Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2016shares | |
Document Information [Line Items] | |
Document Type | F1 |
Document Period End Date | Dec. 31, 2016 |
Document Fiscal Year Focus | 2,016 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Bioblast Pharma Ltd. |
Entity Central Index Key | 1,596,812 |
Current Fiscal Year End Date | --12-31 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Trading Symbol | ORPN |
Entity Common Stock, Shares Outstanding | 16,391,770 |
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 6,871 | $ 7,286 |
Short-term bank deposits | 3,007 | 12,046 |
Receivables and prepaid expenses | 663 | 1,060 |
Total current assets | 10,541 | 20,392 |
LONG-TERM ASSETS: | ||
Long-term assets | 18 | 33 |
Property and equipment, net | 71 | 91 |
Total long-term assets | 89 | 124 |
TOTAL ASSETS | 10,630 | 20,516 |
CURRENT LIABILITIES: | ||
Trade payables | 700 | 1,412 |
Other accounts payable | 1,231 | 1,102 |
Total current liabilities | 1,931 | 2,514 |
LONG-TERM LIABILITIES | 0 | 70 |
SHAREHOLDERS’ EQUITY: | ||
Ordinary shares of NIS 0.01 par value - 50,000,000 shares authorized at December 31, 2016 and 2015; 16,391,770 and 14,230,480 issued and outstanding shares at December 31, 2016 and 2015, respectively | 45 | 39 |
Additional paid-in capital | 48,463 | 41,680 |
Accumulated deficit | (39,809) | (23,787) |
Total stockholders' equity | 8,699 | 17,932 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 10,630 | $ 20,516 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - ₪ / shares | Dec. 31, 2016 | Dec. 31, 2015 |
Common stock, par or stated value per share (in dollars per share) | ₪ 0.01 | ₪ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares, issued | 16,391,770 | 14,230,480 |
Common stock, shares, outstanding | 16,391,770 | 14,230,480 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Research and development | $ 8,881 | $ 7,694 | $ 4,441 |
Pre-commercialization | 1,085 | 829 | 0 |
General and administrative | 5,900 | 6,953 | 2,639 |
Total operating expenses | 15,866 | 15,476 | 7,080 |
Loss from operations | (15,866) | (15,476) | (7,080) |
Financial income, net | 60 | 135 | 58 |
Loss before taxes on income | (15,806) | (15,341) | (7,022) |
Taxes on income | (216) | (24) | 0 |
Net loss | (16,022) | (15,365) | (7,022) |
Net loss attributable to Ordinary shareholders | $ (16,022) | $ (15,365) | $ (7,022) |
Net loss per share attributable to Ordinary shareholders - basic and diluted | $ (1.01) | $ (1.08) | $ (0.57) |
Weighted average number of Ordinary shares outstanding - basic and diluted | 15,906,220 | 14,230,480 | 12,259,600 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated deficit [Member] |
Balances at Dec. 31, 2013 | $ 175 | $ 24 | $ 1,551 | $ (1,400) |
Balance (in shares) at Dec. 31, 2013 | 9,182,867 | |||
Issuance of Ordinary shares ($0.95 per share), net of issuance costs of $0 | 1,012 | $ 3 | 1,009 | 0 |
Issuance of Ordinary shares ($0.95 per share), net of issuance costs of $0 (in shares) | 1,065,076 | |||
Issuance of Ordinary shares upon private placement ($6.07 per share), net of issuance costs of $382 | 4,368 | $ 3 | 4,365 | 0 |
Issuance of Ordinary shares upon private placement ($6.07 per share), net of issuance costs of $382 (in shares) | 782,537 | |||
Issuance of Ordinary shares and warrants for Ordinary shares | 31,405 | $ 9 | 31,396 | 0 |
Issuance of Ordinary shares and warrants for Ordinary shares (in shares) | 3,200,000 | |||
Share-based compensation | 736 | $ 0 | 736 | 0 |
Net loss | (7,022) | 0 | 0 | (7,022) |
Balance at Dec. 31, 2014 | 30,674 | $ 39 | 39,057 | (8,422) |
Balance (in shares) at Dec. 31, 2014 | 14,230,480 | |||
Share-based compensation | 2,623 | $ 0 | 2,623 | 0 |
Net loss | (15,365) | 0 | 0 | (15,365) |
Balance at Dec. 31, 2015 | 17,932 | $ 39 | 41,680 | (23,787) |
Balance (in shares) at Dec. 31, 2015 | 14,230,480 | |||
Issuance of Ordinary shares and warrants for Ordinary shares | 6,089 | $ 6 | 6,083 | 0 |
Issuance of Ordinary shares and warrants for Ordinary shares (in shares) | 2,161,290 | |||
Share-based compensation | 700 | $ 0 | 700 | 0 |
Net loss | (16,022) | 0 | 0 | (16,022) |
Balance at Dec. 31, 2016 | $ 8,699 | $ 45 | $ 48,463 | $ (39,809) |
Balance (in shares) at Dec. 31, 2016 | 16,391,770 |
CONSOLIDATED STATEMENTS OF CHA6
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY (Parenthetical) - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2014 | |
Shares Issued, Price Per Share | $ 3.10 | $ 0.95 |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 611 | $ 0 |
Private Placement [Member] | ||
Shares Issued, Price Per Share | $ 6.07 | |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 382 | |
IPO [Member] | ||
Shares Issued, Price Per Share | $ 11 | |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | $ 3,795 |
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 flows from operating activities | |||
Net loss | $ (16,022) | $ (15,365) | $ (7,022) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and disposal of property and equipment | 38 | 17 | 5 |
Share based compensation | 700 | 2,623 | 736 |
Interest on short-term deposit | 39 | (18) | (28) |
Changes in operating assets and liabilities: | |||
Decrease (increase) in receivables and prepaid expenses | 399 | (786) | (245) |
Decrease (increase) in long-term assets | 13 | (24) | (4) |
Increase (decrease) in trade payables | (712) | 127 | 1,239 |
Increase in other accounts payable | 129 | 107 | 910 |
Increase (decrease) in long-term liabilities | (70) | 70 | 0 |
Net cash used in operating activities | (15,486) | (13,249) | (4,409) |
Cash flow from investing activities | |||
Withdrawal of (investment in) short-term bank deposits | 9,000 | 10,000 | (22,000) |
Purchase of property and equipment | (18) | (48) | (63) |
Net cash provided by (used in) investing activities | 8,982 | 9,952 | (22,063) |
Cash flow from financing activities | |||
Issuance of shares and warrants, net | 6,089 | 0 | 36,785 |
Net cash provided by financing activities | 6,089 | 0 | 36,785 |
Increase (decrease) in cash and cash equivalents | (415) | (3,297) | 10,313 |
Cash and cash equivalents, beginning of the year | 7,286 | 10,583 | 270 |
Cash and cash equivalents, end of the year | 6,871 | 7,286 | 10,583 |
Supplemental disclosures of cash flow information: | |||
Cash paid for taxes | 210 | 4 | 0 |
Cash received for interest | $ 120 | $ 162 | $ 57 |
Nature of business and basis of
Nature of business and basis of presentation | 12 Months Ended |
Dec. 31, 2016 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Nature of business and basis of presentation Nature of business Bioblast Pharma Ltd. (the “Parent”) was incorporated in Israel and commenced its operations on January 22, 2012. In January 2015, Bioblast Pharma Inc. was established in the state of Delaware as a wholly owned subsidiary (the “Subsidiary”). The Parent and the Subsidiary (together the “Company”) are a clinical-stage biotechnology company committed to developing clinically meaningful therapies for patients with rare and ultra-rare genetic diseases. The Company focuses on trehalose, a therapeutic platform that potentially offers solutions for several diseases that share a common pathophysiological mechanism, which are the functional changes that accompany a particular syndrome or disease. The Company focuses on diseases with severe and debilitating manifestations, where the unmet medical need is clear, the biological mechanism of action is understood, and for which there is no satisfactory treatment. Since inception in 2012, the Company has been engaged in the development of potential treatments using trehalose for two diseases, oculopharyngeal muscular dystrophy (“OPMD”) and spinocerebellar ataxia type 3 (SCA3; Machado Joseph disease). The Company’s ordinary shares (“Ordinary shares”) are traded on the NASDAQ Global Market. The Company has not generated revenue from the sale of any product, and does not expect to generate significant revenue unless and until it obtains marketing approval, and successfully commercializes its products. Since its inception, the Company has financed its operations through issuance of preferred shares, its initial public offering (the “IPO”) and a subsequent registered direct offering. The Company recorded a net loss of $16,022 thousand during the year ended December 31, 2016 and as of December 31, 2016, the Company had an accumulated deficit of $39,809 thousand. As of December 31, 2016, the Company’s cash and short-term bank deposits were $ 9,878 The Company’s ability to continue to operate is dependent upon the ability to raise additional financing. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The financial statements as of December 31, 2016, do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the outcome of this uncertainty. The Company is currently developing trehalose, which is the only product candidate that it currently pursues. There can be no assurance that the Company’s research and development activities with respect to trehalose will be successfully completed, that adequate protection for the Company’s intellectual property will be obtained, that trehalose or any other future products the Company may developed will obtain required regulatory approval or that any approved products will be commercially viable. Even if the Company’s development efforts are successful, it is uncertain when, if ever, the Company will generate significant product sales. The Company operates in an environment of rapid technological change and substantial competition from pharmaceutical and biotechnology companies The accompanying consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (the “U.S. GAAP”) and are stated in U.S. dollars. The consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business. The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgment and assumptions that affect the reported amounts of assets, liabilities, expenses and the disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates relied upon in preparing the accompanying consolidated financial statements related to expense recognition, the fair value of Ordinary shares and other equity instruments, accounting for share-based compensation, income taxes, useful lives of long-lived assets, and accounting for certain accruals. The Company assesses the above estimates on an ongoing basis; however, actual results could materially differ from those estimates. |
Summary of significant accounti
Summary of significant accounting policies | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | 2. Summary of significant accounting policies The consolidated financial statements include the accounts of Bioblast Pharma Ltd and its Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. The Company finances its operations primarily in U.S. dollars, and a significant part of the Company’s expenses are denominated and determined in U.S. dollars. The Company’s management believes that the U.S dollar is the currency of the primary economic environment in which it operates and expects to continue to operate in the foreseeable future. Thus, the functional currency of the Company is the U.S. dollar. The Parent and the Subsidiary’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 Financial Accounting Standards Board (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 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 are deposits with maturities of more than three months but less than one year. Shortterm bank deposits are presented at their amortized cost, including accrued interest, which approximates fair value. As of December 31, 2016, the Company’s bank deposits were in U.S. dollars and bore interest at a rate of 1.25 Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, the Company’s Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment. Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and short-term bank deposits. Cash and cash equivalents and short-term bank deposits are invested in major banks in Israel and the United States. Generally, these deposits may be redeemed upon demand and therefore bear minimal risk. The Company has no off-balance-sheet concentration of credit risk such as foreign exchange contracts, option contracts or other foreign hedging arrangements. The Company has no financial instruments that are measured at fair value. The carrying amounts of cash and cash equivalents, short-term bank deposits, receivables and prepaid expenses, trade payables and other accounts payable, approximate their fair value due to the short-term maturities of such instruments. % Computers and software 33 Electronic equipment 15 Office furniture and equipment 6 Leasehold improvements The shorter of term of the lease or the useful life of the asset Long-term assets include long-term deposits related to motor vehicles under operating leases, presented at their cost and deposits to secure credit line for the Company’s employee’s credit cards. In accordance with FASB Accounting Standards Update (“ASU”) 2015-17, long-term assets also include deferred tax assets. The Company reviews long-lived assets for impairment 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 2016, 2015 and 2014, no impairment losses were identified. In the normal course of business, the Company is subject to proceedings, lawsuits, and other claims and assessments. The Company assesses the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual issue. The required reserves may change in the future due to new developments in each matter or changes in approach such as a change in settlement strategy in dealing with these matters. We record charges for the losses we anticipate incurring in connection with litigation and claims against us when we conclude a loss is probable and we can reasonably estimate these losses. During the years ended December 31, 2016, 2015, and 2014, we were not subject to any material litigation or claims and assessments. Warrants to purchase Ordinary shares issued in connection with an offering of Ordinary shares are classified as a component of shareholders’ equity because they are free standing financial instruments that are legally detachable, separately exercisable, do not embody an obligation for the Company to repurchase its own shares, and permit the holders to receive a fixed number of Ordinary shares upon exercise. In addition, the Ordinary shares warrants require physical settlement and do not provide any guarantee of value or return. Ordinary shares warrants are initially recorded at their relative fair value and are not subsequently remeasured. Research and development costs are expensed as incurred. Research and development costs include payroll and personnel expense, share-based compensation expenses related to research and development personnel, consulting costs, external contract research and development expenses, raw materials, drug product manufacturing costs, and allocated overhead including depreciation and amortization, rent, and utilities. Research and development costs that are paid in advance of performance are capitalized as a prepaid expense and amortized over the service period as the services are provided. Clinical trial costs are a component of research and development expenses. The Company accrues and expenses clinical trial activities performed by third parties on an evaluation of the progress to completion of specific tasks using data such as hours spent in performance of services, patient enrollment, clinical site activation, and other information provided to the Company by its vendors. The Company applies ASC 718 and ASC 505-50 “Equity Based Payments to Non-Employees” (“ASC 505-50”) with respect to options and warrants issued to non-employee’s consultants. The Company accounts for all share-based compensation granted to employees and nonemployees using a fair value method. Share-based compensation is measured at the grant date fair value of employees’ and directors’ Ordinary share option grants and is recognized over the requisite service period of the awards, usually the vesting period, on the graded vesting attribution method. The expenses are adjusted for actual forfeitures on a quarterly basis. Share-based compensation awards to nonemployees are subject to revaluation over their vesting terms. For modification of share compensation awards, the Company records the incremental fair value of the modified award as share-based compensation on the date of modification for vested awards or over the remaining vesting period for unvested awards. The incremental compensation is the excess of the fair value of the modified award on the date of modification over the fair value of the original award immediately before the modification. The Company recognizes, as expense, the estimated fair value of all share-based payments to employees which is determined using the Black-Scholes option pricing model using the graded vesting attribution approach over the vesting period of the award. In periods that the Company grants Ordinary share options, fair value assumptions are based on volatility, interest, dividend yield, and expected term over which the Ordinary share options will be outstanding. The computation of expected volatility is based on an average historical share price volatility based on an analysis of reported data for a peer group of comparable publicly traded companies, which were selected based upon industry similarities. The interest rate for periods within the expected term of the award is based on the U.S. Treasury risk-free interest rate in effect at the time of grant. The expected lives of the options were estimated using the simplified method. The consolidated financial statements reflect provisions for Israeli, U.S. federal and state income taxes. Deferred tax assets