Galmed Pharmaceuticals (GLMD) 20-F 23 Mar 17 2016 FY Annual report (foreign) Financial data

Document And Entity Information

Document And Entity Information	12 Months Ended
	Dec. 31, 2016shares
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	12,149,226
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2016
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2,016
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes

Consolidated Balance Sheet

Consolidated Balance Sheet - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Current assets
Cash and cash equivalents	$ 3,097	$ 4,156
Marketable securities	12,351	18,845
Other accounts receivable	284	379
Total current assets	15,732	23,380
Property and equipment, net	718	883
Total assets	16,450	24,263
Current liabilities
Trade payables	3,122	2,259
Other accounts payable	363	282
Deferred revenue	1,094	0
Total current liabilities	4,579	2,541
Long-term liabilities
Related parties	267	177
Deferred revenue	529	0
Total long-term liabilities	796	177
Stockholders’ equity
Ordinary shares, par value NIS 0.01 per share; Authorized 50,000,000 shares; Issued and outstanding: 12,149,226 shares as of December 31, 2016; 11,100,453 shares as of December 31, 2015	34	32
Additional paid-in capital	75,446	69,086
Accumulated other comprehensive loss	(85)	(206)
Accumulated deficit	(64,320)	(47,367)
Total stockholders' equity	11,075	21,545
Total liabilities and stockholders’ equity	$ 16,450	$ 24,263

Consolidated Balance Sheet (Par

Consolidated Balance Sheet (Parenthetical) - $ / shares	Dec. 31, 2016	Dec. 31, 2015
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	12,149,226	11,100,453
Ordinary shares, Shares, Outstanding	12,149,226	11,100,453

Consolidated Statement of Opera

Consolidated Statement of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue	$ (467)	$ 0	$ 0
Research and development, expenses	14,271	7,629	6,664
General and administrative expenses	3,078	3,246	2,478
Total operating loss	16,882	10,875	9,142
Financial income, net	(35)	(253)	(40)
Loss before income taxes	16,847	10,622	9,102
Income taxes	106	0	1
Net loss	$ 16,953	$ 10,622	$ 9,103
Basic and diluted net loss per share from continuing operations (in dollars per share)	$ 1.49	$ 0.96	$ 0.88
Weighted-average number of shares outstanding used in computing basic and diluted net loss per share (in shares)	11,374,653	11,100,453	10,323,686	[1]
[1]	Retroactively adjusted to reflect the 729:1 share split, which occurred upon consummation of the Reorganization.

Consolidated Statement of Oper5

Consolidated Statement of Operations (Parenthetical)	12 Months Ended
	Dec. 31, 2016
Stockholders' Equity Note, Stock Split	729:1

Consolidated Statement of Compr

Consolidated Statement of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Net loss	$ 16,953	$ 10,622	$ 9,103
Other comprehensive loss (income):
Net unrealized loss (gain) on available for sale securities	(121)	210	(4)
Comprehensive loss	$ 16,832	$ 10,832	$ 9,099

Statements of Changes in Stockh

Statements of Changes in Stockholders' Equity - USD ($) $ in Thousands		Total	Ordinary shares [Member]	Additional paid-in capital [Member]	Accumulated other comprehensive income (loss) [Member]	Accumulated deficit [Member]
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 loss from marketable securities		(210)	0	0	(210)	0
Net loss		(10,622)	0	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
Stock based compensation		1,628	$ 0	1,628	0	0
Issuance of Ordinary Shares	[1]	4,479	$ 2	4,477	0	0
Issuance of Ordinary Shares (in shares)	[1]		933,160
Issuance of common stock upon stock option exercises		255	$ 0	255	0	0
Issuance of common stock upon stock option exercises (in shares)			115,613
Unrealized gain loss from marketable securities		121	$ 0	0	121	0
Net loss		(16,953)	0	0	0	(16,953)
Balance at Dec. 31, 2016		$ 11,075	$ 34	$ 75,446	$ (85)	$ (64,320)
Balance (in shares) at Dec. 31, 2016			12,149,226
[1]	See also Note 10.A.7.

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands		12 Months Ended
		Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Cash flow from operating activities
Net loss for the year		$ (16,953)	$ (10,622)	$ (9,103)
Adjustments required to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		169	50	9
Amortization of discount/premium on marketable securities		44	92	0
Loss from realization of marketable securities		231	50	0
Stock-based compensation expense		1,628	970	601
Changes in operating assets and liabilities:
Increase in deferred revenue from collaboration agreement		1,623	0	0
Decrease (increase) in other accounts receivable		95	(214)	(149)
Increase (decrease) in trade payables		863	1,384	(480)
Increase (decrease) in other accounts payable		81	39	(91)
Increase (decrease) in related party		90	(223)	(28)
Net cash used in operating activities		(12,129)	(8,474)	(9,241)
Cash flow from investing activities
Purchase of property and equipment		(17)	(159)	(770)
Proceeds from sale of property and equipment		13	0	0
Investment in securities, available for sale		(7,615)	(26,541)	(2,246)
Proceeds from sale of securities, available for sale		13,955	9,594	0
Disposal of (Investment in) short-term deposit		0	6,000	(6,000)
Net cash provided by (used in) investing activities		6,336	(11,106)	(9,016)
Cash flow from financing activities
Issuance of ordinary shares		0	0	2,000
Issuance of ordinary shares upon IPO, net	[1]	0	0	39,856
Issuance of stock offerings, net of issuance costs	[2]	4,479	0	0
Proceeds from exercise of options		255	0	0
Net cash provided by financing activities		4,734	0	41,856
Increase (decrease) in cash and cash equivalents		(1,059)	(19,580)	23,599
Cash and cash equivalents at the beginning of the year		4,156	23,736	137
Cash and cash equivalents at the end of the year		3,097	4,156	23,736
Non cash activity:
Cash received from interest		382	473	0
Cash paid for taxes		$ 106	$ 0	$ 1
[1]	Net of offering costs in the amount of $4,204, see also Note 10.A.6.
[2]	See also Note 10.A.7.

