Document_And_Entity_Informatio
Document And Entity Information | 12 Months Ended |
Dec. 31, 2014 | |
Document Information [Line Items] | |
Entity Registrant Name | BIO BLAST PHARMA LTD. |
Entity Central Index Key | 1596812 |
Current Fiscal Year End Date | -19 |
Entity Filer Category | Non-accelerated Filer |
Trading Symbol | ORPN |
Entity Common Stock, Shares Outstanding | 14,230,480 |
Document Type | 20-F |
Amendment Flag | FALSE |
Document Period End Date | 31-Dec-14 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2014 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
BALANCE_SHEETS
BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $10,583 | $270 |
Short-term bank deposits | 22,028 | 0 |
Receivables and prepaid expenses | 274 | 29 |
Total current assets | 32,885 | 299 |
LONG-TERM ASSETS: | ||
Long-term deposit | 9 | 5 |
Property and equipment, net | 60 | 2 |
Total long-term assets | 69 | 7 |
TOTAL ASSETS | 32,954 | 306 |
CURRENT LIABILITIES: | ||
Trade payables | 1,285 | 46 |
Other accounts payable | 995 | 85 |
Total current liabilities | 2,280 | 131 |
SHAREHOLDERS' EQUITY: | ||
Ordinary shares of NIS 0.01 par value - 50,000,000 and 16,613,139 shares authorized at December 31, 2014 and 2013, respectively; 14,230,480 and 9,182,867 issued and outstanding shares at December 31, 2014 and 2013, respectively; | 39 | 24 |
Additional paid- in capital | 39,057 | 1,551 |
Accumulated deficit | -8,422 | -1,400 |
Total shareholders' equity | 30,674 | 175 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $32,954 | $306 |
BALANCE_SHEETS_Parenthetical
BALANCE SHEETS (Parenthetical) (ILS) | Dec. 31, 2014 | Dec. 31, 2013 |
Common stock, par or stated value per share (in dollars per share) | 0.01 | 0.01 |
Common stock, shares authorized | 50,000,000 | 16,613,139 |
Common stock, shares, issued | 14,230,480 | 9,182,867 |
Common stock, shares, outstanding | 14,230,480 | 9,182,867 |
STATEMENTS_OF_OPERATIONS
STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Research and development expenses | $4,441 | $732 | $140 |
General and administrative expenses | 2,639 | 416 | 86 |
Operating loss | 7,080 | 1,148 | 226 |
Financial expenses (income), net | -58 | -3 | 3 |
Loss | 7,022 | 1,145 | 229 |
Deemed dividend | 0 | 26 | 0 |
Loss attributable to holders of Ordinary shares | $7,022 | $1,171 | $229 |
Basic and diluted loss per share (in dollars per share) | ($0.57) | ($0.14) | ($0.03) |
Weighted average number of Ordinary shares used in computing basic and diluted loss per share (in shares) | 12,259,600 | 8,423,018 | 7,551,427 |
STATEMENTS_OF_CHANGES_IN_SHARE
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit during Development Stage [Member] | Preferred Class A [Member] |
In Thousands, except Share data | |||||
Balances at Jan. 22, 2012 | $0 | $0 | $0 | $0 | $0 |
Balance (in shares) at Jan. 22, 2012 | 0 | 0 | |||
Issuance of Ordinary shares to founders | 0 | 20 | -20 | 0 | 0 |
Issuance of Ordinary shares to founders (in shares) | 7,551,427 | 0 | |||
Issuance of Preferred A shares, net ($0.53 per share) | 295 | 0 | 294 | 0 | 1 |
Issuance of Preferred A shares, net ($0.53 per share) (in shares) | 0 | 566,357 | |||
Share based compensation | 9 | 0 | 9 | 0 | |
Loss | -229 | 0 | 0 | -229 | 0 |
Balance at Dec. 31, 2012 | 75 | 20 | 283 | -229 | 1 |
Balance (in shares) at Dec. 31, 2012 | 7,551,427 | 566,357 | |||
Conversion of Preferred A shares into Ordinary shares | 0 | 1 | 0 | 0 | -1 |
Conversion of Preferred A shares into Ordinary shares (in shares) | 566,357 | -566,357 | |||
Deemed Dividend | 0 | 0 | 26 | -26 | 0 |
Issuance of Ordinary shares, net ($0.95 per share) | 991 | 3 | 988 | 0 | 0 |
Issuance of Ordinary shares, net ($0.95 per share) (in shares) | 1,065,083 | 0 | |||
Share based compensation | 254 | 0 | 254 | 0 | 0 |
Loss | -1,145 | 0 | 0 | -1,145 | 0 |
Balance at Dec. 31, 2013 | 175 | 24 | 1,551 | -1,400 | 0 |
Balance (in shares) at Dec. 31, 2013 | 9,182,867 | 0 | |||
Issuance of Ordinary shares, net ($0.95 per share) | 1,012 | 3 | 1,009 | 0 | 0 |
Issuance of Ordinary shares, net ($0.95 per share) (in shares) | 1,065,076 | 0 | |||
Issuance of Ordinary shares upon private placement, net ($6.07 per share) | 4,368 | 3 | 4,365 | 0 | 0 |
Issuance of Ordinary shares upon private placement, net ($6.07 per share) (in shares) | 782,537 | 0 | |||
Issuance of Ordinary shares upon initial public offering net ($11 per share) | 31,405 | 9 | 31,396 | 0 | 0 |
Issuance of Ordinary shares upon initial public offering net ($11 per share) (in shares) | 3,200,000 | 0 | |||
Share based compensation | 736 | 0 | 736 | 0 | 0 |
Loss | -7,022 | 0 | 0 | -7,022 | 0 |
Balance at Dec. 31, 2014 | $30,674 | $39 | $39,057 | ($8,422) | $0 |
Balance (in shares) at Dec. 31, 2014 | 14,230,480 | 0 |
STATEMENTS_OF_CHANGES_IN_SHARE1
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) (USD $) | 12 Months Ended | 11 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Equity Issuance, Per Share Amount | $0.95 | $0.95 | |
Private Placement [Member] | |||
Equity Issuance, Per Share Amount | $6.07 | ||
IPO [Member] | |||
Equity Issuance, Per Share Amount | $11 | ||
Preferred Class A [Member] | |||
Equity Issuance, Per Share Amount | $0.53 |
STATEMENTS_OF_CASH_FLOWS
STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Cash flows from operating activities | ||||
Loss | ($7,022) | ($1,145) | ($229) | |
Adjustments to reconcile loss to net cash used in operating activities: | ||||
Depreciation | 5 | 0 | [1] | 0 |
Stock based compensation | 736 | 254 | 9 | |
Interest on short-term bank deposits | -28 | 0 | 0 | |
Changes in operating assets and liabilities: | ||||
Receivables and prepaid expenses | -245 | -19 | -10 | |
Long-term deposit | -4 | -5 | 0 | |
Trade payables | 1,239 | -28 | 74 | |
Other accounts payables | 910 | 78 | 7 | |
Net cash used in operating activities | -4,409 | -865 | -149 | |
Cash flows from investing activities | ||||
Short-term bank deposits | -22,000 | 0 | 0 | |
Purchase of property and equipment | -63 | -2 | 0 | |
Net cash used in investing activities | -22,063 | -2 | 0 | |
Cash flows from financing activities | ||||
Issuance of shares, net | 36,785 | 991 | 295 | |
Net cash provided by financing activities | 36,785 | 991 | 295 | |
Increase in cash and cash equivalents | 10,313 | 124 | 146 | |
Cash and cash equivalents at the beginning of the year | 270 | 146 | 0 | |
Cash and cash equivalents at the end of the year | $10,583 | $270 | $146 | |
[1] | Represents an amount lower than $1. |
GENERAL
GENERAL | 12 Months Ended | ||
Dec. 31, 2014 | |||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | NOTE 1:- | GENERAL | |
a. | BioBlast Pharma Ltd. (the "Company”) was incorporated in Israel and commenced its operations on January 22, 2012. The Company is a clinical-stage biotechnology company committed to developing clinically meaningful therapies for patients with rare and ultra-rare genetic diseases. The Company is rapidly building a diverse portfolio of product candidates with the potential to address unmet medical needs for incurable diseases. The Company's platforms are based on deep understanding of the disease-causing biological processes, and potentially offer solutions for several diseases that share the same biological pathology. The Company seeks to identify therapeutic platforms that offer solutions for several diseases that share a common pathophysiological mechanism. The Company's objective is to conduct additional clinical trials for its drugs (the "Drugs") and, if those trials are successful, seek marketing approval from the U.S. Food and Drug Administration (the "FDA") and other worldwide regulatory bodies. | ||
b. | The Company is engaged in the research and development of products in the biopharmaceutical field, has not generated revenue from the sale of any product, and does not expect to generate significant revenue unless and until the obtaining of marketing approval, and commercializing its Drugs. The Company has incurred losses in the amount of $7,022 during the year ended December 31, 2014. | ||
c. | During August 2014, the Company completed an Initial Public Offering ("IPO") in United States in which it issued 3,200,000 Ordinary shares in consideration of approximately $31,405, net and its Ordinary shares began trading on the "NASDAQ Capital Market". | ||
