interest | ' | 0.11% |
Expected life | ' | '3 months |
Put Option [Member] | Maximum [Member] | ' | ' |
Class of Stock [Line Items] | ' | ' |
Expected volatility | ' | 83.00% |
Risk-free interest | ' | 0.28% |
Expected life | ' | '1 year 14 days |
SHAREHOLDERS_EQUITY_Details_3
SHAREHOLDERS' EQUITY (Details 3) (USD $) | 1 Months Ended | 4 Months Ended | 12 Months Ended | ||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2011 | 31-May-09 | Aug. 31, 2007 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Amount of options, Outstanding at beginning of the period | ' | ' | ' | ' | 770,527 | 360,527 | ' |
Amount of options, Granted | 152,000 | 30,000 | 20,475 | 2,988 | 1,570,000 | 410,000 | ' |
Amount of options, Expired | ' | ' | ' | ' | -137,300 | ' | ' |
Amount of options, Options outstanding at end of the period | ' | ' | ' | ' | 2,203,227 | 770,527 | 360,527 |
Amount of options, Vested and expected to vest | ' | ' | ' | ' | 2,203,227 | 770,527 | ' |
Amount of options, Options exercisable at end of the period | ' | ' | ' | ' | 633,227 | 540,527 | ' |
Weighted average exercise price, Outstanding at beginning of the period | ' | ' | ' | ' | $1.44 | $1.29 | ' |
Weighted average exercise price, Granted | ' | ' | ' | ' | $1.82 | $1.58 | ' |
Weighted average exercise price, Expired | ' | ' | ' | ' | $1.51 | ' | ' |
Weighted average exercise price, Options outstanding at end of the period | ' | ' | ' | ' | $1.71 | $1.44 | $1.29 |
Weighted average exercise price, Vested and expected to vest | ' | ' | ' | ' | $1.71 | $1.44 | ' |
Options exercisable at end of the period, Weighted average exercise price | ' | ' | ' | ' | $1.44 | $1.38 | ' |
Weighted average remaining contractual term, Options outstanding at beginning of the period | ' | ' | ' | ' | '8 years 7 months 6 days | '7 years 2 months 12 days | '7 years 2 months 12 days |
Weighted average remaining contractual term, Vested and expected to vest | ' | ' | ' | ' | '8 years 7 months 6 days | '7 years 2 months 12 days | ' |
Weighted average remaining contractual term, Options exercisable at end of the period | ' | ' | ' | ' | '5 years 10 months 24 days | '6 years 3 months 18 days | ' |
Aggregate intrinsic value, Options outstanding at beginning of the period | ' | ' | ' | ' | $169 | $169 | ' |
Aggregate intrinsic value, Vested and expected to vest | ' | ' | ' | ' | 0 | 169 | ' |
Aggregate intrinsic value, Options exercisable at end of the period | ' | ' | ' | ' | 0 | 152 | ' |
Aggregate intrinsic value, Options outstanding at end of the period | ' | ' | ' | ' | $0 | $169 | $169 |
SHAREHOLDERS_EQUITY_Details_4
SHAREHOLDERS' EQUITY (Details 4) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | ||||||
GBP (£) | Grant Date 1 [Member] | Grant Date 2 [Member] | Grant Date 3 [Member] | Grant Date 3 [Member] | Grant Date 4 [Member] | Grant Date 5 [Member] | Grant Date 6 [Member] | ||||||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||||
Grant date | ' | ' | 28-Aug-07 | [1] | 27-May-09 | [1] | 12-Feb-12 | [2] | ' | 26-Apr-12 | [3] | 27-Jun-12 | [4] | 30-Nov-12 | [5] |
Number of options | 543,135 | ' | 20,475 | [1] | 30,000 | [1] | 309,492 | [2] | 309,492 | 90,000 | [3] | 2,988 | [4] | 90,180 | [5] |
Exercise price | ' | £ 2 | $1.29 | [1] | $1.56 | [1] | $2 | [2] | ' | $2 | [3] | $1.75 | [4] | $2 | [5] |
Expiration date | ' | ' | 28-Aug-17 | [1] | 27-May-19 | [1] | 12-Feb-17 | [2] | ' | 19-Mar-17 | [3] | 21-Jun-22 | [4] | 30-Nov-17 | [5] |
[1] | In 2007 and 2009, the Company granted 20,475 and 30,000 fully vested options, respectively, to the pre-clinical development consultant. The fair value of the options was $ 29 (unaudited) and $ 33, respectively. Since the exercise price of such options is denominated in a currency that is different from the Company’s functional currency, the Company accounts for such options as a liability. The fair value of the options was estimated each cut-off date using the Black-Scholes options valuation model.The changes in fair value were recorded as financial expense (income). The Company recorded financial income in the amount of $ 20 and $ 3 for the years ended December 31, 2013 and 2012, respectively.In 2012, the Company increased and changed the denominated currency of the exercise price of the options that were issued in 2009 from £ 0.8 to $ 1.56 resulting in the options being reclassified from a liability to equity. The Company accounted for this change as a modification in accordance with ASC 718.The Company calculated the incremental value of this modification. Since there was no incremental value, the Company only reclassified the related liability in the amount of $ 35 to additional paid-in capital. | ||||||||||||||
