DOCUMENT AND ENTITY INFORMATION
DOCUMENT AND ENTITY INFORMATION - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 29, 2019 | |
DOCUMENT AND ENTITY INFORMATION [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Entity Registrant Name | Foamix Pharmaceuticals Ltd. | |
Entity Central Index Key | 0001606645 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business Flag | true | |
Entity Emerging Growth Company | true | |
Entity Transition Period | true | |
Entity Common Stock, Shares Outstanding | 54,425,724 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 18,994 | $ 27,868 |
Restricted cash | 250 | 250 |
Short term bank deposits | 24,155 | 24,047 |
Investment in marketable securities (Note 4) | 39,122 | 46,669 |
Restricted investment in marketable securities (Note 4) | 276 | 268 |
Accounts receivable: | ||
Trade | 1,168 | 1,066 |
Other | 1,209 | 999 |
TOTAL CURRENT ASSETS | 85,174 | 101,167 |
NON-CURRENT ASSETS: | ||
Investment in marketable securities (Note 4) | 150 | |
Restricted investment in marketable securities (Note 4) | 137 | 133 |
Property and equipment, net | 2,297 | 2,235 |
Operating lease right of use assets (Note 6) | 1,934 | |
Other | 17 | 46 |
TOTAL NON-CURRENT ASSETS | 4,385 | 2,564 |
TOTAL ASSETS | 89,559 | 103,731 |
Accounts payable and accruals: | ||
Trade | 5,657 | 6,327 |
Operating lease liabilities (Note 6) | 914 | |
Other | 2,859 | 4,141 |
TOTAL CURRENT LIABILITIES | 9,430 | 10,468 |
LONG-TERM LIABILITIES: | ||
Liability for employee severance benefits | 397 | 367 |
Operating lease liabilities (Note 6) | 1,023 | |
Other liabilities | 714 | 714 |
TOTAL LONG-TERM LIABILITIES | 2,134 | 1,081 |
TOTAL LIABILITIES | 11,564 | 11,549 |
COMMITMENTS (Note 6) | ||
SHAREHOLDERS' EQUITY: | ||
Ordinary Shares, NIS 0.16 par value - authorized: 90,000,000 Ordinary Shares as of March 31, 2019 and December 31, 2018; issued and outstanding: 54,419,323 and 54,351,140 Ordinary Shares as of March 31, 2019 and December 31, 2018, respectively | 2,334 | 2,331 |
Additional paid-in capital | 306,266 | 305,303 |
Accumulated deficit | (230,613) | (215,409) |
Accumulated other comprehensive income (loss) | 8 | (43) |
TOTAL SHAREHOLDERS' EQUITY | 77,995 | 92,182 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 89,559 | $ 103,731 |
CONDENSED CONSOLIDATED BALANC_2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - ₪ / shares | Mar. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Ordinary shares, par value (in NIS per share) | ₪ 0.16 | ₪ 0.16 |
Ordinary shares, shares authorized | 90,000,000 | 90,000,000 |
Ordinary shares, shares issued | 54,419,323 | 54,351,140 |
Ordinary shares, shares outstanding | 54,419,323 | 54,351,140 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
REVENUES (Note 7) | $ 308 | $ 906 |
OPERATING EXPENSES: | ||
Research and development | 10,848 | 22,825 |
Selling, general and administrative | 5,344 | 3,801 |
TOTAL OPERATING EXPENSES | 16,192 | 26,626 |
OPERATING LOSS | 15,884 | 25,720 |
FINANCE INCOME, net | (504) | (73) |
LOSS BEFORE INCOME TAX | 15,380 | 25,647 |
INCOME TAX | (176) | 330 |
NET LOSS FOR THE PERIOD | $ 15,204 | $ 25,977 |
LOSS PER SHARE BASIC AND DILUTED | $ 0.28 | $ 0.69 |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING USED IN COMPUTATION OF BASIC AND DILUTED LOSS PER SHARE IN THOUSANDS | 54,370 | 37,541 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | ||
NET LOSS | $ 15,204 | $ 25,977 |
OTHER COMPREHENSIVE LOSS (INCOME): | ||
Net unrealized losses (gains) from marketable securities | (36) | 15 |
Losses on marketable securities reclassified into net loss | (1) | |
Net unrealized losses (gains) on derivative financial instruments | (15) | 14 |
Gains on derivative financial instruments reclassified into net loss | 6 | |
TOTAL OTHER COMPREHENSIVE LOSS (INCOME) | (51) | 34 |
TOTAL COMPREHENSIVE LOSS | $ 15,153 | $ 26,011 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Ordinary shares [Member] | Additional Paid-in Capital [Member] | Accumulated deficit [Member] | Accumulated other comprehensive Income (loss) [Member] | Total |
Balance at Dec. 31, 2017 | $ 1,576 | $ 208,364 | $ (141,281) | $ (58) | $ 68,601 |
Balance (shares) at Dec. 31, 2017 | 37,498,128 | ||||
Impact of initial adoption of new accounting standards, as previously reported | 35 | (35) | |||
Changes during year | |||||
Comprehensive income (loss) | (25,977) | (34) | (26,011) | ||
Exercise of options and restricted share units | $ 2 | (2) | |||
Exercise of options and restricted share units (shares) | 53,383 | ||||
Share-based compensation (Note 5) | 1,754 | 1,754 | |||
Balance at Mar. 31, 2018 | $ 1,578 | 210,116 | (167,223) | (127) | $ 44,344 |
Balance (shares) at Mar. 31, 2018 | 37,551,511 | 54,351,140 | |||
Balance at Dec. 31, 2018 | $ 2,331 | 305,303 | (215,409) | (43) | $ 92,182 |
Balance (shares) at Dec. 31, 2018 | 4,351,140 | 54,351,140 | |||
Changes during year | |||||
Comprehensive income (loss) | (15,204) | 51 | $ (15,153) | ||
Exercise of options and restricted share units | $ 3 | 13 | 16 | ||
Exercise of options and restricted share units (shares) | 68,183 | ||||
Share-based compensation (Note 5) | 950 | 950 | |||
Balance at Mar. 31, 2019 | $ 2,334 | $ 306,266 | $ (230,613) | $ 8 | $ 77,995 |
Balance (shares) at Mar. 31, 2019 | 54,419,323 | 54,419,323 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (15,204) | $ (25,977) |
Adjustments required to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 76 | 86 |
Loss from disposal of fixed assets | 36 | |
Changes in marketable securities and bank deposits, net | (264) | (40) |