SIGNIFICANT_ACCOUNTING_POLICIE
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Significant Accounting Policies [Text Block] | NOTE 2:- | SIGNIFICANT ACCOUNTING POLICIES | |||
The financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP"). | |||||
a. | Use of estimates: | ||||
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company's management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. | |||||
b. | New accounting pronouncements: | ||||
In June 2014 the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 10-2014 ("ASU 10-2014") regarding development stage entities. The ASU removes the definition of development stage entity, as was previously defined under U.S. GAAP, from the accounting standards codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the ASU eliminates the requirements for development stage entities to (i) present inception-to-date information in the statement of income, cash flow and stockholders' equity, (ii) label the financial statements as those of a development stage entity, (iii) disclose a description of the development stage activities in which the entity is engaged, and (iv) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments to ASU 10-2014 are effective for annual reporting periods beginning after December 15, 2014. The Company has applied the ASU in these financial statements. | |||||
In 2014, the FASB issued ASU 15-2014, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, which defines management’s responsibility to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. The pronouncement is effective for annual reporting periods ending after December 15, 2016 with early adoption permitted. The Company is currently evaluating the effect, if any, that the adoption of this guidance will have on the Company’s financial statements. | |||||
c. | Financial statements in U.S. dollars: | ||||
The Company finances its operation in U.S. dollars. The majority of the Company's operations are currently conducted in Israel, a significant part of the Company's expenses are denominated and determined in U.S. dollars. The Company's management believes that the dollar is the currency of the primary economic environment in which the Company operates and expects to continue to operate in the foreseeable future. Thus, the functional currency of the Company is the U.S. dollar. | |||||
The Company's transactions and balances denominated in U.S. dollars are presented at their original amounts. Non-dollar transactions and balances have been remeasured to U.S. dollars in accordance with Accounting Standards Codification ("ASC") 830, "Foreign Currency Matters", of the FASB. All transaction gains and losses from remeasurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statements of operations as financial income or expenses, as appropriate. | |||||
d. | Cash equivalents: | ||||
Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at acquisition. | |||||
e. | Short-term bank deposits: | ||||
Short-term bank deposits are deposits with maturities of more than three months but less than one year. Short–term bank deposits are presented at their cost, including accrued interest, which approximates fair value. As of December 31, 2014, the Company's bank deposits were in U.S. dollars and bore interest at a weighted average interest rate of 0.66%. | |||||
f. | Property and equipment, net: | ||||
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following rates: | |||||
% | |||||
Computers and software | 33 | ||||
Electronic equipment | 15 | ||||
Office furniture and equipment | 6 | ||||
The Company's property and equipment are reviewed for impairment in accordance with ASC 360, "Property, Plant, and Equipment," whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. In 2014, 2013 and 2012 no impairment losses have been identified. | |||||
g. | Long-term deposits: | ||||
Long-term deposits include long-term deposits for motor vehicles under operating leases, presented at their cost. | |||||
h. | Research and development costs: | ||||
Research and development costs are expensed as incurred. Those expenses includes payments to third party clinical consultants, expenses related to conducting clinical trials, salaries and related personnel expenses, travel expenses, and share based compensation expenses related to research and development employees. | |||||
i. | Income taxes: | ||||
The Company accounts for income taxes in accordance with ASC 740, "Income Taxes". This topic prescribes the use of the liability method whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. | |||||
The Company implements a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% (cumulative basis) likely to be realized upon ultimate settlement. As of December 31, 2014 and 2013 the Company has not recorded a liability for uncertain tax positions. | |||||
j. | Concentrations of credit risk: | ||||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. | |||||
Cash and cash equivalents are invested in major banks in Israel. Management believes that the financial institutions that hold the Company's investments are financially sound and, accordingly, minimal credit risk exists with respect to these investments. | |||||
The Company has no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements. | |||||
k. | Fair value of financial instruments: | ||||
The Company has no financial instruments that are measured at fair value. | |||||
The carrying amounts of cash and cash equivalents, short-term bank deposits, accounts receivable and accounts payable, approximate their fair value due to the short-term maturities of such instruments. | |||||
l. | Basic and diluted loss per share: | ||||
Basic net loss per share is computed based on the weighted average number of Ordinary shares outstanding during each year. Diluted loss per share is computed based on the weighted average number of Ordinary shares outstanding during each year plus dilutive potential equivalent Ordinary shares considered outstanding during the year, in accordance with ASC 260, "Earnings per Share." | |||||
For the years ended December 31, 2014, 2013 and 2012, all outstanding options have been excluded from the calculation of the diluted net loss per share since their effect was anti-dilutive. | |||||
m. | Accounting for stock-based compensation: | ||||
The Company accounts for stock-based compensation in accordance with ASC 718, "Compensation - Stock Compensation" ("ASC 718") that requires the measurement and recognition of compensation expense based on estimated fair values for all share-based payment awards made to employees and directors. ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the option award is recognized as an expense over the requisite service periods in the Company's statements of operations based on the accelerated method. | |||||
The Company selected the Black-Scholes-Merton ("Black-Scholes") option-pricing model as the fair value method for of its stock-options awards. The option-pricing model requires a number of assumptions as noted below: | |||||
Expected dividend yield - The expected dividend yield assumption is based on the Company's historical experience and expectation of no future dividend payouts. The Company has historically not paid cash dividends and has no foreseeable plans to pay cash dividends in the future. | |||||
Volatility - Since the Company's shares started trading on NASDAQ in July 2014, sufficient quoted prices of the Company's share are unavailable. Due to insufficient historical data for the Company, the expected volatility determination was based on similar companies' stock volatility. | |||||
Risk free interest rate - The risk free interest rate is based on the yield of U.S. Treasury bonds with equivalent terms. | |||||
Expected term - ASC 718 provides the factors to consider when estimating the expected term of an option: an option's expected term must at least include the vesting period and the employees' historical exercise and post-vesting employment termination behavior for similar grants. It also determines that if the amount of past exercise data is limited, that data may not represent a sufficiently large sample on which to base a robust conclusion on expected exercise behavior. In that circumstance, it may be appropriate to consider external data or the SEC staff's "simplified" method for the expected term. Accordingly, the Company used the "simplified" method, meaning the expected life can be set as the average of the vesting period for each vested tranche of options and the contractual term for those options. | |||||