and liabilities represent future tax consequences of temporary differences between the consolidated financial statement carrying amounts and the tax basis of assets and liabilities and for loss carryforwards using enacted tax rates expected to be in effect in the years in which the differences reverse. A valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more-likely-than-not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. The Company accounts for interest and penalties related to uncertain tax positions as part of its tax expenses. The Company computes basic loss per share attributable to Ordinary shareholders by dividing net loss attributable to Ordinary shareholders by the weighted average number of Ordinary share outstanding for the period. The Company computes diluted loss per Ordinary share after giving consideration to all potentially dilutive Ordinary shares, including Ordinary share options and warrants outstanding during the period except where the effect of such non-participating securities would be antidilutive. Since the Company reported net loss attributable to Ordinary shareholders for the years ended December 31, 2016, 2015 and 2014, basic and diluted net loss per share attributable to Ordinary shareholders are the same as basic net loss per share attributable to Ordinary shareholders for those periods. All Ordinary shares warrants and Ordinary share options have been excluded from the computation of diluted weighted-average shares outstanding because such securities would have an antidilutive impact due to net losses reported for the years ended December 31, 2016, 2015 and 2014. In February 2016, the FASB issued ASU 2016-02 - Leases The Company is currently evaluating the effect, if any, that the adoption of this new pronouncements will have on the Company’s consolidated financial statements. In November 2015, the FASB issued ASU 2015-17 related to balance sheet classification of deferred taxes. The new guidance requires that deferred tax assets and liabilities to be classified as noncurrent in a classified statement of financial position. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. The new guidance will require all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. It will allow an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting. It also will allow an employer to make a policy election to account for forfeitures as they occur. The Company elected to adopt the new standards in 2016. 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 |
Receivables and prepaid expense
Receivables and prepaid expenses | 12 Months Ended |
Dec. 31, 2016 | |
Receivables and Prepaid Expenses [Abstract] | |
Receivables and Prepaid Expenses Disclosure [Text Block] | 3. Receivables and prepaid expenses December 31, 2016 2015 U.S. dollars in thousands Government authorities $ 52 $ 145 Prepaid expenses 611 915 $ 663 $ 1,060 |
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] | 4. Property and equipment, net December 31, 2016 2015 U.S. dollars in thousands Cost: Computers and software $ 50 $ 54 Electronic equipment 20 19 Office furniture and equipment 39 38 Leasehold improvements 2 2 $ 111 $ 113 Accumulated depreciation: 40 22 Depreciated cost $ 71 $ 91 Depreciation expenses for the years ended December 31, 2016, 2015 and 2014 were $ 25 17 5 During the year ended December 31, 2016, the Company disposed of certain property and equipment generating a net loss of $ 13 |
Other accounts payable
Other accounts payable | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 5. Other accounts payable December 31, 2016 2015 U.S. dollars in thousands Employees and payroll accruals $ 677 $ 463 Accrued expenses 554 639 $ 1,231 $ 1,102 |
License agreements
License agreements | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
License Agreement Disclosure [Text Block] | 6. License agreements The Company entered into a research and exclusive license agreement with Yissum Research Development Company of the Hebrew University in Jerusalem Ltd. (“Yissum”), for the use, development and commercialization of TAT-MTS-Protein for protein replacement in mitochondrial diseases. The consideration to Yissum was composed of a tiered low single digit royalty on net sales and a sublicense fee that will not exceed twenty (20) percent of the sublicense consideration, however, 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. On September 30, 2016, the Company terminated the license agreement with Yissum and surrendered all rights and titles to the licensed product and related data. The Company entered into an exclusive license agreement with Ramot at Tel Aviv University Ltd. (“Ramot”) for the use, development and commercialization of a read-through platform. The consideration to Ramot was composed of a tiered low single digit royalty on net sales and a sublicense fee that in the single digit percent range of payments or other consideration that the Company receives in connection with a sublicense. On November 29, 2016, the Company executed a mutual termination agreement with Ramot pursuant to which it surrendered all rights and titles to the platform and related data. In addition, pursuant to the mutual termination agreement and under certain conditions the Company may be entitled to future royalty payments. |
Commitments and contingent liab
Commitments and contingent liabilities | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and contingent liabilities The Parent entered into an operating lease agreement for its facilities in Israel until June 2020, while maintaining the right to terminate the lease agreement under certain conditions during its term. To secure its obligation under the lease agreement, the Parent provided bank guarantees in the amount of $ 26 100 104 120 The Subsidiary entered into short-term operating lease agreements for office facilities in New Haven, CT and in Doylestown, PA. The combined lease expenses for those facilities for the years ended December 31, 2016 and 2015 amounted to $ 80 36 The Parent entered into an operating lease agreement for certain vehicles provided to its employees until 2019. To secure its obligation under the lease agreement, the Parent provided a cash deposits in the total amount of $ 13 11 2 46 43 25 December 31, 2016 U.S. dollars in thousands 2017 $ 113 2018 75 $ 188 As permitted under Israeli law, the Parent indemnifies its officers, directors, and employees for certain events or occurrences that happen by reason of the relationship with, or position held at, the Company. Through December 31, 2016, the Company had not experienced any losses related to these indemnification obligations, and no claims were outstanding. The Company does not expect significant claims related to these indemnification obligations and, consequently, concluded that the fair value of these obligations is negligible, and no related reserves were established. |
Ordinary shares
Ordinary shares | 12 Months Ended |
Dec. 31, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 8. Ordinary shares On January 26, 2014, the Company effected the issuance of 6.55-to-1 bonus shares, which was equivalent to a 7.55-to-1 share split. The Ordinary shares confer upon their holders the right to participate and vote in general shareholders’ meetings of the Company and to participate in the distribution of dividends, if any, declared by the Company. In June 2013, the Company entered into a share purchase agreement according to which, the Company issued a total of 2,130,159 0.95 2,024 On February 6, 2014, the Company issued 782,537 6.07 4,368 On August 5, 2014, the Company completed an IPO of 3,200,000 11.00 31,405 On March 22, 2016, the Company completed a registered direct offering of 2,161,290 3.10 6,089 |
Warrants
Warrants | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 9. Warrants Shares of Ordinary Shares Underlying Exercise Price Issuance Expiration Warrants Per Share Date Date Issued In connection with: Registered direct offering of Ordinary shares 1,080,645 $ 4.50 March 22, 2016 September 22, 2021 Total 1,080,645 The Ordinary shares warrants are exercisable at any time following September 22, 2016 and through their expiration dates |
Share incentive plan