Changes in accrued liability for employee severance benefits, net of retirement fund profit | 30 | (35) |
Share-based compensation | 950 | 1,754 |
Non-cash finance expenses (income), net | 23 | 1 |
Changes in operating asset and liabilities: | ||
Decrease (increase) in trade and other receivables | (300) | 487 |
Decrease in other non-current assets | (4) | |
Increase (decrease) in accounts payable and accruals | (1,949) | 495 |
Net cash used in operating activities | (16,642) | (23,193) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Purchase of fixed assets | (138) | (122) |
Investment in bank deposits | (8,000) | (8,500) |
Investment in marketable securities | (1,012) | |
Proceeds from sale and maturity of marketable securities and bank deposits | 15,877 | 29,642 |
Net cash provided by investing activities | 7,739 | 20,008 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Proceeds from exercise of options | 16 | |
Net cash provided by financing activities | 16 | |
DECREASE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | (8,887) | (3,185) |
EFFECT OF EXCHANGE RATE ON CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 13 | (1) |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF THE PERIOD | 28,118 | 16,206 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH AT END OF THE PERIOD | 19,244 | 13,020 |
Cash and cash equivalents | 18,994 | 12,770 |
Restricted cash | 250 | 250 |
TOTAL CASH, CASH EQUIVALENTS AND RESTRICTED CASH SHOWN IN STATEMENT OF CASH FLOWS | 19,244 | 13,020 |
SUPPLEMENTARY INFORMATION ON INVESTING AND FINANCING ACTIVITIES NOT INVOLVING CASH FLOWS - | ||
Property and equipment purchases included in accounts payable and accruals | 4 | |
Cashless exercise of RSU's | 3 | 2 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||
Interest received | 307 | 384 |
Additions to operating lease right of use assets and liabilities | $ 736 |
NATURE OF OPERATIONS AND BASIS
NATURE OF OPERATIONS AND BASIS OF PRESENTATION: | 3 Months Ended |
Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
NATURE OF OPERATIONS AND BASIS OF PRESENTATION: | NOTE 1 - NATURE OF OPERATIONS AND BASIS OF PRESENTATION: a. Nature of operations Foamix Pharmaceuticals Ltd. (hereinafter “Foamix”) is an Israeli company incorporated in 2003. Foamix’s shares are publicly traded on the NASDAQ under the symbol “FOMX”, since its initial public offering (“IPO”) in September, 2014. Foamix is a Molecule Stabilizing Technology Foamix also licensed its technology under development and licensing agreements to various pharmaceutical companies for development of certain products combining Foamix's foam technology with the licensee’s proprietary drugs. In May 2014, Foamix incorporated a wholly-owned Subsidiary in the United States of America - Foamix Pharmaceuticals Inc. (hereinafter the "Subsidiary"). The Subsidiary was incorporated to assist Foamix with regard to marketing, regulatory affairs and business development relating its products and technology. Since incorporation through March 31, 2019, Foamix and its subsidiary (hereinafter “the Company”) incurred losses and negative cash flows from operations mainly attributable to its development efforts and has an accumulated deficit of $23 0, . b. Basis of presentation The unaudited interim condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP") for interim financial statements. Accordingly, they do not contain all information and notes required by U.S. GAAP for annual financial statements. In the opinion of management, these unaudited condensed consolidated interim financial statements reflect all adjustments, which include normal recurring adjustments, necessary for a fair statement of the Company’s consolidated financial position as of March 31, 2019, the consolidated results of operations and comprehensive loss, changes in shareholders equity and cash flows for the three-month periods ended March 31, 2019 and 2018 . These unaudited interim condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in the Company’s annual financial statements for the year ended December 31, 2018. The condensedconsolidated balance sheet data as of December 31, 2018 was derived from the audited consolidated financial statements for the year ended December 31, 2018 , The results for the three-month periods ended March 31, 2019 are not necessarily indicative of the results expected for the year ending December 31, 2019 . |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES: | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES: | NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES: a. Principles of consolidation The consolidated financial statements include the accounts of Foamix and its subsidiary. Intercompany balances and transactions including profits from intercompany sales not yet realized outside the Company, have been eliminated upon consolidation. b. Fair value measurement Fair value is based on the price that would be received from the sale of an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described as follows: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2 Observable prices that are based on inputs not quoted on active markets, but corroborated by market data or active market data of similar or identical assets or liabilities. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value. c. Loss per share Net loss per share, basic and diluted, is computed on the basis of the net loss for the period divided by the weighted average number of Ordinary shares outstanding during the period. Diluted net loss per share is based upon the weighted average number of Ordinary shares and of Ordinary share equivalents outstanding when dilutive. Ordinary share equivalents include outstanding stock options and warrants which are included under the treasury share method when dilutive . The following share options, restricted share units (“RSUs”) and warrants were excluded from the calculation of diluted net loss per ordinary share because their effect would have been anti-dilutive for the periods presented (share data): Three months ended March 31 2019 2018 Outstanding share options and RSUs 5,895,973 4,728,610 Warrants - 1,394,558 d. Newly issued and recently adopted accounting pronouncements Accounting pronouncements adopted in period: 1) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes the existing guidance for lease accounting, Leases (Topic 840). The new standard requires lessees to record assets and liabilities on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company adopted the standard as of January 1, 2019 on a modified retrospective basis and did not restate comparative periods. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carryforward the historical lease classification and not separate lease and non-lease components for the leases. The adoption of the standard resulted in recognition of $1,357 of lease assets and lease liabilities as of January 1, 2019 on the Company’s consolidated balance sheets. 2) In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718) Improvements to Nonemployee Share-based Payments. This ASU was issued to simplify the accounting for share-based transactions by expanding the scope of Topic 718 from only being applicable to share-based payments to employees to also include share-based payment transactions for acquiring goods and services from nonemployees. As a result, nonemployee share-based transactions will be measured by estimating the fair value of the equity instruments at the grant date, taking into consideration the probability of satisfying performance conditions. This standard, adopted as of January 1, 2019 |
FAIR VALUE PRESENTATION
FAIR VALUE PRESENTATION | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE PRESENTATION | NOTE 3 - FAIR VALUE PRESENTATION The Company’s assets and liabilities that are measured at fair value as of March 31, 2019 and December 31, 2018, are classified in the tables below in one of the three categories described in note 2b above: March 31, 2019 Level 1 Level 2 Total Marketable securities $ 1,001 $ 38,534 $ 39,535 Currency options designated as hedging instruments (current asset) - $ 12 $ 12 December 31, 2018 Level 1 Level 2 Total Marketable securities $ 991 $ 46,229 $ 47,220 Currency options designated as hedging instruments (current liability) - $ (3 ) $ (3 ) The Company’s debt securities are traded in markets that are not considered to be active, but are valued based on quoted market prices, broker or dealer quotations, or alternative pricing sources with reasonable levels of price transparency. Accordingly, these assets are categorized as Level 2. Foreign exchange risk management The Company purchases and writes non-functional currency options in order to hedge the currency exposure on the Company’s cash flow. The currency hedged items are denominated in New Israeli Shekels (NIS). The purchasing and writing of options is part of a comprehensive currency hedging strategy with respect to salary and rent expenses denominated in NIS. These transactions are at zero cost for periods of up to one year. The counterparties to the derivatives are major banks in Israel. As of March 31, 2019, the total hedged amount was NIS 6.5 million. The derivative asset, in the amount of $12 as of March 31, 2019, qualifies as hedge accounting. As of March 31, 2019, the Company has a lien in the amount of $276 on the Company’s marketable securities and a lien in the amount $250 on the Company’s checking account, in respect of bank guarantees granted in order to secure the hedging transactions. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
MARKETABLE SECURITIES | NOTE 4 - MARKETABLE SECURITIES Marketable securities as of March 31, 2019, and December 31, 2018 consist mainly of debt and mutual funds securities. The debt securities are classified as available-for-sale and are recorded at fair value. Changes in fair value, net of taxes (if applicable), are reflected in other comprehensive loss. Realized gains and losses on sales of the securities, as well as premium or discount amortization, are included in the consolidated statement of operations as finance income or expenses. As of January 1, 2018, following the adoption of ASU No. 2016-01, Financial Instruments—Overall (Subtopic 825-10), equity securities with readily determinable fair value are measured at fair value. The changes in the fair value of equity investments are recognized through net income. Adoption of the standard was applied through a cumulative one-time adjustment of $35 to the accumulated deficit. T March 31 December 31 2019 2018 Israeli mutual funds $ 1,001 $ 991 Certificates of deposit 2,086 2,773 U.S Government and agency bonds 20,694 25,215 U.S Treasury bills 15,754 18,241 Total $ 39,535 $ 47,220 As of March 31, 2019 and December 31, 2018 the fair value, cost and gross unrealized holding gains and losses of the marketable securities owned by the Company were as follows: March 31, 2019 Fair Cost or amortized cost Gross unrealized Gross unrealized Certificates of deposit $ 2,086 $ 2,092 $ 6 $ - U.S Government and agency bonds 20,694 20,693 3 4 U.S Treasury bills 15,754 15,753 - 1 Total $ 38,534 $ 38,538 $ 9 $ 5 December 31, 2018 Fair Cost or amortized cost Gross unrealized Gross unrealized Certificates of deposit $ 2,773 $ 2,790 $ 17 $ - U.S Government and agency bonds 25,215 25,236 22 1 U.S Treasury bills 18,241 18,243 3 1 Total $ 46,229 $ 46,269 $ 42 $ 2 As of March 31, 2019, the unrealized losses attributed to the Company’s marketable securities were primarily due to credit As of March 31, 2019, and December 31, 2018 the Company’s debt securities had the following maturity dates: Market value March 31 December 31, 2019 2018 Due within one year $ 38,534 $ 46,079 1 to 2 years - 150 Total $ 38,534 $ 46,229 During the three months ended March 31, 2019 and March 31, 2018 the Company received proceeds of $7,877 and $7,689 upon sale and maturity of marketable securities. $413 and $401 of the Company’s marketable securities were restricted as of March 31, 2019, and December 31, 2018, respectively, due to a lien in respect of bank guarantees granted to secure hedging transaction and the Company’s rent agreements. Refer to note 6 and note 3. |
SHARE CAPITAL_
SHARE CAPITAL: | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
SHARE CAPITAL | NOTE 5 - SHARE CAPITAL: Share-based compensation In May 2015, the Company's board of directors approved a new option plan (the "Plan") replacing the previous plan approved in 2009. The Plan included a pool of 2,690,694 ordinary shares for grant to Company employees, consultants, directors and other service providers. During the years ended December 31, 2016 and December 31, 2017, the Board of Directors approved an accumulated increase of 2,900,000 ordinary shares to the plan. As of March 31, 2019, 27,990 shares remain available for grant under the Plan. On April 10, 2019 the Company’s shareholders approved a new equity incentive plan which included a pool of an additional 6,000,000 shares in addition to the shares remaining available for grant under the 2015 plan, See note 8. In the three months ended March 31, 2019 and 2018, the Company granted options as follows: Three months ended March 31, 2019 Award amount Exercise price range Vesting period Expiration Employees: Options 897,736 $ 3.56-$3.81 4 years 10 years RSUs 274,628 - 4 years - Three month ended March 31, 2018 Award amount Exercise price range Vesting period Expiration Employees: Options 488,843 $ 6.35-$6.40 4 years 10 years RSUs 103,448 - 4 years - The fair value of options and RSUs granted to employees during the three months ended March 31, 2019, and the three months ended March 31, 2018 was $2,736 and $2,305 respectively. The fair value of RSUs granted to employees is based on the share price on grant date and was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are as follows: Three months ended March 31 2019 2018 Value of ordinary share $ 3.32-$3.83 $ 5.99 Dividend yield 0 % 0 % Expected volatility 61.2%-61.4 % 62.1 % Risk-free interest rate 2.55%-2.62 % 2.75 % Expected term 6 years 6 years The following table illustrates the effect of share-based compensation on the statements of operations: Three months ended March 31 2019 2018 Research and development expenses $ 354 $ 891 Selling, general and administrative 596 863 Total $ 950 $ 1,754 |
COMMITMENTS
COMMITMENTS | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS | NOTE 6 – COMMITMENTS Operating lease The Company leases office space for its headquarters and research and development facilities in Israel and the United States under several lease agreements. The lease agreement for the facilities in Israel are linked to the Israeli CPI and due to The lease agreement in the United States was due to expire during March 2019. 13 . an extension of the lease period of the 10,000 square feet currently leased under the original agreement (the "Current Space") and an ( " ”). later (the "Commencement Date"). On March 13, 2019, pursuant to the extension of the lease on the Current Space, the Company recognized an additional right of use asset and liability in the amount of $713. The Additional Space is considered a new lease agreement and will be recognized only on Commencement Date. As of March 31, 2019, the expected right of use asset and liability of the Additional Space to be recognized on the Commencement Date is $333. In July 2017, the Company has entered into operating lease agreements in connection with a number of vehicles. The lease periods are generally for three years and the payments are linked to the Israeli CPI. To secure the terms of the lease agreements, the Company has made certain prepayments to the leasing company, representing approximately three months of lease payments. These amounts have been recorded as part of the operating lease right to use assets. Operating lease costs for the three months ended March 31, 2019, are as follows: Three months ended March 31 2019 Office lease expenses $ 182 Vehicles lease expenses $ 25 Cash paid for amounts included in the measurement of lease liabilities are as follows: Three months ended March 31 2019 Office lease $ 201 Vehicles lease $ 36 Supplemental information related to leases are as follows: March 31 2019 Operating lease right-of-use assets $ 1,934 Operating lease liabilities $ 1,937 Weighted average remaining lease term 2.4 years Weighted average discount rate 5.54 % Maturities of lease liabilities are as follows: 2019 $ 695 2020 954 2021 279 2022 150 Total lease payments $ 2,078 Less imputed interest $ (141 ) Total lease liability $ 1,937 The Company has a lien in the amount of $137 on the Company’s marketable securities in respect of bank guarantees granted in order to secure the lease agreements. The Company elected the alternative modified transition method and included the following table previously disclosed. Future minimum lease commitments under non-cancelable operating lease agreements as of December 31, 2018 were as follows: 2019 $ 746 2020 682 2021 and thereafter 21 Total $ 1,449 |