RECEIVABLES_AND_PREPAID_EXPENS
RECEIVABLES AND PREPAID EXPENSES | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Receivables and Prepaid Expenses [Abstract] | ||||||||
Receivables and Prepaid Expenses Disclosure [Text Block] | NOTE 3:- | RECEIVABLES AND PREPAID EXPENSES | ||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Government authorities | $ | 93 | $ | 26 | ||||
Prepaid expenses | 181 | 3 | ||||||
$ | 274 | $ | 29 | |||||
PROPERTY_AND_EQUIPMENT_NET
PROPERTY AND EQUIPMENT, NET | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment Disclosure [Text Block] | NOTE 4:- | PROPERTY AND EQUIPMENT, NET | ||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Cost: | ||||||||
Computers and software | $ | 19 | $ | 2 | ||||
Electronic equipment | 14 | - | ||||||
Office furniture and equipment | 32 | - | ||||||
65 | 2 | |||||||
Accumulated depreciation: | ||||||||
Computers and software | 3 | *) | ||||||
Electronic equipment | 1 | - | ||||||
Office furniture and equipment | 1 | - | ||||||
Depreciated cost | $ | 60 | $ | 2 | ||||
*) Represents an amount lower than $ 1. | ||||||||
Depreciation expenses for the years ended December 31, 2014, 2013 and 2012 were $5, less than $1 and $0, respectively. | ||||||||
OTHER_ACCOUNTS_PAYABLE
OTHER ACCOUNTS PAYABLE | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | NOTE 5:- | OTHER ACCOUNTS PAYABLE | ||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Employees and payroll accruals | $ | 235 | $ | 26 | ||||
Accrued expenses | 760 | 59 | ||||||
$ | 995 | $ | 85 | |||||
INCOME_TAXES
INCOME TAXES | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Income Tax Disclosure [Text Block] | NOTE 6:- | INCOME TAXES | ||||||
a. | Tax laws applicable to the Company: | |||||||
Taxable income of Israeli companies is subject to tax at the rate of 25% in 2012 and 2013 and a rate of 26.5% in 2014 and afterwards. | ||||||||
b. | Net operating losses carry forward: | |||||||
The Company has accumulated losses for tax purposes as of December 31, 2014 in the amount of $684, which may be carried forward and offset against taxable income in the future for an indefinite period. | ||||||||
c. | 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. Significant components of the Company's deferred tax assets are as follows: | ||||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Operating loss carry forward | $ | 181 | $ | 166 | ||||
Research and development expenses | 923 | 142 | ||||||
Issuance expenses | 671 | - | ||||||
Other | 16 | 4 | ||||||
Net deferred tax asset before valuation allowance | 1,791 | 312 | ||||||
Valuation allowance | -1,791 | -312 | ||||||
Net deferred tax asset | $ | - | $ | - | ||||
Management currently believes that since the Company has a history of losses it is more likely than not that the deferred tax regarding the loss carry forward and other temporary differences will not be realized in the foreseeable future. | ||||||||
d. | No liability for uncertain tax positions was recorded as of December 31, 2014 and 2013. | |||||||
e. | The main reconciling item between the statutory tax rate of the Company and the effective tax rate is the recognition of valuation allowances in respect of deferred taxes due to the uncertainty of the realization of such deferred taxes. | |||||||
CONTINGENT_LIABILITIES_AND_COM
CONTINGENT LIABILITIES AND COMMITMENTS | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments and Contingencies Disclosure [Text Block] | NOTE 7:- | CONTINGENT LIABILITIES AND COMMITMENTS | |||
a. | The Company is engaged in an operating lease agreement for its office facilities. The rent expenses for the years ended December 31, 2014, 2013 and 2012 amounted to $88, $14 and $0. Future minimum payments under the lease are as follows: | ||||
Year ended December 31, | Total | ||||
2015 | $ | 117 | |||
2016 | 117 | ||||
2017 | 54 | ||||
$ | 288 | ||||
The Company has provided bank guarantees in the amount of $25 as security for the performance of its lease agreement. | |||||
b. | During 2014 the Company entered into a new operating lease agreement for its vehicles until 2017. Future minimum payments under the lease are $8. The lease expenses for the years ended December 31, 2014, 2013 and 2012 amounted to $25, $11 and $0. | ||||
c. | License agreement: | ||||
(i) | The Company entered into a Research and Exclusive License Agreement with Yissum Research Development Company of the Hebrew University in Jerusalem Ltd., for the use, development and commercialization of TAT-MTS- Protein for protein replacement in mitochondrial diseases. The consideration to Yissum is composed of a tiered low single digit royalties on net sales and a sublicense fee that will not exceed the mid-high ten to twenty percent range of the sublicense consideration, but, if the sublicense arises from the sales of a product, the sublicense fee shall not be less than a low single digit percent of the gross sales of such product. | ||||
(ii) | The Company entered into an Exclusive License Agreement with Ramot at Tel Aviv University Ltd. for the use, development and commercialization of our read-through platform. The consideration to Ramot is composed of a tiered low single digit royalties on net sales and a sublicense fee that will not exceed the mid to high single digit percent range of payments or other consideration that the Company receives in connection with a sublicense. | ||||
SHAREHOLDERS_EQUITY
SHAREHOLDERS' EQUITY | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||
Stockholders' Equity Note Disclosure [Text Block] | NOTE 8:- | SHAREHOLDERS' EQUITY | ||||||||||
a. | General: | |||||||||||
All Ordinary shares, options, per share data and exercise price included in these financial statements for all periods presented have been retroactively adjusted to reflect the issuance on January 26, 2014 of 6.55-to-one bonus shares (equivalent to a 7.55-for-1 stock split). | ||||||||||||
b. | Share capital: | |||||||||||
The Ordinary shares confer upon their holders the right to participate and vote in general shareholders meetings of the Company and to share in the distribution of dividends, if any, declared by the Company. | ||||||||||||
c. | Issuances of share: | |||||||||||
1 | On January 22, 2012 (inception day), the Company issued 7,551,427 Ordinary shares in consideration of their par value. | |||||||||||
2 | In February 2012, the Company entered into an investment agreement, according to which the Company issued 471,964 Preferred A shares in consideration of $250. In addition, in August 2012, the Company issued 94,393 Preferred A shares in consideration of $ 50. The issuance expenses amounted to $5. | |||||||||||
3 | In June 2013, the Company entered into a share purchase agreement according to which, the Company issued a total of 2,130,159 Ordinary shares in consideration of $2,024, in two equal installments in 2013 and January 2014. | |||||||||||
Prior to the closing of the share purchase agreement above and as a condition to it, the Company affected an equity restructuring, under which, all of the Company's Preferred shares (566,357 Preferred A shares) were converted into Ordinary shares at a 1:1 ratio. As a result and in accordance with ASC 718-20-35-6, the Company recorded compensation expense in the amount of $183 and a deemed dividend in the amount of $ 26 in the year ended December 31, 2013. | ||||||||||||
4 | On February 6, 2014, the Company issued 782,537 Ordinary shares to private placement investors in consideration of $4,368, net. | |||||||||||
5 | On August 5, 2014, the Company completed a successful IPO of 3,200,000 Ordinary shares at a price of $11.00 per share generating net proceeds of $31,405, after deducting underwriting discounts and commissions and other issuance expenses. | |||||||||||
d. | 2013 Incentive option plan: | |||||||||||
In December 2013, the Company authorized through its 2013 incentive option plan (the "2013 Plan") the grant of options to officers, directors, advisors, management and other key employees. The options granted have a graded vesting schedule of generally four years and expire ten years after the grant date. | ||||||||||||