General

General	12 Months Ended
	Dec. 31, 2016
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 729:1 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, 2016
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. Significant estimates include, but are not limited to, those related to deferred revenue, revenue recognition, stock-based compensation and accounting for income taxes, including valuation allowances. 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. Marketable Securities Marketable securities are considered to be available for sale and are carried at fair value. Unrealized gains and losses net of tax, 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 and declines in value judged to be other than temporary, if any, are also included in other income, net. Interest on securities classified as available for sale is included in interest income. The cost of securities sold is based on the specific identification method. For all investments in marketable securities, the Company assesses whether the impairment is other-than-temporary. If the fair value of a security is less than its amortized cost basis, an impairment is considered other-than-temporary if (i) the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its entire amortized cost basis, or (ii) the Company does not expect to recover the entire amortized cost of the security. If an impairment is considered other-than-temporary based on condition (i), the entire difference between the amortized cost and the fair value of the security is recognized in earnings. If an impairment is considered other-than-temporary based on condition (ii), the amount representing credit losses, defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis of the security, will be recognized in earnings, and the amount relating to all other factors will be recognized in other comprehensive income. The Company evaluates both qualitative and quantitative factors such as duration and severity of the unrealized losses, credit ratings, default and loss rates of the underlying collateral, structure and credit enhancements to determine if a credit loss may exist. G. 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 7-16 Computer software, electronic and medical equipment 15–33 Leasehold improvements 10 H. 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 2016 and 2015, no impairment losses were identified. I. 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 J. 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. K. 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 2016 and 2015 grants: dividend yield of 0.00 1.22 1.90 5 6.25 70 84 L. Deferred Revenue and Revenue Recognition The Company has entered into a collaboration agreement with Samil Pharm. Co. Ltd., The terms of our collaboration agreement include deliverables such as non-refundable license fees, payments based upon achievement of developmental or regulatory approval milestones, and royalties on product sales. The collaboration agreement includes additional payments payable to the Company upon the achievement of performance-based milestones. These milestones are categorized into two types; development milestones which are generally based on the advancement of our ongoing Phase IIb ARREST trial and potential pivotal study, and regulatory milestones which are based on the approval of a new drug application in the territory in respect of the product. Milestones that are tied to regulatory approval are not considered probable of being achieved until such approval is received. Upfront payments from customers are not subject to refund if the development activities are not successful. Revenue is recognized when delivery has occurred, evidence of an arrangement exists, title and risks and rewards for the products are transferred to the customer, collection is reasonably assured and product returns can be reliably estimated. Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying consolidated balance sheets. The deferred revenue is then amortized over the contractual period, and future milestone payments will be recognized once earned. Although the Company follows detailed guidelines in measuring revenue, certain judgments affect the application of its revenue policy. For example, in connection with the existing license agreement, the Company has recorded in its consolidated balance sheet short-term and long-term deferred revenue based on management’s best estimate of when such revenue will be recognized. Short-term deferred revenue consists of amounts that are expected to be recognized as revenue within twelve months from balance sheet date. Amounts that expected to be recognized beyond twelve months from balance sheet date are classified as long-term deferred revenue. However, this estimate is based the Company’s current operating plan and, if the operating plan should change in the future, management may recognize a different amount of deferred revenue classified to short term and long term. 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, 2016, 2015 and 2014, because all such securities have an anti-dilutive effect. P. Segment Reporting The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, management has determined that the Company operates in one reportable segment. Q. Comprehensive Loss The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period resulting from transactions from non-owner sources. R. Recently issued accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. In January 2016 the FASB issued ASU 2016-01 “Recognition and Measurement of Financial Assets and Financial Liabilities”, which provides targeted improvements to the recognition, measurement, presentation and disclosure of financial assets and financial liabilities. Specific accounting areas addressed include, equity investments, financial liabilities reported under the fair value option and valuation allowance assessment resulting from unrealized losses on available-for-sale securities. The ASU also changes certain presentation and disclosure requirements for financial instruments. The Update is to be applied by means of a cumulative effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. This ASU is effective for the Company in its first quarter of fiscal year 2019. Early adoption, with certain exceptions, is not permitted. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which amends, among other things, the existing guidance by requiring lessees to recognize lease assets (right-to-use) and liabilities (for reasonably certain lease payments) arising from operating leases on the balance sheet. For leases with a term of twelve months or less, ASU 2016-02 permits an entity to make an accounting policy election to recognize such leases as lease expense, generally on a straight-line basis over the lease term. ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 using a modified retrospective approach, with early adoption permitted. The Company is currently evaluating ASU 2016-02 and its impact on its consolidated financial statements. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments, which introduces a model based on expected losses to estimate credit losses for most financial assets and certain other instruments. In addition, for available-for-sale debt securities with unrealized losses, the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. The standard is effective for annual reporting periods beginning after December 15, 2019, with early adoption permitted for annual reporting periods beginning after December 15, 2018. Entities will apply the standard’s provisions by recording a cumulative-effect adjustment to retained earnings. The Comapny evaluating the impact of the adoption on our consolidated balance sheet, results of operations, cash flows and disclosures. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which amends ASC 230 to add and clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. ASU 2016-15 was issued with the intent of reducing diversity in practice with respect to certain types of cash flows. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. The Company is currently reviewing and evaluating this guidance and its impact on its consolidated financial statements.