[2] | On February 12, 2012, the Company settled part of an outstanding debt to a related party by issuance of fully vested warrants to purchase 309,492 ordinary shares, £ 0.01 par value each. See also Note 13. | ||||||||||||||
[3] | In 2011, the Company granted 35,000 fully vested warrants to an independent contractor (the “Finderâ€) under a consulting agreement that was signed in 2011 (“2011 Consulting Agreementâ€). The exercise price was $ 1 and the contractual life is five years. The fair value of the warrants in the amount of $ 45 was recorded to additional paid-in capital. In the months January and February 2012, the Company granted additional 10,000 fully vested warrants to the Finder under the 2011 Consulting Agreement. The exercise price was $ 1 per share and the contractual life is five years. The fair value of the warrants in the amount of $ 12 was recorded to additional paid-in capital.In April 2012, the Company modified the amount of warrants that were granted to the Finder from a total of 45,000 warrants to 90,000 warrants and also modified the exercise price from $ 1 to $ 2. The Company accounted for these changes as modifications in accordance with ASC 718. The Company calculated the incremental value of these modifications and recorded compensation cost in a total amount of $ 38 to additional paid-in capital. On February 29, 2012, the Company entered into an agreement with the Finder, for the purpose of introducing the Company to potential investors (“Finder’s Agreementâ€). In the event that during the term of this agreement, an approved investor will consummate a cash investment, then the Finder shall be entitled to (i) a cash payment in an amount equal to 7% of the amount invested; and (ii) that number of ordinary shares of the Company issuable for a cash investment equal to 7% of the investment amount based upon the price per share pursuant to which the approved investor participated; less consulting consideration otherwise paid or payable to the Finder pursuant to a new consulting agreement that was signed in 2012 (the “2012 Consulting Agreementâ€). Between March through June 2012, the Company committed to grant an additional 20,000 fully vested warrants to the Finder under the 2012 Consulting Agreement (the “Finder’s Warrantsâ€). The exercise price was $ 2 per share and the contractual life is five years. Pursuant to the terms of the Finder’s Agreement, in September 2012, the Company issued, 16,279 ordinary shares, £ 0.01 par value each, and is obligated to pay $ 28 in cash, in relation with the August 2012 financing (the “August Finder’s Feeâ€), since the consulting fees pursuant to 2012 Consulting Agreement were lower than August Finder’s Fee. The Company recorded an amount of $ 52 of stock-based compensation expenses in the statement of comprehensive loss during the year ended December 31, 2012. After the August 2012 financing, the 2012 Consulting Agreement was terminated. | ||||||||||||||
[4] | On June 27, 2012, the Company granted 2,988 options which shall vest on December 27, 2012. The Company recorded compensation expense in the amount of $ 2 in the statement of comprehensive loss during the year ended December 31, 2012. | ||||||||||||||
[5] | On August 23, 2012, the Company entered into an agreement with an agent (the “Agentâ€) to advise the Company on a private placement offering and as a contact with potential financing sources for the Company (the “Agent Agreementâ€). The Company agreed to pay the Agent a cash transaction fee in the amount of between 7% - 8% of the amount of the financing; and warrants equal to 7% - 8% of the stock and warrants issued in the financing at an exercise price equal to the investor’s warrant exercise price. The consideration that is paid to the Agent is treated as issuance expenses. Pursuant to the terms of the Agent Agreement, the Company issued 90,180 warrants and paid $ 120 in cash, for advisory services in relation with the November 2012 Financing. |
SHAREHOLDERS_EQUITY_Details_5
SHAREHOLDERS' EQUITY (Details 5) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Class of Stock [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | $74 | $385 | $20 |
Financial Income Net [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | -82 | -120 |
Research and Development Expense [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | -18 | -2 | 0 |
General and Administrative Expense [Member] | ' | ' | ' |
Class of Stock [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | $92 | $469 | $140 |
SHAREHOLDERS_EQUITY_Details_Te