A summary of the Company's options activity (for employees and directors) under the 2013 Plan is as follows: | ||||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Number of | Weighted | Number of | Weighted | |||||||||
options | average | options | average | |||||||||
exercise | exercise | |||||||||||
price | price | |||||||||||
Outstanding at beginning of year | 403,110 | $ | 0.0004 | 319,531 | $ | 0.0004 | ||||||
Granted | 380,222 | 9.21 | 83,579 | 0.0004 | ||||||||
Outstanding at end of year | 783,332 | 4.47 | 403,110 | $ | 0.0004 | |||||||
Vested and expected to vest | 783,332 | $ | 4.47 | 403,110 | $ | 0.0004 | ||||||
Options exercisable at the end of the year | 429,589 | $ | 1.33 | 134,370 | $ | 0.0004 | ||||||
As of December 31, 2014, the weighted-average remaining contractual term of the outstanding and exercisable options is 5.6 years and 2.3 years; the aggregated intrinsic value of the outstanding and exercisable options is $2,664 and $2,174. As of December 31, 2014, the unrecognized compensation cost is $889 to be recognized through 2017. | ||||||||||||
e. | Options granted to service providers: | |||||||||||
The Company granted options to certain service providers and accounted for these options in accordance with ASC 505-50, "Equity-Based payment to non-employees". | ||||||||||||
The outstanding options granted to the Company's service providers are as follows: | ||||||||||||
Grant date | Number of | Exercise | Expiration date | |||||||||
options | price | |||||||||||
2-Dec-14 | 20,000 | 7.78 | 2-Dec-24 | |||||||||
*) All options were fully vested on the grant date. | ||||||||||||
f. | Share-based payment: | |||||||||||
The share based expense recognized in the financial statements is as follows: | ||||||||||||
Year ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Research and development | $ | 83 | $ | 44 | $ | - | ||||||
General and administrative expenses | 653 | 210 | 9 | |||||||||
$ | 736 | $ | 254 | $ | 9 | |||||||
RELATED_PARTY_BALANCES_AND_TRA
RELATED PARTY BALANCES AND TRANSACTIONS | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Related Party Transactions [Abstract] | |||||||||||
Related Party Transactions Disclosure [Text Block] | NOTE 9:- | RELATED PARTY BALANCES AND TRANSACTIONS | |||||||||
Balances with related parties: | |||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
Trade payable (d) | $ | 2 | $ | 1 | |||||||
Other accounts payable (a) (b) (c) | $ | 123 | $ | 36 | |||||||
Related parties' expenses: | |||||||||||
Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Amounts charged to: *) | |||||||||||
Research and development expense (c) | $ | 145 | $ | 99 | $ | 34 | |||||
General and administrative expense (a) (b) (c) (d) | $ | 467 | $ | 257 | $ | 55 | |||||
a. | In August, 2012, the Company signed an agreement with a consultant, who is also one of the Company's shareholders and a director, to render management, finance and operation services. The Company pays the consultant an amount of approximately $6 per month. During August 2014, the monthly fee was increased to an amount of $15 effective immediately. In August 2014, the Company granted the consultant bonus in the amount of $80 in connection with the consummation of the IPO. The Company granted an additional bonus in the amount of $70 with regards to services provided during 2014. | ||||||||||
b. | The Company signed an agreement with a company owned by one of its related parties. Under the agreement, the related company renders the Company with office services and an office lease for a monthly fee in the amount of approximately $4 since September 10, 2013. The parties terminated the agreement on September 1, 2014. | ||||||||||
c. | An agreement was signed on August 20, 2013 between the Company and one of its shareholders, as a consultant to render management, finance and operation services for an amount of approximately $15 per month. During August 2014, the monthly fee was increased to an amount of $19 effective immediately. In August 2014, the Company granted the consultant a bonus in the amount of $90 in connection with the consummation of the IPO. | ||||||||||
d. | On July 1, 2013, the Company signed an agreement with a consultant, who is also one of the Company's shareholders, to render advisory services. The Company pays the consultant an amount of $1 per month. | ||||||||||
FINANCIAL_EXPENSES_INCOME_NET
FINANCIAL EXPENSES (INCOME), NET | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Other Income and Expenses [Abstract] | |||||||||||
Other Income and Other Expense Disclosure [Text Block] | NOTE 10:- | FINANCIAL EXPENSES (INCOME), NET | |||||||||
Year ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Financial expenses: | |||||||||||
Interest expense | $ | * | ) | $ | 2 | $ | * | ) | |||
Bank fees | 6 | - | - | ||||||||
Exchange rate | 21 | - | 3 | ||||||||
27 | 2 | 3 | |||||||||
Financial income: | |||||||||||
Interest income | 85 | - | - | ||||||||
Exchange rate | - | 5 | - | ||||||||
85 | 5 | - | |||||||||
$ | -58 | $ | -3 | $ | 3 | ||||||
*) Represents an amount lower than $ 1. | |||||||||||
SUBSEQUENT_EVENTS
SUBSEQUENT EVENTS | 12 Months Ended | ||
Dec. 31, 2014 | |||
Subsequent Events [Abstract] | |||
Subsequent Events [Text Block] | NOTE 11:- | SUBSEQUENT EVENTS | |
1 | During January 2015, a wholly-owned subsidiary was established in the state of Delaware named BioBlast Pharma Inc. | ||
2 | On February 2, 2015, the Company appointed a new President and Chief Executive Officer and a member of its board of directors. As part of the agreement the new CEO was granted 498,067 options to purchase Ordinary shares with exercise price of $ 8.47 per share. | ||
3 | On February 16, 2015, the Company's board of directors resolved to issue 24,000 options to employees with an exercise price of $7.17 per share. | ||
SIGNIFICANT_ACCOUNTING_POLICIE1
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Use of Estimates, Policy [Policy Text Block] | a. | Use of estimates: | |||
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions. The Company's management believes that the estimates, judgments and assumptions used are reasonable based upon information available at the time they are made. These estimates, judgments and assumptions can affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements, and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. | |||||
New Accounting Pronouncements, Policy [Policy Text Block] | |||||
b. | New accounting pronouncements: | ||||
In June 2014 the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 10-2014 ("ASU 10-2014") regarding development stage entities. The ASU removes the definition of development stage entity, as was previously defined under U.S. GAAP, from the accounting standards codification, thereby removing the financial reporting distinction between development stage entities and other reporting entities from U.S. GAAP. In addition, the ASU eliminates the requirements for development stage entities to (i) present inception-to-date information in the statement of income, cash flow and stockholders' equity, (ii) label the financial statements as those of a development stage entity, (iii) disclose a description of the development stage activities in which the entity is engaged, and (iv) disclose in the first year in which the entity is no longer a development stage entity that in prior years it had been in the development stage. The amendments to ASU 10-2014 are effective for annual reporting periods beginning after December 15, 2014. The Company has applied the ASU in these financial statements. | |||||
In 2014, the FASB issued ASU 15-2014, Presentation of Financial Statements-Going Concern (Subtopic 205-40): Disclosure of Uncertainties about an Entity's Ability to Continue as a Going Concern, which defines management’s responsibility to assess an entity’s ability to continue as a going concern, and to provide related footnote disclosures if there is substantial doubt about its ability to continue as a going concern. The pronouncement is effective for annual reporting periods ending after December 15, 2016 with early adoption permitted. The Company is currently evaluating the effect, if any, that the adoption of this guidance will have on the Company’s financial statements. | |||||