Short Term Investments

Short Term Investments	12 Months Ended
	Dec. 31, 2016
Investments [Abstract]
Investments in Debt and Equity Instruments, Cash and Cash Equivalents, Unrealized and Realized Gains (Losses) [Text Block]	Note 3 – Short Term Investments As of December 31, 2016 Gross Gross Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value (in thousands) Municipals $ 1,576 $ – $ (2) $ 1,574 Corporate debt securities 10,860 11 (94) 10,777 Total Short term investments $ 12,436 $ 11 $ (96) $ 12,351 As of December 31, 2015 Gross Gross Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value (in thousands) Municipals $ 4,406 $ – $ (22) $ 4,384 Corporate debt securities 14,645 11 (195) 14,461 Total Short term investments $ 19,051 $ 11 $ (217) $ 18,845 The Company’s financial assets are measured at fair value on a recurring basis by level within the fair value hierarchy. All of the Company's short term investments are classified as Level 2. Other than the marketable securities, the company doesn't have any other financial assets or financial liabilities marked to market at fair value. The contractual maturity of the above mentioned short term investments varies between less than one year to three years. The Company reviews the individual securities in its portfolio to determine whether a decline in a security’s fair value below the amortized cost basis is other-than-temporary. The Company determined that as of January 31, 2016 and 2015 there were no investments in its portfolio that were other-than-temporarily impaired.

Other Accounts Receivable

Other Accounts Receivable	12 Months Ended
	Dec. 31, 2016
Receivables [Abstract]
Loans, Notes, Trade and Other Receivables Disclosure [Text Block]	Note 4 – Other Accounts Receivable As of December 31, 2016 2015 (in thousands) Government institutions $ 30 $ 109 Prepaid expenses 254 270 $ 284 $ 379

Property and equipment, net

Property and equipment, net	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment Disclosure [Text Block]	Note 5 – Property and equipment, net As of December 31, 2016 2015 (in thousands) Medical equipment $ 737 $ 750 Office furniture and equipment 33 30 Computer software and electronic equipment 62 55 Leasehold improvements 130 123 962 958 Less - Accumulated depreciation 244 75 Net book value $ 718 $ 883

Other Accounts Payable

Other Accounts Payable	12 Months Ended
	Dec. 31, 2016
Accounts Payable, Current [Abstract]
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	Note 6 – Other Accounts Payable As of December 31, 2016 2015 (in thousands) Accrued expenses $ 71 $ 113 Employees and related institutions 236 137 Accrued vacation *) 56 32 $ 363 $ 282 *) Including inter alia due to a related party in the amount of $ 44 22

Related Parties

Related Parties	12 Months Ended
	Dec. 31, 2016
Related Party Transactions [Abstract]
Related Party Transactions Disclosure [Text Block]	Note 7 – Related Parties 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

Deferred Revenue and Revenue Re

Deferred Revenue and Revenue Recognition	12 Months Ended
	Dec. 31, 2016
Deferred Revenue Disclosure [Abstract]
Deferred Revenue Disclosure [Text Block]	Note 8 – Deferred Revenue and Revenue Recognition On July 28, 2016, the Company signed a Collaboration Agreement with Samil Pharm. Co. Ltd. (the “Samil”), for an exclusive, royalty-bearing license for the commercialization of Aramchol (with an option to manufacture) for the treatment of fatty liver indications including NASH in the Republic of Korea. Under the terms of the agreement, the company received an up-front payment of approximately $2.1 million. Samil has also agreed to pay additional clinical- and regulatory-based milestone payments, which may aggregate to $6.0 million, as well as tiered, double-digit royalties payable on sales (under certain limitations). Additionally, following the ARREST Study, Samil has an option to extend the License to Vietnam, which, if exercised, would increase the clinical- and regulatory-based milestone payments. The up-front payment has been recorded as deferred revenue. The deferred revenue is then amortized over the contractual period, and future milestone payments will be recognized once earned. Accordingly, during the year ended December 31, 2016, the Company recognized revenue of $467 thousands, with the remaining amount of $1.6 is recorded as deferred revenue, of which, $1.1 million is classified as short-term portion of deferred revenue and $529 thousands are classified as long-term portion of deferred revenue.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies Disclosure [Text Block]	Note 9 – Commitments and Contingencies A. 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 B. Commitments Less than Total 1 year 1-3 years (in thousands) Facility leases $ 115 $ 52 $ 63 Purchase Obligations (1) 3,330 1,996 1,334 Total $ 3,445 $ 2,048 $ 1,397 (1) Purchase obligations included as commitments under agreements to the extent they are quantifiable and are not cancelable. The above-mentioned commitments mostly relates to agreement with medical felicities in connection with ongoing clinical trials. Other than as described above, the Company did not have any material commitments for capital expenditures, including any anticipated material acquisition of plant and equipment or interests in other companies, as of December 31, 2016.