Share incentive plan | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Share incentive plan In December 2013, the Company adopted the 2013 Incentive Option Plan (the “2013 Plan”), which provided for the grant of incentive Ordinary share options and nonqualified Ordinary share options to employees, directors, and nonemployees of the Company. As of December 31, 2016, the Company granted a total of 3,345,960 10 694,179 Year ended December 31, 2016 2015 2014 Risk-free interest rate 1.18%-2.06% 1.30% -1.90% 1.55%-2.21% Expected option term (years) 5.00-7.00 5.12-7.00 5.12-7.00 Expected price volatility 79.34%-90.65% 70.40%-83.74% 69.49%-84.63% Dividend yield 0% 0% 0% Weighted- Average Weighted- Remaining Aggregate Number of Average Contractual Intrinsic Stock Options Exercise Price Term (Years) Value Outstanding, January 1, 2016 2,103,502 $ 5.81 8.52 $ 1,584,753 Exercised - - Granted 1,658,416 $ 2.21 Forfeited/Expired (1,110,137) $ 6.16 Outstanding, December 31, 2016 2,651,781 $ 3.41 7.74 $ 419,840 Exercisable, December 31, 2016 1,300,224 $ 4.47 6.00 $ 419,696 Vested and expected to vest, December 31, 2016 2,651,781 $ 3.41 7.74 $ 419,840 The weighted-average grant date per-share fair value of Ordinary shares options granted during 2016, 2015, and 2014 were $ 1.56 4.16 4.10 1,309 3.0 December 31, 2016 2015 2014 U.S. dollars in thousands Research and development expenses $ 531 $ 381 $ 83 Pre-commercialization expenses (147) 159 - General and administrative expenses 316 2,083 653 $ 700 $ 2,623 $ 736 During 2016, and primarily as result of the workforce reductions discussed in Note 13, 1,110,137 1,424 130 287 1,007 During 2016, the Company modified the terms of certain outstanding Ordinary shares options by extending exercisability of the options through the first anniversary of termination of employment. In addition, during 2015, the Company modified terms of certain outstanding Ordinary shares options by (a) extending exercisability of the options through the first anniversary of termination of employment, and (b) accelerating the vesting of Ordinary shares options upon termination of employment. The incremental compensation expense, resulting from comparing the fair value of Ordinary shares options immediately before and immediately after the modifications, for the year ended December 31, 2015 totaled $ 46 |
Income taxes
Income taxes | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 11. Income taxes December 31, 2016 2015 2014 U.S. dollars in thousands Domestic (Israel) $ 15,765 $ 13,388 $ 7,022 Foreign (US) 41 1,953 - $ 15,806 $ 15,341 $ 7,022 December 31, 2016 2015 2014 U.S. dollars in thousands Current Provision for income taxes: Domestic (Israel) $ 5 $ - $ - Foreign (U.S) 166 24 - Total current provision for income taxes $ 171 $ 24 $ - Previous years adjustments foreign 50 - - Deferred tax benefit foreign (5) - - Total provision for income tax $ 216 $ 24 $ - December 31, 2016 2015 2014 Israeli tax provision at statutory rate 25.00 % 26.50 % 26.50 % Foreign/state rate differences (0.32) % (0.22) % 0.00 % Non-deductible stock based compensation (1.11) % (4.53) % (2.54) % Previous years taxes (0.47) % 0.00 % 0.00 % Differences form which deferred taxes were not recorded 0.19 % 0.20 % 0.00 % Changes in valuation allowance (18.39) % (22.02) % (5.35) % Adjustment of deferred taxes due to tax rate changes (5.89) % 0.00 % 0.00 % Other permanent differences (0.38) % (0.09) % (18.61) % (1.37) % (0.16) % 0.00 % The Subsidiary is taxed under U.S. tax law. The federal corporate tax rate (progressive) is up to 35 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. December 31, 2016 2015 U.S. dollars in thousands Operating loss roll forward $ 5,685 $ 3,580 Reserves and allowances 1,956 2,185 Net deferred tax asset before valuation allowance 7,641 5,765 Valuation allowance (7,636) (5,765) $ 5 $ - When realization of a deferred tax asset is more likely than not to occur, the benefit related to the deductible temporary differences attributable to operations is recognized as a reduction of income tax expense. Valuation allowances are provided against deferred tax assets when, based on all available evidence, it is considered more likely than not that some portion or all of the recorded deferred tax assets will not be realized in future periods. The Company cannot be certain that future Israeli taxable income will be sufficient to realize its deferred tax assets. Accordingly, a full valuation allowance has been provided against its Israeli net deferred tax assets. The Company continues to monitor the need for a valuation allowance based on the profitability of its future operations. The Parent has accumulated losses for tax purposes as of December 31, 2016, in the amount of $ 24,717 The Company files income tax returns in Israel, in the United States and in various U.S. states. The associated tax filings remain subject to examination by applicable tax authorities for a certain length of time following the tax year to which those filings relate. In Israel and the United States all tax years since inception remain subject to examination by the applicable taxing authorities as of December 31, 2016. As of December 31, 2016, the Company provided a liability of $ 24 |
Related party transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | Related party transactions December 31, 2016 2015 U.S. dollars in thousands Other accounts payables $ 1 $ 132 Year Ended December 31, 2016 2015 2014 U.S. dollars in thousands Research and development expense $ 318 $ 312 $ 145 General and administrative expense $ 207 $ 196 $ 467 In August 2013, the Company entered in to a consulting agreement with an entity owned by one of its shareholders who was also a co-founder and a member of the Board. Pursuant to the agreement, the shareholder was appointed as the Company’s chief financial officer in consideration for a monthly fee of $ 6 15 80 70 In September 2013, the Company entered into a services agreement with a company owned by one of its shareholders who was also a co-founder and a member of the Board. Pursuant to the agreement the Company leased an office facility and received office administration services in consideration for a monthly fee of $ 6 During December 2015, the Company paid a $ 15 1 In August 2013, the Company entered in to a consulting agreement with an entity owned by one of its shareholders who was also a co-founder and a member of the Board. Pursuant to the agreement, the shareholder was appointed as the Company’s chief executive officer in consideration for a monthly fee of $ 15 19 90 250 28 In July 2013, the Company entered into a two-year services agreement with one of its shareholders, to render consulting services in consideration for a monthly fee of $ 1 25 30 30,000 1.62 |
Employee benefits plan
Employee benefits plan | 12 Months Ended |
Dec. 31, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Compensation and Employee Benefit Plans [Text Block] | 13. Employee benefits plan Pursuant to the Israeli Severance Pay Law 1963 (the “Israeli Severance Pay Law”), Israeli employees are entitled to severance pay equal to one month’s salary for each year of employment, or a portion thereof. The Israeli employees of the Company agree d to the terms set forth under Section 14 of the Israeli Severance Pay Law, according to which amounts deposited in severance pay funds by the Company shall be the only severance payments released to the employee upon termination of employment, voluntarily or involuntarily. As a result, no assets or liabilities are recorded in the accompanying consolidated balance sheets, as the Company is legally released from the obligation to employees once the deposit amount has been paid. Such payments are recorded as severance expenses. The severance expenses for the years ended December 31, 2016, 2015 and 2014 amounted to $65 thousand, $131 thousands, and $34 thousands, respectively. Since 2015, the Company’s U.S. operations maintain a retirement plan (the “U.S. Plan”) that qualifies as a deferred salary arrangement under Section 401(k) of the Internal Revenue Code. Participants in the U.S. Plan may elect to defer a portion of their pre-tax earnings, up to the Internal Revenue Service annual contribution limit. The Company matches 100% of each participant’s contributions up to 4%. Contributions to the U.S. Plan are recorded during the year contributed as an expense in the consolidated statement of operations. Total employer 401(k) contributions for the years ended December 31, 2016 and 2015 were$42 thousands, $11 thousands, respectively. In June 2016, following a decision to downsize the Company and focus on one product platform, the Subsidiary terminated the employment agreements of certain employees. These employees were entitled to payments upon their involuntary termination. The employee termination process was completed by the end of 2016. During the year ended December 31, 2016, the Subsidiary paid a total of $1,907 thousands, termination related payments to departing employees, of which $145 thousands and $1,762 thousands were recorded as research and development and general and administrative expenses, respectively. In addition, as of December 31, 2016, the Subsidiary accrued a total of $19 thousands related to termination benefits of departing employees, to be paid during 2017. |
Financial income, net
