Galmed Pharmaceuticals (GLMD) 20-F 22 Mar 16 2015 FY Annual report (foreign) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2015shares
Document Information [Line Items]
Entity Registrant Name	Galmed Pharmaceuticals Ltd.
Entity Central Index Key	1,595,353
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	GLMD
Entity Common Stock, Shares Outstanding	11,100,453
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2015
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,015
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Current assets
Cash and cash equivalents	$ 4,156	$ 23,736
Short-term deposit	0	6,000
Marketable securities	18,845	2,250
Other accounts receivable	379	165
Total current assets	23,380	32,151
Property and equipment, net	883	774
Total assets	24,263	32,925
Current liabilities
Trade payables	2,259	875
Other accounts payable	282	243
Total current liabilities	2,541	1,118
Long-term liabilities
Related parties	177	400
Total long-term liabilities	177	400
Stockholders’ equity
Ordinary shares, par value NIS 0.01 per share; Authorized 50,000,000 shares; Issued and outstanding: 11,100,453 shares as of December 31, 2015	32	32
Additional paid-in capital	69,086	68,116
Accumulated other comprehensive income (loss)	(206)	4
Accumulated deficit	(47,367)	(36,745)
Total stockholders' equity	21,545	31,407
Total liabilities and stockholders’ equity	$ 24,263	$ 32,925

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2015	Dec. 31, 2014
Ordinary shares, Par or Stated Value Per Share	$ 0.01	$ 0.01
Ordinary shares, Shares Authorized	50,000,000	50,000,000
Ordinary shares, Shares, Issued	11,100,453	11,100,453
Ordinary shares, Shares, Outstanding	11,100,453	11,100,453

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014		Dec. 31, 2013
Research and development, expenses	$ 7,629	$ 6,664		$ 7,207
General and administrative expenses	3,246	2,478		7,355
Capital loss	0	0		10
Total operating expenses	10,875	9,142		14,572
Financial expenses (income), net	(253)	(40)		2,912
Loss before income taxes	10,622	9,102		17,484
Income taxes	0	1		1
Net loss	$ 10,622	$ 9,103		$ 17,485
Basic and diluted net loss per share from continuing operations (in dollars per share)	$ 0.96	$ 0.88		$ 3.45
Weighted-average number of shares outstanding used in computing basic and diluted net loss per share (in shares)	11,100,453	10,323,686	[1]	5,069,466	[1]
[1]	Retroactively adjusted to reflect the 729:1 share split, which occurred upon consummation of the Reorganization.

Consolidated Statements of Ope5

Consolidated Statements of Operations (Parenthetical)	12 Months Ended
	Dec. 31, 2015
Stockholders' Equity Note, Stock Split	729:1

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Net loss	$ 10,622	$ 9,103	$ 17,485
Other comprehensive loss (income):
Net unrealized loss (gain) on available for sale securities	210	(4)	0
Comprehensive loss	$ 10,832	$ 9,099	$ 17,485

Consolidated Statements of Chan

Consolidated Statements of Changes in Shareholder's Equity (Deficiency) - USD ($) $ in Thousands		Total	Ordinary shares [Member]	Additional paid-in capital [Member]	Accumulated other comprehensive income [Member]	Accumulateddeficit [Member]
Balance at Dec. 31, 2013		$ (1,951)	$ 10	$ 25,681	$ 0	$ (27,642)
Balance (in shares) at Dec. 31, 2013			9,739
Reorganization and stock split	[1]	(1,951)	$ 20	25,671	0	(27,642)
Reorganization and stock split (in shares)	[1]		7,099,731
Issuance of ordinary shares in February 2014		2,000	$ 2	1,998	0	0
Issuance of ordinary shares in February 2014 (in shares)			560,224
Issuance of ordinary shares upon initial public offering, net in March 2014	[2]	39,856	$ 9	39,847	0	0
Issuance of ordinary shares upon initial public offering, net in March 2014 (in shares)	[2]		3,263,010
Cashless exercise of options		0	$ 1	(1)	0	0
Cashless exercise of options (in shares)			177,488
Stock based compensation		601	$ 0	601	0	0
Unrealized gain from marketable securities		4		0	4	0
Net loss		(9,103)		0	0	(9,103)
Balance at Dec. 31, 2014		31,407	$ 32	68,116	4	(36,745)
Balance (in shares) at Dec. 31, 2014			11,100,453
Stock based compensation		970	$ 0	970	0	0
Unrealized gain from marketable securities		(210)		0	(210)	0
Net loss		(10,622)		0	0	(10,622)
Balance at Dec. 31, 2015		$ 21,545	$ 32	$ 69,086	$ (206)	$ (47,367)
Balance (in shares) at Dec. 31, 2015			11,100,453
[1]	See also Note 1.
[2]	Net of offering costs in the amount of $4,204.

Consolidated Statements of Cha8

Consolidated Statements of Changes in Shareholder's Equity (Deficiency) (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2014USD ($)
Payments of Stock Issuance Costs	$ 4,204

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Cash flow from operating activities
Net loss for the year		$ (10,622)	$ (9,103)	$ (17,485)
Adjustments required to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		50	9	4
Capital loss		0	0	10
Non-cash financial expenses due to convertible notes modification		0	0	2,878
Amortization of discount/premium on marketable securities		92	0	0
Loss from realization of marketable securities		50	0	0
Stock-based compensation expense		970	601	10,851
Changes in operating assets and liabilities:
Increase in other accounts receivable		(214)	(149)	(2)
Increase (decrease) in trade payables		1,384	(480)	954
Increase (decrease) in other accounts payable		39	(91)	228
Increase (decrease) in related party		(223)	(28)	38
Net cash used in operating activities		(8,474)	(9,241)	(2,524)
Cash flow from investing activities
Purchase of property and equipment		(159)	(770)	(13)
Proceeds from sale of property and equipment		0	0	16
Investment in securities, available for sale		(26,541)	(2,246)	0
Proceeds from securities, available for sale		9,594	0	0
Disposal of (Investment in) short-term deposit		6,000	(6,000)	0
Net cash provided by (used in) investing activities		(11,106)	(9,016)	3
Cash flow from financing activities
Repayments of short-term loan from bank		0	0	(20)
Receipt of convertible notes		0	0	1,840
Issuance of ordinary shares		0	2,000	120
Issuance of ordinary shares upon IPO, net	[1]	0	39,856	0
Net cash provided by financing activities		0	41,856	1,940
Increase (decrease) in cash and cash equivalents		(19,580)	23,599	(581)
Cash and cash equivalents at the beginning of the year		23,736	137	718
Cash and cash equivalents at the end of the year		4,156	23,736	137
Supplemental disclosure of cash flow information:
Cash received from interest		473	0	0
Convertible Debt [Member]
Non cash activity:
Conversion of convertible debt into ordinary shares		0	0	6,542
Capital Note [Member]
Non cash activity:
Conversion of convertible debt into ordinary shares		$ 0	$ 0	$ 3,724
[1]	Net of offering costs in the amount of $4,204.