Shareholders' Equity

Shareholders' Equity	12 Months Ended
	Dec. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Shareholders' Equity and Share-based Payments [Text Block]	Note 10 – 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. 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. 5. 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. 6. On May 31, 2016, the Company entered into a Controlled Equity Offering Sales Agreement (the "‘At-The-Market’ Offering" or the "ATM Offering") with Cantor Fitzgerald & Co., as the Company’s sales agent (“Cantor Fitzgerald”), to issue and sell, from time to time through Cantor Fitzgerald, ordinary shares having an aggregate Offering price of up to $16 million. Under the ATM Offering, the Company may sell ordinary shares by any method permitted by law and deemed to be an “at-the-market” offering, as defined in Rule 415 promulgated under the Securities Act of 1933, as amended. The Company is not obligated to make any sales under the Sales Agreement. As of December 31, 2016 the Company had sold 933,160 ordinary shares through its ATM Offering for total proceeds of approximately $4.5 million, net of issuance expenses. B. Stock-based compensation 1. The Company one equity-based incentive plan, the 2013 Incentive Share Option Plan. As of December 31, 2016, a total of 3,090,492 shares were reserved for issuance under the 2013 Plan. the 2013 Plan, which was adopted by the Board on September 2, 2013, and approved by our shareholders in December 30, 2013 (as was amended by the Board and our shareholders on March 30, 2015 and May 11, 2015, respectively), provides for the grant of options to purchase the ordinary shares and the issuance of RSUs to the Company's affiliates’ respective directors, employees, Office Holders, service providers and consultants. The 2013 Plan provides for such equity-based compensation under various and different tax regimes. 2. A summary of the status of the Company’s option plans as of December 31, 2016 and 2015 and changes during the years then ended are presented below: 2016 2015 Number of Weighted Number of Weighted Options outstanding at beginning of year 1,753,753 $ 2.12 1,619,003 $ 1.71 Granted 856,500 $ 6.08 271,000 $ 7.21 Forfeited (83,750 ) $ 6.00 (136,250 ) $ 7.37 Exercised (115,613 ) $ 2.22 - - Outstanding at end of year 2,410,890 $ 3.39 1,753,753 $ 2.12 Options exercisable at year end 1,385,829 $ 1.38 1,338,097 $ 0.92 As of December 31, 2016 and 2015, 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 8.35 and 9.45 years, respectively. The weighted average grant date fair value of the options granted during the years ended December 31, 2016 and 2015 is $3.76 and $6.48, respectively. As of December 31, 2016 a total of the 1,110,006 outstanding and exercisable options are “in the money” with aggregate intrinsic value of $3.6 million; while as of December 31, 2015 all the outstanding and exercisable options were “in the money” with aggregate intrinsic value of $10.3 million. The unrecognized compensation expense calculated under the fair-value method for stock options expected to vest as of December 31, 2016 and 2015 is approximately $4.3 million and $3.2 million and is expected to be recognized over a weighted-average period of three years. For the years ended 2016 and 2015, the company recorded a total of $1.5 million and $970 thousands of stock-based compensation expenses, in connection with the above mentioned option. 3. During 2016 the company granted a total of 78,750 RSU's. The RSU's will vest over four years. As of December 31, 2016, all the aforementioned options were outstanding. During the year 2016, with respect to the above-mentioned RSU's, the Company recorded stock-based compensation expenses in the amount of $124 thousand. As of December 31, 2016, none of the above mentioned RSU's were vested. The unrecognized compensation expense calculated under the fair-value method for stock options expected to vest as of December 31, 2016 approximately $413 thousands and is expected to be recognized over a weighted-average period of three years. 4. During the year 2016, the Company recorded $121 thousands of stock-based compensation expense due to the modification of options and RSU's awards to two of its officers due to their termination of employment. The expiration date of the vested options held by one employee was extended from 3 months to 5 years and for the other employee from 3 months to 1 year 5. Subsequent to the balance sheet date, In January 2017, the Company granted 130,000 options to purchase ordinary shares of the Company with a NIS 0.01 par value to certain directors. 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 $3.84 per share. The aggregate grant date fair value of such options is $285 thousand.

Research and Development Expens

Research and Development Expenses	12 Months Ended
	Dec. 31, 2016
Research and Development [Abstract]
Research, Development, and Computer Software Disclosure [Text Block]	Note 11 – Research and Development Expenses Year ended December 31, 2016 2015 2014 (in thousands) Chemistry and formulation studies $ 1,802 $ 1,902 $ 3,923 Salaries 1,004 808 573 Stock-based compensation 757 111 – Research and preclinical studies 924 637 865 Clinical studies 9,263 3,671 1,148 Regulatory and other expenses 521 500 155 $ 14,271 $ 7,629 $ 6,664

General and Administrative Expe

General and Administrative Expenses	12 Months Ended
	Dec. 31, 2016
General and Administrative Expense [Abstract]
General and Administrative Expenses Disclosure [Text Block]	Note 12 – General and Administrative Expenses Year ended December 31, 2016 2015 2014 (in thousands) Stock-based compensation $ 871 $ 858 $ 601 Professional fees 683 741 625 Salaries and benefits 849 747 588 Traveling and conference costs 106 65 30 Rent and office-maintenance fees 303 359 284 Investor relations and business Development expenses 248 457 337 Other 18 19 13 $ 3,078 $ 3,246 $ 2,478

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
Income Tax Disclosure [Abstract]
Income Tax Disclosure [Text Block]	Note 13 – 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: In January 2016, a legislation to amend the Israeli corporate income tax law was published. The legislation determined a decrease of the corporate income tax law as of January 1, 2016 to 25 1.5 24 23 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, 2016, the Company had approximately $ 36.0 12.0 24.0 407 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, 2016 2015 (in thousands) Deferred tax assets Israeli subsidiary net-operating-loss carry forward $ 6,003 $ 3,251 Maltese subsidiary net-operating-loss carry forward 4,609 4,608 Israeli subsidiary capital-loss carry forward 407 - Other reserves and allowances 82 56 Total deferred-tax assets 10,111 7,915 Valuation allowance (11,101) (7,915) 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 The Israeli subsidiary has received final tax assessments through the year ended December 31, 2012. F. Effective tax expense Year ended December 31, 2016 2015 2014 (in thousands) Loss before taxes on income, as reported in the consolidated statements of operations $ 16,847 $ 10,622 $ 9,102 Statutory tax rate 25 % 26.5 % 26.5 % Theoretical tax benefit 4,212 2,815 2,412 Losses and other items for which a valuation allowance was provided or benefit from loss carry forwards (4,212) (2,815) (2,412) Tax withheld from upfront payment from Samil 105 - - Others 1 - 1 Actual tax expense $ 106 $ - $ 1