Financial Statements Disclosure [Policy Text Block] | c. | Financial statements in U.S. dollars: | |||
The Company finances its operation in U.S. dollars. The majority of the Company's operations are currently conducted in Israel, a significant part of the Company's expenses are denominated and determined in U.S. dollars. The Company's management believes that the dollar is the currency of the primary economic environment in which the Company operates and expects to continue to operate in the foreseeable future. Thus, the functional currency of the Company is the U.S. dollar. | |||||
The Company's transactions and balances denominated in U.S. dollars are presented at their original amounts. Non-dollar transactions and balances have been remeasured to U.S. dollars in accordance with Accounting Standards Codification ("ASC") 830, "Foreign Currency Matters", of the FASB. All transaction gains and losses from remeasurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statements of operations as financial income or expenses, as appropriate. | |||||
Cash and Cash Equivalents, Policy [Policy Text Block] | d. | Cash equivalents: | |||
Cash equivalents are short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at acquisition. | |||||
Short Term Bank Deposits [Policy Text Block] | e. | Short-term bank deposits: | |||
Short-term bank deposits are deposits with maturities of more than three months but less than one year. Short–term bank deposits are presented at their cost, including accrued interest, which approximates fair value. As of December 31, 2014, the Company's bank deposits were in U.S. dollars and bore interest at a weighted average interest rate of 0.66%. | |||||
Property, Plant and Equipment, Policy [Policy Text Block] | f. | Property and equipment, net: | |||
Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following rates: | |||||
% | |||||
Computers and software | 33 | ||||
Electronic equipment | 15 | ||||
Office furniture and equipment | 6 | ||||
The Company's property and equipment are reviewed for impairment in accordance with ASC 360, "Property, Plant, and Equipment," whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the future undiscounted cash flows expected to be generated by the assets. If such assets are considered to be impaired, the impairment to be recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell. In 2014, 2013 and 2012 no impairment losses have been identified. | |||||
Long Term Deposits [Policy Text Block] | g. | Long-term deposits: | |||
Long-term deposits include long-term deposits for motor vehicles under operating leases, presented at their cost. | |||||
Research and Development Expense, Policy [Policy Text Block] | h. | Research and development costs: | |||
Research and development costs are expensed as incurred. Those expenses includes payments to third party clinical consultants, expenses related to conducting clinical trials, salaries and related personnel expenses, travel expenses, and share based compensation expenses related to research and development employees. | |||||
Income Tax, Policy [Policy Text Block] | i. | Income taxes: | |||
The Company accounts for income taxes in accordance with ASC 740, "Income Taxes". This topic prescribes the use of the liability method whereby deferred tax assets and liability account balances are determined based on differences between financial reporting and tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. The Company provides a valuation allowance to reduce deferred tax assets to the amount that is more likely than not to be realized. | |||||
The Company implements a two-step approach to recognize and measure uncertain tax positions. The first step is to evaluate the tax position taken or expected to be taken in a tax return by determining if the weight of available evidence indicates that it is more likely than not that, on an evaluation of the technical merits, the tax position will be sustained on audit, including resolution of any related appeals or litigation processes. The second step is to measure the tax benefit as the largest amount that is more than 50% (cumulative basis) likely to be realized upon ultimate settlement. As of December 31, 2014 and 2013 the Company has not recorded a liability for uncertain tax positions. | |||||
Concentration Risk, Credit Risk, Policy [Policy Text Block] | j. | Concentrations of credit risk: | |||
Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents. | |||||
Cash and cash equivalents are invested in major banks in Israel. Management believes that the financial institutions that hold the Company's investments are financially sound and, accordingly, minimal credit risk exists with respect to these investments. | |||||
The Company has no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements. | |||||
Fair Value of Financial Instruments, Policy [Policy Text Block] | k. | Fair value of financial instruments: | |||
The Company has no financial instruments that are measured at fair value. | |||||
The carrying amounts of cash and cash equivalents, short-term bank deposits, accounts receivable and accounts payable, approximate their fair value due to the short-term maturities of such instruments. | |||||
Earnings Per Share, Policy [Policy Text Block] | l. | Basic and diluted loss per share: | |||
Basic net loss per share is computed based on the weighted average number of Ordinary shares outstanding during each year. Diluted loss per share is computed based on the weighted average number of Ordinary shares outstanding during each year plus dilutive potential equivalent Ordinary shares considered outstanding during the year, in accordance with ASC 260, "Earnings per Share." | |||||
For the years ended December 31, 2014, 2013 and 2012, all outstanding options have been excluded from the calculation of the diluted net loss per share since their effect was anti-dilutive. | |||||
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | m. | Accounting for stock-based compensation: | |||
The Company accounts for stock-based compensation in accordance with ASC 718, "Compensation - Stock Compensation" ("ASC 718") that requires the measurement and recognition of compensation expense based on estimated fair values for all share-based payment awards made to employees and directors. ASC 718 requires companies to estimate the fair value of equity-based payment awards on the date of grant using an option-pricing model. The value of the option award is recognized as an expense over the requisite service periods in the Company's statements of operations based on the accelerated method. | |||||
The Company selected the Black-Scholes-Merton ("Black-Scholes") option-pricing model as the fair value method for of its stock-options awards. The option-pricing model requires a number of assumptions as noted below: | |||||
Expected dividend yield - The expected dividend yield assumption is based on the Company's historical experience and expectation of no future dividend payouts. The Company has historically not paid cash dividends and has no foreseeable plans to pay cash dividends in the future. | |||||
Volatility - Since the Company's shares started trading on NASDAQ in July 2014, sufficient quoted prices of the Company's share are unavailable. Due to insufficient historical data for the Company, the expected volatility determination was based on similar companies' stock volatility. | |||||
Risk free interest rate - The risk free interest rate is based on the yield of U.S. Treasury bonds with equivalent terms. | |||||
Expected term - ASC 718 provides the factors to consider when estimating the expected term of an option: an option's expected term must at least include the vesting period and the employees' historical exercise and post-vesting employment termination behavior for similar grants. It also determines that if the amount of past exercise data is limited, that data may not represent a sufficiently large sample on which to base a robust conclusion on expected exercise behavior. In that circumstance, it may be appropriate to consider external data or the SEC staff's "simplified" method for the expected term. Accordingly, the Company used the "simplified" method, meaning the expected life can be set as the average of the vesting period for each vested tranche of options and the contractual term for those options. | |||||