Consolidated Statements of Ca10

Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	12 Months Ended
	Dec. 31, 2014USD ($)
Payments of Stock Issuance Costs	$ 4,204

General

General	12 Months Ended
	Dec. 31, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	Note 1 – General Galmed Pharmaceuticals Ltd. (the “Company”) is a clinical-stage biopharmaceutical company primarily focused on the development of therapeutics for the treatment of liver diseases. The Company, in its current legal structure, was incorporated in Israel July 31, 2013 February 2, 2014 729 Accordingly, the Company succeeded the Predecessor's activities and the comparative figures which is presented on these financial statements. All the data in the accompanying notes regarding the number of shares, options, warrants, capital notes, convertible notes, per share and par value is retroactively adjusted to reflect the 729:1 share split, which occurred upon consummation of the Reorganization. The Company holds a wholly owned subsidiary, Galmed International Ltd., which was incorporated in Malta. Galmed International Ltd. holds a wholly owned subsidiary, Galmed Medical Research Ltd., which was incorporated in Israel. The Company also holds a wholly owned subsidiary, Galmed Research and Development Ltd., which was incorporated in Israel.

Significant Accounting Policies

Significant Accounting Policies	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Significant Accounting Policies [Text Block]	Note 2 – Significant Accounting Policies A. Basis of presentation The consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles ("U.S. GAAP") B. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates. C. Financial statement in U.S. dollars The functional currency of the Company and its subsidiaries is the U.S dollar (the “dollar”), because the dollar is the currency of the primary economic environment in which the Company and its subsidiaries operate, and expect to continue operating in the foreseeable future. Transactions and balances denominated in dollars are presented in their original amounts. Non-dollar denominated transactions and balances have been re-measured to dollars in accordance with the provisions of ASC 830-10, “Foreign Currency Translation.” All transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statement of operations as financial income or expenses, as appropriate. D. Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries: Galmed Research and Development Ltd, Galmed 2000 Inc., Galmed International Ltd., and Galmed Medical Research Ltd. All intercompany balances and transactions have been eliminated upon consolidation. E. Cash and cash equivalents Cash equivalents are short-term, highly liquid investments that are readily convertible into cash with maturities of three months or less as of the date acquired. F. Short-term bank deposits Short-term bank deposits are deposits with maturities of more than three months but less than one year. The short-term bank deposits are presented at their cost. Marketable securities Marketable Securities Marketable securities are considered to be available for sale and are carried at fair value. Unrealized gains and losses, if any, are reported as a separate component of stockholders’ equity. The cost of marketable securities classified as available for sale is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. Realized gains and losses, if any, are also included in other income, net. The cost of securities sold is based on the specific identification method. Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. % Office furniture and equipment 7 Computer software, electronic and medical equipment Leasehold improvements 10 Impairment of long-lived assets The Company’s and its subsidiaries’ long-lived assets are reviewed for impairment in accordance with ASC 360-10, “Accounting for the Impairment or Disposal of Long-Lived Assets,” 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 their fair value. During 2015 and 2014, no impairment losses were identified. J. Severance pay The Company’s liability for severance pay is calculated in accordance with Israeli law, based on the most recent salary paid to each employee and the length of employment with the Company. Part of the liability is funded through individual insurance policies purchased from outside insurance companies, which are not under the Company’s control. The Company employees are included under section 14 of the Severance Compensation Act, 1963 (“Section 14”) for a portion of their salaries. According to Section 14, these employees are entitled to monthly deposits at a rate of 8.33 Fair value of financial instruments The estimated fair value of financial instruments was 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 following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments: The carrying amounts of cash and cash equivalents, short-term bank deposits, marketable securities and trade payables 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 upon selling an asset or that would be 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 used by market participants in pricing an asset or a liability. A three-tier fair-value hierarchy was established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: ⋅ Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets ⋅ Level 2 - Other inputs that are directly or indirectly observable in the marketplace; and ⋅ Level 3 - Unobservable inputs that are supported by little or no market activity 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. Accounting for stock-based compensation The Company applies ASC 718-10, “Share-Based Payment,” which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors, including employee stock options under the Company’s stock plans, based on estimated fair values. ASC 718-10 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 expense over the requisite service periods in the Company’s consolidated statement of operations. The Company recognizes compensation expense for the value of non-employee awards, which have graded vesting, based on the accelerated attribution method The Company recognizes compensation expenses for the value of employee awards, which have graded vesting, based on the straight-line method over the requisite service period of each of the awards, net of estimated forfeitures. The Company estimates the fair value of restricted shares based on the market price of the shares at the grant date, and estimates the fair value of stock options granted using a Black-Scholes option-pricing model The Company’s calculations of the expected volatility were based upon actual historical stock-price movements over the period, which was equal to the expected option term. The expected option term was calculated for options granted to employees and directors in accordance with ASC-718-10-S99, using the “simplified” method, and grants to non-employees were based on the contractual term. Historically, the Company has not paid dividends, and has no foreseeable plans to do so. The risk-free interest rate is based on the yield from U.S. Treasury zero-coupon bonds with an equivalent term. The following assumptions were used for the fiscal year 2015 and 2014 grants: dividend yield of 0.00 1.56 1.90 five six 70 82.5 M. Research and development expenses Research and development expenses are charged to the statement of operations as incurred. N. Income taxes The Company accounts for income taxes utilizing the asset and liability method in accordance with ASC 740, “Income Taxes.” Current tax liabilities are recognized for the estimated taxes payable on tax returns for the current year. Deferred tax liabilities or assets are recognized for the estimated future tax effects attributable to temporary differences between the income-tax bases of assets and liabilities and their reported amounts in the financial statements and for tax loss carry forwards. Measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax laws, and deferred tax assets are reduced, if necessary, by the amount of tax benefits, the realization of which is not considered more likely than not based on available evidence. ASC 740-10 requires a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement. O. Basic and diluted net loss per share Basic net loss per share is computed based on the weighted-average number of shares outstanding during each year. Diluted net loss per share is computed based on the weighted-average number of shares outstanding during each year, plus the dilutive potential of the ordinary shares considered outstanding during the year, in accordance with ASC 260-10, “Earnings Per Share.” All outstanding stock options and warrants were excluded from the calculation of the diluted loss per share for the years ended December 31, 2015 and 2014 because all such securities have an anti-dilutive effect. P. Recently issued accounting pronouncements On November 20, 2015, the FASB issued ASU 2015-17 as part of its simplification initiative (i.e., the Board’s effort to reduce the cost and complexity of certain aspects of U.S. GAAP). The ASU requires entities to present deferred tax assets (“DTAs”) and deferred tax liabilities (“DTLs”) as non-current in a classified balance sheet. It thus simplifies the current guidance, which requires entities to separately present DTAs and DTLs as current or non-current in a classified balance sheet. Netting of DTAs and DTLs by tax jurisdiction is still required under the new guidance. For public business entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. We do not expect the adoption of ASU 2015-17 to have a material effect on our consolidated financial statements and disclosures.