ENTITY-WIDE DISCLOSURES_
ENTITY-WIDE DISCLOSURES: | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
ENTITY-WIDE DISCLOSURE: | NOTE 7 - ENTITY-WIDE DISCLOSURE: a. Net revenues by geographic area were as follows: Three months ended March 31 2019 2018 United States $ - $ 62 Denmark 308 - Germany - 844 Total revenues $ 308 $ 906 b. Customers exceeding 10% of revenues: In each of the three months ended March 31, 2019 and March 31, 2018 the Company had one customer exceeding over 10% of total revenues. Revenues from the customers were $308 and $844 during the three months ending March 31, 2019, and March 31, 2018, respectively. c. Net revenues by type of payment: Three months ended March 31 2019 2018 Development service payments $ - $ 62 Royalties 308 844 Total revenues $ 308 $ 906 |
SUBSEQUENT EVENTS_
SUBSEQUENT EVENTS: | 3 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS: | NOTE 8 - SUBSEQUENT EVENTS: On April 10, 2019, the Company’s shareholder approved the following: (i) a new employee incentive plan including an additional pool of 6,ooo,ooo shares for grant; (ii) an employee share purchase plan with a pool of 5,400,000 shares for purchase; and (iii) an increase to the Company’s authorized shares of 45,000,000 shares NIS 0.16 per share. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES: (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Principles of consolidation | a. Principles of consolidation The consolidated financial statements include the accounts of Foamix and its subsidiary. Intercompany balances and transactions including profits from intercompany sales not yet realized outside the Company, have been eliminated upon consolidation. |
Fair value measurement | b. Fair value measurement Fair value is based on the price that would be received from the sale of an asset or that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, the guidance establishes a fair value hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described as follows: Level 1: Quoted prices (unadjusted) in active markets that are accessible at the measurement date for assets or liabilities. The fair value hierarchy gives the highest priority to Level 1 inputs. Level 2 Observable prices that are based on inputs not quoted on active markets, but corroborated by market data or active market data of similar or identical assets or liabilities. Level 3: Unobservable inputs are used when little or no market data is available. The fair value hierarchy gives the lowest priority to Level 3 inputs. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible and considers counterparty credit risk in its assessment of fair value. |
Loss per share | c. Loss per share Net loss per share, basic and diluted, is computed on the basis of the net loss for the period divided by the weighted average number of Ordinary shares outstanding during the period. Diluted net loss per share is based upon the weighted average number of Ordinary shares and of Ordinary share equivalents outstanding when dilutive. Ordinary share equivalents include outstanding stock options and warrants which are included under the treasury share method when dilutive . The following share options, restricted share units (“RSUs”) and warrants were excluded from the calculation of diluted net loss per ordinary share because their effect would have been anti-dilutive for the periods presented (share data): Three months ended March 31 2019 2018 Outstanding share options and RSUs 5,895,973 4,728,610 Warrants - 1,394,558 |
Newly issued and recently adopted accounting pronouncements: | d. Newly issued and recently adopted accounting pronouncements Accounting pronouncements adopted in period: 1) In February 2016, the FASB issued ASU No. 2016-02, Leases (Topic 842), which supersedes the existing guidance for lease accounting, Leases (Topic 840). The new standard requires lessees to record assets and liabilities on the balance sheet for all leases with terms longer than 12 months. Leases will be classified as either finance or operating, with classification affecting the pattern of expense recognition in the income statement. The Company adopted the standard as of January 1, 2019 on a modified retrospective basis and did not restate comparative periods. The Company elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed the Company to carryforward the historical lease classification and not separate lease and non-lease components for the leases. The adoption of the standard resulted in recognition of $1,357 of lease assets and lease liabilities as of January 1, 2019 on the Company’s consolidated balance sheets. 2) In June 2018, the FASB issued ASU No. 2018-07, Compensation-Stock Compensation (Topic 718) Improvements to Nonemployee Share-based Payments. This ASU was issued to simplify the accounting for share-based transactions by expanding the scope of Topic 718 from only being applicable to share-based payments to employees to also include share-based payment transactions for acquiring goods and services from nonemployees. As a result, nonemployee share-based transactions will be measured by estimating the fair value of the equity instruments at the grant date, taking into consideration the probability of satisfying performance conditions. This standard, adopted as of January 1, 2019 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES: (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of anti-dilutive securities | The following share options, restricted share units (“RSUs”) and warrants were excluded from the calculation of diluted net loss per ordinary share because their effect would have been anti-dilutive for the periods presented (share data): Three months ended March 31 2019 2018 Outstanding share options and RSUs 5,895,973 4,728,610 Warrants - 1,394,558 |