SHAREHOLDERS' EQUITY (Details Textual) | 1 Months Ended | 2 Months Ended | 4 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | 15 Months Ended | 111 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 15 Months Ended | 12 Months Ended | 4 Months Ended | 1 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | 15 Months Ended | 1 Months Ended | 8 Months Ended | 9 Months Ended | 12 Months Ended | 15 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Jan. 31, 2013 | Nov. 30, 2012 | Apr. 30, 2012 | Feb. 29, 2012 | Mar. 31, 2011 | 31-May-09 | 31-May-09 | Aug. 31, 2007 | Feb. 29, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | Aug. 31, 2012 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2006 | Dec. 31, 2005 | Dec. 31, 2005 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2012 | Dec. 31, 2008 | Jun. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2007 | Dec. 31, 2006 | Dec. 31, 2005 | Dec. 31, 2013 | Jun. 30, 2012 | Jan. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 31, 2013 | Jan. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2013 | Apr. 30, 2012 | Aug. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2005 | Apr. 30, 2012 | Aug. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2009 | Dec. 31, 2008 | Dec. 31, 2005 |
USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | GBP (£) | GBP (£) | GBP (£) | Share Option Plan 2007 [Member] | Warrant [Member] | Warrant [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Private Placement [Member] | Consulting Agreement [Member] | December 2012 Financing [Member] | December 2012 Financing [Member] | January 2013 Financing [Member] | January 2013 Financing [Member] | Series A Warrants [Member] | Series B Warrants [Member] | Series C Warrants [Member] | January Warrants [Member] | Agent Agreement In January 2013 Financing [Member] | Agent Agreement In January 2013 Financing [Member] | September 2013 Financing [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | |||||||||||||||||||||||||||||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | ' | ' | 751,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 519,712 | ' | ' | ' | 11,561,571 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 21,958,302 | 1,254,933 | 522,026 | 200,778 | 410,097 | 42,996 | 2,000,000 | ' | 9,977,700 | 380,150 | ' | 67,500 | ' | 405,500 | ' | ' | ' | ' | 765,250 | ' | ' | 21,958,302 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | £ 0.01 | ' | ' | $0.01 | ' | $0.01 | ' | ' | ' | ' | ' | $0.01 | ' | £ 0.01 | £ 0.01 | £ 0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | £ 0.01 | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Issuance Of Common Stock | ' | ' | $1,503 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $944 | $0 | $118 | $75 | $7,587 | ' | ' | ' | ' | ' | ' | $253 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $760 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Issuance, Per Share Amount (in dollars per share) | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | £ 1 | ' | $0.57 | ' | ' | ' | ' | ' | $1.58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.72 | $0.57 | $1.32 | $1.63 | $1.43 | $1.16 | $1.58 | $0.02 | ' | ' | $2.25 | $2 | $1.94 | $1.95 | $1.57 | $1.32 | $1.59 | $1.13 |
Payments of Stock Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 898 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Receivable On Account Of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Granted To Purchase Ordinary Shares (in shares) | ' | ' | 375,750 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 893,414 | 79,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 190,075 | ' | 33,750 | ' | ' | ' | 202,750 | 375,000 | 187,500 | ' | ' | 43,035 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Granted Exercise Price To Purchase Ordinary Shares (in dollar per share) | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | ' | $2 | ' | ' | $2 | ' | ' | ' | ' | $2 | ' | ' | ' | ' | ' | $1.72 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2.25 | ' | ' | ' | ' | ' | ' |