Investments

Investments	12 Months Ended
	Dec. 31, 2015
Investments [Abstract]
Investments in Debt and Equity Instruments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses) [Text Block]	Note 3 – Investments As of December 31, 2015 Gross Gross Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value (in thousands) Cash and cash equivalents $ 4,156 $ – $ – $ 4,156 Marketable securities 19,059 – (214) 18,845 Total cash, cash equivalents and investments $ 23,215 $ - $ (214) $ 23,001 As of December 31, 2014 Cost Basis Gross Gross Estimated (in thousands) Cash and cash equivalents $ 23,736 $ – $ – $ 23,736 Short-term deposit 6,000 – – 6,000 Marketable securities 2,246 7 (3) 2,250 Total cash, cash equivalents and investments $ 31,982 $ 7 $ (3) $

Other Accounts Receivable

Other Accounts Receivable	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	Note 4 – Other Accounts Receivable 2015 2014 (in thousands) Government institutions $ 109 $ 51 Interest receivable - 13 Prepaid expenses 270 101 $ 379 $ 165

Property and equipment, net

Property and equipment, net	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	Note 5 – Property and equipment, net As at December 31, 2015 2014 (in thousands) Medical equipment $ 750 $ 750 Office furniture and equipment 30 5 Computer software and electronic equipment 55 45 Leasehold improvements 123 - 958 800 Less - Accumulated depreciation 75 26 Net book value $ 883 $ 774

Other Accounts Payable

Other Accounts Payable	12 Months Ended
	Dec. 31, 2015
Accounts Payable, Current [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	Note 6 – Other Accounts Payable 2015 2014 (in thousands) Accrued expenses $ 113 $ 81 Employees and related institutions 137 84 Accrued vacation *) 32 78 $ 282 $ 243 *) Including inter alia due to a related party in the amount of $ 22 68

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2015
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 7 – Related Parties A. Balances 1. As of December 31, 2015 and 2014, the Company had an accrual in the amount of $ 236 255 2. In December 2011, the Company signed an agreement with the beneficiaries of one of its cofounders, which stated that the beneficiaries are entitled to an aggregate amount of $ 263 1 During the year 2015, the balance was fully paid. B. Transactions 1. During 2015, 2014 and 2013, the Company recorded salary expenses in the amount of $ 434 512 34 2. During 2015 and 2014, the Company recorded salary expenses in the amount of $ 98 91 3. During 2015 and 2014 the company recorded directors fee expenses in the amount of $ 210 165 4. In 2012, the Company issued 241,299 0 43 101 5. In December 2013, the Company granted 806,274 0.01 two 0.01 3.57 7.8 415 413 6. In March 2014, the Company granted 25,749 0.01 3.67 18,593 285 63 145 7. In May 2015, the Company granted 160,000 0.01 5.49 1.0 167 8. Subsequent to the balance sheet date, In February 2016, the Company granted 470,000 0.01 37,500 10 5.94 3.05

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 8 – Commitments and Contingencies In 2002, the Company entered an agreement with Aventis Pharma Deutschland GmbH. (“Aventis”), in which Aventis agreed that the Company will have the exclusive worldwide right to commercialize an invention covered by Israeli patent application 123998 and PCT/IL99/00173, and the Company agreed to pay Aventis a royalty of 10% in respect of all income that the Company or its affiliates may receive from the commercialization of such invention which is related to the prevention and treatment of gallstones.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shareholders' Equity and Share-based Payments [Text Block]	Note 9 – Shareholders’ Equity A. Ordinary shares 1. Ordinary shares confer upon the holders the right to receive notice to participate and vote in general meetings of the Company and the right to receive dividends, if declared. 2. During the period of September 11, 2000 (date of inception) through 2009, a total of 4,995,837 ordinary shares were issued by the Company in consideration of $4.2 million. 3. In December 2013, upon the request of convertible-notes holders, the Company converted all of its outstanding convertible notes into 1,026,432 ordinary notes. 4. In December 2013, upon the capital-notes holders’ request, the Company converted all of its capital notes into 1,043,928 ordinary shares with a par value of NIS 0.01 per share. 5. On December 31, 2013, the Company signed an agreement with an investor in the Company in which the Company issued the investor 33,534 ordinary shares in consideration of $120 thousand. 6. On February 3, 2014, the Company entered into a share purchase agreement with certain of its shareholders and new investors, pursuant to which the Company issued to such existing shareholders and new investors 560,224 ordinary shares at a price per share of $3.57 for a total consideration in the amount of approximately $2 million. 7. During 2012, the Company granted Options to purchase 241,299 of its ordinary shares with a par value NIS 0.01 per share to the Chairman of its Board of Directors. On March 12, 2014, upon the IPO, the Chairman exercised the Options by way of a cashless exercise into 177,488 ordinary shares of the Company based upon the initial public offering price of $13.50 per share. 8. On March 12, 2014, the Company completed an initial public offering (the “IPO”) and listed its ordinary shares on the NASDAQ Capital Market under the ticker symbol GLMD. In the IPO, the Company issued under 3.3 million shares to the market at a price of $13.50 per share (par value NIS 0.01 per share), for a total consideration of approximately $40 million, net of offering costs in the amount of approximately $4.2 million. B. Stock-based compensation 1. During 2002, the Company granted 38,637 Options to purchase ordinary shares of the Company to a service supplier (the “Service Supplier”). The Options were fully vested at the grant date, as set forth in the agreement signed by the parties. The options exercise price is $1.50 per share. As of December 31, 2015, all the aforementioned options were outstanding. 2. In December 2013, the Company granted 1,219,617 Options to purchase ordinary shares of the Company to certain consultants and directors. The options will vest over various periods not exceeding two years and will expire in September 2023. The option exercise price is between $0.01 and $3.57 per share. As of December 31, 2015, the amount of vested options is $825,228. 3. In February 2014, the Company granted options to purchase 8,583 of its ordinary shares to a member of the Board of Directors. The options are fully vested and expire in September 2023. The exercise price is $3.57 per share, and the fair value of such options at the grant date was $95 thousand. 4. In March 2014, the Company granted options to purchase 17,166 of its ordinary shares to a member of the Board of Directors. The options vest over three years and expire in September 2023. The exercise price is $3.57 per share, and the fair value of such options at the grant date was $190 thousand. As of December 31, 2015, the amount of vested options is $4,290. 5. In December 2014, the Company granted 335,000 options to purchase ordinary shares of the Company to certain employees and consultants. The options will vest over four years and will expire in December 2024. The exercise price is $5.49 per share. As of December 31, 2015, the amount of vested options is $61,250. 6. In May 2015, the Company granted 160,000 options to purchase ordinary shares of the Company to certain directors. The options will vest over four years and will expire in September 2024. The exercise price is $5.49 per share. As of December 31, 2015, none of the above mentioned options were vested. 7. In March 2015, the Company granted 11,000 options to purchase ordinary shares of the Company to certain consultants. The options will vest over various periods not exceeding three years and will expire in March 2025. The exercise price is $9.73 per share. As of December 31, 2015, none of the above mentioned options were vested. 8. In August 2015, the Company granted 100,000 options to purchase ordinary shares of the Company to certain employees and consultants. The options will vest over four years and will expire in August 2025. The exercise price is ranges between $9.13 and $10.14 per share. As of December 31, 2015, none of the above mentioned options were vested. 9. Subsequent to the balance sheet date, In January 2016, the Company granted 242,500 options to purchase ordinary shares of the Company with a NIS 0.01 par value to certain employees and consultants, and as well 41,250 restricted stock units (the "RSU's"). The options and RSU's will vest over a period of four years and will expire 10 years from the grant date. The exercise price of the options is $7.61 per share. 10. Subsequent to the balance sheet date, In February 2016, the Company granted 470,000 options to purchase ordinary shares of the Company with a NIS 0.01 par value to certain directors, and as well 37,500 restricted shares. The options and restricted shares will vest over a period of four years. The options will expire 10 years from the grant date. The exercise price of the options is $5.94 per share. The Grant is subject to the approval of the general shareholders meeting. 11. A summary of the status of the Company’s option plans as of December 31, 2015 and 2014 and changes during the years then ended are presented below: December 31, 2015 2014*) Number of Weighted Number of Weighted Options outstanding at beginning of year 1,619,003 $ 1.71 1,499,553 $ 1.17 Granted 271,000 $ 7.21 360,749 $ 5.35 forfeited (136,250 ) $ 7.37 - - Exercised - - (241,299 ) $ 3.57 Outstanding at end of year 1,753,753 $ 2.12 1,619,003 $ 1.71 Options exercisable at year end 1,338,097 $ 0.92 1,227,387 $ 1.41 *) Retroactively adjusted to reflect the 729:1 share split, which occurred upon the consummation of the Reorganization. As of December 31, 2015 and 2014, the weighted-average remaining contractual term of the outstanding and exercisable options, excluding the 38,637 Options granted in 2002 that have no expiration date, is 9.45 and 8.81 years, respectively. As of December 31, 2015 and 2014, all of the outstanding and exercisable options are “in the money” with aggregate intrinsic value of $10.3 million and $6.7 million, respectively. The unrecognized compensation expense calculated under the fair-value method for stock options expected to vest as of December 31, 2015 and 2014 is approximately $3.2 million and $2.4 million and is expected to be recognized over a weighted-average period of three years.