FAIR VALUE PRESENTATION (Tables
FAIR VALUE PRESENTATION (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities that are measured at fair value | The Company’s assets and liabilities that are measured at fair value as of March 31, 2019 and December 31, 2018, are classified in the tables below in one of the three categories described in note 2b above: March 31, 2019 Level 1 Level 2 Total Marketable securities $ 1,001 $ 38,534 $ 39,535 Currency options designated as hedging instruments (current asset) - $ 12 $ 12 December 31, 2018 Level 1 Level 2 Total Marketable securities $ 991 $ 46,229 $ 47,220 Currency options designated as hedging instruments (current liability) - $ (3 ) $ (3 ) |
MARKETABLE SECURITIES (Tables)
MARKETABLE SECURITIES (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of marketable securities | T March 31 December 31 2019 2018 Israeli mutual funds $ 1,001 $ 991 Certificates of deposit 2,086 2,773 U.S Government and agency bonds 20,694 25,215 U.S Treasury bills 15,754 18,241 Total $ 39,535 $ 47,220 |
Schedule of the fair value, cost and gross unrealized holding gains of the securities owned | As of March 31, 2019 and December 31, 2018 the fair value, cost and gross unrealized holding gains and losses of the marketable securities owned by the Company were as follows: March 31, 2019 Fair Cost or amortized cost Gross unrealized Gross unrealized Certificates of deposit $ 2,086 $ 2,092 $ 6 $ - U.S Government and agency bonds 20,694 20,693 3 4 U.S Treasury bills 15,754 15,753 - 1 Total $ 38,534 $ 38,538 $ 9 $ 5 December 31, 2018 Fair Cost or amortized cost Gross unrealized Gross unrealized Certificates of deposit $ 2,773 $ 2,790 $ 17 $ - U.S Government and agency bonds 25,215 25,236 22 1 U.S Treasury bills 18,241 18,243 3 1 Total $ 46,229 $ 46,269 $ 42 $ 2 |
Schedule of maturity dates of debt securities | As of March 31, 2019, and December 31, 2018 the Company’s debt securities had the following maturity dates: Market value March 31 December 31, 2019 2018 Due within one year $ 38,534 $ 46,079 1 to 2 years - 150 Total $ 38,534 $ 46,229 |
SHARE CAPITAL_ (Tables)
SHARE CAPITAL: (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Stockholders' Equity Note [Abstract] | |
Schedule of options and RSUs granted to employees, directors and non-employees | In the three months ended March 31, 2019 and 2018, the Company granted options as follows: Three months ended March 31, 2019 Award amount Exercise price range Vesting period Expiration Employees: Options 897,736 $ 3.56-$3.81 4 years 10 years RSUs 274,628 - 4 years - Three month ended March 31, 2018 Award amount Exercise price range Vesting period Expiration Employees: Options 488,843 $ 6.35-$6.40 4 years 10 years RSUs 103,448 - 4 years - |
Schedule of underlying data used for computing the fair value of the options | The fair value of RSUs granted to employees is based on the share price on grant date and was computed using the Black-Scholes model. The underlying data used for computing the fair value of the options are as follows: Three months ended March 31 2019 2018 Value of ordinary share $ 3.32-$3.83 $ 5.99 Dividend yield 0 % 0 % Expected volatility 61.2%-61.4 % 62.1 % Risk-free interest rate 2.55%-2.62 % 2.75 % Expected term 6 years 6 years |
Schedule of share-based compensation | The following table illustrates the effect of share-based compensation on the statements of operations: Three months ended March 31 2019 2018 Research and development expenses $ 354 $ 891 Selling, general and administrative 596 863 Total $ 950 $ 1,754 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Operating lease expense | Operating lease costs for the three months ended March 31, 2019, are as follows: Three months ended March 31 2019 Office lease expenses $ 182 Vehicles lease expenses $ 25 |
Schedule of Cash Paid for Lease Liabilities | Cash paid for amounts included in the measurement of lease liabilities are as follows: Three months ended March 31 2019 Office lease $ 201 Vehicles lease $ 36 |
Schedule of Supplemental Information Related to Leases | Supplemental information related to leases are as follows: March 31 2019 Operating lease right-of-use assets $ 1,934 Operating lease liabilities $ 1,937 Weighted average remaining lease term 2.4 years Weighted average discount rate 5.54 % |
Schedule of Maturities of Lease Liabilities | Maturities of lease liabilities are as follows: 2019 $ 695 2020 954 2021 279 2022 150 Total lease payments $ 2,078 Less imputed interest $ (141 ) Total lease liability $ 1,937 |
Schedule of Future Minimum Lease Commitments | Future minimum lease commitments under non-cancelable operating lease agreements as of December 31, 2018 were as follows: 2019 $ 746 2020 682 2021 and thereafter 21 Total $ 1,449 |
ENTITY-WIDE DISCLOSURES_ (Table
ENTITY-WIDE DISCLOSURES: (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of net revenues by geographic area | a. Net revenues by geographic area were as follows: Three months ended March 31 2019 2018 United States $ - $ 62 Denmark 308 - Germany - 844 Total revenues $ 308 $ 906 |