SIGNIFICANT_ACCOUNTING_POLICIE2
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Accounting Policies [Abstract] | |||||
Property, Plant and Equipment, Estimated Useful Lives, Depreciation Rates [Table Text Block] | Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the assets at the following rates: | ||||
% | |||||
Computers and software | 33 | ||||
Electronic equipment | 15 | ||||
Office furniture and equipment | 6 | ||||
RECEIVABLES_AND_PREPAID_EXPENS1
RECEIVABLES AND PREPAID EXPENSES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Receivables and Prepaid Expenses [Abstract] | ||||||||
Receivables and Prepaid Expenses Disclosure [Table Text Block] | December 31, | |||||||
2014 | 2013 | |||||||
Government authorities | $ | 93 | $ | 26 | ||||
Prepaid expenses | 181 | 3 | ||||||
$ | 274 | $ | 29 | |||||
PROPERTY_AND_EQUIPMENT_NET_Tab
PROPERTY AND EQUIPMENT, NET (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Property, Plant and Equipment [Abstract] | ||||||||
Property, Plant and Equipment [Table Text Block] | December 31, | |||||||
2014 | 2013 | |||||||
Cost: | ||||||||
Computers and software | $ | 19 | $ | 2 | ||||
Electronic equipment | 14 | - | ||||||
Office furniture and equipment | 32 | - | ||||||
65 | 2 | |||||||
Accumulated depreciation: | ||||||||
Computers and software | 3 | *) | ||||||
Electronic equipment | 1 | - | ||||||
Office furniture and equipment | 1 | - | ||||||
Depreciated cost | $ | 60 | $ | 2 | ||||
*) Represents an amount lower than $ 1. | ||||||||
OTHER_ACCOUNTS_PAYABLE_Tables
OTHER ACCOUNTS PAYABLE (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, | |||||||
2014 | 2013 | |||||||
Employees and payroll accruals | $ | 235 | $ | 26 | ||||
Accrued expenses | 760 | 59 | ||||||
$ | 995 | $ | 85 | |||||
INCOME_TAXES_Tables
INCOME TAXES (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Income Tax Disclosure [Abstract] | ||||||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company's deferred tax assets are as follows: | |||||||
December 31, | ||||||||
2014 | 2013 | |||||||
Operating loss carry forward | $ | 181 | $ | 166 | ||||
Research and development expenses | 923 | 142 | ||||||
Issuance expenses | 671 | - | ||||||
Other | 16 | 4 | ||||||
Net deferred tax asset before valuation allowance | 1,791 | 312 | ||||||
Valuation allowance | -1,791 | -312 | ||||||
Net deferred tax asset | $ | - | $ | - | ||||
CONTINGENT_LIABILITIES_AND_COM1
CONTINGENT LIABILITIES AND COMMITMENTS (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Operating Leases of Lessee Disclosure [Table Text Block] | Future minimum payments under the lease are as follows: | ||||
Year ended December 31, | Total | ||||
2015 | $ | 117 | |||
2016 | 117 | ||||
2017 | 54 | ||||
$ | 288 | ||||
SHAREHOLDERS_EQUITY_Tables
SHAREHOLDERS' EQUITY (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2014 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | A summary of the Company's options activity (for employees and directors) under the 2013 Plan is as follows: | |||||||||||
Year ended December 31, | ||||||||||||
2014 | 2013 | |||||||||||
Number of | Weighted | Number of | Weighted | |||||||||
options | average | options | average | |||||||||
exercise | exercise | |||||||||||
price | price | |||||||||||
Outstanding at beginning of year | 403,110 | $ | 0.0004 | 319,531 | $ | 0.0004 | ||||||
Granted | 380,222 | 9.21 | 83,579 | 0.0004 | ||||||||
Outstanding at end of year | 783,332 | 4.47 | 403,110 | $ | 0.0004 | |||||||
Vested and expected to vest | 783,332 | $ | 4.47 | 403,110 | $ | 0.0004 | ||||||
Options exercisable at the end of the year | 429,589 | $ | 1.33 | 134,370 | $ | 0.0004 | ||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The share based expense recognized in the financial statements is as follows: | |||||||||||
Year ended | ||||||||||||
December 31, | ||||||||||||
2014 | 2013 | 2012 | ||||||||||
Research and development | $ | 83 | $ | 44 | $ | - | ||||||
General and administrative expenses | 653 | 210 | 9 | |||||||||
$ | 736 | $ | 254 | $ | 9 | |||||||
Nonemployee Stock Option [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | The outstanding options granted to the Company's service providers are as follows: | |||||||||||
Grant date | Number of | Exercise | Expiration date | |||||||||
options | price | |||||||||||
2-Dec-14 | 20,000 | 7.78 | 2-Dec-24 | |||||||||
RELATED_PARTY_BALANCES_AND_TRA1
RELATED PARTY BALANCES AND TRANSACTIONS (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Related Party Transactions [Abstract] | |||||||||||
Schedule of Related Party Transactions [Table Text Block] | Balances with related parties: | ||||||||||
December 31, | |||||||||||
2014 | 2013 | ||||||||||
Trade payable (d) | $ | 2 | $ | 1 | |||||||
Other accounts payable (a) (b) (c) | $ | 123 | $ | 36 | |||||||
a. | In August, 2012, the Company signed an agreement with a consultant, who is also one of the Company's shareholders and a director, to render management, finance and operation services. The Company pays the consultant an amount of approximately $6 per month. During August 2014, the monthly fee was increased to an amount of $15 effective immediately. In August 2014, the Company granted the consultant bonus in the amount of $80 in connection with the consummation of the IPO. The Company granted an additional bonus in the amount of $70 with regards to services provided during 2014. | ||||||||||
b. | The Company signed an agreement with a company owned by one of its related parties. Under the agreement, the related company renders the Company with office services and an office lease for a monthly fee in the amount of approximately $4 since September 10, 2013. The parties terminated the agreement on September 1, 2014. | ||||||||||
c. | An agreement was signed on August 20, 2013 between the Company and one of its shareholders, as a consultant to render management, finance and operation services for an amount of approximately $15 per month. During August 2014, the monthly fee was increased to an amount of $19 effective immediately. In August 2014, the Company granted the consultant a bonus in the amount of $90 in connection with the consummation of the IPO. | ||||||||||
d. | On July 1, 2013, the Company signed an agreement with a consultant, who is also one of the Company's shareholders, to render advisory services. The Company pays the consultant an amount of $1 per month. | ||||||||||
Schedule Of Related Party Expenses [Table Text Block] | Related parties' expenses: | ||||||||||
Year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Amounts charged to: *) | |||||||||||
Research and development expense (c) | $ | 145 | $ | 99 | $ | 34 | |||||
General and administrative expense (a) (b) (c) (d) | $ | 467 | $ | 257 | $ | 55 | |||||
a. | In August, 2012, the Company signed an agreement with a consultant, who is also one of the Company's shareholders and a director, to render management, finance and operation services. The Company pays the consultant an amount of approximately $6 per month. During August 2014, the monthly fee was increased to an amount of $15 effective immediately. In August 2014, the Company granted the consultant bonus in the amount of $80 in connection with the consummation of the IPO. The Company granted an additional bonus in the amount of $70 with regards to services provided during 2014. | ||||||||||
b. | The Company signed an agreement with a company owned by one of its related parties. Under the agreement, the related company renders the Company with office services and an office lease for a monthly fee in the amount of approximately $4 since September 10, 2013. The parties terminated the agreement on September 1, 2014. | ||||||||||
c. | An agreement was signed on August 20, 2013 between the Company and one of its shareholders, as a consultant to render management, finance and operation services for an amount of approximately $15 per month. During August 2014, the monthly fee was increased to an amount of $19 effective immediately. In August 2014, the Company granted the consultant a bonus in the amount of $90 in connection with the consummation of the IPO. | ||||||||||