Warrants Issued To Investors | ' | ' | ' | 39,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Issued To Investors Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deemed Dividend | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 33 | 0 | ' | ' | ' | ' | ' | ' | ' | 33 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Description Of Purchase Agreement From Each Investor | ' | ' | '(i) the two year anniversary of the effective date of a registration statement or (ii) the date immediately following the 20 consecutive trading days wherein the trading volume for the Ordinary Shares or ADSs exceeds $ 100 per trading day, each investor may elect to exchange all of its shares and warrants for any such additional securities issued by the Company in a subsequent financing (as defined in the November Purchase Agreement), on the same terms and conditions as provided to the investors in a subsequent financing on a $ 1 for $ 1 basis, in lieu of cash consideration (the Most Favored Nation Terms). | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Resale Agreement, Percentage Of Ordinary Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 133.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds From Issuance Of Stock and Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 811 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial Fair Value Of Detachable Warrant Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,608,310 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,608,310 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Exercises In Period | ' | ' | ' | ' | ' | ' | ' | ' | 1,365,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 74 | 385 | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 52 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 362 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 362 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 5 months 23 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Received Warrants From Principle Shareholder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 152,000 | ' | 50,700 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Received Warrants From Principle Shareholder Par Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.55 | ' | £ 0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vested and Valid Period From Date Of Grant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit In Options Outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 246 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | ' | ' | ' | ' | ' | 152,000 | 30,000 | 30,000 | 20,475 | ' | 2,988 | 2,988 | ' | ' | ' | 1,570,000 | 410,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Gross | ' | ' | ' | ' | ' | 95 | 33 | ' | 29 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share Price | ' | ' | ' | ' | ' | $1.63 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | 86.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | 1.85% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Financial Income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20 | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise Price Per Share Options | ' | ' | ' | ' | ' | ' | ' | £ 0.8 | ' | ' | $1.56 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassified Related Liability In Additional Paid In Capital | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Granted | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,000 | ' | ' | ' | ' | ' | ' | ' | 35,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Granted Exercise Price Per Share | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Granted Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Granted Value | ' | ' | ' | 38 | ' | ' | ' | ' | ' | 12 | ' | ' | ' | ' | ' | ' | ' | 45 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Granted To Finder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 20,000 | 20,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 45,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Amount Invested On Cash Payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period Shares To Finder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,279 | 16,279 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period Price Per Share To Finder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | £ 0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period Value Share To Finder | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, Share-based Compensation, Net of Forfeitures, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | ' | ' | ' | 94 | 450 | 140 | ' | 70 | 168 | 448 | 69 | ' | 119 | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | ' | 0 | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Vested To Purchase Ordinary Shares | ' | ' | ' | ' | 309,492 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Vested To Purchase Ordinary Shares Per Share | ' | ' | ' | ' | £ 0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage Of Cash Transaction Fee | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Issued To Agent Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 90,180 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2 | ' | 120 | ' | ' | 94 | 514 | 140 | ' | ' | ' | ' | ' | ' | ' | 1,622 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock Issued During Period, Value, New Issues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11,617 | 1,937 | 930 | 312 | 499 | 69 | 3,091 | ' | ' | 3,593 | ' | ' | ' | ' | ' | ' | ' | ' | 352 | 20 | 9 | 3 | 7 | 1 | 40 | ' | 187 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 12,516 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Adjustment of Warrants | ' | 21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock and Warrants Issuance Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant Cancelled Per Share | ' | $0.00 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing Price Of Ordinary Shares | ' | $3.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Average Daily Volume Of Ordinary Shares | ' | 75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Issued To Agent Agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Granted To Purchase Ordinary Shares Contractual Life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Granted To Purchase Ordinary Shares Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercise Price Of Warrant | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.57 | $0.57 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Additional Stock Issuable On Exercise Of Warrants | 1,259,092 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,639,019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,865,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants Expired During Period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 81,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Classification of Warrants, Shares From Liability To Equity Result of Investors Exercise of Most Favored Nation Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 407,673 | 407,673 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Capital Shares Reserved For Future Issuance Under Most Favoured Nations Terms | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,659,717 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock Capital Shares Reserved For Future Issuance Under Price Protection | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,089,544 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity Issuance, Per Share Amount | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | £ 1 | ' | $0.57 | ' | ' | ' | ' | ' | $1.58 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $2 | ' | $2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.72 | $0.57 | $1.32 | $1.63 | $1.43 | $1.16 | $1.58 | $0.02 | ' | ' | $2.25 | $2 | $1.94 | $1.95 | $1.57 | $1.32 | $1.59 | $1.13 |
Warrants Stock Reserved For Future Issuance Under Price Protection | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,291,950 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded From Computation Of Earnings Per Share, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,274,570 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
TAXES_ON_INCOME_Details_Textua
TAXES ON INCOME (Details Textual) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 |
GBP (£) | Great Britain [Member] | Great Britain [Member] | Domestic Tax Authority [Member] | State and Local Jurisdiction [Member] | |
USD ($) | USD ($) | USD ($) | |||
Taxes On Income [Line Items] | ' | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | 34.00% | 23.25% | 24.50% | ' | ' |
Taxable Income Maximum | £ 300,000 | ' | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 20.00% | ' | ' | ' | ' |
Estimated Tax Rate | 40.00% | ' | ' | ' | ' |
Operating Loss Carryforwards | ' | $9,400 | ' | $54 | $54 |
FAIR_VALUE_MEASUREMENTS_Detail
FAIR VALUE MEASUREMENTS (Details) (USD $) | 12 Months Ended | 111 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Balance at December 31, 2011 | $630 | ' | ' | ' |
Changes in values of deferred shares and liability related to stock options and warrants | 286 | 418 | 120 | 8 |
Classification of liability award to equity as a result of expiration of the Most Favored Nation Terms (See Note 9b) | ' | 141 | ' | ' |
Classification of warrants from liability to equity as a result of modification | ' | 35 | ' | ' |
Balance at December 31, 2012 | 787 | 630 | ' | 787 |
Fair Value, Inputs, Level 3 [Member] | ' | ' | ' | ' |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ' | ' | ' | ' |
Balance at December 31, 2011 | 630 | 276 | ' | ' |
Changes in values of deferred shares and liability related to stock options and warrants | ' | -418 | ' | ' |
Expiration of deferred shares | ' | -128 | ' | ' |
Fair value of warrants at issuance date | 471 | 1,076 | ' | ' |