Research and Development Expens

Research and Development Expenses	12 Months Ended
	Dec. 31, 2015
Research and Development [Abstract]
Research, Development, and Computer Software Disclosure [Text Block]	Note 10 – Research and Development Expenses Year ended December 31, 2015 2014 2013 (in thousands) Chemistry and formulation studies $ 1,902 $ 3,923 $ 2,081 Salaries and benefits 808 573 – Stock-based compensation 111 – 4,285 Research and preclinical studies 637 865 711 Clinical studies 3,671 1,148 128 Regulatory and other expenses 500 155 2 $ 7,629 $ 6,664 $ 7,207

General and Administrative Expe

General and Administrative Expenses	12 Months Ended
	Dec. 31, 2015
General and Administrative Expense [Abstract]
General and Administrative Expenses Disclosure [Text Block]	Note 11 – General and Administrative Expenses Year ended December 31, 2015 2014 2013 (in thousands) Stock-based compensation $ 858 $ 601 $ 6,566 Professional fees 741 625 496 Salaries and benefits 747 588 145 Traveling and conference costs 65 30 46 Rent and office-maintenance fees 359 284 46 Investor relations and business development 457 337 – Other 19 13 56 $ 3,246 $ 2,478 $ 7,355

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Note 12 – Income Taxes A. General The Company is assessed for tax purposes on an unconsolidated basis. Each of the Company’s subsidiaries is subject to the tax rules prevailing in its country of incorporation. B. Corporate Taxation Israeli subsidiary: The Company's subsidiaries in Israel are subject to income tax at regular corporate rate of 26.5 Maltese subsidiary: Taxable income of Maltese companies is subject to tax at the rate of 35 C. Net Operating Loss Carry forward As of December 31, 2015, the Company had approximately $ 24.2 11.9 12.3 D. Deferred income 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. As of December 31, 2015 2014 (in thousands) Deferred tax assets Maltese subsidiary net-operating-loss carry forward $ 4,608 $ 4,212 Israeli subsidiary net-operating-loss carry forward 3,251 1,184 Other reserves and allowances 56 115 Total deferred-tax assets 7,915 5,396 Valuation allowance (7,915) (5,396) Net deferred-tax assets $ – $ – Deferred-tax assets for carry forward losses in Malta and Israel are calculated using the applicable tax rate at the time of expected realization of the carry forward losses. The Company has provided full valuation allowances in respect of deferred-tax assets. Management currently believes that it is more likely than not that those deferred taxes will not be realized in the foreseeable future. E. Tax assessment s Year ended December 31, 2015 2014 2013 (in thousands) Loss before taxes on income, as reported in the consolidated statements of operations $ 10,622 $ 9,102 $ 17,484 Statutory tax rate 26.5 % 26.5 % 25 % Theoretical tax benefit 2,815 2,412 4,371 Losses and other items for which a valuation allowance was provided or benefit from loss carry forwards (2,815) (2,412) (4,371) Other - 1 1 Actual tax expense $ - $ 1 $ 1