d. | On July 1, 2013, the Company signed an agreement with a consultant, who is also one of the Company's shareholders, to render advisory services. The Company pays the consultant an amount of $1 per month. | ||||||||||
FINANCIAL_EXPENSES_INCOME_NET_
FINANCIAL EXPENSES (INCOME), NET (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Other Income and Expenses [Abstract] | |||||||||||
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Year ended | ||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Financial expenses: | |||||||||||
Interest expense | $ | * | ) | $ | 2 | $ | * | ) | |||
Bank fees | 6 | - | - | ||||||||
Exchange rate | 21 | - | 3 | ||||||||
27 | 2 | 3 | |||||||||
Financial income: | |||||||||||
Interest income | 85 | - | - | ||||||||
Exchange rate | - | 5 | - | ||||||||
85 | 5 | - | |||||||||
$ | -58 | $ | -3 | $ | 3 | ||||||
*) Represents an amount lower than $ 1. | |||||||||||
GENERAL_Details_Textual
GENERAL (Details Textual) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jan. 22, 2012 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
General [Line Items] | |||||
Loss | ($229) | ($7,022) | ($1,145) | ($229) | |
Stock Issued During Period, Shares, New Issues | 7,551,427 | ||||
Common Stock [Member] | |||||
General [Line Items] | |||||
Loss | 0 | 0 | 0 | ||
Stock Issued During Period, Shares, New Issues | 3,200,000 | ||||
Proceeds from Issuance Initial Public Offering | $31,405 |
SIGNIFICANT_ACCOUNTING_POLICIE3
SIGNIFICANT ACCOUNTING POLICIES (Details) | Dec. 31, 2014 |
Computers and software [Member] | |
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |
Property Plant And Equipment Straight Line Depreciation Percentage | 33.00% |
Electronic equipment [Member] | |
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |
Property Plant And Equipment Straight Line Depreciation Percentage | 15.00% |
Office furniture and equipment [Member] | |
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |
Property Plant And Equipment Straight Line Depreciation Percentage | 6.00% |
SIGNIFICANT_ACCOUNTING_POLICIE4
SIGNIFICANT ACCOUNTING POLICIES (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | ||
Liability for Uncertain Tax Positions, Current | $0 | $0 |
Time Deposits, Weighted Average Interest Rate, Description | As of December 31, 2014, the Company's bank deposits were in U.S. dollars and bore interest at a weighted average interest rate of 0.66%. | |
Maturities of Time Deposits, Description | Short-term bank deposits are deposits with maturities of more than three months but less than one year. |
RECEIVABLES_AND_PREPAID_EXPENS2
RECEIVABLES AND PREPAID EXPENSES (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Receivables and Prepaid Expenses [Line Items] | ||
Government authorities | $93 | $26 |
Prepaid expenses | 181 | 3 |
Receivables and Prepaid Expenses, Current | $274 | $29 |
PROPERTY_AND_EQUIPMENT_NET_Det
PROPERTY AND EQUIPMENT, NET (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | |||
Property, Plant and Equipment [Line Items] | |||
Cost | $65 | $2 | |
Depreciated cost | 60 | 2 | |
Computers and software [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 19 | 2 | |
Accumulated depreciation | 3 | 0 | [1] |
Electronic equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 14 | 0 | |
Accumulated depreciation | 1 | 0 | |
Office furniture and equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Cost | 32 | 0 | |
Accumulated depreciation | $1 | $0 | |
[1] | Represents an amount lower than $1. |
PROPERTY_AND_EQUIPMENT_NET_Det1
PROPERTY AND EQUIPMENT, NET (Details Textual) (USD $) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Property, Plant and Equipment [Line Items] | ||||
Depreciation | $5 | $0 | [1] | $0 |
[1] | Represents an amount lower than $1. |
OTHER_ACCOUNTS_PAYABLE_Details
OTHER ACCOUNTS PAYABLE (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
OTHER ACCOUNTS PAYABLE [Line Items] | ||
Employees and payroll accruals | $235 | $26 |
Accrued expenses | 760 | 59 |
Accounts Payable, Other, Current | $995 | $85 |
INCOME_TAXES_Details
INCOME TAXES (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
INCOME TAXES [Line Items] | ||
Operating loss carry forward | $181 | $166 |
Research and development expenses | 923 | 142 |
Deferred issuance expenses | 671 | 0 |
Other | 16 | 4 |
Net deferred tax asset before valuation allowance | 1,791 | 312 |
Valuation allowance | -1,791 | -312 |
Net deferred tax asset | $0 | $0 |
INCOME_TAXES_Details_Textual
INCOME TAXES (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
INCOME TAXES [Line Items] | |||
Effective Income Tax Rate Reconciliation, Percent | 26.50% | 25.00% | 25.00% |
Operating Loss Carryforwards | $684 |
CONTINGENT_LIABILITIES_AND_COM2
CONTINGENT LIABILITIES AND COMMITMENTS (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
CONTINGENT LIABILITIES AND COMMITMENTS [Line Items] | |
2015 | $117 |
2016 | 117 |
2017 | 54 |
Operating Leases, Future Minimum Payments Due | $288 |
CONTINGENT_LIABILITIES_AND_COM3
CONTINGENT LIABILITIES AND COMMITMENTS (Details Textual) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CONTINGENT LIABILITIES AND COMMITMENTS [Line Items] | |||
Operating Leases, Rent Expense, Minimum Rentals | $8 | ||
Operating Leases, Rent Expense | 88 | 14 | 0 |
Guarantee For Performance Of Lease Agreement | 25 | ||
Operating Leases, Rent Expense, Net | $25 | $11 | $0 |
SHAREHOLDERS_EQUITY_Details
SHAREHOLDERS' EQUITY (Details) (Employee Stock Option [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of Options Outstanding at beginning of year (in shares) | 403,110 | 319,531 |
Number of Options Granted (in shares) | 380,222 | 83,579 |
Number of Options Outstanding at end of year (in shares) | 783,332 | 403,110 |
Number of Options Vested and expected to vest (in shares) | 783,332 | 403,110 |
Number of Options exercisable at the end of the year (in shares) | 429,589 | 134,370 |
Weighted average exercise price Outstanding at beginning of year (in dollars per share) | $0.00 | $0.00 |
Weighted average exercise price Granted (in dollars per share) | $9.21 | $0.00 |
Weighted average exercise price Outstanding at end of year (in dollars per share) | $4.47 | $0.00 |
Weighted average exercise price Vested and expected to vest (in dollars per share) | $4.47 | $0.00 |
Weighted average exercise price Options exercisable at the end of the year (in dollars per share) | $1.33 | $0.00 |
SHAREHOLDERS_EQUITY_Details_1
SHAREHOLDERS' EQUITY (Details 1) (Nonemployee Stock Option [Member], December 2, 2014 [Member], USD $) | 12 Months Ended |
Dec. 31, 2014 | |
Nonemployee Stock Option [Member] | December 2, 2014 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Sharebased Compensation Arrangement By Sharebased Payment Award Options To Nonemployees Date Of Grant | 2-Dec-14 |
Sharebased Compensation Arrangement By Sharebased Payment Award Options To Nonemployees Outstanding Number | 20,000 |
Sharebased Compensation Arrangement By Sharebased Payment Award Options To Nonemployees Exercise Price | $7.78 |
Sharebased Compensation Arrangement By Sharebased Payment Award Options To Nonemployees Expiration Date | 2-Dec-24 |
SHAREHOLDERS_EQUITY_Details_2
SHAREHOLDERS' EQUITY (Details 2) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation | $736 | $254 | $9 |
Research and Development Expense [Member] | |||
Share-based Compensation | 83 | 44 | 0 |
General and Administrative Expense [Member] | |||
Share-based Compensation | $653 | $210 | $9 |
SHAREHOLDERS_EQUITY_Details_Te
SHAREHOLDERS' EQUITY (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Feb. 06, 2014 | Jan. 22, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Aug. 05, 2014 | Jun. 30, 2013 | Aug. 31, 2012 | Feb. 29, 2012 |
Stockholders' Equity, Reverse Stock Split | All Ordinary shares, options, per share data and exercise price included in these financial statements for all periods presented have been retroactively adjusted to reflect the issuance on January 26, 2014 of 6.55-to-one bonus shares (equivalent to a 7.55-for-1 stock split). | |||||||
Stock Issued During Period, Shares, New Issues | 7,551,427 | |||||||
Stock Issued During Period, Value, New Issues | $31,405 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 5 years 7 months 6 days | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 2 years 3 months 18 days | |||||||