Financial income, net | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Other Income and Other Expense Disclosure [Text Block] | 14. Financial income, net Year Ended December 31, 2016 2015 2014 U.S. dollars in thousands Interest income $ 90 $ 186 $ 85 Loss on foreign currency transactions, net (22) (39) (21) Other expenses (8) (12) (6) Total $ 60 $ 135 $ 58 |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Text Block] | 15. Quarterly Financial Data (unaudited) Three month ended March 31, June 30, September 30, December 31, 2016 2016 2016 2016 U.S. dollars in thousands, except for per share data Loss from operations $ (4,492) $ (3,722) $ (4,578) $ (3,074) Net loss (4,594) (3,685) (4,670) (3,073) Net loss attributable to Ordinary shareholders (4,594) (3,685) (4,670) (3,073) Net loss per share attributable to Ordinary shareholders - basic and diluted $ (0.32) $ (0.22) $ (0.28) $ (0.19) Three month ended March 31, June 30, September 30, December 31, 2015 2015 2015 2015 U.S. dollars in thousands, except for per share data Loss from operations $ (3,318) $ (3,738) $ (3,587) $ (4,833) Net loss (3,299) (3,686) (3,551) (4,829) Net loss attributable to Ordinary shareholders (3,299) (3,686) (3,551) (4,829) Net loss per share attributable to Ordinary shareholders - basic and diluted $ (0.23) $ (0.26) $ (0.25) $ (0.34) |
Summary of significant accoun23
Summary of significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation The accompanying consolidated financial statements are prepared in conformity with accounting principles generally accepted in the United States of America (the “U.S. GAAP”) and are stated in U.S. dollars. The consolidated financial statements have been prepared on the basis of continuity of operations, realization of assets and the satisfaction of liabilities in the ordinary course of business. |
Use of Estimates, Policy [Policy Text Block] | Use of estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates, judgment and assumptions that affect the reported amounts of assets, liabilities, expenses and the disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates relied upon in preparing the accompanying consolidated financial statements related to expense recognition, the fair value of Ordinary shares and other equity instruments, accounting for share-based compensation, income taxes, useful lives of long-lived assets, and accounting for certain accruals. The Company assesses the above estimates on an ongoing basis; however, actual results could materially differ from those estimates. |
Consolidation, Policy [Policy Text Block] | Principles of consolidation The consolidated financial statements include the accounts of Bioblast Pharma Ltd and its Subsidiary. All significant intercompany balances and transactions have been eliminated in consolidation. |
Financial Statements Disclosure [Policy Text Block] | Financial statements in U.S. dollars The Company finances its operations primarily in U.S. dollars, and a significant part of the Company’s expenses are denominated and determined in U.S. dollars. The Company’s management believes that the U.S dollar is the currency of the primary economic environment in which it operates and expects to continue to operate in the foreseeable future. Thus, the functional currency of the Company is the U.S. dollar. The Parent and the Subsidiary’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 Financial Accounting Standards Board (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] | 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] | Short-term bank deposits Short-term bank deposits are deposits with maturities of more than three months but less than one year. Shortterm bank deposits are presented at their amortized cost, including accrued interest, which approximates fair value. As of December 31, 2016, the Company’s bank deposits were in U.S. dollars and bore interest at a rate of 1.25 |
Segment Reporting, Policy [Policy Text Block] | Segment information Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, the Company’s Chief Executive Officer, in making decisions regarding resource allocation and assessing performance. The Company views its operations and manages its business in one operating segment. |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentrations of credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of cash and cash equivalents and short-term bank deposits. Cash and cash equivalents and short-term bank deposits are invested in major banks in Israel and the United States. Generally, these deposits may be redeemed upon demand and therefore bear minimal risk. 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] | 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, receivables and prepaid expenses, trade payables and other accounts payable, approximate their fair value due to the short-term maturities of such instruments. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment % Computers and software 33 Electronic equipment 15 Office furniture and equipment 6 Leasehold improvements The shorter of term of the lease or the useful life of the asset |
Other Long Term Assets [Policy Text Block] | Long-term assets Long-term assets include long-term deposits related to motor vehicles under operating leases, presented at their cost and deposits to secure credit line for the Company’s employee’s credit cards. In accordance with FASB Accounting Standards Update (“ASU”) 2015-17, long-term assets also include deferred tax assets. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets The Company reviews long-lived assets for impairment 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 2016, 2015 and 2014, no impairment losses were identified. |
Contingent Liability Reserve Estimate, Policy [Policy Text Block] | Contingent liabilities In the normal course of business, the Company is subject to proceedings, lawsuits, and other claims and assessments. The Company assesses the likelihood of any adverse judgments or outcomes to these matters as well as potential ranges of probable losses. A determination of the amount of reserves required, if any, for these contingencies is made after careful analysis of each individual issue. The required reserves may change in the future due to new developments in each matter or changes in approach such as a change in settlement strategy in dealing with these matters. We record charges for the losses we anticipate incurring in connection with litigation and claims against us when we conclude a loss is probable and we can reasonably estimate these losses. During the years ended December 31, 2016, 2015, and 2014, we were not subject to any material litigation or claims and assessments. |
Derivatives, Policy [Policy Text Block] | Warrants Warrants to purchase Ordinary shares issued in connection with an offering of Ordinary shares are classified as a component of shareholders’ equity because they are free standing financial instruments that are legally detachable, separately exercisable, do not embody an obligation for the Company to repurchase its own shares, and permit the holders to receive a fixed number of Ordinary shares upon exercise. In addition, the Ordinary shares warrants require physical settlement and do not provide any guarantee of value or return. Ordinary shares warrants are initially recorded at their relative fair value and are not subsequently remeasured. |
Research and Development Expense, Policy [Policy Text Block] | Research and development costs Research and development costs are expensed as incurred. Research and development costs include payroll and personnel expense, share-based compensation expenses related to research and development personnel, consulting costs, external contract research and development expenses, raw materials, drug product manufacturing costs, and allocated overhead including depreciation and amortization, rent, and utilities. Research and development costs that are paid in advance of performance are capitalized as a prepaid expense and amortized over the service period as the services are provided. Clinical trial costs are a component of research and development expenses. The Company accrues and expenses clinical trial activities performed by third parties on an evaluation of the progress to completion of specific tasks using data such as hours spent in performance of services, patient enrollment, clinical site activation, and other information provided to the Company by its vendors. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Share-based compensation The Company applies ASC 718 and ASC 505-50 “Equity Based Payments to Non-Employees” (“ASC 505-50”) with respect to options and warrants issued to non-employee’s consultants. The Company accounts for all share-based compensation granted to employees and nonemployees using a fair value method. Share-based compensation is measured at the grant date fair value of employees’ and directors’ Ordinary share option grants and is recognized over the requisite service period of the awards, usually the vesting period, on the graded vesting attribution method. The expenses are adjusted for actual forfeitures on a quarterly basis. Share-based compensation awards to nonemployees are subject to revaluation over their vesting terms. For modification of share compensation awards, the Company records the incremental fair value of the modified award as share-based compensation on the date of modification for vested awards or over the remaining vesting period for unvested awards. The incremental compensation is the excess of the fair value of the modified award on the date of modification over the fair value of the original award immediately before the modification. The Company recognizes, as expense, the estimated fair value of all share-based payments to employees which is determined using the Black-Scholes option pricing model using the graded vesting attribution approach over the vesting period of the award. In periods that the Company grants Ordinary share options, fair value assumptions are based on volatility, interest, dividend yield, and expected term over which the Ordinary share options will be outstanding. The computation of expected volatility is based on an average historical share price volatility based on an analysis of reported data for a peer group of comparable publicly traded companies, which were selected based upon industry similarities. The interest rate for periods within the expected term of the award is based on the U.S. Treasury risk-free interest rate in effect at the time of grant. The expected lives of the options were estimated using the simplified method. |
Income Tax, Policy [Policy Text Block] | Income taxes The consolidated financial statements reflect provisions for Israeli, U.S. federal and state income taxes. Deferred tax assets and liabilities represent future tax consequences of temporary differences between the consolidated financial statement carrying amounts and the tax basis of assets and liabilities and for loss carryforwards using enacted tax rates expected to be in effect in the years in which the differences reverse. A valuation allowance is recorded when it is more likely than not that some or all of the deferred tax assets will not be realized. The Company determines whether it is more likely than not that a tax position will be sustained upon examination. If it is not more likely than not that a position will be sustained, none of the benefit attributable to the position is recognized. The tax benefit to be recognized for any tax position that meets the more-likely-than-not recognition threshold is calculated as the largest amount that is more than 50% likely of being realized upon resolution of the contingency. The Company accounts for interest and penalties related to uncertain tax positions as part of its tax expenses. |
Earnings Per Share, Policy [Policy Text Block] | Basic and diluted loss per share The Company computes basic loss per share attributable to Ordinary shareholders by dividing net loss attributable to Ordinary shareholders by the weighted average number of Ordinary share outstanding for the period. The Company computes diluted loss per Ordinary share after giving consideration to all potentially dilutive Ordinary shares, including Ordinary share options and warrants outstanding during the period except where the effect of such non-participating securities would be antidilutive. Since the Company reported net loss attributable to Ordinary shareholders for the years ended December 31, 2016, 2015 and 2014, basic and diluted net loss per share attributable to Ordinary shareholders are the same as basic net loss per share attributable to Ordinary shareholders for those periods. All Ordinary shares warrants and Ordinary share options have been excluded from the computation of diluted weighted-average shares outstanding because such securities would have an antidilutive impact due to net losses reported for the years ended December 31, 2016, 2015 and 2014. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently issued accounting pronouncements In February 2016, the FASB issued ASU 2016-02 - Leases The Company is currently evaluating the effect, if any, that the adoption of this new pronouncements will have on the Company’s consolidated financial statements. |
Adoption of New Standards [Policy Text Block] | Adoption of new standards In November 2015, the FASB issued ASU 2015-17 related to balance sheet classification of deferred taxes. The new guidance requires that deferred tax assets and liabilities to be classified as noncurrent in a classified statement of financial position. In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. The new guidance will require all income tax effects of awards to be recognized in the income statement when the awards vest or are settled. It will allow an employer to repurchase more of an employee’s shares than it can today for tax withholding purposes without triggering liability accounting. It also will allow an employer to make a policy election to account for forfeitures as they occur. The Company elected to adopt the new standards in 2016. 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 |
Summary of significant accoun24
Summary of significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
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 Leasehold improvements The shorter of term of the lease or the useful life of the asset |
Receivables and prepaid expen25
Receivables and prepaid expenses (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Receivables and Prepaid Expenses [Abstract] | |
Receivables and Prepaid Expenses Disclosure [Table Text Block] | December 31, 2016 2015 U.S. dollars in thousands Government authorities $ 52 $ 145 Prepaid expenses 611 915 $ 663 $ 1,060 |
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] | December 31, 2016 2015 U.S. dollars in thousands Cost: Computers and software $ 50 $ 54 Electronic equipment 20 19 Office furniture and equipment 39 38 Leasehold improvements 2 2 $ 111 $ 113 Accumulated depreciation: 40 22 Depreciated cost $ 71 $ 91 |
Other accounts payable (Tables)
Other accounts payable (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Payables and Accruals [Abstract] | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2016 2015 U.S. dollars in thousands Employees and payroll accruals $ 677 $ 463 Accrued expenses 554 639 $ 1,231 $ 1,102 |
Commitments and contingent li28
Commitments and contingent liabilities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating Leases of Lessee Disclosure [Table Text Block] | Future minimum non-cancelable payments under these lease agreements as of December 31, 2016, are as follows: December 31, 2016 U.S. dollars in thousands 2017 $ 113 2018 75 $ 188 |
Warrants (Tables)
Warrants (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | The following Ordinary shares warrants were issued by the Company in 2016: Shares of Ordinary Shares Underlying Exercise Price Issuance Expiration Warrants Per Share Date Date Issued In connection with: Registered direct offering of Ordinary shares 1,080,645 $ 4.50 March 22, 2016 September 22, 2021 Total 1,080,645 |
Share incentive plan (Tables)
Share incentive plan (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The fair value of each Ordinary share option issued was estimated at the date of grant using the following weighted-average assumptions: Year ended December 31, 2016 2015 2014 Risk-free interest rate 1.18%-2.06% 1.30% -1.90% 1.55%-2.21% Expected option term (years) 5.00-7.00 5.12-7.00 5.12-7.00 Expected price volatility 79.34%-90.65% 70.40%-83.74% 69.49%-84.63% Dividend yield 0% 0% 0% |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | A summary of option activity as of December 31, 2016, and the year then ended is presented below: Weighted- Average Weighted- Remaining Aggregate Number of Average Contractual Intrinsic Stock Options Exercise Price Term (Years) Value Outstanding, January 1, 2016 2,103,502 $ 5.81 8.52 $ 1,584,753 Exercised - - Granted 1,658,416 $ 2.21 Forfeited/Expired (1,110,137) $ 6.16 Outstanding, December 31, 2016 2,651,781 $ 3.41 7.74 $ 419,840 Exercisable, December 31, 2016 1,300,224 $ 4.47 6.00 $ 419,696 Vested and expected to vest, December 31, 2016 2,651,781 $ 3.41 7.74 $ 419,840 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Share-based compensation expense is classified in the consolidated statements of operations as follows: December 31, 2016 2015 2014 U.S. dollars in thousands Research and development expenses $ 531 $ 381 $ 83 Pre-commercialization expenses (147) 159 - General and administrative expenses 316 2,083 653 $ 700 $ 2,623 $ 736 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Loss before provision for income taxes consists of the following: December 31, 2016 2015 2014 U.S. dollars in thousands Domestic (Israel) $ 15,765 $ 13,388 $ 7,022 Foreign (US) 41 1,953 - $ 15,806 $ 15,341 $ 7,022 