Significant Accounting Polici23

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Basis of Accounting, Policy [Policy Text Block]	A. Basis of presentation The consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles ("U.S. GAAP")
Use of Estimates, Policy [Policy Text Block]	B. Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Presentation Currency of Financial Statements Policy [Policy Text Block]	C. Financial statement in U.S. dollars The functional currency of the Company and its subsidiaries is the U.S dollar (the “dollar”), because the dollar is the currency of the primary economic environment in which the Company and its subsidiaries operate, and expect to continue operating in the foreseeable future. Transactions and balances denominated in dollars are presented in their original amounts. Non-dollar denominated transactions and balances have been re-measured to dollars in accordance with the provisions of ASC 830-10, “Foreign Currency Translation.” All transaction gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statement of operations as financial income or expenses, as appropriate.
Consolidation, Policy [Policy Text Block]	D. Principles of consolidation The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries: Galmed Research and Development Ltd, Galmed 2000 Inc., Galmed International Ltd., and Galmed Medical Research Ltd. All intercompany balances and transactions have been eliminated upon consolidation.
Cash and Cash Equivalents, Policy [Policy Text Block]	E. Cash and cash equivalents Cash equivalents are short-term, highly liquid investments that are readily convertible into cash with maturities of three months or less as of the date acquired.
Investment, Policy [Policy Text Block]	F. Short-term bank deposits Short-term bank deposits are deposits with maturities of more than three months but less than one year. The short-term bank deposits are presented at their cost. Marketable securities
Marketable Securities, Policy [Policy Text Block]	Marketable Securities Marketable securities are considered to be available for sale and are carried at fair value. Unrealized gains and losses, if any, are reported as a separate component of stockholders’ equity. The cost of marketable securities classified as available for sale is adjusted for amortization of premiums and accretion of discounts to maturity. Such amortization and accretion are included in interest income. Realized gains and losses, if any, are also included in other income, net. The cost of securities sold is based on the specific identification method.
Property, Plant and Equipment, Policy [Policy Text Block]	Property and equipment Property and equipment are stated at cost, less accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets. % Office furniture and equipment 7 Computer software, electronic and medical equipment Leasehold improvements 10
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	Impairment of long-lived assets The Company’s and its subsidiaries’ long-lived assets are reviewed for impairment in accordance with ASC 360-10, “Accounting for the Impairment or Disposal of Long-Lived Assets,” 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 their fair value. During 2015 and 2014, no impairment losses were identified.
Compensation Related Costs, Policy [Policy Text Block]	J. Severance pay The Company’s liability for severance pay is calculated in accordance with Israeli law, based on the most recent salary paid to each employee and the length of employment with the Company. Part of the liability is funded through individual insurance policies purchased from outside insurance companies, which are not under the Company’s control. The Company employees are included under section 14 of the Severance Compensation Act, 1963 (“Section 14”) for a portion of their salaries. According to Section 14, these employees are entitled to monthly deposits at a rate of 8.33
Fair Value of Financial Instruments, Policy [Policy Text Block]	Fair value of financial instruments The estimated fair value of financial instruments was 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 following methods and assumptions were used by the Company in estimating its fair value disclosures for financial instruments: The carrying amounts of cash and cash equivalents, short-term bank deposits, marketable securities and trade payables 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 upon selling an asset or that would be 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 used by market participants in pricing an asset or a liability. A three-tier fair-value hierarchy was established as a basis for considering such assumptions and for inputs used in the valuation methodologies in measuring fair value: · Level 1 - Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets · Level 2 - Other inputs that are directly or indirectly observable in the marketplace; and · Level 3 - Unobservable inputs that are supported by little or no market activity 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.
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Accounting for stock-based compensation The Company applies ASC 718-10, “Share-Based Payment,” which requires the measurement and recognition of compensation expense for all share-based payment awards made to employees and directors, including employee stock options under the Company’s stock plans, based on estimated fair values. ASC 718-10 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 expense over the requisite service periods in the Company’s consolidated statement of operations. The Company recognizes compensation expense for the value of non-employee awards, which have graded vesting, based on the accelerated attribution method The Company recognizes compensation expenses for the value of employee awards, which have graded vesting, based on the straight-line method over the requisite service period of each of the awards, net of estimated forfeitures. The Company estimates the fair value of restricted shares based on the market price of the shares at the grant date, and estimates the fair value of stock options granted using a Black-Scholes option-pricing model The Company’s calculations of the expected volatility were based upon actual historical stock-price movements over the period, which was equal to the expected option term. The expected option term was calculated for options granted to employees and directors in accordance with ASC-718-10-S99, using the “simplified” method, and grants to non-employees were based on the contractual term. Historically, the Company has not paid dividends, and has no foreseeable plans to do so. The risk-free interest rate is based on the yield from U.S. Treasury zero-coupon bonds with an equivalent term. The following assumptions were used for the fiscal year 2015 and 2014 grants: dividend yield of 0.00 1.56 1.90 five six 70 82.5
Research and Development Expense, Policy [Policy Text Block]	M. Research and development expenses Research and development expenses are charged to the statement of operations as incurred.
Income Tax, Policy [Policy Text Block]	N. Income taxes The Company accounts for income taxes utilizing the asset and liability method in accordance with ASC 740, “Income Taxes.” Current tax liabilities are recognized for the estimated taxes payable on tax returns for the current year. Deferred tax liabilities or assets are recognized for the estimated future tax effects attributable to temporary differences between the income-tax bases of assets and liabilities and their reported amounts in the financial statements and for tax loss carry forwards. Measurement of current and deferred tax liabilities and assets is based on provisions of enacted tax laws, and deferred tax assets are reduced, if necessary, by the amount of tax benefits, the realization of which is not considered more likely than not based on available evidence. ASC 740-10 requires a two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon ultimate settlement.
Earnings Per Share, Policy [Policy Text Block]	O. Basic and diluted net loss per share Basic net loss per share is computed based on the weighted-average number of shares outstanding during each year. Diluted net loss per share is computed based on the weighted-average number of shares outstanding during each year, plus the dilutive potential of the ordinary shares considered outstanding during the year, in accordance with ASC 260-10, “Earnings Per Share.” All outstanding stock options and warrants were excluded from the calculation of the diluted loss per share for the years ended December 31, 2015 and 2014 because all such securities have an anti-dilutive effect.
New Accounting Pronouncements, Policy [Policy Text Block]	P. Recently issued accounting pronouncements On November 20, 2015, the FASB issued ASU 2015-17 as part of its simplification initiative (i.e., the Board’s effort to reduce the cost and complexity of certain aspects of U.S. GAAP). The ASU requires entities to present deferred tax assets (“DTAs”) and deferred tax liabilities (“DTLs”) as non-current in a classified balance sheet. It thus simplifies the current guidance, which requires entities to separately present DTAs and DTLs as current or non-current in a classified balance sheet. Netting of DTAs and DTLs by tax jurisdiction is still required under the new guidance. For public business entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2016, and interim periods within those annual periods. For all other entities, the amendments in this Update are effective for financial statements issued for annual periods beginning after December 15, 2017, and interim periods within annual periods beginning after December 15, 2018. Earlier application is permitted for all entities as of the beginning of an interim or annual reporting period. We do not expect the adoption of ASU 2015-17 to have a material effect on our consolidated financial statements and disclosures.