Schedule of Net Revenues by Payment Type | c. Net revenues by type of payment: Three months ended March 31 2019 2018 Development service payments $ - $ 62 Royalties 308 844 Total revenues $ 308 $ 906 |
NATURE OF OPERATIONS AND BASI_2
NATURE OF OPERATIONS AND BASIS OF PRESENTATION: (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2018 | Mar. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Accumulated deficit | $ 215,409 | $ 230,613 |
Minimum period for which Company's cash and cash equivalents and available for sale securities will allow to fund its operating plan | 12 months |
SIGNIFICANT ACCOUNTING POLICI_4
SIGNIFICANT ACCOUNTING POLICIES: (Schedule of Anti-Dilutive Securities) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Jan. 02, 2019 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Lease assets and lease liabilities | $ 1,357 | ||
Options and RSUs [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the computation of diluted net loss per share, because the effect of their inclusion in the computation would be anti-dilutive | 5,895,973 | 4,728,610 | |
Warrants [Member] | |||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||
Shares excluded from the computation of diluted net loss per share, because the effect of their inclusion in the computation would be anti-dilutive | 1,394,558 |
FAIR VALUE PRESENTATION (Schedu
FAIR VALUE PRESENTATION (Schedule of Assets and Liabilities Measured at Fair Value) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | $ 39,535 | $ 47,220 |
Currency options designated as hedging instruments (current liabilities) | (3) | |
Currency options designated as hedging instruments (current assets) | 12 | |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 1,001 | 991 |
Currency options designated as hedging instruments (current liabilities) | ||
Currency options designated as hedging instruments (current assets) | ||
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Marketable securities | 38,534 | 46,229 |
Currency options designated as hedging instruments (current liabilities) | $ (3) | |
Currency options designated as hedging instruments (current assets) | $ 12 |
FAIR VALUE PRESENTATION (Narrat
FAIR VALUE PRESENTATION (Narrative) (Details) - 3 months ended Mar. 31, 2019 ₪ in Thousands, $ in Thousands | USD ($) | ILS (₪) |
FAIR VALUE MEASURMENTS [Abstract] | ||
Currency hedging transactions, maximum term | 1 year | |
Total hedged amount | ₪ | ₪ 65,000 | |
Derivative liability | $ 12 | |
Foreign exchange risk lien on marketable securities for bank guarantees granted to secure hedging transactions | 276 | |
Foreign exchange risk lien on checking account for bank guarantees granted to secure hedging transactions | $ 250 |
MARKETABLE SECURITIES (Schedule
MARKETABLE SECURITIES (Schedule of Marketable Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair value | $ 38,534 | $ 47,220 |
Israeli mutual funds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value | 1,001 | 991 |
Certificates of deposit [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value | 2,086 | 2,773 |
U.S. Goverment and agency bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value | 20,694 | 25,215 |
U.S Treasury bills [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value | $ 15,754 | $ 18,241 |
MARKETABLE SECURITIES (Schedu_2
MARKETABLE SECURITIES (Schedule of Fair Value, Cost and Gross Unrealized Holding Gains of Securities Owned) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair value | $ 38,534 | $ 47,220 |
Cost or amortized cost | 38,538 | 46,269 |
Gross unrealized holding losses | 9 | 42 |
Gross unrealized holding gains | 5 | 2 |
Certificates of deposit [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value | 2,086 | 2,773 |
Cost or amortized cost | 2,092 | 2,790 |
Gross unrealized holding losses | 6 | 17 |
Gross unrealized holding gains | ||
U.S. Goverment and agency bonds [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value | 20,694 | 25,215 |
Cost or amortized cost | 20,693 | 25,236 |
Gross unrealized holding losses | 3 | 22 |
Gross unrealized holding gains | 4 | 1 |
U.S Treasury bills [Member] | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair value | 15,754 | 18,241 |
Cost or amortized cost | 15,753 | 18,243 |
Gross unrealized holding losses | 3 | |
Gross unrealized holding gains | $ 1 | $ 1 |
MARKETABLE SECURITIES (Schedu_3
MARKETABLE SECURITIES (Schedule of Maturity Dates of Debt Securities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Investments, Debt and Equity Securities [Abstract] | ||
Due within one year | $ 38,534 | $ 46,079 |
1 to 2 years | 150 | |
Total | $ 38,534 | $ 46,229 |
MARKETABLE SECURITIES (Narrativ
MARKETABLE SECURITIES (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Secondary Offering [Member] | |||
Proceeds from sale and maturity of marketable securities | $ 7,877 | $ 7,689 | |
Marketable securities restricted | 413 | $ 401 | |
Adjustment in accumulated deficit | $ 35 |
SHARE CAPITAL_ (Narrative) (Det
SHARE CAPITAL: (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||||
Mar. 31, 2019 | Mar. 31, 2018 | Apr. 10, 2019 | Dec. 31, 2017 | May 31, 2015 | |
Employees and directors [Member] | Share options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Fair value of options granted | $ 2,736 | $ 2,305 | |||
New option plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares available for grant | 27,990 | ||||
Number of shares authorized under the plan | 2,690,694 | ||||