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The components of income tax provision consist of the following: December 31, 2016 2015 2014 U.S. dollars in thousands Current Provision for income taxes: Domestic (Israel) $ 5 $ - $ - Foreign (U.S) 166 24 - Total current provision for income taxes $ 171 $ 24 $ - Previous years adjustments foreign 50 - - Deferred tax benefit foreign (5) - - Total provision for income tax $ 216 $ 24 $ - |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | A reconciliation setting forth the differences between the effective tax rates of the Company and the Israeli statutory tax rate is as follows: December 31, 2016 2015 2014 Israeli tax provision at statutory rate 25.00 % 26.50 % 26.50 % Foreign/state rate differences (0.32) % (0.22) % 0.00 % Non-deductible stock based compensation (1.11) % (4.53) % (2.54) % Previous years taxes (0.47) % 0.00 % 0.00 % Differences form which deferred taxes were not recorded 0.19 % 0.20 % 0.00 % Changes in valuation allowance (18.39) % (22.02) % (5.35) % Adjustment of deferred taxes due to tax rate changes (5.89) % 0.00 % 0.00 % Other permanent differences (0.38) % (0.09) % (18.61) % (1.37) % (0.16) % 0.00 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company’s deferred tax assets are as follows: December 31, 2016 2015 U.S. dollars in thousands Operating loss roll forward $ 5,685 $ 3,580 Reserves and allowances 1,956 2,185 Net deferred tax asset before valuation allowance 7,641 5,765 Valuation allowance (7,636) (5,765) $ 5 $ - |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions [Table Text Block] | Balances with related parties: December 31, 2016 2015 U.S. dollars in thousands Other accounts payables $ 1 $ 132 |
Schedule Of Related Party Expenses [Table Text Block] | Related parties’ expenses: Year Ended December 31, 2016 2015 2014 U.S. dollars in thousands Research and development expense $ 318 $ 312 $ 145 General and administrative expense $ 207 $ 196 $ 467 |
Financial income, net (Tables)
Financial income, net (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of Other Nonoperating Income (Expense) [Table Text Block] | Financial income, net are as follows: Year Ended December 31, 2016 2015 2014 U.S. dollars in thousands Interest income $ 90 $ 186 $ 85 Loss on foreign currency transactions, net (22) (39) (21) Other expenses (8) (12) (6) Total $ 60 $ 135 $ 58 |
Quarterly Financial Data (una34
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information [Table Text Block] | Three month ended March 31, June 30, September 30, December 31, 2016 2016 2016 2016 U.S. dollars in thousands, except for per share data Loss from operations $ (4,492) $ (3,722) $ (4,578) $ (3,074) Net loss (4,594) (3,685) (4,670) (3,073) Net loss attributable to Ordinary shareholders (4,594) (3,685) (4,670) (3,073) Net loss per share attributable to Ordinary shareholders - basic and diluted $ (0.32) $ (0.22) $ (0.28) $ (0.19) Three month ended March 31, June 30, September 30, December 31, 2015 2015 2015 2015 U.S. dollars in thousands, except for per share data Loss from operations $ (3,318) $ (3,738) $ (3,587) $ (4,833) Net loss (3,299) (3,686) (3,551) (4,829) Net loss attributable to Ordinary shareholders (3,299) (3,686) (3,551) (4,829) Net loss per share attributable to Ordinary shareholders - basic and diluted $ (0.23) $ (0.26) $ (0.25) $ (0.34) |
Nature of business and basis 35
Nature of business and basis of presentation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
General [Line Items] | |||||||||||
Loss | $ (3,073) | $ (4,670) | $ (3,685) | $ (4,594) | $ (4,829) | $ (3,551) | $ (3,686) | $ (3,299) | $ (16,022) | $ (15,365) | $ (7,022) |
Retained Earnings (Accumulated Deficit) | (39,809) | $ (23,787) | (39,809) | $ (23,787) | |||||||
Cash Equivalents And Short Term Investments | $ 9,878 | $ 9,878 |
Summary of significant accoun36
Summary of significant accounting policies (Details) | 12 Months Ended |
Dec. 31, 2016 | |
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% |
Leasehold Improvements [Member] | |
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |
Property, Plant and Equipment, Estimated Useful Lives | The shorter of term of the lease or the useful life of the asset |
Summary of significant accoun37
Summary of significant accounting policies (Details Textual) | Dec. 31, 2016 |
SIGNIFICANT ACCOUNTING POLICIES [Line Items] | |
Short-term Debt, Weighted Average Interest Rate | 1.25% |
Receivables and prepaid expen38
Receivables and prepaid expenses (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Receivables and Prepaid Expenses [Line Items] | ||
Government authorities | $ 52 | $ 145 |
Prepaid expenses | 611 | 915 |
Receivables and Prepaid Expenses, Current | $ 663 | $ 1,060 |
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] | ||
Cost | $ 111 | $ 113 |
Accumulated depreciation: | 40 | 22 |
Depreciated cost | 71 | 91 |
Computers and software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 50 | 54 |
Electronic equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 20 | 19 |
Office furniture and equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 39 | 38 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $ 2 | $ 2 |
Property and equipment, net (40
Property and equipment, net (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | |||
Depreciation | $ 25 | $ 17 | $ 5 |
Gain (Loss) on Disposition of Property Plant Equipment | $ 13 |
Other accounts payable (Details
Other accounts payable (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
OTHER ACCOUNTS PAYABLE [Line Items] | ||
Employees and payroll accruals | $ 677 | $ 463 |
Accrued expenses | 554 | 639 |
Accounts Payable, Other, Current | $ 1,231 | $ 1,102 |
Commitments and contingent li42
Commitments and contingent liabilities (Details) $ in Thousands | Dec. 31, 2016USD ($) |
CONTINGENT LIABILITIES AND COMMITMENTS [Line Items] | |
2,017 | $ 113 |
2,018 | 75 |
Operating Leases, Future Minimum Payments Due | $ 188 |
Commitments and contingent li43
Commitments and contingent liabilities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CONTINGENT LIABILITIES AND COMMITMENTS [Line Items] | |||
Operating Leases, Rent Expense | $ 100 | $ 104 | $ 120 |
Guarantee For Performance Of Lease Agreement | 26 | ||
Operating Leases, Rent Expense, Net | 46 | 43 | $ 25 |
Parent [Member] | |||
CONTINGENT LIABILITIES AND COMMITMENTS [Line Items] | |||
Guarantee For Performance Of Lease Agreement | 13 | ||
NonCurrent Assets [Member] | |||
CONTINGENT LIABILITIES AND COMMITMENTS [Line Items] | |||
Guarantee For Performance Of Lease Agreement | 11 | ||
Prepaid Expenses [Member] | |||
CONTINGENT LIABILITIES AND COMMITMENTS [Line Items] | |||
Guarantee For Performance Of Lease Agreement | 2 | ||
Subsidiaries [Member] | |||
CONTINGENT LIABILITIES AND COMMITMENTS [Line Items] | |||
Operating Leases, Rent Expense | $ 80 | $ 36 |
Ordinary shares (Details Textua
Ordinary shares (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Aug. 05, 2014 | Feb. 06, 2014 | Mar. 22, 2016 | Jun. 30, 2013 | Dec. 31, 2016 | Dec. 31, 2014 | Aug. 31, 2014 |
Stockholders' Equity, Reverse Stock Split | On January 26, 2014, the Company effected the issuance of 6.55-to-1 bonus shares, which was equivalent to a 7.55-to-1 share split. | ||||||
Stock Issued During Period, Shares, New Issues | 2,161,290 | ||||||
Stock Issued During Period, Value, New Issues | $ 6,089 | $ 6,089 | $ 31,405 | ||||
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 | |||||
Shares Issued, Price Per Share | $ 6.07 | $ 3.10 | $ 0.95 | $ 3.10 | $ 0.95 | ||
IPO [Member] | |||||||
Share Purchase Agreement, Value to be issued | $ 31,405 | ||||||
Stock Issued During Period, Shares, New Issues | 3,200,000 | ||||||
Shares Issued, Price Per Share | $ 11 | $ 11 | |||||
Purchase Agreement [Member] | |||||||
Share Purchase Agreement, Shares to be issued | 2,130,159 | ||||||
Share Purchase Agreement, Value to be issued | $ 2,024 |
Warrants (Details)
Warrants (Details) | 12 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Shares of Ordinary Shares Underlying Warrants | shares | 1,080,645 |
Exercise Price Per Share | $ / shares | $ 4.50 |
Issuance Date | Mar. 22, 2016 |
Expiration Date | Sep. 22, 2021 |
Share incentive plan (Details)
Share incentive plan (Details) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Risk-free interest rate, Minimum | 1.18% | 1.30% | 1.55% |
Risk-free interest rate ,Maximum | 2.06% | 1.90% | 2.21% |
Expected price volatility, Maninum | 79.34% | 70.40% | 69.49% |
Expected price volatility, Maximum | 90.65% | 83.74% | 84.63% |
Dividend yield | 0.00% | 0.00% | 0.00% |
Minimum [Member] | |||
Expected option term (years) | 5 years | 5 years 1 month 13 days | 5 years 1 month 13 days |
Maximum [Member] | |||
Expected option term (years) | 7 years | 7 years | 7 years |
Share incentive plan (Details 1