Significant Accounting Polici24

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2015
Accounting Policies [Abstract]
Schedule of Depreciation Rates for Property, Plant and Equipment [Table Text Block]	The annual depreciation rates are as follows: % Office furniture and equipment 7 Computer software, electronic and medical equipment Leasehold improvements 10

Investments (Tables)

Investments (Tables)	12 Months Ended
	Dec. 31, 2015
Investments [Abstract]
Investment [Table Text Block]	The following table summarizes the Company’s cash, cash equivalents, and investments as of December 31, 2015 and 2014 As of December 31, 2015 Gross Gross Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value (in thousands) Cash and cash equivalents $ 4,156 $ – $ – $ 4,156 Marketable securities 19,059 – (214) 18,845 Total cash, cash equivalents and investments $ 23,215 $ - $ (214) $ 23,001 As of December 31, 2014 Cost Basis Gross Gross Estimated (in thousands) Cash and cash equivalents $ 23,736 $ – $ – $ 23,736 Short-term deposit 6,000 – – 6,000 Marketable securities 2,246 7 (3) 2,250 Total cash, cash equivalents and investments $ 31,982 $ 7 $ (3) $

Other Accounts Receivable (Tabl

Other Accounts Receivable (Tables)	12 Months Ended
	Dec. 31, 2015
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	2015 2014 (in thousands) Government institutions $ 109 $ 51 Interest receivable - 13 Prepaid expenses 270 101 $ 379 $ 165

Property and equipment, net (Ta

Property and equipment, net (Tables)	12 Months Ended
	Dec. 31, 2015
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	As at December 31, 2015 2014 (in thousands) Medical equipment $ 750 $ 750 Office furniture and equipment 30 5 Computer software and electronic equipment 55 45 Leasehold improvements 123 - 958 800 Less - Accumulated depreciation 75 26 Net book value $ 883 $ 774

Other Accounts Payable (Tables)

Other Accounts Payable (Tables)	12 Months Ended
	Dec. 31, 2015
Accounts Payable, Current [Abstract]
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	2015 2014 (in thousands) Accrued expenses $ 113 $ 81 Employees and related institutions 137 84 Accrued vacation *) 32 78 $ 282 $ 243 *) Including inter alia due to a related party in the amount of $ 22 68

Shareholders' Equity(Tables)

Shareholders' Equity(Tables)	12 Months Ended
	Dec. 31, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block]	A summary of the status of the Company’s option plans as of December 31, 2015 and 2014 and changes during the years then ended are presented below: December 31, 2015 2014*) Number of Weighted Number of Weighted Options outstanding at beginning of year 1,619,003 $ 1.71 1,499,553 $ 1.17 Granted 271,000 $ 7.21 360,749 $ 5.35 forfeited (136,250 ) $ 7.37 - - Exercised - - (241,299 ) $ 3.57 Outstanding at end of year 1,753,753 $ 2.12 1,619,003 $ 1.71 Options exercisable at year end 1,338,097 $ 0.92 1,227,387 $ 1.41 *) Retroactively adjusted to reflect the 729:1 share split, which occurred upon the consummation of the Reorganization.

Research and Development Expe30

Research and Development Expenses (Tables)	12 Months Ended
	Dec. 31, 2015
Research and Development [Abstract]
Research and Development Expenses [Table Text Block]	Year ended December 31, 2015 2014 2013 (in thousands) Chemistry and formulation studies $ 1,902 $ 3,923 $ 2,081 Salaries and benefits 808 573 – Stock-based compensation 111 – 4,285 Research and preclinical studies 637 865 711 Clinical studies 3,671 1,148 128 Regulatory and other expenses 500 155 2 $ 7,629 $ 6,664 $ 7,207

General and Administrative Ex31

General and Administrative Expenses (Tables)	12 Months Ended
	Dec. 31, 2015
General and Administrative Expense [Abstract]
General and Administrative Expenses [Table Text Block]	Year ended December 31, 2015 2014 2013 (in thousands) Stock-based compensation $ 858 $ 601 $ 6,566 Professional fees 741 625 496 Salaries and benefits 747 588 145 Traveling and conference costs 65 30 46 Rent and office-maintenance fees 359 284 46 Investor relations and business development 457 337 – Other 19 13 56 $ 3,246 $ 2,478 $ 7,355

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]	Significant components of the Company’s and its subsidiaries’ assets are as follows As of December 31, 2015 2014 (in thousands) Deferred tax assets Maltese subsidiary net-operating-loss carry forward $ 4,608 $ 4,212 Israeli subsidiary net-operating-loss carry forward 3,251 1,184 Other reserves and allowances 56 115 Total deferred-tax assets 7,915 5,396 Valuation allowance (7,915) (5,396) Net deferred-tax assets $ – $ –
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]	A reconciliation of the Company’s effective tax expense to the Company’s theoretical statutory tax benefit is as follows. Year ended December 31, 2015 2014 2013 (in thousands) Loss before taxes on income, as reported in the consolidated statements of operations $ 10,622 $ 9,102 $ 17,484 Statutory tax rate 26.5 % 26.5 % 25 % Theoretical tax benefit 2,815 2,412 4,371 Losses and other items for which a valuation allowance was provided or benefit from loss carry forwards (2,815) (2,412) (4,371) Other - 1 1 Actual tax expense $ - $ 1 $ 1

General (Details Textual)

General (Details Textual)	12 Months Ended
	Dec. 31, 2015
General [Line Items]
Entity Incorporation, Date of Incorporation	Jul. 31, 2013
Operations Commenced Date	Feb. 2, 2014
Entity Incorporation, State Country Name	Israel
Stockholders' Equity Note, Stock Split	729:1

Significant Accounting Polici34

Significant Accounting Policies (Details)	Dec. 31, 2015
Office furniture and equipment [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciation, Percentage	7.00%
Computer software, electronic and medical equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciation, Percentage	15.00%
Computer software, electronic and medical equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciation, Percentage	33.00%
Leasehold improvements [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciation, Percentage	10.00%

Significant Accounting Polici35

Significant Accounting Policies (Details Textual)	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Monthly Deposits of Employees, Percentage on Monthly Salary	8.33%
Share-based Compensation Arrangement by Share-based Payment Award, Method of Measuring Cost of Award	accelerated attribution method
Restricted Stock [Member]
Property, Plant and Equipment [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Method Used	Black-Scholes option-pricing model
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate	0.00%	0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term	5 years	6 years
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	1.56%	1.90%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	70.00%	82.50%

Investments (Details)

Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	$ 23,215	$ 31,982
Gross Unrealized Gains	0	7
Gross Unrealized Losses	(214)	(3)
Estimated Fair Value	23,001	31,986
Cash and cash equivalents [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	4,156	23,736
Gross Unrealized Gains	0	0
Gross Unrealized Losses	0	0
Estimated Fair Value	4,156	23,736
Short-term deposit [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis		6,000
Gross Unrealized Gains		0
Gross Unrealized Losses		0
Estimated Fair Value		6,000
Marketable securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	19,059	2,246
Gross Unrealized Gains	0	7
Gross Unrealized Losses	(214)	(3)
Estimated Fair Value	$ 18,845	$ 2,250

Other Accounts Receivable (Deta

Other Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Other Accounts Receivable [Line Items]
Government institutions	$ 109	$ 51
Interest receivable	0	13
Prepaid expenses	270	101
Receivables, Net, Current	$ 379	$ 165

Property and equipment, net (De

Property and equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Medical equipment	$ 750	$ 750
Office furniture and equipment	30	5
Computer software and electronic equipment	55	45
Leasehold improvements	123	0
Property, Plant and Equipment, Gross	958	800
Less - Accumulated depreciation	75	26
Net book value	$ 883	$ 774

Other Accounts Payable (Details

Other Accounts Payable (Details) - USD ($) $ in Thousands		Dec. 31, 2015	Dec. 31, 2014
Other Accounts Payable [Line Items]
Accrued expenses		$ 113	$ 81
Employees and related institutions		137	84
Accrued vacation	[1]	32	78
Accounts Payable and Accrued Liabilities, Current		$ 282	$ 243
[1]	Including inter alia due to a related party in the amount of $22 thousand and $68 thousand, as of December 31, 2015 and 2014, respectively.

Other Accounts Payable (Detai40

Other Accounts Payable (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Other Accounts Payable [Line Items]
Due to Related Parties, Current	$ 22	$ 68

Related Parties (Details Textua

Related Parties (Details Textual) $ / shares in Units, $ in Thousands	1 Months Ended			2 Months Ended	12 Months Ended
	Feb. 29, 2016USD ($)shares	May. 31, 2015$ / shares₪ / sharesshares	Mar. 31, 2014$ / shares₪ / sharesshares	Feb. 29, 2016$ / shares₪ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)$ / sharesshares		Dec. 31, 2013USD ($)$ / sharesshares	Dec. 31, 2012shares	Dec. 31, 2011USD ($)	Dec. 31, 2013₪ / shares
Employee Stock Option [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares					271,000	360,749	[1]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares					$ 7.21	$ 5.35	[1]
Chief Executive Officer [Member]
Related Party Transaction [Line Items]
Due to Related Parties					$ 236	$ 255
Related Party Transaction, Expenses from Transactions with Related Party					434	512		$ 34
Late Co-founder [Member]
Related Party Transaction [Line Items]
Due to Related Parties										$ 263
Debt Instrument, Description of Variable Rate Basis										LIBOR + 1%
Board of Directors Chairman [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares									241,299
Allocated Share-based Compensation Expense					0	43		$ 101
Director One [Member] | Minimum [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares								$ 0.01
Director One [Member] | Maximum [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares								$ 3.57
Director One [Member] | Employee Stock Option [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares								806,274
Allocated Share-based Compensation Expense					415	413
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value					7,800
Shares Issued, Price Per Share | ₪ / shares											₪ 0.01
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period								2 years
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date								Sep. 30, 2023
Director Two [Member] | Employee Stock Option [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares			25,749
Allocated Share-based Compensation Expense					$ 63	145
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares			$ 3.67
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | shares					18,593
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value					$ 285
Shares Issued, Price Per Share | ₪ / shares			$ 0.01
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date			Sep. 30, 2023
Director Two [Member] | Employee Stock Option [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares				$ 5.94
Shares Issued, Price Per Share | ₪ / shares				$ 0.01
Director Three [Member] | Employee Stock Option [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares		160,000
Allocated Share-based Compensation Expense					$ 167
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares		$ 5.49
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | shares					0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value					$ 1,000
Shares Issued, Price Per Share | ₪ / shares		$ 0.01
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date		Sep. 30, 2024
Chief Medical Officer [Member]
Related Party Transaction [Line Items]
Officers' Compensation					98	91
Director [Member]
Related Party Transaction [Line Items]
Related Party Transaction, Expenses from Transactions with Related Party					$ 210	$ 165
Director [Member] | Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | shares	37,500
Director [Member] | Employee Stock Option And Restricted Stock Units [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value	$ 3,050
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	10 years
Director [Member] | Employee Stock Option [Member] | Subsequent Event [Member]
Related Party Transaction [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares				470,000
[1]	Retroactively adjusted to reflect the 729:1 share split, which occurred upon the consummation of the Reorganization.

Commitments and Contingencies (

Commitments and Contingencies (Details Textual)	12 Months Ended
	Dec. 31, 2002
Aventis Pharma Deutschland GmbH [Member]
Royalty Revenue Percentage From Income	10.00%

Shareholders' Equity (Details)

Shareholders' Equity (Details) - Employee Stock Option [Member] - $ / shares		12 Months Ended
		Dec. 31, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options, Outstanding at beginning of year (in shares)	[1]	1,619,003	1,499,553
Number of share options, Granted (in shares)		271,000	360,749	[1]
Number of share options, forfeited (in shares)		(136,250)	0	[1]
Number of share options, Exercised (in shares)		0	(241,299)	[1]
Number of share options, Outstanding at end of year (in shares)		1,753,753	1,619,003	[1]
Number of share options, Options exercisable at year end (in shares)		1,338,097	1,227,387	[1]
Weighted average exercise price, Options outstanding at beginning of year (in dollars per share)	[1]	$ 1.71	$ 1.17
Weighted average exercise price, Granted (in dollars per share)		7.21	5.35	[1]
Weighted average exercise Price, Forfeited (in dollars per share)		7.37	0	[1]
Weighted average exercise price, Exercised (in dollars per share)		0	3.57	[1]
Weighted average exercise price, Outstanding at end of year (in dollars per share)		2.12	1.71	[1]
Weighted average exercise price, Options exercisable at year end (in dollars per share)		$ 0.92	$ 1.41	[1]
[1]	Retroactively adjusted to reflect the 729:1 share split, which occurred upon the consummation of the Reorganization.