New option plan [Member] | Director [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized under the plan | 2,900,000 | ||||
Employee Incentive Plan [Member] | Subsequent Event [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares authorized under the plan | 6,000,000 |
SHARE CAPITAL_ (Schedule of Opt
SHARE CAPITAL: (Schedule of Options and RSUs Granted to Employees and Non-employees) (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share options [Member] | Employee [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award amount | 897,736 | 488,843 |
Exercise price range, minimum | $ 3.56 | $ 6.35 |
Exercise price range, maximum | $ 3.81 | $ 6.40 |
Vesting period | 4 years | 4 years |
Expiration period | 10 years | 10 years |
Share options [Member] | Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award amount | 2,736 | 2,305 |
RSUs [Member] | Employee [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award amount | 274,628 | 103,448 |
Exercise price range, minimum | ||
Exercise price range, maximum | ||
Vesting period | 4 years | 4 years |
RSUs [Member] | Director [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Award amount | 2,736 | 2,305 |
SHARE CAPITAL_ (Schedule of Und
SHARE CAPITAL: (Schedule of Underlying Data Used for Computing the Fair Value of the Options) (Details) - Share options [Member] - Employees and directors [Member] - $ / shares | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Value of ordinary share | $ 5.99 | |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 62.10% | |
Expected volatility, minimum | 61.20% | |
Expected volatility, maximum | 61.40% | |
Risk-free interest rate | 2.75% | |
Risk-free interest rate, minimum | 2.55% | |
Risk-free interest rate, maximum | 2.62% | |
Expected term | 6 years | 6 years |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Value of ordinary share | $ 3.32 | |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Value of ordinary share | $ 3.83 |
SHARE CAPITAL_ (Schedule of Sha
SHARE CAPITAL: (Schedule of Share-based Compensation) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation | $ 950 | $ 1,754 |
Research and development expenses [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation | 354 | 891 |
Selling, general and administrative [Member] | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Share-based compensation | $ 596 | $ 863 |
COMMITMENTS (Schedule of Operat
COMMITMENTS (Schedule of Operating lease expense) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Lessee, Lease, Description [Line Items] | |
Additional right of use asset and liability recognized on Current Space | $ 713 |
Expected right of use asset and liability of the Additional Space to be recognized on the Commencement Date | 333 |
Office Building [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease cost | 182 |
Vehicle [Member] | |
Lessee, Lease, Description [Line Items] | |
Operating lease cost | $ 25 |
COMMITMENTS (Schedule of Cash p
COMMITMENTS (Schedule of Cash paid for lease liabilities) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Commitments and Contingencies Disclosure [Abstract] | |
Office lease | $ 201 |
Vehicles lease | $ 36 |
COMMITMENTS (Schedule of Supple
COMMITMENTS (Schedule of Supplemental Information Related to Leases) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
Operating lease right-of-use assets | $ 1,934 | |
Operating lease liabilities | $ 1,937 | |
Weighted average remaining lease term | 2 years 4 months 24 days | |
Weighted average discount rate | 5.54% |
COMMITMENTS (Schedule of Maturi
COMMITMENTS (Schedule of Maturities of Lease Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Commitments and Contingencies Disclosure [Abstract] | ||
2019 | $ 695 | |
2020 | 954 | |
2021 | 279 | |
2022 | 150 | |
Total | 2,078 | |
Less imputed interest | (141) | |
Total lease liability | 1,937 | |
Restricted investments in marketable securities | $ 137 | $ 133 |
COMMITMENTS (Schedule of Future
COMMITMENTS (Schedule of Future Minimum Lease Commitments) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2019 | $ 746 |
2020 | 682 |
2021 and thereafter | 21 |
Total | $ 1,449 |
ENTITY-WIDE DISCLOSURES_ (Sched
ENTITY-WIDE DISCLOSURES: (Schedule of Net Revenues by Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | $ 308 | $ 906 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | 62 | |
Denmark [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | 308 | |
Germany [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | $ 844 |
ENTITY-WIDE DISCLOSURES_ (Sch_2
ENTITY-WIDE DISCLOSURES: (Schedule of Net Revenues by Payment Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue, Major Customer [Line Items] | ||
Total revenues | $ 308 | $ 906 |
Revenue [Member] | Development Service Payments [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total revenues | 62 | |
Revenue [Member] | Royalties [Member] | ||
Revenue, Major Customer [Line Items] | ||
Total revenues | $ 308 | $ 844 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - ₪ / shares | Apr. 10, 2019 | Mar. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | |||
Par value | ₪ 0.16 | ₪ 0.16 | |
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Increase in number of ordinary shares authorized | 45,000,000 | ||
Par value | ₪ 0.16 | ||
Subsequent Event [Member] | Employee Incentive Plan [Member] | |||
Subsequent Event [Line Items] | |||
Shares authorized for grant under plan | 6,000,000 | ||
Subsequent Event [Member] | Employee Stock Purchase Plan [Member] | |||
Subsequent Event [Line Items] | |||
Shares authorized for grant under plan | 5,400,000 |