Share incentive plan (Details 1) - Employee Stock Option [Member] - USD ($) | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Number of Options Outstanding, January 1, 2016 (in shares) | 2,103,502 | |
Number of Stock Options, Exercised | 0 | |
Number of Stock Options ,Granted | 1,658,416 | |
Number of Stock Options, Forfeited/Expired | (1,110,137) | |
Number of Options Outstanding, December 31, 2016 (in shares) | 2,651,781 | 2,103,502 |
Number of Stock Options, Exercisable, December 31, 2016 | 1,300,224 | |
Number of Options Vested and expected to vest, December 31, 2016 (in shares) | 2,651,781 | |
Weighted-Average Exercise Price, Exercised | $ 0 | |
Weighted-Average Exercise Price, Granted | 2.21 | |
Weighted-Average Exercise Price, Forfeited/Expired | 6.16 | |
Weighted Average Exercise Price Outstanding, December 31, 2016 (in dollars per share) | 3.41 | |
Weighted-Average Exercise Price, Exercisable, December 31, 2016 | 4.47 | |
Weighted-Average Exercise Price, Vested and expected to vest, December 31, 2016 | $ 3.41 | |
Weighted-Average Remaining Contractual Term (Years) | 7 years 8 months 26 days | 8 years 6 months 7 days |
Weighted-Average Remaining Contractual Term (Years) Exercisable, December 31,2016 | 6 years | |
Weighted-Average Remaining Contractual Term (Years) Vested and expected to vest, December 31, 2016 | 7 years 8 months 26 days | |
Aggregate Intrinsic Value, Outstanding, January 1, 2016 | $ 1,584,753 | |
Aggregate Intrinsic Outstanding, December 31, 2016 | 419,840 | $ 1,584,753 |
Aggregate Intrinsic Value Exercisable, December 31, 2016 | 419,696 | |
Aggregate Intrinsic Value Exercisable Vested and expected to vest, December 31, 2016 | $ 419,840 |
Share incentive plan (Details 2
Share incentive plan (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation | $ 700 | $ 2,623 | $ 736 |
Research and development expenses [Member] | |||
Share-based Compensation | 531 | 381 | 83 |
Pre-commercialization expenses [Member] | |||
Share-based Compensation | (147) | 159 | 0 |
General and administrative expenses [Member] | |||
Share-based Compensation | $ 316 | $ 2,083 | $ 653 |
Share incentive plan (Details T
Share incentive plan (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 1,110,137 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Plan Modification, Incremental Compensation Cost | $ 46 | ||
Share-based Compensation, Amount Reversed | $ 1,424 | ||
Research and Development Expense [Member] | |||
Share-based Compensation, Amount Reversed | 130 | ||
Selling and Marketing Expense [Member] | |||
Share-based Compensation, Amount Reversed | 287 | ||
General and Administrative Expense [Member] | |||
Share-based Compensation, Amount Reversed | $ 1,007 | ||
Incentive Option Plan 2013 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,345,960 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 694,179 | ||
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,658,416 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value | $ 1.56 | $ 4.16 | $ 4.10 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | $ 1,309 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 3 years |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Domestic (Israel) | $ 15,765 | $ 13,388 | $ 7,022 |
Foreign (U.S.) | 41 | 1,953 | 0 |
Total | $ 15,806 | $ 15,341 | $ 7,022 |
Income taxes (Details 1)
Income taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current Provision for income taxes: | |||
Domestic (Israel) | $ 5 | $ 0 | $ 0 |
Foreign (U.S) | 166 | 24 | 0 |
Total current provision for income taxes | 171 | 24 | 0 |
Previous years adjustments - foreign | 50 | 0 | 0 |
Deferred tax benefit - foreign | (5) | 0 | 0 |
Total provision for income tax | $ 216 | $ 24 | $ 0 |
Income taxes (Details 2)
Income taxes (Details 2) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Israeli tax provision at statutory rate | 25.00% | 26.50% | 26.50% |
Foreign/state rate differences | (0.32%) | (0.22%) | 0.00% |
Non-deductible stock based compensation | (1.11%) | (4.53%) | (2.54%) |
Previous years taxes | (0.47%) | 0.00% | 0.00% |
Differences form which deferred taxes were not recorded | 0.19% | 0.20% | 0.00% |
Changes in valuation allowance | (18.39%) | (22.02%) | (5.35%) |
Adjustment of deferred taxes due to tax rate changes | (5.89%) | 0.00% | 0.00% |
Other permanent differences | (0.38%) | (0.09%) | (18.61%) |
Effective Income Tax Rate Reconciliation, Percent | (1.37%) | (0.16%) | 0.00% |
Income taxes (Details 3)
Income taxes (Details 3) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Operating loss roll forward | $ 5,685 | $ 3,580 |
Reserves and allowances | 1,956 | 2,185 |
Net deferred tax asset before valuation allowance | 7,641 | 5,765 |
Valuation allowance | (7,636) | (5,765) |
Net deferred tax asset | $ 5 | $ 0 |
Income taxes (Details Textual)
Income taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Loss Carryforwards | $ 24,717 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 25.00% | 26.50% | 26.50% |
Other Noncurrent Assets [Member] | |||
Liability for Uncertainty in Income Taxes, Noncurrent | $ 24 | ||
Subsidiaries [Member] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% |
Related party transactions (Det
Related party transactions (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Related Party Transaction [Line Items] | ||
Other accounts payable | $ 1,231 | $ 1,102 |
Related Party [Member] | ||
Related Party Transaction [Line Items] | ||
Other accounts payable | $ 1 | $ 132 |
Related party transactions (D56
Related party transactions (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Amounts charged to: | |||
Research and development expense | $ 8,881 | $ 7,694 | $ 4,441 |
General and administrative expense | 5,900 | 6,953 | 2,639 |
Related Party [Member] | |||
Amounts charged to: | |||
Research and development expense | 318 | 312 | 145 |
General and administrative expense | $ 207 | $ 196 | $ 467 |
Related party transactions (D57
Related party transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Aug. 31, 2016 | Dec. 31, 2015 | Aug. 31, 2014 | Apr. 30, 2014 | Sep. 30, 2013 | Aug. 31, 2013 | Jul. 31, 2013 | Dec. 31, 2015 | |
Shareholder [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Salaries, Wages and Officers' Compensation | $ 30 | $ 1 | ||||||
Payments for Other Fees | $ 25 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 30,000 | |||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ 1.62 | |||||||
Employee [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Payments for Other Fees | $ 15 | |||||||
Family Of Shareholder [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Payments for Other Fees | 1 | |||||||
Proceeds From Monthly Office Administration Services Fee | $ 6 | |||||||
Advisor [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Salaries, Wages and Officers' Compensation | $ 28 | |||||||
Chief Executive Officer [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Salaries, Wages and Officers' Compensation | $ 19 | $ 15 | 250 | |||||
One Time Bonus | 90 | |||||||
Chief Financial Officer [Member] | ||||||||
Related Party Transaction [Line Items] | ||||||||
Salaries, Wages and Officers' Compensation | $ 15 | $ 6 | ||||||
One Time Bonus | $ 80 | |||||||
Payments For Bonus | $ 70 | $ 70 |
Employee benefits plan (Details
Employee benefits plan (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Severance Costs | $ 65 | $ 131 | $ 34 |
Defined Contribution Plan, Employer Matching Contribution, Percent of Match | 100.00% | ||
Defined Contribution Plan, Maximum Annual Contributions Per Employee, Percent | 4.00% | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 42 | $ 11 | |
Other Postretirement Defined Benefit Plan, Liabilities | 19 | ||
Termination Expenses | 1,907 | ||
Research and Development Expense [Member] | |||
Termination Expenses | 145 | ||
General and Administrative Expense [Member] | |||
Termination Expenses | $ 1,762 |
Financial income, net (Details)
Financial income, net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Interest income | $ 90 | $ 186 | $ 85 |
Loss on foreign currency transactions, net | (22) | (39) | (21) |
Other expenses | (8) | (12) | (6) |
Total | $ 60 | $ 135 | $ 58 |
Quarterly Financial Data (una60
Quarterly Financial Data (unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Loss from operations | $ (3,074) | $ (4,578) | $ (3,722) | $ (4,492) | $ (4,833) | $ (3,587) | $ (3,738) | $ (3,318) | $ (15,866) | $ (15,476) | $ (7,080) |
Net loss | (3,073) | (4,670) | (3,685) | (4,594) | (4,829) | (3,551) | (3,686) | (3,299) | (16,022) | (15,365) | (7,022) |
Net loss attributable to Ordinary shareholders | $ (3,073) | $ (4,670) | $ (3,685) | $ (4,594) | $ (4,829) | $ (3,551) | $ (3,686) | $ (3,299) | $ (16,022) | $ (15,365) | $ (7,022) |
Net loss per share attributable to Ordinary shareholders - basic and diluted | $ (0.19) | $ (0.28) | $ (0.22) | $ (0.32) | $ (0.34) | $ (0.25) | $ (0.26) | $ (0.23) | $ (1.01) | $ (1.08) | $ (0.57) |