Stock Issued During Period Ordinary Shares Issued Upon Private Placement Shares | 782,537 | |||||||
Stock Issued During Period Ordinary Shares Issued Upon Private Placement Value | 4,368 | 4,368 | ||||||
Development Stage Entities, Equity Issuance, Per Share Amount | $0.95 | $0.95 | ||||||
IPO [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 3,200,000 | |||||||
Stock Issued During Period, Value, New Issues | 3,200 | |||||||
Development Stage Entities, Equity Issuance, Per Share Amount | $11 | $11 | ||||||
Common Stock [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 3,200,000 | |||||||
Stock Issued During Period, Value, New Issues | 9 | |||||||
Stock Issued During Period Ordinary Shares Issued Upon Private Placement Shares | 782,537 | |||||||
Stock Issued During Period Ordinary Shares Issued Upon Private Placement Value | 3 | |||||||
Employee Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Intrinsic Value | 2,664 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value | 2,174 | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | 889 | |||||||
Purchase Agreement [Member] | ||||||||
Share Purchase Agreement, Shares to be issued | 2,130,159 | |||||||
Share Purchase Agreement, Value to be issued | 2,024 | |||||||
Series A Preferred Stock [Member] | Investment Agreement [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 94,393 | 471,964 | ||||||
Stock Issued During Period, Value, New Issues | 50 | 250 | ||||||
Payments of Stock Issuance Costs | 5 | |||||||
Series A Preferred Stock [Member] | Purchase Agreement [Member] | ||||||||
Preferred Stock, Conversion Basis | Prior to the closing of the share purchase agreement above and as a condition to it, the Company affected an equity restructuring, under which, all of the Company's Preferred shares (566,357 Preferred A shares) were converted into Ordinary shares at a 1:1 ratio | |||||||
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | 183 | |||||||
Dividends, Preferred Stock | $26 |
RELATED_PARTY_BALANCES_AND_TRA2
RELATED PARTY BALANCES AND TRANSACTIONS (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | ||
In Thousands, unless otherwise specified | ||||
Related Party Transaction [Line Items] | ||||
Trade payable | $1,285 | $46 | ||
Other accounts payable | 995 | 85 | ||
Related Party [Member] | ||||
Related Party Transaction [Line Items] | ||||
Trade payable | 2 | [1] | 1 | [1] |
Other accounts payable | $123 | [2],[3],[4] | $36 | [2],[3],[4] |
[1] | On July 1, 2013 the Company signed an agreement with a consultant, who is also one of the Company's shareholders, to render advisory services. The Company pays the consultant an amount of $1 per month. | |||
[2] | In August, 2012, the Company signed an agreement with a consultant, who is also one of the Company's shareholders and a director, to render management, finance and operation services. The Company pays the consultant an amount of approximately $6 per month. During August 2014, the monthly fee was increased to an amount of $15 effective immediately. In August 2014, the Company granted the consultant bonus in the amount of $80 in connection with the consummation of the IPO. The Company granted an additional bonus in the amount of $70 with regards to services provided during 2014. | |||
[3] | The Company signed an agreement with a company owned by one of its related parties. Under the agreement, the related company renders the Company with office services and office lease for a monthly fee in the amount of approximately $4 since September 10, 2013. The parties terminated the agreement on September 1, 2014. | |||
[4] | An agreement was signed on August 20, 2013 between the Company and one of its shareholders, as a consultant to render management, finance and operation services for an amount of approximately $15 per month. During August 2014, the monthly fee was increased to an amount of $19 effective immediately. In August 2014, the Company granted the consultant a bonus in the amount of $90 in connection with the consummation of the IPO. |
RELATED_PARTY_BALANCES_AND_TRA3
RELATED PARTY BALANCES AND TRANSACTIONS (Details 1) (USD $) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |||
Amounts charged to: *) | ||||||
Research and Development expense | $4,441 | $732 | $140 | |||
General and administrative expense | 2,639 | 416 | 86 | |||
Related Party [Member] | ||||||
Amounts charged to: *) | ||||||
Research and Development expense | 145 | [1] | 99 | [1] | 34 | [1] |
General and administrative expense | $467 | [1],[2],[3],[4] | $257 | [1],[2],[3],[4] | $55 | [1],[2],[3],[4] |
[1] | An agreement was signed on August 20, 2013 between the Company and one of its shareholders, as a consultant to render management, finance and operation services for an amount of approximately $15 per month. During August 2014, the monthly fee was increased to an amount of $19 effective immediately. In August 2014, the Company granted the consultant a bonus in the amount of $90 in connection with the consummation of the IPO. | |||||
[2] | On July 1, 2013, the Company signed an agreement with a consultant, who is also one of the Company's shareholders, to render advisory services. The Company pays the consultant an amount of $1 per month. | |||||
[3] | The Company signed an agreement with a company owned by one of its related parties. Under the agreement, the related company renders the Company with office services and an office lease for a monthly fee in the amount of approximately $4 since September 10, 2013. The parties terminated the agreement on September 1, 2014. | |||||
[4] | In August, 2012, the Company signed an agreement with a consultant, who is also one of the Company's shareholders and a director, to render management, finance and operation services. The Company pays the consultant an amount of approximately $6 per month. During August 2014, the monthly fee was increased to an amount of $15 effective immediately. In August 2014, the Company granted the consultant bonus in the amount of $80 in connection with the consummation of the IPO. The Company granted an additional bonus in the amount of $70 with regards to services provided during 2014. |
RELATED_PARTY_BALANCES_AND_TRA4
RELATED PARTY BALANCES AND TRANSACTIONS (Details Textual) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | |
In Thousands, unless otherwise specified | Sep. 10, 2013 | Jul. 31, 2013 | Aug. 31, 2012 | Dec. 31, 2014 | Aug. 31, 2013 |
General and Administrative Expense [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | $4 | ||||
Consultant [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 1 | 6 | |||
Increase In Monthly Fee | 15 | ||||
Consultant Bonus Grant In Period | 80 | ||||
Consultant Bonus Grant In Period, Addition | 70 | ||||
Shareholders [Member] | |||||
Related Party Transaction [Line Items] | |||||
Related Party Transaction, Expenses from Transactions with Related Party | 15 | ||||
Consultant One [Member] | |||||
Related Party Transaction [Line Items] | |||||
Increase In Monthly Fee | 19 | ||||
Consultant Bonus Grant In Period | $90 |
FINANCIAL_EXPENSES_INCOME_NET_1
FINANCIAL EXPENSES (INCOME), NET (Details) (USD $) | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | ||
Financial expenses: | |||||
Interest expense | $0 | [1] | $2 | $0 | [1] |
Bank fees | 6 | 0 | 0 | ||
Exchange rate | 21 | 0 | 3 | ||
Financial expenses | 27 | 2 | 3 | ||
Financial income: | |||||
Interest income | 85 | 0 | 0 | ||
Exchange rate | 0 | 5 | 0 | ||
Financial income | 85 | 5 | 0 | ||
Financial expenses (income), net | ($58) | ($3) | $3 | ||
[1] | Represents an amount lower than $1. |
SUBSEQUENT_EVENTS_Details_Text
SUBSEQUENT EVENTS (Details Textual) (USD $) | 12 Months Ended | 0 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Feb. 16, 2015 | Feb. 02, 2015 | |
Employee Stock Option [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $9.21 | $0.00 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 380,222 | 83,579 | ||
Employee Stock Option [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $7.17 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 24,000 | |||
Chief Executive Officer [Member] | Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $8.47 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 498,067 |