Significant Accounting Polici22

Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2016
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. Significant estimates include, but are not limited to, those related to deferred revenue, revenue recognition, stock-based compensation and accounting for income taxes, including valuation allowances.
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.
Marketable Securities, Policy [Policy Text Block]	F. Marketable Securities Marketable securities are considered to be available for sale and are carried at fair value. Unrealized gains and losses net of tax, 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 and declines in value judged to be other than temporary, if any, are also included in other income, net. Interest on securities classified as available for sale is included in interest income. The cost of securities sold is based on the specific identification method. For all investments in marketable securities, the Company assesses whether the impairment is other-than-temporary. If the fair value of a security is less than its amortized cost basis, an impairment is considered other-than-temporary if (i) the Company has the intent to sell the security or it is more likely than not that the Company will be required to sell the security before recovery of its entire amortized cost basis, or (ii) the Company does not expect to recover the entire amortized cost of the security. If an impairment is considered other-than-temporary based on condition (i), the entire difference between the amortized cost and the fair value of the security is recognized in earnings. If an impairment is considered other-than-temporary based on condition (ii), the amount representing credit losses, defined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis of the security, will be recognized in earnings, and the amount relating to all other factors will be recognized in other comprehensive income. The Company evaluates both qualitative and quantitative factors such as duration and severity of the unrealized losses, credit ratings, default and loss rates of the underlying collateral, structure and credit enhancements to determine if a credit loss may exist.
Property, Plant and Equipment, Policy [Policy Text Block]	G. 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 7-16 Computer software, electronic and medical equipment 15–33 Leasehold improvements 10
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block]	H. 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 2016 and 2015, no impairment losses were identified.
Compensation Related Costs, Policy [Policy Text Block]	I. 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]	J. 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]	K. 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 2016 and 2015 grants: dividend yield of 0.00 1.22 1.90 5 6.25 70 84
Revenue Recognition, Policy [Policy Text Block]	L. Deferred Revenue and Revenue Recognition The Company has entered into a collaboration agreement with Samil Pharm. Co. Ltd., The terms of our collaboration agreement include deliverables such as non-refundable license fees, payments based upon achievement of developmental or regulatory approval milestones, and royalties on product sales. The collaboration agreement includes additional payments payable to the Company upon the achievement of performance-based milestones. These milestones are categorized into two types; development milestones which are generally based on the advancement of our ongoing Phase IIb ARREST trial and potential pivotal study, and regulatory milestones which are based on the approval of a new drug application in the territory in respect of the product. Milestones that are tied to regulatory approval are not considered probable of being achieved until such approval is received. Upfront payments from customers are not subject to refund if the development activities are not successful. Revenue is recognized when delivery has occurred, evidence of an arrangement exists, title and risks and rewards for the products are transferred to the customer, collection is reasonably assured and product returns can be reliably estimated. Amounts received prior to satisfying the above revenue recognition criteria are recorded as deferred revenue in the accompanying consolidated balance sheets. The deferred revenue is then amortized over the contractual period, and future milestone payments will be recognized once earned. Although the Company follows detailed guidelines in measuring revenue, certain judgments affect the application of its revenue policy. For example, in connection with the existing license agreement, the Company has recorded in its consolidated balance sheet short-term and long-term deferred revenue based on management’s best estimate of when such revenue will be recognized. Short-term deferred revenue consists of amounts that are expected to be recognized as revenue within twelve months from balance sheet date. Amounts that expected to be recognized beyond twelve months from balance sheet date are classified as long-term deferred revenue. However, this estimate is based the Company’s current operating plan and, if the operating plan should change in the future, management may recognize a different amount of deferred revenue classified to short term and long term.
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, 2016, 2015 and 2014, because all such securities have an anti-dilutive effect.
Segment Reporting, Policy [Policy Text Block]	P. Segment Reporting The chief operating decision maker for the Company is the Chief Executive Officer. The Chief Executive Officer reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. Accordingly, management has determined that the Company operates in one reportable segment.
Comprehensive Income, Policy [Policy Text Block]	Q. Comprehensive Loss The purpose of reporting comprehensive income is to report a measure of all changes in equity of an entity that result from recognized transactions and other economic events of the period resulting from transactions from non-owner sources.
New Accounting Pronouncements, Policy [Policy Text Block]	R. Recently issued accounting pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board, or FASB, or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the impact of recently issued standards that are not yet effective will not have a material impact on our financial position or results of operations upon adoption. In January 2016 the FASB issued ASU 2016-01 “Recognition and Measurement of Financial Assets and Financial Liabilities”, which provides targeted improvements to the recognition, measurement, presentation and disclosure of financial assets and financial liabilities. Specific accounting areas addressed include, equity investments, financial liabilities reported under the fair value option and valuation allowance assessment resulting from unrealized losses on available-for-sale securities. The ASU also changes certain presentation and disclosure requirements for financial instruments. The Update is to be applied by means of a cumulative effect adjustment to the balance sheet as of the beginning of the fiscal year of adoption. This ASU is effective for the Company in its first quarter of fiscal year 2019. Early adoption, with certain exceptions, is not permitted. The Company is currently evaluating the effect this ASU will have on its consolidated financial statements. In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASU 2016-02”), which amends, among other things, the existing guidance by requiring lessees to recognize lease assets (right-to-use) and liabilities (for reasonably certain lease payments) arising from operating leases on the balance sheet. For leases with a term of twelve months or less, ASU 2016-02 permits an entity to make an accounting policy election to recognize such leases as lease expense, generally on a straight-line basis over the lease term. ASU 2016-02 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2018 using a modified retrospective approach, with early adoption permitted. The Company is currently evaluating ASU 2016-02 and its impact on its consolidated financial statements. In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2016-13, Financial Instruments – Credit Losses – Measurement of Credit Losses on Financial Instruments, which introduces a model based on expected losses to estimate credit losses for most financial assets and certain other instruments. In addition, for available-for-sale debt securities with unrealized losses, the losses will be recognized as allowances rather than reductions in the amortized cost of the securities. The standard is effective for annual reporting periods beginning after December 15, 2019, with early adoption permitted for annual reporting periods beginning after December 15, 2018. Entities will apply the standard’s provisions by recording a cumulative-effect adjustment to retained earnings. The Comapny evaluating the impact of the adoption on our consolidated balance sheet, results of operations, cash flows and disclosures. In August 2016, the FASB issued Accounting Standards Update No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), which amends ASC 230 to add and clarify guidance on the classification of certain cash receipts and payments in the statement of cash flows. ASU 2016-15 was issued with the intent of reducing diversity in practice with respect to certain types of cash flows. ASU 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, with early adoption permitted. The Company is currently reviewing and evaluating this guidance and its impact on its consolidated financial statements.