Classification of liability award to equity as a result of expiration of the Most Favored Nation Terms (See Note 9b) | -28 | -141 | ' | ' |
Classification of warrants from liability to equity as a result of modification | ' | -35 | ' | ' |
Increase Decrease In Values of Liability Related To Stock Option And Warrants | -286 | ' | ' | ' |
Balance at December 31, 2012 | $787 | $630 | ' | $787 |
RELATED_PARTIES_Details_Textua
RELATED PARTIES (Details Textual) | 12 Months Ended | 12 Months Ended | |||||||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Mar. 20, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Feb. 13, 2011 | Dec. 31, 2010 | Dec. 31, 2008 | Dec. 31, 2005 | Dec. 31, 2004 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 12, 2012 | |
USD ($) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | GBP (£) | USD ($) | USD ($) | GBP (£) | USD ($) | GBP (£) | Director [Member] | Grant Date 3 [Member] | Grant Date 3 [Member] | Service Provider [Member] | ||
USD ($) | USD ($) | USD ($) | |||||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Accounts Payable, Related Parties, Current | $330 | $718 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $309 | |
Share Based Compensation Arrangement By Share Based Payment Award Options and Warrants Outstanding Number (in shares) | 543,135 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 309,492 | [1] | 309,492 | ' |
Common Stock, Par or Stated Value Per Share (in dollars per share) | ' | $0.01 | ' | £ 0.01 | ' | £ 0.01 | £ 0.01 | ' | $0.01 | £ 0.01 | $0.01 | ' | ' | ' | ' | ' | |
Share Based Compensation Arrangement By Share Based Payment Award Options and Warrants Outstanding Exercise Price (in dollars per share) | ' | ' | ' | ' | ' | £ 2 | ' | ' | ' | ' | ' | ' | ' | $2 | [1] | ' | ' |
Retainer Fee Payable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | £ 1.5 | ' | ' | ' | ' | |
Due to Other Related Parties | 0 | 49 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66 | ' | ' | ' | |
Director Fee Waiver | ' | ' | ' | ' | 15,000 | ' | ' | 73 | ' | ' | ' | ' | ' | ' | ' | ' | |
Related Party Transaction, Selling, General and Administrative Expenses from Transactions with Related Party | 555 | 365 | 413 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Payments to Suppliers and Employees, Total | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $66 | ' | ' | ' | |
[1] | On February 12, 2012, the Company settled part of an outstanding debt to a related party by issuance of fully vested warrants to purchase 309,492 ordinary shares, £ 0.01 par value each. See also Note 13. |
FINANCIAL_EXPENSES_INCOME_NET_1
FINANCIAL EXPENSES (INCOME), NET (Details) (USD $) | 12 Months Ended | 111 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
Financial expenses: | ' | ' | ' | ' |
Interest expense due to amortization of convertible notes | $202 | $898 | $0 | ' |
Issuance expenses | 40 | 137 | 0 | ' |
Exchange rate | 35 | 0 | 0 | ' |
Other | 7 | 6 | 9 | ' |
Other Nonoperating Expense | 284 | 1,041 | 9 | ' |
Financial income: | ' | ' | ' | ' |
Common Stock Capital Shares Reserved For Future Issuance Under Most Favored Nations Terms | -270 | -418 | -120 | ' |
Exchange rate | 0 | -22 | -17 | ' |
Other Nonoperating Income | -270 | -440 | -137 | ' |
Financial expense (income), net | $14 | $601 | ($128) | $3,224 |
SUBSEQUENT_EVENTS_Details_Text
SUBSEQUENT EVENTS (Details Textual) (USD $) | 1 Months Ended | 4 Months Ended | 12 Months Ended | 0 Months Ended | |||||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2011 | 31-May-09 | Aug. 31, 2007 | Jun. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 05, 2014 | Feb. 05, 2014 | Feb. 05, 2014 |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||||||
Employee Stock Option [Member] | Board Of Directors [Member] | ||||||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
American Depository Shares Public Offering | ' | ' | ' | ' | ' | ' | 1,533,333 | ' | ' |
American Depository Shares Issue Price | ' | ' | ' | ' | ' | ' | $6 | ' | ' |
American Depository Underwriters Exercise | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' |
Debt Issuance Cost | ' | ' | ' | ' | ' | ' | $1,100 | ' | ' |
Stock Options Exercise Price | ' | ' | ' | ' | ' | ' | ' | $0.75 | $0.75 |
Options Contractual Term | ' | ' | ' | ' | ' | ' | '10 years | ' | ' |
Share-Based Compensation Arrangement By Share-Based Payment Award, Options, Grants In Period, Gross | 152,000 | 30,000 | 20,475 | 2,988 | 1,570,000 | 410,000 | ' | 300,000 | 275,000 |
American Depository Shares Issued | ' | ' | ' | ' | ' | ' | 10 | ' | ' |
Stock Issuance Cost | ' | ' | ' | ' | ' | ' | $9,200 | ' | ' |