Shareholders' Equity (Details T

Shareholders' Equity (Details Textual)

Mar. 12, 2014USD ($)$ / sharesshares

Feb. 03, 2014USD ($)shares

Feb. 29, 2016$ / sharesshares

Feb. 29, 2016₪ / sharesshares

Jan. 31, 2016₪ / sharesshares

Aug. 31, 2015$ / sharesshares

May. 31, 2015$ / sharesshares

Mar. 31, 2015$ / sharesshares

Dec. 31, 2014USD ($)$ / sharesshares

Mar. 31, 2014$ / sharesshares

Feb. 28, 2014$ / sharesshares

Feb. 29, 2016$ / shares

Dec. 31, 2015USD ($)$ / sharesshares

Dec. 31, 2014USD ($)shares

Dec. 31, 2013USD ($)$ / sharesshares

Dec. 31, 2012₪ / sharesshares

Dec. 31, 2002shares

Dec. 31, 2009USD ($)shares

Dec. 31, 2014₪ / shares

Mar. 12, 2014₪ / shares

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock Issued During Period, Value, New Issues | $

$ 2,000,000

Payments of Stock Issuance Costs | $

4,204,000

Employee Stock Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

38,637

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term

9 years 5 months 12 days

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term

8 years 9 months 22 days

Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | $

$ 10,300,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | $

$ 6,700,000

6,700,000

Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $

$ 2,400,000

3,200,000

$ 2,400,000

Director [Member] | Employee Stock Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

160,000

17,166

8,583

Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares

$ 5.49

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

4 years

Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares

$ 3.57

$ 3.57

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ / shares

$ 190,000

$ 95,000

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested Value | $

$ 4,290

Director [Member] | Employee Stock Option [Member] | Subsequent Event [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares

$ 5.94

Director [Member] | Employee Stock Option And Restricted Stock Units [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period

10 years

Director [Member] | Employee Stock Option And Restricted Stock Units [Member] | Subsequent Event [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period

10 years

10 years

Director [Member] | Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

470,000

470,000

Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | ₪ / shares

₪ 0.01

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

4 years

Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period

37,500

37,500

Service Supplier [Member] | Employee Stock Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

38,637

Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares

$ 1.50

Consultants and Directors [Member] | Employee Stock Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

1,219,617

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $ / shares

$ 0.01

Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit | $ / shares

$ 3.57

Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested Value | $

$ 825,228

Employees, Consultants and Directors [Member] | Employee Stock Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

335,000

Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares

$ 5.49

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Date

Dec. 31, 2024

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

4 years

Consultants [Member] | Employee Stock Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

11,000

Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares

$ 9.73

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

3 years

Employees And Consultants [Member] | Employee Stock Option [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

100,000

Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares

$ 61,250

Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period

4 years

Employees And Consultants [Member] | Employee Stock Option [Member] | Subsequent Event [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

242,500

Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | ₪ / shares

₪ 0.01

Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period

41,250

Employees And Consultants [Member] | Employee Stock Option [Member] | Minimum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares

$ 9.13

Employees And Consultants [Member] | Employee Stock Option [Member] | Maximum [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares

$ 10.14

Employees And Consultants [Member] | Employee Stock Option And Restricted Stock Units [Member] | Subsequent Event [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares

$ 7.61

Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period

10 years

Employees And Consultants [Member] | Restricted Stock Units (RSUs) [Member] | Subsequent Event [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period

4

Common Stock [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock Issued During Period, Shares, New Issues

560,224

4,995,837

Stock Issued During Period, Value, New Issues | $

$ 2,000

$ 4,200,000

Common Stock [Member] | IPO [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock Issued During Period, Shares, New Issues

3,300,000

Stock Issued During Period, Value, New Issues | $

$ 40,000,000

Sale of Stock, Price Per Share | (per share)

$ 13.50

₪ 0.01

Payments of Stock Issuance Costs | $

$ 4,200,000

Common Stock [Member] | Board of Directors Chairman [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Sale of Stock, Price Per Share | ₪ / shares

₪ 0.01

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

241,299

Common Stock [Member] | Board of Directors Chairman [Member] | IPO [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period

177,488

Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ / shares

$ 13.50

Common Stock [Member] | Investor [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock Issued During Period, Shares, New Issues

33,534

Stock Issued During Period, Value, New Issues | $

$ 120,000

Common Stock [Member] | Shareholders and New Investors [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock Issued During Period, Shares, New Issues

560,224

Stock Issued During Period, Value, New Issues | $

$ 2,000,000

Sale of Stock, Price Per Share | $ / shares

$ 3.57

Common Stock [Member] | Convertible Notes Payable [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock Issued During Period, Shares, Conversion of Convertible Securities

1,026,432

Common Stock [Member] | Capital Notes [Member]

Share-based Compensation Arrangement by Share-based Payment Award [Line Items]

Stock Issued During Period, Shares, Conversion of Convertible Securities

1,043,928

Sale of Stock, Price Per Share | ₪ / shares

₪ 0.01

Research and Development Expe45

Research and Development Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Research and Development Expenses [Line Items]
Research and Development Expense	$ 7,629	$ 6,664	$ 7,207
Research and Development Expense [Member]
Research and Development Expenses [Line Items]
Chemistry and formulation studies	1,902	3,923	2,081
Salaries and benefits	808	573	0
Stock-based compensation	111	0	4,285
Research and preclinical studies	637	865	711
Clinical studies	3,671	1,148	128
Regulatory and other expenses	500	155	2
Research and Development Expense	$ 7,629	$ 6,664	$ 7,207

General and Administrative Ex46

General and Administrative Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
General and Administrative Expenses [Line Items]
General and Administrative Expense	$ 3,246	$ 2,478	$ 7,355
General and Administrative Expense [Member]
General and Administrative Expenses [Line Items]
Stock-based compensation	858	601	6,566
Professional fees	741	625	496
Salaries and benefits	747	588	145
Traveling and conference costs	65	30	46
Rent and office-maintenance fees	359	284	46
Investor relations and business development	457	337	0
Other	19	13	56
General and Administrative Expense	$ 3,246	$ 2,478	$ 7,355

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2015	Dec. 31, 2014
Deferred tax assets
Other reserves and allowances	$ 56	$ 115
Total deferred-tax assets	7,915	5,396
Valuation allowance	(7,915)	(5,396)
Net deferred-tax assets	0	0
Maltese Subsidiary [Member]
Deferred tax assets
Net-Operating-Loss Carryforward	4,608	4,212
Israeil Subsidiary [Member]
Deferred tax assets
Net-Operating-Loss Carryforward	$ 3,251	$ 1,184

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Line Items]
Loss before taxes on income, as reported in the consolidated statements of operations	$ 10,622	$ 9,102	$ 17,484
Statutory tax rate	26.50%	26.50%	25.00%
Theoretical tax benefit	$ 2,815	$ 2,412	$ 4,371
Losses and other items for which a valuation allowance was provided or benefit from loss carry forwards	(2,815)	(2,412)	(4,371)
Other	0	1	1
Actual tax expense	$ 0	$ 1	$ 1

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Income Taxes [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	26.50%	26.50%	25.00%
Operating Loss Carryforwards	$ 24.2
Israeil Subsidiary [Member]
Income Taxes [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	26.50%
Operating Loss Carryforwards	$ 12.3
Maltese Subsidiary [Member]
Income Taxes [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	35.00%	35.00%
Operating Loss Carryforwards	$ 11.9