Significant Accounting Polici23

Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2016
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 7-16 Computer software, electronic and medical equipment 15–33 Leasehold improvements 10

Short Term Investments (Tables)

Short Term Investments (Tables)	12 Months Ended
	Dec. 31, 2016
Investments [Abstract]
Investment [Table Text Block]	The following table summarizes the Company’s short term investments as of December 31, 2016 and 2015: As of December 31, 2016 Gross Gross Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value (in thousands) Municipals $ 1,576 $ – $ (2) $ 1,574 Corporate debt securities 10,860 11 (94) 10,777 Total Short term investments $ 12,436 $ 11 $ (96) $ 12,351 As of December 31, 2015 Gross Gross Unrealized Unrealized Estimated Cost Basis Gains Losses Fair Value (in thousands) Municipals $ 4,406 $ – $ (22) $ 4,384 Corporate debt securities 14,645 11 (195) 14,461 Total Short term investments $ 19,051 $ 11 $ (217) $ 18,845

Other Accounts Receivable (Tabl

Other Accounts Receivable (Tables)	12 Months Ended
	Dec. 31, 2016
Receivables [Abstract]
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	As of December 31, 2016 2015 (in thousands) Government institutions $ 30 $ 109 Prepaid expenses 254 270 $ 284 $ 379

Property and equipment, net (Ta

Property and equipment, net (Tables)	12 Months Ended
	Dec. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment [Table Text Block]	As of December 31, 2016 2015 (in thousands) Medical equipment $ 737 $ 750 Office furniture and equipment 33 30 Computer software and electronic equipment 62 55 Leasehold improvements 130 123 962 958 Less - Accumulated depreciation 244 75 Net book value $ 718 $ 883

Other Accounts Payable (Tables)

Other Accounts Payable (Tables)	12 Months Ended
	Dec. 31, 2016
Accounts Payable, Current [Abstract]
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block]	As of December 31, 2016 2015 (in thousands) Accrued expenses $ 71 $ 113 Employees and related institutions 236 137 Accrued vacation *) 56 32 $ 363 $ 282 *) Including inter alia due to a related party in the amount of $ 44 22

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Contractual Obligation, Fiscal Year Maturity Schedule [Table Text Block]	The following table summarizes the Company's significant contractual obligations at December 31, 2016: Less than Total 1 year 1-3 years (in thousands) Facility leases $ 115 $ 52 $ 63 Purchase Obligations (1) 3,330 1,996 1,334 Total $ 3,445 $ 2,048 $ 1,397 (1) Purchase obligations included as commitments under agreements to the extent they are quantifiable and are not cancelable. The above-mentioned commitments mostly relates to agreement with medical felicities in connection with ongoing clinical trials.

Shareholders' Equity(Tables)

Shareholders' Equity(Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 and 2015 and changes during the years then ended are presented below: 2016 2015 Weighted Weighted average Number of average Number of exercise share exercise share options price options price Options outstanding at beginning of year 1,753,753 $ 2.12 1,619,003 $ 1.71 Granted 856,500 $ 6.08 271,000 $ 7.21 Forfeited (83,750) $ 6.00 (136,250) $ 7.37 Exercised (115,613) $ 2.22 - - Outstanding at end of year 2,410,890 $ 3.39 1,753,753 $ 2.12 Options exercisable at year end 1,385,829 $ 1.38 1,338,097 $ 0.92

Research and Development Expe30

Research and Development Expenses (Tables)	12 Months Ended
	Dec. 31, 2016
Research and Development [Abstract]
Research and Development Expenses [Table Text Block]	Year ended December 31, 2016 2015 2014 (in thousands) Chemistry and formulation studies $ 1,802 $ 1,902 $ 3,923 Salaries 1,004 808 573 Stock-based compensation 757 111 – Research and preclinical studies 924 637 865 Clinical studies 9,263 3,671 1,148 Regulatory and other expenses 521 500 155 $ 14,271 $ 7,629 $ 6,664

General and Administrative Ex31

General and Administrative Expenses (Tables)	12 Months Ended
	Dec. 31, 2016
General and Administrative Expense [Abstract]
General and Administrative Expenses [Table Text Block]	Year ended December 31, 2016 2015 2014 (in thousands) Stock-based compensation $ 871 $ 858 $ 601 Professional fees 683 741 625 Salaries and benefits 849 747 588 Traveling and conference costs 106 65 30 Rent and office-maintenance fees 303 359 284 Investor relations and business Development expenses 248 457 337 Other 18 19 13 $ 3,078 $ 3,246 $ 2,478

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 (in thousands) Deferred tax assets Israeli subsidiary net-operating-loss carry forward $ 6,003 $ 3,251 Maltese subsidiary net-operating-loss carry forward 4,609 4,608 Israeli subsidiary capital-loss carry forward 407 - Other reserves and allowances 82 56 Total deferred-tax assets 10,111 7,915 Valuation allowance (11,101) (7,915) 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, 2016 2015 2014 (in thousands) Loss before taxes on income, as reported in the consolidated statements of operations $ 16,847 $ 10,622 $ 9,102 Statutory tax rate 25 % 26.5 % 26.5 % Theoretical tax benefit 4,212 2,815 2,412 Losses and other items for which a valuation allowance was provided or benefit from loss carry forwards (4,212) (2,815) (2,412) Tax withheld from upfront payment from Samil 105 - - Others 1 - 1 Actual tax expense $ 106 $ - $ 1

General (Details Textual)

General (Details Textual)	12 Months Ended
	Dec. 31, 2016
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, 2016
Office furniture and equipment [Member] | Minimum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciation, Percentage	7.00%
Office furniture and equipment [Member] | Maximum [Member]
Property, Plant and Equipment [Line Items]
Property, Plant and Equipment, Depreciation, Percentage	16.00%
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, 2016	Dec. 31, 2015
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 3 months
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate	1.22%	1.90%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate	70.00%	84.00%

Short Term Investments (Details

Short Term Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	$ 12,436	$ 19,051
Gross Unrealized Gains	11	11
Gross Unrealized Losses	(96)	(217)
Estimated Fair Value	12,351	18,845
Municipals [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	1,576	4,406
Gross Unrealized Gains	0	0
Gross Unrealized Losses	(2)	(22)
Estimated Fair Value	1,574	4,384
Corporate Debt Securities [Member]
Schedule of Available-for-sale Securities [Line Items]
Cost Basis	10,860	14,645
Gross Unrealized Gains	11	11
Gross Unrealized Losses	(94)	(195)
Estimated Fair Value	$ 10,777	$ 14,461

Other Accounts Receivable (Deta

Other Accounts Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Other Accounts Receivable [Line Items]
Government institutions	$ 30	$ 109
Prepaid expenses	254	270
Receivables, Net, Current	$ 284	$ 379

Property and equipment, net (De

Property and equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Medical equipment	$ 737	$ 750
Office furniture and equipment	33	30
Computer software and electronic equipment	62	55
Leasehold improvements	130	123
Property, Plant and Equipment, Gross	962	958
Less - Accumulated depreciation	244	75
Net book value	$ 718	$ 883

Other Accounts Payable (Details

Other Accounts Payable (Details) - USD ($) $ in Thousands		Dec. 31, 2016	Dec. 31, 2015
Other Accounts Payable [Line Items]
Accrued expenses		$ 71	$ 113
Employees and related institutions		236	137
Accrued vacation	[1]	56	32
Accounts Payable and Accrued Liabilities, Current		$ 363	$ 282
[1]	Including inter alia due to a related party in the amount of $44 thousands and $22 thousand, as of December 31, 2016 and 2015, respectively.

Other Accounts Payable (Detai40

Other Accounts Payable (Details Textual) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Other Accounts Payable [Line Items]
Due to Related Parties, Current	$ 44	$ 22

Related Parties (Details Textua

Related Parties (Details Textual) - Late Co-founder [Member] $ in Thousands	12 Months Ended
	Dec. 31, 2011USD ($)
Related Party Transaction [Line Items]
Due to Related Parties	$ 263
Debt Instrument, Description of Variable Rate Basis	LIBOR + 1%

Deferred Revenue and Revenue 42

Deferred Revenue and Revenue Recognition (Details Textual) - USD ($)	1 Months Ended	12 Months Ended
	Jul. 28, 2016	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenue Recognition, Milestone Method [Line Items]
Revenue, Net		$ 467,000	$ 0	$ 0
Deferred Revenue		1.6
Deferred Revenue, Current		1,094,000	0
Deferred Revenue, Noncurrent		$ 529,000	$ 0
Samil Pharm. Co. Ltd [Member]
Revenue Recognition, Milestone Method [Line Items]
Revenue Recognition, Milestone Method, Revenue Recognized	$ 2,100,000
Accrued Royalties	$ 6,000,000

Commitments and Contingencies43

Commitments and Contingencies (Details) $ in Thousands	Dec. 31, 2016USD ($)
Other Commitments [Line Items]
Total	$ 3,445
Less than 1 year	2,048
1-3 years	1,397
Facility Leases [Member]
Other Commitments [Line Items]
Total	115
Less than 1 year	52
1-3 years	63
Purchase Obligation [Member]
Other Commitments [Line Items]
Total	3,330	[1]
Less than 1 year	1,996	[1]
1-3 years	$ 1,334	[1]
[1]	Purchase obligations included as commitments under agreements to the extent they are quantifiable and are not cancelable. The above-mentioned commitments mostly relates to agreement with medical felicities in connection with ongoing clinical trials.

Commitments and Contingencies44

Commitments and Contingencies (Details Textual)	12 Months Ended
	Dec. 31, 2016
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, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of share options, Outstanding at beginning of year (in shares)	1,753,753	1,619,003
Number of share options, Granted (in shares)	856,500	271,000
Number of share options, Forfeited (in shares)	(83,750)	(136,250)
Number of share options, Exercised (in shares)	(115,613)	0
Number of share options, Outstanding at end of year (in shares)	2,410,890	1,753,753
Number of share options, Options exercisable at year end (in shares)	1,385,829	1,338,097
Weighted average exercise price, Options outstanding at beginning of year (in dollars per share)	$ 2.12	$ 1.71
Weighted average exercise price, Granted (in dollars per share)	6.08	7.21
Weighted average exercise Price, Forfeited (in dollars per share)	6	7.37
Weighted average exercise price, Exercised (in dollars per share)	2.22	0
Weighted average exercise price, Outstanding at end of year (in dollars per share)	3.39	2.12
Weighted average exercise price, Options exercisable at year end (in dollars per share)	$ 1.38	$ 0.92

Shareholders' Equity (Details T

Shareholders' Equity (Details Textual) $ / shares in Units, $ in Thousands

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

Feb. 03, 2014USD ($)$ / sharesshares

Jan. 31, 2017USD ($)$ / sharesshares

Dec. 31, 2016USD ($)$ / sharesshares

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

Dec. 31, 2013₪ / sharesshares

Dec. 31, 2002shares

Dec. 31, 2009USD ($)shares

Jan. 31, 2017₪ / shares

Mar. 12, 2014₪ / shares

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

Stock Issued During Period, Value, New Issues

[1]

$ 4,479

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

$ 413

Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition

3 years

Common Stock, Par or Stated Value Per Share | $ / shares

$ 0.01

$ 0.01

At-The-Market Offering [Member]

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

Maximum Amount Of Shares To Be Issued

$ 16,000

Incentive Share Option Plan 2013 [Member]

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

Common Stock, Capital Shares Reserved for Future Issuance | shares

3,090,492

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 | shares

38,637

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

8 years 4 months 6 days

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

9 years 5 months 12 days

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

$ 3,600

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

$ 10,300

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

$ 4,300

$ 3,200

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

$ 3.76

$ 6.48

Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Number | shares

1,110,006

Allocated Share-based Compensation Expense

$ 1,500

$ 970

Restricted Stock Units (RSUs) [Member]

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

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

4 years

Allocated Share-based Compensation Expense

$ 124,000

Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares

78,750

Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost

$ 121

Director [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 | shares

130,000

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

$ 3.84

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

10 years

Common Stock, Par or Stated Value Per Share | ₪ / shares

₪ 0.01

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

$ 285

One Employee [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member]

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

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

3 months

One Employee [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member]

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

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

5 years

Other Employee [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member]

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

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

3 months

Other Employee [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member]

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

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

1 year

Ordinary shares [Member]

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

Stock Issued During Period, Shares, New Issues | shares

933,160

[1]

4,995,837

Stock Issued During Period, Value, New Issues

$ 2

[1]

$ 4,200

Ordinary shares [Member] | IPO [Member]

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

Stock Issued During Period, Shares, New Issues | shares

3,300,000

Stock Issued During Period, Value, New Issues

$ 40,000

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

$ 13.50

₪ 0.01

Payments of Stock Issuance Costs

$ 4,200

Ordinary shares [Member] | Shareholders and New Investors [Member]

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

Stock Issued During Period, Shares, New Issues | shares

560,224

Stock Issued During Period, Value, New Issues

$ 2,000

Sale of Stock, Price Per Share | $ / shares

$ 3.57

Ordinary shares [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 | shares

1,026,432

Ordinary shares [Member] | Capital Notes [Member]

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

Stock Issued During Period, Shares, Conversion of Convertible Securities | shares

1,043,928

Sale of Stock, Price Per Share | ₪ / shares

₪ 0.01

[1]

See also Note 10.A.7.

Research and Development Expe47

Research and Development Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Research and Development Expenses [Line Items]
Research and Development Expense	$ 14,271	$ 7,629	$ 6,664
Research and Development Expense [Member]
Research and Development Expenses [Line Items]
Chemistry and formulation studies	1,802	1,902	3,923
Salaries	1,004	808	573
Stock-based compensation	757	111	0
Research and preclinical studies	924	637	865
Clinical studies	9,263	3,671	1,148
Regulatory and other expenses	521	500	155
Research and Development Expense	$ 14,271	$ 7,629	$ 6,664

General and Administrative Ex48

General and Administrative Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
General and Administrative Expenses [Line Items]
General and Administrative Expense	$ 3,078	$ 3,246	$ 2,478
General and Administrative Expense [Member]
General and Administrative Expenses [Line Items]
Stock-based compensation	871	858	601
Professional fees	683	741	625
Salaries and benefits	849	747	588
Traveling and conference costs	106	65	30
Rent and office-maintenance fees	303	359	284
Investor relations and business Development expenses	248	457	337
Other	18	19	13
General and Administrative Expense	$ 3,078	$ 3,246	$ 2,478

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Deferred tax assets
Israeli subsidiary capital-loss carry forward	$ 407
Other reserves and allowances	82	$ 56
Total deferred-tax assets	10,111	7,915
Valuation allowance	(11,101)	(7,915)
Net deferred-tax assets	0	0
Maltese Subsidiary [Member]
Deferred tax assets
Net-Operating-Loss Carryforward	4,609	4,608
Israeil Subsidiary [Member]
Deferred tax assets
Net-Operating-Loss Carryforward	$ 6,003	$ 3,251

Income Taxes (Details 1)

Income Taxes (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Line Items]
Loss before taxes on income, as reported in the consolidated statements of operations	$ 16,847	$ 10,622	$ 9,102
Statutory tax rate	25.00%	26.50%	26.50%
Theoretical tax benefit	$ 4,212	$ 2,815	$ 2,412
Losses and other items for which a valuation allowance was provided or benefit from loss carry forwards	(4,212)	(2,815)	(2,412)
Tax withheld from upfront payment from Samil	105	0	0
Other	1	0	1
Actual tax expense	$ 106	$ 0	$ 1

Income Taxes (Details Textual)

Income Taxes (Details Textual) - USD ($) $ in Thousands	1 Months Ended		12 Months Ended
	Jan. 01, 2018	Jan. 01, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Income Taxes [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			25.00%	26.50%	26.50%
Operating Loss Carryforwards			$ 36,000
Deferred Tax Assets, Capital Loss Carryforwards			$ 407
Israeil Subsidiary [Member]
Income Taxes [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			25.00%
Effective Income Tax Rate Reconciliation,Decrease In Federal Statutory Income Tax Rate, Percent			1.50%
Operating Loss Carryforwards			$ 24,000
Israeil Subsidiary [Member] | Scenario, Forecast [Member]
Income Taxes [Line Items]
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	23.00%	24.00%
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			$ 12,000